Kensington Managed Income Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
EXCHANGE-TRADED FUND - 78.3% | Shares | Value | ||||||
Angel Oak High Yield Opportunities ETF | 184,331 | $ | 2,020,268 | |||||
FlexShares High Yield Value-Scored Bond Index Fund(a) | 635,400 | 26,121,294 | ||||||
Invesco Senior Loan ETF(a) | 2,103,300 | 44,484,795 | ||||||
iShares Broad USD High Yield Corporate Bond ETF(a) | 5,081,700 | 185,939,403 | ||||||
Janus Henderson AAA CLO ETF | 82,603 | 4,191,276 | ||||||
JPMorgan Income ETF | 150,000 | 6,834,000 | ||||||
SPDR Blackstone Senior Loan ETF | 960,400 | 40,442,444 | ||||||
SPDR Bloomberg High Yield Bond ETF(a) | 1,651,300 | 157,203,760 | ||||||
SPDR Bloomberg Short Term High Yield Bond ETF(a) | 2,048,700 | 51,668,214 | ||||||
SPDR Portfolio High Yield Bond ETF | 2,356,400 | 55,281,144 | ||||||
VanEck Fallen Angel High Yield Bond ETF(a) | 1,928,500 | 55,965,070 | ||||||
Xtrackers USD High Yield Corporate Bond ETF(a) | 1,083,000 | 38,673,930 | ||||||
TOTAL EXCHANGE-TRADED FUND (Cost $642,705,892) | 668,825,598 | |||||||
OPEN-END FUNDS - 19.4% | Shares | Value | ||||||
Fidelity Advisor High Income Advantage Fund - Class Z | 999,001 | 10,789,211 | ||||||
Fidelity Capital & Income Fund | 8,686,211 | 86,254,071 | ||||||
Manning & Napier High Yield Bond Series - Class Z | 5,030,622 | 39,339,461 | ||||||
Pioneer Strategic Income Fund - Class K | 3,151,261 | 29,716,387 | ||||||
TOTAL OPEN-END FUNDS (Cost $158,500,000) | 166,099,130 | |||||||
SHORT-TERM INVESTMENTS - 9.1% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 9.1% | Shares | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(b) | 78,190,674 | 78,190,674 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $78,190,674) | 78,190,674 | |||||||
TOTAL INVESTMENTS - 106.8% (Cost $879,396,566) | $ | 913,115,402 | ||||||
Money Market Deposit Account - 2.5%(c) | 21,657,012 | |||||||
Liabilities in Excess of Other Assets - (9.3)% | (79,408,435 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 855,363,979 | ||||||
Percentages are stated as a percent of net assets. |
(a) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $76,280,703 which represented 8.9% of net assets. |
(b) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
(c) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.24%. |
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024. See the Schedule of Investments for an industry breakout. Kensington Managed Income Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Exchange-Traded Fund | 668,825,598 | – | – | 668,825,598 | ||||||||||||
Open-End Funds | 166,099,130 | – | – | 166,099,130 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 78,190,674 | ||||||||||||
Total Assets | 834,924,728 | – | – | 913,115,402 |
Transaction with Affiliates- If the Fund's holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The Fund conducted transactions during the period ended March 31, 2024, with affiliated companies as so defined:
Beginning Value | Additions | Reductions | Ending Value | |||||||||||||
Pioneer Strategic Income Fund - Class K | $ | 29,905,462 | $ | - | $ | - | $ | 29,716,387 |
Ending Shares as of March 31, 2024 | Dividend Income | Return of Capital | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | ||||||||||||||||
Pioneer Strategic Income Fund - Class K | 3,151,261 | $ | 325,843 | $ | - | $ | - | $ | (189,076 | ) |