Mid Cap Growth Stock Portfolio

SCHEDULE OF INVESTMENTS

September 30, 2022 (unaudited)

 

Common Stocks
(99.9%)		    Shares/
Par + 		    

Value

$ (000’s)

  

Communication Services (2.3%)

 

   

Cable One, Inc.

      13,303        11,348  

CarGurus, Inc. *

      345,945        4,902  

Roku, Inc. *

      91,780        5,177  
     

 

 

  

Total

         21,427  
     

 

 

  

Consumer Discretionary (11.0%)

 

   

CarMax, Inc. *

      135,185        8,925  

Carter’s, Inc.

      67,895        4,449  

Chewy, Inc. *

      311,673        9,575  

Choice Hotels International, Inc.

      123,822        13,561  

Etsy, Inc. *

      147,306        14,750  

Hyatt Hotels Corp. - Class A *

      82,047        6,642  

NVR, Inc. *

      4,633        18,472  

Visteon Corp. *

      30,213        3,204  

Vizio Holding Corp. *

      624,666        5,460  

Wingstop, Inc.

      75,427        9,460  

YETI Holdings, Inc. *

      301,334        8,594  
     

 

 

  

Total

         103,092  
     

 

 

  

Energy (5.8%)

      

Coterra Energy, Inc.

      398,037        10,397  

Marathon Oil Corp.

      490,027        11,065  

Ovintiv, Inc.

      198,772        9,143  

PDC Energy, Inc.

      157,269        9,089  

Targa Resources Corp.

      232,368        14,021  
     

 

 

  

Total

         53,715  
     

 

 

  

Financials (9.5%)

      

Credit Acceptance Corp. *

      39,216        17,177  

First Republic Bank

      88,390        11,539  

Hamilton Lane, Inc.

      75,328        4,490  

Host Hotels & Resorts, Inc.

      349,211        5,546  

Kimco Realty Corp.

      267,321        4,922  

M&T Bank Corp.

      92,895        16,379  

Markel Corp. *

      14,391        15,603  

W.R. Berkley Corp.

      123,883        8,000  

White Mountains Insurance Group, Ltd.

      3,659        4,768  
     

 

 

  

Total

         88,424  
     

 

 

  

Health Care (19.1%)

      

Alnylam Pharmaceuticals, Inc. *

      19,027        3,808  

Apellis Pharmaceuticals, Inc. *

      206,237        14,086  

Bio-Techne Corp.

      48,312        13,721  

Exact Sciences Corp. *

      225,270        7,319  

ICON PLC *

      46,788        8,599  

Inari Medical, Inc. *

      248,937        18,083  
Common Stocks
(99.9%)		    Shares/
Par + 		    

Value

$ (000’s)

  

Health Care continued

 

Insulet Corp. *

      65,666        15,064  

Integra LifeSciences Holdings Corp. *

      173,680        7,357  

Jazz Pharmaceuticals PLC *

      126,542        16,867  

Neurocrine Biosciences, Inc. *

      39,624        4,208  

PTC Therapeutics, Inc. *

      190,834        9,580  

Repligen Corp. *

      71,077        13,299  

Sage Therapeutics, Inc. *

      130,682        5,118  

Syneos Health, Inc. *

      121,238        5,716  

Teleflex, Inc.

      47,619        9,593  

Ultragenyx Pharmaceutical, Inc. *

      208,506        8,634  

United Therapeutics Corp. *

      83,968        17,581  
     

 

 

  

Total

         178,633  
     

 

 

  

Industrials (21.0%)

      

AMERCO

      24,941        12,701  

Axon Enterprise, Inc. *

      178,197        20,626  

Builders FirstSource, Inc. *

      131,939        7,774  

C.H. Robinson Worldwide, Inc.

      100,224        9,653  

Dun & Bradstreet Holdings, Inc.

      713,426        8,839  

Expeditors International of Washington, Inc.

      93,810        8,284  

GFL Environmental, Inc.

      176,570        4,465  

Graco, Inc.

      129,313        7,752  

IDEX Corp.

      92,245        18,435  

Ingersoll-Rand, Inc.

      256,447        11,094  

J.B. Hunt Transport Services, Inc.

      71,596        11,199  

Knight-Swift Transportation Holdings, Inc.

      214,797        10,510  

Lennox International, Inc.

      59,676        13,288  

Lincoln Electric Holdings, Inc.

      97,193        12,219  

The Middleby Corp. *

      44,963        5,763  

Nordson Corp.

      8,920        1,893  

Robert Half International, Inc.

      65,354        5,000  

TransUnion

      83,175        4,948  

Watsco, Inc.

      33,390        8,597  
Common Stocks
(99.9%)		    Shares/
Par + 		    

Value

$ (000’s)

  

Industrials continued

 

Westinghouse Air

      

Brake Technologies Corp.

      158,558        12,899  
     

 

 

  

Total

         195,939  
     

 

 

  

Information Technology (24.5%)

 

   

CDW Corp.

      59,591        9,301  

Coherent Corp. *

      300,594        10,476  

CommScope Holding Co., Inc. *

      430,279        3,963  

Dynatrace, Inc. *

      374,999        13,054  

F5, Inc. *

      77,248        11,180  

Fair Isaac Corp. *

      14,872        6,127  

Flex, Ltd. *

      360,400        6,004  

Genpact, Ltd.

      487,369        21,332  

Guidewire Software, Inc. *

      118,184        7,278  

Informatica, Inc. *

      685,412        13,756  

LiveRamp Holdings, Inc. *

      177,276        3,219  

Lumentum Holdings, Inc. *

      202,165        13,863  

MKS Instruments, Inc.

      90,251        7,458  

MongoDB, Inc. *

      56,905        11,299  

Nuvei Corp. *

      391,879        10,600  

Olo, Inc. *

      494,790        3,909  

Q2 Holdings, Inc. *

      236,820        7,626  

Shift4 Payments, Inc. *

      359,134        16,021  

Silicon Laboratories, Inc. *

      45,277        5,589  

Synaptics, Inc. *

      95,930        9,498  

Teradata Corp. *

      394,476        12,252  

VeriSign, Inc. *

      47,520        8,254  

WEX, Inc. *

      131,563        16,701  
     

 

 

  

Total

         228,760  
     

 

 

  

Materials (4.2%)

      

Element Solutions, Inc.

      794,292        12,923  

FMC Corp.

      99,233        10,489  

Silgan Holdings, Inc.

      270,993        11,393  

Steel Dynamics, Inc.

      66,431        4,713  
     

 

 

  

Total

         39,518  
     

 

 

  

Real Estate (0.8%)

      

Redfin Corp. *

      182,800        1,068  

Rexford Industrial

      

Realty, Inc.

      116,718        6,069  
     

 

 

  

Total

         7,137  
     

 

 

  

Utilities (1.7%)

      

Black Hills Corp.

      124,677        8,444  

NiSource, Inc.

      167,161        4,211  
 

Mid Cap Growth Stock Portfolio

 

Common Stocks

(99.9%)

    Shares/
Par + 		    

Value

$ (000’s)

  

Utilities continued

 

UGI Corp.

      103,130        3,334  
     

 

 

  

Total

         15,989  
     

 

 

  

Total Common Stocks
(Cost: $1,020,134)

 

      932,634  
     

 

 

  
Short-Term Investments (0.6%)                

Money Market Funds (0.6%)

 

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

      5,396,004        5,396  
     

 

 

  

Total

         5,396  
     

 

 

  

Total Short-Term Investments
(Cost: $5,396)

 

      5,396  
     

 

 

  

Total Investments (100.5%)
(Cost: $1,025,530)@

 

      938,030  
     

 

 

  

Other Assets, Less Liabilities (-0.5%)

 

      (4,302)  
     

 

 

  

Net Assets (100.0%)

 

      933,728  
     

 

 

  

 

+

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 $1,025,530 and the net unrealized depreciation of investments based on that cost was $87,500 which is comprised of $81,502 aggregate gross unrealized appreciation and $169,002 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.

Mid Cap Growth Stock 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

          $ 932,634        $ —        $ —      

Short-Term Investments

           5,396          —          —      
       

 

 

  

Total Assets:

          $ 938,030        $ —        $ —      
       

 

 

       

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