| SCHEDULE OF INVESTMENTS | ||||
| Science and Technology (in thousands) | MARCH 31, 2021 (UNAUDITED) | |||
| COMMON STOCKS | Shares | Value | ||||||||||
| ||||||||||||
Communication Services |
| |||||||||||
Interactive Media & Services – 13.9% |
| |||||||||||
Alphabet, Inc., Class A(A) |
| 9 | $19,027 | |||||||||
Alphabet, Inc., Class C(A) |
| 9 | 19,007 | |||||||||
Facebook, Inc., Class A(A) |
| 148 | 43,727 | |||||||||
IAC/InterActiveCorp(A) |
| 25 | 5,479 | |||||||||
Snap, Inc., Class A(A) |
| 39 | 2,056 | |||||||||
Tencent Holdings Ltd.(B) |
| 55 | 4,308 | |||||||||
|
| |||||||||||
| 93,604 | ||||||||||||
|
| |||||||||||
| Total Communication Services - 13.9% |
| 93,604 | ||||||||||
| ||||||||||||
Consumer Discretionary |
| |||||||||||
Internet & Direct Marketing Retail – 6.2% |
| |||||||||||
Alibaba Group Holding Ltd. ADR(A) |
| 74 | 16,862 | |||||||||
Amazon.com, Inc.(A) |
| 8 | 25,205 | |||||||||
|
| |||||||||||
| 42,067 | ||||||||||||
|
| |||||||||||
Specialized Consumer Services – 0.3% |
| |||||||||||
Uber Technologies, Inc.(A) |
| 32 | 1,744 | |||||||||
|
| |||||||||||
| Total Consumer Discretionary - 6.5% |
| 43,811 | ||||||||||
| ||||||||||||
Health Care |
| |||||||||||
Biotechnology – 7.2% |
| |||||||||||
CRISPR Therapeutics |
| 58 | 7,022 | |||||||||
Ionis Pharmaceuticals, |
| 104 | 4,667 | |||||||||
Moderna, Inc.(A) |
| 134 | 17,603 | |||||||||
Vertex Pharmaceuticals, Inc.(A) |
| 90 | 19,379 | |||||||||
|
| |||||||||||
| 48,671 | ||||||||||||
|
| |||||||||||
Health Care Technology – 4.0% |
| |||||||||||
Cerner Corp. |
| 276 | 19,872 | |||||||||
Teladoc Health, Inc.(A) |
| 37 | 6,690 | |||||||||
|
| |||||||||||
| 26,562 | ||||||||||||
|
| |||||||||||
Total Health Care - 11.2% |
| 75,233 | ||||||||||
| ||||||||||||
Industrials |
| |||||||||||
Trucking – 0.4% |
| |||||||||||
Lyft, Inc., Class A(A) |
| 40 | 2,496 | |||||||||
|
| |||||||||||
Total Industrials - 0.4% |
| 2,496 | ||||||||||
| ||||||||||||
Information Technology |
| |||||||||||
Application Software – 10.1% |
| |||||||||||
ACI Worldwide, Inc.(A) |
| 587 | 22,322 | |||||||||
Aspen Technology, Inc.(A) |
| 204 | 29,440 | |||||||||
NVIDIA Corp. |
| 17 | 9,281 | |||||||||
salesforce.com, Inc.(A) |
| 33 | 7,051 | |||||||||
|
| |||||||||||
| 68,094 | ||||||||||||
|
| |||||||||||
Data Processing & Outsourced Services – 7.1% |
| |||||||||||
Euronet Worldwide, Inc.(A) |
| 124 | 17,177 | |||||||||
MasterCard, Inc., Class A |
| 9 | 3,241 | |||||||||
TELUS International, |
| 128 | 3,592 | |||||||||
WNS (Holdings) Ltd. |
| 323 | 23,433 | |||||||||
|
| |||||||||||
| 47,443 | ||||||||||||
|
| |||||||||||
Electronic Equipment & Instruments – 0.7% |
| |||||||||||
Keysight Technologies, |
| 32 | 4,547 | |||||||||
|
| |||||||||||
IT Consulting & Other Services – 0.6% |
| |||||||||||
Cognizant Technology Solutions Corp., Class A |
| 54 | 4,208 | |||||||||
|
| |||||||||||
Semiconductor Equipment – 4.9% |
| |||||||||||
ASML Holding N.V., NY Registry Shares |
| 54 | 33,177 | |||||||||
|
| |||||||||||
Semiconductors – 24.4% |
| |||||||||||
Infineon Technologies |
| 558 | 23,650 | |||||||||
Intel Corp. |
| 161 | 10,302 | |||||||||
Microchip Technology, Inc. |
| 80 | 12,414 | |||||||||
Micron Technology, Inc.(A) |
| 506 | 44,604 | |||||||||
ON Semiconductor Corp.(A) |
| 200 | 8,324 | |||||||||
QUALCOMM, Inc. |
| 155 | 20,608 | |||||||||
Semtech Corp.(A) |
| 92 | 6,357 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
| 117 | 13,829 | |||||||||
Universal Display Corp. |
| 104 | 24,611 | |||||||||
|
| |||||||||||
| 164,699 | ||||||||||||
|
| |||||||||||
Systems Software – 11.1% |
| |||||||||||
Microsoft Corp. |
| 281 | 66,319 | |||||||||
ServiceNow, Inc.(A) |
| 17 | 8,709 | |||||||||
|
| |||||||||||
| 75,028 | ||||||||||||
|
| |||||||||||
Technology Hardware, Storage & Peripherals – 7.2% |
| |||||||||||
Apple, Inc. |
| 314 | 38,306 | |||||||||
Samsung Electronics Co. Ltd.(B) |
| 140 | 10,074 | |||||||||
|
| |||||||||||
| 48,380 | ||||||||||||
|
| |||||||||||
| Total Information Technology - 66.1% |
| 445,576 | ||||||||||
| ||||||||||||
Materials |
| |||||||||||
Fertilizers & Agricultural Chemicals – 0.4% |
| |||||||||||
Marrone Bio Innovations, Inc.(A) |
| 1,280 | 2,674 | |||||||||
|
| |||||||||||
Total Materials - 0.4% |
| 2,674 | ||||||||||
| ||||||||||||
Real Estate |
| |||||||||||
Specialized REITs – 0.8% |
| |||||||||||
QTS Realty Trust, Inc., Class A |
| 80 | 4,993 | |||||||||
|
| |||||||||||
Total Real Estate - 0.8% |
| 4,993 | ||||||||||
| ||||||||||||
TOTAL COMMON STOCKS – 99.3% |
| $668,387 | ||||||||||
| ||||||||||||
(Cost: $273,454) |
| |||||||||||
| WARRANTS | ||||||||||||
| ||||||||||||
Fertilizers & Agricultural Chemicals – 0.0% |
| |||||||||||
Marrone Bio Innovations, Inc., expires 12-15-21(C)(D) |
| 32 | 43 | |||||||||
|
| |||||||||||
TOTAL WARRANTS – 0.0% |
| $43 | ||||||||||
| ||||||||||||
(Cost: $—) |
| |||||||||||
| PURCHASED OPTIONS | Number of Contracts (Unrounded) | Notional Amount | ||||||||||
| ||||||||||||
Cognizant Technology Solutions Corp., Class A, | ||||||||||||
Call $85.00, Expires 4-16-21, OTC (Ctrpty: Morgan Stanley & Co., Inc.) | 440 | 44 | 4 | |||||||||
Intel Corp., | ||||||||||||
Call $67.50, Expires 6-18-21, OTC (Ctrpty: JPMorgan Chase Bank N.A.) | 1,121 | 112 | 253 | |||||||||
|
| |||||||||||
TOTAL PURCHASED OPTIONS – 0.0% |
| $257 | ||||||||||
| ||||||||||||
(Cost: $499) |
| |||||||||||
| CORPORATE DEBT SECURITIES | Principal | |||||||||||
| ||||||||||||
Materials |
| |||||||||||
Fertilizers & Agricultural Chemicals – 0.0% |
| |||||||||||
Marrone Bio Innovations, Inc., 8.000%, 12-31-22(C) |
| $288 | 297 | |||||||||
|
| |||||||||||
Total Materials - 0.0% |
| 297 | ||||||||||
| ||||||||||||
TOTAL CORPORATE DEBT SECURITIES – 0.0% |
| $297 | ||||||||||
| ||||||||||||
(Cost: $288) |
| |||||||||||
| SHORT-TERM SECURITIES | Shares | |||||||||||
| ||||||||||||
Money Market Funds(E) - 0.4% |
| |||||||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.040% |
| 2,647 | 2,647 | |||||||||
|
| |||||||||||
TOTAL SHORT-TERM SECURITIES – 0.4% |
| $2,647 | ||||||||||
| ||||||||||||
(Cost: $2,647) |
| |||||||||||
TOTAL INVESTMENT SECURITIES – 99.7% |
| $671,631 | ||||||||||
| ||||||||||||
(Cost: $276,888) |
| |||||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3% |
| 2,324 | ||||||||||
| ||||||||||||
NET ASSETS – 100.0% |
| $673,955 | ||||||||||
| ||||||||||||
Notes to Schedule of Investments
(A) No dividends were paid during the preceding 12 months.
(B) Listed on an exchange outside the United States.
(C) Restricted securities. At March 31, 2021, the Portfolio owned the following restricted securities:
| Security | Acquisition Date(s) | Principal | Cost | Value | ||||||||||||
Marrone Bio Innovations, Inc., 8.000%, 12-31-22 | 8-20-15 | $288 | $ | 288 | $ | 297 | ||||||||||
| Shares | ||||||||||||||||
Marrone Bio Innovations, Inc., expires 12-15-21 | 5-1-20 | 32 | $ | – | $ | 43 | ||||||||||
|
| |||||||||||||||
| $ | 288 | $ | 340 | |||||||||||||
|
| |||||||||||||||
The total value of these securities represented 0.1% of net assets at March 31, 2021.
| (D) | Warrants entitle the Portfolio to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. |
| (E) | Rate shown is the annualized 7-day yield at March 31, 2021. |
The following written options were outstanding at March 31, 2021 (contracts and exercise prices unrounded):
| Underlying Security | Counterparty, if OTC | Type | Number of Contracts | Notional Amount | Expiration Month | Exercise Price | Premium Received | Value | ||||||||||||||||||||||
Cognizant Technology Solutions Corp., Class A | Morgan Stanley & Co., Inc. | Put | 440 | 44 | April 2021 | $72.50 | $86 | $(9) | ||||||||||||||||||||||
Intel Corp. | JPMorgan Chase Bank N.A. | Put | 1,121 | 112 | June 2021 | 55.00 | 262 | (103) | ||||||||||||||||||||||
| JPMorgan Chase Bank N.A. | Call | 1,121 | 112 | June 2021 | 85.00 | 62 | (20) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| $410 | $(132) | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Portfolio.
An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:
• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.
• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.
• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of March 31, 2021:
| Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 668,387 | $ | — | $ | — | ||||||
Warrants | — | 43 | — | |||||||||
Purchased Options | — | 257 | — | |||||||||
Corporate Debt Securities | — | 297 | — | |||||||||
Short-Term Securities | 2,647 | — | — | |||||||||
|
| |||||||||||
Total | $ | 671,034 | $ | 597 | $ | — | ||||||
|
| |||||||||||
Liabilities | ||||||||||||
Written Options | $ | — | $ | 132 | $ | — | ||||||
|
| |||||||||||
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
OTC = Over the Counter
REIT = Real Estate Investment Trust
For Federal income tax purposes, cost of investments owned at March 31, 2021 and the related unrealized appreciation (depreciation) were as follows:
Cost | $276,888 | |||
|
| |||
Gross unrealized appreciation | 396,751 | |||
Gross unrealized depreciation | (2,008) | |||
|
| |||
Net unrealized appreciation | $394,743 | |||