International Growth Portfolio

SCHEDULE OF INVESTMENTS

September 30, 2022 (unaudited)

 

Common Stocks (98.3%)    Country    Shares/ Par +     

Value

$ (000’s)

Communication Services (2.2%)

      

Adevinta ASA - Class B *

    France      305,257      1,791

Alphabet, Inc. - Class A *

    United States      46,800      4,476

Rightmove PLC

    United Kingdom      889,200      4,717

Safaricom PLC

    Kenya      16,824,600      3,481

Schibsted ASA - Class B

    Norway      180,199      2,243

Total

          16,708

Consumer Discretionary (10.1%)

      

Alibaba Group Holding, Ltd., ADR *

    Cayman Islands      41,000      3,280

Autoliv, Inc.

    Sweden      81,700      5,444

Compass Group PLC

    United Kingdom      807,300      16,137

InterContinental Hotels Group PLC, ADR

    United Kingdom      136,684      6,644

LVMH Moet Hennessy Louis Vuitton SE

    France      60,400      35,505

PRADA SpA

    Italy      1,319,800      6,059

USS Co., Ltd.

    Japan      337,200      5,190

Total

          78,259

Consumer Staples (6.5%)

      

Clicks Group, Ltd.

    South Africa      127,752      2,005

Nestle SA

    United States      427,659      46,307

PriceSmart, Inc.

    United States      41,900      2,413

Total

          50,725

Energy (0.9%)

         

NOV, Inc.

    United States      186,200      3,013

Reliance Industries, Ltd.

    India      60,000      1,735

Reliance Industries, Ltd., GDR

    India      35,600      2,082

Total

          6,830

Financials (14.3%)

         

AIA Group, Ltd.

    Hong Kong      2,559,088      21,247

Deutsche Borse AG

    Germany      74,800      12,315

Hong Kong Exchanges & Clearing, Ltd.

    Hong Kong      237,500      8,064

Housing Development Finance Corp., Ltd.

    India      213,363      5,941

Kotak Mahindra Bank, Ltd.

    India      188,300      4,168

Marsh & McLennan Cos., Inc.

    United States      160,423      23,949

Moody’s Corp.

    United States      41,300      10,040

MSCI, Inc.

    United States      34,000      14,341

S&P Global, Inc.

    United States      34,500      10,535

Total

          110,600

Health Care (9.9%)

         

Dechra Pharmaceuticals PLC

    United Kingdom      94,100      2,727

Hoya Corp.

    Japan      168,500      16,200

ResMed, Inc.

    United States      80,100      17,486

Roche Holding AG

    United States      114,572      37,357
Common Stocks (98.3%)    Country    Shares/ Par +     

Value

$ (000’s)

Health Care continued

         

UCB SA

    Belgium      37,500      2,594

Total

          76,364

Industrials (27.3%)

         

Aalberts NV

    Netherlands      45,000      1,470

Airbus SE

    France      168,700      14,574

Assa Abloy AB - Class B

    Sweden      894,100      16,708

Atlas Copco AB - Class A

    Sweden      1,934,600      17,915

Auckland International Airport, Ltd. *

    New Zealand      556,955      2,239

Azelis Group NV

    Belgium      119,685      2,661

BAE Systems PLC

    United Kingdom      763,100      6,705

CAE, Inc. *

    Canada      268,000      4,111

Canadian Pacific Railway, Ltd.

    Canada      217,500      14,519

Cellnex Telecom SA

    Spain      168,339      5,190

Edenred

    France      172,700      7,938

Epiroc AB

    Sweden      723,332      10,346

Experian PLC

    United Kingdom      419,800      12,307

FANUC Corp.

    Japan      50,100      6,931

IMCD NV

    Netherlands      48,100      5,708

Interpump Group SpA

    Italy      122,400      3,959

KONE Oyj

    Finland      95,500      3,678

Legrand SA

    France      168,000      10,854

MISUMI Group, Inc.

    Japan      469,700      9,993

OSG Corp.

    Japan      152,700      1,884

Otis Worldwide Corp.

    United States      66,500      4,243

Recruit Holdings Co., Ltd.

    Japan      608,000      17,549

Safran SA

    France      155,800      14,166

Schindler Holding AG

    Switzerland      21,808      3,354

SHO-BOND Holdings Co., Ltd.

    Japan      137,361      5,908

Vestas Wind Systems A/S

    Denmark      370,400      6,791

Total

          211,701

Information Technology (19.6%)

      

Amadeus IT Group SA *

    Spain      389,400      18,025

ASML Holding NV

    Netherlands      89,900      37,290

Azbil Corp.

    Japan      349,200      9,114

Keyence Corp.

    Japan      69,200      22,975

Lagercrantz Group AB

    Sweden      91,200      793

Lam Research Corp.

    United States      15,700      5,746

Lasertec Corp.

    Japan      76,200      7,663

Lectra

    France      72,300      2,008

Mastercard, Inc. - Class A

    United States      42,350      12,042

NICE, Ltd., ADR *

    Israel      60,600      11,407

Spectris PLC

    United Kingdom      227,600      6,880

Taiwan Semiconductor

         

Manufacturing Co., Ltd.

    Taiwan      736,000      9,674

Visa, Inc. - Class A

    United States      47,825      8,496

Total

          152,113

Materials (6.9%)

         

CRH PLC, ADR

    Ireland      387,300      12,483

Franco-Nevada Corp.

    Canada      51,000      6,092

Linde PLC

    United Kingdom      98,155      26,842
 

International Growth Portfolio

 

Common Stocks (98.3%)    Country    Shares/ Par +     

Value

$ (000’s)

Materials continued

         

The Sherwin-Williams Co.

    United States      38,700      7,924

Total

          53,341

Real Estate (0.6%)

         

Vonovia SE

    Germany      206,460      4,493

Total

          4,493

Total Common Stocks (Cost: $775,199)

 

    761,134

Short-Term Investments

(1.5%)

    Country    Shares/ Par +     

Value

$ (000’s)

Money Market Funds (1.5%)

         

State Street Institutional U.S. Government Money Market Fund - Premier Class 2.940%#

   United States      11,248,230      11,248

Total

          11,248

Total Short-Term Investments (Cost: $11,248)

 

    11,248

Total Investments (99.8%) (Cost: $786,447)@

 

    772,382

Other Assets, Less Liabilities (0.2%)

 

    1,904

Net Assets (100.0%)

 

    774,286
 

 

Investments by Country of Risk as a Percentage of Net Assets:

United States

      28.4%  

Japan

      13.5%  

France

      11.2%  

United Kingdom

      10.8%  

Sweden

      6.6%  

Netherlands

      5.7%  

Other

      23.6%  
  

 

 

  

Total

                  99.8%  
  

 

 

  

 

+

All par is stated in U.S. Dollar unless otherwise noted.

*

Non income producing

#

7-Day yield as of 9/30/2022.

@

At September 30, 2022, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $786,447 and the net unrealized depreciation of investments based on that cost was $14,065 which is comprised of $87,416 aggregate gross unrealized appreciation and $101,481 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.

International Growth Portfolio

 

The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio’s Investments at September 30, 2022.

 

           Valuation Inputs
Description          Level 1 - Quoted
Prices		     

Level 2 - Other

Significant

  Observable Inputs  

   

Level 3

- Significant

    Unobservable    

Inputs

  
          (Amounts in thousands)                                

Assets:

                           

Common Stocks

              

Communication Services

        $ 4,476            $ 12,232      $ —      

Consumer Discretionary

         15,368          62,891        —      

Consumer Staples

         2,413          48,312        —      

Energy

         4,979          1,851        —      

Financials

         58,865          51,735        —      

Health Care

         17,486          58,878        —      

Industrials

         22,873          188,828        —      

Information Technology

         37,691          114,422        —      

Materials

         26,499          26,842        —      

All Others

         —          4,493        —      

Short-Term Investments

         11,248          —        —      
     

 

 

 

Total Assets:

        $             201,898            $ 570,484      $ —      
     

 

 

 

Abbreviations

Abbreviations that may be used in the preceding statements

 

ADR

    American Depositary Receipt

AFC

    Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate.

CSTR

    Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral.

EXE

    Security receives collateral principal and interest paid which exceeds the amount of principal and income obligated to all
   bonds in the deal.

IO

    Interest Only Security

PO

    Principal Only Security

GDR

    Global Depositary Receipt

GO

    General Obligation

RB

    Revenue Bond

CPURNSA

    U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted

LIBOR

    London Interbank Offered Rate

SOFR

    Secured Overnight Financing Rate

ICE

    Intercontinental Exchange

SONIO

    Sterling Overnight Interbank Average Rate

DAC

    Designated Activity Company

TBA

    To Be Announced

OIS

    Overnight Index Swaps

DIFC

    Dubai International Financial Centre

EURIBOR

    Euro Interbank Offered Rate

SDR

    Swedish Depository Receipt

ETF

    Exchange Traded Fund
Currency Abbreviations

ARS

    Argentine Peso

AUD

    Australian Dollar

BRL

    Brazilian Real

CAD

    Canadian Dollar

CHF

    Swiss Franc

CNH

    Chinese Yuan Renminbi - Offshore

CNY

    Chinese Yuan Renminbi

DKK

    Danish Krone

EUR

    Euro

GBP

    British Pound

HKD

    Hong Kong Dollar

IDR

    Indonesian Rupiah

INR

    Indian Rupee

JPY

    Japanese Yen

KES

    Kenyan Shilling

KRW

    South Korean Won

MXN

    Mexican New Peso

NOK

    Norwegian Krone

NZD

    New Zealand Dollar

PHP

    Philippines Peso

RUB

    Russian Ruble

SEK

    Swedish Krona

THB

    Thai Baht

TWD

    Taiwan Dollar

USD

    United States Dollar

ZAR

    South African Rand