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
$9.56
Daily $ Change
$0.07
Daily % Change
0.73%
as of 02/11/2026
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
YTD
5.70%
1 Year
17.66%
3 Year
12.40%
5 Year
11.54%
10 Year
11.88%
Inception
(11/07/2008)
11.58%
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 | 0.45% |
*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.
| MERCK N CO INC NEW | 3.69% |
| EXXON MOBIL CORP | 3.59% |
| CITIGROUP INC | 3.26% |
| WELLS FARGO AND CO NEW | 2.96% |
| GILEAD SCIENCES INC | 2.83% |
| QUALCOMM INC | 2.82% |
| UNITEDHEALTH GROUP INC | 2.24% |
| CONOCOPHILLIPS | 2.15% |
| PROGRESSIVE CORP OHIO | 2.09% |
| BRISTOL MYERS SQUIBB CO | 2.00% |
Top Ten Investments list is unaudited and excludes cash
| Financials | 25.97% | |
| Health Care | 19.07% | |
| Energy | 15.48% | |
| Industrials | 11.27% | |
| Materials | 7.74% | |
| Consumer Staples | 7.55% | |
| Information Technology | 6.66% | |
| Consumer Discretionary | 4.61% | |
| Communication Services | 1.64% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACCENTURE PLC IRELAND SHS CLASS A | US | ACN | 11,210 | $2,955,404.40 |
| ALLSTATE CORP | US | ALL | 9,595 | $1,909,309.05 |
| AVERY DENNISON CORP | US | AVY | 4,120 | $764,301.20 |
| BAKER HUGHES A GE CO | US | BKR | 32,691 | $1,832,003.64 |
| BALL CORP COM | US | BALL | 7,657 | $435,453.59 |
| BANK OF AMERICA CORPORATION | US | BAC | 32,102 | $1,707,826.40 |
| BAXTER INTL INC | US | BAX | 6,736 | $135,191.52 |
| BECTON DICKINSON AND CO | US | BDX | 9,210 | $1,874,050.80 |
| BERKLEY W R CORP | US | WRB | 16,599 | $1,138,359.42 |
| BEST BUY INC | US | BBY | 11,993 | $780,744.30 |
| BOOZ ALLEN HAMILTON HLDG COR | US | BAH | 4,730 | $418,226.60 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 54,437 | $2,996,756.85 |
| BROADRIDGE FINL SOLUTIONS IN | US | BR | 1,464 | $288,569.04 |
| BROWN FORMAN CORP | US | BF B | 23,341 | $638,843.17 |
| CARLISLE COS INC | US | CSL | 1,117 | $380,774.13 |
| CARRIER GLOBAL CORPORATION | US | CARR | 8,276 | $493,084.08 |
| CATERPILLAR INC DEL | US | CAT | 4,373 | $2,874,635.28 |
| CDW CORP COM | US | CDW | 4,699 | $593,906.61 |
| CF INDS HLDGS INC | US | CF | 8,201 | $764,579.23 |
| CHUBB LIMITED COM | US | CB | 8,460 | $2,618,877.60 |
| CINCINNATI FINL CORP | US | CINF | 3,456 | $556,035.84 |
| CITIGROUP INC | US | C | 42,215 | $4,884,697.65 |
| CNH INDL N V | US | CNH | 63,200 | $680,032.00 |
| COGNIZANT TECHNOLOGY SOLUTIO | US | CTSH | 19,330 | $1,586,219.80 |
| COLGATE PALMOLIVE CO | US | CL | 13,531 | $1,221,713.99 |
| COMCAST CORP | US | CMCSA | 54,884 | $1,632,799.00 |
| CONAGRA FOODS INC | US | CAG | 5,319 | $98,454.69 |
| CONOCOPHILLIPS | US | COP | 30,941 | $3,224,980.43 |
| CONSTELLATION BRANDS INC | US | STZ | 6,999 | $1,096,743.30 |
| COTERRA ENERGY INC COM | US | CTRA | 36,577 | $1,055,246.45 |
| CSX CORP | US | CSX | 12,990 | $490,502.40 |
| CUMMINS INC | US | CMI | 3,111 | $1,800,709.02 |
| D R HORTON INC | US | DHI | 2,755 | $410,054.20 |
| DEVON ENERGY CORP NEW | US | DVN | 22,644 | $910,515.24 |
| DICKS SPORTING GOODS INC | US | DKS | 4,202 | $848,804.00 |
| DOVER CORP | US | DOV | 1,552 | $312,712.48 |
| EAST WEST BANCORP INC | US | EWBC | 5,649 | $646,471.56 |
| EBAY INC | US | EBAY | 3,841 | $350,376.02 |
| ELEVANCE HEALTH INC COM | US | ELV | 6,465 | $2,235,209.10 |
| EMERSON ELEC CO | US | EMR | 3,773 | $554,480.08 |
| EOG RES INC | US | EOG | 17,682 | $1,982,682.66 |
| EQT CORP | US | EQT | 7,325 | $422,872.25 |
| EVEREST GROUP LTD COM | US | EG | 1,704 | $564,501.12 |
| EXPAND ENERGY CORPORATION COM | US | EXE | 3,079 | $346,110.39 |
| EXPEDITORS INTL WASH INC | US | EXPD | 3,349 | $537,648.46 |
| EXXON MOBIL CORP | US | XOM | 38,035 | $5,378,149.00 |
| FEDEX CORP | US | FDX | 7,614 | $2,453,611.50 |
| FERGUSON ENTERPRISES INC COM | US | FERG | 1,573 | $397,119.58 |
| FIFTH THIRD BANCORP | US | FITB | 27,818 | $1,397,019.96 |
| FREEPORT-MCMORAN COPPER AND GO | US | FCX | 30,153 | $1,816,115.19 |
| GENERAL MLS INC | US | GIS | 22,290 | $1,031,135.40 |
| GENUINE PARTS CO | US | GPC | 6,073 | $844,086.27 |
| GILEAD SCIENCES INC | US | GILD | 29,935 | $4,249,273.25 |
| HALLIBURTON CO | US | HAL | 38,513 | $1,290,955.76 |
| HARTFORD FINL SVCS GROUP INC | US | HIG | 11,558 | $1,561,023.48 |
| HERSHEY FOODS CORP | US | HSY | 1,665 | $324,258.75 |
| HONEYWELL INTL INC | US | HON | 4,270 | $971,510.40 |
| HUMANA INC | US | HUM | 3,728 | $727,705.60 |
| HUNTINGTON BANCSHARES INC | US | HBAN | 68,553 | $1,198,306.44 |
| IDEX CORP | US | IEX | 1,017 | $201,925.35 |
| INTERNATIONAL FLAVORSANDFRAGRA | US | IFF | 12,076 | $843,025.56 |
| J P MORGAN CHASE AND CO | US | JPM | 9,088 | $2,779,928.32 |
| JOHNSON AND JOHNSON | US | JNJ | 12,548 | $2,851,533.00 |
| KIMBERLY CLARK CORP | US | KMB | 6,089 | $608,839.11 |
| KRAFT HEINZ CO | US | KHC | 19,882 | $471,998.68 |
| KROGER CO | US | KR | 22,566 | $1,418,273.10 |
| L3HARRIS TECHNOLOGIES INC COM | US | LHX | 1,383 | $474,161.55 |
| LAS VEGAS SANDS CORP | US | LVS | 14,490 | $764,057.70 |
| LENNAR CORP | US | LEN | 9,401 | $1,027,999.35 |
| LOCKHEED MARTIN CORP | US | LMT | 2,273 | $1,441,582.06 |
| MARATHON PETROLEUM CORP | US | MPC | 10,493 | $1,848,761.67 |
| MASCO CORP | US | MAS | 10,447 | $690,442.23 |
| MEDTRONIC PLC SHS | US | MDT | 14,982 | $1,542,546.72 |
| MERCK N CO INC NEW | US | MRK | 50,184 | $5,533,789.68 |
| MOLSON COORS BREWING CO | US | TAP | 2,129 | $102,277.16 |
| MONDELEZ INTL INC | US | MDLZ | 17,095 | $999,544.65 |
| NETAPP INC | US | NTAP | 4,646 | $447,642.10 |
| NEWMONT MINING CORP | US | NEM | 15,421 | $1,732,549.35 |
| NUCOR CORP | US | NUE | 2,016 | $358,283.52 |
| OCCIDENTAL PETE CORP DEL | US | OXY | 36,328 | $1,648,927.92 |
| OMNICOM GROUP INC | US | OMC | 10,787 | $831,030.48 |
| PACKAGING CORP AMER | US | PKG | 1,172 | $260,828.60 |
| PFIZER INC | US | PFE | 73,238 | $1,936,412.72 |
| PNC FINL SVCS GROUP INC | US | PNC | 11,628 | $2,596,532.40 |
| PPG INDS INC | US | PPG | 9,432 | $1,090,622.16 |
| PROCTER AND GAMBLE CO | US | PG | 8,230 | $1,249,067.10 |
| PROGRESSIVE CORP OHIO | US | PGR | 15,070 | $3,134,560.00 |
| QUALCOMM INC | US | QCOM | 27,897 | $4,228,906.23 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,990 | $933,279.70 |
| RALPH LAUREN CORP | US | RL | 747 | $263,997.27 |
| REGIONS FINANCIAL CORP NEW | US | RF | 21,898 | $624,093.00 |
| RELIANCE INC COM | US | RS | 1,230 | $405,285.00 |
| RPM INTL INC | US | RPM | 3,562 | $380,991.52 |
| SLB LIMITED | US | SLB | 46,434 | $2,246,476.92 |
| SMURFIT WESTROCK PLC SHS | US | SW | 23,365 | $972,684.95 |
| SNAP ON INC | US | SNA | 2,521 | $922,963.31 |
| SOUTHERN COPPER CORP | US | SCCO | 9,379 | $1,785,011.28 |
| SSNC TECHNOLOGIES HLDGS INC | US | SSNC | 6,409 | $524,833.01 |
| SYSCO CORP | US | SYY | 15,393 | $1,290,703.05 |
| TAPESTRY INC COM | US | TPR | 4,349 | $551,931.59 |
| TD SYNNEX CORPORATION COM | US | SNX | 1,139 | $180,725.13 |
| TRAVELERS COMPANIES INC | US | TRV | 7,745 | $2,203,529.95 |
| TRUIST FINL CORP COM | US | TFC | 43,287 | $2,225,817.54 |
| TYSON FOODS INC | US | TSN | 11,838 | $773,376.54 |
| UNITEDHEALTH GROUP INC | US | UNH | 11,728 | $3,365,115.04 |
| US BANCORP DEL COM | US | USB | 49,132 | $2,756,796.52 |
| US DOLLARS | US | USD | 1,851,175.4 | $1,851,175.40 |
| VALERO ENERGY CORP NEW | US | VLO | 5,657 | $1,026,349.51 |
| VIATRIS INC | US | VTRS | 16,423 | $214,977.07 |
| WELLS FARGO AND CO NEW | US | WFC | 49,134 | $4,446,135.66 |
| WILLIAMS SONOMA INC | US | WSM | 5,236 | $1,071,547.40 |
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
$9.56
Daily $ Change
$0.07
Daily % Change
0.73%
as of 02/11/2026
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
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
5.70%
1 Year
17.66%
3 Year
12.40%
5 Year
11.54%
10 Year
11.88%
Inception
(11/07/2008)
11.58%
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 | 0.45% |
*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.
| MERCK N CO INC NEW | 3.69% |
| EXXON MOBIL CORP | 3.59% |
| CITIGROUP INC | 3.26% |
| WELLS FARGO AND CO NEW | 2.96% |
| GILEAD SCIENCES INC | 2.83% |
| QUALCOMM INC | 2.82% |
| UNITEDHEALTH GROUP INC | 2.24% |
| CONOCOPHILLIPS | 2.15% |
| PROGRESSIVE CORP OHIO | 2.09% |
| BRISTOL MYERS SQUIBB CO | 2.00% |
Top Ten Investments list is unaudited and excludes cash
| Financials | 25.97% | |
| Health Care | 19.07% | |
| Energy | 15.48% | |
| Industrials | 11.27% | |
| Materials | 7.74% | |
| Consumer Staples | 7.55% | |
| Information Technology | 6.66% | |
| Consumer Discretionary | 4.61% | |
| Communication Services | 1.64% |
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.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ACCENTURE PLC IRELAND SHS CLASS A | US | ACN | 11,210 | $2,955,404.40 |
| ALLSTATE CORP | US | ALL | 9,595 | $1,909,309.05 |
| AVERY DENNISON CORP | US | AVY | 4,120 | $764,301.20 |
| BAKER HUGHES A GE CO | US | BKR | 32,691 | $1,832,003.64 |
| BALL CORP COM | US | BALL | 7,657 | $435,453.59 |
| BANK OF AMERICA CORPORATION | US | BAC | 32,102 | $1,707,826.40 |
| BAXTER INTL INC | US | BAX | 6,736 | $135,191.52 |
| BECTON DICKINSON AND CO | US | BDX | 9,210 | $1,874,050.80 |
| BERKLEY W R CORP | US | WRB | 16,599 | $1,138,359.42 |
| BEST BUY INC | US | BBY | 11,993 | $780,744.30 |
| BOOZ ALLEN HAMILTON HLDG COR | US | BAH | 4,730 | $418,226.60 |
| BRISTOL MYERS SQUIBB CO | US | BMY | 54,437 | $2,996,756.85 |
| BROADRIDGE FINL SOLUTIONS IN | US | BR | 1,464 | $288,569.04 |
| BROWN FORMAN CORP | US | BF B | 23,341 | $638,843.17 |
| CARLISLE COS INC | US | CSL | 1,117 | $380,774.13 |
| CARRIER GLOBAL CORPORATION | US | CARR | 8,276 | $493,084.08 |
| CATERPILLAR INC DEL | US | CAT | 4,373 | $2,874,635.28 |
| CDW CORP COM | US | CDW | 4,699 | $593,906.61 |
| CF INDS HLDGS INC | US | CF | 8,201 | $764,579.23 |
| CHUBB LIMITED COM | US | CB | 8,460 | $2,618,877.60 |
| CINCINNATI FINL CORP | US | CINF | 3,456 | $556,035.84 |
| CITIGROUP INC | US | C | 42,215 | $4,884,697.65 |
| CNH INDL N V | US | CNH | 63,200 | $680,032.00 |
| COGNIZANT TECHNOLOGY SOLUTIO | US | CTSH | 19,330 | $1,586,219.80 |
| COLGATE PALMOLIVE CO | US | CL | 13,531 | $1,221,713.99 |
| COMCAST CORP | US | CMCSA | 54,884 | $1,632,799.00 |
| CONAGRA FOODS INC | US | CAG | 5,319 | $98,454.69 |
| CONOCOPHILLIPS | US | COP | 30,941 | $3,224,980.43 |
| CONSTELLATION BRANDS INC | US | STZ | 6,999 | $1,096,743.30 |
| COTERRA ENERGY INC COM | US | CTRA | 36,577 | $1,055,246.45 |
| CSX CORP | US | CSX | 12,990 | $490,502.40 |
| CUMMINS INC | US | CMI | 3,111 | $1,800,709.02 |
| D R HORTON INC | US | DHI | 2,755 | $410,054.20 |
| DEVON ENERGY CORP NEW | US | DVN | 22,644 | $910,515.24 |
| DICKS SPORTING GOODS INC | US | DKS | 4,202 | $848,804.00 |
| DOVER CORP | US | DOV | 1,552 | $312,712.48 |
| EAST WEST BANCORP INC | US | EWBC | 5,649 | $646,471.56 |
| EBAY INC | US | EBAY | 3,841 | $350,376.02 |
| ELEVANCE HEALTH INC COM | US | ELV | 6,465 | $2,235,209.10 |
| EMERSON ELEC CO | US | EMR | 3,773 | $554,480.08 |
| EOG RES INC | US | EOG | 17,682 | $1,982,682.66 |
| EQT CORP | US | EQT | 7,325 | $422,872.25 |
| EVEREST GROUP LTD COM | US | EG | 1,704 | $564,501.12 |
| EXPAND ENERGY CORPORATION COM | US | EXE | 3,079 | $346,110.39 |
| EXPEDITORS INTL WASH INC | US | EXPD | 3,349 | $537,648.46 |
| EXXON MOBIL CORP | US | XOM | 38,035 | $5,378,149.00 |
| FEDEX CORP | US | FDX | 7,614 | $2,453,611.50 |
| FERGUSON ENTERPRISES INC COM | US | FERG | 1,573 | $397,119.58 |
| FIFTH THIRD BANCORP | US | FITB | 27,818 | $1,397,019.96 |
| FREEPORT-MCMORAN COPPER AND GO | US | FCX | 30,153 | $1,816,115.19 |
| GENERAL MLS INC | US | GIS | 22,290 | $1,031,135.40 |
| GENUINE PARTS CO | US | GPC | 6,073 | $844,086.27 |
| GILEAD SCIENCES INC | US | GILD | 29,935 | $4,249,273.25 |
| HALLIBURTON CO | US | HAL | 38,513 | $1,290,955.76 |
| HARTFORD FINL SVCS GROUP INC | US | HIG | 11,558 | $1,561,023.48 |
| HERSHEY FOODS CORP | US | HSY | 1,665 | $324,258.75 |
| HONEYWELL INTL INC | US | HON | 4,270 | $971,510.40 |
| HUMANA INC | US | HUM | 3,728 | $727,705.60 |
| HUNTINGTON BANCSHARES INC | US | HBAN | 68,553 | $1,198,306.44 |
| IDEX CORP | US | IEX | 1,017 | $201,925.35 |
| INTERNATIONAL FLAVORSANDFRAGRA | US | IFF | 12,076 | $843,025.56 |
| J P MORGAN CHASE AND CO | US | JPM | 9,088 | $2,779,928.32 |
| JOHNSON AND JOHNSON | US | JNJ | 12,548 | $2,851,533.00 |
| KIMBERLY CLARK CORP | US | KMB | 6,089 | $608,839.11 |
| KRAFT HEINZ CO | US | KHC | 19,882 | $471,998.68 |
| KROGER CO | US | KR | 22,566 | $1,418,273.10 |
| L3HARRIS TECHNOLOGIES INC COM | US | LHX | 1,383 | $474,161.55 |
| LAS VEGAS SANDS CORP | US | LVS | 14,490 | $764,057.70 |
| LENNAR CORP | US | LEN | 9,401 | $1,027,999.35 |
| LOCKHEED MARTIN CORP | US | LMT | 2,273 | $1,441,582.06 |
| MARATHON PETROLEUM CORP | US | MPC | 10,493 | $1,848,761.67 |
| MASCO CORP | US | MAS | 10,447 | $690,442.23 |
| MEDTRONIC PLC SHS | US | MDT | 14,982 | $1,542,546.72 |
| MERCK N CO INC NEW | US | MRK | 50,184 | $5,533,789.68 |
| MOLSON COORS BREWING CO | US | TAP | 2,129 | $102,277.16 |
| MONDELEZ INTL INC | US | MDLZ | 17,095 | $999,544.65 |
| NETAPP INC | US | NTAP | 4,646 | $447,642.10 |
| NEWMONT MINING CORP | US | NEM | 15,421 | $1,732,549.35 |
| NUCOR CORP | US | NUE | 2,016 | $358,283.52 |
| OCCIDENTAL PETE CORP DEL | US | OXY | 36,328 | $1,648,927.92 |
| OMNICOM GROUP INC | US | OMC | 10,787 | $831,030.48 |
| PACKAGING CORP AMER | US | PKG | 1,172 | $260,828.60 |
| PFIZER INC | US | PFE | 73,238 | $1,936,412.72 |
| PNC FINL SVCS GROUP INC | US | PNC | 11,628 | $2,596,532.40 |
| PPG INDS INC | US | PPG | 9,432 | $1,090,622.16 |
| PROCTER AND GAMBLE CO | US | PG | 8,230 | $1,249,067.10 |
| PROGRESSIVE CORP OHIO | US | PGR | 15,070 | $3,134,560.00 |
| QUALCOMM INC | US | QCOM | 27,897 | $4,228,906.23 |
| QUEST DIAGNOSTICS INC | US | DGX | 4,990 | $933,279.70 |
| RALPH LAUREN CORP | US | RL | 747 | $263,997.27 |
| REGIONS FINANCIAL CORP NEW | US | RF | 21,898 | $624,093.00 |
| RELIANCE INC COM | US | RS | 1,230 | $405,285.00 |
| RPM INTL INC | US | RPM | 3,562 | $380,991.52 |
| SLB LIMITED | US | SLB | 46,434 | $2,246,476.92 |
| SMURFIT WESTROCK PLC SHS | US | SW | 23,365 | $972,684.95 |
| SNAP ON INC | US | SNA | 2,521 | $922,963.31 |
| SOUTHERN COPPER CORP | US | SCCO | 9,379 | $1,785,011.28 |
| SSNC TECHNOLOGIES HLDGS INC | US | SSNC | 6,409 | $524,833.01 |
| SYSCO CORP | US | SYY | 15,393 | $1,290,703.05 |
| TAPESTRY INC COM | US | TPR | 4,349 | $551,931.59 |
| TD SYNNEX CORPORATION COM | US | SNX | 1,139 | $180,725.13 |
| TRAVELERS COMPANIES INC | US | TRV | 7,745 | $2,203,529.95 |
| TRUIST FINL CORP COM | US | TFC | 43,287 | $2,225,817.54 |
| TYSON FOODS INC | US | TSN | 11,838 | $773,376.54 |
| UNITEDHEALTH GROUP INC | US | UNH | 11,728 | $3,365,115.04 |
| US BANCORP DEL COM | US | USB | 49,132 | $2,756,796.52 |
| US DOLLARS | US | USD | 1,851,175.4 | $1,851,175.40 |
| VALERO ENERGY CORP NEW | US | VLO | 5,657 | $1,026,349.51 |
| VIATRIS INC | US | VTRS | 16,423 | $214,977.07 |
| WELLS FARGO AND CO NEW | US | WFC | 49,134 | $4,446,135.66 |
| WILLIAMS SONOMA INC | US | WSM | 5,236 | $1,071,547.40 |
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.