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

$8.94

Daily $ Change

-$0.01

Daily % Change

-0.11%

as of 07/19/2018

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 06/30/2018

YTD

-0.85%

1 Year

13.08%

3 Year

11.67%

5 Year

11.41%

10 Year

---

Inception
(11/07/2008)

12.31%

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 06/30/2018

JP MORGAN CHASE & CO 3.90%
JOHNSON & JOHNSON 3.78%
WELLS FARGO COMPANY 3.30%
WAL MART STORES 3.09%
BOEING CO 2.93%
PFIZER INC 2.85%
INTEL CORP 2.84%
HOME DEPOT INC 2.76%
CISCO SYSTEMS INC 2.74%
ABBVIE INC 2.43%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary 12.10%
Consumer Staples 15.38%
Energy 2.54%
Financials 10.23%
Health Care 18.85%
Industrials 22.04%
Information Technology 15.89%
Materials 2.97%

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.

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 27,873 $2,582,433.45
031162100 AMGEN INC US AMGN 11,108 $2,050,425.72
03349M105 ANDEAVOR US ANDV 4,679 $613,791.22
053015103 AUTOMATIC DATA PROCESSING US ADP 9,140 $1,226,039.60
086516101 BEST BUY INC US BBY 7,996 $596,341.68
097023105 BOEING CO US BA 9,273 $3,111,184.23
110122108 BRISTOL MYERS SQUIBB CO US BMY 22,025 $1,218,863.50
11135F101 BROADCOM INC US AVGO 5,645 $1,369,702.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 5,720 $478,535.20
126650100 CVS HEALTH CORP US CVS 20,173 $1,298,132.55
12673P105 CA INC US CA 13,761 $490,579.65
134429109 CAMPBELL SOUP CO US CPB 10,162 $411,967.48
149123101 CATERPILLAR INC US CAT 10,273 $1,393,737.91
17275R102 CISCO SYSTEMS INC US CSCO 67,667 $2,911,711.01
189054109 CLOROX COMPANY US CLX 4,252 $575,083.00
194162103 COLGATE-PALMOLIVE CO US CL 19,442 $1,260,036.02
20030N101 COMCAST CORP-CL A US CMCSA 56,122 $1,841,362.82
205887102 CONAGRA BRAND INC. US CAG 9,637 $344,330.01
219350105 CORNING INC US GLW 25,785 $709,345.35
231021106 CUMMINS INC US CMI 5,927 $788,291.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,643,332.34 $1,643,332.34
277432100 EASTMAN CHEM CO US EMN 5,428 $542,582.88
291011104 EMERSON ELEC CO US EMR 15,865 $1,096,906.10
311900104 FASTENAL CO US FAST 10,686 $514,317.18
316773100 FIFTH THIRD BANCORP US FITB 20,989 $602,384.30
364760108 GAP INC US GPS 15,352 $497,251.28
370334104 GENERAL MLS INC US GIS 16,723 $740,159.98
372460105 GENUINE PARTS CO US GPC 5,278 $484,467.62
375558103 GILEAD SCIENCES INC US GILD 25,549 $1,809,891.16
418056107 HASBRO INC US HAS 4,417 $407,733.27
427866108 HERSHEY CO/THE US HSY 6,392 $594,839.52
437076102 HOME DEPOT INC US HD 15,032 $2,932,743.20
438516106 HONEYWELL INTERNATIONAL INC US HON 14,052 $2,024,190.60
440452100 HORMEL FOODS CORP US HRL 11,539 $429,366.19
452308109 ILLINOIS TOOL WKS INC US ITW 6,427 $890,396.58
458140100 INTEL CORP US INTC 60,810 $3,022,865.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 16,043 $2,241,207.10
46625H100 JP MORGAN CHASE & CO US JPM 39,819 $4,149,139.80
478160104 JOHNSON & JOHNSON US JNJ 33,072 $4,012,956.48
482480100 KLA-TENCOR CORPORATION US KLAC 5,128 $525,773.84
487836108 KELLOGG CO US K 7,860 $549,178.20
493267108 KEYCORP US KEY 23,368 $456,610.72
494368103 KIMBERLY CLARK CORP US KMB 8,849 $932,153.66
500255104 KOHLS CORP US KSS 5,984 $436,233.60
500754106 KRAFT HEINZ CO/THE US KHC 18,120 $1,138,298.40
532457108 ELI LILLY & CO US LLY 14,615 $1,247,097.95
539830109 LOCKHEED MARTIN CORP US LMT 5,958 $1,760,171.94
55616P104 MACY'S INC US M 10,722 $401,324.46
56585A102 MARATHON PETROLEUM CORP US MPC 12,973 $910,185.68
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 6,776 $397,480.16
580135101 MCDONALDS CORP US MCD 12,952 $2,029,448.88
58933Y105 MERCK & CO INC US MRK 40,055 $2,431,338.50
60871R209 MOLSON COORS BREWING CO -B US TAP 5,933 $403,681.32
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 24,119 $988,879.00
620076307 MOTOROLA SOLUTIONS INC US MSI 4,868 $566,489.16
651229106 NEWELL BRANDS INC US NWL 12,771 $329,364.09
655844108 NORFOLK SOUTHN CORP US NSC 4,795 $723,421.65
670346105 NUCOR CORP US NUE 10,434 $652,125.00
695156109 PACKAGING CORP OF AMERICA US PKG 3,564 $398,419.56
704326107 PAYCHEX INC US PAYX 9,855 $673,589.25
713448108 PEPSICO INC US PEP 22,771 $2,479,078.77
717081103 PFIZER INC US PFE 83,417 $3,026,368.76
74834L100 QUEST DIAGNOSTICS INC US DGX 3,256 $357,964.64
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 4,354 $467,967.92
867914103 SUNTRUST BANKS INC US STI 9,418 $621,776.36
871829107 SYSCO CORP US SYY 12,419 $848,093.51
876030107 TAPESTRY INC US TPR 7,711 $360,180.81
87612E106 TARGET CORP US TGT 13,164 $1,002,043.68
882508104 TEXAS INSTRUMENTS INC US TXN 17,917 $1,975,349.25
88579Y101 3M CO US MMM 11,151 $2,193,624.72
902973304 U.S. BANCORP US USB 30,712 $1,536,214.24
907818108 UNION PAC CORP US UNP 13,986 $1,981,536.48
911312106 UNITED PARCEL SERVICE US UPS 15,981 $1,697,661.63
913017109 UNITED TECHNOLOGIES CORP US UTX 14,867 $1,858,821.01
918204108 VF CORP US VFC 9,497 $774,195.44
91913Y100 VALERO ENERGY US VLO 10,565 $1,170,918.95
92553P201 VIACOM INC CL B US VIAB 10,989 $331,428.24
931142103 WAL MART STORES US WMT 38,378 $3,287,075.70
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 15,053 $903,405.80
94106L109 WASTE MANAGEMENT INC US WM 10,826 $880,586.84
949746101 WELLS FARGO COMPANY US WFC 63,205 $3,504,085.20
958102105 WESTERN DIGITAL CORP US WDC 10,086 $780,757.26
96145D105 WESTROCK CO US WRK 7,471 $425,996.42
963320106 WHIRLPOOL CORP US WHR 3,010 $440,152.30
G29183103 EATON CORP PLC US ETN 12,519 $935,670.06
G47791101 INGERSOLL-RAND PLC IE IR 5,559 $498,809.07
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 18,179 $608,087.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 10,357 $1,137,716.45

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.

Daily Price

$8.94

Daily $ Change

-$0.01

Daily % Change

-0.11%

as of 07/19/2018

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 06/30/2018

YTD

-0.85%

1 Year

13.08%

3 Year

11.67%

5 Year

11.41%

10 Year

---

Inception
(11/07/2008)

12.31%

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 06/30/2018

JP MORGAN CHASE & CO 3.90%
JOHNSON & JOHNSON 3.78%
WELLS FARGO COMPANY 3.30%
WAL MART STORES 3.09%
BOEING CO 2.93%
PFIZER INC 2.85%
INTEL CORP 2.84%
HOME DEPOT INC 2.76%
CISCO SYSTEMS INC 2.74%
ABBVIE INC 2.43%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary
12.10%
Consumer Staples
15.38%
Energy
2.54%
Financials
10.23%
Health Care
18.85%
Industrials
22.04%
Information Technology
15.89%
Materials
2.97%

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.

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 27,873 $2,582,433.45
031162100 AMGEN INC US AMGN 11,108 $2,050,425.72
03349M105 ANDEAVOR US ANDV 4,679 $613,791.22
053015103 AUTOMATIC DATA PROCESSING US ADP 9,140 $1,226,039.60
086516101 BEST BUY INC US BBY 7,996 $596,341.68
097023105 BOEING CO US BA 9,273 $3,111,184.23
110122108 BRISTOL MYERS SQUIBB CO US BMY 22,025 $1,218,863.50
11135F101 BROADCOM INC US AVGO 5,645 $1,369,702.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 5,720 $478,535.20
126650100 CVS HEALTH CORP US CVS 20,173 $1,298,132.55
12673P105 CA INC US CA 13,761 $490,579.65
134429109 CAMPBELL SOUP CO US CPB 10,162 $411,967.48
149123101 CATERPILLAR INC US CAT 10,273 $1,393,737.91
17275R102 CISCO SYSTEMS INC US CSCO 67,667 $2,911,711.01
189054109 CLOROX COMPANY US CLX 4,252 $575,083.00
194162103 COLGATE-PALMOLIVE CO US CL 19,442 $1,260,036.02
20030N101 COMCAST CORP-CL A US CMCSA 56,122 $1,841,362.82
205887102 CONAGRA BRAND INC. US CAG 9,637 $344,330.01
219350105 CORNING INC US GLW 25,785 $709,345.35
231021106 CUMMINS INC US CMI 5,927 $788,291.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,643,332.34 $1,643,332.34
277432100 EASTMAN CHEM CO US EMN 5,428 $542,582.88
291011104 EMERSON ELEC CO US EMR 15,865 $1,096,906.10
311900104 FASTENAL CO US FAST 10,686 $514,317.18
316773100 FIFTH THIRD BANCORP US FITB 20,989 $602,384.30
364760108 GAP INC US GPS 15,352 $497,251.28
370334104 GENERAL MLS INC US GIS 16,723 $740,159.98
372460105 GENUINE PARTS CO US GPC 5,278 $484,467.62
375558103 GILEAD SCIENCES INC US GILD 25,549 $1,809,891.16
418056107 HASBRO INC US HAS 4,417 $407,733.27
427866108 HERSHEY CO/THE US HSY 6,392 $594,839.52
437076102 HOME DEPOT INC US HD 15,032 $2,932,743.20
438516106 HONEYWELL INTERNATIONAL INC US HON 14,052 $2,024,190.60
440452100 HORMEL FOODS CORP US HRL 11,539 $429,366.19
452308109 ILLINOIS TOOL WKS INC US ITW 6,427 $890,396.58
458140100 INTEL CORP US INTC 60,810 $3,022,865.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 16,043 $2,241,207.10
46625H100 JP MORGAN CHASE & CO US JPM 39,819 $4,149,139.80
478160104 JOHNSON & JOHNSON US JNJ 33,072 $4,012,956.48
482480100 KLA-TENCOR CORPORATION US KLAC 5,128 $525,773.84
487836108 KELLOGG CO US K 7,860 $549,178.20
493267108 KEYCORP US KEY 23,368 $456,610.72
494368103 KIMBERLY CLARK CORP US KMB 8,849 $932,153.66
500255104 KOHLS CORP US KSS 5,984 $436,233.60
500754106 KRAFT HEINZ CO/THE US KHC 18,120 $1,138,298.40
532457108 ELI LILLY & CO US LLY 14,615 $1,247,097.95
539830109 LOCKHEED MARTIN CORP US LMT 5,958 $1,760,171.94
55616P104 MACY'S INC US M 10,722 $401,324.46
56585A102 MARATHON PETROLEUM CORP US MPC 12,973 $910,185.68
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 6,776 $397,480.16
580135101 MCDONALDS CORP US MCD 12,952 $2,029,448.88
58933Y105 MERCK & CO INC US MRK 40,055 $2,431,338.50
60871R209 MOLSON COORS BREWING CO -B US TAP 5,933 $403,681.32
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 24,119 $988,879.00
620076307 MOTOROLA SOLUTIONS INC US MSI 4,868 $566,489.16
651229106 NEWELL BRANDS INC US NWL 12,771 $329,364.09
655844108 NORFOLK SOUTHN CORP US NSC 4,795 $723,421.65
670346105 NUCOR CORP US NUE 10,434 $652,125.00
695156109 PACKAGING CORP OF AMERICA US PKG 3,564 $398,419.56
704326107 PAYCHEX INC US PAYX 9,855 $673,589.25
713448108 PEPSICO INC US PEP 22,771 $2,479,078.77
717081103 PFIZER INC US PFE 83,417 $3,026,368.76
74834L100 QUEST DIAGNOSTICS INC US DGX 3,256 $357,964.64
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 4,354 $467,967.92
867914103 SUNTRUST BANKS INC US STI 9,418 $621,776.36
871829107 SYSCO CORP US SYY 12,419 $848,093.51
876030107 TAPESTRY INC US TPR 7,711 $360,180.81
87612E106 TARGET CORP US TGT 13,164 $1,002,043.68
882508104 TEXAS INSTRUMENTS INC US TXN 17,917 $1,975,349.25
88579Y101 3M CO US MMM 11,151 $2,193,624.72
902973304 U.S. BANCORP US USB 30,712 $1,536,214.24
907818108 UNION PAC CORP US UNP 13,986 $1,981,536.48
911312106 UNITED PARCEL SERVICE US UPS 15,981 $1,697,661.63
913017109 UNITED TECHNOLOGIES CORP US UTX 14,867 $1,858,821.01
918204108 VF CORP US VFC 9,497 $774,195.44
91913Y100 VALERO ENERGY US VLO 10,565 $1,170,918.95
92553P201 VIACOM INC CL B US VIAB 10,989 $331,428.24
931142103 WAL MART STORES US WMT 38,378 $3,287,075.70
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 15,053 $903,405.80
94106L109 WASTE MANAGEMENT INC US WM 10,826 $880,586.84
949746101 WELLS FARGO COMPANY US WFC 63,205 $3,504,085.20
958102105 WESTERN DIGITAL CORP US WDC 10,086 $780,757.26
96145D105 WESTROCK CO US WRK 7,471 $425,996.42
963320106 WHIRLPOOL CORP US WHR 3,010 $440,152.30
G29183103 EATON CORP PLC US ETN 12,519 $935,670.06
G47791101 INGERSOLL-RAND PLC IE IR 5,559 $498,809.07
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 18,179 $608,087.55
N53745100 LYONDELLBASELL INDU-CL A US LYB 10,357 $1,137,716.45

Investments will change over time.

Distributions

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