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

$7.94

Daily $ Change

$0.01

Daily % Change

0.13%

as of 02/02/2023

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
Fact Sheet ---
Applications & Forms
N-Port Part F Reports

Performance

As of 12/31/2022

YTD

---

1 Year

-3.74%

3 Year

6.77%

5 Year

7.83%

10 Year

11.07%

Inception
(11/07/2008)

11.41%

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. 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 0.41%
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.

Top Ten Investments

As of 12/31/2022

JP MORGAN CHASE & CO 3.70%
JOHNSON & JOHNSON 3.63%
WAL MART STORES 3.53%
PROCTER & GAMBLE CO 3.39%
HOME DEPOT INC 3.02%
MERCK & CO INC 2.97%
CHEVRON CORP 2.35%
CISCO SYSTEMS INC 2.26%
PFIZER INC 2.10%
HONEYWELL INTERNATIONAL INC 1.99%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2022

Communication Services 2.42%
Consumer Discretionary 10.03%
Consumer Staples 14.44%
Energy 7.40%
Financials 10.86%
Health Care 16.18%
Industrials 21.85%
Information Technology 12.17%
Materials 4.65%

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.

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,100 $6,159,219.00
ALLSTATE CORPORATION US ALL 19,971 $2,708,067.60
ANALOG DEVICES INC US ADI 31,342 $5,141,028.26
ARCHER-DANIELS-MIDLAND CO US ADM 37,218 $3,455,691.30
AUTOMATIC DATA PROCESSING US ADP 22,557 $5,387,965.02
BAXTER INTERNATIONAL INC US BAX 27,199 $1,386,333.03
BEST BUY INC US BBY 21,482 $1,723,071.22
BRISTOL MYERS SQUIBB CO US BMY 98,716 $7,102,616.20
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,263 $1,510,706.19
C.H. ROBINSON WORLDWIDE INC US CHRW 14,671 $1,343,276.76
COTERRA ENERGY INC US CTRA 52,859 $1,298,745.63
CAMPBELL SOUP CO US CPB 29,410 $1,669,017.50
CATERPILLAR INC US CAT 27,593 $6,610,179.08
CHEVRON CORP US CVX 49,567 $8,896,780.83
CINCINNATI FINANCIAL CORP US CINF 15,029 $1,538,819.31
CISCO SYSTEMS INC US CSCO 179,645 $8,558,287.80
CITIGROUP INC US C 113,051 $5,113,296.73
COLGATE-PALMOLIVE CO US CL 51,132 $4,028,690.28
COMCAST CORP-CL A US CMCSA 194,755 $6,810,582.35
CONAGRA BRAND INC. US CAG 46,364 $1,794,286.80
CONOCOPHILLIPS US COP 45,741 $5,397,438.00
CUMMINS INC US CMI 11,733 $2,842,788.57
DEVON ENERGY CORPORATION US DVN 36,148 $2,223,463.48
DIAMONDBACK ENERGY INC US FANG 10,800 $1,477,224.00
DOW INC US DOW 37,341 $1,881,612.99
DREYFUS GVT CSH MANAGEMENT US 3,172,654.8 $3,172,654.80
EOG RESOURCES INC US EOG 24,701 $3,199,273.52
EASTMAN CHEM CO US EMN 13,521 $1,101,150.24
EBAY INC US EBAY 34,722 $1,439,921.34
EMERSON ELEC CO US EMR 37,831 $3,634,045.86
FMC CORP US FMC 11,840 $1,477,632.00
FIFTH THIRD BANCORP US FITB 61,146 $2,006,200.26
GENERAL DYNAMICS CORP US GD 17,583 $4,362,518.13
GENERAL MLS INC US GIS 42,044 $3,525,389.40
GENUINE PARTS CO US GPC 14,022 $2,432,957.22
GILEAD SCIENCES INC US GILD 76,321 $6,552,157.85
HOME DEPOT INC US HD 36,208 $11,436,658.88
HONEYWELL INTERNATIONAL INC US HON 35,134 $7,529,216.20
ILLINOIS TOOL WKS INC US ITW 20,250 $4,461,075.00
INTEL CORP US INTC 188,027 $4,969,553.61
INTERNATIONAL FLVRS & FRAGRANCES US IFF 19,688 $2,064,089.92
JP MORGAN CHASE & CO US JPM 104,574 $14,023,373.40
JOHNSON & JOHNSON US JNJ 77,901 $13,761,211.65
KEYCORP US KEY 65,833 $1,146,810.86
KROGER CO US KR 51,575 $2,299,213.50
L3HARRIS TECHNOLOGIES INC US LHX 13,175 $2,743,166.75
LENNAR CORP US LEN 18,611 $1,684,295.50
LOCKHEED MARTIN CORP US LMT 13,380 $6,509,236.20
MARATHON PETROLEUM CORP US MPC 25,995 $3,025,558.05
MCDONALDS CORP US MCD 23,944 $6,309,962.32
MERCK & CO INC US MRK 101,428 $11,253,436.60
MICROCHIP TECHNOLOGY INC US MCHP 28,075 $1,972,268.75
MONDELEZ INTERNATIONAL INC US MDLZ 76,677 $5,110,522.05
MOTOROLA SOLUTIONS INC US MSI 12,544 $3,232,714.24
NETAPP INC US NTAP 23,334 $1,401,440.04
NEWMONT GOLDCORP CORP US NEM 46,115 $2,176,628.00
NORFOLK SOUTHN CORP US NSC 11,472 $2,826,930.24
NORTHROP GRUMMAN CORP US NOC 9,304 $5,076,355.44
NUCOR CORP US NUE 19,157 $2,525,084.17
OMNICOM GROUP US OMC 20,116 $1,640,862.12
PPG INDUSTRIES INC US PPG 13,780 $1,732,697.20
PACKAGING CORP OF AMERICA US PKG 9,743 $1,246,227.13
PARKER HANNIFIN CORP US PH 7,354 $2,140,014.00
PFIZER INC US PFE 154,993 $7,941,841.32
PIONEER NATURAL RESOURCES CO US PXD 11,024 $2,517,771.36
PROCTER & GAMBLE CO US PG 84,850 $12,859,866.00
QUALCOMM INC US QCOM 50,018 $5,498,978.92
QUEST DIAGNOSTICS INC US DGX 12,089 $1,891,203.16
REGIONS FINANCIAL CORP. US RF 89,416 $1,927,808.96
REPUBLIC SERVICES INC US RSG 22,939 $2,958,901.61
ROSS STORES INC US ROST 19,716 $2,288,436.12
SKYWORKS SOLUTIONS INC US SWKS 11,306 $1,030,315.78
JM SMUCKER CO/THE-NEW COM WI US SJM 10,786 $1,709,149.56
STANLEY BLACK & DECKER INC US SWK 9,750 $732,420.00
STEEL DYNAMICS INC US STLD 19,760 $1,930,552.00
TJX COMPANIES INC US TJX 50,773 $4,041,530.80
TARGET CORP US TGT 18,413 $2,744,273.52
TEXAS INSTRUMENTS INC US TXN 32,663 $5,396,580.86
3M CO US MMM 32,295 $3,872,816.40
TRACTOR SUPPLY COMPANY US TSCO 6,913 $1,555,217.61
TRAVELLERS COS INC US TRV 17,736 $3,325,322.64
TYSON FOODS INC -CL A US TSN 28,264 $1,759,434.00
U.S. BANCORP US USB 90,289 $3,937,503.29
UNION PAC CORP US UNP 30,523 $6,320,397.61
UNITED PARCEL SERVICE US UPS 30,028 $5,220,067.52
VF CORP US VFC 27,011 $745,773.71
PARAMOUNT GLOBAL CLASS B US PARA 41,916 $707,542.08
WAL MART STORES US WMT 94,334 $13,375,617.86
WALGREENS BOOTS ALLIANCE INC US WBA 48,085 $1,796,455.60
WASTE MANAGEMENT INC US WM 26,428 $4,146,024.64
BUNGE LIMITED US BG 13,493 $1,346,196.61
EATON CORP PLC US ETN 27,017 $4,240,318.15
JOHNSON CONTROLS INTERNATIONAL US JCI 46,789 $2,994,496.00
MEDTRONIC INC IE MDT 48,527 $3,771,518.44
ROYALTY PHARMA PLC- CL A US RPRX 37,667 $1,488,599.84
TRANE TECHNOLOGIES IE TT 13,204 $2,219,460.36
CHUBB LTD CH CB 24,521 $5,409,332.60
GARMIN LTD CH GRMN 17,608 $1,625,042.32
TE CONNECTIVITY LIMITED CH TEL 17,699 $2,031,845.20
LYONDELLBASELL INDU-CL A US LYB 18,058 $1,499,355.74

Investments will change over time.

Distributions

  • Disciplined Value Series Class W Distribution History
  • 2023 Distribution Calendar
  • First Quarter 2023 Distributions
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second 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

$7.94

Daily $ Change

$0.01

Daily % Change

0.13%

as of 02/02/2023

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
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 12/31/2022

YTD

---

1 Year

-3.74%

3 Year

6.77%

5 Year

7.83%

10 Year

11.07%

Inception
(11/07/2008)

11.41%

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. 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 0.41%
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.

Top Ten Investments

As of 12/31/2022

JP MORGAN CHASE & CO 3.70%
JOHNSON & JOHNSON 3.63%
WAL MART STORES 3.53%
PROCTER & GAMBLE CO 3.39%
HOME DEPOT INC 3.02%
MERCK & CO INC 2.97%
CHEVRON CORP 2.35%
CISCO SYSTEMS INC 2.26%
PFIZER INC 2.10%
HONEYWELL INTERNATIONAL INC 1.99%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2022

Communication Services
2.42%
Consumer Discretionary
10.03%
Consumer Staples
14.44%
Energy
7.40%
Financials
10.86%
Health Care
16.18%
Industrials
21.85%
Information Technology
12.17%
Materials
4.65%

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.

December Fund Holdings

As of 12/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,100 $6,159,219.00
ALLSTATE CORPORATION US ALL 19,971 $2,708,067.60
ANALOG DEVICES INC US ADI 31,342 $5,141,028.26
ARCHER-DANIELS-MIDLAND CO US ADM 37,218 $3,455,691.30
AUTOMATIC DATA PROCESSING US ADP 22,557 $5,387,965.02
BAXTER INTERNATIONAL INC US BAX 27,199 $1,386,333.03
BEST BUY INC US BBY 21,482 $1,723,071.22
BRISTOL MYERS SQUIBB CO US BMY 98,716 $7,102,616.20
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,263 $1,510,706.19
C.H. ROBINSON WORLDWIDE INC US CHRW 14,671 $1,343,276.76
COTERRA ENERGY INC US CTRA 52,859 $1,298,745.63
CAMPBELL SOUP CO US CPB 29,410 $1,669,017.50
CATERPILLAR INC US CAT 27,593 $6,610,179.08
CHEVRON CORP US CVX 49,567 $8,896,780.83
CINCINNATI FINANCIAL CORP US CINF 15,029 $1,538,819.31
CISCO SYSTEMS INC US CSCO 179,645 $8,558,287.80
CITIGROUP INC US C 113,051 $5,113,296.73
COLGATE-PALMOLIVE CO US CL 51,132 $4,028,690.28
COMCAST CORP-CL A US CMCSA 194,755 $6,810,582.35
CONAGRA BRAND INC. US CAG 46,364 $1,794,286.80
CONOCOPHILLIPS US COP 45,741 $5,397,438.00
CUMMINS INC US CMI 11,733 $2,842,788.57
DEVON ENERGY CORPORATION US DVN 36,148 $2,223,463.48
DIAMONDBACK ENERGY INC US FANG 10,800 $1,477,224.00
DOW INC US DOW 37,341 $1,881,612.99
DREYFUS GVT CSH MANAGEMENT US 3,172,654.8 $3,172,654.80
EOG RESOURCES INC US EOG 24,701 $3,199,273.52
EASTMAN CHEM CO US EMN 13,521 $1,101,150.24
EBAY INC US EBAY 34,722 $1,439,921.34
EMERSON ELEC CO US EMR 37,831 $3,634,045.86
FMC CORP US FMC 11,840 $1,477,632.00
FIFTH THIRD BANCORP US FITB 61,146 $2,006,200.26
GENERAL DYNAMICS CORP US GD 17,583 $4,362,518.13
GENERAL MLS INC US GIS 42,044 $3,525,389.40
GENUINE PARTS CO US GPC 14,022 $2,432,957.22
GILEAD SCIENCES INC US GILD 76,321 $6,552,157.85
HOME DEPOT INC US HD 36,208 $11,436,658.88
HONEYWELL INTERNATIONAL INC US HON 35,134 $7,529,216.20
ILLINOIS TOOL WKS INC US ITW 20,250 $4,461,075.00
INTEL CORP US INTC 188,027 $4,969,553.61
INTERNATIONAL FLVRS & FRAGRANCES US IFF 19,688 $2,064,089.92
JP MORGAN CHASE & CO US JPM 104,574 $14,023,373.40
JOHNSON & JOHNSON US JNJ 77,901 $13,761,211.65
KEYCORP US KEY 65,833 $1,146,810.86
KROGER CO US KR 51,575 $2,299,213.50
L3HARRIS TECHNOLOGIES INC US LHX 13,175 $2,743,166.75
LENNAR CORP US LEN 18,611 $1,684,295.50
LOCKHEED MARTIN CORP US LMT 13,380 $6,509,236.20
MARATHON PETROLEUM CORP US MPC 25,995 $3,025,558.05
MCDONALDS CORP US MCD 23,944 $6,309,962.32
MERCK & CO INC US MRK 101,428 $11,253,436.60
MICROCHIP TECHNOLOGY INC US MCHP 28,075 $1,972,268.75
MONDELEZ INTERNATIONAL INC US MDLZ 76,677 $5,110,522.05
MOTOROLA SOLUTIONS INC US MSI 12,544 $3,232,714.24
NETAPP INC US NTAP 23,334 $1,401,440.04
NEWMONT GOLDCORP CORP US NEM 46,115 $2,176,628.00
NORFOLK SOUTHN CORP US NSC 11,472 $2,826,930.24
NORTHROP GRUMMAN CORP US NOC 9,304 $5,076,355.44
NUCOR CORP US NUE 19,157 $2,525,084.17
OMNICOM GROUP US OMC 20,116 $1,640,862.12
PPG INDUSTRIES INC US PPG 13,780 $1,732,697.20
PACKAGING CORP OF AMERICA US PKG 9,743 $1,246,227.13
PARKER HANNIFIN CORP US PH 7,354 $2,140,014.00
PFIZER INC US PFE 154,993 $7,941,841.32
PIONEER NATURAL RESOURCES CO US PXD 11,024 $2,517,771.36
PROCTER & GAMBLE CO US PG 84,850 $12,859,866.00
QUALCOMM INC US QCOM 50,018 $5,498,978.92
QUEST DIAGNOSTICS INC US DGX 12,089 $1,891,203.16
REGIONS FINANCIAL CORP. US RF 89,416 $1,927,808.96
REPUBLIC SERVICES INC US RSG 22,939 $2,958,901.61
ROSS STORES INC US ROST 19,716 $2,288,436.12
SKYWORKS SOLUTIONS INC US SWKS 11,306 $1,030,315.78
JM SMUCKER CO/THE-NEW COM WI US SJM 10,786 $1,709,149.56
STANLEY BLACK & DECKER INC US SWK 9,750 $732,420.00
STEEL DYNAMICS INC US STLD 19,760 $1,930,552.00
TJX COMPANIES INC US TJX 50,773 $4,041,530.80
TARGET CORP US TGT 18,413 $2,744,273.52
TEXAS INSTRUMENTS INC US TXN 32,663 $5,396,580.86
3M CO US MMM 32,295 $3,872,816.40
TRACTOR SUPPLY COMPANY US TSCO 6,913 $1,555,217.61
TRAVELLERS COS INC US TRV 17,736 $3,325,322.64
TYSON FOODS INC -CL A US TSN 28,264 $1,759,434.00
U.S. BANCORP US USB 90,289 $3,937,503.29
UNION PAC CORP US UNP 30,523 $6,320,397.61
UNITED PARCEL SERVICE US UPS 30,028 $5,220,067.52
VF CORP US VFC 27,011 $745,773.71
PARAMOUNT GLOBAL CLASS B US PARA 41,916 $707,542.08
WAL MART STORES US WMT 94,334 $13,375,617.86
WALGREENS BOOTS ALLIANCE INC US WBA 48,085 $1,796,455.60
WASTE MANAGEMENT INC US WM 26,428 $4,146,024.64
BUNGE LIMITED US BG 13,493 $1,346,196.61
EATON CORP PLC US ETN 27,017 $4,240,318.15
JOHNSON CONTROLS INTERNATIONAL US JCI 46,789 $2,994,496.00
MEDTRONIC INC IE MDT 48,527 $3,771,518.44
ROYALTY PHARMA PLC- CL A US RPRX 37,667 $1,488,599.84
TRANE TECHNOLOGIES IE TT 13,204 $2,219,460.36
CHUBB LTD CH CB 24,521 $5,409,332.60
GARMIN LTD CH GRMN 17,608 $1,625,042.32
TE CONNECTIVITY LIMITED CH TEL 17,699 $2,031,845.20
LYONDELLBASELL INDU-CL A US LYB 18,058 $1,499,355.74

Investments will change over time.

Distributions

  • Disciplined Value Series Class W Distribution History
  • 2023 Distribution Calendar
  • First Quarter 2023 Distributions
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second 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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