Mutual Fund

Disciplined Value Series

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

$7.64

Daily $ Change

$0.09

Daily % Change

1.18%

as of 06/07/2023

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 05/31/2023

YTD

-5.16%

1 Year

-5.30%

3 Year

10.13%

5 Year

6.86%

10 Year

9.07%

Inception
(03/01/2019)

10.67%

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 05/31/2023

JP MORGAN CHASE & CO 4.01%
MERCK & CO INC 3.56%
JOHNSON & JOHNSON 3.54%
HOME DEPOT INC 3.45%
BROADCOM INC 3.14%
EXXON MOBIL CORP 3.07%
CHEVRON CORP 2.90%
CISCO SYSTEMS INC 2.79%
COMCAST CORP-CL A 2.38%
PFIZER INC 2.31%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2023

Communication Services
3.22%
Consumer Discretionary
4.65%
Consumer Staples
7.51%
Energy
14.09%
Financials
13.45%
Health Care
18.66%
Industrials
18.87%
Information Technology
16.92%
Materials
2.63%

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 37,845 $3,531,316.95
ABBOTT LABORATORIES US ABT 65,340 $6,664,680.00
ANALOG DEVICES INC US ADI 34,554 $6,139,900.26
ARCHER-DANIELS-MIDLAND CO US ADM 42,242 $2,984,397.30
BANK OF AMERICA CORP US BAC 266,824 $7,415,038.96
BAXTER INTERNATIONAL INC US BAX 41,063 $1,672,085.36
BRISTOL MYERS SQUIBB CO US BMY 105,824 $6,819,298.56
BROADCOM INC US AVGO 13,355 $10,790,305.80
BROADRIDGE FINANCIAL SOLUTIONS US BR 12,563 $1,843,243.36
BUNGE LIMITED US BG 16,388 $1,518,184.32
C.H. ROBINSON WORLDWIDE INC US CHRW 15,572 $1,472,176.88
CAMPBELL SOUP CO US CPB 35,311 $1,784,971.05
CATERPILLAR INC US CAT 33,570 $6,907,027.50
CHEVRON CORP US CVX 66,133 $9,960,952.46
CISCO SYSTEMS INC US CSCO 192,532 $9,563,064.44
CITIGROUP INC US C 120,074 $5,321,679.68
COGNIZANT TECH SOLUTIONS - A US CTSH 33,030 $2,064,044.70
COLGATE-PALMOLIVE CO US CL 56,568 $4,207,527.84
COMCAST CORP-CL A US CMCSA 207,877 $8,179,959.95
CONAGRA BRAND INC. US CAG 50,727 $1,768,850.49
CONOCOPHILLIPS US COP 55,609 $5,521,973.70
CORNING INC US GLW 56,357 $1,736,359.17
COTERRA ENERGY INC US CTRA 68,165 $1,584,836.25
CUMMINS INC US CMI 14,090 $2,880,136.90
CVS HEALTH CORP US CVS 55,288 $3,761,242.64
DEVON ENERGY CORPORATION US DVN 46,799 $2,157,433.90
DIAMONDBACK ENERGY INC US FANG 14,462 $1,838,843.30
DOW INC US DOW 48,681 $2,374,659.18
DREYFUS GVT CSH MANAGEMENT US 2,500,589.88 $2,500,589.88
EBAY INC US EBAY 42,993 $1,828,922.22
EMERSON ELEC CO US EMR 45,254 $3,515,330.72
EOG RESOURCES INC US EOG 32,681 $3,506,344.49
EXXON MOBIL CORP US XOM 103,253 $10,550,391.54
FEDEX CORPORATION US FDX 12,470 $2,718,210.60
FIFTH THIRD BANCORP US FITB 62,709 $1,521,947.43
FMC CORP US FMC 14,224 $1,480,433.92
GENERAL DYNAMICS CORP US GD 19,362 $3,953,333.16
GENERAL MLS INC US GIS 46,525 $3,915,544.00
GENUINE PARTS CO US GPC 15,258 $2,272,373.94
GILEAD SCIENCES INC US GILD 76,658 $5,898,066.52
HALLIBURTON CO US HAL 59,882 $1,715,619.30
HARTFORD FINL SVCS US HIG 21,679 $1,485,445.08
HOME DEPOT INC US HD 41,800 $11,848,210.00
HONEYWELL INTERNATIONAL INC US HON 39,002 $7,472,783.20
HUNTINGTON BANCSHARES US HBAN 112,291 $1,157,720.21
INTERNATIONAL BUSINESS MACH CORP US IBM 37,382 $4,806,951.38
INTERNATIONAL FLVRS & FRAGRANCES US IFF 21,419 $1,655,474.51
JM SMUCKER CO/THE-NEW COM WI US SJM 12,127 $1,777,696.93
JOHNSON & JOHNSON US JNJ 78,323 $12,144,764.38
JP MORGAN CHASE & CO US JPM 101,475 $13,771,172.25
KELLOGG CO US K 23,917 $1,596,938.09
KRAFT HEINZ CO/THE US KHC 67,040 $2,562,268.80
L3HARRIS TECHNOLOGIES INC US LHX 14,632 $2,574,061.44
LOCKHEED MARTIN CORP US LMT 15,079 $6,695,226.79
MARATHON OIL CORP US MRO 50,686 $1,123,201.76
MARATHON PETROLEUM CORP US MPC 29,753 $3,121,387.23
MEDTRONIC INC IE MDT 62,216 $5,148,996.16
MERCK & CO INC US MRK 110,768 $12,229,894.88
MICROCHIP TECHNOLOGY INC US MCHP 38,507 $2,898,036.82
NETAPP INC US NTAP 24,475 $1,623,916.25
NORFOLK SOUTHN CORP US NSC 14,933 $3,108,751.94
OMNICOM GROUP US OMC 21,936 $1,934,535.84
PACKAGING CORP OF AMERICA US PKG 10,735 $1,331,462.05
PARAMOUNT GLOBAL CLASS B US PARA 60,685 $923,018.85
PFIZER INC US PFE 208,216 $7,916,372.32
PHILLIPS 66 US PSX 24,796 $2,271,561.56
PPG INDUSTRIES INC US PPG 16,719 $2,195,037.51
QUALCOMM INC US QCOM 63,398 $7,189,967.18
QUEST DIAGNOSTICS INC US DGX 13,450 $1,784,142.50
RAYTHEON TECHNOLOGIES CORP US RTX 57,199 $5,270,315.86
REGIONS FINANCIAL CORP. US RF 100,646 $1,738,156.42
SCHLUMBERGER LTD NL SLB 67,726 $2,900,704.58
SKYWORKS SOLUTIONS INC US SWKS 14,936 $1,546,025.36
SYSCO CORP US SYY 30,132 $2,107,733.40
TE CONNECTIVITY LIMITED CH TEL 22,168 $2,715,136.64
TEXAS INSTRUMENTS INC US TXN 40,252 $6,999,017.76
TRAVELLERS COS INC US TRV 18,046 $3,054,105.04
TRUIST FINANCIAL CORP US TFC 74,501 $2,270,045.47
TYSON FOODS INC -CL A US TSN 30,999 $1,569,789.36
U.S. BANCORP US USB 100,275 $2,998,222.50
UNION PAC CORP US UNP 33,861 $6,518,919.72
UNITED PARCEL SERVICE US UPS 37,823 $6,316,441.00
VALERO ENERGY US VLO 19,790 $2,118,321.60
WELLS FARGO COMPANY US WFC 136,392 $5,429,765.52

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.

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

$7.64

Daily $ Change

$0.09

Daily % Change

$1.18

as of 06/07/2023

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 05/31/2023

YTD

-5.16%

1 Year

-5.30%

3 Year

10.13%

5 Year

6.86%

10 Year

9.07%

Inception
(03/01/2019)

10.67%

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 05/31/2023

JP MORGAN CHASE & CO 4.01%
MERCK & CO INC 3.56%
JOHNSON & JOHNSON 3.54%
HOME DEPOT INC 3.45%
BROADCOM INC 3.14%
EXXON MOBIL CORP 3.07%
CHEVRON CORP 2.90%
CISCO SYSTEMS INC 2.79%
COMCAST CORP-CL A 2.38%
PFIZER INC 2.31%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 05/31/2023

Communication Services
3.22%
Consumer Discretionary
4.65%
Consumer Staples
7.51%
Energy
14.09%
Financials
13.45%
Health Care
18.66%
Industrials
18.87%
Information Technology
16.92%
Materials
2.63%

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 37,845 $3,531,316.95
ABBOTT LABORATORIES US ABT 65,340 $6,664,680.00
ANALOG DEVICES INC US ADI 34,554 $6,139,900.26
ARCHER-DANIELS-MIDLAND CO US ADM 42,242 $2,984,397.30
BANK OF AMERICA CORP US BAC 266,824 $7,415,038.96
BAXTER INTERNATIONAL INC US BAX 41,063 $1,672,085.36
BRISTOL MYERS SQUIBB CO US BMY 105,824 $6,819,298.56
BROADCOM INC US AVGO 13,355 $10,790,305.80
BROADRIDGE FINANCIAL SOLUTIONS US BR 12,563 $1,843,243.36
BUNGE LIMITED US BG 16,388 $1,518,184.32
C.H. ROBINSON WORLDWIDE INC US CHRW 15,572 $1,472,176.88
CAMPBELL SOUP CO US CPB 35,311 $1,784,971.05
CATERPILLAR INC US CAT 33,570 $6,907,027.50
CHEVRON CORP US CVX 66,133 $9,960,952.46
CISCO SYSTEMS INC US CSCO 192,532 $9,563,064.44
CITIGROUP INC US C 120,074 $5,321,679.68
COGNIZANT TECH SOLUTIONS - A US CTSH 33,030 $2,064,044.70
COLGATE-PALMOLIVE CO US CL 56,568 $4,207,527.84
COMCAST CORP-CL A US CMCSA 207,877 $8,179,959.95
CONAGRA BRAND INC. US CAG 50,727 $1,768,850.49
CONOCOPHILLIPS US COP 55,609 $5,521,973.70
CORNING INC US GLW 56,357 $1,736,359.17
COTERRA ENERGY INC US CTRA 68,165 $1,584,836.25
CUMMINS INC US CMI 14,090 $2,880,136.90
CVS HEALTH CORP US CVS 55,288 $3,761,242.64
DEVON ENERGY CORPORATION US DVN 46,799 $2,157,433.90
DIAMONDBACK ENERGY INC US FANG 14,462 $1,838,843.30
DOW INC US DOW 48,681 $2,374,659.18
DREYFUS GVT CSH MANAGEMENT US 2,500,589.88 $2,500,589.88
EBAY INC US EBAY 42,993 $1,828,922.22
EMERSON ELEC CO US EMR 45,254 $3,515,330.72
EOG RESOURCES INC US EOG 32,681 $3,506,344.49
EXXON MOBIL CORP US XOM 103,253 $10,550,391.54
FEDEX CORPORATION US FDX 12,470 $2,718,210.60
FIFTH THIRD BANCORP US FITB 62,709 $1,521,947.43
FMC CORP US FMC 14,224 $1,480,433.92
GENERAL DYNAMICS CORP US GD 19,362 $3,953,333.16
GENERAL MLS INC US GIS 46,525 $3,915,544.00
GENUINE PARTS CO US GPC 15,258 $2,272,373.94
GILEAD SCIENCES INC US GILD 76,658 $5,898,066.52
HALLIBURTON CO US HAL 59,882 $1,715,619.30
HARTFORD FINL SVCS US HIG 21,679 $1,485,445.08
HOME DEPOT INC US HD 41,800 $11,848,210.00
HONEYWELL INTERNATIONAL INC US HON 39,002 $7,472,783.20
HUNTINGTON BANCSHARES US HBAN 112,291 $1,157,720.21
INTERNATIONAL BUSINESS MACH CORP US IBM 37,382 $4,806,951.38
INTERNATIONAL FLVRS & FRAGRANCES US IFF 21,419 $1,655,474.51
JM SMUCKER CO/THE-NEW COM WI US SJM 12,127 $1,777,696.93
JOHNSON & JOHNSON US JNJ 78,323 $12,144,764.38
JP MORGAN CHASE & CO US JPM 101,475 $13,771,172.25
KELLOGG CO US K 23,917 $1,596,938.09
KRAFT HEINZ CO/THE US KHC 67,040 $2,562,268.80
L3HARRIS TECHNOLOGIES INC US LHX 14,632 $2,574,061.44
LOCKHEED MARTIN CORP US LMT 15,079 $6,695,226.79
MARATHON OIL CORP US MRO 50,686 $1,123,201.76
MARATHON PETROLEUM CORP US MPC 29,753 $3,121,387.23
MEDTRONIC INC IE MDT 62,216 $5,148,996.16
MERCK & CO INC US MRK 110,768 $12,229,894.88
MICROCHIP TECHNOLOGY INC US MCHP 38,507 $2,898,036.82
NETAPP INC US NTAP 24,475 $1,623,916.25
NORFOLK SOUTHN CORP US NSC 14,933 $3,108,751.94
OMNICOM GROUP US OMC 21,936 $1,934,535.84
PACKAGING CORP OF AMERICA US PKG 10,735 $1,331,462.05
PARAMOUNT GLOBAL CLASS B US PARA 60,685 $923,018.85
PFIZER INC US PFE 208,216 $7,916,372.32
PHILLIPS 66 US PSX 24,796 $2,271,561.56
PPG INDUSTRIES INC US PPG 16,719 $2,195,037.51
QUALCOMM INC US QCOM 63,398 $7,189,967.18
QUEST DIAGNOSTICS INC US DGX 13,450 $1,784,142.50
RAYTHEON TECHNOLOGIES CORP US RTX 57,199 $5,270,315.86
REGIONS FINANCIAL CORP. US RF 100,646 $1,738,156.42
SCHLUMBERGER LTD NL SLB 67,726 $2,900,704.58
SKYWORKS SOLUTIONS INC US SWKS 14,936 $1,546,025.36
SYSCO CORP US SYY 30,132 $2,107,733.40
TE CONNECTIVITY LIMITED CH TEL 22,168 $2,715,136.64
TEXAS INSTRUMENTS INC US TXN 40,252 $6,999,017.76
TRAVELLERS COS INC US TRV 18,046 $3,054,105.04
TRUIST FINANCIAL CORP US TFC 74,501 $2,270,045.47
TYSON FOODS INC -CL A US TSN 30,999 $1,569,789.36
U.S. BANCORP US USB 100,275 $2,998,222.50
UNION PAC CORP US UNP 33,861 $6,518,919.72
UNITED PARCEL SERVICE US UPS 37,823 $6,316,441.00
VALERO ENERGY US VLO 19,790 $2,118,321.60
WELLS FARGO COMPANY US WFC 136,392 $5,429,765.52

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.

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