Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS - 14.4% | ||||||||
| Communication Services - 1.4% | ||||||||
| Diversified Telecommunication Services - 0.0%## | ||||||||
| Cellnex Telecom S.A. - ADR (Spain) | 2,546 | $ | 48,756 | |||||
| Cellnex Telecom S.A. (Spain)2 | 2,935 | 112,931 | ||||||
| Helios Towers plc (Tanzania)* | 29,388 | 29,459 | ||||||
| 191,146 | ||||||||
| Entertainment - 0.4% | ||||||||
| Electronic Arts, Inc. | 10,012 | 1,377,451 | ||||||
| Interactive Media & Services - 1.0% | ||||||||
| Alphabet, Inc. - Class A* | 14,062 | 1,970,086 | ||||||
| Auto Trader Group plc (United Kingdom)2 | 9,231 | 84,924 | ||||||
| Meta Platforms, Inc. - Class A* | 3,096 | 1,207,874 | ||||||
| Tencent Holdings Ltd. (China) | 3,200 | 111,076 | ||||||
| 3,373,960 | ||||||||
| Total Communication Services | 4,942,557 | |||||||
| Consumer Discretionary - 0.9% | ||||||||
| Broadline Retail - 0.9% | ||||||||
| Amazon.com, Inc.* | 18,221 | 2,827,899 | ||||||
| Dollarama, Inc. (Canada) | 884 | 64,877 | ||||||
| MercadoLibre, Inc. (Brazil)* | 66 | 112,980 | ||||||
| 3,005,756 | ||||||||
| Hotels, Restaurants & Leisure - 0.0%## | ||||||||
| Marriott Vacations Worldwide Corp. | 448 | 37,583 | ||||||
| Monarch Casino & Resort, Inc. | 724 | 49,905 | ||||||
| 87,488 | ||||||||
| Household Durables - 0.0%## | ||||||||
| Sony Group Corp. (Japan) | 900 | 88,262 | ||||||
| Total Consumer Discretionary | 3,181,506 | |||||||
| Consumer Staples - 2.2% | ||||||||
| Beverages - 1.0% | ||||||||
| The Coca-Cola Co. | 27,680 | 1,646,683 | ||||||
| Diageo plc (United Kingdom) | 2,723 | 98,349 | ||||||
| Heineken N.V. - ADR (Netherlands) | 31,501 | 1,584,343 | ||||||
| Heineken N.V. (Netherlands) | 1,494 | 150,290 | ||||||
| 3,479,665 | ||||||||
| Food Products - 0.7% | ||||||||
| Mondelez International, Inc. - Class A | 7,685 | 578,450 | ||||||
| Nestle S.A. - ADR | 14,168 | 1,613,735 | ||||||
| Nestle S.A | 1,478 | 168,419 | ||||||
| 2,360,604 | ||||||||
| Personal Care Products - 0.5% | ||||||||
| Beiersdorf AG (Germany) | 813 | 118,974 | ||||||
| L'Oreal S.A. (France) | 50 | 23,928 | ||||||
| Unilever plc - ADR (United Kingdom) | 32,493 | 1,582,084 | ||||||
| 1,724,986 | ||||||||
| Total Consumer Staples | 7,565,255 | |||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Financials - 2.3% | ||||||||
| Banks - 0.1% | ||||||||
| FinecoBank Banca Fineco S.p.A. (Italy) | 7,367 | $ | 106,220 | |||||
| HDFC Bank Ltd. - ADR (India) | 2,381 | 132,122 | ||||||
| 238,342 | ||||||||
| Capital Markets - 1.0% | ||||||||
| Avanza Bank Holding AB (Sweden) | 3,230 | 64,883 | ||||||
| Cboe Global Markets, Inc. | 3,027 | 556,514 | ||||||
| Deutsche Boerse AG - ADR (Germany) | 28,916 | 574,272 | ||||||
| Deutsche Boerse AG (Germany) | 816 | 162,498 | ||||||
| Intercontinental Exchange, Inc. | 4,822 | 613,985 | ||||||
| Intermediate Capital Group plc (United Kingdom) | 1,863 | 42,001 | ||||||
| Moody's Corp. | 2,726 | 1,068,701 | ||||||
| S&P Global, Inc | 923 | 413,827 | ||||||
| 3,496,681 | ||||||||
| Financial Services - 1.0% | ||||||||
| Mastercard, Inc. - Class A | 5,023 | 2,256,483 | ||||||
| Visa, Inc. - Class A | 5,427 | 1,482,982 | ||||||
| 3,739,465 | ||||||||
| Insurance - 0.2% | ||||||||
| Admiral Group plc - ADR (United Kingdom) | 16,070 | 518,418 | ||||||
| Admiral Group plc (United Kingdom) | 4,323 | 137,459 | ||||||
| 655,877 | ||||||||
| Total Financials | 8,130,365 | |||||||
| Health Care - 2.7% | ||||||||
| Biotechnology - 0.6% | ||||||||
| BioMarin Pharmaceutical, Inc.* | 11,118 | 979,273 | ||||||
| Vertex Pharmaceuticals, Inc.* | 2,362 | 1,023,644 | ||||||
| 2,002,917 | ||||||||
| Health Care Equipment & Supplies - 0.6% | ||||||||
| Alcon, Inc. (Switzerland) | 9,575 | 719,178 | ||||||
| Intuitive Surgical, Inc.* | 1,759 | 665,289 | ||||||
| Medtronic plc | 7,680 | 672,307 | ||||||
| 2,056,774 | ||||||||
| Health Care Providers & Services - 0.3% | ||||||||
| Humana, Inc. | 1,505 | 568,980 | ||||||
| UnitedHealth Group, Inc. | 1,091 | 558,309 | ||||||
| 1,127,289 | ||||||||
| Life Sciences Tools & Services - 0.2% | ||||||||
| Lonza Group AG (Switzerland) | 105 | 51,335 | ||||||
| Thermo Fisher Scientific, Inc. | 990 | 533,590 | ||||||
| 584,925 | ||||||||
| Pharmaceuticals - 1.0% | ||||||||
| AstraZeneca plc - ADR (United Kingdom) | 18,952 | 1,262,961 | ||||||
| Johnson & Johnson | 10,332 | 1,641,755 | ||||||
1
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Health Care (continued) | ||||||||
| Pharmaceuticals (continued) | ||||||||
| Novartis AG - ADR (Switzerland) | 6,619 | $ | 684,868 | |||||
| 3,589,584 | ||||||||
| Total Health Care | 9,361,489 | |||||||
| Industrials - 2.0% | ||||||||
| Aerospace & Defense - 1.0% | ||||||||
| Airbus SE (France) | 698 | 111,182 | ||||||
| BAE Systems plc - ADR (United Kingdom) | 10,197 | 617,326 | ||||||
| BAE Systems plc (United Kingdom) | 10,789 | 160,718 | ||||||
| L3Harris Technologies, Inc. | 8,030 | 1,673,613 | ||||||
| Northrop Grumman Corp. | 1,711 | 764,406 | ||||||
| 3,327,245 | ||||||||
| Building Products - 0.2% | ||||||||
| Masco Corp | 8,013 | 539,195 | ||||||
| Commercial Services & Supplies - 0.3% | ||||||||
| Cleanaway Waste Management Ltd. (Australia) | 49,875 | 84,435 | ||||||
| Copart, Inc.* | 17,932 | 861,453 | ||||||
| 945,888 | ||||||||
| Ground Transportation - 0.5% | ||||||||
| Canadian National Railway Co. (Canada). | 5,308 | 658,404 | ||||||
| CSX Corp | 17,040 | 608,328 | ||||||
| Union Pacific Corp. | 2,272 | 554,209 | ||||||
| 1,820,941 | ||||||||
| Machinery - 0.0%## | ||||||||
| Techtronic Industries Co. Ltd. (Hong Kong) | 6,500 | 69,037 | ||||||
| Professional Services - 0.0%## | ||||||||
| Experian plc | 1,603 | 66,721 | ||||||
| Trading Companies & Distributors - 0.0%## | ||||||||
| Brenntag SE (Germany) | 473 | 41,818 | ||||||
| IMCD N.V. (Netherlands) | 591 | 90,211 | ||||||
| 132,029 | ||||||||
| Transportation Infrastructure - 0.0%## | ||||||||
| Auckland International Airport Ltd. (New Zealand) | 13,292 | 68,532 | ||||||
| Total Industrials | 6,969,588 | |||||||
| Information Technology - 1.6% | ||||||||
| Electronic Equipment, Instruments & Components - 0.1% | ||||||||
| Halma plc (United Kingdom) | 3,859 | 106,814 | ||||||
| Keyence Corp. (Japan) | 200 | 89,479 | ||||||
| 196,293 | ||||||||
| IT Services - 0.0%## | ||||||||
| Globant S.A. * | 217 | 51,171 | ||||||
| Keywords Studios plc (Ireland) | 3,265 | 68,277 | ||||||
| 119,448 | ||||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Semiconductors & Semiconductor Equipment - 1.1% | ||||||||
| Micron Technology, Inc. | 24,393 | $ | 2,091,700 | |||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (Taiwan) | 15,847 | 1,790,077 | ||||||
| 3,881,777 | ||||||||
| Software - 0.4% | ||||||||
| Atlassian Corp. - Class A * | 305 | 76,180 | ||||||
| Microsoft Corp. | 2,153 | 855,990 | ||||||
| ServiceNow, Inc.* | 784 | 600,073 | ||||||
| 1,532,243 | ||||||||
| Total Information Technology | 5,729,761 | |||||||
| Materials - 0.3% | ||||||||
| Chemicals - 0.3% | ||||||||
| Air Liquide S.A. (France) | 491 | 91,882 | ||||||
| FMC Corp. | 16,733 | 940,395 | ||||||
| Total Materials | 1,032,277 | |||||||
| Real Estate - 0.8% | ||||||||
| Health Care REITs - 0.0%## | ||||||||
| Ventas, Inc. | 1,475 | 68,425 | ||||||
| Welltower, Inc. | 1,115 | 96,459 | ||||||
| 164,884 | ||||||||
| Industrial REITs - 0.2% | ||||||||
| Americold Realty Trust, Inc. | 2,727 | 74,993 | ||||||
| Goodman Group (Australia) | 2,134 | 35,423 | ||||||
| LXP Industrial Trust. | 8,827 | 80,237 | ||||||
| Prologis, Inc. | 3,203 | 405,788 | ||||||
| Rexford Industrial Realty, Inc. | 2,522 | 132,632 | ||||||
| Terreno Realty Corp. | 1,210 | 72,273 | ||||||
| 801,346 | ||||||||
| Office REITs - 0.0%## | ||||||||
| Equity Commonwealth | 2,182 | 41,698 | ||||||
| Residential REITs - 0.2% | ||||||||
| American Homes 4 Rent - Class A | 1,772 | 62,109 | ||||||
| Apartment Income REIT Corp. | 1,670 | 54,592 | ||||||
| AvalonBay Communities, Inc. | 593 | 106,153 | ||||||
| Equity LifeStyle Properties, Inc. | 1,467 | 99,301 | ||||||
| Flagship Communities REIT | 3,001 | 48,526 | ||||||
| Invitation Homes, Inc. | 3,880 | 127,768 | ||||||
| Mid-America Apartment Communities, Inc. | 359 | 45,370 | ||||||
| Sun Communities, Inc. | 1,160 | 145,406 | ||||||
| UDR, Inc. | 926 | 33,355 | ||||||
| 722,580 | ||||||||
| Retail REITs - 0.1% | ||||||||
| Agree Realty Corp. | 1,789 | 106,642 | ||||||
| Realty Income Corp. | 1,441 | 78,376 | ||||||
| 185,018 | ||||||||
2
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Specialized REITs - 0.3% | ||||||||
| American Tower Corp. | 516 | $ | 100,956 | |||||
| Crown Castle, Inc. | 449 | 48,604 | ||||||
| Digital Realty Trust, Inc. | 337 | 47,335 | ||||||
| Equinix, Inc. | 536 | 444,757 | ||||||
| Extra Space Storage, Inc. | 630 | 90,997 | ||||||
| Public Storage | 485 | 137,347 | ||||||
| SBA Communications Corp. | 693 | 155,135 | ||||||
| 1,025,131 | ||||||||
| Total Real Estate | 2,940,657 | |||||||
| Utilities - 0.2% | ||||||||
| Electric Utilities - 0.2% | ||||||||
| Evergy, Inc. | 16,852 | 855,576 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Identified Cost $42,448,809) | 50,709,031 | |||||||
| PREFERRED STOCKS - 0.1% | ||||||||
| Information Technology - 0.1% | ||||||||
| Software - 0.1% | ||||||||
| Argo Blockchain plc (United Kingdom), 8.75%, 11/30/2026 | 7,853 | 70,677 | ||||||
| Greenidge Generation Holdings, Inc., 8.50%, 10/31/2026 | 9,904 | 87,452 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Identified Cost $443,925) | 158,129 | |||||||
| CORPORATE BONDS - 17.5% | ||||||||
| Non-Convertible Corporate Bonds- 17.5% | ||||||||
| Communication Services - 2.4% | ||||||||
| Entertainment - 0.6% | ||||||||
| Warnermedia Holdings, Inc., 4.054%, 3/15/2029 | 2,380,000 | 2,251,521 | ||||||
| Interactive Media & Services - 1.8% | ||||||||
| Tencent Holdings Ltd. (China), 3.975%, 4/11/20292 | 6,410,000 | 6,115,639 | ||||||
| Total Communication Services | 8,367,160 | |||||||
| Consumer Discretionary - 2.0% | ||||||||
| Broadline Retail - 2.0% | ||||||||
| Alibaba Group Holding Ltd. | ||||||||
| (China), 2.125%, 2/9/2031 | 1,020,000 | 852,288 | ||||||
| (China), 4.00%, 12/6/2037 | 3,730,000 | 3,244,207 | ||||||
| Amazon.com, Inc., 3.30%, 4/13/2027 | 3,110,000 | 3,016,757 | ||||||
| Total Consumer Discretionary | 7,113,252 | |||||||
| Consumer Staples - 0.9% | ||||||||
| Beverages - 0.9% | ||||||||
| PepsiCo, Inc., 3.90%, 7/18/2032 | 3,370,000 | 3,234,420 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Energy - 2.0% | ||||||||
| Energy Equipment & Services - 0.1% | ||||||||
| Borr IHC Ltd. - Borr Finance LLC | ||||||||
| (Mexico), 10.00%, 11/15/20282 | 350,000 | $ | 362,645 | |||||
| Oil, Gas & Consumable Fuels - 1.9% | ||||||||
| Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 9/24/20252 | 446,696 | 400,411 | ||||||
| Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 2,110,000 | 2,326,958 | ||||||
| Energy Transfer LP, 6.50%, 2/1/2042 | 3,760,000 | 3,983,785 | ||||||
| 6,711,154 | ||||||||
| Total Energy | 7,073,799 | |||||||
| Financials - 3.5% | ||||||||
| Banks - 2.4% | ||||||||
| Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/20323 | 2,720,000 | 2,306,616 | ||||||
| Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/20273 | 2,490,000 | 2,287,301 | ||||||
| JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/20313 | 3,920,000 | 3,828,067 | ||||||
| 8,421,984 | ||||||||
| Consumer Finance - 1.0% | ||||||||
| Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 1.905%), 5.70%, 2/1/20303 | 2,940,000 | 2,965,253 | ||||||
| Navient Corp., 6.75%, 6/25/2025 | 485,000 | 488,789 | ||||||
| 3,454,042 | ||||||||
| Financial Services - 0.1% | ||||||||
| Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 | 230,000 | 195,852 | ||||||
| U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $250,000)4 | 250,000 | 215,334 | ||||||
| 411,186 | ||||||||
| Total Financials | 12,287,212 | |||||||
| Industrials - 1.5% | ||||||||
| Ground Transportation - 0.4% | ||||||||
| BNSF Funding Trust I, (3 mo. LIBOR US + 2.350%), 6.613%, 12/15/20553 | 1,540,000 | 1,524,601 | ||||||
| Passenger Airlines - 0.2% | ||||||||
| Alaska Airlines Pass-Through Trust, Series 2020-1, Class B, 8.00%, 8/15/20252 | 142,112 | 143,100 | ||||||
| United Airlines Pass-Through Trust Series 2018-1, Class B, 4.60%, 3/1/2026 | 69,863 | 66,480 | ||||||
3
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Industrials (continued) | ||||||||
| Passenger Airlines (continued) | ||||||||
| United Airlines Pass-Through Trust (continued) | ||||||||
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 327,133 | $ | 297,601 | |||||
| 507,181 | ||||||||
| Trading Companies & Distributors - 0.9% | ||||||||
| AerCap Ireland Capital DAC - AerCap | ||||||||
| Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 1,700,000 | 1,543,317 | ||||||
| Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/20282 | 1,600,000 | 1,513,733 | ||||||
| 3,057,050 | ||||||||
| Total Industrials | 5,088,832 | |||||||
| Information Technology - 0.9% | ||||||||
| Semiconductors & Semiconductor Equipment - 0.9% | ||||||||
| QUALCOMM, Inc., 4.25%, 5/20/2032 | 3,110,000 | 3,045,724 | ||||||
| Materials - 0.5% | ||||||||
| Metals & Mining - 0.5% | ||||||||
| Infrabuild Australia Pty Ltd. (Australia), 14.50%, 11/15/20282 | 350,000 | 357,823 | ||||||
| Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/20272 | 1,634,676 | 1,547,807 | ||||||
| Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/10/2017-05/13/2020, cost $212,263)4,5 | 880,000 | 88 | ||||||
| Total Materials | 1,905,718 | |||||||
| Real Estate - 2.4% | ||||||||
| Industrial REITs - 0.1% | ||||||||
| IIP Operating Partnership LP, 5.50%, 5/25/2026 | 460,000 | 425,343 | ||||||
| Retail REITs - 1.4% | ||||||||
| Simon Property Group LP | ||||||||
| 2.25%, 1/15/2032 | 1,290,000 | 1,063,769 | ||||||
| 2.65%, 2/1/2032 | 4,505,000 | 3,824,297 | ||||||
| 4,888,066 | ||||||||
| Specialized REITs - 0.9% | ||||||||
| Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 07/08/2022, cost $399,500)4 | 470,000 | 461,020 | ||||||
| SBA Tower Trust, 6.599%, 1/15/20282 | 2,540,000 | 2,607,066 | ||||||
| 3,068,086 | ||||||||
| Total Real Estate | 8,381,495 | |||||||
| Utilities - 1.4% | ||||||||
| Electric Utilities - 0.5% | ||||||||
| Alexander Funding Trust II, 7.467%, 7/31/20282 | 1,470,000 | 1,552,533 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| CORPORATE BONDS (continued) | ||||||||
| Non-Convertible Corporate Bonds (continued) | ||||||||
| Utilities (continued) | ||||||||
| Independent Power and Renewable Electricity Producers - 0.9% | ||||||||
| Palomino Funding Trust I, 7.233%, 5/17/20282 | 3,130,000 | $ | 3,297,105 | |||||
| Total Utilities | 4,849,638 | |||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Identified Cost $64,963,690) | 61,347,250 | |||||||
| U.S. TREASURY SECURITIES - 31.9% | ||||||||
| U.S. Treasury Bonds - 5.4% | ||||||||
| U.S. Treasury Bond, 2.375%, 2/15/2042. | 9,083,000 | 6,859,084 | ||||||
| U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2027 | 11,879,169 | 12,043,728 | ||||||
| Total U.S. Treasury Bonds | ||||||||
| (Identified Cost $18,804,304) | 18,902,812 | |||||||
| U.S. Treasury Notes - 26.5% | ||||||||
| U.S. Treasury Inflation Indexed Note, | ||||||||
| 0.50%, 4/15/2024 | 14,614,270 | 14,540,011 | ||||||
| U.S. Treasury Note | ||||||||
| 2.25%, 11/15/2025 | 18,016,000 | 17,384,736 | ||||||
| 2.00%, 11/15/2026 | 18,232,000 | 17,257,728 | ||||||
| 2.25%, 11/15/2027 | 16,132,000 | 15,176,683 | ||||||
| 3.125%, 11/15/2028 | 5,872,000 | 5,674,738 | ||||||
| 1.75%, 11/15/2029 | 15,849,000 | 14,155,138 | ||||||
| 0.875%, 11/15/2030 | 11,003,000 | 9,037,933 | ||||||
| Total U.S. Treasury Notes | ||||||||
| (Identified Cost $92,742,567) | 93,226,967 | |||||||
| TOTAL U.S. TREASURY SECURITIES | ||||||||
| (Identified Cost $111,546,871) | 112,129,779 | |||||||
| ASSET-BACKED SECURITIES - 6.2% | ||||||||
| ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/20532 | 1,550,000 | 1,527,322 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/20602 | 2,698,356 | 2,473,181 | ||||||
| Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/20472 | 705,767 | 636,678 | ||||||
| DataBank Issuer | ||||||||
| Series 2021-2A, Class A2, 2.40%, 10/25/20512 | 1,630,000 | 1,459,818 | ||||||
| Series 2023-1A, Class A2, 5.116%, 2/25/20532 | 1,500,000 | 1,427,678 | ||||||
| Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/20512 | 2,600,000 | 2,355,722 | ||||||
| Libra Solutions LLC | ||||||||
| Series 2022-2A, Class A, 6.85%, 10/15/20342 | 608,958 | 608,594 | ||||||
| Series 2023-1A, Class A, 7.00%, 2/15/20352 | 691,444 | 691,566 | ||||||
4
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| ASSET-BACKED SECURITIES (continued) | ||||||||
| Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/20322 | 220,000 | $ | 221,072 | |||||
| Oxford Finance Funding LLC | ||||||||
| Series 2020-1A, Class A2, 3.101%, 2/15/20282 | 99,588 | 96,473 | ||||||
| Series 2022-1A, Class A2, 3.602%, 2/15/20302 | 2,750,000 | 2,626,990 | ||||||
| Series 2023-1A, Class A2, 6.716%, 2/15/20312 | 2,500,000 | 2,470,025 | ||||||
| PEAR LLC | ||||||||
| Series 2021-1, Class A, 2.60%, 1/15/20342 | 1,576,171 | 1,517,564 | ||||||
| Series 2023-1, Class A, 7.42%, 7/15/20352 | 1,255,128 | 1,261,531 | ||||||
| Store Master Funding I-VII and XIV, | ||||||||
| Series 2019-1, Class A1, 2.82%, 11/20/20492 | 2,085,602 | 1,926,504 | ||||||
| Towd Point Mortgage Trust | ||||||||
| Series 2016-5, Class A1, 2.50%, 10/25/20562,6 | 48,571 | 48,216 | ||||||
| Series 2017-1, Class A1, 2.75%, 10/25/20562,6 | 33,748 | 33,565 | ||||||
| Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight | ||||||||
| Financing Rate + 1.114%), 6.450%, 10/25/20482,7 | 441,560 | 446,494 | ||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Identified Cost $22,799,189) | 21,828,993 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.8% | ||||||||
| CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/20492,6 | 66,421 | 63,596 | ||||||
| Credit Suisse Mortgage Capital Trust | ||||||||
| Series 2013-IVR3, Class A1, 2.50%, 5/25/20432,6 | 290,985 | 249,677 | ||||||
| Series 2013-TH1, Class A1, 2.13%, 2/25/20432,6 | 161,496 | 140,584 | ||||||
| Fannie Mae REMICS | ||||||||
| Series 2018-13, Class PA, 3.00%, 3/25/2048 | 1,666,431 | 1,471,363 | ||||||
| Series 2018-31, Class KP, 3.50%, 7/25/2047 | 41,994 | 41,047 | ||||||
| Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 1,106,176 | 933,839 | ||||||
| Freddie Mac REMICS, Series 5189, Class CP, 2.50%, 6/25/2049 | 1,843,499 | 1,599,010 | ||||||
| GS Mortgage-Backed Securities Trust | ||||||||
| Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/20512,7 | 1,421,043 | 1,311,410 | ||||||
| Series 2021-PJ6, Class A8, 2.50%, 11/25/20512,6 | 1,178,761 | 1,038,888 | ||||||
| Series 2021-PJ9, Class A8, 2.50%, 2/26/20522,6 | 1,175,927 | 1,028,970 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| GS Mortgage-Backed Securities Trust (continued) | ||||||||
| Series 2022-PJ1, Class A8, 2.50%, 5/28/20522,6 | 1,836,354 | $ | 1,596,078 | |||||
| Imperial Fund Mortgage Trust | ||||||||
| Series 2021-NQM3, Class A1, 1.595%, 11/25/20562,6 | 1,273,090 | 1,088,713 | ||||||
| Series 2022-NQM1, Class A1, 2.493%, 2/25/20672,6 | 2,381,635 | 2,093,768 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2014-2, Class 1A1, 3.00%, 6/25/20292,6 | 194,011 | 186,693 | ||||||
| Series 2017-3, Class 1A3, 3.50%, 8/25/20472,6 | 29,891 | 27,192 | ||||||
| Series 2017-6, Class A3, 3.50%, 12/25/20482,6 | 68,068 | 62,006 | ||||||
| New Residential Mortgage Loan Trust | ||||||||
| Series 2014-3A, Class AFX3, 3.75%, 11/25/20542,6 | 295,733 | 277,034 | ||||||
| Series 2015-2A, Class A1, 3.75%, 8/25/20552,6 | 286,211 | 268,935 | ||||||
| Series 2016-4A, Class A1, 3.75%, 11/25/20562,6 | 423,425 | 397,232 | ||||||
| NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/20612 | 1,441,532 | 1,321,299 | ||||||
| OBX Trust | ||||||||
| Series 2022-INV1, Class A1, 3.00%, 12/25/20512,6 | 2,158,011 | 1,835,681 | ||||||
| Series 2024-NQM1, Class A1, 5.928%, 11/25/20632,8 | 1,434,706 | 1,442,706 | ||||||
| PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 11.336%, 7/25/2029 (Acquired 07/24/2023, cost $4,295,038)4,7 | 4,295,038 | 4,294,415 | ||||||
| PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/20432,6 | 586,871 | 540,313 | ||||||
| Provident Funding Mortgage Trust | ||||||||
| Series 2021-2, Class A2A, 2.00%, 4/25/20512,6 | 1,459,726 | 1,238,979 | ||||||
| Series 2021-INV1, Class A1, 2.50%, 8/25/20512,6 | 2,329,321 | 1,912,397 | ||||||
| Sequoia Mortgage Trust | ||||||||
| Series 2013-2, Class A, 1.874%, 2/25/20436 | 146,766 | 125,303 | ||||||
| Series 2013-6, Class A2, 3.00%, 5/25/20436 | 1,161,668 | 1,037,148 | ||||||
| Series 2013-7, Class A2, 3.00%, 6/25/20436 | 169,291 | 147,150 | ||||||
| Series 2013-8, Class A1, 3.00%, 6/25/20436 | 201,997 | 181,276 | ||||||
| Series 2020-1, Class A1, 3.50%, 2/25/20502,6 | 63,570 | 57,823 | ||||||
| Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 8.50%, 11/15/20272,7 | 2,117,054 | 1,518,035 | ||||||
5
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/20412,6 | 1,499,740 | $ | 1,400,845 | |||||
| WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/20452,6 | 92,844 | 84,034 | ||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Identified Cost $34,845,922) | 31,013,439 | |||||||
| FOREIGN GOVERNMENT BONDS - 0.6% | ||||||||
| Japan Government Two Year Bond, Series 456, (Japan), 0.10%, 1/1/2026 | JPY | 200,000,000 | 1,359,668 | |||||
| Mexican Bonos, Series M, (Mexico), 7.75%, 5/29/2031 | MXN | 908,000 | 48,836 | |||||
| Republic of Italy Government International Bond (Italy), 2.375%, 10/17/2024 | 600,000 | 587,781 | ||||||
| TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
| (Identified Cost $2,018,748) | 1,996,285 | |||||||
| MUNICIPAL BONDS - 1.5% | ||||||||
| Hawaii, Series GC, G.O. Bond, 2.682%, 10/1/2038 | 2,660,000 | 2,061,307 | ||||||
| South Carolina Public Service Authority, Series B, Revenue Bond, 1.852%, 12/1/2026 | 3,460,000 | 3,188,971 | ||||||
| TOTAL MUNICIPAL BONDS | ||||||||
| (Identified Cost $6,213,686) | 5,250,278 | |||||||
| U.S. GOVERNMENT AGENCIES - 18.0% | ||||||||
| Mortgage-Backed Securities - 18.0% | ||||||||
| Fannie Mae | ||||||||
| Pool #AA1563, UMBS, 4.50%, 2/1/2024 | 43 | 43 | ||||||
| Pool #AC1557, UMBS, 4.50%, 9/1/2024 | 1,413 | 1,401 | ||||||
| Pool #AD0462, UMBS, 5.50%, 10/1/2024 | 399 | 397 | ||||||
| Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 232,098 | 229,559 | ||||||
| Pool #MA1903, UMBS, 4.50%, 5/1/2034 | 209,445 | 207,157 | ||||||
| Pool #886904, UMBS, 6.50%, 9/1/2036 | 32,169 | 34,212 | ||||||
| Pool #933521, UMBS, 5.00%, 1/1/2038 | 5,536 | 5,627 | ||||||
| Pool #889260, UMBS, 5.00%, 4/1/2038 | 6,386 | 6,491 | ||||||
| Pool #889576, UMBS, 6.00%, 4/1/2038 | 152,246 | 160,218 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| U.S. GOVERNMENT AGENCIES (continued) | ||||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Fannie Mae (continued) | ||||||||
| Pool #975840, UMBS, 5.00%, 5/1/2038 | 23,412 | $ | 23,770 | |||||
| Pool #995196, UMBS, 6.00%, 7/1/2038 | 188,616 | 198,022 | ||||||
| Pool #986458, UMBS, 6.00%, 8/1/2038 | 3,768 | 3,968 | ||||||
| Pool #987831, UMBS, 6.00%, 9/1/2038 | 8,442 | 8,890 | ||||||
| Pool #990897, UMBS, 6.00%, 9/1/2038 | 16,408 | 17,279 | ||||||
| Pool #AD0220, UMBS, 6.00%, 10/1/2038 | 26,657 | 27,987 | ||||||
| Pool #257497, UMBS, 6.00%, 12/1/2038 | 6,346 | 6,683 | ||||||
| Pool #971022, UMBS, 5.00%, 1/1/2039 | 11,411 | 11,586 | ||||||
| Pool #AA1810, UMBS, 5.00%, 1/1/2039 | 32,064 | 32,558 | ||||||
| Pool #983686, UMBS, 5.00%, 2/1/2039 | 13,302 | 13,506 | ||||||
| Pool #AE0604, UMBS, 6.00%, 7/1/2039 | 172,740 | 181,355 | ||||||
| Pool #AA6788, UMBS, 6.00%, 8/1/2039 | 108,353 | 114,142 | ||||||
| Pool #AC0463, UMBS, 5.00%, 11/1/2039 | 12,366 | 12,542 | ||||||
| Pool #AC5111, UMBS, 5.00%, 11/1/2039 | 26,061 | 26,432 | ||||||
| Pool #MA0258, UMBS, 4.50%, 12/1/2039 | 290,205 | 288,714 | ||||||
| Pool #MA0259, UMBS, 5.00%, 12/1/2039 | 15,892 | 16,118 | ||||||
| Pool #AC8573, UMBS, 5.00%, 1/1/2040 | 21,760 | 22,069 | ||||||
| Pool #AL1595, UMBS, 6.00%, 1/1/2040 | 185,684 | 195,408 | ||||||
| Pool #AE0061, UMBS, 6.00%, 2/1/2040 | 76,537 | 80,604 | ||||||
| Pool #AL0152, UMBS, 6.00%, 6/1/2040 | 301,751 | 317,552 | ||||||
| Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 2,314,645 | 2,054,332 | ||||||
| Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 149,570 | 144,879 | ||||||
| Pool #AL1410, UMBS, 4.50%, 12/1/2041 | 330,670 | 328,632 | ||||||
| Pool #AB4300, UMBS, 3.50%, 1/1/2042 | 76,024 | 71,470 | ||||||
| Pool #MA4633, UMBS, 3.50%, 6/1/2042 | 1,182,781 | 1,106,277 | ||||||
| Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 2,989,226 | 2,870,426 | ||||||
| Pool #MA4934, UMBS, 5.00%, 2/1/2043 | 1,803,249 |
| 1,800,940 | |||||
6
Investment Portfolio - January 31, 2024
(unaudited)
| PRO-BLEND®
CONSERVATIVE TERM SERIES | SHARES/ PRINCIPAL AMOUNT1 | VALUE | ||||||
| U.S. GOVERNMENT AGENCIES (continued) | ||||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Fannie Mae (continued) | ||||||||
| Pool #FS4616, UMBS, 5.00%, 5/1/2043 | 3,685,654 | $ | 3,696,744 | |||||
| Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 169,601 | 164,282 | ||||||
| Pool #BC8677, UMBS, 4.00%, 5/1/2046 | 86,124 | 82,605 | ||||||
| Pool #BD6997, UMBS, 4.00%, 10/1/2046 | 97,873 | 93,877 | ||||||
| Pool #BE3812, UMBS, 4.00%, 12/1/2046 | 126,732 | 121,557 | ||||||
| Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 124,249 | 122,425 | ||||||
| Pool #MA3184, UMBS, 4.50%, 11/1/2047 | 588,665 | 579,005 | ||||||
| Pool #AL8674, 5.638%, 1/1/2049 | 527,447 | 546,480 | ||||||
| Pool #FS1179, UMBS, 3.50%, 12/1/2049 | 2,895,598 | 2,681,697 | ||||||
| Pool #CA5518, UMBS, 3.00%, 4/1/2050 | 4,055,215 | 3,612,744 | ||||||
| Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 4,145,925 | 3,676,730 | ||||||
| Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 1,844,408 | 1,641,748 | ||||||
| Pool #FS4511, UMBS, 4.00%, 8/1/2051 | 3,708,996 | 3,541,174 | ||||||
| Pool #FS2998, UMBS, 3.50%, 4/1/2052 | 3,379,689 | 3,113,951 | ||||||
| Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 3,943,143 | 3,633,101 | ||||||
| Pool #MA4600, UMBS, 3.50%, 5/1/2052 | 3,310,597 | 3,020,063 | ||||||
| Pool #MA4644, UMBS, 4.00%, 5/1/2052 | 3,669,756 | 3,456,304 | ||||||
| SHARES/ PRINCIPAL AMOUNT1 | VALUE | |||||||
| U.S. GOVERNMENT AGENCIES (continued) | ||||||||
| Mortgage-Backed Securities (continued) | ||||||||
| Fannie Mae (continued) | ||||||||
| Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 2,693,680 | $ | 2,705,950 | |||||
| Freddie Mac | ||||||||
| Pool #C91746, 4.50%, 12/1/2033 | 33,541 | 33,219 | ||||||
| Pool #C91762, 4.50%, 5/1/2034 | 333,582 | 330,337 | ||||||
| Pool #G03926, 6.00%, 2/1/2038 | 124,130 | 130,776 | ||||||
| Pool #G05906, 6.00%, 4/1/2040 | 17,173 | 18,093 | ||||||
| Pool #G06789, 6.00%, 5/1/2040 | 104,920 | 110,537 | ||||||
| Pool #A92889, 4.50%, 7/1/2040 | 418,201 | 416,621 | ||||||
| Pool #RB5167, UMBS, 3.50%, 7/1/2042 | 1,198,117 | 1,120,621 | ||||||
| Pool #RB5178, UMBS, 4.50%, 8/1/2042 | 1,802,415 | 1,766,573 | ||||||
| Pool #RB5188, UMBS, 4.00%, 10/1/2042 | 2,456,145 | 2,358,531 | ||||||
| Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 3,074,034 | 2,729,618 | ||||||
| Pool #SD8230, UMBS, 4.50%, 6/1/2052 | 2,141,601 | 2,070,199 | ||||||
| Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 3,678,828 | 3,697,638 | ||||||
| Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 1,257,516 | 1,245,144 | ||||||
| Ginnie Mae Pool #671161, 5.50%, 11/15/2037 | 24,472 | 25,187 | ||||||
| TOTAL U.S. GOVERNMENT AGENCIES | ||||||||
| (Identified Cost $63,952,964) | 63,164,777 | |||||||
| SHORT-TERM INVESTMENT - 0.8% | ||||||||
| Dreyfus
Government Cash Management, Institutional Shares, 5.22%9 | ||||||||
| (Identified Cost $2,787,352) | 2,787,352 | 2,787,352 | ||||||
| TOTAL INVESTMENTS - 99.8% | ||||||||
| (Identified Cost $352,021,156) | 350,385,313 | |||||||
| OTHER ASSETS, LESS LIABILITIES - 0.2% | 771,542 | |||||||
| NET ASSETS - 100% | $ | 351,156,855 | ||||||
ADR - American Depositary Receipt
G.O. Bond - General Obligation Bond
JPY - Japanese Yen
LIBOR - London Interbank Offered Rate
MXN - Mexican Peso
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits
UMBS - Uniform Mortgage-Backed Securities
7
Investment Portfolio - January 31, 2024
(unaudited)
*Non-income producing security.
## Less than 0.1%.
1Amount is stated in USD unless otherwise noted.
2Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $61,107,598, which represented 17.4% of the Series’ Net Assets.
3Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of January 31, 2024.
4Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be illiquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at January 31, 2024 was $4,970,857, or 1.4% of the Series’ Net Assets.
5Issuer filed for bankruptcy and/or is in default of interest payments.
6Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of January 31, 2024.
7Floating rate security. Rate shown is the rate in effect as of January 31, 2024.
8Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of January 31, 2024.
9Rate shown is the current yield as of January 31, 2024.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
Fair Value Information:
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuation levels used for major security types as of January 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2# | LEVEL 3 | ||||||||||||
| Assets: | ||||||||||||||||
| Equity securities: | ||||||||||||||||
| Communication Services | $ | 4,942,557 | $ | 4,604,167 | $ | 338,390 | $ | — | ||||||||
| Consumer Discretionary | 3,181,506 | 3,093,244 | 88,262 | — | ||||||||||||
| Consumer Staples | 7,565,255 | 7,005,295 | 559,960 | — | ||||||||||||
| Financials | 8,130,365 | 7,617,304 | 513,061 | — | ||||||||||||
| Health Care | 9,361,489 | 9,310,154 | 51,335 | — | ||||||||||||
| Industrials | 6,969,588 | 6,345,466 | 624,122 | — | ||||||||||||
| Information Technology | 5,729,761 | 5,465,191 | 264,570 | — | ||||||||||||
| Materials | 1,032,277 | 940,395 | 91,882 | — | ||||||||||||
| Real Estate | 2,940,657 | 2,905,234 | 35,423 | — | ||||||||||||
| Utilities | 855,576 | 855,576 | — | — | ||||||||||||
| Preferred securities: | ||||||||||||||||
| Information Technology | 158,129 | 158,129 | — | — | ||||||||||||
| Debt securities: | ||||||||||||||||
| U.S. Treasury and other U.S. Government agencies | 175,294,556 | — | 175,294,556 | — | ||||||||||||
| States and political subdivisions (municipals) | 5,250,278 | — | 5,250,278 | — | ||||||||||||
| Corporate debt: | ||||||||||||||||
| Communication Services | 8,367,160 | — | 8,367,160 | — | ||||||||||||
8
Investment Portfolio - January 31, 2024
(unaudited)
| DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2# | LEVEL 3 | ||||||||||||
| Consumer Discretionary | $ | 7,113,252 | $ | — | $ | 7,113,252 | $ | — | ||||||||
| Consumer Staples | 3,234,420 | — | 3,234,420 | — | ||||||||||||
| Energy | 7,073,799 | — | 7,073,799 | — | ||||||||||||
| Financials | 12,287,212 | — | 12,287,212 | — | ||||||||||||
| Industrials | 5,088,832 | — | 5,088,832 | — | ||||||||||||
| Information Technology | 3,045,724 | — | 3,045,724 | — | ||||||||||||
| Materials | 1,905,718 | — | 1,905,718 | — | ||||||||||||
| Real Estate | 8,381,495 | — | 8,381,495 | — | ||||||||||||
| Utilities | 4,849,638 | — | 4,849,638 | — | ||||||||||||
| Asset-backed securities | 21,828,993 | — | 21,828,993 | — | ||||||||||||
| Commercial mortgage-backed securities | 31,013,439 | — | 31,013,439 | — | ||||||||||||
| Foreign government bonds | 1,996,285 | — | 1,996,285 | — | ||||||||||||
| Short-Term Investment | 2,787,352 | 2,787,352 | — | — | ||||||||||||
| Total assets | $ | 350,385,313 | $ | 51,087,507 | $ | 299,297,806 | $ | — | ||||||||
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by the Series as of January 31, 2024.
The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series’ audited annual report or unaudited semi-annual report. These reports include additional information about the Series’ security valuation policies and about certain security types invested in by the Series.
9