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After the close of business on December 5, 2019, the Manning & Napier Fund, Inc. Disciplined Value Series conducted a 1.75-for-1 share split on the Series’ Class I and Z shares. Please review the FAQ document for details regarding the upcoming stock split.
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.
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.
$6.71
$0.12
1.79%
as of 04/09/2020
MDVZX
56382R274
03/01/2019
$1,000,000.00
*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms |
As of 03/31/2020
-25.04%
-15.65%
1.56%
4.72%
8.33%
9.57%
---
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 Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z 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 | 0.47% |
| Net | 0.45%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.
As of 03/31/2020
| JOHNSON & JOHNSON | 3.81% |
| WAL MART STORES | 3.71% |
| JP MORGAN CHASE & CO | 3.54% |
| INTEL CORP | 3.45% |
| HOME DEPOT INC | 3.06% |
| MERCK & CO INC | 3.05% |
| PFIZER INC | 2.90% |
| CISCO SYSTEMS INC | 2.70% |
| BANK OF AMERICA CORP | 2.52% |
| WELLS FARGO COMPANY | 2.10% |
Top Ten Investments list is unaudited and excludes cash
As of 03/31/2020
| Communication Services | 1.86% |
| Consumer Discretionary | 5.04% |
| Consumer Staples | 14.26% |
| Energy | 2.58% |
| Financials | 16.43% |
| Health Care | 19.69% |
| Industrials | 20.49% |
| Information Technology | 17.01% |
| Materials | 2.64% |
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 03/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00287Y109 | ABBVIE INC | US | ABBV | 74,236 | $5,656,040.84 |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 21,816 | $2,001,181.68 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 20,488 | $1,836,749.20 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 44,256 | $1,556,926.08 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 19,585 | $2,676,877.80 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 91,796 | $963,858.00 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 324,913 | $6,897,902.99 |
| 086516101 | BEST BUY INC | US | BBY | 24,617 | $1,403,169.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 100,623 | $5,608,726.02 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 16,563 | $1,096,470.60 |
| 149123101 | CATERPILLAR INC | US | CAT | 33,935 | $3,937,817.40 |
| 172062101 | CINCINNATI FINANCIAL CORP | US | CINF | 12,141 | $916,038.45 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 187,969 | $7,389,061.39 |
| 172967424 | CITIGROUP INC | US | C | 97,639 | $4,112,554.68 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 52,713 | $3,498,034.68 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 147,986 | $5,087,758.68 |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 47,069 | $1,381,004.46 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 62,108 | $1,912,926.40 |
| 21036P108 | CONSTELLATION BRANDS INC-A | US | STZ | 10,805 | $1,549,004.80 |
| 231021106 | CUMMINS INC | US | CMI | 13,379 | $1,810,446.28 |
| 260003108 | DOVER CORP | US | DOV | 10,915 | $916,205.10 |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 3,357,122.47 | $3,357,122.47 | |
| 26875P101 | EOG RESOURCES INC | US | EOG | 38,039 | $1,366,360.88 |
| 291011104 | EMERSON ELEC CO | US | EMR | 49,669 | $2,366,727.85 |
| 311900104 | FASTENAL CO | US | FAST | 54,079 | $1,689,968.75 |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 61,979 | $920,388.15 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 18,063 | $2,389,915.53 |
| 370334104 | GENERAL MLS INC | US | GIS | 45,340 | $2,392,591.80 |
| 372460105 | GENUINE PARTS CO | US | GPC | 16,918 | $1,139,088.94 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 66,776 | $4,992,173.76 |
| 384802104 | WW GRAINGER INC | US | GWW | 3,842 | $954,737.00 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 31,829 | $1,121,653.96 |
| 427866108 | HERSHEY CO/THE | US | HSY | 16,670 | $2,208,775.00 |
| 437076102 | HOME DEPOT INC | US | HD | 44,756 | $8,356,392.76 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 38,131 | $5,101,546.49 |
| 440452100 | HORMEL FOODS CORP | US | HRL | 32,362 | $1,509,363.68 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 21,848 | $3,105,037.76 |
| 458140100 | INTEL CORP | US | INTC | 174,023 | $9,418,124.76 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 47,356 | $5,253,201.08 |
| 459506101 | INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 8,116 | $828,481.28 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 107,369 | $9,666,431.07 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 79,378 | $10,408,837.14 |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 13,373 | $1,922,235.02 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 22,836 | $2,920,039.32 |
| 501044101 | KROGER CO | US | KR | 66,249 | $1,995,419.88 |
| 532457108 | ELI LILLY & CO | US | LLY | 32,733 | $4,540,721.76 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 14,606 | $4,950,703.70 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 55,575 | $1,312,681.50 |
| 58933Y105 | MERCK & CO INC | US | MRK | 108,348 | $8,336,295.12 |
| 60871R209 | MOLSON COORS BREWING CO -B | US | TAP | 23,503 | $916,852.03 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 84,054 | $4,209,424.32 |
| 64110D104 | NETAPP INC | US | NTAP | 22,921 | $955,576.49 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 13,462 | $1,965,452.00 |
| 670346105 | NUCOR CORP | US | NUE | 32,690 | $1,177,493.80 |
| 68389X105 | ORACLE CORP | US | ORCL | 101,005 | $4,881,571.65 |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 20,928 | $2,003,228.16 |
| 717081103 | PFIZER INC | US | PFE | 242,491 | $7,914,906.24 |
| 747525103 | QUALCOMM INC | US | QCOM | 47,431 | $3,208,707.15 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 13,791 | $1,107,417.30 |
| 755111507 | RAYTHEON COMPANY | US | RTN | 14,969 | $1,963,184.35 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 92,505 | $829,769.85 |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 9,606 | $1,449,641.46 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 12,219 | $1,356,309.00 |
| 871829107 | SYSCO CORP | US | SYY | 36,556 | $1,668,050.28 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 50,630 | $5,059,455.90 |
| 88579Y101 | 3M CO | US | MMM | 32,739 | $4,469,200.89 |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 17,623 | $1,750,845.05 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 89,954 | $2,774,181.36 |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 28,650 | $1,657,975.50 |
| 902973304 | U.S. BANCORP | US | USB | 93,778 | $3,230,652.10 |
| 907818108 | UNION PAC CORP | US | UNP | 36,196 | $5,105,083.84 |
| 913017109 | UNITED TECHNOLOGIES CORP | US | UTX | 45,185 | $4,262,301.05 |
| 918204108 | VF CORP | US | VFC | 33,872 | $1,831,797.76 |
| 91913Y100 | VALERO ENERGY | US | VLO | 32,917 | $1,493,115.12 |
| 931142103 | WAL MART STORES | US | WMT | 89,291 | $10,145,243.42 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 29,926 | $2,769,950.56 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 200,318 | $5,749,126.60 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 23,680 | $3,865,996.80 |
| G29183103 | EATON CORP PLC | US | ETN | 31,890 | $2,477,534.10 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 70,033 | $1,888,089.68 |
| G5494J103 | LINDE PLC | GB | LIN | 21,052 | $3,641,996.00 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 58,172 | $5,245,950.96 |
| G8994E103 | TRANE TECHNOLOGIES | IE | TT | 15,928 | $1,315,493.52 |
| H1467J104 | CHUBB LTD | CH | CB | 26,053 | $2,909,859.57 |
| H2906T109 | GARMIN LTD | CH | GRMN | 13,705 | $1,027,326.80 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 31,688 | $1,572,675.44 |
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.
After the close of business on December 5, 2019, the Manning & Napier Fund, Inc. Disciplined Value Series conducted a 1.75-for-1 share split on the Series’ Class I and Z shares. Please review the FAQ document for details regarding the upcoming stock split.
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.
$6.71
$0.12
1.79%
as of 04/09/2020
MDVZX
56382R274
03/01/2019
$1,000,000.00
*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms |
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 03/31/2020
-25.04%
-15.65%
1.56%
4.72%
8.33%
9.57%
---
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 Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z 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 | 0.47% |
| Net | 0.45%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.
As of 03/31/2020
| JOHNSON & JOHNSON | 3.81% |
| WAL MART STORES | 3.71% |
| JP MORGAN CHASE & CO | 3.54% |
| INTEL CORP | 3.45% |
| HOME DEPOT INC | 3.06% |
| MERCK & CO INC | 3.05% |
| PFIZER INC | 2.90% |
| CISCO SYSTEMS INC | 2.70% |
| BANK OF AMERICA CORP | 2.52% |
| WELLS FARGO COMPANY | 2.10% |
Top Ten Investments list is unaudited and excludes cash
As of 03/31/2020
| Communication Services | 1.86% | |
| Consumer Discretionary | 5.04% | |
| Consumer Staples | 14.26% | |
| Energy | 2.58% | |
| Financials | 16.43% | |
| Health Care | 19.69% | |
| Industrials | 20.49% | |
| Information Technology | 17.01% | |
| Materials | 2.64% |
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 03/31/2020
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 00287Y109 | ABBVIE INC | US | ABBV | 74,236 | $5,656,040.84 |
| 020002101 | ALLSTATE CORPORATION | US | ALL | 21,816 | $2,001,181.68 |
| 032654105 | ANALOG DEVICES INC | US | ADI | 20,488 | $1,836,749.20 |
| 039483102 | ARCHER-DANIELS-MIDLAND CO | US | ADM | 44,256 | $1,556,926.08 |
| 053015103 | AUTOMATIC DATA PROCESSING | US | ADP | 19,585 | $2,676,877.80 |
| 05722G100 | BAKER HUGHES CO | US | BKR | 91,796 | $963,858.00 |
| 060505104 | BANK OF AMERICA CORP | US | BAC | 324,913 | $6,897,902.99 |
| 086516101 | BEST BUY INC | US | BBY | 24,617 | $1,403,169.00 |
| 110122108 | BRISTOL MYERS SQUIBB CO | US | BMY | 100,623 | $5,608,726.02 |
| 12541W209 | C.H. ROBINSON WORLDWIDE INC | US | CHRW | 16,563 | $1,096,470.60 |
| 149123101 | CATERPILLAR INC | US | CAT | 33,935 | $3,937,817.40 |
| 172062101 | CINCINNATI FINANCIAL CORP | US | CINF | 12,141 | $916,038.45 |
| 17275R102 | CISCO SYSTEMS INC | US | CSCO | 187,969 | $7,389,061.39 |
| 172967424 | CITIGROUP INC | US | C | 97,639 | $4,112,554.68 |
| 194162103 | COLGATE-PALMOLIVE CO | US | CL | 52,713 | $3,498,034.68 |
| 20030N101 | COMCAST CORP-CL A | US | CMCSA | 147,986 | $5,087,758.68 |
| 205887102 | CONAGRA BRAND INC. | US | CAG | 47,069 | $1,381,004.46 |
| 20825C104 | CONOCOPHILLIPS | US | COP | 62,108 | $1,912,926.40 |
| 21036P108 | CONSTELLATION BRANDS INC-A | US | STZ | 10,805 | $1,549,004.80 |
| 231021106 | CUMMINS INC | US | CMI | 13,379 | $1,810,446.28 |
| 260003108 | DOVER CORP | US | DOV | 10,915 | $916,205.10 |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 3,357,122.47 | $3,357,122.47 | |
| 26875P101 | EOG RESOURCES INC | US | EOG | 38,039 | $1,366,360.88 |
| 291011104 | EMERSON ELEC CO | US | EMR | 49,669 | $2,366,727.85 |
| 311900104 | FASTENAL CO | US | FAST | 54,079 | $1,689,968.75 |
| 316773100 | FIFTH THIRD BANCORP | US | FITB | 61,979 | $920,388.15 |
| 369550108 | GENERAL DYNAMICS CORP | US | GD | 18,063 | $2,389,915.53 |
| 370334104 | GENERAL MLS INC | US | GIS | 45,340 | $2,392,591.80 |
| 372460105 | GENUINE PARTS CO | US | GPC | 16,918 | $1,139,088.94 |
| 375558103 | GILEAD SCIENCES INC | US | GILD | 66,776 | $4,992,173.76 |
| 384802104 | WW GRAINGER INC | US | GWW | 3,842 | $954,737.00 |
| 416515104 | HARTFORD FINL SVCS | US | HIG | 31,829 | $1,121,653.96 |
| 427866108 | HERSHEY CO/THE | US | HSY | 16,670 | $2,208,775.00 |
| 437076102 | HOME DEPOT INC | US | HD | 44,756 | $8,356,392.76 |
| 438516106 | HONEYWELL INTERNATIONAL INC | US | HON | 38,131 | $5,101,546.49 |
| 440452100 | HORMEL FOODS CORP | US | HRL | 32,362 | $1,509,363.68 |
| 452308109 | ILLINOIS TOOL WKS INC | US | ITW | 21,848 | $3,105,037.76 |
| 458140100 | INTEL CORP | US | INTC | 174,023 | $9,418,124.76 |
| 459200101 | INTERNATIONAL BUSINESS MACH CORP | US | IBM | 47,356 | $5,253,201.08 |
| 459506101 | INTERNATIONAL FLVRS & FRAGRANCES | US | IFF | 8,116 | $828,481.28 |
| 46625H100 | JP MORGAN CHASE & CO | US | JPM | 107,369 | $9,666,431.07 |
| 478160104 | JOHNSON & JOHNSON | US | JNJ | 79,378 | $10,408,837.14 |
| 482480100 | KLA-TENCOR CORPORATION | US | KLAC | 13,373 | $1,922,235.02 |
| 494368103 | KIMBERLY CLARK CORP | US | KMB | 22,836 | $2,920,039.32 |
| 501044101 | KROGER CO | US | KR | 66,249 | $1,995,419.88 |
| 532457108 | ELI LILLY & CO | US | LLY | 32,733 | $4,540,721.76 |
| 539830109 | LOCKHEED MARTIN CORP | US | LMT | 14,606 | $4,950,703.70 |
| 56585A102 | MARATHON PETROLEUM CORP | US | MPC | 55,575 | $1,312,681.50 |
| 58933Y105 | MERCK & CO INC | US | MRK | 108,348 | $8,336,295.12 |
| 60871R209 | MOLSON COORS BREWING CO -B | US | TAP | 23,503 | $916,852.03 |
| 609207105 | MONDELEZ INTERNATIONAL INC | US | MDLZ | 84,054 | $4,209,424.32 |
| 64110D104 | NETAPP INC | US | NTAP | 22,921 | $955,576.49 |
| 655844108 | NORFOLK SOUTHN CORP | US | NSC | 13,462 | $1,965,452.00 |
| 670346105 | NUCOR CORP | US | NUE | 32,690 | $1,177,493.80 |
| 68389X105 | ORACLE CORP | US | ORCL | 101,005 | $4,881,571.65 |
| 693475105 | PNC FINANCIAL SERVICES GROUP | US | PNC | 20,928 | $2,003,228.16 |
| 717081103 | PFIZER INC | US | PFE | 242,491 | $7,914,906.24 |
| 747525103 | QUALCOMM INC | US | QCOM | 47,431 | $3,208,707.15 |
| 74834L100 | QUEST DIAGNOSTICS INC | US | DGX | 13,791 | $1,107,417.30 |
| 755111507 | RAYTHEON COMPANY | US | RTN | 14,969 | $1,963,184.35 |
| 7591EP100 | REGIONS FINANCIAL CORP. | US | RF | 92,505 | $829,769.85 |
| 773903109 | ROCKWELL AUTOMATION INC | US | ROK | 9,606 | $1,449,641.46 |
| 832696405 | JM SMUCKER CO/THE-NEW COM WI | US | SJM | 12,219 | $1,356,309.00 |
| 871829107 | SYSCO CORP | US | SYY | 36,556 | $1,668,050.28 |
| 882508104 | TEXAS INSTRUMENTS INC | US | TXN | 50,630 | $5,059,455.90 |
| 88579Y101 | 3M CO | US | MMM | 32,739 | $4,469,200.89 |
| 89417E109 | TRAVELLERS COS INC | US | TRV | 17,623 | $1,750,845.05 |
| 89832Q109 | TRUIST FINANCIAL CORP | US | TFC | 89,954 | $2,774,181.36 |
| 902494103 | TYSON FOODS INC -CL A | US | TSN | 28,650 | $1,657,975.50 |
| 902973304 | U.S. BANCORP | US | USB | 93,778 | $3,230,652.10 |
| 907818108 | UNION PAC CORP | US | UNP | 36,196 | $5,105,083.84 |
| 913017109 | UNITED TECHNOLOGIES CORP | US | UTX | 45,185 | $4,262,301.05 |
| 918204108 | VF CORP | US | VFC | 33,872 | $1,831,797.76 |
| 91913Y100 | VALERO ENERGY | US | VLO | 32,917 | $1,493,115.12 |
| 931142103 | WAL MART STORES | US | WMT | 89,291 | $10,145,243.42 |
| 94106L109 | WASTE MANAGEMENT INC | US | WM | 29,926 | $2,769,950.56 |
| 949746101 | WELLS FARGO COMPANY | US | WFC | 200,318 | $5,749,126.60 |
| G1151C101 | ACCENTURE PLC - CL A | IE | ACN | 23,680 | $3,865,996.80 |
| G29183103 | EATON CORP PLC | US | ETN | 31,890 | $2,477,534.10 |
| G51502105 | JOHNSON CONTROLS INTERNATIONAL | US | JCI | 70,033 | $1,888,089.68 |
| G5494J103 | LINDE PLC | GB | LIN | 21,052 | $3,641,996.00 |
| G5960L103 | MEDTRONIC INC | IE | MDT | 58,172 | $5,245,950.96 |
| G8994E103 | TRANE TECHNOLOGIES | IE | TT | 15,928 | $1,315,493.52 |
| H1467J104 | CHUBB LTD | CH | CB | 26,053 | $2,909,859.57 |
| H2906T109 | GARMIN LTD | CH | GRMN | 13,705 | $1,027,326.80 |
| N53745100 | LYONDELLBASELL INDU-CL A | US | LYB | 31,688 | $1,572,675.44 |
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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