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

Performance

As of 10/31/2023

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.

Top Ten Investments

As of 10/31/2023

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

Sector Allocation

As of 10/31/2023

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

  • Disciplined Value Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 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

$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

Performance

As of 10/31/2023

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.

Top Ten Investments

As of 10/31/2023

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

Sector Allocation

As of 10/31/2023

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

  • Disciplined Value Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 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.

Sign up to receive the latest financial planning and investment tips and news.

View all Preferences