Investment Portfolio - July 31, 2025
(unaudited)
| EQUITY SERIES | SHARES | VALUE | ||||||
| COMMON STOCKS - 96.5% | ||||||||
| Communication Services - 8.0% | ||||||||
| Interactive Media & Services - 8.0% | ||||||||
| Alphabet, Inc. - Class A | 12,997 | $ | 2,494,124 | |||||
| Meta Platforms, Inc. - Class A | 3,836 | 2,966,916 | ||||||
| Total Communication Services | 5,461,040 | |||||||
| Consumer Discretionary - 8.2% | ||||||||
| Broadline Retail - 4.8% | ||||||||
| Amazon.com, Inc.* | 14,125 | 3,306,804 | ||||||
| Hotels, Restaurants & Leisure - 1.9% | ||||||||
| Chipotle Mexican Grill, Inc.* | 29,654 | 1,271,563 | ||||||
| Specialty Retail - 1.5% | ||||||||
| The TJX Companies, Inc. | 8,192 | 1,020,150 | ||||||
| Total Consumer Discretionary | 5,598,517 | |||||||
| Consumer Staples - 1.9% | ||||||||
| Beverages - 1.9% | ||||||||
| The Coca-Cola Co. | 19,285 | 1,309,259 | ||||||
| Financials - 19.6% | ||||||||
| Banks - 1.7% | ||||||||
| JPMorgan Chase & Co. | 3,996 | 1,183,775 | ||||||
| Capital Markets - 11.4% | ||||||||
| BlackRock, Inc. | 1,445 | 1,598,184 | ||||||
| Cboe Global Markets, Inc. | 3,573 | 861,236 | ||||||
| Intercontinental Exchange, Inc. | 4,440 | 820,645 | ||||||
| Moody’s Corp. | 2,441 | 1,258,897 | ||||||
| MSCI, Inc. | 1,185 | 665,212 | ||||||
| Nasdaq, Inc. | 14,879 | 1,431,657 | ||||||
| S&P Global, Inc. | 1,968 | 1,084,565 | ||||||
| 7,720,396 | ||||||||
| Financial Services - 6.5% | ||||||||
| Mastercard, Inc. - Class A | 4,497 | 2,547,416 | ||||||
| Visa, Inc. - Class A | 5,419 | 1,872,102 | ||||||
| 4,419,518 | ||||||||
| Total Financials | 13,323,689 | |||||||
| Health Care - 9.3% | ||||||||
| Biotechnology - 1.5% | ||||||||
| Vertex Pharmaceuticals, Inc.* | 2,187 | 999,175 | ||||||
| Health Care Equipment & Supplies - 1.8% | ||||||||
| Intuitive Surgical, Inc.* | 2,567 | 1,234,958 | ||||||
| Health Care Providers & Services - 2.4% | ||||||||
| UnitedHealth Group, Inc. | 6,530 | 1,629,627 | ||||||
| Life Sciences Tools & Services - 2.3% | ||||||||
| Thermo Fisher Scientific, Inc. | 3,343 | 1,563,454 | ||||||
| Pharmaceuticals - 1.3% | ||||||||
| Zoetis, Inc. | 5,961 | 869,054 | ||||||
| Total Health Care | 6,296,268 | |||||||
| Industrials - 13.2% | ||||||||
| Aerospace & Defense - 4.4% | ||||||||
| HEICO Corp. - Class A | 4,090 | 1,055,588 | ||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Industrials (continued) | ||||||||
| Aerospace & Defense (continued) | ||||||||
| L3Harris Technologies, Inc. | 7,119 | $ | 1,956,444 | |||||
| 3,012,032 | ||||||||
| Commercial Services & Supplies - 2.8% | ||||||||
| Copart, Inc.* | 12,114 | 549,128 | ||||||
| Rollins, Inc. | 24,012 | 1,375,167 | ||||||
| 1,924,295 | ||||||||
| Ground Transportation - 2.6% | ||||||||
| CSX Corp. | 26,064 | 926,314 | ||||||
| Union Pacific Corp. | 3,768 | 836,383 | ||||||
| 1,762,697 | ||||||||
| Professional Services - 3.4% | ||||||||
| TransUnion | 23,826 | 2,267,997 | ||||||
| Total Industrials | 8,967,021 | |||||||
| Information Technology - 28.4% | ||||||||
| Electronic Equipment, Instruments & Components - 2.5% | ||||||||
| Amphenol Corp. - Class A | 7,018 | 747,487 | ||||||
| CDW Corp. | 5,430 | 946,883 | ||||||
| 1,694,370 | ||||||||
| Semiconductors & Semiconductor Equipment - 6.5% | ||||||||
| NVIDIA Corp. | 24,760 | 4,404,061 | ||||||
| Software - 19.4% | ||||||||
| Cadence Design Systems, Inc.* | 5,182 | 1,889,202 | ||||||
| Clearwater Analytics Holdings, Inc. - Class A* | 56,232 | 1,139,260 | ||||||
| Microsoft Corp. | 7,726 | 4,121,821 | ||||||
| Salesforce, Inc. | 3,377 | 872,380 | ||||||
| ServiceNow, Inc.* | 2,266 | 2,137,110 | ||||||
| Synopsys, Inc.* | 2,974 | 1,883,940 | ||||||
| Workday, Inc. - Class A* | 5,270 | 1,208,833 | ||||||
| 13,252,546 | ||||||||
| Total Information Technology | 19,350,977 | |||||||
| Materials - 3.2% | ||||||||
| Chemicals - 3.2% | ||||||||
| Albemarle Corp. | 12,452 | 844,868 | ||||||
| The Sherwin-Williams Co. | 3,971 | 1,313,925 | ||||||
| Total Materials | 2,158,793 | |||||||
| Real Estate - 4.7% | ||||||||
| Real Estate Management & Development - 3.2% | ||||||||
| CBRE Group, Inc. - Class A* | 13,969 | 2,175,532 | ||||||
| Specialized REITs - 1.5% | ||||||||
| Extra Space Storage, Inc. | 7,800 | 1,048,008 | ||||||
| Total Real Estate | 3,223,540 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Identified Cost $50,074,792) | 65,689,104 | |||||||
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Investment Portfolio - July 31, 2025
(unaudited)
| EQUITY SERIES | SHARES | VALUE | ||||||
| SHORT-TERM INVESTMENT - 3.7% | ||||||||
| Dreyfus Government Cash Management, Institutional Shares, 4.20%1 | ||||||||
| (Identified Cost $2,545,820) | 2,545,820 | $ | 2,545,820 | |||||
| TOTAL INVESTMENTS - 100.2% | ||||||||
| (Identified Cost $52,620,612) | 68,234,924 | |||||||
| LIABILITIES, LESS OTHER ASSETS - (0.2%) | (163,432 | ) | ||||||
| NET ASSETS - 100% | $ | 68,071,492 | ||||||
REIT - Real Estate Investment Trust
*Non-income producing security.
1Rate shown is the current yield as of July 31, 2025.
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 July 31, 2025 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
| Assets: | ||||||||||||||||
| Equity securities: | ||||||||||||||||
| Communication Services | $ | 5,461,040 | $ | 5,461,040 | $ | — | $ | — | ||||||||
| Consumer Discretionary | 5,598,517 | 5,598,517 | — | — | ||||||||||||
| Consumer Staples | 1,309,259 | 1,309,259 | — | — | ||||||||||||
| Financials | 13,323,689 | 13,323,689 | — | — | ||||||||||||
| Health Care | 6,296,268 | 6,296,268 | — | — | ||||||||||||
| Industrials | 8,967,021 | 8,967,021 | — | — | ||||||||||||
| Information Technology | 19,350,977 | 19,350,977 | — | — | ||||||||||||
| Materials | 2,158,793 | 2,158,793 | — | — | ||||||||||||
| Real Estate | 3,223,540 | 3,223,540 | — | — | ||||||||||||
| Short-Term Investment | 2,545,820 | 2,545,820 | — | — | ||||||||||||
| Total assets | $ | 68,234,924 | $ | 68,234,924 | $ | — | $ | — | ||||||||
There were no Level 2 or Level 3 securities held by the Series as of October 31, 2024 or July 31, 2025.
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Investment Portfolio - July 31, 2025
(unaudited)
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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