NPORT-EX 2 defender.htm SOI

Kensington Defender Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
EXCHANGE-TRADED FUND - 89.4%
    
Shares
    
Value
  
Franklin FTSE Japan ETF
      
259,560
    
$
8,054,147
  
Invesco QQQ Trust Series 1(a)
      
17,805
      
7,905,598
  
iShares 7-10 Year Treasury Bond ETF
      
83,589
      
7,912,535
  
iShares iBoxx High Yield Corporate Bond ETF(a)
      
102,226
      
7,946,027
  
SPDR Portfolio S&P 500 ETF(a)
      
131,186
      
8,071,875
  
SPDR Portfolio S&P 600 Small Cap ETF
      
188,201
      
8,100,171
  
Vanguard FTSE Europe ETF(a)
      
120,411
      
8,108,476
  
TOTAL EXCHANGE-TRADED FUND (Cost $53,323,229)
      
56,098,829
  
                       
PURCHASED OPTIONS - 0.0%(d)(b)(c)(d)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - 0.0%
            
$
–
  
CBOE Volatility Index, Expiration: 04/17/2024; Exercise Price: $28.00
    
5,040,000
      
1,800
      
21,600
  
                         
Put Options - 0.0%
            
$
–
  
S&P 500 Index
      
–
    
$
–
  
Expiration: 04/05/2024; Exercise Price: $5,050.00
    
15,763,050
      
30
      
3,300
  
Expiration: 04/08/2024; Exercise Price: $5,050.00
    
15,763,050
      
30
      
5,025
  
Expiration: 04/10/2024; Exercise Price: $5,025.00
    
15,763,050
      
30
      
8,475
  
Total Put Options
                    
16,800
  
TOTAL PURCHASED OPTIONS (Cost $100,609)
      
38,400
  
                         
SHORT-TERM INVESTMENTS - 8.2%
                  
Investments Purchased with Proceeds from Securities Lending - 8.2%
    
Shares
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(e)
      
5,165,085
      
5,165,085
  
TOTAL SHORT-TERM INVESTMENTS (Cost $5,165,085)
      
5,165,085
  
                         
TOTAL INVESTMENTS - 97.6% (Cost $58,588,923)
    
$
61,302,314
  
Money Market Deposit Account - 9.7%(f)
      
6,082,695
  
Liabilities in Excess of Other Assets - (7.3)%
      
(4,635,524
)
TOTAL NET ASSETS - 100.0%
                  
$
62,749,485
  
           
Percentages are stated as a percent of net assets.
          

(a)
All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $5,043,019 which represented 8.0% of net assets.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
Represents less than 0.05% of net assets.
(e)
The rate shown represents the 7-day effective yield as of March 31, 2024.
(f)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily.
The rate as of March 31, 2024 was 5.24%.


Kensington Defender Fund
  
Schedule of Options Written
  
as of March 31, 2024 (Unaudited)
  
   
OPTIONS WRITTEN - (0.1)% (a)(b)
  
Notional Amount
    
Contracts
    
Value
  
Put Options - (0.1)%
                  
S&P 500 Index
    
0
      
0
      
–
  
Expiration: 04/05/2024; Exercise Price: $5,200.00
  
$
(15,763,050
)
    
(30
)
  
$
(29,400
)
Expiration: 04/08/2024; Exercise Price: $5,200.00
    
(15,763,050
)
    
(30
)
    
(36,300
)
Expiration: 04/10/2024; Exercise Price: $5,175.00
    
(15,763,050
)
    
(30
)
    
(39,600
)
Total Put Options
                    
(105,300
)
TOTAL OPTIONS WRITTEN (Premiums received $208,406)
                    
(105,300
)
                         
Percentages are stated as a percent of net assets.
                        

(a)
Exchange-traded.
(b)
100 shares per contract.


The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024. See the Schedule of Investments for an industry breakout.

Kensington Defender Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Exchange-Traded Fund
  
$
56,098,829
      
–
      
–
    
$
56,098,829
  
  Purchased Options
    
38,400
      
–
      
–
      
38,400
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
5,165,085
  
Total Assets
  
$
56,137,229
    
$
–
      
–
    
$
61,302,314
  
                                 
Liabilities:
                                
  Options Written
    
(105,300
)
    
–
      
–
      
(105,300
)
Total Liabilities
    
(105,300
)
  
$
–
    
$
–
    
$
(105,300
)

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.