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

$8.00

Daily $ Change

$0.04

Daily % Change

0.50%

as of 04/23/2024

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 03/31/2024

YTD

9.46%

1 Year

15.95%

3 Year

6.82%

5 Year

9.08%

10 Year

9.46%

Inception
(03/01/2012)

11.09%

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.

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.

Expense Ratio

Gross 0.84%

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 03/31/2024

JP MORGAN CHASE & CO 4.48%
HOME DEPOT INC 4.11%
MERCK & CO INC 3.73%
BROADCOM INC 3.67%
JOHNSON & JOHNSON 3.02%
EXXON MOBIL CORP 2.96%
CATERPILLAR INC 2.90%
CHEVRON CORP 2.57%
QUALCOMM INC 2.56%
BANK OF AMERICA CORP 2.53%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2024

Communication Services
2.91%
Consumer Discretionary
5.22%
Consumer Staples
6.15%
Energy
14.85%
Financials
15.62%
Health Care
16.34%
Industrials
19.19%
Information Technology
17.30%
Materials
2.42%

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 19,182 $2,034,634.74
ABBOTT LABORATORIES US ABT 36,021 $4,094,146.86
ANALOG DEVICES INC US ADI 17,694 $3,499,696.26
ARCHER-DANIELS-MIDLAND CO US ADM 20,985 $1,318,067.85
BANK OF AMERICA CORP US BAC 142,068 $5,387,218.56
BAXTER INTERNATIONAL INC US BAX 20,920 $894,120.80
BRISTOL MYERS SQUIBB CO US BMY 56,197 $3,047,563.31
BROADCOM INC US AVGO 5,888 $7,804,014.08
BROADRIDGE FINANCIAL SOLUTIONS US BR 6,662 $1,364,777.32
BUNGE LIMITED US BG 8,204 $841,074.08
C.H. ROBINSON WORLDWIDE INC US CHRW 8,728 $664,549.92
CAMPBELL SOUP CO US CPB 18,069 $803,167.05
CATERPILLAR INC US CAT 16,864 $6,179,475.52
CHEVRON CORP US CVX 34,729 $5,478,152.46
CISCO SYSTEMS INC US CSCO 104,083 $5,194,782.53
CITIGROUP INC US C 59,638 $3,771,507.12
COGNIZANT TECH SOLUTIONS - A US CTSH 17,188 $1,259,708.52
COLGATE-PALMOLIVE CO US CL 30,061 $2,706,993.05
COMCAST CORP-CL A US CMCSA 106,297 $4,607,974.95
CONAGRA BRAND INC. US CAG 25,894 $767,498.16
CONOCOPHILLIPS US COP 28,237 $3,594,005.36
CORNING INC US GLW 29,416 $969,551.36
COTERRA ENERGY INC US CTRA 33,269 $927,539.72
CUMMINS INC US CMI 7,012 $2,066,085.80
CVS HEALTH CORP US CVS 27,124 $2,163,410.24
DEVON ENERGY CORPORATION US DVN 23,732 $1,190,871.76
DIAMONDBACK ENERGY INC US FANG 6,599 $1,307,723.83
DOW INC US DOW 25,080 $1,452,884.40
DREYFUS GVT CSH MANAGEMENT US 2,070,313.31 $2,070,313.31
EBAY INC US EBAY 21,297 $1,124,055.66
EMERSON ELEC CO US EMR 21,729 $2,464,503.18
EOG RESOURCES INC US EOG 16,666 $2,130,581.44
EXXON MOBIL CORP US XOM 54,268 $6,308,112.32
FEDEX CORPORATION US FDX 6,550 $1,897,797.00
FIFTH THIRD BANCORP US FITB 34,236 $1,273,921.56
FMC CORP US FMC 6,963 $443,543.10
GENERAL DYNAMICS CORP US GD 10,069 $2,844,391.81
GENERAL MLS INC US GIS 24,067 $1,683,967.99
GENUINE PARTS CO US GPC 8,000 $1,239,440.00
GILEAD SCIENCES INC US GILD 42,952 $3,146,234.00
HALLIBURTON CO US HAL 30,223 $1,191,390.66
HARTFORD FINL SVCS US HIG 11,387 $1,173,430.35
HOME DEPOT INC US HD 22,787 $8,741,093.20
HONEYWELL INTERNATIONAL INC US HON 19,867 $4,077,701.75
HUNTINGTON BANCSHARES US HBAN 58,287 $813,103.65
INTERNATIONAL BUSINESS MACH CORP US IBM 19,461 $3,716,272.56
INTERNATIONAL FLVRS & FRAGRANCES US IFF 10,860 $933,851.40
JM SMUCKER CO/THE-NEW COM WI US SJM 6,406 $806,323.22
JOHNSON & JOHNSON US JNJ 40,714 $6,440,547.66
JP MORGAN CHASE & CO US JPM 47,613 $9,536,883.90
KELLOGG CO US K 12,130 $694,927.70
KRAFT HEINZ CO/THE US KHC 34,760 $1,282,644.00
L3HARRIS TECHNOLOGIES INC US LHX 7,758 $1,653,229.80
LOCKHEED MARTIN CORP US LMT 7,656 $3,482,484.72
MARATHON OIL CORP US MRO 25,822 $731,795.48
MARATHON PETROLEUM CORP US MPC 15,482 $3,119,623.00
MEDTRONIC INC IE MDT 33,939 $2,957,783.85
MERCK & CO INC US MRK 60,207 $7,944,313.65
MICROCHIP TECHNOLOGY INC US MCHP 19,543 $1,753,202.53
NETAPP INC US NTAP 10,347 $1,086,124.59
NORFOLK SOUTHN CORP US NSC 7,802 $1,988,495.74
OMNICOM GROUP US OMC 12,422 $1,201,952.72
PACKAGING CORP OF AMERICA US PKG 5,359 $1,017,031.02
PARAMOUNT GLOBAL CLASS B US PARA 32,327 $380,488.79
PFIZER INC US PFE 114,114 $3,166,663.50
PHILLIPS 66 US PSX 12,510 $2,043,383.40
PPG INDUSTRIES INC US PPG 8,973 $1,300,187.70
QUALCOMM INC US QCOM 32,180 $5,448,074.00
QUEST DIAGNOSTICS INC US DGX 7,091 $943,883.01
RAYTHEON TECHNOLOGIES CORP US RTX 27,866 $2,717,770.98
REGIONS FINANCIAL CORP. US RF 53,452 $1,124,630.08
SCHLUMBERGER LTD US SLB 34,979 $1,917,198.99
SKYWORKS SOLUTIONS INC US SWKS 7,518 $814,349.76
SYSCO CORP US SYY 15,540 $1,261,537.20
TE CONNECTIVITY LIMITED CH TEL 11,438 $1,661,255.12
TEXAS INSTRUMENTS INC US TXN 20,802 $3,623,916.42
TRAVELLERS COS INC US TRV 9,832 $2,262,736.48
TRUIST FINANCIAL CORP US TFC 37,323 $1,454,850.54
TYSON FOODS INC -CL A US TSN 15,843 $930,459.39
U.S. BANCORP US USB 52,639 $2,352,963.30
UNION PAC CORP US UNP 18,037 $4,435,839.41
UNITED PARCEL SERVICE US UPS 20,181 $2,999,502.03
VALERO ENERGY US VLO 9,852 $1,681,637.88
WELLS FARGO COMPANY US WFC 70,759 $4,101,191.64

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2024 Distribution Calendar
  • 2024 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.

Daily Price

$8.00

Daily $ Change

$0.04

Daily % Change

0.50%

as of 04/23/2024

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

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 03/31/2024

YTD

9.46%

1 Year

15.95%

3 Year

6.82%

5 Year

9.08%

10 Year

9.46%

Inception
(03/01/2012)

11.09%

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.

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.

Expense Ratio

Gross 0.84%

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 03/31/2024

JP MORGAN CHASE & CO 4.48%
HOME DEPOT INC 4.11%
MERCK & CO INC 3.73%
BROADCOM INC 3.67%
JOHNSON & JOHNSON 3.02%
EXXON MOBIL CORP 2.96%
CATERPILLAR INC 2.90%
CHEVRON CORP 2.57%
QUALCOMM INC 2.56%
BANK OF AMERICA CORP 2.53%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2024

Communication Services
2.91%
Consumer Discretionary
5.22%
Consumer Staples
6.15%
Energy
14.85%
Financials
15.62%
Health Care
16.34%
Industrials
19.19%
Information Technology
17.30%
Materials
2.42%

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 19,182 $2,034,634.74
ABBOTT LABORATORIES US ABT 36,021 $4,094,146.86
ANALOG DEVICES INC US ADI 17,694 $3,499,696.26
ARCHER-DANIELS-MIDLAND CO US ADM 20,985 $1,318,067.85
BANK OF AMERICA CORP US BAC 142,068 $5,387,218.56
BAXTER INTERNATIONAL INC US BAX 20,920 $894,120.80
BRISTOL MYERS SQUIBB CO US BMY 56,197 $3,047,563.31
BROADCOM INC US AVGO 5,888 $7,804,014.08
BROADRIDGE FINANCIAL SOLUTIONS US BR 6,662 $1,364,777.32
BUNGE LIMITED US BG 8,204 $841,074.08
C.H. ROBINSON WORLDWIDE INC US CHRW 8,728 $664,549.92
CAMPBELL SOUP CO US CPB 18,069 $803,167.05
CATERPILLAR INC US CAT 16,864 $6,179,475.52
CHEVRON CORP US CVX 34,729 $5,478,152.46
CISCO SYSTEMS INC US CSCO 104,083 $5,194,782.53
CITIGROUP INC US C 59,638 $3,771,507.12
COGNIZANT TECH SOLUTIONS - A US CTSH 17,188 $1,259,708.52
COLGATE-PALMOLIVE CO US CL 30,061 $2,706,993.05
COMCAST CORP-CL A US CMCSA 106,297 $4,607,974.95
CONAGRA BRAND INC. US CAG 25,894 $767,498.16
CONOCOPHILLIPS US COP 28,237 $3,594,005.36
CORNING INC US GLW 29,416 $969,551.36
COTERRA ENERGY INC US CTRA 33,269 $927,539.72
CUMMINS INC US CMI 7,012 $2,066,085.80
CVS HEALTH CORP US CVS 27,124 $2,163,410.24
DEVON ENERGY CORPORATION US DVN 23,732 $1,190,871.76
DIAMONDBACK ENERGY INC US FANG 6,599 $1,307,723.83
DOW INC US DOW 25,080 $1,452,884.40
DREYFUS GVT CSH MANAGEMENT US 2,070,313.31 $2,070,313.31
EBAY INC US EBAY 21,297 $1,124,055.66
EMERSON ELEC CO US EMR 21,729 $2,464,503.18
EOG RESOURCES INC US EOG 16,666 $2,130,581.44
EXXON MOBIL CORP US XOM 54,268 $6,308,112.32
FEDEX CORPORATION US FDX 6,550 $1,897,797.00
FIFTH THIRD BANCORP US FITB 34,236 $1,273,921.56
FMC CORP US FMC 6,963 $443,543.10
GENERAL DYNAMICS CORP US GD 10,069 $2,844,391.81
GENERAL MLS INC US GIS 24,067 $1,683,967.99
GENUINE PARTS CO US GPC 8,000 $1,239,440.00
GILEAD SCIENCES INC US GILD 42,952 $3,146,234.00
HALLIBURTON CO US HAL 30,223 $1,191,390.66
HARTFORD FINL SVCS US HIG 11,387 $1,173,430.35
HOME DEPOT INC US HD 22,787 $8,741,093.20
HONEYWELL INTERNATIONAL INC US HON 19,867 $4,077,701.75
HUNTINGTON BANCSHARES US HBAN 58,287 $813,103.65
INTERNATIONAL BUSINESS MACH CORP US IBM 19,461 $3,716,272.56
INTERNATIONAL FLVRS & FRAGRANCES US IFF 10,860 $933,851.40
JM SMUCKER CO/THE-NEW COM WI US SJM 6,406 $806,323.22
JOHNSON & JOHNSON US JNJ 40,714 $6,440,547.66
JP MORGAN CHASE & CO US JPM 47,613 $9,536,883.90
KELLOGG CO US K 12,130 $694,927.70
KRAFT HEINZ CO/THE US KHC 34,760 $1,282,644.00
L3HARRIS TECHNOLOGIES INC US LHX 7,758 $1,653,229.80
LOCKHEED MARTIN CORP US LMT 7,656 $3,482,484.72
MARATHON OIL CORP US MRO 25,822 $731,795.48
MARATHON PETROLEUM CORP US MPC 15,482 $3,119,623.00
MEDTRONIC INC IE MDT 33,939 $2,957,783.85
MERCK & CO INC US MRK 60,207 $7,944,313.65
MICROCHIP TECHNOLOGY INC US MCHP 19,543 $1,753,202.53
NETAPP INC US NTAP 10,347 $1,086,124.59
NORFOLK SOUTHN CORP US NSC 7,802 $1,988,495.74
OMNICOM GROUP US OMC 12,422 $1,201,952.72
PACKAGING CORP OF AMERICA US PKG 5,359 $1,017,031.02
PARAMOUNT GLOBAL CLASS B US PARA 32,327 $380,488.79
PFIZER INC US PFE 114,114 $3,166,663.50
PHILLIPS 66 US PSX 12,510 $2,043,383.40
PPG INDUSTRIES INC US PPG 8,973 $1,300,187.70
QUALCOMM INC US QCOM 32,180 $5,448,074.00
QUEST DIAGNOSTICS INC US DGX 7,091 $943,883.01
RAYTHEON TECHNOLOGIES CORP US RTX 27,866 $2,717,770.98
REGIONS FINANCIAL CORP. US RF 53,452 $1,124,630.08
SCHLUMBERGER LTD US SLB 34,979 $1,917,198.99
SKYWORKS SOLUTIONS INC US SWKS 7,518 $814,349.76
SYSCO CORP US SYY 15,540 $1,261,537.20
TE CONNECTIVITY LIMITED CH TEL 11,438 $1,661,255.12
TEXAS INSTRUMENTS INC US TXN 20,802 $3,623,916.42
TRAVELLERS COS INC US TRV 9,832 $2,262,736.48
TRUIST FINANCIAL CORP US TFC 37,323 $1,454,850.54
TYSON FOODS INC -CL A US TSN 15,843 $930,459.39
U.S. BANCORP US USB 52,639 $2,352,963.30
UNION PAC CORP US UNP 18,037 $4,435,839.41
UNITED PARCEL SERVICE US UPS 20,181 $2,999,502.03
VALERO ENERGY US VLO 9,852 $1,681,637.88
WELLS FARGO COMPANY US WFC 70,759 $4,101,191.64

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2024 Distribution Calendar
  • 2024 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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