Schedule of Investments International Equity Portfolio^ (Unaudited)
March 31, 2023
March 31, 2023
Number of Shares | Value | |
Common Stocks 96.4% | ||
Austria 1.2% | ||
7,906 | BAWAG Group AG | $383,987 *(a) |
Belgium 0.8% | ||
10,209 | Azelis Group NV | 258,704 |
Canada 2.6% | ||
20,957 | Cenovus Energy, Inc. | 365,909 |
15,986 | Softchoice Corp. | 205,104 (b) |
4,437 | Toronto-Dominion Bank | 265,760 |
836,773 | ||
China 0.6% | ||
17,700 | Shenzhou International Group Holdings Ltd. | 185,676 |
Finland 1.1% | ||
32,654 | Nordea Bank Abp | 348,689 |
France 9.2% | ||
3,191 | Air Liquide SA | 534,137 |
20,722 | Bureau Veritas SA | 595,394 |
13,575 | Exclusive Networks SA | 289,849 (b) |
437 | Kering SA | 285,111 |
2,320 | Pernod-Ricard SA | 525,320 |
1,939 | Teleperformance | 468,528 |
5,067 | TotalEnergies SE | 298,769 (b) |
2,997,108 | ||
Germany 10.8% | ||
1,759 | adidas AG | 311,822 |
1,345 | Beiersdorf AG | 174,968 |
6,164 | Brenntag SE | 463,879 |
2,374 | Deutsche Boerse AG | 462,242 |
16,574 | Deutsche Telekom AG | 401,626 |
5,673 | HelloFresh SE | 135,286 * |
1,657 | MTU Aero Engines AG | 414,647 |
10,742 | QIAGEN NV | 493,380 * |
2,755 | SAP SE ADR | 348,645 |
4,570 | Stabilus SE | 319,490 |
3,525,985 | ||
Hong Kong 3.1% | ||
41,600 | AIA Group Ltd. | 436,274 |
29,840 | Prudential PLC | 408,558 |
14,300 | Techtronic Industries Co. Ltd. | 154,942 |
999,774 | ||
Ireland 4.9% | ||
39,575 | Bank of Ireland Group PLC | 400,432 |
9,550 | CRH PLC | 482,410 |
4,315 | Kerry Group PLC Class A | 430,314 |
Number of Shares | Value | |
Ireland – cont'd | ||
8,045 | Smurfit Kappa Group PLC | $291,793 |
1,604,949 | ||
Italy 0.9% | ||
36,909 | Nexi SpA | 299,965 *(a) |
Japan 16.3% | ||
2,700 | Disco Corp. | 314,095 |
5,700 | Ebara Corp. | 265,417 |
3,200 | Fujitsu Ltd. | 432,417 |
8,900 | Hitachi Ltd. | 489,150 |
12,500 | KDDI Corp. | 385,472 |
10,100 | Koito Manufacturing Co. Ltd. | 191,458 |
9,500 | Otsuka Corp. | 337,390 |
24,500 | SCSK Corp. | 358,727 |
800 | SMC Corp. | 424,093 |
8,500 | Sony Group Corp. | 774,209 |
22,000 | TechnoPro Holdings, Inc. | 610,192 |
11,700 | Terumo Corp. | 316,430 |
3,600 | Tokyo Electron Ltd. | 439,798 |
5,338,848 | ||
Netherlands 6.2% | ||
382 | ASML Holding NV | 260,313 |
6,195 | Heineken NV | 665,657 |
2,585 | Koninklijke DSM NV | 305,920 |
27,574 | Shell PLC | 785,820 |
2,017,710 | ||
Singapore 1.3% | ||
16,543 | DBS Group Holdings Ltd. | 411,288 |
Spain 0.8% | ||
45,291 | Bankinter SA | 257,271 (b) |
Sweden 0.7% | ||
2,633 | Autoliv, Inc. | 245,817 |
Switzerland 8.3% | ||
5,810 | Julius Baer Group Ltd. | 396,872 |
400 | Lonza Group AG | 240,800 |
10,398 | Novartis AG | 954,729 |
2,671 | Roche Holding AG | 763,218 |
14,494 | SIG Group AG | 373,411 * |
2,729,030 | ||
United Kingdom 18.9% | ||
6,525 | AstraZeneca PLC | 904,067 |
36,596 | BAE Systems PLC | 442,670 |
14,580 | Bunzl PLC | 550,724 |
20,238 | Compass Group PLC | 508,612 |
5,258 | Diageo PLC | 234,663 |
14,411 | Experian PLC | 474,521 |
680,091 | Lloyds Banking Group PLC | 399,857 |
See Notes to Schedule of Investments
Schedule of Investments International Equity Portfolio^ (Unaudited) (cont’d)
Number of Shares | Value | |
United Kingdom – cont'd | ||
6,765 | London Stock Exchange Group PLC | $657,082 |
146,458 | Petershill Partners PLC | 306,515 (a) |
22,362 | RELX PLC | 724,236 |
13,121 | RS GROUP PLC | 148,350 |
26,516 | Smith & Nephew PLC | 368,586 |
9,053 | Unilever PLC | 468,636 |
6,188,519 | ||
United States 8.7% | ||
2,100 | Aon PLC Class A | 662,109 |
1,977 | ICON PLC | 422,267 * |
6,732 | Nestle SA | 820,836 |
10,825 | Schlumberger NV | 531,508 |
2,452 | Schneider Electric SE | 409,788 |
2,846,508 | ||
Total Common Stocks (Cost $31,650,341) | 31,476,601 |
Number of Shares | Value | |
Short-Term Investments 4.2% | ||
Investment Companies 4.2% | ||
1,014,199 | State Street Institutional Treasury Money Market Fund Premier Class, 4.53%(c) | $1,014,199 |
348,426 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.86%(c) | 348,426 (d) |
Total Short-Term Investments (Cost $1,362,625) | 1,362,625 | |
Total Investments 100.6% (Cost $33,012,966) | 32,839,226 | |
Liabilities Less Other Assets (0.6)% | (193,125 ) | |
Net Assets 100.0% | $32,646,101 |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at March 31, 2023 amounted to $990,467, which represents 3.0% of net assets of the Fund. |
(b) | All or a portion of this security is on loan at March 31, 2023. Total value of all such securities at March 31, 2023 amounted to $435,670, collateralized by cash collateral of $348,426 and non-cash (U.S. Treasury Securities) collateral of $110,615 for the Fund. |
(c) | Represents 7-day effective yield as of March 31, 2023. |
(d) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments International Equity Portfolio^ (Unaudited) (cont’d)
POSITIONS BY INDUSTRY | ||
Industry | Investments at Value | Percentage of Net Assets |
Professional Services | $2,872,871 | 8.8 % |
Pharmaceuticals | 2,622,014 | 8.0 % |
Banks | 2,467,284 | 7.6 % |
Capital Markets | 1,822,711 | 5.6 % |
Insurance | 1,506,941 | 4.6 % |
Oil, Gas & Consumable Fuels | 1,450,498 | 4.4 % |
Beverages | 1,425,640 | 4.4 % |
Trading Companies & Distributors | 1,421,657 | 4.4 % |
IT Services | 1,418,383 | 4.3 % |
Food Products | 1,251,150 | 3.8 % |
Machinery | 1,163,942 | 3.6 % |
Life Sciences Tools & Services | 1,156,447 | 3.5 % |
Semiconductors & Semiconductor Equipment | 1,014,206 | 3.1 % |
Aerospace & Defense | 857,317 | 2.6 % |
Chemicals | 840,057 | 2.6 % |
Textiles, Apparel & Luxury Goods | 782,609 | 2.4 % |
Household Durables | 774,209 | 2.4 % |
Health Care Equipment & Supplies | 685,016 | 2.1 % |
Containers & Packaging | 665,204 | 2.0 % |
Personal Care Products | 643,604 | 2.0 % |
Energy Equipment & Services | 531,508 | 1.6 % |
Hotels, Restaurants & Leisure | 508,612 | 1.6 % |
Industrial Conglomerates | 489,150 | 1.5 % |
Construction Materials | 482,410 | 1.5 % |
Automobile Components | 437,275 | 1.3 % |
Electrical Equipment | 409,788 | 1.3 % |
Diversified Telecommunication Services | 401,626 | 1.2 % |
Wireless Telecommunication Services | 385,472 | 1.2 % |
Software | 348,645 | 1.1 % |
Financial Services | 299,965 | 0.9 % |
Electronic Equipment, Instruments & Components | 205,104 | 0.6 % |
Consumer Staples Distribution & Retail | 135,286 | 0.4 % |
Short-Term Investments and Other Liabilities—Net | 1,169,500 | 3.6 % |
$32,646,101 | 100.0 % |
See Notes to Schedule of Investments
Schedule of Investments International Equity Portfolio^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Austria | $— | $383,987 | $— | $383,987 |
Belgium | — | 258,704 | — | 258,704 |
China | — | 185,676 | — | 185,676 |
Finland | — | 348,689 | — | 348,689 |
France | — | 2,997,108 | — | 2,997,108 |
Germany | 842,025 | 2,683,960 | — | 3,525,985 |
Hong Kong | — | 999,774 | — | 999,774 |
Ireland | — | 1,604,949 | — | 1,604,949 |
Italy | — | 299,965 | — | 299,965 |
Japan | — | 5,338,848 | — | 5,338,848 |
Netherlands | — | 2,017,710 | — | 2,017,710 |
Singapore | — | 411,288 | — | 411,288 |
Spain | — | 257,271 | — | 257,271 |
Switzerland | — | 2,729,030 | — | 2,729,030 |
United Kingdom | — | 6,188,519 | — | 6,188,519 |
United States | 1,615,884 | 1,230,624 | — | 2,846,508 |
Other Common Stocks# | 1,082,590 | — | — | 1,082,590 |
Total Common Stocks | 3,540,499 | 27,936,102 | — | 31,476,601 |
Short-Term Investments | — | 1,362,625 | — | 1,362,625 |
Total Investments | $3,540,499 | $29,298,727 | $— | $32,839,226 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited)
March 31, 2023
March 31, 2023
Number of Shares | Value | |
Common Stocks 98.0% | ||
Aerospace & Defense 3.4% | ||
34,700 | Axon Enterprise, Inc. | $7,802,295 * |
51,000 | HEICO Corp. | 8,723,040 |
16,525,335 | ||
Automobile Components 1.5% | ||
64,300 | Aptiv PLC | 7,213,817 * |
Biotechnology 3.2% | ||
20,250 | Alnylam Pharmaceuticals, Inc. | 4,056,480 * |
3,249 | Argenx SE ADR | 1,210,512 * |
28,547 | Horizon Therapeutics PLC | 3,115,620 * |
16,038 | Sarepta Therapeutics, Inc. | 2,210,518 * |
23,409 | Seagen, Inc. | 4,739,620 * |
15,332,750 | ||
Broadline Retail 0.8% | ||
35,100 | Etsy, Inc. | 3,907,683 * |
Building Products 1.0% | ||
56,300 | Builders FirstSource, Inc. | 4,998,314 * |
Capital Markets 1.1% | ||
100,000 | Carlyle Group, Inc. | 3,106,000 |
18,867 | Evercore, Inc. Class A | 2,176,875 |
5,282,875 | ||
Chemicals 0.4% | ||
8,500 | Albemarle Corp. | 1,878,840 |
Commercial Services & Supplies 3.1% | ||
18,285 | Cintas Corp. | 8,460,104 |
47,400 | Waste Connections, Inc. | 6,591,918 |
15,052,022 | ||
Communications Equipment 3.5% | ||
69,618 | Arista Networks, Inc. | 11,686,077 * |
148,673 | Juniper Networks, Inc. | 5,117,325 |
16,803,402 | ||
Construction & Engineering 0.7% | ||
21,300 | Quanta Services, Inc. | 3,549,432 |
Consumer Staples Distribution & Retail 1.6% | ||
101,628 | BJ's Wholesale Club Holdings, Inc. | 7,730,842 * |
Distributors 1.3% | ||
112,300 | LKQ Corp. | 6,374,148 |
Electrical Equipment 1.6% | ||
54,500 | AMETEK, Inc. | 7,920,485 |
Electronic Equipment, Instruments & Components 2.8% | ||
22,940 | Keysight Technologies, Inc. | 3,704,351 * |
Number of Shares | Value | |
Electronic Equipment, Instruments & Components – cont'd | ||
21,508 | Teledyne Technologies, Inc. | $9,621,819 * |
13,326,170 | ||
Entertainment 4.7% | ||
142,766 | ROBLOX Corp. Class A | 6,421,615 * |
56,084 | Spotify Technology SA | 7,493,944 * |
566,949 | Warner Bros Discovery, Inc. | 8,560,930 * |
22,476,489 | ||
Ground Transportation 1.6% | ||
22,000 | Old Dominion Freight Line, Inc. | 7,498,480 |
Health Care Equipment & Supplies 7.3% | ||
9,645 | Align Technology, Inc. | 3,222,780 * |
77,929 | Axonics, Inc. | 4,251,806 * |
84,025 | DexCom, Inc. | 9,762,025 * |
15,080 | IDEXX Laboratories, Inc. | 7,541,206 * |
16,711 | Insulet Corp. | 5,330,141 * |
18,741 | Penumbra, Inc. | 5,222,929 * |
35,330,887 | ||
Health Care Technology 0.7% | ||
19,480 | Veeva Systems, Inc. Class A | 3,580,229 * |
Hotels, Restaurants & Leisure 5.2% | ||
5,600 | Chipotle Mexican Grill, Inc. | 9,566,424 * |
51,000 | Darden Restaurants, Inc. | 7,913,160 |
33,700 | Marriott Vacations Worldwide Corp. | 4,544,782 |
14,200 | Vail Resorts, Inc. | 3,318,256 |
25,342,622 | ||
Household Products 1.5% | ||
80,700 | Church & Dwight Co., Inc. | 7,134,687 |
Insurance 2.9% | ||
74,600 | Arch Capital Group Ltd. | 5,063,102 * |
46,788 | Arthur J Gallagher & Co. | 8,951,012 |
14,014,114 | ||
IT Services 1.6% | ||
19,869 | Globant SA | 3,258,714 * |
20,148 | MongoDB, Inc. | 4,696,902 * |
7,955,616 | ||
Life Sciences Tools & Services 5.3% | ||
46,211 | Agilent Technologies, Inc. | 6,392,830 |
325,000 | Avantor, Inc. | 6,870,500 * |
13,006 | Bio-Rad Laboratories, Inc. Class A | 6,230,134 * |
31,621 | IQVIA Holdings, Inc. | 6,289,101 * |
25,782,565 | ||
Machinery 2.5% | ||
63,900 | Fortive Corp. | 4,356,063 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited) (cont’d)
Number of Shares | Value | |
Machinery – cont'd | ||
32,600 | IDEX Corp. | $7,531,578 |
11,887,641 | ||
Media 2.3% | ||
179,873 | Trade Desk, Inc. Class A | 10,956,064 * |
Oil, Gas & Consumable Fuels 2.9% | ||
111,000 | Antero Resources Corp. | 2,562,990 * |
116,600 | Devon Energy Corp. | 5,901,126 |
41,357 | Diamondback Energy, Inc. | 5,590,226 |
14,054,342 | ||
Pharmaceuticals 0.9% | ||
125,000 | Royalty Pharma PLC Class A | 4,503,750 |
Professional Services 1.8% | ||
47,600 | CoStar Group, Inc. | 3,277,260 * |
45,199 | Paychex, Inc. | 5,179,353 |
8,456,613 | ||
Semiconductors & Semiconductor Equipment 8.7% | ||
41,597 | Enphase Energy, Inc. | 8,747,017 * |
76,688 | Lattice Semiconductor Corp. | 7,323,704 * |
18,427 | Monolithic Power Systems, Inc. | 9,223,451 |
157,587 | ON Semiconductor Corp. | 12,972,562 * |
12,416 | SolarEdge Technologies, Inc. | 3,773,843 * |
42,040,577 | ||
Software 13.2% | ||
22,440 | Bills Holdings, Inc. | 1,820,781 * |
63,757 | Cadence Design Systems, Inc. | 13,394,708 * |
59,228 | Crowdstrike Holdings, Inc. Class A | 8,129,635 * |
37,227 | Datadog, Inc. Class A | 2,704,914 * |
100,000 | Descartes Systems Group, Inc. | 8,061,000 * |
90,756 | Fortinet, Inc. | 6,031,644 * |
Number of Shares | Value | |
Software – cont'd | ||
71,249 | Manhattan Associates, Inc. | $11,032,908 * |
16,009 | Palo Alto Networks, Inc. | 3,197,638 * |
33,419 | Paylocity Holding Corp. | 6,643,029 * |
24,669 | Zscaler, Inc. | 2,882,079 * |
63,898,336 | ||
Specialty Retail 6.2% | ||
30,600 | Five Below, Inc. | 6,302,682 * |
9,600 | O'Reilly Automotive, Inc. | 8,150,208 * |
7,600 | RH | 1,850,980 * |
29,800 | Ross Stores, Inc. | 3,162,674 |
26,900 | Tractor Supply Co. | 6,322,576 |
7,900 | Ulta Beauty, Inc. | 4,310,793 * |
30,099,913 | ||
Trading Companies & Distributors 2.7% | ||
19,500 | United Rentals, Inc. | 7,717,320 |
7,400 | W.W. Grainger, Inc. | 5,097,194 |
12,814,514 | ||
Total Common Stocks (Cost $399,229,880) | 473,723,554 | |
Short-Term Investments 2.3% | ||
Investment Companies 2.3% | ||
11,114,012 | State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70%(a) (Cost $11,114,012) | 11,114,012 |
Total Investments 100.3% (Cost $410,343,892) | 484,837,566 | |
Liabilities Less Other Assets (0.3)% | (1,304,209 ) | |
Net Assets 100.0% | $483,533,357 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of March 31, 2023. |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $473,723,554 | $— | $— | $473,723,554 |
Short-Term Investments | — | 11,114,012 | — | 11,114,012 |
Total Investments | $473,723,554 | $11,114,012 | $— | $484,837,566 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Portfolio^ (Unaudited)
March 31, 2023
March 31, 2023
Number of Shares | Value | |
Common Stocks 99.4% | ||
Aerospace & Defense 2.7% | ||
6,360 | General Dynamics Corp. | $1,451,415 |
9,107 | L3Harris Technologies, Inc. | 1,787,158 |
3,238,573 | ||
Automobile Components 2.2% | ||
23,428 | Aptiv PLC | 2,628,387 * |
Banks 5.7% | ||
60,849 | BankUnited, Inc. | 1,373,971 |
22,122 | Comerica, Inc. | 960,537 |
164,872 | Huntington Bancshares, Inc. | 1,846,566 |
13,023 | M&T Bank Corp. | 1,557,160 |
33,988 | Truist Financial Corp. | 1,158,991 |
6,897,225 | ||
Beverages 1.8% | ||
42,943 | Molson Coors Brewing Co. Class B | 2,219,294 |
Building Products 4.6% | ||
8,083 | Carlisle Cos., Inc. | 1,827,324 |
39,797 | Fortune Brands Innovations, Inc. | 2,337,278 |
40,697 | Masterbrand, Inc. | 327,204 * |
61,765 | Resideo Technologies, Inc. | 1,129,064 * |
5,620,870 | ||
Chemicals 0.8% | ||
9,332 | Ashland, Inc. | 958,490 |
Commercial Services & Supplies 1.8% | ||
100,911 | KAR Auction Services, Inc. | 1,380,463 * |
19,966 | Stericycle, Inc. | 870,717 * |
2,251,180 | ||
Communications Equipment 3.2% | ||
36,956 | Ciena Corp. | 1,940,929 * |
6,785 | Motorola Solutions, Inc. | 1,941,392 |
3,882,321 | ||
Construction & Engineering 1.6% | ||
30,985 | Arcosa, Inc. | 1,955,463 |
Consumer Finance 0.4% | ||
15,110 | Bread Financial Holdings, Inc. | 458,135 |
Consumer Staples Distribution & Retail 2.2% | ||
19,050 | Dollar Tree, Inc. | 2,734,628 * |
Containers & Packaging 1.6% | ||
43,055 | Sealed Air Corp. | 1,976,655 |
Electric Utilities 3.4% | ||
51,817 | Evergy, Inc. | 3,167,055 |
Number of Shares | Value | |
Electric Utilities – cont'd | ||
27,680 | OGE Energy Corp. | $1,042,429 |
4,209,484 | ||
Electronic Equipment, Instruments & Components 3.5% | ||
9,363 | CDW Corp. | 1,824,755 |
20,622 | Coherent Corp. | 785,286 * |
29,373 | Itron, Inc. | 1,628,733 * |
4,238,774 | ||
Energy Equipment & Services 1.7% | ||
73,291 | Baker Hughes Co. | 2,115,178 |
Entertainment 2.3% | ||
264,922 | Lions Gate Entertainment Corp. Class B | 2,749,890 * |
Food Products 3.5% | ||
49,149 | Hain Celestial Group, Inc. | 842,906 * |
68,610 | TreeHouse Foods, Inc. | 3,460,002 * |
4,302,908 | ||
Health Care Equipment & Supplies 6.0% | ||
43,358 | Avanos Medical, Inc. | 1,289,467 * |
77,161 | Cardiovascular Systems, Inc. | 1,532,417 * |
21,954 | Haemonetics Corp. | 1,816,694 * |
20,411 | Zimmer Biomet Holdings, Inc. | 2,637,101 |
2,159 | Zimvie, Inc. | 15,610 * |
7,291,289 | ||
Health Care Providers & Services 2.1% | ||
6,316 | McKesson Corp. | 2,248,812 |
23,314 | Pediatrix Medical Group, Inc. | 347,612 * |
2,596,424 | ||
Hotels, Restaurants & Leisure 5.1% | ||
59,124 | International Game Technology PLC | 1,584,523 |
59,070 | MGM Resorts International | 2,623,889 |
52,869 | Travel & Leisure Co. | 2,072,465 |
6,280,877 | ||
Independent Power and Renewable Electricity Producers 3.5% | ||
101,002 | AES Corp. | 2,432,128 |
76,848 | Vistra Corp. | 1,844,352 |
4,276,480 | ||
Insurance 3.2% | ||
13,390 | Allstate Corp. | 1,483,746 |
21,486 | Globe Life, Inc. | 2,363,890 |
3,847,636 | ||
IT Services 2.3% | ||
47,808 | Kyndryl Holdings, Inc. | 705,646 * |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Portfolio^ (Unaudited) (cont’d)
Number of Shares | Value | |
IT Services – cont'd | ||
21,311 | Wix.com Ltd. | $2,126,838 * |
2,832,484 | ||
Machinery 2.9% | ||
39,285 | Allison Transmission Holdings, Inc. | 1,777,253 |
71,162 | Enerpac Tool Group Corp. | 1,814,631 |
3,591,884 | ||
Metals & Mining 0.6% | ||
38,673 | Cleveland-Cliffs, Inc. | 708,876 * |
Mortgage Real Estate Investment Trusts 1.7% | ||
119,444 | Starwood Property Trust, Inc. | 2,112,964 |
Multi-Utilities 2.7% | ||
109,875 | CenterPoint Energy, Inc. | 3,236,917 |
Oil, Gas & Consumable Fuels 6.4% | ||
40,159 | Devon Energy Corp. | 2,032,447 |
24,429 | EOG Resources, Inc. | 2,800,297 |
12,077 | Phillips 66 | 1,224,366 |
58,877 | Williams Cos., Inc. | 1,758,067 |
7,815,177 | ||
Professional Services 4.9% | ||
330,787 | Conduent, Inc. | 1,134,600 * |
76,049 | Dun & Bradstreet Holdings, Inc. | 892,815 |
71,319 | KBR, Inc. | 3,926,111 |
5,953,526 | ||
Real Estate Management & Development 0.1% | ||
169,885 | WeWork, Inc. Class A | 132,052 * |
Retail REITs 2.0% | ||
38,900 | Regency Centers Corp. | 2,379,902 |
Number of Shares | Value | |
Semiconductors & Semiconductor Equipment 3.3% | ||
9,236 | NXP Semiconductors NV | $1,722,283 |
19,781 | Skyworks Solutions, Inc. | 2,333,762 |
4,056,045 | ||
Software 2.4% | ||
25,776 | DocuSign, Inc. | 1,502,741 * |
66,281 | Dropbox, Inc. Class A | 1,432,995 * |
2,935,736 | ||
Specialty Retail 3.3% | ||
322,564 | Chico's FAS, Inc. | 1,774,102 * |
40,128 | Children's Place, Inc. | 1,615,152 * |
14,943 | ODP Corp. | 672,136 * |
4,061,390 | ||
Technology Hardware, Storage & Peripherals 1.2% | ||
57,603 | Pure Storage, Inc. Class A | 1,469,453 * |
Trading Companies & Distributors 2.7% | ||
59,608 | AerCap Holdings NV | 3,351,758 * |
Total Common Stocks (Cost $103,650,814) | 121,368,325 | |
Short-Term Investments 0.4% | ||
Investment Companies 0.4% | ||
497,226 | State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70%(a) (Cost $497,226) | 497,226 |
Total Investments 99.8% (Cost $104,148,040) | 121,865,551 | |
Other Assets Less Liabilities 0.2% | 297,412 | |
Net Assets 100.0% | $122,162,963 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of March 31, 2023. |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $121,368,325 | $— | $— | $121,368,325 |
Short-Term Investments | — | 497,226 | — | 497,226 |
Total Investments | $121,368,325 | $497,226 | $— | $121,865,551 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited)
March 31, 2023
March 31, 2023
Principal Amount | Value | |||
U.S. Treasury Obligations 4.6% | ||||
$ | 3,952,858 | U.S. Treasury Inflation-Indexed Notes, 1.63%, due 10/15/2027 (Cost $3,744,456) | $4,029,753(a ) | |
Mortgage-Backed Securities 26.9% | ||||
Adjustable Mixed Balance 0.1% | ||||
92,927 | Harborview Mortgage Loan Trust, Ser. 2004-4, Class 3A, (1M USD LIBOR + 1.13%), 5.79%, due 6/19/2034 | 83,652 (b) | ||
Collateralized Mortgage Obligations 10.1% | ||||
122,601 | Angel Oak Mortgage Trust, Ser. 2019-6, Class A1, 2.62%, due 11/25/2059 | 118,002 (c)(d) | ||
Connecticut Avenue Securities Trust | ||||
15,268 | Ser. 2019-R02, Class 1M2, (1M USD LIBOR + 2.30%), 7.15%, due 8/25/2031 | 15,268 (b)(c) | ||
236,000 | Ser. 2021-R01, Class 1M2, (SOFR30A + 1.55%), 6.11%, due 10/25/2041 | 229,227 (b)(c) | ||
460,000 | Ser. 2022-R01, Class 1M2, (SOFR30A + 1.90%), 6.46%, due 12/25/2041 | 440,332 (b)(c) | ||
395,000 | Ser. 2022-R03, Class 1M2, (SOFR30A + 3.50%), 8.06%, due 3/25/2042 | 397,455 (b)(c) | ||
138,966 | Ser. 2022-R07, Class 1M1, (SOFR30A + 2.95%), 7.52%, due 6/25/2042 | 141,487 (b)(c) | ||
245,000 | Ser. 2022-R07, Class 1M2, (SOFR30A + 4.65%), 9.22%, due 6/25/2042 | 254,188 (b)(c) | ||
737,495 | Ser. 2022-R08, Class 1M1, (SOFR30A + 2.55%), 7.11%, due 7/25/2042 | 742,162 (b)(c) | ||
43,000 | Ser. 2022-R08, Class 1M2, (SOFR30A + 3.60%), 8.16%, due 7/25/2042 | 43,000 (b)(c) | ||
214,000 | Ser. 2022-R08, Class 1B1, (SOFR30A + 5.60%), 10.16%, due 7/25/2042 | 215,338 (b)(c) | ||
417,331 | Ser. 2023-R01, Class 1M1, (SOFR30A + 2.40%), 6.97%, due 12/25/2042 | 418,258 (b)(c) | ||
127,000 | Ser. 2023-R02, Class 1M2, (SOFR30A + 3.35%), 7.92%, due 1/25/2043 | 126,538 (b)(c) | ||
249,070 | Ellington Financial Mortgage Trust, Ser. 2022-1, Class A1, 2.21%, due 1/25/2067 | 208,945 (c)(d) | ||
Fannie Mae Connecticut Avenue Securities | ||||
169,407 | Ser. 2016-C03, Class 1M2, (1M USD LIBOR + 5.30%), 10.15%, due 10/25/2028 | 179,025 (b) | ||
576,434 | Ser. 2018-C01, Class 1M2, (1M USD LIBOR + 2.25%), 7.10%, due 7/25/2030 | 577,868 (b) | ||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||
676,955 | Ser. 2017-DNA1, Class M2, (1M USD LIBOR + 3.25%), 8.10%, due 7/25/2029 | 693,855 (b) | ||
773,954 | Ser. 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 7.20%, due 4/25/2030 | 781,684 (b) | ||
11,460 | Ser. 2019-CS03, Class M1, (1M USD LIBOR + 0.00%), 4.85%, due 10/25/2032 | 11,436 (b)(c) | ||
Freddie Mac Structured Agency Credit Risk Debt Notes Real Estate Mortgage Investment Conduits | ||||
385,000 | Ser. 2022-DNA2, Class M1B, (SOFR30A + 2.40%), 6.96%, due 2/25/2042 | 373,971 (b)(c) | ||
275,000 | Ser. 2022-DNA2, Class M2, (SOFR30A + 3.75%), 8.31%, due 2/25/2042 | 264,695 (b)(c) | ||
320,000 | Ser. 2022-HQA1, Class M2, (SOFR30A + 5.25%), 9.81%, due 3/25/2042 | 315,359 (b)(c) | ||
182,000 | Ser. 2022-HQA3, Class M1B, (SOFR30A + 3.55%), 8.11%, due 8/25/2042 | 177,905 (b)(c) | ||
GCAT Trust | ||||
214,659 | Ser. 2019-NQM3, Class A1, 2.69%, due 11/25/2059 | 199,422 (c)(d) | ||
474,104 | Ser. 2021-NQM5, Class A1, 1.26%, due 7/25/2066 | 372,790 (c)(d) | ||
448,295 | SG Residential Mortgage Trust, Ser. 2021-2, Class A1, 1.74%, due 12/25/2061 | 362,032 (c)(d) | ||
462,386 | Towd Point Mortgage Trust, Ser. 2022-4, Class A1, 3.75%, due 9/25/2062 | 432,177 (c) | ||
Verus Securitization Trust | ||||
468,079 | Ser. 2021-3, Class A3, 1.44%, due 6/25/2066 | 387,771 (c)(d) | ||
416,900 | Ser. 2021-6, Class A3, 1.89%, due 10/25/2066 | 342,297 (c)(d) | ||
8,822,487 | ||||
Commercial Mortgage-Backed 10.7% | ||||
BBCMS Mortgage Trust | ||||
5,365,842 | Ser. 2021-C11, Class XA, 1.38%, due 9/15/2054 | 416,916 (d)(e) | ||
1,023,891 | Ser. 2022-C17, Class XA, 1.15%, due 9/15/2055 | 83,619 (d)(e) | ||
��� 510,000 | BB-UBS Trust, Ser. 2012-SHOW, Class A, 3.43%, due 11/5/2036 | 477,203 (c) |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Commercial Mortgage-Backed – cont'd | ||||
Benchmark Mortgage Trust | ||||
$ | 114,000 | Ser. 2020-B17, Class C, 3.37%, due 3/15/2053 | $85,375(d ) | |
227,000 | Ser. 2021-B31, Class D, 2.25%, due 12/15/2054 | 113,732 (c) | ||
97,000 | Ser. 2021-B31, Class E, 2.25%, due 12/15/2054 | 40,503 (c) | ||
157,000 | BPR Trust, Ser. 2022-OANA, Class D, (1M CME Term SOFR + 3.70%), 8.52%, due 4/15/2037 | 146,866 (b)(c) | ||
1,150,000 | BX Commercial Mortgage Trust, Ser. 2021-VOLT, Class D, (1M USD LIBOR + 1.65%), 6.33%, due 9/15/2036 | 1,080,790 (b)(c) | ||
BX Trust | ||||
269,000 | Ser. 2019-OC11, Class A, 3.20%, due 12/9/2041 | 229,645 (c) | ||
256,000 | Ser. 2019-OC11, Class D, 3.94%, due 12/9/2041 | 211,253 (c)(d) | ||
CAMB Commercial Mortgage Trust | ||||
1,006,000 | Ser. 2019-LIFE, Class D, (1M USD LIBOR + 1.75%), 6.43%, due 12/15/2037 | 980,718 (b)(c) | ||
130,000 | Ser. 2019-LIFE, Class F, (1M USD LIBOR + 2.55%), 7.23%, due 12/15/2037 | 124,449 (b)(c) | ||
99,427 | Citigroup Commercial Mortgage Trust, Ser. 2016-P3, Class A2, 2.74%, due 4/15/2049 | 94,628 | ||
Commercial Mortgage Trust | ||||
1,111,000 | Ser. 2012-CR4, Class AM, 3.25%, due 10/15/2045 | 1,012,557 | ||
9,419,288 | Ser. 2014-CR18, Class XA, 0.95%, due 7/15/2047 | 75,581 (d)(e) | ||
14,576,089 | CSAIL Commercial Mortgage Trust, Ser. 2016-C5, Class XA, 0.90%, due 11/15/2048 | 276,051 (d)(e) | ||
800,000 | Eleven Madison Mortgage Trust, Ser. 2015-11MD, Class A, 3.55%, due 9/10/2035 | 738,836 (c)(d) | ||
75,000 | FIVE Mortgage Trust, Ser. 2023-V1, Class C, 6.41%, due 2/10/2056 | 72,585 (d) | ||
Freddie Mac Multiclass Certificates | ||||
2,420,000 | Ser. 2020-RR03, Class X1, 1.71%, due 7/27/2028 | 179,975 (e) | ||
1,500,000 | Ser. 2020-RR02, Class DX, 1.82%, due 9/27/2028 | 122,073 (d)(e) | ||
1,535,000 | Ser. 2020-RR02, Class CX, 1.27%, due 3/27/2029 | 94,805 (d)(e) | ||
26,354,686 | Freddie Mac Multifamily Structured Pass Through Certificates, Ser. K737, Class X1, 0.64%, due 10/25/2026 | 463,450 (d)(e) | ||
GS Mortgage Securities Trust | ||||
117,520 | Ser. 2010-C1, Class B, 5.15%, due 8/10/2043 | 116,461 (c) | ||
116,856,781 | Ser. 2013-GC13, Class XA, 0.07%, due 7/10/2046 | 1,169 (d)(e) | ||
17,490,992 | Ser. 2015-GC30, Class XA, 0.73%, due 5/10/2050 | 213,766 (d)(e) | ||
217,000 | INTOWN STAY Mortgage Trust, Ser. 2022-STAY, Class A, (1M CME Term SOFR + 2.49%), 7.32%, due 8/15/2039 | 215,232 (b)(c) | ||
235,000 | JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2022-OPO, Class D, 3.45%, due 1/5/2039 | 172,234 (c)(d) | ||
186,551 | JPMBB Commercial Mortgage Securities Trust, Ser. 2015-C29, Class ASB, 3.30%, due 5/15/2048 | 180,981 | ||
214,000 | Manhattan West Mortgage Trust, Ser. 2020-1MW, Class D, 2.33%, due 9/10/2039 | 162,197 (c)(d) | ||
166,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C9, Class B, 3.71%, due 5/15/2046 | 148,593 (d) | ||
70,000 | Morgan Stanley Capital I Trust, Ser. 2018-H4, Class C, 5.07%, due 12/15/2051 | 60,138 (d) | ||
693,000 | NYO Commercial Mortgage Trust, Ser. 2021-1290, Class D, (1M USD LIBOR + 2.55%), 7.23%, due 11/15/2038 | 575,255 (b)(c) | ||
Taubman Centers Commercial Mortgage Trust | ||||
100,000 | Ser. 2022-DPM, Class A, (1M CME Term SOFR + 2.19%), 7.01%, due 5/15/2037 | 96,260 (b)(c) | ||
146,000 | Ser. 2022-DPM, Class B, (1M CME Term SOFR + 2.93%), 7.76%, due 5/15/2037 | 139,318 (b)(c) | ||
123,000 | Ser. 2022-DPM, Class C, (1M CME Term SOFR + 3.78%), 8.60%, due 5/15/2037 | 116,832 (b)(c) | ||
14,590,596 | WF-RBS Commercial Mortgage Trust, Ser. 2014-LC14, Class XA, 1.24%, due 3/15/2047 | 79,402 (d)(e) | ||
9,399,448 | ||||
Fannie Mae 1.6% | ||||
Pass-Through Certificates | ||||
556,696 | 4.50%, due 5/1/2041 - 5/1/2044 | 558,264 | ||
193,166 | 5.50%, due 11/1/2052 | 195,109 |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Fannie Mae – cont'd | ||||
$ | 611,836 | 6.00%, due 11/1/2052 - 12/1/2052 | $625,714 | |
1,379,087 | ||||
Freddie Mac 4.4% | ||||
Pass-Through Certificates | ||||
148,287 | 3.50%, due 5/1/2026 | 145,670 | ||
294,815 | 4.50%, due 11/1/2039 | 296,814 | ||
1,890,616 | 5.50%, due 9/1/2052 - 4/1/2053 | 1,912,552 | ||
1,476,387 | 6.00%, due 10/1/2052 - 3/1/2053 | 1,507,140 | ||
3,862,176 | ||||
Total Mortgage-Backed Securities (Cost $27,182,816) | 23,546,850 | |||
Asset-Backed Securities 15.4% | ||||
1,125,000 | 37 Capital CLO I Ltd., Ser. 2021-1A, Class A, (3M USD LIBOR + 1.20%), 5.99%, due 10/15/2034 | 1,096,261 (b)(c) | ||
1,000,000 | AM Capital Funding LLC, Ser. 2018-1, Class A, 4.98%, due 12/15/2023 | 988,368 (c) | ||
262,591 | Aqua Finance Trust, Ser. 2021-A, Class A, 1.54%, due 7/17/2046 | 235,540 (c) | ||
258,000 | Avis Budget Rental Car Funding AESOP LLC, Ser. 2021-2A, Class B, 1.90%, due 2/20/2028 | 224,452 (c) | ||
1,400,000 | Crown Castle Towers LLC, 3.66%, due 5/15/2025 | 1,344,974 (c) | ||
168,000 | Dell Equipment Finance Trust, Ser. 2023-1, Class A2, 5.65%, due 9/22/2028 | 167,919 (c) | ||
565,000 | Fort Washington CLO Ltd., Ser. 2021-2A, Class A, (3M USD LIBOR + 1.22%), 6.03%, due 10/20/2034 | 550,523 (b)(c) | ||
1,900,000 | Gulf Stream Meridian 3 Ltd., Ser. 2021-IIIA, Class A1, (3M USD LIBOR + 1.32%), 6.11%, due 4/15/2034 | 1,860,343 (b)(c) | ||
89,539 | Hilton Grand Vacations Trust, Ser. 2022-2A, Class A, 4.30%, due 1/25/2037 | 86,808 (c) | ||
478,464 | JPMorgan Chase Bank NA, Ser. 2021-3, Class B, 0.76%, due 2/26/2029 | 453,933 (c) | ||
168,000 | MetroNet Infrastructure Issuer LLC, Ser. 2022-1A, Class A2, 6.35%, due 10/20/2052 | 163,540 (c) | ||
500,000 | Milos CLO Ltd., Ser. 2017-1A, Class DR, (3M USD LIBOR + 2.75%), 7.56%, due 10/20/2030 | 456,407 (b)(c) | ||
MVW LLC | ||||
386,536 | Ser. 2021-2A, Class A, 1.43%, due 5/20/2039 | 346,675 (c) | ||
267,916 | Ser. 2021-2A, Class B, 1.83%, due 5/20/2039 | 240,106 (c) | ||
79,966 | Ser. 2021-1WA, Class B, 1.44%, due 1/22/2041 | 72,978 (c) | ||
Navient Private Ed. Refi Loan Trust | ||||
400,756 | Ser. 2021-EA, Class A, 0.97%, due 12/16/2069 | 340,217 (c) | ||
236,793 | Ser. 2021-FA, Class A, 1.11%, due 2/18/2070 | 199,715 (c) | ||
1,195,000 | PFS Financing Corp., Ser. 2021-A, Class A, 0.71%, due 4/15/2026 | 1,137,632 (c) | ||
565,000 | Prestige Auto Receivables Trust, Ser. 2021-1A, Class D, 2.08%, due 2/15/2028 | 511,274 (c) | ||
Sierra Timeshare Receivables Funding LLC | ||||
95,583 | Ser. 2019-1A, Class C, 3.77%, due 1/20/2036 | 91,268 (c) | ||
80,129 | Ser. 2019-2A, Class A, 2.59%, due 5/20/2036 | 77,243 (c) | ||
92,735 | Ser. 2020-2A, Class C, 3.51%, due 7/20/2037 | 87,735 (c) | ||
500,000 | Signal Peak CLO 2 LLC, Ser. 2015-1A, Class DR2, (3M USD LIBOR + 2.85%), 7.66%, due 4/20/2029 | 465,044 (b)(c) | ||
105,000 | SoFi Consumer Loan Program Trust, Ser. 2023-1S, Class A, 5.81%, due 5/15/2031 | 105,091 (c) | ||
359,555 | SoFi Professional Loan Program Trust, Ser. 2021-A, Class AFX, 1.03%, due 8/17/2043 | 301,980 (c) | ||
104,675 | Taco Bell Funding LLC, Ser. 2021-1A, Class A2I, 1.95%, due 8/25/2051 | 91,022 (c) | ||
235,263 | TAL Advantage VII LLC, Ser. 2020-1A, Class A, 2.05%, due 9/20/2045 | 209,842 (c) | ||
500,000 | TRESTLES CLO III Ltd., Ser. 2020-3A, Class D, (3M USD LIBOR + 3.25%), 8.06%, due 1/20/2033 | 446,652 (b)(c) | ||
1,125,000 | Whitebox CLO III Ltd., Ser. 2021-3A, Class A1, (3M USD LIBOR + 1.22%), 6.01%, due 10/15/2034 | 1,100,347 (b)(c) | ||
Total Asset-Backed Securities (Cost $14,279,834) | 13,453,889 |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Corporate Bonds 47.9% | ||||
Aerospace & Defense 1.2% | ||||
Boeing Co. | ||||
$ | 685,000 | 2.20%, due 2/4/2026 | $635,569 | |
480,000 | 2.70%, due 2/1/2027 | 442,204 | ||
1,077,773 | ||||
Agriculture 2.8% | ||||
535,000 | BAT Capital Corp., 2.26%, due 3/25/2028 | 458,682 | ||
Philip Morris Int'l, Inc. | ||||
1,020,000 | 4.88%, due 2/13/2026 | 1,027,471 | ||
960,000 | 5.13%, due 11/17/2027 | 982,377 | ||
2,468,530 | ||||
Airlines 1.9% | ||||
140,000 | American Airlines, Inc., 7.25%, due 2/15/2028 | 136,150 (c) | ||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||
580,000 | 5.50%, due 4/20/2026 | 570,785 (c) | ||
375,000 | 5.75%, due 4/20/2029 | 359,713 (c) | ||
140,000 | Delta Air Lines, Inc., 7.00%, due 5/1/2025 | 143,517 (c) | ||
490,414 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/2025 | 482,171 (c) | ||
1,692,336 | ||||
Auto Manufacturers 2.0% | ||||
Ford Motor Credit Co. LLC | ||||
195,000 | 6.95%, due 3/6/2026 | 197,925 | ||
220,000 | 7.35%, due 11/4/2027 | 226,602 | ||
160,000 | 2.90%, due 2/10/2029 | 132,475 | ||
General Motors Financial Co., Inc. | ||||
530,000 | 2.75%, due 6/20/2025 | 501,809 | ||
400,000 | 2.70%, due 8/20/2027 | 358,097 | ||
370,000 | Volkswagen Group of America Finance LLC, 3.35%, due 5/13/2025 | 357,516 (c) | ||
1,774,424 | ||||
Auto Parts & Equipment 0.2% | ||||
140,000 | Goodyear Tire & Rubber Co., 5.00%, due 5/31/2026 | 135,381 | ||
Banks 12.2% | ||||
Banco Santander SA | ||||
550,000 | 2.75%, due 5/28/2025 | 518,701 | ||
1,220,000 | 5.15%, due 8/18/2025 | 1,197,539 | ||
Bank of America Corp. | ||||
400,000 | Ser. L, 3.95%, due 4/21/2025 | 387,017 | ||
1,085,000 | 3.38%, due 4/2/2026 | 1,040,256 (f) | ||
1,070,000 | Citigroup, Inc., 3.35%, due 4/24/2025 | 1,042,824 (f) | ||
1,655,000 | Goldman Sachs Group, Inc., 1.95%, due 10/21/2027 | 1,478,616 (f) | ||
JPMorgan Chase & Co. | ||||
700,000 | 2.30%, due 10/15/2025 | 669,363 (f) | ||
505,000 | 4.08%, due 4/26/2026 | 495,801 (f) | ||
Morgan Stanley | ||||
100,000 | 3.62%, due 4/17/2025 | 98,168 (f) | ||
1,200,000 | 0.79%, due 5/30/2025 | 1,135,883 (f) | ||
855,000 | 1.59%, due 5/4/2027 | 766,219 (f) | ||
750,000 | U.S. Bancorp, 5.73%, due 10/21/2026 | 753,216 (f) |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Banks – cont'd | ||||
$ | 1,100,000 | Wells Fargo & Co., 3.91%, due 4/25/2026 | $1,067,677(f ) | |
10,651,280 | ||||
Biotechnology 1.6% | ||||
1,360,000 | Amgen, Inc., 5.25%, due 3/2/2025 | 1,374,955 | ||
Building Materials 0.2% | ||||
220,000 | Jeld-Wen, Inc., 4.63%, due 12/15/2025 | 204,050 (c) | ||
Cosmetics - Personal Care 0.3% | ||||
270,000 | Haleon U.S. Capital LLC, 3.02%, due 3/24/2024 | 262,474 | ||
Diversified Financial Services 2.3% | ||||
AerCap Ireland Capital Designated Activity Co./AerCap Global Aviation Trust | ||||
545,000 | 4.50%, due 9/15/2023 | 539,788 | ||
540,000 | 6.50%, due 7/15/2025 | 543,904 | ||
670,000 | American Express Co., 3.95%, due 8/1/2025 | 656,972 | ||
320,000 | OneMain Finance Corp., 3.50%, due 1/15/2027 | 268,564 | ||
2,009,228 | ||||
Electric 0.5% | ||||
465,000 | Dominion Energy, Inc., Ser. D, 2.85%, due 8/15/2026 | 436,034 | ||
Energy - Alternate Sources 0.2% | ||||
230,000 | Sunnova Energy Corp., 5.88%, due 9/1/2026 | 194,925 (c) | ||
Entertainment 1.9% | ||||
Warnermedia Holdings, Inc. | ||||
1,010,000 | 6.41%, due 3/15/2026 | 1,015,099 | ||
645,000 | 3.76%, due 3/15/2027 | 607,415 (c) | ||
1,622,514 | ||||
Healthcare - Products 0.9% | ||||
830,000 | GE HealthCare Technologies, Inc., 5.55%, due 11/15/2024 | 834,917 (c) | ||
Home Builders 0.1% | ||||
81,000 | Tri Pointe Homes, Inc., 5.25%, due 6/1/2027 | 76,950 | ||
Insurance 0.4% | ||||
135,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 4/15/2028 | 133,481 (c) | ||
225,000 | AssuredPartners, Inc., 7.00%, due 8/15/2025 | 218,937 (c) | ||
352,418 | ||||
Leisure Time 0.5% | ||||
200,000 | Carnival Corp., 10.50%, due 2/1/2026 | 208,384 (c) | ||
140,000 | Lindblad Expeditions LLC, 6.75%, due 2/15/2027 | 135,533 (c) | ||
120,000 | Royal Caribbean Cruises Ltd., 4.25%, due 7/1/2026 | 107,700 (c) | ||
451,617 | ||||
Media 1.9% | ||||
Comcast Corp. | ||||
565,000 | 5.25%, due 11/7/2025 | 577,303 | ||
525,000 | 4.15%, due 10/15/2028 | 519,343 | ||
550,000 | Fox Corp., 3.05%, due 4/7/2025 | 528,982 | ||
1,625,628 |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Oil & Gas 1.1% | ||||
$ | 220,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, due 11/1/2026 | $212,652(c ) | |
330,000 | Callon Petroleum Co., 6.38%, due 7/1/2026 | 313,500 | ||
90,000 | Northern Oil and Gas, Inc., 8.13%, due 3/1/2028 | 89,275 (c) | ||
50,000 | PDC Energy, Inc., 5.75%, due 5/15/2026 | 48,673 | ||
310,000 | Pioneer Natural Resources Co., 5.10%, due 3/29/2026 | 311,289 | ||
975,389 | ||||
Packaging & Containers 0.2% | ||||
185,000 | Mauser Packaging Solutions Holding Co., 7.88%, due 8/15/2026 | 185,000 (c) | ||
Pharmaceuticals 0.5% | ||||
450,000 | CVS Health Corp., 3.63%, due 4/1/2027 | 433,505 | ||
Pipelines 3.6% | ||||
125,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/2025 | 123,750 (c) | ||
35,000 | Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, due 4/1/2025 | 34,177 | ||
455,000 | Energy Transfer L.P., 4.20%, due 4/15/2027 | 435,950 | ||
EQM Midstream Partners L.P. | ||||
153,000 | 6.00%, due 7/1/2025 | 151,254 (c) | ||
90,000 | 7.50%, due 6/1/2027 | 90,358 (c) | ||
340,000 | Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, due 10/1/2025 | 329,340 | ||
450,000 | Kinder Morgan, Inc., 4.30%, due 3/1/2028 | 442,178 | ||
660,000 | MPLX L.P., 4.88%, due 6/1/2025 | 655,166 | ||
New Fortress Energy, Inc. | ||||
210,000 | 6.75%, due 9/15/2025 | 202,125 (c) | ||
255,000 | 6.50%, due 9/30/2026 | 234,600 (c) | ||
160,000 | Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, due 10/15/2026 | 153,600 (c) | ||
280,000 | Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, due 3/1/2027 | 265,047 (c) | ||
3,117,545 | ||||
Real Estate Investment Trusts 3.2% | ||||
American Tower Corp. | ||||
405,000 | 1.60%, due 4/15/2026 | 366,261 | ||
1,305,000 | 1.45%, due 9/15/2026 | 1,160,186 | ||
216,000 | American Tower Trust, 5.49%, due 3/15/2028 | 218,020 (c) | ||
90,000 | MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, due 8/1/2026 | 80,895 | ||
140,000 | Starwood Property Trust, Inc., 4.75%, due 3/15/2025 | 131,670 | ||
765,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, due 2/15/2028 | 742,050 (c) | ||
115,000 | VICI Properties L.P./VICI Note Co., Inc., 4.63%, due 6/15/2025 | 111,184 (c) | ||
2,810,266 | ||||
Retail 1.1% | ||||
1,100,000 | Lowe's Cos., Inc., 1.70%, due 9/15/2028 | 951,677 | ||
Semiconductors 1.4% | ||||
750,000 | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, due 1/15/2027 | 725,027 | ||
580,000 | Marvell Technology, Inc., 1.65%, due 4/15/2026 | 525,801 | ||
1,250,828 | ||||
Software 2.2% | ||||
540,000 | Infor, Inc., 1.45%, due 7/15/2023 | 532,539 (c) |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |||
Software – cont'd | ||||
Oracle Corp. | ||||
$ | 100,000 | 5.80%, due 11/10/2025 | $102,496 | |
1,415,000 | 1.65%, due 3/25/2026 | 1,299,943 | ||
1,934,978 | ||||
Telecommunications 3.5% | ||||
AT&T, Inc. | ||||
565,000 | 1.70%, due 3/25/2026 | 519,800 | ||
955,000 | 1.65%, due 2/1/2028 | 839,010 | ||
220,000 | Level 3 Financing, Inc., 3.63%, due 1/15/2029 | 121,642 (c) | ||
T-Mobile USA, Inc. | ||||
550,000 | 2.25%, due 2/15/2026 | 511,534 | ||
690,000 | 3.75%, due 4/15/2027 | 663,279 | ||
425,000 | Verizon Communications, Inc., 1.45%, due 3/20/2026 | 391,009 | ||
3,046,274 | ||||
Total Corporate Bonds (Cost $43,828,651) | 41,950,896 | |||
Convertible Bonds 0.1% | ||||
Media 0.1% | ||||
100,000 | DISH Network Corp., 2.38%, due 3/15/2024 (Cost $93,640) | 88,500 | ||
Number of Shares | ||||
Short-Term Investments 3.9% | ||||
Commercial Paper 1.1% | ||||
1,020,000 | AT&T, Inc., 5.34%, due 10/17/2023 | 987,706 | ||
Investment Companies 2.8% | ||||
2,395,105 | State Street Institutional U.S. Government Money Market Fund Premier Class, 4.70%(g) | 2,395,104 | ||
Total Short-Term Investments (Cost $3,384,996) | 3,382,810 | |||
Total Investments 98.8% (Cost $92,514,393) | 86,452,698 | |||
Other Assets Less Liabilities 1.2% | 1,028,300 (h) | |||
Net Assets 100.0% | $87,480,998 |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
(a) | Index-linked bond whose principal amount adjusts according to a government retail price index. |
(b) | Variable or floating rate security. The interest rate shown was the current rate as of March 31, 2023 and changes periodically. |
(c) | Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At March 31, 2023, these securities amounted to $33,910,018, which represents 38.8% of net assets of the Fund. |
(d) | Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2023. |
(e) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
(f) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(g) | Represents 7-day effective yield as of March 31, 2023. |
(h) | Includes the impact of the Fund’s open positions in derivatives at March 31, 2023. |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $73,943,225 | 84.5% |
Cayman Islands | 5,510,533 | 6.3% |
Spain | 1,716,240 | 2.0% |
Ireland | 1,083,692 | 1.2% |
United Kingdom | 458,682 | 0.5% |
Germany | 357,516 | 0.4% |
Short-Term Investments and Other Assets—Net | 4,411,110 | 5.1% |
$87,480,998 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont’d)
Derivative Instruments
Futures contracts ("futures")
At March 31, 2023, open positions in futures for the Fund were as follows:
Long Futures: |
Expiration Date | Number of Contracts | Open Contracts | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) |
6/2023 | 199 | U.S. Treasury Note, 2 Year | $41,084,172 | $353,977 |
Total Long Positions | $41,084,172 | $353,977 |
Short Futures: |
Expiration Date | Number of Contracts | Open Contracts | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) |
6/2023 | 17 | U.S. Treasury Note, 10 Year | $(1,953,672 ) | $(25,016 ) |
6/2023 | 169 | U.S. Treasury Note, 5 Year | (18,506,820 ) | (235,352 ) |
6/2023 | 10 | U.S. Treasury Note, Ultra 10 Year | (1,211,406 ) | (31,906 ) |
6/2023 | 4 | U.S. Treasury Ultra Bond | (564,500 ) | (27,062 ) |
3/2024 | 1 | SOFR, 3 Months | (239,250 ) | (88 ) |
Total Short Positions | $(22,475,648 ) | $(319,424 ) | ||
Total Futures | $34,553 |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
U.S. Treasury Obligations | $— | $4,029,753 | $— | $4,029,753 |
Mortgage-Backed Securities# | — | 23,546,850 | — | 23,546,850 |
Asset-Backed Securities | — | 13,453,889 | — | 13,453,889 |
Corporate Bonds# | — | 41,950,896 | — | 41,950,896 |
Convertible Bonds# | — | 88,500 | — | 88,500 |
Short-Term Investments | — | 3,382,810 | — | 3,382,810 |
Total Investments | $— | $86,452,698 | $— | $86,452,698 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of March 31, 2023:
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Futures@ | ||||
Assets | $353,977 | $— | $— | $353,977 |
Liabilities | (319,424 ) | — | — | (319,424 ) |
Total | $34,553 | $— | $— | $34,553 |
@ | Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Portfolio^ (Unaudited)
March 31, 2023
March 31, 2023
Number of Shares | Value | |
Common Stocks 98.7% | ||
Banks 5.2% | ||
586,994 | Bank of America Corp. | $16,788,028 |
137,176 | JPMorgan Chase & Co. | 17,875,405 |
34,663,433 | ||
Broadline Retail 6.0% | ||
389,834 | Amazon.com, Inc. | 40,265,954 * |
Capital Markets 2.3% | ||
40,470 | Interactive Brokers Group, Inc. Class A | 3,341,203 |
118,510 | Intercontinental Exchange, Inc. | 12,359,408 |
15,700,611 | ||
Communications Equipment 1.6% | ||
65,621 | Arista Networks, Inc. | 11,015,141 * |
Consumer Staples Distribution & Retail 1.9% | ||
26,147 | Costco Wholesale Corp. | 12,991,660 |
Electrical Equipment 1.7% | ||
392,298 | Vestas Wind Systems A/S | 11,433,294 |
Electronic Equipment, Instruments & Components 2.5% | ||
51,746 | Zebra Technologies Corp. Class A | 16,455,228 * |
Financial Services 11.9% | ||
15 | Berkshire Hathaway, Inc. Class A | 6,984,000 * |
100,202 | Berkshire Hathaway, Inc. Class B | 30,939,371 * |
114,547 | Fiserv, Inc. | 12,947,247 * |
79,821 | MasterCard, Inc. Class A | 29,007,750 |
79,878,368 | ||
Ground Transportation 2.0% | ||
448,760 | CSX Corp. | 13,435,874 |
Health Care Equipment & Supplies 2.8% | ||
59,597 | Becton, Dickinson & Co. | 14,752,642 |
16,086 | Embecta Corp. | 452,338 |
6,715 | IDEXX Laboratories, Inc. | 3,358,037 * |
18,563,017 | ||
Health Care Providers & Services 7.5% | ||
128,428 | AmerisourceBergen Corp. | 20,562,607 |
115,038 | The Cigna Group | 29,395,660 |
49,958,267 | ||
Hotels, Restaurants & Leisure 3.7% | ||
984,696 | Compass Group PLC | 24,746,926 |
Household Products 2.4% | ||
209,685 | Colgate-Palmolive Co. | 15,757,828 |
Number of Shares | Value | |
Insurance 3.9% | ||
183,106 | Progressive Corp. | $26,195,144 |
Interactive Media & Services 5.9% | ||
381,837 | Alphabet, Inc. Class A | 39,607,952 * |
IT Services 3.2% | ||
273,509 | GoDaddy, Inc. Class A | 21,257,119 * |
Life Sciences Tools & Services 3.1% | ||
55,891 | Danaher Corp. | 14,086,768 |
33,945 | IQVIA Holdings, Inc. | 6,751,321 * |
20,838,089 | ||
Machinery 2.1% | ||
162,864 | Otis Worldwide Corp. | 13,745,722 |
Materials 1.8% | ||
52,262 | Sherwin-Williams Co. | 11,746,930 |
Multi-Utilities 2.7% | ||
1,320,933 | National Grid PLC | 17,868,257 |
Oil, Gas & Consumable Fuels 1.8% | ||
483,450 | Coterra Energy, Inc. | 11,863,863 |
Pharmaceuticals 2.0% | ||
46,663 | Roche Holding AG | 13,333,600 |
Semiconductors & Semiconductor Equipment 3.9% | ||
142,006 | Texas Instruments, Inc. | 26,414,536 |
Software 9.9% | ||
32,037 | Intuit, Inc. | 14,283,056 |
179,614 | Microsoft Corp. | 51,782,716 |
66,065,772 | ||
Technology Hardware, Storage & Peripherals 2.7% | ||
108,874 | Apple, Inc. | 17,953,323 |
Trading Companies & Distributors 4.2% | ||
24,767 | United Rentals, Inc. | 9,801,788 |
26,192 | W.W. Grainger, Inc. | 18,041,311 |
27,843,099 | ||
Total Common Stocks (Cost $438,023,250) | 659,599,007 | |
Principal Amount | ||
Short-Term Investments 2.2% | ||
Certificates of Deposit 0.0%(a) | ||
$100,000 | Self Help Credit Union, 0.10%, due 4/29/2023 | 100,000 |
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Portfolio^ (Unaudited) (cont’d)
Principal Amount | Value | |
Certificates of Deposit – cont'd | ||
$100,000 | Self Help Federal Credit Union, 0.10%, due 6/1/2023 | $100,000 |
200,000 | ||
Number of Shares | ||
Investment Companies 2.2% | ||
14,422,054 | State Street Institutional Treasury Money Market Fund Premier Class, 4.53%(b) | 14,422,054 |
Total Short-Term Investments (Cost $14,622,054) | 14,622,054 | |
Total Investments 100.9% (Cost $452,645,304) | 674,221,061 | |
Liabilities Less Other Assets (0.9)% | (5,942,647 ) | |
Net Assets 100.0% | $668,278,414 |
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets of the Fund. |
(b) | Represents 7-day effective yield as of March 31, 2023. |
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Portfolio^ (Unaudited) (cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $592,216,930 | 88.6% |
United Kingdom | 42,615,183 | 6.4% |
Switzerland | 13,333,600 | 2.0% |
Denmark | 11,433,294 | 1.7% |
Short-Term Investments and Other Liabilities—Net | 8,679,407 | 1.3% |
$668,278,414 | 100.0% |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Electrical Equipment | $— | $11,433,294 | $— | $11,433,294 |
Hotels, Restaurants & Leisure | — | 24,746,926 | — | 24,746,926 |
Multi-Utilities | — | 17,868,257 | — | 17,868,257 |
Pharmaceuticals | — | 13,333,600 | — | 13,333,600 |
Other Common Stocks# | 592,216,930 | — | — | 592,216,930 |
Total Common Stocks | 592,216,930 | 67,382,077 | — | 659,599,007 |
Short-Term Investments | — | 14,622,054 | — | 14,622,054 |
Total Investments | $592,216,930 | $82,004,131 | $— | $674,221,061 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
March 31, 2023
Notes to Schedule of Investments Advisers Management Trust (Unaudited)
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Advisers Management Trust: International Equity Portfolio, Mid Cap Growth Portfolio, Mid Cap Intrinsic Value Portfolio, Short Duration Bond Portfolio, and Sustainable Equity Portfolio (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Funds’ investments in equity securities, for which market quotations are available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.
The value of the Funds’ investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:
Corporate Bonds. Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").
Asset-Backed Securities and Mortgage-Backed Securities. Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
Notes to Schedule of Investments Advisers Management Trust (Unaudited) (cont’d)
Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit specific details, relevant listed bond and preferred stock prices and Other Market Information.
U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.
Commercial Paper. The value of commercial paper generally includes inputs from quoted prices or similar assets, constant maturity curves using coupon, currency, issuer, sector, issuer country, credit rating information, and yield curves using money market rates (Level 2 inputs).
The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
Certificates of deposit are valued at amortized cost (Level 2 inputs).
Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs), when available.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for any and all Fund investments. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.
The value of the Funds’ investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time as of which a Fund’s share price is calculated, Management has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
Notes to Schedule of Investments Advisers Management Trust (Unaudited) (cont’d)
Other Matters:
Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds.
Russia's Invasion of Ukraine: Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
Notes to Schedule of Investments Advisers Management Trust (Unaudited) (cont'd)
Legend
Neuberger Berman Advisers Management Trust
Benchmarks: | |
CME Term SOFR | = CME Group, Inc. Term Secured Overnight Financing Rate |
LIBOR | = London Interbank Offered Rate |
SOFR | = Secured Overnight Financing Rate |
SOFR30A | = 30 Day Average Secured Overnight Financing Rate |
Index Periods/Payment Frequencies: | |
1M | = 1 Month |
3M | = 3 Months |
Other Abbreviations: | |
ADR | = American Depositary Receipt |
Management | = Neuberger Berman Investment Advisers LLC |
Currency Abbreviations: | |
USD | = United States Dollar |
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.