Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
COMMON STOCKS - 81.1% | ||||||||
Communication Services - 8.1% | ||||||||
Diversified Telecommunication Services - 0.8% | ||||||||
Cellnex Telecom S.A. - ADR (Spain) | 169,247 | $ | 3,241,080 | |||||
Cellnex Telecom S.A. (Spain)2 | 6,634 | 255,259 | ||||||
Helios Towers plc (Tanzania)* | 68,780 | 68,948 | ||||||
3,565,287 | ||||||||
Entertainment - 2.1% | ||||||||
Electronic Arts, Inc | 69,733 | 9,593,866 | ||||||
Interactive Media & Services - 5.1% | ||||||||
Alphabet, Inc. - Class A* | 90,182 | 12,634,498 | ||||||
Auto Trader Group plc (United Kingdom)2 | 38,091 | 350,433 | ||||||
Meta Platforms, Inc. - Class A* | 26,481 | 10,331,297 | ||||||
Tencent Holdings Ltd. (China) | 12,900 | 447,776 | ||||||
23,764,004 | ||||||||
Media - 0.1% | ||||||||
Comcast Corp. - Class A | 5,143 | 239,355 | ||||||
Omnicom Group, Inc. | 598 | 54,047 | ||||||
Paramount Global - Class B | 1,716 | 25,037 | ||||||
318,439 | ||||||||
Total Communication Services | 37,241,596 | |||||||
Consumer Discretionary - 6.8% | ||||||||
Broadline Retail - 4.6% | ||||||||
Amazon.com, Inc.* | 113,780 | 17,658,656 | ||||||
Dollarama, Inc. (Canada) | 3,641 | 267,215 | ||||||
eBay, Inc. | 1,136 | 46,655 | ||||||
MercadoLibre, Inc. (Brazil)* | 1,834 | 3,139,460 | ||||||
21,111,986 | ||||||||
Distributors - 0.0%## | ||||||||
Genuine Parts Co. | 414 | 58,055 | ||||||
Hotels, Restaurants & Leisure - 0.0%## | ||||||||
Marriott Vacations Worldwide Corp. | 1,020 | 85,568 | ||||||
Monarch Casino & Resort, Inc. | 1,642 | 113,183 | ||||||
198,751 | ||||||||
Household Durables - 0.9% | ||||||||
Sony Group Corp. - ADR (Japan) | 39,493 | 3,860,441 | ||||||
Sony Group Corp. (Japan) | 4,100 | 402,080 | ||||||
4,262,521 | ||||||||
Specialty Retail - 0.1% | ||||||||
The Home Depot, Inc. | 1,144 | 403,786 | ||||||
Textiles, Apparel & Luxury Goods - 1.2% | ||||||||
NIKE, Inc. - Class B | 54,193 | 5,502,216 | ||||||
Total Consumer Discretionary | 31,537,315 | |||||||
Consumer Staples - 8.9% | ||||||||
Beverages - 4.6% | ||||||||
The Coca-Cola Co. | 143,663 | 8,546,512 | ||||||
Constellation Brands, Inc. - Class A | 27,516 | 6,743,621 | ||||||
Diageo plc (United Kingdom) | 8,965 | 323,797 | ||||||
Heineken N.V. - ADR (Netherlands) | 91,913 | 4,622,764 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Consumer Staples (continued) | ||||||||
Beverages (continued) | ||||||||
Heineken N.V. (Netherlands) | 6,162 | $ | 619,870 | |||||
20,856,564 | ||||||||
Consumer Staples Distribution & Retail - 0.0%## | ||||||||
Sysco Corp. | 786 | 63,611 | ||||||
Food Products - 3.0% | ||||||||
Archer-Daniels-Midland Co. | 1,116 | 62,027 | ||||||
Bunge Global S.A. | 438 | 38,584 | ||||||
Campbell Soup Co. | 956 | 42,666 | ||||||
Conagra Brands, Inc. | 1,424 | 41,510 | ||||||
General Mills, Inc. | 1,300 | 84,383 | ||||||
The J.M. Smucker Co. | 328 | 43,148 | ||||||
Kellanova | 650 | 35,594 | ||||||
The Kraft Heinz Co. | 1,815 | 67,391 | ||||||
Mondelez International, Inc. - Class A | 75,709 | 5,698,617 | ||||||
Nestle S.A. - ADR | 61,106 | 6,959,973 | ||||||
Nestle S.A. | 6,233 | 710,254 | ||||||
Tyson Foods, Inc. - Class A | 840 | 45,998 | ||||||
13,830,145 | ||||||||
Household Products - 0.0%## | ||||||||
Colgate-Palmolive Co. | 1,522 | 128,152 | ||||||
Personal Care Products - 1.3% | ||||||||
Beiersdorf AG (Germany) | 3,421 | 500,628 | ||||||
L'Oreal S.A. (France) | 206 | 98,582 | ||||||
Unilever plc - ADR (United Kingdom) | 108,841 | 5,299,468 | ||||||
5,898,678 | ||||||||
Total Consumer Staples | 40,777,150 | |||||||
Energy - 0.3% | ||||||||
Energy Equipment & Services - 0.0%## | ||||||||
Halliburton Co. | 1,549 | 55,222 | ||||||
Schlumberger N.V. | 1,885 | 91,799 | ||||||
147,021 | ||||||||
Oil, Gas & Consumable Fuels - 0.3% | ||||||||
Chevron Corp. | 1,722 | 253,874 | ||||||
ConocoPhillips | 1,466 | 164,001 | ||||||
Coterra Energy, Inc. | 1,772 | 44,087 | ||||||
Devon Energy Corp. | 1,194 | 50,172 | ||||||
Diamondback Energy, Inc. | 390 | 59,959 | ||||||
EOG Resources, Inc. | 835 | 95,015 | ||||||
Exxon Mobil Corp. | 2,770 | 284,784 | ||||||
Marathon Oil Corp. | 1,341 | 30,642 | ||||||
Marathon Petroleum Corp. | 761 | 126,022 | ||||||
Phillips 66 | 634 | 91,493 | ||||||
Valero Energy Corp. | 486 | 67,505 | ||||||
1,267,554 | ||||||||
Total Energy | 1,414,575 |
1
Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
COMMON STOCKS (continued) | ||||||||
Financials - 13.7% | ||||||||
Banks - 1.8% | ||||||||
Bank of America Corp. | 6,598 | $ | 224,398 | |||||
Citigroup, Inc. | 3,085 | 173,284 | ||||||
Fifth Third Bancorp. | 1,786 | 61,153 | ||||||
FinecoBank Banca Fineco S.p.A. (Italy) | 30,741 | 443,235 | ||||||
HDFC Bank Ltd. - ADR (India) | 63,519 | 3,524,669 | ||||||
Huntington Bancshares, Inc. | 2,967 | 37,770 | ||||||
JPMorgan Chase & Co. | 20,256 | 3,531,836 | ||||||
Regions Financial Corp. | 2,697 | 50,353 | ||||||
Truist Financial Corp. | 1,944 | 72,045 | ||||||
U.S. Bancorp. | 2,668 | 110,829 | ||||||
Wells Fargo & Co. | 3,751 | 188,225 | ||||||
8,417,797 | ||||||||
Capital Markets - 6.6% | ||||||||
Avanza Bank Holding AB (Sweden) | 13,503 | 271,241 | ||||||
Cboe Global Markets, Inc. | 20,392 | 3,749,069 | ||||||
Deutsche Boerse AG - ADR (Germany) | 151,114 | 3,001,124 | ||||||
Deutsche Boerse AG (Germany) | 3,201 | 637,446 | ||||||
Intercontinental Exchange, Inc. | 59,387 | 7,561,747 | ||||||
Intermediate Capital Group plc (United Kingdom) | 9,588 | 216,162 | ||||||
Moody's Corp. | 21,964 | 8,610,767 | ||||||
S&P Global, Inc. | 13,931 | 6,245,964 | ||||||
30,293,520 | ||||||||
Financial Services - 4.7% | ||||||||
Mastercard, Inc. - Class A | 25,579 | 11,490,854 | ||||||
Visa, Inc. - Class A | 38,093 | 10,409,293 | ||||||
21,900,147 | ||||||||
Insurance - 0.6% | ||||||||
Admiral Group plc - ADR (United Kingdom) | 62,063 | 2,002,152 | ||||||
Admiral Group plc (United Kingdom) | 16,951 | 538,994 | ||||||
The Hartford Financial Services Group, Inc. | 605 | 52,611 | ||||||
The Travelers Companies, Inc. | 502 | 106,103 | ||||||
2,699,860 | ||||||||
Total Financials | 63,311,324 | |||||||
Health Care - 15.7% | ||||||||
Biotechnology - 1.9% | ||||||||
BioMarin Pharmaceutical, Inc.* | 61,690 | 5,433,655 | ||||||
Gilead Sciences, Inc. | 2,106 | 164,816 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,068 | 3,063,130 | ||||||
8,661,601 | ||||||||
Health Care Equipment & Supplies - 3.7% | ||||||||
Abbott Laboratories. | 1,850 | 209,328 | ||||||
Alcon, Inc. (Switzerland) | 49,868 | 3,745,586 | ||||||
Baxter International, Inc. | 1,042 | 40,315 | ||||||
Boston Scientific Corp.* | 31,242 | 1,976,369 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Health Care (continued) | ||||||||
Health Care Equipment & Supplies (continued) | ||||||||
IDEXX Laboratories, Inc.* | 5,446 | $ | 2,805,126 | |||||
Intuitive Surgical, Inc.* | 10,143 | 3,836,285 | ||||||
Medtronic plc. | 51,286 | 4,489,576 | ||||||
17,102,585 | ||||||||
Health Care Providers & Services - 3.5% | ||||||||
CVS Health Corp. | 1,379 | 102,556 | ||||||
Humana, Inc. | 20,985 | 7,933,589 | ||||||
Quest Diagnostics, Inc. | 350 | 44,951 | ||||||
UnitedHealth Group, Inc. | 15,220 | 7,788,683 | ||||||
15,869,779 | ||||||||
Life Sciences Tools & Services - 1.1% | ||||||||
Lonza Group AG (Switzerland) | 514 | 251,297 | ||||||
Thermo Fisher Scientific, Inc. | 9,155 | 4,934,362 | ||||||
5,185,659 | ||||||||
Pharmaceuticals - 5.5% | ||||||||
AstraZeneca plc - ADR (United Kingdom) | 141,444 | 9,425,828 | ||||||
Bristol-Myers Squibb Co. | 2,827 | 138,156 | ||||||
Johnson & Johnson | 73,787 | 11,724,754 | ||||||
Merck & Co., Inc. | 2,953 | 356,663 | ||||||
Novartis AG - ADR (Switzerland) | 33,486 | 3,464,796 | ||||||
Pfizer, Inc. | 5,334 | 144,445 | ||||||
25,254,642 | ||||||||
Total Health Care | 72,074,266 | |||||||
Industrials - 8.7% | ||||||||
Aerospace & Defense - 4.2% | ||||||||
Airbus SE (France) | 2,879 | 458,584 | ||||||
BAE Systems plc - ADR (United Kingdom) | 31,296 | 1,894,660 | ||||||
BAE Systems plc (United Kingdom) | 42,308 | 630,240 | ||||||
General Dynamics Corp. | 484 | 128,255 | ||||||
L3Harris Technologies, Inc. | 52,710 | 10,985,818 | ||||||
Lockheed Martin Corp. | 394 | 169,188 | ||||||
Northrop Grumman Corp. | 10,773 | 4,812,945 | ||||||
RTX Corp. | 1,471 | 134,038 | ||||||
19,213,728 | ||||||||
Air Freight & Logistics - 0.1% | ||||||||
C.H. Robinson Worldwide, Inc. | 413 | 34,729 | ||||||
FedEx Corp. | 347 | 83,728 | ||||||
United Parcel Service, Inc. - Class B | 1,025 | 145,447 | ||||||
263,904 | ||||||||
Building Products - 1.0% | ||||||||
Masco Corp. | 68,148 | 4,585,679 | ||||||
Commercial Services & Supplies - 0.4% | ||||||||
Cleanaway Waste Management Ltd. (Australia) | 179,039 | 303,100 |
2
Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
COMMON STOCKS (continued) | ||||||||
Industrials (continued) | ||||||||
Commercial Services & Supplies (continued) | ||||||||
Copart, Inc.* | 35,526 | $ | 1,706,669 | |||||
2,009,769 | ||||||||
Electrical Equipment - 0.0%## | ||||||||
Emerson Electric Co. | 1,186 | 108,792 | ||||||
Ground Transportation - 1.9% | ||||||||
Canadian National Railway Co. (Canada) | 20,104 | 2,493,700 | ||||||
CSX Corp. | 54,992 | 1,963,215 | ||||||
Norfolk Southern Corp. | 8,489 | 1,996,952 | ||||||
Union Pacific Corp. | 9,202 | 2,244,644 | ||||||
8,698,511 | ||||||||
Industrial Conglomerates - 0.1% | ||||||||
3M Co. | 973 | 91,802 | ||||||
Honeywell International, Inc. | 1,018 | 205,901 | ||||||
297,703 | ||||||||
Machinery - 0.1% | ||||||||
Caterpillar, Inc. | 867 | 260,369 | ||||||
Cummins, Inc. | 366 | 87,584 | ||||||
Techtronic Industries Co. Ltd. (Hong Kong) | 30,000 | 318,633 | ||||||
666,586 | ||||||||
Professional Services - 0.7% | ||||||||
Broadridge Financial Solutions, Inc. | 339 | 69,224 | ||||||
Experian plc | 6,597 | 274,583 | ||||||
Experian plc - ADR | 70,149 | 2,916,795 | ||||||
3,260,602 | ||||||||
Trading Companies & Distributors - 0.1% | ||||||||
Brenntag SE (Germany) | 1,951 | 172,488 | ||||||
IMCD N.V. (Netherlands) | 2,443 | 372,901 | ||||||
545,389 | ||||||||
Transportation Infrastructure - 0.1% | ||||||||
Auckland International Airport Ltd. (New Zealand) | 55,468 | 285,987 | ||||||
Total Industrials | 39,936,650 | |||||||
Information Technology - 12.3% | ||||||||
Communications Equipment - 0.0%## | ||||||||
Cisco Systems, Inc. | 5,289 | 265,402 | ||||||
Electronic Equipment, Instruments & Components - 0.2% | ||||||||
Corning, Inc. | 1,484 | 48,215 | ||||||
Halma plc (United Kingdom) | 15,884 | 439,655 | ||||||
Keyence Corp. (Japan) | 700 | 313,179 | ||||||
TE Connectivity Ltd. | 550 | 78,204 | ||||||
879,253 | ||||||||
IT Services - 0.2% | ||||||||
Cognizant Technology Solutions Corp. - Class A | 884 | 68,174 | ||||||
Globant S.A. * | 1,100 | 259,391 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
COMMON STOCKS (continued) | ||||||||
Information Technology (continued) | ||||||||
IT Services (continued) | ||||||||
International Business Machines Corp. | 915 | $ | 168,049 | |||||
Keywords Studios plc (Ireland) | 13,636 | 285,154 | ||||||
780,768 | ||||||||
Semiconductors & Semiconductor Equipment- 5.9% | ||||||||
Analog Devices, Inc. | 920 | 176,971 | ||||||
Applied Materials, Inc. | 29,408 | 4,831,734 | ||||||
Broadcom, Inc. | 358 | 422,440 | ||||||
Microchip Technology, Inc. | 1,015 | 86,458 | ||||||
Micron Technology, Inc. | 107,318 | 9,202,518 | ||||||
NVIDIA Corp | 6,147 | 3,782,065 | ||||||
QUALCOMM, Inc. | 1,651 | 245,190 | ||||||
Skyworks Solutions, Inc. | 379 | 39,590 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 71,575 | 8,085,112 | ||||||
Texas Instruments, Inc. | 1,072 | 171,649 | ||||||
27,043,727 | ||||||||
Software - 6.0% | ||||||||
Atlassian Corp. - Class A * | 1,371 | 342,435 | ||||||
Intuit, Inc. | 5,902 | 3,726,110 | ||||||
Microsoft Corp. | 24,316 | 9,667,555 | ||||||
Salesforce, Inc.* | 21,291 | 5,984,687 | ||||||
ServiceNow, Inc.* | 10,555 | 8,078,797 | ||||||
27,799,584 | ||||||||
Technology Hardware, Storage & Peripherals - 0.0%## | ||||||||
NetApp, Inc. | 666 | 58,075 | ||||||
Total Information Technology | 56,826,809 | |||||||
Materials - 1.4% | ||||||||
Chemicals - 1.4% | ||||||||
Air Liquide S.A. (France) | 2,073 | 387,928 | ||||||
Dow, Inc. | 1,282 | 68,715 | ||||||
FMC Corp. | 99,909 | 5,614,886 | ||||||
International Flavors & Fragrances, Inc. | 554 | 44,697 | ||||||
PPG Industries, Inc. | 462 | 65,160 | ||||||
6,181,386 | ||||||||
Containers & Packaging - 0.0%## | ||||||||
Packaging Corp. of America | 261 | 43,294 | ||||||
Total Materials | 6,224,680 | |||||||
Real Estate - 4.0% | ||||||||
Health Care REITs - 0.1% | ||||||||
Ventas, Inc. | 3,404 | 157,912 | ||||||
Welltower, Inc. | 2,590 | 224,061 | ||||||
381,973 | ||||||||
Industrial REITs - 0.4% | ||||||||
Americold Realty Trust, Inc. | 6,383 | 175,532 | ||||||
Goodman Group (Australia) | 4,876 | 80,938 | ||||||
LXP Industrial Trust | 20,120 | 182,891 | ||||||
Prologis, Inc. | 7,519 | 952,582 |
3
Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate (continued) | ||||||||
Industrial REITs (continued) | ||||||||
Rexford Industrial Realty, Inc. | 5,903 | $ | 310,439 | |||||
Terreno Realty Corp. | 2,939 | 175,546 | ||||||
1,877,928 | ||||||||
Office REITs - 0.0%## | ||||||||
Equity Commonwealth | 5,108 | 97,614 | ||||||
Residential REITs - 0.4% | ||||||||
American Homes 4 Rent - Class A | 4,034 | 141,392 | ||||||
Apartment Income REIT Corp. | 4,079 | 133,343 | ||||||
AvalonBay Communities, Inc. | 1,335 | 238,978 | ||||||
Equity LifeStyle Properties, Inc. | 3,433 | 232,380 | ||||||
Flagship Communities REIT | 6,837 | 110,554 | ||||||
Invitation Homes, Inc. | 9,322 | 306,973 | ||||||
Mid-America Apartment Communities, Inc. | 826 | 104,390 | ||||||
Sun Communities, Inc. | 2,790 | 349,727 | ||||||
UDR, Inc. | 2,115 | 76,182 | ||||||
1,693,919 | ||||||||
Retail REITs - 0.1% | ||||||||
Agree Realty Corp. | 4,288 | 255,607 | ||||||
Realty Income Corp. | 3,284 | 178,617 | ||||||
434,224 | ||||||||
Specialized REITs - 3.0% | ||||||||
American Tower Corp. | 1,207 | 236,150 | ||||||
Crown Castle, Inc. | 1,025 | 110,956 | ||||||
Digital Realty Trust, Inc. | 790 | 110,963 | ||||||
Equinix, Inc. | 9,296 | 7,713,542 | ||||||
Extra Space Storage, Inc. | 1,538 | 222,149 | ||||||
Public Storage | 1,187 | 336,146 | ||||||
SBA Communications Corp. | 22,710 | 5,083,861 | ||||||
13,813,767 | ||||||||
Total Real Estate | 18,299,425 | |||||||
Utilities - 1.2% | ||||||||
Electric Utilities - 1.2% | ||||||||
Evergy, Inc. | 110,514 | 5,610,796 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $312,356,942) | 373,254,586 | |||||||
PREFERRED STOCKS - 0.0%## | ||||||||
Information Technology - 0.0%## | ||||||||
Software - 0.0%## | ||||||||
Argo Blockchain plc (United Kingdom), 8.75%, 11/30/2026 | 2,559 | 23,031 | ||||||
Greenidge Generation Holdings, Inc., 8.50%, 10/31/2026 | 5,201 | 45,925 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Identified Cost $194,000) | 68,956 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
CORPORATE BONDS - 3.1% | ||||||||
Non-Convertible Corporate Bonds- 3.1% | ||||||||
Communication Services - 0.4% | ||||||||
Entertainment - 0.1% | ||||||||
Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 510,000 | $ | 482,469 | |||||
Interactive Media & Services - 0.3% | ||||||||
Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | 1,370,000 | 1,307,086 | ||||||
Total Communication Services | 1,789,555 | |||||||
Consumer Discretionary - 0.3% | ||||||||
Broadline Retail - 0.3% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
(China), 2.125%, 2/9/2031 | 250,000 | 208,894 | ||||||
(China), 4.00%, 12/6/2037 | 750,000 | 652,321 | ||||||
Amazon.com, Inc., 3.30%, 4/13/2027 | 670,000 | 649,912 | ||||||
Total Consumer Discretionary | 1,511,127 | |||||||
Consumer Staples - 0.2% | ||||||||
Beverages - 0.2% | ||||||||
PepsiCo, Inc., 3.90%, 7/18/2032 | 660,000 | 633,447 | ||||||
Energy - 0.5% | ||||||||
Energy Equipment & Services - 0.1% | ||||||||
Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/20282 | 210,000 | 217,587 | ||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||
Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/20252 | 233,280 | 209,108 | ||||||
Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 740,000 | 816,089 | ||||||
Energy Transfer LP, 6.50%, 2/1/2042. | 790,000 | 837,019 | ||||||
1,862,216 | ||||||||
Total Energy | 2,079,803 | |||||||
Financials - 0.7% | ||||||||
Banks - 0.4% | ||||||||
Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/20323 | 600,000 | 508,812 | ||||||
Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/20273 | 540,000 | 496,041 | ||||||
JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/20313 | 830,000 | 810,535 | ||||||
1,815,388 | ||||||||
Consumer Finance - 0.3% | ||||||||
Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 1.905%), 5.70%, 2/1/20303 | 1,050,000 | 1,059,019 | ||||||
Navient Corp., 6.75%, 6/25/2025. | 235,000 | 236,836 | ||||||
1,295,855 |
4
Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
CORPORATE BONDS (continued) | ||||||||
Non-Convertible Corporate Bonds (continued) | ||||||||
Financials (continued) | ||||||||
Financial Services - 0.0%## | ||||||||
Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 135,000 | $ | 114,957 | |||||
Total Financials | 3,226,200 | |||||||
Industrials - 0.2% | ||||||||
Ground Transportation - 0.0%## | ||||||||
BNSF Funding Trust I, (3 mo. LIBOR US + 2.350%), 6.613%, 12/15/20553 | 240,000 | 237,600 | ||||||
Passenger Airlines - 0.1% | ||||||||
Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/20252 | 50,920 | 51,274 | ||||||
United Airlines Pass-Through Trust Series 2018-1, Class B, 4.60%, 3/1/2026 | 32,245 | 30,683 | ||||||
Series 2019-2, Class B, 3.50%, 5/1/2028 | 233,751 | 212,649 | ||||||
294,606 | ||||||||
Trading Companies & Distributors - 0.1% | ||||||||
AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 300,000 | 272,350 | ||||||
Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/20282 | 230,000 | 217,599 | ||||||
489,949 | ||||||||
Total Industrials | 1,022,155 | |||||||
Information Technology - 0.1% | ||||||||
Semiconductors & Semiconductor Equipment - 0.1% | ||||||||
QUALCOMM, Inc., 4.25%, 5/20/2032 | 445,000 | 435,803 | ||||||
Materials - 0.1% | ||||||||
Metals & Mining - 0.1% | ||||||||
Infrabuild Australia Pty Ltd. (Australia), 14.50%, 11/15/20282 | 215,000 | 219,805 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/20272 | 348,864 | 330,325 | ||||||
Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-09/18/2020, cost $44,437)4,5 | 220,000 | 22 | ||||||
Total Materials | 550,152 | |||||||
Real Estate - 0.4% | ||||||||
Industrial REITs - 0.1% | ||||||||
IIP Operating Partnership LP, 5.50%, 5/25/2026 | 230,000 | 212,671 | ||||||
Retail REITs - 0.2% | ||||||||
Simon Property Group LP 2.25%, 1/15/2032 | 455,000 | 375,205 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
CORPORATE BONDS (continued) | ||||||||
Non-Convertible Corporate Bonds (continued) | ||||||||
Real Estate (continued) | ||||||||
Retail REITs (continued) | ||||||||
Simon Property Group LP (continued) 2.65%, 2/1/2032 | 890,000 | $ | 755,522 | |||||
1,130,727 | ||||||||
Specialized REITs - 0.1% | ||||||||
Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $208,250)5 | 245,000 | 240,319 | ||||||
SBA Tower Trust, 6.599%, 1/15/20282 | 405,000 | 415,694 | ||||||
656,013 | ||||||||
Total Real Estate | 1,999,411 | |||||||
Utilities - 0.2% | ||||||||
Electric Utilities - 0.1% | ||||||||
Alexander Funding Trust II, 7.467%, 7/31/20282 | 320,000 | 337,966 | ||||||
Independent Power and Renewable Electricity Producers - 0.1% | ||||||||
Palomino Funding Trust I, 7.233%, 5/17/20282 | 640,000 | 674,169 | ||||||
Total Utilities | 1,012,135 | |||||||
TOTAL CORPORATE BONDS | ||||||||
(Identified Cost $14,710,165) | 14,259,788 | |||||||
U.S. TREASURY SECURITIES - 14.2% | ||||||||
U.S. Treasury Bonds - 2.1% | ||||||||
U.S. Treasury Bond, 2.375%, 2/15/2042 | ||||||||
(Identified Cost $9,730,862) | 12,789,000 | 9,657,693 | ||||||
U.S. Treasury Notes - 12.1% | ||||||||
U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2031 | 2,954,723 | 2,657,387 | ||||||
U.S. Treasury Note | ||||||||
3.125%, 11/15/2028 | 14,084,000 | 13,610,866 | ||||||
1.75%, 11/15/2029 | 18,673,000 | 16,677,323 | ||||||
0.875%, 11/15/2030 | 21,710,000 | 17,832,730 | ||||||
4.125%, 11/15/2032 | 4,640,000 | 4,696,550 | ||||||
Total U.S. Treasury Notes | ||||||||
(Identified Cost $55,218,846) | 55,474,856 | |||||||
TOTAL U.S. TREASURY SECURITIES | ||||||||
(Identified Cost $64,949,708) | 65,132,549 | |||||||
ASSET-BACKED SECURITIES - 0.0%## | ||||||||
Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/20472 | 4,537 | 4,093 | ||||||
Nelnet Student Loan Trust, Series 2012-3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 6.159%, 3/26/20402,6 | 8,145 | 8,093 |
5
Investment Portfolio - January 31, 2024
(unaudited)
PRO-BLEND® MAXIMUM TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
ASSET-BACKED SECURITIES (continued) | ||||||||
Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/20322 | 50,000 | $ | 50,244 | |||||
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.101%, 2/15/20282 | 3,155 | 3,057 | ||||||
SoFi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 8/25/20472 | 2,628 | 2,569 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2016-5, Class A1, 2.50%, 10/25/20562,7 | 389 | 386 | ||||||
Series 2017-1, Class A1, 2.75%, 10/25/20562,7 | 226 | 225 | ||||||
Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 6.450%, 10/25/20482,6 | 3,003 | 3,036 | ||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||
(Identified Cost $72,202) | 71,703 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%## | ||||||||
CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/20492,7 | 328 | 314 | ||||||
Credit Suisse Mortgage Capital Trust | ||||||||
Series 2013-IVR3, Class A1, 2.50%, 5/25/20432,7 | 1,908 | 1,637 | ||||||
Series 2014-IVR3, Class A1, 3.50%, 7/25/20442,7 | 2,711 | 2,497 | ||||||
Government National Mortgage Association, Series 2017-54, Class AH, 2.60%, 12/16/2056 | 3,219 | 2,887 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2014-2, Class 1A1, 3.00%, 6/25/20292,7 | 1,584 | 1,524 | ||||||
Series 2017-2, Class A3, 3.50%, 5/25/20472,7 | 5,318 | 4,815 | ||||||
New Residential Mortgage Loan Trust | ||||||||
Series 2014-3A, Class AFX3, 3.75%, 11/25/20542,7 | 2,026 | 1,898 | ||||||
Series 2015-2A, Class A1, 3.75%, 8/25/20552,7 | 2,759 | 2,592 | ||||||
Series 2016-4A, Class A1, 3.75%, 11/25/20562,7 | 3,098 | 2,907 | ||||||
PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/20432,7 | 3,113 | 2,866 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2013-2, Class A, 1.874%, 2/25/20437 | 1,174 | 1,002 | ||||||
Series 2013-6, Class A2, 3.00%, 5/25/20437 | 3,342 | 2,984 | ||||||
Series 2013-8, Class A1, 3.00%, 6/25/20437 | 1,392 | 1,250 | ||||||
Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 8.50%, 11/15/20272,6 | 14,572 | 10,449 |
SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/20412,7 | 7,604 | $ | 7,103 | |||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
(Identified Cost $53,930) | 46,725 | |||||||
U.S. GOVERNMENT AGENCIES - 0.0%## | ||||||||
Mortgage-Backed Securities - 0.0%## | ||||||||
Fannie Mae | ||||||||
Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 3,217 | 3,182 | ||||||
Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 3,169 | 3,335 | ||||||
Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 2,204 | 2,193 | ||||||
Pool #AL8674, 5.638%, 1/1/2049 | 8,245 | 8,542 | ||||||
Freddie Mac | ||||||||
Pool #C91762, 4.50%, 5/1/2034 | 2,145 | 2,124 | ||||||
Pool #C91771, 4.50%, 6/1/2034 | 1,920 | 1,902 | ||||||
Pool #C91780, 4.50%, 7/1/2034 | 2,652 | 2,626 | ||||||
TOTAL U.S. GOVERNMENT AGENCIES | ||||||||
(Identified Cost $26,117) | 23,904 | |||||||
SHORT-TERM INVESTMENT - 2.4% | ||||||||
Dreyfus Government Cash Management, Institutional Shares, 5.22%8 | ||||||||
(Identified Cost $11,275,503) | 11,275,503 | 11,275,503 | ||||||
TOTAL INVESTMENTS - 100.8% | ||||||||
(Identified Cost $403,638,567) | 464,133,714 | |||||||
LIABILITIES, LESS OTHER ASSETS - (0.8%) | (3,583,460 | ) | ||||||
NET ASSETS - 100% | $ | 460,550,254 |
6
Investment Portfolio - January 31, 2024
(unaudited)
ADR - American Depositary Receipt
LIBOR - London Interbank Offered Rate
REIT - Real Estate Investment Trust
UMBS - Uniform Mortgage-Backed Securities
*Non-income producing security.
## Less than 0.1%.
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $4,696,610, which represented 1.0% of the Series’ Net Assets.
3Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of January 31, 2024.
4Issuer filed for bankruptcy and/or is in default of interest payments.
5Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at January 31, 2024 was $240,341, or 0.1% of the Series’ Net Assets.
6Floating rate security. Rate shown is the rate in effect as of January 31, 2024.
7Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of January 31, 2024.
8Rate shown is the current yield as of January 31, 2024.
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 January 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2# | LEVEL 3 | |||||||||||
Assets: | |||||||||||||||
Equity securities: | |||||||||||||||
Communication Services | $ | 37,241,596 | $ | 36,119,180 | $ | 1,122,416 | $ | — | |||||||
Consumer Discretionary | 31,537,315 | 31,135,235 | 402,080 | — | |||||||||||
Consumer Staples | 40,777,150 | 38,524,019 | 2,253,131 | — | |||||||||||
Energy | 1,414,575 | 1,414,575 | — | — | |||||||||||
Financials | 63,311,324 | 61,204,246 | 2,107,078 | — | |||||||||||
Health Care | 72,074,266 | 71,822,969 | 251,297 | — | |||||||||||
Industrials | 39,936,650 | 37,406,121 | 2,530,529 | — | |||||||||||
Information Technology | 56,826,809 | 55,788,821 | 1,037,988 | — | |||||||||||
Materials | 6,224,680 | 5,836,752 | 387,928 | — | |||||||||||
Real Estate | 18,299,425 | 18,218,487 | 80,938 | — | |||||||||||
Utilities | 5,610,796 | 5,610,796 | — | — | |||||||||||
Preferred securities: | |||||||||||||||
Information Technology | 68,956 | 68,956 | — | — |
7
Investment Portfolio - January 31, 2024
(unaudited)
DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2# | LEVEL 1 | |||||||||||
Debt securities: | |||||||||||||||
U.S. Treasury and other U.S. Government agencies | $ | 65,156,453 | $ | — | $ | 65,156,453 | $ | — | |||||||
Corporate debt: | |||||||||||||||
Communication Services | 1,789,555 | — | 1,789,555 | — | |||||||||||
Consumer Discretionary | 1,511,127 | — | 1,511,127 | — | |||||||||||
Consumer Staples | 633,447 | — | 633,447 | — | |||||||||||
Energy | 2,079,803 | — | 2,079,803 | — | |||||||||||
Financials | 3,226,200 | — | 3,226,200 | — | |||||||||||
Industrials | 1,022,155 | — | 1,022,155 | — | |||||||||||
Information Technology | 435,803 | — | 435,803 | — | |||||||||||
Materials | 550,152 | — | 550,152 | — | |||||||||||
Real Estate | 1,999,411 | — | 1,999,411 | — | |||||||||||
Utilities | 1,012,135 | — | 1,012,135 | — | |||||||||||
Asset-backed securities | 71,703 | — | 71,703 | — | |||||||||||
Commercial mortgage-backed securities | 46,725 | — | 46,725 | — | |||||||||||
Short-Term Investment | 11,275,503 | 11,275,503 | — | — | |||||||||||
Total assets | $ | 464,133,714 | $ | 374,425,660 | $ | 89,708,054 | $ | — |
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by the Series as of January 31, 2024.
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.
8