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

$14.41

Daily $ Change

-$0.08

Daily % Change

-0.56%

as of 04/19/2018

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

Annualized Performance

As of 03/31/2018

YTD

-1.54%

1 Year

15.25%

3 Year

11.49%

5 Year

11.87%

10 Year

---

Inception
(11/07/2008)

12.86%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 0.57%

Top Ten Investments

As of 03/31/2018

WAL MART STORES 4.38%
JP MORGAN CHASE & CO 4.11%
JOHNSON & JOHNSON 3.92%
WELLS FARGO COMPANY 3.91%
CISCO SYSTEMS INC 3.61%
PFIZER INC 3.47%
HOME DEPOT INC 3.40%
INTEL CORP 2.98%
MERCK & CO INC 2.93%
PEPSICO INC 2.89%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2018

Consumer Discretionary 11.24%
Consumer Staples 15.43%
Energy 2.29%
Financials 11.48%
Health Care 17.29%
Industrials 22.69%
Information Technology 16.93%
Materials 2.65%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 25,680 $2,430,612.00
031162100 AMGEN INC US AMGN 11,410 $1,945,176.80
03349M105 ANDEAVOR US ANDV 4,246 $426,977.76
039483102 ARCHER DANIELS MIDLAND CO US ADM 14,050 $609,348.50
053015103 AUTOMATIC DATA PROCESSING US ADP 9,931 $1,126,969.88
054937107 BB & T CORPORATION US BBT 17,804 $926,520.16
086516101 BEST BUY INC US BBY 6,150 $430,438.50
097023105 BOEING CO US BA 8,018 $2,628,941.84
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 4,916 $460,678.36
126650100 CVS HEALTH CORP US CVS 20,895 $1,299,877.95
12673P105 CA INC US CA 13,726 $465,311.40
134429109 CAMPBELL SOUP CO US CPB 8,883 $384,722.73
14149Y108 CARDINAL HEALTH INC US CAH 9,224 $578,160.32
17275R102 CISCO SYSTEMS INC US CSCO 79,935 $3,428,412.15
189054109 CLOROX COMPANY US CLX 4,224 $562,256.64
194162103 COLGATE-PALMOLIVE CO US CL 17,660 $1,265,868.80
219350105 CORNING INC US GLW 24,145 $673,162.60
231021106 CUMMINS INC US CMI 4,661 $755,501.49
237194105 DARDEN RESTAURANTS INC US DRI 4,122 $351,400.50
260003108 DOVER CORP US DOV 4,724 $463,991.28
262006208 DREYFUS GVT CSH MANAGEMENT US 754,610.4 $754,610.40
277432100 EASTMAN CHEM CO US EMN 4,336 $457,794.88
291011104 EMERSON ELEC CO US EMR 14,725 $1,005,717.50
311900104 FASTENAL CO US FAST 10,396 $567,517.64
316773100 FIFTH THIRD BANCORP US FITB 21,621 $686,466.75
364760108 GAP INC US GPS 14,988 $467,625.60
370334104 GENERAL MLS INC US GIS 18,443 $831,041.58
372460105 GENUINE PARTS CO US GPC 5,899 $529,966.16
375558103 GILEAD SCIENCES INC US GILD 22,001 $1,658,655.39
384802104 WW GRAINGER INC US GWW 1,751 $494,254.77
412822108 HARLEY DAVIDSON INC US HOG 9,083 $389,479.04
418056107 HASBRO INC US HAS 4,573 $385,503.90
427866108 HERSHEY CO/THE US HSY 5,762 $570,207.52
437076102 HOME DEPOT INC US HD 18,107 $3,227,391.68
438516106 HONEYWELL INTERNATIONAL INC US HON 12,021 $1,737,154.71
458140100 INTEL CORP US INTC 54,315 $2,828,725.20
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 13,981 $2,145,104.83
46625H100 JP MORGAN CHASE & CO US JPM 35,526 $3,906,794.22
478160104 JOHNSON & JOHNSON US JNJ 29,080 $3,726,602.00
482480100 KLA-TENCOR CORPORATION US KLAC 3,450 $376,084.50
494368103 KIMBERLY CLARK CORP US KMB 8,650 $952,624.50
500255104 KOHLS CORP US KSS 9,905 $648,876.55
539830109 LOCKHEED MARTIN CORP US LMT 5,502 $1,859,290.86
55616P104 MACY'S INC US M 11,046 $328,508.04
56585A102 MARATHON PETROLEUM CORP US MPC 10,352 $756,834.72
580135101 MCDONALDS CORP US MCD 11,286 $1,764,904.68
58933Y105 MERCK & CO INC US MRK 51,155 $2,786,412.85
620076307 MOTOROLA SOLUTIONS INC US MSI 4,405 $463,846.50
670346105 NUCOR CORP US NUE 8,935 $545,839.15
695156109 PACKAGING CORP OF AMERICA US PKG 2,909 $327,844.30
704326107 PAYCHEX INC US PAYX 9,855 $606,969.45
713448108 PEPSICO INC US PEP 25,148 $2,744,904.20
717081103 PFIZER INC US PFE 92,983 $3,299,966.67
747525103 QUALCOMM INC US QCOM 25,243 $1,398,714.63
755111507 RAYTHEON COMPANY US RTN 6,689 $1,443,619.98
760759100 REPUBLIC SERVICES INC US RSG 8,690 $575,538.70
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 3,854 $477,934.54
871829107 SYSCO CORP US SYY 13,367 $801,485.32
87612E106 TARGET CORP US TGT 13,836 $960,633.48
882508104 TEXAS INSTRUMENTS INC US TXN 15,993 $1,661,512.77
88579Y101 3M CO US MMM 11,107 $2,438,208.64
902973304 U.S. BANCORP US USB 33,241 $1,678,670.50
907818108 UNION PAC CORP US UNP 13,033 $1,752,026.19
911312106 UNITED PARCEL SERVICE US UPS 18,144 $1,898,951.04
913017109 UNITED TECHNOLOGIES CORP US UTX 12,731 $1,601,814.42
918204108 VF CORP US VFC 10,661 $790,193.32
91913Y100 VALERO ENERGY US VLO 10,658 $988,742.66
931142103 WAL MART STORES US WMT 46,744 $4,158,813.68
94106L109 WASTE MANAGEMENT INC US WM 11,504 $967,716.48
949746101 WELLS FARGO COMPANY US WFC 70,811 $3,711,204.51
958102105 WESTERN DIGITAL CORP US WDC 6,083 $561,278.41
963320106 WHIRLPOOL CORP US WHR 2,631 $402,832.41
984121608 XEROX CORPORATION US XRX 11,999 $345,331.22
G29183103 EATON CORP PLC US ETN 11,396 $910,654.36
N53745100 LYONDELLBASELL INDU-CL A US LYB 11,209 $1,184,567.12

Investments will change over time.

Daily Price

$14.41

Daily $ Change

-$0.08

Daily % Change

-0.56%

as of 04/19/2018

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

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

Annualized Performance

As of 03/31/2018

YTD

-1.54%

1 Year

15.25%

3 Year

11.49%

5 Year

11.87%

10 Year

---

Inception
(11/07/2008)

12.86%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 0.57%

Top Ten Investments

As of 03/31/2018

WAL MART STORES 4.38%
JP MORGAN CHASE & CO 4.11%
JOHNSON & JOHNSON 3.92%
WELLS FARGO COMPANY 3.91%
CISCO SYSTEMS INC 3.61%
PFIZER INC 3.47%
HOME DEPOT INC 3.40%
INTEL CORP 2.98%
MERCK & CO INC 2.93%
PEPSICO INC 2.89%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2018

Consumer Discretionary
11.24%
Consumer Staples
15.43%
Energy
2.29%
Financials
11.48%
Health Care
17.29%
Industrials
22.69%
Information Technology
16.93%
Materials
2.65%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 25,680 $2,430,612.00
031162100 AMGEN INC US AMGN 11,410 $1,945,176.80
03349M105 ANDEAVOR US ANDV 4,246 $426,977.76
039483102 ARCHER DANIELS MIDLAND CO US ADM 14,050 $609,348.50
053015103 AUTOMATIC DATA PROCESSING US ADP 9,931 $1,126,969.88
054937107 BB & T CORPORATION US BBT 17,804 $926,520.16
086516101 BEST BUY INC US BBY 6,150 $430,438.50
097023105 BOEING CO US BA 8,018 $2,628,941.84
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 4,916 $460,678.36
126650100 CVS HEALTH CORP US CVS 20,895 $1,299,877.95
12673P105 CA INC US CA 13,726 $465,311.40
134429109 CAMPBELL SOUP CO US CPB 8,883 $384,722.73
14149Y108 CARDINAL HEALTH INC US CAH 9,224 $578,160.32
17275R102 CISCO SYSTEMS INC US CSCO 79,935 $3,428,412.15
189054109 CLOROX COMPANY US CLX 4,224 $562,256.64
194162103 COLGATE-PALMOLIVE CO US CL 17,660 $1,265,868.80
219350105 CORNING INC US GLW 24,145 $673,162.60
231021106 CUMMINS INC US CMI 4,661 $755,501.49
237194105 DARDEN RESTAURANTS INC US DRI 4,122 $351,400.50
260003108 DOVER CORP US DOV 4,724 $463,991.28
262006208 DREYFUS GVT CSH MANAGEMENT US 754,610.4 $754,610.40
277432100 EASTMAN CHEM CO US EMN 4,336 $457,794.88
291011104 EMERSON ELEC CO US EMR 14,725 $1,005,717.50
311900104 FASTENAL CO US FAST 10,396 $567,517.64
316773100 FIFTH THIRD BANCORP US FITB 21,621 $686,466.75
364760108 GAP INC US GPS 14,988 $467,625.60
370334104 GENERAL MLS INC US GIS 18,443 $831,041.58
372460105 GENUINE PARTS CO US GPC 5,899 $529,966.16
375558103 GILEAD SCIENCES INC US GILD 22,001 $1,658,655.39
384802104 WW GRAINGER INC US GWW 1,751 $494,254.77
412822108 HARLEY DAVIDSON INC US HOG 9,083 $389,479.04
418056107 HASBRO INC US HAS 4,573 $385,503.90
427866108 HERSHEY CO/THE US HSY 5,762 $570,207.52
437076102 HOME DEPOT INC US HD 18,107 $3,227,391.68
438516106 HONEYWELL INTERNATIONAL INC US HON 12,021 $1,737,154.71
458140100 INTEL CORP US INTC 54,315 $2,828,725.20
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 13,981 $2,145,104.83
46625H100 JP MORGAN CHASE & CO US JPM 35,526 $3,906,794.22
478160104 JOHNSON & JOHNSON US JNJ 29,080 $3,726,602.00
482480100 KLA-TENCOR CORPORATION US KLAC 3,450 $376,084.50
494368103 KIMBERLY CLARK CORP US KMB 8,650 $952,624.50
500255104 KOHLS CORP US KSS 9,905 $648,876.55
539830109 LOCKHEED MARTIN CORP US LMT 5,502 $1,859,290.86
55616P104 MACY'S INC US M 11,046 $328,508.04
56585A102 MARATHON PETROLEUM CORP US MPC 10,352 $756,834.72
580135101 MCDONALDS CORP US MCD 11,286 $1,764,904.68
58933Y105 MERCK & CO INC US MRK 51,155 $2,786,412.85
620076307 MOTOROLA SOLUTIONS INC US MSI 4,405 $463,846.50
670346105 NUCOR CORP US NUE 8,935 $545,839.15
695156109 PACKAGING CORP OF AMERICA US PKG 2,909 $327,844.30
704326107 PAYCHEX INC US PAYX 9,855 $606,969.45
713448108 PEPSICO INC US PEP 25,148 $2,744,904.20
717081103 PFIZER INC US PFE 92,983 $3,299,966.67
747525103 QUALCOMM INC US QCOM 25,243 $1,398,714.63
755111507 RAYTHEON COMPANY US RTN 6,689 $1,443,619.98
760759100 REPUBLIC SERVICES INC US RSG 8,690 $575,538.70
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 3,854 $477,934.54
871829107 SYSCO CORP US SYY 13,367 $801,485.32
87612E106 TARGET CORP US TGT 13,836 $960,633.48
882508104 TEXAS INSTRUMENTS INC US TXN 15,993 $1,661,512.77
88579Y101 3M CO US MMM 11,107 $2,438,208.64
902973304 U.S. BANCORP US USB 33,241 $1,678,670.50
907818108 UNION PAC CORP US UNP 13,033 $1,752,026.19
911312106 UNITED PARCEL SERVICE US UPS 18,144 $1,898,951.04
913017109 UNITED TECHNOLOGIES CORP US UTX 12,731 $1,601,814.42
918204108 VF CORP US VFC 10,661 $790,193.32
91913Y100 VALERO ENERGY US VLO 10,658 $988,742.66
931142103 WAL MART STORES US WMT 46,744 $4,158,813.68
94106L109 WASTE MANAGEMENT INC US WM 11,504 $967,716.48
949746101 WELLS FARGO COMPANY US WFC 70,811 $3,711,204.51
958102105 WESTERN DIGITAL CORP US WDC 6,083 $561,278.41
963320106 WHIRLPOOL CORP US WHR 2,631 $402,832.41
984121608 XEROX CORPORATION US XRX 11,999 $345,331.22
G29183103 EATON CORP PLC US ETN 11,396 $910,654.36
N53745100 LYONDELLBASELL INDU-CL A US LYB 11,209 $1,184,567.12

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter

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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