Collective Investment Trusts

Disciplined Value CIT

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

$18.98

Daily $ Change

$0.09

Daily % Change

0.47%

as of 04/23/2024

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Performance

As of 03/31/2024

YTD

9.66%

1 Year

17.48%

3 Year

7.62%

5 Year

9.69%

10 Year

10.42%

Inception
(06/06/2017)

12.64%

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.

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.

Expense Ratio

Gross 0.26%
Net 0.25%*

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

Top Ten Investments

As of 03/31/2024

JP MORGAN CHASE & CO 4.47%
HOME DEPOT INC 4.01%
BROADCOM INC 3.67%
MERCK & CO INC 3.64%
EXXON MOBIL CORP 3.01%
CATERPILLAR INC 2.99%
JOHNSON & JOHNSON 2.99%
CHEVRON CORP 2.54%
QUALCOMM INC 2.49%
CISCO SYSTEMS INC 2.47%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2024

Communication Services
3.01%
Consumer Discretionary
5.14%
Consumer Staples
6.18%
Energy
14.98%
Financials
15.42%
Health Care
16.12%
Industrials
19.25%
Information Technology
17.46%
Materials
2.44%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 10,669 $1,131,660.83
ABBOTT LABORATORIES US ABT 19,996 $2,272,745.36
ANALOG DEVICES INC US ADI 10,285 $2,034,270.15
ARCHER-DANIELS-MIDLAND CO US ADM 11,568 $726,586.08
BANK OF AMERICA CORP US BAC 77,377 $2,934,135.84
BAXTER INTERNATIONAL INC US BAX 11,303 $483,090.22
BRISTOL MYERS SQUIBB CO US BMY 30,494 $1,653,689.62
BROADCOM INC US AVGO 3,335 $4,420,242.35
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,644 $746,509.84
BUNGE LIMITED US BG 4,550 $466,466.00
C.H. ROBINSON WORLDWIDE INC US CHRW 4,728 $359,989.92
CAMPBELL SOUP CO US CPB 10,865 $482,949.25
CATERPILLAR INC US CAT 9,831 $3,602,373.33
CHEVRON CORP US CVX 19,375 $3,056,212.50
CISCO SYSTEMS INC US CSCO 59,593 $2,974,286.63
CITIGROUP INC US C 34,613 $2,188,926.12
COGNIZANT TECH SOLUTIONS - A US CTSH 9,501 $696,328.29
COLGATE-PALMOLIVE CO US CL 16,685 $1,502,484.25
COMCAST CORP-CL A US CMCSA 63,052 $2,733,304.20
CONAGRA BRAND INC. US CAG 15,604 $462,502.56
CONOCOPHILLIPS US COP 16,055 $2,043,480.40
CORNING INC US GLW 16,140 $531,974.40
COTERRA ENERGY INC US CTRA 18,924 $527,601.12
CUMMINS INC US CMI 4,011 $1,181,841.15
CVS HEALTH CORP US CVS 16,104 $1,284,455.04
DEVON ENERGY CORPORATION US DVN 13,122 $658,461.96
DIAMONDBACK ENERGY INC US FANG 3,756 $744,326.52
DOW INC US DOW 13,831 $801,229.83
DREYFUS GVT CSH MANAGEMENT US 2,425,760.9 $2,425,760.90
EBAY INC US EBAY 12,791 $675,108.98
EMERSON ELEC CO US EMR 13,202 $1,497,370.84
EOG RESOURCES INC US EOG 9,957 $1,272,902.88
EXXON MOBIL CORP US XOM 31,116 $3,616,923.84
FEDEX CORPORATION US FDX 3,818 $1,106,227.32
FIFTH THIRD BANCORP US FITB 19,824 $737,651.04
FMC CORP US FMC 4,539 $289,134.30
GENERAL DYNAMICS CORP US GD 5,746 $1,623,187.54
GENERAL MLS INC US GIS 13,906 $973,002.82
GENUINE PARTS CO US GPC 4,365 $676,269.45
GILEAD SCIENCES INC US GILD 23,797 $1,743,130.25
HALLIBURTON CO US HAL 16,665 $656,934.30
HARTFORD FINL SVCS US HIG 6,228 $641,795.40
HOME DEPOT INC US HD 12,585 $4,827,606.00
HONEYWELL INTERNATIONAL INC US HON 11,085 $2,275,196.25
HUNTINGTON BANCSHARES US HBAN 32,560 $454,212.00
INTERNATIONAL BUSINESS MACH CORP US IBM 11,050 $2,110,108.00
INTERNATIONAL FLVRS & FRAGRANCES US IFF 6,582 $565,986.18
JM SMUCKER CO/THE-NEW COM WI US SJM 3,778 $475,536.86
JOHNSON & JOHNSON US JNJ 22,723 $3,594,551.37
JP MORGAN CHASE & CO US JPM 26,824 $5,372,847.20
KELLOGG CO US K 6,735 $385,848.15
KRAFT HEINZ CO/THE US KHC 19,761 $729,180.90
L3HARRIS TECHNOLOGIES INC US LHX 4,218 $898,855.80
LOCKHEED MARTIN CORP US LMT 4,464 $2,030,539.68
MARATHON OIL CORP US MRO 14,266 $404,298.44
MARATHON PETROLEUM CORP US MPC 8,780 $1,769,170.00
MEDTRONIC INC IE MDT 19,847 $1,729,666.05
MERCK & CO INC US MRK 33,153 $4,374,538.35
MICROCHIP TECHNOLOGY INC US MCHP 11,552 $1,036,329.92
NETAPP INC US NTAP 7,157 $751,270.29
NORFOLK SOUTHN CORP US NSC 4,313 $1,099,254.31
OMNICOM GROUP US OMC 6,771 $655,161.96
PACKAGING CORP OF AMERICA US PKG 2,999 $569,150.22
PARAMOUNT GLOBAL CLASS B US PARA 19,318 $227,372.86
PFIZER INC US PFE 62,329 $1,729,629.75
PHILLIPS 66 US PSX 7,504 $1,225,703.36
PPG INDUSTRIES INC US PPG 4,942 $716,095.80
QUALCOMM INC US QCOM 17,708 $2,997,964.40
QUEST DIAGNOSTICS INC US DGX 3,955 $526,450.05
RAYTHEON TECHNOLOGIES CORP US RTX 15,988 $1,559,309.64
REGIONS FINANCIAL CORP. US RF 29,519 $621,079.76
SCHLUMBERGER LTD US SLB 20,351 $1,115,438.31
SKYWORKS SOLUTIONS INC US SWKS 4,386 $475,091.52
SYSCO CORP US SYY 8,918 $723,963.24
TE CONNECTIVITY LIMITED CH TEL 6,655 $966,572.20
TEXAS INSTRUMENTS INC US TXN 11,563 $2,014,390.23
TRAVELLERS COS INC US TRV 5,538 $1,274,515.32
TRUIST FINANCIAL CORP US TFC 21,143 $824,154.14
TYSON FOODS INC -CL A US TSN 8,733 $512,889.09
U.S. BANCORP US USB 28,785 $1,286,689.50
UNION PAC CORP US UNP 9,778 $2,404,703.54
UNITED PARCEL SERVICE US UPS 11,072 $1,645,631.36
VALERO ENERGY US VLO 5,474 $934,357.06
WELLS FARGO COMPANY US WFC 38,237 $2,216,216.52

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 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.

Daily Price

$18.98

Daily $ Change

$0.09

Daily % Change

0.47%

as of 04/23/2024

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

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

Important Documents

Applications & Forms
Fact Sheet
Annual Report

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

Performance

As of 03/31/2024

YTD

9.66%

1 Year

17.48%

3 Year

7.62%

5 Year

9.69%

10 Year

10.42%

Inception
(06/06/2017)

12.64%

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.

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.

Expense Ratio

Gross 0.26%
Net 0.25%*

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

Top Ten Investments

As of 03/31/2024

JP MORGAN CHASE & CO 4.47%
HOME DEPOT INC 4.01%
BROADCOM INC 3.67%
MERCK & CO INC 3.64%
EXXON MOBIL CORP 3.01%
CATERPILLAR INC 2.99%
JOHNSON & JOHNSON 2.99%
CHEVRON CORP 2.54%
QUALCOMM INC 2.49%
CISCO SYSTEMS INC 2.47%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2024

Communication Services
3.01%
Consumer Discretionary
5.14%
Consumer Staples
6.18%
Energy
14.98%
Financials
15.42%
Health Care
16.12%
Industrials
19.25%
Information Technology
17.46%
Materials
2.44%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 10,669 $1,131,660.83
ABBOTT LABORATORIES US ABT 19,996 $2,272,745.36
ANALOG DEVICES INC US ADI 10,285 $2,034,270.15
ARCHER-DANIELS-MIDLAND CO US ADM 11,568 $726,586.08
BANK OF AMERICA CORP US BAC 77,377 $2,934,135.84
BAXTER INTERNATIONAL INC US BAX 11,303 $483,090.22
BRISTOL MYERS SQUIBB CO US BMY 30,494 $1,653,689.62
BROADCOM INC US AVGO 3,335 $4,420,242.35
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,644 $746,509.84
BUNGE LIMITED US BG 4,550 $466,466.00
C.H. ROBINSON WORLDWIDE INC US CHRW 4,728 $359,989.92
CAMPBELL SOUP CO US CPB 10,865 $482,949.25
CATERPILLAR INC US CAT 9,831 $3,602,373.33
CHEVRON CORP US CVX 19,375 $3,056,212.50
CISCO SYSTEMS INC US CSCO 59,593 $2,974,286.63
CITIGROUP INC US C 34,613 $2,188,926.12
COGNIZANT TECH SOLUTIONS - A US CTSH 9,501 $696,328.29
COLGATE-PALMOLIVE CO US CL 16,685 $1,502,484.25
COMCAST CORP-CL A US CMCSA 63,052 $2,733,304.20
CONAGRA BRAND INC. US CAG 15,604 $462,502.56
CONOCOPHILLIPS US COP 16,055 $2,043,480.40
CORNING INC US GLW 16,140 $531,974.40
COTERRA ENERGY INC US CTRA 18,924 $527,601.12
CUMMINS INC US CMI 4,011 $1,181,841.15
CVS HEALTH CORP US CVS 16,104 $1,284,455.04
DEVON ENERGY CORPORATION US DVN 13,122 $658,461.96
DIAMONDBACK ENERGY INC US FANG 3,756 $744,326.52
DOW INC US DOW 13,831 $801,229.83
DREYFUS GVT CSH MANAGEMENT US 2,425,760.9 $2,425,760.90
EBAY INC US EBAY 12,791 $675,108.98
EMERSON ELEC CO US EMR 13,202 $1,497,370.84
EOG RESOURCES INC US EOG 9,957 $1,272,902.88
EXXON MOBIL CORP US XOM 31,116 $3,616,923.84
FEDEX CORPORATION US FDX 3,818 $1,106,227.32
FIFTH THIRD BANCORP US FITB 19,824 $737,651.04
FMC CORP US FMC 4,539 $289,134.30
GENERAL DYNAMICS CORP US GD 5,746 $1,623,187.54
GENERAL MLS INC US GIS 13,906 $973,002.82
GENUINE PARTS CO US GPC 4,365 $676,269.45
GILEAD SCIENCES INC US GILD 23,797 $1,743,130.25
HALLIBURTON CO US HAL 16,665 $656,934.30
HARTFORD FINL SVCS US HIG 6,228 $641,795.40
HOME DEPOT INC US HD 12,585 $4,827,606.00
HONEYWELL INTERNATIONAL INC US HON 11,085 $2,275,196.25
HUNTINGTON BANCSHARES US HBAN 32,560 $454,212.00
INTERNATIONAL BUSINESS MACH CORP US IBM 11,050 $2,110,108.00
INTERNATIONAL FLVRS & FRAGRANCES US IFF 6,582 $565,986.18
JM SMUCKER CO/THE-NEW COM WI US SJM 3,778 $475,536.86
JOHNSON & JOHNSON US JNJ 22,723 $3,594,551.37
JP MORGAN CHASE & CO US JPM 26,824 $5,372,847.20
KELLOGG CO US K 6,735 $385,848.15
KRAFT HEINZ CO/THE US KHC 19,761 $729,180.90
L3HARRIS TECHNOLOGIES INC US LHX 4,218 $898,855.80
LOCKHEED MARTIN CORP US LMT 4,464 $2,030,539.68
MARATHON OIL CORP US MRO 14,266 $404,298.44
MARATHON PETROLEUM CORP US MPC 8,780 $1,769,170.00
MEDTRONIC INC IE MDT 19,847 $1,729,666.05
MERCK & CO INC US MRK 33,153 $4,374,538.35
MICROCHIP TECHNOLOGY INC US MCHP 11,552 $1,036,329.92
NETAPP INC US NTAP 7,157 $751,270.29
NORFOLK SOUTHN CORP US NSC 4,313 $1,099,254.31
OMNICOM GROUP US OMC 6,771 $655,161.96
PACKAGING CORP OF AMERICA US PKG 2,999 $569,150.22
PARAMOUNT GLOBAL CLASS B US PARA 19,318 $227,372.86
PFIZER INC US PFE 62,329 $1,729,629.75
PHILLIPS 66 US PSX 7,504 $1,225,703.36
PPG INDUSTRIES INC US PPG 4,942 $716,095.80
QUALCOMM INC US QCOM 17,708 $2,997,964.40
QUEST DIAGNOSTICS INC US DGX 3,955 $526,450.05
RAYTHEON TECHNOLOGIES CORP US RTX 15,988 $1,559,309.64
REGIONS FINANCIAL CORP. US RF 29,519 $621,079.76
SCHLUMBERGER LTD US SLB 20,351 $1,115,438.31
SKYWORKS SOLUTIONS INC US SWKS 4,386 $475,091.52
SYSCO CORP US SYY 8,918 $723,963.24
TE CONNECTIVITY LIMITED CH TEL 6,655 $966,572.20
TEXAS INSTRUMENTS INC US TXN 11,563 $2,014,390.23
TRAVELLERS COS INC US TRV 5,538 $1,274,515.32
TRUIST FINANCIAL CORP US TFC 21,143 $824,154.14
TYSON FOODS INC -CL A US TSN 8,733 $512,889.09
U.S. BANCORP US USB 28,785 $1,286,689.50
UNION PAC CORP US UNP 9,778 $2,404,703.54
UNITED PARCEL SERVICE US UPS 11,072 $1,645,631.36
VALERO ENERGY US VLO 5,474 $934,357.06
WELLS FARGO COMPANY US WFC 38,237 $2,216,216.52

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 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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