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

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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

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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.

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