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Disciplined Value Series
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
$8.61
Daily $ Change
-$0.08
Daily % Change
-0.93%
as of 04/24/2018
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 |
Annualized Performance
As of 03/31/2018
YTD
-1.57%
1 Year
15.00%
3 Year
11.23%
5 Year
11.58%
10 Year
---
Inception
(11/07/2008)
12.57%
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. 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 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
$8.61
Daily $ Change
-$0.08
Daily % Change
-0.93%
as of 04/24/2018
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
Annualized Performance
As of 03/31/2018
YTD
-1.57%
1 Year
15.00%
3 Year
11.23%
5 Year
11.58%
10 Year
---
Inception
(11/07/2008)
12.57%
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. 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 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.
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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