Investment Objective

To maximize long-term growth by investing principally in a focused portfolio of common stocks selected using a disciplined screening process combined with fundamental analysis.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment with exposure to both domestic and foreign equity markets

The Quality Equity Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 03/02/2018. The Series will be liquidated on or around 03/09/2018.

Daily Price

$11.59

Daily $ Change

$0.11

Daily % Change

0.95%

as of 02/15/2018

Ticker

MNQSX

CUSIP

56382P534

Inception Date

06/01/2015

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-03/14/17

Annualized Performance

As of 01/31/2018

YTD

4.93%

1 Year

21.37%

3 Year

---

5 Year

---

10 Year

---

Inception
(06/01/2015)

8.13%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 8.54%
Net 0.96%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2018) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 01/31/2018

NIELSEN HOLDINGS PLC 4.34%
EXPRESS SCRIPTS HOLDING CO 3.57%
CHARLES SCHWAB CORP/THE 3.30%
ROCHE HOLDING AG-GENUSSCHEIN 3.20%
DOLLAR GENERAL CORP 3.09%
AUTOZONE INC 3.05%
CISCO SYSTEMS INC 3.03%
MEDTRONIC INC 3.03%
PERNOD-RICARD SA 3.02%
NOVARTIS AG-REG 3.01%

Top Ten Investments list is unaudited and excludes cash

Country Allocation

As of 01/31/2018

United States 50.54%
Japan 11.55%
France 8.57%
Ireland 7.88%
Switzerland 7.17%
United Kingdom 6.01%
Germany 4.93%
Netherlands 1.93%
Singapore 1.42%

Sector Allocation

As of 01/31/2018

Consumer Discretionary 21.95%
Consumer Staples 27.14%
Financials 3.30%
Health Care 27.75%
Industrials 6.61%
Information Technology 8.43%
Telecommunication Services 4.82%

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 The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether 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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0237400 DIAGEO PLC GB DGE LN 2,070 $74,504.20
03073E105 AMERISOURCEBERGEN CORP US ABC 620 $61,795.40
053332102 AUTOZONE INC US AZO 100 $76,544.00
17275R102 CISCO SYSTEMS INC US CSCO 1,830 $76,018.20
256677105 DOLLAR GENERAL CORP US DG 750 $77,340.00
262006208 DREYFUS GVT CSH MANAGEMENT US 116,060 $116,060.00
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 1,130 $89,473.40
4057808 L'OREAL FR OR FP 220 $49,996.28
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 135 $42,289.16
4682329 PERNOD-RICARD SA FR RI FP 475 $75,663.61
478160104 JOHNSON & JOHNSON US JNJ 265 $36,620.35
4846288 SAP AG DE SAP GR 210 $23,759.66
494368103 KIMBERLY CLARK CORP US KMB 520 $60,840.00
5076705 HENKEL AG & CO KGAA VORZUG DE HEN3 GR 340 $47,547.53
5107401 BEIERSDORF AG DE BEI GR 440 $52,169.04
58155Q103 MCKESSON CORP US MCK 340 $57,419.20
58933Y105 MERCK & CO INC US MRK 850 $50,362.50
6129277 NTT DOCOMO INC JP 9437 JP 1,900 $47,210.10
6183552 CENTRAL JAPAN RAILWAY CO JP 9022 JP 300 $56,988.19
6248990 KDDI CORP JP 9433 JP 1,500 $38,067.45
6266914 LAWSON INC JP 2651 JP 390 $26,448.02
6332439 FAST RETAILING CO LTD JP 9983 JP 75 $33,568.75
6483809 KAO CORP JP 4452 JP 900 $62,539.82
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 275 $72,789.75
68389X105 ORACLE CORP US ORCL 1,215 $62,681.85
7062713 SODEXO FR SW FP 365 $46,786.72
7103065 NOVARTIS AG-REG CH NOVN SW 835 $75,364.67
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 325 $80,299.15
7123870 NESTLE SA-REGISTERED CH NESN SW 280 $24,186.95
713448108 PEPSICO INC US PEP 505 $60,751.50
741503403 PRICELINE GROUP INC US PCLN 20 $38,241.00
7792559 HEINEKEN NV NL HEIA NA 430 $48,327.63
806407102 HENRY SCHEIN INC US HSIC 620 $46,921.60
808513105 CHARLES SCHWAB CORP/THE US SCHW 1,550 $82,677.00
872540109 TJX COMPANIES INC US TJX 640 $51,404.80
918204108 VF CORP US VFC 755 $61,260.70
92343E102 VERISIGN INC US VRSN 425 $48,841.00
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 615 $46,284.90
B02PY22 SINGAPORE TELECOMMUNICATIONS SG ST SP 13,180 $35,560.80
B0FS5D6 SEVEN & I HOLDINGS CO LTD JP 3382 JP 600 $24,755.89
B12T3J1 UNILEVER NV-CVA GB UNA NA 455 $26,263.73
B8KF9B4 WPP PLC GB WPP LN 2,755 $49,893.03
G0177J108 ALLERGAN PLC IE AGN 400 $72,104.00
G5960L103 MEDTRONIC INC IE MDT 885 $76,012.65
G6518L108 NIELSEN HOLDINGS PLC US NLSN 2,905 $108,676.05
G97822103 PERRIGO CO PLC IE PRGO 545 $49,387.90

Investments will change over time.

Investments will change over time.

Daily Price

$11.59

Daily $ Change

$0.11

Daily % Change

0.95%

as of 02/15/2018

Ticker

MNQSX

CUSIP

56382P534

Inception Date

06/01/2015

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans and participants in an automatic investment program.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-03/14/17

Investment Objective

To maximize long-term growth by investing principally in a focused portfolio of common stocks selected using a disciplined screening process combined with fundamental analysis.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment with exposure to both domestic and foreign equity markets

The Quality Equity Series is closed to new investors and will be closed to subsequent purchases from existing shareholders on 03/02/2018. The Series will be liquidated on or around 03/09/2018.

Annualized Performance

As of 01/31/2018

YTD

4.93%

1 Year

21.37%

3 Year

---

5 Year

---

10 Year

---

Inception
(06/01/2015)

8.13%

Market Cycle

---

Performance data quoted represents past performance and does not guarantee future results. 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 8.54%
Net 0.96%*

*Includes a shareholder servicing fee of 0.25%. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2018) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 01/31/2018

NIELSEN HOLDINGS PLC 4.34%
EXPRESS SCRIPTS HOLDING CO 3.57%
CHARLES SCHWAB CORP/THE 3.30%
ROCHE HOLDING AG-GENUSSCHEIN 3.20%
DOLLAR GENERAL CORP 3.09%
AUTOZONE INC 3.05%
CISCO SYSTEMS INC 3.03%
MEDTRONIC INC 3.03%
PERNOD-RICARD SA 3.02%
NOVARTIS AG-REG 3.01%

Top Ten Investments list is unaudited and excludes cash

Country Allocation

As of 01/31/2018

United States
50.54%
Japan
11.55%
France
8.57%
Ireland
7.88%
Switzerland
7.17%
United Kingdom
6.01%
Germany
4.93%
Netherlands
1.93%
Singapore
1.42%

Sector Allocation

As of 01/31/2018

Consumer Discretionary
21.95%
Consumer Staples
27.14%
Financials
3.30%
Health Care
27.75%
Industrials
6.61%
Information Technology
8.43%
Telecommunication Services
4.82%

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 The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether 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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0237400 DIAGEO PLC GB DGE LN 2,070 $74,504.20
03073E105 AMERISOURCEBERGEN CORP US ABC 620 $61,795.40
053332102 AUTOZONE INC US AZO 100 $76,544.00
17275R102 CISCO SYSTEMS INC US CSCO 1,830 $76,018.20
256677105 DOLLAR GENERAL CORP US DG 750 $77,340.00
262006208 DREYFUS GVT CSH MANAGEMENT US 116,060 $116,060.00
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 1,130 $89,473.40
4057808 L'OREAL FR OR FP 220 $49,996.28
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 135 $42,289.16
4682329 PERNOD-RICARD SA FR RI FP 475 $75,663.61
478160104 JOHNSON & JOHNSON US JNJ 265 $36,620.35
4846288 SAP AG DE SAP GR 210 $23,759.66
494368103 KIMBERLY CLARK CORP US KMB 520 $60,840.00
5076705 HENKEL AG & CO KGAA VORZUG DE HEN3 GR 340 $47,547.53
5107401 BEIERSDORF AG DE BEI GR 440 $52,169.04
58155Q103 MCKESSON CORP US MCK 340 $57,419.20
58933Y105 MERCK & CO INC US MRK 850 $50,362.50
6129277 NTT DOCOMO INC JP 9437 JP 1,900 $47,210.10
6183552 CENTRAL JAPAN RAILWAY CO JP 9022 JP 300 $56,988.19
6248990 KDDI CORP JP 9433 JP 1,500 $38,067.45
6266914 LAWSON INC JP 2651 JP 390 $26,448.02
6332439 FAST RETAILING CO LTD JP 9983 JP 75 $33,568.75
6483809 KAO CORP JP 4452 JP 900 $62,539.82
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 275 $72,789.75
68389X105 ORACLE CORP US ORCL 1,215 $62,681.85
7062713 SODEXO FR SW FP 365 $46,786.72
7103065 NOVARTIS AG-REG CH NOVN SW 835 $75,364.67
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 325 $80,299.15
7123870 NESTLE SA-REGISTERED CH NESN SW 280 $24,186.95
713448108 PEPSICO INC US PEP 505 $60,751.50
741503403 PRICELINE GROUP INC US PCLN 20 $38,241.00
7792559 HEINEKEN NV NL HEIA NA 430 $48,327.63
806407102 HENRY SCHEIN INC US HSIC 620 $46,921.60
808513105 CHARLES SCHWAB CORP/THE US SCHW 1,550 $82,677.00
872540109 TJX COMPANIES INC US TJX 640 $51,404.80
918204108 VF CORP US VFC 755 $61,260.70
92343E102 VERISIGN INC US VRSN 425 $48,841.00
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 615 $46,284.90
B02PY22 SINGAPORE TELECOMMUNICATIONS SG ST SP 13,180 $35,560.80
B0FS5D6 SEVEN & I HOLDINGS CO LTD JP 3382 JP 600 $24,755.89
B12T3J1 UNILEVER NV-CVA GB UNA NA 455 $26,263.73
B8KF9B4 WPP PLC GB WPP LN 2,755 $49,893.03
G0177J108 ALLERGAN PLC IE AGN 400 $72,104.00
G5960L103 MEDTRONIC INC IE MDT 885 $76,012.65
G6518L108 NIELSEN HOLDINGS PLC US NLSN 2,905 $108,676.05
G97822103 PERRIGO CO PLC IE PRGO 545 $49,387.90

Investments will change over time.

Distributions

  • Quality Equity Series Class S Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 Distributions
  • First Quarter 2017 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, mid-cap risk, and the risk that the investment approach may not be successful. Funds that invest in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar.


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