NPORT-EX 2 NPORT_NWA3_34945531_0324.htm HTML

Small Cap Growth Stock Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

 

Common Stocks

(99.0%)

   

Shares/

Par +

    

Value

$ (000’s)

  

Communication Services (1.0%)

 

Eventbright, Inc. - Class A *

      475,921        2,608  

ZoomInfo Technologies, Inc. *

      283,938        4,552  
     

 

 

  

Total

         7,160  
     

 

 

  

Consumer Discretionary (12.6%)

 

Abercrombie & Fitch Co. *

      31,657        3,968  

Boot Barn Holdings, Inc. *

      67,053        6,380  

Cavco Industries, Inc. *

      12,900        5,148  

Century Communities, Inc.

      59,029        5,696  

Chewy, Inc. - Class A *

      231,179        3,678  

Crocs, Inc. *

      30,411        4,373  

Duolingo, Inc. *

      18,983        4,187  

Etsy, Inc. *

      66,987        4,603  

European Wax Center, Inc. - Class A *

      334,244        4,339  

The Goodyear Tire & Rubber Co. *

      329,449        4,523  

Patrick Industries, Inc.

      20,197        2,413  

PVH Corp.

      41,293        5,806  

SharkNinja, Inc.

      104,195        6,490  

Smith Douglas Homes Corp. *

      39,827        1,183  

Texas Roadhouse, Inc.

      21,331        3,295  

VF Corp.

      258,578        3,967  

Visteon Corp. *

      68,620        8,071  

Wingstop, Inc.

      7,758        2,843  

Wyndham Hotels & Resorts, Inc.

      83,831        6,434  

YETI Holdings, Inc. *

      115,730        4,461  
     

 

 

  

Total

         91,858  
     

 

 

  

Consumer Staples (3.2%)

 

BellRing Brands, Inc. *

      70,835        4,181  

e.l.f. Beauty, Inc. *

      56,722        11,119  

Freshpet, Inc. *

      71,102        8,238  
     

 

 

  

Total

         23,538  
     

 

 

  

Energy (4.5%)

 

Cactus, Inc. - Class A

      79,857        4,000  

Gulfport Energy Corp. *

      27,767        4,446  

Helmerich & Payne, Inc.

      98,303        4,135  

Magnolia Oil & Gas Corp. - Class A

      71,874        1,865  

Oasis Petroleum, Inc.

      27,384        4,881  

SM Energy Co.

      112,063        5,586  

Weatherford International PLC *

      70,617        8,151  
     

 

 

  

Total

         33,064  
     

 

 

  

Common Stocks

(99.0%)

   

Shares/

Par +

    

Value

$ (000’s)

  

Financials (5.5%)

 

MGIC Investment Corp.

      111,761        2,499  

Remitly Global, Inc. *

      216,802        4,496  

Selective Insurance Group, Inc.

      37,932        4,141  

StepStone Group, Inc. - Class A

      168,835        6,034  

Stifel Financial Corp.

      90,963        7,111  

Synovus Financial Corp.

      93,159        3,732  

Triumph Financial, Inc. *

      55,462        4,399  

WEX, Inc. *

      31,013        7,367  
     

 

 

  

Total

         39,779  
     

 

 

  

Health Care (21.4%)

 

Akero Therapeutics, Inc. *

      96,068        2,427  

Alkermes PLC *

      223,691        6,055  

Amicus Therapeutics, Inc. *

      234,763        2,766  

Apogee Therapeutics, Inc. *

      51,113        3,396  

Arcturus Therapeutics Holdings, Inc. *

      43,137        1,457  

AtriCure, Inc. *

      110,647        3,366  

Avidity Biosciences, Inc. *

      42,531        1,085  

Axsome Therapeutics, Inc. *

      48,689        3,885  

Blueprint Medicines Corp. *

      57,732        5,476  

Boundless Bio, Inc. *

      44,762        638  

BridgeBio Pharma, Inc. *

      62,255        1,925  

Cabaletta Bio, Inc. *

      72,766        1,241  

Celldex Therapeutics, Inc. *

      90,469        3,797  

Crinetics Pharmaceuticals, Inc. *

      95,330        4,462  

Cytek Biosciences, Inc. *

      285,438        1,915  

Cytokinetics, Inc. *

      73,377        5,144  

Denali Therapeutics, Inc. *

      101,689        2,087  

Encompass Health Corp.

      103,865        8,577  

Ensign Group, Inc.

      80,266        9,987  

Geron Corp. *

      1,107,076        3,653  

Haemonetics Corp. *

      104,904        8,954  

HealthEquity, Inc. *

      93,356        7,621  

Inspire Medical

      

Systems, Inc. *

      20,073        4,312  

Intellia Therapeutics, Inc. *

      32,577        896  

Common Stocks

(99.0%)

   

Shares/

Par +

    

Value

$ (000’s)

  

Health Care continued

 

Intra-Cellular Therapies, Inc. *

      87,691        6,068  

Ionis Pharmaceuticals, Inc. *

      73,127        3,170  

iRhythm Technologies, Inc. *

      47,852        5,551  

Kymera Therapeutics, Inc. *

      63,533        2,554  

Kyverna Therapeutics, Inc. *

      36,213        900  

MoonLake

      19,830        996  

Morphic Holding, Inc. *

      62,343        2,195  

Nuvalent, Inc. - Class A *

      14,522        1,090  

Option Care Health, Inc. *

      188,450        6,321  

Prothena Corp. PLC *

      53,522        1,326  

QuidelOrtho Corp. *

      26,583        1,274  

RadNet, Inc. *

      154,911        7,538  

Revolution Medicines, Inc. *

      152,888        4,928  

Rocket Pharmaceuticals, Inc. *

      127,142        3,425  

Structure Therapeutics, Inc., ADR *

      41,759        1,790  

Ultragenyx Pharmaceutical, Inc. *

      60,320        2,816  

Vaxcyte, Inc. *

      103,362        7,061  

Veracyte, Inc. *

      92,778        2,056  
     

 

 

  

Total

 

      156,181  
     

 

 

  

Industrials (20.7%)

 

Applied Industrial Technologies, Inc.

      52,982        10,467  

The AZEK Co., Inc. *

      157,667        7,918  

Boise Cascade Co.

      36,853        5,652  

CACI International, Inc. - Class A *

      14,767        5,594  

Casella Waste Systems, Inc. - Class A *

      48,959        4,840  

Chart Industries, Inc. *

      57,236        9,428  

Clean Harbors, Inc. *

      24,081        4,848  

Comfort Systems USA, Inc.

      27,848        8,848  

Dayforce, Inc. *

      36,859        2,440  

ExlService Holdings, Inc. *

      111,869        3,557  

Fluor Corp. *

      195,240        8,255  

FTAI Aviation, Ltd.

      178,127        11,988  

Herc Holdings, Inc.

      9,601        1,616  

Hillman Solutions Corp. *

      710,048        7,555  
 

 

1

Small Cap Growth Stock Portfolio

 

Common Stocks

(99.0%)

    Shares/
Par + 		     Value
$ (000’s)		  

Industrials continued

 

Insperity, Inc.

      19,947        2,186  

John Bean Technologies Corp.

      64,103        6,724  

KBR, Inc.

      79,972        5,091  

NEXTracker, Inc. - Class A *

      121,208        6,820  

Rush Enterprises, Inc. - Class A

      118,409        6,337  

SPX Technologies, Inc. *

      71,693        8,827  

TriNet Group, Inc.

      17,245        2,285  

Verra Mobility Corp. *

      389,935        9,737  

WillScot Mobile Mini Holdings Corp. *

      112,555        5,234  

Zurn Water Solutions Corp.

      144,063        4,822  
     

 

 

  

Total

 

      151,069  
     

 

 

  

Information Technology (24.6%)

 

   

Agilysys, Inc. *

      59,449        5,009  

Alarm.com Holdings, Inc. *

      79,041        5,728  

Altair Engineering, Inc. - Class A *

      66,197        5,703  

AppFolio, Inc. - Class A *

      27,940        6,894  

Axcelis Technologies, Inc. *

      14,758        1,646  

Blackbaud, Inc. *

      94,504        7,006  

Braze, Inc. - Class A *

      53,338        2,363  

CCC Intelligent Solutions Holdings, Inc. *

      297,022        3,552  

Cirrus Logic, Inc. *

      26,978        2,497  

Credo Technology Group Holding, Ltd. *

      124,640        2,641  

DoubleVerify Holdings, Inc. *

      77,719        2,733  

Fabrinet *

      50,554        9,556  

Five9, Inc. *

      36,787        2,285  

FormFactor, Inc. *

      68,871        3,143  

Grid Dynamics Holdings, Inc. *

      243,178        2,989  

Guidewire Software, Inc. *

      39,849        4,651  

Insight Enterprises, Inc. *

      41,369        7,675  

Intapp, Inc. *

      118,824        4,076  

Jamf Holding Corp. *

      201,653        3,700  

Littelfuse, Inc.

      9,798        2,375  

MicroStrategy, Inc. - Class A *

      4,390        7,483  

MKS Instruments, Inc.

      47,624        6,334  

Novanta, Inc. *

      28,060        4,904  

Onto Innovation, Inc. *

      34,720        6,287  

Perficient, Inc. *

      59,747        3,363  

Power Integrations, Inc.

      66,336        4,746  

PowerSchool Holdings, Inc. - Class A *

      150,395        3,202  

Rambus, Inc. *

      72,167        4,461  

Common Stocks

(99.0%)

    Shares/
Par + 		     Value
$ (000’s)		  

Information Technology continued

 

Rapid7, Inc. *

      42,338        2,076  

SMART Global Holdings, Inc. *

      90,084        2,371  

Sprinklr, Inc. - Class A *

      127,907        1,569  

Sprout Social, Inc. - Class A *

      88,913        5,309  

SPS Commerce, Inc. *

      27,486        5,082  

Squarespace, Inc. - Class A *

      187,958        6,849  

Super Micro Computer, Inc. *

      18,657        18,844  

Varonis Systems, Inc. *

      98,404        4,642  

Verint Systems, Inc. *

      137,130        4,546  

Workiva, Inc. *

      15,535        1,317  
     

 

 

  

Total

         179,607  
     

 

 

  

Materials (4.0%)

      

Arcadium Lithium PLC *

      475,527        2,050  

Axalta Coating Systems, Ltd. *

      178,735        6,147  

Cabot Corp.

      106,025        9,775  

FMC Corp.

      76,317        4,861  

Louisiana-Pacific Corp.

      77,040        6,464  
     

 

 

  

Total

         29,297  
     

 

 

  

Real Estate (1.5%)

      

Phillips Edison & Co., Inc.

      161,636        5,798  

Ryman Hospitality Properties, Inc.

      42,440        4,906  
     

 

 

  

Total

         10,704  
     

 

 

  

Total Common Stocks
(Cost: $570,101)

 

      722,257  
     

 

 

  

Total Investments (99.0%)
(Cost: $570,101)@

 

      722,257  
     

 

 

  

Other Assets, Less
Liabilities (1.0%)

 

      7,181  
     

 

 

  

Net Assets (100.0%)

 

      729,438  
     

 

 

  

 

 

 

2

Small Cap Growth Stock Portfolio

 

+

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 $570,101 and the net unrealized appreciation of investments based on that cost was $152,156 which is comprised of $174,789 aggregate gross unrealized appreciation and $22,633 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 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

      $ 722,257      $ —      $ —  
    

 

 

  

Total Assets:

      $ 722,257      $ —      $ —  
    

 

 

  

 

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

 

1