A Redefined Approach to Value Investing

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.

 

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our time-tested, rules-based strategy.

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

$7.95

Daily $ Change

$0.21

Daily % Change

2.64%

as of 06/24/2022

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
N-Port Part F Reports

Performance

As of 05/31/2022

YTD

-3.82%

1 Year

1.01%

3 Year

12.50%

5 Year

10.56%

10 Year

11.71%

Inception
(11/07/2008)

11.56%

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 0.72%*

*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 05/31/2022

JOHNSON & JOHNSON 3.68%
JP MORGAN CHASE & CO 3.57%
PROCTER & GAMBLE CO 3.24%
HOME DEPOT INC 3.03%
WAL MART STORES 2.99%
MERCK & CO INC 2.49%
CHEVRON CORP 2.29%
PFIZER INC 2.14%
COMCAST CORP-CL A 2.14%
INTEL CORP 2.13%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

Communication Services 2.92%
Consumer Discretionary 9.48%
Consumer Staples 13.57%
Energy 7.95%
Financials 11.06%
Health Care 15.52%
Industrials 20.67%
Information Technology 13.27%
Materials 5.56%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,946 $6,688,877.16
ALLSTATE CORPORATION US ALL 22,109 $3,022,079.21
ANALOG DEVICES INC US ADI 33,026 $5,561,578.40
ARCHER-DANIELS-MIDLAND CO US ADM 39,088 $3,549,972.16
AUTOMATIC DATA PROCESSING US ADP 23,517 $5,242,879.98
BAXTER INTERNATIONAL INC US BAX 28,828 $2,192,369.40
BEST BUY INC US BBY 22,971 $1,885,000.26
BRISTOL MYERS SQUIBB CO US BMY 102,556 $7,737,850.20
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,501 $1,681,676.22
C.H. ROBINSON WORLDWIDE INC US CHRW 15,409 $1,672,030.59
COTERRA ENERGY INC US CTRA 63,678 $2,186,065.74
CAMPBELL SOUP CO US CPB 33,283 $1,594,588.53
CATERPILLAR INC US CAT 29,813 $6,435,136.05
CHEVRON CORP US CVX 54,652 $9,545,518.32
CINCINNATI FINANCIAL CORP US CINF 15,227 $1,946,924.22
CISCO SYSTEMS INC US CSCO 186,079 $8,382,858.95
CITIGROUP INC US C 119,963 $6,407,223.83
COLGATE-PALMOLIVE CO US CL 55,299 $4,358,114.19
COMCAST CORP-CL A US CMCSA 201,233 $8,910,597.24
CONAGRA BRAND INC. US CAG 49,724 $1,635,422.36
CONOCOPHILLIPS US COP 50,767 $5,704,180.12
CUMMINS INC US CMI 12,903 $2,698,275.36
DEVON ENERGY CORPORATION US DVN 40,797 $3,055,695.30
DIAMONDBACK ENERGY INC US FANG 12,011 $1,825,912.22
DOW INC US DOW 40,840 $2,776,303.20
DREYFUS GVT CSH MANAGEMENT US 5,632,830.51 $5,632,830.51
EOG RESOURCES INC US EOG 30,373 $4,159,886.08
EASTMAN CHEM CO US EMN 14,588 $1,607,014.08
EBAY INC US EBAY 38,793 $1,888,055.31
EMERSON ELEC CO US EMR 42,164 $3,738,260.24
FMC CORP US FMC 14,357 $1,759,881.06
FIFTH THIRD BANCORP US FITB 63,543 $2,505,500.49
GENERAL DYNAMICS CORP US GD 18,440 $4,147,340.40
GENERAL MLS INC US GIS 45,302 $3,164,344.70
GENUINE PARTS CO US GPC 14,384 $1,966,724.32
GILEAD SCIENCES INC US GILD 77,908 $5,052,333.80
HOME DEPOT INC US HD 41,753 $12,640,720.75
HONEYWELL INTERNATIONAL INC US HON 36,378 $7,043,508.36
ILLINOIS TOOL WKS INC US ITW 21,434 $4,459,772.38
INTEL CORP US INTC 200,241 $8,894,705.22
INTERNATIONAL FLVRS & FRAGRANCES US IFF 22,109 $2,922,146.53
JP MORGAN CHASE & CO US JPM 112,653 $14,896,106.19
JOHNSON & JOHNSON US JNJ 85,502 $15,350,174.06
KEYCORP US KEY 69,378 $1,384,784.88
KROGER CO US KR 54,459 $2,884,693.23
L3HARRIS TECHNOLOGIES INC US LHX 13,738 $3,309,484.20
LENNAR CORP US LEN 21,500 $1,725,375.00
LOCKHEED MARTIN CORP US LMT 14,086 $6,199,389.46
MARATHON PETROLEUM CORP US MPC 29,433 $2,995,985.07
MCDONALDS CORP US MCD 24,785 $6,251,024.85
MERCK & CO INC US MRK 112,838 $10,384,481.14
MICROCHIP TECHNOLOGY INC US MCHP 34,386 $2,498,142.90
MONDELEZ INTERNATIONAL INC US MDLZ 82,391 $5,236,771.96
MOTOROLA SOLUTIONS INC US MSI 13,213 $2,903,424.62
NETAPP INC US NTAP 24,069 $1,731,764.55
NEWMONT GOLDCORP CORP US NEM 53,300 $3,616,405.00
NORFOLK SOUTHN CORP US NSC 12,627 $3,026,186.82
NORTHROP GRUMMAN CORP US NOC 9,806 $4,588,913.82
NUCOR CORP US NUE 22,741 $3,012,272.86
OMNICOM GROUP US OMC 22,962 $1,713,194.82
PPG INDUSTRIES INC US PPG 14,321 $1,811,463.29
PACKAGING CORP OF AMERICA US PKG 10,198 $1,603,941.44
PARKER HANNIFIN CORP US PH 7,962 $2,167,017.54
PFIZER INC US PFE 168,137 $8,917,986.48
PIONEER NATURAL RESOURCES CO US PXD 13,244 $3,681,037.36
PROCTER & GAMBLE CO US PG 91,308 $13,502,627.04
QUALCOMM INC US QCOM 60,072 $8,603,511.84
QUEST DIAGNOSTICS INC US DGX 13,020 $1,836,080.40
REGIONS FINANCIAL CORP. US RF 98,417 $2,174,031.53
REPUBLIC SERVICES INC US RSG 24,689 $3,304,375.76
ROSS STORES INC US ROST 21,324 $1,812,966.48
SKYWORKS SOLUTIONS INC US SWKS 12,586 $1,370,237.82
JM SMUCKER CO/THE-NEW COM WI US SJM 11,510 $1,443,008.70
STANLEY BLACK & DECKER INC US SWK 11,302 $1,341,434.38
STEEL DYNAMICS INC US STLD 21,440 $1,830,547.20
TJX COMPANIES INC US TJX 53,230 $3,383,831.10
TARGET CORP US TGT 19,346 $3,131,730.48
TEXAS INSTRUMENTS INC US TXN 33,958 $6,002,416.08
3M CO US MMM 34,650 $5,172,898.50
TRACTOR SUPPLY COMPANY US TSCO 7,400 $1,386,464.00
TRAVELLERS COS INC US TRV 18,471 $3,307,047.84
TYSON FOODS INC -CL A US TSN 30,594 $2,741,528.34
U.S. BANCORP US USB 95,095 $5,046,691.65
UNION PAC CORP US UNP 34,090 $7,492,300.20
UNITED PARCEL SERVICE US UPS 32,720 $5,963,220.00
VF CORP US VFC 28,751 $1,450,775.46
PARAMOUNT GLOBAL CLASS B US PARA 45,248 $1,553,363.84
WAL MART STORES US WMT 96,803 $12,451,769.89
WALGREENS BOOTS ALLIANCE INC US WBA 52,023 $2,280,168.09
WASTE MANAGEMENT INC US WM 27,728 $4,395,165.28
BUNGE LIMITED US BG 14,571 $1,724,040.72
EATON CORP PLC US ETN 28,879 $4,002,629.40
JOHNSON CONTROLS INTERNATIONAL US JCI 56,970 $3,105,434.70
MEDTRONIC INC IE MDT 48,527 $4,859,979.05
ROYALTY PHARMA PLC- CL A US RPRX 41,206 $1,695,214.84
TRANE TECHNOLOGIES IE TT 14,043 $1,938,776.58
CHUBB LTD CH CB 25,716 $5,433,533.64
GARMIN LTD CH GRMN 19,051 $2,012,166.62
TE CONNECTIVITY LIMITED CH TEL 19,115 $2,473,289.85
LYONDELLBASELL INDU-CL A US LYB 19,552 $2,233,816.00

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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.

A Redefined Approach to Value Investing

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.

 

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our time-tested, rules-based strategy.

Daily Price

$7.95

Daily $ Change

$0.21

Daily % Change

2.64%

as of 06/24/2022

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
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 05/31/2022

YTD

-3.82%

1 Year

1.01%

3 Year

12.50%

5 Year

10.56%

10 Year

11.71%

Inception
(11/07/2008)

11.56%

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 0.72%*

*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 05/31/2022

JOHNSON & JOHNSON 3.68%
JP MORGAN CHASE & CO 3.57%
PROCTER & GAMBLE CO 3.24%
HOME DEPOT INC 3.03%
WAL MART STORES 2.99%
MERCK & CO INC 2.49%
CHEVRON CORP 2.29%
PFIZER INC 2.14%
COMCAST CORP-CL A 2.14%
INTEL CORP 2.13%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

Communication Services
2.92%
Consumer Discretionary
9.48%
Consumer Staples
13.57%
Energy
7.95%
Financials
11.06%
Health Care
15.52%
Industrials
20.67%
Information Technology
13.27%
Materials
5.56%

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.

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,946 $6,688,877.16
ALLSTATE CORPORATION US ALL 22,109 $3,022,079.21
ANALOG DEVICES INC US ADI 33,026 $5,561,578.40
ARCHER-DANIELS-MIDLAND CO US ADM 39,088 $3,549,972.16
AUTOMATIC DATA PROCESSING US ADP 23,517 $5,242,879.98
BAXTER INTERNATIONAL INC US BAX 28,828 $2,192,369.40
BEST BUY INC US BBY 22,971 $1,885,000.26
BRISTOL MYERS SQUIBB CO US BMY 102,556 $7,737,850.20
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,501 $1,681,676.22
C.H. ROBINSON WORLDWIDE INC US CHRW 15,409 $1,672,030.59
COTERRA ENERGY INC US CTRA 63,678 $2,186,065.74
CAMPBELL SOUP CO US CPB 33,283 $1,594,588.53
CATERPILLAR INC US CAT 29,813 $6,435,136.05
CHEVRON CORP US CVX 54,652 $9,545,518.32
CINCINNATI FINANCIAL CORP US CINF 15,227 $1,946,924.22
CISCO SYSTEMS INC US CSCO 186,079 $8,382,858.95
CITIGROUP INC US C 119,963 $6,407,223.83
COLGATE-PALMOLIVE CO US CL 55,299 $4,358,114.19
COMCAST CORP-CL A US CMCSA 201,233 $8,910,597.24
CONAGRA BRAND INC. US CAG 49,724 $1,635,422.36
CONOCOPHILLIPS US COP 50,767 $5,704,180.12
CUMMINS INC US CMI 12,903 $2,698,275.36
DEVON ENERGY CORPORATION US DVN 40,797 $3,055,695.30
DIAMONDBACK ENERGY INC US FANG 12,011 $1,825,912.22
DOW INC US DOW 40,840 $2,776,303.20
DREYFUS GVT CSH MANAGEMENT US 5,632,830.51 $5,632,830.51
EOG RESOURCES INC US EOG 30,373 $4,159,886.08
EASTMAN CHEM CO US EMN 14,588 $1,607,014.08
EBAY INC US EBAY 38,793 $1,888,055.31
EMERSON ELEC CO US EMR 42,164 $3,738,260.24
FMC CORP US FMC 14,357 $1,759,881.06
FIFTH THIRD BANCORP US FITB 63,543 $2,505,500.49
GENERAL DYNAMICS CORP US GD 18,440 $4,147,340.40
GENERAL MLS INC US GIS 45,302 $3,164,344.70
GENUINE PARTS CO US GPC 14,384 $1,966,724.32
GILEAD SCIENCES INC US GILD 77,908 $5,052,333.80
HOME DEPOT INC US HD 41,753 $12,640,720.75
HONEYWELL INTERNATIONAL INC US HON 36,378 $7,043,508.36
ILLINOIS TOOL WKS INC US ITW 21,434 $4,459,772.38
INTEL CORP US INTC 200,241 $8,894,705.22
INTERNATIONAL FLVRS & FRAGRANCES US IFF 22,109 $2,922,146.53
JP MORGAN CHASE & CO US JPM 112,653 $14,896,106.19
JOHNSON & JOHNSON US JNJ 85,502 $15,350,174.06
KEYCORP US KEY 69,378 $1,384,784.88
KROGER CO US KR 54,459 $2,884,693.23
L3HARRIS TECHNOLOGIES INC US LHX 13,738 $3,309,484.20
LENNAR CORP US LEN 21,500 $1,725,375.00
LOCKHEED MARTIN CORP US LMT 14,086 $6,199,389.46
MARATHON PETROLEUM CORP US MPC 29,433 $2,995,985.07
MCDONALDS CORP US MCD 24,785 $6,251,024.85
MERCK & CO INC US MRK 112,838 $10,384,481.14
MICROCHIP TECHNOLOGY INC US MCHP 34,386 $2,498,142.90
MONDELEZ INTERNATIONAL INC US MDLZ 82,391 $5,236,771.96
MOTOROLA SOLUTIONS INC US MSI 13,213 $2,903,424.62
NETAPP INC US NTAP 24,069 $1,731,764.55
NEWMONT GOLDCORP CORP US NEM 53,300 $3,616,405.00
NORFOLK SOUTHN CORP US NSC 12,627 $3,026,186.82
NORTHROP GRUMMAN CORP US NOC 9,806 $4,588,913.82
NUCOR CORP US NUE 22,741 $3,012,272.86
OMNICOM GROUP US OMC 22,962 $1,713,194.82
PPG INDUSTRIES INC US PPG 14,321 $1,811,463.29
PACKAGING CORP OF AMERICA US PKG 10,198 $1,603,941.44
PARKER HANNIFIN CORP US PH 7,962 $2,167,017.54
PFIZER INC US PFE 168,137 $8,917,986.48
PIONEER NATURAL RESOURCES CO US PXD 13,244 $3,681,037.36
PROCTER & GAMBLE CO US PG 91,308 $13,502,627.04
QUALCOMM INC US QCOM 60,072 $8,603,511.84
QUEST DIAGNOSTICS INC US DGX 13,020 $1,836,080.40
REGIONS FINANCIAL CORP. US RF 98,417 $2,174,031.53
REPUBLIC SERVICES INC US RSG 24,689 $3,304,375.76
ROSS STORES INC US ROST 21,324 $1,812,966.48
SKYWORKS SOLUTIONS INC US SWKS 12,586 $1,370,237.82
JM SMUCKER CO/THE-NEW COM WI US SJM 11,510 $1,443,008.70
STANLEY BLACK & DECKER INC US SWK 11,302 $1,341,434.38
STEEL DYNAMICS INC US STLD 21,440 $1,830,547.20
TJX COMPANIES INC US TJX 53,230 $3,383,831.10
TARGET CORP US TGT 19,346 $3,131,730.48
TEXAS INSTRUMENTS INC US TXN 33,958 $6,002,416.08
3M CO US MMM 34,650 $5,172,898.50
TRACTOR SUPPLY COMPANY US TSCO 7,400 $1,386,464.00
TRAVELLERS COS INC US TRV 18,471 $3,307,047.84
TYSON FOODS INC -CL A US TSN 30,594 $2,741,528.34
U.S. BANCORP US USB 95,095 $5,046,691.65
UNION PAC CORP US UNP 34,090 $7,492,300.20
UNITED PARCEL SERVICE US UPS 32,720 $5,963,220.00
VF CORP US VFC 28,751 $1,450,775.46
PARAMOUNT GLOBAL CLASS B US PARA 45,248 $1,553,363.84
WAL MART STORES US WMT 96,803 $12,451,769.89
WALGREENS BOOTS ALLIANCE INC US WBA 52,023 $2,280,168.09
WASTE MANAGEMENT INC US WM 27,728 $4,395,165.28
BUNGE LIMITED US BG 14,571 $1,724,040.72
EATON CORP PLC US ETN 28,879 $4,002,629.40
JOHNSON CONTROLS INTERNATIONAL US JCI 56,970 $3,105,434.70
MEDTRONIC INC IE MDT 48,527 $4,859,979.05
ROYALTY PHARMA PLC- CL A US RPRX 41,206 $1,695,214.84
TRANE TECHNOLOGIES IE TT 14,043 $1,938,776.58
CHUBB LTD CH CB 25,716 $5,433,533.64
GARMIN LTD CH GRMN 19,051 $2,012,166.62
TE CONNECTIVITY LIMITED CH TEL 19,115 $2,473,289.85
LYONDELLBASELL INDU-CL A US LYB 19,552 $2,233,816.00

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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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