Mutual Funds

Disciplined Value Series

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

The Series 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 free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking a portfolio of high-quality, dividend yielding securities
  • Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power

Daily Price

$8.47

Daily $ Change

$0.07

Daily % Change

0.83%

as of 08/08/2025

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

Performance

As of 07/31/2025

YTD

4.75%

1 Year

4.78%

3 Year

8.60%

5 Year

10.84%

10 Year

9.43%

Inception
(11/07/2008)

10.84%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

 

Expense Ratio

Gross 0.55%

Top Ten Investments

As of 07/31/2025

J P MORGAN CHASE AND CO 4.28%
WELLS FARGO AND CO NEW 3.77%
JOHNSON AND JOHNSON 3.41%
EXXON MOBIL CORP 3.39%
CATERPILLAR INC DEL 3.04%
CITIGROUP INC 2.84%
GILEAD SCIENCES INC 2.40%
CHEVRONTEXACO CORP 2.22%
BANK OF AMERICA CORPORATION 2.19%
CONOCOPHILLIPS 2.07%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2025

Financials
26.59%
Industrials
17.28%
Health Care
16.10%
Energy
16.08%
Materials
7.77%
Consumer Staples
7.74%
Consumer Discretionary
4.40%
Information Technology
3.60%
Communication Services
0.44%

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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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 7,483 $1,116,613.26
ACCENTURE PLC IRELAND SHS CLASS A US ACN 3,851 $1,028,602.10
ALLSTATE CORP US ALL 8,577 $1,743,275.25
ARCHER DANIELS MIDLAND CO US ADM 4,532 $245,543.76
AVERY DENNISON CORP US AVY 3,968 $665,711.36
BAKER HUGHES A GE CO US BKR 19,158 $863,067.90
BANK OF AMERICA CORPORATION US BAC 66,331 $3,135,466.37
BAXTER INTL INC US BAX 19,702 $428,715.52
BECTON DICKINSON AND CO US BDX 8,707 $1,552,022.75
BERKLEY W R CORP US WRB 16,639 $1,144,929.59
BEST BUY INC US BBY 8,082 $525,814.92
BOOZ ALLEN HAMILTON HLDG COR US BAH 4,815 $516,793.95
BRISTOL MYERS SQUIBB CO US BMY 51,248 $2,219,550.88
BROADRIDGE FINL SOLUTIONS IN US BR 1,136 $281,171.36
BROWN FORMAN CORP US BF B 17,329 $499,941.65
CATERPILLAR INC DEL US CAT 9,931 $4,349,976.62
CDW CORP COM US CDW 2,833 $494,018.54
CF INDS HLDGS INC US CF 6,415 $595,504.45
CHEVRONTEXACO CORP US CVX 20,894 $3,168,366.16
CHUBB LIMITED COM US CB 5,203 $1,384,206.12
CINCINNATI FINL CORP US CINF 4,945 $729,436.95
CITIGROUP INC US C 43,268 $4,054,211.60
CNH INDL N V US CNH 48,004 $622,131.84
COGNIZANT TECHNOLOGY SOLUTIO US CTSH 19,156 $1,374,634.56
COLGATE PALMOLIVE CO US CL 11,963 $1,003,097.55
CONAGRA FOODS INC US CAG 6,167 $112,609.42
CONOCOPHILLIPS US COP 31,018 $2,957,256.12
CONSTELLATION BRANDS INC US STZ 3,547 $592,490.88
COTERRA ENERGY INC COM US CTRA 34,477 $840,894.03
CRH PLC ORD US CRH 5,132 $489,849.40
CSX CORP US CSX 42,873 $1,523,706.42
CUMMINS INC US CMI 4,540 $1,668,994.80
DEERE AND CO US DE 3,277 $1,718,360.49
DEVON ENERGY CORP NEW US DVN 21,399 $710,874.78
DICKS SPORTING GOODS INC US DKS 3,836 $811,352.36
EAST WEST BANCORP INC US EWBC 1,872 $187,668.00
EBAY INC US EBAY 12,858 $1,179,721.50
ELEVANCE HEALTH INC COM US ELV 6,024 $1,705,273.92
EMERSON ELEC CO US EMR 8,493 $1,235,816.43
EOG RES INC US EOG 16,762 $2,011,775.24
EVEREST GROUP LTD COM US EG 1,646 $552,726.80
EXPEDITORS INTL WASH INC US EXPD 1,809 $210,278.16
EXXON MOBIL CORP US XOM 43,456 $4,851,427.84
FEDEX CORP US FDX 5,905 $1,319,708.45
FERGUSON ENTERPRISES INC COM US FERG 5,589 $1,248,191.37
FIFTH THIRD BANCORP US FITB 27,046 $1,124,302.22
FREEPORT-MCMORAN COPPER AND GO US FCX 35,011 $1,408,842.64
GENERAL MLS INC US GIS 21,116 $1,034,261.68
GENUINE PARTS CO US GPC 6,314 $813,748.32
GILEAD SCIENCES INC US GILD 30,585 $3,434,389.65
HALLIBURTON CO US HAL 38,346 $858,950.40
HARTFORD FINL SVCS GROUP INC US HIG 11,254 $1,399,885.06
HERSHEY FOODS CORP US HSY 5,478 $1,019,620.14
HONEYWELL INTL INC US HON 3,797 $844,262.95
HUMANA INC US HUM 3,511 $877,293.57
HUNTINGTON BANCSHARES INC US HBAN 67,219 $1,104,408.17
INTERNATIONAL FLAVORSANDFRAGRA US IFF 8,703 $618,174.09
J P MORGAN CHASE AND CO US JPM 20,650 $6,117,356.00
JOHNSON AND JOHNSON US JNJ 29,612 $4,878,280.88
KIMBERLY CLARK CORP US KMB 6,124 $763,172.88
KRAFT HEINZ CO US KHC 41,166 $1,130,418.36
KROGER CO US KR 17,039 $1,194,433.90
L3HARRIS TECHNOLOGIES INC COM US LHX 1,626 $446,857.32
LABCORP HOLDINGS INC COM SHS US LH 923 $240,053.84
LAS VEGAS SANDS CORP US LVS 6,169 $323,255.60
LENNAR CORP US LEN 7,353 $824,859.54
LOCKHEED MARTIN CORP US LMT 5,826 $2,452,629.48
MARATHON PETROLEUM CORP US MPC 10,759 $1,831,074.21
MASCO CORP US MAS 10,380 $707,189.40
MEDTRONIC PLC SHS US MDT 31,656 $2,856,637.44
MERCK N CO INC NEW US MRK 37,150 $2,902,158.00
MOLSON COORS BREWING CO US TAP 2,563 $124,869.36
MONDELEZ INTL INC US MDLZ 26,744 $1,730,069.36
NETAPP INC US NTAP 2,406 $250,536.78
NEWMONT MINING CORP US NEM 26,442 $1,642,048.20
NUCOR CORP US NUE 6,503 $930,384.21
OCCIDENTAL PETE CORP DEL US OXY 33,623 $1,477,394.62
OMNICOM GROUP INC US OMC 8,813 $634,976.65
OWENS CORNING US OC 1,041 $145,146.63
PACCAR INC US PCAR 3,942 $389,311.92
PHILLIPS 66 US PSX 6,394 $790,170.52
PNC FINL SVCS GROUP INC US PNC 6,135 $1,167,306.45
PPG INDS INC US PPG 9,483 $1,000,456.50
PROGRESSIVE CORP OHIO US PGR 10,421 $2,522,298.84
QUALCOMM INC US QCOM 12,666 $1,858,862.16
QUEST DIAGNOSTICS INC US DGX 5,039 $843,578.99
RALPH LAUREN CORP US RL 819 $244,676.25
RB GLOBAL INC COM NPV US RBA 2,038 $220,633.88
REGIONS FINANCIAL CORP NEW US RF 9,428 $238,811.24
RELIANCE INC COM US RS 1,282 $371,946.66
ROCKWELL AUTOMATION INC US ROK 1,056 $371,405.76
RTX CORPORATION COM US RTX 14,087 $2,219,688.59
SCHLUMBERGER LTD US SLB 45,523 $1,538,677.40
SKYWORKS SOLUTIONS INC US SWKS 2,007 $137,559.78
SMURFIT WESTROCK PLC SHS US SW 22,099 $980,753.62
SNAP ON INC US SNA 1,918 $616,042.42
SOUTHERN COPPER CORP US SCCO 18,348 $1,727,647.68
SSNC TECHNOLOGIES HLDGS INC US SSNC 5,547 $474,157.56
STEEL DYNAMICS INC US STLD 3,524 $449,521.44
SYSCO CORP US SYY 17,432 $1,387,587.20
TAPESTRY INC COM US TPR 7,208 $778,680.24
TRAVELERS COMPANIES INC US TRV 7,539 $1,961,949.36
TRUIST FINL CORP COM US TFC 42,520 $1,858,549.20
TYSON FOODS INC US TSN 4,321 $225,988.30
UNITEDHEALTH GROUP INC US UNH 4,272 $1,066,120.32
US BANCORP DEL COM US USB 48,406 $2,176,333.76
US DOLLARS US USD 1,579,928.07 $1,579,928.07
VALERO ENERGY CORP NEW US VLO 7,875 $1,081,316.25
WELLS FARGO AND CO NEW US WFC 66,852 $5,390,276.76
WESTLAKE CORPORATION COM US WLK 2,762 $219,026.60
WILLIAMS SONOMA INC US WSM 4,190 $783,739.50

Investments will change over time.

Distributions

  • 2025 Distribution Calendar
  • 2025 Distributions
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

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 Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series 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 Series using a disciplined screening process, the Series 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 Series’ portfolio in response to market movements.

Daily Price

$8.47

Daily $ Change

$0.07

Daily % Change

0.83%

as of 08/08/2025

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports
Financial Statements and Other Information

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

The Series 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 free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking a portfolio of high-quality, dividend yielding securities
  • Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power

Performance

As of 07/31/2025

YTD

4.75%

1 Year

4.78%

3 Year

8.60%

5 Year

10.84%

10 Year

9.43%

Inception
(11/07/2008)

10.84%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

 

Expense Ratio

Gross 0.55%

Top Ten Investments

As of 07/31/2025

J P MORGAN CHASE AND CO 4.28%
WELLS FARGO AND CO NEW 3.77%
JOHNSON AND JOHNSON 3.41%
EXXON MOBIL CORP 3.39%
CATERPILLAR INC DEL 3.04%
CITIGROUP INC 2.84%
GILEAD SCIENCES INC 2.40%
CHEVRONTEXACO CORP 2.22%
BANK OF AMERICA CORPORATION 2.19%
CONOCOPHILLIPS 2.07%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2025

Financials
26.59%
Industrials
17.28%
Health Care
16.10%
Energy
16.08%
Materials
7.77%
Consumer Staples
7.74%
Consumer Discretionary
4.40%
Information Technology
3.60%
Communication Services
0.44%

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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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 7,483 $1,116,613.26
ACCENTURE PLC IRELAND SHS CLASS A US ACN 3,851 $1,028,602.10
ALLSTATE CORP US ALL 8,577 $1,743,275.25
ARCHER DANIELS MIDLAND CO US ADM 4,532 $245,543.76
AVERY DENNISON CORP US AVY 3,968 $665,711.36
BAKER HUGHES A GE CO US BKR 19,158 $863,067.90
BANK OF AMERICA CORPORATION US BAC 66,331 $3,135,466.37
BAXTER INTL INC US BAX 19,702 $428,715.52
BECTON DICKINSON AND CO US BDX 8,707 $1,552,022.75
BERKLEY W R CORP US WRB 16,639 $1,144,929.59
BEST BUY INC US BBY 8,082 $525,814.92
BOOZ ALLEN HAMILTON HLDG COR US BAH 4,815 $516,793.95
BRISTOL MYERS SQUIBB CO US BMY 51,248 $2,219,550.88
BROADRIDGE FINL SOLUTIONS IN US BR 1,136 $281,171.36
BROWN FORMAN CORP US BF B 17,329 $499,941.65
CATERPILLAR INC DEL US CAT 9,931 $4,349,976.62
CDW CORP COM US CDW 2,833 $494,018.54
CF INDS HLDGS INC US CF 6,415 $595,504.45
CHEVRONTEXACO CORP US CVX 20,894 $3,168,366.16
CHUBB LIMITED COM US CB 5,203 $1,384,206.12
CINCINNATI FINL CORP US CINF 4,945 $729,436.95
CITIGROUP INC US C 43,268 $4,054,211.60
CNH INDL N V US CNH 48,004 $622,131.84
COGNIZANT TECHNOLOGY SOLUTIO US CTSH 19,156 $1,374,634.56
COLGATE PALMOLIVE CO US CL 11,963 $1,003,097.55
CONAGRA FOODS INC US CAG 6,167 $112,609.42
CONOCOPHILLIPS US COP 31,018 $2,957,256.12
CONSTELLATION BRANDS INC US STZ 3,547 $592,490.88
COTERRA ENERGY INC COM US CTRA 34,477 $840,894.03
CRH PLC ORD US CRH 5,132 $489,849.40
CSX CORP US CSX 42,873 $1,523,706.42
CUMMINS INC US CMI 4,540 $1,668,994.80
DEERE AND CO US DE 3,277 $1,718,360.49
DEVON ENERGY CORP NEW US DVN 21,399 $710,874.78
DICKS SPORTING GOODS INC US DKS 3,836 $811,352.36
EAST WEST BANCORP INC US EWBC 1,872 $187,668.00
EBAY INC US EBAY 12,858 $1,179,721.50
ELEVANCE HEALTH INC COM US ELV 6,024 $1,705,273.92
EMERSON ELEC CO US EMR 8,493 $1,235,816.43
EOG RES INC US EOG 16,762 $2,011,775.24
EVEREST GROUP LTD COM US EG 1,646 $552,726.80
EXPEDITORS INTL WASH INC US EXPD 1,809 $210,278.16
EXXON MOBIL CORP US XOM 43,456 $4,851,427.84
FEDEX CORP US FDX 5,905 $1,319,708.45
FERGUSON ENTERPRISES INC COM US FERG 5,589 $1,248,191.37
FIFTH THIRD BANCORP US FITB 27,046 $1,124,302.22
FREEPORT-MCMORAN COPPER AND GO US FCX 35,011 $1,408,842.64
GENERAL MLS INC US GIS 21,116 $1,034,261.68
GENUINE PARTS CO US GPC 6,314 $813,748.32
GILEAD SCIENCES INC US GILD 30,585 $3,434,389.65
HALLIBURTON CO US HAL 38,346 $858,950.40
HARTFORD FINL SVCS GROUP INC US HIG 11,254 $1,399,885.06
HERSHEY FOODS CORP US HSY 5,478 $1,019,620.14
HONEYWELL INTL INC US HON 3,797 $844,262.95
HUMANA INC US HUM 3,511 $877,293.57
HUNTINGTON BANCSHARES INC US HBAN 67,219 $1,104,408.17
INTERNATIONAL FLAVORSANDFRAGRA US IFF 8,703 $618,174.09
J P MORGAN CHASE AND CO US JPM 20,650 $6,117,356.00
JOHNSON AND JOHNSON US JNJ 29,612 $4,878,280.88
KIMBERLY CLARK CORP US KMB 6,124 $763,172.88
KRAFT HEINZ CO US KHC 41,166 $1,130,418.36
KROGER CO US KR 17,039 $1,194,433.90
L3HARRIS TECHNOLOGIES INC COM US LHX 1,626 $446,857.32
LABCORP HOLDINGS INC COM SHS US LH 923 $240,053.84
LAS VEGAS SANDS CORP US LVS 6,169 $323,255.60
LENNAR CORP US LEN 7,353 $824,859.54
LOCKHEED MARTIN CORP US LMT 5,826 $2,452,629.48
MARATHON PETROLEUM CORP US MPC 10,759 $1,831,074.21
MASCO CORP US MAS 10,380 $707,189.40
MEDTRONIC PLC SHS US MDT 31,656 $2,856,637.44
MERCK N CO INC NEW US MRK 37,150 $2,902,158.00
MOLSON COORS BREWING CO US TAP 2,563 $124,869.36
MONDELEZ INTL INC US MDLZ 26,744 $1,730,069.36
NETAPP INC US NTAP 2,406 $250,536.78
NEWMONT MINING CORP US NEM 26,442 $1,642,048.20
NUCOR CORP US NUE 6,503 $930,384.21
OCCIDENTAL PETE CORP DEL US OXY 33,623 $1,477,394.62
OMNICOM GROUP INC US OMC 8,813 $634,976.65
OWENS CORNING US OC 1,041 $145,146.63
PACCAR INC US PCAR 3,942 $389,311.92
PHILLIPS 66 US PSX 6,394 $790,170.52
PNC FINL SVCS GROUP INC US PNC 6,135 $1,167,306.45
PPG INDS INC US PPG 9,483 $1,000,456.50
PROGRESSIVE CORP OHIO US PGR 10,421 $2,522,298.84
QUALCOMM INC US QCOM 12,666 $1,858,862.16
QUEST DIAGNOSTICS INC US DGX 5,039 $843,578.99
RALPH LAUREN CORP US RL 819 $244,676.25
RB GLOBAL INC COM NPV US RBA 2,038 $220,633.88
REGIONS FINANCIAL CORP NEW US RF 9,428 $238,811.24
RELIANCE INC COM US RS 1,282 $371,946.66
ROCKWELL AUTOMATION INC US ROK 1,056 $371,405.76
RTX CORPORATION COM US RTX 14,087 $2,219,688.59
SCHLUMBERGER LTD US SLB 45,523 $1,538,677.40
SKYWORKS SOLUTIONS INC US SWKS 2,007 $137,559.78
SMURFIT WESTROCK PLC SHS US SW 22,099 $980,753.62
SNAP ON INC US SNA 1,918 $616,042.42
SOUTHERN COPPER CORP US SCCO 18,348 $1,727,647.68
SSNC TECHNOLOGIES HLDGS INC US SSNC 5,547 $474,157.56
STEEL DYNAMICS INC US STLD 3,524 $449,521.44
SYSCO CORP US SYY 17,432 $1,387,587.20
TAPESTRY INC COM US TPR 7,208 $778,680.24
TRAVELERS COMPANIES INC US TRV 7,539 $1,961,949.36
TRUIST FINL CORP COM US TFC 42,520 $1,858,549.20
TYSON FOODS INC US TSN 4,321 $225,988.30
UNITEDHEALTH GROUP INC US UNH 4,272 $1,066,120.32
US BANCORP DEL COM US USB 48,406 $2,176,333.76
US DOLLARS US USD 1,579,928.07 $1,579,928.07
VALERO ENERGY CORP NEW US VLO 7,875 $1,081,316.25
WELLS FARGO AND CO NEW US WFC 66,852 $5,390,276.76
WESTLAKE CORPORATION COM US WLK 2,762 $219,026.60
WILLIAMS SONOMA INC US WSM 4,190 $783,739.50

Investments will change over time.

Distributions

  • 2025 Distribution Calendar
  • 2025 Distributions
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

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 Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series 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 Series using a disciplined screening process, the Series 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 Series’ portfolio in response to market movements.

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