Investment Portfolio - July 31, 2021
(unaudited)
DISCIPLINED VALUE SERIES | SHARES | VALUE | ||||||
COMMON STOCKS - 98.8% | ||||||||
Communication Services - 6.0% | ||||||||
Diversified Telecommunication Services - 2.6% | ||||||||
Verizon Communications, Inc. | 229,274 | $ | 12,788,904 | |||||
Media - 3.4% | ||||||||
Comcast Corp. - Class A | 248,455 | 14,616,608 | ||||||
Omnicom Group, Inc. | 28,999 | 2,111,707 | ||||||
16,728,315 | ||||||||
Total Communication Services | 29,517,219 | |||||||
Consumer Discretionary - 6.3% | ||||||||
Distributors - 0.5% | ||||||||
Genuine Parts Co. | 20,729 | 2,630,925 | ||||||
Household Durables - 1.1% | ||||||||
Garmin Ltd. | 22,393 | 3,520,180 | ||||||
Whirlpool Corp. | 8,439 | 1,869,576 | ||||||
5,389,756 | ||||||||
Specialty Retail - 4.7% | ||||||||
Best Buy Co., Inc. | 31,157 | 3,500,489 | ||||||
The Home Depot, Inc. | 54,019 | 17,728,495 | ||||||
Williams-Sonoma, Inc. | 11,680 | 1,771,856 | ||||||
23,000,840 | ||||||||
Total Consumer Discretionary | . | 31,021,521 | ||||||
Consumer Staples - 17.1% | ||||||||
Food & Staples Retailing - 4.3% | ||||||||
The Kroger Co. | 84,059 | 3,421,201 | ||||||
Walmart, Inc. | 124,244 | 17,710,982 | ||||||
21,132,183 | ||||||||
Food Products - 6.7% | ||||||||
Archer-Daniels-Midland Co. | 57,473 | 3,432,288 | ||||||
Bunge Ltd. | 22,208 | 1,724,007 | ||||||
Campbell Soup Co. | 41,128 | 1,798,116 | ||||||
Conagra Brands, Inc. | 63,257 | 2,118,477 | ||||||
General Mills, Inc. | 62,490 | 3,678,161 | ||||||
The Hershey Co. | 22,345 | 3,997,074 | ||||||
The J.M. Smucker Co. | 15,242 | 1,998,379 | ||||||
The Kraft Heinz Co. | 111,867 | 4,303,523 | ||||||
Mondelez International, Inc. - Class A | 111,953 | 7,082,147 | ||||||
Tyson Foods, Inc. - Class A | 42,033 | 3,003,678 | ||||||
33,135,850 | ||||||||
Household Products - 6.1% | ||||||||
The Clorox Co. | 14,690 | 2,657,274 | ||||||
Colgate-Palmolive Co. | 75,182 | 5,976,969 | ||||||
Kimberly-Clark Corp. | 32,710 | 4,439,401 | ||||||
The Procter & Gamble Co. | 120,554 | 17,146,396 | ||||||
30,220,040 | ||||||||
Total Consumer Staples | 84,488,073 | |||||||
Financials - 13.3% | ||||||||
Banks - 8.5% | ||||||||
Citigroup, Inc. | 140,866 | 9,525,359 | ||||||
Comerica, Inc. | 21,960 | 1,507,773 |
SHARES | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Financials (continued) | ||||||||
Banks (continued) | ||||||||
Fifth Third Bancorp | 83,292 | $ | 3,022,667 | |||||
Huntington Bancshares, Inc. | 138,248 | 1,946,532 | ||||||
JPMorgan Chase & Co. | 111,129 | 16,867,160 | ||||||
Regions Financial Corp. | 123,123 | 2,370,118 | ||||||
U.S. Bancorp | 120,777 | 6,707,954 | ||||||
41,947,563 | ||||||||
Insurance - 4.8% | ||||||||
The Allstate Corp. | 32,036 | 4,166,282 | ||||||
Chubb Ltd. | 38,926 | 6,568,373 | ||||||
Cincinnati Financial Corp. | 21,884 | 2,579,686 | ||||||
Everest Re Group Ltd. | 6,585 | 1,664,885 | ||||||
Fidelity National Financial, Inc. | 42,429 | 1,892,758 | ||||||
The Hartford Financial Services Group, Inc. | 44,624 | 2,838,979 | ||||||
The Travelers Companies, Inc. | 26,160 | 3,895,747 | ||||||
23,606,710 | ||||||||
Total Financials | 65,554,273 | |||||||
Health Care - 9.8% | ||||||||
Biotechnology - 1.4% | ||||||||
Gilead Sciences, Inc. | 99,810 | 6,816,025 | ||||||
Health Care Providers & Services - 0.5% | ||||||||
Quest Diagnostics, Inc. | 18,293 | 2,593,948 | ||||||
Pharmaceuticals - 7.9% | ||||||||
Bristol-Myers Squibb Co. | 144,156 | 9,783,867 | ||||||
Johnson & Johnson | 100,144 | 17,244,797 | ||||||
Merck & Co., Inc. | 149,831 | 11,517,509 | ||||||
Organon & Co. | 14,983 | 434,657 | ||||||
38,980,830 | ||||||||
Total Health Care | 48,390,803 | |||||||
Industrials - 22.5% | ||||||||
Aerospace & Defense - 4.7% | ||||||||
General Dynamics Corp. | 27,329 | 5,357,304 | ||||||
L3Harris Technologies, Inc. | 20,569 | 4,663,815 | ||||||
Lockheed Martin Corp. | 20,726 | 7,703,232 | ||||||
Northrop Grumman Corp. | 15,002 | 5,446,026 | ||||||
23,170,377 | ||||||||
Air Freight & Logistics - 0.4% | ||||||||
C.H. Robinson Worldwide, Inc. | 20,329 | 1,812,737 | ||||||
Building Products - 1.6% | ||||||||
A. O. Smith Corp. | 26,407 | 1,857,204 | ||||||
Johnson Controls International plc. | 84,751 | 6,052,917 | ||||||
7,910,121 | ||||||||
Commercial Services & Supplies - 2.0% | ||||||||
Republic Services, Inc. | 35,059 | 4,149,583 | ||||||
Waste Management, Inc. | 39,053 | 5,789,998 | ||||||
9,939,581 | ||||||||
Electrical Equipment - 2.8% | ||||||||
Eaton Corp. plc | 39,039 | 6,170,114 |
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Investment Portfolio - July 31, 2021
(unaudited)
DISCIPLINED VALUE SERIES | SHARES | VALUE | ||||||
COMMON STOCKS (continued) | ||||||||
Industrials (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
Emerson Electric Co. | 60,187 | $ | 6,072,267 | |||||
Hubbell, Inc. | 9,009 | 1,805,944 | ||||||
14,048,325 | ||||||||
Industrial Conglomerates - 3.9% | ||||||||
3M Co. | 42,897 | 8,491,032 | ||||||
Honeywell International, Inc. | 45,337 | 10,599,337 | ||||||
19,090,369 | ||||||||
Machinery - 4.1% | ||||||||
Caterpillar, Inc. | 41,861 | 8,654,762 | ||||||
Cummins, Inc. | 17,142 | 3,978,658 | ||||||
Illinois Tool Works, Inc. | 26,470 | 5,999,955 | ||||||
Snap-on, Inc. | 8,119 | 1,769,779 | ||||||
20,403,154 | ||||||||
Professional Services - 0.4% | ||||||||
Booz Allen Hamilton Holding Corp. | 21,600 | 1,853,496 | ||||||
Road & Rail - 2.0% | ||||||||
Union Pacific Corp. | 45,650 | 9,986,394 | ||||||
Trading Companies & Distributors - 0.6% | ||||||||
W. W. Grainger, Inc. | 6,343 | 2,819,971 | ||||||
Total Industrials | 111,034,525 | |||||||
Information Technology - 16.4% | ||||||||
Communications Equipment - 3.5% | ||||||||
Cisco Systems, Inc. | 243,351 | 13,474,345 | ||||||
Motorola Solutions, Inc. | 18,039 | 4,039,293 | ||||||
17,513,638 | ||||||||
IT Services - 3.9% | ||||||||
Automatic Data Processing, Inc. | 36,083 | 7,564,079 | ||||||
Broadridge Financial Solutions, Inc. | 15,844 | 2,748,776 | ||||||
International Business Machines Corp. | 63,048 | 8,887,246 | ||||||
19,200,101 | ||||||||
Semiconductors & Semiconductor Equipment - 5.6% | ||||||||
Analog Devices, Inc. | 31,385 | 5,254,477 | ||||||
Intel Corp. | 218,020 | 11,712,034 | ||||||
QUALCOMM, Inc. | 73,563 | 11,019,737 | ||||||
27,986,248 | ||||||||
Software - 2.9% | ||||||||
Oracle Corp. | 164,181 | 14,306,732 | ||||||
Technology Hardware, Storage & Peripherals - 0.5% | ||||||||
NetApp, Inc. | 29,503 | 2,348,144 | ||||||
Total Information Technology | 81,354,863 | |||||||
Materials - 7.4% | ||||||||
Chemicals - 4.5% | ||||||||
CF Industries Holdings, Inc. | 35,958 | 1,699,015 | ||||||
Eastman Chemical Co. | 18,763 | 2,114,965 | ||||||
FMC Corp. | 18,962 | 2,027,986 | ||||||
International Flavors & Fragrances, Inc. | 26,168 | 3,941,948 | ||||||
Linde plc (United Kingdom) | 35,227 | 10,828,428 |
SHARES | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Materials (continued) | ||||||||
Chemicals (continued) | ||||||||
RPM International, Inc. | 19,563 | $ | 1,693,960 | |||||
22,306,302 | ||||||||
Containers & Packaging - 0.4% | ||||||||
Packaging Corp. of America | 14,138 | 2,000,527 | ||||||
Metals & Mining - 2.5% | ||||||||
Newmont Corp. | 71,928 | 4,518,517 | ||||||
Nucor Corp. | 36,728 | 3,820,447 | ||||||
Reliance Steel & Aluminum Co. | 10,375 | 1,630,431 | ||||||
Steel Dynamics, Inc. | 33,342 | 2,148,892 | ||||||
12,118,287 | ||||||||
Total Materials | 36,425,116 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $411,370,959) | 487,786,393 | |||||||
SHORT-TERM INVESTMENT - 1.1% | ||||||||
Dreyfus Government Cash Management, Institutional Shares, 0.03%1 | ||||||||
(Identified Cost $5,562,329) | 5,562,329 | 5,562,329 | ||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
(Identified Cost $416,933,288). | 493,348,722 | |||||||
OTHER ASSETS, LESS LIABILITIES -0.1% | 490,484 | |||||||
NET ASSETS - 100% | $ | 493,839,206 |
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Investment Portfolio - July 31, 2021
(unaudited)
*Non-income producing security.
1Rate shown is the current yield as of July 31, 2021.
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.
Fair Value Information:
Various inputs are used in determining the value of the Series’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuation levels used for major security types as of July 31, 2021 in valuing the Series’ assets or liabilities carried at fair value:
DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
Assets: | ||||||||||||||||
Equity securities: | ||||||||||||||||
Communication Services | $ | 29,517,219 | $ | 29,517,219 | $ | — | $ | — | ||||||||
Consumer Discretionary | 31,021,521 | 31,021,521 | — | — | ||||||||||||
Consumer Staples | 84,488,073 | 84,488,073 | — | — | ||||||||||||
Financials | 65,554,273 | 65,554,273 | — | — | ||||||||||||
Health Care | 48,390,803 | 48,390,803 | — | — | ||||||||||||
Industrials | 111,034,525 | 111,034,525 | — | — | ||||||||||||
Information Technology | 81,354,863 | 81,354,863 | — | — | ||||||||||||
Materials | 36,425,116 | 36,425,116 | — | — | ||||||||||||
Short-Term Investment | 5,562,329 | 5,562,329 | — | — | ||||||||||||
Total assets | $ | 493,348,722 | $ | 493,348,722 | $ | — | $ | — |
There were no Level 2 or Level 3 securities held by the Series as of October 31, 2020 or July 31, 2021.
The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series’ audited annual report or unaudited semi-annual report. These reports include additional information about the Series’ security valuation policies and about certain security types invested in by the Series.
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