Mutual Fund
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
$7.74
Daily $ Change
$0.08
Daily % Change
1.03%
as of 12/01/2023
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 | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
-6.00%
1 Year
-3.32%
3 Year
9.06%
5 Year
6.29%
10 Year
8.30%
Inception
(03/01/2019)
10.29%
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 | 0.41% |
| Net | 0.11%* |
*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.
| JP MORGAN CHASE & CO | 4.13% |
| HOME DEPOT INC | 3.61% |
| MERCK & CO INC | 3.41% |
| JOHNSON & JOHNSON | 3.38% |
| EXXON MOBIL CORP | 3.31% |
| BROADCOM INC | 3.18% |
| CISCO SYSTEMS INC | 3.05% |
| CHEVRON CORP | 2.88% |
| COMCAST CORP-CL A | 2.46% |
| CATERPILLAR INC | 2.19% |
Top Ten Investments list is unaudited and excludes cash
| Communication Services | 3.16% | |
| Consumer Discretionary | 4.69% | |
| Consumer Staples | 6.82% | |
| Energy | 16.37% | |
| Financials | 13.49% | |
| Health Care | 17.48% | |
| Industrials | 18.89% | |
| Information Technology | 16.68% | |
| 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 | 21,992 | $2,000,172.40 |
| ABBOTT LABORATORIES | US | ABT | 43,003 | $4,065,933.65 |
| ANALOG DEVICES INC | US | ADI | 21,163 | $3,329,574.79 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 25,771 | $1,844,430.47 |
| BANK OF AMERICA CORP | US | BAC | 166,117 | $4,375,521.78 |
| BAXTER INTERNATIONAL INC | US | BAX | 24,731 | $802,026.33 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 66,751 | $3,439,679.03 |
| BROADCOM INC | US | AVGO | 7,845 | $6,600,547.65 |
| BROADRIDGE FINANCIAL SOLUTIONS | US | BR | 7,519 | $1,283,042.16 |
| BUNGE LIMITED | US | BG | 10,203 | $1,081,313.94 |
| C.H. ROBINSON WORLDWIDE INC | US | CHRW | 9,926 | $812,244.58 |
| CAMPBELL SOUP CO | US | CPB | 21,261 | $859,157.01 |
| CATERPILLAR INC | US | CAT | 20,120 | $4,548,126.00 |
| CHEVRON CORP | US | CVX | 40,979 | $5,971,869.67 |
| CISCO SYSTEMS INC | US | CSCO | 121,335 | $6,325,193.55 |
| CITIGROUP INC | US | C | 73,801 | $2,914,401.49 |
| COGNIZANT TECH SOLUTIONS - A | US | CTSH | 19,978 | $1,287,981.66 |
| COLGATE-PALMOLIVE CO | US | CL | 35,161 | $2,641,294.32 |
| COMCAST CORP-CL A | US | CMCSA | 123,785 | $5,111,082.65 |
| CONAGRA BRAND INC. | US | CAG | 31,992 | $875,301.12 |
| CONOCOPHILLIPS | US | COP | 35,718 | $4,243,298.40 |
| CORNING INC | US | GLW | 34,016 | $910,268.16 |
| COTERRA ENERGY INC | US | CTRA | 42,127 | $1,158,492.50 |
| CUMMINS INC | US | CMI | 8,508 | $1,840,280.40 |
| CVS HEALTH CORP | US | CVS | 33,758 | $2,329,639.58 |
| DEVON ENERGY CORPORATION | US | DVN | 26,840 | $1,249,938.80 |
| DIAMONDBACK ENERGY INC | US | FANG | 9,123 | $1,462,599.36 |
| DOW INC | US | DOW | 29,806 | $1,440,822.04 |
| DREYFUS GVT CSH MANAGEMENT | US | 2,608,786.31 | $2,608,786.31 | |
| EBAY INC | US | EBAY | 27,368 | $1,073,646.64 |
| EMERSON ELEC CO | US | EMR | 27,819 | $2,475,056.43 |
| EOG RESOURCES INC | US | EOG | 19,559 | $2,469,323.75 |
| EXXON MOBIL CORP | US | XOM | 64,871 | $6,866,595.35 |
| FEDEX CORPORATION | US | FDX | 7,950 | $1,908,795.00 |
| FIFTH THIRD BANCORP | US | FITB | 40,038 | $949,300.98 |
| FMC CORP | US | FMC | 8,725 | $464,170.00 |
| GENERAL DYNAMICS CORP | US | GD | 11,370 | $2,743,694.70 |
| GENERAL MLS INC | US | GIS | 28,626 | $1,867,560.24 |
| GENUINE PARTS CO | US | GPC | 9,073 | $1,169,146.78 |
| GILEAD SCIENCES INC | US | GILD | 48,045 | $3,773,454.30 |
| HALLIBURTON CO | US | HAL | 34,413 | $1,353,807.42 |
| HARTFORD FINL SVCS | US | HIG | 13,648 | $1,002,445.60 |
| HOME DEPOT INC | US | HD | 26,316 | $7,491,902.04 |
| HONEYWELL INTERNATIONAL INC | US | HON | 23,611 | $4,326,951.86 |
| HUNTINGTON BANCSHARES | US | HBAN | 70,416 | $679,514.40 |
| INTERNATIONAL BUSINESS MACH CORP | US | IBM | 22,678 | $3,280,145.92 |
| INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 12,974 | $886,772.90 |
| JM SMUCKER CO/THE-NEW COM WI | US | SJM | 7,597 | $864,842.48 |
| JOHNSON & JOHNSON | US | JNJ | 47,299 | $7,016,333.66 |
| JP MORGAN CHASE & CO | US | JPM | 61,638 | $8,571,380.28 |
| KELLOGG CO | US | K | 14,380 | $725,758.60 |
| KRAFT HEINZ CO/THE | US | KHC | 40,544 | $1,275,514.24 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 8,423 | $1,511,170.43 |
| LOCKHEED MARTIN CORP | US | LMT | 8,569 | $3,895,810.16 |
| MARATHON OIL CORP | US | MRO | 28,984 | $791,553.04 |
| MARATHON PETROLEUM CORP | US | MPC | 18,597 | $2,812,796.25 |
| MEDTRONIC INC | IE | MDT | 40,233 | $2,838,840.48 |
| MERCK & CO INC | US | MRK | 69,014 | $7,087,737.80 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 23,506 | $1,675,742.74 |
| NETAPP INC | US | NTAP | 15,312 | $1,114,407.36 |
| NORFOLK SOUTHN CORP | US | NSC | 9,023 | $1,721,498.17 |
| OMNICOM GROUP | US | OMC | 13,954 | $1,045,294.14 |
| PACKAGING CORP OF AMERICA | US | PKG | 6,529 | $999,263.45 |
| PARAMOUNT GLOBAL CLASS B | US | PARA | 37,552 | $408,565.76 |
| PFIZER INC | US | PFE | 127,937 | $3,909,754.72 |
| PHILLIPS 66 | US | PSX | 15,077 | $1,719,833.39 |
| PPG INDUSTRIES INC | US | PPG | 10,128 | $1,243,414.56 |
| QUALCOMM INC | US | QCOM | 38,831 | $4,232,190.69 |
| QUEST DIAGNOSTICS INC | US | DGX | 7,989 | $1,039,368.90 |
| RAYTHEON TECHNOLOGIES CORP | US | RTX | 32,074 | $2,610,502.86 |
| REGIONS FINANCIAL CORP. | US | RF | 62,294 | $905,131.82 |
| SCHLUMBERGER LTD | NL | SLB | 42,578 | $2,369,891.48 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 8,922 | $773,894.28 |
| SYSCO CORP | US | SYY | 18,415 | $1,224,413.35 |
| TE CONNECTIVITY LIMITED | CH | TEL | 13,579 | $1,600,285.15 |
| TEXAS INSTRUMENTS INC | US | TXN | 24,660 | $3,501,966.60 |
| TRAVELLERS COS INC | US | TRV | 11,785 | $1,973,280.40 |
| TRUIST FINANCIAL CORP | US | TFC | 44,012 | $1,248,180.32 |
| TYSON FOODS INC -CL A | US | TSN | 19,355 | $897,104.25 |
| U.S. BANCORP | US | USB | 59,859 | $1,908,304.92 |
| UNION PAC CORP | US | UNP | 20,550 | $4,266,385.50 |
| UNITED PARCEL SERVICE | US | UPS | 23,218 | $3,279,542.50 |
| VALERO ENERGY | US | VLO | 11,983 | $1,521,841.00 |
| WELLS FARGO COMPANY | US | WFC | 87,677 | $3,486,914.29 |
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
$7.74
Daily $ Change
$0.08
Daily % Change
1.03%
as of 12/01/2023
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 | |
| 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
YTD
-6.00%
1 Year
-3.32%
3 Year
9.06%
5 Year
6.29%
10 Year
8.30%
Inception
(03/01/2019)
10.29%
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 | 0.41% |
| Net | 0.11%* |
*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.
| JP MORGAN CHASE & CO | 4.13% |
| HOME DEPOT INC | 3.61% |
| MERCK & CO INC | 3.41% |
| JOHNSON & JOHNSON | 3.38% |
| EXXON MOBIL CORP | 3.31% |
| BROADCOM INC | 3.18% |
| CISCO SYSTEMS INC | 3.05% |
| CHEVRON CORP | 2.88% |
| COMCAST CORP-CL A | 2.46% |
| CATERPILLAR INC | 2.19% |
Top Ten Investments list is unaudited and excludes cash
| Communication Services | 3.16% | |
| Consumer Discretionary | 4.69% | |
| Consumer Staples | 6.82% | |
| Energy | 16.37% | |
| Financials | 13.49% | |
| Health Care | 17.48% | |
| Industrials | 18.89% | |
| Information Technology | 16.68% | |
| 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 | 21,992 | $2,000,172.40 |
| ABBOTT LABORATORIES | US | ABT | 43,003 | $4,065,933.65 |
| ANALOG DEVICES INC | US | ADI | 21,163 | $3,329,574.79 |
| ARCHER-DANIELS-MIDLAND CO | US | ADM | 25,771 | $1,844,430.47 |
| BANK OF AMERICA CORP | US | BAC | 166,117 | $4,375,521.78 |
| BAXTER INTERNATIONAL INC | US | BAX | 24,731 | $802,026.33 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 66,751 | $3,439,679.03 |
| BROADCOM INC | US | AVGO | 7,845 | $6,600,547.65 |
| BROADRIDGE FINANCIAL SOLUTIONS | US | BR | 7,519 | $1,283,042.16 |
| BUNGE LIMITED | US | BG | 10,203 | $1,081,313.94 |
| C.H. ROBINSON WORLDWIDE INC | US | CHRW | 9,926 | $812,244.58 |
| CAMPBELL SOUP CO | US | CPB | 21,261 | $859,157.01 |
| CATERPILLAR INC | US | CAT | 20,120 | $4,548,126.00 |
| CHEVRON CORP | US | CVX | 40,979 | $5,971,869.67 |
| CISCO SYSTEMS INC | US | CSCO | 121,335 | $6,325,193.55 |
| CITIGROUP INC | US | C | 73,801 | $2,914,401.49 |
| COGNIZANT TECH SOLUTIONS - A | US | CTSH | 19,978 | $1,287,981.66 |
| COLGATE-PALMOLIVE CO | US | CL | 35,161 | $2,641,294.32 |
| COMCAST CORP-CL A | US | CMCSA | 123,785 | $5,111,082.65 |
| CONAGRA BRAND INC. | US | CAG | 31,992 | $875,301.12 |
| CONOCOPHILLIPS | US | COP | 35,718 | $4,243,298.40 |
| CORNING INC | US | GLW | 34,016 | $910,268.16 |
| COTERRA ENERGY INC | US | CTRA | 42,127 | $1,158,492.50 |
| CUMMINS INC | US | CMI | 8,508 | $1,840,280.40 |
| CVS HEALTH CORP | US | CVS | 33,758 | $2,329,639.58 |
| DEVON ENERGY CORPORATION | US | DVN | 26,840 | $1,249,938.80 |
| DIAMONDBACK ENERGY INC | US | FANG | 9,123 | $1,462,599.36 |
| DOW INC | US | DOW | 29,806 | $1,440,822.04 |
| DREYFUS GVT CSH MANAGEMENT | US | 2,608,786.31 | $2,608,786.31 | |
| EBAY INC | US | EBAY | 27,368 | $1,073,646.64 |
| EMERSON ELEC CO | US | EMR | 27,819 | $2,475,056.43 |
| EOG RESOURCES INC | US | EOG | 19,559 | $2,469,323.75 |
| EXXON MOBIL CORP | US | XOM | 64,871 | $6,866,595.35 |
| FEDEX CORPORATION | US | FDX | 7,950 | $1,908,795.00 |
| FIFTH THIRD BANCORP | US | FITB | 40,038 | $949,300.98 |
| FMC CORP | US | FMC | 8,725 | $464,170.00 |
| GENERAL DYNAMICS CORP | US | GD | 11,370 | $2,743,694.70 |
| GENERAL MLS INC | US | GIS | 28,626 | $1,867,560.24 |
| GENUINE PARTS CO | US | GPC | 9,073 | $1,169,146.78 |
| GILEAD SCIENCES INC | US | GILD | 48,045 | $3,773,454.30 |
| HALLIBURTON CO | US | HAL | 34,413 | $1,353,807.42 |
| HARTFORD FINL SVCS | US | HIG | 13,648 | $1,002,445.60 |
| HOME DEPOT INC | US | HD | 26,316 | $7,491,902.04 |
| HONEYWELL INTERNATIONAL INC | US | HON | 23,611 | $4,326,951.86 |
| HUNTINGTON BANCSHARES | US | HBAN | 70,416 | $679,514.40 |
| INTERNATIONAL BUSINESS MACH CORP | US | IBM | 22,678 | $3,280,145.92 |
| INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 12,974 | $886,772.90 |
| JM SMUCKER CO/THE-NEW COM WI | US | SJM | 7,597 | $864,842.48 |
| JOHNSON & JOHNSON | US | JNJ | 47,299 | $7,016,333.66 |
| JP MORGAN CHASE & CO | US | JPM | 61,638 | $8,571,380.28 |
| KELLOGG CO | US | K | 14,380 | $725,758.60 |
| KRAFT HEINZ CO/THE | US | KHC | 40,544 | $1,275,514.24 |
| L3HARRIS TECHNOLOGIES INC | US | LHX | 8,423 | $1,511,170.43 |
| LOCKHEED MARTIN CORP | US | LMT | 8,569 | $3,895,810.16 |
| MARATHON OIL CORP | US | MRO | 28,984 | $791,553.04 |
| MARATHON PETROLEUM CORP | US | MPC | 18,597 | $2,812,796.25 |
| MEDTRONIC INC | IE | MDT | 40,233 | $2,838,840.48 |
| MERCK & CO INC | US | MRK | 69,014 | $7,087,737.80 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 23,506 | $1,675,742.74 |
| NETAPP INC | US | NTAP | 15,312 | $1,114,407.36 |
| NORFOLK SOUTHN CORP | US | NSC | 9,023 | $1,721,498.17 |
| OMNICOM GROUP | US | OMC | 13,954 | $1,045,294.14 |
| PACKAGING CORP OF AMERICA | US | PKG | 6,529 | $999,263.45 |
| PARAMOUNT GLOBAL CLASS B | US | PARA | 37,552 | $408,565.76 |
| PFIZER INC | US | PFE | 127,937 | $3,909,754.72 |
| PHILLIPS 66 | US | PSX | 15,077 | $1,719,833.39 |
| PPG INDUSTRIES INC | US | PPG | 10,128 | $1,243,414.56 |
| QUALCOMM INC | US | QCOM | 38,831 | $4,232,190.69 |
| QUEST DIAGNOSTICS INC | US | DGX | 7,989 | $1,039,368.90 |
| RAYTHEON TECHNOLOGIES CORP | US | RTX | 32,074 | $2,610,502.86 |
| REGIONS FINANCIAL CORP. | US | RF | 62,294 | $905,131.82 |
| SCHLUMBERGER LTD | NL | SLB | 42,578 | $2,369,891.48 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 8,922 | $773,894.28 |
| SYSCO CORP | US | SYY | 18,415 | $1,224,413.35 |
| TE CONNECTIVITY LIMITED | CH | TEL | 13,579 | $1,600,285.15 |
| TEXAS INSTRUMENTS INC | US | TXN | 24,660 | $3,501,966.60 |
| TRAVELLERS COS INC | US | TRV | 11,785 | $1,973,280.40 |
| TRUIST FINANCIAL CORP | US | TFC | 44,012 | $1,248,180.32 |
| TYSON FOODS INC -CL A | US | TSN | 19,355 | $897,104.25 |
| U.S. BANCORP | US | USB | 59,859 | $1,908,304.92 |
| UNION PAC CORP | US | UNP | 20,550 | $4,266,385.50 |
| UNITED PARCEL SERVICE | US | UPS | 23,218 | $3,279,542.50 |
| VALERO ENERGY | US | VLO | 11,983 | $1,521,841.00 |
| WELLS FARGO COMPANY | US | WFC | 87,677 | $3,486,914.29 |
Investments will change over time.
Distributions
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.