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

$8.70

Daily $ Change

$0.01

Daily % Change

0.11%

as of 12/10/2018

Ticker

MDFSX

CUSIP

56382P476

Inception Date

03/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

Important Documents

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

Performance

As of 11/30/2018

YTD

5.10%

1 Year

7.79%

3 Year

13.84%

5 Year

10.43%

10 Year

12.55%

Inception
(11/07/2008)

12.42%

Market Cycle

---

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2012 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. 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 0.82%*

*Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

As of 11/30/2018

JOHNSON & JOHNSON 4.38%
JP MORGAN CHASE & CO 3.77%
WAL MART STORES 3.74%
PFIZER INC 3.35%
WELLS FARGO COMPANY 3.15%
INTEL CORP 2.97%
CISCO SYSTEMS INC 2.95%
MERCK & CO INC 2.87%
BOEING CO 2.86%
HOME DEPOT INC 2.55%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services 2.14%
Consumer Discretionary 9.98%
Consumer Staples 16.76%
Energy 2.10%
Financials 9.76%
Health Care 21.11%
Industrials 20.93%
Information Technology 14.96%
Materials 2.26%

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.

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 38,809 $3,658,524.43
031162100 AMGEN INC US AMGN 17,573 $3,659,577.25
053015103 AUTOMATIC DATA PROCESSING US ADP 15,270 $2,251,103.40
086516101 BEST BUY INC US BBY 12,413 $801,755.67
097023105 BOEING CO US BA 14,321 $4,965,949.96
110122108 BRISTOL MYERS SQUIBB CO US BMY 39,231 $2,097,289.26
11135F101 BROADCOM INC US AVGO 9,090 $2,158,056.90
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 7,780 $718,327.40
126650100 CVS HEALTH CORP US CVS 32,286 $2,589,337.20
134429109 CAMPBELL SOUP CO US CPB 17,467 $684,706.40
149123101 CATERPILLAR INC US CAT 14,252 $1,933,568.84
17275R102 CISCO SYSTEMS INC US CSCO 107,080 $5,125,919.60
189054109 CLOROX COMPANY US CLX 7,148 $1,183,851.76
194162103 COLGATE-PALMOLIVE CO US CL 29,883 $1,898,168.16
20030N101 COMCAST CORP-CL A US CMCSA 81,802 $3,191,096.02
205887102 CONAGRA BRAND INC. US CAG 17,480 $565,303.20
219350105 CORNING INC US GLW 37,019 $1,192,752.18
231021106 CUMMINS INC US CMI 7,141 $1,078,719.46
262006208 DREYFUS GVT CSH MANAGEMENT US 2,857,370.64 $2,857,370.64
277432100 EASTMAN CHEM CO US EMN 7,678 $605,179.96
291011104 EMERSON ELEC CO US EMR 24,225 $1,635,672.00
311900104 FASTENAL CO US FAST 15,586 $923,626.36
316773100 FIFTH THIRD BANCORP US FITB 29,931 $835,972.83
364760108 GAP INC US GPS 24,692 $673,844.68
370334104 GENERAL MLS INC US GIS 27,299 $1,155,020.69
372460105 GENUINE PARTS CO US GPC 8,130 $843,162.30
375558103 GILEAD SCIENCES INC US GILD 40,233 $2,894,362.02
418056107 HASBRO INC US HAS 7,240 $658,840.00
427866108 HERSHEY CO/THE US HSY 10,417 $1,128,161.10
437076102 HOME DEPOT INC US HD 24,564 $4,429,380.48
438516106 HONEYWELL INTERNATIONAL INC US HON 20,812 $3,054,161.00
440452100 HORMEL FOODS CORP US HRL 19,011 $857,205.99
452308109 ILLINOIS TOOL WKS INC US ITW 8,960 $1,245,888.00
458140100 INTEL CORP US INTC 104,895 $5,172,372.45
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 25,030 $3,110,478.10
46625H100 JP MORGAN CHASE & CO US JPM 58,901 $6,549,202.19
478160104 JOHNSON & JOHNSON US JNJ 51,848 $7,616,471.20
482480100 KLA-TENCOR CORPORATION US KLAC 7,568 $745,902.08
487836108 KELLOGG CO US K 14,878 $946,984.70
493267108 KEYCORP US KEY 34,699 $636,379.66
494368103 KIMBERLY CLARK CORP US KMB 14,283 $1,647,829.71
500255104 KOHLS CORP US KSS 12,249 $822,765.33
500754106 KRAFT HEINZ CO/THE US KHC 31,737 $1,622,395.44
532457108 ELI LILLY & CO US LLY 24,263 $2,878,562.32
539830109 LOCKHEED MARTIN CORP US LMT 8,266 $2,483,354.38
55616P104 MACY'S INC US M 17,867 $611,408.74
56585A102 MARATHON PETROLEUM CORP US MPC 33,220 $2,164,615.20
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 11,248 $628,988.16
580135101 MCDONALDS CORP US MCD 20,165 $3,801,304.15
58933Y105 MERCK & CO INC US MRK 62,981 $4,996,912.54
60871R209 MOLSON COORS BREWING CO -B US TAP 8,575 $563,977.75
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 37,098 $1,668,668.04
620076307 MOTOROLA SOLUTIONS INC US MSI 7,538 $989,362.50
651229106 NEWELL BRANDS INC US NWL 23,159 $541,920.60
655844108 NORFOLK SOUTHN CORP US NSC 8,040 $1,372,749.60
670346105 NUCOR CORP US NUE 15,334 $926,326.94
695156109 PACKAGING CORP OF AMERICA US PKG 5,564 $544,270.48
704326107 PAYCHEX INC US PAYX 16,028 $1,134,141.28
713448108 PEPSICO INC US PEP 35,937 $4,382,157.78
717081103 PFIZER INC US PFE 125,891 $5,819,940.93
74834L100 QUEST DIAGNOSTICS INC US DGX 5,750 $509,277.50
76118Y104 RESIDEO TECHNOLOGIES INC US REZI 3,201 $66,036.63
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 6,639 $693,841.89
867914103 SUNTRUST BANKS INC US STI 14,096 $883,678.24
871829107 SYSCO CORP US SYY 23,846 $1,607,220.40
876030107 TAPESTRY INC US TPR 11,490 $447,305.70
87612E106 TARGET CORP US TGT 25,409 $1,803,022.64
882508104 TEXAS INSTRUMENTS INC US TXN 28,193 $2,815,071.05
88579Y101 3M CO US MMM 15,229 $3,166,413.68
902973304 U.S. BANCORP US USB 47,525 $2,588,211.50
907818108 UNION PAC CORP US UNP 20,967 $3,224,305.26
911312106 UNITED PARCEL SERVICE US UPS 23,864 $2,751,280.56
913017109 UNITED TECHNOLOGIES CORP US UTX 23,390 $2,849,837.60
918204108 VF CORP US VFC 16,905 $1,374,207.45
91913Y100 VALERO ENERGY US VLO 18,648 $1,489,975.20
92553P201 VIACOM INC CL B US VIAB 17,076 $526,965.36
931142103 WAL MART STORES US WMT 66,602 $6,503,685.30
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 24,039 $2,035,382.13
94106L109 WASTE MANAGEMENT INC US WM 16,958 $1,589,812.50
949746101 WELLS FARGO COMPANY US WFC 100,898 $5,476,743.44
958102105 WESTERN DIGITAL CORP US WDC 15,075 $684,254.25
96145D105 WESTROCK CO US WRK 10,989 $517,691.79
963320106 WHIRLPOOL CORP US WHR 4,362 $550,179.06
G29183103 EATON CORP PLC US ETN 19,395 $1,492,251.30
G47791101 INGERSOLL-RAND PLC IE IR 8,337 $863,046.24
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 28,027 $974,779.06
N53745100 LYONDELLBASELL INDU-CL A US LYB 14,363 $1,340,211.53

Investments will change over time.

Distributions

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

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

$8.70

Daily $ Change

$0.01

Daily % Change

0.11%

as of 12/10/2018

Ticker

MDFSX

CUSIP

56382P476

Inception Date

03/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.

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

Performance

As of 11/30/2018

YTD

5.10%

1 Year

7.79%

3 Year

13.84%

5 Year

10.43%

10 Year

12.55%

Inception
(11/07/2008)

12.42%

Market Cycle

---

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2012 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. 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 0.82%*

*Includes a shareholder servicing fee of 0.25%.

Top Ten Investments

As of 11/30/2018

JOHNSON & JOHNSON 4.38%
JP MORGAN CHASE & CO 3.77%
WAL MART STORES 3.74%
PFIZER INC 3.35%
WELLS FARGO COMPANY 3.15%
INTEL CORP 2.97%
CISCO SYSTEMS INC 2.95%
MERCK & CO INC 2.87%
BOEING CO 2.86%
HOME DEPOT INC 2.55%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services
2.14%
Consumer Discretionary
9.98%
Consumer Staples
16.76%
Energy
2.10%
Financials
9.76%
Health Care
21.11%
Industrials
20.93%
Information Technology
14.96%
Materials
2.26%

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.

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 38,809 $3,658,524.43
031162100 AMGEN INC US AMGN 17,573 $3,659,577.25
053015103 AUTOMATIC DATA PROCESSING US ADP 15,270 $2,251,103.40
086516101 BEST BUY INC US BBY 12,413 $801,755.67
097023105 BOEING CO US BA 14,321 $4,965,949.96
110122108 BRISTOL MYERS SQUIBB CO US BMY 39,231 $2,097,289.26
11135F101 BROADCOM INC US AVGO 9,090 $2,158,056.90
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 7,780 $718,327.40
126650100 CVS HEALTH CORP US CVS 32,286 $2,589,337.20
134429109 CAMPBELL SOUP CO US CPB 17,467 $684,706.40
149123101 CATERPILLAR INC US CAT 14,252 $1,933,568.84
17275R102 CISCO SYSTEMS INC US CSCO 107,080 $5,125,919.60
189054109 CLOROX COMPANY US CLX 7,148 $1,183,851.76
194162103 COLGATE-PALMOLIVE CO US CL 29,883 $1,898,168.16
20030N101 COMCAST CORP-CL A US CMCSA 81,802 $3,191,096.02
205887102 CONAGRA BRAND INC. US CAG 17,480 $565,303.20
219350105 CORNING INC US GLW 37,019 $1,192,752.18
231021106 CUMMINS INC US CMI 7,141 $1,078,719.46
262006208 DREYFUS GVT CSH MANAGEMENT US 2,857,370.64 $2,857,370.64
277432100 EASTMAN CHEM CO US EMN 7,678 $605,179.96
291011104 EMERSON ELEC CO US EMR 24,225 $1,635,672.00
311900104 FASTENAL CO US FAST 15,586 $923,626.36
316773100 FIFTH THIRD BANCORP US FITB 29,931 $835,972.83
364760108 GAP INC US GPS 24,692 $673,844.68
370334104 GENERAL MLS INC US GIS 27,299 $1,155,020.69
372460105 GENUINE PARTS CO US GPC 8,130 $843,162.30
375558103 GILEAD SCIENCES INC US GILD 40,233 $2,894,362.02
418056107 HASBRO INC US HAS 7,240 $658,840.00
427866108 HERSHEY CO/THE US HSY 10,417 $1,128,161.10
437076102 HOME DEPOT INC US HD 24,564 $4,429,380.48
438516106 HONEYWELL INTERNATIONAL INC US HON 20,812 $3,054,161.00
440452100 HORMEL FOODS CORP US HRL 19,011 $857,205.99
452308109 ILLINOIS TOOL WKS INC US ITW 8,960 $1,245,888.00
458140100 INTEL CORP US INTC 104,895 $5,172,372.45
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 25,030 $3,110,478.10
46625H100 JP MORGAN CHASE & CO US JPM 58,901 $6,549,202.19
478160104 JOHNSON & JOHNSON US JNJ 51,848 $7,616,471.20
482480100 KLA-TENCOR CORPORATION US KLAC 7,568 $745,902.08
487836108 KELLOGG CO US K 14,878 $946,984.70
493267108 KEYCORP US KEY 34,699 $636,379.66
494368103 KIMBERLY CLARK CORP US KMB 14,283 $1,647,829.71
500255104 KOHLS CORP US KSS 12,249 $822,765.33
500754106 KRAFT HEINZ CO/THE US KHC 31,737 $1,622,395.44
532457108 ELI LILLY & CO US LLY 24,263 $2,878,562.32
539830109 LOCKHEED MARTIN CORP US LMT 8,266 $2,483,354.38
55616P104 MACY'S INC US M 17,867 $611,408.74
56585A102 MARATHON PETROLEUM CORP US MPC 33,220 $2,164,615.20
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 11,248 $628,988.16
580135101 MCDONALDS CORP US MCD 20,165 $3,801,304.15
58933Y105 MERCK & CO INC US MRK 62,981 $4,996,912.54
60871R209 MOLSON COORS BREWING CO -B US TAP 8,575 $563,977.75
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 37,098 $1,668,668.04
620076307 MOTOROLA SOLUTIONS INC US MSI 7,538 $989,362.50
651229106 NEWELL BRANDS INC US NWL 23,159 $541,920.60
655844108 NORFOLK SOUTHN CORP US NSC 8,040 $1,372,749.60
670346105 NUCOR CORP US NUE 15,334 $926,326.94
695156109 PACKAGING CORP OF AMERICA US PKG 5,564 $544,270.48
704326107 PAYCHEX INC US PAYX 16,028 $1,134,141.28
713448108 PEPSICO INC US PEP 35,937 $4,382,157.78
717081103 PFIZER INC US PFE 125,891 $5,819,940.93
74834L100 QUEST DIAGNOSTICS INC US DGX 5,750 $509,277.50
76118Y104 RESIDEO TECHNOLOGIES INC US REZI 3,201 $66,036.63
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 6,639 $693,841.89
867914103 SUNTRUST BANKS INC US STI 14,096 $883,678.24
871829107 SYSCO CORP US SYY 23,846 $1,607,220.40
876030107 TAPESTRY INC US TPR 11,490 $447,305.70
87612E106 TARGET CORP US TGT 25,409 $1,803,022.64
882508104 TEXAS INSTRUMENTS INC US TXN 28,193 $2,815,071.05
88579Y101 3M CO US MMM 15,229 $3,166,413.68
902973304 U.S. BANCORP US USB 47,525 $2,588,211.50
907818108 UNION PAC CORP US UNP 20,967 $3,224,305.26
911312106 UNITED PARCEL SERVICE US UPS 23,864 $2,751,280.56
913017109 UNITED TECHNOLOGIES CORP US UTX 23,390 $2,849,837.60
918204108 VF CORP US VFC 16,905 $1,374,207.45
91913Y100 VALERO ENERGY US VLO 18,648 $1,489,975.20
92553P201 VIACOM INC CL B US VIAB 17,076 $526,965.36
931142103 WAL MART STORES US WMT 66,602 $6,503,685.30
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 24,039 $2,035,382.13
94106L109 WASTE MANAGEMENT INC US WM 16,958 $1,589,812.50
949746101 WELLS FARGO COMPANY US WFC 100,898 $5,476,743.44
958102105 WESTERN DIGITAL CORP US WDC 15,075 $684,254.25
96145D105 WESTROCK CO US WRK 10,989 $517,691.79
963320106 WHIRLPOOL CORP US WHR 4,362 $550,179.06
G29183103 EATON CORP PLC US ETN 19,395 $1,492,251.30
G47791101 INGERSOLL-RAND PLC IE IR 8,337 $863,046.24
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 28,027 $974,779.06
N53745100 LYONDELLBASELL INDU-CL A US LYB 14,363 $1,340,211.53

Investments will change over time.

Distributions

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

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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