Equity Income Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2022 (unaudited)
Common Stocks (97.3%) | Shares/ Par + | Value $ (000’s) | ||||||
Communication Services (5.0%) |
| |||||||
AT&T, Inc. | 90,863 | 1,394 | ||||||
Comcast Corp. - Class A | 222,244 | 6,518 | ||||||
Fox Corp. - Class B | 42,544 | 1,213 | ||||||
Meta Platforms, Inc. - Class A * | 28,902 | 3,922 | ||||||
News Corp. - Class A | 587,542 | 8,878 | ||||||
Paramount Global - Class B | 29,300 | 558 | ||||||
Verizon Communications, Inc. | 24,425 | 927 | ||||||
The Walt Disney Co. * | 85,868 | 8,100 | ||||||
Warner Bros. Discovery, Inc. * | 35,330 | 406 | ||||||
Total |
| 31,916 | ||||||
Consumer Discretionary (4.7%) |
| |||||||
Best Buy Co., Inc. | 32,430 | 2,054 | ||||||
Kohl’s Corp. | 106,983 | 2,691 | ||||||
Las Vegas Sands Corp. * | 144,999 | 5,440 | ||||||
Mattel, Inc. * | 240,759 | 4,560 | ||||||
The TJX Cos., Inc. | 86,481 | 5,372 | ||||||
Volkswagen AG, ADR | 790,386 | 9,627 | ||||||
Total |
| 29,744 | ||||||
Consumer Staples (6.9%) |
| |||||||
The Coca-Cola Co. | 13,364 | 749 | ||||||
Conagra Brands, Inc. | 316,309 | 10,321 | ||||||
Constellation Brands, Inc. - Class A | 1,600 | 367 | ||||||
Kimberly-Clark Corp. | 84,411 | 9,499 | ||||||
Mondelez International, Inc. | 15,500 | 850 | ||||||
Philip Morris International, Inc. | 117,116 | 9,722 | ||||||
Tyson Foods, Inc. - Class A | 95,038 | 6,266 | ||||||
Walmart, Inc. | 45,412 | 5,890 | ||||||
Total |
| 43,664 | ||||||
Energy (7.8%) |
| |||||||
Chevron Corp. | 9,599 | 1,379 | ||||||
Enbridge, Inc. | 44,291 | 1,643 | ||||||
EOG Resources, Inc. | 67,123 | 7,500 | ||||||
Exxon Mobil Corp. | 98,535 | 8,603 | ||||||
Hess Corp. | 43,700 | 4,763 | ||||||
Targa Resources Corp. | 5,189 | 313 | ||||||
TC Energy Corp. | 213,093 | 8,586 | ||||||
TotalEnergies SE, ADR | 355,141 | 16,521 | ||||||
The Williams Cos., Inc. | 15,000 | 429 | ||||||
Total |
| 49,737 | ||||||
Financials (20.8%) |
| |||||||
American International Group, Inc. | 289,684 | 13,754 |
Common Stocks (97.3%) | Shares/ Par + | Value $ (000’s) | ||||||
Financials continued |
| |||||||
Apollo Global Management, Inc. | 23,864 | 1,110 | ||||||
Bank of America Corp. | 96,299 | 2,908 | ||||||
The Charles Schwab Corp. | 48,627 | 3,495 | ||||||
Chubb, Ltd. | 66,498 | 12,095 | ||||||
Citigroup, Inc. | 81,511 | 3,397 | ||||||
Equitable Holdings, Inc. | 383,636 | 10,109 | ||||||
Fifth Third Bancorp | 202,573 | 6,474 | ||||||
Franklin Resources, Inc. | 23,486 | 506 | ||||||
The Goldman Sachs Group, Inc. | 30,780 | 9,020 | ||||||
The Hartford Financial Services Group, Inc. | 78,056 | 4,835 | ||||||
Huntington Bancshares, Inc. | 656,771 | 8,656 | ||||||
JPMorgan Chase & Co. | 37,859 | 3,956 | ||||||
Loews Corp. | 122,920 | 6,126 | ||||||
Marsh & McLennan Cos., Inc. | 2,456 | 367 | ||||||
MetLife, Inc. | 151,948 | 9,235 | ||||||
Morgan Stanley | 62,858 | 4,966 | ||||||
The PNC Financial Services Group, Inc. | 13,457 | 2,011 | ||||||
Raymond James Financial, Inc. | 5,073 | 501 | ||||||
Simon Property Group, Inc. | 3,600 | 323 | ||||||
State Street Corp. | 112,969 | 6,870 | ||||||
Wells Fargo & Co. | 528,101 | 21,240 | ||||||
Total |
| 131,954 | ||||||
Health Care (17.5%) |
| |||||||
AbbVie, Inc. | 85,984 | 11,540 | ||||||
AstraZeneca PLC, ADR | 58,999 | 3,235 | ||||||
Becton Dickinson and Co. | 44,899 | 10,005 | ||||||
Biogen, Inc. * | 7,303 | 1,950 | ||||||
Cardinal Health, Inc. | 60,875 | 4,059 | ||||||
Centene Corp. * | 54,449 | 4,237 | ||||||
Cigna Corp. | 25,781 | 7,153 | ||||||
CVS Health Corp. | 98,016 | 9,348 | ||||||
Elevance Health, Inc. | 31,897 | 14,489 | ||||||
GSK PLC | 11,339 | 165 | ||||||
Johnson & Johnson | 69,436 | 11,343 | ||||||
Medtronic PLC | 88,060 | 7,111 | ||||||
Merck & Co., Inc. | 61,305 | 5,280 | ||||||
Pfizer, Inc. | 186,231 | 8,149 | ||||||
Sanofi | 146,009 | 5,551 | ||||||
Viatris, Inc. | 135,400 | 1,154 | ||||||
Zimmer Biomet Holdings, Inc. | 58,353 | 6,101 | ||||||
Total |
| 110,870 |
Common Stocks (97.3%) | Shares/ Par + | Value $ (000’s) | ||||||
Industrials (9.9%) |
| |||||||
3M Co. | 9,500 | 1,050 | ||||||
The Boeing Co. * | 35,137 | 4,254 | ||||||
Cummins, Inc. | 7,167 | 1,459 | ||||||
Flowserve Corp. | 20,675 | 502 | ||||||
General Electric Co. | 245,796 | 15,217 | ||||||
L3Harris Technologies, Inc. | 51,572 | 10,718 | ||||||
PACCAR, Inc. | 25,401 | 2,126 | ||||||
Siemens AG, ADR | 107,390 | 5,257 | ||||||
Southwest Airlines Co. * | 67,700 | 2,088 | ||||||
Stanley Black & Decker, Inc. | 39,727 | 2,988 | ||||||
Stericycle, Inc. * | 91,570 | 3,856 | ||||||
United Parcel Service, Inc. - Class B | 82,976 | 13,404 | ||||||
Total |
| 62,919 | ||||||
Information Technology (7.1%) |
| |||||||
Accenture PLC - Class A | 2,400 | 617 | ||||||
Applied Materials, Inc. | 52,971 | 4,340 | ||||||
Cisco Systems, Inc. | 64,319 | 2,573 | ||||||
Fiserv, Inc. * | 56,947 | 5,329 | ||||||
Microsoft Corp. | 36,162 | 8,422 | ||||||
NXP Semiconductors NV | 7,358 | 1,085 | ||||||
QUALCOMM, Inc. | 126,370 | 14,277 | ||||||
TE Connectivity, Ltd. | 16,473 | 1,818 | ||||||
Texas Instruments, Inc. | 43,216 | 6,689 | ||||||
Total |
| 45,150 | ||||||
Materials (4.9%) |
| |||||||
Akzo Nobel NV, ADR | 52,334 | 993 | ||||||
CF Industries Holdings, Inc. | 153,316 | 14,757 | ||||||
DuPont de Nemours, Inc. | 4,985 | 251 | ||||||
International Flavors & Fragrances, Inc. | 45,048 | 4,092 | ||||||
International Paper Co. | 283,579 | 8,989 | ||||||
RPM International, Inc. | 21,425 | 1,785 | ||||||
Total |
| 30,867 | ||||||
Real Estate (4.2%) |
| |||||||
Equity Residential | 155,272 | 10,437 | ||||||
Rayonier, Inc. | 171,520 | 5,141 | ||||||
Vornado Realty Trust | 22,600 | 524 | ||||||
Welltower, Inc. | 18,150 | 1,167 | ||||||
Weyerhaeuser Co. | 340,120 | 9,714 | ||||||
Total |
| 26,983 | ||||||
Utilities (8.5%) |
| |||||||
Ameren Corp. | 53,918 | 4,343 | ||||||
Dominion Energy, Inc. | 107,025 | 7,396 | ||||||
NextEra Energy, Inc. | 24,696 | 1,936 |
Equity Income Portfolio
Common Stocks (97.3%) | Shares/ Par + | Value $ (000’s) | ||||||
Utilities continued |
| |||||||
NiSource, Inc. | 190,946 | 4,810 | ||||||
PG&E Corp. * | 59,424 | 743 | ||||||
Sempra Energy | 92,995 | 13,944 | ||||||
The Southern Co. | 299,940 | 20,396 | ||||||
Xcel Energy, Inc. | 10,121 | 648 | ||||||
Total | 54,216 | |||||||
Total Common Stocks |
| 618,020 | ||||||
Preferred Stocks (0.3%) | ||||||||
Utilities (0.3%) | ||||||||
NiSource, Inc., 7.750% | 21,078 | 2,120 | ||||||
Total | 2,120 | |||||||
Total Preferred Stocks |
| 2,120 | ||||||
Convertible Preferred Stocks (1.0%) | ||||||||
Health Care (0.4%) |
| |||||||
Becton Dickinson and Co., 6.000% 6/1/23 | 53,493 | 2,522 | ||||||
Total | 2,522 | |||||||
Utilities (0.6%) |
| |||||||
NextEra Energy, Inc., 6.926% 8/28/25 | 28,779 | 1,324 | ||||||
NextEra Energy, Inc., 5.279% 3/1/23 | 49,295 | 2,454 | ||||||
Total | 3,778 | |||||||
Total Convertible Preferred Stocks (Cost: $6,482) |
| 6,300 | ||||||
Short-Term Investments (1.2%) | ||||||||
Money Market Funds (1.2%) |
| |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class 2.940% # | 7,631,031 | 7,631 | ||||||
Total | 7,631 | |||||||
Total Short-Term Investments |
| 7,631 | ||||||
Total Investments (99.8%) |
| 634,071 | ||||||
Other Assets, Less Liabilities (0.2%) |
| 968 | ||||||
Net Assets (100.0%) |
| 635,039 |
+ | All par is stated in U.S. Dollar unless otherwise noted. |
* | Non income producing |
Equity Income Portfolio
# | 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 $570,763 and the net unrealized appreciation of investments based on that cost was $63,308 which is comprised of $109,028 aggregate gross unrealized appreciation and $45,720 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. |
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 | |||||||||||
| ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Assets: | ||||||||||||||
Preferred Stocks | $ | 2,120 | $ | — | $ | — | ||||||||
Common Stocks | ||||||||||||||
Health Care | 110,705 | 165 | — | |||||||||||
All Others | 507,150 | — | — | |||||||||||
Convertible Preferred Stocks | 6,300 | — | — | |||||||||||
Short-Term Investments | 7,631 | — | — | |||||||||||
|
| |||||||||||||
Total Assets: | $ | 633,906 | $ | 165 | $ | — | ||||||||
|
|
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 |