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

$8.55

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/20/2021

Ticker

MDVZX

CUSIP

56382R274

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Performance

As of 12/31/2020

YTD

---

1 Year

2.62%

3 Year

7.00%

5 Year

11.73%

10 Year

11.17%

Inception
(11/07/2008)

11.80%

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.

Expense Ratio

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.

Top Ten Investments

As of 12/31/2020

WAL MART STORES 3.48%
JOHNSON & JOHNSON 3.36%
JP MORGAN CHASE & CO 3.35%
HOME DEPOT INC 3.26%
BANK OF AMERICA CORP 2.46%
MERCK & CO INC 2.39%
PFIZER INC 2.39%
INTEL CORP 2.32%
CISCO SYSTEMS INC 2.28%
ABBVIE INC 2.23%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2020

Communication Services 2.09%
Consumer Discretionary 5.59%
Consumer Staples 12.98%
Energy 2.83%
Financials 16.32%
Health Care 17.13%
Industrials 22.39%
Information Technology 17.20%
Materials 3.47%

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 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 87,258 $9,349,694.70
020002101 ALLSTATE CORPORATION US ALL 25,353 $2,787,055.29
032654105 ANALOG DEVICES INC US ADI 23,565 $3,481,257.45
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 51,958 $2,619,202.78
053015103 AUTOMATIC DATA PROCESSING US ADP 22,457 $3,956,923.40
05722G100 BAKER HUGHES CO US BKR 100,137 $2,087,856.45
060505104 BANK OF AMERICA CORP US BAC 340,898 $10,332,618.38
086516101 BEST BUY INC US BBY 28,265 $2,820,564.35
110122108 BRISTOL MYERS SQUIBB CO US BMY 116,968 $7,255,525.04
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 18,421 $1,729,179.27
149123101 CATERPILLAR INC US CAT 38,981 $7,095,321.62
172062101 CINCINNATI FINANCIAL CORP US CINF 13,134 $1,147,517.58
17275R102 CISCO SYSTEMS INC US CSCO 213,954 $9,574,441.50
172967424 CITIGROUP INC US C 109,688 $6,763,362.08
194162103 COLGATE-PALMOLIVE CO US CL 63,733 $5,449,808.83
20030N101 COMCAST CORP-CL A US CMCSA 167,534 $8,778,781.60
205887102 CONAGRA BRAND INC. US CAG 56,600 $2,052,316.00
20825C104 CONOCOPHILLIPS US COP 67,545 $2,701,124.55
21036P108 CONSTELLATION BRANDS INC-A US STZ 12,548 $2,748,639.40
231021106 CUMMINS INC US CMI 14,881 $3,379,475.10
260003108 DOVER CORP US DOV 12,168 $1,536,210.00
262006208 DREYFUS GVT CSH MANAGEMENT US 4,468,882.59 $4,468,882.59
26875P101 EOG RESOURCES INC US EOG 41,032 $2,046,265.84
291011104 EMERSON ELEC CO US EMR 53,581 $4,306,304.97
311900104 FASTENAL CO US FAST 59,697 $2,915,004.51
316773100 FIFTH THIRD BANCORP US FITB 70,510 $1,943,960.70
369550108 GENERAL DYNAMICS CORP US GD 21,619 $3,217,339.58
370334104 GENERAL MLS INC US GIS 56,638 $3,330,314.40
372460105 GENUINE PARTS CO US GPC 17,969 $1,804,626.67
375558103 GILEAD SCIENCES INC US GILD 78,976 $4,601,141.76
384802104 WW GRAINGER INC US GWW 4,528 $1,848,963.52
416515104 HARTFORD FINL SVCS US HIG 35,337 $1,730,806.26
427866108 HERSHEY CO/THE US HSY 19,596 $2,985,058.68
437076102 HOME DEPOT INC US HD 51,411 $13,655,789.82
438516106 HONEYWELL INTERNATIONAL INC US HON 42,853 $9,114,833.10
440452100 HORMEL FOODS CORP US HRL 38,297 $1,785,023.17
452308109 ILLINOIS TOOL WKS INC US ITW 24,679 $5,031,554.52
458140100 INTEL CORP US INTC 194,843 $9,707,078.26
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 54,474 $6,857,187.12
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 9,167 $997,736.28
46625H100 JP MORGAN CHASE & CO US JPM 110,606 $14,054,704.42
478160104 JOHNSON & JOHNSON US JNJ 89,589 $14,099,516.82
482480100 KLA-TENCOR CORPORATION US KLAC 15,601 $4,039,254.91
494368103 KIMBERLY CLARK CORP US KMB 27,423 $3,697,443.09
501044101 KROGER CO US KR 76,992 $2,445,265.92
532457108 ELI LILLY & CO US LLY 35,628 $6,015,431.52
539830109 LOCKHEED MARTIN CORP US LMT 17,548 $6,229,189.04
56585A102 MARATHON PETROLEUM CORP US MPC 66,520 $2,751,267.20
58933Y105 MERCK & CO INC US MRK 122,717 $10,038,250.60
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 100,041 $5,849,397.27
64110D104 NETAPP INC US NTAP 24,502 $1,623,012.48
655844108 NORFOLK SOUTHN CORP US NSC 15,865 $3,769,682.65
670346105 NUCOR CORP US NUE 38,540 $2,049,942.60
68389X105 ORACLE CORP US ORCL 108,610 $7,025,980.90
693475105 PNC FINANCIAL SERVICES GROUP US PNC 24,028 $3,580,172.00
693506107 PPG INDUSTRIES INC US PPG 16,777 $2,419,578.94
701094104 PARKER HANNIFIN CORP US PH 10,336 $2,815,629.76
717081103 PFIZER INC US PFE 272,696 $10,037,939.76
747525103 QUALCOMM INC US QCOM 54,491 $8,301,158.94
74834L100 QUEST DIAGNOSTICS INC US DGX 15,402 $1,835,456.34
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 85,043 $6,081,424.93
7591EP100 REGIONS FINANCIAL CORP. US RF 101,139 $1,630,360.68
773903109 ROCKWELL AUTOMATION INC US ROK 10,753 $2,696,959.93
83088M102 SKYWORKS SOLUTIONS INC US SWKS 12,436 $1,901,215.68
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 14,606 $1,688,453.60
854502101 STANLEY WORKS/THE US SWK 11,687 $2,086,830.72
871829107 SYSCO CORP US SYY 41,934 $3,114,018.84
882508104 TEXAS INSTRUMENTS INC US TXN 55,497 $9,108,722.61
88579Y101 3M CO US MMM 37,483 $6,551,653.57
89417E109 TRAVELLERS COS INC US TRV 21,312 $2,991,565.44
89832Q109 TRUIST FINANCIAL CORP US TFC 100,382 $4,811,309.26
902494103 TYSON FOODS INC -CL A US TSN 32,384 $2,086,824.96
902973304 U.S. BANCORP US USB 109,320 $5,093,218.80
907818108 UNION PAC CORP US UNP 42,228 $8,792,714.16
918204108 VF CORP US VFC 38,397 $3,279,487.77
91913Y100 VALERO ENERGY US VLO 40,397 $2,285,258.29
92556V106 VIATRIS INC US VTRS 33,222 $622,580.28
931142103 WAL MART STORES US WMT 101,208 $14,589,133.20
94106L109 WASTE MANAGEMENT INC US WM 35,317 $4,164,933.81
949746101 WELLS FARGO COMPANY US WFC 226,356 $6,831,424.08
G1151C101 ACCENTURE PLC - CL A IE ACN 25,052 $6,543,832.92
G29183103 EATON CORP PLC US ETN 35,021 $4,207,422.94
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 79,664 $3,711,545.76
G5494J103 LINDE PLC GB LIN 23,079 $6,081,547.29
G5960L103 MEDTRONIC INC IE MDT 68,010 $7,966,691.40
G8994E103 TRANE TECHNOLOGIES IE TT 17,552 $2,547,848.32
H1467J104 CHUBB LTD CH CB 30,760 $4,734,579.20
H2906T109 GARMIN LTD CH GRMN 15,610 $1,867,892.60
N53745100 LYONDELLBASELL INDU-CL A US LYB 32,854 $3,011,397.64

Investments will change over time.

Distributions

  • Disciplined Value Series Class Z Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

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

$8.55

Daily $ Change

$0.00

Daily % Change

0.00%

as of 01/20/2021

Ticker

MDVZX

CUSIP

56382R274

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

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 12/31/2020

YTD

---

1 Year

2.62%

3 Year

7.00%

5 Year

11.73%

10 Year

11.17%

Inception
(11/07/2008)

11.80%

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.

Expense Ratio

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.

Top Ten Investments

As of 12/31/2020

WAL MART STORES 3.48%
JOHNSON & JOHNSON 3.36%
JP MORGAN CHASE & CO 3.35%
HOME DEPOT INC 3.26%
BANK OF AMERICA CORP 2.46%
MERCK & CO INC 2.39%
PFIZER INC 2.39%
INTEL CORP 2.32%
CISCO SYSTEMS INC 2.28%
ABBVIE INC 2.23%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2020

Communication Services
2.09%
Consumer Discretionary
5.59%
Consumer Staples
12.98%
Energy
2.83%
Financials
16.32%
Health Care
17.13%
Industrials
22.39%
Information Technology
17.20%
Materials
3.47%

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 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 87,258 $9,349,694.70
020002101 ALLSTATE CORPORATION US ALL 25,353 $2,787,055.29
032654105 ANALOG DEVICES INC US ADI 23,565 $3,481,257.45
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 51,958 $2,619,202.78
053015103 AUTOMATIC DATA PROCESSING US ADP 22,457 $3,956,923.40
05722G100 BAKER HUGHES CO US BKR 100,137 $2,087,856.45
060505104 BANK OF AMERICA CORP US BAC 340,898 $10,332,618.38
086516101 BEST BUY INC US BBY 28,265 $2,820,564.35
110122108 BRISTOL MYERS SQUIBB CO US BMY 116,968 $7,255,525.04
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 18,421 $1,729,179.27
149123101 CATERPILLAR INC US CAT 38,981 $7,095,321.62
172062101 CINCINNATI FINANCIAL CORP US CINF 13,134 $1,147,517.58
17275R102 CISCO SYSTEMS INC US CSCO 213,954 $9,574,441.50
172967424 CITIGROUP INC US C 109,688 $6,763,362.08
194162103 COLGATE-PALMOLIVE CO US CL 63,733 $5,449,808.83
20030N101 COMCAST CORP-CL A US CMCSA 167,534 $8,778,781.60
205887102 CONAGRA BRAND INC. US CAG 56,600 $2,052,316.00
20825C104 CONOCOPHILLIPS US COP 67,545 $2,701,124.55
21036P108 CONSTELLATION BRANDS INC-A US STZ 12,548 $2,748,639.40
231021106 CUMMINS INC US CMI 14,881 $3,379,475.10
260003108 DOVER CORP US DOV 12,168 $1,536,210.00
262006208 DREYFUS GVT CSH MANAGEMENT US 4,468,882.59 $4,468,882.59
26875P101 EOG RESOURCES INC US EOG 41,032 $2,046,265.84
291011104 EMERSON ELEC CO US EMR 53,581 $4,306,304.97
311900104 FASTENAL CO US FAST 59,697 $2,915,004.51
316773100 FIFTH THIRD BANCORP US FITB 70,510 $1,943,960.70
369550108 GENERAL DYNAMICS CORP US GD 21,619 $3,217,339.58
370334104 GENERAL MLS INC US GIS 56,638 $3,330,314.40
372460105 GENUINE PARTS CO US GPC 17,969 $1,804,626.67
375558103 GILEAD SCIENCES INC US GILD 78,976 $4,601,141.76
384802104 WW GRAINGER INC US GWW 4,528 $1,848,963.52
416515104 HARTFORD FINL SVCS US HIG 35,337 $1,730,806.26
427866108 HERSHEY CO/THE US HSY 19,596 $2,985,058.68
437076102 HOME DEPOT INC US HD 51,411 $13,655,789.82
438516106 HONEYWELL INTERNATIONAL INC US HON 42,853 $9,114,833.10
440452100 HORMEL FOODS CORP US HRL 38,297 $1,785,023.17
452308109 ILLINOIS TOOL WKS INC US ITW 24,679 $5,031,554.52
458140100 INTEL CORP US INTC 194,843 $9,707,078.26
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 54,474 $6,857,187.12
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 9,167 $997,736.28
46625H100 JP MORGAN CHASE & CO US JPM 110,606 $14,054,704.42
478160104 JOHNSON & JOHNSON US JNJ 89,589 $14,099,516.82
482480100 KLA-TENCOR CORPORATION US KLAC 15,601 $4,039,254.91
494368103 KIMBERLY CLARK CORP US KMB 27,423 $3,697,443.09
501044101 KROGER CO US KR 76,992 $2,445,265.92
532457108 ELI LILLY & CO US LLY 35,628 $6,015,431.52
539830109 LOCKHEED MARTIN CORP US LMT 17,548 $6,229,189.04
56585A102 MARATHON PETROLEUM CORP US MPC 66,520 $2,751,267.20
58933Y105 MERCK & CO INC US MRK 122,717 $10,038,250.60
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 100,041 $5,849,397.27
64110D104 NETAPP INC US NTAP 24,502 $1,623,012.48
655844108 NORFOLK SOUTHN CORP US NSC 15,865 $3,769,682.65
670346105 NUCOR CORP US NUE 38,540 $2,049,942.60
68389X105 ORACLE CORP US ORCL 108,610 $7,025,980.90
693475105 PNC FINANCIAL SERVICES GROUP US PNC 24,028 $3,580,172.00
693506107 PPG INDUSTRIES INC US PPG 16,777 $2,419,578.94
701094104 PARKER HANNIFIN CORP US PH 10,336 $2,815,629.76
717081103 PFIZER INC US PFE 272,696 $10,037,939.76
747525103 QUALCOMM INC US QCOM 54,491 $8,301,158.94
74834L100 QUEST DIAGNOSTICS INC US DGX 15,402 $1,835,456.34
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 85,043 $6,081,424.93
7591EP100 REGIONS FINANCIAL CORP. US RF 101,139 $1,630,360.68
773903109 ROCKWELL AUTOMATION INC US ROK 10,753 $2,696,959.93
83088M102 SKYWORKS SOLUTIONS INC US SWKS 12,436 $1,901,215.68
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 14,606 $1,688,453.60
854502101 STANLEY WORKS/THE US SWK 11,687 $2,086,830.72
871829107 SYSCO CORP US SYY 41,934 $3,114,018.84
882508104 TEXAS INSTRUMENTS INC US TXN 55,497 $9,108,722.61
88579Y101 3M CO US MMM 37,483 $6,551,653.57
89417E109 TRAVELLERS COS INC US TRV 21,312 $2,991,565.44
89832Q109 TRUIST FINANCIAL CORP US TFC 100,382 $4,811,309.26
902494103 TYSON FOODS INC -CL A US TSN 32,384 $2,086,824.96
902973304 U.S. BANCORP US USB 109,320 $5,093,218.80
907818108 UNION PAC CORP US UNP 42,228 $8,792,714.16
918204108 VF CORP US VFC 38,397 $3,279,487.77
91913Y100 VALERO ENERGY US VLO 40,397 $2,285,258.29
92556V106 VIATRIS INC US VTRS 33,222 $622,580.28
931142103 WAL MART STORES US WMT 101,208 $14,589,133.20
94106L109 WASTE MANAGEMENT INC US WM 35,317 $4,164,933.81
949746101 WELLS FARGO COMPANY US WFC 226,356 $6,831,424.08
G1151C101 ACCENTURE PLC - CL A IE ACN 25,052 $6,543,832.92
G29183103 EATON CORP PLC US ETN 35,021 $4,207,422.94
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 79,664 $3,711,545.76
G5494J103 LINDE PLC GB LIN 23,079 $6,081,547.29
G5960L103 MEDTRONIC INC IE MDT 68,010 $7,966,691.40
G8994E103 TRANE TECHNOLOGIES IE TT 17,552 $2,547,848.32
H1467J104 CHUBB LTD CH CB 30,760 $4,734,579.20
H2906T109 GARMIN LTD CH GRMN 15,610 $1,867,892.60
N53745100 LYONDELLBASELL INDU-CL A US LYB 32,854 $3,011,397.64

Investments will change over time.

Distributions

  • Disciplined Value Series Class Z Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

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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