Investment Portfolio - September 30, 2024
(unaudited)
| CALLODINE EQUITY INCOME SERIES | | SHARES | | VALUE |
| | | | | |
| COMMON STOCKS - 94.3% | | | | | | | | |
| | | | | |
| Consumer Discretionary - 13.9% | | | | | | | | |
| Diversified Consumer Services - 2.2% | | | | | | | | |
| Perdoceo Education Corp. | | | 122,989 | | | $ | 2,735,275 | |
| Hotels, Restaurants & Leisure - 3.2% | | | | | | | | |
| Jack in the Box, Inc. | | | 85,000 | | | | 3,955,900 | |
| Textiles, Apparel & Luxury Goods - 8.5% | | | | | | | | |
| Wolverine World Wide, Inc. | | | 600,000 | | | | 10,452,000 | |
| Total Consumer Discretionary | | | | | | | 17,143,175 | |
| Consumer Staples - 12.1% | | | | | | | | |
| Consumer Staples Distribution & Retail - 2.2% | | | | | | | | |
| Walgreens Boots Alliance, Inc. | | | 300,000 | | | | 2,688,000 | |
| Household Products - 8.9% | | | | | | | | |
| Spectrum Brands Holdings, Inc. | | | 115,000 | | | | 10,941,100 | |
| Tobacco - 1.0% | | | | | | | | |
| Altria Group, Inc. | | | 25,000 | | | | 1,276,000 | |
| Total Consumer Staples | | | | | | | 14,905,100 | |
| Energy - 8.9% | | | | | | | | |
| Oil, Gas & Consumable Fuels - 8.9% | | | | | | | | |
| Energy Transfer LP | | | 475,000 | | | | 7,623,750 | |
| Genesis Energy LP | | | 250,000 | | | | 3,342,500 | |
| Total Energy | | | | | | | 10,966,250 | |
| Financials - 16.8% | | | | | | | | |
| Banks - 4.3% | | | | | | | | |
| M&T Bank Corp. | | | 30,000 | | | | 5,343,600 | |
| Capital Markets - 9.1% | | | | | | | | |
| AllianceBernstein Holding LP | | | 140,000 | | | | 4,884,600 | |
| Blue Owl Capital, Inc. | | | 325,000 | | | | 6,292,000 | |
| | | | | | | | 11,176,600 | |
| Financial Services - 1.5% | | | | | | | | |
| Apollo Global Management, Inc. | | | 15,000 | | | | 1,873,650 | |
| Mortgage Real Estate Investment Trusts (REITs) - 1.9% | | | | | |
| Chimera Investment Corp. | | | 60,000 | | | | 949,800 | |
| Two Harbors Investment Corp. | | | 100,000 | | | | 1,388,000 | |
| | | | | | | | 2,337,800 | |
| Total Financials | | | | | | | 20,731,650 | |
| | | SHARES | | VALUE |
| | | | | |
| COMMON STOCKS (continued) | | | | | | | | |
| | | | | |
| Health Care - 20.7% | | | | | | | | |
| Health Care Equipment & Supplies - 6.1% | | | | | | | | |
| Baxter International, Inc. | | | 200,000 | | | $ | 7,594,000 | |
| Pharmaceuticals - 14.6% | | | | | | | | |
| GSK plc - ADR | | | 150,000 | | | | 6,132,000 | |
| Sanofi S.A. - ADR | | | 95,000 | | | | 5,474,850 | |
| Viatris, Inc. | | | 550,000 | | | | 6,385,500 | |
| | | | | | | | 17,992,350 | |
| Total Health Care | | | | | | | 25,586,350 | |
| Industrials - 3.4% | | | | | | | | |
| Professional Services - 3.4% | | | | | | | | |
| SS&C Technologies Holdings, Inc. | | | 55,750 | | | | 4,137,208 | |
| Materials - 3.5% | | | | | | | | |
| Chemicals - 3.5% | | | | | | | | |
| OCI N.V. (Netherlands) | | | 150,000 | | | | 4,276,431 | |
| Real Estate - 3.2% | | | | | | | | |
| Office REITs - 3.2% | | | | | | | | |
| Douglas Emmett, Inc. | | | 225,000 | | | | 3,953,250 | |
| Utilities - 11.8% | | | | | | | | |
| Electric Utilities - 3.3% | | | | | | | | |
| TXNM Energy, Inc. | | | 93,510 | | | | 4,092,933 | |
| Gas Utilities - 4.1% | | | | | | | | |
| Spire, Inc. | | | 50,000 | | | | 3,364,500 | |
| UGI Corp. | | | 65,625 | | | | 1,641,937 | |
| | | | | | | | 5,006,437 | |
| Multi-Utilities - 4.4% | | | | | | | | |
| Algonquin Power & Utilities Corp. | | | | | | | | |
| (Canada) | | | 1,000,000 | | | | 5,450,000 | |
| Total Utilities | | | | | | | 14,549,370 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Identified Cost $104,210,983) | | | | | | | 116,248,784 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT - 2.4% | | | | | | | | |
| | | | | |
| Dreyfus Government Cash Management, | | | | | | | | |
| Institutional Shares, 4.80%1 | | | | | | | | |
| (Identified Cost $2,940,159) | | | 2,940,159 | | | | 2,940,159 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 96.7% | | | | | | | | |
| (Identified Cost $107,151,142) | | | | | | | 119,188,943 | |
| OTHER ASSETS, LESS LIABILITIES -3.3% | | | | | | | 4,108,649 | |
| NET ASSETS - 100% | | | | | | $ | 123,297,592 | |
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
1Rate shown is the current yield as of September 30, 2024.
Investment Portfolio - September 30, 2024
(unaudited)
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 September 30, 2024 in valuing the Series’ assets or liabilities carried at fair value:
| DESCRIPTION | | TOTAL | | | LEVEL 1 | | | LEVEL 2# | | | LEVEL 3 | |
| Assets: | | | | | | | | | | | | |
| Equity securities: | | | | | | | | | | | | | | | | |
| Consumer Discretionary | | $ | 17,143,175 | | | $ | 17,143,175 | | | $ | — | | | $ | — | |
| Consumer Staples | | | 14,905,100 | | | | 14,905,100 | | | | — | | | | — | |
| Energy | | | 10,966,250 | | | | 10,966,250 | | | | — | | | | — | |
| Financials | | | 20,731,650 | | | | 20,731,650 | | | | — | | | | — | |
| Health Care | | | 25,586,350 | | | | 25,586,350 | | | | — | | | | — | |
| Industrials | | | 4,137,208 | | | | 4,137,208 | | | | — | | | | — | |
| Materials | | | 4,276,431 | | | | — | | | | 4,276,431 | | | | — | |
| Real Estate | | | 3,953,250 | | | | 3,953,250 | | | | — | | | | — | |
| Utilities | | | 14,549,370 | | | | 14,549,370 | | | | — | | | | — | |
| Short-Term Investment | | | 2,940,159 | | | | 2,940,159 | | | | — | | | | — | |
| Total assets | | $ | 119,188,943 | | | $ | 114,912,512 | | | $ | 4,276,431 | | | $ | — | |
#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 December 31, 2023 or September 30, 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.
