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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.
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.
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
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.
$7.94
$0.01
0.13%
as of 02/02/2023
MDVWX
56382R456
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
As of 12/31/2022
---
-3.74%
6.77%
7.83%
11.07%
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.
| 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.
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
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.
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.
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.
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.
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.
$7.94
$0.01
0.13%
as of 02/02/2023
MDVWX
56382R456
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | --- |
| Applications & Forms | |
| N-Port Part F Reports |
To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
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.
As of 12/31/2022
---
-3.74%
6.77%
7.83%
11.07%
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.
| 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.
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
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.
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.
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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