Investment Portfolio - July 31, 2021
(unaudited)
PRO-BLEND® MODERATE TERM SERIES
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS - 45.2% | ||||||||
| Communication Services - 6.8% | ||||||||
| Diversified Telecommunication Services - 0.1% | ||||||||
| Radius Global Infrastructure, Inc. - Class A* | 11,839 | $ | 181,492 | |||||
| Verizon Communications, Inc. | 3,096 | 172,695 | ||||||
| 354,187 | ||||||||
| Entertainment - 1.8% | ||||||||
| Activision Blizzard, Inc. | 20,145 | 1,684,525 | ||||||
| Electronic Arts, Inc. | 12,644 | 1,820,230 | ||||||
| Sea Ltd. - ADR (Taiwan)* | 14,724 | 4,066,180 | ||||||
| Ubisoft Entertainment S.A. - ADR (France)* | 138,571 | 1,757,080 | ||||||
| Ubisoft Entertainment S.A. (France)* | 2,262 | 143,397 | ||||||
| 9,471,412 | ||||||||
| Interactive Media & Services - 4.1% | ||||||||
| Alphabet, Inc. - Class A* | 3,323 | 8,953,923 | ||||||
| Auto Trader Group plc (United Kingdom)*2 | 19,105 | 173,094 | ||||||
| Facebook, Inc. - Class A* | 27,724 | 9,878,061 | ||||||
| Tencent Holdings Ltd. - Class H (China) | 34,428 | 2,076,289 | ||||||
| 21,081,367 | ||||||||
| Media - 0.8% | ||||||||
| Charter Communications, Inc. - Class A* | 4,473 | 3,328,136 | ||||||
| Comcast Corp. - Class A | 3,447 | 202,787 | ||||||
| Omnicom Group, Inc. | 398 | 28,982 | ||||||
| Quebecor, Inc. - Class B (Canada) | 8,703 | 227,690 | ||||||
| S4 Capital plc (United Kingdom)* | 28,023 | 270,327 | ||||||
| 4,057,922 | ||||||||
| Total Communication Services | 34,964,888 | |||||||
| Consumer Discretionary - 4.9% | ||||||||
| Distributors - 0.0%## | ||||||||
| Genuine Parts Co. | 272 | 34,522 | ||||||
| Hotels, Restaurants & Leisure - 1.3% | ||||||||
| Accor S.A. (France)* | 3,787 | 134,023 | ||||||
| Expedia Group, Inc.* | 28,068 | 4,515,299 | ||||||
| Hilton Worldwide Holdings, Inc.* | 898 | 118,042 | ||||||
| Hyatt Hotels Corp. - Class A* | 23,825 | 1,902,903 | ||||||
| Restaurant Brands International, Inc. (Canada) | 2,711 | 184,863 | ||||||
| 6,855,130 | ||||||||
| Household Durables - 0.8% | ||||||||
| Garmin Ltd. | 302 | 47,475 | ||||||
| Nikon Corp. (Japan) | 165,400 | 1,539,768 | ||||||
| Sony Group Corp. - ADR (Japan) | 17,348 | 1,809,396 | ||||||
| Sony Group Corp. (Japan) | 4,800 | 501,439 | ||||||
| Whirlpool Corp. | 119 | 26,363 | ||||||
| 3,924,441 | ||||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Internet & Direct Marketing Retail - 1.9% | ||||||||
| Amazon.com, Inc.* | 2,980 | $ | 9,916,218 | |||||
| Multiline Retail - 0.7% | ||||||||
| Dollar General Corp. | 9,538 | 2,218,920 | ||||||
| Dollar Tree, Inc.* | 17,064 | 1,702,817 | ||||||
| 3,921,737 | ||||||||
| Specialty Retail - 0.1% | ||||||||
| Best Buy Co., Inc. | 424 | 47,636 | ||||||
| The Home Depot, Inc. | 731 | 239,907 | ||||||
| Williams-Sonoma, Inc. | 147 | 22,300 | ||||||
| 309,843 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.1% | ||||||||
| adidas AG (Germany) | 435 | 157,885 | ||||||
| lululemon athletica, Inc. * | 424 | 169,672 | ||||||
| 327,557 | ||||||||
| Total Consumer Discretionary | 25,289,448 | |||||||
| Consumer Staples - 5.0% | ||||||||
| Beverages - 1.5% | ||||||||
| Anheuser-Busch InBev S.A./N.V. (Belgium) | 2,101 | 132,599 | ||||||
| The Coca-Cola Co. | 61,196 | 3,490,008 | ||||||
| Diageo plc (United Kingdom) | 40,716 | 2,018,954 | ||||||
| Heineken N.V. - ADR (Netherlands) | 34,865 | 2,027,748 | ||||||
| Heineken N.V. (Netherlands) | 1,939 | 225,800 | ||||||
| 7,895,109 | ||||||||
| Food & Staples Retailing - 0.5% | ||||||||
| The Kroger Co. | 1,228 | 49,980 | ||||||
| Wal-Mart de Mexico S.A.B. de C.V. - ADR (Mexico) | 63,093 | 2,071,974 | ||||||
| Wal-Mart de Mexico S.A.B. de C.V. (Mexico) | 45,117 | 148,635 | ||||||
| Walmart, Inc. | 1,651 | 235,350 | ||||||
| 2,505,939 | ||||||||
| Food Products - 1.7% | ||||||||
| Archer-Daniels-Midland Co. | 832 | 49,687 | ||||||
| Bunge Ltd. | 291 | 22,590 | ||||||
| Campbell Soup Co. | 574 | 25,095 | ||||||
| Conagra Brands, Inc. | 886 | 29,672 | ||||||
| Danone S.A. (France) | 5,016 | 368,945 | ||||||
| General Mills, Inc. | 867 | 51,032 | ||||||
| The Hershey Co. | 308 | 55,095 | ||||||
| The J.M. Smucker Co. | 218 | 28,582 | ||||||
| Kerry Group plc - Class A (Ireland) | 1,141 | 169,189 | ||||||
| The Kraft Heinz Co. | 1,570 | 60,398 | ||||||
| Mondelez International, Inc. - Class A | 66,747 | 4,222,415 | ||||||
| Nestle S.A. (Switzerland) | 27,704 | 3,508,149 | ||||||
| Tyson Foods, Inc. - Class A | 578 | 41,304 | ||||||
| 8,632,153 | ||||||||
1
Investment Portfolio - July 31, 2021
(unaudited)
PRO-BLEND® MODERATE TERM SERIES
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Consumer Staples (continued) | ||||||||
| Household Products - 0.1% | ||||||||
| The Clorox Co. | 203 | $ | 36,721 | |||||
| Colgate-Palmolive Co. | 992 | 78,864 | ||||||
| Kimberly-Clark Corp. | 438 | 59,445 | ||||||
| Kimberly-Clark de Mexico S.A.B. de C.V. - Class A (Mexico) | 91,300 | 148,052 | ||||||
| The Procter & Gamble Co. | 1,656 | 235,533 | ||||||
| 558,615 | ||||||||
| Personal Products - 1.2% | ||||||||
| Beiersdorf AG (Germany) | 2,045 | 242,892 | ||||||
| Unilever plc - ADR (United Kingdom) | 99,902 | 5,747,362 | ||||||
| 5,990,254 | ||||||||
| Total Consumer Staples | 25,582,070 | |||||||
| Energy - 2.8% | ||||||||
| Energy Equipment & Services - 0.0%## | ||||||||
| Schlumberger N.V. | 4,983 | 143,660 | ||||||
| Oil, Gas & Consumable Fuels - 2.8% | ||||||||
| BP plc - ADR (United Kingdom) | 36,396 | 880,055 | ||||||
| Cameco Corp. (Canada) | 142,188 | 2,530,947 | ||||||
| ConocoPhillips | 32,470 | 1,820,268 | ||||||
| EOG Resources Inc | 26 441 | 1 926 491 | ||||||
| EQT Corp.* | 111,467 | 2,049,878 | ||||||
| Exxon Mobil Corp. | 25,569 | 1,472,008 | ||||||
| Jonah Energy Parent LLC*3 | 5,224 | 78,360 | ||||||
| Pioneer Natural Resources Co. | 12,387 | 1,800,698 | ||||||
| Royal Dutch Shell plc - Class B - ADR (Netherlands) | 15,820 | 625,681 | ||||||
| TotalEnergies SE - ADR (France) | 20,886 | 911,256 | ||||||
| Tourmaline Oil Corp. (Canada) | 9,696 | 264,705 | ||||||
| 14,360,347 | ||||||||
| Total Energy | 14,504,007 | |||||||
| Financials - 3.1% | ||||||||
| Banks - 0.2% | ||||||||
| The Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 3,887 | 128,815 | ||||||
| Citigroup, Inc. | 1,814 | 122,663 | ||||||
| Comerica, Inc. | 286 | 19,637 | ||||||
| Fifth Third Bancorp | 1,112 | 40,354 | ||||||
| FinecoBank Banca Fineco S.p.A. (Italy)* | 32,215 | 576,856 | ||||||
| Huntington Bancshares, Inc. | 1,877 | 26,428 | ||||||
| JPMorgan Chase & Co. | 1,473 | 223,572 | ||||||
| Regions Financial Corp. | 1,642 | 31,608 | ||||||
| U.S. Bancorp | 1,622 | 90,086 | ||||||
| 1,260,019 | ||||||||
| Capital Markets - 2.0% | ||||||||
| Avanza Bank Holding AB (Sweden) | 2,991 | 96,875 | ||||||
| Deutsche Boerse AG (Germany) | 2,435 | 406,314 | ||||||
| Intercontinental Exchange, Inc. | 32,969 | 3,950,675 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Financials (continued) | ||||||||
| Capital Markets (continued) | ||||||||
| Intermediate Capital Group plc (United Kingdom) | 7,839 | $ | 236,233 | |||||
| Moody's Corp. | 10,208 | 3,838,208 | ||||||
| S&P Global, Inc. | 3,646 | 1,563,113 | ||||||
| 10,091,418 | ||||||||
| Diversified Financial Services - 0.3% | ||||||||
| Berkshire Hathaway, Inc. - Class B* | 6,472 | 1,801,093 | ||||||
| Insurance - 0.6% | ||||||||
| Admiral Group plc (United Kingdom) | 12,060 | 569,697 | ||||||
| The Allstate Corp. | 441 | 57,352 | ||||||
| Chubb Ltd. | 515 | 86,901 | ||||||
| Cincinnati Financial Corp. | 298 | 35,128 | ||||||
| Everest Re Group Ltd. | 88 | 22,249 | ||||||
| Fidelity National Financial, Inc. | 599 | 26,721 | ||||||
| The Hartford Financial Services Group, Inc. | 575 | 36,582 | ||||||
| The Travelers Companies, Inc. | 358 | 53,313 | ||||||
| W. R. Berkley Corp. | 30,071 | 2,200,295 | ||||||
| 3,088,238 | ||||||||
| Total Financials | 16,240,768 | |||||||
| Health Care - 6.6% | ||||||||
| Biotechnology - 2.2% | ||||||||
| BioMarin Pharmaceutical, Inc.* | 42,797 | 3,283,814 | ||||||
| Gilead Sciences, Inc. | 1,378 | 94,104 | ||||||
| Seagen, Inc.* | 23,313 | 3,575,981 | ||||||
| Vertex Pharmaceuticals, Inc.* | 21,834 | 4,401,298 | ||||||
| 11,355,197 | ||||||||
| Health Care Equipment & Supplies - 1.7% | ||||||||
| Alcon, Inc. (Switzerland) | 57,032 | 4,151,930 | ||||||
| Getinge AB - Class B (Sweden) | 8,127 | 353,175 | ||||||
| IDEXX Laboratories, Inc.* | 2,811 | 1,907,348 | ||||||
| Medtronic plc | 18,333 | 2,407,306 | ||||||
| Shandong Weigao Group Medical Polymer Co. Ltd. - Class H (China) | 128,000 | 229,660 | ||||||
| 9,049,419 | ||||||||
| Health Care Providers & Services - 0.0%## | ||||||||
| Quest Diagnostics, Inc. | 245 | 34,741 | ||||||
| Life Sciences Tools & Services - 0.4% | ||||||||
| Thermo Fisher Scientific, Inc. | 3,810 | 2,057,438 | ||||||
| Pharmaceuticals - 2.3% | ||||||||
| Bristol-Myers Squibb Co. | 2,030 | 137,776 | ||||||
| Dechra Pharmaceuticals plc (United Kingdom) | 4,079 | 281,790 | ||||||
| Johnson & Johnson | 34,409 | 5,925,230 | ||||||
| Merck & Co., Inc. | 2,061 | 158,429 | ||||||
| Novartis AG - ADR (Switzerland) | 44,752 | 4,134,637 | ||||||
| Organon & Co.* | 206 | 5,976 | ||||||
2
Investment Portfolio - July 31, 2021
(unaudited)
PRO-BLEND® MODERATE TERM SERIES
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Health Care (continued) | ||||||||
| Pharmaceuticals (continued) | ||||||||
| Perrigo Co. plc | 5,045 | $ | 242,311 | |||||
| Zoetis, Inc. | 4,794 | 971,744 | ||||||
| 11,857,893 | ||||||||
| Total Health Care | 34,354,688 | |||||||
| Industrials - 2.6% | ||||||||
| Aerospace & Defense - 0.1% | ||||||||
| Airbus SE (France)* | 897 | 123,040 | ||||||
| General Dynamics Corp. | 360 | 70,571 | ||||||
| L3Harris Technologies, Inc. | 275 | 62,354 | ||||||
| Lockheed Martin Corp. | 281 | 104,439 | ||||||
| Northrop Grumman Corp. | 204 | 74,056 | ||||||
| 434,460 | ||||||||
| Air Freight & Logistics - 0.0%## | ||||||||
| C.H. Robinson Worldwide, Inc. | 269 | 23,987 | ||||||
| Airlines - 0.4% | ||||||||
| Controladora Vuela Cia de Aviacion | ||||||||
| S.A.B. de C.V. - ADR (Mexico)* | 10,570 | 233,386 | ||||||
| Ryanair Holdings plc - ADR (Ireland)* | 19,024 | 2,074,377 | ||||||
| 2,307,763 | ||||||||
| Building Products - 0.0%## | ||||||||
| A. O. Smith Corp. | 341 | 23,983 | ||||||
| Assa Abloy AB - Class B (Sweden) | 3,921 | 125,771 | ||||||
| Johnson Controls International plc | 1,138 | 81,276 | ||||||
| 231,030 | ||||||||
| Commercial Services & Supplies - 0.4% | ||||||||
| Copart, Inc.* | 13,149 | 1,932,903 | ||||||
| Republic Services, Inc. | 471 | 55,747 | ||||||
| Waste Management, Inc. | 526 | 77,985 | ||||||
| 2,066,635 | ||||||||
| Electrical Equipment - 0.0%## | ||||||||
| Eaton Corp. plc | 515 | 81,396 | ||||||
| Emerson Electric Co. | 796 | 80,308 | ||||||
| Hubbell, Inc. | 117 | 23,454 | ||||||
| 185,158 | ||||||||
| Industrial Conglomerates - 0.1% | ||||||||
| 3M Co. | 572 | 113,222 | ||||||
| Honeywell International, Inc. | 617 | 144,248 | ||||||
| 257,470 | ||||||||
| Machinery - 0.1% | ||||||||
| Caterpillar, Inc. | 539 | 111,438 | ||||||
| Cummins, Inc. | 223 | 51,758 | ||||||
| Illinois Tool Works, Inc. | 368 | 83,415 | ||||||
| Snap-on, Inc. | 108 | 23,542 | ||||||
| 270,153 | ||||||||
| Professional Services - 0.4% | ||||||||
| Booz Allen Hamilton Holding Corp. | 286 | 24,541 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Industrials (continued) | ||||||||
| Professional Services (continued) | ||||||||
| Insperity, Inc. | 21,736 | $ | 2,152,951 | |||||
| 2,177,492 | ||||||||
| Road & Rail - 1.0% | ||||||||
| Canadian National Railway Co. (Canada) | 29,427 | 3,196,655 | ||||||
| Norfolk Southern Corp. | 6,711 | 1,730,297 | ||||||
| Union Pacific Corp. | 602 | 131,694 | ||||||
| 5,058,646 | ||||||||
| Trading Companies & Distributors - 0.0%## | ||||||||
| Brenntag SE (Germany) | 1,651 | 164,901 | ||||||
| W. W. Grainger, Inc. | 88 | 39,123 | ||||||
| 204,024 | ||||||||
| Transportation Infrastructure - 0.1% | ||||||||
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)* | 13,200 | 80,422 | ||||||
| Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR (Mexico) | 850 | 97,503 | ||||||
| Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR (Mexico)* | 544 | 98,584 | ||||||
| 276,509 | ||||||||
| Total Industrials | 13,493,327 | |||||||
| Information Technology - 6.5% | ||||||||
| Communications Equipment - 0.0%## | ||||||||
| Cisco Systems, Inc. | 3,321 | 183,884 | ||||||
| Motorola Solutions, Inc. | 245 | 54,860 | ||||||
| 238,744 | ||||||||
| Electronic Equipment, Instruments & Components - 0.1% | ||||||||
| Keyence Corp. (Japan) | 200 | 111,401 | ||||||
| Softwareone Holding AG (Germany) | 9,927 | 254,782 | ||||||
| 366,183 | ||||||||
| IT Services - 3.3% | ||||||||
| Adyen N.V. (Netherlands)*2 | 78 | 211,384 | ||||||
| Automatic Data Processing, Inc. | 469 | 98,316 | ||||||
| Broadridge Financial Solutions, Inc. | 209 | 36,259 | ||||||
| International Business Machines Corp. | 861 | 121,367 | ||||||
| Keywords Studios plc (Ireland)* | 2,609 | 106,329 | ||||||
| Mastercard, Inc. - Class A | 14,592 | 5,631,636 | ||||||
| PayPal Holdings, Inc.* | 15,352 | 4,229,937 | ||||||
| StoneCo Ltd. - Class A (Brazil)* | 3,051 | 179,521 | ||||||
| Switch, Inc. - Class A | 15,085 | 311,656 | ||||||
| TravelSky Technology Ltd. - Class H (China) | 109,000 | 185,167 | ||||||
| Visa, Inc. - Class A | 24,612 | 6,064,151 | ||||||
| 17,175,723 | ||||||||
| Semiconductors & Semiconductor Equipment - 0.5% | ||||||||
| Analog Devices, Inc. | 446 | 74,669 | ||||||
| Intel Corp. | 3,004 | 161,375 | ||||||
3
Investment Portfolio - July 31, 2021
(unaudited)
PRO-BLEND® MODERATE TERM SERIES
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
| NVIDIA Corp. | 10,047 | $ | 1,959,065 | |||||
| QUALCOMM, Inc. | 991 | 148,452 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 1,368 | 159,563 | ||||||
| 2,503,124 | ||||||||
| Software - 2.6% | ||||||||
| Fair Isaac Corp.* | 4,669 | 2,446,136 | ||||||
| Microsoft Corp. | 22,841 | 6,507,629 | ||||||
| Oracle Corp. | 2,320 | 202,165 | ||||||
| salesforce.com, Inc.* | 8,126 | 1,965,923 | ||||||
| ServiceNow, Inc.* | 3,640 | 2,139,920 | ||||||
| 13,261,773 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.0%## | ||||||||
| NetApp, Inc. | 415 | 33,030 | ||||||
| Total Information Technology | 33,578,577 | |||||||
| Materials - 3.1% | ||||||||
| Chemicals - 1.2% | ||||||||
| Air Liquide S.A. - ADR (France) | 83,671 | 2,910,077 | ||||||
| Air Liquide S.A. (France) | 2,254 | 391,990 | ||||||
| Akzo Nobel N.V. (Netherlands) | 927 | 114,510 | ||||||
| CF Industries Holdings, Inc. | 466 | 22,019 | ||||||
| Eastman Chemical Co. | 256 | 28,856 | ||||||
| FMC Corp. | 24,202 | 2,588,404 | ||||||
| International Flavors & Fragrances, Inc. | 358 | 53,929 | ||||||
| Linde plc (United Kingdom) | 464 | 142,629 | ||||||
| RPM International, Inc. | 265 | 22,946 | ||||||
| 6,275,360 | ||||||||
| Containers & Packaging - 0.8% | ||||||||
| Graphic Packaging Holding Co. | 226,033 | 4,333,053 | ||||||
| Packaging Corp. of America | 191 | 27,026 | ||||||
| 4,360,079 | ||||||||
| Metals & Mining - 1.1% | ||||||||
| Agnico Eagle Mines Ltd. (Canada) | 26,313 | 1,701,925 | ||||||
| Barrick Gold Corp. (Canada) | 78,729 | 1,713,930 | ||||||
| Newmont Corp. | 30,688 | 1,927,820 | ||||||
| Nucor Corp. | 535 | 55,651 | ||||||
| Reliance Steel & Aluminum Co. | 139 | 21,844 | ||||||
| Steel Dynamics, Inc. | 442 | 28,487 | ||||||
| 5,499,657 | ||||||||
| Total Materials | 16,085,096 | |||||||
| Real Estate - 3.8% | ||||||||
| Equity Real Estate Investment Trusts (REITS) - 3.8% | ||||||||
| Agree Realty Corp. | 1,824 | 137,074 | ||||||
| American Campus Communities, Inc. | 2,506 | 126,077 | ||||||
| American Homes 4 Rent - Class A | 7,887 | 331,254 | ||||||
| American Tower Corp. | 9,534 | 2,696,215 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Equity Real Estate Investment Trusts (REITS) (continued) | ||||||||
| Americold Realty Trust | 3,824 | $ | 148,562 | |||||
| Apple Hospitality REIT, Inc. | 7,426 | 111,019 | ||||||
| AvalonBay Communities, Inc. | 1,064 | 242,411 | ||||||
| Brandywine Realty Trust | 8,679 | 121,159 | ||||||
| Camden Property Trust | 1,248 | 186,439 | ||||||
| CareTrust REIT, Inc. | 4,302 | 103,764 | ||||||
| Community Healthcare Trust, Inc. | 3,633 | 181,032 | ||||||
| Cousins Properties, Inc. | 7,295 | 289,757 | ||||||
| Digital Realty Trust, Inc. | 2,021 | 311,557 | ||||||
| Douglas Emmett, Inc. | 3,171 | 105,911 | ||||||
| Duke Realty Corp. | 6,265 | 318,763 | ||||||
| Equinix, Inc. | 3,340 | 2,740,169 | ||||||
| Equity LifeStyle Properties, Inc. | 3,372 | 282,574 | ||||||
| Essex Property Trust, Inc. | 746 | 244,763 | ||||||
| Extra Space Storage, Inc. | 1,292 | 224,989 | ||||||
| Flagship Communities REIT | 6,506 | 114,896 | ||||||
| Getty Realty Corp. | 3,820 | 120,674 | ||||||
| Healthcare Trust of America, Inc. - Class A | 4,358 | 124,595 | ||||||
| Healthpeak Properties, Inc. | 4,704 | 173,907 | ||||||
| Hibernia REIT plc (Ireland) | 48,896 | 75,753 | ||||||
| Innovative Industrial Properties, Inc. | 477 | 102,550 | ||||||
| Invitation Homes, Inc. | 10,720 | 436,090 | ||||||
| Kilroy Realty Corp. | 2,467 | 170,889 | ||||||
| Lamar Advertising Co. - Class A | 751 | 80,057 | ||||||
| Life Storage, Inc. | 1,573 | 184,607 | ||||||
| Mid-America Apartment Communities, Inc. | 1,731 | 334,256 | ||||||
| NexPoint Residential Trust, Inc. | 1,380 | 81,339 | ||||||
| Prologis, Inc. | 8,074 | 1,033,795 | ||||||
| Public Storage | 1,448 | 452,471 | ||||||
| Realty Income Corp. | 977 | 68,673 | ||||||
| Rexford Industrial Realty, Inc. | 3,907 | 240,359 | ||||||
| SBA Communications Corp. | 16,383 | 5,586,439 | ||||||
| Sun Communities, Inc. | 2,234 | 438,110 | ||||||
| Terreno Realty Corp. | 2,272 | 155,314 | ||||||
| UDR, Inc. | 4,183 | 230,023 | ||||||
| Ventas, Inc. | 1,738 | 103,898 | ||||||
| Welltower, Inc. | 1,750 | 152,005 | ||||||
| Total Real Estate | 19,364,189 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Identified Cost $177,833,616) | 233,457,058 | |||||||
| PREFERRED STOCKS - 0.1% | ||||||||
| Information Technology - 0.0%## | ||||||||
| Software - 0.0%## | ||||||||
| Synchronoss Technologies, Inc., 8.375%, 6/30/2026 | 4,110 | 103,120 | ||||||
4
Investment Portfolio - July 31, 2021
(unaudited)
PRO-BLEND® MODERATE TERM SERIES
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| PREFERRED STOCKS (continued) | ||||||||
| Materials - 0.1% | ||||||||
| Metals & Mining - 0.1% | ||||||||
| Ramaco Resources, Inc., 9.00%, 7/30/2026 | 20,500 | $ | 528,490 | |||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Identified Cost $615,128) | 631,610 | |||||||
| CORPORATE BONDS - 14.8% | ||||||||
| Non-Convertible Corporate Bonds- 14.8% | ||||||||
| Communication Services - 2.0% | ||||||||
| Diversified Telecommunication Services - 1.0% | ||||||||
| AT&T, Inc., 4.25%, 3/1/2027 | 1,018,000 | 1,164,668 | ||||||
| Lumen Technologies, Inc., 7.50%, 4/1/2024 | 95,000 | 106,848 | ||||||
| Verizon Communications, Inc., 4.272%, 1/15/2036 | 3,050,000 | 3,660,384 | ||||||
| 4,931,900 | ||||||||
| Interactive Media & Services - 1.0% | ||||||||
| Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | 4,415,000 | 4,942,214 | ||||||
| Media - 0.0%## | ||||||||
| Beasley Mezzanine Holdings LLC, 8.625%, 2/1/20262 | 135,000 | 136,350 | ||||||
| Sirius X.M. Radio, Inc., 4.00%, 7/15/20282 | 100,000 | 103,125 | ||||||
| 239,475 | ||||||||
| Total Communication Services | 10,113,589 | |||||||
| Consumer Discretionary - 0.9% | ||||||||
| Auto Components - 0.0%## | ||||||||
| The Goodyear Tire & Rubber Co., 5.00%, 7/15/20292 | 155,000 | 163,055 | ||||||
| Automobiles - 0.0%## | ||||||||
| Ford Motor Co., 9.00%, 4/22/2025 | 165,000 | 203,107 | ||||||
| Hotels, Restaurants & Leisure - 0.3% | ||||||||
| Expedia Group, Inc., 4.625%, 8/1/2027 | 1,170,000 | 1,334,694 | ||||||
| Household Durables - 0.1% | ||||||||
| STL Holding Co. LLC, 7.50%, 2/15/20262 | 195,000 | 205,238 | ||||||
| Internet & Direct Marketing Retail - 0.5% | ||||||||
| Alibaba Group Holding Ltd. (China), 4.00%, 12/6/2037 | 2,440,000 | 2,733,254 | ||||||
| Specialty Retail - 0.0%## | ||||||||
| Bed Bath & Beyond, Inc., 4.915%, 8/1/2034 | 105,000 | 101,850 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Specialty Retail (continued) | ||||||||
| Macy's Retail Holdings LLC, 4.50%, 12/15/2034 | 105,000 | $ | 97,125 | |||||
| 198,975 | ||||||||
| Total Consumer Discretionary | 4,838,323 | |||||||
| Energy - 3.6% | ||||||||
| Oil, Gas & Consumable Fuels - 3.6% | ||||||||
| Alliance Resource Operating Partners LP - Alliance Resource Finance Corp., 7.50%, 5/1/20252 | 95,000 | 95,950 | ||||||
| BP Capital Markets America, Inc., 3.06%, 6/17/2041 | 3,340,000 | 3,439,519 | ||||||
| Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/20252 | 200,000 | 196,000 | ||||||
| Energy Transfer LP, 6.50%, 2/1/2042 | 2,728,000 | 3,587,328 | ||||||
| Energy Ventures Gom LLC - EnVen Finance Corp., 11.75%, 4/15/20262 | 70,000 | 72,800 | ||||||
| Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038 | 2,299,000 | 3,321,132 | ||||||
| Moss Creek Resources Holdings, Inc., 7.50%, 1/15/20262 | 155,000 | 138,725 | ||||||
| Navigator Holdings Ltd., 8.00%, 9/10/20252 | 150,000 | 156,750 | ||||||
| New Fortress Energy, Inc., 6.75%, 9/15/20252 | 145,000 | 147,903 | ||||||
| NGL Energy Partners LP - NGL Energy Finance Corp., 7.50%, 11/1/2023 | 160,000 | 152,400 | ||||||
| Oasis Midstream Partners LP - OMP Finance Corp., 8.00%, 4/1/20292 | 150,000 | 156,000 | ||||||
| Penn Virginia Escrow LLC, 9.25%, 8/15/2026 | 150,000 | 148,649 | ||||||
| PetroTal Corp. (Peru), 12.00%, 2/16/20242 | 115,000 | 118,450 | ||||||
| Sabine Pass Liquefaction LLC, 5.875%, 6/30/2026 | 3,211,000 | 3,819,199 | ||||||
| Talos Production, Inc., 12.00%, 1/15/2026 | 150,000 | 156,282 | ||||||
| The Williams Companies, Inc., 2.60%, 3/15/2031 | 2,630,000 | 2,704,927 | ||||||
| Total Energy | 18,412,014 | |||||||
| Financials - 2.4% | ||||||||
| Banks - 1.6% | ||||||||
| Bank of America Corp., 6.11%, 1/29/2037 | 1,550,000 | 2,154,256 | ||||||
| Citigroup, Inc., 4.45%, 9/29/2027 | 2,135,000 | 2,462,254 | ||||||
| JPMorgan Chase & Co., (U.S. Secured Overnight Financing Rate + 2.515%), 2.956%, 5/13/20314 | 2,838,000 | 3,016,689 | ||||||
5
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/ | |||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Financials (continued) | ||||||||
| Banks (continued) | ||||||||
| Lloyds Bank plc (United Kingdom) (3 mo. | ||||||||
| LIBOR US + 11.756%), 12.00%2,4,5 | 480,000 | $ | 511,800 | |||||
| 8,144,999 | ||||||||
| Capital Markets - 0.7% | ||||||||
| Blackstone Secured Lending Fund, | ||||||||
| 2.75%, 9/16/2026 | 1,300,000 | 1,331,976 | ||||||
| Drawbridge Special Opportunities | ||||||||
| Fund LP - Drawbridge Special | ||||||||
| Opportunities Finance Corporation, | ||||||||
| 3.875%, 2/15/20262 | 250,000 | 258,756 | ||||||
| Icahn Enterprises LP - Icahn | ||||||||
| Enterprises Finance Corp., 5.25%, | ||||||||
| 5/15/2027 | 145,000 | 152,431 | ||||||
| Owl Rock Technology Finance Corp., | ||||||||
| 3.75%, 6/17/20262 | 1,290,000 | 1,373,075 | ||||||
| StoneX Group, Inc., 8.625%, | ||||||||
| 6/15/20252 | 140,000 | 152,064 | ||||||
| 3,268,302 | ||||||||
| Consumer Finance - 0.1% | ||||||||
| Navient Corp. | ||||||||
| 6.75%, 6/25/2025 | 95,000 | 105,801 | ||||||
| 5.625%, 8/1/2033 | 105,000 | 101,981 | ||||||
| PRA Group, Inc., 7.375%, 9/1/20252 | 145,000 | 156,237 | ||||||
| SLM Corp., 5.125%, 4/5/2022 | 125,000 | 127,500 | ||||||
| 491,519 | ||||||||
| Diversified Financial Services - 0.0%## | ||||||||
| FS Energy & Power Fund, 7.50%, | ||||||||
| 8/15/20232 | 133,000 | 137,950 | ||||||
| Insurance - 0.0%## | ||||||||
| Enact Holdings, Inc., 6.50%, | ||||||||
| 8/15/20252 | 140,000 | 151,805 | ||||||
| Mortgage Real Estate Investment Trusts (REITS) - 0.0%## | ||||||||
| Arbor Realty Trust, Inc., 8.00%, | ||||||||
| 4/30/20232 | 155,000 | 163,662 | ||||||
| Thrifts & Mortgage Finance - 0.0%## | ||||||||
| Radian Group, Inc., 4.875%, 3/15/2027 | 95,000 | 103,194 | ||||||
| Total Financials | 12,461,431 | |||||||
| Health Care - 0.4% | ||||||||
| Health Care Providers & Services - 0.4% | ||||||||
| HCA, Inc., 4.125%, 6/15/2029 | 1,617,000 | 1,843,979 | ||||||
| Pharmaceuticals - 0.0%## | ||||||||
| Bausch Health Companies, Inc., | ||||||||
| 5.00%, 2/15/20292 | 155,000 | 145,506 | ||||||
| Total Health Care | 1,989,485 | |||||||
| SHARES/ | ||||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Industrials - 3.3% | ||||||||
| Airlines - 0.6% | ||||||||
| Alaska Airlines Pass-Through Trust, | ||||||||
| Series 2020-1, Class B, 8.00%, | ||||||||
| 8/15/20252 | 203,418 | $ | 226,828 | |||||
| Southwest Airlines Co., 5.25%, | ||||||||
| 5/4/2025 | 2,237,000 | 2,553,311 | ||||||
| United Airlines Pass-Through Trust, | ||||||||
| Series 2018-1, Class B, 4.60%, | ||||||||
| 3/1/2026 | 93,096 | 96,395 | ||||||
| United Airlines Pass-Through Trust, | ||||||||
| Series 2019-2, Class B, 3.50%, | ||||||||
| 5/1/2028 | 474,767 | 471,483 | ||||||
| 3,348,017 | ||||||||
| Commercial Services & Supplies - 0.1% | ||||||||
| Airswift Global AS (United Kingdom) | ||||||||
| (3 mo. LIBOR US + 8.500%), 8.668%, | ||||||||
| 5/12/20252,6 | 200,000 | 198,000 | ||||||
| CPI CG, Inc., 8.625%, 3/15/20262 | 145,000 | 154,453 | ||||||
| Prime Security Services Borrower | ||||||||
| LLC - Prime Finance, Inc., 5.75%, | ||||||||
| 4/15/20262 | 190,000 | 208,050 | ||||||
| 560,503 | ||||||||
| Construction & Engineering - 0.1% | ||||||||
| Brundage-Bone Concrete Pumping | ||||||||
| Holdings, Inc., 6.00%, 2/1/20262 | 145,000 | 151,525 | ||||||
| Dycom Industries, Inc., 4.50%, | ||||||||
| 4/15/20292 | 150,000 | 151,875 | ||||||
| 303,400 | ||||||||
| Electrical Equipment - 0.0%## | ||||||||
| EnerSys, 4.375%, 12/15/20272 | 90,000 | 94,050 | ||||||
| Industrial Conglomerates - 0.4% | ||||||||
| General Electric Co., (3 mo. LIBOR US | ||||||||
| + 3.330%), 3.449%4,5 | 2,321,000 | 2,271,678 | ||||||
| Machinery - 0.0%## | ||||||||
| Titan International, Inc., 7.00%, | ||||||||
| 4/30/20282 | 140,000 | 146,020 | ||||||
| Marine - 0.1% | ||||||||
| American Tanker, Inc. (Norway), | ||||||||
| 7.75%, 7/2/2025 | 250,000 | 256,667 | ||||||
| Diana Shipping, Inc. (Greece), 8.375%, | ||||||||
| 6/22/20262 | 150,000 | 154,350 | ||||||
| 411,017 | ||||||||
| Road & Rail - 0.3% | ||||||||
| BNSF Funding Trust I, (3 mo. LIBOR | ||||||||
| US + 2.350%), 6.613%, 12/15/20554 | 1,140,000 | 1,293,900 | ||||||
| Trading Companies & Distributors - 1.7% | ||||||||
| Air Lease Corp., 3.625%, 4/1/2027 | 1,220,000 | 1,326,723 | ||||||
| Ashtead Capital, Inc. (United Kingdom), | ||||||||
| 4.00%, 5/1/20282 | 1,220,000 | 1,284,050 | ||||||
6
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/ | |||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Industrials (continued) | ||||||||
| Trading Companies & Distributors (continued) | ||||||||
| Avolon Holdings Funding Ltd. | ||||||||
| (Ireland), 2.75%, 2/21/20282 | 6,110,000 | $ | 6,163,985 | |||||
| Fortress Transportation and | ||||||||
| Infrastructure Investors LLC, 9.75%, | ||||||||
| 8/1/20272 | 98,000 | 111,720 | ||||||
| 8,886,478 | ||||||||
| Total Industrials | 17,315,063 | |||||||
| Materials - 0.5% | ||||||||
| Chemicals - 0.0%## | ||||||||
| Ashland LLC, 6.875%, 5/15/2043 | 20,000 | 25,600 | ||||||
| Metals & Mining - 0.4% | ||||||||
| Copper Mountain Mining Corp. | ||||||||
| (Canada), 8.00%, 4/9/20262 | 200,000 | 208,000 | ||||||
| IAMGOLD Corp. (Burkina Faso), | ||||||||
| 5.75%, 10/15/20282 | 155,000 | 159,263 | ||||||
| Infrabuild Australia Pty Ltd. (Australia), | ||||||||
| 12.00%, 10/1/20242 | 155,000 | 165,075 | ||||||
| Joseph T Ryerson & Son, Inc., 8.50%, | ||||||||
| 8/1/20282 | 91,000 | 100,555 | ||||||
| Newcastle Coal Infrastructure Group | ||||||||
| Pty Ltd. (Australia), 4.40%, 9/29/20272 | 1,280,000 | 1,342,772 | ||||||
| Northwest Acquisitions ULC - | ||||||||
| Dominion Finco, Inc., 7.125%, | ||||||||
| 11/1/20227,8 | 497,000 | 50 | ||||||
| Tacora Resources, Inc. (Canada), | ||||||||
| 8.25%, 5/15/20262 | 195,000 | 204,262 | ||||||
| 2,179,977 | ||||||||
| Paper & Forest Products - 0.1% | ||||||||
| Clearwater Paper Corp., 4.75%, | ||||||||
| 8/15/20282 | 150,000 | 151,680 | ||||||
| Total Materials | 2,357,257 | |||||||
| Real Estate - 1.7% | ||||||||
| Equity Real Estate Investment Trusts (REITS) - 1.6% | ||||||||
| American Tower Corp., 3.80%, | ||||||||
| 8/15/2029 | 2,793,000 | 3,142,580 | ||||||
| Crown Castle International Corp., | ||||||||
| 3.10%, 11/15/2029 | 2,332,000 | 2,507,374 | ||||||
| HAT Holdings I LLC - HAT Holdings II | ||||||||
| LLC, 3.375%, 6/15/20262 | 150,000 | 152,007 | ||||||
| IIP Operating Partnership LP, 5.50%, | ||||||||
| 5/25/20262 | 200,000 | 209,068 | ||||||
| SBA Tower Trust | ||||||||
| 1.884%, 1/15/20262 | 520,000 | 526,797 | ||||||
| 2.328%, 1/15/20282 | 1,800,000 | 1,885,437 | ||||||
| 8,423,263 | ||||||||
| SHARES/ | ||||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Real Estate Management & Development - 0.1% | ||||||||
| Forestar Group, Inc., 3.85%, | ||||||||
| 5/15/20262 | 100,000 | $ | 101,000 | |||||
| The Howard Hughes Corp., 4.125%, | ||||||||
| 2/1/20292 | 155,000 | 153,582 | ||||||
| 254,582 | ||||||||
| Total Real Estate | 8,677,845 | |||||||
| Utilities - 0.0%## | ||||||||
| Independent Power and Renewable Electricity Producers - 0.0%## | ||||||||
| Vistra Operations Co. LLC, 4.375%, | ||||||||
| 5/1/20292 | 150,000 | 153,750 | ||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Identified Cost $72,693,828) | 76,318,757 | |||||||
| MUTUAL FUND - 0.8% | ||||||||
| iShares Broad USD Investment Grade | ||||||||
| Corporate Bond ETF | ||||||||
| (Identified Cost $3,957,280) | 64,425 | 3,946,031 | ||||||
| U.S. TREASURY SECURITIES - 19.7% | ||||||||
| U.S. Treasury Bonds - 2.1% | ||||||||
| U.S. Treasury Bond | ||||||||
| 3.875%, 8/15/2040 | 3,800,000 | 5,134,156 | ||||||
| 3.00%, 5/15/2047 | 4,622,000 | 5,684,338 | ||||||
| Total U.S. Treasury Bonds | ||||||||
| (Identified Cost $10,416,706) | 10,818,494 | |||||||
| U.S. Treasury Notes - 17.6% | ||||||||
| U.S. Treasury Note | ||||||||
| 2.50%, 5/15/2024 | 19,030,000 | 20,190,384 | ||||||
| 2.125%, 5/15/2025 | 19,355,000 | 20,523,860 | ||||||
| 1.625%, 5/15/2026 | 33,285,000 | 34,773,724 | ||||||
| 2.375%, 5/15/2027 | 14,465,000 | 15,735,773 | ||||||
| Total U.S. Treasury Notes | ||||||||
| (Identified Cost $90,946,159) | 91,223,741 | |||||||
| TOTAL U.S. TREASURY SECURITIES | ||||||||
| (Identified Cost $101,362,865) | 102,042,235 | |||||||
| ASSET-BACKED SECURITIES - 7.7% | ||||||||
| BRSP Ltd., Series 2021-FL1, Class A, | ||||||||
| (1 mo. LIBOR US + 1.150%), 1.25%, | ||||||||
| 8/19/20382,6 | 1,100,000 | 1,099,998 | ||||||
| Hertz Vehicle Financing LLC, Series | ||||||||
| 2021-1A, Class A, 1.21%, 12/26/20252 | 1,600,000 | 1,610,395 | ||||||
| CF Hippolyta LLC | ||||||||
| Series 2020-1, Class A1, 1.69%, | ||||||||
| 7/15/20602 | 975,282 | 996,958 | ||||||
7
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/ | |||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| ASSET-BACKED SECURITIES (continued) | ||||||||
| CF Hippolyta LLC (continued) | ||||||||
| Series 2020-1, Class A2, 1.99%, | ||||||||
| 7/15/20602 | 852,495 | $ | 870,376 | |||||
| CLI Funding VIII LLC, Series 2021-1A, | ||||||||
| Class A, 1.64%, 2/18/20462 | 1,965,023 | 1,963,428 | ||||||
| Commonbond Student Loan Trust, | ||||||||
| Series 2019-AGS, Class A1, 2.54%, | ||||||||
| 1/25/20472 | 1,025,673 | 1,052,074 | ||||||
| Credit Acceptance Auto Loan Trust | ||||||||
| Series 2020-1A, Class A, 2.01%, | ||||||||
| 2/15/20292 | 1,583,000 | 1,609,019 | ||||||
| Series 2020-3A, Class A, 1.24%, | ||||||||
| 10/15/20292 | 2,230,000 | 2,254,764 | ||||||
| Series 2021-2A, Class A, 0.96%, | ||||||||
| 2/15/20302 | 1,800,000 | 1,805,044 | ||||||
| Goodgreen Trust, Series 2020-1A, | ||||||||
| Class A, 2.63%, 4/15/20552 | 1,481,396 | 1,537,508 | ||||||
| Invitation Homes Trust | ||||||||
| Series 2017-SFR2, Class A, (1 mo. | ||||||||
| LIBOR US + 0.850%), 0.939%, | ||||||||
| 12/17/20362,6 | 576,062 | 576,964 | ||||||
| Series 2017-SFR2, Class B, (1 mo. | ||||||||
| LIBOR US + 1.150%), 1.239%, | ||||||||
| 12/17/20362,6 | 476,920 | 477,516 | ||||||
| Navient Private Education Refi Loan | ||||||||
| Trust, Series 2020-FA, Class A, | ||||||||
| 1.22%, 7/15/20692 | 1,008,597 | 1,014,906 | ||||||
| Navient Student Loan Trust | ||||||||
| Series 2014-1, Class A3, (1 mo. | ||||||||
| LIBOR US + 0.510%), 0.599%, | ||||||||
| 6/25/20316 | 1,252,602 | 1,246,492 | ||||||
| Series 2020-1A, Class A1B, (1 mo. | ||||||||
| LIBOR US + 1.050%), 1.139%, | ||||||||
| 6/25/20692,6 | 1,884,687 | 1,934,435 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2012-3A, Class A, (1 mo. | ||||||||
| LIBOR US + 0.700%), 0.789%, | ||||||||
| 2/25/20452,6 | 319,550 | 318,369 | ||||||
| Series 2013-5A, Class A, (1 mo. | ||||||||
| LIBOR US + 0.630%), 0.719%, | ||||||||
| 1/25/20372,6 | 446,301 | 447,685 | ||||||
| Series 2014-5A, Class A, (1 mo. | ||||||||
| LIBOR US + 0.550%), 0.639%, | ||||||||
| 7/25/20462,6 | 1,672,860 | 1,667,576 | ||||||
| Series 2015-2A, Class A2, (1 mo. | ||||||||
| LIBOR US + 0.600%), 0.689%, | ||||||||
| 9/25/20472,6 | 628,898 | 630,475 | ||||||
| Oxford Finance Funding LLC | ||||||||
| Series 2019-1A, Class A2, 4.459%, | ||||||||
| 2/15/20272 | 54,001 | 55,686 | ||||||
| Series 2020-1A, Class A2, 3.101%, | ||||||||
| 2/15/20282 | 1,371,000 | 1,410,805 | ||||||
| Progress Residential Trust, Series | ||||||||
| 2019-SFR2, Class A, 3.147%, | ||||||||
| 5/17/20362 | 1,593,840 | 1,618,760 | ||||||
| SHARES/ | ||||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| ASSET-BACKED SECURITIES (continued) | ||||||||
| SLM Student Loan Trust, Series | ||||||||
| 2005-7, Class A4, (3 mo. LIBOR US + | ||||||||
| 0.150%), 0.275%, 10/25/20296 | 915,723 | $ | 911,407 | |||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-B, Class A2A, 2.84%, | ||||||||
| 6/15/20372 | 2,188,823 | 2,291,131 | ||||||
| Series 2020-A, Class A2A, 2.23%, | ||||||||
| 9/15/20372 | 1,879,000 | 1,940,939 | ||||||
| SoFi Consumer Loan Program LLC, | ||||||||
| Series 2016-1, Class A, 3.26%, | ||||||||
| 8/25/20252 | 16,568 | 16,602 | ||||||
| SoFi Consumer Loan Program Trust | ||||||||
| Series 2019-2, Class A, 3.01%, | ||||||||
| 4/25/20282 | 44,160 | 44,246 | ||||||
| Series 2019-3, Class A, 2.90%, | ||||||||
| 5/25/20282 | 25,374 | 25,449 | ||||||
| SoFi Professional Loan Program LLC | ||||||||
| Series 2016-E, Class A2B, 2.49%, | ||||||||
| 1/25/20362 | 57,518 | 58,001 | ||||||
| Series 2017-F, Class A2FX, 2.84%, | ||||||||
| 1/25/20412 | 180,975 | 185,346 | ||||||
| SoFi Professional Loan Program Trust | ||||||||
| Series 2018-B, Class A2FX, 3.34%, | ||||||||
| 8/25/20472 | 708,878 | 727,958 | ||||||
| Series 2020-A, Class A2FX, 2.54%, | ||||||||
| 5/15/20462 | 1,126,000 | 1,165,487 | ||||||
| Towd Point Mortgage Trust | ||||||||
| Series 2016-5, Class A1, 2.50%, | ||||||||
| 10/25/20562,9 | 674,015 | 684,530 | ||||||
| Series 2017-1, Class A1, 2.75%, | ||||||||
| 10/25/20562,9 | 493,224 | 500,603 | ||||||
| Series 2019-HY1, Class A1, (1 mo. | ||||||||
| LIBOR US + 1.000%), 1.092%, | ||||||||
| 10/25/20482,6 | 554,850 | 558,745 | ||||||
| Tricon American Homes, Series 2020- | ||||||||
| SFR1, Class A, 1.499%, 7/17/20382 | 57,947 | 58,367 | ||||||
| Tricon American Homes Trust, Series | ||||||||
| 2017-SFR2, Class A, 2.928%, | ||||||||
| 1/17/20362 | 1,497,568 | 1,533,260 | ||||||
| TRP LLC, Series 2021-1, Class A, | ||||||||
| 2.07%, 6/19/20512 | 1,497,952 | 1,504,051 | ||||||
| Vantage Data Centers LLC, Series | ||||||||
| 2020-1A, Class A2, 1.645%, | ||||||||
| 9/15/20452 | 1,250,000 | 1,261,089 | ||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Identified Cost $39,103,270) | 39,666,444 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1% | ||||||||
| Citigroup Mortgage Loan Trust, Inc., | ||||||||
| Series 2021-INV1, Class A3A, 2.50%, | ||||||||
| 5/1/20512,9 | 747,649 | 766,845 | ||||||
| CIM Trust, Series 2019-INV1, Class A1, | ||||||||
| 4.00%, 2/25/20492,9 | 135,672 | 137,681 | ||||||
8
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/ | |||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| Credit Suisse Mortgage Capital Trust | ||||||||
| Series 2013-7, Class A6, 3.50%, | ||||||||
| 8/25/20432,9 | 205,709 | $ | 208,755 | |||||
| Series 2013-IVR2, Class A2, 3.00%, | ||||||||
| 4/25/20432,9 | 519,217 | 531,574 | ||||||
| Series 2013-IVR3, Class A1, 2.50%, | ||||||||
| 5/25/20432,9 | 378,913 | 383,294 | ||||||
| Series 2013-TH1, Class A1, 2.13%, | ||||||||
| 2/25/20432,9 | 245,317 | 249,000 | ||||||
| Series 2014-IVR3, Class A1, 3.50%, | ||||||||
| 7/25/20442,9 | 100,505 | 102,644 | ||||||
| Fannie Mae REMICS, Series 2018-31, | ||||||||
| Class KP, 3.50%, 7/25/2047 | 152,600 | 156,433 | ||||||
| Fannie Mae-Aces, Series 2017-M15, | ||||||||
| Class A1, 2.959%, 9/25/20279 | 1,376,986 | 1,474,376 | ||||||
| Fontainebleau Miami Beach Trust, | ||||||||
| Series 2019-FBLU, Class A, 3.144%, | ||||||||
| 12/10/20362 | 1,541,000 | 1,625,332 | ||||||
| Freddie Mac Multifamily Structured | ||||||||
| Pass-Through Certificates | ||||||||
| Series K016, Class X1 (IO), 1.497%, | ||||||||
| 10/25/20219 | 2,077,947 | 88 | ||||||
| Series K017, Class X1 (IO), 1.283%, | ||||||||
| 12/25/20219 | 4,468,937 | 204 | ||||||
| Series K021, Class X1 (IO), 1.376%, | ||||||||
| 6/25/20229 | 10,638,072 | 68,474 | ||||||
| Series K030, Class X1 (IO), 0.152%, | ||||||||
| 4/25/20239 | 55,373,974 | 126,868 | ||||||
| Series K032, Class X1 (IO), 0.084%, | ||||||||
| 5/25/20239 | 35,680,972 | 66,188 | ||||||
| Freddie Mac REMICS, Series 4791, | ||||||||
| Class BA, 4.00%, 3/15/2044 | 26,979 | 26,970 | ||||||
| FREMF Mortgage Trust | ||||||||
| Series 2013-K28, Class X2A (IO), | ||||||||
| 0.10%, 6/25/20462 | 140,738,510 | 148,085 | ||||||
| Series 2014-K37, Class B, 4.560%, | ||||||||
| 1/25/20472,9 | 1,977,000 | 2,149,228 | ||||||
| Series 2014-K41, Class B, 3.833%, | ||||||||
| 11/25/20472,9 | 48,000 | 52,248 | ||||||
| Government National Mortgage | ||||||||
| Association, Series 2017-54, Class | ||||||||
| AH, 2.60%, 12/16/2056 | 1,289,779 | 1,339,302 | ||||||
| GS Mortgage Securities Corp. Trust, | ||||||||
| Series 2019-70P, Class A, (1 mo. | ||||||||
| LIBOR US + 1.000%), 1.093%, | ||||||||
| 10/15/20362,6 | 1,342,000 | 1,341,983 | ||||||
| GS Mortgage-Backed Securities | ||||||||
| Trust, Series 2021-PJ6, Class A8, | ||||||||
| 2.466%, 11/1/20512,9 | 1,146,044 | 1,177,426 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2013-1, Class 1A2, 3.00%, | ||||||||
| 3/25/20432,9 | 183,214 | 185,757 | ||||||
| Series 2013-2, Class A2, 3.50%, | ||||||||
| 5/25/20432,9 | 169,939 | 172,549 | ||||||
| Series 2014-2, Class 1A1, 3.00%, | ||||||||
| 6/25/20292,9 | 430,531 | 440,098 | ||||||
| SHARES/ | |||||||||||
| PRINCIPAL | |||||||||||
| AMOUNT1 | VALUE | ||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||||||||
| JP Morgan Mortgage Trust (continued) | |||||||||||
| Series 2017-2, Class A3, 3.50%, | |||||||||||
| 5/25/20472,9 | 21,806 | $ | 22,180 | ||||||||
| New Residential Mortgage Loan Trust | |||||||||||
| Series 2014-3A, Class AFX3, 3.75%, | |||||||||||
| 11/25/20542,9 | 395,829 | 422,341 | |||||||||
| Series 2015-2A, Class A1, 3.75%, | |||||||||||
| 8/25/20552,9 | 468,679 | 497,352 | |||||||||
| Series 2016-4A, Class A1, 3.75%, | |||||||||||
| 11/25/20562,9 | 548,888 | 583,534 | |||||||||
| PMT Loan Trust, Series 2013-J1, Class | |||||||||||
| A9, 3.50%, 9/25/20432,9 | 419,971 | 427,771 | |||||||||
| Provident Funding Mortgage Trust, | |||||||||||
| Series 2021-2, Class A2A, 2.00%, | |||||||||||
| 4/1/20512,9 | 1,399,531 | 1,421,617 | |||||||||
| Sequoia Mortgage Trust | |||||||||||
| Series 2013-2, Class A, 1.874%, | |||||||||||
| 2/25/20439 | 414,478 | 417,220 | |||||||||
| Series 2013-6, Class A2, 3.00%, | |||||||||||
| 5/25/20439 | 721,552 | 729,687 | |||||||||
| Series 2013-7, Class A2, 3.00%, | |||||||||||
| 6/25/20439 | 232,251 | 234,993 | |||||||||
| Series 2013-8, Class A1, 3.00%, | |||||||||||
| 6/25/20439 | 291,341 | 294,830 | |||||||||
| Series 2017-6, Class A19, 3.50%, | |||||||||||
| 9/25/20472,9 | 159,123 | 161,768 | |||||||||
| Series 2020-1, Class A1, 3.50%, | |||||||||||
| 2/25/20502,9 | 133,069 | 136,085 | |||||||||
| Series 2020-1, Class A4, 3.50%, | |||||||||||
| 2/25/20502,9 | 6,614 | 6,632 | |||||||||
| Starwood Retail Property Trust, Series | |||||||||||
| 2014-STAR, Class A, (1 mo. LIBOR | |||||||||||
| US + 1.470%), 1.563%, 11/15/20272,6 | 1,910,953 | 1,261,229 | |||||||||
| Sutherland Commercial Mortgage | |||||||||||
| Trust, Series 2019-SBC8, Class A, | |||||||||||
| 2.86%, 4/25/20412,9 | 215,069 | 216,547 | |||||||||
| Waikiki Beach Hotel Trust, Series | |||||||||||
| 2019-WBM, Class A, (1 mo. LIBOR | |||||||||||
| US + 1.050%), 1.143%, 12/15/20332,6 | 1,204,000 | 1,204,003 | |||||||||
| WinWater Mortgage Loan Trust, | |||||||||||
| Series 2015-1, Class A1, 3.50%, | |||||||||||
| 1/20/20452,9 | 148,334 | 150,469 | |||||||||
| TOTAL COMMERCIAL MORTGAGE- | |||||||||||
| BACKED SECURITIES | |||||||||||
| (Identified Cost $21,709,211) | 21,119,660 | ||||||||||
| FOREIGN GOVERNMENT BONDS - 0.2% | |||||||||||
| Canadian Government Bond | |||||||||||
| (Canada), 2.75%, 6/1/2022 | CAD | 433,000 | 354,291 | ||||||||
| Mexican Government Bond | |||||||||||
| (Mexico), 6.50%, 6/9/2022 | MXN | 5,621,000 | 284,729 | ||||||||
| (Mexico), 7.75%, 5/29/2031 | MXN | 1,081,000 | 57,609 | ||||||||
| Mexico Government International | |||||||||||
| Bond (Mexico), 4.125%, 1/21/2026 | 200,000 | 225,248 | |||||||||
9
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/ | |||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| FOREIGN GOVERNMENT BONDS (continued) | ||||||||
| Republic of Italy Government | ||||||||
| International Bond (Italy), 2.375%, | ||||||||
| 10/17/2024 | 380,000 | $ | 396,382 | |||||
| TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
| (Identified Cost $1,448,575) | 1,318,259 | |||||||
| MUNICIPAL BONDS - 1.2% | ||||||||
| Clark County, Public Impt., Series A, | ||||||||
| G.O. Bond, 1.51%, 11/1/2028 | 2,530,000 | 2,550,189 | ||||||
| Hawaii, Series GC, G.O. Bond, 2.682%, | ||||||||
| 10/1/2038 | 1,835,000 | 1,931,980 | ||||||
| New York City Transitional Finance | ||||||||
| Authority, Future Tax Secured, | ||||||||
| Public Impt., Revenue Bond, | ||||||||
| 1.58%, 5/1/2024 | 685,000 | 704,235 | ||||||
| South Carolina Public Service | ||||||||
| Authority, Series B, Revenue Bond, | ||||||||
| 2.329%, 12/1/2028 | 955,000 | 1,000,744 | ||||||
| TOTAL MUNICIPAL BONDS | ||||||||
| (Identified Cost $6,092,105) | 6,187,148 | |||||||
| U.S. GOVERNMENT AGENCIES - 4.1% | ||||||||
| Mortgage-Backed Securities - 4.1% | ||||||||
| Fannie Mae | ||||||||
| Pool #995233, UMBS, 5.50%, 10/1/2021 | 1 | 1 | ||||||
| Pool #888017, UMBS, 6.00%, 11/1/2021 | 63 | 63 | ||||||
| Pool #995329, UMBS, 5.50%, 12/1/2021 | 358 | 359 | ||||||
| Pool #888136, UMBS, 6.00%, 12/1/2021 | 287 | 287 | ||||||
| Pool #888810, UMBS, 5.50%, 11/1/2022 | 359 | 362 | ||||||
| Pool #AD0462, UMBS, 5.50%, 10/1/2024 | 5,550 | 5,791 | ||||||
| Pool #MA3463, UMBS, 4.00%, 9/1/2033 | 698,373 | 741,875 | ||||||
| Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 358,676 | 392,401 | ||||||
| Pool #MA1903, UMBS, 4.50%, 5/1/2034 | 371,668 | 406,622 | ||||||
| Pool #745418, UMBS, 5.50%, 4/1/2036 | 316,331 | 366,990 | ||||||
| Pool #889576, UMBS, 6.00%, 4/1/2038 | 239,530 | 284,131 | ||||||
| Pool #MA3412, UMBS, 3.50%, 7/1/2038 | 502,081 | 534,578 | ||||||
| Pool #995196, UMBS, 6.00%, 7/1/2038 | 523,223 | 621,696 | ||||||
| Pool #AD0207, UMBS, 6.00%, 10/1/2038 | 89,342 | 106,160 | ||||||
| SHARES/ | ||||||||
| PRINCIPAL | ||||||||
| AMOUNT1 | VALUE | |||||||
| U.S. GOVERNMENT AGENCIES (continued) | ||||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Fannie Mae (continued) | ||||||||
| Pool #AD0220, UMBS, 6.00%, 10/1/2038 | 27,530 | $ | 32,711 | |||||
| Pool #AD0307, UMBS, 5.50%, 1/1/2039 | 7,389 | 8,610 | ||||||
| Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 438,253 | 487,640 | ||||||
| Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 335,411 | 397,203 | ||||||
| Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 485,608 | 574,339 | ||||||
| Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 3,144,246 | 3,283,147 | ||||||
| Pool #AL7068, UMBS, 4.50%, 9/1/2042 | 141,045 | 156,712 | ||||||
| Pool #AX5234, UMBS, 4.50%, 11/1/2044 | 509,497 | 560,051 | ||||||
| Pool #AZ9215, UMBS, 4.00%, 10/1/2045 | 365,216 | 395,903 | ||||||
| Pool #BD1381, UMBS, 3.50%,6/1/2046 | 84,993 | 90,880 | ||||||
| Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 80,744 | 87,779 | ||||||
| Pool #AL8674, 5.646%, 1/1/2049 | 1,265,046 | 1,439,533 | ||||||
| Freddie Mac | ||||||||
| Pool #G12610, 6.00%, 3/1/2022 | 1,110 | 1,116 | ||||||
| Pool #G12655, 6.00%, 5/1/2022 | 996 | 1,003 | ||||||
| Pool #G12988, 6.00%, 1/1/2023 | 1,909 | 1,946 | ||||||
| Pool #G13078, 6.00%, 3/1/2023 | 2,685 | 2,735 | ||||||
| Pool #G13331, 5.50%, 10/1/2023 | 1,920 | 1,971 | ||||||
| Pool #C91762, 4.50%, 5/1/2034 | 433,290 | 472,998 | ||||||
| Pool #C91771, 4.50%, 6/1/2034 | 7,372 | 8,068 | ||||||
| Pool #C91780, 4.50%, 7/1/2034 | 10,782 | 11,800 | ||||||
| Pool #G03696, 5.50%, 1/1/2038 | 787 | 917 | ||||||
| Pool #G03781, 6.00%, 1/1/2038 | 106,529 | 125,452 | ||||||
| Pool #G03926, 6.00%, 2/1/2038 | 127,849 | 151,852 | ||||||
| Pool #G04731, 5.50%, 4/1/2038 | 138,145 | 160,986 | ||||||
| Pool #G08273, 5.50%, 6/1/2038 | 168,098 | 195,976 | ||||||
| Pool #G04601, 5.50%, 7/1/2038 | 12,025 | 14,009 | ||||||
| Pool #G04587, 5.50%, 8/1/2038 | 10,167 | 11,842 | ||||||
| Pool #G05900, 6.00%, 3/1/2040 | 61,138 | 72,197 | ||||||
| Pool #G05906, 6.00%, 4/1/2040 | 82,611 | 97,990 | ||||||
| Pool #A92889, 4.50%, 7/1/2040 | 817,224 | 913,111 | ||||||
| Pool #RB5108, UMBS, 2.00%, 4/1/2041 | 3,920,536 | 4,039,669 | ||||||
| Pool #G60183, 4.00%, 12/1/2044 | 336,769 | 366,082 | ||||||
| Pool #Q37592, 4.00%, 12/1/2045 | 157,747 | 173,017 | ||||||
| Pool #G08772, 4.50%, 7/1/2047 | 104,762 | 113,814 | ||||||
| Pool #ZS4751, UMBS, 3.50%, 1/1/2048 | 202,855 | 215,823 | ||||||
| Pool #SD8107, UMBS, 2.50%, 11/1/2050 | 3,035,083 | 3,162,227 | ||||||
| TOTAL U.S. GOVERNMENT AGENCIES | ||||||||
| (Identified Cost $20,731,759) | 21,292,425 | |||||||
10
Investment Portfolio - July 31, 2021
(unaudited)
| PRO-BLEND® MODERATE TERM SERIES | SHARES/
PRINCIPAL AMOUNT1 | VALUE | ||||||
| SHORT-TERM INVESTMENT - 2.0% | ||||||||
| Dreyfus Government Cash Management, Institutional Shares, 0.03%10 | ||||||||
| (Identified Cost $10,491,460) | 10,491,460 | $ | 10,491,460 | |||||
| TOTAL INVESTMENTS - 99.9% | ||||||||
| (Identified Cost $456,039,097) | 516,471,087 | |||||||
| OTHER ASSETS, LESS LIABILITIES - 0.1% | 504,222 | |||||||
| NET ASSETS - 100% | $ | 516,975,309 | ||||||
ADR - American Depositary Receipt
CAD - Canadian Dollar
ETF - Exchange-Traded Fund
G.O. Bond - General Obligation Bond
Impt. - Improvement
IO - Interest only
LIBOR - London Interbank Offered Rate
MXN - Mexican Peso
REMICS - Real Estate Mortgage Investment Conduits
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 July 31, 2021 was $78,467,268, which represented 15.2% of the Series’ Net Assets.
3Security has been valued using significant unobservable inputs.
4Variable 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 July 31, 2021.
5Security is perpetual in nature and has no stated maturity date.
6Floating rate security. Rate shown is the rate in effect as of July 31, 2021.
7Issuer filed for bankruptcy and/or is in default of interest payments.
8Security 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 security was acquired on October 10, 2017 and on dates between May 8, 2020 and September 18, 2020 at an aggregate cost of $89,149. The value of the security at July 31, 2021 was $50, or less than 0.1% of the Series’ Net Assets.
9Variable 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 July 31, 2021.
10Rate 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
11
Investment Portfolio - July 31, 2021
(unaudited)
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 | $ | 34,964,888 | $ | 32,301,781 | $ | 2,663,107 | $ | — | ||||||||
| Consumer Discretionary | 25,289,448 | 22,956,333 | 2,333,115 | — | ||||||||||||
| Consumer Staples | 25,582,070 | 18,915,542 | 6,666,528 | — | ||||||||||||
| Energy | 14,504,007 | 14,425,647 | — | 78,360 | ||||||||||||
| Financials | 16,240,768 | 14,354,793 | 1,885,975 | — | ||||||||||||
| Health Care | 34,354,688 | 33,490,063 | 864,625 | — | ||||||||||||
| Industrials | 13,493,327 | 13,079,615 | 413,712 | — | ||||||||||||
| Information Technology | 33,578,577 | 32,709,514 | 869,063 | — | ||||||||||||
| Materials | 16,085,096 | 15,578,596 | 506,500 | — | ||||||||||||
| Real Estate | 19,364,189 | 19,288,436 | 75,753 | — | ||||||||||||
| Preferred securities: | ||||||||||||||||
| Information Technology | 103,120 | 103,120 | — | — | ||||||||||||
| Materials | 528,490 | 528,490 | — | — | ||||||||||||
| Debt securities: | ||||||||||||||||
| U.S. Treasury and other U.S. Government agencies | 123,334,660 | — | 123,334,660 | — | ||||||||||||
| States and political subdivisions (municipals) | 6,187,148 | — | 6,187,148 | — | ||||||||||||
| Corporate debt: | ||||||||||||||||
| Communication Services | 10,113,589 | — | 10,113,589 | — | ||||||||||||
| Consumer Discretionary | 4,838,323 | — | 4,838,323 | — | ||||||||||||
| Energy | 18,412,014 | — | 18,412,014 | — | ||||||||||||
| Financials | 12,461,431 | — | 12,461,431 | — | ||||||||||||
| Health Care | 1,989,485 | — | 1,989,485 | — | ||||||||||||
| Industrials | 17,315,063 | — | 17,315,063 | — | ||||||||||||
| Materials | 2,357,257 | — | 2,357,257 | — | ||||||||||||
| Real Estate | 8,677,845 | — | 8,677,845 | — | ||||||||||||
| Utilities | 153,750 | — | 153,750 | — | ||||||||||||
| Asset-backed securities | 39,666,444 | — | 39,666,444 | — | ||||||||||||
| Commercial mortgage-backed securities | 21,119,660 | — | 21,119,660 | — | ||||||||||||
| Foreign government bonds | 1,318,259 | — | 1,318,259 | — | ||||||||||||
| Mutual fund | 3,946,031 | 3,946,031 | — | — | ||||||||||||
| Short-Term Investment | 10,491,460 | 10,491,460 | — | — | ||||||||||||
| Total assets | $ | 516,471,087 | $ | 232,169,421 | $ | 284,223,306 | $ | 78,360 | ||||||||
#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 October 31, 2020.
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.
12