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

$7.88

Daily $ Change

-$0.11

Daily % Change

-1.40%

as of 09/29/2022

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
N-Port Part F Reports

Performance

As of 08/31/2022

YTD

-9.95%

1 Year

-6.75%

3 Year

8.20%

5 Year

8.85%

10 Year

10.41%

Inception
(11/07/2008)

11.10%

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 0.41%*

*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 08/31/2022

JOHNSON & JOHNSON 3.60%
WAL MART STORES 3.35%
JP MORGAN CHASE & CO 3.29%
PROCTER & GAMBLE CO 3.13%
HOME DEPOT INC 3.11%
MERCK & CO INC 2.46%
CHEVRON CORP 2.28%
CISCO SYSTEMS INC 2.15%
QUALCOMM INC 1.97%
PFIZER INC 1.96%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2022

Communication Services 2.53%
Consumer Discretionary 9.87%
Consumer Staples 14.29%
Energy 7.68%
Financials 10.39%
Health Care 15.08%
Industrials 21.94%
Information Technology 13.46%
Materials 4.76%

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.

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,100 $5,758,665.00
ALLSTATE CORPORATION US ALL 21,463 $2,586,291.50
ANALOG DEVICES INC US ADI 33,026 $5,004,429.78
ARCHER-DANIELS-MIDLAND CO US ADM 39,088 $3,435,444.32
AUTOMATIC DATA PROCESSING US ADP 22,557 $5,513,156.37
BAXTER INTERNATIONAL INC US BAX 28,828 $1,656,456.88
BEST BUY INC US BBY 21,482 $1,518,562.58
BRISTOL MYERS SQUIBB CO US BMY 98,716 $6,654,445.56
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,263 $1,927,887.71
C.H. ROBINSON WORLDWIDE INC US CHRW 14,671 $1,674,694.65
COTERRA ENERGY INC US CTRA 52,859 $1,633,871.69
CAMPBELL SOUP CO US CPB 32,424 $1,633,521.12
CATERPILLAR INC US CAT 29,031 $5,362,316.01
CHEVRON CORP US CVX 53,878 $8,515,956.68
CINCINNATI FINANCIAL CORP US CINF 15,029 $1,457,211.84
CISCO SYSTEMS INC US CSCO 179,645 $8,033,724.40
CITIGROUP INC US C 113,051 $5,518,019.31
COLGATE-PALMOLIVE CO US CL 54,389 $4,253,763.69
COMCAST CORP-CL A US CMCSA 194,755 $7,048,183.45
CONAGRA BRAND INC. US CAG 49,148 $1,689,708.24
CONOCOPHILLIPS US COP 49,047 $5,368,194.15
CUMMINS INC US CMI 12,474 $2,686,525.38
DEVON ENERGY CORPORATION US DVN 36,148 $2,552,771.76
DIAMONDBACK ENERGY INC US FANG 11,799 $1,572,570.72
DOW INC US DOW 37,341 $1,904,391.00
DREYFUS GVT CSH MANAGEMENT US 3,285,813.61 $3,285,813.61
EOG RESOURCES INC US EOG 26,433 $3,206,322.90
EASTMAN CHEM CO US EMN 14,188 $1,291,108.00
EBAY INC US EBAY 34,722 $1,532,281.86
EMERSON ELEC CO US EMR 42,164 $3,446,485.36
FMC CORP US FMC 12,689 $1,371,427.12
FIFTH THIRD BANCORP US FITB 61,146 $2,088,135.90
GENERAL DYNAMICS CORP US GD 18,440 $4,221,469.20
GENERAL MLS INC US GIS 44,433 $3,412,454.40
GENUINE PARTS CO US GPC 14,022 $2,187,572.22
GILEAD SCIENCES INC US GILD 76,321 $4,844,093.87
HOME DEPOT INC US HD 40,254 $11,610,058.68
HONEYWELL INTERNATIONAL INC US HON 35,134 $6,652,622.90
ILLINOIS TOOL WKS INC US ITW 21,001 $4,091,624.83
INTEL CORP US INTC 200,241 $6,391,692.72
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20,647 $2,281,080.56
JP MORGAN CHASE & CO US JPM 108,114 $12,295,805.22
JOHNSON & JOHNSON US JNJ 83,441 $13,462,370.94
KEYCORP US KEY 65,833 $1,164,585.77
KROGER CO US KR 54,459 $2,610,764.46
L3HARRIS TECHNOLOGIES INC US LHX 13,738 $3,134,874.22
LENNAR CORP US LEN 19,679 $1,524,138.55
LOCKHEED MARTIN CORP US LMT 14,086 $5,917,669.46
MARATHON PETROLEUM CORP US MPC 28,282 $2,849,411.50
MCDONALDS CORP US MCD 24,785 $6,252,759.80
MERCK & CO INC US MRK 107,793 $9,201,210.48
MICROCHIP TECHNOLOGY INC US MCHP 32,439 $2,116,644.75
MONDELEZ INTERNATIONAL INC US MDLZ 80,661 $4,989,689.46
MOTOROLA SOLUTIONS INC US MSI 13,034 $3,172,605.94
NETAPP INC US NTAP 23,334 $1,683,081.42
NEWMONT GOLDCORP CORP US NEM 51,327 $2,122,884.72
NORFOLK SOUTHN CORP US NSC 12,124 $2,947,708.12
NORTHROP GRUMMAN CORP US NOC 9,806 $4,687,169.94
NUCOR CORP US NUE 19,157 $2,546,731.58
OMNICOM GROUP US OMC 21,432 $1,433,800.80
PPG INDUSTRIES INC US PPG 13,780 $1,749,784.40
PACKAGING CORP OF AMERICA US PKG 9,743 $1,334,011.56
PARKER HANNIFIN CORP US PH 7,752 $2,054,280.00
PFIZER INC US PFE 162,284 $7,340,105.32
PIONEER NATURAL RESOURCES CO US PXD 11,830 $2,995,592.60
PROCTER & GAMBLE CO US PG 84,850 $11,704,209.00
QUALCOMM INC US QCOM 55,754 $7,374,581.58
QUEST DIAGNOSTICS INC US DGX 12,703 $1,591,812.93
REGIONS FINANCIAL CORP. US RF 89,416 $1,937,644.72
REPUBLIC SERVICES INC US RSG 23,837 $3,402,016.64
ROSS STORES INC US ROST 20,461 $1,765,170.47
SKYWORKS SOLUTIONS INC US SWKS 11,306 $1,114,206.30
JM SMUCKER CO/THE-NEW COM WI US SJM 11,510 $1,611,284.90
STANLEY BLACK & DECKER INC US SWK 11,302 $995,706.20
STEEL DYNAMICS INC US STLD 19,760 $1,595,027.20
TJX COMPANIES INC US TJX 53,230 $3,318,890.50
TARGET CORP US TGT 19,133 $3,067,785.22
TEXAS INSTRUMENTS INC US TXN 33,958 $5,610,201.18
3M CO US MMM 34,029 $4,231,506.15
TRACTOR SUPPLY COMPANY US TSCO 7,294 $1,350,484.10
TRAVELLERS COS INC US TRV 17,736 $2,866,847.04
TYSON FOODS INC -CL A US TSN 30,594 $2,306,175.72
U.S. BANCORP US USB 93,858 $4,280,863.38
UNION PAC CORP US UNP 32,030 $7,191,055.30
UNITED PARCEL SERVICE US UPS 31,920 $6,208,759.20
VF CORP US VFC 27,011 $1,119,605.95
PARAMOUNT GLOBAL CLASS B US PARA 41,916 $980,415.24
WAL MART STORES US WMT 94,334 $12,503,971.70
WALGREENS BOOTS ALLIANCE INC US WBA 50,614 $1,774,526.84
WASTE MANAGEMENT INC US WM 26,428 $4,467,124.84
BUNGE LIMITED US BG 14,571 $1,445,006.07
EATON CORP PLC US ETN 28,078 $3,836,577.92
JOHNSON CONTROLS INTERNATIONAL US JCI 49,717 $2,691,678.38
MEDTRONIC INC IE MDT 48,527 $4,266,493.84
ROYALTY PHARMA PLC- CL A US RPRX 37,667 $1,574,857.27
TRANE TECHNOLOGIES IE TT 13,204 $2,034,340.28
CHUBB LTD CH CB 24,521 $4,635,695.05
GARMIN LTD CH GRMN 18,339 $1,622,818.11
TE CONNECTIVITY LIMITED CH TEL 18,623 $2,350,408.83
LYONDELLBASELL INDU-CL A US LYB 19,161 $1,590,363.00

Investments will change over time.

Distributions

  • Disciplined Value Series Class Z Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 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

$7.88

Daily $ Change

-$0.11

Daily % Change

-1.40%

as of 09/29/2022

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
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 08/31/2022

YTD

-9.95%

1 Year

-6.75%

3 Year

8.20%

5 Year

8.85%

10 Year

10.41%

Inception
(11/07/2008)

11.10%

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 0.41%*

*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 08/31/2022

JOHNSON & JOHNSON 3.60%
WAL MART STORES 3.35%
JP MORGAN CHASE & CO 3.29%
PROCTER & GAMBLE CO 3.13%
HOME DEPOT INC 3.11%
MERCK & CO INC 2.46%
CHEVRON CORP 2.28%
CISCO SYSTEMS INC 2.15%
QUALCOMM INC 1.97%
PFIZER INC 1.96%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2022

Communication Services
2.53%
Consumer Discretionary
9.87%
Consumer Staples
14.29%
Energy
7.68%
Financials
10.39%
Health Care
15.08%
Industrials
21.94%
Information Technology
13.46%
Materials
4.76%

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.

August Fund Holdings

As of 08/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 56,100 $5,758,665.00
ALLSTATE CORPORATION US ALL 21,463 $2,586,291.50
ANALOG DEVICES INC US ADI 33,026 $5,004,429.78
ARCHER-DANIELS-MIDLAND CO US ADM 39,088 $3,435,444.32
AUTOMATIC DATA PROCESSING US ADP 22,557 $5,513,156.37
BAXTER INTERNATIONAL INC US BAX 28,828 $1,656,456.88
BEST BUY INC US BBY 21,482 $1,518,562.58
BRISTOL MYERS SQUIBB CO US BMY 98,716 $6,654,445.56
BROADRIDGE FINANCIAL SOLUTIONS US BR 11,263 $1,927,887.71
C.H. ROBINSON WORLDWIDE INC US CHRW 14,671 $1,674,694.65
COTERRA ENERGY INC US CTRA 52,859 $1,633,871.69
CAMPBELL SOUP CO US CPB 32,424 $1,633,521.12
CATERPILLAR INC US CAT 29,031 $5,362,316.01
CHEVRON CORP US CVX 53,878 $8,515,956.68
CINCINNATI FINANCIAL CORP US CINF 15,029 $1,457,211.84
CISCO SYSTEMS INC US CSCO 179,645 $8,033,724.40
CITIGROUP INC US C 113,051 $5,518,019.31
COLGATE-PALMOLIVE CO US CL 54,389 $4,253,763.69
COMCAST CORP-CL A US CMCSA 194,755 $7,048,183.45
CONAGRA BRAND INC. US CAG 49,148 $1,689,708.24
CONOCOPHILLIPS US COP 49,047 $5,368,194.15
CUMMINS INC US CMI 12,474 $2,686,525.38
DEVON ENERGY CORPORATION US DVN 36,148 $2,552,771.76
DIAMONDBACK ENERGY INC US FANG 11,799 $1,572,570.72
DOW INC US DOW 37,341 $1,904,391.00
DREYFUS GVT CSH MANAGEMENT US 3,285,813.61 $3,285,813.61
EOG RESOURCES INC US EOG 26,433 $3,206,322.90
EASTMAN CHEM CO US EMN 14,188 $1,291,108.00
EBAY INC US EBAY 34,722 $1,532,281.86
EMERSON ELEC CO US EMR 42,164 $3,446,485.36
FMC CORP US FMC 12,689 $1,371,427.12
FIFTH THIRD BANCORP US FITB 61,146 $2,088,135.90
GENERAL DYNAMICS CORP US GD 18,440 $4,221,469.20
GENERAL MLS INC US GIS 44,433 $3,412,454.40
GENUINE PARTS CO US GPC 14,022 $2,187,572.22
GILEAD SCIENCES INC US GILD 76,321 $4,844,093.87
HOME DEPOT INC US HD 40,254 $11,610,058.68
HONEYWELL INTERNATIONAL INC US HON 35,134 $6,652,622.90
ILLINOIS TOOL WKS INC US ITW 21,001 $4,091,624.83
INTEL CORP US INTC 200,241 $6,391,692.72
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20,647 $2,281,080.56
JP MORGAN CHASE & CO US JPM 108,114 $12,295,805.22
JOHNSON & JOHNSON US JNJ 83,441 $13,462,370.94
KEYCORP US KEY 65,833 $1,164,585.77
KROGER CO US KR 54,459 $2,610,764.46
L3HARRIS TECHNOLOGIES INC US LHX 13,738 $3,134,874.22
LENNAR CORP US LEN 19,679 $1,524,138.55
LOCKHEED MARTIN CORP US LMT 14,086 $5,917,669.46
MARATHON PETROLEUM CORP US MPC 28,282 $2,849,411.50
MCDONALDS CORP US MCD 24,785 $6,252,759.80
MERCK & CO INC US MRK 107,793 $9,201,210.48
MICROCHIP TECHNOLOGY INC US MCHP 32,439 $2,116,644.75
MONDELEZ INTERNATIONAL INC US MDLZ 80,661 $4,989,689.46
MOTOROLA SOLUTIONS INC US MSI 13,034 $3,172,605.94
NETAPP INC US NTAP 23,334 $1,683,081.42
NEWMONT GOLDCORP CORP US NEM 51,327 $2,122,884.72
NORFOLK SOUTHN CORP US NSC 12,124 $2,947,708.12
NORTHROP GRUMMAN CORP US NOC 9,806 $4,687,169.94
NUCOR CORP US NUE 19,157 $2,546,731.58
OMNICOM GROUP US OMC 21,432 $1,433,800.80
PPG INDUSTRIES INC US PPG 13,780 $1,749,784.40
PACKAGING CORP OF AMERICA US PKG 9,743 $1,334,011.56
PARKER HANNIFIN CORP US PH 7,752 $2,054,280.00
PFIZER INC US PFE 162,284 $7,340,105.32
PIONEER NATURAL RESOURCES CO US PXD 11,830 $2,995,592.60
PROCTER & GAMBLE CO US PG 84,850 $11,704,209.00
QUALCOMM INC US QCOM 55,754 $7,374,581.58
QUEST DIAGNOSTICS INC US DGX 12,703 $1,591,812.93
REGIONS FINANCIAL CORP. US RF 89,416 $1,937,644.72
REPUBLIC SERVICES INC US RSG 23,837 $3,402,016.64
ROSS STORES INC US ROST 20,461 $1,765,170.47
SKYWORKS SOLUTIONS INC US SWKS 11,306 $1,114,206.30
JM SMUCKER CO/THE-NEW COM WI US SJM 11,510 $1,611,284.90
STANLEY BLACK & DECKER INC US SWK 11,302 $995,706.20
STEEL DYNAMICS INC US STLD 19,760 $1,595,027.20
TJX COMPANIES INC US TJX 53,230 $3,318,890.50
TARGET CORP US TGT 19,133 $3,067,785.22
TEXAS INSTRUMENTS INC US TXN 33,958 $5,610,201.18
3M CO US MMM 34,029 $4,231,506.15
TRACTOR SUPPLY COMPANY US TSCO 7,294 $1,350,484.10
TRAVELLERS COS INC US TRV 17,736 $2,866,847.04
TYSON FOODS INC -CL A US TSN 30,594 $2,306,175.72
U.S. BANCORP US USB 93,858 $4,280,863.38
UNION PAC CORP US UNP 32,030 $7,191,055.30
UNITED PARCEL SERVICE US UPS 31,920 $6,208,759.20
VF CORP US VFC 27,011 $1,119,605.95
PARAMOUNT GLOBAL CLASS B US PARA 41,916 $980,415.24
WAL MART STORES US WMT 94,334 $12,503,971.70
WALGREENS BOOTS ALLIANCE INC US WBA 50,614 $1,774,526.84
WASTE MANAGEMENT INC US WM 26,428 $4,467,124.84
BUNGE LIMITED US BG 14,571 $1,445,006.07
EATON CORP PLC US ETN 28,078 $3,836,577.92
JOHNSON CONTROLS INTERNATIONAL US JCI 49,717 $2,691,678.38
MEDTRONIC INC IE MDT 48,527 $4,266,493.84
ROYALTY PHARMA PLC- CL A US RPRX 37,667 $1,574,857.27
TRANE TECHNOLOGIES IE TT 13,204 $2,034,340.28
CHUBB LTD CH CB 24,521 $4,635,695.05
GARMIN LTD CH GRMN 18,339 $1,622,818.11
TE CONNECTIVITY LIMITED CH TEL 18,623 $2,350,408.83
LYONDELLBASELL INDU-CL A US LYB 19,161 $1,590,363.00

Investments will change over time.

Distributions

  • Disciplined Value Series Class Z Distribution History
  • 2022 Distribution Calendar
  • First Quarter 2022 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 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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