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

$8.67

Daily $ Change

-$0.04

Daily % Change

-0.46%

as of 12/06/2024

Ticker

MDVWX

CUSIP

56382R456

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
Applications & Forms
N-Port Part F Reports

Performance

As of 11/30/2024

YTD

20.47%

1 Year

28.23%

3 Year

9.22%

5 Year

9.76%

10 Year

9.95%

Inception
(11/07/2008)

11.68%

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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.

Expense Ratio

Gross 0.49%
Net 0.15%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 11/30/2024

J P MORGAN CHASE AND CO 3.96%
JOHNSON AND JOHNSON 3.41%
CHEVRONTEXACO CORP 3.40%
EXXON MOBIL CORP 3.28%
WELLS FARGO AND CO NEW 3.20%
UNITEDHEALTH GROUP INC 3.19%
CATERPILLAR INC DEL 3.11%
BANK OF AMERICA CORPORATION 3.08%
RTX CORPORATION COM 2.43%
CITIGROUP INC 2.16%

Top Ten Investments list is unaudited and excludes cash

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 22,184 $2,962,229.52
ACCENTURE PLC IRELAND SHS CLASS A US ACN 4,265 $1,545,508.05
ALLEGION PUB LTD CO US ALLE 2,766 $389,563.44
ALLSTATE CORP US ALL 5,682 $1,178,389.98
ANALOG DEVICES INC US ADI 8,825 $1,924,291.25
ARCHER DANIELS MIDLAND CO US ADM 24,813 $1,354,789.80
AVERY DENNISON CORP US AVY 1,193 $245,698.35
BANK OF AMERICA CORPORATION US BAC 128,691 $6,114,109.41
BAXTER INTL INC US BAX 15,466 $521,358.86
BECTON DICKINSON AND CO US BDX 10,743 $2,383,871.70
BERKLEY W R CORP US WRB 20,926 $1,350,773.30
BEST BUY INC US BBY 12,796 $1,151,640.00
BRISTOL MYERS SQUIBB CO US BMY 65,713 $3,891,523.86
BROADRIDGE FINL SOLUTIONS IN US BR 1,534 $362,054.68
BROWN FORMAN CORP US BF B 6,468 $272,173.44
BUNGE GLOBAL SA COM SHS US BG 4,501 $403,919.74
CATERPILLAR INC DEL US CAT 15,190 $6,168,810.90
CBOE GLOBAL MARKETS INC US CBOE 1,411 $304,564.35
CF INDS HLDGS INC US CF 5,656 $507,116.96
CHEVRONTEXACO CORP US CVX 41,630 $6,741,145.90
CHUBB LIMITED COM US CB 3,273 $945,013.29
CINCINNATI FINL CORP US CINF 8,916 $1,425,044.28
CISCO SYS INC US CSCO 52,230 $3,092,538.30
CITIGROUP INC US C 60,534 $4,290,044.58
COGNIZANT TECHNOLOGY SOLUTIO US CTSH 23,333 $1,878,073.17
COLGATE PALMOLIVE CO US CL 7,621 $736,417.23
CONAGRA FOODS INC US CAG 15,373 $423,526.15
CONOCOPHILLIPS US COP 38,451 $4,165,781.34
COTERRA ENERGY INC COM US CTRA 39,715 $1,061,184.80
CRH PLC ORD US CRH 13,079 $1,337,589.33
CSX CORP US CSX 35,529 $1,298,584.95
CUMMINS INC US CMI 6,574 $2,465,512.96
DEERE AND CO US DE 7,877 $3,669,894.30
DEVON ENERGY CORP NEW US DVN 8,265 $313,656.75
DICKS SPORTING GOODS INC US DKS 4,564 $945,843.36
EAST WEST BANCORP INC US EWBC 4,409 $483,579.12
EBAY INC US EBAY 26,489 $1,676,488.81
ELEVANCE HEALTH INC COM US ELV 1,856 $755,317.76
EMERSON ELEC CO US EMR 11,009 $1,459,793.40
EOG RES INC US EOG 10,780 $1,436,542.80
EVEREST GROUP LTD COM US EG 1,827 $708,072.12
EXPAND ENERGY CORPORATION COM US EXE 4,318 $427,309.28
EXXON MOBIL CORP US XOM 55,207 $6,512,217.72
FEDEX CORP US FDX 9,200 $2,784,564.00
FERGUSON ENTERPRISES INC COM US FERG 2,198 $474,614.14
FIFTH THIRD BANCORP US FITB 35,087 $1,686,281.22
FOX CORP US FOXA 14,212 $669,669.44
GENERAL MLS INC US GIS 27,235 $1,804,591.10
GENUINE PARTS CO US GPC 8,046 $1,019,669.58
GILEAD SCIENCES INC US GILD 42,735 $3,956,406.30
HALLIBURTON CO US HAL 43,127 $1,374,026.22
HARTFORD FINL SVCS GROUP INC US HIG 14,619 $1,802,668.89
HERSHEY FOODS CORP US HSY 9,419 $1,658,968.47
HESS CORP US HES 3,518 $517,779.24
HF SINCLAIR CORPORATION COM US DINO 6,527 $267,150.11
HOME DEPOT INC US HD 4,691 $2,013,048.83
HONEYWELL INTL INC US HON 15,016 $3,497,676.88
HUMANA INC US HUM 1,398 $414,339.24
HUNTINGTON BANCSHARES INC US HBAN 79,903 $1,439,053.03
HUNTINGTON INGALLS INDS INC US HII 1,283 $253,931.36
INTERPUBLIC GROUP COS INC US IPG 11,873 $365,807.13
INTL PAPER CO US IP 9,376 $551,590.08
J P MORGAN CHASE AND CO US JPM 31,462 $7,856,690.64
JOHNSON AND JOHNSON US JNJ 43,607 $6,759,521.07
KENVUE INC COM US KVUE 43,145 $1,038,931.60
KIMBERLY CLARK CORP US KMB 10,473 $1,459,412.55
KRAFT HEINZ CO US KHC 53,441 $1,708,508.77
LABCORP HOLDINGS INC COM SHS US LH 2,542 $613,028.72
LAS VEGAS SANDS CORP US LVS 18,076 $959,112.56
LENNAR CORP US LEN 2,998 $522,821.22
LKQ CORP US LKQ 8,016 $314,948.64
LOCKHEED MARTIN CORP US LMT 7,734 $4,094,456.94
MARATHON PETROLEUM CORP US MPC 14,778 $2,307,584.70
MASCO CORP US MAS 9,748 $785,298.88
MEDTRONIC PLC SHS US MDT 42,207 $3,652,593.78
MERCK N CO INC NEW US MRK 15,433 $1,568,610.12
MICROCHIP TECHNOLOGY INC US MCHP 16,696 $1,138,166.32
MOLSON COORS BREWING CO US TAP 6,460 $400,907.60
MONDELEZ INTL INC US MDLZ 23,722 $1,540,743.90
MOSAIC CO NEW COM US MOS 11,291 $298,759.86
NUCOR CORP US NUE 5,538 $856,673.22
OCCIDENTAL PETE CORP DEL US OXY 19,352 $978,824.16
OMNICOM GROUP INC US OMC 12,009 $1,258,783.38
OVINTIV INC COM US OVV 8,329 $378,303.18
PACCAR INC US PCAR 19,826 $2,319,642.00
PENSKE AUTOMOTIVE GRP INC US PAG 2,289 $381,210.06
PERMIAN RESOURCES CORP CLASS A COM US PR 24,917 $390,200.22
PHILLIPS 66 US PSX 16,280 $2,181,194.40
PNC FINL SVCS GROUP INC US PNC 10,398 $2,232,658.56
PPG INDS INC US PPG 11,642 $1,447,915.54
QUEST DIAGNOSTICS INC US DGX 5,416 $880,966.56
RALPH LAUREN CORP US RL 2,101 $486,171.40
RELIANCE INC COM US RS 871 $279,800.04
ROCKWELL AUTOMATION INC US ROK 1,430 $422,050.20
ROYALTY PHARMA PLC SHS CL A US RPRX 16,951 $451,913.66
RTX CORPORATION COM US RTX 39,640 $4,829,341.20
SCHLUMBERGER LTD US SLB 53,724 $2,360,632.56
SKYWORKS SOLUTIONS INC US SWKS 6,948 $608,575.32
SMITH A O US AOS 5,003 $372,673.47
SMURFIT WESTROCK PLC SHS US SW 20,349 $1,119,601.98
SNAP ON INC US SNA 1,526 $564,146.94
SSNC TECHNOLOGIES HLDGS INC US SSNC 10,936 $845,790.24
STEEL DYNAMICS INC US STLD 4,385 $637,008.95
SYSCO CORP US SYY 23,290 $1,795,891.90
TAPESTRY INC COM US TPR 6,775 $421,947.00
THE CAMPBELLS COMPANY COM US CPB 9,822 $453,776.40
TRAVELERS COMPANIES INC US TRV 9,837 $2,617,035.48
TRUIST FINL CORP COM US TFC 54,189 $2,583,731.52
UNITEDHEALTH GROUP INC US UNH 10,372 $6,328,994.40
US BANCORP DEL COM US USB 56,813 $3,027,564.77
US DOLLARS US USD 1,464,127.66 $1,464,127.66
VALERO ENERGY CORP NEW US VLO 13,246 $1,842,253.68
VIATRIS INC US VTRS 35,984 $471,030.56
WELLS FARGO AND CO NEW US WFC 83,460 $6,357,148.20
WESTLAKE CORPORATION COM US WLK 3,823 $490,873.20
WILLIAMS SONOMA INC US WSM 5,504 $946,798.08

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 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

$8.67

Daily $ Change

-$0.04

Daily % Change

-0.46%

as of 12/06/2024

Ticker

MDVWX

CUSIP

56382R456

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Proxy Voting Record
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 11/30/2024

YTD

20.47%

1 Year

28.23%

3 Year

9.22%

5 Year

9.76%

10 Year

9.95%

Inception
(11/07/2008)

11.68%

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 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio.

Expense Ratio

Gross 0.49%
Net 0.15%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 11/30/2024

J P MORGAN CHASE AND CO 3.96%
JOHNSON AND JOHNSON 3.41%
CHEVRONTEXACO CORP 3.40%
EXXON MOBIL CORP 3.28%
WELLS FARGO AND CO NEW 3.20%
UNITEDHEALTH GROUP INC 3.19%
CATERPILLAR INC DEL 3.11%
BANK OF AMERICA CORPORATION 3.08%
RTX CORPORATION COM 2.43%
CITIGROUP INC 2.16%

Top Ten Investments list is unaudited and excludes cash

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 22,184 $2,962,229.52
ACCENTURE PLC IRELAND SHS CLASS A US ACN 4,265 $1,545,508.05
ALLEGION PUB LTD CO US ALLE 2,766 $389,563.44
ALLSTATE CORP US ALL 5,682 $1,178,389.98
ANALOG DEVICES INC US ADI 8,825 $1,924,291.25
ARCHER DANIELS MIDLAND CO US ADM 24,813 $1,354,789.80
AVERY DENNISON CORP US AVY 1,193 $245,698.35
BANK OF AMERICA CORPORATION US BAC 128,691 $6,114,109.41
BAXTER INTL INC US BAX 15,466 $521,358.86
BECTON DICKINSON AND CO US BDX 10,743 $2,383,871.70
BERKLEY W R CORP US WRB 20,926 $1,350,773.30
BEST BUY INC US BBY 12,796 $1,151,640.00
BRISTOL MYERS SQUIBB CO US BMY 65,713 $3,891,523.86
BROADRIDGE FINL SOLUTIONS IN US BR 1,534 $362,054.68
BROWN FORMAN CORP US BF B 6,468 $272,173.44
BUNGE GLOBAL SA COM SHS US BG 4,501 $403,919.74
CATERPILLAR INC DEL US CAT 15,190 $6,168,810.90
CBOE GLOBAL MARKETS INC US CBOE 1,411 $304,564.35
CF INDS HLDGS INC US CF 5,656 $507,116.96
CHEVRONTEXACO CORP US CVX 41,630 $6,741,145.90
CHUBB LIMITED COM US CB 3,273 $945,013.29
CINCINNATI FINL CORP US CINF 8,916 $1,425,044.28
CISCO SYS INC US CSCO 52,230 $3,092,538.30
CITIGROUP INC US C 60,534 $4,290,044.58
COGNIZANT TECHNOLOGY SOLUTIO US CTSH 23,333 $1,878,073.17
COLGATE PALMOLIVE CO US CL 7,621 $736,417.23
CONAGRA FOODS INC US CAG 15,373 $423,526.15
CONOCOPHILLIPS US COP 38,451 $4,165,781.34
COTERRA ENERGY INC COM US CTRA 39,715 $1,061,184.80
CRH PLC ORD US CRH 13,079 $1,337,589.33
CSX CORP US CSX 35,529 $1,298,584.95
CUMMINS INC US CMI 6,574 $2,465,512.96
DEERE AND CO US DE 7,877 $3,669,894.30
DEVON ENERGY CORP NEW US DVN 8,265 $313,656.75
DICKS SPORTING GOODS INC US DKS 4,564 $945,843.36
EAST WEST BANCORP INC US EWBC 4,409 $483,579.12
EBAY INC US EBAY 26,489 $1,676,488.81
ELEVANCE HEALTH INC COM US ELV 1,856 $755,317.76
EMERSON ELEC CO US EMR 11,009 $1,459,793.40
EOG RES INC US EOG 10,780 $1,436,542.80
EVEREST GROUP LTD COM US EG 1,827 $708,072.12
EXPAND ENERGY CORPORATION COM US EXE 4,318 $427,309.28
EXXON MOBIL CORP US XOM 55,207 $6,512,217.72
FEDEX CORP US FDX 9,200 $2,784,564.00
FERGUSON ENTERPRISES INC COM US FERG 2,198 $474,614.14
FIFTH THIRD BANCORP US FITB 35,087 $1,686,281.22
FOX CORP US FOXA 14,212 $669,669.44
GENERAL MLS INC US GIS 27,235 $1,804,591.10
GENUINE PARTS CO US GPC 8,046 $1,019,669.58
GILEAD SCIENCES INC US GILD 42,735 $3,956,406.30
HALLIBURTON CO US HAL 43,127 $1,374,026.22
HARTFORD FINL SVCS GROUP INC US HIG 14,619 $1,802,668.89
HERSHEY FOODS CORP US HSY 9,419 $1,658,968.47
HESS CORP US HES 3,518 $517,779.24
HF SINCLAIR CORPORATION COM US DINO 6,527 $267,150.11
HOME DEPOT INC US HD 4,691 $2,013,048.83
HONEYWELL INTL INC US HON 15,016 $3,497,676.88
HUMANA INC US HUM 1,398 $414,339.24
HUNTINGTON BANCSHARES INC US HBAN 79,903 $1,439,053.03
HUNTINGTON INGALLS INDS INC US HII 1,283 $253,931.36
INTERPUBLIC GROUP COS INC US IPG 11,873 $365,807.13
INTL PAPER CO US IP 9,376 $551,590.08
J P MORGAN CHASE AND CO US JPM 31,462 $7,856,690.64
JOHNSON AND JOHNSON US JNJ 43,607 $6,759,521.07
KENVUE INC COM US KVUE 43,145 $1,038,931.60
KIMBERLY CLARK CORP US KMB 10,473 $1,459,412.55
KRAFT HEINZ CO US KHC 53,441 $1,708,508.77
LABCORP HOLDINGS INC COM SHS US LH 2,542 $613,028.72
LAS VEGAS SANDS CORP US LVS 18,076 $959,112.56
LENNAR CORP US LEN 2,998 $522,821.22
LKQ CORP US LKQ 8,016 $314,948.64
LOCKHEED MARTIN CORP US LMT 7,734 $4,094,456.94
MARATHON PETROLEUM CORP US MPC 14,778 $2,307,584.70
MASCO CORP US MAS 9,748 $785,298.88
MEDTRONIC PLC SHS US MDT 42,207 $3,652,593.78
MERCK N CO INC NEW US MRK 15,433 $1,568,610.12
MICROCHIP TECHNOLOGY INC US MCHP 16,696 $1,138,166.32
MOLSON COORS BREWING CO US TAP 6,460 $400,907.60
MONDELEZ INTL INC US MDLZ 23,722 $1,540,743.90
MOSAIC CO NEW COM US MOS 11,291 $298,759.86
NUCOR CORP US NUE 5,538 $856,673.22
OCCIDENTAL PETE CORP DEL US OXY 19,352 $978,824.16
OMNICOM GROUP INC US OMC 12,009 $1,258,783.38
OVINTIV INC COM US OVV 8,329 $378,303.18
PACCAR INC US PCAR 19,826 $2,319,642.00
PENSKE AUTOMOTIVE GRP INC US PAG 2,289 $381,210.06
PERMIAN RESOURCES CORP CLASS A COM US PR 24,917 $390,200.22
PHILLIPS 66 US PSX 16,280 $2,181,194.40
PNC FINL SVCS GROUP INC US PNC 10,398 $2,232,658.56
PPG INDS INC US PPG 11,642 $1,447,915.54
QUEST DIAGNOSTICS INC US DGX 5,416 $880,966.56
RALPH LAUREN CORP US RL 2,101 $486,171.40
RELIANCE INC COM US RS 871 $279,800.04
ROCKWELL AUTOMATION INC US ROK 1,430 $422,050.20
ROYALTY PHARMA PLC SHS CL A US RPRX 16,951 $451,913.66
RTX CORPORATION COM US RTX 39,640 $4,829,341.20
SCHLUMBERGER LTD US SLB 53,724 $2,360,632.56
SKYWORKS SOLUTIONS INC US SWKS 6,948 $608,575.32
SMITH A O US AOS 5,003 $372,673.47
SMURFIT WESTROCK PLC SHS US SW 20,349 $1,119,601.98
SNAP ON INC US SNA 1,526 $564,146.94
SSNC TECHNOLOGIES HLDGS INC US SSNC 10,936 $845,790.24
STEEL DYNAMICS INC US STLD 4,385 $637,008.95
SYSCO CORP US SYY 23,290 $1,795,891.90
TAPESTRY INC COM US TPR 6,775 $421,947.00
THE CAMPBELLS COMPANY COM US CPB 9,822 $453,776.40
TRAVELERS COMPANIES INC US TRV 9,837 $2,617,035.48
TRUIST FINL CORP COM US TFC 54,189 $2,583,731.52
UNITEDHEALTH GROUP INC US UNH 10,372 $6,328,994.40
US BANCORP DEL COM US USB 56,813 $3,027,564.77
US DOLLARS US USD 1,464,127.66 $1,464,127.66
VALERO ENERGY CORP NEW US VLO 13,246 $1,842,253.68
VIATRIS INC US VTRS 35,984 $471,030.56
WELLS FARGO AND CO NEW US WFC 83,460 $6,357,148.20
WESTLAKE CORPORATION COM US WLK 3,823 $490,873.20
WILLIAMS SONOMA INC US WSM 5,504 $946,798.08

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 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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