Investment Portfolio - July 31, 2023
(unaudited)
DISCIPLINED VALUE SERIES | SHARES | VALUE | ||||||
COMMON STOCKS - 98.6% | ||||||||
Communication Services - 3.0% | ||||||||
Media - 3.0% | ||||||||
Comcast Corp. - Class A | 188,813 | $ | 8,545,676 | |||||
Omnicom Group, Inc. | 21,936 | 1,856,224 | ||||||
Paramount Global - Class B | 58,783 | 942,292 | ||||||
Total Communication Services | 11,344,192 | |||||||
Consumer Discretionary - 4.9% | ||||||||
Broadline Retail - 0.5% | ||||||||
eBay, Inc. | 42,993 | 1,913,618 | ||||||
Distributors - 0.6% | ||||||||
Genuine Parts Co. | 14,765 | 2,299,206 | ||||||
Specialty Retail - 3.8% | ||||||||
The Home Depot, Inc. | 41,800 | 13,954,512 | ||||||
Total Consumer Discretionary | 18,167,336 | |||||||
Consumer Staples - 6.9% | ||||||||
Consumer Staples Distribution & Retail - 0.6% | ||||||||
Sysco Corp. | 28,876 | 2,203,528 | ||||||
Food Products - 5.1% | ||||||||
Archer-Daniels-Midland Co. | 39,783 | 3,379,964 | ||||||
Bunge Ltd. | 15,371 | 1,670,367 | ||||||
Campbell Soup Co. | 35,311 | 1,617,950 | ||||||
Conagra Brands, Inc. | 50,727 | 1,664,353 | ||||||
General Mills, Inc. | 46,525 | 3,477,278 | ||||||
The J.M. Smucker Co. | 12,127 | 1,826,932 | ||||||
Kellogg Co. | 23,128 | 1,547,032 | ||||||
The Kraft Heinz Co. | 64,473 | 2,332,633 | ||||||
Tyson Foods, Inc. - Class A | 29,774 | 1,659,007 | ||||||
19,175,516 | ||||||||
Household Products - 1.2% | ||||||||
Colgate-Palmolive Co. | 56,568 | 4,313,876 | ||||||
Total Consumer Staples | 25,692,920 | |||||||
Energy - 14.8% | ||||||||
Energy Equipment & Services - 1.7% | ||||||||
Halliburton Co. | 55,595 | 2,172,653 | ||||||
Schlumberger N.V. | 67,726 | 3,951,135 | ||||||
6,123,788 | ||||||||
Oil, Gas & Consumable Fuels - 13.1% | ||||||||
Chevron Corp. | 66,133 | 10,823,327 | ||||||
ConocoPhillips | 53,238 | 6,267,177 | ||||||
Coterra Energy, Inc. | 65,695 | 1,809,240 | ||||||
Devon Energy Corp. | 44,777 | 2,417,958 | ||||||
Diamondback Energy, Inc. | 13,735 | 2,023,440 | ||||||
EOG Resources, Inc. | 30,936 | 4,099,948 | ||||||
Exxon Mobil Corp. | 103,253 | 11,072,852 | ||||||
Marathon Oil Corp. | 48,306 | 1,268,999 | ||||||
Marathon Petroleum Corp. | 29,753 | 3,957,744 | ||||||
Phillips 66 | 23,337 | 2,603,242 | ||||||
Valero Energy Corp. | 18,691 | 2,409,457 | ||||||
48,753,384 | ||||||||
Total Energy | 54,877,172 |
SHARES | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Financials - 13.6% | ||||||||
Banks - 12.4% | ||||||||
Bank of America Corp. | 241,860 | $ | 7,739,520 | |||||
Citigroup, Inc. | 115,699 | 5,514,214 | ||||||
Fifth Third Bancorp | 62,709 | 1,824,832 | ||||||
Huntington Bancshares, Inc. | 112,291 | 1,374,442 | ||||||
JPMorgan Chase & Co. | 98,251 | 15,519,728 | ||||||
Regions Financial Corp. | 91,523 | 1,864,323 | ||||||
Truist Financial Corp. | 71,221 | 2,365,962 | ||||||
U.S. Bancorp | 86,931 | 3,449,422 | ||||||
Wells Fargo & Co. | 136,392 | 6,295,855 | ||||||
45,948,298 | ||||||||
Insurance - 1.2% | ||||||||
The Hartford Financial Services Group, Inc. | 21,679 | 1,558,287 | ||||||
The Travelers Companies, Inc. | 18,046 | 3,114,920 | ||||||
4,673,207 | ||||||||
Total Financials | 50,621,505 | |||||||
Health Care - 17.4% | ||||||||
Biotechnology - 1.6% | ||||||||
Gilead Sciences, Inc. | 76,658 | 5,836,740 | ||||||
Health Care Equipment & Supplies - 3.9% | ||||||||
Abbott Laboratories | 65,340 | 7,274,302 | ||||||
Baxter International, Inc. | 37,810 | 1,710,146 | ||||||
Medtronic plc | 62,216 | 5,460,076 | ||||||
14,444,524 | ||||||||
Health Care Providers & Services - 1.5% | ||||||||
CVS Health Corp. | 52,782 | 3,942,288 | ||||||
Quest Diagnostics, Inc. | 12,997 | 1,757,324 | ||||||
5,699,612 | ||||||||
Pharmaceuticals - 10.4% | ||||||||
Bristol-Myers Squibb Co. | 105,824 | 6,581,195 | ||||||
Johnson & Johnson | 75,583 | 12,662,420 | ||||||
Merck & Co., Inc. | 110,768 | 11,813,407 | ||||||
Pfizer, Inc. | 208,216 | 7,508,269 | ||||||
38,565,291 | ||||||||
Total Health Care | 64,546,167 | |||||||
Industrials - 18.9% | ||||||||
Aerospace & Defense - 5.0% | ||||||||
General Dynamics Corp. | 19,362 | 4,328,956 | ||||||
L3Harris Technologies, Inc. | 14,180 | 2,686,968 | ||||||
Lockheed Martin Corp. | 14,631 | 6,530,840 | ||||||
RTX Corp. | 55,167 | 4,850,834 | ||||||
18,397,598 | ||||||||
Air Freight & Logistics - 3.2% | ||||||||
C.H. Robinson Worldwide, Inc. | 15,572 | 1,560,003 | ||||||
FedEx Corp. | 11,847 | 3,198,097 | ||||||
United Parcel Service, Inc. - Class B | 37,823 | 7,077,818 | ||||||
11,835,918 |
1
Investment Portfolio - July 31, 2023
(unaudited)
DISCIPLINED VALUE SERIES | SHARES | VALUE | ||||||
COMMON STOCKS (continued) | ||||||||
Industrials (continued) | ||||||||
Electrical Equipment - 1.1% | ||||||||
Emerson Electric Co. | 43,476 | $ | 3,971,532 | |||||
Ground Transportation - 2.8% | ||||||||
Norfolk Southern Corp. | 14,389 | 3,361,127 | ||||||
Union Pacific Corp. | 30,359 | 7,043,895 | ||||||
10,405,022 | ||||||||
Industrial Conglomerates - 3.0% | ||||||||
3M Co. | 33,558 | 3,741,717 | ||||||
Honeywell International, Inc. | 39,002 | 7,571,458 | ||||||
11,313,175 | ||||||||
Machinery - 3.3% | ||||||||
Caterpillar, Inc. | 32,293 | 8,563,135 | ||||||
Cummins, Inc. | 13,626 | 3,553,661 | ||||||
12,116,796 | ||||||||
Professional Services - 0.5% | ||||||||
Broadridge Financial Solutions, Inc. | 12,102 | 2,032,168 | ||||||
Total Industrials | 70,072,209 | |||||||
Information Technology - 16.6% | ||||||||
Communications Equipment - 2.7% | ||||||||
Cisco Systems, Inc. | 192,532 | 10,019,365 | ||||||
Electronic Equipment, Instruments & Components - 1.3% | ||||||||
Corning, Inc. | 51,890 | 1,761,147 | ||||||
TE Connectivity Ltd. | 20,958 | 3,007,263 | ||||||
4,768,410 | ||||||||
IT Services - 2.0% | ||||||||
Cognizant Technology Solutions Corp. - | ||||||||
Class A | 31,451 | 2,076,710 | ||||||
International Business Machines Corp. | 36,269 | 5,229,264 | ||||||
7,305,974 | ||||||||
Semiconductors & Semiconductor Equipment - 10.1% | ||||||||
Analog Devices, Inc. | 32,857 | 6,555,957 | ||||||
Broadcom, Inc. | 12,688 | 11,402,071 | ||||||
Microchip Technology, Inc. | 35,496 | 3,334,494 | ||||||
QUALCOMM, Inc. | 59,323 | 7,840,721 | ||||||
Skyworks Solutions, Inc. | 14,217 | 1,625,999 | ||||||
Texas Instruments, Inc. | 38,848 | 6,992,640 | ||||||
37,751,882 | ||||||||
Technology Hardware, Storage & Peripherals - 0.5% | ||||||||
NetApp, Inc. | 23,454 | 1,829,647 | ||||||
Total Information Technology | 61,675,278 | |||||||
Materials - 2.5% | ||||||||
Chemicals - 2.1% | ||||||||
Dow, Inc. | 44,659 | 2,521,893 | ||||||
FMC Corp. | 13,782 | 1,326,242 | ||||||
International Flavors & Fragrances, Inc. | 20,293 | 1,716,991 | ||||||
PPG Industries, Inc. | 16,719 | 2,405,864 | ||||||
7,970,990 |
SHARES | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Materials (continued) | ||||||||
Containers & Packaging - 0.4% | ||||||||
Packaging Corp. of America | 9,140 | $ | 1,401,619 | |||||
Total Materials | 9,372,609 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $342,325,107) | 366,369,388 | |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Dreyfus Government Cash Management, | ||||||||
Institutional Shares, 5.14%1 | ||||||||
(Identified Cost $4,698,013) | 4,698,013 | 4,698,013 | ||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
(Identified Cost $347,023,120) | 371,067,401 | |||||||
OTHER ASSETS, LESS LIABILITIES - 0.1% | 542,608 | |||||||
NET ASSETS - 100% | $ | 371,610,009 |
2
Investment Portfolio - July 31, 2023
(unaudited)
1Rate shown is the current yield as of July 31, 2023.
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:
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). 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, 2023 in valuing the Series’ assets or liabilities carried at fair value:
DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
Assets: | ||||||||||||||||
Equity securities: | ||||||||||||||||
Communication Services | $ | 11,344,192 | $ | 11,344,192 | $ | — | $ | — | ||||||||
Consumer Discretionary | 18,167,336 | 18,167,336 | — | — | ||||||||||||
Consumer Staples | 25,692,920 | 25,692,920 | — | — | ||||||||||||
Energy | 54,877,172 | 54,877,172 | — | — | ||||||||||||
Financials | 50,621,505 | 50,621,505 | — | — | ||||||||||||
Health Care | 64,546,167 | 64,546,167 | — | — | ||||||||||||
Industrials | 70,072,209 | 70,072,209 | — | — | ||||||||||||
Information Technology | 61,675,278 | 61,675,278 | — | — | ||||||||||||
Materials | 9,372,609 | 9,372,609 | — | — | ||||||||||||
Short-Term Investment | 4,698,013 | 4,698,013 | — | — | ||||||||||||
Total assets | $ | 371,067,401 | $ | 371,067,401 | $ | — | $ | — |
There were no Level 2 or Level 3 securities held by the Series as of October 31, 2022 or July 31, 2023.
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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