NPORT-EX 2 NPORT_NWA2_58841473_0324.htm HTML

Large Cap Core Stock Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

 

Common Stocks

(99.4%)

    Shares/
Par + 		    

Value

$ (000’s)

  

Communication Services (9.3%)

 

Alphabet, Inc. - Class A *

      219,389        33,112  

Meta Platforms, Inc. - Class A

      24,660        11,974  

Netflix, Inc. *

      10,740        6,523  

Omnicom Group, Inc.

      46,574        4,506  

Spotify Technology SA *

      13,265        3,501  

T-Mobile US, Inc.

      50,212        8,196  
     

 

 

  

Total

         67,812  
     

 

 

  

Consumer Discretionary (11.0%)

 

Amazon.com, Inc. *

      229,294        41,360  

AutoZone, Inc. *

      1,646        5,188  

Chipotle Mexican Grill, Inc. *

      2,775        8,066  

DoorDash, Inc. - Class A *

      41,260        5,682  

Lennar Corp. - Class A

      29,089        5,003  

Marriott International, Inc. - Class A

      14,638        3,693  

The TJX Cos., Inc.

      112,566        11,417  
     

 

 

  

Total

         80,409  
     

 

 

  

Consumer Staples (4.2%)

 

Constellation Brands, Inc. - Class A

      25,020        6,799  

Haleon PLC

      541,685        4,599  

Monster Beverage Corp. *

      163,716        9,705  

Philip Morris International, Inc.

      101,409        9,291  
     

 

 

  

Total

         30,394  
     

 

 

  

Energy (5.0%)

 

EQT Corp.

      34,900        1,294  

Exxon Mobil Corp.

      135,127        15,707  

Marathon Petroleum Corp.

      31,106        6,268  

Schlumberger, Ltd.

      39,434        2,161  

Shell PLC

      127,545        8,551  

Targa Resources Corp.

      23,188        2,597  
     

 

 

  

Total

         36,578  
     

 

 

  

Financials (14.5%)

 

American Express Co.

      20,439        4,654  

American International Group, Inc.

      59,705        4,667  

Arch Capital Group, Ltd. *

      37,965        3,510  

Ares Management Corp. - Class A

      59,823        7,955  

Berkshire Hathaway, Inc. - Class B *

      34,253        14,404  

Block, Inc. - Class A *

      64,395        5,447  

Corpay, Inc. *

      12,995        4,009  

Common Stocks

(99.4%)

    Shares/
Par + 		    

Value

$ (000’s)

  

Financials continued

 

Everest Re Group, Ltd.

      13,410        5,330  

Global Payments, Inc.

      33,727        4,508  

JPMorgan Chase & Co.

      82,166        16,458  

KKR & Co., Inc.

      57,451        5,778  

Marsh & McLennan Cos., Inc.

      12,519        2,579  

PayPal Holdings, Inc. *

      38,618        2,587  

The Progressive Corp.

      20,178        4,173  

S&P Global, Inc.

      9,392        3,996  

Simon Property Group, Inc.

      13,548        2,120  

Visa, Inc. - Class A

      19,221        5,364  

Wells Fargo & Co.

      138,143        8,007  
     

 

 

  

Total

         105,546  
     

 

 

  

Health Care (13.7%)

 

Abbott Laboratories

      11,669        1,326  

AbbVie, Inc.

      38,571        7,024  

Agilent Technologies, Inc.

      18,922        2,753  

Alnylam Pharmaceuticals, Inc. *

      3,862        577  

Amgen, Inc.

      1,407        400  

AstraZeneca PLC, ADR

      35,961        2,436  

Biogen, Inc. *

      3,839        828  

Boston Scientific Corp. *

      66,544        4,558  

Cencora, Inc.

      20,343        4,943  

Centene Corp. *

      32,926        2,584  

Danaher Corp.

      24,024        5,999  

Dexcom, Inc. *

      21,756        3,018  

Edwards Lifesciences Corp. *

      36,377        3,476  

Elevance Health, Inc.

      6,630        3,438  

Eli Lilly & Co.

      16,696        12,989  

Gilead Sciences, Inc.

      7,124        522  

GSK PLC, ADR

      49,636        2,128  

HCA Healthcare, Inc.

      10,006        3,337  

Humana, Inc.

      4,349        1,508  

Illumina, Inc. *

      10,195        1,400  

Intuitive Surgical, Inc. *

      6,466        2,580  

Laboratory Corp. of America Holdings

      7,020        1,534  

Merck & Co., Inc.

      71,327        9,412  

Moderna, Inc. *

      2,685        286  

Molina Healthcare, Inc. *

      4,345        1,785  

Novartis AG, ADR

      15,370        1,487  

Regeneron Pharmaceuticals, Inc. *

      2,190        2,108  

Stryker Corp.

      8,664        3,101  

Thermo Fisher Scientific, Inc.

      1,132        658  

Common Stocks

(99.4%)

    Shares/
Par + 		    

Value

$ (000’s)

  

Health Care continued

 

UnitedHealth Group, Inc.

      13,013        6,437  

Vertex Pharmaceuticals, Inc. *

      5,716        2,389  

Zoetis, Inc.

      16,957        2,869  
     

 

 

  

Total

         99,890  
     

 

 

  

Industrials (8.6%)

 

AerCap Holdings NV *

      18,531        1,611  

The Boeing Co. *

      15,967        3,081  

Builders FirstSource, Inc. *

      19,715        4,112  

C.H. Robinson Worldwide, Inc.

      55,110        4,196  

Clean Harbors, Inc. *

      12,685        2,554  

Dayforce, Inc. *

      50,176        3,322  

Deere & Co.

      510        209  

Delta Air Lines, Inc.

      151,185        7,237  

Emerson Electric Co.

      13,769        1,562  

Equifax, Inc.

      6,662        1,782  

Fortive Corp.

      54,220        4,664  

General Dynamics Corp.

      26,318        7,435  

Ingersoll-Rand, Inc.

      27,253        2,588  

Jacobs Solutions, Inc.

      10,248        1,575  

Johnson Controls International PLC

      18,464        1,206  

PACCAR, Inc.

      25,200        3,122  

RTX Corp.

      21,606        2,107  

Trane Technologies PLC

      5,629        1,690  

Uber Technologies, Inc. *

      78,397        6,036  

Waste Connections, Inc.

      14,673        2,524  
     

 

 

  

Total

         62,613  
     

 

 

  

Information Technology (26.8%)

 

Adobe, Inc. *

      26,009        13,124  

Advanced Micro Devices, Inc. *

      76,809        13,863  

Apple, Inc.

      138,594        23,766  

Atlassian Corp. - Class A *

      21,603        4,215  

First Solar, Inc. *

      6,833        1,153  

HubSpot, Inc. *

      8,706        5,455  

Intuit, Inc.

      16,096        10,462  

KLA Corp.

      8,949        6,252  

Marvell Technology, Inc.

      50,416        3,574  

Micron Technology, Inc.

      52,429        6,181  

Microsoft Corp.

      139,472        58,679  

NVIDIA Corp.

      26,718        24,141  

ServiceNow, Inc. *

      14,099        10,749  
 

 

1

Large Cap Core Stock Portfolio

 

Common Stocks

(99.4%)

   

Shares/

Par +

    

Value

$ (000’s)

  

Information Technology continued

 

Synopsys, Inc. *

      9,590        5,481  

Texas Instruments, Inc.

      44,550        7,761  
     

 

 

  

Total

         194,856  
     

 

 

  

Materials (2.4%)

 

Ball Corp.

      17,875        1,204  

Celanese Corp. - Class A

      23,302        4,005  

Crown Holdings, Inc.

      13,913        1,103  

FMC Corp.

      34,673        2,208  

Linde PLC

      12,760        5,925  

PPG Industries, Inc.

      19,206        2,783  
     

 

 

  

Total

         17,228  
     

 

 

  

Real Estate (1.6%)

 

CBRE Group, Inc. - Class A *

      39,790        3,869  

CoStar Group, Inc. *

      14,049        1,357  

Equinix, Inc.

      3,794        3,131  

Welltower, Inc.

      37,785        3,531  
     

 

 

  

Total

         11,888  
     

 

 

  

Utilities (2.3%)

 

Atmos Energy Corp.

      21,179        2,517  

Constellation Energy Corp.

      6,396        1,182  

Edison International

      49,535        3,504  

Exelon Corp.

      51,307        1,928  

NextEra Energy, Inc.

      47,914        3,062  

PG&E Corp.

      265,098        4,443  
     

 

 

  

Total

         16,636  
     

 

 

  

Total Common Stocks
(Cost: $540,670)

 

      723,850  
     

 

 

  

Total Investments (99.4%)
(Cost: $540,670)@

 

      723,850  
     

 

 

  

Other Assets, Less
Liabilities (0.6%)

 

      4,401  
     

 

 

  

Net Assets (100.0%)

 

      728,251  
     

 

 

  

 

 

 

 

+

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

*

Non income producing

@

At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $540,670 and the net unrealized appreciation of investments based on that cost was $183,180 which is comprised of $192,930 aggregate gross unrealized appreciation and $9,750 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.

 

2

Large Cap Core 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 March 31, 2024.

 

          Valuation Inputs         
  

 

  
Description         

Level 1 - Quoted

Prices

     

Level 2 - Other

Significant

Observable Inputs

     

Level 3  

- Significant  
Unobservable  
Inputs  

  
        (Amounts in thousands)    

Assets:

            

Common Stocks

        $ 723,850       $ —      $ —  
     

 

 

  

Total Assets:

        $ 723,850       $ —      $ —  
     

 

 

  

 

3

Abbreviations (unaudited)

 

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.

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

IBOR

    Interbank Offered Rate

LIBOR

    London Interbank Offered Rate

SOFR

    Secured Overnight Financing Rate

ICE

    Intercontinental Exchange

FTSE

    Financial Times Stock Exchange

SONIA

    Sterling Overnight Index Average Rate

SONIO

    Sterling Overnight Interbank Average Rate

MUTKCALM

    Bank of Japan Unsecured Overnight Call Rate

DAC

    Designated Activity Company

TBA

    To Be Announced

CMT

    Constant Maturity Treasury

OIS

    Overnight Index Swaps

BBR

    Bank Bill Rate

BBSW

    Bank Bill Swap Reference Rate

BONCER

    National Treasury Bond in Pesos with Adjustment for CER

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

KRW

    South Korean Won

MXN

    Mexican New Peso

NOK

    Norwegian Krone

PEN

    Peruvian Sol

RUB

    Russian Ruble

SAR

    Saudi Riyal

SEK

    Swedish Krona

SGD

    Singapore Dollar

THB

    Thai Baht

TRY

    Turkish Lira

TWD

    Taiwan Dollar

USD

    United States Dollar

ZAR

    South African Rand

 

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