| SCHEDULE OF INVESTMENTS | ||||
| Small Cap Growth (in thousands) | SEPTEMBER 30, 2021 (UNAUDITED) | |||
| COMMON STOCKS | Shares | Value | ||||
| Communication Services | ||||||
| Alternative Carriers – 0.6% | ||||||
| Bandwidth, Inc., Class A(A) |
31 | $2,842 | ||||
|
| ||||||
| Broadcasting – 2.4% | ||||||
| Gray Television, Inc. |
134 | 3,051 | ||||
| Nexstar Broadcasting Group, Inc. |
51 | 7,783 | ||||
|
| ||||||
| 10,834 | ||||||
|
| ||||||
| Total Communication Services - 3.0% | 13,676 | |||||
| Consumer Discretionary |
||||||
| Auto Parts & Equipment – 2.3% | ||||||
| Fox Factory Holding Corp.(A) |
50 | 7,257 | ||||
| Visteon Corp.(A) |
36 | 3,408 | ||||
|
| ||||||
| 10,665 | ||||||
|
| ||||||
| Automotive Retail – 0.5% | ||||||
| Lithia Motors, Inc. |
7 | 2,123 | ||||
|
| ||||||
| Casinos & Gaming – 3.9% | ||||||
| Churchill Downs, Inc. |
33 | 7,813 | ||||
| Monarch Casino & Resort, Inc.(A) |
67 | 4,501 | ||||
| Red Rock Resorts, Inc., Class A |
110 | 5,630 | ||||
|
| ||||||
| 17,944 | ||||||
|
| ||||||
| Footwear – 1.8% | ||||||
| Deckers Outdoor Corp.(A) |
23 | 8,108 | ||||
|
| ||||||
| Homebuilding – 0.4% | ||||||
| TopBuild Corp.(A) |
10 | 2,090 | ||||
|
| ||||||
| Hotels, Resorts & Cruise Lines – 3.2% | ||||||
| Marriott Vacations Worldwide Corp. |
56 | 8,809 | ||||
| Wyndham Destinations, Inc. |
77 | 5,941 | ||||
|
| ||||||
| 14,750 | ||||||
|
| ||||||
| Leisure Products – 1.3% | ||||||
| Malibu Boats, Inc., Class A(A) |
87 | 6,102 | ||||
|
| ||||||
| Restaurants – 1.3% | ||||||
| Texas Roadhouse, Inc., Class A |
67 | 6,105 | ||||
|
| ||||||
| Total Consumer Discretionary - 14.7% |
|
67,887 | ||||
| Consumer Staples |
||||||
| Distillers & Vintners – 0.5% | ||||||
| Duckhorn Portfolio, Inc. |
110 | 2,525 | ||||
|
| ||||||
| Hypermarkets & Super Centers – 1.2% | ||||||
| BJ’s Wholesale Club, Inc.(A) |
102 | 5,600 | ||||
|
| ||||||
| Packaged Foods & Meats – 1.3% | ||||||
| Nomad Foods Ltd.(A) |
195 | 5,387 | ||||
| Sovos Brands, Inc.(A) |
40 | 554 | ||||
|
| ||||||
| 5,941 | ||||||
|
| ||||||
| Total Consumer Staples - 3.0% | 14,066 | |||||
| Energy |
||||||
| Oil & Gas Equipment & Services – 1.1% | ||||||
| Cactus, Inc., Class A |
91 | 3,433 | ||||
| Liberty Oilfield Services, Inc., Class A(A) |
119 | 1,442 | ||||
|
| ||||||
| 4,875 | ||||||
|
| ||||||
| Total Energy - 1.1% | 4,875 | |||||
| Financials |
||||||
| Asset Management & Custody Banks – 0.8% | ||||||
| Focus Financial Partners, Inc., Class A(A) |
51 | 2,695 | ||||
| Hamilton Lane, Inc., Class A |
13 | 1,099 | ||||
|
| ||||||
| 3,794 | ||||||
|
| ||||||
| Financial Exchanges & Data – 1.2% | ||||||
| Open Lending Corp., Class A(A) |
149 | 5,381 | ||||
|
| ||||||
| Regional Banks – 3.2% | ||||||
| Pinnacle Financial Partners, Inc. |
91 | 8,515 | ||||
| Seacoast Banking Corp. of Florida |
95 | 3,217 | ||||
| Veritex Holdings, Inc. |
74 | 2,920 | ||||
|
| ||||||
| 14,652 | ||||||
|
| ||||||
| Total Financials - 5.2% | 23,827 | |||||
| Health Care |
||||||
| Biotechnology – 7.7% | ||||||
| Blueprint Medicines Corp.(A) |
19 | 1,996 | ||||
| CareDx, Inc.(A) |
185 | 11,738 | ||||
| Insmed, Inc.(A) |
90 | 2,480 | ||||
| Organogenesis Holdings, Inc.(A) |
141 | 2,012 | ||||
| PTC Therapeutics, Inc.(A) |
44 | 1,647 | ||||
| Twist Bioscience Corp.(A) |
16 | 1,737 | ||||
| Veracyte, Inc.(A) |
67 | 3,098 | ||||
| Vericel Corp.(A) |
219 | 10,709 | ||||
|
| ||||||
| 35,417 | ||||||
|
| ||||||
| Health Care Distributors – 1.8% | ||||||
| PetIQ, Inc.(A) |
342 | 8,539 | ||||
|
| ||||||
| Health Care Equipment – 6.7% | ||||||
| Axonics, Inc.(A) |
109 | 7,118 | ||||
| Cryoport, Inc.(A) |
133 | 8,867 | ||||
| Tactile Systems Technology, Inc.(A) |
143 | 6,374 | ||||
| Tandem Diabetes Care, Inc.(A) |
71 | 8,522 | ||||
|
| ||||||
| 30,881 | ||||||
|
| ||||||
| Health Care Services – 4.0% | ||||||
| AMN Healthcare Services, Inc.(A) |
64 | 7,304 | ||||
| Castle Biosciences, Inc.(A) |
76 | 5,036 | ||||
| LHC Group, Inc.(A) |
38 | 5,960 | ||||
|
| ||||||
| 18,300 | ||||||
|
| ||||||
| Health Care Technology – 3.6% | ||||||
| Omnicell, Inc.(A) |
53 | 7,929 | ||||
| Tabula Rasa HealthCare, Inc.(A) |
88 | 2,307 | ||||
| Vocera Communications, Inc.(A) |
137 | 6,267 | ||||
|
| ||||||
| 16,503 | ||||||
|
| ||||||
| Life Sciences Tools & Services – 1.6% | ||||||
| NeoGenomics, Inc.(A) |
89 | 4,313 | ||||
| Quanterix Corp.(A) |
65 | 3,219 | ||||
|
| ||||||
| 7,532 | ||||||
|
| ||||||
| Managed Health Care – 1.6% | ||||||
| Progyny, Inc.(A) |
131 | 7,349 | ||||
|
| ||||||
| Pharmaceuticals – 0.4% | ||||||
| Pacira Pharmaceuticals, Inc.(A) |
31 | 1,717 | ||||
|
| ||||||
| Total Health Care - 27.4% | 126,238 | |||||
| Industrials |
||||||
| Air Freight & Logistics – 0.9% | ||||||
| Air Transport Services Group, |
159 | 4,108 | ||||
|
| ||||||
| Construction & Engineering – 1.5% | ||||||
| Valmont Industries, Inc. |
29 | 6,757 | ||||
|
| ||||||
| Electrical Components & Equipment – 1.0% | ||||||
| EnerSys |
62 | 4,639 | ||||
|
| ||||||
| Environmental & Facilities Services – 1.5% | ||||||
| Clean Harbors, Inc.(A) |
67 | 6,955 | ||||
|
| ||||||
| Industrial Machinery – 4.7% | ||||||
| Altra Industrial Motion Corp. |
107 | 5,900 | ||||
| John Bean Technologies Corp. |
36 | 4,997 | ||||
| Kennametal, Inc. |
98 | 3,341 | ||||
| Kornit Digital Ltd.(A) |
25 | 3,677 | ||||
| RBC Bearings, Inc.(A) |
17 | 3,527 | ||||
|
| ||||||
| 21,442 | ||||||
|
| ||||||
| Security & Alarm Services – 1.8% | ||||||
| Brink’s Co. (The) |
135 | 8,534 | ||||
|
| ||||||
| Trading Companies & Distributors – 1.1% | ||||||
| Herc Holdings, Inc. |
31 | 5,099 | ||||
|
| ||||||
| Trucking – 2.0% | ||||||
| Knight Transportation, Inc. |
180 | 9,198 | ||||
|
| ||||||
| Total Industrials - 14.5% | 66,732 | |||||
| Information Technology |
||||||
| Application Software – 12.3% | ||||||
| BTRS Holdings, Inc.(A) |
327 | 3,483 | ||||
| Domo, Inc., Class B(A) |
76 | 6,410 | ||||
| Five9, Inc.(A) |
47 | 7,520 | ||||
| ForgeRock, Inc., Class A(A) |
37 | 1,450 | ||||
| LivePerson, Inc.(A) |
114 | 6,716 | ||||
| Mimecast Ltd.(A) |
116 | 7,364 | ||||
| NCR Corp.(A) |
185 | 7,179 | ||||
| Paycor HCM, Inc.(A) |
98 | 3,457 | ||||
| Q2 Holdings, Inc.(A) |
92 | 7,375 | ||||
| SimilarWeb Ltd.(A) |
69 | 1,449 | ||||
| Smartsheet, Inc., Class A(A) |
62 | 4,276 | ||||
|
| ||||||
| 56,679 | ||||||
|
| ||||||
| Communications Equipment – 1.4% | ||||||
| Viavi Solutions, Inc.(A) |
411 | 6,472 | ||||
|
| ||||||
| Data Processing & Outsourced Services – 3.1% | ||||||
| EVO Payments, Inc., Class A(A) |
179 | 4,233 | ||||
| Shift4 Payments, Inc., Class A(A) |
127 | 9,863 | ||||
|
| ||||||
| 14,096 | ||||||
|
| ||||||
| Internet Services & Infrastructure – 1.6% | ||||||
| Switch, Inc., Class A |
284 | 7,210 | ||||
|
| ||||||
| IT Consulting & Other Services – 2.4% | ||||||
| Globant S.A.(A) |
40 | 11,303 | ||||
|
| ||||||
| Semiconductors – 5.5% | ||||||
| Allegro MicroSystems, Inc.(A) |
236 | 7,532 | ||||
| Monolithic Power Systems, Inc. |
18 | 8,798 | ||||
| SiTime Corp.(A) |
44 | 8,936 | ||||
|
| ||||||
| 25,266 | ||||||
|
| ||||||
| Systems Software – 3.3% | ||||||
| SailPoint Technologies Holdings, Inc.(A) |
76 | 3,257 | ||||
| Varonis Systems, Inc.(A) |
193 | 11,772 | ||||
|
| ||||||
| 15,029 | ||||||
|
| ||||||
| Total Information Technology - 29.6% | 136,055 | |||||
| TOTAL COMMON STOCKS – 98.5% | $453,356 | |||||
| (Cost: $339,169) | ||||||
| SHORT-TERM SECURITIES | ||||||
| Money Market Funds (C) - 1.9% | ||||||
| State Street Institutional U.S. Government Money Market Fund - Premier Class, |
8,747 | 8,747 | ||||
|
| ||||||
| TOTAL SHORT-TERM SECURITIES – 1.9% |
|
$8,747 | ||||
| (Cost: $8,747) | ||||||
| TOTAL INVESTMENT SECURITIES – 100.4% |
|
$462,103 | ||||
| (Cost: $347,916) | ||||||
| LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)% |
|
(1,974) | ||||
| NET ASSETS – 100.0% |
|
$460,129 | ||||
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 $1,192 are on loan. |
| (C) | Rate shown is the annualized 7-day yield at September 30, 2021. |
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, 2021:
| Level 1 | Level 2 | Level 3 | ||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Investments in Securities |
||||||||||||
| Common Stocks |
$ | 453,356 | $ | — | $ | — | ||||||
| Short-Term Securities |
8,747 | — | — | |||||||||
|
|
|
|||||||||||
| Total |
$ | 462,103 | $ | — | $ | — | ||||||
|
|
|
|||||||||||
For Federal income tax purposes, cost of investments owned at September 30, 2021 and the related unrealized appreciation (depreciation) were as follows:
| Cost |
$347,916 | |||
|
|
|
|||
| Gross unrealized appreciation |
126,430 | |||
| Gross unrealized depreciation |
(12,243) | |||
|
|
|
|||
| Net unrealized appreciation |
$114,187 | |||