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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.
$11.72
-$0.16
-1.37%
as of 07/09/2020
302028774
06/06/2017
This fund is only available for use within certain qualified employee benefit plans.
| Annual Report | |
| Applications & Forms |
As of 06/30/2020
-13.83%
-4.26%
5.58%
8.15%
---
12.08%
---
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 | 0.35% |
| Net | 0.25%* |
*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
As of 06/30/2020
| JOHNSON & JOHNSON | 3.65% |
| WAL MART STORES | 3.50% |
| HOME DEPOT INC | 3.20% |
| INTEL CORP | 3.18% |
| JP MORGAN CHASE & CO | 3.05% |
| CISCO SYSTEMS INC | 2.77% |
| MERCK & CO INC | 2.62% |
| PFIZER INC | 2.59% |
| BANK OF AMERICA CORP | 2.38% |
| ABBVIE INC | 2.27% |
This investment list is unaudited and excludes cash.
As of 06/30/2020
| Communication Services | 1.77% |
| Consumer Discretionary | 5.42% |
| Consumer Staples | 13.38% |
| Energy | 2.97% |
| Financials | 15.31% |
| Health Care | 18.72% |
| Industrials | 20.94% |
| Information Technology | 18.13% |
| Materials | 3.36% |
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 06/30/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00287Y109 | ABBVIE INC | US | ABBV | 15,563 | $1,527,975.34 |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 4,794 | $464,970.06 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 4,214 | $516,804.96 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 9,312 | $371,548.80 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 4,056 | $603,897.84 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 20,172 | $310,447.08 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 67,475 | $1,602,531.25 |
| 086516101 | BEST BUY INC | US | BBY | 5,409 | $472,043.43 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 22,112 | $1,300,185.60 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 3,434 | $271,492.04 |
| 149123101 | CATERPILLAR INC | US | CAT | 7,083 | $895,999.50 |
| 172062101 | CINCINNATI FINANCIAL CORP | US | CINF | 2,668 | $170,832.04 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 39,878 | $1,859,909.92 |
| 172967424 | CITIGROUP INC | US | C | 20,248 | $1,034,672.80 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 11,583 | $848,570.58 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 30,516 | $1,189,513.68 |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 10,343 | $363,763.31 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 10,934 | $459,446.68 |
| 21036P108 | CONSTELLATION BRANDS INC-A | US | STZ | 2,374 | $415,331.30 |
| 231021106 | CUMMINS INC | US | CMI | 2,940 | $509,384.40 |
| 260003108 | DOVER CORP | US | DOV | 2,399 | $231,647.44 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 6,796 | $344,285.36 |
| 291011104 | EMERSON ELEC CO | US | EMR | 10,188 | $631,961.64 |
| 311900104 | FASTENAL CO | US | FAST | 11,073 | $474,367.32 |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 13,620 | $262,593.60 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,969 | $593,206.74 |
| 370334104 | GENERAL MLS INC | US | GIS | 9,963 | $614,218.95 |
| 372460105 | GENUINE PARTS CO | US | GPC | 3,492 | $303,664.32 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 14,674 | $1,129,017.56 |
| 384802104 | WW GRAINGER INC | US | GWW | 844 | $265,151.04 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 6,994 | $269,618.70 |
| 427866108 | HERSHEY CO/THE | US | HSY | 3,663 | $474,798.06 |
| 437076102 | HOME DEPOT INC | US | HD | 8,581 | $2,149,626.31 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 8,040 | $1,162,503.60 |
| 440452100 | HORMEL FOODS CORP | US | HRL | 7,111 | $343,247.97 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 4,402 | $769,689.70 |
| 458140100 | INTEL CORP | US | INTC | 35,759 | $2,139,460.97 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 10,025 | $1,210,719.25 |
| 459506101 | INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 1,783 | $218,346.18 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 21,788 | $2,049,379.28 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 17,443 | $2,453,009.09 |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 2,758 | $536,375.84 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 5,018 | $709,294.30 |
| 501044101 | KROGER CO | US | KR | 14,558 | $492,788.30 |
| 532457108 | ELI LILLY & CO | US | LLY | 7,193 | $1,180,946.74 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 3,042 | $1,110,086.64 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 12,212 | $456,484.56 |
| 58933Y105 | MERCK & CO INC | US | MRK | 22,749 | $1,759,180.17 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 18,471 | $944,422.23 |
| 64110D104 | NETAPP INC | US | NTAP | 5,037 | $223,491.69 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 2,958 | $519,336.06 |
| 670346105 | NUCOR CORP | US | NUE | 7,184 | $297,489.44 |
| 68389X105 | ORACLE CORP | US | ORCL | 21,274 | $1,175,813.98 |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 4,417 | $464,712.57 |
| 693506107 | PPG INDUSTRIES INC | US | PPG | 3,227 | $342,255.62 |
| 701094104 | PARKER HANNIFIN CORP | US | PH | 1,947 | $356,826.69 |
| 717081103 | PFIZER INC | US | PFE | 53,287 | $1,742,484.90 |
| 747525103 | QUALCOMM INC | US | QCOM | 9,911 | $903,982.31 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 2,811 | $320,341.56 |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 15,330 | $944,634.60 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 19,408 | $215,816.96 |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 2,037 | $433,881.00 |
| 83088M102 | SKYWORKS SOLUTIONS INC | US | SWKS | 2,489 | $318,243.54 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 2,685 | $284,099.85 |
| 854502101 | STANLEY WORKS/THE | US | SWK | 2,320 | $323,361.60 |
| 857949BL0 | SS INT BEARING FD .022% 01/02/15 | US | 820,472.71 | $820,472.71 | |
| 871829107 | SYSCO CORP | US | SYY | 7,698 | $420,772.68 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 10,113 | $1,284,047.61 |
| 88579Y101 | 3M CO | US | MMM | 7,194 | $1,122,192.06 |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 3,873 | $441,715.65 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 18,773 | $704,926.15 |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 6,045 | $360,946.95 |
| 902973304 | U.S. BANCORP | US | USB | 20,608 | $758,786.56 |
| 907818108 | UNION PAC CORP | US | UNP | 7,954 | $1,344,782.78 |
| 918204108 | VF CORP | US | VFC | 7,002 | $426,701.88 |
| 91913Y100 | VALERO ENERGY | US | VLO | 7,233 | $425,445.06 |
| 931142103 | WAL MART STORES | US | WMT | 19,621 | $2,350,203.38 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 6,576 | $696,464.16 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 44,019 | $1,126,886.40 |
| 983919101 | XILINX INC | US | XLNX | 3,492 | $343,577.88 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 4,978 | $1,068,876.16 |
| G29183103 | EATON CORP PLC | US | ETN | 6,676 | $584,016.48 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 15,389 | $525,380.46 |
| G5494J103 | LINDE PLC | GB | LIN | 4,440 | $941,768.40 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 12,783 | $1,172,201.10 |
| G8994E103 | TRANE TECHNOLOGIES | IE | TT | 3,500 | $311,430.00 |
| H1467J104 | CHUBB LTD | CH | CB | 5,725 | $724,899.50 |
| H2906T109 | GARMIN LTD | CH | GRMN | 3,012 | $293,670.00 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 6,963 | $457,608.36 |
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 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.
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.
$11.72
-$0.16
-1.37%
as of 07/09/2020
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 06/30/2020
-13.83%
-4.26%
5.58%
8.15%
---
12.08%
---
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 | 0.35% |
| Net | 0.25%* |
*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.
As of 06/30/2020
| JOHNSON & JOHNSON | 3.65% |
| WAL MART STORES | 3.50% |
| HOME DEPOT INC | 3.20% |
| INTEL CORP | 3.18% |
| JP MORGAN CHASE & CO | 3.05% |
| CISCO SYSTEMS INC | 2.77% |
| MERCK & CO INC | 2.62% |
| PFIZER INC | 2.59% |
| BANK OF AMERICA CORP | 2.38% |
| ABBVIE INC | 2.27% |
This investment list is unaudited and excludes cash.
As of 06/30/2020
| Communication Services | 1.77% | |
| Consumer Discretionary | 5.42% | |
| Consumer Staples | 13.38% | |
| Energy | 2.97% | |
| Financials | 15.31% | |
| Health Care | 18.72% | |
| Industrials | 20.94% | |
| Information Technology | 18.13% | |
| Materials | 3.36% |
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 06/30/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00287Y109 | ABBVIE INC | US | ABBV | 15,563 | $1,527,975.34 |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 4,794 | $464,970.06 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 4,214 | $516,804.96 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 9,312 | $371,548.80 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 4,056 | $603,897.84 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 20,172 | $310,447.08 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 67,475 | $1,602,531.25 |
| 086516101 | BEST BUY INC | US | BBY | 5,409 | $472,043.43 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 22,112 | $1,300,185.60 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 3,434 | $271,492.04 |
| 149123101 | CATERPILLAR INC | US | CAT | 7,083 | $895,999.50 |
| 172062101 | CINCINNATI FINANCIAL CORP | US | CINF | 2,668 | $170,832.04 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 39,878 | $1,859,909.92 |
| 172967424 | CITIGROUP INC | US | C | 20,248 | $1,034,672.80 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 11,583 | $848,570.58 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 30,516 | $1,189,513.68 |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 10,343 | $363,763.31 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 10,934 | $459,446.68 |
| 21036P108 | CONSTELLATION BRANDS INC-A | US | STZ | 2,374 | $415,331.30 |
| 231021106 | CUMMINS INC | US | CMI | 2,940 | $509,384.40 |
| 260003108 | DOVER CORP | US | DOV | 2,399 | $231,647.44 |
| 26875P101 | EOG RESOURCES INC | US | EOG | 6,796 | $344,285.36 |
| 291011104 | EMERSON ELEC CO | US | EMR | 10,188 | $631,961.64 |
| 311900104 | FASTENAL CO | US | FAST | 11,073 | $474,367.32 |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 13,620 | $262,593.60 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 3,969 | $593,206.74 |
| 370334104 | GENERAL MLS INC | US | GIS | 9,963 | $614,218.95 |
| 372460105 | GENUINE PARTS CO | US | GPC | 3,492 | $303,664.32 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 14,674 | $1,129,017.56 |
| 384802104 | WW GRAINGER INC | US | GWW | 844 | $265,151.04 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 6,994 | $269,618.70 |
| 427866108 | HERSHEY CO/THE | US | HSY | 3,663 | $474,798.06 |
| 437076102 | HOME DEPOT INC | US | HD | 8,581 | $2,149,626.31 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 8,040 | $1,162,503.60 |
| 440452100 | HORMEL FOODS CORP | US | HRL | 7,111 | $343,247.97 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 4,402 | $769,689.70 |
| 458140100 | INTEL CORP | US | INTC | 35,759 | $2,139,460.97 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 10,025 | $1,210,719.25 |
| 459506101 | INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 1,783 | $218,346.18 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 21,788 | $2,049,379.28 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 17,443 | $2,453,009.09 |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 2,758 | $536,375.84 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 5,018 | $709,294.30 |
| 501044101 | KROGER CO | US | KR | 14,558 | $492,788.30 |
| 532457108 | ELI LILLY & CO | US | LLY | 7,193 | $1,180,946.74 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 3,042 | $1,110,086.64 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 12,212 | $456,484.56 |
| 58933Y105 | MERCK & CO INC | US | MRK | 22,749 | $1,759,180.17 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 18,471 | $944,422.23 |
| 64110D104 | NETAPP INC | US | NTAP | 5,037 | $223,491.69 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 2,958 | $519,336.06 |
| 670346105 | NUCOR CORP | US | NUE | 7,184 | $297,489.44 |
| 68389X105 | ORACLE CORP | US | ORCL | 21,274 | $1,175,813.98 |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 4,417 | $464,712.57 |
| 693506107 | PPG INDUSTRIES INC | US | PPG | 3,227 | $342,255.62 |
| 701094104 | PARKER HANNIFIN CORP | US | PH | 1,947 | $356,826.69 |
| 717081103 | PFIZER INC | US | PFE | 53,287 | $1,742,484.90 |
| 747525103 | QUALCOMM INC | US | QCOM | 9,911 | $903,982.31 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 2,811 | $320,341.56 |
| 75513E101 | RAYTHEON TECHNOLOGIES CORP | US | RTX | 15,330 | $944,634.60 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 19,408 | $215,816.96 |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 2,037 | $433,881.00 |
| 83088M102 | SKYWORKS SOLUTIONS INC | US | SWKS | 2,489 | $318,243.54 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 2,685 | $284,099.85 |
| 854502101 | STANLEY WORKS/THE | US | SWK | 2,320 | $323,361.60 |
| 857949BL0 | SS INT BEARING FD .022% 01/02/15 | US | 820,472.71 | $820,472.71 | |
| 871829107 | SYSCO CORP | US | SYY | 7,698 | $420,772.68 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 10,113 | $1,284,047.61 |
| 88579Y101 | 3M CO | US | MMM | 7,194 | $1,122,192.06 |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 3,873 | $441,715.65 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 18,773 | $704,926.15 |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 6,045 | $360,946.95 |
| 902973304 | U.S. BANCORP | US | USB | 20,608 | $758,786.56 |
| 907818108 | UNION PAC CORP | US | UNP | 7,954 | $1,344,782.78 |
| 918204108 | VF CORP | US | VFC | 7,002 | $426,701.88 |
| 91913Y100 | VALERO ENERGY | US | VLO | 7,233 | $425,445.06 |
| 931142103 | WAL MART STORES | US | WMT | 19,621 | $2,350,203.38 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 6,576 | $696,464.16 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 44,019 | $1,126,886.40 |
| 983919101 | XILINX INC | US | XLNX | 3,492 | $343,577.88 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 4,978 | $1,068,876.16 |
| G29183103 | EATON CORP PLC | US | ETN | 6,676 | $584,016.48 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 15,389 | $525,380.46 |
| G5494J103 | LINDE PLC | GB | LIN | 4,440 | $941,768.40 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 12,783 | $1,172,201.10 |
| G8994E103 | TRANE TECHNOLOGIES | IE | TT | 3,500 | $311,430.00 |
| H1467J104 | CHUBB LTD | CH | CB | 5,725 | $724,899.50 |
| H2906T109 | GARMIN LTD | CH | GRMN | 3,012 | $293,670.00 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 6,963 | $457,608.36 |
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 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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