NPORT-EX 2 VMCG.htm VIP MID CAP GROWTH SOI HTML
   SCHEDULE OF INVESTMENTS   
 
   Mid Cap Growth (in thousands)    SEPTEMBER 30, 2020 (UNAUDITED)
     
     

 

COMMON STOCKS    Shares      Value  

Communication Services

 

Interactive Home Entertainment – 2.9%

 

Electronic Arts, Inc.(A)

      129      $ 16,799  
     

 

 

  

Interactive Media & Services – 1.3%

 

Twitter, Inc.(A)

      173        7,704  
     

 

 

  

Total Communication Services -

4.2%

 

 

      24,503  
                   

Consumer Discretionary

      

Apparel, Accessories & Luxury Goods – 2.0%

 

Canada Goose Holdings, Inc.(A)(B)

      130        4,171  

lululemon athletica, Inc.(A)

      23        7,526  
     

 

 

  
        11,697  
     

 

 

  

Auto Parts & Equipment – 1.7%

 

BorgWarner, Inc.

      247        9,564  
     

 

 

  

Department Stores – 0.5%

 

Nordstrom, Inc.(B)

      227        2,707  
     

 

 

  

General Merchandise Stores – 1.7%

 

Dollar Tree, Inc.(A)

      74        6,789  

Ollie’s Bargain Outlet Holdings, Inc.(A)

      37        3,189  
     

 

 

  
        9,978  
     

 

 

  

Restaurants – 3.6%

      

Chipotle Mexican Grill, Inc., Class A(A)

      17        20,881  
     

 

 

  

Specialty Stores – 1.7%

 

Ulta Beauty, Inc.(A)

      45        9,969  
     

 

 

  
Total Consumer Discretionary - 11.2%

 

      64,796  
                   

Consumer Staples

      

Packaged Foods & Meats – 1.3%

 

Hershey Foods Corp.

      54        7,784  
     

 

 

  

Total Consumer Staples - 1.3%

 

      7,784  
                   

Financials

      

Financial Exchanges & Data – 2.9%

 

MarketAxess Holdings, Inc.

      34        16,460  
     

 

 

  

Regional Banks – 3.0%

 

First Republic Bank

      85        9,300  

SVB Financial Group(A)

      34        8,272  
     

 

 

  
        17,572  
     

 

 

  

Total Financials - 5.9%

 

      34,032  
                   

Health Care

      

Biotechnology – 3.3%

 

Genmab A.S. ADR(A)

      191        6,975  

Seattle Genetics, Inc.(A)

      61        12,019  
     

 

 

  
        18,994  
     

 

 

  

Health Care Equipment – 11.4%

 

Abiomed, Inc.(A)

      39        10,806  

DexCom, Inc.(A)

      39        15,952  

Edwards Lifesciences Corp.(A)

      127        10,176  

Envista Holdings Corp.(A)

      191        4,716  

Glaukos Corp.(A)

      89        4,398  

Intuitive Surgical, Inc.(A)

      14        10,043  

Masimo Corp.(A)

      24        5,769  

Tandem Diabetes Care, Inc.(A)

      34        3,895  
     

 

 

  
        65,755  
     

 

 

  

Health Care Services – 2.9%

 

Laboratory Corp. of America
Holdings(A)

      46        8,727  

Teladoc Health, Inc.(A)(B)

      36        7,955  
     

 

 

  
        16,682  
     

 

 

  

Health Care Supplies – 1.7%

Align Technology, Inc.(A)

      11        3,669  

National Vision Holdings, Inc.(A)

      171        6,542  
     

 

 

  
        10,211  
     

 

 

  

Health Care Technology – 1.8%

Cerner Corp.

      143        10,368  
     

 

 

  

Life Sciences Tools & Services – 2.9%

 

10x Genomics, Inc., Class A(A)

      27        3,380  

Agilent Technologies, Inc.

      76        7,642  

TECHNE Corp.

      23        5,711  
     

 

 

  
        16,733  
     

 

 

  

Total Health Care - 24.0%

 

      138,743  
                   

Industrials

      

Building Products – 4.6%

 

A. O. Smith Corp.

      189        9,959  

Trane Technologies plc

      54        6,490  

Trex Co., Inc.(A)

      144        10,330  
     

 

 

  
        26,779  
     

 

 

  

Industrial Machinery – 3.4%

 

IDEX Corp.

      54        9,776  

Middleby Corp.(A)

      110        9,876  
     

 

 

  
        19,652  
     

 

 

  

Research & Consulting Services – 5.8%

 

CoStar Group, Inc.(A)

      25        20,974  

TransUnion

      150        12,641  
     

 

 

  
        33,615  
     

 

 

  

Trading Companies & Distributors – 2.5%

 

Fastenal Co.

      317        14,283  
     

 

 

  

Total Industrials - 16.3%

 

      94,329  
                   

Information Technology

      

Application Software – 8.1%

 

DocuSign, Inc.(A)

      78        16,879  

Guidewire Software, Inc.(A)

      98        10,237  

Paycom Software, Inc.(A)

      13        4,133  

Tyler Technologies, Inc.(A)

      26        9,101  

Zendesk, Inc.(A)

      62        6,369  
     

 

 

  
        46,719  
     

 

 

  

Communications Equipment – 1.3%

 

Arista Networks, Inc.(A)

      38        7,853  
     

 

 

  

Data Processing & Outsourced Services –
1.5%

 

Square, Inc., Class A(A)

      54        8,745  
     

 

 

  

Electronic Components – 2.3%

 

II-VI, Inc.(A)

      155        6,268  

Maxim Integrated Products, Inc.

      105        7,113  
     

 

 

  
        13,381  
     

 

 

  

Electronic Equipment & Instruments – 2.9%

 

Coherent, Inc.(A)

      15        1,662  

Keysight Technologies,
Inc.(A)

      115        11,400  

Novanta, Inc.(A)

      33        3,502  
     

 

 

  
        16,564  
     

 

 

  

Internet Services & Infrastructure – 2.7%

 

Twilio, Inc., Class A(A)

      62        15,384  
     

 

 

  

Semiconductor Equipment – 3.0%

 

Brooks Automation, Inc.

      82        3,784  

Teradyne, Inc.

      168        13,362  
     

 

 

  
        17,146  
     

 

 

  

Semiconductors – 8.4%

 

Advanced Micro Devices,
Inc.(A)

      129        10,581  

Marvell Technology Group
Ltd.

      151        5,991  

Microchip Technology, Inc.

      100        10,291  

Monolithic Power Systems,
Inc.

      52        14,549  

Universal Display Corp.

      42        7,501  
     

 

 

  
        48,913  
     

 

 

  

Systems Software – 2.2%

 

CrowdStrike Holdings, Inc.,
Class A(A)

      49        6,790  

Palo Alto Networks, Inc.(A)

      24        5,852  
     

 

 

  
        12,642  
     

 

 

  

Total Information Technology -

32.4%

 

 

      187,347  
                   

Materials

      

Fertilizers & Agricultural Chemicals – 1.5%

 

Scotts Miracle-Gro Co.
(The)

      57        8,685  
     

 

 

  

Specialty Chemicals – 1.6%

 

RPM International, Inc.

      108        8,956  
     

 

 

  

Total Materials - 3.1%

 

      17,641  
                   

TOTAL COMMON STOCKS – 98.4%

 

      $569,175  
                   

(Cost: $372,425)

      

SHORT-TERM

SECURITIES

      
                   

Money Market Funds(D) – 2.7%

 

Dreyfus Institutional
Preferred Government Money Market Fund-Institutional Shares,

      

    0.040%(C)

      9,197        9,197  

State Street Institutional
U.S. Government Money Market Fund - Premier Class,

      

    0.030%

      6,265        6,265  
     

 

 

  
        15,462  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 2.7%

 

      $15,462  
                   

(Cost: $15,462)

      

TOTAL INVESTMENT SECURITIES – 101.1%

 

      $584,637  
                   

(Cost: $387,887)

      

LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%

 

      (6,345)  
                   

NET ASSETS – 100.0%

 

      $578,292  
                   
 

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $8,987 are on loan.

(C) Investment made with cash collateral received from securities on loan.

(D) Rate shown is the annualized 7-day yield at September 30, 2020.

The following written options were outstanding at September 30, 2020 (contracts and exercise prices unrounded):

 

Underlying Security                Counterparty, if OTC      Type      Number of
Contracts		      Notional
Amount		      Expiration Month      Exercise Price      Premium
Received		      Value  

Coherent, Inc.

      N/A        Call        80            8        October 2020        $110.00        $11        $(17 ) 

Twilio, Inc., Class A

      N/A        Call        318            32        October 2020        270.00        459        (18 ) 
                    

 

 

  
                       $470        $(35 ) 
                    

 

 

  

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 September 30, 2020:

 

          Level 1              Level 2              Level 3      

Assets

         

Investments in Securities

         

Common Stocks

    $  569,175      $         —      $         —  

Short-Term Securities

      15,462        —        —  
  

 

 

  

Total

    $ 584,637      $ —      $ —  
  

 

 

  

Liabilities

         

Written Options

    $ 18      $ 17      $ —  
  

 

 

  

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

 

For Federal income tax purposes, cost of investments owned at

September 30, 2020 and the related unrealized appreciation

(depreciation) were as follows:

 

  

Cost

      $387,887  
  

 

 

  
  

Gross unrealized appreciation

      211,282  

Gross unrealized depreciation

      (14,532)  
  

 

 

  

Net unrealized appreciation

      $196,750