Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

This fund is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid- to large-capitalization U.S. companies, securities are selected based on factors such as free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking to add diversification to their retirement portfolio by investing in high-quality, dividend-yielding securities
  • Seeking exposure to U.S. companies with meaningful growth potential due to high free cash flow yields and earnings power

Daily Price

$11.87

Daily $ Change

$0.15

Daily % Change

1.26%

as of 02/15/2018

CUSIP

302028774

Inception Date

06/06/2017

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report ---
Fact Sheet
Applications & Forms

Annualized Performance

As of 01/31/2018

YTD

6.24%

1 Year

29.10%

3 Year

15.67%

5 Year

16.41%

10 Year

---

Inception
(10/01/2011)

17.61%

Market Cycle

---

Performance through the inception date of the Disciplined Value CIT Class U units is not the past performance of the Disciplined Value CIT Fund and is based on historical performance data for the Manning & Napier Disciplined Value – U.S. Composite, which is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts, that are managed by Manning & Napier Advisors, LLC with a Disciplined Value – U.S. objective. Returns are net of the Class U expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.25%
Net 0.25%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 01/31/2018

WAL MART STORES 4.56%
JP MORGAN CHASE & CO 4.12%
WELLS FARGO COMPANY 3.90%
JOHNSON & JOHNSON 3.71%
CISCO SYSTEMS INC 3.41%
PFIZER INC 3.22%
HOME DEPOT INC 3.22%
INTEL CORP 3.12%
PEPSICO INC 3.02%
MERCK & CO INC 2.88%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 01/31/2018

Consumer Discretionary 10.90%
Consumer Staples 16.56%
Energy 2.16%
Financials 11.63%
Health Care 16.62%
Industrials 22.42%
Information Technology 17.09%
Materials 2.62%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 2,000 $224,440.00
031162100 AMGEN INC US AMGN 988 $183,817.40
03349M105 ANDEAVOR US ANDV 328 $35,476.48
039483102 ARCHER DANIELS MIDLAND CO US ADM 1,341 $57,595.95
053015103 AUTOMATIC DATA PROCESSING US ADP 884 $109,288.92
054937107 BB & T CORPORATION US BBT 1,687 $93,105.53
086516101 BEST BUY INC US BBY 519 $37,918.14
097023105 BOEING CO US BA 695 $246,287.15
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 408 $37,315.68
126650100 CVS HEALTH CORP US CVS 1,470 $115,674.30
12673P105 CA INC US CA 1,248 $44,740.80
134429109 CAMPBELL SOUP CO US CPB 853 $39,707.15
14149Y108 CARDINAL HEALTH INC US CAH 733 $52,622.07
17275R102 CISCO SYSTEMS INC US CSCO 7,284 $302,577.36
189054109 CLOROX COMPANY US CLX 368 $52,141.92
194162103 COLGATE-PALMOLIVE CO US CL 1,608 $119,377.92
219350105 CORNING INC US GLW 1,851 $57,788.22
231021106 CUMMINS INC US CMI 371 $69,748.00
237194105 DARDEN RESTAURANTS INC US DRI 340 $32,589.00
260003108 DOVER CORP US DOV 410 $43,546.10
26138E109 DR PEPPER SNAPPLE GROUP-W/I US DPS 508 $60,629.80
277432100 EASTMAN CHEM CO US EMN 410 $40,663.80
291011104 EMERSON ELEC CO US EMR 1,297 $93,682.31
311900104 FASTENAL CO US FAST 1,021 $56,114.16
316773100 FIFTH THIRD BANCORP US FITB 2,047 $67,755.70
364760108 GAP INC US GPS 1,378 $45,804.72
370334104 GENERAL MLS INC US GIS 1,376 $80,482.24
372460105 GENUINE PARTS CO US GPC 459 $47,768.13
375558103 GILEAD SCIENCES INC US GILD 1,726 $144,638.80
384802104 WW GRAINGER INC US GWW 171 $46,111.86
412822108 HARLEY DAVIDSON INC US HOG 646 $31,305.16
418056107 HASBRO INC US HAS 375 $35,463.75
427866108 HERSHEY CO/THE US HSY 522 $57,592.26
437076102 HOME DEPOT INC US HD 1,422 $285,679.80
438516106 HONEYWELL INTERNATIONAL INC US HON 1,037 $165,577.79
458140100 INTEL CORP US INTC 5,757 $277,141.98
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,196 $195,785.20
46625H100 JP MORGAN CHASE & CO US JPM 3,161 $365,632.87
478160104 JOHNSON & JOHNSON US JNJ 2,383 $329,306.77
482480100 KLA-TENCOR CORPORATION US KLAC 349 $38,320.20
494368103 KIMBERLY CLARK CORP US KMB 802 $93,834.00
500255104 KOHLS CORP US KSS 834 $54,018.18
539830109 LOCKHEED MARTIN CORP US LMT 466 $165,360.10
55616P104 MACY'S INC US M 1,033 $26,806.35
56585A102 MARATHON PETROLEUM CORP US MPC 961 $66,568.47
580135101 MCDONALDS CORP US MCD 1,018 $174,220.52
58933Y105 MERCK & CO INC US MRK 4,313 $255,545.25
620076307 MOTOROLA SOLUTIONS INC US MSI 427 $42,469.42
670346105 NUCOR CORP US NUE 752 $50,353.92
695156109 PACKAGING CORP OF AMERICA US PKG 257 $32,286.91
704326107 PAYCHEX INC US PAYX 904 $61,698.00
713448108 PEPSICO INC US PEP 2,233 $268,629.90
717081103 PFIZER INC US PFE 7,719 $285,911.76
747525103 QUALCOMM INC US QCOM 2,029 $138,479.25
755111507 RAYTHEON COMPANY US RTN 599 $125,155.06
760759100 REPUBLIC SERVICES INC US RSG 801 $55,108.80
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 353 $44,792.17
857949BL0 SS INT BEARING FD .022% 01/02/15 US 259,683.76 $259,683.76
871829107 SYSCO CORP US SYY 1,205 $75,758.35
87612E106 TARGET CORP US TGT 1,157 $87,029.54
882508104 TEXAS INSTRUMENTS INC US TXN 1,419 $155,621.73
88579Y101 3M CO US MMM 906 $226,953.00
902973304 U.S. BANCORP US USB 2,800 $159,992.00
907818108 UNION PAC CORP US UNP 1,222 $163,137.00
911312106 UNITED PARCEL SERVICE US UPS 1,330 $169,335.60
913017109 UNITED TECHNOLOGIES CORP US UTX 1,104 $152,363.04
918204108 VF CORP US VFC 891 $72,295.74
91913Y100 VALERO ENERGY US VLO 937 $89,923.89
931142103 WAL MART STORES US WMT 3,798 $404,866.80
94106L109 WASTE MANAGEMENT INC US WM 1,049 $92,763.07
949746101 WELLS FARGO COMPANY US WFC 5,268 $346,529.04
958102105 WESTERN DIGITAL CORP US WDC 687 $61,129.26
963320106 WHIRLPOOL CORP US WHR 208 $37,735.36
984121608 XEROX CORPORATION US XRX 960 $32,764.80
G29183103 EATON CORP PLC US ETN 998 $83,802.06
N53745100 LYONDELLBASELL INDU-CL A US LYB 911 $109,174.24

Investments will change over time.

Investments will change over time.

Daily Price

$11.87

Daily $ Change

$0.15

Daily % Change

1.26%

as of 02/15/2018

CUSIP

302028774

Inception Date

06/06/2017

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report ---
Fact Sheet
Applications & Forms

Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

This fund is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid- to large-capitalization U.S. companies, securities are selected based on factors such as free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking to add diversification to their retirement portfolio by investing in high-quality, dividend-yielding securities
  • Seeking exposure to U.S. companies with meaningful growth potential due to high free cash flow yields and earnings power

Annualized Performance

As of 01/31/2018

YTD

6.24%

1 Year

29.10%

3 Year

15.67%

5 Year

16.41%

10 Year

---

Inception
(10/01/2011)

17.61%

Market Cycle

---

Performance through the inception date of the Disciplined Value CIT Class U units is not the past performance of the Disciplined Value CIT Fund and is based on historical performance data for the Manning & Napier Disciplined Value – U.S. Composite, which is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts, that are managed by Manning & Napier Advisors, LLC with a Disciplined Value – U.S. objective. Returns are net of the Class U expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.25%
Net 0.25%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 01/31/2018

WAL MART STORES 4.56%
JP MORGAN CHASE & CO 4.12%
WELLS FARGO COMPANY 3.90%
JOHNSON & JOHNSON 3.71%
CISCO SYSTEMS INC 3.41%
PFIZER INC 3.22%
HOME DEPOT INC 3.22%
INTEL CORP 3.12%
PEPSICO INC 3.02%
MERCK & CO INC 2.88%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 01/31/2018

Consumer Discretionary
10.90%
Consumer Staples
16.56%
Energy
2.16%
Financials
11.63%
Health Care
16.62%
Industrials
22.42%
Information Technology
17.09%
Materials
2.62%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 2,000 $224,440.00
031162100 AMGEN INC US AMGN 988 $183,817.40
03349M105 ANDEAVOR US ANDV 328 $35,476.48
039483102 ARCHER DANIELS MIDLAND CO US ADM 1,341 $57,595.95
053015103 AUTOMATIC DATA PROCESSING US ADP 884 $109,288.92
054937107 BB & T CORPORATION US BBT 1,687 $93,105.53
086516101 BEST BUY INC US BBY 519 $37,918.14
097023105 BOEING CO US BA 695 $246,287.15
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 408 $37,315.68
126650100 CVS HEALTH CORP US CVS 1,470 $115,674.30
12673P105 CA INC US CA 1,248 $44,740.80
134429109 CAMPBELL SOUP CO US CPB 853 $39,707.15
14149Y108 CARDINAL HEALTH INC US CAH 733 $52,622.07
17275R102 CISCO SYSTEMS INC US CSCO 7,284 $302,577.36
189054109 CLOROX COMPANY US CLX 368 $52,141.92
194162103 COLGATE-PALMOLIVE CO US CL 1,608 $119,377.92
219350105 CORNING INC US GLW 1,851 $57,788.22
231021106 CUMMINS INC US CMI 371 $69,748.00
237194105 DARDEN RESTAURANTS INC US DRI 340 $32,589.00
260003108 DOVER CORP US DOV 410 $43,546.10
26138E109 DR PEPPER SNAPPLE GROUP-W/I US DPS 508 $60,629.80
277432100 EASTMAN CHEM CO US EMN 410 $40,663.80
291011104 EMERSON ELEC CO US EMR 1,297 $93,682.31
311900104 FASTENAL CO US FAST 1,021 $56,114.16
316773100 FIFTH THIRD BANCORP US FITB 2,047 $67,755.70
364760108 GAP INC US GPS 1,378 $45,804.72
370334104 GENERAL MLS INC US GIS 1,376 $80,482.24
372460105 GENUINE PARTS CO US GPC 459 $47,768.13
375558103 GILEAD SCIENCES INC US GILD 1,726 $144,638.80
384802104 WW GRAINGER INC US GWW 171 $46,111.86
412822108 HARLEY DAVIDSON INC US HOG 646 $31,305.16
418056107 HASBRO INC US HAS 375 $35,463.75
427866108 HERSHEY CO/THE US HSY 522 $57,592.26
437076102 HOME DEPOT INC US HD 1,422 $285,679.80
438516106 HONEYWELL INTERNATIONAL INC US HON 1,037 $165,577.79
458140100 INTEL CORP US INTC 5,757 $277,141.98
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,196 $195,785.20
46625H100 JP MORGAN CHASE & CO US JPM 3,161 $365,632.87
478160104 JOHNSON & JOHNSON US JNJ 2,383 $329,306.77
482480100 KLA-TENCOR CORPORATION US KLAC 349 $38,320.20
494368103 KIMBERLY CLARK CORP US KMB 802 $93,834.00
500255104 KOHLS CORP US KSS 834 $54,018.18
539830109 LOCKHEED MARTIN CORP US LMT 466 $165,360.10
55616P104 MACY'S INC US M 1,033 $26,806.35
56585A102 MARATHON PETROLEUM CORP US MPC 961 $66,568.47
580135101 MCDONALDS CORP US MCD 1,018 $174,220.52
58933Y105 MERCK & CO INC US MRK 4,313 $255,545.25
620076307 MOTOROLA SOLUTIONS INC US MSI 427 $42,469.42
670346105 NUCOR CORP US NUE 752 $50,353.92
695156109 PACKAGING CORP OF AMERICA US PKG 257 $32,286.91
704326107 PAYCHEX INC US PAYX 904 $61,698.00
713448108 PEPSICO INC US PEP 2,233 $268,629.90
717081103 PFIZER INC US PFE 7,719 $285,911.76
747525103 QUALCOMM INC US QCOM 2,029 $138,479.25
755111507 RAYTHEON COMPANY US RTN 599 $125,155.06
760759100 REPUBLIC SERVICES INC US RSG 801 $55,108.80
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 353 $44,792.17
857949BL0 SS INT BEARING FD .022% 01/02/15 US 259,683.76 $259,683.76
871829107 SYSCO CORP US SYY 1,205 $75,758.35
87612E106 TARGET CORP US TGT 1,157 $87,029.54
882508104 TEXAS INSTRUMENTS INC US TXN 1,419 $155,621.73
88579Y101 3M CO US MMM 906 $226,953.00
902973304 U.S. BANCORP US USB 2,800 $159,992.00
907818108 UNION PAC CORP US UNP 1,222 $163,137.00
911312106 UNITED PARCEL SERVICE US UPS 1,330 $169,335.60
913017109 UNITED TECHNOLOGIES CORP US UTX 1,104 $152,363.04
918204108 VF CORP US VFC 891 $72,295.74
91913Y100 VALERO ENERGY US VLO 937 $89,923.89
931142103 WAL MART STORES US WMT 3,798 $404,866.80
94106L109 WASTE MANAGEMENT INC US WM 1,049 $92,763.07
949746101 WELLS FARGO COMPANY US WFC 5,268 $346,529.04
958102105 WESTERN DIGITAL CORP US WDC 687 $61,129.26
963320106 WHIRLPOOL CORP US WHR 208 $37,735.36
984121608 XEROX CORPORATION US XRX 960 $32,764.80
G29183103 EATON CORP PLC US ETN 998 $83,802.06
N53745100 LYONDELLBASELL INDU-CL A US LYB 911 $109,174.24

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Fund will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Fund invests primarily in dividend-paying equity securities, with a focus on mid- to large- cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Fund using a disciplined screening process, the Fund is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Fund’s portfolio in response to market movements.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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