Mutual Funds
Disciplined Value Series
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
$8.22
Daily $ Change
$0.12
Daily % Change
1.46%
as of 01/13/2025
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 | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
11.76%
1 Year
11.76%
3 Year
4.22%
5 Year
7.33%
10 Year
9.16%
Inception
(11/07/2008)
10.98%
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 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.
Expense Ratio
| Gross | 0.49% |
| 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.
| J P MORGAN CHASE AND CO | 3.97% |
| CHEVRONTEXACO CORP | 3.46% |
| EXXON MOBIL CORP | 3.28% |
| JOHNSON AND JOHNSON | 3.25% |
| WELLS FARGO AND CO NEW | 3.13% |
| BANK OF AMERICA CORPORATION | 3.12% |
| CATERPILLAR INC DEL | 3.05% |
| UNITEDHEALTH GROUP INC | 3.01% |
| RTX CORPORATION COM | 2.39% |
| CITIGROUP INC | 2.35% |
Top Ten Investments list is unaudited and excludes cash
| Financials | 23.29% | |
| Industrials | 20.08% | |
| Energy | 16.98% | |
| Health Care | 16.33% | |
| Consumer Staples | 7.52% | |
| Consumer Discretionary | 5.66% | |
| Information Technology | 5.17% | |
| Materials | 3.91% | |
| Communication Services | 1.06% |
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 | 20,366 | $2,629,046.94 |
| ACCENTURE PLC IRELAND SHS CLASS A | US | ACN | 3,619 | $1,273,128.01 |
| ALLEGION PUB LTD CO | US | ALLE | 2,651 | $346,432.68 |
| ALLSTATE CORP | US | ALL | 5,162 | $995,181.98 |
| ANALOG DEVICES INC | US | ADI | 8,387 | $1,781,902.02 |
| ARCHER DANIELS MIDLAND CO | US | ADM | 23,235 | $1,173,832.20 |
| AVERY DENNISON CORP | US | AVY | 1,127 | $210,895.51 |
| BANK OF AMERICA CORPORATION | US | BAC | 123,424 | $5,424,484.80 |
| BAXTER INTL INC | US | BAX | 14,528 | $423,636.48 |
| BECTON DICKINSON AND CO | US | BDX | 9,795 | $2,222,191.65 |
| BERKLEY W R CORP | US | WRB | 19,595 | $1,146,699.40 |
| BEST BUY INC | US | BBY | 11,503 | $986,957.40 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 61,524 | $3,479,797.44 |
| BROADRIDGE FINL SOLUTIONS IN | US | BR | 1,444 | $326,473.96 |
| BROWN FORMAN CORP | US | BF B | 5,813 | $220,777.74 |
| BUNGE GLOBAL SA COM SHS | US | BG | 4,501 | $349,997.76 |
| CATERPILLAR INC DEL | US | CAT | 14,648 | $5,313,708.48 |
| CBOE GLOBAL MARKETS INC | US | CBOE | 1,411 | $275,709.40 |
| CF INDS HLDGS INC | US | CF | 5,357 | $457,059.24 |
| CHEVRONTEXACO CORP | US | CVX | 41,630 | $6,029,689.20 |
| CHUBB LIMITED COM | US | CB | 2,946 | $813,979.80 |
| CINCINNATI FINL CORP | US | CINF | 8,489 | $1,219,869.30 |
| CISCO SYS INC | US | CSCO | 47,355 | $2,803,416.00 |
| CITIGROUP INC | US | C | 58,126 | $4,091,489.14 |
| COGNIZANT TECHNOLOGY SOLUTIO | US | CTSH | 20,907 | $1,607,748.30 |
| COLGATE PALMOLIVE CO | US | CL | 6,778 | $616,187.98 |
| CONAGRA FOODS INC | US | CAG | 14,316 | $397,269.00 |
| CONOCOPHILLIPS | US | COP | 38,451 | $3,813,185.67 |
| COTERRA ENERGY INC COM | US | CTRA | 39,715 | $1,014,321.10 |
| CRH PLC ORD | US | CRH | 13,079 | $1,210,069.08 |
| CSX CORP | US | CSX | 33,797 | $1,090,629.19 |
| CUMMINS INC | US | CMI | 6,351 | $2,213,958.60 |
| DEERE AND CO | US | DE | 7,877 | $3,337,484.90 |
| DEVON ENERGY CORP NEW | US | DVN | 8,265 | $270,513.45 |
| DICKS SPORTING GOODS INC | US | DKS | 4,213 | $964,102.92 |
| EAST WEST BANCORP INC | US | EWBC | 4,239 | $405,926.64 |
| EBAY INC | US | EBAY | 23,526 | $1,457,435.70 |
| ELEVANCE HEALTH INC COM | US | ELV | 1,856 | $684,678.40 |
| EMERSON ELEC CO | US | EMR | 11,009 | $1,364,345.37 |
| EOG RES INC | US | EOG | 10,780 | $1,321,412.40 |
| EVEREST GROUP LTD COM | US | EG | 1,719 | $623,068.74 |
| EXPAND ENERGY CORPORATION COM | US | EXE | 4,008 | $398,996.40 |
| EXXON MOBIL CORP | US | XOM | 53,133 | $5,715,516.81 |
| FEDEX CORP | US | FDX | 8,625 | $2,426,471.25 |
| FERGUSON ENTERPRISES INC COM | US | FERG | 2,198 | $381,506.86 |
| FIFTH THIRD BANCORP | US | FITB | 33,531 | $1,417,690.68 |
| FOX CORP | US | FOXA | 12,178 | $591,607.24 |
| GENERAL MLS INC | US | GIS | 24,719 | $1,576,330.63 |
| GENUINE PARTS CO | US | GPC | 7,631 | $890,995.56 |
| GILEAD SCIENCES INC | US | GILD | 39,370 | $3,636,606.90 |
| HALLIBURTON CO | US | HAL | 43,127 | $1,172,623.13 |
| HARTFORD FINL SVCS GROUP INC | US | HIG | 13,562 | $1,483,682.80 |
| HERSHEY FOODS CORP | US | HSY | 8,693 | $1,472,159.55 |
| HESS CORP | US | HES | 3,339 | $444,120.39 |
| HF SINCLAIR CORPORATION COM | US | DINO | 6,527 | $228,771.35 |
| HOME DEPOT INC | US | HD | 4,500 | $1,750,455.00 |
| HONEYWELL INTL INC | US | HON | 13,494 | $3,048,159.66 |
| HUMANA INC | US | HUM | 1,398 | $354,686.58 |
| HUNTINGTON BANCSHARES INC | US | HBAN | 76,947 | $1,251,927.69 |
| HUNTINGTON INGALLS INDS INC | US | HII | 1,202 | $227,141.94 |
| INTERPUBLIC GROUP COS INC | US | IPG | 11,336 | $317,634.72 |
| INTL PAPER CO | US | IP | 9,376 | $504,616.32 |
| J P MORGAN CHASE AND CO | US | JPM | 28,836 | $6,912,277.56 |
| JOHNSON AND JOHNSON | US | JNJ | 39,111 | $5,656,232.82 |
| KENVUE INC COM | US | KVUE | 40,476 | $864,162.60 |
| KIMBERLY CLARK CORP | US | KMB | 9,449 | $1,238,196.96 |
| KRAFT HEINZ CO | US | KHC | 49,117 | $1,508,383.07 |
| LABCORP HOLDINGS INC COM SHS | US | LH | 2,302 | $527,894.64 |
| LAS VEGAS SANDS CORP | US | LVS | 17,017 | $873,993.12 |
| LENNAR CORP | US | LEN | 2,998 | $408,837.26 |
| LKQ CORP | US | LKQ | 7,691 | $282,644.25 |
| LOCKHEED MARTIN CORP | US | LMT | 7,185 | $3,491,478.90 |
| MARATHON PETROLEUM CORP | US | MPC | 14,778 | $2,061,531.00 |
| MASCO CORP | US | MAS | 9,323 | $676,570.11 |
| MEDTRONIC PLC SHS | US | MDT | 40,269 | $3,216,687.72 |
| MERCK N CO INC NEW | US | MRK | 14,481 | $1,440,569.88 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 16,696 | $957,515.60 |
| MOLSON COORS BREWING CO | US | TAP | 6,121 | $350,855.72 |
| MONDELEZ INTL INC | US | MDLZ | 21,546 | $1,286,942.58 |
| MOSAIC CO NEW COM | US | MOS | 10,058 | $247,225.64 |
| NUCOR CORP | US | NUE | 5,538 | $646,339.98 |
| OCCIDENTAL PETE CORP DEL | US | OXY | 17,815 | $880,239.15 |
| OMNICOM GROUP INC | US | OMC | 10,947 | $941,879.88 |
| OVINTIV INC COM | US | OVV | 7,761 | $314,320.50 |
| PACCAR INC | US | PCAR | 18,875 | $1,963,377.50 |
| PENSKE AUTOMOTIVE GRP INC | US | PAG | 2,187 | $333,386.28 |
| PERMIAN RESOURCES CORP CLASS A COM | US | PR | 24,917 | $358,306.46 |
| PHILLIPS 66 | US | PSX | 16,280 | $1,854,780.40 |
| PNC FINL SVCS GROUP INC | US | PNC | 10,398 | $2,005,254.30 |
| PPG INDS INC | US | PPG | 10,740 | $1,282,893.00 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,849 | $731,520.14 |
| RALPH LAUREN CORP | US | RL | 1,930 | $445,791.40 |
| RELIANCE INC COM | US | RS | 812 | $218,639.12 |
| ROCKWELL AUTOMATION INC | US | ROK | 1,343 | $383,815.97 |
| ROYALTY PHARMA PLC SHS CL A | US | RPRX | 15,270 | $389,537.70 |
| RTX CORPORATION COM | US | RTX | 35,899 | $4,154,232.28 |
| SCHLUMBERGER LTD | US | SLB | 53,724 | $2,059,778.16 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 6,472 | $573,936.96 |
| SMITH A O | US | AOS | 4,776 | $325,770.96 |
| SMURFIT WESTROCK PLC SHS | US | SW | 20,349 | $1,095,997.14 |
| SNAP ON INC | US | SNA | 1,451 | $492,585.48 |
| SSNC TECHNOLOGIES HLDGS INC | US | SSNC | 9,973 | $755,753.94 |
| STEEL DYNAMICS INC | US | STLD | 4,385 | $500,196.95 |
| SYSCO CORP | US | SYY | 21,433 | $1,638,767.18 |
| TAPESTRY INC COM | US | TPR | 6,775 | $442,610.75 |
| THE CAMPBELLS COMPANY COM | US | CPB | 9,256 | $387,641.28 |
| TRAVELERS COMPANIES INC | US | TRV | 9,052 | $2,180,536.28 |
| TRUIST FINL CORP COM | US | TFC | 51,803 | $2,247,214.14 |
| UNITEDHEALTH GROUP INC | US | UNH | 10,372 | $5,246,779.92 |
| US BANCORP DEL COM | US | USB | 54,334 | $2,598,795.22 |
| US DOLLARS | US | USD | 2,118,887.89 | $2,118,887.89 |
| VALERO ENERGY CORP NEW | US | VLO | 13,246 | $1,623,827.14 |
| VIATRIS INC | US | VTRS | 32,593 | $405,782.85 |
| WELLS FARGO AND CO NEW | US | WFC | 77,496 | $5,443,319.04 |
| WESTLAKE CORPORATION COM | US | WLK | 3,823 | $438,306.95 |
| WILLIAMS SONOMA INC | US | WSM | 5,504 | $1,019,230.72 |
Investments will change over time.
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.
Daily Price
$8.22
Daily $ Change
$0.12
Daily % Change
1.46%
as of 01/13/2025
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 | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| 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
YTD
11.76%
1 Year
11.76%
3 Year
4.22%
5 Year
7.33%
10 Year
9.16%
Inception
(11/07/2008)
10.98%
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 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.
Expense Ratio
| Gross | 0.49% |
| 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.
| J P MORGAN CHASE AND CO | 3.97% |
| CHEVRONTEXACO CORP | 3.46% |
| EXXON MOBIL CORP | 3.28% |
| JOHNSON AND JOHNSON | 3.25% |
| WELLS FARGO AND CO NEW | 3.13% |
| BANK OF AMERICA CORPORATION | 3.12% |
| CATERPILLAR INC DEL | 3.05% |
| UNITEDHEALTH GROUP INC | 3.01% |
| RTX CORPORATION COM | 2.39% |
| CITIGROUP INC | 2.35% |
Top Ten Investments list is unaudited and excludes cash
| Financials | 23.29% | |
| Industrials | 20.08% | |
| Energy | 16.98% | |
| Health Care | 16.33% | |
| Consumer Staples | 7.52% | |
| Consumer Discretionary | 5.66% | |
| Information Technology | 5.17% | |
| Materials | 3.91% | |
| Communication Services | 1.06% |
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 | 20,366 | $2,629,046.94 |
| ACCENTURE PLC IRELAND SHS CLASS A | US | ACN | 3,619 | $1,273,128.01 |
| ALLEGION PUB LTD CO | US | ALLE | 2,651 | $346,432.68 |
| ALLSTATE CORP | US | ALL | 5,162 | $995,181.98 |
| ANALOG DEVICES INC | US | ADI | 8,387 | $1,781,902.02 |
| ARCHER DANIELS MIDLAND CO | US | ADM | 23,235 | $1,173,832.20 |
| AVERY DENNISON CORP | US | AVY | 1,127 | $210,895.51 |
| BANK OF AMERICA CORPORATION | US | BAC | 123,424 | $5,424,484.80 |
| BAXTER INTL INC | US | BAX | 14,528 | $423,636.48 |
| BECTON DICKINSON AND CO | US | BDX | 9,795 | $2,222,191.65 |
| BERKLEY W R CORP | US | WRB | 19,595 | $1,146,699.40 |
| BEST BUY INC | US | BBY | 11,503 | $986,957.40 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 61,524 | $3,479,797.44 |
| BROADRIDGE FINL SOLUTIONS IN | US | BR | 1,444 | $326,473.96 |
| BROWN FORMAN CORP | US | BF B | 5,813 | $220,777.74 |
| BUNGE GLOBAL SA COM SHS | US | BG | 4,501 | $349,997.76 |
| CATERPILLAR INC DEL | US | CAT | 14,648 | $5,313,708.48 |
| CBOE GLOBAL MARKETS INC | US | CBOE | 1,411 | $275,709.40 |
| CF INDS HLDGS INC | US | CF | 5,357 | $457,059.24 |
| CHEVRONTEXACO CORP | US | CVX | 41,630 | $6,029,689.20 |
| CHUBB LIMITED COM | US | CB | 2,946 | $813,979.80 |
| CINCINNATI FINL CORP | US | CINF | 8,489 | $1,219,869.30 |
| CISCO SYS INC | US | CSCO | 47,355 | $2,803,416.00 |
| CITIGROUP INC | US | C | 58,126 | $4,091,489.14 |
| COGNIZANT TECHNOLOGY SOLUTIO | US | CTSH | 20,907 | $1,607,748.30 |
| COLGATE PALMOLIVE CO | US | CL | 6,778 | $616,187.98 |
| CONAGRA FOODS INC | US | CAG | 14,316 | $397,269.00 |
| CONOCOPHILLIPS | US | COP | 38,451 | $3,813,185.67 |
| COTERRA ENERGY INC COM | US | CTRA | 39,715 | $1,014,321.10 |
| CRH PLC ORD | US | CRH | 13,079 | $1,210,069.08 |
| CSX CORP | US | CSX | 33,797 | $1,090,629.19 |
| CUMMINS INC | US | CMI | 6,351 | $2,213,958.60 |
| DEERE AND CO | US | DE | 7,877 | $3,337,484.90 |
| DEVON ENERGY CORP NEW | US | DVN | 8,265 | $270,513.45 |
| DICKS SPORTING GOODS INC | US | DKS | 4,213 | $964,102.92 |
| EAST WEST BANCORP INC | US | EWBC | 4,239 | $405,926.64 |
| EBAY INC | US | EBAY | 23,526 | $1,457,435.70 |
| ELEVANCE HEALTH INC COM | US | ELV | 1,856 | $684,678.40 |
| EMERSON ELEC CO | US | EMR | 11,009 | $1,364,345.37 |
| EOG RES INC | US | EOG | 10,780 | $1,321,412.40 |
| EVEREST GROUP LTD COM | US | EG | 1,719 | $623,068.74 |
| EXPAND ENERGY CORPORATION COM | US | EXE | 4,008 | $398,996.40 |
| EXXON MOBIL CORP | US | XOM | 53,133 | $5,715,516.81 |
| FEDEX CORP | US | FDX | 8,625 | $2,426,471.25 |
| FERGUSON ENTERPRISES INC COM | US | FERG | 2,198 | $381,506.86 |
| FIFTH THIRD BANCORP | US | FITB | 33,531 | $1,417,690.68 |
| FOX CORP | US | FOXA | 12,178 | $591,607.24 |
| GENERAL MLS INC | US | GIS | 24,719 | $1,576,330.63 |
| GENUINE PARTS CO | US | GPC | 7,631 | $890,995.56 |
| GILEAD SCIENCES INC | US | GILD | 39,370 | $3,636,606.90 |
| HALLIBURTON CO | US | HAL | 43,127 | $1,172,623.13 |
| HARTFORD FINL SVCS GROUP INC | US | HIG | 13,562 | $1,483,682.80 |
| HERSHEY FOODS CORP | US | HSY | 8,693 | $1,472,159.55 |
| HESS CORP | US | HES | 3,339 | $444,120.39 |
| HF SINCLAIR CORPORATION COM | US | DINO | 6,527 | $228,771.35 |
| HOME DEPOT INC | US | HD | 4,500 | $1,750,455.00 |
| HONEYWELL INTL INC | US | HON | 13,494 | $3,048,159.66 |
| HUMANA INC | US | HUM | 1,398 | $354,686.58 |
| HUNTINGTON BANCSHARES INC | US | HBAN | 76,947 | $1,251,927.69 |
| HUNTINGTON INGALLS INDS INC | US | HII | 1,202 | $227,141.94 |
| INTERPUBLIC GROUP COS INC | US | IPG | 11,336 | $317,634.72 |
| INTL PAPER CO | US | IP | 9,376 | $504,616.32 |
| J P MORGAN CHASE AND CO | US | JPM | 28,836 | $6,912,277.56 |
| JOHNSON AND JOHNSON | US | JNJ | 39,111 | $5,656,232.82 |
| KENVUE INC COM | US | KVUE | 40,476 | $864,162.60 |
| KIMBERLY CLARK CORP | US | KMB | 9,449 | $1,238,196.96 |
| KRAFT HEINZ CO | US | KHC | 49,117 | $1,508,383.07 |
| LABCORP HOLDINGS INC COM SHS | US | LH | 2,302 | $527,894.64 |
| LAS VEGAS SANDS CORP | US | LVS | 17,017 | $873,993.12 |
| LENNAR CORP | US | LEN | 2,998 | $408,837.26 |
| LKQ CORP | US | LKQ | 7,691 | $282,644.25 |
| LOCKHEED MARTIN CORP | US | LMT | 7,185 | $3,491,478.90 |
| MARATHON PETROLEUM CORP | US | MPC | 14,778 | $2,061,531.00 |
| MASCO CORP | US | MAS | 9,323 | $676,570.11 |
| MEDTRONIC PLC SHS | US | MDT | 40,269 | $3,216,687.72 |
| MERCK N CO INC NEW | US | MRK | 14,481 | $1,440,569.88 |
| MICROCHIP TECHNOLOGY INC | US | MCHP | 16,696 | $957,515.60 |
| MOLSON COORS BREWING CO | US | TAP | 6,121 | $350,855.72 |
| MONDELEZ INTL INC | US | MDLZ | 21,546 | $1,286,942.58 |
| MOSAIC CO NEW COM | US | MOS | 10,058 | $247,225.64 |
| NUCOR CORP | US | NUE | 5,538 | $646,339.98 |
| OCCIDENTAL PETE CORP DEL | US | OXY | 17,815 | $880,239.15 |
| OMNICOM GROUP INC | US | OMC | 10,947 | $941,879.88 |
| OVINTIV INC COM | US | OVV | 7,761 | $314,320.50 |
| PACCAR INC | US | PCAR | 18,875 | $1,963,377.50 |
| PENSKE AUTOMOTIVE GRP INC | US | PAG | 2,187 | $333,386.28 |
| PERMIAN RESOURCES CORP CLASS A COM | US | PR | 24,917 | $358,306.46 |
| PHILLIPS 66 | US | PSX | 16,280 | $1,854,780.40 |
| PNC FINL SVCS GROUP INC | US | PNC | 10,398 | $2,005,254.30 |
| PPG INDS INC | US | PPG | 10,740 | $1,282,893.00 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,849 | $731,520.14 |
| RALPH LAUREN CORP | US | RL | 1,930 | $445,791.40 |
| RELIANCE INC COM | US | RS | 812 | $218,639.12 |
| ROCKWELL AUTOMATION INC | US | ROK | 1,343 | $383,815.97 |
| ROYALTY PHARMA PLC SHS CL A | US | RPRX | 15,270 | $389,537.70 |
| RTX CORPORATION COM | US | RTX | 35,899 | $4,154,232.28 |
| SCHLUMBERGER LTD | US | SLB | 53,724 | $2,059,778.16 |
| SKYWORKS SOLUTIONS INC | US | SWKS | 6,472 | $573,936.96 |
| SMITH A O | US | AOS | 4,776 | $325,770.96 |
| SMURFIT WESTROCK PLC SHS | US | SW | 20,349 | $1,095,997.14 |
| SNAP ON INC | US | SNA | 1,451 | $492,585.48 |
| SSNC TECHNOLOGIES HLDGS INC | US | SSNC | 9,973 | $755,753.94 |
| STEEL DYNAMICS INC | US | STLD | 4,385 | $500,196.95 |
| SYSCO CORP | US | SYY | 21,433 | $1,638,767.18 |
| TAPESTRY INC COM | US | TPR | 6,775 | $442,610.75 |
| THE CAMPBELLS COMPANY COM | US | CPB | 9,256 | $387,641.28 |
| TRAVELERS COMPANIES INC | US | TRV | 9,052 | $2,180,536.28 |
| TRUIST FINL CORP COM | US | TFC | 51,803 | $2,247,214.14 |
| UNITEDHEALTH GROUP INC | US | UNH | 10,372 | $5,246,779.92 |
| US BANCORP DEL COM | US | USB | 54,334 | $2,598,795.22 |
| US DOLLARS | US | USD | 2,118,887.89 | $2,118,887.89 |
| VALERO ENERGY CORP NEW | US | VLO | 13,246 | $1,623,827.14 |
| VIATRIS INC | US | VTRS | 32,593 | $405,782.85 |
| WELLS FARGO AND CO NEW | US | WFC | 77,496 | $5,443,319.04 |
| WESTLAKE CORPORATION COM | US | WLK | 3,823 | $438,306.95 |
| WILLIAMS SONOMA INC | US | WSM | 5,504 | $1,019,230.72 |
Investments will change over time.
Distributions
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.