Kensington Defender Fund | ||||||||||||
Schedule of Investments | ||||||||||||
as of March 31, 2024 (Unaudited) | ||||||||||||
EXCHANGE-TRADED FUND - 89.4% | Shares | Value | ||||||||||
Franklin FTSE Japan ETF | 259,560 | $ | 8,054,147 | |||||||||
Invesco QQQ Trust Series 1(a) | 17,805 | 7,905,598 | ||||||||||
iShares 7-10 Year Treasury Bond ETF | 83,589 | 7,912,535 | ||||||||||
iShares iBoxx High Yield Corporate Bond ETF(a) | 102,226 | 7,946,027 | ||||||||||
SPDR Portfolio S&P 500 ETF(a) | 131,186 | 8,071,875 | ||||||||||
SPDR Portfolio S&P 600 Small Cap ETF | 188,201 | 8,100,171 | ||||||||||
Vanguard FTSE Europe ETF(a) | 120,411 | 8,108,476 | ||||||||||
TOTAL EXCHANGE-TRADED FUND (Cost $53,323,229) | 56,098,829 | |||||||||||
PURCHASED OPTIONS - 0.0%(d)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
Call Options - 0.0% | $ | – | ||||||||||
CBOE Volatility Index, Expiration: 04/17/2024; Exercise Price: $28.00 | 5,040,000 | 1,800 | 21,600 | |||||||||
Put Options - 0.0% | $ | – | ||||||||||
S&P 500 Index | – | $ | – | |||||||||
Expiration: 04/05/2024; Exercise Price: $5,050.00 | 15,763,050 | 30 | 3,300 | |||||||||
Expiration: 04/08/2024; Exercise Price: $5,050.00 | 15,763,050 | 30 | 5,025 | |||||||||
Expiration: 04/10/2024; Exercise Price: $5,025.00 | 15,763,050 | 30 | 8,475 | |||||||||
Total Put Options | 16,800 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $100,609) | 38,400 | |||||||||||
SHORT-TERM INVESTMENTS - 8.2% | ||||||||||||
Investments Purchased with Proceeds from Securities Lending - 8.2% | Shares | |||||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(e) | 5,165,085 | 5,165,085 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,165,085) | 5,165,085 | |||||||||||
TOTAL INVESTMENTS - 97.6% (Cost $58,588,923) | $ | 61,302,314 | ||||||||||
Money Market Deposit Account - 9.7%(f) | 6,082,695 | |||||||||||
Liabilities in Excess of Other Assets - (7.3)% | (4,635,524 | ) | ||||||||||
TOTAL NET ASSETS - 100.0% | $ | 62,749,485 | ||||||||||
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 $5,043,019 which represented 8.0% of net assets. |
(b) | Exchange-traded. |
(c) | 100 shares per contract. |
(d) | Represents less than 0.05% of net assets. |
(e) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
(f) | 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%. |
Kensington Defender Fund | ||||||||||||
Schedule of Options Written | ||||||||||||
as of March 31, 2024 (Unaudited) | ||||||||||||
OPTIONS WRITTEN - (0.1)% (a)(b) | Notional Amount | Contracts | Value | |||||||||
Put Options - (0.1)% | ||||||||||||
S&P 500 Index | 0 | 0 | – | |||||||||
Expiration: 04/05/2024; Exercise Price: $5,200.00 | $ | (15,763,050 | ) | (30 | ) | $ | (29,400 | ) | ||||
Expiration: 04/08/2024; Exercise Price: $5,200.00 | (15,763,050 | ) | (30 | ) | (36,300 | ) | ||||||
Expiration: 04/10/2024; Exercise Price: $5,175.00 | (15,763,050 | ) | (30 | ) | (39,600 | ) | ||||||
Total Put Options | (105,300 | ) | ||||||||||
TOTAL OPTIONS WRITTEN (Premiums received $208,406) | (105,300 | ) | ||||||||||
Percentages are stated as a percent of net assets. |
(a) | Exchange-traded. |
(b) | 100 shares per contract. |
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 Defender Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Exchange-Traded Fund | $ | 56,098,829 | – | – | $ | 56,098,829 | ||||||||||
Purchased Options | 38,400 | – | – | 38,400 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 5,165,085 | ||||||||||||
Total Assets | $ | 56,137,229 | $ | – | – | $ | 61,302,314 | |||||||||
Liabilities: | ||||||||||||||||
Options Written | (105,300 | ) | – | – | (105,300 | ) | ||||||||||
Total Liabilities | (105,300 | ) | $ | – | $ | – | $ | (105,300 | ) |
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |