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The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.
We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
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.
$17.11
$0.04
0.23%
as of 11/25/2022
MNDVUX
302028774
06/06/2017
This fund is only available for use within certain qualified employee benefit plans.
| Annual Report | |
| Applications & Forms |
As of 10/31/2022
-6.64%
-2.94%
7.44%
8.41%
11.54%
12.48%
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. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
| Gross | 0.26% |
| Net | 0.25%* |
*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
As of 10/31/2022
| JOHNSON & JOHNSON | 3.63% |
| JP MORGAN CHASE & CO | 3.49% |
| WAL MART STORES | 3.46% |
| HOME DEPOT INC | 3.15% |
| PROCTER & GAMBLE CO | 3.00% |
| MERCK & CO INC | 2.75% |
| CHEVRON CORP | 2.52% |
| CISCO SYSTEMS INC | 2.16% |
| BRISTOL MYERS SQUIBB CO | 2.02% |
| PFIZER INC | 1.89% |
This investment list is unaudited and excludes cash.
As of 10/31/2022
| Communication Services | 2.29% |
| Consumer Discretionary | 10.08% |
| Consumer Staples | 13.95% |
| Energy | 8.48% |
| Financials | 10.74% |
| Health Care | 15.72% |
| Industrials | 21.74% |
| Information Technology | 12.46% |
| Materials | 4.54% |
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.
As of 10/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ABBOTT LABORATORIES | US | ABT | 19,181 | $1,897,768.14 |
| ALLSTATE CORPORATION | US | ALL | 7,955 | $1,004,318.75 |
| ANALOG DEVICES INC | US | ADI | 10,188 | $1,453,012.56 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 12,362 | $1,198,866.76 |
| AUTOMATIC DATA PROCESSING | US | ADP | 7,438 | $1,797,764.60 |
| BAXTER INTERNATIONAL INC | US | BAX | 8,859 | $481,486.65 |
| BEST BUY INC | US | BBY | 7,548 | $516,358.68 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 32,435 | $2,512,739.45 |
| BROADRIDGE FINANCIAL SOLUTIONS | US | BR | 3,637 | $545,768.22 |
| C.H. ROBINSON WORLDWIDE INC | US | CHRW | 4,815 | $470,521.80 |
| COTERRA ENERGY INC | US | CTRA | 17,838 | $555,296.94 |
| CAMPBELL SOUP CO | US | CPB | 10,102 | $534,496.82 |
| CATERPILLAR INC | US | CAT | 9,429 | $2,041,001.34 |
| CHEVRON CORP | US | CVX | 17,285 | $3,126,856.50 |
| CINCINNATI FINANCIAL CORP | US | CINF | 4,816 | $497,589.12 |
| CISCO SYSTEMS INC | US | CSCO | 59,110 | $2,685,367.30 |
| CITIGROUP INC | US | C | 37,940 | $1,739,928.40 |
| COLGATE-PALMOLIVE CO | US | CL | 18,144 | $1,339,752.96 |
| COMCAST CORP-CL A | US | CMCSA | 65,401 | $2,075,827.74 |
| CONAGRA BRAND INC. | US | CAG | 15,830 | $580,961.00 |
| CONOCOPHILLIPS | US | COP | 16,056 | $2,024,501.04 |
| CUMMINS INC | US | CMI | 3,935 | $962,146.85 |
| DEVON ENERGY CORPORATION | US | DVN | 12,265 | $948,697.75 |
| DIAMONDBACK ENERGY INC | US | FANG | 3,799 | $596,860.89 |
| DOW INC | US | DOW | 12,198 | $570,134.52 |
| DREYFUS GVT CSH MANAGEMENT | US | 743,318 | $743,318.00 | |
| EOG RESOURCES INC | US | EOG | 8,776 | $1,198,099.52 |
| EASTMAN CHEM CO | US | EMN | 4,614 | $354,401.34 |
| EBAY INC | US | EBAY | 12,054 | $480,231.36 |
| EMERSON ELEC CO | US | EMR | 13,335 | $1,154,811.00 |
| FMC CORP | US | FMC | 4,131 | $491,175.90 |
| FIFTH THIRD BANCORP | US | FITB | 20,096 | $717,226.24 |
| GENERAL DYNAMICS CORP | US | GD | 5,832 | $1,456,833.60 |
| GENERAL MLS INC | US | GIS | 13,634 | $1,112,261.72 |
| GENUINE PARTS CO | US | GPC | 4,390 | $780,805.40 |
| GILEAD SCIENCES INC | US | GILD | 24,035 | $1,885,786.10 |
| HOME DEPOT INC | US | HD | 13,192 | $3,906,546.96 |
| HONEYWELL INTERNATIONAL INC | US | HON | 11,055 | $2,255,441.10 |
| ILLINOIS TOOL WKS INC | US | ITW | 6,540 | $1,396,486.20 |
| INTEL CORP | US | INTC | 63,330 | $1,800,471.90 |
| INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 6,775 | $661,307.75 |
| JP MORGAN CHASE & CO | US | JPM | 34,429 | $4,333,922.52 |
| JOHNSON & JOHNSON | US | JNJ | 25,930 | $4,511,042.10 |
| KEYCORP | US | KEY | 21,942 | $392,103.54 |
| KROGER CO | US | KR | 16,977 | $802,842.33 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 4,345 | $1,070,912.15 |
| LENNAR CORP | US | LEN | 6,529 | $526,890.30 |
| LOCKHEED MARTIN CORP | US | LMT | 4,455 | $2,168,159.40 |
| MARATHON PETROLEUM CORP | US | MPC | 9,309 | $1,057,688.58 |
| MCDONALDS CORP | US | MCD | 7,839 | $2,137,381.74 |
| MERCK & CO INC | US | MRK | 33,718 | $3,412,261.60 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 10,875 | $671,422.50 |
| MONDELEZ INTERNATIONAL INC | US | MDLZ | 25,196 | $1,549,050.08 |
| MOTOROLA SOLUTIONS INC | US | MSI | 4,085 | $1,020,065.35 |
| NETAPP INC | US | NTAP | 7,612 | $527,283.24 |
| NEWMONT GOLDCORP CORP | US | NEM | 16,804 | $711,145.28 |
| NORFOLK SOUTHN CORP | US | NSC | 3,880 | $884,911.60 |
| NORTHROP GRUMMAN CORP | US | NOC | 3,101 | $1,702,480.01 |
| NUCOR CORP | US | NUE | 6,333 | $832,029.54 |
| OMNICOM GROUP | US | OMC | 7,045 | $512,523.75 |
| PPG INDUSTRIES INC | US | PPG | 4,529 | $517,121.22 |
| PACKAGING CORP OF AMERICA | US | PKG | 3,281 | $394,409.01 |
| PARKER HANNIFIN CORP | US | PH | 2,435 | $707,659.70 |
| PFIZER INC | US | PFE | 50,374 | $2,344,909.70 |
| PIONEER NATURAL RESOURCES CO | US | PXD | 3,961 | $1,015,640.01 |
| PROCTER & GAMBLE CO | US | PG | 27,634 | $3,721,470.78 |
| QUALCOMM INC | US | QCOM | 18,463 | $2,172,356.58 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,179 | $600,313.35 |
| REGIONS FINANCIAL CORP. | US | RF | 31,126 | $683,215.70 |
| REPUBLIC SERVICES INC | US | RSG | 7,689 | $1,019,715.18 |
| ROSS STORES INC | US | ROST | 6,325 | $605,239.25 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 4,009 | $344,814.09 |
| JM SMUCKER CO/THE-NEW COM WI | US | SJM | 3,410 | $513,750.60 |
| STANLEY BLACK & DECKER INC | US | SWK | 3,590 | $281,779.10 |
| STEEL DYNAMICS INC | US | STLD | 6,572 | $618,096.60 |
| TJX COMPANIES INC | US | TJX | 17,620 | $1,270,402.00 |
| TARGET CORP | US | TGT | 6,190 | $1,016,707.50 |
| TEXAS INSTRUMENTS INC | US | TXN | 10,792 | $1,733,518.96 |
| 3M CO | US | MMM | 11,251 | $1,415,263.29 |
| TRACTOR SUPPLY COMPANY | US | TSCO | 2,217 | $487,230.09 |
| TRAVELLERS COS INC | US | TRV | 5,546 | $1,023,015.16 |
| TYSON FOODS INC -CL A | US | TSN | 9,126 | $623,762.10 |
| U.S. BANCORP | US | USB | 29,008 | $1,231,389.60 |
| UNION PAC CORP | US | UNP | 10,057 | $1,982,636.98 |
| UNITED PARCEL SERVICE | US | UPS | 10,008 | $1,679,042.16 |
| VF CORP | US | VFC | 10,033 | $283,432.25 |
| PARAMOUNT GLOBAL CLASS B | US | PARA | 13,735 | $251,625.20 |
| WAL MART STORES | US | WMT | 30,139 | $4,289,683.87 |
| WALGREENS BOOTS ALLIANCE INC | US | WBA | 16,312 | $595,388.00 |
| WASTE MANAGEMENT INC | US | WM | 8,548 | $1,353,746.76 |
| BUNGE LIMITED | US | BG | 4,653 | $459,251.10 |
| EATON CORP PLC | US | ETN | 9,134 | $1,370,739.38 |
| JOHNSON CONTROLS INTERNATIONAL | US | JCI | 16,381 | $947,477.04 |
| MEDTRONIC INC | IE | MDT | 15,347 | $1,340,406.98 |
| ROYALTY PHARMA PLC- CL A | US | RPRX | 12,371 | $523,540.72 |
| TRANE TECHNOLOGIES | IE | TT | 4,193 | $669,328.59 |
| CHUBB LTD | CH | CB | 7,945 | $1,707,301.05 |
| GARMIN LTD | CH | GRMN | 5,652 | $497,602.08 |
| TE CONNECTIVITY LIMITED | CH | TEL | 5,835 | $713,212.05 |
| LYONDELLBASELL INDU-CL A | US | LYB | 6,336 | $484,387.20 |
Investments will change over time.
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.
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 50 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.
The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.
We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.
$17.11
$0.04
0.23%
as of 11/25/2022
MNDVUX
302028774
06/06/2017
This fund is only available for use within certain qualified employee benefit plans.
| Annual Report | |
| Fact Sheet | |
| Applications & Forms |
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
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.
As of 10/31/2022
-6.64%
-2.94%
7.44%
8.41%
11.54%
12.48%
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. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.
| Gross | 0.26% |
| Net | 0.25%* |
*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
As of 10/31/2022
| JOHNSON & JOHNSON | 3.63% |
| JP MORGAN CHASE & CO | 3.49% |
| WAL MART STORES | 3.46% |
| HOME DEPOT INC | 3.15% |
| PROCTER & GAMBLE CO | 3.00% |
| MERCK & CO INC | 2.75% |
| CHEVRON CORP | 2.52% |
| CISCO SYSTEMS INC | 2.16% |
| BRISTOL MYERS SQUIBB CO | 2.02% |
| PFIZER INC | 1.89% |
This investment list is unaudited and excludes cash.
As of 10/31/2022
| Communication Services | 2.29% | |
| Consumer Discretionary | 10.08% | |
| Consumer Staples | 13.95% | |
| Energy | 8.48% | |
| Financials | 10.74% | |
| Health Care | 15.72% | |
| Industrials | 21.74% | |
| Information Technology | 12.46% | |
| Materials | 4.54% |
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.
As of 10/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ABBOTT LABORATORIES | US | ABT | 19,181 | $1,897,768.14 |
| ALLSTATE CORPORATION | US | ALL | 7,955 | $1,004,318.75 |
| ANALOG DEVICES INC | US | ADI | 10,188 | $1,453,012.56 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 12,362 | $1,198,866.76 |
| AUTOMATIC DATA PROCESSING | US | ADP | 7,438 | $1,797,764.60 |
| BAXTER INTERNATIONAL INC | US | BAX | 8,859 | $481,486.65 |
| BEST BUY INC | US | BBY | 7,548 | $516,358.68 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 32,435 | $2,512,739.45 |
| BROADRIDGE FINANCIAL SOLUTIONS | US | BR | 3,637 | $545,768.22 |
| C.H. ROBINSON WORLDWIDE INC | US | CHRW | 4,815 | $470,521.80 |
| COTERRA ENERGY INC | US | CTRA | 17,838 | $555,296.94 |
| CAMPBELL SOUP CO | US | CPB | 10,102 | $534,496.82 |
| CATERPILLAR INC | US | CAT | 9,429 | $2,041,001.34 |
| CHEVRON CORP | US | CVX | 17,285 | $3,126,856.50 |
| CINCINNATI FINANCIAL CORP | US | CINF | 4,816 | $497,589.12 |
| CISCO SYSTEMS INC | US | CSCO | 59,110 | $2,685,367.30 |
| CITIGROUP INC | US | C | 37,940 | $1,739,928.40 |
| COLGATE-PALMOLIVE CO | US | CL | 18,144 | $1,339,752.96 |
| COMCAST CORP-CL A | US | CMCSA | 65,401 | $2,075,827.74 |
| CONAGRA BRAND INC. | US | CAG | 15,830 | $580,961.00 |
| CONOCOPHILLIPS | US | COP | 16,056 | $2,024,501.04 |
| CUMMINS INC | US | CMI | 3,935 | $962,146.85 |
| DEVON ENERGY CORPORATION | US | DVN | 12,265 | $948,697.75 |
| DIAMONDBACK ENERGY INC | US | FANG | 3,799 | $596,860.89 |
| DOW INC | US | DOW | 12,198 | $570,134.52 |
| DREYFUS GVT CSH MANAGEMENT | US | 743,318 | $743,318.00 | |
| EOG RESOURCES INC | US | EOG | 8,776 | $1,198,099.52 |
| EASTMAN CHEM CO | US | EMN | 4,614 | $354,401.34 |
| EBAY INC | US | EBAY | 12,054 | $480,231.36 |
| EMERSON ELEC CO | US | EMR | 13,335 | $1,154,811.00 |
| FMC CORP | US | FMC | 4,131 | $491,175.90 |
| FIFTH THIRD BANCORP | US | FITB | 20,096 | $717,226.24 |
| GENERAL DYNAMICS CORP | US | GD | 5,832 | $1,456,833.60 |
| GENERAL MLS INC | US | GIS | 13,634 | $1,112,261.72 |
| GENUINE PARTS CO | US | GPC | 4,390 | $780,805.40 |
| GILEAD SCIENCES INC | US | GILD | 24,035 | $1,885,786.10 |
| HOME DEPOT INC | US | HD | 13,192 | $3,906,546.96 |
| HONEYWELL INTERNATIONAL INC | US | HON | 11,055 | $2,255,441.10 |
| ILLINOIS TOOL WKS INC | US | ITW | 6,540 | $1,396,486.20 |
| INTEL CORP | US | INTC | 63,330 | $1,800,471.90 |
| INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 6,775 | $661,307.75 |
| JP MORGAN CHASE & CO | US | JPM | 34,429 | $4,333,922.52 |
| JOHNSON & JOHNSON | US | JNJ | 25,930 | $4,511,042.10 |
| KEYCORP | US | KEY | 21,942 | $392,103.54 |
| KROGER CO | US | KR | 16,977 | $802,842.33 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 4,345 | $1,070,912.15 |
| LENNAR CORP | US | LEN | 6,529 | $526,890.30 |
| LOCKHEED MARTIN CORP | US | LMT | 4,455 | $2,168,159.40 |
| MARATHON PETROLEUM CORP | US | MPC | 9,309 | $1,057,688.58 |
| MCDONALDS CORP | US | MCD | 7,839 | $2,137,381.74 |
| MERCK & CO INC | US | MRK | 33,718 | $3,412,261.60 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 10,875 | $671,422.50 |
| MONDELEZ INTERNATIONAL INC | US | MDLZ | 25,196 | $1,549,050.08 |
| MOTOROLA SOLUTIONS INC | US | MSI | 4,085 | $1,020,065.35 |
| NETAPP INC | US | NTAP | 7,612 | $527,283.24 |
| NEWMONT GOLDCORP CORP | US | NEM | 16,804 | $711,145.28 |
| NORFOLK SOUTHN CORP | US | NSC | 3,880 | $884,911.60 |
| NORTHROP GRUMMAN CORP | US | NOC | 3,101 | $1,702,480.01 |
| NUCOR CORP | US | NUE | 6,333 | $832,029.54 |
| OMNICOM GROUP | US | OMC | 7,045 | $512,523.75 |
| PPG INDUSTRIES INC | US | PPG | 4,529 | $517,121.22 |
| PACKAGING CORP OF AMERICA | US | PKG | 3,281 | $394,409.01 |
| PARKER HANNIFIN CORP | US | PH | 2,435 | $707,659.70 |
| PFIZER INC | US | PFE | 50,374 | $2,344,909.70 |
| PIONEER NATURAL RESOURCES CO | US | PXD | 3,961 | $1,015,640.01 |
| PROCTER & GAMBLE CO | US | PG | 27,634 | $3,721,470.78 |
| QUALCOMM INC | US | QCOM | 18,463 | $2,172,356.58 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,179 | $600,313.35 |
| REGIONS FINANCIAL CORP. | US | RF | 31,126 | $683,215.70 |
| REPUBLIC SERVICES INC | US | RSG | 7,689 | $1,019,715.18 |
| ROSS STORES INC | US | ROST | 6,325 | $605,239.25 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 4,009 | $344,814.09 |
| JM SMUCKER CO/THE-NEW COM WI | US | SJM | 3,410 | $513,750.60 |
| STANLEY BLACK & DECKER INC | US | SWK | 3,590 | $281,779.10 |
| STEEL DYNAMICS INC | US | STLD | 6,572 | $618,096.60 |
| TJX COMPANIES INC | US | TJX | 17,620 | $1,270,402.00 |
| TARGET CORP | US | TGT | 6,190 | $1,016,707.50 |
| TEXAS INSTRUMENTS INC | US | TXN | 10,792 | $1,733,518.96 |
| 3M CO | US | MMM | 11,251 | $1,415,263.29 |
| TRACTOR SUPPLY COMPANY | US | TSCO | 2,217 | $487,230.09 |
| TRAVELLERS COS INC | US | TRV | 5,546 | $1,023,015.16 |
| TYSON FOODS INC -CL A | US | TSN | 9,126 | $623,762.10 |
| U.S. BANCORP | US | USB | 29,008 | $1,231,389.60 |
| UNION PAC CORP | US | UNP | 10,057 | $1,982,636.98 |
| UNITED PARCEL SERVICE | US | UPS | 10,008 | $1,679,042.16 |
| VF CORP | US | VFC | 10,033 | $283,432.25 |
| PARAMOUNT GLOBAL CLASS B | US | PARA | 13,735 | $251,625.20 |
| WAL MART STORES | US | WMT | 30,139 | $4,289,683.87 |
| WALGREENS BOOTS ALLIANCE INC | US | WBA | 16,312 | $595,388.00 |
| WASTE MANAGEMENT INC | US | WM | 8,548 | $1,353,746.76 |
| BUNGE LIMITED | US | BG | 4,653 | $459,251.10 |
| EATON CORP PLC | US | ETN | 9,134 | $1,370,739.38 |
| JOHNSON CONTROLS INTERNATIONAL | US | JCI | 16,381 | $947,477.04 |
| MEDTRONIC INC | IE | MDT | 15,347 | $1,340,406.98 |
| ROYALTY PHARMA PLC- CL A | US | RPRX | 12,371 | $523,540.72 |
| TRANE TECHNOLOGIES | IE | TT | 4,193 | $669,328.59 |
| CHUBB LTD | CH | CB | 7,945 | $1,707,301.05 |
| GARMIN LTD | CH | GRMN | 5,652 | $497,602.08 |
| TE CONNECTIVITY LIMITED | CH | TEL | 5,835 | $713,212.05 |
| LYONDELLBASELL INDU-CL A | US | LYB | 6,336 | $484,387.20 |
Investments will change over time.
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.
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 50 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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