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

$11.59

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/17/2018

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 04/30/2018

YTD

-1.56%

1 Year

14.20%

3 Year

11.33%

5 Year

12.58%

10 Year

---

Inception
(10/01/2011)

15.56%

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 04/30/2018

JP MORGAN CHASE & CO 4.01%
JOHNSON & JOHNSON 3.90%
WAL MART STORES 3.29%
INTEL CORP 3.11%
WELLS FARGO COMPANY 3.06%
HOME DEPOT INC 2.91%
CISCO SYSTEMS INC 2.90%
PFIZER INC 2.88%
BOEING CO 2.66%
ABBVIE INC 2.36%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Consumer Discretionary 12.30%
Consumer Staples 17.08%
Energy 2.43%
Financials 10.18%
Health Care 17.71%
Industrials 21.46%
Information Technology 16.08%
Materials 2.76%

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.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 2,093 $202,079.15
031162100 AMGEN INC US AMGN 936 $163,313.28
03349M105 ANDEAVOR US ANDV 362 $50,071.84
053015103 AUTOMATIC DATA PROCESSING US ADP 820 $96,825.60
086516101 BEST BUY INC US BBY 632 $48,366.96
097023105 BOEING CO US BA 683 $227,821.48
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,917 $99,933.21
11135F101 BROADCOM INC US AVGO 486 $111,498.12
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 414 $38,100.42
126650100 CVS HEALTH CORP US CVS 1,683 $117,523.89
12673P105 CA INC US CA 1,185 $41,238.00
134429109 CAMPBELL SOUP CO US CPB 859 $35,030.02
149123101 CATERPILLAR INC US CAT 719 $103,794.84
17275R102 CISCO SYSTEMS INC US CSCO 5,613 $248,599.77
189054109 CLOROX COMPANY US CLX 382 $44,770.40
194162103 COLGATE-PALMOLIVE CO US CL 1,625 $105,998.75
20030N101 COMCAST CORP-CL A US CMCSA 4,293 $134,757.27
205887102 CONAGRA BRAND INC. US CAG 821 $30,434.47
219350105 CORNING INC US GLW 2,089 $56,444.78
231021106 CUMMINS INC US CMI 392 $62,665.12
277432100 EASTMAN CHEM CO US EMN 405 $41,342.40
291011104 EMERSON ELEC CO US EMR 1,254 $83,278.14
311900104 FASTENAL CO US FAST 825 $41,241.75
316773100 FIFTH THIRD BANCORP US FITB 1,557 $51,645.69
364760108 GAP INC US GPS 1,163 $34,006.12
370334104 GENERAL MLS INC US GIS 1,383 $60,492.42
372460105 GENUINE PARTS CO US GPC 431 $38,065.92
375558103 GILEAD SCIENCES INC US GILD 1,996 $144,171.08
418056107 HASBRO INC US HAS 380 $33,474.20
427866108 HERSHEY CO/THE US HSY 539 $49,555.66
437076102 HOME DEPOT INC US HD 1,349 $249,295.20
438516106 HONEYWELL INTERNATIONAL INC US HON 1,077 $155,820.36
440452100 HORMEL FOODS CORP US HRL 986 $35,742.50
452308109 ILLINOIS TOOL WKS INC US ITW 482 $68,453.64
458140100 INTEL CORP US INTC 5,165 $266,617.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,246 $180,620.16
46625H100 JP MORGAN CHASE & CO US JPM 3,163 $344,071.14
478160104 JOHNSON & JOHNSON US JNJ 2,643 $334,313.07
482480100 KLA-TENCOR CORPORATION US KLAC 415 $42,222.10
487836108 KELLOGG CO US K 657 $38,697.30
493267108 KEYCORP US KEY 1,852 $36,891.84
494368103 KIMBERLY CLARK CORP US KMB 748 $77,447.92
500255104 KOHLS CORP US KSS 537 $33,358.44
500754106 KRAFT HEINZ CO/THE US KHC 1,576 $88,854.88
532457108 ELI LILLY & CO US LLY 1,234 $100,040.38
539830109 LOCKHEED MARTIN CORP US LMT 449 $144,057.16
55616P104 MACY'S INC US M 962 $29,889.34
56585A102 MARATHON PETROLEUM CORP US MPC 901 $67,493.91
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 608 $33,136.00
580135101 MCDONALDS CORP US MCD 1,094 $183,179.36
58933Y105 MERCK & CO INC US MRK 3,357 $197,626.59
60871R209 MOLSON COORS BREWING CO -B US TAP 448 $31,915.52
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 2,018 $79,711.00
620076307 MOTOROLA SOLUTIONS INC US MSI 414 $45,469.62
651229106 NEWELL BRANDS INC US NWL 1,056 $29,177.28
655844108 NORFOLK SOUTHN CORP US NSC 406 $58,248.82
670346105 NUCOR CORP US NUE 813 $50,097.06
695156109 PACKAGING CORP OF AMERICA US PKG 266 $30,773.54
704326107 PAYCHEX INC US PAYX 885 $53,604.45
713448108 PEPSICO INC US PEP 1,927 $194,511.38
717081103 PFIZER INC US PFE 6,739 $246,714.79
74834L100 QUEST DIAGNOSTICS INC US DGX 292 $29,550.40
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 339 $38,673.12
857949BL0 SS INT BEARING FD .022% 01/02/15 US 116,287.53 $116,287.53
867914103 SUNTRUST BANKS INC US STI 736 $49,164.80
871829107 SYSCO CORP US SYY 1,114 $69,669.56
876030107 TAPESTRY INC US TPR 587 $31,562.99
87612E106 TARGET CORP US TGT 1,101 $79,932.60
882508104 TEXAS INSTRUMENTS INC US TXN 1,461 $148,189.23
88579Y101 3M CO US MMM 884 $171,840.76
902973304 U.S. BANCORP US USB 2,553 $128,798.85
907818108 UNION PAC CORP US UNP 1,138 $152,070.94
911312106 UNITED PARCEL SERVICE US UPS 1,313 $149,025.50
913017109 UNITED TECHNOLOGIES CORP US UTX 1,211 $145,501.65
918204108 VF CORP US VFC 852 $68,901.24
91913Y100 VALERO ENERGY US VLO 817 $90,629.81
92553P201 VIACOM INC CL B US VIAB 893 $26,932.88
931142103 WAL MART STORES US WMT 3,184 $281,656.64
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,253 $83,261.85
94106L109 WASTE MANAGEMENT INC US WM 921 $74,868.09
949746101 WELLS FARGO COMPANY US WFC 5,047 $262,242.12
958102105 WESTERN DIGITAL CORP US WDC 689 $54,286.31
96145D105 WESTROCK CO US WRK 521 $30,822.36
963320106 WHIRLPOOL CORP US WHR 218 $33,779.10
G29183103 EATON CORP PLC US ETN 953 $71,503.59
G47791101 INGERSOLL-RAND PLC IE IR 470 $39,428.30
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,520 $51,482.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 792 $83,738.16

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.

Daily Price

$11.59

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/17/2018

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 04/30/2018

YTD

-1.56%

1 Year

14.20%

3 Year

11.33%

5 Year

12.58%

10 Year

---

Inception
(10/01/2011)

15.56%

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 04/30/2018

JP MORGAN CHASE & CO 4.01%
JOHNSON & JOHNSON 3.90%
WAL MART STORES 3.29%
INTEL CORP 3.11%
WELLS FARGO COMPANY 3.06%
HOME DEPOT INC 2.91%
CISCO SYSTEMS INC 2.90%
PFIZER INC 2.88%
BOEING CO 2.66%
ABBVIE INC 2.36%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Consumer Discretionary
12.30%
Consumer Staples
17.08%
Energy
2.43%
Financials
10.18%
Health Care
17.71%
Industrials
21.46%
Information Technology
16.08%
Materials
2.76%

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.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 2,093 $202,079.15
031162100 AMGEN INC US AMGN 936 $163,313.28
03349M105 ANDEAVOR US ANDV 362 $50,071.84
053015103 AUTOMATIC DATA PROCESSING US ADP 820 $96,825.60
086516101 BEST BUY INC US BBY 632 $48,366.96
097023105 BOEING CO US BA 683 $227,821.48
110122108 BRISTOL MYERS SQUIBB CO US BMY 1,917 $99,933.21
11135F101 BROADCOM INC US AVGO 486 $111,498.12
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 414 $38,100.42
126650100 CVS HEALTH CORP US CVS 1,683 $117,523.89
12673P105 CA INC US CA 1,185 $41,238.00
134429109 CAMPBELL SOUP CO US CPB 859 $35,030.02
149123101 CATERPILLAR INC US CAT 719 $103,794.84
17275R102 CISCO SYSTEMS INC US CSCO 5,613 $248,599.77
189054109 CLOROX COMPANY US CLX 382 $44,770.40
194162103 COLGATE-PALMOLIVE CO US CL 1,625 $105,998.75
20030N101 COMCAST CORP-CL A US CMCSA 4,293 $134,757.27
205887102 CONAGRA BRAND INC. US CAG 821 $30,434.47
219350105 CORNING INC US GLW 2,089 $56,444.78
231021106 CUMMINS INC US CMI 392 $62,665.12
277432100 EASTMAN CHEM CO US EMN 405 $41,342.40
291011104 EMERSON ELEC CO US EMR 1,254 $83,278.14
311900104 FASTENAL CO US FAST 825 $41,241.75
316773100 FIFTH THIRD BANCORP US FITB 1,557 $51,645.69
364760108 GAP INC US GPS 1,163 $34,006.12
370334104 GENERAL MLS INC US GIS 1,383 $60,492.42
372460105 GENUINE PARTS CO US GPC 431 $38,065.92
375558103 GILEAD SCIENCES INC US GILD 1,996 $144,171.08
418056107 HASBRO INC US HAS 380 $33,474.20
427866108 HERSHEY CO/THE US HSY 539 $49,555.66
437076102 HOME DEPOT INC US HD 1,349 $249,295.20
438516106 HONEYWELL INTERNATIONAL INC US HON 1,077 $155,820.36
440452100 HORMEL FOODS CORP US HRL 986 $35,742.50
452308109 ILLINOIS TOOL WKS INC US ITW 482 $68,453.64
458140100 INTEL CORP US INTC 5,165 $266,617.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 1,246 $180,620.16
46625H100 JP MORGAN CHASE & CO US JPM 3,163 $344,071.14
478160104 JOHNSON & JOHNSON US JNJ 2,643 $334,313.07
482480100 KLA-TENCOR CORPORATION US KLAC 415 $42,222.10
487836108 KELLOGG CO US K 657 $38,697.30
493267108 KEYCORP US KEY 1,852 $36,891.84
494368103 KIMBERLY CLARK CORP US KMB 748 $77,447.92
500255104 KOHLS CORP US KSS 537 $33,358.44
500754106 KRAFT HEINZ CO/THE US KHC 1,576 $88,854.88
532457108 ELI LILLY & CO US LLY 1,234 $100,040.38
539830109 LOCKHEED MARTIN CORP US LMT 449 $144,057.16
55616P104 MACY'S INC US M 962 $29,889.34
56585A102 MARATHON PETROLEUM CORP US MPC 901 $67,493.91
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 608 $33,136.00
580135101 MCDONALDS CORP US MCD 1,094 $183,179.36
58933Y105 MERCK & CO INC US MRK 3,357 $197,626.59
60871R209 MOLSON COORS BREWING CO -B US TAP 448 $31,915.52
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 2,018 $79,711.00
620076307 MOTOROLA SOLUTIONS INC US MSI 414 $45,469.62
651229106 NEWELL BRANDS INC US NWL 1,056 $29,177.28
655844108 NORFOLK SOUTHN CORP US NSC 406 $58,248.82
670346105 NUCOR CORP US NUE 813 $50,097.06
695156109 PACKAGING CORP OF AMERICA US PKG 266 $30,773.54
704326107 PAYCHEX INC US PAYX 885 $53,604.45
713448108 PEPSICO INC US PEP 1,927 $194,511.38
717081103 PFIZER INC US PFE 6,739 $246,714.79
74834L100 QUEST DIAGNOSTICS INC US DGX 292 $29,550.40
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 339 $38,673.12
857949BL0 SS INT BEARING FD .022% 01/02/15 US 116,287.53 $116,287.53
867914103 SUNTRUST BANKS INC US STI 736 $49,164.80
871829107 SYSCO CORP US SYY 1,114 $69,669.56
876030107 TAPESTRY INC US TPR 587 $31,562.99
87612E106 TARGET CORP US TGT 1,101 $79,932.60
882508104 TEXAS INSTRUMENTS INC US TXN 1,461 $148,189.23
88579Y101 3M CO US MMM 884 $171,840.76
902973304 U.S. BANCORP US USB 2,553 $128,798.85
907818108 UNION PAC CORP US UNP 1,138 $152,070.94
911312106 UNITED PARCEL SERVICE US UPS 1,313 $149,025.50
913017109 UNITED TECHNOLOGIES CORP US UTX 1,211 $145,501.65
918204108 VF CORP US VFC 852 $68,901.24
91913Y100 VALERO ENERGY US VLO 817 $90,629.81
92553P201 VIACOM INC CL B US VIAB 893 $26,932.88
931142103 WAL MART STORES US WMT 3,184 $281,656.64
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 1,253 $83,261.85
94106L109 WASTE MANAGEMENT INC US WM 921 $74,868.09
949746101 WELLS FARGO COMPANY US WFC 5,047 $262,242.12
958102105 WESTERN DIGITAL CORP US WDC 689 $54,286.31
96145D105 WESTROCK CO US WRK 521 $30,822.36
963320106 WHIRLPOOL CORP US WHR 218 $33,779.10
G29183103 EATON CORP PLC US ETN 953 $71,503.59
G47791101 INGERSOLL-RAND PLC IE IR 470 $39,428.30
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 1,520 $51,482.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 792 $83,738.16

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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