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