UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03459
Penn Series Funds, Inc.
(Exact name of registrant as specified in charter)
600 Dresher Road
Horsham, PA 19044
(Address of principal executive offices) (Zip code)
Steven Viola
Penn Series Funds, Inc.
600 Dresher Road
Horsham, PA 19044
(Name and address of agent for service)
Registrant’s telephone number, including area code: (215) 956-8129
Date of fiscal year end: December 31
Date of reporting period: December 31, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
(a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
The Report to Shareholders is attached herewith.
President and Chief Operating Officer
The Penn Mutual Life Insurance Company
President
Penn Series Funds, Inc.
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Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Limited Maturity Bond Fund | 3.65% | 2.84% | 1.78% | ||
Bloomberg Barclays Capital U.S. Government/Credit 1-3 Year Bond Index | 3.33% | 2.21% | 1.60% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Corporate Bonds | 44.6 % |
Asset Backed Securities | 29.3 % |
Commercial Mortgage Backed Securities | 12.1 % |
U.S. Treasury Obligations | 9.3 % |
Residential Mortgage Backed Securities | 4.7 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Quality Bond Fund | 8.43% | 5.24% | 4.15% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Corporate Bonds | 44.9 % |
Commercial Mortgage Backed Securities | 18.8 % |
Residential Mortgage Backed Securities | 13.4 % |
Asset Backed Securities | 13.3 % |
U.S. Treasury Obligations | 6.2 % |
Municipal Bonds | 3.4 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
High Yield Bond Fund | 7.52% | 8.59% | 6.59% | ||
Credit Suisse High Yield Bond Index | 5.48% | 8.24% | 6.47% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
BB/B Rated | 35.5 % |
BBB/BB Rated & Above | 22.2 % |
BB Rated | 15.3 % |
B/CCC Rated | 10.8 % |
B Rated | 8.3 % |
Not Rated | 3.0% |
CCC and Below | 2.8 % |
Equity Securities | 1.2 % |
Loan Agreements | 0.9 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Flexibly Managed Fund | 17.83% | 12.90% | 12.05% | ||
S&P 500 Index | 18.40% | 15.22% | 13.88% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 20.0% |
Consumer, Non-cyclical | 19.8 % |
Technology | 15.6 % |
Communications | 12.4 % |
Industrial | 10.9 % |
Utilities | 10.6 % |
Consumer, Cyclical | 10.3 % |
Basic Materials | 0.0% 2 |
Asset Backed Securities | 0.4 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
2 | Less than 0.05%. |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Balanced Fund | 14.77% | 10.92% | 9.70% | ||
S&P 500 Index | 18.40% | 15.22% | 13.88% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
Index 500 | 60.0% |
Intermediate Bonds | 40.0% |
100.0% |
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Large Growth Stock Fund | 37.01% | 18.87% | 16.54% | ||
Russell 1000 Growth Index | 38.49% | 21.00% | 17.21% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Communications | 32.8 % |
Technology | 31.7 % |
Consumer, Non-cyclical | 15.4 % |
Consumer, Cyclical | 8.6 % |
Financial | 6.5 % |
Industrial | 4.6 % |
Basic Materials | 0.4 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
MFS Investments
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Large Cap Growth Fund | 22.14% | 18.48% | 12.62% | ||
Russell 1000 Growth Index | 38.49% | 21.00% | 17.21% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Technology | 30.6 % |
Consumer, Non-cyclical | 24.1 % |
Communications | 12.1 % |
Financial | 11.1 % |
Consumer, Cyclical | 11.0% |
Industrial | 9.7 % |
Basic Materials | 1.4 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Morgan Stanley Investment Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Large Core Growth Fund | 75.49% | 25.15% | 17.74% | ||
Russell 1000 Growth Index | 38.49% | 21.00% | 17.21% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Communications | 41.0% |
Technology | 24.2 % |
Consumer, Non-cyclical | 19.5 % |
Industrial | 7.0% |
Consumer, Cyclical | 3.8 % |
Basic Materials | 3.6 % |
Financial | 0.7 % |
Energy | 0.2 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Large Cap Value Fund | 2.32% | 8.33% | 8.64% | ||
Russell 1000 Value Index | 2.80% | 9.74% | 10.50% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 21.7 % |
Consumer, Non-cyclical | 19.2 % |
Industrial | 17.0% |
Consumer, Cyclical | 15.8 % |
Communications | 12.1 % |
Technology | 8.7 % |
Energy | 3.7 % |
Basic Materials | 1.8 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Eaton Vance Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Large Core Value Fund | 2.66% | 9.43% | 9.55% | ||
Russell 1000 Value Index | 2.80% | 9.74% | 10.50% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 25.0% |
Consumer, Non-cyclical | 21.7 % |
Industrial | 13.9 % |
Communications | 11.4 % |
Consumer, Cyclical | 9.0% |
Utilities | 7.3 % |
Technology | 5.5 % |
Energy | 4.6 % |
Basic Materials | 1.6 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Index 500 Fund | 18.35% | 14.89% | 13.52% | ||
S&P 500 Index | 18.40% | 15.22% | 13.88% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Technology | 23.2 % |
Consumer, Non-cyclical | 20.9 % |
Communications | 16.2 % |
Financial | 14.5 % |
Consumer, Cyclical | 9.7 % |
Industrial | 8.3 % |
Utilities | 2.8 % |
Energy | 2.3 % |
Basic Materials | 2.1 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Ivy Investment Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Mid Cap Growth Fund | 49.48% | 22.84% | 14.46% | ||
Russell Midcap Growth Index | 35.59% | 18.66% | 15.04% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Consumer, Non-cyclical | 30.5 % |
Technology | 26.0% |
Consumer, Cyclical | 16.6 % |
Industrial | 15.6 % |
Communications | 5.9 % |
Financial | 3.9 % |
Basic Materials | 1.5 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Janus Capital Management, LLC
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Mid Cap Value Fund | (12.29%) | 3.69% | 6.30% | ||
Russell Midcap Value Index | 4.96% | 9.73% | 10.49% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 34.0% |
Industrial | 16.9 % |
Consumer, Cyclical | 11.7 % |
Technology | 11.1 % |
Utilities | 7.6 % |
Consumer, Non-cyclical | 7.1 % |
Basic Materials | 6.3 % |
Communications | 4.3 % |
Energy | 1.0% |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Mid Core Value Fund | 1.60% | 9.27% | 9.80% | ||
Russell Midcap Value Index | 4.96% | 9.73% | 10.49% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 25.3 % |
Consumer, Non-cyclical | 21.5 % |
Industrial | 20.3 % |
Consumer, Cyclical | 12.5 % |
Utilities | 8.0% |
Technology | 5.1 % |
Communications | 3.8 % |
Energy | 2.2 % |
Basic Materials | 1.3 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
SMID Cap Growth Fund | 52.31% | 21.90% | 15.40% | ||
Russell 2500 Growth Index | 40.47% | 18.68% | 15.00% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Consumer, Non-cyclical | 32.9 % |
Technology | 24.9 % |
Industrial | 18.8 % |
Consumer, Cyclical | 14.6 % |
Communications | 4.2 % |
Basic Materials | 2.4 % |
Energy | 1.1 % |
Financial | 1.1 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
SMID Cap Value Fund | 1.45% | 7.85% | 8.65% | ||
Russell 2500 Value Index | 4.88% | 9.43% | 9.33% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 31.3 % |
Industrial | 21.5 % |
Consumer, Cyclical | 20.1 % |
Technology | 7.7 % |
Consumer, Non-cyclical | 7.5 % |
Basic Materials | 5.2 % |
Energy | 3.5 % |
Utilities | 2.1 % |
Communications | 1.1 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Janus Capital Management, LLC
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Small Cap Growth Fund | 32.06% | 17.00% | 11.86% | ||
Russell 2000 Growth Index | 34.63% | 16.36% | 13.48% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Consumer, Non-cyclical | 35.1 % |
Technology | 21.6 % |
Industrial | 18.9 % |
Financial | 8.9 % |
Communications | 7.2 % |
Consumer, Cyclical | 5.2 % |
Basic Materials | 2.6 % |
Utilities | 0.5 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Small Cap Value Fund | 2.34% | 8.71% | 9.61% | ||
Russell 2000 Value Index | 4.63% | 9.65% | 8.66% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Financial | 36.6 % |
Consumer, Cyclical | 16.6 % |
Industrial | 16.2 % |
Consumer, Non-cyclical | 12.0% |
Basic Materials | 5.2 % |
Technology | 4.6 % |
Utilities | 3.9 % |
Energy | 2.9 % |
Communications | 2.0% |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Small Cap Index Fund | 19.35% | 12.52% | 10.51% | ||
Russell 2000 Index | 19.96% | 13.26% | 11.20% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Consumer, Non-cyclical | 26.3 % |
Financial | 21.5 % |
Consumer, Cyclical | 14.3 % |
Industrial | 13.3 % |
Technology | 10.6 % |
Communications | 4.4 % |
Basic Materials | 3.4 % |
Energy | 3.3 % |
Utilities | 2.9 % |
Government | 0.0% 2 |
Diversified | 0.0% 2 |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
2 | Less than 0.05%. |
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Developed International Index Fund | 7.78% | 6.97% | 4.95% | ||
MSCI EAFE Index | 7.82% | 7.45% | 5.51% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Japan | 25.4 % |
United Kingdom | 11.9 % |
France | 10.3 % |
Switzerland | 10.0% |
Germany | 9.2 % |
Australia | 7.8 % |
Netherlands | 5.3 % |
Sweden | 3.2 % |
Hong Kong | 3.1 % |
Denmark | 2.5 % |
Spain | 2.5 % |
Italy | 2.1 % |
Finland | 1.2 % |
Singapore | 1.1 % |
Ireland | 1.0% |
Belgium | 0.9 % |
Israel | 0.6 % |
Norway | 0.6 % |
New Zealand | 0.4 % |
Luxembourg | 0.3 % |
Austria | 0.2 % |
Portugal | 0.2 % |
Macao | 0.1 % |
Isle of Man | 0.1 % |
Jordan | 0.0% 2 |
Bermuda | 0.0% 2 |
Mexico | 0.0% 2 |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
2 | Less than 0.05%. |
Investment Adviser
Vontobel Asset Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
International Equity Fund | 14.93% | 10.00% | 8.32% | ||
MSCI ACWI ex-U.S. Index | 10.65% | 8.93% | 4.92% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
United Kingdom | 19.2 % |
France | 10.2 % |
Japan | 10.1 % |
Canada | 10.0% |
Ireland | 7.9 % |
Switzerland | 7.3 % |
India | 7.1 % |
United States | 5.5 % |
Netherlands | 5.4 % |
Germany | 4.5 % |
China | 4.4 % |
Luxembourg | 3.3 % |
Italy | 2.8 % |
Hong Kong | 1.4 % |
Spain | 0.9 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
Investment Adviser
Vontobel Asset Management, Inc.
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Emerging Markets Equity Fund | 10.43% | 9.10% | 2.36% | ||
MSCI Emerging Markets Index | 18.31% | 12.81% | 3.63% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
China | 29.0% |
India | 14.1 % |
South Korea | 11.3 % |
Taiwan | 10.1 % |
Hong Kong | 6.3 % |
Brazil | 4.9 % |
Indonesia | 4.8 % |
Netherlands | 3.9 % |
Mexico | 3.2 % |
Thailand | 2.7 % |
South Africa | 2.6 % |
Singapore | 2.0% |
Belgium | 1.6 % |
Malaysia | 1.5 % |
United Kingdom | 1.5 % |
Vietnam | 0.5 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent the countries in which the securities are denominated. |
Investment Adviser
Cohen & Steers Capital Management
Investment Sub-Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Real Estate Securities Fund | (3.23%) | 6.83% | 9.34% | ||
FTSE NAREIT All Equity REIT Index | (5.12%) | 6.70% | 9.27% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Percent of Total Investments1 | |
Diversified | 27.1 % |
Healthcare | 12.9 % |
Industrial | 10.3 % |
Storage & Warehousing | 9.7 % |
Apartments | 9.6 % |
Regional Malls | 5.4 % |
Hotels & Resorts | 5.3 % |
Telecommunications | 4.5 % |
Office Property | 4.2 % |
Building & Real Estate | 3.9 % |
Manufactured Homes | 2.2 % |
Real Estate | 1.6 % |
Entertainment | 1.5 % |
Lodging | 1.0% |
Strip Centers | 0.8 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Aggressive Allocation Fund | 9.25% | 9.47% | 8.45% | ||
Russell 3000 Index | 20.89% | 15.43% | 13.79% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
International Stocks | 24.0% |
Large Cap Value Stocks | 23.0% |
Large Cap Growth Stocks | 12.0% |
Mid Cap Value Stocks | 10.0% |
Emerging Markets Stocks | 9.0% |
Short Term Bonds | 6.0% |
Small Cap Growth Stocks | 4.0% |
Domestic REITs | 3.0% |
Mid Cap Growth Stocks | 3.0% |
High Yield Bonds | 3.0% |
Small Cap Value Stocks | 2.0% |
Intermediate Bonds | 1.0% |
100.0% |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Moderately Aggressive Allocation Fund | 9.43% | 9.19% | 8.05% | ||
Russell 3000 Index | 20.89% | 15.43% | 13.79% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
Large Cap Value Stocks | 23.0% |
International Stocks | 19.0% |
Large Cap Growth Stocks | 12.0% |
Short Term Bonds | 10.0% |
Mid Cap Value Stocks | 8.0% |
Intermediate Bonds | 7.0% |
Emerging Markets Stocks | 6.0% |
Small Cap Value Stocks | 3.0% |
Small Cap Growth Stocks | 3.0% |
Domestic REITs | 3.0% |
Mid Cap Growth Stocks | 3.0% |
High Yield Bonds | 3.0% |
100.0% |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Moderate Allocation Fund | 9.77% | 8.37% | 7.18% | ||
Russell 3000 Index | 20.89% | 15.43% | 13.79% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
Intermediate Bonds | 22.0% |
Large Cap Value Stocks | 17.0% |
Short Term Bonds | 14.0% |
International Stocks | 12.0% |
Large Cap Growth Stocks | 10.0% |
Mid Cap Value Stocks | 7.0% |
Emerging Markets Stocks | 5.0% |
High Yield Bonds | 4.0% |
Mid Cap Growth Stocks | 3.0% |
Small Cap Value Stocks | 2.0% |
Small Cap Growth Stocks | 2.0% |
Domestic REITs | 2.0% |
100.0% |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Moderately Conservative Allocation Fund | 8.02% | 6.90% | 5.93% | ||
Russell 3000 Index | 20.89% | 15.43% | 13.79% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
Intermediate Bonds | 32.0% |
Short Term Bonds | 23.0% |
Large Cap Value Stocks | 15.0% |
International Stocks | 8.0% |
Large Cap Growth Stocks | 7.0% |
High Yield Bonds | 5.0% |
Mid Cap Value Stocks | 4.0% |
Emerging Markets Stocks | 2.0% |
Small Cap Value Stocks | 2.0% |
Domestic REITs | 2.0% |
100.0% |
Investment Adviser
Average Annual Total Returns1 as of 12/31/20 | |||||
1 Year | 5 Year | 10 Year | |||
Conservative Allocation Fund | 7.03% | 5.45% | 4.48% | ||
Russell 3000 Index | 20.89% | 15.43% | 13.79% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51% | 4.44% | 3.84% |
1 | The performance information shown here does not reflect variable account charges and fees. Past performance is not predictive of future performance. Shares may be worth more or less when redeemed than when purchased. Assumes reinvestment of all dividends. |
Asset Allocation Target as of 12/31/20 | |
Intermediate Bonds | 42.0% |
Short Term Bonds | 33.0% |
Large Cap Value Stocks | 10.0% |
High Yield Bonds | 5.0% |
Large Cap Growth Stocks | 4.0% |
International Stocks | 3.0% |
Mid Cap Value Stocks | 2.0% |
Domestic REITs | 1.0% |
100.0% |
Hypothetical Examples of a $1,000 Investment (Unaudited)
• | Actual Fund Performance in the table below provides information about actual account values and actual expenses. The “Ending Value” shown is derived from the fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.” |
• | Hypothetical 5% Annual Return is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case — because the return used is not the fund’s actual return — the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s cost by comparing this hypothetical example with the hypothetical examples that appear in shareholders reports of other funds. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period. |
For the Period July 1, 2020 to December 31, 2020
Expense Table
Beginning Value July 1, 2020 | Ending Value December 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |
Money Market Fund | ||||
Actual | $1,000.00 | $1,000.06 | 0.10% | $0.50 |
Hypothetical | $1,000.00 | $ 1,024.63 | 0.10% | $0.51 |
Limited Maturity Bond Fund | ||||
Actual | $1,000.00 | $ 1,018.33 | 0.70% | $ 3.55 |
Hypothetical | $1,000.00 | $ 1,021.58 | 0.70% | $ 3.56 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2020 | Ending Value December 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |
Quality Bond Fund | ||||
Actual | $1,000.00 | $ 1,026.62 | 0.66% | $ 3.36 |
Hypothetical | $1,000.00 | $ 1,021.78 | 0.66% | $ 3.36 |
High Yield Bond Fund | ||||
Actual | $1,000.00 | $ 1,095.02 | 0.72% | $ 3.79 |
Hypothetical | $1,000.00 | $ 1,021.47 | 0.72% | $ 3.67 |
Flexibly Managed Fund | ||||
Actual | $1,000.00 | $ 1,180.48 | 0.88% | $ 4.82 |
Hypothetical | $1,000.00 | $ 1,020.66 | 0.88% | $ 4.48 |
Balanced Fund | ||||
Actual | $1,000.00 | $ 1,139.59 | 0.20% | $ 1.08 |
Hypothetical | $1,000.00 | $ 1,024.12 | 0.20% | $ 1.02 |
Large Growth Stock Fund | ||||
Actual | $1,000.00 | $ 1,260.71 | 0.96% | $ 5.46 |
Hypothetical | $1,000.00 | $ 1,020.25 | 0.96% | $ 4.89 |
Large Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,233.74 | 0.88% | $ 4.94 |
Hypothetical | $1,000.00 | $ 1,020.66 | 0.88% | $ 4.48 |
Large Core Growth Fund | ||||
Actual | $1,000.00 | $ 1,330.78 | 0.85% | $ 4.98 |
Hypothetical | $1,000.00 | $ 1,020.81 | 0.85% | $ 4.33 |
Large Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,223.79 | 0.91% | $ 5.09 |
Hypothetical | $1,000.00 | $ 1,020.51 | 0.91% | $ 4.63 |
Large Core Value Fund | ||||
Actual | $1,000.00 | $ 1,221.93 | 0.91% | $ 5.08 |
Hypothetical | $1,000.00 | $ 1,020.51 | 0.91% | $ 4.63 |
Index 500 Fund | ||||
Actual | $1,000.00 | $ 1,220.64 | 0.35% | $ 1.95 |
Hypothetical | $1,000.00 | $ 1,023.36 | 0.35% | $ 1.78 |
Mid Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,333.69 | 0.95% | $ 5.57 |
Hypothetical | $1,000.00 | $ 1,020.30 | 0.95% | $ 4.84 |
Mid Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,210.85 | 0.81% | $ 4.50 |
Hypothetical | $1,000.00 | $ 1,021.02 | 0.81% | $ 4.12 |
Mid Core Value Fund | ||||
Actual | $1,000.00 | $ 1,214.30 | 1.05% | $ 5.84 |
Hypothetical | $1,000.00 | $ 1,019.79 | 1.05% | $ 5.35 |
SMID Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,365.49 | 1.05% | $ 6.24 |
Hypothetical | $1,000.00 | $ 1,019.79 | 1.05% | $ 5.35 |
SMID Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,347.36 | 1.19% | $ 7.02 |
Hypothetical | $1,000.00 | $ 1,019.08 | 1.19% | $ 6.06 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value July 1, 2020 | Ending Value December 31, 2020 | Annualized Expense Ratio | Expenses Paid During Period* | |
Small Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,385.35 | 1.00% | $ 6.00 |
Hypothetical | $1,000.00 | $ 1,020.05 | 1.00% | $ 5.09 |
Small Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,352.14 | 1.02% | $ 6.03 |
Hypothetical | $1,000.00 | $ 1,019.95 | 1.02% | $ 5.19 |
Small Cap Index Fund | ||||
Actual | $1,000.00 | $ 1,374.43 | 0.74% | $ 4.42 |
Hypothetical | $1,000.00 | $ 1,021.37 | 0.74% | $ 3.77 |
Developed International Index Fund | ||||
Actual | $1,000.00 | $ 1,208.49 | 0.89% | $ 4.94 |
Hypothetical | $1,000.00 | $ 1,020.61 | 0.89% | $ 4.53 |
International Equity Fund | ||||
Actual | $1,000.00 | $ 1,211.41 | 1.04% | $ 5.78 |
Hypothetical | $1,000.00 | $ 1,019.85 | 1.04% | $ 5.29 |
Emerging Markets Equity Fund | ||||
Actual | $1,000.00 | $ 1,274.98 | 1.27% | $ 7.26 |
Hypothetical | $1,000.00 | $ 1,018.68 | 1.27% | $ 6.46 |
Real Estate Securities Fund | ||||
Actual | $1,000.00 | $ 1,113.13 | 0.96% | $ 5.10 |
Hypothetical | $1,000.00 | $ 1,020.25 | 0.96% | $ 4.89 |
Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $ 1,213.17 | 0.32% | $ 1.78 |
Hypothetical | $1,000.00 | $ 1,023.51 | 0.32% | $ 1.63 |
Moderately Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $ 1,190.92 | 0.29% | $ 1.60 |
Hypothetical | $1,000.00 | $ 1,023.66 | 0.29% | $ 1.48 |
Moderate Allocation Fund | ||||
Actual | $1,000.00 | $ 1,150.66 | 0.30% | $ 1.62 |
Hypothetical | $1,000.00 | $ 1,023.61 | 0.30% | $ 1.53 |
Moderately Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,103.43 | 0.31% | $ 1.64 |
Hypothetical | $1,000.00 | $ 1,023.56 | 0.31% | $ 1.58 |
Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,062.07 | 0.33% | $ 1.71 |
Hypothetical | $1,000.00 | $ 1,023.46 | 0.33% | $ 1.68 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 366. |
Par (000) | Value† | |
AGENCY OBLIGATION — 67.7% | ||
Federal Farm Credit Banks | ||
2.070%, 01/04/21 | $ 5,000 | $ 5,000,797 |
0.070%, 01/12/21 | 5,000 | 4,999,893 |
0.080%, 01/14/21 | 5,001 | 5,000,856 |
0.120%, 03/26/21 | 5,000 | 4,998,600 |
0.120%, 03/29/21 | 10,000 | 9,997,100 |
Federal Home Loan Banks | ||
(3 M ICE LIBOR + (0.170%)), 0.060%, 01/08/21• | 10,000 | 9,999,971 |
0.080%, 01/13/21 | 5,000 | 4,999,867 |
0.065%, 01/20/21 | 5,134 | 5,133,824 |
0.090%, 01/27/21 | 2,000 | 1,999,870 |
0.071%, 02/05/21 | 10,000 | 9,999,310 |
0.030%, 03/02/21 | 8,000 | 7,999,600 |
Federal Home Loan Mortgage Corp. | ||
2.375%, 02/16/21 | 1,500 | 1,504,273 |
0.091%, 05/10/21 | 10,000 | 10,000,000 |
1.550%, 05/27/21 | 3,000 | 3,017,393 |
Federal National Mortgage Association | ||
0.075%, 01/27/21 | 10,000 | 9,999,458 |
1.375%, 02/26/21 | 8,974 | 8,991,357 |
0.070%, 05/13/21 | 5,000 | 4,998,717 |
TOTAL AGENCY OBLIGATION (Cost $108,640,886) | 108,640,886 | |
U.S. TREASURY OBLIGATIONS — 25.5% | ||
U.S. Treasury Bills | ||
0.103%, 01/07/21 | 6,000 | 5,999,897 |
0.076%, 01/14/21 | 10,000 | 9,999,726 |
0.085%, 01/19/21 | 5,000 | 4,999,787 |
0.070%, 01/21/21 | 10,000 | 9,999,611 |
0.071%, 02/02/21 | 10,000 | 9,999,373 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $40,998,394) | 40,998,394 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 6.7% | ||
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 0.020%) (Cost $10,713,151) | 10,713,151 | 10,713,151 |
TOTAL INVESTMENTS — 99.9% (Cost $160,352,431) | $ 160,352,431 | |
Other Assets & Liabilities — 0.1% | 114,735 | |
TOTAL NET ASSETS — 100.0% | $ 160,467,166 |
† | See Security Valuation Note. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
M— Month. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Agency Obligation | $108,640,886 | $ — | $108,640,886 | $— |
U.S. Treasury Obligations | 40,998,394 | — | 40,998,394 | — |
Short-Term Investments | 10,713,151 | 10,713,151 | — | — |
Total Investments | $ 160,352,431 | $ 10,713,151 | $ 149,639,280 | $ — |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 28.6% | ||
522 Funding CLO Ltd., Series 2018-2A Class A (3 M ICE LIBOR + 1.040%, Floor 1.040%), 144A 1.258%, 04/20/31@,• | $ 2,400 | $ 2,382,247 |
ACIS CLO Ltd., Series 2014-4A Class B (3 M ICE LIBOR + 1.770%), 144A 1.984%, 05/01/26@,• | 2,000 | 1,995,056 |
Adams Mill CLO Ltd., Series 2014-1A Class B2R, 144A 3.350%, 07/15/26@ | 2,750 | 2,751,235 |
Babson CLO Ltd., | ||
Series 2014-IA Class BR (3 M ICE LIBOR + 2.200%), 144A, 2.418%, 07/20/25@,• | 2,500 | 2,500,360 |
Series 2014-IA Class C (3 M ICE LIBOR + 3.450%), 144A, 3.668%, 07/20/25@,• | 1,500 | 1,500,429 |
Barings CLO Ltd., Series 2017-1A Class B1 (3 M ICE LIBOR + 1.700%), 144A 1.918%, 07/18/29@,• | 1,500 | 1,500,105 |
Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR (3 M ICE LIBOR + 1.100%, Floor 1.100%), 144A 1.318%, 01/20/31@,• | 2,500 | 2,488,890 |
BlueMountain CLO Ltd., Series 2015-1A Class A1R (3 M ICE LIBOR + 1.330%), 144A 1.554%, 04/13/27@,• | 345 | 345,628 |
CIFC Funding Ltd., Series 2014-2RA Class A1 (3 M ICE LIBOR + 1.050%, Floor 1.050%), 144A 1.265%, 04/24/30@,• | 2,000 | 1,994,878 |
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A 1.338%, 01/20/30@,• | 3,000 | 2,987,583 |
ECMC Group Student Loan Trust, Series 2019-1A Class A1A, 144A 2.720%, 07/25/69@ | 1,838 | 1,916,422 |
Edsouth Indenture No 4 LLC, Series 2013-1 Class A (1 M ICE LIBOR + 0.570%), 144A 0.718%, 02/26/29@,• | 3,797 | 3,783,319 |
Elm CLO Ltd., Series 2014-1A Class BRR (3 M ICE LIBOR + 1.750%), 144A 1.968%, 01/17/29@,• | 2,000 | 1,995,480 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 3.468%, 01/20/33@,• | 1,500 | 1,502,493 |
Par (000) | Value† | |
Ford Credit Auto Owner Trust, Series 2020-B Class A2, 0.500%, 02/15/23 | $ 5,410 | $ 5,415,831 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2 Class A2A, 1.500%, 03/16/23 | 1,043 | 1,048,205 |
Halcyon Loan Advisors Funding Ltd., Series 2015-2A Class AR (3 M ICE LIBOR + 1.080%, Floor 1.080%), 144A 1.295%, 07/25/27@,• | 1,680 | 1,673,759 |
Limerock CLO III LLC, Series 2014-3A Class A1R (3 M ICE LIBOR + 1.200%), 144A 1.418%, 10/20/26@,• | 410 | 410,212 |
Mariner CLO LLC, Series 2018-6A Class B (3 M ICE LIBOR + 1.680%), 144A 1.902%, 07/28/31@,• | 2,000 | 2,000,066 |
Navient Private Education Loan Trust, | ||
Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%), 144A, 1.859%, 11/15/30@,• | 1,500 | 1,533,136 |
Series 2014-AA Class A3 (1 M ICE LIBOR + 1.600%), 144A, 1.759%, 10/15/31@,• | 1,499 | 1,518,069 |
Series 2015-BA Class A3 (1 M ICE LIBOR + 1.450%), 144A, 1.609%, 07/16/40@,• | 2,790 | 2,826,178 |
Navient Private Education Refi Loan Trust, Series 2020-EA Class A, 144A 1.690%, 05/15/69@ | 3,257 | 3,324,151 |
NZCG Funding Ltd., Series 2015-1A Class A2R (3 M ICE LIBOR + 1.550%, Floor 1.550%), 144A 1.783%, 02/26/31@,• | 3,350 | 3,329,873 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A 1.504%, 10/13/31@,• | 1,966 | 1,959,470 |
Recette CLO Ltd., Series 2015-1A Class DR (3 M ICE LIBOR + 2.750%), 144A 2.968%, 10/20/27@,• | 2,300 | 2,289,659 |
SLM Student Loan Trust, Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 0.738%, 03/25/55• | 3,337 | 3,280,962 |
SMB Private Education Loan Trust, Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A 2.109%, 08/16/32@,• | 2,405 | 2,463,313 |
Par (000) | Value† | |
ASSET BACKED SECURITIES — (continued) | ||
Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%), 144A 1.968%, 07/18/31@,• | $ 2,000 | $ 1,945,338 |
Towd Point Mortgage Trust, | ||
Series 2015-1 Class A2, 144A, 3.250%, 10/25/53@,• | 2,526 | 2,557,620 |
Series 2015-4 Class A1B, 144A, 2.750%, 04/25/55@,• | 2,322 | 2,329,168 |
TRESTLES CLO Ltd., Series 2017-1A Class A1A (3 M ICE LIBOR + 1.290%), 144A 1.505%, 07/25/29@,• | 1,250 | 1,250,065 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A 3.215%, 04/25/33@,• | 1,500 | 1,500,566 |
Verizon Owner Trust, Series 2017-3A Class B, 144A 2.380%, 04/20/22@ | 641 | 642,104 |
TOTAL ASSET BACKED SECURITIES (Cost $72,809,602) | 72,941,870 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 11.8% | ||
BX Commercial Mortgage Trust, Series 2019-XL Class B (1 M ICE LIBOR + 1.080%, Floor 1.080%), 144A 1.239%, 10/15/36@,• | 1,424 | 1,423,946 |
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D (1 M ICE LIBOR + 1.800%, Floor 1.800%), 144A 1.959%, 12/15/36@,• | 1,000 | 916,957 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 3,000 | 3,200,077 |
FHLMC Multifamily Structured Pass-Through Certificates, | ||
Series K019 Class X1, 1.585%, 03/25/22• | 24,761 | 312,589 |
Series K021 Class A2, 2.396%, 06/25/22 | 3,000 | 3,079,252 |
Series KC02 Class X3, 3.065%, 08/25/25• | 14,500 | 1,636,254 |
FREMF Mortgage Trust, | ||
Series 2013-K25 Class C, 144A, 3.619%, 11/25/45@,• | 2,110 | 2,190,799 |
Series 2013-K27 Class C, 144A, 3.496%, 01/25/46@,• | 2,000 | 2,082,406 |
Series 2013-K35 Class B, 144A, 3.935%, 12/25/46@,• | 2,260 | 2,436,590 |
Series 2011-K14 Class B, 144A, 5.209%, 02/25/47@,• | 1,050 | 1,060,684 |
Par (000) | Value† | |
Series 2014-K716 Class B, 144A, 3.929%, 08/25/47@,• | $ 2,550 | $ 2,576,986 |
Series 2014-K717 Class C, 144A, 3.630%, 11/25/47@,• | 1,500 | 1,516,994 |
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M ICE LIBOR + 1.250%, Floor 1.250%), 144A 1.409%, 07/15/25@,• | 1,947 | 1,900,639 |
GS Mortgage Securities Trust, | ||
Series 2010-C1 Class A2, 144A, 4.592%, 08/10/43@ | 199 | 199,036 |
Series 2010-C1 Class B, 144A, 5.148%, 08/10/43@ | 2,000 | 1,930,822 |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%), 144A 1.809%, 05/15/38@,• | 1,500 | 1,438,062 |
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH Class C (1 M ICE LIBOR + 1.360%, Floor 2.860%), 144A 2.860%, 06/15/35@,• | 2,000 | 1,704,857 |
WFRBS Commercial Mortgage Trust, Series 2012-C7 Class XA, 144A 1.306%, 06/15/45@,• | 45,762 | 524,810 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $32,523,264) | 30,131,760 | |
CORPORATE BONDS — 43.5% | ||
Aerospace & Defense — 1.1% | ||
The Boeing Co. 4.508%, 05/01/23 | 2,500 | 2,702,081 |
Agriculture — 1.0% | ||
Altria Group, Inc. 3.490%, 02/14/22 | 1,500 | 1,551,537 |
Cargill, Inc., 144A 3.050%, 04/19/21@ | 1,000 | 1,008,245 |
2,559,782 | ||
Airlines — 1.6% | ||
Air Canada Pass Through Trust, Series 2013-1 Class B, 144A 5.375%, 11/15/22@ | 731 | 732,933 |
Continental Airlines Pass Through Trust, Series 2000-2 Class A-1 7.707%, 10/02/22 | 63 | 63,023 |
Delta Air Lines Pass Through Trust, Series 2007-1 Class B 8.021%, 02/10/24 | 594 | 580,487 |
U.S. Airways Pass Through Trust, Series 2012-2 Class B 6.750%, 12/03/22 | 2,029 | 1,972,634 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Airlines — (continued) | ||
UAL Pass Through Trust, Series 2007-1 Class A 6.636%, 01/02/24 | $ 793 | $ 808,614 |
4,157,691 | ||
Apparel — 0.9% | ||
VF Corp. 2.050%, 04/23/22 | 2,250 | 2,298,330 |
Auto Manufacturers — 2.9% | ||
BMW US Capital LLC, 144A 3.800%, 04/06/23@ | 2,250 | 2,416,494 |
Ford Motor Credit Co., LLC 3.470%, 04/05/21 | 2,250 | 2,250,000 |
General Motors Financial Co., Inc. (3 M ICE LIBOR + 0.850%) 1.080%, 04/09/21• | 1,000 | 1,000,609 |
Volkswagen Group of America Finance LLC, 144A 3.125%, 05/12/23@ | 1,500 | 1,584,284 |
7,251,387 | ||
Banks — 3.2% | ||
Central Fidelity Capital Trust I (3 M ICE LIBOR + 1.000%) 1.237%, 04/15/27• | 1,750 | 1,647,773 |
CIT Group, Inc. 4.125%, 03/09/21 | 1,000 | 1,003,000 |
Citibank NA 3.400%, 07/23/21 | 1,500 | 1,522,094 |
JPMorgan Chase & Co. (3 M ICE LIBOR + 3.470%) 3.684%µ,• | 1,022 | 1,019,909 |
Mitsubishi UFJ Financial Group, Inc. 3.535%, 07/26/21 | 1,500 | 1,527,201 |
The Bank of Nova Scotia 3.125%, 04/20/21 | 1,500 | 1,512,866 |
8,232,843 | ||
Beverages — 0.6% | ||
Keurig Dr Pepper, Inc. 3.551%, 05/25/21 | 1,500 | 1,518,708 |
Biotechnology — 0.6% | ||
Gilead Sciences, Inc. 0.750%, 09/29/23 | 1,500 | 1,504,559 |
Building Materials — 1.2% | ||
Builders FirstSource, Inc., 144A 6.750%, 06/01/27@ | 1,500 | 1,627,065 |
Vulcan Materials Co. (3 M ICE LIBOR + 0.650%) 0.875%, 03/01/21• | 1,500 | 1,500,635 |
3,127,700 | ||
Commercial Services — 0.9% | ||
Service Corp International 8.000%, 11/15/21 | 2,100 | 2,220,750 |
Par (000) | Value† | |
Computers — 0.6% | ||
Hewlett Packard Enterprise Co. 1.450%, 04/01/24 | $ 1,500 | $ 1,541,278 |
Diversified Financial Services — 2.6% | ||
AerCap Ireland Capital DAC 4.450%, 12/16/21 | 1,000 | 1,029,880 |
BOC Aviation Ltd. (3 M ICE LIBOR + 1.050%), 144A 1.264%, 05/02/21@,• | 2,000 | 1,996,200 |
Intercontinental Exchange, Inc. 0.700%, 06/15/23 | 1,500 | 1,510,389 |
OneMain Finance Corp. 8.250%, 10/01/23 | 1,000 | 1,147,500 |
Park Aerospace Holdings Ltd., 144A 3.625%, 03/15/21@ | 1,000 | 1,002,698 |
6,686,667 | ||
Electric — 7.4% | ||
American Electric Power Co., Inc. 0.750%, 11/01/23 | 2,500 | 2,505,609 |
CenterPoint Energy, Inc. 3.600%, 11/01/21 | 1,000 | 1,026,661 |
DTE Electric Co. 3.900%, 06/01/21 | 2,000 | 2,011,370 |
Edison International 3.125%, 11/15/22 | 1,000 | 1,038,243 |
Georgia Power Co. 2.100%, 07/30/23 | 1,900 | 1,984,544 |
NextEra Energy Capital Holdings, Inc. 2.900%, 04/01/22 | 1,500 | 1,547,836 |
Niagara Mohawk Power Corp., 144A 3.508%, 10/01/24@ | 2,000 | 2,196,191 |
NRG Energy, Inc. 7.250%, 05/15/26 | 1,600 | 1,688,000 |
Pacific Gas and Electric Co. 1.750%, 06/16/22 | 1,500 | 1,504,233 |
San Diego Gas & Electric Co. 1.914%, 02/01/22 | 344 | 345,762 |
Southern California Edison Co. 3.700%, 08/01/25 | 2,750 | 3,085,104 |
18,933,553 | ||
Electronics — 0.6% | ||
Honeywell International, Inc. (3 M ICE LIBOR + 0.370%) 0.583%, 08/08/22• | 1,500 | 1,506,600 |
Food — 0.9% | ||
Albertsons Cos., Inc., 144A 3.500%, 02/15/23@ | 1,300 | 1,332,500 |
General Mills, Inc. 3.200%, 04/16/21 | 1,000 | 1,007,674 |
2,340,174 | ||
Healthcare Products — 0.9% | ||
Stryker Corp. 0.600%, 12/01/23 | 1,500 | 1,502,370 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Healthcare Products — (continued) | ||
Zimmer Biomet Holdings, Inc. (3 M ICE LIBOR + 0.750%) 0.989%, 03/19/21• | $ 888 | $ 888,000 |
2,390,370 | ||
Healthcare Services — 0.8% | ||
UnitedHealth Group, Inc. 3.150%, 06/15/21 | 2,000 | 2,025,101 |
Home Builders — 0.6% | ||
Lennar Corp. 4.125%, 01/15/22 | 1,500 | 1,535,625 |
Lodging — 0.6% | ||
Marriott International, Inc. (3 M ICE LIBOR + 0.650%) 0.876%, 03/08/21• | 1,500 | 1,500,569 |
Machinery — Construction & Mining — 0.6% | ||
Caterpillar Financial Services Corp. 3.150%, 09/07/21 | 1,500 | 1,528,991 |
Machinery — Diversified — 1.7% | ||
CNH Industrial Capital LLC 1.950%, 07/02/23 | 2,250 | 2,316,253 |
John Deere Capital Corp. (3 M ICE LIBOR + 0.240%) 0.460%, 03/12/21• | 2,000 | 2,000,662 |
4,316,915 | ||
Media — 1.2% | ||
Charter Communications Operating LLC 4.464%, 07/23/22 | 1,500 | 1,581,365 |
Fox Corp. 3.666%, 01/25/22 | 1,500 | 1,552,405 |
3,133,770 | ||
Miscellaneous Manufacturing — 0.6% | ||
Trane Technologies Global Holding Co., Ltd. 2.900%, 02/21/21 | 1,500 | 1,504,747 |
Oil & Gas — 3.1% | ||
HollyFrontier Corp. 2.625%, 10/01/23 | 1,500 | 1,533,009 |
Occidental Petroleum Corp. (3 M ICE LIBOR + 1.450%) 1.671%, 08/15/22• | 2,250 | 2,205,000 |
Phillips 66 | ||
(3 M ICE LIBOR + 0.600%), 0.833%, 02/26/21• | 2,000 | 2,000,230 |
0.900%, 02/15/24 | 2,000 | 2,004,844 |
7,743,083 | ||
Packaging and Containers — 1.0% | ||
Ball Corp. 4.000%, 11/15/23 | 2,250 | 2,396,250 |
Par (000) | Value† | |
Pharmaceuticals — 4.1% | ||
AbbVie, Inc. 2.300%, 11/21/22 | $ 1,500 | $ 1,554,600 |
Bayer US Finance II LLC, 144A 3.500%, 06/25/21@ | 2,000 | 2,024,315 |
Bristol-Myers Squibb Co. | ||
2.875%, 02/19/21 | 1,500 | 1,504,861 |
2.600%, 05/16/22 | 1,000 | 1,031,832 |
Elanco Animal Health, Inc. 5.272%, 08/28/23 | 1,645 | 1,797,163 |
Viatris, Inc., 144A 1.125%, 06/22/22@ | 1,000 | 1,009,451 |
Zoetis, Inc. 3.250%, 08/20/21 | 1,500 | 1,527,664 |
10,449,886 | ||
Real Estate Investment Trusts — 0.4% | ||
Simon Property Group LP 3.500%, 09/01/25 | 1,000 | 1,110,512 |
Retail — 0.6% | ||
Family Dollar Stores, Inc. 5.000%, 02/01/21 | 1,500 | 1,504,506 |
Semiconductors — 0.4% | ||
Micron Technology, Inc. 2.497%, 04/24/23 | 1,000 | 1,042,018 |
Telecommunications — 0.8% | ||
Sprint Spectrum Co., LLC, 144A 3.360%, 03/20/23@ | 375 | 378,525 |
T-Mobile USA, Inc., 144A 3.500%, 04/15/25@ | 1,500 | 1,657,470 |
2,035,995 | ||
TOTAL CORPORATE BONDS (Cost $109,067,968) | 110,800,441 | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 4.5% | ||
Collateralized Mortgage Obligations — 3.4% | ||
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A 3.500%, 06/25/44@,• | 1,524 | 1,559,477 |
CSMC Trust, Series 2018-J1 Class A26, 144A 3.500%, 02/25/48@,• | 2,952 | 2,962,595 |
Flagstar Mortgage Trust, Series 2017-1 Class 1A5, 144A 3.500%, 03/25/47@,• | 693 | 694,883 |
OBX Trust, Series 2019-INV2 Class A5, 144A 4.000%, 05/27/49@,• | 1,160 | 1,192,901 |
Visio Trust, Series 2019-1 Class A1, 144A 3.572%, 06/25/54@,• | 2,258 | 2,286,790 |
8,696,646 |
Par (000) | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Freddie Mac REMICS — 1.1% | ||
Series 4413 Class HP, 3.500%, 03/15/40 | $ 1,901 | $ 1,922,381 |
Series 4895 Class C, 4.500%, 02/15/49 | 929 | 948,378 |
2,870,759 | ||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $11,607,332) | 11,567,405 | |
U.S. TREASURY OBLIGATIONS — 9.1% | ||
U.S. Treasury Bill 0.173%, 05/20/21¤ | 8,000 | 7,997,545 |
U.S. Treasury Note 1.125%, 08/31/21 | 15,000 | 15,101,953 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,094,533) | 23,099,498 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 2.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $5,990,829) | 5,990,829 | 5,990,829 |
TOTAL INVESTMENTS — 99.9% (Cost $255,093,528) | $ 254,531,803 | |
Other Assets & Liabilities — 0.1% | 346,070 | |
TOTAL NET ASSETS — 100.0% | $ 254,877,873 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $112,763,477, which represents 44.2% of the Fund’s net assets. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
µ | Perpetual security with no stated maturity date. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
CLO— Collateralized Loan Obligation. |
FHLMC— Federal Home Loan Mortgage Corporation. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
NA— National Association. |
REMICS— Real Estate Mortgage Investment Conduits. |
Country Weightings as of 12/31/2020†† | |
United States | 81% |
Cayman Islands | 16 |
Canada | 1 |
Ireland | 1 |
Singapore | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 72,941,870 | $ — | $ 72,941,870 | $— |
Commercial Mortgage Backed Securities | 30,131,760 | — | 30,131,760 | — |
Corporate Bonds | 110,800,441 | — | 110,800,441 | — |
Residential Mortgage Backed Securities | 11,567,405 | — | 11,567,405 | — |
U.S. Treasury Obligations | 23,099,498 | — | 23,099,498 | — |
Short-Term Investments | 5,990,829 | 5,990,829 | — | — |
Total Investments | $ 254,531,803 | $ 5,990,829 | $ 248,540,974 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 96,946 | $ 96,946 | $ — | $— |
Total Assets—Other Financial Instruments | $ 96,946 | $ 96,946 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(29,876) | $(29,876) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (29,876) | $ (29,876) | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | U.S. Treasury 2 Year Note | 03/31/2021 | 340 | 2,000 | $ 111 | $ 75,132,031 | $ 75,258 | $ — | ||||||||
Long | U.S. Treasury 10 Year Note | 03/22/2021 | 140 | 1,000 | 138 | 19,330,937 | 21,688 | — | ||||||||
Long | U.S. Treasury 10 Year Ultra Note | 03/22/2021 | 20 | 1,000 | 156 | 3,127,188 | — | (9,882) | ||||||||
$96,946 | $(9,882) |
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Short | U.S. Treasury 5 Year Note | 03/31/2021 | (67) | 1,000 | $126 | $(8,452,992) | $ — | $ (19,994) | ||||||||
$ — | $ (19,994) | |||||||||||||||
$96,946 | $(29,876) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 12.8% | ||
Crown Point CLO III Ltd., Series 2015-3A Class A1AR (3 M ICE LIBOR + 0.910%), 144A 1.147%, 12/31/27@,• | $ 3,373 | $ 3,369,668 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 3.468%, 01/20/33@,• | 5,000 | 5,008,310 |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M ICE LIBOR + 1.730%, Floor 1.730%), 144A 1.948%, 04/18/31@,• | 3,000 | 2,973,567 |
Highbridge Loan Management Ltd., Series 7A-2015 Class A2R (3 M ICE LIBOR + 0.900%), 144A 1.121%, 03/15/27@,• | 2,000 | 1,993,168 |
Mountain View CLO LLC, Series 2017-2A Class A (3 M ICE LIBOR + 1.210%), 144A 1.440%, 01/16/31@,• | 3,500 | 3,486,003 |
Nelnet Student Loan Trust, Series 2019-5 Class A, 144A 2.530%, 10/25/67@ | 3,210 | 3,358,259 |
PHEAA Student Loan Trust, Series 2013-1A Class A (1 M ICE LIBOR + 0.500%), 144A 0.648%, 11/25/36@,• | 3,057 | 2,972,007 |
Recette CLO Ltd., Series 2015-1A Class DR (3 M ICE LIBOR + 2.750%), 144A 2.968%, 10/20/27@,• | 1,500 | 1,493,256 |
SLM Student Loan Trust, | ||
Series 2012-6 Class B (1 M ICE LIBOR + 1.000%), 1.148%, 04/27/43• | 4,860 | 4,496,095 |
Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 0.738%, 03/25/55• | 4,672 | 4,593,347 |
SMB Private Education Loan Trust, | ||
Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 2.109%, 08/16/32@,• | 5,000 | 5,121,233 |
Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | 1,930 | 2,024,786 |
Series 2015-C Class B, 144A, 3.500%, 09/15/43@ | 5,000 | 5,237,120 |
Steele Creek CLO Ltd., Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%), 144A 1.867%, 06/15/31@,• | 3,250 | 3,144,447 |
Toyota Auto Receivables Owner Trust, Series 2018-D Class A3, 3.180%, 03/15/23 | 1,610 | 1,636,353 |
Par (000) | Value† | |
Trinitas CLO III Ltd., Series 2015-3A Class BR (3 M ICE LIBOR + 1.400%), 144A 1.637%, 07/15/27@,• | $ 4,000 | $ 3,979,700 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A 3.215%, 04/25/33@,• | 2,000 | 2,000,754 |
Venture 37 CLO Ltd., Series 2019-37A Class A1F, 144A 3.657%, 07/15/32@ | 5,000 | 5,059,175 |
TOTAL ASSET BACKED SECURITIES (Cost $61,457,942) | 61,947,248 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 18.0% | ||
Benchmark Mortgage Trust, Series 2019-B9 Class A5 4.016%, 03/15/52 | 5,000 | 5,938,170 |
CFCRE Commercial Mortgage Trust, Series 2011-C1 Class A4, 144A 4.961%, 04/15/44@,• | 72 | 72,246 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 5,000 | 5,333,462 |
FHLMC Multifamily Structured Pass-Through Certificates, | ||
Series K019 Class X1, 1.585%, 03/25/22• | 44,672 | 563,936 |
Series K043 Class A2, 3.062%, 12/25/24 | 3,000 | 3,298,631 |
Series K058 Class A2, 2.653%, 08/25/26 | 5,000 | 5,520,355 |
Series K061 Class A2, 3.347%, 11/25/26• | 4,750 | 5,422,123 |
Series K094 Class A2, 2.903%, 06/25/29 | 2,000 | 2,277,326 |
Series K107 Class A1, 1.228%, 10/25/29 | 7,443 | 7,613,209 |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A 3.447%, 12/10/36@ | 2,500 | 2,581,188 |
FREMF Mortgage Trust, | ||
Series 2018-K731 Class B, 144A, 3.933%, 02/25/25@,• | 6,610 | 7,217,021 |
Series 2019-K735 Class B, 144A, 4.018%, 05/25/26@,• | 6,000 | 6,647,157 |
Series 2012-K17 Class B, 144A, 4.319%, 12/25/44@,• | 4,000 | 4,122,873 |
Series 2012-K19 Class C, 144A, 4.017%, 05/25/45@,• | 4,500 | 4,631,996 |
Series 2012-K23 Class C, 144A, 3.656%, 10/25/45@,• | 5,000 | 5,176,194 |
Series 2013-K27 Class C, 144A, 3.496%, 01/25/46@,• | 3,647 | 3,797,267 |
Par (000) | Value† | |
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Series 2015-K48 Class B, 144A, 3.640%, 08/25/48@,• | $ 5,000 | $ 5,425,129 |
Series 2016-K52 Class B, 144A, 3.925%, 01/25/49@,• | 5,065 | 5,592,993 |
Series 2019-K102 Class B, 144A, 3.530%, 12/25/51@,• | 5,000 | 5,491,520 |
Government National Mortgage Association, Series 2011-77 Class D 4.149%, 10/16/45• | 359 | 371,408 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $81,826,174) | 87,094,204 | |
CORPORATE BONDS — 43.0% | ||
Aerospace & Defense — 1.5% | ||
General Dynamics Corp. 3.500%, 05/15/25 | 3,000 | 3,353,407 |
The Boeing Co. | ||
1.950%, 02/01/24 | 2,000 | 2,059,757 |
3.250%, 02/01/35 | 1,950 | 1,999,734 |
7,412,898 | ||
Agriculture — 0.7% | ||
Cargill, Inc., 144A 3.250%, 03/01/23@ | 3,000 | 3,181,469 |
Airlines — 4.1% | ||
Air Canada Pass Through Trust, Series 2013-1 Class B, 144A 5.375%, 11/15/22@ | 2,672 | 2,678,310 |
Delta Air Lines Pass Through Trust, | ||
Series 2007-1 Class A, 6.821%, 02/10/24 | 2,672 | 2,736,987 |
Series 2007-1 Class B, 8.021%, 02/10/24 | 2,732 | 2,668,887 |
Series 2015-1 Class B, 4.250%, 01/30/25 | 2,012 | 2,056,847 |
JetBlue Pass Through Trust, Series 2019-1 Class A 2.950%, 11/15/29 | 2,890 | 2,666,386 |
UAL Pass Through Trust, Series 2007-1 Class A 6.636%, 01/02/24 | 2,844 | 2,900,856 |
United Airlines Pass Through Trust, | ||
Series 2014-1 Class B, 4.750%, 10/11/23 | 1,456 | 1,461,933 |
Series 2016-1 Class AA, 3.100%, 01/07/30 | 2,525 | 2,555,714 |
19,725,920 | ||
Apparel — 0.7% | ||
VF Corp. 2.800%, 04/23/27 | 3,000 | 3,281,443 |
Auto Manufacturers — 1.3% | ||
BMW US Capital LLC, 144A 3.450%, 04/12/23@ | 4,000 | 4,262,615 |
Par (000) | Value† | |
Auto Manufacturers — (continued) | ||
Ford Motor Credit Co., LLC 3.470%, 04/05/21 | $ 2,100 | $ 2,100,000 |
6,362,615 | ||
Banks — 3.1% | ||
JPMorgan Chase & Co. | ||
(3 M ICE LIBOR + 0.500%), 0.714%, 02/01/27• | 3,200 | 3,033,030 |
(3 M ICE LIBOR + 3.470%), 3.684%µ,• | 2,000 | 1,995,909 |
KeyCorp. Capital I (3 M ICE LIBOR + 0.740%) 0.978%, 07/01/28• | 2,640 | 2,453,525 |
NTC Capital I (3 M ICE LIBOR + 0.520%) 0.757%, 01/15/27• | 4,595 | 4,371,250 |
State Street Corp. (3 M ICE LIBOR + 0.560%) 0.781%, 05/15/28• | 1,665 | 1,572,672 |
Wachovia Capital Trust III (3 M ICE LIBOR + 0.930%) 5.570%µ,• | 1,510 | 1,529,071 |
14,955,457 | ||
Biotechnology — 1.7% | ||
Amgen, Inc. | ||
2.700%, 05/01/22 | 3,000 | 3,086,812 |
2.650%, 05/11/22 | 2,000 | 2,061,874 |
Gilead Sciences, Inc. 1.650%, 10/01/30 | 3,000 | 3,010,309 |
8,158,995 | ||
Building Materials — 1.5% | ||
Martin Marietta Materials, Inc. 4.250%, 07/02/24 | 3,000 | 3,345,285 |
Vulcan Materials Co. 4.500%, 04/01/25 | 3,565 | 4,077,894 |
7,423,179 | ||
Commercial Services — 2.4% | ||
Drawbridge Special Opportunities Fund LP, 144A 5.000%, 08/01/21@ | 2,000 | 2,019,247 |
IHS Markit Ltd., 144A 5.000%, 11/01/22@ | 2,500 | 2,673,150 |
Northwestern University 4.643%, 12/01/44 | 645 | 853,168 |
The Georgetown University 4.315%, 04/01/49 | 2,485 | 3,175,879 |
University of Southern California 3.028%, 10/01/39 | 2,820 | 3,067,874 |
11,789,318 | ||
Computers — 0.7% | ||
Dell International LLC, 144A 5.450%, 06/15/23@ | 3,000 | 3,318,062 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Diversified Financial Services — 0.4% | ||
Air Lease Corp. 3.750%, 02/01/22 | $ 2,000 | $ 2,053,312 |
Electric — 3.5% | ||
ComEd Financing III 6.350%, 03/15/33 | 3,355 | 4,038,317 |
Edison International 3.550%, 11/15/24 | 2,000 | 2,153,424 |
Louisville Gas and Electric Co. 4.250%, 04/01/49 | 3,000 | 3,875,765 |
Northern States Power Co. 3.600%, 09/15/47 | 4,000 | 4,928,691 |
Pacific Gas and Electric Co. 1.750%, 06/16/22 | 2,000 | 2,005,644 |
17,001,841 | ||
Electronics — 0.3% | ||
Roper Technologies, Inc. 1.400%, 09/15/27 | 1,500 | 1,519,034 |
Food — 3.5% | ||
Kellogg Co. 2.650%, 12/01/23 | 2,501 | 2,668,755 |
Land O' Lakes, Inc., 144A 6.000%, 11/15/22@ | 3,500 | 3,756,582 |
Mars, Inc., 144A 1.625%, 07/16/32@ | 3,000 | 2,975,634 |
Smithfield Foods, Inc., 144A 3.350%, 02/01/22@ | 3,000 | 3,041,237 |
The Hershey Co. 1.700%, 06/01/30 | 2,000 | 2,057,687 |
The J.M. Smucker Co. 3.375%, 12/15/27 | 2,000 | 2,222,917 |
16,722,812 | ||
Forest Products & Paper — 0.5% | ||
Georgia-Pacific LLC, 144A 3.163%, 11/15/21@ | 2,500 | 2,546,852 |
Gas — 0.6% | ||
The Brooklyn Union Gas Co., 144A 3.407%, 03/10/26@ | 2,500 | 2,791,721 |
Healthcare Products — 1.2% | ||
Boston Scientific Corp. 3.750%, 03/01/26 | 3,000 | 3,404,520 |
DENTSPLY SIRONA, Inc. 3.250%, 06/01/30 | 1,500 | 1,670,597 |
Zimmer Biomet Holdings, Inc. (3 M ICE LIBOR + 0.750%) 0.989%, 03/19/21• | 666 | 666,000 |
5,741,117 | ||
Healthcare Services — 0.4% | ||
Health Care Service Corp. A Mutual Legal Reserve Co., 144A 2.200%, 06/01/30@ | 2,000 | 2,092,258 |
Par (000) | Value† | |
Household Products & Wares — 0.5% | ||
Kimberly-Clark Corp. 3.100%, 03/26/30 | $ 2,000 | $ 2,303,161 |
Internet — 0.2% | ||
Alibaba Group Holding Ltd. 3.400%, 12/06/27 | 1,000 | 1,119,501 |
Media — 2.6% | ||
Charter Communications Operating LLC 4.464%, 07/23/22 | 3,000 | 3,162,730 |
Comcast Cable Holdings LLC 9.875%, 06/15/22 | 1,000 | 1,123,228 |
Comcast Corp. 3.950%, 10/15/25 | 4,000 | 4,595,520 |
The Walt Disney Co. 2.200%, 01/13/28 | 3,600 | 3,853,319 |
12,734,797 | ||
Mining — 0.2% | ||
Newmont Corp. 3.625%, 06/09/21 | 1,000 | 1,008,974 |
Oil & Gas — 0.8% | ||
BG Energy Capital PLC, 144A 4.000%, 10/15/21@ | 1,000 | 1,026,664 |
BP Capital Markets PLC 2.500%, 11/06/22 | 2,500 | 2,597,875 |
3,624,539 | ||
Pharmaceuticals — 3.8% | ||
AbbVie, Inc. 2.300%, 05/14/21 | 3,000 | 3,016,600 |
Becton Dickinson and Co. 3.700%, 06/06/27 | 1,956 | 2,244,728 |
CVS Health Corp. 1.300%, 08/21/27 | 3,000 | 3,013,932 |
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34 | 1,000 | 1,427,311 |
Johnson & Johnson 3.550%, 03/01/36 | 2,337 | 2,886,095 |
Mead Johnson Nutrition Co. 4.125%, 11/15/25 | 2,000 | 2,307,619 |
Zoetis, Inc. 4.500%, 11/13/25 | 3,000 | 3,501,834 |
18,398,119 | ||
Pipelines — 1.7% | ||
Energy Transfer Partners LP 5.875%, 03/01/22 | 2,000 | 2,091,052 |
MPLX LP (3 M ICE LIBOR + 1.100%) 1.330%, 09/09/22• | 3,000 | 3,000,509 |
Transcanada Trust (3 M ICE LIBOR + 4.640%) 5.875%, 08/15/76• | 3,000 | 3,345,000 |
8,436,561 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Real Estate Investment Trusts — 1.5% | ||
American Tower Corp. 4.700%, 03/15/22 | $ 2,500 | $ 2,623,412 |
Kimco Realty Corp. 2.800%, 10/01/26 | 3,000 | 3,271,517 |
SBA Tower Trust, 144A 1.884%, 01/15/26@ | 1,500 | 1,543,835 |
7,438,764 | ||
Semiconductors — 0.5% | ||
NXP, 144A 3.150%, 05/01/27@ | 2,000 | 2,205,104 |
Software — 0.6% | ||
VMware, Inc. 2.950%, 08/21/22 | 3,000 | 3,112,059 |
Telecommunications — 1.0% | ||
Crown Castle Towers LLC, 144A 3.663%, 05/15/45@ | 4,000 | 4,308,371 |
Sprint Spectrum Co., LLC, 144A 3.360%, 03/20/23@ | 563 | 567,787 |
4,876,158 | ||
Transportation — 1.5% | ||
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A 3.442%, 06/16/28@ | 2,379 | 2,687,709 |
Federal Express Corp. Pass Through Trust, Series 1999 7.650%, 07/15/24 | 408 | 422,854 |
Union Pacific Corp. 3.375%, 02/01/35 | 3,336 | 3,904,099 |
7,014,662 | ||
TOTAL CORPORATE BONDS (Cost $197,344,288) | 208,350,702 | |
MUNICIPAL BONDS — 3.3% | ||
State of Texas, Public Finance Authority 3.952%, 10/01/37 | 3,725 | 4,356,276 |
University of Massachusetts Building Authority, Series 3 2.417%, 11/01/28 | 4,690 | 5,059,291 |
University of Michigan, Series B 2.562%, 04/01/50 | 3,725 | 3,956,136 |
West Virginia University, Series A 4.000%, 10/01/47 | 2,125 | 2,487,610 |
TOTAL MUNICIPAL BONDS (Cost $14,834,832) | 15,859,313 | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 12.8% | ||
Collateralized Mortgage Obligations — 4.1% | ||
Agate Bay Mortgage Trust, Series 2016-3 Class A5, 144A 3.500%, 08/25/46@,• | 486 | 486,950 |
Par (000) | Value† | |
Collateralized Mortgage Obligations — (continued) | ||
Chase Home Lending Mortgage Trust, Series 2019-1 Class A4, 144A 3.500%, 03/25/50@,• | $ 1,493 | $ 1,502,169 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A 2.500%, 10/25/50@ | 4,022 | 4,119,163 |
JP Morgan Mortgage Trust, Series 2017-1 Class A5, 144A 3.500%, 01/25/47@,• | 907 | 907,257 |
Sequoia Mortgage Trust, | ||
Series 2017-5 Class A1, 144A, 3.500%, 08/25/47@,• | 2,421 | 2,477,332 |
Series 2017-CH2 Class A1, 144A, 4.000%, 12/25/47@,• | 2,025 | 2,085,078 |
Visio Trust, Series 2020-1 Class A3, 144A 3.521%, 08/25/55@,• | 4,545 | 4,721,264 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A 3.000%, 06/25/50@,• | 3,448 | 3,552,599 |
19,851,812 | ||
Fannie Mae Pool — 6.5% | ||
2.000%, 11/01/40 | 5,951 | 6,182,913 |
2.500%, 01/01/43 | 1,652 | 1,767,459 |
2.500%, 02/01/43 | 4,668 | 4,996,444 |
3.500%, 11/01/44 | 2,138 | 2,231,489 |
3.000%, 01/01/50 | 3,299 | 3,459,140 |
3.000%, 03/01/50 | 8,543 | 9,109,684 |
3.000%, 04/01/50 | 3,534 | 3,627,746 |
31,374,875 | ||
Freddie Mac REMICS — 2.2% | ||
Series 4640 Class LG, 3.500%, 09/15/43 | 5,899 | 6,132,978 |
Series 4800 Class ED, 4.000%, 07/15/44 | 1,200 | 1,210,845 |
Series 4743 Class PA, 3.500%, 01/15/45 | 2,237 | 2,259,973 |
Series 4800 Class KB, 5.000%, 11/15/45 | 1,110 | 1,125,238 |
10,729,034 | ||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $60,955,402) | 61,955,721 | |
U.S. TREASURY OBLIGATIONS — 5.9% | ||
U.S. Treasury Bill 0.075%, 02/18/21¤ | 10,000 | 9,999,188 |
U.S. Treasury Bond | ||
1.125%, 08/15/40 | 500 | 473,359 |
2.750%, 08/15/42 | 1,800 | 2,231,578 |
Par (000) | Value† | |
U.S. TREASURY OBLIGATIONS — (continued) | ||
2.875%, 05/15/43 | $ 2,150 | $ 2,718,070 |
3.625%, 08/15/43 | 2,850 | 4,024,957 |
U.S. Treasury Inflation Indexed Bonds | ||
0.125%, 07/15/30 | 4,570 | 5,126,191 |
1.000%, 02/15/46 | 1,923 | 2,621,662 |
U.S. Treasury Notes | ||
2.000%, 07/31/22(a) | 600 | 617,672 |
1.500%, 11/30/24 | 500 | 524,316 |
1.125%, 02/28/25 | 500 | 517,637 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $26,767,378) | 28,854,630 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 2.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $10,708,186) | 10,708,186 | 10,708,186 |
TOTAL INVESTMENTS — 98.0% (Cost $453,894,202) | $ 474,770,004 | |
Other Assets & Liabilities — 2.0% | 9,704,162 | |
TOTAL NET ASSETS — 100.0% | $ 484,474,166 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $169,505,456, which represents 35.0% of the Fund’s net assets. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
µ | Perpetual security with no stated maturity date. |
¤ | Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity. |
(a) | All or portion of securities segregated as collateral for futures contracts. |
CLO— Collateralized Loan Obligation. |
FHLMC— Federal Home Loan Mortgage Corporation. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
PLC— Public Limited Company. |
REMICS— Real Estate Mortgage Investment Conduits. |
Country Weightings as of 12/31/2020†† | |
United States | 90% |
Cayman Islands | 7 |
United Kingdom | 1 |
Canada | 1 |
Netherlands | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 61,947,248 | $ — | $ 61,947,248 | $— |
Commercial Mortgage Backed Securities | 87,094,204 | — | 87,094,204 | — |
Corporate Bonds | 208,350,702 | — | 208,350,702 | — |
Municipal Bonds | 15,859,313 | — | 15,859,313 | — |
Residential Mortgage Backed Securities | 61,955,721 | — | 61,955,721 | — |
U.S. Treasury Obligations | 28,854,630 | — | 28,854,630 | — |
Short-Term Investments | 10,708,186 | 10,708,186 | — | — |
Total Investments | $ 474,770,004 | $ 10,708,186 | $ 464,061,818 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 299,623 | $ 299,623 | $ — | $— |
Total Assets—Other Financial Instruments | $ 299,623 | $ 299,623 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(220,350) | $(220,350) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (220,350) | $ (220,350) | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | U.S. Treasury 5 Year Note | 03/31/2021 | 860 | 1,000 | $126 | $108,501,094 | $ 255,083 | $ — | ||||||||
Long | U.S. Treasury 10 Year Note | 03/22/2021 | 257 | 1,000 | 138 | 35,486,078 | 39,812 | — | ||||||||
Long | U.S. Treasury Ultra Bond | 03/22/2021 | 59 | 1,000 | 214 | 12,600,188 | — | (174,829) | ||||||||
$294,895 | $(174,829) |
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Short | U.S. Treasury 2 Year Note | 03/31/2021 | (200) | 2,000 | $ 110 | $(44,195,312) | $ — | $ (45,521) | ||||||||
Short | U.S. Treasury Long Bond | 03/22/2021 | (3) | 1,000 | 173 | (519,563) | 4,728 | — | ||||||||
$ 4,728 | $ (45,521) | |||||||||||||||
$299,623 | $(220,350) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 0.9% | ||
First Eagle BSL CLO, Ltd., Series 2019-1A (3 M ICE LIBOR + 4.350%, Floor 4.350%), 144A 4.568%, 01/20/33@,• (Cost $1,483,950) | $1,500 | $ 1,509,036 |
TOTAL ASSET BACKED SECURITIES (Cost $1,483,950) | 1,509,036 |
Number of Shares | ||
COMMON STOCKS — 0.4% | ||
Entertainment — 0.0% | ||
New Cotai Participation, Class B(1),* | 1 | 0 |
Oil & Gas — 0.4% | ||
Denbury, Inc.* | 23,922 | 614,556 |
TOTAL COMMON STOCKS (Cost $466,782) | 614,556 | |
PREFERRED STOCKS — 0.7% | ||
Packaging and Containers — 0.0% | ||
Smurfit-Stone Container Corp. (Escrow) CONV.(1),* | 725 | 0 |
Pipelines — 0.7% | ||
Targa Resources Corp. CONV | 1,175 | 1,211,262 |
TOTAL PREFERRED STOCKS (Cost $1,304,279) | 1,211,262 |
Par (000) | ||
CORPORATE BONDS — 89.2% | ||
Aerospace & Defense — 1.4% | ||
Howmet Aerospace, Inc. 6.875%, 05/01/25 | $ 700 | 819,000 |
TransDigm, Inc., 144A 6.250%, 03/15/26@ | 1,400 | 1,491,000 |
2,310,000 | ||
Airlines — 4.7% | ||
American Airlines, Inc., 144A 11.750%, 07/15/25@ | 700 | 807,275 |
Continental Airlines Pass Through Trust, Series 2007-1 Class A 5.983%, 10/19/23 | 1,026 | 1,038,287 |
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A 4.750%, 10/20/28@ | 700 | 764,059 |
JetBlue Airways Corp. Pass Through Trust, Series 2020-1 Class B 7.750%, 05/15/30 | 1,400 | 1,523,462 |
Par (000) | Value† | |
Airlines — (continued) | ||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | $ 700 | $ 752,500 |
U.S. Airways Pass Through Trust, Series 2012-2 Class B 6.750%, 12/03/22 | 1,374 | 1,335,574 |
UAL Pass Through Trust, Series 2007-1 Class A 6.636%, 01/02/24 | 793 | 808,614 |
United Airlines, Inc. Pass-Through Trust, Series 2020-1 Class A 5.875%, 04/15/29 | 700 | 756,149 |
7,785,920 | ||
Apparel — 1.8% | ||
Hanesbrands, Inc., 144A 5.375%, 05/15/25@ | 700 | 740,614 |
PVH Corp. 4.625%, 07/10/25 | 1,400 | 1,577,439 |
The William Carter Co., 144A 5.500%, 05/15/25@ | 700 | 743,390 |
3,061,443 | ||
Auto Manufacturers — 1.3% | ||
Ford Motor Co. 8.500%, 04/21/23 | 1,200 | 1,350,612 |
Ford Motor Credit Co., LLC 5.125%, 06/16/25 | 700 | 761,110 |
2,111,722 | ||
Auto Parts & Equipment — 1.4% | ||
Adient U.S. LLC, 144A 9.000%, 04/15/25@ | 700 | 780,500 |
Clarios Global LP/Clarios US Finance Co., 144A 8.500%, 05/15/27@ | 700 | 760,487 |
Tenneco, Inc., 144A 7.875%, 01/15/29@ | 770 | 864,525 |
2,405,512 | ||
Building Materials — 1.3% | ||
Builders FirstSource, Inc., 144A 5.000%, 03/01/30@ | 1,400 | 1,516,368 |
Summit Materials LLC/Summit Materials Finance Corp., 144A 5.250%, 01/15/29@ | 700 | 735,000 |
2,251,368 | ||
Chemicals — 1.9% | ||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 144A 4.750%, 06/15/27@ | 700 | 744,625 |
Olin Corp., 144A 9.500%, 06/01/25@ | 700 | 874,685 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Chemicals — (continued) | ||
Tronox, Inc., 144A 6.500%, 05/01/25@ | $ 700 | $ 749,000 |
WR Grace & Co-Conn, 144A 4.875%, 06/15/27@ | 700 | 742,364 |
3,110,674 | ||
Commercial Services — 3.9% | ||
ASGN, Inc., 144A 4.625%, 05/15/28@ | 700 | 728,000 |
Ashtead Capital, Inc., 144A 4.250%, 11/01/29@ | 700 | 766,388 |
Jaguar Holding Co. II/PPD Development LP, 144A 5.000%, 06/15/28@ | 1,250 | 1,334,375 |
Nielsen Finance LLC/Nielsen Finance Co., 144A 5.625%, 10/01/28@ | 700 | 760,585 |
Service Corp. International | ||
7.500%, 04/01/27 | 1,750 | 2,130,625 |
5.125%, 06/01/29 | 750 | 830,625 |
6,550,598 | ||
Computers — 2.0% | ||
Booz Allen Hamilton, Inc., 144A 3.875%, 09/01/28@ | 700 | 721,000 |
MTS Systems Corp., 144A 5.750%, 08/15/27@ | 1,000 | 1,085,200 |
NCR Corp. | ||
144A, 5.750%, 09/01/27@ | 750 | 796,875 |
144A, 5.000%, 10/01/28@ | 700 | 738,500 |
3,341,575 | ||
Distribution & Wholesale — 0.6% | ||
IAA, Inc., 144A 5.500%, 06/15/27@ | 1,000 | 1,060,000 |
Diversified Financial Services — 1.5% | ||
LPL Holdings, Inc., 144A 4.625%, 11/15/27@ | 700 | 724,500 |
OneMain Finance Corp. | ||
5.625%, 03/15/23 | 1,000 | 1,072,500 |
4.000%, 09/15/30 | 700 | 726,327 |
2,523,327 | ||
Electric — 2.8% | ||
Clearway Energy Operating LLC, 144A 4.750%, 03/15/28@ | 700 | 750,750 |
NRG Energy, Inc., 144A 5.250%, 06/15/29@ | 1,150 | 1,265,000 |
Talen Energy Supply LLC, 144A 7.625%, 06/01/28@ | 700 | 754,250 |
Vistra Operations Co., LLC | ||
144A, 5.625%, 02/15/27@ | 750 | 797,730 |
144A, 5.000%, 07/31/27@ | 1,000 | 1,060,000 |
4,627,730 |
Par (000) | Value† | |
Electrical Components & Equipment — 0.5% | ||
WESCO Distribution, Inc. | ||
144A, 7.125%, 06/15/25@ | $ 350 | $ 384,941 |
144A, 7.250%, 06/15/28@ | 350 | 398,051 |
782,992 | ||
Electronics — 0.6% | ||
Itron, Inc., 144A 5.000%, 01/15/26@ | 1,000 | 1,021,250 |
Energy-Alternate Sources — 1.0% | ||
TerraForm Power Operating LLC, 144A 5.000%, 01/31/28@ | 1,500 | 1,685,475 |
Entertainment — 1.9% | ||
Affinity Gaming, 144A 6.875%, 12/15/27@ | 1,200 | 1,257,348 |
Churchill Downs, Inc., 144A 5.500%, 04/01/27@ | 750 | 794,063 |
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 144A 10.500%, 02/15/23@ | 1,050 | 1,065,750 |
3,117,161 | ||
Environmental Control — 1.6% | ||
Clean Harbors, Inc. | ||
144A, 4.875%, 07/15/27@ | 750 | 782,483 |
144A, 5.125%, 07/15/29@ | 750 | 819,375 |
Waste Pro USA, Inc., 144A 5.500%, 02/15/26@ | 1,000 | 1,022,500 |
2,624,358 | ||
Food — 4.4% | ||
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||
144A, 4.625%, 01/15/27@ | 700 | 744,625 |
144A, 4.875%, 02/15/30@ | 700 | 771,316 |
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 144A 5.500%, 01/15/30@ | 1,500 | 1,723,140 |
Kraft Heinz Foods Co., 144A 4.250%, 03/01/31@ | 700 | 780,540 |
Lamb Weston Holdings, Inc. | ||
144A, 4.875%, 11/01/26@ | 1,000 | 1,045,300 |
144A, 4.875%, 05/15/28@ | 500 | 558,125 |
Post Holdings, Inc., 144A 5.750%, 03/01/27@ | 1,000 | 1,058,750 |
SEG Holding LLC/SEG Finance Corp., 144A 5.625%, 10/15/28@ | 700 | 738,500 |
7,420,296 | ||
Food Service — 0.4% | ||
Aramark Services, Inc., 144A 6.375%, 05/01/25@ | 700 | 748,125 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Forest Products & Paper — 0.7% | ||
Clearwater Paper Corp., 144A 4.750%, 08/15/28@ | $ 1,050 | $ 1,086,750 |
Gas — 0.6% | ||
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650%µ,• | 1,000 | 1,027,500 |
Healthcare — 0.5% | ||
The Scotts Miracle-Gro Co. 4.500%, 10/15/29 | 700 | 754,250 |
Healthcare Products — 1.2% | ||
Avantor Funding, Inc., 144A 4.625%, 07/15/28@ | 750 | 793,125 |
Hill-Rom Holdings, Inc., 144A 4.375%, 09/15/27@ | 500 | 528,223 |
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 144A 7.375%, 06/01/25@ | 700 | 745,500 |
2,066,848 | ||
Healthcare Services — 4.8% | ||
Acadia Healthcare Co., Inc., 144A 5.500%, 07/01/28@ | 700 | 751,835 |
Charles River Laboratories International, Inc., 144A 4.250%, 05/01/28@ | 1,050 | 1,099,875 |
CHS/Community Health Systems, Inc., 144A 8.000%, 12/15/27@ | 1,050 | 1,139,250 |
Encompass Health Corp. 4.750%, 02/01/30 | 1,400 | 1,499,750 |
HCA, Inc. 5.250%, 06/15/26 | 1,500 | 1,775,252 |
IQVIA, Inc., 144A 5.000%, 10/15/26@ | 1,000 | 1,045,000 |
RP Escrow Issuer LLC, 144A 5.250%, 12/15/25@ | 770 | 804,696 |
8,115,658 | ||
Home Builders — 0.4% | ||
Williams Scotsman International, Inc., 144A 4.625%, 08/15/28@ | 700 | 724,500 |
Insurance — 0.5% | ||
CNO Financial Group, Inc. 5.250%, 05/30/25 | 750 | 870,583 |
Internet — 1.4% | ||
Arches Buyer, Inc., 144A 6.125%, 12/01/28@ | 770 | 795,179 |
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A 5.250%, 12/01/27@ | 1,400 | 1,473,500 |
2,268,679 |
Par (000) | Value† | |
Iron & Steel — 0.5% | ||
Cleveland-Cliffs, Inc., 144A 9.875%, 10/17/25@ | $ 700 | $ 823,375 |
Machinery — Construction & Mining — 0.6% | ||
Terex Corp., 144A 5.625%, 02/01/25@ | 1,050 | 1,081,631 |
Machinery — Diversified — 3.0% | ||
Granite US Holdings Corp., 144A 11.000%, 10/01/27@ | 1,050 | 1,165,500 |
Mueller Water Products, Inc., 144A 5.500%, 06/15/26@ | 1,000 | 1,036,250 |
RBS Global, Inc./Rexnord LLC, 144A 4.875%, 12/15/25@ | 1,500 | 1,528,125 |
Stevens Holding Co., Inc., 144A 6.125%, 10/01/26@ | 1,200 | 1,296,000 |
5,025,875 | ||
Media — 6.2% | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||
144A, 5.125%, 05/01/27@ | 1,000 | 1,061,190 |
144A, 4.500%, 08/15/30@ | 700 | 742,875 |
144A, 4.500%, 05/01/32@ | 875 | 934,255 |
CSC Holdings LLC | ||
144A, 6.500%, 02/01/29@ | 2,150 | 2,427,457 |
144A, 4.625%, 12/01/30@ | 300 | 313,125 |
DISH DBS Corp. 7.375%, 07/01/28 | 700 | 745,500 |
iHeartCommunications, Inc., 144A 5.250%, 08/15/27@ | 700 | 735,000 |
Nexstar Broadcasting, Inc., 144A 5.625%, 07/15/27@ | 700 | 749,875 |
Sinclair Television Group, Inc., 144A 5.125%, 02/15/27@ | 700 | 714,805 |
Sirius XM Radio, Inc., 144A 5.500%, 07/01/29@ | 750 | 825,234 |
Townsquare Media, Inc., 144A 6.875%, 02/01/26@ | 350 | 366,566 |
Ziggo Bond Co. BV, 144A 5.125%, 02/28/30@ | 700 | 738,710 |
10,354,592 | ||
Mining — 1.6% | ||
Alcoa Nederland Holding BV, 144A 7.000%, 09/30/26@ | 1,000 | 1,065,000 |
Arconic Corp., 144A 6.125%, 02/15/28@ | 875 | 943,359 |
Freeport-McMoRan, Inc. 5.000%, 09/01/27 | 700 | 742,000 |
2,750,359 | ||
Miscellaneous Manufacturing — 1.5% | ||
Amsted Industries, Inc., 144A 4.625%, 05/15/30@ | 1,050 | 1,099,875 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Miscellaneous Manufacturing — (continued) | ||
FXI Holdings, Inc., 144A 12.250%, 11/15/26@ | $ 1,293 | $ 1,474,020 |
2,573,895 | ||
Oil & Gas — 5.7% | ||
Apache Corp. 6.000%, 01/15/37 | 1,200 | 1,326,000 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A 8.250%, 12/31/28@ | 700 | 698,250 |
Comstock Resources, Inc. | ||
9.750%, 08/15/26 | 700 | 752,500 |
9.750%, 08/15/26 | 700 | 754,250 |
Continental Resources, Inc., 144A 5.750%, 01/15/31@ | 1,050 | 1,165,479 |
HollyFrontier Corp. 4.500%, 10/01/30 | 1,550 | 1,637,340 |
Occidental Petroleum Corp. 6.125%, 01/01/31 | 1,050 | 1,123,710 |
Parkland Corp., 144A 5.875%, 07/15/27@ | 1,150 | 1,243,414 |
Southwestern Energy Co. 8.375%, 09/15/28 | 700 | 759,500 |
9,460,443 | ||
Oil & Gas Services — 0.5% | ||
Archrock Partners LP/Archrock Partners Finance Corp., 144A 6.875%, 04/01/27@ | 700 | 753,375 |
Packaging and Containers — 3.0% | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 144A 5.250%, 08/15/27@ | 700 | 734,867 |
Berry Global, Inc., 144A 5.625%, 07/15/27@ | 750 | 806,484 |
Graham Packaging Co., Inc., 144A 7.125%, 08/15/28@ | 700 | 773,500 |
Mauser Packaging Solutions Holding Co., 144A 8.500%, 04/15/24@ | 1,575 | 1,630,125 |
TriMas Corp., 144A 4.875%, 10/15/25@ | 1,000 | 1,025,000 |
4,969,976 | ||
Pharmaceuticals — 1.2% | ||
Bausch Health Cos., Inc., 144A 5.250%, 02/15/31@ | 700 | 731,304 |
Elanco Animal Health, Inc. 5.900%, 08/28/28 | 1,050 | 1,239,000 |
1,970,304 | ||
Pipelines — 2.7% | ||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 144A 7.625%, 12/15/25@ | 350 | 372,750 |
Par (000) | Value† | |
Pipelines — (continued) | ||
Cheniere Energy, Inc., 144A 4.625%, 10/15/28@ | $ 1,200 | $1,260,000 |
EnLink Midstream LLC, 144A 5.625%, 01/15/28@ | 700 | 714,140 |
Harvest Midstream I LP, 144A 7.500%, 09/01/28@ | 1,050 | 1,116,938 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A 7.500%, 10/01/25@ | 1,050 | 1,133,569 |
4,597,397 | ||
Real Estate — 1.7% | ||
Greystar Real Estate Partners LLC, 144A 5.750%, 12/01/25@ | 750 | 764,250 |
Realogy Group LLC/Realogy Co-Issuer Corp., 144A 7.625%, 06/15/25@ | 1,050 | 1,140,006 |
The Howard Hughes Corp., 144A 5.375%, 08/01/28@ | 875 | 941,063 |
2,845,319 | ||
Real Estate Investment Trusts — 1.5% | ||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.750%, 02/01/27 | 1,000 | 1,121,870 |
MPT Operating Partnership LP/MPT Finance Corp. | ||
5.000%, 10/15/27 | 700 | 744,625 |
3.500%, 03/15/31 | 700 | 722,750 |
2,589,245 | ||
Retail — 7.6% | ||
Bed Bath & Beyond, Inc. | ||
3.749%, 08/01/24 | 700 | 697,295 |
4.915%, 08/01/34 | 1,550 | 1,379,391 |
Burlington Coat Factory Warehouse Corp., 144A 6.250%, 04/15/25@ | 700 | 743,750 |
Ferrellgas LP/Ferrellgas Finance Corp., 144A 10.000%, 04/15/25@ | 1,200 | 1,326,624 |
Ken Garff Automotive LLC, 144A 4.875%, 09/15/28@ | 700 | 728,000 |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 5.250%, 06/01/26@ | 1,000 | 1,037,500 |
L Brands, Inc., 144A 6.625%, 10/01/30@ | 700 | 778,750 |
Lithia Motors, Inc., 144A 4.375%, 01/15/31@ | 700 | 750,750 |
Murphy Oil USA, Inc. 5.625%, 05/01/27 | 1,050 | 1,110,375 |
New Red Finance, Inc., 144A 4.250%, 05/15/24@ | 516 | 526,320 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Retail — (continued) | ||
QVC, Inc. 4.750%, 02/15/27 | $ 750 | $ 804,375 |
White Cap Buyer LLC, 144A 6.875%, 10/15/28@ | 700 | 746,375 |
Yum! Brands, Inc. | ||
144A, 7.750%, 04/01/25@ | 1,200 | 1,329,000 |
144A, 4.750%, 01/15/30@ | 700 | 767,550 |
12,726,055 | ||
Semiconductors — 0.7% | ||
Sensata Technologies BV, 144A 5.625%, 11/01/24@ | 1,000 | 1,117,540 |
Software — 0.5% | ||
ACI Worldwide, Inc., 144A 5.750%, 08/15/26@ | 750 | 793,125 |
Telecommunications — 5.2% | ||
CommScope, Inc., 144A 7.125%, 07/01/28@ | 700 | 745,500 |
Connect Finco SARL/Connect US Finco LLC, 144A 6.750%, 10/01/26@ | 1,050 | 1,131,060 |
Frontier Communications Corp. | ||
144A, 5.875%, 10/15/27@ | 700 | 756,875 |
144A, 6.750%, 05/01/29@ | 1,050 | 1,123,500 |
Hughes Satellite Systems Corp. 5.250%, 08/01/26 | 1,000 | 1,103,750 |
Level 3 Financing, Inc., 144A 4.625%, 09/15/27@ | 1,050 | 1,096,656 |
Telesat Canada/Telesat LLC, 144A 4.875%, 06/01/27@ | 700 | 724,500 |
ViaSat, Inc. | ||
144A, 5.625%, 04/15/27@ | 1,050 | 1,102,500 |
144A, 6.500%, 07/15/28@ | 875 | 946,934 |
8,731,275 | ||
Transportation — 0.4% | ||
Cargo Aircraft Management, Inc., 144A 4.750%, 02/01/28@ | 700 | 721,875 |
TOTAL CORPORATE BONDS (Cost $140,181,820) | 149,339,950 | |
LOAN AGREEMENTS‡ — 0.9% | ||
Insurance — 0.9% | ||
Asurion LLC (1 M ICE LIBOR + 6.500%) 6.647%, 08/04/25• (Cost $1,404,351) | 1,404 | 1,413,171 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 5.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $8,537,685) | 8,537,685 | $ 8,537,685 |
TOTAL INVESTMENTS — 97.2% (Cost $153,378,867) | $ 162,625,660 | |
Other Assets & Liabilities — 2.8% | 4,765,795 | |
TOTAL NET ASSETS — 100.0% | $ 167,391,455 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $113,427,096, which represents 67.8% of the Fund’s net assets. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
* | Non-income producing security. |
µ | Perpetual security with no stated maturity date. |
‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2020. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
CLO— Collateralized Loan Obligation. |
CMT— Constant Maturity Treasury. |
CONV— Convertible Security. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
S.A.— Societe Anonyme. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 12/31/2020†† | |
United States | 96% |
Canada | 2 |
Netherlands | 1 |
Cayman Islands | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 1,509,036 | $ — | $ 1,509,036 | $— |
Common Stocks | 614,556 | 614,556 | — | — |
Preferred Stocks | 1,211,262 | 1,211,262 | — | — |
Corporate Bonds | 149,339,950 | — | 149,339,950 | — |
Loan Agreements | 1,413,171 | — | 1,413,171 | — |
Short-Term Investments | 8,537,685 | 8,537,685 | — | — |
Total Investments | $ 162,625,660 | $ 10,363,503 | $ 152,262,157 | $ — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 31,835 | $ 31,835 | $ — | $— |
Total Assets—Other Financial Instruments | $ 31,835 | $ 31,835 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(45,081) | $(45,081) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (45,081) | $ (45,081) | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | U.S. Treasury 5 Year Note | 03/31/2021 | 296 | 1,000 | $126 | $37,344,563 | $31,835 | $— | ||||||||
$31,835 | $— |
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Short | US Treasury Ultra Bond | 03/22/2021 | (40) | 1,000 | $214 | $(8,542,500) | $ — | $(45,081) | ||||||||
$ — | $(45,081) | |||||||||||||||
$31,835 | $(45,081) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 0.4% | ||
Continental Airlines Pass Through Trust, Series 2012-1, Class A, 4.150%, 10/11/25 | $ 1,394 | $ 1,403,126 |
Domino's Pizza Master Issuer LLC, | ||
Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | 4,864 | 5,211,393 |
Series 2018-1A A2I, 144A, 4.116%, 07/25/48@ | 4,570 | 4,798,669 |
Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | 2,193 | 2,329,267 |
Wendy's Funding LLC, Series 2018-1A A2I, 144A 3.573%, 03/15/48@ | 3,115 | 3,210,726 |
TOTAL ASSET BACKED SECURITIES (Cost $16,025,014) | 16,953,181 |
Number of Shares | ||
COMMON STOCKS — 67.4% | ||
Aerospace & Defense — 0.4% | ||
Teledyne Technologies, Inc.* | 48,096 | 18,852,670 |
Banks — 5.7% | ||
Bank of America Corp. | 3,530,519 | 107,010,031 |
Huntington Bancshares, Inc. | 459,594 | 5,804,672 |
The PNC Financial Services Group, Inc. | 1,113,444 | 165,903,156 |
278,717,859 | ||
Beverages — 1.6% | ||
Keurig Dr Pepper, Inc. | 2,438,530 | 78,032,960 |
Commercial Services — 2.5% | ||
Global Payments, Inc. | 569,105 | 122,596,599 |
Diversified Financial Services — 5.0% | ||
CME Group, Inc. | 145,768 | 26,537,065 |
Intercontinental Exchange, Inc. | 415,366 | 47,887,546 |
Mastercard, Inc., Class A | 103,232 | 36,847,630 |
Visa, Inc., Class A | 615,634 | 134,657,625 |
245,929,866 | ||
Electric — 7.0% | ||
Ameren Corp. | 996,514 | 77,787,883 |
American Electric Power Co., Inc. | 1,707,492 | 142,182,859 |
Exelon Corp. | 1,415,625 | 59,767,687 |
Public Service Enterprise Group, Inc. | 1,057,559 | 61,655,690 |
341,394,119 | ||
Electronics — 2.9% | ||
PerkinElmer, Inc. | 206,218 | 29,592,283 |
Roper Technologies, Inc. | 94,800 | 40,867,332 |
TE Connectivity Ltd. | 577,007 | 69,858,238 |
140,317,853 | ||
Environmental Control — 0.6% | ||
Waste Connections, Inc. | 286,805 | 29,417,589 |
Number of Shares | Value† | |
Gas — 1.2% | ||
NiSource, Inc. | 2,438,153 | $ 55,931,230 |
Healthcare Products — 4.2% | ||
Boston Scientific Corp.* | 445,352 | 16,010,404 |
Danaher Corp. | 384,589 | 85,432,601 |
Envista Holdings Corp.* | 1,307,564 | 44,104,134 |
Thermo Fisher Scientific, Inc. | 131,640 | 61,315,279 |
206,862,418 | ||
Healthcare Services — 4.7% | ||
Humana, Inc. | 315,143 | 129,293,719 |
UnitedHealth Group, Inc. | 288,459 | 101,156,802 |
230,450,521 | ||
Insurance — 3.6% | ||
Arthur J. Gallagher & Co. | 217,096 | 26,856,946 |
Marsh & McLennan Cos., Inc. | 1,258,972 | 147,299,724 |
174,156,670 | ||
Internet — 8.1% | ||
Alphabet, Inc., Class A* | 7,202 | 12,622,513 |
Alphabet, Inc., Class C* | 93,198 | 163,271,712 |
Amazon.com, Inc.* | 55,437 | 180,554,429 |
Facebook, Inc., Class A* | 150,210 | 41,031,364 |
397,480,018 | ||
Lodging — 1.6% | ||
Hilton Worldwide Holdings, Inc. | 317,545 | 35,330,057 |
Marriott International, Inc., Class A | 340,804 | 44,958,863 |
80,288,920 | ||
Machinery — Diversified — 1.0% | ||
Ingersoll Rand, Inc.* | 1,056,715 | 48,143,935 |
Miscellaneous Manufacturing — 3.6% | ||
General Electric Co. | 16,141,936 | 174,332,909 |
Pharmaceuticals — 0.3% | ||
Becton Dickinson and Co. | 65,200 | 16,314,344 |
Retail — 2.7% | ||
Ross Stores, Inc. | 280,410 | 34,437,152 |
Yum! Brands, Inc. | 903,745 | 98,110,557 |
132,547,709 | ||
Semiconductors — 1.8% | ||
NXP Semiconductors N.V. | 549,534 | 87,381,401 |
Software — 8.9% | ||
Fiserv, Inc.* | 1,270,138 | 144,617,912 |
Microsoft Corp. | 1,137,585 | 253,021,656 |
salesforce.com, Inc.* | 161,700 | 35,983,101 |
433,622,669 | ||
TOTAL COMMON STOCKS (Cost $2,503,723,608) | 3,292,772,259 |
Number of Shares | Value† | |
PREFERRED STOCKS — 2.7% | ||
Auto Manufacturers — 0.4% | ||
Waymo LLC, Series A-2, CONV(1),*,# | 245,568 | $ 21,086,236 |
Diversified Financial Services — 0.0% | ||
The Charles Schwab Corp., Series D | 12,000 | 312,480 |
Electric — 1.2% | ||
Alabama Power Co., Series A | 55,754 | 1,558,324 |
American Electric Power Co., Inc., CONV | 132,344 | 6,630,434 |
CMS Energy Corp., 2078 | 434,600 | 12,342,640 |
CMS Energy Corp., 2079 | 577,700 | 16,123,607 |
DTE Energy Co., Series E | 295,483 | 8,037,138 |
Duke Energy Corp. | 266,780 | 7,675,261 |
SCE Trust III, Series H (3 M ICE LIBOR + 2.990%) | 8,337 | 204,256 |
SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%) | 311,544 | 7,545,596 |
60,117,256 | ||
Gas — 0.2% | ||
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%) | 293,640 | 8,365,804 |
Healthcare Products — 0.8% | ||
Avantor, Inc., Series A, CONV | 252,536 | 22,452,976 |
Boston Scientific Corp., Series A, CONV | 135,006 | 14,792,607 |
37,245,583 | ||
Internet — 0.1% | ||
Aurora Innovation, Inc., Series B, CONV(1),*,# | 354,540 | 6,969,109 |
TOTAL PREFERRED STOCKS (Cost $113,644,385) | 134,096,468 |
Par (000) | ||
CORPORATE BONDS — 9.1% | ||
Airlines — 0.4% | ||
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||
144A, 4.500%, 10/20/25@ | $ 7,490 | 8,005,755 |
144A, 4.750%, 10/20/28@ | 4,165 | 4,546,149 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | 4,500 | 4,837,500 |
U.S. Airways Pass Through Trust, | ||
Series 2012-2 Class B, 6.750%, 12/03/22 | 341 | 331,612 |
Series 2013-1 Class B, 5.375%, 05/15/23 | 4 | 3,209 |
Series 2010-1 Class A, 6.250%, 10/22/24 | 955 | 911,618 |
Par (000) | Value† | |
Airlines — (continued) | ||
Series 2012-2 Class A, 4.625%, 12/03/26 | $ 155 | $ 138,364 |
Series 2013-1 Class B, 3.950%, 05/15/27 | 3 | 2,686 |
18,776,893 | ||
Banks — 0.3% | ||
State Street Corp., Series F (3 M ICE LIBOR + 3.597%) 3.813%µ,• | 4,360 | 4,338,200 |
The Bank of New York Mellon Corp., Series E (3 M ICE LIBOR + 3.420%) 3.659%µ,• | 5,000 | 5,005,150 |
The PNC Financial Services Group, Inc., Series S (3 M ICE LIBOR + 3.300%) 5.000%µ,• | 5,235 | 5,719,238 |
15,062,588 | ||
Building Materials — 0.0% | ||
Lennox International, Inc. 3.000%, 11/15/23 | 760 | 801,040 |
Commercial Services — 0.3% | ||
Korn Ferry, 144A 4.625%, 12/15/27@ | 1,405 | 1,461,200 |
Refinitiv US Holdings, Inc. | ||
144A, 6.250%, 05/15/26@ | 5,610 | 5,988,675 |
144A, 8.250%, 11/15/26@ | 6,535 | 7,131,319 |
14,581,194 | ||
Entertainment — 1.3% | ||
Cedar Fair LP 5.250%, 07/15/29 | 8,321 | 8,566,886 |
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. | ||
5.375%, 06/01/24 | 11,251 | 11,279,128 |
144A, 5.500%, 05/01/25@ | 380 | 396,150 |
5.375%, 04/15/27 | 7,825 | 8,001,063 |
144A, 6.500%, 10/01/28@ | 6,445 | 6,988,958 |
Six Flags Entertainment Corp. | ||
144A, 4.875%, 07/31/24@ | 14,158 | 14,170,317 |
144A, 5.500%, 04/15/27@ | 11,079 | 11,383,672 |
Six Flags Theme Parks, Inc., 144A 7.000%, 07/01/25@ | 4,774 | 5,155,920 |
65,942,094 | ||
Gas — 0.1% | ||
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650%µ,• | 5,825 | 5,985,188 |
Healthcare Products — 0.1% | ||
Teleflex, Inc. | ||
4.875%, 06/01/26 | 4,245 | 4,420,276 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Healthcare Products — (continued) | ||
4.625%, 11/15/27 | $ 2,880 | $ 3,095,165 |
7,515,441 | ||
Insurance — 0.3% | ||
AmWINS Group, Inc., 144A 7.750%, 07/01/26@ | 335 | 359,757 |
HUB International Ltd., 144A 7.000%, 05/01/26@ | 9,722 | 10,167,170 |
USI, Inc., 144A 6.875%, 05/01/25@ | 3,789 | 3,883,725 |
14,410,652 | ||
Internet — 1.9% | ||
Netflix, Inc. | ||
5.500%, 02/15/22 | 1,100 | 1,150,875 |
5.875%, 02/15/25 | 6,510 | 7,489,559 |
4.375%, 11/15/26 | 15,365 | 17,035,944 |
4.875%, 04/15/28 | 17,923 | 20,211,767 |
5.875%, 11/15/28 | 25,165 | 30,166,544 |
6.375%, 05/15/29 | 13,850 | 17,104,750 |
93,159,439 | ||
Lodging — 0.1% | ||
Marriott International, Inc. | ||
(3 M ICE LIBOR + 0.650%), 0.876%, 03/08/21• | 1,435 | 1,435,544 |
3.125%, 06/15/26 | 1,290 | 1,376,376 |
2,811,920 | ||
Machinery — Diversified — 0.1% | ||
Welbilt, Inc. 9.500%, 02/15/24 | 3,543 | 3,661,832 |
Xylem, Inc. 4.875%, 10/01/21 | 415 | 428,407 |
4,090,239 | ||
Media — 1.0% | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||
144A, 4.000%, 03/01/23@ | 5,250 | 5,282,812 |
144A, 5.125%, 05/01/27@ | 15,425 | 16,368,856 |
144A, 5.000%, 02/01/28@ | 22,611 | 23,911,132 |
Liberty Broadband Corp., 144A 2.750%, 09/30/50@ | 2,061 | 2,204,780 |
Sirius XM Radio, Inc., 144A 3.875%, 08/01/22@ | 630 | 639,450 |
48,407,030 | ||
Miscellaneous Manufacturing — 0.6% | ||
General Electric Co., Series D (3 M ICE LIBOR + 3.330%) 5.000%µ,• | 32,300 | 30,047,075 |
Packaging and Containers — 0.0% | ||
Reynolds Group Issuer, Inc., 144A 5.125%, 07/15/23@ | 154 | 155,894 |
Par (000) | Value† | |
Pharmaceuticals — 0.1% | ||
Elanco Animal Health, Inc. 4.912%, 08/27/21 | $ 4,820 | $ 4,928,450 |
Real Estate Investment Trusts — 0.3% | ||
SBA Communications Corp. | ||
4.000%, 10/01/22 | 8,045 | 8,125,450 |
4.875%, 09/01/24 | 4,175 | 4,282,423 |
144A, 3.875%, 02/15/27 | 2,085 | 2,189,875 |
14,597,748 | ||
Retail — 1.3% | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | ||
144A, 5.250%, 06/01/26@ | 12,598 | 13,070,425 |
144A, 4.750%, 06/01/27@ | 16,795 | 17,735,688 |
Yum! Brands, Inc. | ||
3.750%, 11/01/21 | 11,215 | 11,327,150 |
3.875%, 11/01/23 | 4,905 | 5,131,856 |
144A, 4.750%, 01/15/30@ | 1,300 | 1,425,450 |
6.875%, 11/15/37 | 3,540 | 4,548,900 |
5.350%, 11/01/43 | 8,185 | 9,249,050 |
62,488,519 | ||
Semiconductors — 0.2% | ||
Sensata Technologies BV | ||
144A, 4.875%, 10/15/23@ | 2,595 | 2,799,356 |
144A, 5.625%, 11/01/24@ | 880 | 983,435 |
144A, 5.000%, 10/01/25@ | 3,150 | 3,504,375 |
Sensata Technologies UK Financing Co. PLC, 144A 6.250%, 02/15/26@ | 2,000 | 2,078,750 |
9,365,916 | ||
Software — 0.6% | ||
Solera LLC/Solera Finance, Inc., 144A 10.500%, 03/01/24@ | 29,706 | 30,782,842 |
Telecommunications — 0.1% | ||
T-Mobile USA, Inc. | ||
6.000%, 03/01/23 | 1,770 | 1,772,213 |
6.500%, 01/15/26 | 845 | 874,575 |
2,646,788 | ||
TOTAL CORPORATE BONDS (Cost $413,678,881) | 446,556,950 | |
LOAN AGREEMENTS‡ — 11.2% | ||
Airlines — 0.7% | ||
Delta Air Lines, Inc. (3 M ICE LIBOR + 3.750%) 4.750%, 10/20/27• | 10,040 | 10,394,814 |
Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%) 6.250%, 06/21/27• | 22,985 | 23,890,149 |
34,284,963 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Chemicals — 0.0% | ||
HB Fuller Co. (1 M ICE LIBOR + 2.000%) 2.152%, 10/20/24• | $ 1,317 | $ 1,307,077 |
Commercial Services — 2.2% | ||
Financial & Risk US Holdings, Inc. (1 M ICE LIBOR + 3.250%) 3.397%, 10/01/25• | 107,896 | 107,671,858 |
Cosmetics & Personal Care — 0.3% | ||
Sunshine Luxembourg VII Sarl (3 M ICE LIBOR + 4.000%) 4.220%, 10/01/26• | 13,908 | 13,933,661 |
Entertainment — 0.4% | ||
Alpha Topco. Ltd. - Delta 2 (Lux) Sarl (1 M ICE LIBOR + 2.500%) 3.500%, 02/01/24• | 19,740 | 19,500,356 |
SeaWorld Parks & Entertainment, Inc. (1 M ICE LIBOR + 3.000%) 3.750%, 03/31/24• | 2,528 | 2,452,580 |
21,952,936 | ||
Environmental Control — 0.2% | ||
Filtration Group Corp. | ||
0.000%, 03/29/25× | 5,630 | 6,837,035 |
(1 M ICE LIBOR + 3.750%), 4.500%, 03/29/25• | 1,062 | 1,062,338 |
(3 M ICE LIBOR + 3.000%), 3.147%, 03/31/25• | 1,682 | 1,661,842 |
9,561,215 | ||
Healthcare Products — 0.0% | ||
CPI Holdco LLC (1 M ICE LIBOR + 4.250%) 4.397%, 11/04/26(1),• | 1,251 | 1,250,550 |
Healthcare Services — 0.5% | ||
ADMI Corp. 0.000%, 12/15/27× | 4,535 | 4,533,866 |
Dentalcorp Perfect Smile ULC (1 M ICE LIBOR + 3.750%) 4.750%, 06/06/25• | 1,117 | 1,096,190 |
Heartland Dental LLC | ||
(1 M ICE LIBOR + 3.500%), 3.647%, 04/30/25• | 6,611 | 6,439,363 |
(1 M ICE LIBOR + 4.500%), 4.647%, 04/30/25• | 613 | 598,870 |
Loire US Holdco 1, Inc. (1 M ICE LIBOR + 3.500%) 3.647%, 04/21/27• | 12,403 | 12,154,698 |
24,822,987 | ||
Household Products & Wares — 0.0% | ||
Prestige Brands, Inc. (1 M ICE LIBOR + 2.000%) 2.147%, 01/26/24• | 183 | 183,391 |
Par (000) | Value† | |
Insurance — 3.0% | ||
Alliant Holdings Intermediate LLC | ||
(1 M ICE LIBOR + 3.250%), 3.397%, 05/09/25• | $ 4,311 | $ 4,239,033 |
(1 M ICE LIBOR + 3.250%), 3.397%, 05/09/25• | 3,532 | 3,468,953 |
(1 M ICE LIBOR + 3.750%), 4.250%, 11/05/27• | 4,879 | 4,875,972 |
AmWINS Group, Inc. (1 M ICE LIBOR + 6.750%) 3.750%, 01/25/24• | 2,264 | 2,259,044 |
HIG Finance 2 Limited 0.000%, 11/12/27× | 4,830 | 4,815,414 |
HUB International Ltd. | ||
(3 M ICE LIBOR + 2.750%), 2.965%, 04/25/25• | 66,689 | 65,418,160 |
(3 M ICE LIBOR + 4.000%), 5.000%, 04/25/25• | 28,313 | 28,357,049 |
Ryan Specialty Group LLC (1 M ICE LIBOR + 3.250%) 4.000%, 09/01/27• | 2,588 | 2,578,805 |
USI, Inc. | ||
(3 M ICE LIBOR + 3.000%), 3.254%, 05/16/24• | 19,141 | 18,849,969 |
(3 M ICE LIBOR + 4.000%), 4.254%, 12/02/26• | 5,480 | 5,462,834 |
(3 M ICE LIBOR + 4.000%), 4.500%, 12/02/26• | 4,314 | 4,300,727 |
144,625,960 | ||
Leisure Time — 0.2% | ||
Life Time, Inc. (3 M ICE LIBOR + 2.750%) 3.750%, 06/10/22• | 8,880 | 8,618,170 |
Lodging — 0.1% | ||
Four Seasons Hotels Ltd. (3 M ICE LIBOR + 2.000%) 2.147%, 11/30/23• | 3,059 | 3,034,852 |
Machinery — Diversified — 0.4% | ||
Gardner Denver, Inc. (1 M ICE LIBOR + 2.750%) 2.897%, 03/01/27• | 1,224 | 1,222,626 |
Vertical Midco Gmbh (6 M ICE LIBOR + 4.250%) 4.567%, 07/30/27• | 16,509 | 16,564,589 |
Welbilt, Inc. (1 M ICE LIBOR + 2.500%) 2.645%, 10/23/25• | 1,825 | 1,724,625 |
19,511,840 | ||
Pharmaceuticals — 0.3% | ||
NVA Holdings, Inc. (1 M ICE LIBOR + 2.250%) 2.438%, 01/01/30• | 9,100 | 8,918,000 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Pharmaceuticals — (continued) | ||
Pearl Intermediate Parent LLC (1 M ICE LIBOR + 2.750%) 2.897%, 02/14/25• | $ 1,076 | $ 1,050,800 |
PetVet Care Centers LLC | ||
(1 M ICE LIBOR + 3.250%), 3.397%, 02/14/25• | 1,769 | 1,743,354 |
(1 M ICE LIBOR + 4.250%), 5.250%, 02/14/25• | 1,677 | 1,678,733 |
13,390,887 | ||
Retail — 0.1% | ||
IRB Holding Corp. (3 M ICE LIBOR + 3.250%) 4.250%, 12/15/27• | 4,110 | 4,111,274 |
Woof Holdings, Inc. (3 M ICE LIBOR + 3.750%) 4.500%, 12/21/27• | 1,675 | 1,671,095 |
5,782,369 | ||
Software — 2.8% | ||
Applied Systems, Inc. (3 M ICE LIBOR + 3.000%) 4.000%, 09/19/24• | 2,140 | 2,137,807 |
Ascend Learning LLC 0.000%, 07/12/24× | 374 | 371,696 |
Azalea Topco, Inc. (3 M ICE LIBOR + 4.000%) 4.750%, 07/24/26• | 1,960 | 1,955,100 |
Azalea TopCo, Inc. (3 M ICE LIBOR + 3.500%) 3.714%, 07/27/26• | 12,064 | 11,897,967 |
Camelot US Acquisition I Co. (1 M ICE LIBOR + 3.000%) 4.000%, 10/30/26• | 10,550 | 10,540,083 |
Cypress Intermediate Holdings III, Inc. (1 M ICE LIBOR + 3.000%) 4.000%, 04/29/24• | 47,898 | 47,718,217 |
The Ultimate Software Group, Inc. | ||
(1 M ICE LIBOR + 3.750%), 3.897%, 05/04/26• | 1,743 | 1,740,219 |
(3 M ICE LIBOR + 4.000%), 4.750%, 05/04/26• | 57,466 | 57,720,549 |
(3 M ICE LIBOR + 6.750%), 7.500%, 05/03/27• | 1,825 | 1,872,906 |
135,954,544 | ||
Telecommunications — 0.0% | ||
Eagle Broadband Investments LLC (3 M ICE LIBOR + 3.000%) 3.750%, 11/12/27• | 1,520 | 1,517,158 |
TOTAL LOAN AGREEMENTS (Cost $542,607,427) | 547,404,418 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 10.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) | 20,649,785 | $ 20,649,785 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 0.080%) | 498,364,209 | 498,364,209 |
TOTAL SHORT-TERM INVESTMENTS (Cost $519,013,994) | 519,013,994 | |
TOTAL INVESTMENTS — 101.4% (Cost $4,108,693,309) | $ 4,956,797,270 | |
Other Assets & Liabilities — (1.4)% | (70,441,893) | |
TOTAL NET ASSETS — 100.0% | $ 4,886,355,377 |
Number of Contracts | ||
WRITTEN OPTIONS — (1.2)% | ||
Call Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(30,759,176)) | (71,877) | $ (57,303,523) |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $220,969,567, which represents 4.5% of the Fund’s net assets. |
* | Non-income producing security. |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
# | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2020, the aggregate value of restricted securities was $28,055,345 which represented 0.6% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
Investment | Date of Acquisition | Cost | Value | |
Aurora Innovation, Inc., Series B | 3/1/2019 | $ 3,276,056 | $ 6,969,109 | |
Waymo LLC, Series A-2 | 5/8/2020 | 21,086,237 | 21,086,236 | |
Total | $24,362,293 | $28,055,345 |
µ | Perpetual security with no stated maturity date. |
• | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
‡ | Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at December 31, 2020. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown. |
× | This loan will settle after December 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
CMT— Constant Maturity Treasury. |
CONV— Convertible Security. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 12/31/2020†† | |
United States | 95% |
Netherlands | 2 |
Switzerland | 2 |
Luxembourg | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 16,953,181 | $ — | $ 16,953,181 | $ — |
Common Stocks | 3,292,772,259 | 3,292,772,259 | — | — |
Preferred Stocks | ||||
Auto Manufacturers | 21,086,236 | — | — | 21,086,236 |
Diversified Financial Services | 312,480 | 312,480 | — | — |
Electric | 60,117,256 | 60,117,256 | — | — |
Gas | 8,365,804 | 8,365,804 | — | — |
Healthcare Products | 37,245,583 | 37,245,583 | — | — |
Internet | 6,969,109 | — | — | 6,969,109 |
Total Preferred Stocks | 134,096,468 | 106,041,123 | — | 28,055,345 |
Corporate Bonds | 446,556,950 | — | 446,556,950 | — |
Loan Agreements | 547,404,418 | — | 546,153,868 | 1,250,550 |
Short-Term Investments | 519,013,994 | 519,013,994 | — | — |
Total Investments | $ 4,956,797,270 | $ 3,917,827,376 | $ 1,009,663,999 | $ 29,305,895 |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Written Options | $(57,303,523) | $(57,293,085) | $(10,438) | $— |
Total Liabilities—Other Financial Instruments | $ (57,303,523) | $ (57,293,085) | $ (10,438) | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Open Written Options |
Exchange Traded |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Alphabet, Inc. | (82) | $ 12,300,000 | $ 1,500 | 1/15/2021 | $ (2,038,520) | |||||
Alphabet, Inc. | (24) | 4,176,000 | 1,740 | 1/15/2021 | (100,800) | |||||
Alphabet, Inc. | (24) | 4,224,000 | 1,760 | 1/15/2021 | (70,080) | |||||
Alphabet, Inc. | (24) | 4,272,000 | 1,780 | 1/15/2021 | (53,040) | |||||
Alphabet, Inc. | (24) | 4,320,000 | 1,800 | 1/15/2021 | (39,600) | |||||
Alphabet, Inc. | (50) | 8,800,000 | 1,760 | 1/21/2022 | (1,095,800) | |||||
Alphabet, Inc. | (50) | 8,900,000 | 1,780 | 1/21/2022 | (1,036,500) | |||||
Alphabet, Inc. | (50) | 9,000,000 | 1,800 | 1/21/2022 | (1,006,000) | |||||
Amazon.com, Inc. | (23) | 8,740,000 | 3,800 | 1/21/2022 | (624,680) | |||||
Amazon.com, Inc. | (32) | 12,480,000 | 3,900 | 1/21/2022 | (784,704) | |||||
Amazon.com, Inc. | (46) | 18,400,000 | 4,000 | 1/21/2022 | (1,017,612) | |||||
Amazon.com, Inc. | (23) | 9,430,000 | 4,100 | 1/21/2022 | (459,586) | |||||
Amazon.com, Inc. | (23) | 9,660,000 | 4,200 | 1/21/2022 | (412,850) | |||||
Amazon.com, Inc. | (25) | 10,750,000 | 4,300 | 1/21/2022 | (402,400) | |||||
American Electric Power Co., Inc. | (1,180) | 12,390,000 | 105 | 1/15/2021 | (7,080) | |||||
American Electric Power Co., Inc. | (354) | 4,071,000 | 115 | 1/15/2021 | (1,770) | |||||
American Electric Power Co., Inc. | (868) | 7,812,000 | 90 | 1/21/2022 | (286,440) | |||||
American Electric Power Co., Inc. | (1,061) | 10,079,500 | 95 | 1/21/2022 | (198,407) | |||||
Bank of America Corp. | (7,167) | 21,501,000 | 30 | 1/21/2022 | (2,830,965) | |||||
Bank of America Corp. | (1,398) | 4,473,600 | 32 | 1/21/2022 | (426,390) | |||||
Bank of America Corp. | (2,797) | 9,789,500 | 35 | 1/21/2022 | (587,370) | |||||
Becton Dickinson & Co. | (397) | 11,910,000 | 300 | 1/15/2021 | (1,588) | |||||
Becton Dickinson & Co. | (73) | 1,898,000 | 260 | 1/15/2021 | (9,855) | |||||
Becton Dickinson & Co. | (73) | 1,971,000 | 270 | 1/15/2021 | (2,336) | |||||
Becton Dickinson & Co. | (109) | 3,052,000 | 280 | 1/15/2021 | (545) | |||||
Danaher Corp. | (433) | 10,825,000 | 250 | 1/21/2022 | (707,955) | |||||
Facebook, Inc. | (205) | 5,432,500 | 265 | 1/15/2021 | (255,225) | |||||
Facebook, Inc. | (205) | 5,535,000 | 270 | 1/15/2021 | (190,650) | |||||
Facebook, Inc. | (205) | 5,637,500 | 275 | 1/15/2021 | (135,300) | |||||
Facebook, Inc. | (146) | 2,847,000 | 195 | 1/15/2021 | (1,130,040) | |||||
Facebook, Inc. | (146) | 2,920,000 | 200 | 1/15/2021 | (1,051,200) | |||||
Facebook, Inc. | (535) | 21,400,000 | 400 | 1/21/2022 | (433,350) | |||||
Facebook, Inc. | (60) | 2,280,000 | 380 | 1/21/2022 | (63,900) | |||||
General Electric Co. | (20,691) | 31,036,500 | 15 | 1/15/2021 | (20,691) | |||||
General Electric Co. | (11,437) | 9,149,600 | 8 | 1/15/2021 | (3,225,234) | |||||
General Electric Co. | (7,784) | 7,005,600 | 9 | 1/15/2021 | (1,416,688) | |||||
Hilton Worldwide Holdings, Inc. | (106) | 1,325,000 | 125 | 1/15/2021 | (1,908) | |||||
Hilton Worldwide Holdings, Inc. | (106) | 1,378,000 | 130 | 1/15/2021 | (530) | |||||
Hilton Worldwide Holdings, Inc. | (37) | 323,750 | 88 | 1/15/2021 | (87,320) | |||||
Hilton Worldwide Holdings, Inc. | (37) | 333,000 | 90 | 1/15/2021 | (76,590) | |||||
Humana, Inc. | (72) | 2,664,000 | 370 | 1/15/2021 | (287,280) | |||||
Humana, Inc. | (72) | 2,736,000 | 380 | 1/15/2021 | (221,760) | |||||
Humana, Inc. | (54) | 2,268,000 | 420 | 1/15/2021 | (33,480) | |||||
Humana, Inc. | (54) | 2,322,000 | 430 | 1/15/2021 | (17,010) | |||||
Intercontinental Exchange, Inc. | (216) | 2,160,000 | 100 | 1/15/2021 | (311,040) | |||||
Intercontinental Exchange, Inc. | (216) | 2,268,000 | 105 | 1/15/2021 | (216,000) | |||||
Mastercard, Inc. | (316) | 12,640,000 | 400 | 1/21/2022 | (879,744) | |||||
Microsoft Corp. | (1,893) | 31,234,500 | 165 | 1/15/2021 | (10,515,615) | |||||
Microsoft Corp. | (2,100) | 35,700,000 | 170 | 1/15/2021 | (10,716,300) | |||||
Microsoft Corp. | (695) | 19,460,000 | 280 | 1/21/2022 | (567,815) | |||||
NXP Semiconductors N.V. | (1,171) | 16,394,000 | 140 | 1/15/2021 | (2,257,688) | |||||
NXP Semiconductors N.V. | (91) | 1,137,500 | 125 | 1/15/2021 | (299,390) | |||||
NXP Semiconductors N.V. | (248) | 3,348,000 | 135 | 1/15/2021 | (566,680) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
NXP Semiconductors N.V. | (248) | $ 3,596,000 | $ 145 | 1/15/2021 | $ (344,720) | |||||
Roper Technologies, Inc. | (87) | 3,654,000 | 420 | 5/21/2021 | (271,875) | |||||
Roper Technologies, Inc. | (104) | 4,576,000 | 440 | 5/21/2021 | (214,240) | |||||
Thermo Fisher Scientific, Inc. | (68) | 2,516,000 | 370 | 1/15/2021 | (635,800) | |||||
Thermo Fisher Scientific, Inc. | (68) | 2,652,000 | 390 | 1/15/2021 | (491,844) | |||||
UnitedHealth Group, Inc. | (443) | 14,176,000 | 320 | 1/15/2021 | (1,413,170) | |||||
UnitedHealth Group, Inc. | (72) | 2,376,000 | 330 | 1/15/2021 | (159,840) | |||||
Visa, Inc. | (639) | 14,697,000 | 230 | 1/15/2021 | (60,066) | |||||
Visa, Inc. | (639) | 15,336,000 | 240 | 1/15/2021 | (15,336) | |||||
Visa, Inc. | (476) | 11,186,000 | 235 | 1/15/2021 | (21,896) | |||||
Visa, Inc. | (73) | 1,350,500 | 185 | 1/15/2021 | (238,345) | |||||
Visa, Inc. | (73) | 1,423,500 | 195 | 1/15/2021 | (173,740) | |||||
Visa, Inc. | (146) | 2,920,000 | 200 | 1/15/2021 | (275,940) | |||||
Visa, Inc. | (510) | 10,710,000 | 210 | 1/15/2021 | (531,420) | |||||
Visa, Inc. | (183) | 4,026,000 | 220 | 1/15/2021 | (68,625) | |||||
Visa, Inc. | (111) | 2,386,500 | 215 | 1/15/2021 | (71,595) | |||||
Visa, Inc. | (292) | 6,570,000 | 225 | 1/21/2022 | (637,144) | |||||
Visa, Inc. | (292) | 6,716,000 | 230 | 1/21/2022 | (579,620) | |||||
Visa, Inc. | (604) | 15,100,000 | 250 | 1/21/2022 | (724,800) | |||||
Visa, Inc. | (142) | 3,692,000 | 260 | 1/21/2022 | (142,000) | |||||
Visa, Inc. | (142) | 3,834,000 | 270 | 1/21/2022 | (103,660) | |||||
Yum! Brands, Inc. | (218) | 2,071,000 | 95 | 1/15/2021 | (301,276) | |||||
Yum! Brands, Inc. | (579) | 5,790,000 | 100 | 1/15/2021 | (515,310) | |||||
Yum! Brands, Inc. | (360) | 3,780,000 | 105 | 1/15/2021 | (129,960) | |||||
Total Written Options | $ (57,303,523) |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 59.8% | ||
Penn Series Index 500 Fund* (Cost $22,601,770) | 1,560,448 | $ 50,418,091 |
AFFILIATED FIXED INCOME FUNDS — 39.3% | ||
Penn Series Quality Bond Fund* (Cost $27,749,479) | 1,908,586 | 33,133,049 |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $337,817) | 337,817 | 337,817 |
TOTAL INVESTMENTS — 99.5% (Cost $50,689,066) | $ 83,888,957 | |
Other Assets & Liabilities — 0.5% | 458,773 | |
TOTAL NET ASSETS — 100.0% | $ 84,347,730 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $50,418,091 | $50,418,091 | $— | $— |
Affiliated Fixed Income Funds | 33,133,049 | 33,133,049 | — | — |
Short-Term Investments | 337,817 | 337,817 | — | — |
Total Investments | $ 83,888,957 | $ 83,888,957 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 98.6% | ||
Aerospace & Defense — 0.7% | ||
Teledyne Technologies, Inc.* | 6,853 | $ 2,686,239 |
Apparel — 0.9% | ||
NIKE, Inc., Class B | 26,695 | 3,776,542 |
Auto Manufacturers — 1.9% | ||
Cummins, Inc. | 8,369 | 1,900,600 |
Ferrari N.V. | 14,577 | 3,345,713 |
Tesla, Inc.* | 3,301 | 2,329,417 |
7,575,730 | ||
Auto Parts & Equipment — 0.5% | ||
Aptiv PLC | 14,390 | 1,874,873 |
Biotechnology — 1.4% | ||
Argenx S.E., ADR* | 1,476 | 434,077 |
Incyte Corp.* | 16,508 | 1,435,866 |
Vertex Pharmaceuticals, Inc.* | 15,381 | 3,635,145 |
5,505,088 | ||
Chemicals — 0.4% | ||
Linde PLC | 5,519 | 1,454,312 |
Commercial Services — 5.4% | ||
Avalara, Inc.* | 9,559 | 1,576,183 |
Cintas Corp. | 8,155 | 2,882,466 |
Equifax, Inc. | 1,837 | 354,247 |
Global Payments, Inc. | 21,198 | 4,566,473 |
PayPal Holdings, Inc.* | 27,740 | 6,496,708 |
S&P Global, Inc. | 6,327 | 2,079,875 |
StoneCo Ltd., Class A* | 17,006 | 1,427,144 |
TransUnion | 27,237 | 2,702,455 |
22,085,551 | ||
Computers — 6.1% | ||
Apple, Inc. | 175,116 | 23,236,142 |
Crowdstrike Holdings, Inc., Class A* | 7,478 | 1,583,990 |
24,820,132 | ||
Diversified Financial Services — 6.1% | ||
Ant Group Co. Ltd.(1),*,# | 189,827 | 1,651,495 |
Mastercard, Inc., Class A | 28,092 | 10,027,158 |
Tradeweb Markets, Inc., Class A | 11,721 | 731,976 |
Visa, Inc., Class A | 49,120 | 10,744,018 |
XP, Inc., Class A* | 40,359 | 1,601,042 |
24,755,689 | ||
Electronics — 1.7% | ||
Fortive Corp. | 32,467 | 2,299,313 |
Roper Technologies, Inc. | 10,281 | 4,432,036 |
6,731,349 | ||
Entertainment — 0.3% | ||
DraftKings, Inc., Class A* | 27,512 | 1,280,959 |
Healthcare Products — 3.1% | ||
Align Technology, Inc.* | 1,318 | 704,313 |
Avantor, Inc.* | 32,991 | 928,697 |
Intuitive Surgical, Inc.* | 6,983 | 5,712,792 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Stryker Corp. | 21,739 | $ 5,326,924 |
12,672,726 | ||
Healthcare Services — 4.3% | ||
Anthem, Inc. | 9,082 | 2,916,139 |
Centene Corp.* | 36,341 | 2,181,550 |
HCA Healthcare, Inc. | 17,989 | 2,958,471 |
Humana, Inc. | 3,884 | 1,593,489 |
UnitedHealth Group, Inc. | 22,821 | 8,002,868 |
17,652,517 | ||
Insurance — 0.4% | ||
Chubb Ltd. | 10,587 | 1,629,551 |
Internet — 32.5% | ||
Airbnb, Inc., Class A* | 1,806 | 265,121 |
Airbnb, Inc., Class B*,> | 27,386 | 3,819,252 |
Alibaba Group Holding Ltd., ADR* | 38,486 | 8,956,847 |
Alphabet, Inc., Class A* | 6,888 | 12,072,184 |
Alphabet, Inc., Class C* | 5,875 | 10,292,295 |
Amazon.com, Inc.* | 13,252 | 43,164,092 |
Booking Holdings, Inc.* | 1,008 | 2,245,088 |
Doordash, Inc., Class A*,> | 6,905 | 936,404 |
DoorDash, Inc., Class A* | 1,458 | 208,129 |
Facebook, Inc., Class A* | 73,544 | 20,089,279 |
Farfetch Ltd., Class A* | 24,900 | 1,588,869 |
IAC* | 315 | 59,645 |
Match Group, Inc.* | 22,329 | 3,375,922 |
Netflix, Inc.* | 17,324 | 9,367,607 |
Shopify, Inc., Class A* | 1,453 | 1,644,723 |
Snap, Inc., Class A* | 132,423 | 6,630,420 |
Spotify Technology S.A.* | 9,587 | 3,016,645 |
Tencent Holdings Ltd. | 47,300 | 3,403,415 |
Wix.com Ltd.* | 2,600 | 649,896 |
131,785,833 | ||
Lodging — 1.3% | ||
Las Vegas Sands Corp. | 29,800 | 1,776,080 |
Wynn Resorts Ltd. | 31,893 | 3,598,487 |
5,374,567 | ||
Miscellaneous Manufacturing — 0.6% | ||
Parker-Hannifin Corp. | 9,238 | 2,516,524 |
Pharmaceuticals — 1.1% | ||
Cigna Corp. | 21,163 | 4,405,713 |
Retail — 3.2% | ||
Carvana Co.* | 10,205 | 2,444,506 |
Chipotle Mexican Grill, Inc.* | 1,917 | 2,658,323 |
JD Health International, Inc.* | 6,050 | 117,060 |
Lululemon Athletica, Inc.* | 8,781 | 3,056,051 |
Ross Stores, Inc. | 39,836 | 4,892,259 |
13,168,199 | ||
Semiconductors — 4.5% | ||
Advanced Micro Devices, Inc.* | 52,098 | 4,777,908 |
ASML Holding N.V. | 10,414 | 5,079,116 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Semiconductors — (continued) | ||
Marvell Technology Group Ltd. | 45,301 | $ 2,153,609 |
NVIDIA Corp. | 6,885 | 3,595,347 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 23,141 | 2,523,295 |
18,129,275 | ||
Software — 20.7% | ||
Activision Blizzard, Inc. | 7,411 | 688,111 |
Adobe, Inc.* | 4,143 | 2,071,997 |
Black Knight, Inc.* | 11,000 | 971,850 |
Coupa Software, Inc.* | 1,765 | 598,176 |
Datadog, Inc., Class A* | 22,108 | 2,176,312 |
Fidelity National Information Services, Inc. | 29,559 | 4,181,416 |
Fiserv, Inc.* | 41,599 | 4,736,462 |
Intuit, Inc. | 15,985 | 6,071,902 |
Microsoft Corp. | 145,350 | 32,328,747 |
MSCI, Inc. | 2,029 | 906,009 |
Paycom Software, Inc.* | 5,106 | 2,309,189 |
salesforce.com, Inc.* | 32,498 | 7,231,780 |
Sea Ltd., ADR* | 34,418 | 6,850,903 |
ServiceNow, Inc.* | 8,851 | 4,871,856 |
Slack Technologies, Inc., Class A* | 56,019 | 2,366,243 |
Snowflake, Inc., Class A* | 1,333 | 375,106 |
Snowflake, Inc., Class B*,> | 807 | 215,735 |
Splunk, Inc.* | 23,018 | 3,910,528 |
Stripe, Inc., Class B(1),*,# | 8,608 | 135,060 |
Workday, Inc., Class A* | 4,465 | 1,069,859 |
84,067,241 | ||
Transportation — 1.5% | ||
FedEx Corp. | 13,916 | 3,612,872 |
Norfolk Southern Corp. | 4,972 | 1,181,397 |
Union Pacific Corp. | 5,913 | 1,231,205 |
6,025,474 | ||
TOTAL COMMON STOCKS (Cost $213,288,049) | 399,974,084 | |
PREFERRED STOCKS — 1.1% | ||
Auto Manufacturers — 0.4% | ||
Rivian Automotive, Series D, CONV(1),*,# | 91,993 | 1,460,849 |
Waymo LLC, Series A-2, CONV(1),*,# | 3,737 | 320,886 |
1,781,735 | ||
Electronics — 0.1% | ||
GM Cruise, Class F, CONV(1),*,# | 27,200 | 496,400 |
Internet — 0.3% | ||
Aurora Innovation, Inc., Series B, CONV(1),*,# | 27,730 | 545,082 |
Xiaoju Kuaizhi, Inc. (didi), CONV(1),*,# | 11,920 | 500,640 |
1,045,722 |
Number of Shares | Value† | |
Real Estate — 0.0% | ||
WeWork Companies, Inc., Series E, CONV(1),*,# | 7,802 | $ 0 |
Software — 0.3% | ||
Magic Leap Inc., Series C, CONV(1),*,# | 15,808 | 36,410 |
Magic Leap, Inc., Series D, CONV(1),*,# | 10,934 | 29,522 |
Uipath, Inc., Series D-1, CONV(1),*,# | 29,238 | 850,601 |
Uipath, Inc., Series D-2, CONV(1),*,# | 4,911 | 142,872 |
1,059,405 | ||
TOTAL PREFERRED STOCKS (Cost $3,752,681) | 4,383,262 |
SHORT-TERM INVESTMENTS — 0.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) | 560,283 | 560,283 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 0.080%) | 114 | 114 |
TOTAL SHORT-TERM INVESTMENTS (Cost $560,397) | 560,397 | |
TOTAL INVESTMENTS — 99.8% (Cost $217,601,127) | $ 404,917,743 | |
Other Assets & Liabilities — 0.2% | 868,971 | |
TOTAL NET ASSETS — 100.0% | $ 405,786,714 |
† | See Security Valuation Note. |
* | Non-income producing security. |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
# | Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2020, the aggregate value of restricted securities was $6,169,817 which represented 1.5% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
Investment | Date of Acquisition | Cost | Value |
Ant Group Co. Ltd. | 6/7/2018 | $ 1,064,929 | $ 1,651,495 |
Aurora Innovation, Inc., Series B | 3/1/2019 | 256,234 | 545,082 |
GM Cruise, Class F | 5/7/2019 | 496,400 | 496,400 |
Magic Leap Inc., Series C | 1/20/2016 | 364,105 | 36,410 |
Magic Leap, Inc., Series D | 10/12/2017 | 295,218 | 29,522 |
Investment | Date of Acquisition | Cost | Value | |
Rivian Automotive, Series D | 12/23/2019 | $ 988,373 | $1,460,849 | |
Stripe, Inc., Class B | 12/17/2019 | 135,060 | 135,060 | |
Uipath, Inc., Series D-1 | 4/26/2019 | 383,522 | 850,601 | |
Uipath, Inc., Series D-2 | 4/26/2019 | 64,419 | 142,872 | |
Waymo LLC, Series A-2 | 5/8/2020 | 320,885 | 320,886 | |
WeWork Companies, Inc., Series E | 6/23/2015 | 256,605 | 0 | |
Xiaoju Kuaizhi, Inc. (didi) | 10/19/2015 | 326,920 | 500,640 | |
Total | $4,952,670 | $ 6,169,817 |
> | Restricted Security. These investments are restricted due to a lock up provision which may limit their liquidity for 180 days after the effective date of registration under the Securities Act of 1933. At December 31, 2020, the aggregate value of restricted securities was $4,971,391 which represented 1.2% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
Investment | Date of Acquisition | Cost | Value | |
Airbnb, Inc., Class B | 7/14/2015 | $ 750,980 | $3,819,252 | |
Doordash, Inc., Class A | 11/12/2019 | 261,972 | 936,404 | |
Snowflake, Inc., Class B | 3/17/2020 | 31,301 | 215,735 | |
Total | $1,044,253 | $ 4,971,391 |
ADR— American Depositary Receipt. |
CONV— Convertible Security. |
LLC— Limited Liability Company. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
S.E.— Societas Europaea. |
Country Weightings as of 12/31/2020†† | |
United States | 88% |
China | 3 |
Singapore | 2 |
Netherlands | 1 |
Canada | 1 |
Italy | 1 |
United Kingdom | 1 |
Other | 3 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Aerospace & Defense | $ 2,686,239 | $ 2,686,239 | $ — | $ — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Apparel | $ 3,776,542 | $ 3,776,542 | $ — | $ — |
Auto Manufacturers | 7,575,730 | 7,575,730 | — | — |
Auto Parts & Equipment | 1,874,873 | 1,874,873 | — | — |
Biotechnology | 5,505,088 | 5,505,088 | — | — |
Chemicals | 1,454,312 | 1,454,312 | — | — |
Commercial Services | 22,085,551 | 22,085,551 | — | — |
Computers | 24,820,132 | 24,820,132 | — | — |
Diversified Financial Services | 24,755,689 | 23,104,194 | — | 1,651,495 |
Electronics | 6,731,349 | 6,731,349 | — | — |
Entertainment | 1,280,959 | 1,280,959 | — | — |
Healthcare Products | 12,672,726 | 12,672,726 | — | — |
Healthcare Services | 17,652,517 | 17,652,517 | — | — |
Insurance | 1,629,551 | 1,629,551 | — | — |
Internet | 131,785,833 | 123,626,762 | 8,159,071 | — |
Lodging | 5,374,567 | 5,374,567 | — | — |
Miscellaneous Manufacturing | 2,516,524 | 2,516,524 | — | — |
Pharmaceuticals | 4,405,713 | 4,405,713 | — | — |
Retail | 13,168,199 | 13,168,199 | — | — |
Semiconductors | 18,129,275 | 18,129,275 | — | — |
Software | 84,067,241 | 83,716,446 | 215,735 | 135,060 |
Transportation | 6,025,474 | 6,025,474 | — | — |
Total Common Stocks | 399,974,084 | 389,812,723 | 8,374,806 | 1,786,555 |
Preferred Stocks | 4,383,262 | — | — | 4,383,262 |
Short-Term Investments | 560,397 | 560,397 | — | — |
Total Investments | $ 404,917,743 | $ 390,373,120 | $ 8,374,806 | $ 6,169,817 |
Investments in Securities (Market Value) | |
Balance as of 12/31/19 | $ 6,782,797 |
Change in Appreciation/(Depreciation) | 79,086 |
Purchases | 320,886 |
Sales/Exchange | (1,012,952) |
Balance as of 12/31/20 | $ 6,169,817 |
Number of Shares | Value† | |
COMMON STOCKS — 99.6% | ||
Apparel — 5.4% | ||
adidas AG* | 2,907 | $ 1,057,581 |
LVMH Moet Hennessy Louis Vuitton S.E. | 1,459 | 913,336 |
NIKE, Inc., Class B | 8,380 | 1,185,519 |
VF Corp. | 6,411 | 547,563 |
3,703,999 | ||
Beverages — 1.9% | ||
PepsiCo, Inc. | 8,845 | 1,311,713 |
Chemicals — 1.4% | ||
The Sherwin-Williams Co. | 1,317 | 967,876 |
Commercial Services — 2.7% | ||
Equifax, Inc. | 4,372 | 843,097 |
Moody's Corp. | 2,322 | 673,937 |
Verisk Analytics, Inc. | 1,653 | 343,146 |
1,860,180 | ||
Computers — 10.9% | ||
Accenture PLC, Class A | 11,002 | 2,873,833 |
Apple, Inc. | 25,816 | 3,425,525 |
Cognizant Technology Solutions Corp., Class A | 13,878 | 1,137,302 |
7,436,660 | ||
Cosmetics & Personal Care — 4.4% | ||
Colgate-Palmolive Co. | 24,179 | 2,067,546 |
The Estee Lauder Cos., Inc., Class A | 3,541 | 942,579 |
3,010,125 | ||
Diversified Financial Services — 6.4% | ||
Mastercard, Inc., Class A | 451 | 160,980 |
The Charles Schwab Corp. | 38,337 | 2,033,394 |
Visa, Inc., Class A | 9,987 | 2,184,457 |
4,378,831 | ||
Electronics — 7.1% | ||
Agilent Technologies, Inc. | 10,332 | 1,224,239 |
Amphenol Corp., Class A | 11,634 | 1,521,378 |
Fortive Corp. | 13,095 | 927,388 |
Mettler-Toledo International, Inc.* | 128 | 145,879 |
TE Connectivity Ltd. | 8,383 | 1,014,930 |
4,833,814 | ||
Healthcare Products — 8.3% | ||
Abbott Laboratories | 6,523 | 714,203 |
Boston Scientific Corp.* | 43,523 | 1,564,652 |
Danaher Corp. | 2,098 | 466,050 |
Medtronic PLC | 5,962 | 698,389 |
Stryker Corp. | 5,531 | 1,355,316 |
Thermo Fisher Scientific, Inc. | 1,903 | 886,379 |
5,684,989 | ||
Household Products & Wares — 1.5% | ||
Church & Dwight Co., Inc. | 12,030 | 1,049,377 |
Insurance — 4.0% | ||
Aon PLC, Class A | 8,245 | 1,741,921 |
Number of Shares | Value† | |
Insurance — (continued) | ||
Marsh & McLennan Cos., Inc. | 8,302 | $ 971,334 |
2,713,255 | ||
Internet — 9.8% | ||
Alibaba Group Holding Ltd., ADR* | 5,214 | 1,213,454 |
Alphabet, Inc., Class A* | 2,684 | 4,704,086 |
Tencent Holdings Ltd. | 11,100 | 798,687 |
6,716,227 | ||
Machinery — Diversified — 1.1% | ||
Otis Worldwide Corp. | 11,505 | 777,163 |
Media — 2.3% | ||
Comcast Corp., Class A | 29,524 | 1,547,058 |
Pharmaceuticals — 5.1% | ||
Becton Dickinson and Co. | 5,305 | 1,327,417 |
Cigna Corp. | 3,592 | 747,783 |
PRA Health Sciences, Inc.* | 9,305 | 1,167,219 |
Roche Holding AG | 744 | 259,134 |
3,501,553 | ||
Private Equity — 0.7% | ||
The Blackstone Group, Inc., Class A | 7,763 | 503,120 |
Retail — 5.6% | ||
Dollarama, Inc. | 29,897 | 1,218,522 |
Ross Stores, Inc. | 6,757 | 829,827 |
Starbucks Corp. | 9,164 | 980,365 |
The TJX Cos., Inc. | 11,678 | 797,490 |
3,826,204 | ||
Semiconductors — 3.2% | ||
Analog Devices, Inc. | 5,107 | 754,457 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 5,173 | 564,064 |
Texas Instruments, Inc. | 5,471 | 897,955 |
2,216,476 | ||
Software — 16.4% | ||
Electronic Arts, Inc. | 11,262 | 1,617,223 |
Fidelity National Information Services, Inc. | 7,848 | 1,110,178 |
Fiserv, Inc.* | 14,830 | 1,688,544 |
Microsoft Corp. | 30,649 | 6,816,951 |
11,232,896 | ||
Transportation — 1.4% | ||
Union Pacific Corp. | 4,630 | 964,059 |
TOTAL COMMON STOCKS (Cost $42,697,692) | 68,235,575 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 0.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $100,753) | 100,753 | $ 100,753 |
TOTAL INVESTMENTS — 99.7% (Cost $42,798,445) | $ 68,336,328 | |
Other Assets & Liabilities — 0.3% | 199,697 | |
TOTAL NET ASSETS — 100.0% | $ 68,536,025 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Apparel | $ 3,703,999 | $ 1,733,082 | $1,970,917 | $— |
Beverages | 1,311,713 | 1,311,713 | — | — |
Chemicals | 967,876 | 967,876 | — | — |
Commercial Services | 1,860,180 | 1,860,180 | — | — |
Computers | 7,436,660 | 7,436,660 | — | — |
Cosmetics & Personal Care | 3,010,125 | 3,010,125 | — | — |
Diversified Financial Services | 4,378,831 | 4,378,831 | — | — |
Electronics | 4,833,814 | 4,833,814 | — | — |
Healthcare Products | 5,684,989 | 5,684,989 | — | — |
Household Products & Wares | 1,049,377 | 1,049,377 | — | — |
Insurance | 2,713,255 | 2,713,255 | — | — |
Internet | 6,716,227 | 5,917,540 | 798,687 | — |
Machinery — Diversified | 777,163 | 777,163 | — | — |
Media | 1,547,058 | 1,547,058 | — | — |
Pharmaceuticals | 3,501,553 | 3,242,419 | 259,134 | — |
Private Equity | 503,120 | 503,120 | — | — |
Retail | 3,826,204 | 3,826,204 | — | — |
Semiconductors | 2,216,476 | 2,216,476 | — | — |
Software | 11,232,896 | 11,232,896 | — | — |
Transportation | 964,059 | 964,059 | — | — |
Total Common Stocks | 68,235,575 | 65,206,837 | 3,028,738 | — |
Short-Term Investments | 100,753 | 100,753 | — | — |
Total Investments | $ 68,336,328 | $ 65,307,590 | $ 3,028,738 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 94.4% | ||
Aerospace & Defense — 2.3% | ||
HEICO Corp., Class A | 44,392 | $ 5,196,527 |
Biotechnology — 2.2% | ||
Royalty Pharma PLC, Class A | 97,118 | 4,860,756 |
Building Materials — 2.3% | ||
Martin Marietta Materials, Inc. | 18,109 | 5,142,413 |
Chemicals — 3.3% | ||
Ecolab, Inc. | 23,637 | 5,114,101 |
The Sherwin-Williams Co. | 2,996 | 2,201,791 |
7,315,892 | ||
Commercial Services — 9.0% | ||
Adyen N.V.* | 1,426 | 3,313,371 |
Avalara, Inc.* | 20,270 | 3,342,320 |
S&P Global, Inc. | 6,973 | 2,292,234 |
Square, Inc., Class A* | 51,143 | 11,130,763 |
20,078,688 | ||
Diversified Financial Services — 0.7% | ||
Intercontinental Exchange, Inc. | 13,392 | 1,543,964 |
Electronics — 1.0% | ||
Roper Technologies, Inc. | 5,286 | 2,278,742 |
Healthcare Products — 6.1% | ||
Danaher Corp. | 10,333 | 2,295,373 |
Intuitive Surgical, Inc.* | 13,755 | 11,252,965 |
13,548,338 | ||
Internet — 38.8% | ||
Amazon.com, Inc.* | 5,089 | 16,574,517 |
Chewy, Inc., Class A* | 60,728 | 5,458,840 |
Facebook, Inc., Class A* | 39,388 | 10,759,226 |
Farfetch Ltd., Class A* | 60,036 | 3,830,897 |
IAC* | 27,109 | 5,133,089 |
Match Group, Inc.* | 22,834 | 3,452,272 |
Okta, Inc.* | 29,251 | 7,437,359 |
Shopify, Inc., Class A* | 9,483 | 10,734,282 |
Spotify Technology S.A.* | 34,561 | 10,874,964 |
Twitter, Inc.* | 218,031 | 11,806,379 |
86,061,825 | ||
Mining — 0.1% | ||
Royal Gold, Inc. | 2,453 | 260,901 |
Oil & Gas — 0.2% | ||
Texas Pacific Land Trust | 691 | 502,357 |
Packaging and Containers — 0.9% | ||
Ball Corp. | 20,834 | 1,941,312 |
Pharmaceuticals — 1.1% | ||
Zoetis, Inc. | 14,241 | 2,356,885 |
Retail — 3.5% | ||
Costco Wholesale Corp. | 14,870 | 5,602,719 |
Number of Shares | Value† | |
Retail — (continued) | ||
Lululemon Athletica, Inc.* | 6,513 | $ 2,266,719 |
7,869,438 | ||
Software — 22.9% | ||
Activision Blizzard, Inc. | 39,076 | 3,628,207 |
Coupa Software, Inc.* | 16,024 | 5,430,694 |
ServiceNow, Inc.* | 10,139 | 5,580,810 |
Snowflake, Inc., Class A* | 10,020 | 2,819,628 |
Take-Two Interactive Software, Inc.* | 11,719 | 2,435,091 |
Twilio, Inc., Class A* | 22,462 | 7,603,387 |
Tyler Technologies, Inc.* | 4,872 | 2,126,725 |
Veeva Systems, Inc., Class A* | 38,941 | 10,601,687 |
Workday, Inc., Class A* | 23,591 | 5,652,639 |
Zoom Video Communications, Inc., Class A* | 14,440 | 4,870,901 |
50,749,769 | ||
TOTAL COMMON STOCKS (Cost $133,657,698) | 209,707,807 |
SHORT-TERM INVESTMENTS — 6.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $13,274,566) | 13,274,566 | 13,274,566 |
TOTAL INVESTMENTS — 100.4% (Cost $146,932,264) | $ 222,982,373 | |
Other Assets & Liabilities — (0.4)% | (954,360) | |
TOTAL NET ASSETS — 100.0% | $ 222,028,013 |
† | See Security Valuation Note. |
* | Non-income producing security. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 12/31/2020†† | |
United States | 85% |
Canada | 6 |
Sweden | 5 |
United Kingdom | 2 |
Netherlands | 2 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Aerospace & Defense | $ 5,196,527 | $ 5,196,527 | $ — | $— |
Biotechnology | 4,860,756 | 4,860,756 | — | — |
Building Materials | 5,142,413 | 5,142,413 | — | — |
Chemicals | 7,315,892 | 7,315,892 | — | — |
Commercial Services | 20,078,688 | 16,765,317 | 3,313,371 | — |
Diversified Financial Services | 1,543,964 | 1,543,964 | — | — |
Electronics | 2,278,742 | 2,278,742 | — | — |
Healthcare Products | 13,548,338 | 13,548,338 | — | — |
Internet | 86,061,825 | 86,061,825 | — | — |
Mining | 260,901 | 260,901 | — | — |
Oil & Gas | 502,357 | 502,357 | — | — |
Packaging and Containers | 1,941,312 | 1,941,312 | — | — |
Pharmaceuticals | 2,356,885 | 2,356,885 | — | — |
Retail | 7,869,438 | 7,869,438 | — | — |
Software | 50,749,769 | 50,749,769 | — | — |
Total Common Stocks | 209,707,807 | 206,394,436 | 3,313,371 | — |
Short-Term Investments | 13,274,566 | 13,274,566 | — | — |
Total Investments | $ 222,982,373 | $ 219,669,002 | $ 3,313,371 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 97.7% | ||
Aerospace & Defense — 2.4% | ||
Hexcel Corp. | 30,454 | $ 1,476,715 |
Raytheon Technologies Corp. | 39,600 | 2,831,796 |
4,308,511 | ||
Agriculture — 2.8% | ||
Philip Morris International, Inc. | 59,583 | 4,932,877 |
Airlines — 0.4% | ||
Southwest Airlines Co. | 14,722 | 686,192 |
Apparel — 1.0% | ||
Deckers Outdoor Corp.* | 6,250 | 1,792,375 |
Auto Parts & Equipment — 2.4% | ||
BorgWarner, Inc. | 54,094 | 2,090,192 |
Gentex Corp. | 64,170 | 2,177,288 |
4,267,480 | ||
Banks — 8.5% | ||
Citigroup, Inc. | 48,846 | 3,011,844 |
JPMorgan Chase & Co. | 33,178 | 4,215,929 |
Northern Trust Corp. | 25,210 | 2,348,059 |
The Goldman Sachs Group, Inc. | 4,777 | 1,259,743 |
Wells Fargo & Co. | 141,683 | 4,275,993 |
15,111,568 | ||
Biotechnology — 5.3% | ||
Alexion Pharmaceuticals, Inc.* | 27,082 | 4,231,292 |
Amgen, Inc. | 22,961 | 5,279,193 |
9,510,485 | ||
Commercial Services — 1.5% | ||
Robert Half International, Inc. | 43,516 | 2,718,880 |
Computers — 6.0% | ||
Cognizant Technology Solutions Corp., Class A | 21,498 | 1,761,761 |
Leidos Holdings, Inc. | 45,909 | 4,825,954 |
Lumentum Holdings, Inc.* | 7,631 | 723,419 |
MAXIMUS, Inc. | 45,200 | 3,308,188 |
10,619,322 | ||
Distribution & Wholesale — 2.2% | ||
LKQ Corp.* | 109,804 | 3,869,493 |
Diversified Financial Services — 1.3% | ||
Capital One Financial Corp. | 8,679 | 857,919 |
LPL Financial Holdings, Inc. | 14,783 | 1,540,684 |
2,398,603 | ||
Electrical Components & Equipment — 2.9% | ||
Emerson Electric Co. | 56,181 | 4,515,267 |
Littelfuse, Inc. | 2,831 | 720,942 |
5,236,209 | ||
Electronics — 3.6% | ||
Dolby Laboratories, Inc., Class A | 11,456 | 1,112,721 |
Garmin Ltd. | 12,147 | 1,453,510 |
Hubbell, Inc. | 13,278 | 2,081,858 |
Number of Shares | Value† | |
Electronics — (continued) | ||
Keysight Technologies, Inc.* | 13,374 | $ 1,766,572 |
6,414,661 | ||
Engineering & Construction — 1.1% | ||
EMCOR Group, Inc. | 20,950 | 1,916,087 |
Healthcare Services — 2.3% | ||
Anthem, Inc. | 10,702 | 3,436,305 |
Quest Diagnostics, Inc. | 4,850 | 577,975 |
4,014,280 | ||
Home Builders — 1.9% | ||
D.R. Horton, Inc. | 49,695 | 3,424,979 |
Household Products & Wares — 0.5% | ||
Avery Dennison Corp. | 5,520 | 856,207 |
Insurance — 9.2% | ||
Aflac, Inc. | 25,572 | 1,137,187 |
Berkshire Hathaway, Inc., Class B* | 31,423 | 7,286,051 |
Fidelity National Financial, Inc. | 68,854 | 2,691,503 |
Reinsurance Group of America, Inc. | 5,612 | 650,431 |
The Allstate Corp. | 41,325 | 4,542,857 |
16,308,029 | ||
Internet — 2.1% | ||
F5 Networks, Inc.* | 21,675 | 3,813,500 |
Iron & Steel — 0.6% | ||
Steel Dynamics, Inc. | 28,720 | 1,058,906 |
Machinery — Diversified — 3.2% | ||
Altra Industrial Motion Corp. | 30,730 | 1,703,364 |
Crane Co. | 19,290 | 1,498,061 |
Curtiss-Wright Corp. | 12,055 | 1,402,599 |
The Middleby Corp.* | 6,242 | 804,719 |
Westinghouse Air Brake Technologies Corp. | 4,430 | 324,276 |
5,733,019 | ||
Media — 4.9% | ||
Comcast Corp., Class A | 132,504 | 6,943,209 |
Discovery, Inc., Class A* | 56,331 | 1,695,000 |
8,638,209 | ||
Metal Fabricate/Hardware — 1.2% | ||
Valmont Industries, Inc. | 11,730 | 2,051,929 |
Mining — 1.2% | ||
BHP Group Ltd., ADR | 32,245 | 2,106,888 |
Miscellaneous Manufacturing — 0.8% | ||
3M Co. | 7,840 | 1,370,354 |
Oil & Gas — 3.7% | ||
Chevron Corp. | 9,714 | 820,347 |
ConocoPhillips | 17,220 | 688,628 |
EOG Resources, Inc. | 26,683 | 1,330,681 |
Helmerich & Payne, Inc. | 27,941 | 647,114 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas — (continued) | ||
Murphy USA, Inc. | 15,616 | $ 2,043,666 |
Phillips 66 | 14,261 | 997,414 |
6,527,850 | ||
Pharmaceuticals — 6.4% | ||
Cigna Corp. | 16,991 | 3,537,186 |
Pfizer, Inc. | 68,559 | 2,523,657 |
Roche Holding AG, ADR | 121,012 | 5,305,166 |
11,366,009 | ||
Real Estate — 1.8% | ||
CBRE Group, Inc., Class A* | 51,341 | 3,220,108 |
Retail — 6.9% | ||
AutoZone, Inc.* | 1,150 | 1,363,256 |
Dollar General Corp. | 7,400 | 1,556,220 |
MSC Industrial Direct Co., Inc., Class A | 14,413 | 1,216,313 |
Target Corp. | 20,242 | 3,573,320 |
Walmart, Inc. | 32,240 | 4,647,396 |
12,356,505 | ||
Semiconductors — 1.7% | ||
Lam Research Corp. | 3,584 | 1,692,616 |
MKS Instruments, Inc. | 8,290 | 1,247,230 |
2,939,846 | ||
Software — 0.9% | ||
Akamai Technologies, Inc.* | 15,239 | 1,599,943 |
Telecommunications — 4.9% | ||
Ciena Corp.* | 14,270 | 754,170 |
Cisco Systems, Inc. | 56,422 | 2,524,884 |
Verizon Communications, Inc. | 91,677 | 5,386,024 |
8,665,078 | ||
Transportation — 2.1% | ||
Kansas City Southern | 10,752 | 2,194,806 |
Knight-Swift Transportation Holdings, Inc. | 38,564 | 1,612,746 |
3,807,552 | ||
TOTAL COMMON STOCKS (Cost $144,100,407) | 173,641,934 | |
REAL ESTATE INVESTMENT TRUSTS — 0.4% | ||
Apartments — 0.4% | ||
Mid-America Apartment Communities, Inc. (Cost $660,243) | 6,290 | 796,880 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 2.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $4,375,128) | 4,375,128 | $ 4,375,128 |
TOTAL INVESTMENTS — 100.6% (Cost $149,135,778) | $ 178,813,942 | |
Other Assets & Liabilities — (0.6)% | (1,002,955) | |
TOTAL NET ASSETS — 100.0% | $ 177,810,987 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
Country Weightings as of 12/31/2020†† | |
United States | 95% |
Switzerland | 4 |
Australia | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $173,641,934 | $173,641,934 | $— | $— |
Real Estate Investment Trusts | 796,880 | 796,880 | — | — |
Short-Term Investments | 4,375,128 | 4,375,128 | — | — |
Total Investments | $ 178,813,942 | $ 178,813,942 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 96.4% | ||
Aerospace & Defense — 1.2% | ||
Hexcel Corp. | 42,521 | $ 2,061,843 |
Apparel — 1.1% | ||
Capri Holdings Ltd.* | 24,054 | 1,010,268 |
PVH Corp. | 10,663 | 1,001,149 |
2,011,417 | ||
Auto Manufacturers — 1.9% | ||
General Motors Co. | 43,461 | 1,809,716 |
PACCAR, Inc. | 18,121 | 1,563,480 |
3,373,196 | ||
Banks — 10.3% | ||
Bank of America Corp. | 152,523 | 4,622,972 |
JPMorgan Chase & Co. | 12,531 | 1,592,314 |
KeyCorp. | 162,883 | 2,672,910 |
The Goldman Sachs Group, Inc. | 13,586 | 3,582,764 |
The PNC Financial Services Group, Inc. | 16,865 | 2,512,885 |
Truist Financial Corp. | 71,576 | 3,430,638 |
18,414,483 | ||
Beverages — 2.4% | ||
Constellation Brands, Inc., Class A | 9,181 | 2,011,098 |
PepsiCo, Inc. | 15,925 | 2,361,678 |
4,372,776 | ||
Biotechnology — 0.8% | ||
Royalty Pharma PLC, Class A | 28,702 | 1,436,535 |
Building Materials — 1.5% | ||
Johnson Controls International PLC | 57,030 | 2,657,028 |
Commercial Services — 1.9% | ||
Euronet Worldwide, Inc.* | 23,673 | 3,430,691 |
Computers — 2.7% | ||
Cognizant Technology Solutions Corp., Class A | 36,232 | 2,969,213 |
HP, Inc. | 75,085 | 1,846,340 |
4,815,553 | ||
Diversified Financial Services — 1.2% | ||
Raymond James Financial, Inc. | 23,054 | 2,205,576 |
Electric — 7.3% | ||
CMS Energy Corp. | 45,076 | 2,750,087 |
Edison International | 60,139 | 3,777,932 |
NextEra Energy, Inc. | 57,944 | 4,470,380 |
Sempra Energy | 16,008 | 2,039,579 |
13,037,978 | ||
Food — 2.6% | ||
General Mills, Inc. | 32,014 | 1,882,423 |
Mondelez International, Inc., Class A | 46,753 | 2,733,648 |
4,616,071 | ||
Hand & Machine Tools — 1.7% | ||
Stanley Black & Decker, Inc. | 16,974 | 3,030,877 |
Number of Shares | Value† | |
Healthcare Products — 7.1% | ||
Abbott Laboratories | 27,804 | $ 3,044,260 |
Boston Scientific Corp.* | 43,227 | 1,554,011 |
Medtronic PLC | 44,311 | 5,190,590 |
Thermo Fisher Scientific, Inc. | 6,393 | 2,977,732 |
12,766,593 | ||
Healthcare Services — 1.3% | ||
UnitedHealth Group, Inc. | 6,462 | 2,266,094 |
Home Builders — 0.6% | ||
D.R. Horton, Inc. | 15,115 | 1,041,726 |
Insurance — 9.6% | ||
American International Group, Inc. | 66,995 | 2,536,431 |
Arch Capital Group Ltd.* | 54,643 | 1,970,973 |
Berkshire Hathaway, Inc., Class B* | 27,068 | 6,276,257 |
MetLife, Inc. | 28,477 | 1,336,995 |
Reinsurance Group of America, Inc. | 11,629 | 1,347,801 |
The Allstate Corp. | 15,721 | 1,728,210 |
The Travelers Cos., Inc. | 14,652 | 2,056,701 |
17,253,368 | ||
Internet — 2.1% | ||
Alphabet, Inc., Class A* | 2,161 | 3,787,455 |
Iron & Steel — 1.6% | ||
Steel Dynamics, Inc. | 77,390 | 2,853,369 |
Machinery — Diversified — 2.7% | ||
Caterpillar, Inc. | 15,955 | 2,904,129 |
Ingersoll Rand, Inc.* | 41,603 | 1,895,433 |
4,799,562 | ||
Media — 4.3% | ||
Fox Corp., Class A | 66,818 | 1,945,740 |
The Walt Disney Co.* | 31,751 | 5,752,646 |
7,698,386 | ||
Miscellaneous Manufacturing — 3.8% | ||
A.O. Smith Corp. | 23,278 | 1,276,100 |
Eaton Corp. PLC | 25,323 | 3,042,305 |
Parker-Hannifin Corp. | 9,325 | 2,540,223 |
6,858,628 | ||
Oil & Gas — 4.7% | ||
Chevron Corp. | 35,219 | 2,974,245 |
EOG Resources, Inc. | 47,930 | 2,390,269 |
Phillips 66 | 24,852 | 1,738,149 |
Valero Energy Corp. | 21,911 | 1,239,505 |
8,342,168 | ||
Packaging and Containers — 1.7% | ||
Packaging Corp. of America | 21,928 | 3,024,090 |
Pharmaceuticals — 5.7% | ||
Sanofi, ADR | 47,855 | 2,325,274 |
Johnson & Johnson | 41,949 | 6,601,934 |
Neurocrine Biosciences, Inc.* | 12,521 | 1,200,138 |
10,127,346 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Retail — 5.4% | ||
Best Buy Co., Inc. | 18,605 | $ 1,856,593 |
Lowe's Cos., Inc. | 12,175 | 1,954,209 |
Starbucks Corp. | 15,232 | 1,629,520 |
Walmart, Inc. | 29,849 | 4,302,733 |
9,743,055 | ||
Shipbuilding — 1.4% | ||
Huntington Ingalls Industries, Inc. | 14,417 | 2,457,810 |
Software — 2.8% | ||
Fidelity National Information Services, Inc. | 27,163 | 3,842,478 |
VMware, Inc., Class A* | 8,528 | 1,196,137 |
5,038,615 | ||
Telecommunications — 5.0% | ||
Cisco Systems, Inc. | 86,095 | 3,852,751 |
Verizon Communications, Inc. | 87,607 | 5,146,912 |
8,999,663 | ||
TOTAL COMMON STOCKS (Cost $146,510,190) | 172,521,952 | |
REAL ESTATE INVESTMENT TRUSTS — 3.9% | ||
Apartments — 1.7% | ||
Mid-America Apartment Communities, Inc. | 23,907 | 3,028,778 |
Industrial — 0.8% | ||
EastGroup Properties, Inc. | 9,787 | 1,351,193 |
Office Property — 0.8% | ||
Cousins Properties, Inc. | 45,440 | 1,522,240 |
Storage & Warehousing — 0.6% | ||
CubeSmart | 31,234 | 1,049,775 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,461,292) | 6,951,986 |
SHORT-TERM INVESTMENTS — 0.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $49,221) | 49,221 | 49,221 |
TOTAL INVESTMENTS — 100.3% (Cost $153,020,703) | $ 179,523,159 | |
Other Assets & Liabilities — (0.3)% | (564,312) | |
TOTAL NET ASSETS — 100.0% | $ 178,958,847 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
Country Weightings as of 12/31/2020†† | |
United States | 94% |
Ireland | 3 |
France | 1 |
Bermuda | 1 |
United Kingdom | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $172,521,952 | $172,521,952 | $— | $— |
Real Estate Investment Trusts | 6,951,986 | 6,951,986 | — | — |
Short-Term Investments | 49,221 | 49,221 | — | — |
Total Investments | $ 179,523,159 | $ 179,523,159 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 96.5% | ||
Advertising — 0.1% | ||
Omnicom Group, Inc. | 4,012 | $ 250,228 |
The Interpublic Group of Cos., Inc. | 6,992 | 164,452 |
414,680 | ||
Aerospace & Defense — 1.5% | ||
General Dynamics Corp. | 4,311 | 641,563 |
Howmet Aerospace, Inc. | 6,825 | 194,786 |
L3Harris Technologies, Inc. | 4,019 | 759,671 |
Lockheed Martin Corp. | 4,611 | 1,636,813 |
Northrop Grumman Corp. | 2,888 | 880,031 |
Raytheon Technologies Corp. | 28,080 | 2,008,001 |
Teledyne Technologies, Inc.* | 700 | 274,386 |
The Boeing Co. | 9,964 | 2,132,894 |
TransDigm Group, Inc.* | 1,004 | 621,325 |
9,149,470 | ||
Agriculture — 0.7% | ||
Altria Group, Inc. | 34,809 | 1,427,169 |
Archer-Daniels-Midland Co. | 10,253 | 516,854 |
Philip Morris International, Inc. | 28,827 | 2,386,587 |
4,330,610 | ||
Airlines — 0.3% | ||
Alaska Air Group, Inc. | 2,219 | 115,388 |
American Airlines Group, Inc. | 10,078 | 158,930 |
Delta Air Lines, Inc. | 11,758 | 472,789 |
Southwest Airlines Co. | 10,881 | 507,164 |
United Airlines Holdings, Inc.* | 5,189 | 224,424 |
1,478,695 | ||
Apparel — 0.7% | ||
Hanesbrands, Inc. | 6,506 | 94,857 |
NIKE, Inc., Class B | 23,414 | 3,312,379 |
PVH Corp. | 1,321 | 124,029 |
Ralph Lauren Corp. | 856 | 88,801 |
Tapestry, Inc. | 5,367 | 166,806 |
Under Armour, Inc., Class A* | 3,386 | 58,138 |
Under Armour, Inc., Class C* | 3,927 | 58,434 |
VF Corp. | 5,897 | 503,663 |
4,407,107 | ||
Auto Manufacturers — 2.1% | ||
Cummins, Inc. | 2,735 | 621,119 |
Ford Motor Co. | 72,475 | 637,055 |
General Motors Co. | 23,491 | 978,165 |
PACCAR, Inc. | 6,400 | 552,192 |
Tesla, Inc.* | 14,102 | 9,951,358 |
12,739,889 | ||
Auto Parts & Equipment — 0.1% | ||
Aptiv PLC | 5,002 | 651,711 |
BorgWarner, Inc. | 4,705 | 181,801 |
833,512 | ||
Banks — 4.6% | ||
Bank of America Corp. | 141,175 | 4,279,014 |
Citigroup, Inc. | 38,526 | 2,375,513 |
Citizens Financial Group, Inc. | 7,856 | 280,931 |
Number of Shares | Value† | |
Banks — (continued) | ||
Comerica, Inc. | 2,778 | $ 155,179 |
Fifth Third Bancorp | 12,820 | 353,447 |
First Republic Bank | 3,151 | 462,976 |
Huntington Bancshares, Inc. | 18,896 | 238,657 |
JPMorgan Chase & Co. | 56,592 | 7,191,145 |
KeyCorp. | 17,412 | 285,731 |
M&T Bank Corp. | 2,446 | 311,376 |
Morgan Stanley | 26,771 | 1,834,617 |
Northern Trust Corp. | 3,744 | 348,716 |
Regions Financial Corp. | 19,210 | 309,665 |
State Street Corp. | 6,489 | 472,269 |
SVB Financial Group* | 931 | 361,070 |
The Bank of New York Mellon Corp. | 15,097 | 640,717 |
The Goldman Sachs Group, Inc. | 6,447 | 1,700,138 |
The PNC Financial Services Group, Inc. | 7,933 | 1,182,017 |
Truist Financial Corp. | 25,191 | 1,207,405 |
US Bancorp | 25,619 | 1,193,589 |
Wells Fargo & Co. | 77,377 | 2,335,238 |
Zions Bancorp NA | 2,900 | 125,976 |
27,645,386 | ||
Beverages — 1.6% | ||
Brown-Forman Corp., Class B | 3,552 | 282,136 |
Constellation Brands, Inc., Class A | 3,118 | 682,998 |
Molson Coors Beverage Co., Class B | 3,554 | 160,605 |
Monster Beverage Corp.* | 6,839 | 632,471 |
PepsiCo, Inc. | 25,621 | 3,799,594 |
The Coca-Cola Co. | 71,712 | 3,932,686 |
9,490,490 | ||
Biotechnology — 1.6% | ||
Alexion Pharmaceuticals, Inc.* | 4,064 | 634,959 |
Amgen, Inc. | 10,777 | 2,477,848 |
Biogen, Inc.* | 2,942 | 720,378 |
Bio-Rad Laboratories, Inc., Class A* | 400 | 233,176 |
Corteva, Inc. | 13,833 | 535,614 |
Gilead Sciences, Inc. | 23,468 | 1,367,246 |
Illumina, Inc.* | 2,723 | 1,007,510 |
Incyte Corp.* | 3,567 | 310,258 |
Regeneron Pharmaceuticals, Inc.* | 1,949 | 941,581 |
Vertex Pharmaceuticals, Inc.* | 4,866 | 1,150,030 |
9,378,600 | ||
Building Materials — 0.4% | ||
Carrier Global Corp. | 15,063 | 568,176 |
Fortune Brands Home & Security, Inc. | 2,781 | 238,387 |
Johnson Controls International PLC | 13,791 | 642,523 |
Martin Marietta Materials, Inc. | 1,114 | 316,343 |
Masco Corp. | 4,843 | 266,026 |
Vulcan Materials Co. | 2,554 | 378,784 |
2,410,239 | ||
Chemicals — 1.7% | ||
Air Products and Chemicals, Inc. | 4,126 | 1,127,306 |
Albemarle Corp. | 1,895 | 279,550 |
Celanese Corp. | 2,085 | 270,925 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Chemicals — (continued) | ||
CF Industries Holdings, Inc. | 3,956 | $ 153,137 |
Dow, Inc. | 13,774 | 764,457 |
DuPont de Nemours, Inc. | 13,682 | 972,927 |
Eastman Chemical Co. | 2,620 | 262,734 |
Ecolab, Inc. | 4,634 | 1,002,612 |
FMC Corp. | 2,573 | 295,715 |
International Flavors & Fragrances, Inc. | 2,063 | 224,537 |
Linde PLC | 9,716 | 2,560,263 |
LyondellBasell Industries N.V., Class A | 4,652 | 426,402 |
PPG Industries, Inc. | 4,373 | 630,674 |
The Mosaic Co. | 6,834 | 157,250 |
The Sherwin-Williams Co. | 1,531 | 1,125,147 |
10,253,636 | ||
Commercial Services — 2.4% | ||
Automatic Data Processing, Inc. | 8,050 | 1,418,410 |
Cintas Corp. | 1,608 | 568,364 |
Equifax, Inc. | 2,202 | 424,634 |
FleetCor Technologies, Inc.* | 1,510 | 411,973 |
Gartner, Inc.* | 1,667 | 267,037 |
Global Payments, Inc. | 5,589 | 1,203,982 |
IHS Markit Ltd. | 6,909 | 620,635 |
MarketAxess Holdings, Inc. | 686 | 391,404 |
Moody's Corp. | 3,006 | 872,461 |
Nielsen Holdings PLC | 6,921 | 144,441 |
PayPal Holdings, Inc.* | 21,741 | 5,091,742 |
Quanta Services, Inc. | 2,677 | 192,798 |
Robert Half International, Inc. | 2,079 | 129,896 |
Rollins, Inc. | 4,204 | 164,250 |
S&P Global, Inc. | 4,513 | 1,483,559 |
United Rentals, Inc.* | 1,356 | 314,470 |
Verisk Analytics, Inc. | 3,006 | 624,016 |
14,324,072 | ||
Computers — 8.0% | ||
Accenture PLC, Class A | 11,739 | 3,066,344 |
Apple, Inc. | 297,134 | 39,426,710 |
Cognizant Technology Solutions Corp., Class A | 10,089 | 826,793 |
DXC Technology Co. | 4,316 | 111,137 |
Fortinet, Inc.* | 2,420 | 359,443 |
Hewlett Packard Enterprise Co. | 23,895 | 283,156 |
HP, Inc. | 25,442 | 625,619 |
International Business Machines Corp. | 16,718 | 2,104,462 |
Leidos Holdings, Inc. | 2,377 | 249,870 |
NetApp, Inc. | 4,268 | 282,712 |
Seagate Technology PLC | 4,306 | 267,661 |
Western Digital Corp. | 5,440 | 301,322 |
47,905,229 | ||
Cosmetics & Personal Care — 1.5% | ||
Colgate-Palmolive Co. | 16,048 | 1,372,265 |
The Estee Lauder Cos., Inc., Class A | 4,213 | 1,121,458 |
The Procter & Gamble Co. | 46,031 | 6,404,753 |
8,898,476 |
Number of Shares | Value† | |
Distribution & Wholesale — 0.3% | ||
Copart, Inc.* | 4,000 | $ 509,000 |
Fastenal Co. | 10,593 | 517,256 |
LKQ Corp.* | 4,999 | 176,165 |
Pool Corp. | 800 | 298,000 |
W.W. Grainger, Inc. | 848 | 346,272 |
1,846,693 | ||
Diversified Financial Services — 4.0% | ||
American Express Co. | 12,213 | 1,476,674 |
Ameriprise Financial, Inc. | 2,133 | 414,506 |
BlackRock, Inc. | 2,660 | 1,919,296 |
Capital One Financial Corp. | 8,495 | 839,731 |
Cboe Global Markets, Inc. | 2,172 | 202,257 |
CME Group, Inc. | 6,705 | 1,220,645 |
Discover Financial Services | 5,650 | 511,494 |
Franklin Resources, Inc. | 5,190 | 129,698 |
Intercontinental Exchange, Inc. | 10,490 | 1,209,392 |
Invesco Ltd. | 7,349 | 128,093 |
Mastercard, Inc., Class A | 16,327 | 5,827,759 |
Nasdaq, Inc. | 2,231 | 296,143 |
Raymond James Financial, Inc. | 2,349 | 224,729 |
Synchrony Financial | 10,646 | 369,523 |
T. Rowe Price Group, Inc. | 4,207 | 636,898 |
The Charles Schwab Corp. | 27,733 | 1,470,958 |
The Western Union Co. | 7,491 | 164,353 |
Visa, Inc., Class A | 31,481 | 6,885,839 |
23,927,988 | ||
Electric — 2.6% | ||
Alliant Energy Corp. | 4,954 | 255,280 |
Ameren Corp. | 4,699 | 366,804 |
American Electric Power Co., Inc. | 9,225 | 768,166 |
CenterPoint Energy, Inc. | 10,877 | 235,378 |
CMS Energy Corp. | 5,654 | 344,951 |
Consolidated Edison, Inc. | 6,152 | 444,605 |
Dominion Energy, Inc. | 15,019 | 1,129,429 |
DTE Energy Co. | 3,543 | 430,156 |
Duke Energy Corp. | 13,754 | 1,259,316 |
Edison International | 6,854 | 430,568 |
Entergy Corp. | 3,608 | 360,223 |
Evergy, Inc. | 4,387 | 243,522 |
Eversource Energy | 6,332 | 547,781 |
Exelon Corp. | 18,121 | 765,069 |
FirstEnergy Corp. | 10,280 | 314,671 |
NextEra Energy, Inc. | 36,279 | 2,798,925 |
NRG Energy, Inc. | 4,833 | 181,479 |
Pinnacle West Capital Corp. | 2,115 | 169,094 |
PPL Corp. | 13,872 | 391,190 |
Public Service Enterprise Group, Inc. | 9,344 | 544,755 |
Sempra Energy | 5,370 | 684,192 |
The AES Corp. | 13,234 | 310,999 |
The Southern Co. | 19,743 | 1,212,812 |
WEC Energy Group, Inc. | 5,828 | 536,351 |
Xcel Energy, Inc. | 9,739 | 649,299 |
15,375,015 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electrical Components & Equipment — 0.2% | ||
AMETEK, Inc. | 4,235 | $ 512,181 |
Emerson Electric Co. | 11,137 | 895,081 |
1,407,262 | ||
Electronics — 1.4% | ||
Agilent Technologies, Inc. | 5,721 | 677,881 |
Allegion PLC | 1,732 | 201,570 |
Amphenol Corp., Class A | 5,543 | 724,858 |
FLIR Systems, Inc. | 2,637 | 115,580 |
Fortive Corp. | 6,522 | 461,888 |
Garmin Ltd. | 2,676 | 320,210 |
Honeywell International, Inc. | 12,995 | 2,764,037 |
Keysight Technologies, Inc.* | 3,600 | 475,524 |
Mettler-Toledo International, Inc.* | 442 | 503,739 |
PerkinElmer, Inc. | 2,001 | 287,144 |
Roper Technologies, Inc. | 1,949 | 840,194 |
TE Connectivity Ltd. | 6,129 | 742,038 |
Vontier Corp.* | 2,608 | 87,107 |
Waters Corp.* | 1,107 | 273,894 |
8,475,664 | ||
Engineering & Construction — 0.1% | ||
Jacobs Engineering Group, Inc. | 2,302 | 250,826 |
Entertainment — 0.0% | ||
Live Nation Entertainment, Inc.* | 2,600 | 191,048 |
Environmental Control — 0.2% | ||
Pentair PLC | 2,923 | 155,182 |
Republic Services, Inc. | 4,141 | 398,778 |
Waste Management, Inc. | 7,236 | 853,342 |
1,407,302 | ||
Food — 1.1% | ||
Campbell Soup Co. | 3,917 | 189,387 |
Conagra Brands, Inc. | 9,627 | 349,075 |
General Mills, Inc. | 11,335 | 666,498 |
Hormel Foods Corp. | 5,195 | 242,139 |
Kellogg Co. | 4,901 | 304,989 |
Lamb Weston Holdings, Inc. | 2,600 | 204,724 |
McCormick & Co., Inc. | 4,502 | 430,391 |
Mondelez International, Inc., Class A | 26,758 | 1,564,540 |
Sysco Corp. | 9,442 | 701,163 |
The Hershey Co. | 2,826 | 430,485 |
The J.M. Smucker Co. | 2,060 | 238,136 |
The Kraft Heinz Co. | 11,714 | 406,007 |
The Kroger Co. | 14,309 | 454,454 |
Tyson Foods, Inc., Class A | 5,788 | 372,979 |
6,554,967 | ||
Forest Products & Paper — 0.1% | ||
International Paper Co. | 7,076 | 351,819 |
Gas — 0.1% | ||
Atmos Energy Corp. | 2,319 | 221,302 |
NiSource, Inc. | 6,920 | 158,745 |
380,047 |
Number of Shares | Value† | |
Hand & Machine Tools — 0.1% | ||
Snap-on, Inc. | 994 | $ 170,113 |
Stanley Black & Decker, Inc. | 2,949 | 526,574 |
696,687 | ||
Healthcare Products — 4.0% | ||
Abbott Laboratories | 32,855 | 3,597,294 |
ABIOMED, Inc.* | 833 | 270,058 |
Align Technology, Inc.* | 1,331 | 711,260 |
Baxter International, Inc. | 9,410 | 755,058 |
Boston Scientific Corp.* | 26,675 | 958,966 |
Danaher Corp. | 11,706 | 2,600,371 |
DENTSPLY SIRONA, Inc. | 4,008 | 209,859 |
Edwards Lifesciences Corp.* | 11,599 | 1,058,177 |
Hologic, Inc.* | 5,002 | 364,296 |
IDEXX Laboratories, Inc.* | 1,581 | 790,294 |
Intuitive Surgical, Inc.* | 2,194 | 1,794,911 |
Medtronic PLC | 24,932 | 2,920,534 |
ResMed, Inc. | 2,680 | 569,661 |
STERIS PLC | 1,700 | 322,218 |
Stryker Corp. | 6,119 | 1,499,400 |
Teleflex, Inc. | 900 | 370,413 |
The Cooper Cos., Inc. | 956 | 347,334 |
Thermo Fisher Scientific, Inc. | 7,346 | 3,421,620 |
Varian Medical Systems, Inc.* | 1,777 | 310,993 |
West Pharmaceutical Services, Inc. | 1,332 | 377,369 |
Zimmer Biomet Holdings, Inc. | 3,830 | 590,165 |
23,840,251 | ||
Healthcare Services — 2.1% | ||
Anthem, Inc. | 4,588 | 1,473,161 |
Catalent, Inc.* | 3,200 | 333,024 |
Centene Corp.* | 10,748 | 645,203 |
DaVita, Inc.* | 1,536 | 180,326 |
HCA Healthcare, Inc. | 4,905 | 806,676 |
Humana, Inc. | 2,468 | 1,012,546 |
IQVIA Holdings, Inc.* | 3,544 | 634,979 |
Laboratory Corp. of America Holdings* | 1,877 | 382,063 |
Quest Diagnostics, Inc. | 2,648 | 315,562 |
UnitedHealth Group, Inc. | 17,612 | 6,176,176 |
Universal Health Services, Inc., Class B | 1,475 | 202,813 |
12,162,529 | ||
Home Builders — 0.2% | ||
D.R. Horton, Inc. | 6,008 | 414,072 |
Lennar Corp., Class A | 4,971 | 378,939 |
NVR, Inc.* | 63 | 257,031 |
PulteGroup, Inc. | 4,726 | 203,785 |
1,253,827 | ||
Home Furnishings — 0.1% | ||
Leggett & Platt, Inc. | 2,436 | 107,915 |
Whirlpool Corp. | 1,130 | 203,953 |
311,868 | ||
Household Products & Wares — 0.4% | ||
Avery Dennison Corp. | 1,642 | 254,691 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Household Products & Wares — (continued) | ||
Church & Dwight Co., Inc. | 4,840 | $ 422,193 |
Kimberly-Clark Corp. | 6,352 | 856,440 |
Newell Brands, Inc. | 6,989 | 148,376 |
The Clorox Co. | 2,442 | 493,089 |
2,174,789 | ||
Insurance — 3.3% | ||
Aflac, Inc. | 12,255 | 544,980 |
American International Group, Inc. | 15,958 | 604,170 |
Aon PLC, Class A | 3,126 | 660,430 |
Arthur J. Gallagher & Co. | 3,523 | 435,830 |
Assurant, Inc. | 1,127 | 153,520 |
Berkshire Hathaway, Inc., Class B* | 36,142 | 8,380,246 |
Chubb Ltd. | 8,445 | 1,299,854 |
Cincinnati Financial Corp. | 2,844 | 248,480 |
Everest Re Group Ltd. | 725 | 169,715 |
Globe Life, Inc. | 1,873 | 177,860 |
Lincoln National Corp. | 3,150 | 158,477 |
Loews Corp. | 4,441 | 199,934 |
Marsh & McLennan Cos., Inc. | 9,462 | 1,107,054 |
MetLife, Inc. | 14,312 | 671,948 |
Principal Financial Group, Inc. | 4,871 | 241,650 |
Prudential Financial, Inc. | 7,307 | 570,457 |
The Allstate Corp. | 5,786 | 636,055 |
The Hartford Financial Services Group, Inc. | 6,415 | 314,207 |
The Progressive Corp. | 10,929 | 1,080,660 |
The Travelers Cos., Inc. | 4,695 | 659,037 |
Unum Group | 4,002 | 91,806 |
W.R. Berkley Corp. | 2,600 | 172,692 |
Willis Towers Watson PLC | 3,789 | 798,267 |
19,377,329 | ||
Internet — 11.2% | ||
Alphabet, Inc., Class A* | 5,585 | 9,788,494 |
Alphabet, Inc., Class C* | 5,392 | 9,446,137 |
Amazon.com, Inc.* | 7,928 | 25,820,941 |
Booking Holdings, Inc.* | 767 | 1,708,316 |
CDW Corp. | 2,800 | 369,012 |
eBay, Inc. | 12,334 | 619,784 |
Etsy, Inc.* | 2,300 | 409,193 |
Expedia Group, Inc. | 2,434 | 322,262 |
F5 Networks, Inc.* | 1,163 | 204,618 |
Facebook, Inc., Class A* | 44,666 | 12,200,965 |
Netflix, Inc.* | 8,195 | 4,431,282 |
Nortonlifelock, Inc. | 10,440 | 216,943 |
Twitter, Inc.* | 14,715 | 796,817 |
VeriSign, Inc.* | 1,814 | 392,550 |
66,727,314 | ||
Iron & Steel — 0.1% | ||
Nucor Corp. | 5,697 | 303,023 |
Leisure Time — 0.1% | ||
Carnival Corp. | 11,314 | 245,061 |
Norwegian Cruise Line Holdings Ltd.* | 5,241 | 133,279 |
Number of Shares | Value† | |
Leisure Time — (continued) | ||
Royal Caribbean Cruises Ltd. | 3,305 | $ 246,850 |
625,190 | ||
Lodging — 0.3% | ||
Hilton Worldwide Holdings, Inc. | 5,123 | 569,985 |
Las Vegas Sands Corp. | 5,905 | 351,938 |
Marriott International, Inc., Class A | 4,931 | 650,498 |
MGM Resorts International | 7,436 | 234,308 |
Wynn Resorts Ltd. | 1,824 | 205,802 |
2,012,531 | ||
Machinery — Diversified — 1.0% | ||
Caterpillar, Inc. | 10,157 | 1,848,777 |
Deere & Co. | 5,871 | 1,579,592 |
Dover Corp. | 2,703 | 341,254 |
Flowserve Corp. | 2,355 | 86,782 |
IDEX Corp. | 1,400 | 278,880 |
Ingersoll Rand, Inc.* | 6,657 | 303,293 |
Otis Worldwide Corp. | 7,506 | 507,030 |
Rockwell Automation, Inc. | 2,142 | 537,235 |
Westinghouse Air Brake Technologies Corp. | 3,394 | 248,441 |
Xylem, Inc. | 3,235 | 329,291 |
6,060,575 | ||
Media — 2.3% | ||
Charter Communications, Inc., Class A* | 2,696 | 1,783,539 |
Comcast Corp., Class A | 84,688 | 4,437,651 |
Discovery, Inc., Class A* | 2,889 | 86,930 |
Discovery, Inc., Class C* | 6,249 | 163,661 |
DISH Network Corp., Class A* | 4,587 | 148,344 |
Fox Corp., Class A | 6,568 | 191,260 |
Fox Corp., Class B | 3,120 | 90,106 |
News Corp., Class A | 7,615 | 136,841 |
News Corp., Class B | 2,500 | 44,425 |
The Walt Disney Co.* | 33,604 | 6,088,373 |
ViacomCBS, Inc., Class B | 10,714 | 399,204 |
13,570,334 | ||
Mining — 0.3% | ||
Freeport-McMoRan, Inc. | 26,936 | 700,874 |
Newmont Corp. | 14,966 | 896,314 |
1,597,188 | ||
Miscellaneous Manufacturing — 1.2% | ||
3M Co. | 10,807 | 1,888,956 |
A.O. Smith Corp. | 2,467 | 135,241 |
Eaton Corp. PLC | 7,452 | 895,283 |
General Electric Co. | 164,162 | 1,772,950 |
Illinois Tool Works, Inc. | 5,374 | 1,095,651 |
Parker-Hannifin Corp. | 2,384 | 649,426 |
Textron, Inc. | 4,198 | 202,889 |
Trane Technologies PLC | 4,434 | 643,639 |
7,284,035 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Office & Business Equipment — 0.1% | ||
Xerox Holdings Corp. | 3,386 | $ 78,521 |
Zebra Technologies Corp., Class A* | 1,000 | 384,330 |
462,851 | ||
Oil & Gas — 1.8% | ||
Apache Corp. | 7,042 | 99,926 |
Cabot Oil & Gas Corp. | 7,932 | 129,133 |
Chevron Corp. | 35,670 | 3,012,332 |
Concho Resources, Inc. | 3,754 | 219,046 |
ConocoPhillips | 19,971 | 798,640 |
Devon Energy Corp. | 6,551 | 103,571 |
Diamondback Energy, Inc. | 2,900 | 140,360 |
EOG Resources, Inc. | 10,770 | 537,100 |
Exxon Mobil Corp. | 78,368 | 3,230,329 |
Hess Corp. | 5,203 | 274,666 |
HollyFrontier Corp. | 2,881 | 74,474 |
Marathon Oil Corp. | 13,811 | 92,119 |
Marathon Petroleum Corp. | 12,004 | 496,485 |
Occidental Petroleum Corp. | 14,979 | 259,287 |
Phillips 66 | 8,071 | 564,486 |
Pioneer Natural Resources Co. | 2,956 | 336,659 |
Valero Energy Corp. | 7,377 | 417,317 |
10,785,930 | ||
Oil & Gas Services — 0.2% | ||
Baker Hughes Co. | 12,203 | 254,433 |
Halliburton Co. | 15,860 | 299,754 |
National Oilwell Varco, Inc.* | 7,110 | 97,620 |
Schlumberger Ltd. | 25,694 | 560,900 |
TechnipFMC PLC | 7,506 | 70,556 |
1,283,263 | ||
Packaging and Containers — 0.3% | ||
Amcor PLC | 29,432 | 346,415 |
Ball Corp. | 6,036 | 562,434 |
Packaging Corp. of America | 1,747 | 240,929 |
Sealed Air Corp. | 2,786 | 127,571 |
Westrock Co. | 5,192 | 226,008 |
1,503,357 | ||
Pharmaceuticals — 5.4% | ||
AbbVie, Inc. | 32,723 | 3,506,269 |
AmerisourceBergen Corp. | 2,912 | 284,677 |
Becton Dickinson and Co. | 5,424 | 1,357,193 |
Bristol-Myers Squibb Co. | 42,358 | 2,627,467 |
Cardinal Health, Inc. | 5,242 | 280,762 |
Cigna Corp. | 6,661 | 1,386,687 |
CVS Health Corp. | 24,535 | 1,675,741 |
DexCom, Inc.* | 1,774 | 655,883 |
Eli Lilly and Co. | 14,698 | 2,481,610 |
Henry Schein, Inc.* | 2,784 | 186,138 |
Johnson & Johnson | 48,884 | 7,693,364 |
McKesson Corp. | 2,994 | 520,717 |
Merck & Co., Inc. | 46,907 | 3,836,993 |
Perrigo Co. PLC | 2,383 | 106,568 |
Pfizer, Inc. | 103,067 | 3,793,896 |
Viatris, Inc.* | 21,779 | 408,138 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
Zoetis, Inc. | 8,896 | $ 1,472,288 |
32,274,391 | ||
Pipelines — 0.2% | ||
Kinder Morgan, Inc. | 35,950 | 491,436 |
ONEOK, Inc. | 8,760 | 336,209 |
The Williams Cos., Inc. | 22,374 | 448,599 |
1,276,244 | ||
Real Estate — 0.1% | ||
CBRE Group, Inc., Class A* | 6,460 | 405,171 |
Retail — 5.2% | ||
Advance Auto Parts, Inc. | 1,375 | 216,576 |
AutoZone, Inc.* | 431 | 510,925 |
Best Buy Co., Inc. | 4,236 | 422,710 |
CarMax, Inc.* | 2,935 | 277,240 |
Chipotle Mexican Grill, Inc.* | 520 | 721,089 |
Costco Wholesale Corp. | 8,174 | 3,079,800 |
Darden Restaurants, Inc. | 2,583 | 307,687 |
Dollar General Corp. | 4,646 | 977,054 |
Dollar Tree, Inc.* | 4,377 | 472,891 |
Domino's Pizza, Inc. | 723 | 277,242 |
Genuine Parts Co. | 2,844 | 285,623 |
L Brands, Inc. | 4,435 | 164,938 |
Lowe's Cos., Inc. | 13,556 | 2,175,874 |
McDonald's Corp. | 13,803 | 2,961,848 |
O'Reilly Automotive, Inc.* | 1,373 | 621,379 |
Ross Stores, Inc. | 6,616 | 812,511 |
Starbucks Corp. | 21,953 | 2,348,532 |
Target Corp. | 9,382 | 1,656,204 |
The Gap, Inc. | 4,382 | 88,473 |
The Home Depot, Inc. | 19,980 | 5,307,088 |
The TJX Cos., Inc. | 22,459 | 1,533,725 |
Tiffany & Co. | 2,141 | 281,434 |
Tractor Supply Co. | 2,086 | 293,250 |
Ulta Beauty, Inc.* | 1,059 | 304,102 |
Walgreens Boots Alliance, Inc. | 13,289 | 529,965 |
Walmart, Inc. | 25,703 | 3,705,087 |
Yum! Brands, Inc. | 5,581 | 605,873 |
30,939,120 | ||
Savings & Loans — 0.0% | ||
People's United Financial, Inc. | 7,929 | 102,522 |
Semiconductors — 5.1% | ||
Advanced Micro Devices, Inc.* | 22,041 | 2,021,380 |
Analog Devices, Inc. | 4,850 | 716,491 |
Applied Materials, Inc. | 17,108 | 1,476,420 |
Broadcom, Inc. | 7,564 | 3,311,897 |
Intel Corp. | 75,984 | 3,785,523 |
IPG Photonics Corp.* | 667 | 149,268 |
KLA Corp. | 2,890 | 748,250 |
Lam Research Corp. | 2,654 | 1,253,405 |
Maxim Integrated Products, Inc. | 9,129 | 809,286 |
Microchip Technology, Inc. | 4,682 | 646,631 |
Micron Technology, Inc.* | 20,812 | 1,564,646 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Semiconductors — (continued) | ||
NVIDIA Corp. | 11,490 | $ 6,000,078 |
Qorvo, Inc.* | 2,048 | 340,521 |
QUALCOMM, Inc. | 20,956 | 3,192,437 |
Skyworks Solutions, Inc. | 3,074 | 469,953 |
Teradyne, Inc. | 3,200 | 383,648 |
Texas Instruments, Inc. | 17,000 | 2,790,210 |
Xilinx, Inc. | 4,535 | 642,927 |
30,302,971 | ||
Shipbuilding — 0.0% | ||
Huntington Ingalls Industries, Inc. | 741 | 126,326 |
Software — 9.7% | ||
Activision Blizzard, Inc. | 14,438 | 1,340,568 |
Adobe, Inc.* | 8,898 | 4,450,068 |
Akamai Technologies, Inc.* | 3,096 | 325,049 |
ANSYS, Inc.* | 1,586 | 576,987 |
Autodesk, Inc.* | 4,099 | 1,251,589 |
Broadridge Financial Solutions, Inc. | 2,272 | 348,070 |
Cadence Design Systems, Inc.* | 5,170 | 705,343 |
Cerner Corp. | 5,988 | 469,938 |
Citrix Systems, Inc. | 2,201 | 286,350 |
Electronic Arts, Inc. | 5,369 | 770,988 |
Fidelity National Information Services, Inc. | 11,615 | 1,643,058 |
Fiserv, Inc.* | 10,390 | 1,183,005 |
Intuit, Inc. | 4,910 | 1,865,063 |
Jack Henry & Associates, Inc. | 1,400 | 226,786 |
Microsoft Corp. | 140,555 | 31,262,243 |
MSCI, Inc. | 1,552 | 693,015 |
Oracle Corp. | 35,094 | 2,270,231 |
Paychex, Inc. | 5,925 | 552,092 |
Paycom Software, Inc.* | 900 | 407,025 |
salesforce.com, Inc.* | 16,965 | 3,775,221 |
ServiceNow, Inc.* | 3,599 | 1,980,998 |
Synopsys, Inc.* | 2,818 | 730,538 |
Take-Two Interactive Software, Inc.* | 2,249 | 467,320 |
Tyler Technologies, Inc.* | 734 | 320,406 |
57,901,951 | ||
Telecommunications — 2.5% | ||
Arista Networks, Inc.* | 972 | 282,434 |
AT&T, Inc. | 132,134 | 3,800,174 |
CenturyLink, Inc. | 19,700 | 192,075 |
Cisco Systems, Inc. | 78,325 | 3,505,044 |
Corning, Inc. | 14,043 | 505,548 |
Juniper Networks, Inc. | 6,659 | 149,894 |
Motorola Solutions, Inc. | 3,135 | 533,138 |
T-Mobile US, Inc.* | 10,892 | 1,468,786 |
Verizon Communications, Inc. | 76,765 | 4,509,944 |
14,947,037 | ||
Textiles — 0.0% | ||
Mohawk Industries, Inc.* | 1,128 | 158,992 |
Toys, Games & Hobbies — 0.0% | ||
Hasbro, Inc. | 2,506 | 234,411 |
Number of Shares | Value† | |
Transportation — 1.7% | ||
C.H. Robinson Worldwide, Inc. | 2,589 | $ 243,029 |
CSX Corp. | 14,311 | 1,298,723 |
Expeditors International of Washington, Inc. | 3,212 | 305,493 |
FedEx Corp. | 4,510 | 1,170,886 |
J.B. Hunt Transport Services, Inc. | 1,592 | 217,547 |
Kansas City Southern | 1,682 | 343,347 |
Norfolk Southern Corp. | 4,765 | 1,132,212 |
Old Dominion Freight Line, Inc. | 1,730 | 337,661 |
Union Pacific Corp. | 12,475 | 2,597,545 |
United Parcel Service, Inc., Class B | 13,278 | 2,236,015 |
9,882,458 | ||
Water — 0.1% | ||
American Water Works Co., Inc. | 3,343 | 513,050 |
TOTAL COMMON STOCKS (Cost $278,615,933) | 574,926,237 | |
REAL ESTATE INVESTMENT TRUSTS — 2.3% | ||
Apartments — 0.3% | ||
AvalonBay Communities, Inc. | 2,525 | 405,086 |
Equity Residential | 6,174 | 365,995 |
Essex Property Trust, Inc. | 1,263 | 299,861 |
Mid-America Apartment Communities, Inc. | 2,116 | 268,076 |
UDR, Inc. | 5,687 | 218,551 |
1,557,569 | ||
Diversified — 0.9% | ||
American Tower Corp. | 8,320 | 1,867,507 |
Crown Castle International Corp. | 7,846 | 1,249,005 |
Digital Realty Trust, Inc. | 4,988 | 695,876 |
Duke Realty Corp. | 6,867 | 274,474 |
SBA Communications Corp. | 2,071 | 584,291 |
Vornado Realty Trust | 2,813 | 105,038 |
Weyerhaeuser Co. | 13,744 | 460,836 |
5,237,027 | ||
Healthcare — 0.2% | ||
Healthpeak Properties, Inc. | 10,663 | 322,342 |
Ventas, Inc. | 6,740 | 330,530 |
Welltower, Inc. | 7,702 | 497,703 |
1,150,575 | ||
Hotels & Resorts — 0.0% | ||
Host Hotels & Resorts, Inc. | 12,690 | 185,655 |
Industrial — 0.2% | ||
Prologis, Inc. | 13,829 | 1,378,198 |
Office Property — 0.1% | ||
Alexandria Real Estate Equities, Inc. | 2,237 | 398,678 |
Boston Properties, Inc. | 2,616 | 247,291 |
SL Green Realty Corp. | 1,350 | 80,433 |
726,402 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Regional Malls — 0.1% | ||
Simon Property Group, Inc. | 6,008 | $ 512,362 |
Single Tenant — 0.1% | ||
Realty Income Corp. | 6,696 | 416,290 |
Storage & Warehousing — 0.2% | ||
Extra Space Storage, Inc. | 2,412 | 279,454 |
Iron Mountain, Inc. | 5,224 | 154,004 |
Public Storage | 2,819 | 650,992 |
1,084,450 | ||
Strip Centers — 0.0% | ||
Federal Realty Investment Trust | 1,233 | 104,953 |
Kimco Realty Corp. | 8,160 | 122,482 |
Regency Centers Corp. | 3,024 | 137,864 |
365,299 | ||
Telecommunications — 0.2% | ||
Equinix, Inc. | 1,655 | 1,181,968 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,833,740) | 13,795,795 |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $5,658,995) | 5,658,995 | 5,658,995 |
TOTAL INVESTMENTS — 99.7% (Cost $294,108,668) | $ 594,381,027 | |
Other Assets & Liabilities — 0.3% | 1,551,883 | |
TOTAL NET ASSETS — 100.0% | $ 595,932,910 |
† | See Security Valuation Note. |
* | Non-income producing security. |
N.V.— Naamloze Vennootschap. |
NA— National Association. |
PLC— Public Limited Company. |
S&P— Standards & Poor's |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $574,926,237 | $574,926,237 | $— | $— |
Real Estate Investment Trusts | 13,795,795 | 13,795,795 | — | — |
Short-Term Investments | 5,658,995 | 5,658,995 | — | — |
Total Investments | $ 594,381,027 | $ 594,381,027 | $ — | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 165,487 | $ 165,487 | $— | $— |
Total Assets—Other Financial Instruments | $ 165,487 | $ 165,487 | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | E-mini S&P 500 Index | 03/19/2021 | 35 | 50 | $3,749 | $6,560,400 | $165,487 | $— | ||||||||
$165,487 | $— |
Number of Shares | Value† | |
COMMON STOCKS — 98.5% | ||
Apparel — 0.9% | ||
Canada Goose Holdings, Inc.* | 60,051 | $ 1,787,718 |
Auto Parts & Equipment — 1.4% | ||
BorgWarner, Inc. | 73,479 | 2,839,229 |
Banks — 3.8% | ||
First Republic Bank | 25,072 | 3,683,829 |
SVB Financial Group* | 9,995 | 3,876,361 |
7,560,190 | ||
Biotechnology — 3.3% | ||
Genmab A/S, ADR* | 55,788 | 2,268,340 |
Maravai LifeSciences Holdings, Inc., Class A* | 43,083 | 1,208,478 |
Seagen, Inc.* | 17,731 | 3,105,408 |
6,582,226 | ||
Building Materials — 1.8% | ||
Trex Co., Inc.* | 42,825 | 3,585,309 |
Chemicals — 1.4% | ||
RPM International, Inc. | 31,194 | 2,831,791 |
Commercial Services — 9.7% | ||
CoStar Group, Inc.* | 7,413 | 6,851,688 |
MarketAxess Holdings, Inc. | 10,156 | 5,794,607 |
Square, Inc., Class A* | 10,151 | 2,209,264 |
TransUnion | 43,327 | 4,298,905 |
19,154,464 | ||
Computers — 1.6% | ||
Crowdstrike Holdings, Inc., Class A* | 14,838 | 3,142,985 |
Distribution & Wholesale — 2.2% | ||
Fastenal Co. | 89,498 | 4,370,187 |
Electrical Components & Equipment — 2.1% | ||
Novanta, Inc.* | 9,437 | 1,115,642 |
Universal Display Corp. | 12,770 | 2,934,546 |
4,050,188 | ||
Electronics — 5.1% | ||
Agilent Technologies, Inc. | 21,068 | 2,496,347 |
II-VI, Inc.* | 45,992 | 3,493,552 |
Keysight Technologies, Inc.* | 30,373 | 4,011,970 |
10,001,869 | ||
Food — 1.2% | ||
The Hershey Co. | 16,099 | 2,452,361 |
Healthcare Products — 10.9% | ||
10X Genomics, Inc., Class A* | 8,035 | 1,137,756 |
ABIOMED, Inc.* | 12,153 | 3,940,003 |
Align Technology, Inc.* | 3,373 | 1,802,464 |
Bio-Techne Corp. | 6,839 | 2,171,724 |
Edwards Lifesciences Corp.* | 34,069 | 3,108,115 |
Envista Holdings Corp.* | 62,982 | 2,124,383 |
Glaukos Corp.* | 25,216 | 1,897,756 |
Intuitive Surgical, Inc.* | 4,051 | 3,314,123 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Masimo Corp.* | 7,243 | $ 1,943,876 |
21,440,200 | ||
Healthcare Services — 2.5% | ||
Laboratory Corp. of America Holdings* | 13,807 | 2,810,415 |
Teladoc Health, Inc.* | 10,263 | 2,052,189 |
4,862,604 | ||
Household Products & Wares — 1.8% | ||
The Scotts Miracle-Gro Co. | 17,320 | 3,449,105 |
Internet — 4.2% | ||
Palo Alto Networks, Inc.* | 7,764 | 2,759,248 |
Twitter, Inc.* | 54,317 | 2,941,266 |
Zendesk, Inc.* | 17,950 | 2,569,004 |
8,269,518 | ||
Machinery — Diversified — 3.7% | ||
IDEX Corp. | 15,650 | 3,117,480 |
The Middleby Corp.* | 31,773 | 4,096,175 |
7,213,655 | ||
Miscellaneous Manufacturing — 2.7% | ||
A.O. Smith Corp. | 55,248 | 3,028,695 |
Trane Technologies PLC | 15,868 | 2,303,399 |
5,332,094 | ||
Pharmaceuticals — 2.4% | ||
DexCom, Inc.* | 12,707 | 4,698,032 |
Retail — 10.1% | ||
Chipotle Mexican Grill, Inc.* | 4,814 | 6,675,622 |
Dollar Tree, Inc.* | 23,345 | 2,522,194 |
Lululemon Athletica, Inc.* | 6,597 | 2,295,954 |
National Vision Holdings, Inc.* | 50,988 | 2,309,246 |
Nordstrom, Inc. | 35,173 | 1,097,749 |
Ollie's Bargain Outlet Holdings, Inc.* | 13,574 | 1,109,946 |
Ulta Beauty, Inc.* | 13,405 | 3,849,380 |
19,860,091 | ||
Semiconductors — 9.5% | ||
Brooks Automation, Inc. | 24,249 | 1,645,295 |
Marvell Technology Group Ltd. | 57,977 | 2,756,226 |
Microchip Technology, Inc. | 28,359 | 3,916,661 |
Monolithic Power Systems, Inc. | 14,573 | 5,337,070 |
Teradyne, Inc. | 41,429 | 4,966,923 |
18,622,175 | ||
Software — 14.6% | ||
Cerner Corp. | 41,865 | 3,285,565 |
DocuSign, Inc.* | 22,872 | 5,084,446 |
Electronic Arts, Inc. | 37,928 | 5,446,461 |
Guidewire Software, Inc.* | 28,284 | 3,640,999 |
Paycom Software, Inc.* | 5,226 | 2,363,459 |
Twilio, Inc., Class A* | 16,345 | 5,532,782 |
Tyler Technologies, Inc.* | 7,784 | 3,397,872 |
28,751,584 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Telecommunications — 1.6% | ||
Arista Networks, Inc.* | 10,804 | $ 3,139,318 |
TOTAL COMMON STOCKS (Cost $99,187,164) | 193,996,893 |
Number of Contracts | ||
PURCHASED OPTIONS — 0.2% | ||
Call Options | ||
Put Options | ||
TOTAL PURCHASED OPTIONS | ||
(See open purchased options schedule) | ||
(Cost $667,977) | 1,549 | 345,492 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 2.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $4,666,897) | 4,666,897 | 4,666,897 |
TOTAL INVESTMENTS — 101.0% (Cost $104,522,038) | $ 199,009,282 | |
Other Assets & Liabilities — (1.0)% | (2,016,987) | |
TOTAL NET ASSETS — 100.0% | $ 196,992,295 |
Number of Contracts | ||
WRITTEN OPTIONS — (0.0)% | ||
Call Options | ||
Put Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(132,247)) | (1,483) | $ (31,903) |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
ETF— Exchange-Traded Fund. |
S&P— Standards & Poor's |
SPDR— Standard & Poor's Depositary Receipt. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $193,996,893 | $193,996,893 | $ — | $— |
Purchased Options | 345,492 | 293,922 | 51,570 | — |
Short-Term Investments | 4,666,897 | 4,666,897 | — | — |
Total Investments | $ 199,009,282 | $ 198,957,712 | $ 51,570 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Written Options | $(31,903) | $(31,903) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (31,903) | $ (31,903) | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Open Purchased Options |
Exchange Traded |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Marvell Technology Group Ltd. | 203 | $ 913,500 | $45 | 1/15/2021 | $ 63,539 | |||||
Twitter, Inc. | 269 | 1,452,600 | 54 | 1/22/2021 | 59,987 | |||||
Total Call Options Purchased | $123,526 |
Put Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Invesco QQQ Trust | 513 | $15,390,000 | $ 300 | 1/15/2021 | $ 117,990 | |||||
iShares Russell 2000 ETF | 182 | 3,421,600 | 188 | 1/15/2021 | 33,306 | |||||
SPDR S&P MidCap 400 ETF Trust | 191 | 7,640,000 | 400 | 1/15/2021 | 51,570 | |||||
SPDR S&P MidCap 400 ETF Trust | 191 | 7,735,500 | 405 | 1/15/2021 | 19,100 | |||||
Total Put Options Purchased | $ 221,966 | |||||||||
Total Purchased Options | $345,492 |
Open Written Options |
Exchange Traded |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Marvell Technology Group Ltd. | (203) | $1,116,500 | $55 | 1/15/2021 | $(2,842) |
Put Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Invesco QQQ Trust | (513) | $13,440,600 | $262 | 1/15/2021 | $(10,260) | |||||
iShares Russell 2000 ETF | (182) | 2,984,800 | 164 | 1/15/2021 | (2,912) | |||||
Marvell Technology Group Ltd. | (203) | 710,500 | 35 | 1/15/2021 | (609) | |||||
SPDR S&P MidCap 400 ETF Trust | (382) | 13,561,000 | 355 | 1/15/2021 | (15,280) | |||||
Total Put Options Written | $ (29,061) | |||||||||
Total Written Options | $ (31,903) |
Number of Shares | Value† | |
COMMON STOCKS — 87.0% | ||
Apparel — 2.9% | ||
Carter's, Inc. | 3,058 | $ 287,666 |
Columbia Sportswear Co. | 10,459 | 913,908 |
Levi Strauss & Co., Class A | 76,116 | 1,528,409 |
2,729,983 | ||
Auto Parts & Equipment — 1.1% | ||
Aptiv PLC | 8,108 | 1,056,391 |
Banks — 8.8% | ||
Citizens Financial Group, Inc. | 65,858 | 2,355,082 |
Fifth Third Bancorp | 39,410 | 1,086,534 |
First Horizon Corp. | 115,781 | 1,477,366 |
M&T Bank Corp. | 16,034 | 2,041,128 |
Regions Financial Corp. | 83,792 | 1,350,727 |
8,310,837 | ||
Biotechnology — 1.0% | ||
Corteva, Inc. | 25,085 | 971,291 |
Building Materials — 1.1% | ||
Martin Marietta Materials, Inc. | 3,612 | 1,025,700 |
Chemicals — 6.3% | ||
Axalta Coating Systems Ltd.* | 40,907 | 1,167,895 |
NewMarket Corp. | 4,618 | 1,839,303 |
Nutrien Ltd. | 25,923 | 1,248,452 |
W.R. Grace & Co. | 16,416 | 899,925 |
Westlake Chemical Corp. | 9,581 | 781,809 |
5,937,384 | ||
Commercial Services — 0.8% | ||
Global Payments, Inc. | 3,740 | 805,671 |
Computers — 1.4% | ||
Check Point Software Technologies Ltd.* | 9,804 | 1,303,050 |
Distribution & Wholesale — 1.3% | ||
IAA, Inc.* | 18,610 | 1,209,278 |
Diversified Financial Services — 1.7% | ||
Discover Financial Services | 17,797 | 1,611,162 |
Electric — 6.6% | ||
Alliant Energy Corp. | 45,979 | 2,369,298 |
Entergy Corp. | 18,768 | 1,873,797 |
Evergy, Inc. | 35,931 | 1,994,530 |
6,237,625 | ||
Electrical Components & Equipment — 1.9% | ||
AMETEK, Inc. | 14,880 | 1,799,587 |
Electronics — 1.4% | ||
Agilent Technologies, Inc. | 8,706 | 1,031,574 |
Avnet, Inc. | 8,007 | 281,126 |
1,312,700 | ||
Engineering & Construction — 1.1% | ||
EMCOR Group, Inc. | 11,324 | 1,035,693 |
Number of Shares | Value† | |
Environmental Control — 1.4% | ||
Waste Connections, Inc. | 12,571 | $ 1,289,407 |
Food — 1.6% | ||
Sanderson Farms, Inc. | 1,545 | 204,249 |
Tyson Foods, Inc., Class A | 21,161 | 1,363,615 |
1,567,864 | ||
Gas — 0.9% | ||
Southwest Gas Holdings, Inc. | 14,594 | 886,585 |
Hand & Machine Tools — 1.9% | ||
Lincoln Electric Holdings, Inc. | 15,346 | 1,783,972 |
Healthcare Services — 2.6% | ||
Laboratory Corp. of America Holdings* | 12,281 | 2,499,798 |
Home Furnishings — 0.3% | ||
Leggett & Platt, Inc. | 6,993 | 309,790 |
Insurance — 10.0% | ||
Axis Capital Holdings Ltd. | 32,998 | 1,662,769 |
First American Financial Corp. | 13,187 | 680,845 |
Globe Life, Inc. | 28,931 | 2,747,288 |
RenaissanceRe Holdings Ltd. | 11,858 | 1,966,294 |
The Hartford Financial Services Group, Inc. | 49,838 | 2,441,065 |
9,498,261 | ||
Internet — 1.6% | ||
F5 Networks, Inc.* | 8,928 | 1,570,792 |
Machinery — Construction & Mining — 3.0% | ||
BWX Technologies, Inc. | 47,588 | 2,868,605 |
Media — 1.8% | ||
Fox Corp., Class B | 58,414 | 1,686,996 |
Miscellaneous Manufacturing — 1.1% | ||
Carlisle Cos., Inc. | 6,750 | 1,054,215 |
Oil & Gas — 1.0% | ||
Pioneer Natural Resources Co. | 8,389 | 955,423 |
Packaging and Containers — 1.8% | ||
Graphic Packaging Holding Co. | 101,756 | 1,723,747 |
Pharmaceuticals — 0.8% | ||
Henry Schein, Inc.* | 11,401 | 762,271 |
Retail — 6.0% | ||
AutoZone, Inc.* | 632 | 749,198 |
Casey's General Stores, Inc. | 8,280 | 1,478,974 |
MSC Industrial Direct Co., Inc., Class A | 13,493 | 1,138,674 |
O'Reilly Automotive, Inc.* | 1,298 | 587,436 |
Qurate Retail, Inc., Class A | 81,626 | 895,437 |
Ross Stores, Inc. | 6,816 | 837,073 |
5,686,792 | ||
Savings & Loans — 1.3% | ||
Washington Federal, Inc. | 46,966 | 1,208,905 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Semiconductors — 2.3% | ||
Analog Devices, Inc. | 3,319 | $ 490,316 |
Maxim Integrated Products, Inc. | 18,827 | 1,669,013 |
2,159,329 | ||
Software — 7.3% | ||
CDK Global, Inc. | 33,161 | 1,718,735 |
Cerner Corp. | 14,067 | 1,103,978 |
Citrix Systems, Inc. | 10,819 | 1,407,552 |
Electronic Arts, Inc. | 11,974 | 1,719,466 |
Synopsys, Inc.* | 3,628 | 940,523 |
6,890,254 | ||
Telecommunications — 0.8% | ||
Motorola Solutions, Inc. | 4,511 | 767,141 |
Trucking and Leasing — 2.1% | ||
GATX Corp. | 23,803 | 1,979,933 |
TOTAL COMMON STOCKS (Cost $64,381,565) | 82,496,432 | |
REAL ESTATE INVESTMENT TRUSTS — 11.9% | ||
Apartments — 1.9% | ||
Camden Property Trust | 17,709 | 1,769,483 |
Building & Real Estate — 2.8% | ||
Equity LifeStyle Properties, Inc. | 42,198 | 2,673,665 |
Diversified — 1.6% | ||
Lamar Advertising Co., Class A | 18,236 | 1,517,600 |
Hotels & Resorts — 0.6% | ||
Apple Hospitality REIT, Inc. | 43,590 | 562,747 |
Industrial — 1.4% | ||
Americold Realty Trust | 36,417 | 1,359,447 |
Office Property — 1.7% | ||
Equity Commonwealth | 58,955 | 1,608,293 |
Storage & Warehousing — 1.9% | ||
Public Storage | 7,685 | 1,774,697 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,031,654) | 11,265,932 |
SHORT-TERM INVESTMENTS — 1.7% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $1,560,819) | 1,560,819 | 1,560,819 |
TOTAL INVESTMENTS — 100.6% (Cost $75,974,038) | $ 95,323,183 | |
Other Assets & Liabilities — (0.6)% | (561,300) | |
TOTAL NET ASSETS — 100.0% | $ 94,761,883 |
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
Country Weightings as of 12/31/2020†† | |
United States | 92% |
Bermuda | 4 |
Israel | 2 |
Canada | 1 |
Ireland | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $82,496,432 | $82,496,432 | $— | $— |
Real Estate Investment Trusts | 11,265,932 | 11,265,932 | — | — |
Short-Term Investments | 1,560,819 | 1,560,819 | — | — |
Total Investments | $ 95,323,183 | $ 95,323,183 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 93.0% | ||
Aerospace & Defense — 2.1% | ||
BAE Systems PLC | 134,735 | $ 898,517 |
General Dynamics Corp. | 6,947 | 1,033,853 |
1,932,370 | ||
Airlines — 1.7% | ||
Southwest Airlines Co. | 34,158 | 1,592,104 |
Auto Manufacturers — 2.7% | ||
Cummins, Inc. | 2,592 | 588,643 |
Honda Motor Co., Ltd., ADR | 33,511 | 946,686 |
PACCAR, Inc. | 11,225 | 968,493 |
2,503,822 | ||
Auto Parts & Equipment — 1.4% | ||
Aptiv PLC | 4,784 | 623,307 |
BorgWarner, Inc. | 18,748 | 724,423 |
1,347,730 | ||
Banks — 9.8% | ||
Commerce Bancshares, Inc. | 16,909 | 1,110,921 |
Eastern Bankshares, Inc.* | 14,425 | 235,272 |
M&T Bank Corp. | 5,919 | 753,489 |
Northern Trust Corp. | 24,229 | 2,256,689 |
State Street Corp. | 8,493 | 618,120 |
The Bank of New York Mellon Corp. | 38,468 | 1,632,582 |
The PNC Financial Services Group, Inc. | 4,454 | 663,646 |
Truist Financial Corp. | 25,945 | 1,243,544 |
Westamerica BanCorp | 12,642 | 698,976 |
9,213,239 | ||
Building Materials — 1.4% | ||
Johnson Controls International PLC | 27,790 | 1,294,736 |
Computers — 1.3% | ||
HP, Inc. | 50,922 | 1,252,172 |
Diversified Financial Services — 2.5% | ||
Ameriprise Financial, Inc. | 6,656 | 1,293,461 |
T. Rowe Price Group, Inc. | 6,754 | 1,022,488 |
2,315,949 | ||
Electric — 6.3% | ||
Ameren Corp. | 4,819 | 376,171 |
Edison International | 22,433 | 1,409,241 |
Evergy, Inc. | 9,957 | 552,713 |
Eversource Energy | 1,431 | 123,796 |
NorthWestern Corp. | 22,373 | 1,304,570 |
Pinnacle West Capital Corp. | 19,343 | 1,546,473 |
Xcel Energy, Inc. | 8,587 | 572,495 |
5,885,459 | ||
Electrical Components & Equipment — 2.3% | ||
Emerson Electric Co. | 27,352 | 2,198,280 |
Electronics — 4.3% | ||
Hubbell, Inc. | 9,600 | 1,505,184 |
nVent Electric PLC | 72,416 | 1,686,569 |
Number of Shares | Value† | |
Electronics — (continued) | ||
TE Connectivity Ltd. | 6,929 | $ 838,894 |
4,030,647 | ||
Environmental Control — 1.6% | ||
Republic Services, Inc. | 15,480 | 1,490,724 |
Food — 7.9% | ||
Conagra Brands, Inc. | 41,166 | 1,492,679 |
Kellogg Co. | 14,486 | 901,464 |
Koninklijke Ahold Delhaize N.V. | 56,135 | 1,583,643 |
Mondelez International, Inc., Class A | 7,490 | 437,941 |
Orkla ASA | 80,092 | 813,129 |
Sysco Corp. | 11,296 | 838,841 |
The J.M. Smucker Co. | 11,472 | 1,326,163 |
7,393,860 | ||
Food Service — 1.1% | ||
Sodexo S.A. | 12,258 | 1,036,705 |
Forest Products & Paper — 1.3% | ||
Mondi PLC | 52,840 | 1,238,140 |
Gas — 1.7% | ||
Atmos Energy Corp. | 8,391 | 800,753 |
Spire, Inc. | 11,859 | 759,450 |
1,560,203 | ||
Healthcare Products — 5.0% | ||
Envista Holdings Corp.* | 32,593 | 1,099,362 |
Hill-Rom Holdings, Inc. | 5,345 | 523,649 |
Hologic, Inc.* | 4,978 | 362,548 |
Zimmer Biomet Holdings, Inc. | 17,488 | 2,694,726 |
4,680,285 | ||
Healthcare Services — 3.2% | ||
Quest Diagnostics, Inc. | 11,588 | 1,380,942 |
Universal Health Services, Inc., Class B | 12,140 | 1,669,250 |
3,050,192 | ||
Household Products & Wares — 0.8% | ||
Kimberly-Clark Corp. | 5,253 | 708,262 |
Insurance — 5.9% | ||
Aflac, Inc. | 28,137 | 1,251,252 |
Arthur J. Gallagher & Co. | 5,707 | 706,013 |
Brown & Brown, Inc. | 3,650 | 173,047 |
Chubb Ltd. | 14,203 | 2,186,126 |
Reinsurance Group of America, Inc. | 11,061 | 1,281,970 |
5,598,408 | ||
Internet — 1.6% | ||
F5 Networks, Inc.* | 8,526 | 1,500,064 |
Leisure Time — 0.6% | ||
Polaris, Inc. | 6,322 | 602,360 |
Machinery — Construction & Mining — 1.1% | ||
Oshkosh Corp. | 12,407 | 1,067,870 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Machinery — Diversified — 0.6% | ||
Crane Co. | 6,984 | $ 542,377 |
Media — 1.2% | ||
Fox Corp., Class B | 37,673 | 1,087,996 |
Miscellaneous Manufacturing — 2.0% | ||
IMI PLC | 67,310 | 1,072,613 |
Textron, Inc. | 17,394 | 840,652 |
1,913,265 | ||
Oil & Gas — 1.9% | ||
Cimarex Energy Co. | 14,602 | 547,721 |
ConocoPhillips | 31,163 | 1,246,208 |
1,793,929 | ||
Oil & Gas Services — 0.3% | ||
Baker Hughes Co. | 12,961 | 270,237 |
Packaging and Containers — 3.3% | ||
Graphic Packaging Holding Co. | 48,341 | 818,897 |
Packaging Corp. of America | 5,779 | 796,982 |
Sonoco Products Co. | 25,409 | 1,505,483 |
3,121,362 | ||
Pharmaceuticals — 4.6% | ||
Becton Dickinson and Co. | 4,125 | 1,032,158 |
Cardinal Health, Inc. | 22,421 | 1,200,869 |
Henry Schein, Inc.* | 15,049 | 1,006,176 |
McKesson Corp. | 6,057 | 1,053,433 |
4,292,636 | ||
Retail — 4.6% | ||
Advance Auto Parts, Inc. | 9,026 | 1,421,685 |
Dollar Tree, Inc.* | 8,428 | 910,561 |
Genuine Parts Co. | 9,459 | 949,968 |
MSC Industrial Direct Co., Inc., Class A | 12,970 | 1,094,538 |
4,376,752 | ||
Savings & Loans — 0.6% | ||
Capitol Federal Financial, Inc. | 42,647 | 533,088 |
Semiconductors — 1.7% | ||
Applied Materials, Inc. | 12,850 | 1,108,955 |
Maxim Integrated Products, Inc. | 5,034 | 446,264 |
Microchip Technology, Inc. | 415 | 57,316 |
1,612,535 | ||
Software — 2.0% | ||
Cerner Corp. | 17,152 | 1,346,089 |
Open Text Corp. | 11,320 | 514,607 |
1,860,696 | ||
Telecommunications — 1.0% | ||
Rogers Communications, Inc., Class B | 20,845 | 970,441 |
Textiles — 0.2% | ||
Mohawk Industries, Inc.* | 1,388 | 195,639 |
Transportation — 1.4% | ||
Heartland Express, Inc. | 40,304 | 729,502 |
Number of Shares | Value† | |
Transportation — (continued) | ||
Norfolk Southern Corp. | 2,613 | $ 620,875 |
1,350,377 | ||
TOTAL COMMON STOCKS (Cost $75,973,624) | 87,414,911 | |
REAL ESTATE INVESTMENT TRUSTS — 4.0% | ||
Diversified — 0.9% | ||
Weyerhaeuser Co. | 25,346 | 849,852 |
Healthcare — 2.1% | ||
Healthcare Trust of America, Inc., Class A | 19,707 | 542,731 |
Healthpeak Properties, Inc. | 29,217 | 883,230 |
Welltower, Inc. | 8,064 | 521,095 |
1,947,056 | ||
Hotels & Resorts — 1.0% | ||
MGM Growth Properties LLC, Class A | 30,936 | 968,297 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,201,910) | 3,765,205 | |
EXCHANGE TRADED FUNDS — 2.3% | ||
Investment Companies — 2.3% | ||
iShares Russell Mid-Cap Value ETF (Cost $1,927,073) | 22,471 | 2,178,788 |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $596,973) | 596,973 | 596,973 |
TOTAL INVESTMENTS — 99.9% (Cost $81,699,580) | $ 93,955,877 | |
Other Assets & Liabilities — 0.1% | 120,936 | |
TOTAL NET ASSETS — 100.0% | $ 94,076,813 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
ASA— Allmennaksjeselskap. |
ETF— Exchange-Traded Fund. |
LLC— Limited Liability Company. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 12/31/2020†† | |
United States | 84% |
United Kingdom | 5 |
Switzerland | 3 |
Netherlands | 2 |
Canada | 2 |
France | 1 |
Japan | 1 |
Other | 2 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Aerospace & Defense | $ 1,932,370 | $ 1,033,853 | $ 898,517 | $— |
Airlines | 1,592,104 | 1,592,104 | — | — |
Auto Manufacturers | 2,503,822 | 2,503,822 | — | — |
Auto Parts & Equipment | 1,347,730 | 1,347,730 | — | — |
Banks | 9,213,239 | 9,213,239 | — | — |
Building Materials | 1,294,736 | 1,294,736 | — | — |
Computers | 1,252,172 | 1,252,172 | — | — |
Diversified Financial Services | 2,315,949 | 2,315,949 | — | — |
Electric | 5,885,459 | 5,885,459 | — | — |
Electrical Components & Equipment | 2,198,280 | 2,198,280 | — | — |
Electronics | 4,030,647 | 4,030,647 | — | — |
Environmental Control | 1,490,724 | 1,490,724 | — | — |
Food | 7,393,860 | 4,997,088 | 2,396,772 | — |
Food Service | 1,036,705 | — | 1,036,705 | — |
Forest Products & Paper | 1,238,140 | — | 1,238,140 | — |
Gas | 1,560,203 | 1,560,203 | — | — |
Healthcare Products | 4,680,285 | 4,680,285 | — | — |
Healthcare Services | 3,050,192 | 3,050,192 | — | — |
Household Products & Wares | 708,262 | 708,262 | — | — |
Insurance | 5,598,408 | 5,598,408 | — | — |
Internet | 1,500,064 | 1,500,064 | — | — |
Leisure Time | 602,360 | 602,360 | — | — |
Machinery — Construction & Mining | 1,067,870 | 1,067,870 | — | — |
Machinery — Diversified | 542,377 | 542,377 | — | — |
Media | 1,087,996 | 1,087,996 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Miscellaneous Manufacturing | $ 1,913,265 | $ 840,652 | $ 1,072,613 | $— |
Oil & Gas | 1,793,929 | 1,793,929 | — | — |
Oil & Gas Services | 270,237 | 270,237 | — | — |
Packaging and Containers | 3,121,362 | 3,121,362 | — | — |
Pharmaceuticals | 4,292,636 | 4,292,636 | — | — |
Retail | 4,376,752 | 4,376,752 | — | — |
Savings & Loans | 533,088 | 533,088 | — | — |
Semiconductors | 1,612,535 | 1,612,535 | — | — |
Software | 1,860,696 | 1,860,696 | — | — |
Telecommunications | 970,441 | 970,441 | — | — |
Textiles | 195,639 | 195,639 | — | — |
Transportation | 1,350,377 | 1,350,377 | — | — |
Total Common Stocks | 87,414,911 | 80,772,164 | 6,642,747 | — |
Real Estate Investment Trusts | 3,765,205 | 3,765,205 | — | — |
Exchange Traded Funds | 2,178,788 | 2,178,788 | — | — |
Short-Term Investments | 596,973 | 596,973 | — | — |
Total Investments | $ 93,955,877 | $ 87,313,130 | $ 6,642,747 | $ — |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $ 9,241 | $ — | $ 9,241 | $— |
Total Assets—Other Financial Instruments | $ 9,241 | $ — | $ 9,241 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $(57,919) | $— | $(57,919) | $— |
Total Liabilities—Other Financial Instruments | $ (57,919) | $ — | $ (57,919) | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Open forward foreign currency contracts | |||||||||||||||||
Currency | Counterparty | Settlement Date | Foreign Currency Contract | Forward Rate | U.S. Contract Amount | U.S. Contract Value | Unrealized Foreign Exchange Gain | Unrealized Foreign Exchange Loss | |||||||||
Buy | Japanese Yen | Bank of America | 3/31/2021 | 2,075,389 | 103.14350 | $20,048 | $20,121 | $73 | $— | ||||||||
Sell | Japanese Yen | Bank of America | 3/31/2021 | (61,783,113) | 103.14350 | (595,729) | (599,001) | — | (3,272) | ||||||||
Buy | Euro | Credit Suisse | 3/31/2021 | 63,472 | 0.81687 | 77,430 | 77,701 | 271 | — | ||||||||
Sell | Euro | Credit Suisse | 3/31/2021 | (1,919,516) | 0.81687 | (2,356,972) | (2,349,834) | 7,138 | — | ||||||||
Sell | Norwegian Krone | Goldman Sachs | 3/31/2021 | (5,926,888) | 8.57727 | (682,171) | (690,999) | — | (8,828) | ||||||||
Buy | Pound Sterling | JPMorgan | 3/31/2021 | 58,016 | 0.73085 | 77,623 | 79,382 | 1,759 | — | ||||||||
Sell | Pound Sterling | JPMorgan | 3/31/2021 | (2,078,365) | 0.73085 | (2,798,731) | (2,843,765) | — | (45,034) | ||||||||
Sell | Canadian Dollar | Morgan Stanley | 3/31/2021 | (1,059,906) | 1.27260 | (832,081) | (832,866) | — | (785) | ||||||||
Total | $9,241 | $(57,919) |
Number of Shares | Value† | |
COMMON STOCKS — 100.3% | ||
Aerospace & Defense — 3.3% | ||
Aerojet Rocketdyne Holdings, Inc.* | 22,312 | $ 1,179,189 |
HEICO Corp., Class A | 5,965 | 698,263 |
Teledyne Technologies, Inc.* | 3,252 | 1,274,719 |
3,152,171 | ||
Apparel — 1.3% | ||
Deckers Outdoor Corp.* | 4,319 | 1,238,603 |
Auto Parts & Equipment — 0.5% | ||
Fox Factory Holding Corp.* | 4,999 | 528,444 |
Beverages — 0.8% | ||
The Boston Beer Co., Inc., Class A* | 757 | 752,678 |
Biotechnology — 12.0% | ||
Allogene Therapeutics, Inc.* | 10,684 | 269,664 |
Alnylam Pharmaceuticals, Inc.* | 5,479 | 712,106 |
Arena Pharmaceuticals, Inc.* | 6,858 | 526,900 |
Argenx S.E., ADR* | 2,167 | 637,293 |
Atea Pharmaceuticals, Inc.* | 7,365 | 307,710 |
Beam Therapeutics, Inc.* | 22,113 | 1,805,305 |
Berkeley Lights, Inc.* | 4,444 | 397,338 |
Certara, Inc.* | 7,503 | 253,001 |
Exelixis, Inc.* | 36,556 | 733,679 |
Guardant Health, Inc.* | 14,964 | 1,928,560 |
Halozyme Therapeutics, Inc.* | 28,384 | 1,212,281 |
Relay Therapeutics, Inc.* | 6,902 | 286,847 |
Seer, Inc.* | 3,740 | 209,964 |
Turning Point Therapeutics, Inc.* | 3,799 | 462,908 |
Twist Bioscience Corp.* | 1,925 | 271,983 |
Ultragenyx Pharmaceutical, Inc.* | 6,568 | 909,208 |
Y-mAbs Therapeutics, Inc.* | 11,262 | 557,582 |
11,482,329 | ||
Building Materials — 1.5% | ||
Lennox International, Inc. | 1,998 | 547,392 |
The AZEK Co., Inc* | 22,161 | 852,091 |
1,399,483 | ||
Chemicals — 2.5% | ||
Ashland Global Holdings, Inc. | 9,624 | 762,221 |
RPM International, Inc. | 17,569 | 1,594,914 |
2,357,135 | ||
Commercial Services — 4.0% | ||
Avalara, Inc.* | 10,224 | 1,685,835 |
Booz Allen Hamilton Holding Corp. | 13,179 | 1,148,945 |
Shift4 Payments, Inc., Class A* | 13,782 | 1,039,163 |
3,873,943 | ||
Computers — 3.9% | ||
Lumentum Holdings, Inc.* | 6,399 | 606,625 |
Rapid7, Inc.* | 14,979 | 1,350,507 |
Varonis Systems, Inc.* | 4,280 | 700,251 |
Zscaler, Inc.* | 5,553 | 1,108,989 |
3,766,372 |
Number of Shares | Value† | |
Distribution & Wholesale — 2.2% | ||
Pool Corp. | 2,940 | $ 1,095,150 |
SiteOne Landscape Supply, Inc.* | 6,153 | 976,050 |
2,071,200 | ||
Diversified Financial Services — 0.4% | ||
Tradeweb Markets, Inc., Class A | 6,072 | 379,196 |
Electrical Components & Equipment — 3.0% | ||
Generac Holdings, Inc.* | 7,734 | 1,758,789 |
Novanta, Inc.* | 9,579 | 1,132,429 |
2,891,218 | ||
Electronics — 4.1% | ||
Allegion PLC | 8,998 | 1,047,187 |
Badger Meter, Inc. | 10,612 | 998,165 |
PerkinElmer, Inc. | 13,018 | 1,868,083 |
3,913,435 | ||
Energy-Alternate Sources — 1.1% | ||
Enphase Energy, Inc.* | 6,069 | 1,064,927 |
Engineering & Construction — 0.9% | ||
Jacobs Engineering Group, Inc. | 7,799 | 849,779 |
Entertainment — 0.5% | ||
Churchill Downs, Inc. | 2,553 | 497,299 |
Food — 0.4% | ||
Beyond Meat, Inc.* | 2,901 | 362,625 |
Hand & Machine Tools — 1.6% | ||
Colfax Corp.* | 40,935 | 1,565,354 |
Healthcare Products — 9.2% | ||
10X Genomics, Inc., Class A* | 5,779 | 818,306 |
Bio-Techne Corp. | 4,395 | 1,395,632 |
Castle Biosciences, Inc.* | 8,301 | 557,412 |
iRhythm Technologies, Inc.* | 2,423 | 574,760 |
Neogen Corp.* | 6,254 | 495,942 |
Nevro Corp.* | 5,232 | 905,659 |
Repligen Corp.* | 4,614 | 884,181 |
Tandem Diabetes Care, Inc.* | 8,933 | 854,710 |
Teleflex, Inc. | 2,672 | 1,099,715 |
West Pharmaceutical Services, Inc. | 4,305 | 1,219,650 |
8,805,967 | ||
Healthcare Services — 1.8% | ||
American Well Corp., Class A* | 14,728 | 373,060 |
Molina Healthcare, Inc.* | 6,282 | 1,336,056 |
1,709,116 | ||
Household Products & Wares — 1.5% | ||
Avery Dennison Corp. | 4,290 | 665,422 |
The Scotts Miracle-Gro Co. | 4,012 | 798,950 |
1,464,372 | ||
Insurance — 0.7% | ||
Kinsale Capital Group, Inc. | 3,422 | 684,845 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Internet — 4.2% | ||
Anaplan, Inc.* | 6,816 | $ 489,729 |
Etsy, Inc.* | 7,733 | 1,375,778 |
Zendesk, Inc.* | 14,949 | 2,139,501 |
4,005,008 | ||
Leisure Time — 1.5% | ||
Brunswick Corp. | 10,946 | 834,523 |
YETI Holdings, Inc.* | 9,534 | 652,793 |
1,487,316 | ||
Lodging — 0.9% | ||
Choice Hotels International, Inc. | 8,068 | 861,098 |
Machinery — Diversified — 2.6% | ||
Chart Industries, Inc.* | 4,110 | 484,117 |
IDEX Corp. | 5,845 | 1,164,324 |
Xylem, Inc. | 8,024 | 816,763 |
2,465,204 | ||
Metal Fabricate/Hardware — 1.2% | ||
RBC Bearings, Inc.* | 6,625 | 1,186,140 |
Pharmaceuticals — 4.2% | ||
Agios Pharmaceuticals, Inc.* | 16,692 | 723,264 |
Elanco Animal Health, Inc.* | 26,665 | 817,816 |
Neurocrine Biosciences, Inc.* | 12,379 | 1,186,527 |
Sarepta Therapeutics, Inc.* | 7,803 | 1,330,334 |
4,057,941 | ||
Retail — 6.8% | ||
Five Below, Inc.* | 7,318 | 1,280,504 |
Floor & Decor Holdings, Inc., Class A* | 13,142 | 1,220,235 |
Freshpet, Inc.* | 7,270 | 1,032,267 |
Ollie's Bargain Outlet Holdings, Inc.* | 4,910 | 401,491 |
RH* | 2,264 | 1,013,185 |
Texas Roadhouse, Inc. | 11,165 | 872,656 |
Vroom, Inc.* | 7,185 | 294,369 |
Wingstop, Inc. | 3,140 | 416,207 |
6,530,914 | ||
Semiconductors — 7.9% | ||
Allegro MicroSystems, Inc.* | 19,235 | 512,805 |
Brooks Automation, Inc. | 6,240 | 423,384 |
Entegris, Inc. | 17,268 | 1,659,455 |
Lattice Semiconductor Corp.* | 12,120 | 555,339 |
MKS Instruments, Inc. | 8,820 | 1,326,969 |
Monolithic Power Systems, Inc. | 4,449 | 1,629,357 |
Teradyne, Inc. | 12,426 | 1,489,753 |
7,597,062 | ||
Software — 13.1% | ||
Bandwidth, Inc., Class A* | 4,316 | 663,240 |
Bill.com Holdings, Inc.* | 5,848 | 798,252 |
Blackline, Inc.* | 9,447 | 1,260,041 |
Cloudflare, Inc., Class A* | 12,946 | 983,767 |
Dynatrace, Inc.* | 33,215 | 1,437,213 |
Elastic N.V.* | 10,677 | 1,560,230 |
HubSpot, Inc.* | 4,973 | 1,971,496 |
Number of Shares | Value† | |
Software — (continued) | ||
JFrog Ltd.* | 10,757 | $ 675,862 |
MongoDB, Inc.* | 3,943 | 1,415,695 |
nCino, Inc.* | 5,244 | 379,718 |
Sumo Logic, Inc.* | 18,861 | 539,047 |
Vertex, Inc., Class A* | 25,821 | 899,862 |
12,584,423 | ||
Transportation — 0.7% | ||
XPO Logistics, Inc.* | 5,867 | 699,346 |
TOTAL COMMON STOCKS (Cost $67,983,571) | 96,284,943 |
SHORT-TERM INVESTMENTS — 1.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $1,063,569) | 1,063,569 | 1,063,569 |
TOTAL INVESTMENTS — 101.4% (Cost $69,047,140) | $ 97,348,512 | |
Other Assets & Liabilities — (1.4)% | (1,338,702) | |
TOTAL NET ASSETS — 100.0% | $ 96,009,810 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
Country Weightings as of 12/31/2020†† | |
United States | 97% |
Ireland | 1 |
Israel | 1 |
Netherlands | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $96,284,943 | $96,284,943 | $— | $— |
Short-Term Investments | 1,063,569 | 1,063,569 | — | — |
Total Investments | $ 97,348,512 | $ 97,348,512 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 92.6% | ||
Aerospace & Defense — 1.0% | ||
AAR Corp. | 15,960 | $ 578,071 |
Airlines — 2.0% | ||
Alaska Air Group, Inc. | 10,413 | 541,476 |
SkyWest, Inc. | 15,650 | 630,852 |
1,172,328 | ||
Apparel — 5.1% | ||
Kontoor Brands, Inc. | 14,870 | 603,127 |
Ralph Lauren Corp. | 7,510 | 779,088 |
Skechers U.S.A., Inc., Class A* | 11,640 | 418,342 |
Steven Madden Ltd. | 17,720 | 625,870 |
Tapestry, Inc. | 16,900 | 525,252 |
2,951,679 | ||
Auto Parts & Equipment — 3.4% | ||
Cooper Tire & Rubber Co. | 11,741 | 475,510 |
Dana, Inc. | 38,712 | 755,658 |
Lear Corp. | 4,623 | 735,196 |
1,966,364 | ||
Banks — 11.6% | ||
Associated Banc-Corp. | 23,223 | 395,952 |
BankUnited, Inc. | 22,875 | 795,593 |
Comerica, Inc. | 12,845 | 717,522 |
First Citizens BancShares, Inc., Class A | 1,591 | 913,664 |
Synovus Financial Corp. | 24,520 | 793,712 |
Texas Capital Bancshares, Inc.* | 12,357 | 735,242 |
Umpqua Holdings Corp. | 33,494 | 507,099 |
Webster Financial Corp. | 17,492 | 737,288 |
Wintrust Financial Corp. | 8,260 | 504,603 |
Zions Bancorp NA | 13,101 | 569,107 |
6,669,782 | ||
Beverages — 0.6% | ||
Primo Water Corp. | 23,918 | 375,034 |
Building Materials — 0.8% | ||
Masonite International Corp.* | 4,954 | 487,176 |
Chemicals — 3.0% | ||
GCP Applied Technologies, Inc.* | 13,718 | 324,431 |
Innospec, Inc. | 3,387 | 307,302 |
Orion Engineered Carbons S.A. | 35,206 | 603,431 |
Westlake Chemical Corp. | 6,469 | 527,870 |
1,763,034 | ||
Commercial Services — 2.4% | ||
Robert Half International, Inc. | 11,849 | 740,326 |
United Rentals, Inc.* | 2,730 | 633,114 |
1,373,440 | ||
Computers — 2.6% | ||
Genpact Ltd. | 10,542 | 436,017 |
NCR Corp.* | 19,441 | 730,398 |
NetScout Systems, Inc.* | 12,339 | 338,336 |
1,504,751 |
Number of Shares | Value† | |
Diversified Financial Services — 3.4% | ||
Moelis & Co., Class A | 16,379 | $ 765,882 |
OneMain Holdings, Inc. | 10,624 | 511,652 |
Stifel Financial Corp. | 13,710 | 691,806 |
1,969,340 | ||
Electric — 1.3% | ||
IDACORP, Inc. | 6,219 | 597,211 |
PNM Resources, Inc. | 2,719 | 131,953 |
729,164 | ||
Electrical Components & Equipment — 1.5% | ||
Belden, Inc. | 13,994 | 586,349 |
EnerSys | 3,516 | 292,039 |
878,388 | ||
Electronics — 1.9% | ||
Arrow Electronics, Inc.* | 5,620 | 546,826 |
Vishay Intertechnology, Inc. | 25,703 | 532,309 |
1,079,135 | ||
Engineering & Construction — 1.4% | ||
AECOM* | 16,900 | 841,282 |
Food — 3.0% | ||
Nomad Foods Ltd.* | 19,661 | 499,782 |
The Hain Celestial Group, Inc.* | 19,128 | 767,989 |
US Foods Holding Corp.* | 13,502 | 449,752 |
1,717,523 | ||
Gas — 0.8% | ||
Southwest Gas Holdings, Inc. | 7,832 | 475,794 |
Hand & Machine Tools — 3.1% | ||
Kennametal, Inc. | 21,234 | 769,520 |
Regal Beloit Corp. | 8,434 | 1,035,780 |
1,805,300 | ||
Healthcare Services — 1.6% | ||
MEDNAX, Inc.* | 25,910 | 635,831 |
Molina Healthcare, Inc.* | 1,347 | 286,480 |
922,311 | ||
Home Builders — 2.9% | ||
KB Home | 15,890 | 532,633 |
PulteGroup, Inc. | 16,930 | 730,021 |
Taylor Morrison Home Corp.* | 16,364 | 419,737 |
1,682,391 | ||
Home Furnishings — 1.1% | ||
Herman Miller, Inc. | 18,350 | 620,230 |
Insurance — 7.0% | ||
American Financial Group, Inc. | 6,488 | 568,479 |
Essent Group Ltd. | 8,968 | 387,418 |
Everest Re Group Ltd. | 3,217 | 753,067 |
Reinsurance Group of America, Inc. | 5,125 | 593,987 |
Selective Insurance Group, Inc. | 6,960 | 466,181 |
The Hanover Insurance Group, Inc. | 5,234 | 611,959 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Insurance — (continued) | ||
Voya Financial, Inc. | 11,000 | $ 646,910 |
4,028,001 | ||
Internet — 0.8% | ||
Criteo S.A., ADR* | 21,798 | 447,077 |
Iron & Steel — 2.2% | ||
Carpenter Technology Corp. | 15,267 | 444,575 |
Reliance Steel & Aluminum Co. | 6,911 | 827,592 |
1,272,167 | ||
Leisure Time — 1.1% | ||
Brunswick Corp. | 8,027 | 611,978 |
Lodging — 1.0% | ||
Hilton Grand Vacations, Inc.* | 18,730 | 587,186 |
Machinery — Construction & Mining — 1.6% | ||
Oshkosh Corp. | 10,600 | 912,342 |
Machinery — Diversified — 1.2% | ||
Crane Co. | 3,112 | 241,678 |
The Middleby Corp.* | 2,160 | 278,467 |
Welbilt, Inc.* | 11,249 | 148,487 |
668,632 | ||
Media — 0.3% | ||
Houghton Mifflin Harcourt Co.* | 50,599 | 168,495 |
Miscellaneous Manufacturing — 2.4% | ||
Hillenbrand, Inc. | 15,220 | 605,756 |
Trinseo S.A. | 14,877 | 761,851 |
1,367,607 | ||
Oil & Gas — 2.1% | ||
Cimarex Energy Co. | 11,524 | 432,265 |
HollyFrontier Corp. | 29,261 | 756,397 |
1,188,662 | ||
Oil & Gas Services — 1.5% | ||
Dril-Quip, Inc.* | 15,119 | 447,825 |
MRC Global, Inc.* | 59,803 | 396,494 |
844,319 | ||
Packaging and Containers — 2.4% | ||
Graphic Packaging Holding Co. | 41,050 | 695,387 |
Sealed Air Corp. | 14,602 | 668,626 |
1,364,013 | ||
Retail — 3.7% | ||
Foot Locker, Inc. | 18,131 | 733,218 |
Papa John's International, Inc. | 4,650 | 394,552 |
The Gap, Inc. | 25,940 | 523,729 |
Williams-Sonoma, Inc. | 4,564 | 464,798 |
2,116,297 | ||
Savings & Loans — 1.3% | ||
Sterling Bancorp | 41,842 | 752,319 |
Number of Shares | Value† | |
Semiconductors — 1.6% | ||
Kulicke & Soffa Industries, Inc. | 16,901 | $ 537,621 |
MaxLinear, Inc.* | 10,968 | 418,868 |
956,489 | ||
Software — 2.7% | ||
Change Healthcare, Inc.* | 47,380 | 883,637 |
CommVault Systems, Inc.* | 12,293 | 680,663 |
1,564,300 | ||
Telecommunications — 0.8% | ||
Amdocs Ltd. | 6,611 | 468,918 |
Transportation — 3.1% | ||
Knight-Swift Transportation Holdings, Inc. | 20,242 | 846,520 |
XPO Logistics, Inc.* | 7,933 | 945,614 |
1,792,134 | ||
Trucking and Leasing — 1.3% | ||
GATX Corp. | 8,800 | 731,984 |
TOTAL COMMON STOCKS (Cost $45,723,596) | 53,405,437 | |
REAL ESTATE INVESTMENT TRUSTS — 8.4% | ||
Apartments — 2.2% | ||
American Campus Communities, Inc. | 13,712 | 586,462 |
Camden Property Trust | 7,030 | 702,438 |
1,288,900 | ||
Healthcare — 1.0% | ||
Physicians Realty Trust | 33,855 | 602,619 |
Hotels & Resorts — 2.0% | ||
MGM Growth Properties LLC, Class A | 21,979 | 687,943 |
RLJ Lodging Trust | 33,562 | 474,902 |
1,162,845 | ||
Industrial — 1.1% | ||
STAG lndustrial, Inc. | 19,535 | 611,836 |
Office Property — 0.9% | ||
Cousins Properties, Inc. | 15,130 | 506,855 |
Storage & Warehousing — 1.2% | ||
CubeSmart | 19,704 | 662,252 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,399,531) | 4,835,307 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 1.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $950,743) | 950,743 | $ 950,743 |
TOTAL INVESTMENTS — 102.6% (Cost $51,073,870) | $ 59,191,487 | |
Other Assets & Liabilities — (2.6)% | (1,519,752) | |
TOTAL NET ASSETS — 100.0% | $ 57,671,735 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
LLC— Limited Liability Company. |
NA— National Association. |
S.A.— Societe Anonyme. |
Country Weightings as of 12/31/2020†† | |
United States | 95% |
Bermuda | 1 |
Luxembourg | 1 |
Singapore | 1 |
United Kingdom | 1 |
France | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $53,405,437 | $53,405,437 | $— | $— |
Real Estate Investment Trusts | 4,835,307 | 4,835,307 | — | — |
Short-Term Investments | 950,743 | 950,743 | — | — |
Total Investments | $ 59,191,487 | $ 59,191,487 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 100.9% | ||
Advertising — 1.2% | ||
The Trade Desk, Inc., Class A* | 2,181 | $ 1,746,981 |
Aerospace & Defense — 0.0% | ||
HEICO Corp., Class A | 442 | 51,740 |
Apparel — 0.4% | ||
Carter's, Inc. | 6,203 | 583,516 |
Auto Parts & Equipment — 0.8% | ||
Visteon Corp.* | 9,542 | 1,197,712 |
Banks — 0.6% | ||
Walker & Dunlop, Inc. | 9,892 | 910,262 |
Biotechnology — 7.5% | ||
ACADIA Pharmaceuticals, Inc.* | 10,589 | 566,088 |
Amicus Therapeutics, Inc.* | 37,694 | 870,354 |
Ascendis Pharma A/S, ADR* | 4,277 | 713,318 |
Emergent BioSolutions, Inc.* | 7,913 | 709,005 |
Fate Therapeutics, Inc.* | 13,420 | 1,220,281 |
FibroGen, Inc.* | 12,694 | 470,820 |
Global Blood Therapeutics, Inc.* | 14,265 | 617,817 |
Insmed, Inc.* | 23,470 | 781,316 |
Ligand Pharmaceuticals, Inc.* | 11,947 | 1,188,129 |
NeoGenomics, Inc.* | 34,978 | 1,883,216 |
Relay Therapeutics, Inc.* | 10,429 | 433,429 |
Rocket Pharmaceuticals, Inc.* | 9,122 | 500,251 |
Sage Therapeutics, Inc.* | 7,726 | 668,376 |
10,622,400 | ||
Building Materials — 0.5% | ||
Summit Materials, Inc., Class A* | 33,883 | 680,371 |
Chemicals — 2.7% | ||
H.B. Fuller Co. | 11,839 | 614,207 |
Rogers Corp.* | 5,199 | 807,353 |
Sensient Technologies Corp. | 32,479 | 2,395,976 |
3,817,536 | ||
Commercial Services — 7.7% | ||
Alarm.com Holdings, Inc.* | 13,062 | 1,351,264 |
Avalara, Inc.* | 10,000 | 1,648,900 |
Cimpress PLC* | 4,661 | 408,956 |
Euronet Worldwide, Inc.* | 10,608 | 1,537,312 |
HealthEquity, Inc.* | 10,476 | 730,282 |
Shift4 Payments, Inc., Class A* | 4,692 | 353,777 |
Stride, Inc.* | 33,558 | 712,436 |
Terminix Global Holdings, Inc.* | 43,920 | 2,240,359 |
TriNet Group, Inc.* | 13,350 | 1,076,010 |
WEX, Inc.* | 4,755 | 967,785 |
11,027,081 | ||
Computers — 2.8% | ||
Cubic Corp. | 12,641 | 784,247 |
MAXIMUS, Inc. | 8,732 | 639,095 |
NCR Corp.* | 28,054 | 1,053,989 |
WNS Holdings Ltd., ADR* | 21,796 | 1,570,402 |
4,047,733 |
Number of Shares | Value† | |
Diversified Financial Services — 2.7% | ||
Cboe Global Markets, Inc. | 10,076 | $ 938,277 |
LendingTree, Inc.* | 3,283 | 898,853 |
LPL Financial Holdings, Inc. | 19,745 | 2,057,824 |
3,894,954 | ||
Electric — 0.5% | ||
NRG Energy, Inc. | 20,197 | 758,397 |
Electrical Components & Equipment — 1.5% | ||
EnerSys | 14,201 | 1,179,535 |
Novanta, Inc.* | 7,762 | 917,624 |
2,097,159 | ||
Electronics — 3.2% | ||
Brady Corp., Class A | 30,642 | 1,618,511 |
Itron, Inc.* | 10,317 | 989,400 |
National Instruments Corp. | 16,026 | 704,182 |
OSI Systems, Inc.* | 12,572 | 1,171,962 |
4,484,055 | ||
Engineering & Construction — 0.7% | ||
frontdoor, Inc.* | 20,377 | 1,023,129 |
Entertainment — 0.4% | ||
Manchester United PLC, Class A | 30,270 | 506,720 |
Environmental Control — 0.5% | ||
Montrose Environmental Group, Inc.* | 21,068 | 652,265 |
Food — 2.8% | ||
BellRing Brands, Inc., Class A* | 25,317 | 615,456 |
Hostess Brands, Inc.* | 65,992 | 966,123 |
Laird Superfood, Inc.* | 33,521 | 1,586,214 |
Premium Brands Holdings Corp. | 9,888 | 782,479 |
3,950,272 | ||
Healthcare Products — 9.1% | ||
Bio-Techne Corp. | 4,204 | 1,334,980 |
Bruker Corp. | 27,158 | 1,470,063 |
Cantel Medical Corp. | 11,514 | 907,994 |
Eargo, Inc.* | 8,925 | 400,019 |
Glaukos Corp.* | 14,265 | 1,073,584 |
Globus Medical, Inc., Class A* | 27,069 | 1,765,440 |
ICU Medical, Inc.* | 5,479 | 1,175,191 |
Integra LifeSciences Holdings Corp.* | 36,521 | 2,370,943 |
Pulmonx Corp.* | 11,222 | 774,542 |
Quidel Corp.* | 2,218 | 398,464 |
STERIS PLC | 7,215 | 1,367,531 |
13,038,751 | ||
Healthcare Services — 3.7% | ||
Catalent, Inc.* | 40,177 | 4,181,221 |
Chemed Corp. | 2,017 | 1,074,274 |
5,255,495 | ||
Holding Companies — 4.2% | ||
QuantumScape Corp.* | 71,157 | 6,009,209 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Home Builders — 0.5% | ||
Thor Industries, Inc. | 7,830 | $ 728,112 |
Home Furnishings — 1.1% | ||
The Lovesac Co.* | 36,475 | 1,571,708 |
Household Products & Wares — 0.8% | ||
Helen of Troy Ltd.* | 4,186 | 930,087 |
Ontex Group N.V.* | 17,174 | 230,886 |
1,160,973 | ||
Insurance — 0.8% | ||
RLI Corp. | 10,914 | 1,136,693 |
Internet — 2.0% | ||
ChannelAdvisor Corp.* | 47,532 | 759,561 |
Zendesk, Inc.* | 14,599 | 2,089,409 |
2,848,970 | ||
Machinery — Diversified — 4.4% | ||
CSW Industrials, Inc. | 16,049 | 1,796,044 |
Gates Industrial Corp. PLC* | 38,642 | 493,072 |
Hydrofarm Holdings Group, Inc.* | 9,940 | 522,645 |
Kornit Digital Ltd.* | 19,999 | 1,782,511 |
Nordson Corp. | 5,752 | 1,155,864 |
Westinghouse Air Brake Technologies Corp. | 6,472 | 473,750 |
6,223,886 | ||
Metal Fabricate/Hardware — 1.2% | ||
Rexnord Corp. | 42,522 | 1,679,194 |
Miscellaneous Manufacturing — 2.6% | ||
Carlisle Cos., Inc. | 9,638 | 1,505,263 |
ITT, Inc. | 16,820 | 1,295,476 |
Standex International Corp. | 11,346 | 879,542 |
3,680,281 | ||
Packaging and Containers — 2.3% | ||
Crown Holdings, Inc.* | 32,153 | 3,221,731 |
Pharmaceuticals — 4.0% | ||
Eagle Pharmaceuticals, Inc.* | 12,133 | 565,034 |
GW Pharmaceuticals PLC, ADR* | 5,757 | 664,415 |
Heska Corp.* | 4,870 | 709,315 |
Neurocrine Biosciences, Inc.* | 11,679 | 1,119,432 |
Prestige Consumer Healthcare, Inc.* | 22,499 | 784,540 |
Rhythm Pharmaceuticals, Inc.* | 18,833 | 559,905 |
Sarepta Therapeutics, Inc.* | 4,391 | 748,622 |
uniQure N.V.* | 6,318 | 228,269 |
Vaxcyte, Inc.* | 13,029 | 346,181 |
5,725,713 | ||
Retail — 2.1% | ||
Casey's General Stores, Inc. | 4,556 | 813,793 |
National Vision Holdings, Inc.* | 22,083 | 1,000,139 |
Vroom, Inc.* | 7,724 | 316,452 |
Williams-Sonoma, Inc. | 7,718 | 786,001 |
2,916,385 |
Number of Shares | Value† | |
Semiconductors — 3.1% | ||
Cree, Inc.* | 9,098 | $ 963,478 |
Entegris, Inc. | 19,450 | 1,869,145 |
ON Semiconductor Corp.* | 49,845 | 1,631,427 |
4,464,050 | ||
Software — 15.4% | ||
ACI Worldwide, Inc.* | 22,798 | 876,127 |
Blackbaud, Inc. | 21,520 | 1,238,691 |
Broadridge Financial Solutions, Inc. | 14,738 | 2,257,862 |
Clarivate PLC* | 61,641 | 1,831,354 |
Dynatrace, Inc.* | 18,968 | 820,745 |
Envestnet, Inc.* | 13,851 | 1,139,799 |
Guidewire Software, Inc.* | 7,065 | 909,477 |
Intelligent Systems Corp.* | 19,684 | 789,525 |
J2 Global, Inc.* | 11,359 | 1,109,661 |
LivePerson, Inc.* | 25,717 | 1,600,369 |
Oak Street Health, Inc.* | 6,647 | 406,531 |
RealPage, Inc.* | 20,253 | 1,766,872 |
Sailpoint Technologies Holdings, Inc.* | 33,421 | 1,779,334 |
SS&C Technologies Holdings, Inc. | 35,763 | 2,601,758 |
The Descartes Systems Group, Inc.* | 33,632 | 1,967,085 |
Vertex, Inc., Class A* | 7,480 | 260,678 |
Yext, Inc.* | 38,028 | 597,800 |
21,953,668 | ||
Telecommunications — 4.6% | ||
Nice Ltd., ADR* | 15,190 | 4,306,973 |
PagerDuty, Inc.* | 19,824 | 826,661 |
Vonage Holdings Corp.* | 115,238 | 1,483,689 |
6,617,323 | ||
Transportation — 2.5% | ||
CryoPort, Inc.* | 30,785 | 1,350,846 |
Saia, Inc.* | 12,543 | 2,267,774 |
3,618,620 | ||
TOTAL COMMON STOCKS (Cost $78,359,539) | 143,903,045 | |
REAL ESTATE INVESTMENT TRUSTS — 0.7% | ||
Diversified — 0.7% | ||
Lamar Advertising Co., Class A (Cost $663,692) | 12,095 | 1,006,546 |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $785,316) | 785,316 | 785,316 |
TOTAL INVESTMENTS — 102.2% (Cost $79,808,547) | $ 145,694,907 | |
Other Assets & Liabilities — (2.2)% | (3,099,932) | |
TOTAL NET ASSETS — 100.0% | $ 142,594,975 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
Country Weightings as of 12/31/2020†† | |
United States | 90% |
Israel | 4 |
United Kingdom | 2 |
Canada | 2 |
India | 1 |
Denmark | 1 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Advertising | $ 1,746,981 | $ 1,746,981 | $ — | $— |
Aerospace & Defense | 51,740 | 51,740 | — | — |
Apparel | 583,516 | 583,516 | — | — |
Auto Parts & Equipment | 1,197,712 | 1,197,712 | — | — |
Banks | 910,262 | 910,262 | — | — |
Biotechnology | 10,622,400 | 10,622,400 | — | — |
Building Materials | 680,371 | 680,371 | — | — |
Chemicals | 3,817,536 | 3,817,536 | — | — |
Commercial Services | 11,027,081 | 11,027,081 | — | — |
Computers | 4,047,733 | 4,047,733 | — | — |
Diversified Financial Services | 3,894,954 | 3,894,954 | — | — |
Electric | 758,397 | 758,397 | — | — |
Electrical Components & Equipment | 2,097,159 | 2,097,159 | — | — |
Electronics | 4,484,055 | 4,484,055 | — | — |
Engineering & Construction | 1,023,129 | 1,023,129 | — | — |
Entertainment | 506,720 | 506,720 | — | — |
Environmental Control | 652,265 | 652,265 | — | — |
Food | 3,950,272 | 3,950,272 | — | — |
Healthcare Products | 13,038,751 | 13,038,751 | — | — |
Healthcare Services | 5,255,495 | 5,255,495 | — | — |
Holding Companies | 6,009,209 | — | 6,009,209 | — |
Home Builders | 728,112 | 728,112 | — | — |
Home Furnishings | 1,571,708 | 1,571,708 | — | — |
Household Products & Wares | 1,160,973 | 930,087 | 230,886 | — |
Insurance | 1,136,693 | 1,136,693 | — | — |
Internet | 2,848,970 | 2,848,970 | — | — |
Machinery — Diversified | 6,223,886 | 6,223,886 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Metal Fabricate/Hardware | $ 1,679,194 | $ 1,679,194 | $ — | $— |
Miscellaneous Manufacturing | 3,680,281 | 3,680,281 | — | — |
Packaging and Containers | 3,221,731 | 3,221,731 | — | — |
Pharmaceuticals | 5,725,713 | 5,725,713 | — | — |
Retail | 2,916,385 | 2,916,385 | — | — |
Semiconductors | 4,464,050 | 4,464,050 | — | — |
Software | 21,953,668 | 21,953,668 | — | — |
Telecommunications | 6,617,323 | 6,617,323 | — | — |
Transportation | 3,618,620 | 3,618,620 | — | — |
Total Common Stocks | 143,903,045 | 137,662,950 | 6,240,095 | — |
Real Estate Investment Trusts | 1,006,546 | 1,006,546 | — | — |
Short-Term Investments | 785,316 | 785,316 | — | — |
Total Investments | $ 145,694,907 | $ 139,454,812 | $ 6,240,095 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 90.0% | ||
Aerospace & Defense — 1.4% | ||
AAR Corp. | 26,595 | $ 963,271 |
Ducommun, Inc.* | 9,372 | 503,276 |
Kaman Corp. | 17,908 | 1,023,084 |
2,489,631 | ||
Agriculture — 1.4% | ||
Darling Ingredients, Inc.* | 44,655 | 2,575,700 |
Airlines — 0.6% | ||
Allegiant Travel Co. | 2,768 | 523,816 |
SkyWest, Inc. | 14,763 | 595,097 |
1,118,913 | ||
Apparel — 2.1% | ||
Capri Holdings Ltd.* | 24,652 | 1,035,384 |
Crocs, Inc.* | 12,747 | 798,727 |
Deckers Outdoor Corp.* | 309 | 88,615 |
Tapestry, Inc. | 30,650 | 952,602 |
Wolverine World Wide, Inc. | 25,989 | 812,156 |
3,687,484 | ||
Auto Manufacturers — 0.2% | ||
Navistar International Corp.* | 5,533 | 243,231 |
Workhorse Group, Inc.* | 9,779 | 193,428 |
436,659 | ||
Auto Parts & Equipment — 1.5% | ||
Adient PLC* | 46,804 | 1,627,375 |
Cooper Tire & Rubber Co. | 13,907 | 563,233 |
Visteon Corp.* | 3,957 | 496,683 |
2,687,291 | ||
Banks — 15.5% | ||
Alerus Financial Corp. | 6,140 | 168,052 |
Amalgamated Bank, Class A | 12,122 | 166,556 |
Ameris Bancorp | 36,704 | 1,397,321 |
Atlantic Union Bankshares Corp. | 34,427 | 1,134,025 |
BancorpSouth Bank | 43,150 | 1,184,036 |
Bank of Hawaii Corp. | 3,908 | 299,431 |
Banner Corp. | 24,106 | 1,123,099 |
Bryn Mawr Bank Corp. | 2,656 | 81,260 |
Columbia Banking System, Inc. | 36,533 | 1,311,535 |
Community Bank System, Inc. | 19,280 | 1,201,337 |
ConnectOne Bancorp, Inc. | 30,313 | 599,894 |
CVB Financial Corp. | 56,661 | 1,104,889 |
FB Financial Corp. | 25,762 | 894,714 |
First Financial Bankshares, Inc. | 28,944 | 1,047,049 |
First Merchants Corp. | 32,847 | 1,228,806 |
First Midwest Bancorp, Inc. | 23,480 | 373,802 |
German American Bancorp, Inc. | 14,837 | 490,956 |
Glacier Bancorp, Inc. | 33,848 | 1,557,346 |
Great Western Bancorp, Inc. | 21,480 | 448,932 |
Heritage Financial Corp. | 22,005 | 514,697 |
Home BancShares, Inc. | 42,047 | 819,076 |
Independent Bank Corp. | 17,382 | 1,269,581 |
Lakeland Financial Corp. | 20,600 | 1,103,748 |
PacWest Bancorp | 17,163 | 435,940 |
Number of Shares | Value† | |
Banks — (continued) | ||
Pinnacle Financial Partners, Inc. | 13,832 | $ 890,781 |
Renasant Corp. | 38,847 | 1,308,367 |
Sandy Spring Bancorp, Inc. | 6,077 | 195,619 |
South State Corp. | 22,166 | 1,602,602 |
The First of Long Island Corp. | 6,702 | 119,631 |
Towne Bank | 20,996 | 492,986 |
TriCo Bancshares | 19,313 | 681,363 |
United Community Banks, Inc. | 49,563 | 1,409,572 |
Walker & Dunlop, Inc. | 13,303 | 1,224,142 |
27,881,145 | ||
Beverages — 0.0% | ||
Primo Water Corp. | 4,377 | 68,631 |
Biotechnology — 0.4% | ||
Arena Pharmaceuticals, Inc.* | 7,590 | 583,140 |
Emergent BioSolutions, Inc.* | 2,360 | 211,456 |
794,596 | ||
Building Materials — 1.0% | ||
Gibraltar Industries, Inc.* | 10,456 | 752,205 |
Griffon Corp. | 16,206 | 330,278 |
Summit Materials, Inc., Class A* | 27,646 | 555,132 |
The AZEK Co., Inc* | 3,607 | 138,689 |
1,776,304 | ||
Chemicals — 1.5% | ||
H.B. Fuller Co. | 12,811 | 664,635 |
Kraton Corp.* | 12,919 | 359,019 |
Quaker Chemical Corp. | 1,212 | 307,109 |
Rogers Corp.* | 6,904 | 1,072,122 |
Stepan Co. | 707 | 84,359 |
Tronox Holdings PLC, Class A | 13,284 | 194,212 |
2,681,456 | ||
Coal — 0.1% | ||
Warrior Met Coal, Inc. | 7,778 | 165,827 |
Commercial Services — 3.4% | ||
ABM Industries, Inc. | 20,020 | 757,557 |
AMN Healthcare Services, Inc.* | 8,841 | 603,398 |
ASGN, Inc.* | 16,230 | 1,355,692 |
FTI Consulting, Inc.* | 2,579 | 288,126 |
Green Dot Corp., Class A* | 11,139 | 621,556 |
Herc Holdings, Inc.* | 15,325 | 1,017,733 |
ICF International, Inc. | 6,033 | 448,433 |
Laureate Education, Inc., Class A* | 23,064 | 335,812 |
Rent-A-Center, Inc. | 16,478 | 630,943 |
6,059,250 | ||
Computers — 0.5% | ||
Cubic Corp. | 3,603 | 223,530 |
NetScout Systems, Inc.* | 24,653 | 675,985 |
899,515 | ||
Distribution & Wholesale — 1.9% | ||
Avient Corp. | 53,564 | 2,157,558 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Distribution & Wholesale — (continued) | ||
Resideo Technologies, Inc.* | 58,704 | $ 1,248,047 |
3,405,605 | ||
Diversified Financial Services — 2.6% | ||
Hamilton Lane, Inc., Class A | 9,311 | 726,724 |
Houlihan Lokey, Inc. | 9,434 | 634,248 |
Oportun Financial Corp.* | 9,221 | 178,611 |
PJT Partners, Inc., Class A | 8,490 | 638,872 |
PROG Holdings, Inc. | 11,619 | 625,916 |
Stifel Financial Corp. | 34,931 | 1,762,618 |
Virtu Financial, Inc., Class A | 7,890 | 198,591 |
4,765,580 | ||
Electric — 2.6% | ||
ALLETE, Inc. | 16,568 | 1,026,222 |
Clearway Energy, Inc., Class A | 9,796 | 289,472 |
IDACORP, Inc. | 6,609 | 634,662 |
MGE Energy, Inc. | 11,793 | 825,864 |
PNM Resources, Inc. | 12,842 | 623,222 |
Portland General Electric Co. | 28,502 | 1,219,031 |
4,618,473 | ||
Electronics — 1.4% | ||
Brady Corp., Class A | 11,012 | 581,654 |
FARO Technologies, Inc.* | 9,553 | 674,728 |
Knowles Corp.* | 25,772 | 474,978 |
TTM Technologies, Inc.* | 53,480 | 737,757 |
2,469,117 | ||
Energy-Alternate Sources — 0.3% | ||
Renewable Energy Group, Inc.* | 6,919 | 490,004 |
Engineering & Construction — 3.7% | ||
AECOM* | 9,290 | 462,456 |
EMCOR Group, Inc. | 10,403 | 951,458 |
KBR, Inc. | 69,623 | 2,153,440 |
MasTec, Inc.* | 24,163 | 1,647,433 |
TopBuild Corp.* | 3,684 | 678,151 |
WillScot Mobile Mini Holdings Corp.* | 36,193 | 838,592 |
6,731,530 | ||
Entertainment — 2.7% | ||
Caesars Entertainment, Inc.* | 14,135 | 1,049,806 |
IMAX Corp.* | 26,292 | 473,782 |
Live Nation Entertainment, Inc.* | 1,387 | 101,917 |
Marriott Vacations Worldwide Corp. | 10,142 | 1,391,685 |
Penn National Gaming, Inc.* | 9,632 | 831,916 |
SeaWorld Entertainment, Inc.* | 29,582 | 934,495 |
4,783,601 | ||
Environmental Control — 0.3% | ||
Casella Waste Systems, Inc., Class A* | 9,571 | 592,923 |
Food — 2.3% | ||
Hostess Brands, Inc.* | 38,977 | 570,623 |
Performance Food Group Co.* | 35,651 | 1,697,344 |
Sanderson Farms, Inc. | 1,848 | 244,306 |
The Simply Good Foods Co.* | 25,046 | 785,442 |
Number of Shares | Value† | |
Food — (continued) | ||
Utz Brands, Inc. | 38,081 | $ 840,067 |
4,137,782 | ||
Forest Products & Paper — 0.1% | ||
Domtar Corp. | 4,338 | 137,298 |
Gas — 1.1% | ||
Chesapeake Utilities Corp. | 5,047 | 546,136 |
ONE Gas, Inc. | 18,279 | 1,403,279 |
1,949,415 | ||
Hand & Machine Tools — 1.2% | ||
Colfax Corp.* | 29,119 | 1,113,511 |
Kennametal, Inc. | 30,980 | 1,122,715 |
2,236,226 | ||
Healthcare Products — 1.9% | ||
Avanos Medical, Inc.* | 23,088 | 1,059,277 |
CONMED Corp. | 8,510 | 953,120 |
Globus Medical, Inc., Class A* | 1,383 | 90,199 |
LivaNova PLC* | 7,461 | 493,993 |
Luminex Corp. | 15,115 | 349,459 |
Merit Medical Systems, Inc.* | 9,059 | 502,865 |
3,448,913 | ||
Healthcare Services — 1.8% | ||
Acadia Healthcare Co., Inc.* | 18,108 | 910,108 |
Magellan Health, Inc.* | 8,226 | 681,442 |
Syneos Health, Inc.* | 10,002 | 681,436 |
Tenet Healthcare Corp.* | 24,095 | 962,114 |
3,235,100 | ||
Home Builders — 1.2% | ||
KB Home | 5,177 | 173,533 |
Meritage Homes Corp.* | 12,621 | 1,045,271 |
Taylor Morrison Home Corp.* | 35,940 | 921,861 |
2,140,665 | ||
Home Furnishings — 0.1% | ||
Sleep Number Corp.* | 3,145 | 257,450 |
Household Products & Wares — 0.1% | ||
Helen of Troy Ltd.* | 1,136 | 252,408 |
Insurance — 5.1% | ||
AMERISAFE, Inc. | 7,792 | 447,495 |
BRP Group, Inc., Class A* | 25,107 | 752,457 |
CNO Financial Group, Inc. | 13,415 | 298,215 |
Enstar Group Ltd.* | 4,516 | 925,283 |
Kemper Corp. | 5,998 | 460,826 |
Kinsale Capital Group, Inc. | 3,218 | 644,018 |
MGIC Investment Corp. | 89,714 | 1,125,911 |
NMI Holdings, Inc., Class A* | 33,246 | 753,022 |
Palomar Holdings, Inc.* | 7,017 | 623,390 |
Primerica, Inc. | 8,192 | 1,097,155 |
RLI Corp. | 8,718 | 907,980 |
Selective Insurance Group, Inc. | 18,061 | 1,209,726 |
9,245,478 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Iron & Steel — 1.5% | ||
Allegheny Technologies, Inc.* | 29,524 | $ 495,118 |
Cleveland-Cliffs, Inc. | 116,763 | 1,700,069 |
Commercial Metals Co. | 22,150 | 454,961 |
2,650,148 | ||
Leisure Time — 0.4% | ||
Callaway Golf Co. | 18,258 | 438,374 |
Malibu Boats, Inc., Class A* | 5,418 | 338,300 |
776,674 | ||
Lodging — 1.3% | ||
Boyd Gaming Corp.* | 38,200 | 1,639,544 |
Wyndham Destinations, Inc. | 16,032 | 719,196 |
2,358,740 | ||
Machinery — Construction & Mining — 0.5% | ||
Astec Industries, Inc. | 15,489 | 896,503 |
Machinery — Diversified — 2.8% | ||
Cactus, Inc., Class A | 25,402 | 662,230 |
Chart Industries, Inc.* | 12,072 | 1,421,961 |
CIRCOR International, Inc.* | 12,219 | 469,698 |
Columbus McKinnon Corp. | 18,135 | 697,109 |
SPX FLOW, Inc.* | 19,603 | 1,136,190 |
Watts Water Technologies, Inc., Class A | 5,635 | 685,780 |
5,072,968 | ||
Media — 0.9% | ||
Nexstar Media Group, Inc., Class A | 9,034 | 986,423 |
TEGNA, Inc. | 41,831 | 583,542 |
1,569,965 | ||
Metal Fabricate/Hardware — 1.5% | ||
Rexnord Corp. | 46,410 | 1,832,731 |
The Timken Co. | 11,007 | 851,501 |
2,684,232 | ||
Mining — 2.2% | ||
Alcoa Corp.* | 25,673 | 591,763 |
Arconic Corp.* | 53,922 | 1,606,876 |
Coeur Mining, Inc.* | 67,150 | 695,002 |
Constellium S.E.* | 62,798 | 878,544 |
Sandstorm Gold Ltd.* | 29,882 | 214,254 |
3,986,439 | ||
Miscellaneous Manufacturing — 0.6% | ||
Federal Signal Corp. | 30,294 | 1,004,852 |
Oil & Gas — 1.6% | ||
Brigham Minerals, Inc., Class A | 34,298 | 376,935 |
EQT Corp. | 55,644 | 707,235 |
Viper Energy Partners LP | 70,581 | 820,151 |
WPX Energy, Inc.* | 118,785 | 968,098 |
2,872,419 | ||
Oil & Gas Services — 0.9% | ||
ChampionX Corp.* | 101,137 | 1,547,396 |
Number of Shares | Value† | |
Packaging and Containers — 0.5% | ||
TriMas Corp.* | 28,528 | $ 903,482 |
Pharmaceuticals — 0.8% | ||
Owens & Minor, Inc. | 16,435 | 444,567 |
PRA Health Sciences, Inc.* | 4,523 | 567,365 |
Prestige Consumer Healthcare, Inc.* | 12,010 | 418,789 |
1,430,721 | ||
Pipelines — 0.2% | ||
Rattler Midstream LP | 30,207 | 286,362 |
Real Estate — 0.3% | ||
Kennedy-Wilson Holdings, Inc. | 31,680 | 566,755 |
Retail — 4.9% | ||
Abercrombie & Fitch Co., Class A | 7,787 | 158,543 |
American Eagle Outfitters, Inc. | 55,195 | 1,107,764 |
At Home Group, Inc.* | 5,460 | 84,412 |
Beacon Roofing Supply, Inc.* | 23,510 | 944,867 |
Big Lots, Inc. | 2,024 | 86,890 |
BMC Stock Holdings, Inc.* | 22,288 | 1,196,420 |
Brinker International, Inc. | 20,485 | 1,158,836 |
Burlington Stores, Inc.* | 394 | 103,051 |
FirstCash, Inc. | 6,141 | 430,116 |
Five Below, Inc.* | 1,167 | 204,202 |
Jack in the Box, Inc. | 6,418 | 595,590 |
Lithia Motors, Inc., Class A | 3,657 | 1,070,294 |
RH* | 1,245 | 557,162 |
Sonic Automotive, Inc., Class A | 11,879 | 458,173 |
Zumiez, Inc.* | 16,356 | 601,574 |
8,757,894 | ||
Savings & Loans — 1.9% | ||
Brookline Bancorp, Inc. | 47,728 | 574,645 |
OceanFirst Financial Corp. | 38,447 | 716,268 |
Pacific Premier Bancorp, Inc. | 29,882 | 936,203 |
Provident Financial Services, Inc. | 10,696 | 192,100 |
Washington Federal, Inc. | 35,984 | 926,228 |
3,345,444 | ||
Semiconductors — 2.4% | ||
Allegro MicroSystems, Inc.* | 14,325 | 381,904 |
Cohu, Inc. | 30,081 | 1,148,493 |
CTS Corp. | 21,920 | 752,514 |
Onto Innovation, Inc.* | 19,653 | 934,500 |
Semtech Corp.* | 6,464 | 465,990 |
Silicon Laboratories, Inc.* | 4,918 | 626,258 |
4,309,659 | ||
Software — 1.8% | ||
Allscripts Healthcare Solutions, Inc.* | 42,696 | 616,530 |
Bottomline Technologies, Inc.* | 12,104 | 638,365 |
Cloudera, Inc.* | 51,625 | 718,104 |
ManTech International Corp., Class A | 7,418 | 659,757 |
Verint Systems, Inc.* | 9,186 | 617,115 |
3,249,871 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Telecommunications — 1.1% | ||
InterDigital, Inc. | 8,581 | $ 520,695 |
Viavi Solutions, Inc.* | 53,019 | 793,960 |
Vonage Holdings Corp.* | 55,589 | 715,708 |
2,030,363 | ||
Transportation — 1.5% | ||
Air Transport Services Group, Inc.* | 18,803 | 589,286 |
ArcBest Corp. | 14,952 | 638,002 |
Golar LNG Ltd.* | 51,026 | 491,891 |
Saia, Inc.* | 5,849 | 1,057,499 |
2,776,678 | ||
Water — 0.4% | ||
SJW Group | 9,281 | 643,730 |
TOTAL COMMON STOCKS (Cost $127,224,132) | 161,941,265 | |
REAL ESTATE INVESTMENT TRUSTS — 10.5% | ||
Apartments — 0.1% | ||
Preferred Apartment Communities, Inc., Class A | 25,260 | 186,924 |
Building & Real Estate — 1.1% | ||
PennyMac Mortgage Investment Trust | 49,812 | 876,193 |
Two Harbors Investment Corp. | 171,762 | 1,094,124 |
1,970,317 | ||
Diversified — 0.4% | ||
PS Business Parks, Inc. | 5,297 | 703,812 |
Diversified Financial Services — 0.4% | ||
KKR Real Estate Finance Trust, Inc. | 45,618 | 817,475 |
Healthcare — 2.0% | ||
Healthcare Realty Trust, Inc. | 41,059 | 1,215,346 |
National Health Investors, Inc. | 19,206 | 1,328,479 |
Physicians Realty Trust | 56,687 | 1,009,029 |
3,552,854 | ||
Hotels & Resorts — 1.9% | ||
Park Hotels & Resorts, Inc. | 45,740 | 784,441 |
Pebblebrook Hotel Trust | 84,319 | 1,585,197 |
RLJ Lodging Trust | 80,596 | 1,140,434 |
3,510,072 | ||
Industrial — 1.6% | ||
CyrusOne, Inc. | 11,135 | 814,525 |
EastGroup Properties, Inc. | 5,624 | 776,449 |
STAG lndustrial, Inc. | 39,002 | 1,221,543 |
2,812,517 | ||
Office Property — 0.8% | ||
Highwoods Properties, Inc. | 18,786 | 744,489 |
Hudson Pacific Properties, Inc. | 25,597 | 614,840 |
1,359,329 | ||
Real Estate — 0.3% | ||
Safehold, Inc. | 8,077 | 585,502 |
Number of Shares | Value† | |
Storage & Warehousing — 1.3% | ||
Life Storage, Inc. | 10,767 | $ 1,285,472 |
Terreno Realty Corp. | 18,097 | 1,058,856 |
2,344,328 | ||
Strip Centers — 0.6% | ||
Acadia Realty Trust | 81,502 | 1,156,513 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $19,770,979) | 18,999,643 | |
EXCHANGE TRADED FUNDS — 1.3% | ||
Investment Companies — 1.3% | ||
iShares Russell 2000 Value ETF (Cost $2,072,437) | 17,704 | 2,332,502 |
SHORT-TERM INVESTMENTS — 1.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $2,660,266) | 2,660,266 | 2,660,266 |
TOTAL INVESTMENTS — 103.3% (Cost $151,727,814) | $ 185,933,676 | |
Other Assets & Liabilities — (3.3)% | (6,021,521) | |
TOTAL NET ASSETS — 100.0% | $ 179,912,155 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ETF— Exchange-Traded Fund. |
LP— Limited Partnership. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $161,941,265 | $161,941,265 | $— | $— |
Real Estate Investment Trusts | 18,999,643 | 18,999,643 | — | — |
Exchange Traded Funds | 2,332,502 | 2,332,502 | — | — |
Short-Term Investments | 2,660,266 | 2,660,266 | — | — |
Total Investments | $ 185,933,676 | $ 185,933,676 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 95.2% | ||
Advertising — 0.1% | ||
Boston Omaha Corp., Class A* | 400 | $ 11,060 |
Fluent, Inc.* | 1,700 | 9,027 |
National CineMedia, Inc. | 1,874 | 6,971 |
Quotient Technology, Inc.* | 2,700 | 25,434 |
52,492 | ||
Aerospace & Defense — 0.7% | ||
AAR Corp. | 1,069 | 38,719 |
Aerojet Rocketdyne Holdings, Inc.* | 2,240 | 118,384 |
AeroVironment, Inc.* | 618 | 53,704 |
Astronics Corp.* | 795 | 10,518 |
Barnes Group, Inc. | 1,465 | 74,261 |
Ducommun, Inc.* | 300 | 16,110 |
Kaman Corp. | 848 | 48,446 |
Kratos Defense & Security Solutions, Inc.* | 3,722 | 102,094 |
Moog, Inc., Class A | 891 | 70,656 |
National Presto Industries, Inc. | 146 | 12,911 |
Park Aerospace Corp. | 533 | 7,148 |
Triumph Group, Inc. | 1,600 | 20,096 |
573,047 | ||
Agriculture — 0.6% | ||
Alico, Inc. | 151 | 4,684 |
Cadiz, Inc.* | 800 | 8,520 |
Darling Ingredients, Inc.* | 5,067 | 292,265 |
Fresh Del Monte Produce, Inc. | 1,016 | 24,455 |
Limoneira Co. | 600 | 9,990 |
Tejon Ranch Co.* | 825 | 11,921 |
The Andersons, Inc. | 932 | 22,843 |
Turning Point Brands, Inc. | 300 | 13,368 |
Universal Corp. | 755 | 36,701 |
Vector Group Ltd. | 4,157 | 48,429 |
Vital Farms, Inc.* | 300 | 7,593 |
480,769 | ||
Airlines — 0.3% | ||
Allegiant Travel Co. | 402 | 76,075 |
Hawaiian Holdings, Inc. | 1,526 | 27,010 |
Mesa Air Group, Inc.* | 900 | 6,021 |
SkyWest, Inc. | 1,581 | 63,730 |
Spirit Airlines, Inc.* | 3,100 | 75,795 |
248,631 | ||
Apparel — 1.0% | ||
Crocs, Inc.* | 2,100 | 131,586 |
Deckers Outdoor Corp.* | 882 | 252,940 |
Kontoor Brands, Inc. | 1,600 | 64,896 |
Lakeland Industries, Inc.* | 300 | 8,175 |
Oxford Industries, Inc. | 508 | 33,279 |
Rocky Brands, Inc. | 200 | 5,614 |
Steven Madden Ltd. | 2,573 | 90,878 |
Superior Group of Cos, Inc. | 400 | 9,296 |
Unifi, Inc.* | 460 | 8,160 |
Urban Outfitters, Inc.* | 2,100 | 53,760 |
Weyco Group, Inc. | 200 | 3,168 |
Number of Shares | Value† | |
Apparel — (continued) | ||
Wolverine World Wide, Inc. | 2,482 | $ 77,563 |
739,315 | ||
Auto Manufacturers — 0.2% | ||
Blue Bird Corp.* | 392 | 7,158 |
Navistar International Corp.* | 1,600 | 70,336 |
REV Group, Inc. | 1,000 | 8,810 |
Wabash National Corp. | 1,800 | 31,014 |
Workhorse Group, Inc.* | 2,900 | 57,362 |
174,680 | ||
Auto Parts & Equipment — 1.4% | ||
Adient PLC* | 2,700 | 93,879 |
American Axle & Manufacturing Holdings, Inc.* | 3,716 | 30,991 |
Cooper Tire & Rubber Co. | 1,549 | 62,734 |
Cooper-Standard Holdings, Inc.* | 600 | 20,802 |
Dana, Inc. | 4,496 | 87,762 |
Dorman Products, Inc.* | 857 | 74,405 |
Douglas Dynamics, Inc. | 700 | 29,939 |
Fox Factory Holding Corp.* | 1,300 | 137,423 |
Gentherm, Inc.* | 1,068 | 69,655 |
Meritor, Inc.* | 2,245 | 62,658 |
Methode Electronics, Inc. | 1,060 | 40,577 |
Miller Industries, Inc. | 343 | 13,041 |
Modine Manufacturing Co.* | 1,577 | 19,807 |
Motorcar Parts of America, Inc.* | 700 | 13,734 |
Standard Motor Products, Inc. | 700 | 28,322 |
Telenav, Inc.* | 1,000 | 4,700 |
Tenneco, Inc., Class A* | 1,600 | 16,960 |
The Goodyear Tire & Rubber Co. | 7,100 | 77,461 |
The Shyft Group, Inc. | 1,000 | 28,380 |
Visteon Corp.* | 800 | 100,416 |
XPEL, Inc.* | 500 | 25,780 |
1,039,426 | ||
Banks — 8.0% | ||
1st Constitution Bancorp | 400 | 6,348 |
1st Source Corp. | 488 | 19,666 |
ACNB Corp. | 200 | 5,000 |
Alerus Financial Corp. | 400 | 10,948 |
Allegiance Bancshares, Inc. | 600 | 20,478 |
Altabancorp | 600 | 16,752 |
Amalgamated Bank, Class A | 300 | 4,122 |
American National Bankshares, Inc. | 400 | 10,484 |
Ameris Bancorp | 2,012 | 76,597 |
Ames National Corp. | 299 | 7,182 |
Arrow Financial Corp. | 436 | 13,041 |
Atlantic Capital Bancshares, Inc.* | 800 | 12,736 |
Atlantic Union Bankshares Corp. | 2,407 | 79,287 |
Auburn National BanCorp, Inc. | 100 | 4,169 |
BancFirst Corp. | 620 | 36,394 |
Banco Latinoamericano de Comercio Exterior S.A. | 1,110 | 17,571 |
BancorpSouth Bank | 3,049 | 83,665 |
Bank First Corp. | 200 | 12,964 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Bank of Commerce Holdings | 800 | $ 7,920 |
Bank of Marin Bancorp | 480 | 16,483 |
BankUnited, Inc. | 2,900 | 100,862 |
Bankwell Financial Group, Inc. | 300 | 5,865 |
Banner Corp. | 1,100 | 51,249 |
Bar Harbor Bankshares | 597 | 13,486 |
BayCom Corp.* | 400 | 6,068 |
BCB Bancorp, Inc. | 400 | 4,428 |
Bridge Bancorp, Inc. | 507 | 12,259 |
Bridgewater Bancshares Inc.* | 700 | 8,743 |
Bryn Mawr Bank Corp. | 632 | 19,336 |
Business First Bancshares, Inc. | 700 | 14,252 |
Byline Bancorp, Inc. | 700 | 10,815 |
C&F Financial Corp. | 100 | 3,711 |
Cadence BanCorp | 4,006 | 65,779 |
California BanCorp* | 300 | 4,668 |
Cambridge Bancorp | 200 | 13,950 |
Camden National Corp. | 539 | 19,285 |
Capital Bancorp, Inc.* | 400 | 5,572 |
Capital City Bank Group, Inc. | 469 | 11,528 |
Capstar Financial Holdings, Inc. | 600 | 8,850 |
Carter Bankshares, Inc. | 800 | 8,576 |
Cathay General Bancorp | 2,350 | 75,647 |
CB Financial Services, Inc. | 200 | 4,002 |
CBTX, Inc. | 500 | 12,755 |
Central Pacific Financial Corp. | 900 | 17,109 |
Central Valley Community Bancorp | 400 | 5,956 |
Century Bancorp, Inc., Class A | 69 | 5,338 |
Chemung Financial Corp. | 100 | 3,395 |
ChoiceOne Financial Services, Inc. | 300 | 9,243 |
CIT Group, Inc. | 3,100 | 111,290 |
Citizens & Northern Corp. | 356 | 7,063 |
Citizens Holding Co. | 200 | 4,190 |
City Holding Co. | 450 | 31,298 |
Civista Bancshares, Inc. | 400 | 7,012 |
CNB Financial Corp. | 474 | 10,091 |
Coastal Financial Corp.* | 300 | 6,300 |
Codorus Valley Bancorp, Inc. | 276 | 4,681 |
Colony Bankcorp, Inc. | 300 | 4,395 |
Columbia Banking System, Inc. | 2,168 | 77,831 |
Community Bank System, Inc. | 1,637 | 102,002 |
Community Trust Bancorp, Inc. | 483 | 17,895 |
ConnectOne Bancorp, Inc. | 1,160 | 22,956 |
County Bancorp, Inc. | 200 | 4,416 |
CrossFirst Bankshares, Inc.* | 1,500 | 16,125 |
Customers Bancorp, Inc.* | 980 | 17,816 |
CVB Financial Corp. | 3,992 | 77,844 |
Eagle Bancorp, Inc. | 1,073 | 44,315 |
Eastern Bankshares, Inc.* | 5,200 | 84,812 |
Enterprise Bancorp, Inc. | 313 | 7,997 |
Enterprise Financial Services Corp. | 782 | 27,331 |
Equity Bancshares, Inc., Class A* | 500 | 10,795 |
Esquire Financial Holdings, Inc.* | 300 | 5,757 |
Evans Bancorp, Inc. | 200 | 5,508 |
Farmers & Merchants Bancorp, Inc. | 400 | 9,200 |
Number of Shares | Value† | |
Banks — (continued) | ||
Farmers National Banc Corp. | 700 | $ 9,289 |
FB Financial Corp. | 886 | 30,771 |
Fidelity D&D Bancorp, Inc. | 100 | 6,436 |
Financial Institutions, Inc. | 440 | 9,900 |
First Bancorp | 924 | 31,259 |
First BanCorp Puerto Rico | 6,600 | 60,852 |
First Bank/Hamilton NJ | 400 | 3,752 |
First Busey Corp. | 1,713 | 36,915 |
First Business Financial Services, Inc. | 200 | 3,682 |
First Choice Bancorp | 300 | 5,547 |
First Commonwealth Financial Corp. | 2,821 | 30,862 |
First Community Bankshares, Inc. | 626 | 13,509 |
First Community Corp. | 300 | 5,097 |
First Financial Bancorp | 2,982 | 52,275 |
First Financial Bankshares, Inc. | 4,004 | 144,845 |
First Financial Corp. | 380 | 14,763 |
First Foundation, Inc. | 1,200 | 24,000 |
First Guaranty Bancshares, Inc. | 220 | 3,909 |
First Internet Bancorp | 300 | 8,622 |
First Interstate BancSystem, Inc., Class A | 1,287 | 52,471 |
First Merchants Corp. | 1,630 | 60,978 |
First Mid Bancshares, Inc. | 500 | 16,830 |
First Midwest Bancorp, Inc. | 3,714 | 59,127 |
First Northwest Bancorp | 200 | 3,120 |
First United Corp. | 300 | 4,650 |
Flagstar Bancorp, Inc. | 1,400 | 57,064 |
FNCB Bancorp, Inc. | 800 | 5,120 |
Franklin Financial Services Corp. | 200 | 5,406 |
Fulton Financial Corp. | 4,803 | 61,094 |
FVCBankcorp, Inc.* | 500 | 7,350 |
German American Bancorp, Inc. | 838 | 27,729 |
Glacier Bancorp, Inc. | 3,021 | 138,996 |
Great Southern Bancorp, Inc. | 371 | 18,142 |
Great Western Bancorp, Inc. | 1,600 | 33,440 |
Guaranty Bancshares, Inc. | 300 | 8,985 |
Hancock Whitney Corp. | 2,678 | 91,106 |
Hanmi Financial Corp. | 913 | 10,353 |
HarborOne Bancorp, Inc. | 1,877 | 20,384 |
Hawthorn Bancshares, Inc. | 208 | 4,555 |
HBT Financial, Inc. | 400 | 6,060 |
Heartland Financial USA, Inc. | 1,117 | 45,093 |
Heritage Commerce Corp. | 1,900 | 16,853 |
Heritage Financial Corp. | 1,230 | 28,770 |
Hilltop Holdings, Inc. | 2,342 | 64,428 |
Home BancShares, Inc. | 4,735 | 92,238 |
HomeStreet, Inc. | 600 | 20,250 |
Hope Bancorp, Inc. | 3,467 | 37,825 |
Horizon Bancorp, Inc. | 1,350 | 21,411 |
Howard Bancorp, Inc.* | 500 | 5,905 |
Independent Bank Corp. | 1,055 | 77,057 |
Independent Bank Corp. | 800 | 14,776 |
Independent Bank Group, Inc. | 1,150 | 71,898 |
International Bancshares Corp. | 1,625 | 60,840 |
Investar Holding Corp. | 300 | 4,962 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Kearny Financial Corp. | 2,745 | $ 28,987 |
Lakeland Bancorp, Inc. | 1,711 | 21,730 |
Lakeland Financial Corp. | 791 | 42,382 |
Landmark Bancorp, Inc. | 210 | 4,799 |
LCNB Corp. | 400 | 5,876 |
Level One Bancorp, Inc. | 200 | 4,046 |
Live Oak Bancshares, Inc. | 900 | 42,714 |
Luther Burbank Corp. | 800 | 7,840 |
Macatawa Bank Corp. | 800 | 6,696 |
Mackinac Financial Corp. | 400 | 5,104 |
MainStreet Bancshares, Inc.* | 300 | 5,073 |
Mercantile Bank Corp. | 500 | 13,585 |
Merchants Bancorp | 200 | 5,526 |
Meridian Corp. | 300 | 6,240 |
Meta Financial Group, Inc. | 1,100 | 40,216 |
Metrocity Bankshares, Inc. | 600 | 8,652 |
Metropolitan Bank Holding Corp.* | 200 | 7,254 |
Mid Penn Bancorp, Inc. | 200 | 4,380 |
Middlefield Banc Corp. | 300 | 6,750 |
Midland States Bancorp, Inc. | 700 | 12,509 |
MidWestOne Financial Group, Inc. | 400 | 9,800 |
MVB Financial Corp. | 200 | 4,536 |
National Bank Holdings Corp., Class A | 1,000 | 32,760 |
National Bankshares, Inc. | 219 | 6,857 |
NBT Bancorp, Inc. | 1,369 | 43,945 |
Nicolet Bankshares, Inc.* | 300 | 19,905 |
Northeast Bank | 300 | 6,756 |
Northrim BanCorp, Inc. | 200 | 6,790 |
Norwood Financial Corp. | 200 | 5,234 |
Oak Valley Bancorp | 113 | 1,878 |
OFG Bancorp | 1,610 | 29,849 |
Ohio Valley Banc Corp. | 200 | 4,720 |
Old National Bancorp | 5,061 | 83,810 |
Old Second Bancorp, Inc. | 800 | 8,080 |
OP Bancorp | 700 | 5,390 |
Origin Bancorp, Inc. | 800 | 22,216 |
Orrstown Financial Services, Inc. | 400 | 6,620 |
Park National Corp. | 424 | 44,524 |
Parke Bancorp, Inc. | 440 | 6,864 |
PCB Bancorp | 300 | 3,033 |
PCSB Financial Corp. | 500 | 7,970 |
Peapack-Gladstone Financial Corp. | 636 | 14,475 |
Penns Woods Bancorp, Inc. | 252 | 6,555 |
Peoples Bancorp of North Carolina, Inc. | 200 | 4,604 |
Peoples Bancorp, Inc. | 572 | 15,496 |
Peoples Financial Services Corp. | 200 | 7,352 |
Pioneer Bancorp, Inc.* | 500 | 5,285 |
Plumas Bancorp | 200 | 4,700 |
Preferred Bank | 400 | 20,188 |
Premier Financial Bancorp, Inc. | 550 | 7,310 |
Premier Financial Corp. | 1,231 | 28,313 |
Provident Bancorp, Inc. | 404 | 4,848 |
QCR Holdings, Inc. | 500 | 19,795 |
RBB Bancorp | 600 | 9,228 |
Red River Bancshares, Inc. | 200 | 9,910 |
Number of Shares | Value† | |
Banks — (continued) | ||
Reliant Bancorp, Inc. | 400 | $ 7,448 |
Renasant Corp. | 1,635 | 55,067 |
Republic Bancorp, Inc., Class A | 287 | 10,352 |
Republic First Bancorp, Inc.* | 1,700 | 4,845 |
Richmond Mutual BanCorp, Inc. | 600 | 8,196 |
S&T Bancorp, Inc. | 1,281 | 31,820 |
Salisbury Bancorp, Inc. | 100 | 3,727 |
Sandy Spring Bancorp, Inc. | 1,450 | 46,676 |
SB Financial Group, Inc. | 300 | 5,484 |
Seacoast Banking Corp of Florida* | 1,540 | 45,353 |
Select Bancorp, Inc.* | 300 | 2,841 |
ServisFirst Bancshares, Inc. | 1,600 | 64,464 |
Shore Bancshares, Inc. | 300 | 4,380 |
Sierra Bancorp | 412 | 9,855 |
Silvergate Capital Corp., Class A* | 500 | 37,155 |
Simmons First National Corp., Class A | 3,296 | 71,161 |
SmartFinancial, Inc. | 400 | 7,256 |
South Plains Financial, Inc. | 400 | 7,580 |
South State Corp. | 2,211 | 159,855 |
Southern First Bancshares, Inc.* | 200 | 7,070 |
Southern National Bancorp of Virginia, Inc. | 600 | 7,266 |
Southside Bancshares, Inc. | 1,071 | 33,233 |
Spirit of Texas Bancshares, Inc. | 400 | 6,720 |
Standard AVB Financial Corp. | 200 | 6,518 |
Sterling Bancorp, Inc. | 700 | 3,178 |
Stock Yards Bancorp, Inc. | 667 | 27,000 |
Summit Financial Group, Inc. | 400 | 8,832 |
Texas Capital Bancshares, Inc.* | 1,600 | 95,200 |
The Bancorp, Inc.* | 1,512 | 20,639 |
The Bank of NT Butterfield & Son Ltd. | 1,500 | 46,740 |
The Bank of Princeton | 200 | 4,682 |
The Community Financial Corp. | 100 | 2,648 |
The First Bancorp, Inc. | 434 | 11,024 |
The First Bancshares, Inc. | 700 | 21,616 |
The First of Long Island Corp. | 689 | 12,299 |
Tompkins Financial Corp. | 458 | 32,335 |
Towne Bank | 2,177 | 51,116 |
TriCo Bancshares | 898 | 31,681 |
TriState Capital Holdings, Inc.* | 800 | 13,920 |
Triumph Bancorp, Inc.* | 700 | 33,985 |
TrustCo Bank Corp. | 3,252 | 21,691 |
Trustmark Corp. | 2,030 | 55,439 |
UMB Financial Corp. | 1,381 | 95,275 |
United Bankshares, Inc. | 3,860 | 125,064 |
United Community Banks, Inc. | 2,378 | 67,630 |
United Security Bancshares | 300 | 2,115 |
Unity Bancorp, Inc. | 200 | 3,510 |
Univest Corp. | 987 | 20,312 |
Valley National Bancorp | 12,383 | 120,734 |
Veritex Holdings, Inc. | 1,453 | 37,284 |
Walker & Dunlop, Inc. | 900 | 82,818 |
Washington Trust Bancorp, Inc. | 570 | 25,536 |
WesBanco, Inc. | 2,130 | 63,815 |
West BanCorp, Inc. | 478 | 9,225 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Westamerica BanCorp | 873 | $ 48,268 |
Western New England Bancorp, Inc. | 1,000 | 6,890 |
6,101,783 | ||
Beverages — 0.3% | ||
Celsius Holdings, Inc.* | 1,100 | 55,341 |
Coca-Cola Consolidated, Inc. | 152 | 40,473 |
Farmer Bros Co.* | 204 | 952 |
MGP Ingredients, Inc. | 400 | 18,824 |
National Beverage Corp. | 342 | 29,036 |
NewAge, Inc.* | 2,800 | 7,364 |
Primo Water Corp. | 4,700 | 73,696 |
225,686 | ||
Biotechnology — 10.2% | ||
Abeona Therapeutics, Inc.* | 2,500 | 3,925 |
ADMA Biologics, Inc.* | 1,300 | 2,535 |
Adverum Biotechnologies, Inc.* | 2,600 | 28,184 |
Affimed N.V.* | 2,600 | 15,132 |
Agenus, Inc.* | 5,000 | 15,900 |
Akero Therapeutics, Inc.* | 400 | 10,320 |
Akouos, Inc.* | 400 | 7,932 |
Albireo Pharma, Inc.* | 500 | 18,755 |
Aligos Therapeutics, Inc.* | 300 | 8,295 |
Allakos, Inc.* | 800 | 112,000 |
Allogene Therapeutics, Inc.* | 1,800 | 45,432 |
ALX Oncology Holdings, Inc.* | 300 | 25,860 |
Amicus Therapeutics, Inc.* | 8,000 | 184,720 |
AnaptysBio, Inc.* | 600 | 12,900 |
Anavex Life Sciences Corp.* | 1,900 | 10,260 |
ANI Pharmaceuticals, Inc.* | 300 | 8,712 |
Annexon, Inc.* | 400 | 10,012 |
Apellis Pharmaceuticals, Inc.* | 1,900 | 108,680 |
Applied Genetic Technologies Corp.* | 1,000 | 4,090 |
Applied Molecular Transport, Inc.* | 400 | 12,308 |
Applied Therapeutics, Inc.* | 500 | 11,005 |
Aprea Therapeutics, Inc.* | 200 | 984 |
Aptinyx, Inc.* | 1,100 | 3,806 |
Aravive, Inc.* | 500 | 2,820 |
Arcturus Therapeutics Holdings, Inc.* | 700 | 30,366 |
Arcus Biosciences, Inc.* | 1,300 | 33,748 |
Arcutis Biotherapeutics, Inc.* | 600 | 16,878 |
Ardelyx, Inc.* | 2,200 | 14,234 |
Arena Pharmaceuticals, Inc.* | 1,850 | 142,135 |
Arrowhead Pharmaceuticals, Inc.* | 3,100 | 237,863 |
Assembly Biosciences, Inc.* | 1,100 | 6,655 |
Atara Biotherapeutics, Inc.* | 2,328 | 45,699 |
Atea Pharmaceuticals, Inc.* | 500 | 20,890 |
Athersys, Inc.* | 5,000 | 8,750 |
Athira Pharma, Inc.* | 400 | 13,700 |
Atreca, Inc., Class A* | 1,000 | 16,150 |
AVEO Pharmaceuticals, Inc.* | 900 | 5,193 |
Avid Bioservices, Inc.* | 1,500 | 17,310 |
Avidity Biosciences, Inc.* | 500 | 12,760 |
Avrobio, Inc.* | 1,100 | 15,334 |
Axsome Therapeutics, Inc.* | 900 | 73,323 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Beam Therapeutics, Inc.* | 1,200 | $ 97,968 |
BioCryst Pharmaceuticals, Inc.* | 5,300 | 39,485 |
Biohaven Pharmaceutical Holding Co., Ltd.* | 1,500 | 128,565 |
Black Diamond Therapeutics, Inc.* | 582 | 18,653 |
Blueprint Medicines Corp.* | 1,700 | 190,655 |
BrainStorm Cell Therapeutics, Inc.* | 1,000 | 4,525 |
Bridgebio Pharma, Inc.* | 2,300 | 163,553 |
C4 Therapeutics, Inc.* | 300 | 9,939 |
Cabaletta Bio, Inc.* | 600 | 7,488 |
Calithera Biosciences, Inc.* | 2,200 | 10,802 |
Cara Therapeutics, Inc.* | 1,500 | 22,695 |
CASI Pharmaceuticals, Inc.* | 1,600 | 4,720 |
Catabasis Pharmaceuticals, Inc.* | 800 | 1,712 |
CEL-SCI Corp.* | 1,100 | 12,826 |
Cerecor, Inc.* | 1,000 | 2,640 |
ChemoCentryx, Inc.* | 1,495 | 92,570 |
Chinook Therapeutics, Inc.* | 560 | 8,882 |
ChromaDex Corp.* | 800 | 3,840 |
Constellation Pharmaceuticals, Inc.* | 900 | 25,920 |
ContraFect Corp.* | 600 | 3,030 |
Cortexyme, Inc.* | 500 | 13,890 |
Crinetics Pharmaceuticals, Inc.* | 1,000 | 14,110 |
Cue Biopharma, Inc.* | 1,000 | 12,510 |
Cymabay Therapeutics, Inc.* | 2,100 | 12,054 |
CytomX Therapeutics, Inc.* | 1,500 | 9,825 |
Deciphera Pharmaceuticals, Inc.* | 1,100 | 62,777 |
Denali Therapeutics, Inc.* | 2,000 | 167,520 |
DermTech, Inc.* | 200 | 6,488 |
Dicerna Pharmaceuticals, Inc.* | 2,200 | 48,466 |
Dynavax Technologies Corp.* | 3,220 | 14,329 |
Dyne Therapeutics, Inc.* | 400 | 8,400 |
Editas Medicine, Inc.* | 2,000 | 140,220 |
Eiger BioPharmaceuticals, Inc.* | 900 | 11,061 |
Emergent BioSolutions, Inc.* | 1,358 | 121,677 |
Enzo Biochem, Inc.* | 1,800 | 4,536 |
Epizyme, Inc.* | 2,700 | 29,322 |
Esperion Therapeutics, Inc.* | 900 | 23,400 |
Evelo Biosciences, Inc.* | 700 | 8,463 |
Evolus, Inc.* | 600 | 2,016 |
Exicure, Inc.* | 2,400 | 4,248 |
Fate Therapeutics, Inc.* | 2,200 | 200,046 |
FibroGen, Inc.* | 2,600 | 96,434 |
Five Prime Therapeutics, Inc.* | 800 | 13,608 |
Forma Therapeutics Holdings, Inc.* | 500 | 17,450 |
Frequency Therapeutics, Inc.* | 800 | 28,208 |
Generation Bio Co.* | 400 | 11,340 |
Genprex, Inc.* | 1,400 | 5,810 |
Geron Corp.* | 9,240 | 14,692 |
GlycoMimetics, Inc.* | 1,300 | 4,888 |
Gossamer Bio, Inc.* | 1,800 | 17,406 |
Halozyme Therapeutics, Inc.* | 4,089 | 174,641 |
Harvard Bioscience, Inc.* | 1,700 | 7,293 |
Homology Medicines, Inc.* | 1,200 | 13,548 |
iBio, Inc.* | 1,400 | 1,470 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
IGM Biosciences, Inc.* | 200 | $ 17,658 |
ImmunoGen, Inc.* | 5,163 | 33,301 |
Immunovant, Inc.* | 1,100 | 50,809 |
Inhibrx, Inc.* | 300 | 9,891 |
Innoviva, Inc.* | 2,000 | 24,780 |
Inovio Pharmaceuticals, Inc.* | 5,200 | 46,020 |
Inozyme Pharma, Inc.* | 300 | 6,192 |
Insmed, Inc.* | 3,200 | 106,528 |
Intercept Pharmaceuticals, Inc.* | 872 | 21,538 |
Intra-Cellular Therapies, Inc.* | 2,100 | 66,780 |
iTeos Therapeutics, Inc.* | 300 | 10,146 |
IVERIC bio, Inc.* | 2,584 | 17,855 |
Kaleido Biosciences, Inc.* | 600 | 5,460 |
Karuna Therapeutics, Inc.* | 500 | 50,795 |
Karyopharm Therapeutics, Inc.* | 2,400 | 37,152 |
Keros Therapeutics, Inc.* | 400 | 28,216 |
Kezar Life Sciences, Inc.* | 500 | 2,610 |
Kindred Biosciences, Inc.* | 1,400 | 6,034 |
Kiniksa Pharmaceuticals Ltd., Class A* | 1,000 | 17,670 |
Kodiak Sciences, Inc.* | 1,000 | 146,910 |
Kronos Bio, Inc.* | 500 | 14,935 |
Krystal Biotech, Inc.* | 400 | 24,000 |
Kymera Therapeutics, Inc.* | 300 | 18,600 |
Lexicon Pharmaceuticals, Inc.* | 1,760 | 6,019 |
Ligand Pharmaceuticals, Inc.* | 434 | 43,161 |
Liquidia Corp.* | 600 | 1,770 |
LogicBio Therapeutics, Inc.* | 400 | 3,052 |
MacroGenics, Inc.* | 1,800 | 41,148 |
Magenta Therapeutics, Inc.* | 600 | 4,704 |
Marker Therapeutics, Inc.* | 1,100 | 1,595 |
MEI Pharma, Inc.* | 3,800 | 10,032 |
MeiraGTx Holdings PLC* | 500 | 7,570 |
Mersana Therapeutics, Inc.* | 1,600 | 42,576 |
Mirati Therapeutics, Inc.* | 1,327 | 291,462 |
Molecular Templates, Inc.* | 800 | 7,512 |
Mustang Bio, Inc.* | 1,500 | 5,678 |
Myriad Genetics, Inc.* | 2,300 | 45,483 |
NantKwest, Inc.* | 1,100 | 14,663 |
NeoGenomics, Inc.* | 3,200 | 172,288 |
NextCure, Inc.* | 500 | 5,450 |
NGM Biopharmaceuticals, Inc.* | 800 | 24,236 |
Nkarta, Inc.* | 500 | 30,735 |
Novavax, Inc.* | 1,911 | 213,096 |
Nurix Therapeutics, Inc.* | 300 | 9,864 |
Omeros Corp.* | 1,800 | 25,713 |
Oncocyte Corp.* | 1,800 | 4,302 |
Organogenesis Holdings, Inc.* | 1,100 | 8,283 |
Orgenesis, Inc.* | 800 | 3,600 |
Ovid therapeutics, Inc.* | 1,600 | 3,696 |
Oyster Point Pharma, Inc.* | 200 | 3,764 |
Pacific Biosciences of California, Inc.* | 5,500 | 142,670 |
Pandion Therapeutics, Inc.* | 400 | 5,940 |
Phathom Pharmaceuticals, Inc.* | 400 | 13,288 |
Pieris Pharmaceuticals, Inc.* | 1,300 | 3,250 |
Pliant Therapeutics, Inc.* | 300 | 6,816 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Poseida Therapeutics, Inc.* | 600 | $ 6,582 |
Praxis Precision Medicines, Inc.* | 300 | 16,506 |
Precigen, Inc.* | 2,100 | 21,420 |
Precision BioSciences, Inc.* | 1,200 | 10,008 |
Prelude Therapeutics, Inc.* | 300 | 21,465 |
Prevail Therapeutics, Inc.* | 300 | 6,921 |
Prothena Corp. PLC* | 900 | 10,809 |
Provention Bio, Inc.* | 1,500 | 25,410 |
PTC Therapeutics, Inc.* | 1,900 | 115,957 |
Puma Biotechnology, Inc.* | 900 | 9,234 |
Radius Health, Inc.* | 1,400 | 25,004 |
RAPT Therapeutics, Inc.* | 400 | 7,900 |
REGENXBIO, Inc.* | 1,100 | 49,896 |
Relay Therapeutics, Inc.* | 1,000 | 41,560 |
Replimune Group, Inc.* | 700 | 26,705 |
REVOLUTION Medicines, Inc.* | 1,200 | 47,508 |
Rigel Pharmaceuticals, Inc.* | 6,090 | 21,315 |
Rocket Pharmaceuticals, Inc.* | 1,000 | 54,840 |
Rubius Therapeutics, Inc.* | 1,300 | 9,867 |
Sangamo Therapeutics, Inc.* | 3,703 | 57,785 |
Satsuma Pharmaceuticals, Inc.* | 300 | 1,383 |
Savara, Inc.* | 1,000 | 1,150 |
Scholar Rock Holding Corp.* | 700 | 33,971 |
Selecta Biosciences, Inc.* | 2,700 | 8,181 |
Shattuck Labs, Inc.* | 400 | 20,964 |
Solid Biosciences, Inc.* | 400 | 3,032 |
Sorrento Therapeutics, Inc.* | 7,000 | 47,775 |
Springworks Therapeutics, Inc.* | 700 | 50,764 |
Stoke Therapeutics, Inc.* | 400 | 24,772 |
Strongbridge Biopharma PLC* | 1,700 | 4,131 |
Sutro Biopharma, Inc.* | 834 | 18,106 |
Syndax Pharmaceuticals, Inc.* | 800 | 17,792 |
Tarsus Pharmaceuticals, Inc.* | 200 | 8,266 |
TCR2 Therapeutics, Inc.* | 800 | 24,744 |
Tela Bio, Inc.* | 200 | 3,008 |
TG Therapeutics, Inc.* | 3,500 | 182,070 |
Theravance Biopharma, Inc.* | 1,400 | 24,878 |
Translate Bio, Inc.* | 2,192 | 40,399 |
TransMedics Group, Inc.* | 700 | 13,930 |
Travere Therapeutics, Inc.* | 1,500 | 40,883 |
Turning Point Therapeutics, Inc.* | 1,166 | 142,077 |
Twist Bioscience Corp.* | 1,004 | 141,855 |
Tyme Technologies, Inc.* | 2,000 | 2,440 |
Ultragenyx Pharmaceutical, Inc.* | 1,900 | 263,017 |
UNITY Biotechnology, Inc.* | 900 | 4,716 |
Vaxart, Inc.* | 1,300 | 7,423 |
VBI Vaccines, Inc.* | 6,200 | 17,050 |
Veracyte, Inc.* | 1,800 | 88,092 |
Verastem, Inc.* | 6,200 | 13,206 |
Vericel Corp.* | 1,400 | 43,232 |
Veru, Inc.* | 1,500 | 12,975 |
Viela Bio, Inc.* | 700 | 25,179 |
Viking Therapeutics, Inc.* | 2,400 | 13,512 |
Vir Biotechnology, Inc.* | 1,600 | 42,848 |
VolitionRX Ltd.* | 1,100 | 4,279 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
VYNE Therapeutics, Inc.* | 4,200 | $ 6,636 |
WaVe Life Sciences Ltd.* | 700 | 5,509 |
X4 Pharmaceuticals, Inc.* | 300 | 1,929 |
XBiotech, Inc.* | 467 | 7,309 |
Xencor, Inc.* | 1,800 | 78,534 |
XOMA Corp.* | 200 | 8,826 |
Y-mAbs Therapeutics, Inc.* | 1,000 | 49,510 |
Zentalis Pharmaceuticals, Inc.* | 900 | 46,746 |
ZIOPHARM Oncology, Inc.* | 7,527 | 18,968 |
7,718,224 | ||
Building Materials — 1.6% | ||
AAON, Inc. | 1,285 | 85,620 |
American Woodmark Corp.* | 469 | 44,016 |
Apogee Enterprises, Inc. | 843 | 26,706 |
Boise Cascade Co. | 1,200 | 57,360 |
Builders FirstSource, Inc.* | 3,573 | 145,814 |
Caesarstone Ltd. | 600 | 7,734 |
Cornerstone Building Brands, Inc.* | 1,664 | 15,442 |
Forterra, Inc.* | 800 | 13,756 |
Gibraltar Industries, Inc.* | 1,001 | 72,012 |
Griffon Corp. | 1,256 | 25,597 |
JELD-WEN Holding, Inc.* | 2,000 | 50,720 |
Louisiana-Pacific Corp. | 3,494 | 129,872 |
LSI Industries, Inc. | 1,000 | 8,560 |
Masonite International Corp.* | 700 | 68,838 |
Patrick Industries, Inc. | 675 | 46,136 |
PGT Innovations, Inc.* | 1,900 | 38,646 |
Research Frontiers, Inc.* | 1,100 | 3,091 |
Simpson Manufacturing Co., Inc. | 1,360 | 127,092 |
SPX Corp.* | 1,400 | 76,356 |
Summit Materials, Inc., Class A* | 3,505 | 70,380 |
UFP Industries, Inc. | 1,849 | 102,712 |
US Concrete, Inc.* | 500 | 19,985 |
1,236,445 | ||
Chemicals — 1.5% | ||
AdvanSix, Inc.* | 1,000 | 19,990 |
AgroFresh Solutions, Inc.* | 1,400 | 3,178 |
American Vanguard Corp. | 878 | 13,627 |
Amyris, Inc.* | 2,700 | 16,673 |
Balchem Corp. | 1,005 | 115,796 |
Codexis, Inc.* | 1,700 | 37,111 |
Ferro Corp.* | 2,638 | 38,594 |
GCP Applied Technologies, Inc.* | 1,500 | 35,475 |
H.B. Fuller Co. | 1,580 | 81,970 |
Hawkins, Inc. | 349 | 18,256 |
Ingevity Corp.* | 1,300 | 98,449 |
Innospec, Inc. | 800 | 72,584 |
Intrepid Potash, Inc.* | 370 | 8,936 |
Koppers Holdings, Inc.* | 620 | 19,319 |
Kraton Corp.* | 1,041 | 28,929 |
Kronos Worldwide, Inc. | 900 | 13,419 |
Minerals Technologies, Inc. | 1,028 | 63,859 |
Oil-Dri Corp of America | 197 | 6,714 |
Orion Engineered Carbons S.A. | 1,700 | 29,138 |
Number of Shares | Value† | |
Chemicals — (continued) | ||
PQ Group Holdings, Inc. | 1,100 | $ 15,686 |
Quaker Chemical Corp. | 413 | 104,650 |
Rayonier Advanced Materials, Inc.* | 1,900 | 12,388 |
Rogers Corp.* | 577 | 89,602 |
Sensient Technologies Corp. | 1,358 | 100,180 |
Stepan Co. | 665 | 79,348 |
Tronox Holdings PLC, Class A | 2,900 | 42,398 |
1,166,269 | ||
Coal — 0.1% | ||
Arch Resources, Inc. | 500 | 21,885 |
CONSOL Energy, Inc.* | 900 | 6,489 |
NACCO Industries, Inc., Class A | 122 | 3,209 |
Peabody Energy Corp.* | 2,300 | 5,543 |
SunCoke Energy, Inc. | 2,541 | 11,053 |
Warrior Met Coal, Inc. | 1,500 | 31,980 |
80,159 | ||
Commercial Services — 4.2% | ||
ABM Industries, Inc. | 2,039 | 77,156 |
Acacia Research Corp.* | 1,880 | 7,407 |
Adtalem Global Education, Inc.* | 1,600 | 54,320 |
Alarm.com Holdings, Inc.* | 1,500 | 155,175 |
Alta Equipment Group, Inc.* | 700 | 6,916 |
American Public Education, Inc.* | 555 | 16,916 |
AMN Healthcare Services, Inc.* | 1,409 | 96,164 |
Arlo Technologies, Inc.* | 2,433 | 18,953 |
ASGN, Inc.* | 1,552 | 129,639 |
Aspen Group, Inc.* | 800 | 8,904 |
Avis Budget Group, Inc.* | 1,700 | 63,410 |
Barrett Business Services, Inc. | 242 | 16,507 |
BG Staffing, Inc. | 400 | 5,396 |
BrightView Holdings, Inc.* | 1,315 | 19,883 |
CAI International, Inc. | 460 | 14,370 |
Cardtronics PLC, Class A* | 1,163 | 41,054 |
Carriage Services, Inc. | 600 | 18,792 |
Cass Information Systems, Inc. | 498 | 19,377 |
CBIZ, Inc.* | 1,640 | 43,640 |
Cimpress PLC* | 569 | 49,924 |
Collectors Universe, Inc. | 300 | 22,620 |
CorVel Corp.* | 262 | 27,772 |
CRA International, Inc. | 274 | 13,955 |
Cross Country Healthcare, Inc.* | 1,084 | 9,615 |
Deluxe Corp. | 1,407 | 41,084 |
Emerald Holding, Inc. | 700 | 3,794 |
Ennis, Inc. | 858 | 15,315 |
EVERTEC, Inc. | 1,839 | 72,310 |
Evo Payments, Inc., Class A* | 1,400 | 37,814 |
Forrester Research, Inc.* | 375 | 15,713 |
Franchise Group, Inc. | 700 | 21,315 |
Franklin Covey Co.* | 297 | 6,614 |
Genasys, Inc.* | 1,300 | 8,476 |
GP Strategies Corp.* | 400 | 4,744 |
Green Dot Corp., Class A* | 1,578 | 88,052 |
GreenSky, Inc., Class A* | 2,300 | 10,649 |
HealthEquity, Inc.* | 2,300 | 160,333 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Commercial Services — (continued) | ||
Heidrick & Struggles International, Inc. | 669 | $ 19,655 |
Herc Holdings, Inc.* | 800 | 53,128 |
HMS Holdings Corp.* | 2,715 | 99,776 |
Huron Consulting Group, Inc.* | 728 | 42,916 |
ICF International, Inc. | 548 | 40,733 |
Information Services Group, Inc.* | 1,600 | 5,248 |
Insperity, Inc. | 1,126 | 91,679 |
Kelly Services, Inc., Class A | 1,014 | 20,858 |
Kforce, Inc. | 686 | 28,874 |
Korn Ferry | 1,690 | 73,515 |
Laureate Education, Inc., Class A* | 3,300 | 48,048 |
LiveRamp Holdings, Inc.* | 1,967 | 143,965 |
Medifast, Inc. | 347 | 68,130 |
MoneyGram International, Inc.* | 2,000 | 10,930 |
Monro, Inc. | 1,037 | 55,272 |
National Research Corp. | 487 | 20,819 |
Perdoceo Education Corp.* | 2,300 | 29,049 |
PFSweb, Inc.* | 600 | 4,038 |
Progyny, Inc.* | 900 | 38,151 |
Quad/Graphics, Inc. | 1,300 | 4,966 |
R1 RCM, Inc.* | 3,300 | 79,266 |
Rent-A-Center, Inc. | 1,553 | 59,464 |
Repay Holdings Corp.* | 1,900 | 51,775 |
Resources Connection, Inc. | 922 | 11,590 |
ServiceSource International, Inc.* | 3,600 | 6,336 |
ShotSpotter, Inc.* | 300 | 11,310 |
SP Plus Corp.* | 693 | 19,979 |
Strategic Education, Inc. | 732 | 69,782 |
Stride, Inc.* | 1,252 | 26,580 |
Team, Inc.* | 983 | 10,715 |
Textainer Group Holdings Ltd.* | 1,712 | 32,836 |
The Aaron's Co., Inc.* | 1,100 | 20,856 |
The Brink's Co. | 1,510 | 108,720 |
The Hackett Group, Inc. | 716 | 10,303 |
TriNet Group, Inc.* | 1,300 | 104,780 |
Triton International Ltd. | 1,893 | 91,829 |
TrueBlue, Inc.* | 1,076 | 20,111 |
Universal Technical Institute, Inc.* | 1,100 | 7,106 |
Vectrus, Inc.* | 400 | 19,888 |
Viad Corp. | 671 | 24,270 |
Vivint Smart Home, Inc.* | 2,400 | 49,800 |
Willdan Group, Inc.* | 300 | 12,510 |
WW International, Inc.* | 1,500 | 36,600 |
3,210,234 | ||
Computers — 2.2% | ||
3D Systems Corp.* | 3,500 | 36,680 |
Conduent, Inc.* | 4,800 | 23,040 |
Corsair Gaming, Inc.* | 500 | 18,110 |
Cubic Corp. | 969 | 60,117 |
Diebold Nixdorf, Inc.* | 2,400 | 25,584 |
ExlService Holdings, Inc.* | 1,000 | 85,130 |
iCAD, Inc.* | 800 | 10,560 |
Insight Enterprises, Inc.* | 1,043 | 79,362 |
Mastech Digital, Inc.* | 200 | 3,180 |
Number of Shares | Value† | |
Computers — (continued) | ||
MAXIMUS, Inc. | 1,912 | $ 139,939 |
Mitek Systems, Inc.* | 1,400 | 24,892 |
MTS Systems Corp. | 560 | 32,570 |
NetScout Systems, Inc.* | 2,265 | 62,106 |
OneSpan, Inc.* | 1,128 | 23,327 |
PAE, Inc.* | 2,100 | 19,278 |
PAR Technology Corp.* | 500 | 31,395 |
Parsons Corp.* | 600 | 21,846 |
Perspecta, Inc. | 4,300 | 103,544 |
Ping Identity Holding Corp.* | 1,100 | 31,504 |
PlayAGS, Inc.* | 800 | 5,760 |
Qualys, Inc.* | 1,000 | 121,870 |
Quantum Corp.* | 1,300 | 7,956 |
Rapid7, Inc.* | 1,600 | 144,256 |
Rimini Street, Inc.* | 900 | 3,987 |
SecureWorks Corp., Class A* | 100 | 1,422 |
StarTek, Inc.* | 700 | 5,264 |
Super Micro Computer, Inc.* | 1,300 | 41,158 |
Sykes Enterprises, Inc.* | 1,236 | 46,560 |
Tenable Holdings, Inc.* | 2,200 | 114,972 |
The ExOne Co.* | 500 | 4,745 |
TTEC Holdings, Inc. | 607 | 44,269 |
Unisys Corp.* | 1,924 | 37,864 |
Varonis Systems, Inc.* | 958 | 156,738 |
Virtusa Corp.* | 889 | 45,455 |
Vocera Communications, Inc.* | 1,000 | 41,530 |
1,655,970 | ||
Cosmetics & Personal Care — 0.2% | ||
Edgewell Personal Care Co. | 1,700 | 58,786 |
elf Beauty, Inc.* | 1,400 | 35,266 |
Inter Parfums, Inc. | 524 | 31,697 |
Revlon, Inc., Class A* | 270 | 3,207 |
128,956 | ||
Distribution & Wholesale — 1.1% | ||
A-Mark Precious Metals, Inc. | 200 | 5,130 |
Avient Corp. | 2,855 | 114,999 |
Core-Mark Holding Co., Inc. | 1,464 | 42,998 |
EVI Industries, Inc.* | 200 | 5,984 |
Fossil Group, Inc.* | 1,700 | 14,739 |
G-III Apparel Group Ltd.* | 1,508 | 35,800 |
H&E Equipment Services, Inc. | 1,059 | 31,569 |
KAR Auction Services, Inc. | 4,000 | 74,440 |
Resideo Technologies, Inc.* | 4,400 | 93,544 |
ScanSource, Inc.* | 881 | 23,241 |
SiteOne Landscape Supply, Inc.* | 1,356 | 215,102 |
Systemax, Inc. | 362 | 12,992 |
Titan Machinery, Inc.* | 523 | 10,225 |
Veritiv Corp.* | 500 | 10,395 |
VSE Corp. | 308 | 11,855 |
WESCO International, Inc.* | 1,547 | 121,439 |
824,452 | ||
Diversified Financial Services — 2.5% | ||
Altisource Portfolio Solutions S.A.* | 300 | 3,864 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Diversified Financial Services — (continued) | ||
Amerant Bancorp, Inc.* | 700 | $ 10,640 |
Artisan Partners Asset Management, Inc., Class A | 1,700 | 85,578 |
Assetmark Financial Holdings, Inc.* | 500 | 12,100 |
Associated Capital Group, Inc., Class A | 100 | 3,512 |
B Riley Financial, Inc. | 600 | 26,532 |
BGC Partners, Inc., Class A | 9,200 | 36,800 |
Blucora, Inc.* | 1,596 | 25,392 |
Boston Private Financial Holdings, Inc. | 2,758 | 23,305 |
Brightsphere Investment Group, Inc. | 1,900 | 36,632 |
Calamos Asset Management, Inc., Class A(1) | 469 | 0 |
Cohen & Steers, Inc. | 717 | 53,273 |
Columbia Financial, Inc.* | 1,500 | 23,340 |
Cowen, Inc., Class A | 747 | 19,415 |
Curo Group Holdings Corp. | 400 | 5,732 |
Diamond Hill Investment Group, Inc. | 107 | 15,972 |
Encore Capital Group, Inc.* | 997 | 38,833 |
Enova International, Inc.* | 1,113 | 27,569 |
EZCORP, Inc., Class A* | 1,766 | 8,459 |
Federal Agricultural Mortgage Corp., Class C | 300 | 22,275 |
Federated Hermes, Inc., Class B | 3,000 | 86,670 |
First Western Financial, Inc.* | 300 | 5,871 |
Focus Financial Partners, Inc., Class A* | 1,000 | 43,500 |
GAMCO Investors, Inc., Class A | 215 | 3,814 |
Greenhill & Co., Inc. | 500 | 6,070 |
Hamilton Lane, Inc., Class A | 1,000 | 78,050 |
Houlihan Lokey, Inc. | 1,593 | 107,097 |
I3 Verticals, Inc., Class A* | 500 | 16,600 |
International Money Express, Inc.* | 900 | 13,968 |
LendingClub Corp.* | 2,360 | 24,922 |
Marlin Business Services Corp. | 200 | 2,448 |
MMA Capital Holdings, Inc.* | 200 | 4,920 |
Moelis & Co., Class A | 1,700 | 79,492 |
Mr. Cooper Group, Inc.* | 2,392 | 74,224 |
Navient Corp. | 5,800 | 56,956 |
Nelnet, Inc., Class A | 499 | 35,549 |
Oportun Financial Corp.* | 700 | 13,559 |
Oppenheimer Holdings, Inc., Class A | 238 | 7,480 |
Paysign, Inc.* | 1,100 | 5,104 |
PennyMac Financial Services, Inc. | 1,300 | 85,306 |
Piper Sandler Cos. | 487 | 49,138 |
PJT Partners, Inc., Class A | 700 | 52,675 |
PRA Group, Inc.* | 1,448 | 57,428 |
PROG Holdings, Inc. | 2,100 | 113,127 |
Pzena Investment Management, Inc., Class A | 830 | 6,059 |
Regional Management Corp. | 300 | 8,958 |
Safeguard Scientifics, Inc.* | 850 | 5,423 |
Sculptor Capital Management, Inc. | 600 | 9,120 |
Silvercrest Asset Management Group, Inc., Class A | 400 | 5,556 |
Stifel Financial Corp. | 3,059 | 154,357 |
StoneX Group, Inc.* | 493 | 28,545 |
Number of Shares | Value† | |
Diversified Financial Services — (continued) | ||
Virtus Investment Partners, Inc. | 223 | $ 48,391 |
Waddell & Reed Financial, Inc., Class A | 2,000 | 50,940 |
Westwood Holdings Group, Inc. | 311 | 4,509 |
WisdomTree Investments, Inc. | 4,800 | 25,680 |
World Acceptance Corp.* | 163 | 16,662 |
1,867,391 | ||
Electric — 1.8% | ||
ALLETE, Inc. | 1,651 | 102,263 |
Ameresco, Inc., Class A* | 800 | 41,792 |
Atlantic Power Corp.* | 4,127 | 8,667 |
Avista Corp. | 2,039 | 81,846 |
Black Hills Corp. | 1,948 | 119,705 |
Brookfield Renewable Corp., Class A | 3,227 | 188,037 |
Clearway Energy, Inc., Class A | 1,100 | 32,505 |
Clearway Energy, Inc., Class C | 2,500 | 79,825 |
Evoqua Water Technologies Corp.* | 2,800 | 75,544 |
Genie Energy Ltd., Class B | 600 | 4,326 |
MGE Energy, Inc. | 1,142 | 79,974 |
NorthWestern Corp. | 1,580 | 92,130 |
Ormat Technologies, Inc. | 1,200 | 108,336 |
Otter Tail Corp. | 1,292 | 55,052 |
PNM Resources, Inc. | 2,510 | 121,810 |
Portland General Electric Co. | 2,756 | 117,874 |
Spark Energy, Inc., Class A | 400 | 3,828 |
Unitil Corp. | 463 | 20,497 |
1,334,011 | ||
Electrical Components & Equipment — 0.5% | ||
American Superconductor Corp.* | 600 | 14,052 |
Belden, Inc. | 1,455 | 60,965 |
Encore Wire Corp. | 671 | 40,642 |
EnerSys | 1,323 | 109,888 |
Graham Corp. | 266 | 4,038 |
Insteel Industries, Inc. | 691 | 15,389 |
nLight, Inc.* | 1,200 | 39,180 |
Novanta, Inc.* | 1,000 | 118,220 |
Orion Energy Systems, Inc.* | 700 | 6,909 |
Powell Industries, Inc. | 229 | 6,753 |
416,036 | ||
Electronics — 2.1% | ||
Advanced Energy Industries, Inc.* | 1,193 | 115,685 |
Akoustis Technologies, Inc.* | 1,100 | 13,453 |
Allied Motion Technologies, Inc. | 200 | 10,220 |
API Group Corp.* | 4,400 | 79,860 |
Applied Optoelectronics, Inc.* | 700 | 5,957 |
Atkore International Group, Inc.* | 1,500 | 61,665 |
Badger Meter, Inc. | 918 | 86,347 |
Bel Fuse, Inc., Class B | 269 | 4,043 |
Benchmark Electronics, Inc. | 1,213 | 32,763 |
Brady Corp., Class A | 1,457 | 76,959 |
Comtech Telecommunications Corp. | 852 | 17,628 |
CyberOptics Corp.* | 300 | 6,807 |
Digimarc Corp.* | 400 | 18,896 |
FARO Technologies, Inc.* | 520 | 36,728 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electronics — (continued) | ||
Fitbit, Inc., Class A* | 8,000 | $ 54,400 |
Fluidigm Corp.* | 2,500 | 15,000 |
GoPro, Inc., Class A* | 3,800 | 31,464 |
II-VI, Inc.* | 3,218 | 244,439 |
IntriCon Corp.* | 200 | 3,620 |
Itron, Inc.* | 1,200 | 115,080 |
Kimball Electronics, Inc.* | 933 | 14,919 |
Knowles Corp.* | 2,652 | 48,876 |
LENSAR, Inc.* | 236 | 1,711 |
Luna Innovations, Inc.* | 1,200 | 11,856 |
Mesa Laboratories, Inc. | 142 | 40,703 |
Napco Security Technologies, Inc.* | 300 | 7,866 |
NVE Corp. | 109 | 6,124 |
OSI Systems, Inc.* | 557 | 51,923 |
Plexus Corp.* | 903 | 70,624 |
Sanmina Corp.* | 2,026 | 64,609 |
SMART Global Holdings, Inc.* | 400 | 15,052 |
Stoneridge, Inc.* | 873 | 26,391 |
Transcat, Inc.* | 200 | 6,936 |
TTM Technologies, Inc.* | 3,129 | 43,164 |
Turtle Beach Corp.* | 500 | 10,775 |
Vicor Corp.* | 622 | 57,361 |
Vishay Intertechnology, Inc. | 4,100 | 84,911 |
Vishay Precision Group, Inc.* | 300 | 9,444 |
Wrap Technologies, Inc.* | 500 | 2,415 |
1,606,674 | ||
Energy-Alternate Sources — 1.5% | ||
Clean Energy Fuels Corp.* | 4,200 | 33,012 |
FuelCell Energy, Inc.* | 9,000 | 100,530 |
FutureFuel Corp. | 800 | 10,160 |
Green Plains, Inc.* | 1,167 | 15,369 |
Maxeon Solar Technologies Ltd.* | 287 | 8,142 |
Plug Power, Inc.* | 11,600 | 393,356 |
Renewable Energy Group, Inc.* | 1,200 | 84,984 |
REX American Resources Corp.* | 192 | 14,106 |
Sunnova Energy International, Inc.* | 1,600 | 72,208 |
SunPower Corp.* | 2,300 | 58,972 |
Sunrun, Inc.* | 4,680 | 324,699 |
TPI Composites, Inc.* | 1,000 | 52,780 |
1,168,318 | ||
Engineering & Construction — 1.8% | ||
Aegion Corp.* | 955 | 18,135 |
Arcosa, Inc. | 1,500 | 82,395 |
Comfort Systems USA, Inc. | 1,127 | 59,348 |
Concrete Pumping Holdings, Inc.* | 1,400 | 5,362 |
Construction Partners, Inc., Class A* | 900 | 26,199 |
Dycom Industries, Inc.* | 953 | 71,971 |
EMCOR Group, Inc. | 1,663 | 152,098 |
Exponent, Inc. | 1,580 | 142,247 |
Fluor Corp. | 4,300 | 68,671 |
Granite Construction, Inc. | 1,533 | 40,946 |
Great Lakes Dredge & Dock Corp.* | 1,951 | 25,695 |
IES Holdings, Inc.* | 200 | 9,208 |
Iteris, Inc.* | 1,200 | 6,780 |
Number of Shares | Value† | |
Engineering & Construction — (continued) | ||
KBR, Inc. | 4,400 | $ 136,092 |
MasTec, Inc.* | 1,764 | 120,270 |
Mistras Group, Inc.* | 600 | 4,656 |
MYR Group, Inc.* | 483 | 29,028 |
NV5 Global, Inc.* | 300 | 23,634 |
Primoris Services Corp. | 1,490 | 41,139 |
Sterling Construction Co.* | 1,000 | 18,610 |
TopBuild Corp.* | 1,039 | 191,259 |
Tutor Perini Corp.* | 1,397 | 18,091 |
WillScot Mobile Mini Holdings Corp.* | 4,952 | 114,738 |
1,406,572 | ||
Entertainment — 2.3% | ||
Accel Entertainment, Inc.* | 1,500 | 15,150 |
AMC Entertainment Holdings, Inc., Class A | 1,655 | 3,508 |
Bally's Corp. | 550 | 27,626 |
Caesars Entertainment, Inc.* | 5,600 | 415,912 |
Churchill Downs, Inc. | 1,197 | 233,164 |
Cinemark Holdings, Inc. | 3,300 | 57,453 |
Eros STX Global Corp.* | 6,400 | 11,648 |
Everi Holdings, Inc.* | 2,400 | 33,144 |
GAN Ltd.* | 800 | 16,224 |
Golden Entertainment, Inc.* | 600 | 11,934 |
IMAX Corp.* | 1,400 | 25,228 |
International Game Technology PLC | 3,000 | 50,820 |
Liberty Media Corp.-Liberty Braves, Class A* | 300 | 7,461 |
Liberty Media Corp.-Liberty Braves, Class C* | 1,200 | 29,856 |
Marriott Vacations Worldwide Corp. | 1,269 | 174,132 |
Monarch Casino & Resort, Inc.* | 385 | 23,570 |
Penn National Gaming, Inc.* | 4,832 | 417,340 |
RCI Hospitality Holdings, Inc. | 200 | 7,888 |
Red Rock Resorts, Inc., Class A | 2,100 | 52,584 |
Scientific Games Corp.* | 1,700 | 70,533 |
SeaWorld Entertainment, Inc.* | 1,600 | 50,544 |
1,735,719 | ||
Environmental Control — 0.6% | ||
Advanced Emissions Solutions, Inc. | 600 | 3,300 |
Casella Waste Systems, Inc., Class A* | 1,500 | 92,925 |
CECO Environmental Corp.* | 1,309 | 9,111 |
Covanta Holding Corp. | 3,600 | 47,268 |
Energy Recovery, Inc.* | 1,100 | 15,004 |
Harsco Corp.* | 2,500 | 44,950 |
Heritage-Crystal Clean, Inc.* | 400 | 8,428 |
Montrose Environmental Group, Inc.* | 300 | 9,288 |
Pure Cycle Corp.* | 800 | 8,984 |
Sharps Compliance Corp.* | 600 | 5,670 |
Tetra Tech, Inc. | 1,664 | 192,658 |
US Ecology, Inc. | 1,040 | 37,783 |
475,369 | ||
Food — 1.3% | ||
B&G Foods, Inc. | 2,072 | 57,457 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Food — (continued) | ||
BellRing Brands, Inc., Class A* | 1,300 | $ 31,603 |
Calavo Growers, Inc. | 551 | 38,256 |
Cal-Maine Foods, Inc.* | 1,046 | 39,267 |
Healthcare Services Group, Inc. | 2,280 | 64,068 |
HF Foods Group, Inc.* | 1,300 | 9,776 |
Hostess Brands, Inc.* | 4,000 | 58,560 |
Ingles Markets, Inc., Class A | 504 | 21,501 |
J & J Snack Foods Corp. | 485 | 75,354 |
John B Sanfilippo & Son, Inc. | 300 | 23,658 |
Lancaster Colony Corp. | 589 | 108,217 |
Landec Corp.* | 718 | 7,790 |
Nathan's Famous, Inc. | 100 | 5,522 |
Natural Grocers by Vitamin Cottage, Inc. | 400 | 5,496 |
Performance Food Group Co.* | 4,100 | 195,201 |
Sanderson Farms, Inc. | 624 | 82,493 |
Seneca Foods Corp., Class A* | 211 | 8,419 |
SpartanNash Co. | 1,130 | 19,673 |
The Chefs' Warehouse, Inc.* | 1,050 | 26,975 |
The Simply Good Foods Co.* | 2,600 | 81,536 |
Tootsie Roll Industries, Inc. | 534 | 15,860 |
United Natural Foods, Inc.* | 1,900 | 30,343 |
Village Super Market, Inc., Class A | 268 | 5,912 |
Weis Markets, Inc. | 366 | 17,498 |
1,030,435 | ||
Forest Products & Paper — 0.2% | ||
Clearwater Paper Corp.* | 578 | 21,820 |
Domtar Corp. | 1,700 | 53,805 |
Glatfelter Corp. | 1,359 | 22,260 |
Neenah, Inc. | 574 | 31,754 |
Schweitzer-Mauduit International, Inc. | 976 | 39,245 |
Verso Corp., Class A | 900 | 10,818 |
179,702 | ||
Gas — 0.9% | ||
Brookfield Infrastructure Corp., Class A | 1,000 | 72,300 |
Chesapeake Utilities Corp. | 535 | 57,892 |
New Jersey Resources Corp. | 2,964 | 105,370 |
Northwest Natural Holding Co. | 950 | 43,691 |
ONE Gas, Inc. | 1,600 | 122,832 |
RGC Resources, Inc. | 200 | 4,756 |
South Jersey Industries, Inc. | 3,080 | 66,374 |
Southwest Gas Holdings, Inc. | 1,744 | 105,948 |
Spire, Inc. | 1,556 | 99,646 |
678,809 | ||
Hand & Machine Tools — 0.3% | ||
Franklin Electric Co., Inc. | 1,470 | 101,739 |
Hurco Cos., Inc. | 200 | 6,000 |
Kennametal, Inc. | 2,600 | 94,224 |
Luxfer Holdings PLC | 1,000 | 16,420 |
218,383 | ||
Healthcare Products — 4.6% | ||
Accelerate Diagnostics, Inc.* | 951 | 7,209 |
Accuray, Inc.* | 2,738 | 11,417 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Acutus Medical, Inc.* | 300 | $ 8,643 |
Alpha Pro Tech Ltd.* | 500 | 5,575 |
Alphatec Holdings, Inc.* | 1,300 | 18,876 |
AngioDynamics, Inc.* | 1,158 | 17,752 |
Apyx Medical Corp.* | 1,400 | 10,080 |
Aspira Women's Health, Inc.* | 2,100 | 14,091 |
AtriCure, Inc.* | 1,400 | 77,938 |
Atrion Corp. | 44 | 28,259 |
Avanos Medical, Inc.* | 1,500 | 68,820 |
Axogen, Inc.* | 1,200 | 21,480 |
Axonics Modulation Technologies, Inc.* | 1,000 | 49,920 |
BioLife Solutions, Inc.* | 500 | 19,945 |
BioSig Technologies, Inc.* | 700 | 2,730 |
BioTelemetry, Inc.* | 1,000 | 72,080 |
Cantel Medical Corp. | 1,200 | 94,632 |
Cardiovascular Systems, Inc.* | 1,200 | 52,512 |
CareDx, Inc.* | 1,500 | 108,675 |
Castle Biosciences, Inc.* | 400 | 26,860 |
Cerus Corp.* | 5,300 | 36,676 |
Chembio Diagnostics, Inc.* | 1,100 | 5,225 |
Co-Diagnostics, Inc.* | 900 | 8,370 |
CONMED Corp. | 842 | 94,304 |
CryoLife, Inc.* | 1,199 | 28,308 |
Cutera, Inc.* | 500 | 12,055 |
CytoSorbents Corp.* | 1,100 | 8,767 |
Eargo, Inc.* | 300 | 13,446 |
Electromed, Inc.* | 300 | 2,943 |
FONAR Corp.* | 300 | 5,208 |
GenMark Diagnostics, Inc.* | 2,100 | 30,660 |
Glaukos Corp.* | 1,325 | 99,719 |
Hanger, Inc.* | 1,100 | 24,189 |
Inari Medical, Inc.* | 200 | 17,458 |
InfuSystem Holdings, Inc.* | 600 | 11,268 |
Inogen, Inc.* | 600 | 26,808 |
Inspire Medical Systems, Inc.* | 805 | 151,412 |
Integer Holdings Corp.* | 1,010 | 82,002 |
Intersect ENT, Inc.* | 900 | 20,610 |
Invacare Corp. | 1,190 | 10,651 |
iRadimed Corp.* | 200 | 4,560 |
iRhythm Technologies, Inc.* | 905 | 214,675 |
Lantheus Holdings, Inc.* | 2,306 | 31,108 |
LeMaitre Vascular, Inc. | 500 | 20,250 |
LivaNova PLC* | 1,500 | 99,315 |
Luminex Corp. | 1,353 | 31,281 |
Meridian Bioscience, Inc.* | 1,360 | 25,418 |
Merit Medical Systems, Inc.* | 1,675 | 92,979 |
Misonix, Inc.* | 300 | 3,750 |
NanoString Technologies, Inc.* | 1,400 | 93,632 |
Natera, Inc.* | 2,300 | 228,896 |
Natus Medical, Inc.* | 1,075 | 21,543 |
Neogen Corp.* | 1,669 | 132,352 |
Nevro Corp.* | 1,054 | 182,447 |
NuVasive, Inc.* | 1,606 | 90,466 |
Nymox Pharmaceutical Corp.* | 1,700 | 4,216 |
Omnicell, Inc.* | 1,335 | 160,227 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Healthcare Products — (continued) | ||
OraSure Technologies, Inc.* | 2,201 | $ 23,298 |
Orthofix Medical, Inc.* | 571 | 24,542 |
OrthoPediatrics Corp.* | 400 | 16,500 |
Patterson Cos., Inc. | 2,600 | 77,038 |
Pulmonx Corp.* | 400 | 27,608 |
Pulse Biosciences, Inc.* | 482 | 11,501 |
Quanterix Corp.* | 700 | 32,550 |
Quotient Ltd.* | 2,200 | 11,462 |
Repro-Med Systems, Inc.* | 1,000 | 6,020 |
Retractable Technologies, Inc.* | 600 | 6,444 |
SeaSpine Holdings Corp.* | 1,000 | 17,450 |
Shockwave Medical, Inc.* | 900 | 93,348 |
Sientra, Inc.* | 1,000 | 3,890 |
Silk Road Medical, Inc.* | 900 | 56,682 |
Soleno Therapeutics, Inc.* | 2,600 | 5,018 |
STAAR Surgical Co.* | 1,400 | 110,908 |
Stereotaxis, Inc.* | 1,700 | 8,653 |
Surgalign Holdings, Inc.* | 2,035 | 4,457 |
Surmodics, Inc.* | 473 | 20,585 |
Tactile Systems Technology, Inc.* | 600 | 26,964 |
Utah Medical Products, Inc. | 100 | 8,430 |
Varex Imaging Corp.* | 1,300 | 21,684 |
ViewRay, Inc.* | 4,100 | 15,662 |
Zynex, Inc.* | 600 | 8,076 |
3,483,458 | ||
Healthcare Services — 2.0% | ||
Accolade, Inc.* | 300 | 13,050 |
Addus HomeCare Corp.* | 400 | 46,836 |
American Renal Associates Holdings, Inc.* | 400 | 4,580 |
Brookdale Senior Living, Inc.* | 6,200 | 27,466 |
Cellular Biomedicine Group, Inc.* | 300 | 5,514 |
Community Health Systems, Inc.* | 2,500 | 18,575 |
Dyadic International, Inc.* | 800 | 4,304 |
Five Star Senior Living, Inc.* | 900 | 6,210 |
Fulgent Genetics, Inc.* | 300 | 15,630 |
Invitae Corp.* | 3,600 | 150,516 |
LHC Group, Inc.* | 954 | 203,507 |
Magellan Health, Inc.* | 741 | 61,384 |
MEDNAX, Inc.* | 2,300 | 56,442 |
Medpace Holdings, Inc.* | 800 | 111,360 |
National HealthCare Corp. | 406 | 26,962 |
Ontrak, Inc.* | 200 | 12,358 |
OPKO Health, Inc.* | 13,001 | 51,354 |
Personalis, Inc.* | 700 | 25,627 |
RadNet, Inc.* | 1,300 | 25,441 |
Select Medical Holdings Corp.* | 3,400 | 94,044 |
SI-BONE, Inc.* | 800 | 23,920 |
Surgery Partners, Inc.* | 700 | 20,307 |
Tenet Healthcare Corp.* | 3,300 | 131,769 |
The Ensign Group, Inc. | 1,580 | 115,214 |
The Joint Corp.* | 500 | 13,130 |
The Pennant Group, Inc.* | 840 | 48,770 |
The Providence Service Corp.* | 400 | 55,452 |
Number of Shares | Value† | |
Healthcare Services — (continued) | ||
Tivity Health, Inc.* | 1,489 | $ 29,170 |
Triple-S Management Corp., Class B* | 831 | 17,742 |
U.S. Physical Therapy, Inc. | 407 | 48,942 |
Vapotherm, Inc.* | 600 | 16,116 |
Viemed Healthcare, Inc.* | 1,300 | 10,088 |
1,491,780 | ||
Holding Companies — 0.0% | ||
Professional Holding Corp., Class A* | 367 | 5,663 |
Home Builders — 1.3% | ||
Beazer Homes USA, Inc.* | 924 | 13,999 |
Cavco Industries, Inc.* | 279 | 48,950 |
Century Communities, Inc.* | 900 | 39,402 |
Forestar Group, Inc.* | 460 | 9,283 |
Green Brick Partners, Inc.* | 600 | 13,776 |
Installed Building Products, Inc.* | 700 | 71,351 |
KB Home | 2,700 | 90,504 |
LCI Industries | 791 | 102,577 |
LGI Homes, Inc.* | 700 | 74,095 |
M/I Homes, Inc.* | 936 | 41,455 |
MDC Holdings, Inc. | 1,637 | 79,558 |
Meritage Homes Corp.* | 1,190 | 98,556 |
Skyline Corp.* | 1,600 | 49,504 |
Taylor Morrison Home Corp.* | 3,900 | 100,035 |
TRI Pointe Group, Inc.* | 3,800 | 65,550 |
Winnebago Industries, Inc. | 1,022 | 61,259 |
959,854 | ||
Home Furnishings — 0.5% | ||
Casper Sleep, Inc.* | 1,100 | 6,765 |
Daktronics, Inc. | 1,209 | 5,658 |
Ethan Allen Interiors, Inc. | 628 | 12,692 |
Hamilton Beach Brands Holding Co., Class A | 144 | 2,521 |
Herman Miller, Inc. | 1,932 | 65,302 |
Hooker Furniture Corp. | 300 | 9,675 |
iRobot Corp.* | 835 | 67,042 |
Purple Innovation, Inc.* | 400 | 13,176 |
Sleep Number Corp.* | 872 | 71,382 |
Sonos, Inc.* | 2,400 | 56,136 |
The Lovesac Co.* | 300 | 12,927 |
Universal Electronics, Inc.* | 400 | 20,984 |
VOXX International Corp.* | 500 | 6,380 |
350,640 | ||
Household Products & Wares — 0.5% | ||
ACCO Brands Corp. | 2,893 | 24,446 |
Central Garden & Pet Co.* | 300 | 11,583 |
Central Garden & Pet Co., Class A* | 1,302 | 47,302 |
Helen of Troy Ltd.* | 794 | 176,419 |
Quanex Building Products Corp. | 1,025 | 22,724 |
WD-40 Co. | 425 | 112,914 |
395,388 | ||
Housewares — 0.1% | ||
Lifetime Brands, Inc. | 400 | 6,080 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Housewares — (continued) | ||
Tupperware Brands Corp.* | 1,600 | $ 51,824 |
57,904 | ||
Insurance — 2.6% | ||
Ambac Financial Group, Inc.* | 1,500 | 23,070 |
American Equity Investment Life Holding Co. | 2,776 | 76,784 |
AMERISAFE, Inc. | 608 | 34,917 |
Argo Group International Holdings Ltd. | 1,032 | 45,098 |
BRP Group, Inc., Class A* | 1,300 | 38,961 |
Citizens, Inc.* | 1,466 | 8,400 |
CNO Financial Group, Inc. | 4,393 | 97,656 |
Crawford & Co., Class A | 700 | 5,173 |
Donegal Group, Inc., Class A | 283 | 3,982 |
eHealth, Inc.* | 820 | 57,900 |
Employers Holdings, Inc. | 982 | 31,611 |
Enstar Group Ltd.* | 366 | 74,990 |
Essent Group Ltd. | 3,500 | 151,200 |
FBL Financial Group, Inc., Class A | 327 | 17,171 |
FedNat Holding Co. | 500 | 2,960 |
Genworth Financial, Inc., Class A* | 15,500 | 58,590 |
Goosehead Insurance, Inc., Class A | 400 | 49,904 |
Greenlight Capital Re Ltd., Class A* | 1,128 | 8,246 |
HCI Group, Inc. | 200 | 10,460 |
Heritage Insurance Holdings, Inc. | 800 | 8,104 |
Horace Mann Educators Corp. | 1,280 | 53,811 |
Independence Holding Co. | 100 | 4,100 |
Investors Title Co. | 39 | 5,967 |
James River Group Holdings Ltd. | 1,000 | 49,150 |
Kinsale Capital Group, Inc. | 663 | 132,686 |
MBIA, Inc.* | 1,200 | 7,896 |
National General Holdings Corp. | 2,100 | 71,778 |
National Western Life Group, Inc., Class A | 74 | 15,277 |
NI Holdings, Inc.* | 200 | 3,284 |
NMI Holdings, Inc., Class A* | 2,500 | 56,625 |
Palomar Holdings, Inc.* | 600 | 53,304 |
ProAssurance Corp. | 1,600 | 28,464 |
ProSight Global, Inc.* | 400 | 5,132 |
Protective Insurance Corp., Class B | 325 | 4,456 |
Radian Group, Inc. | 6,003 | 121,561 |
RLI Corp. | 1,236 | 128,729 |
Safety Insurance Group, Inc. | 482 | 37,548 |
Selective Insurance Group, Inc. | 1,875 | 125,587 |
Selectquote, Inc.* | 1,000 | 20,750 |
State Auto Financial Corp. | 576 | 10,218 |
Stewart Information Services Corp. | 808 | 39,075 |
Third Point Reinsurance Ltd.* | 2,400 | 22,848 |
Tiptree, Inc. | 1,100 | 5,522 |
Trean Insurance Group, Inc.* | 500 | 6,550 |
Trupanion, Inc.* | 900 | 107,739 |
United Fire Group, Inc. | 680 | 17,068 |
United Insurance Holdings Corp. | 800 | 4,576 |
Universal Insurance Holdings, Inc. | 1,051 | 15,881 |
Number of Shares | Value† | |
Insurance — (continued) | ||
Watford Holdings Ltd.* | 500 | $ 17,300 |
1,978,059 | ||
Internet — 2.2% | ||
1-800-Flowers.com, Inc., Class A* | 737 | 19,162 |
Boingo Wireless, Inc.* | 1,400 | 17,808 |
Cargurus, Inc.* | 2,700 | 85,671 |
CarParts.com, Inc.* | 800 | 9,912 |
Cars.com, Inc.* | 2,300 | 25,990 |
ChannelAdvisor Corp.* | 900 | 14,382 |
Cogent Communications Holdings, Inc. | 1,319 | 78,969 |
comScore, Inc.* | 1,900 | 4,731 |
DHI Group, Inc.* | 2,100 | 4,662 |
Endurance International Group Holdings, Inc.* | 2,000 | 18,900 |
ePlus, Inc.* | 430 | 37,819 |
Eventbrite, Inc., Class A* | 2,000 | 36,200 |
EverQuote, Inc., Class A* | 500 | 18,675 |
Groupon, Inc.* | 750 | 28,496 |
HealthStream, Inc.* | 900 | 19,656 |
Lands' End, Inc.* | 300 | 6,471 |
Limelight Networks, Inc.* | 4,172 | 16,646 |
Liquidity Services, Inc.* | 1,035 | 16,467 |
LiveXLive Media, Inc.* | 1,500 | 4,920 |
Magnite, Inc.* | 3,206 | 98,456 |
MediaAlpha, Inc., Class A* | 300 | 11,721 |
Mimecast Ltd.* | 1,800 | 102,312 |
NIC, Inc. | 2,129 | 54,992 |
Overstock.com, Inc.* | 1,300 | 62,361 |
Perficient, Inc.* | 1,045 | 49,794 |
Q2 Holdings, Inc.* | 1,600 | 202,448 |
QuinStreet, Inc.* | 1,615 | 34,626 |
Shutterstock, Inc. | 700 | 50,190 |
Stamps.com, Inc.* | 529 | 103,785 |
Stitch Fix, Inc., Class A* | 1,800 | 105,696 |
TechTarget, Inc.* | 800 | 47,288 |
The RealReal, Inc.* | 1,900 | 37,126 |
TrueCar, Inc.* | 3,500 | 14,700 |
Tucows, Inc., Class A* | 300 | 22,167 |
Upwork, Inc.* | 2,900 | 100,108 |
VirnetX Holding Corp. | 2,283 | 11,506 |
Yelp, Inc.* | 2,300 | 75,141 |
Zix Corp.* | 1,848 | 15,948 |
1,665,902 | ||
Investment Companies — 0.2% | ||
Cannae Holdings, Inc.* | 2,700 | 119,529 |
Grid Dynamics Holdings, Inc.* | 900 | 11,340 |
PDL Community Bancorp* | 400 | 4,204 |
Rafael Holdings, Inc., Class B* | 400 | 9,328 |
StepStone Group, Inc., Class A* | 600 | 23,880 |
168,281 | ||
Iron & Steel — 0.7% | ||
Allegheny Technologies, Inc.* | 4,100 | 68,757 |
Carpenter Technology Corp. | 1,500 | 43,680 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Iron & Steel — (continued) | ||
Cleveland-Cliffs, Inc. | 12,380 | $ 180,253 |
Commercial Metals Co. | 3,600 | 73,944 |
Schnitzer Steel Industries, Inc., Class A | 900 | 28,719 |
United States Steel Corp. | 6,800 | 114,036 |
509,389 | ||
Leisure Time — 0.6% | ||
Acushnet Holdings Corp. | 1,100 | 44,594 |
Callaway Golf Co. | 2,846 | 68,332 |
Camping World Holdings, Inc., Class A | 1,000 | 26,050 |
Clarus Corp. | 702 | 10,811 |
Escalade, Inc. | 200 | 4,234 |
Johnson Outdoors, Inc., Class A | 168 | 18,922 |
Liberty TripAdvisor Holdings, Inc., Class A* | 2,400 | 10,416 |
Lindblad Expeditions Holdings, Inc.* | 700 | 11,984 |
Malibu Boats, Inc., Class A* | 600 | 37,464 |
Marine Products Corp. | 88 | 1,280 |
MasterCraft Boat Holdings, Inc.* | 500 | 12,420 |
Nautilus, Inc.* | 900 | 16,326 |
OneSpaWorld Holdings Ltd. | 1,600 | 16,224 |
OneWater Marine, Inc., Class A* | 200 | 5,818 |
Vista Outdoor, Inc.* | 1,700 | 40,392 |
YETI Holdings, Inc.* | 2,500 | 171,175 |
496,442 | ||
Lodging — 0.3% | ||
Bluegreen Vacations Corp. | 400 | 3,176 |
Bluegreen Vacations Holding Corp. | 500 | 6,765 |
Boyd Gaming Corp.* | 2,566 | 110,133 |
Century Casinos, Inc.* | 1,100 | 7,029 |
Hilton Grand Vacations, Inc.* | 2,600 | 81,510 |
Target Hospitality Corp.* | 1,300 | 2,054 |
The Marcus Corp. | 733 | 9,881 |
220,548 | ||
Machinery — Construction & Mining — 0.3% | ||
Argan, Inc. | 436 | 19,398 |
Astec Industries, Inc. | 698 | 40,400 |
Bloom Energy Corp., Class A* | 2,700 | 77,382 |
Hyster-Yale Materials Handling, Inc. | 344 | 20,485 |
Terex Corp. | 2,100 | 73,269 |
The Manitowoc Co., Inc.* | 1,025 | 13,643 |
244,577 | ||
Machinery — Diversified — 1.4% | ||
Alamo Group, Inc. | 317 | 43,730 |
Altra Industrial Motion Corp. | 2,003 | 111,026 |
Applied Industrial Technologies, Inc. | 1,182 | 92,184 |
Cactus, Inc., Class A | 1,600 | 41,712 |
Chart Industries, Inc.* | 1,077 | 126,860 |
CIRCOR International, Inc.* | 635 | 24,409 |
Columbus McKinnon Corp. | 785 | 30,176 |
CSW Industrials, Inc. | 400 | 44,764 |
DXP Enterprises, Inc.* | 522 | 11,604 |
Eastman Kodak Co.* | 800 | 6,512 |
Gencor Industries, Inc.* | 500 | 6,150 |
Number of Shares | Value† | |
Machinery — Diversified — (continued) | ||
Ichor Holdings Ltd.* | 700 | $ 21,102 |
Intevac, Inc.* | 1,000 | 7,210 |
Kadant, Inc. | 347 | 48,920 |
Lindsay Corp. | 355 | 45,603 |
Mueller Water Products, Inc., Class A | 4,692 | 58,087 |
NN, Inc.* | 1,600 | 10,512 |
Ranpak Holdings Corp.* | 1,100 | 14,784 |
SPX FLOW, Inc.* | 1,300 | 75,348 |
Tennant Co. | 536 | 37,611 |
The Gorman-Rupp Co. | 551 | 17,880 |
Watts Water Technologies, Inc., Class A | 851 | 103,567 |
Welbilt, Inc.* | 4,200 | 55,440 |
1,035,191 | ||
Media — 0.6% | ||
AMC Networks, Inc., Class A* | 800 | 28,616 |
Entercom Communications Corp., Class A | 4,100 | 10,127 |
Entravision Communications Corp., Class A | 2,800 | 7,700 |
Gannett Co., Inc.* | 4,253 | 14,290 |
Gray Television, Inc.* | 2,900 | 51,881 |
Hemisphere Media Group, Inc.* | 400 | 4,144 |
Houghton Mifflin Harcourt Co.* | 3,100 | 10,323 |
iHeartMedia, Inc., Class A* | 2,100 | 27,258 |
Liberty Latin America Ltd., Class A* | 1,400 | 15,582 |
Liberty Latin America Ltd., Class C* | 4,752 | 52,700 |
Meredith Corp. | 1,200 | 23,040 |
MSG Networks, Inc., Class A* | 800 | 11,792 |
Saga Communications, Inc., Class A | 133 | 3,195 |
Scholastic Corp. | 956 | 23,900 |
Sinclair Broadcast Group, Inc., Class A | 1,400 | 44,590 |
TEGNA, Inc. | 6,700 | 93,465 |
The E.W. Scripps Co., Class A | 1,929 | 29,494 |
Tribune Publishing Co. | 700 | 9,590 |
WideOpenWest, Inc.* | 1,400 | 14,938 |
476,625 | ||
Metal Fabricate/Hardware — 1.1% | ||
Advanced Drainage Systems, Inc. | 1,700 | 142,086 |
AZZ, Inc. | 876 | 41,557 |
Helios Technologies, Inc. | 959 | 51,105 |
L.B. Foster Co., Class A* | 400 | 6,020 |
Lawson Products, Inc.* | 100 | 5,091 |
Mueller Industries, Inc. | 1,688 | 59,266 |
Northwest Pipe Co.* | 300 | 8,490 |
Olympic Steel, Inc. | 231 | 3,079 |
Omega Flex, Inc. | 59 | 8,614 |
Park-Ohio Holdings Corp. | 200 | 6,180 |
Proto Labs, Inc.* | 835 | 128,089 |
RBC Bearings, Inc.* | 770 | 137,861 |
Rexnord Corp. | 3,800 | 150,062 |
Ryerson Holding Corp.* | 400 | 5,456 |
The Eastern Co. | 100 | 2,410 |
TimkenSteel Corp.* | 1,400 | 6,538 |
Tredegar Corp. | 761 | 12,709 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Metal Fabricate/Hardware — (continued) | ||
Worthington Industries, Inc. | 1,184 | $ 60,786 |
835,399 | ||
Mining — 1.0% | ||
Alcoa Corp.* | 5,800 | 133,690 |
Arconic Corp.* | 3,100 | 92,380 |
Caledonia Mining Corp. PLC | 300 | 4,764 |
Century Aluminum Co.* | 1,754 | 19,347 |
Coeur Mining, Inc.* | 7,328 | 75,845 |
Compass Minerals International, Inc. | 1,000 | 61,720 |
Energy Fuels, Inc.* | 3,500 | 14,910 |
Ferroglobe Representation & Warranty Insurance Trust Units(1) | 2,414 | 0 |
Fortitude Gold Corp.* | 685 | 719 |
Gatos Silver, Inc.* | 700 | 9,121 |
Gold Resource Corp. | 2,400 | 6,984 |
Hecla Mining Co. | 15,991 | 103,622 |
Kaiser Aluminum Corp. | 516 | 51,032 |
Livent Corp.* | 4,500 | 84,780 |
Novagold Resources, Inc.* | 7,300 | 70,591 |
United States Lime & Minerals, Inc. | 29 | 3,306 |
Uranium Energy Corp.* | 5,300 | 9,328 |
742,139 | ||
Miscellaneous Manufacturing — 1.1% | ||
American Outdoor Brands, Inc.* | 469 | 7,987 |
Chase Corp. | 251 | 25,354 |
Enerpac Tool Group Corp. | 1,706 | 38,573 |
EnPro Industries, Inc. | 617 | 46,596 |
ESCO Technologies, Inc. | 734 | 75,763 |
Fabrinet* | 1,100 | 85,349 |
Federal Signal Corp. | 1,943 | 64,449 |
Haynes International, Inc. | 364 | 8,678 |
Hillenbrand, Inc. | 2,244 | 89,311 |
John Bean Technologies Corp. | 976 | 111,137 |
Lydall, Inc.* | 600 | 18,018 |
Materion Corp. | 657 | 41,864 |
Myers Industries, Inc. | 1,125 | 23,378 |
NL Industries, Inc. | 90 | 430 |
Raven Industries, Inc. | 1,146 | 37,921 |
Smith & Wesson Brands, Inc. | 1,879 | 33,352 |
Standex International Corp. | 400 | 31,008 |
Sturm Ruger & Co., Inc. | 519 | 33,771 |
Trinseo S.A. | 1,200 | 61,452 |
834,391 | ||
Office & Business Equipment — 0.0% | ||
Pitney Bowes, Inc. | 5,500 | 33,880 |
Office Furnishings — 0.2% | ||
HNI Corp. | 1,243 | 42,834 |
Interface, Inc. | 1,995 | 20,947 |
Kimball International, Inc., Class B | 1,244 | 14,866 |
Knoll, Inc. | 1,553 | 22,798 |
Steelcase, Inc., Class A | 2,831 | 38,360 |
139,805 |
Number of Shares | Value† | |
Oil & Gas — 1.2% | ||
Antero Resources Corp.* | 7,200 | $ 39,240 |
Berry Corp. | 2,100 | 7,728 |
Bonanza Creek Energy, Inc.* | 700 | 13,531 |
Brigham Minerals, Inc., Class A | 1,100 | 12,089 |
CNX Resources Corp.* | 6,800 | 73,440 |
Cobalt International Energy, Inc.(1) | 1 | 0 |
Comstock Resources, Inc.* | 800 | 3,496 |
Contango Oil & Gas Co.* | 3,400 | 7,786 |
CVR Energy, Inc. | 1,000 | 14,900 |
Delek US Holdings, Inc. | 1,779 | 28,589 |
Earthstone Energy, Inc., Class A* | 700 | 3,731 |
Evolution Petroleum Corp. | 1,200 | 3,420 |
Falcon Minerals Corp. | 1,500 | 4,725 |
Goodrich Petroleum Corp.* | 500 | 5,045 |
Kosmos Energy Ltd. | 11,600 | 27,260 |
Magnolia Oil & Gas Corp., Class A* | 3,600 | 25,416 |
Matador Resources Co.* | 3,500 | 42,210 |
Murphy USA, Inc. | 859 | 112,417 |
Nabors Industries Ltd. | 218 | 12,694 |
Ovintiv, Inc. | 8,200 | 117,752 |
Par Pacific Holdings, Inc.* | 1,218 | 17,028 |
Patterson-UTI Energy, Inc. | 5,600 | 29,456 |
PBF Energy, Inc., Class A | 3,400 | 24,140 |
PDC Energy, Inc.* | 3,055 | 62,719 |
Penn Virginia Corp.* | 400 | 4,060 |
Range Resources Corp.* | 6,800 | 45,560 |
SM Energy Co. | 3,700 | 22,644 |
Southwestern Energy Co.* | 19,552 | 58,265 |
Talos Energy, Inc.* | 600 | 4,944 |
Tellurian, Inc.* | 3,400 | 4,352 |
Transocean Ltd.* | 17,600 | 40,656 |
Trecora Resources* | 1,000 | 6,990 |
W&T Offshore, Inc.* | 3,543 | 7,688 |
Whiting Petroleum Corp.* | 52 | 1,300 |
885,271 | ||
Oil & Gas Services — 0.6% | ||
Archrock, Inc. | 4,200 | 36,372 |
ChampionX Corp.* | 5,700 | 87,210 |
DMC Global, Inc. | 500 | 21,625 |
Dril-Quip, Inc.* | 1,200 | 35,544 |
Exterran Corp.* | 1,000 | 4,420 |
Frank's International N.V.* | 4,000 | 10,960 |
Helix Energy Solutions Group, Inc.* | 4,501 | 18,904 |
Liberty Oilfield Services, Inc., Class A | 2,000 | 20,620 |
Matrix Service Co.* | 987 | 10,877 |
MRC Global, Inc.* | 2,400 | 15,912 |
National Energy Services Reunited Corp.* | 500 | 4,965 |
Newpark Resources, Inc.* | 2,712 | 5,207 |
NexTier Oilfield Solutions, Inc.* | 4,991 | 17,169 |
NOW, Inc.* | 3,600 | 25,848 |
Oceaneering International, Inc.* | 3,300 | 26,235 |
Oil States International, Inc.* | 2,000 | 10,040 |
ProPetro Holding Corp.* | 2,800 | 20,692 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas Services — (continued) | ||
RPC, Inc.* | 2,200 | $ 6,930 |
Select Energy Services, Inc., Class A* | 2,100 | 8,610 |
Solaris Oilfield Infrastructure, Inc., Class A | 1,100 | 8,954 |
Thermon Group Holdings, Inc.* | 1,100 | 17,193 |
US Silica Holdings, Inc. | 2,600 | 18,252 |
432,539 | ||
Packaging and Containers — 0.3% | ||
Greif, Inc., Class A | 800 | 37,504 |
Greif, Inc., Class B | 200 | 9,676 |
Matthews International Corp., Class A | 1,005 | 29,547 |
O-I Glass, Inc. | 4,800 | 57,120 |
Pactiv Evergreen, Inc.* | 1,200 | 21,768 |
TriMas Corp.* | 1,295 | 41,013 |
UFP Technologies, Inc.* | 200 | 9,320 |
205,948 | ||
Pharmaceuticals — 3.0% | ||
89bio, Inc.* | 100 | 2,437 |
AcelRx Pharmaceuticals, Inc.* | 3,300 | 4,092 |
AdaptHealth Corp.* | 800 | 30,048 |
Aeglea BioTherapeutics, Inc.* | 1,500 | 11,805 |
Aerie Pharmaceuticals, Inc.* | 1,100 | 14,861 |
Agile Therapeutics, Inc.* | 2,700 | 7,749 |
Akebia Therapeutics, Inc.* | 4,510 | 12,628 |
Alector, Inc.* | 1,600 | 24,208 |
Allovir, Inc.* | 500 | 19,220 |
Amneal Pharmaceuticals, Inc.* | 2,937 | 13,422 |
Amphastar Pharmaceuticals, Inc.* | 1,100 | 22,121 |
Anika Therapeutics, Inc.* | 400 | 18,104 |
Antares Pharma, Inc.* | 5,600 | 22,344 |
Aquestive Therapeutics, Inc.* | 900 | 4,815 |
Arvinas, Inc.* | 1,100 | 93,423 |
Athenex, Inc.* | 1,900 | 21,014 |
Beyond Air, Inc.* | 600 | 3,162 |
Beyondspring, Inc.* | 400 | 4,880 |
BioDelivery Sciences International, Inc.* | 3,100 | 13,020 |
Bioxcel Therapeutics, Inc.* | 400 | 18,480 |
Calyxt, Inc.* | 300 | 1,266 |
Cassava Sciences, Inc.* | 900 | 6,138 |
Catalyst Biosciences, Inc.* | 800 | 5,048 |
Catalyst Pharmaceuticals, Inc.* | 2,800 | 9,352 |
Checkpoint Therapeutics, Inc.* | 2,500 | 6,625 |
Chiasma, Inc.* | 1,100 | 4,785 |
Chimerix, Inc.* | 1,700 | 8,211 |
Cidara Therapeutics, Inc.* | 1,400 | 2,800 |
Clovis Oncology, Inc.* | 2,600 | 12,480 |
Coherus Biosciences, Inc.* | 2,000 | 34,760 |
Collegium Pharmaceutical, Inc.* | 1,000 | 20,030 |
Concert Pharmaceuticals, Inc.* | 900 | 11,376 |
Corbus Pharmaceuticals Holdings, Inc.* | 2,500 | 3,125 |
Corcept Therapeutics, Inc.* | 3,000 | 78,480 |
CorMedix, Inc.* | 1,000 | 7,430 |
Covetrus, Inc.* | 3,600 | 103,464 |
Cyclerion Therapeutics, Inc.* | 976 | 2,987 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
Cytokinetics, Inc.* | 2,200 | $ 45,716 |
Durect Corp.* | 7,200 | 14,904 |
Eagle Pharmaceuticals, Inc.* | 300 | 13,971 |
Eidos Therapeutics, Inc.* | 300 | 39,474 |
Eloxx Pharmaceuticals, Inc.* | 800 | 3,184 |
Enanta Pharmaceuticals, Inc.* | 600 | 25,260 |
Endo International PLC* | 6,700 | 48,106 |
Eton Pharmaceuticals, Inc.* | 700 | 5,691 |
Evofem Biosciences, Inc.* | 1,161 | 2,798 |
Fennec Pharmaceuticals, Inc.* | 900 | 6,705 |
Flexion Therapeutics, Inc.* | 1,200 | 13,848 |
Fortress Biotech, Inc.* | 2,400 | 7,608 |
Fulcrum Therapeutics, Inc.* | 400 | 4,684 |
G1 Therapeutics, Inc.* | 1,200 | 21,588 |
Galectin Therapeutics, Inc.* | 1,400 | 3,136 |
Gritstone Oncology, Inc.* | 1,000 | 3,940 |
Harmony Biosciences Holdings, Inc.* | 200 | 7,230 |
Harpoon Therapeutics, Inc.* | 200 | 3,322 |
Harrow Health, Inc.* | 1,000 | 6,860 |
Heron Therapeutics, Inc.* | 2,700 | 57,146 |
Heska Corp.* | 216 | 31,460 |
Hookipa Pharma, Inc.* | 500 | 5,545 |
Ideaya Biosciences, Inc.* | 500 | 7,000 |
IMARA, Inc.* | 200 | 4,410 |
Intellia Therapeutics, Inc.* | 1,500 | 81,600 |
Ironwood Pharmaceuticals, Inc.* | 4,861 | 55,367 |
Jounce Therapeutics, Inc.* | 400 | 2,800 |
Kadmon Holdings, Inc.* | 5,800 | 24,070 |
Kala Pharmaceuticals, Inc.* | 1,400 | 9,492 |
KalVista Pharmaceuticals, Inc.* | 500 | 9,495 |
Kura Oncology, Inc.* | 1,900 | 62,054 |
La Jolla Pharmaceutical Co.* | 700 | 2,716 |
Lannett Co., Inc.* | 997 | 6,500 |
Lifevantage Corp.* | 600 | 5,592 |
Madrigal Pharmaceuticals, Inc.* | 267 | 29,682 |
MannKind Corp.* | 7,801 | 24,417 |
Marinus Pharmaceuticals, Inc.* | 875 | 10,675 |
MediciNova, Inc.* | 1,400 | 7,364 |
Minerva Neurosciences, Inc.* | 800 | 1,872 |
Mirum Pharmaceuticals, Inc.* | 100 | 1,746 |
Morphic Holding, Inc.* | 500 | 16,775 |
Nature's Sunshine Products, Inc.* | 200 | 2,990 |
Neoleukin Therapeutics, Inc.* | 1,100 | 15,510 |
NeuBase Therapeutics, Inc.* | 700 | 4,893 |
Ocular Therapeutix, Inc.* | 2,100 | 43,470 |
Odonate Therapeutics, Inc.* | 400 | 7,680 |
Optinose, Inc.* | 1,200 | 4,968 |
Option Care Health, Inc.* | 1,502 | 23,491 |
ORIC Pharmaceuticals, Inc.* | 700 | 23,695 |
Owens & Minor, Inc. | 2,276 | 61,566 |
Pacira BioSciences, Inc.* | 1,300 | 77,792 |
Paratek Pharmaceuticals, Inc.* | 1,800 | 11,268 |
Passage Bio, Inc.* | 800 | 20,456 |
PetIQ, Inc.* | 700 | 26,915 |
PhaseBio Pharmaceuticals, Inc.* | 600 | 2,016 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — (continued) | ||
Phibro Animal Health Corp., Class A | 700 | $ 13,594 |
PMV Pharmaceuticals, Inc.* | 400 | 24,604 |
Prestige Consumer Healthcare, Inc.* | 1,472 | 51,329 |
Protagonist Therapeutics, Inc.* | 1,000 | 20,160 |
Recro Pharma, Inc.* | 500 | 1,425 |
Relmada Therapeutics, Inc.* | 500 | 16,035 |
Revance Therapeutics, Inc.* | 2,000 | 56,680 |
Rhythm Pharmaceuticals, Inc.* | 1,100 | 32,703 |
Rockwell Medical, Inc.* | 1,800 | 1,818 |
Seres Therapeutics, Inc.* | 1,700 | 41,650 |
SIGA Technologies, Inc.* | 2,000 | 14,540 |
Spectrum Pharmaceuticals, Inc.* | 5,014 | 17,098 |
Spero Therapeutics, Inc.* | 460 | 8,919 |
Supernus Pharmaceuticals, Inc.* | 1,500 | 37,740 |
Syros Pharmaceuticals, Inc.* | 1,400 | 15,190 |
TherapeuticsMD, Inc.* | 7,200 | 8,712 |
Tricida, Inc.* | 1,000 | 7,050 |
UroGen Pharma Ltd.* | 700 | 12,614 |
USANA Health Sciences, Inc.* | 348 | 26,831 |
Vanda Pharmaceuticals, Inc.* | 1,841 | 24,191 |
Vaxcyte, Inc.* | 600 | 15,942 |
Verrica Pharmaceuticals, Inc.* | 600 | 6,906 |
Voyager Therapeutics, Inc.* | 900 | 6,435 |
Xeris Pharmaceuticals, Inc.* | 800 | 3,936 |
Zogenix, Inc.* | 1,875 | 37,481 |
2,246,286 | ||
Real Estate — 0.9% | ||
Cushman & Wakefield PLC* | 3,400 | 50,422 |
eXp World Holdings, Inc.* | 800 | 50,496 |
Fathom Holdings, Inc.* | 100 | 3,604 |
FRP Holdings, Inc.* | 269 | 12,253 |
Indus Realty Trust, Inc.* | 100 | 6,250 |
Kennedy-Wilson Holdings, Inc. | 3,681 | 65,853 |
Legacy Housing Corp.* | 300 | 4,533 |
Marcus & Millichap, Inc.* | 800 | 29,784 |
Maui Land & Pineapple Co., Inc.* | 400 | 4,612 |
McGrath RentCorp | 753 | 50,526 |
Newmark Group, Inc., Class A | 4,700 | 34,263 |
RE/MAX Holdings, Inc., Class A | 600 | 21,798 |
Realogy Holdings Corp.* | 3,500 | 45,920 |
Redfin Corp.* | 3,100 | 212,753 |
Stratus Properties, Inc.* | 100 | 2,550 |
The RMR Group, Inc., Class A | 467 | 18,036 |
The St. Joe Co. | 1,000 | 42,450 |
656,103 | ||
Retail — 5.1% | ||
Abercrombie & Fitch Co., Class A | 1,900 | 38,684 |
Academy Sports & Outdoors, Inc.* | 600 | 12,438 |
American Eagle Outfitters, Inc. | 4,700 | 94,329 |
America's Car-Mart, Inc.* | 180 | 19,771 |
Asbury Automotive Group, Inc.* | 596 | 86,861 |
Aspen Aerogels, Inc.* | 600 | 10,014 |
At Home Group, Inc.* | 1,700 | 26,282 |
Beacon Roofing Supply, Inc.* | 1,781 | 71,578 |
Number of Shares | Value† | |
Retail — (continued) | ||
Bed Bath & Beyond, Inc. | 3,900 | $ 69,264 |
Big Lots, Inc. | 1,300 | 55,809 |
Biglari Holdings, Inc., Class B* | 40 | 4,448 |
BJ's Restaurants, Inc.* | 620 | 23,864 |
BJ's Wholesale Club Holdings, Inc.* | 4,300 | 160,304 |
Bloomin' Brands, Inc. | 2,900 | 56,318 |
BMC Stock Holdings, Inc.* | 2,100 | 112,728 |
Boot Barn Holdings, Inc.* | 900 | 39,024 |
Brinker International, Inc. | 1,400 | 79,198 |
Caleres, Inc. | 1,354 | 21,190 |
Carrols Restaurant Group, Inc.* | 1,113 | 6,990 |
Chico's FAS, Inc. | 4,000 | 6,360 |
Chuy's Holdings, Inc.* | 600 | 15,894 |
Citi Trends, Inc. | 303 | 15,053 |
Conn's, Inc.* | 704 | 8,230 |
Cracker Barrel Old Country Store, Inc. | 737 | 97,225 |
Dave & Buster's Entertainment, Inc. | 1,400 | 42,028 |
Del Taco Restaurants, Inc.* | 1,100 | 9,966 |
Denny's Corp.* | 1,952 | 28,655 |
Designer Brands, Inc., Class A | 1,900 | 14,535 |
Dillard's, Inc., Class A | 200 | 12,610 |
Dine Brands Global, Inc. | 471 | 27,318 |
Duluth Holdings, Inc., Class B* | 200 | 2,112 |
El Pollo Loco Holdings, Inc.* | 600 | 10,860 |
Express, Inc.* | 1,654 | 1,505 |
Fiesta Restaurant Group, Inc.* | 413 | 4,708 |
FirstCash, Inc. | 1,239 | 86,780 |
Foundation Building Materials, Inc.* | 800 | 15,368 |
Freshpet, Inc.* | 1,213 | 172,234 |
Gaia, Inc.* | 400 | 3,952 |
GameStop Corp., Class A* | 1,800 | 33,912 |
Genesco, Inc.* | 495 | 14,895 |
GMS, Inc.* | 1,400 | 42,672 |
Group 1 Automotive, Inc. | 535 | 70,160 |
GrowGeneration Corp.* | 1,100 | 44,242 |
Guess?, Inc. | 1,100 | 24,882 |
Haverty Furniture Cos., Inc. | 550 | 15,219 |
Hibbett Sports, Inc.* | 555 | 25,630 |
Jack in the Box, Inc. | 714 | 66,259 |
La-Z-Boy, Inc. | 1,362 | 54,262 |
Lithia Motors, Inc., Class A | 802 | 234,721 |
Lumber Liquidators Holdings, Inc.* | 833 | 25,606 |
Macy's, Inc. | 9,700 | 109,125 |
MarineMax, Inc.* | 700 | 24,521 |
Movado Group, Inc.* | 460 | 7,645 |
National Vision Holdings, Inc.* | 2,500 | 113,225 |
Noodles & Co.* | 1,200 | 9,480 |
OptimizeRx Corp.* | 500 | 15,580 |
Papa John's International, Inc. | 1,010 | 85,699 |
PC Connection, Inc.* | 365 | 17,261 |
PetMed Express, Inc. | 613 | 19,653 |
PriceSmart, Inc. | 731 | 66,587 |
Red Robin Gourmet Burgers, Inc.* | 420 | 8,077 |
Regis Corp.* | 732 | 6,727 |
RH* | 489 | 218,837 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Retail — (continued) | ||
Rite Aid Corp.* | 1,910 | $ 30,235 |
Rush Enterprises, Inc., Class A | 1,302 | 53,929 |
Rush Enterprises, Inc., Class B | 150 | 5,684 |
Ruth's Hospitality Group, Inc. | 895 | 15,868 |
Sally Beauty Holdings, Inc.* | 3,300 | 43,032 |
Shake Shack, Inc., Class A* | 1,100 | 93,258 |
Shoe Carnival, Inc. | 258 | 10,109 |
Signet Jewelers Ltd. | 1,700 | 46,359 |
Sonic Automotive, Inc., Class A | 734 | 28,310 |
Sportsman's Warehouse Holdings, Inc.* | 1,300 | 22,815 |
Texas Roadhouse, Inc. | 2,070 | 161,791 |
The Buckle, Inc. | 849 | 24,791 |
The Cato Corp., Class A | 704 | 6,751 |
The Cheesecake Factory, Inc. | 1,316 | 48,771 |
The Children's Place, Inc.* | 494 | 24,749 |
The Container Store Group, Inc.* | 600 | 5,724 |
The Michaels Cos, Inc.* | 2,200 | 28,622 |
The ODP Corp. | 1,570 | 46,001 |
Tilly's, Inc., Class A | 800 | 6,528 |
Vera Bradley, Inc.* | 800 | 6,368 |
Waitr Holdings, Inc.* | 2,000 | 5,560 |
Wingstop, Inc. | 925 | 122,609 |
Winmark Corp. | 106 | 19,695 |
World Fuel Services Corp. | 1,900 | 59,204 |
Zumiez, Inc.* | 703 | 25,856 |
3,861,983 | ||
Savings & Loans — 1.0% | ||
Axos Financial, Inc.* | 1,800 | 67,554 |
Banc of California, Inc. | 1,300 | 19,123 |
BankFinancial Corp. | 609 | 5,347 |
Berkshire Hills Bancorp, Inc. | 1,542 | 26,399 |
Brookline Bancorp, Inc. | 2,522 | 30,365 |
Capitol Federal Financial, Inc. | 3,900 | 48,750 |
Community Bankers Trust Corp. | 600 | 4,050 |
Dime Community Bancshares, Inc. | 930 | 14,666 |
Eagle Bancorp Montana, Inc. | 300 | 6,366 |
ESSA Bancorp, Inc. | 200 | 3,000 |
First Capital, Inc. | 100 | 6,056 |
First Savings Financial Group, Inc. | 100 | 6,500 |
Flushing Financial Corp. | 838 | 13,944 |
FS Bancorp, Inc. | 100 | 5,480 |
Greene County Bancorp, Inc. | 200 | 5,098 |
Home Bancorp, Inc. | 300 | 8,397 |
HomeTrust Bancshares, Inc. | 500 | 9,655 |
Investors Bancorp, Inc. | 7,155 | 75,557 |
Meridian Bancorp, Inc. | 1,474 | 21,978 |
Northfield Bancorp, Inc. | 1,293 | 15,943 |
Northwest Bancshares, Inc. | 3,455 | 44,017 |
OceanFirst Financial Corp. | 1,910 | 35,583 |
Pacific Premier Bancorp, Inc. | 2,446 | 76,633 |
Provident Financial Holdings, Inc. | 300 | 4,713 |
Provident Financial Services, Inc. | 2,074 | 37,249 |
Prudential Bancorp, Inc. | 400 | 5,540 |
Riverview Bancorp, Inc. | 500 | 2,630 |
Number of Shares | Value† | |
Savings & Loans — (continued) | ||
Southern Missouri Bancorp, Inc. | 300 | $ 9,132 |
Territorial Bancorp, Inc. | 243 | 5,839 |
The Hingham Institution for Savings | 43 | 9,288 |
Timberland Bancorp, Inc. | 300 | 7,278 |
Washington Federal, Inc. | 2,300 | 59,202 |
Waterstone Financial, Inc. | 800 | 15,056 |
WSFS Financial Corp. | 1,506 | 67,589 |
773,977 | ||
Semiconductors — 2.7% | ||
Alpha & Omega Semiconductor Ltd.* | 600 | 14,184 |
Ambarella, Inc.* | 1,000 | 91,820 |
Amkor Technology, Inc. | 3,011 | 45,406 |
Atomera, Inc.* | 600 | 9,654 |
Axcelis Technologies, Inc.* | 1,025 | 29,848 |
AXT, Inc.* | 1,500 | 14,355 |
Brooks Automation, Inc. | 2,277 | 154,494 |
CEVA, Inc.* | 671 | 30,530 |
CMC Materials, Inc. | 854 | 129,210 |
Cohu, Inc. | 1,324 | 50,550 |
CTS Corp. | 1,063 | 36,493 |
Diodes, Inc.* | 1,299 | 91,579 |
DSP Group, Inc.* | 800 | 13,272 |
FormFactor, Inc.* | 2,429 | 104,496 |
GSI Technology, Inc.* | 700 | 5,180 |
Impinj, Inc.* | 500 | 20,935 |
Intellicheck, Inc.* | 700 | 7,984 |
Lattice Semiconductor Corp.* | 4,224 | 193,544 |
MACOM Technology Solutions Holdings, Inc.* | 1,522 | 83,771 |
MaxLinear, Inc.* | 2,043 | 78,022 |
Onto Innovation, Inc.* | 1,547 | 73,560 |
Photronics, Inc.* | 2,092 | 23,347 |
Pixelworks, Inc.* | 1,600 | 4,512 |
Power Integrations, Inc. | 1,844 | 150,950 |
Rambus, Inc.* | 3,523 | 61,512 |
Semtech Corp.* | 2,009 | 144,829 |
Silicon Laboratories, Inc.* | 1,359 | 173,055 |
SiTime Corp.* | 300 | 33,579 |
Synaptics, Inc.* | 1,016 | 97,942 |
Ultra Clean Holdings, Inc.* | 1,300 | 40,495 |
Veeco Instruments, Inc.* | 1,654 | 28,713 |
2,037,821 | ||
Software — 5.9% | ||
1Life Healthcare, Inc.* | 2,400 | 104,760 |
8X8, Inc.* | 3,200 | 110,304 |
ACI Worldwide, Inc.* | 3,627 | 139,386 |
Agilysys, Inc.* | 576 | 22,107 |
Allscripts Healthcare Solutions, Inc.* | 5,000 | 72,200 |
Altair Engineering, Inc., Class A* | 1,400 | 81,452 |
American Software, Inc., Class A | 893 | 15,333 |
Apollo Medical Holdings, Inc.* | 700 | 12,789 |
Appfolio, Inc., Class A* | 505 | 90,920 |
Appian Corp.* | 1,100 | 178,299 |
Asure Software, Inc.* | 600 | 4,260 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
Avaya Holdings Corp.* | 2,500 | $ 47,875 |
Avid Technology, Inc.* | 1,100 | 17,457 |
Bandwidth, Inc., Class A* | 596 | 91,587 |
Benefitfocus, Inc.* | 900 | 13,032 |
Blackbaud, Inc. | 1,550 | 89,218 |
Blackline, Inc.* | 1,600 | 213,408 |
Bottomline Technologies, Inc.* | 1,445 | 76,209 |
Box, Inc., Class A* | 4,300 | 77,615 |
Brightcove, Inc.* | 1,200 | 22,080 |
Cardlytics, Inc.* | 800 | 114,216 |
Cerence, Inc.* | 1,100 | 110,528 |
Cloudera, Inc.* | 6,293 | 87,536 |
CommVault Systems, Inc.* | 1,248 | 69,102 |
Computer Programs and Systems, Inc. | 447 | 11,997 |
Cornerstone OnDemand, Inc.* | 1,900 | 83,676 |
CSG Systems International, Inc. | 1,081 | 48,721 |
Daily Journal Corp.* | 41 | 16,564 |
Digi International, Inc.* | 857 | 16,197 |
Digital Turbine Inc* | 2,600 | 147,056 |
Domo, Inc., Class B* | 800 | 51,016 |
Donnelley Financial Solutions, Inc.* | 1,000 | 16,970 |
Ebix, Inc. | 736 | 27,946 |
eGain Corp.* | 500 | 5,905 |
Envestnet, Inc.* | 1,613 | 132,734 |
Evolent Health, Inc., Class A* | 2,400 | 38,472 |
Glu Mobile, Inc.* | 4,400 | 39,644 |
GTY Technology Holdings, Inc.* | 1,200 | 6,216 |
Health Catalyst, Inc.* | 1,100 | 47,883 |
Immersion Corp.* | 342 | 3,861 |
Inovalon Holdings, Inc., Class A* | 2,200 | 39,974 |
Intelligent Systems Corp.* | 200 | 8,022 |
J2 Global, Inc.* | 1,374 | 134,226 |
LivePerson, Inc.* | 1,925 | 119,793 |
ManTech International Corp., Class A | 839 | 74,621 |
MicroStrategy, Inc., Class A* | 222 | 86,258 |
Model N, Inc.* | 1,100 | 39,248 |
NantHealth, Inc.* | 1,200 | 3,876 |
NextGen Healthcare, Inc.* | 1,804 | 32,905 |
Outset Medical, Inc.* | 300 | 17,052 |
PDF Solutions, Inc.* | 1,000 | 21,600 |
Phreesia, Inc.* | 1,000 | 54,260 |
Progress Software Corp. | 1,326 | 59,922 |
PROS Holdings, Inc.* | 1,217 | 61,787 |
QAD, Inc., Class A | 392 | 24,766 |
Red Violet, Inc.* | 300 | 7,833 |
Sailpoint Technologies Holdings, Inc.* | 2,800 | 149,072 |
Sapiens International Corp. N.V. | 900 | 27,549 |
Schrodinger, Inc.* | 900 | 71,262 |
Simulations Plus, Inc. | 400 | 28,768 |
Smith Micro Software, Inc.* | 1,400 | 7,588 |
Sprout Social, Inc., Class A* | 800 | 36,328 |
SPS Commerce, Inc.* | 1,093 | 118,689 |
Sumo Logic, Inc.* | 400 | 11,432 |
SVMK, Inc.* | 3,800 | 97,090 |
Synchronoss Technologies, Inc.* | 1,500 | 7,050 |
Number of Shares | Value† | |
Software — (continued) | ||
Tabula Rasa HealthCare, Inc.* | 700 | $ 29,988 |
Upland Software, Inc.* | 800 | 36,712 |
Verint Systems, Inc.* | 1,995 | 134,024 |
Veritone, Inc.* | 800 | 22,760 |
Verra Mobility Corp.* | 4,000 | 53,680 |
Workiva, Inc.* | 1,200 | 109,944 |
Xperi Holding Corp. | 3,253 | 67,988 |
Yext, Inc.* | 3,200 | 50,304 |
Zuora, Inc., Class A* | 3,000 | 41,790 |
4,444,692 | ||
Telecommunications — 1.6% | ||
A10 Networks, Inc.* | 1,900 | 18,734 |
Acacia Communications, Inc.* | 1,200 | 87,552 |
ADTRAN, Inc. | 1,705 | 25,183 |
Alaska Communications Systems Group, Inc. | 2,200 | 8,118 |
Anterix, Inc.* | 400 | 15,040 |
ATN International, Inc. | 398 | 16,620 |
CalAmp Corp.* | 1,000 | 9,920 |
Calix, Inc.* | 1,693 | 50,384 |
Cambium Networks Corp.* | 200 | 5,016 |
Casa Systems, Inc.* | 1,200 | 7,404 |
Cincinnati Bell, Inc.* | 1,682 | 25,701 |
Clearfield, Inc.* | 400 | 9,888 |
Consolidated Communications Holdings, Inc.* | 2,571 | 12,572 |
DZS, Inc.* | 200 | 3,094 |
Extreme Networks, Inc.* | 4,147 | 28,573 |
Gogo, Inc.* | 1,700 | 16,371 |
GTT Communications, Inc.* | 1,000 | 3,570 |
Harmonic, Inc.* | 2,870 | 21,209 |
HC2 Holdings, Inc.* | 1,083 | 3,531 |
IDT Corp., Class B* | 700 | 8,652 |
Infinera Corp.* | 4,794 | 50,241 |
Inseego Corp.* | 2,400 | 37,128 |
InterDigital, Inc. | 994 | 60,316 |
Iridium Communications, Inc.* | 3,700 | 145,502 |
KVH Industries, Inc.* | 354 | 4,018 |
Loral Space & Communications, Inc. | 446 | 9,362 |
Maxar Technologies, Inc. | 1,900 | 73,321 |
NeoPhotonics Corp.* | 1,800 | 16,362 |
NETGEAR, Inc.* | 829 | 33,682 |
Ooma, Inc.* | 700 | 10,080 |
ORBCOMM, Inc.* | 2,700 | 20,034 |
PCTEL, Inc.* | 800 | 5,256 |
Plantronics, Inc. | 1,067 | 28,841 |
Powerfleet, Inc.* | 1,200 | 8,916 |
Preformed Line Products Co. | 145 | 9,924 |
Rackspace Technology, Inc.* | 1,000 | 19,060 |
Resonant, Inc.* | 2,100 | 5,565 |
Ribbon Communications, Inc.* | 1,843 | 12,090 |
Shenandoah Telecommunications Co. | 1,518 | 65,653 |
Spok Holdings, Inc. | 612 | 6,812 |
Viavi Solutions, Inc.* | 7,000 | 104,825 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Telecommunications — (continued) | ||
Vonage Holdings Corp.* | 7,200 | $ 92,700 |
1,196,820 | ||
Textiles — 0.2% | ||
Albany International Corp., Class A | 932 | 68,427 |
UniFirst Corp. | 468 | 99,071 |
167,498 | ||
Toys, Games & Hobbies — 0.0% | ||
Funko, Inc., Class A* | 600 | 6,228 |
Transportation — 1.3% | ||
Air Transport Services Group, Inc.* | 1,885 | 59,076 |
ArcBest Corp. | 795 | 33,923 |
Ardmore Shipping Corp. | 800 | 2,616 |
Atlas Air Worldwide Holdings, Inc.* | 848 | 46,250 |
Bristow Group, Inc.* | 266 | 7,001 |
Costamare, Inc. | 1,400 | 11,592 |
Covenant Logistics Group, Inc., Class A* | 400 | 5,924 |
CryoPort, Inc.* | 1,100 | 48,268 |
Daseke, Inc.* | 1,800 | 10,458 |
DHT Holdings, Inc. | 3,700 | 19,351 |
Diamond S Shipping, Inc.* | 900 | 5,994 |
Dorian LPG Ltd.* | 1,032 | 12,580 |
Eagle Bulk Shipping, Inc.* | 214 | 4,066 |
Echo Global Logistics, Inc.* | 800 | 21,456 |
Forward Air Corp. | 896 | 68,849 |
Frontline Ltd. | 4,100 | 25,502 |
Genco Shipping & Trading Ltd. | 700 | 5,152 |
Golar LNG Ltd.* | 2,800 | 26,992 |
Heartland Express, Inc. | 1,567 | 28,363 |
Hub Group, Inc., Class A* | 1,043 | 59,451 |
International Seaways, Inc. | 933 | 15,236 |
Marten Transport Ltd. | 2,026 | 34,908 |
Matson, Inc. | 1,300 | 74,061 |
Nordic American Tankers Ltd. | 4,767 | 14,063 |
Overseas Shipholding Group, Inc., Class A* | 1,600 | 3,424 |
PAM Transportation Services, Inc.* | 50 | 2,450 |
Radiant Logistics, Inc.* | 1,000 | 5,800 |
Safe Bulkers, Inc.* | 2,600 | 3,380 |
Saia, Inc.* | 761 | 137,589 |
Scorpio Bulkers, Inc. | 150 | 2,539 |
Scorpio Tankers, Inc. | 1,840 | 20,589 |
SEACOR Holdings, Inc.* | 600 | 24,870 |
SFL Corp., Ltd. | 3,284 | 20,623 |
Tidewater, Inc.* | 1,400 | 12,096 |
Universal Logistics Holdings, Inc. | 300 | 6,177 |
US Xpress Enterprises, Inc., Class A* | 400 | 2,736 |
Werner Enterprises, Inc. | 1,852 | 72,635 |
956,040 | ||
Trucking and Leasing — 0.2% | ||
GATX Corp. | 1,100 | 91,498 |
General Finance Corp.* | 400 | 3,404 |
The Greenbrier Cos., Inc. | 1,047 | 38,090 |
Number of Shares | Value† | |
Trucking and Leasing — (continued) | ||
Willis Lease Finance Corp.* | 100 | $ 3,046 |
136,038 | ||
Water — 0.4% | ||
American States Water Co. | 1,143 | 90,880 |
Artesian Resources Corp., Class A | 313 | 11,606 |
California Water Service Group | 1,566 | 84,611 |
Consolidated Water Co., Ltd. | 500 | 6,025 |
Global Water Resources, Inc. | 500 | 7,205 |
Middlesex Water Co. | 531 | 38,482 |
PICO Holdings, Inc.* | 792 | 7,405 |
SJW Group | 793 | 55,002 |
The York Water Co. | 397 | 18,500 |
319,716 | ||
TOTAL COMMON STOCKS (Cost $51,873,586) | 72,226,232 | |
REAL ESTATE INVESTMENT TRUSTS — 6.8% | ||
Apartments — 0.2% | ||
Bluerock Residential Growth REIT, Inc. | 600 | 7,602 |
BRT Apartments Corp. | 200 | 3,040 |
Centerspace | 361 | 25,501 |
Front Yard Residential Corp. | 1,600 | 25,920 |
Independence Realty Trust, Inc. | 2,892 | 38,840 |
NexPoint Residential Trust, Inc. | 700 | 29,617 |
Preferred Apartment Communities, Inc., Class A | 1,400 | 10,360 |
140,880 | ||
Building & Real Estate — 0.6% | ||
Agree Realty Corp. | 1,696 | 112,920 |
Anworth Mortgage Asset Corp. | 3,731 | 10,111 |
Apollo Commercial Real Estate Finance, Inc. | 4,256 | 47,540 |
Ares Commercial Real Estate Corp. | 1,000 | 11,910 |
Capstead Mortgage Corp. | 2,775 | 16,123 |
Ellington Residential Mortgage REIT | 400 | 5,216 |
Getty Realty Corp. | 1,169 | 32,194 |
Invesco Mortgage Capital, Inc. | 5,825 | 19,688 |
MFA Financial, Inc. | 13,800 | 53,682 |
New York Mortgage Trust, Inc. | 12,700 | 46,863 |
PennyMac Mortgage Investment Trust | 2,992 | 52,629 |
Ready Capital Corp. | 1,153 | 14,355 |
Two Harbors Investment Corp. | 8,400 | 53,508 |
476,739 | ||
Diversified — 1.3% | ||
Alexander & Baldwin, Inc. | 2,256 | 38,758 |
American Finance Trust, Inc. | 3,400 | 25,262 |
Armada Hoffler Properties, Inc. | 1,700 | 19,074 |
Blackstone Mortgage Trust, Inc., Class A | 4,300 | 118,379 |
Broadstone Net Lease, Inc., Class A | 1,100 | 21,538 |
CatchMark Timber Trust, Inc., Class A | 1,400 | 13,104 |
Clipper Realty, Inc. | 600 | 4,230 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Diversified — (continued) | ||
Colony Capital, Inc. | 14,800 | $ 71,188 |
Colony Credit Real Estate, Inc. | 2,500 | 18,750 |
CoreCivic, Inc. | 3,400 | 22,270 |
CorEnergy Infrastructure Trust, Inc. | 400 | 2,740 |
CorePoint Lodging, Inc. | 1,550 | 10,664 |
Four Corners Property Trust, Inc. | 2,200 | 65,494 |
Gladstone Commercial Corp. | 1,052 | 18,936 |
Gladstone Land Corp. | 700 | 10,248 |
Global Net Lease, Inc. | 2,733 | 46,844 |
iStar, Inc. | 2,118 | 31,452 |
Lexington Realty Trust | 8,515 | 90,429 |
One Liberty Properties, Inc. | 510 | 10,236 |
PotlatchDeltic Corp. | 2,037 | 101,891 |
PS Business Parks, Inc. | 622 | 82,645 |
The GEO Group, Inc. | 3,752 | 33,243 |
UMH Properties, Inc. | 1,068 | 15,817 |
Uniti Group, Inc. | 5,900 | 69,207 |
Washington Real Estate Investment Trust | 2,506 | 54,205 |
996,604 | ||
Diversified Financial Services — 0.7% | ||
Arbor Realty Trust, Inc. | 3,200 | 45,376 |
Arlington Asset Investment Corp., Class A* | 900 | 3,402 |
ARMOUR Residential REIT, Inc. | 2,275 | 24,547 |
Broadmark Realty Capital, Inc. | 3,900 | 39,780 |
Cherry Hill Mortgage Investment Corp. | 509 | 4,652 |
Chimera Investment Corp. | 5,900 | 60,475 |
Dynex Capital, Inc. | 769 | 13,688 |
Ellington Financial, Inc. | 1,500 | 22,260 |
Granite Point Mortgage Trust, Inc. | 1,700 | 16,983 |
Great Ajax Corp. | 622 | 6,506 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2,300 | 145,889 |
KKR Real Estate Finance Trust, Inc. | 900 | 16,128 |
Ladder Capital Corp. | 3,376 | 33,018 |
Orchid Island Capital, Inc. | 1,700 | 8,874 |
Redwood Trust, Inc. | 3,577 | 31,406 |
TPG RE Finance Trust, Inc. | 1,700 | 18,054 |
Western Asset Mortgage Capital Corp. | 1,597 | 5,206 |
496,244 | ||
Healthcare — 0.9% | ||
CareTrust REIT, Inc. | 2,895 | 64,211 |
Community Healthcare Trust, Inc. | 700 | 32,977 |
Diversified Healthcare Trust | 7,800 | 32,136 |
Global Medical REIT, Inc. | 1,300 | 16,978 |
Healthcare Realty Trust, Inc. | 4,172 | 123,491 |
LTC Properties, Inc. | 1,117 | 43,463 |
National Health Investors, Inc. | 1,357 | 93,864 |
New Senior Investment Group, Inc. | 2,700 | 13,986 |
Physicians Realty Trust | 6,500 | 115,700 |
Sabra Health Care REIT, Inc. | 6,393 | 111,046 |
Universal Health Realty Income Trust | 420 | 26,993 |
674,845 |
Number of Shares | Value† | |
Hotels & Resorts — 0.7% | ||
Chatham Lodging Trust | 1,500 | $ 16,200 |
DiamondRock Hospitality Co. | 6,423 | 52,990 |
Hersha Hospitality Trust | 1,117 | 8,813 |
Pebblebrook Hotel Trust | 3,993 | 75,068 |
RLJ Lodging Trust | 5,080 | 71,882 |
Ryman Hospitality Properties, Inc. | 1,612 | 109,229 |
Service Properties Trust | 5,000 | 57,450 |
Summit Hotel Properties, Inc. | 3,400 | 30,634 |
Sunstone Hotel Investors, Inc. | 6,647 | 75,311 |
Xenia Hotels & Resorts, Inc. | 3,400 | 51,680 |
549,257 | ||
Industrial — 0.7% | ||
EastGroup Properties, Inc. | 1,211 | 167,190 |
Monmouth Real Estate Investment Corp. | 3,049 | 52,809 |
QTS Realty Trust, Inc., Class A | 1,943 | 120,233 |
STAG lndustrial, Inc. | 4,700 | 147,204 |
487,436 | ||
Office Property — 0.4% | ||
Alpine Income Property Trust, Inc. | 300 | 4,497 |
American Assets Trust, Inc. | 1,600 | 46,208 |
CIM Commercial Trust Corp. | 500 | 7,120 |
City Office REIT, Inc. | 1,400 | 13,678 |
Columbia Property Trust, Inc. | 3,500 | 50,190 |
Easterly Government Properties, Inc. | 2,600 | 58,890 |
Franklin Street Properties Corp. | 3,145 | 13,743 |
Mack-Cali Realty Corp. | 2,500 | 31,150 |
Office Properties Income Trust | 1,569 | 35,648 |
Piedmont Office Realty Trust, Inc., Class A | 3,900 | 63,297 |
324,421 | ||
Real Estate — 0.2% | ||
Essential Properties Realty Trust, Inc. | 3,300 | 69,960 |
Farmland Partners, Inc. | 900 | 7,830 |
NETSTREIT Corp. | 500 | 9,745 |
Safehold, Inc. | 500 | 36,245 |
123,780 | ||
Regional Malls — 0.1% | ||
Tanger Factory Outlet Centers, Inc. | 3,100 | 30,876 |
The Macerich Co. | 4,900 | 52,283 |
83,159 | ||
Storage & Warehousing — 0.5% | ||
Industrial Logistics Properties Trust | 2,158 | 50,260 |
Innovative Industrial Properties, Inc. | 665 | 121,782 |
National Storage Affiliates Trust | 1,900 | 68,457 |
Plymouth Industrial REIT, Inc. | 600 | 9,000 |
Terreno Realty Corp. | 2,075 | 121,408 |
370,907 | ||
Strip Centers — 0.5% | ||
Acadia Realty Trust | 2,520 | 35,759 |
Alexander's, Inc. | 69 | 19,137 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Strip Centers — (continued) | ||
CTO Realty Growth, Inc. | 153 | $ 6,450 |
Kite Realty Group Trust | 2,751 | 41,155 |
Retail Opportunity Investments Corp. | 3,800 | 50,882 |
Retail Properties of America, Inc., Class A | 6,900 | 59,064 |
Retail Value, Inc. | 519 | 7,717 |
RPT Realty | 2,641 | 22,845 |
Saul Centers, Inc. | 351 | 11,120 |
Seritage Growth Properties, Class A* | 1,100 | 16,148 |
SITE Centers Corp. | 4,900 | 49,588 |
Urban Edge Properties | 3,700 | 47,878 |
Urstadt Biddle Properties, Inc., Class A | 916 | 12,943 |
Whitestone REIT | 1,400 | 11,158 |
391,844 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,247,274) | 5,116,116 | |
RIGHTS — 0.0% | ||
Aduro Biotech CVR* | 560 | 73 |
Chelsea Therapeutics International Ltd. CVR* | 1,600 | 0 |
Cubist Pharmaceuticals, Inc.* | 1,200 | 0 |
Durata Therapeutics CVR Shares* | 500 | 0 |
Media General CVR* | 4,400 | 440 |
Newstar Financial, Inc. CVR* | 1,300 | 111 |
Progenic Pharmaceuticals CVR* | 2,601 | 111 |
Tobira Therapeutic, Inc. CVR* | 400 | 5,668 |
TOTAL RIGHTS (Cost $263) | 6,403 | |
WARRANTS — 0.0% | ||
Whiting Petroleum Corp., Class A Expiration Date 12/31/25* | 204 | 357 |
Whiting Petroleum Corp., Class B Expiration Date 12/31/25* | 102 | 194 |
Pulse Biosciences, Inc. Expiration Date 05/14/25* | 12 | 202 |
TOTAL WARRANTS (Cost $3,666) | 753 |
SHORT-TERM INVESTMENTS — 1.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $936,395) | 936,395 | 936,395 |
TOTAL INVESTMENTS — 103.2% (Cost $58,061,184) | $ 78,285,899 | |
Other Assets & Liabilities — (3.2)% | (2,433,829) | |
TOTAL NET ASSETS — 100.0% | $ 75,852,070 |
† | See Security Valuation Note. |
* | Non-income producing security. |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments. |
CVR— Contingent Valued Rights. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
S.A.— Societe Anonyme. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Advertising | 0.1% | $ 52,492 |
Aerospace & Defense | 0.8% | 573,047 |
Agriculture | 0.7% | 480,769 |
Airlines | 0.3% | 248,631 |
Apparel | 1.0% | 739,315 |
Auto Manufacturers | 0.2% | 174,680 |
Auto Parts & Equipment | 1.4% | 1,039,426 |
Banks | 8.5% | 6,101,783 |
Beverages | 0.3% | 225,686 |
Biotechnology | 10.7% | 7,718,224 |
Building Materials | 1.7% | 1,236,445 |
Chemicals | 1.6% | 1,166,269 |
Coal | 0.1% | 80,159 |
Commercial Services | 4.4% | 3,210,234 |
Computers | 2.3% | 1,655,970 |
Cosmetics & Personal Care | 0.2% | 128,956 |
Distribution & Wholesale | 1.1% | 824,452 |
Diversified Financial Services | 2.6% | 1,867,391 |
Electric | 1.9% | 1,334,011 |
Electrical Components & Equipment | 0.6% | 416,036 |
Electronics | 2.2% | 1,606,674 |
Energy-Alternate Sources | 1.6% | 1,168,318 |
Engineering & Construction | 2.0% | 1,406,572 |
Entertainment | 2.4% | 1,735,719 |
Environmental Control | 0.7% | 475,369 |
Food | 1.4% | 1,030,435 |
Forest Products & Paper | 0.3% | 179,702 |
Gas | 0.9% | 678,809 |
Hand & Machine Tools | 0.3% | 218,383 |
Healthcare Products | 4.8% | 3,483,458 |
Healthcare Services | 2.1% | 1,491,780 |
Holding Companies | 0.0% | 5,663 |
Home Builders | 1.3% | 959,854 |
Home Furnishings | 0.5% | 350,640 |
Household Products & Wares | 0.6% | 395,388 |
Housewares | 0.1% | 57,904 |
Insurance | 2.7% | 1,978,059 |
Internet | 2.3% | 1,665,902 |
Investment Companies | 0.2% | 168,281 |
Iron & Steel | 0.7% | 509,389 |
Leisure Time | 0.7% | 496,442 |
Lodging | 0.3% | 220,548 |
Machinery — Construction & Mining | 0.3% | 244,577 |
Machinery — Diversified | 1.4% | 1,035,191 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Media | 0.7% | $ 476,625 | |
Metal Fabricate/Hardware | 1.2% | 835,399 | |
Mining | 1.0% | 742,139 | |
Miscellaneous Manufacturing | 1.2% | 834,391 | |
Office & Business Equipment | 0.0% | 33,880 | |
Office Furnishings | 0.2% | 139,805 | |
Oil & Gas | 1.2% | 885,271 | |
Oil & Gas Services | 0.6% | 432,539 | |
Packaging and Containers | 0.3% | 205,948 | |
Pharmaceuticals | 3.1% | 2,246,286 | |
Real Estate | 0.9% | 656,103 | |
Retail | 5.4% | 3,861,983 | |
Savings & Loans | 1.1% | 773,977 | |
Semiconductors | 2.8% | 2,037,821 | |
Software | 6.2% | 4,444,692 | |
Telecommunications | 1.7% | 1,196,820 | |
Textiles | 0.2% | 167,498 | |
Toys, Games & Hobbies | 0.0% | 6,228 | |
Transportation | 1.3% | 956,040 | |
Trucking and Leasing | 0.2% | 136,038 | |
Water | 0.4% | 319,716 | |
100.0% | $72,226,232 |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Advertising | $ 52,492 | $ 52,492 | $ — | $— |
Aerospace & Defense | 573,047 | 573,047 | — | — |
Agriculture | 480,769 | 480,769 | — | — |
Airlines | 248,631 | 248,631 | — | — |
Apparel | 739,315 | 739,315 | — | — |
Auto Manufacturers | 174,680 | 174,680 | — | — |
Auto Parts & Equipment | 1,039,426 | 1,039,426 | — | — |
Banks | 6,101,783 | 6,101,783 | — | — |
Beverages | 225,686 | 225,686 | — | — |
Biotechnology | 7,718,224 | 7,718,224 | — | — |
Building Materials | 1,236,445 | 1,236,445 | — | — |
Chemicals | 1,166,269 | 1,166,269 | — | — |
Coal | 80,159 | 80,159 | — | — |
Commercial Services | 3,210,234 | 3,210,234 | — | — |
Computers | 1,655,970 | 1,655,970 | — | — |
Cosmetics & Personal Care | 128,956 | 128,956 | — | — |
Distribution & Wholesale | 824,452 | 824,452 | — | ��� |
Diversified Financial Services | 1,867,391 | 1,867,391 | — | — |
Electric | 1,334,011 | 1,334,011 | — | — |
Electrical Components & Equipment | 416,036 | 416,036 | — | — |
Electronics | 1,606,674 | 1,606,674 | — | — |
Energy-Alternate Sources | 1,168,318 | 1,168,318 | — | — |
Engineering & Construction | 1,406,572 | 1,406,572 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Entertainment | $ 1,735,719 | $ 1,735,719 | $ — | $— |
Environmental Control | 475,369 | 475,369 | — | — |
Food | 1,030,435 | 1,030,435 | — | — |
Forest Products & Paper | 179,702 | 179,702 | — | — |
Gas | 678,809 | 678,809 | — | — |
Hand & Machine Tools | 218,383 | 218,383 | — | — |
Healthcare Products | 3,483,458 | 3,483,458 | — | — |
Healthcare Services | 1,491,780 | 1,491,780 | — | — |
Holding Companies | 5,663 | 5,663 | — | — |
Home Builders | 959,854 | 959,854 | — | — |
Home Furnishings | 350,640 | 350,640 | — | — |
Household Products & Wares | 395,388 | 395,388 | — | — |
Housewares | 57,904 | 57,904 | — | — |
Insurance | 1,978,059 | 1,978,059 | — | — |
Internet | 1,665,902 | 1,665,902 | — | — |
Investment Companies | 168,281 | 168,281 | — | — |
Iron & Steel | 509,389 | 509,389 | — | — |
Leisure Time | 496,442 | 496,442 | — | — |
Lodging | 220,548 | 220,548 | — | — |
Machinery — Construction & Mining | 244,577 | 244,577 | — | — |
Machinery — Diversified | 1,035,191 | 1,035,191 | — | — |
Media | 476,625 | 476,625 | — | — |
Metal Fabricate/Hardware | 835,399 | 835,399 | — | — |
Mining | 742,139 | 741,420 | 719 | — |
Miscellaneous Manufacturing | 834,391 | 834,391 | — | — |
Office & Business Equipment | 33,880 | 33,880 | — | — |
Office Furnishings | 139,805 | 139,805 | — | — |
Oil & Gas | 885,271 | 885,271 | — | — |
Oil & Gas Services | 432,539 | 432,539 | — | — |
Packaging and Containers | 205,948 | 205,948 | — | — |
Pharmaceuticals | 2,246,286 | 2,246,286 | — | — |
Real Estate | 656,103 | 656,103 | — | — |
Retail | 3,861,983 | 3,861,983 | — | — |
Savings & Loans | 773,977 | 773,977 | — | — |
Semiconductors | 2,037,821 | 2,037,821 | — | — |
Software | 4,444,692 | 4,444,692 | — | — |
Telecommunications | 1,196,820 | 1,196,820 | — | — |
Textiles | 167,498 | 167,498 | — | — |
Toys, Games & Hobbies | 6,228 | 6,228 | — | — |
Transportation | 956,040 | 956,040 | — | — |
Trucking and Leasing | 136,038 | 136,038 | — | — |
Water | 319,716 | 319,716 | — | — |
Total Common Stocks | 72,226,232 | 72,225,513 | 719 | — |
Real Estate Investment Trusts | 5,116,116 | 5,116,116 | — | — |
Rights | 6,403 | — | 6,403 | — |
Warrants | 753 | 551 | 202 | — |
Short-Term Investments | 936,395 | 936,395 | — | — |
Total Investments | $ 78,285,899 | $ 78,278,575 | $ 7,324 | $ — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 44,217 | $ 44,217 | $ — | $— |
Total Assets—Other Financial Instruments | $ 44,217 | $ 44,217 | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | Russell 2000 Mini Index | 03/19/2021 | 14 | 50 | $1,975 | $1,382,360 | $44,217 | $— | ||||||||
$44,217 | $— |
Number of Shares | Value† | |
COMMON STOCKS — 97.8% | ||
Australia — 7.6% | ||
Afterpay Ltd.* | 1,413 | $ 128,450 |
AGL Energy Ltd. | 4,167 | 38,463 |
AMP Ltd. | 21,837 | 26,242 |
Ampol Ltd. | 1,758 | 38,550 |
APA Group | 8,473 | 63,043 |
Aristocrat Leisure Ltd. | 3,814 | 91,578 |
ASX Ltd. | 1,293 | 71,758 |
Aurizon Holdings Ltd. | 13,765 | 41,356 |
AusNet Services | 13,214 | 17,909 |
Australia & New Zealand Banking Group Ltd. | 19,385 | 340,171 |
BHP Group Ltd. | 19,986 | 653,034 |
BHP Group PLC | 14,280 | 377,054 |
BlueScope Steel Ltd. | 3,653 | 49,333 |
Brambles Ltd. | 10,323 | 84,672 |
CIMIC Group Ltd.* | 469 | 8,822 |
Coca-Cola Amatil Ltd. | 3,824 | 38,103 |
Cochlear Ltd. | 418 | 60,993 |
Coles Group Ltd. | 9,011 | 125,896 |
Commonwealth Bank of Australia | 12,020 | 764,016 |
Computershare Ltd. | 3,381 | 38,047 |
Crown Resorts Ltd. | 2,801 | 20,846 |
CSL Ltd. | 3,084 | 673,831 |
Dexus | 7,928 | 57,501 |
Evolution Mining Ltd. | 11,549 | 44,445 |
Fortescue Metals Group Ltd. | 11,494 | 207,609 |
Goodman Group | 11,429 | 167,063 |
Insurance Australia Group Ltd. | 15,259 | 55,376 |
Lendlease Corp. Ltd. | 4,333 | 43,810 |
Macquarie Group Ltd. | 2,312 | 246,781 |
Magellan Financial Group Ltd. | 795 | 32,928 |
Medibank Pvt. Ltd. | 17,418 | 40,343 |
Mirvac Group | 28,418 | 57,716 |
National Australia Bank Ltd. | 22,098 | 385,253 |
Newcrest Mining Ltd. | 5,595 | 111,664 |
Northern Star Resources Ltd. | 5,279 | 51,597 |
Oil Search Ltd. | 12,151 | 34,824 |
Orica Ltd. | 2,861 | 33,462 |
Origin Energy Ltd. | 12,782 | 46,927 |
Qantas Airways Ltd.* | 5,515 | 20,680 |
QBE Insurance Group Ltd. | 9,279 | 60,484 |
Ramsay Health Care Ltd. | 1,275 | 61,265 |
REA Group Ltd. | 317 | 36,312 |
Rio Tinto Ltd. | 2,494 | 219,326 |
Rio Tinto PLC | 7,587 | 571,097 |
Santos Ltd. | 11,389 | 55,154 |
Scentre Group | 34,304 | 73,685 |
SEEK Ltd. | 2,271 | 49,791 |
Sonic Healthcare Ltd. | 2,969 | 73,562 |
South32 Ltd. | 21,214 | 40,543 |
South32 Ltd. | 13,128 | 24,822 |
Stockland | 17,063 | 55,089 |
Suncorp Group Ltd. | 8,248 | 62,070 |
Sydney Airport* | 8,238 | 40,777 |
Tabcorp Holdings Ltd. | 15,195 | 45,748 |
Number of Shares | Value† | |
Australia — (continued) | ||
Telstra Corp. Ltd. | 27,472 | $ 63,092 |
The GPT Group | 13,907 | 48,373 |
The GPT Group-In Specie | 16,419 | 0 |
TPG Telecom Ltd.* | 2,240 | 12,441 |
Transurban Group | 18,787 | 197,974 |
Treasury Wine Estates Ltd. | 4,544 | 32,871 |
Vicinity Centres | 25,092 | 31,026 |
Washington H. Soul Pattinson & Co., Ltd. | 819 | 19,051 |
Wesfarmers Ltd. | 7,692 | 298,966 |
Westpac Banking Corp. | 24,416 | 363,342 |
WiseTech Global Ltd. | 1,081 | 25,690 |
Woodside Petroleum Ltd. | 6,468 | 113,485 |
Woolworths Group Ltd. | 8,688 | 263,337 |
8,329,519 | ||
Austria — 0.2% | ||
Erste Group Bank AG* | 1,953 | 59,494 |
OMV AG | 924 | 36,907 |
Raiffeisen Bank International AG* | 1,156 | 23,492 |
Verbund AG | 518 | 44,008 |
voestalpine AG | 888 | 31,693 |
195,594 | ||
Belgium — 0.9% | ||
Ageas N.V. | 1,215 | 64,525 |
Anheuser-Busch InBev N.V. | 5,211 | 363,555 |
Elia Group SA | 220 | 26,259 |
Etablissements Franz Colruyt NV | 375 | 22,151 |
Galapagos N.V.* | 294 | 29,099 |
Groupe Bruxelles Lambert S.A. | 784 | 79,023 |
KBC Group N.V.* | 1,734 | 121,347 |
Proximus SADP | 1,133 | 22,381 |
Sofina S.A. | 110 | 37,210 |
Solvay S.A. | 514 | 60,618 |
UCB S.A. | 878 | 90,695 |
Umicore S.A. | 1,368 | 65,753 |
982,616 | ||
Bermuda — 0.0% | ||
Jardine Strategic Holdings Ltd. | 1,400 | 34,800 |
Denmark — 2.5% | ||
A.P. Moller - Maersk A/S, Class A | 20 | 41,316 |
A.P. Moller - Maersk A/S, Class B | 41 | 91,235 |
Ambu A/S, Class B | 1,165 | 50,048 |
Carlsberg AS, Class B | 720 | 115,425 |
Chr Hansen Holding A/S* | 695 | 71,809 |
Coloplast A/S, Class B | 798 | 122,037 |
Danske Bank A/S* | 4,748 | 78,472 |
Demant A/S* | 713 | 28,182 |
DSV PANALPINA A/S | 1,392 | 233,942 |
Genmab A/S* | 443 | 179,634 |
GN Store Nord A/S | 913 | 72,779 |
H. Lundbeck A/S | 500 | 17,117 |
Novo Nordisk A/S, Class B | 11,697 | 815,973 |
Novozymes A/S, Class B | 1,455 | 82,877 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Denmark — (continued) | ||
Orsted A/S | 1,299 | $ 265,782 |
Pandora A/S | 618 | 69,165 |
ROCKWOOL International A/S, Class B | 55 | 20,584 |
Tryg A/S | 965 | 30,350 |
Vestas Wind Systems A/S | 1,343 | 317,256 |
2,703,983 | ||
Finland — 1.2% | ||
Elisa OYJ | 1,000 | 54,819 |
Fortum OYJ | 3,199 | 77,288 |
Kesko OYJ | 1,878 | 48,202 |
Kone OYJ, Class B | 2,327 | 189,604 |
Neste OYJ | 2,880 | 209,099 |
Nokia OYJ* | 38,600 | 149,086 |
Nordea Bank Abp* | 21,882 | 179,332 |
Nordea Bank Abp* | 345 | 2,818 |
Orion OYJ, Class B | 750 | 34,451 |
Sampo OYJ, Class A | 3,258 | 139,291 |
Stora Enso OYJ, Class R | 3,880 | 74,293 |
UPM-Kymmene OYJ | 3,732 | 139,173 |
Wartsila OYJ Abp | 3,006 | 30,085 |
1,327,541 | ||
France — 10.2% | ||
Accor S.A.* | 1,184 | 42,956 |
Aeroports de Paris* | 215 | 27,816 |
Air Liquide S.A. | 3,212 | 526,597 |
Alstom S.A.* | 1,647 | 93,812 |
Amundi S.A.* | 376 | 30,645 |
Arkema S.A. | 503 | 57,554 |
Atos S.E.* | 644 | 58,807 |
AXA S.A. | 13,058 | 313,161 |
BioMerieux | 262 | 36,875 |
BNP Paribas S.A.* | 7,610 | 401,748 |
Bollore S.A. | 5,730 | 23,723 |
Bouygues S.A. | 1,607 | 66,093 |
Bureau Veritas S.A.* | 2,023 | 54,003 |
Capgemini S.E. | 1,075 | 167,219 |
Carrefour S.A. | 4,369 | 74,817 |
Cie de Saint-Gobain* | 3,550 | 163,273 |
Cie Generale des Etablissements Michelin SCA | 1,153 | 148,457 |
CNP Assurances* | 1,195 | 19,415 |
Covivio | 344 | 31,566 |
Credit Agricole S.A.* | 7,617 | 96,294 |
Danone S.A. | 4,192 | 275,859 |
Dassault Aviation S.A.* | 18 | 19,601 |
Dassault Systemes S.E. | 899 | 182,335 |
Edenred | 1,624 | 92,229 |
Eiffage S.A.* | 567 | 54,807 |
Electricite de France S.A.* | 4,450 | 70,418 |
Engie S.A.* | 12,498 | 191,594 |
EssilorLuxottica S.A. | 1,930 | 300,760 |
Eurazeo S.E.* | 255 | 17,327 |
Faurecia S.E.* | 580 | 29,717 |
Gecina S.A. | 294 | 45,717 |
Number of Shares | Value† | |
France — (continued) | ||
Getlink S.E.* | 3,111 | $ 53,824 |
Hermes International | 217 | 233,335 |
Iliad S.A. | 84 | 17,242 |
Ipsen S.A. | 293 | 24,228 |
Kering S.A. | 512 | 371,576 |
Klepierre S.A. | 1,415 | 31,914 |
La Francaise des Jeux SAEM | 613 | 28,097 |
Legrand S.A. | 1,819 | 162,722 |
L'Oreal S.A. | 1,707 | 651,310 |
LVMH Moet Hennessy Louis Vuitton S.E. | 1,888 | 1,181,891 |
Natixis S.A.* | 7,282 | 24,952 |
Orange S.A. | 13,664 | 162,670 |
Orpea S.A.* | 369 | 48,388 |
Pernod Ricard S.A. | 1,412 | 271,170 |
Peugeot S.A.* | 4,146 | 113,541 |
Publicis Groupe S.A. | 1,414 | 70,278 |
Remy Cointreau S.A. | 160 | 29,865 |
Renault S.A.* | 1,361 | 59,574 |
Safran S.A.* | 2,174 | 308,129 |
Sanofi | 7,692 | 745,532 |
Sartorius Stedim Biotech | 179 | 63,809 |
Schneider Electric S.E. | 3,650 | 527,525 |
SCOR S.E.* | 1,198 | 38,859 |
SEB S.A. | 134 | 24,366 |
Societe Generale S.A.* | 5,457 | 113,443 |
Sodexo S.A. | 643 | 54,381 |
Suez S.A. | 2,325 | 46,080 |
Teleperformance | 391 | 129,805 |
Thales S.A. | 767 | 70,175 |
TOTAL S.E. | 17,100 | 738,074 |
Ubisoft Entertainment S.A.* | 622 | 59,941 |
Unibail-Rodamco-Westfield | 772 | 60,127 |
Unibail-Rodamco-Westfield | 4,540 | 17,731 |
Valeo S.A. | 1,663 | 65,596 |
Veolia Environnement S.A. | 3,618 | 89,210 |
Vinci S.A. | 3,574 | 356,004 |
Vivendi S.A. | 5,638 | 181,851 |
Wendel S.E. | 185 | 22,078 |
Worldline S.A.* | 1,591 | 154,563 |
11,119,051 | ||
Germany — 8.5% | ||
adidas AG* | 1,289 | 468,945 |
Allianz S.E. | 2,831 | 695,500 |
BASF S.E. | 6,222 | 491,804 |
Bayer AG | 6,645 | 391,465 |
Bayerische Motoren Werke AG | 2,262 | 199,636 |
Bechtle AG | 188 | 41,283 |
Beiersdorf AG | 673 | 77,368 |
Brenntag AG | 1,011 | 78,617 |
Carl Zeiss Meditec AG | 302 | 40,051 |
Commerzbank AG* | 6,847 | 44,249 |
Continental AG | 734 | 109,245 |
Covestro AG | 1,214 | 74,799 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Germany — (continued) | ||
Daimler AG | 5,791 | $ 410,462 |
Delivery Hero S.E.* | 864 | 135,120 |
Deutsche Bank AG* | 13,366 | 147,012 |
Deutsche Boerse AG | 1,309 | 222,886 |
Deutsche Lufthansa AG* | 1,773 | 23,460 |
Deutsche Post AG | 6,822 | 337,933 |
Deutsche Telekom AG | 22,551 | 411,614 |
Deutsche Wohnen S.E. | 2,313 | 123,410 |
E.ON S.E. | 15,396 | 170,484 |
Evonik Industries AG | 1,328 | 43,405 |
Fresenius Medical Care AG & Co., KGaA | 1,449 | 120,828 |
Fresenius S.E. & Co., KGaA | 2,852 | 131,882 |
GEA Group AG | 1,137 | 40,667 |
Hannover Rueck S.E. | 392 | 62,468 |
HeidelbergCement AG | 971 | 72,296 |
HelloFresh S.E.* | 1,016 | 78,590 |
Henkel AG & Co., KGaA | 685 | 66,007 |
HOCHTIEF AG | 160 | 15,570 |
Infineon Technologies AG | 8,978 | 342,857 |
KION Group AG | 503 | 43,621 |
Knorr-Bremse AG | 499 | 68,165 |
LANXESS AG | 589 | 44,794 |
LEG Immobilien AG | 507 | 78,658 |
Merck KGaA | 862 | 147,845 |
MTU Aero Engines AG | 373 | 97,230 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 961 | 285,538 |
Nemetschek S.E. | 412 | 30,619 |
Puma S.E.* | 591 | 66,503 |
Rational AG | 35 | 32,528 |
RWE AG | 4,302 | 182,006 |
SAP S.E. | 7,095 | 918,936 |
Scout24 AG | 768 | 62,756 |
Siemens AG | 5,193 | 748,033 |
Siemens Energy AG* | 2,663 | 97,598 |
Siemens Healthineers AG | 1,879 | 96,696 |
Symrise AG | 868 | 115,395 |
TeamViewer AG* | 927 | 49,796 |
Telefonica Deutschland Holding AG | 5,808 | 15,997 |
Uniper S.E. | 1,294 | 44,837 |
United Internet AG | 668 | 28,120 |
Volkswagen AG | 205 | 42,743 |
Vonovia S.E. | 3,573 | 260,951 |
Zalando S.E.* | 1,012 | 112,566 |
9,341,844 | ||
Hong Kong — 3.0% | ||
AIA Group Ltd. | 82,200 | 1,001,699 |
ASM Pacific Technology Ltd. | 2,000 | 26,413 |
BOC Hong Kong Holdings Ltd. | 26,000 | 78,812 |
Budweiser Brewing Co., APAC, Ltd. | 11,100 | 36,667 |
CK Asset Holdings Ltd. | 17,670 | 90,416 |
CK Hutchison Holdings Ltd. | 18,128 | 126,567 |
CK Infrastructure Holdings Ltd. | 5,000 | 26,852 |
Number of Shares | Value† | |
Hong Kong — (continued) | ||
CLP Holdings Ltd. | 11,000 | $ 101,713 |
ESR Cayman Ltd.* | 11,600 | 41,640 |
Galaxy Entertainment Group Ltd. | 15,000 | 116,768 |
Hang Lung Properties Ltd. | 14,000 | 36,894 |
Hang Seng Bank Ltd. | 5,100 | 88,016 |
Henderson Land Development Co., Ltd. | 10,891 | 42,308 |
HK Electric Investments & HK Electric Investments Ltd. | 20,777 | 20,449 |
HKT Trust & HKT Ltd. | 25,240 | 32,734 |
Hong Kong & China Gas Co., Ltd. | 72,488 | 108,450 |
Hong Kong Exchanges & Clearing Ltd. | 8,184 | 448,907 |
Hongkong Land Holdings Ltd. | 7,400 | 30,563 |
Link REIT | 14,273 | 129,624 |
Melco Resorts & Entertainment Ltd., ADR | 1,367 | 25,358 |
MTR Corp., Ltd. | 10,671 | 59,679 |
New World Development Co., Ltd. | 10,458 | 48,655 |
PCCW Ltd. | 29,957 | 18,040 |
Power Assets Holdings Ltd. | 9,500 | 51,449 |
Sino Land Co., Ltd. | 24,095 | 31,355 |
SJM Holdings Ltd. | 11,000 | 12,333 |
Sun Hung Kai Properties Ltd. | 9,161 | 117,160 |
Swire Pacific Ltd., Class A | 3,500 | 19,279 |
Swire Properties Ltd. | 7,136 | 20,747 |
Techtronic Industries Co., Ltd. | 9,500 | 135,788 |
The Bank of East Asia Ltd. | 8,875 | 18,986 |
WH Group Ltd. | 69,823 | 58,550 |
Wharf Real Estate Investment Co., Ltd. | 12,000 | 62,365 |
Xinyi Glass Holdings Ltd. | 12,000 | 33,564 |
3,298,800 | ||
Ireland — 1.0% | ||
CRH PLC | 5,274 | 224,285 |
DCC PLC | 709 | 50,170 |
Experian PLC | 6,257 | 237,695 |
Flutter Entertainment PLC* | 1,078 | 219,195 |
James Hardie Industries PLC* | 2,913 | 86,333 |
Kerry Group PLC, Class A | 1,079 | 156,718 |
Kingspan Group PLC* | 1,079 | 75,559 |
Smurfit Kappa Group PLC | 1,508 | 70,489 |
1,120,444 | ||
Isle Of Man — 0.1% | ||
Entain PLC* | 4,148 | 64,339 |
Israel — 0.6% | ||
Azrieli Group Ltd. | 283 | 17,987 |
Bank Hapoalim BM* | 8,292 | 56,951 |
Bank Leumi Le-Israel BM | 10,394 | 61,353 |
Check Point Software Technologies Ltd.* | 712 | 94,632 |
CyberArk Software Ltd.* | 200 | 32,318 |
Elbit Systems Ltd. | 186 | 24,519 |
ICL Group Ltd. | 4,391 | 22,415 |
Israel Discount Bank Ltd., Class A | 8,729 | 33,703 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Israel — (continued) | ||
Mizrahi Tefahot Bank Ltd. | 962 | $ 22,316 |
Nice Ltd.* | 415 | 117,411 |
Teva Pharmaceutical Industries Ltd.* | 7,232 | 69,869 |
Teva Pharmaceutical Industries Ltd., ADR* | 500 | 4,825 |
Wix.com Ltd.* | 400 | 99,984 |
658,283 | ||
Italy — 2.1% | ||
Amplifon SpA* | 856 | 35,581 |
Assicurazioni Generali SpA | 7,657 | 134,062 |
Atlantia SpA* | 3,439 | 62,101 |
Davide Campari-Milano N.V. | 4,055 | 46,480 |
DiaSorin SpA | 180 | 37,582 |
Enel SpA | 55,727 | 567,007 |
Eni SpA | 17,657 | 184,334 |
Ferrari N.V. | 869 | 201,557 |
FinecoBank Banca Fineco SpA* | 4,262 | 70,289 |
Infrastrutture Wireless Italiane SpA | 1,712 | 20,754 |
Intesa Sanpaolo SpA* | 111,404 | 263,328 |
Mediobanca Banca di Credito Finanziario SpA* | 4,539 | 42,017 |
Moncler SpA* | 1,369 | 84,167 |
Nexi SpA* | 2,687 | 53,469 |
Poste Italiane SpA | 3,626 | 37,089 |
Prysmian SpA | 1,675 | 59,618 |
Recordati Industria Chimica e Farmaceutica SpA | 726 | 40,372 |
Snam SpA | 14,360 | 81,099 |
Telecom Italia SpA | 60,149 | 27,918 |
Telecom Italia SpA, RSP | 40,890 | 21,306 |
Terna Rete Elettrica Nazionale SpA | 9,766 | 75,044 |
UniCredit SpA* | 14,564 | 136,456 |
2,281,630 | ||
Japan — 24.9% | ||
ABC-Mart, Inc. | 200 | 11,120 |
Acom Co., Ltd. | 3,200 | 13,663 |
Advantest Corp. | 1,300 | 97,372 |
Aeon Co., Ltd. | 4,600 | 150,909 |
Aeon Mall Co., Ltd. | 710 | 11,726 |
AGC, Inc. | 1,400 | 48,957 |
Air Water, Inc. | 1,000 | 17,793 |
Aisin Seiki Co., Ltd. | 1,200 | 35,987 |
Ajinomoto Co., Inc. | 3,000 | 67,979 |
Alfresa Holdings Corp. | 1,300 | 23,828 |
Amada Co., Ltd. | 2,400 | 26,410 |
ANA Holdings, Inc.* | 800 | 17,677 |
Asahi Group Holdings Ltd. | 3,100 | 127,665 |
Asahi Intecc Co., Ltd. | 1,400 | 51,135 |
Asahi Kasei Corp. | 8,800 | 90,201 |
Astellas Pharma, Inc. | 12,800 | 198,192 |
Azbil Corp. | 800 | 43,762 |
Bandai Namco Holdings, Inc. | 1,300 | 112,581 |
Bridgestone Corp. | 3,600 | 118,065 |
Brother Industries Ltd. | 1,500 | 30,965 |
Number of Shares | Value† | |
Japan — (continued) | ||
Calbee, Inc. | 600 | $ 18,087 |
Canon, Inc. | 6,700 | 129,796 |
Capcom Co., Ltd. | 600 | 38,912 |
Casio Computer Co., Ltd. | 1,500 | 27,451 |
Central Japan Railway Co. | 1,000 | 141,403 |
Chubu Electric Power Co., Inc. | 4,700 | 56,720 |
Chugai Pharmaceutical Co., Ltd. | 4,500 | 240,098 |
Coca-Cola Bottlers Japan Holdings, Inc. | 1,000 | 15,620 |
Concordia Financial Group Ltd. | 7,200 | 25,399 |
Cosmos Pharmaceutical Corp. | 100 | 16,148 |
CyberAgent, Inc. | 600 | 41,391 |
Dai Nippon Printing Co., Ltd. | 1,700 | 30,579 |
Daifuku Co., Ltd. | 700 | 86,622 |
Dai-ichi Life Holdings, Inc. | 7,100 | 106,964 |
Daiichi Sankyo Co., Ltd. | 11,700 | 400,961 |
Daikin Industries Ltd. | 1,700 | 378,194 |
Daito Trust Construction Co., Ltd. | 400 | 37,382 |
Daiwa House Industry Co., Ltd. | 3,800 | 112,984 |
Daiwa House REIT Investment Corp. | 13 | 32,160 |
Daiwa Securities Group, Inc. | 9,300 | 42,360 |
Denso Corp. | 2,900 | 172,610 |
Dentsu Group, Inc. | 1,500 | 44,643 |
Disco Corp. | 200 | 67,407 |
East Japan Railway Co. | 2,100 | 140,102 |
Eisai Co., Ltd. | 1,700 | 121,572 |
ENEOS Holdings, Inc. | 20,490 | 73,594 |
FANUC Corp. | 1,300 | 320,904 |
Fast Retailing Co., Ltd. | 400 | 358,672 |
Fuji Electric Co., Ltd. | 900 | 32,486 |
FUJIFILM Holdings Corp. | 2,400 | 126,605 |
Fujitsu Ltd. | 1,300 | 187,896 |
Fukuoka Financial Group, Inc. | 1,200 | 21,390 |
GLP J-Reit | 26 | 41,028 |
GMO Payment Gateway, Inc. | 300 | 40,315 |
Hakuhodo DY Holdings, Inc. | 1,500 | 20,611 |
Hamamatsu Photonics K.K. | 1,000 | 57,214 |
Hankyu Hanshin Holdings, Inc. | 1,600 | 53,219 |
Harmonic Drive Systems, Inc. | 300 | 26,846 |
Hikari Tsushin, Inc. | 100 | 23,463 |
Hino Motors Ltd. | 2,000 | 17,074 |
Hirose Electric Co., Ltd. | 220 | 33,390 |
Hisamitsu Pharmaceutical Co., Inc. | 400 | 23,776 |
Hitachi Construction Machinery Co., Ltd. | 700 | 19,903 |
Hitachi Ltd. | 6,700 | 264,444 |
Hitachi Metals Ltd. | 1,400 | 21,286 |
Honda Motor Co., Ltd. | 11,000 | 310,379 |
Hoshizaki Corp. | 300 | 27,547 |
Hoya Corp. | 2,500 | 346,237 |
Hulic Co., Ltd. | 2,000 | 22,000 |
Ibiden Co., Ltd. | 700 | 32,723 |
Idemitsu Kosan Co., Ltd. | 1,356 | 29,855 |
Iida Group Holdings Co., Ltd. | 1,000 | 20,218 |
Inpex Corp. | 7,400 | 39,903 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
Isuzu Motors Ltd. | 4,000 | $ 38,079 |
Ito En Ltd. | 400 | 25,329 |
ITOCHU Corp. | 9,200 | 264,593 |
Itochu Techno-Solutions Corp. | 700 | 24,996 |
Japan Airlines Co., Ltd.* | 800 | 15,427 |
Japan Airport Terminal Co., Ltd. | 300 | 18,206 |
Japan Exchange Group, Inc. | 3,600 | 91,987 |
Japan Post Bank Co., Ltd. | 3,000 | 24,659 |
Japan Post Holdings Co., Ltd. | 10,500 | 81,786 |
Japan Post Insurance Co., Ltd. | 1,700 | 34,857 |
Japan Real Estate Investment Corp. | 9 | 52,005 |
Japan Retail Fund Investment Corp. | 20 | 36,399 |
Japan Tobacco, Inc. | 8,200 | 167,175 |
JFE Holdings, Inc.* | 3,000 | 28,804 |
JSR Corp. | 1,500 | 41,824 |
Kajima Corp. | 2,800 | 37,562 |
Kakaku.com, Inc. | 900 | 24,636 |
Kansai Paint Co., Ltd. | 1,100 | 33,908 |
Kao Corp. | 3,300 | 254,946 |
KDDI Corp. | 11,100 | 329,118 |
Keihan Holdings Co., Ltd. | 700 | 33,560 |
Keikyu Corp. | 1,600 | 27,449 |
Keio Corp. | 700 | 54,310 |
Keisei Electric Railway Co., Ltd. | 1,000 | 33,850 |
Keyence Corp. | 1,264 | 711,022 |
Kikkoman Corp. | 1,000 | 69,597 |
Kintetsu Group Holdings Co., Ltd. | 1,100 | 48,208 |
Kirin Holdings Co., Ltd. | 5,600 | 132,233 |
Kobayashi Pharmaceutical Co., Ltd. | 300 | 36,668 |
Kobe Bussan Co., Ltd. | 800 | 24,580 |
Koei Tecmo Holdings Co., Ltd. | 300 | 18,315 |
Koito Manufacturing Co., Ltd. | 700 | 47,639 |
Komatsu Ltd. | 5,800 | 160,070 |
Konami Holdings Corp. | 700 | 39,386 |
Kose Corp. | 200 | 34,176 |
Kubota Corp. | 6,900 | 150,749 |
Kuraray Co., Ltd. | 1,900 | 20,230 |
Kurita Water Industries Ltd. | 600 | 22,935 |
Kyocera Corp. | 2,200 | 135,033 |
Kyowa Kirin Co., Ltd. | 1,700 | 46,424 |
Kyushu Electric Power Co., Inc. | 2,900 | 25,018 |
Kyushu Railway Co. | 900 | 19,416 |
Lasertec Corp. | 500 | 58,687 |
Lawson, Inc. | 400 | 18,614 |
Lion Corp. | 1,500 | 36,337 |
Lixil Corp. | 1,700 | 36,867 |
M3, Inc. | 3,000 | 283,402 |
Makita Corp. | 1,600 | 80,251 |
Marubeni Corp. | 11,700 | 77,950 |
Marui Group Co., Ltd. | 1,500 | 26,415 |
Mazda Motor Corp. | 3,400 | 22,759 |
McDonald's Holdings Co., Japan Ltd. | 400 | 19,385 |
Medipal Holdings Corp. | 1,300 | 24,447 |
MEIJI Holdings Co., Ltd. | 800 | 56,304 |
Mercari, Inc.* | 600 | 26,597 |
Number of Shares | Value† | |
Japan — (continued) | ||
MINEBEA MITSUMI, Inc. | 2,600 | $ 51,726 |
MISUMI Group, Inc. | 1,900 | 62,372 |
Mitsubishi Chemical Holdings Corp. | 8,200 | 49,678 |
Mitsubishi Corp. | 9,000 | 221,867 |
Mitsubishi Electric Corp. | 12,400 | 187,409 |
Mitsubishi Estate Co., Ltd. | 8,000 | 128,583 |
Mitsubishi Gas Chemical Co., Inc. | 1,100 | 25,295 |
Mitsubishi Heavy Industries Ltd. | 2,100 | 64,315 |
Mitsubishi UFJ Financial Group, Inc. | 82,600 | 365,721 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,500 | 12,005 |
Mitsui & Co., Ltd. | 11,000 | 201,677 |
Mitsui Chemicals, Inc. | 1,400 | 41,125 |
Mitsui Fudosan Co., Ltd. | 6,400 | 134,013 |
Miura Co., Ltd. | 600 | 33,497 |
Mizuho Financial Group, Inc. | 16,608 | 210,792 |
MonotaRO Co., Ltd. | 800 | 40,631 |
MS&AD Insurance Group Holdings, Inc. | 2,890 | 87,928 |
Murata Manufacturing Co., Ltd. | 3,900 | 353,065 |
Nabtesco Corp. | 700 | 30,725 |
Nagoya Railroad Co., Ltd. | 1,400 | 36,940 |
NEC Corp. | 1,800 | 96,677 |
Nexon Co., Ltd. | 3,200 | 98,736 |
NGK Insulators Ltd. | 2,000 | 30,903 |
NGK Spark Plug Co., Ltd. | 1,100 | 18,785 |
NH Foods Ltd. | 600 | 26,427 |
Nidec Corp. | 3,000 | 379,524 |
Nihon M&A Center, Inc. | 1,000 | 66,873 |
Nintendo Co., Ltd. | 800 | 513,553 |
Nippon Building Fund, Inc. | 10 | 57,997 |
Nippon Express Co., Ltd. | 400 | 26,907 |
Nippon Paint Holdings Co., Ltd. | 1,000 | 109,882 |
Nippon Prologis REIT, Inc. | 15 | 46,861 |
Nippon Sanso Holdings Corp. | 1,000 | 18,602 |
Nippon Shinyaku Co., Ltd. | 300 | 19,692 |
Nippon Steel Corp.* | 5,317 | 68,574 |
Nippon Telegraph & Telephone Corp. | 8,900 | 228,365 |
Nippon Yusen K.K. | 900 | 20,998 |
Nissan Chemical Corp. | 800 | 50,164 |
Nissan Motor Co., Ltd.* | 15,600 | 84,558 |
Nisshin Seifun Group, Inc. | 1,315 | 20,948 |
Nissin Foods Holdings Co., Ltd. | 400 | 34,286 |
Nitori Holdings Co., Ltd. | 500 | 104,551 |
Nitto Denko Corp. | 1,000 | 89,580 |
Nomura Holdings, Inc. | 20,800 | 109,971 |
Nomura Real Estate Holdings, Inc. | 600 | 13,304 |
Nomura Real Estate Master Fund, Inc. | 28 | 40,069 |
Nomura Research Institute Ltd. | 2,130 | 76,198 |
NSK Ltd. | 2,100 | 18,275 |
NTT Data Corp. | 4,500 | 61,597 |
Obayashi Corp. | 4,200 | 36,265 |
Obic Co., Ltd. | 500 | 100,489 |
Odakyu Electric Railway Co., Ltd. | 2,100 | 65,957 |
Oji Holdings Corp. | 6,000 | 34,159 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
Olympus Corp. | 7,900 | $ 172,962 |
Omron Corp. | 1,300 | 116,053 |
Ono Pharmaceutical Co., Ltd. | 2,500 | 75,337 |
Oracle Corp. Japan | 300 | 39,106 |
Oriental Land Co., Ltd. | 1,300 | 214,801 |
ORIX Corp. | 8,900 | 136,919 |
Orix JREIT, Inc. | 20 | 33,087 |
Osaka Gas Co., Ltd. | 2,400 | 49,194 |
Otsuka Corp. | 600 | 31,648 |
Otsuka Holdings Co., Ltd. | 2,700 | 115,685 |
Pan Pacific International Holdings Corp. | 2,700 | 62,380 |
Panasonic Corp. | 15,000 | 174,859 |
PeptiDream, Inc.* | 700 | 35,607 |
Persol Holdings Co., Ltd. | 1,400 | 25,293 |
Pigeon Corp. | 700 | 28,891 |
Pola Orbis Holdings, Inc. | 800 | 16,245 |
Rakuten, Inc.* | 6,300 | 60,624 |
Recruit Holdings Co., Ltd. | 8,800 | 369,626 |
Renesas Electronics Corp.* | 5,400 | 56,522 |
Resona Holdings, Inc. | 14,800 | 51,811 |
Ricoh Co., Ltd. | 5,000 | 32,879 |
Rinnai Corp. | 200 | 23,248 |
Rohm Co., Ltd. | 600 | 58,165 |
Ryohin Keikaku Co., Ltd. | 1,700 | 34,790 |
Santen Pharmaceutical Co., Ltd. | 2,600 | 42,227 |
SBI Holdings, Inc. | 1,710 | 40,680 |
SCSK Corp. | 400 | 22,874 |
Secom Co., Ltd. | 1,400 | 129,152 |
Sega Sammy Holdings, Inc. | 1,200 | 18,943 |
Seibu Holdings, Inc. | 1,600 | 15,695 |
Seiko Epson Corp. | 1,700 | 25,262 |
Sekisui Chemical Co., Ltd. | 2,600 | 49,299 |
Sekisui House Ltd. | 4,200 | 85,562 |
Seven & i Holdings Co., Ltd. | 5,200 | 184,135 |
SG Holdings Co., Ltd. | 2,200 | 59,986 |
Sharp Corp. | 1,200 | 18,233 |
Shimadzu Corp. | 1,600 | 62,192 |
Shimamura Co., Ltd. | 100 | 10,508 |
Shimano, Inc. | 500 | 117,039 |
Shimizu Corp. | 4,000 | 29,117 |
Shin-Etsu Chemical Co., Ltd. | 2,400 | 421,238 |
Shinsei Bank Ltd. | 800 | 9,883 |
Shionogi & Co., Ltd. | 1,800 | 98,409 |
Shiseido Co., Ltd. | 2,700 | 186,906 |
SMC Corp. | 400 | 244,295 |
SoftBank Corp. | 19,300 | 242,254 |
SoftBank Group Corp. | 10,600 | 822,932 |
Sohgo Security Services Co., Ltd. | 500 | 25,938 |
Sompo Holdings, Inc. | 2,325 | 94,262 |
Sony Corp. | 8,600 | 866,606 |
Square Enix Holdings Co., Ltd. | 600 | 36,378 |
Stanley Electric Co., Ltd. | 1,000 | 32,259 |
Subaru Corp. | 4,000 | 80,036 |
SUMCO Corp. | 1,800 | 39,525 |
Number of Shares | Value† | |
Japan — (continued) | ||
Sumitomo Chemical Co., Ltd. | 10,600 | $ 42,726 |
Sumitomo Corp. | 8,000 | 106,024 |
Sumitomo Dainippon Pharma Co., Ltd. | 1,100 | 16,257 |
Sumitomo Electric Industries Ltd. | 4,900 | 64,929 |
Sumitomo Metal Mining Co., Ltd. | 1,500 | 66,722 |
Sumitomo Mitsui Financial Group, Inc. | 9,000 | 278,983 |
Sumitomo Mitsui Trust Holdings, Inc. | 2,343 | 72,293 |
Sumitomo Realty & Development Co., Ltd. | 2,000 | 61,746 |
Sundrug Co., Ltd. | 400 | 15,987 |
Suntory Beverage & Food Ltd. | 1,000 | 35,419 |
Suzuken Co., Ltd. | 540 | 19,534 |
Suzuki Motor Corp. | 2,500 | 115,889 |
Sysmex Corp. | 1,100 | 132,359 |
T&D Holdings, Inc. | 3,700 | 43,767 |
Taiheiyo Cement Corp. | 800 | 20,039 |
Taisei Corp. | 1,400 | 48,298 |
Taisho Pharmaceutical Holdings Co., Ltd. | 200 | 13,486 |
Takeda Pharmaceutical Co., Ltd. | 10,695 | 387,045 |
TDK Corp. | 900 | 135,795 |
Teijin Ltd. | 1,200 | 22,582 |
Terumo Corp. | 4,500 | 188,308 |
The Bank of Kyoto Ltd. | 400 | 20,855 |
The Chiba Bank Ltd. | 3,700 | 20,418 |
The Chugoku Electric Power Co., Inc. | 2,100 | 24,645 |
The Kansai Electric Power Co., Inc. | 4,900 | 46,345 |
The Shizuoka Bank Ltd. | 3,200 | 23,489 |
THK Co., Ltd. | 700 | 22,639 |
TIS, Inc. | 1,600 | 32,799 |
Tobu Railway Co., Ltd. | 1,400 | 41,743 |
Toho Co., Ltd. | 700 | 29,525 |
Toho Gas Co., Ltd. | 400 | 26,500 |
Tohoku Electric Power Co., Inc. | 2,800 | 23,109 |
Tokio Marine Holdings, Inc. | 4,200 | 216,391 |
Tokyo Century Corp. | 300 | 23,808 |
Tokyo Electric Power Co. Holdings, Inc.* | 10,800 | 28,527 |
Tokyo Electron Ltd. | 1,000 | 373,563 |
Tokyo Gas Co., Ltd. | 2,700 | 62,492 |
Tokyu Corp. | 3,600 | 44,730 |
Tokyu Fudosan Holdings Corp. | 4,000 | 21,366 |
Toppan Printing Co., Ltd. | 2,000 | 28,243 |
Toray Industries, Inc. | 10,000 | 59,314 |
Toshiba Corp. | 2,700 | 75,623 |
Tosoh Corp. | 1,800 | 28,124 |
TOTO Ltd. | 1,000 | 60,189 |
Toyo Suisan Kaisha Ltd. | 600 | 29,200 |
Toyoda Gosei Co., Ltd. | 400 | 11,606 |
Toyota Industries Corp. | 1,000 | 79,451 |
Toyota Motor Corp. | 14,468 | 1,116,497 |
Toyota Tsusho Corp. | 1,400 | 56,653 |
Trend Micro, Inc.* | 900 | 51,816 |
Tsuruha Holdings, Inc. | 200 | 28,441 |
Unicharm Corp. | 2,700 | 128,050 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
United Urban Investment Corp. | 21 | $ 25,998 |
USS Co., Ltd. | 1,500 | 30,331 |
Welcia Holdings Co., Ltd. | 600 | 22,633 |
West Japan Railway Co. | 1,000 | 52,360 |
Yakult Honsha Co., Ltd. | 800 | 40,346 |
Yamada Holdings Co., Ltd. | 4,000 | 21,252 |
Yamaha Corp. | 900 | 53,032 |
Yamaha Motor Co., Ltd. | 2,100 | 42,863 |
Yamato Holdings Co., Ltd. | 2,000 | 51,065 |
Yamazaki Baking Co., Ltd. | 1,000 | 16,701 |
Yaskawa Electric Corp. | 1,600 | 79,769 |
Yokogawa Electric Corp. | 1,600 | 31,912 |
Z Holdings Corp. | 17,700 | 107,107 |
ZOZO, Inc. | 600 | 14,781 |
27,250,846 | ||
Jordan — 0.0% | ||
Hikma Pharmaceuticals PLC | 1,083 | 37,223 |
Luxembourg — 0.3% | ||
ArcelorMittal S.A.* | 4,640 | 106,116 |
Aroundtown S.A. | 6,382 | 47,584 |
Eurofins Scientific S.E.* | 870 | 73,381 |
SES S.A. | 2,712 | 25,453 |
Tenaris S.A. | 3,478 | 28,185 |
280,719 | ||
Macao — 0.1% | ||
Sands China Ltd. | 16,000 | 69,878 |
Wynn Macau Ltd.* | 12,400 | 20,863 |
90,741 | ||
Mexico — 0.0% | ||
Fresnillo PLC | 1,267 | 19,570 |
Netherlands — 5.2% | ||
ABN AMRO Bank N.V.* | 2,635 | 25,820 |
Adyen N.V.* | 125 | 290,443 |
Aegon N.V. | 11,519 | 45,948 |
Airbus S.E.* | 3,981 | 436,892 |
Akzo Nobel N.V. | 1,349 | 144,794 |
Altice Europe N.V.* | 4,140 | 26,814 |
Argenx S.E.* | 312 | 91,940 |
ASML Holding N.V. | 2,896 | 1,402,177 |
EXOR N.V. | 766 | 62,220 |
Heineken Holding N.V. | 814 | 76,380 |
Heineken N.V. | 1,738 | 193,456 |
ING Groep N.V.* | 26,780 | 248,996 |
JDE Peet's N.V.* | 515 | 23,361 |
Just Eat Takeaway.com N.V.* | 837 | 94,374 |
Koninklijke Ahold Delhaize N.V. | 7,562 | 213,334 |
Koninklijke DSM N.V. | 1,176 | 202,238 |
Koninklijke KPN N.V. | 23,729 | 72,119 |
Koninklijke Philips N.V.* | 6,181 | 332,955 |
Koninklijke Vopak N.V. | 469 | 24,603 |
NN Group N.V. | 2,015 | 87,109 |
Prosus N.V.* | 3,348 | 361,513 |
Number of Shares | Value† | |
Netherlands — (continued) | ||
QIAGEN N.V.* | 1,512 | $ 78,411 |
Randstad N.V.* | 823 | 53,275 |
Royal Dutch Shell PLC, Class A | 27,712 | 485,969 |
Royal Dutch Shell PLC, Class B | 25,021 | 424,074 |
Wolters Kluwer N.V. | 1,909 | 160,882 |
5,660,097 | ||
New Zealand — 0.4% | ||
Auckland International Airport Ltd.* | 7,064 | 38,630 |
Fisher & Paykel Healthcare Corp. Ltd. | 4,021 | 95,494 |
Mercury NZ Ltd. | 5,143 | 24,204 |
Meridian Energy Ltd. | 8,838 | 47,333 |
Ryman Healthcare Ltd. | 2,831 | 31,059 |
Spark New Zealand Ltd. | 11,848 | 40,132 |
The a2 Milk Co., Ltd.* | 5,132 | 44,635 |
Xero Ltd.* | 835 | 94,772 |
416,259 | ||
Norway — 0.6% | ||
Adevinta ASA* | 1,674 | 28,140 |
DNB ASA* | 6,388 | 125,177 |
Equinor ASA | 6,739 | 113,730 |
Gjensidige Forsikring ASA | 1,242 | 27,721 |
Mowi ASA | 2,898 | 64,704 |
Norsk Hydro ASA | 8,484 | 39,485 |
Orkla ASA | 4,885 | 49,595 |
Schibsted ASA, Class A* | 520 | 22,162 |
Schibsted ASA, Class B* | 588 | 21,827 |
Telenor ASA | 4,966 | 84,297 |
Yara International ASA | 1,154 | 47,874 |
624,712 | ||
Portugal — 0.2% | ||
Banco Espirito Santo S.A.* | 27,017 | 0 |
EDP - Energias de Portugal S.A. | 18,726 | 117,534 |
Galp Energia SGPS S.A. | 3,702 | 39,228 |
Jeronimo Martins SGPS S.A. | 1,733 | 29,131 |
185,893 | ||
Singapore — 1.1% | ||
Ascendas Real Estate Investment Trust | 20,490 | 46,255 |
CapitaLand Integrated Commercial Trust | 31,532 | 51,568 |
CapitaLand Ltd. | 16,607 | 41,206 |
City Developments Ltd. | 3,000 | 18,085 |
DBS Group Holdings Ltd. | 12,003 | 227,466 |
Genting Singapore Ltd. | 36,200 | 23,314 |
Jardine Matheson Holdings Ltd. | 1,500 | 83,907 |
Keppel Corp. Ltd. | 10,300 | 41,946 |
Mapletree Commercial Trust | 15,200 | 24,502 |
Mapletree Logistics Trust | 19,361 | 29,467 |
Oversea-Chinese Banking Corp. Ltd. | 22,590 | 172,147 |
Singapore Airlines Ltd.* | 10,000 | 32,447 |
Singapore Exchange Ltd. | 5,000 | 35,120 |
Singapore Technologies Engineering Ltd. | 9,500 | 27,494 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Singapore — (continued) | ||
Singapore Telecommunications Ltd. | 56,800 | $ 99,181 |
Suntec Real Estate Investment Trust | 10,700 | 12,068 |
United Overseas Bank Ltd. | 7,837 | 133,577 |
UOL Group Ltd. | 3,107 | 18,117 |
Venture Corp. Ltd. | 1,700 | 24,997 |
Wilmar International Ltd. | 13,800 | 48,587 |
1,191,451 | ||
Spain — 2.4% | ||
ACS Actividades de Construccion y Servicios S.A. | 1,856 | 61,662 |
Aena SME S.A.* | 469 | 81,535 |
Amadeus IT Group S.A. | 3,056 | 225,586 |
Banco Bilbao Vizcaya Argentaria S.A. | 45,237 | 224,222 |
Banco Santander S.A.* | 117,257 | 365,647 |
CaixaBank S.A. | 24,910 | 64,026 |
Cellnex Telecom S.A. | 2,209 | 132,657 |
Enagas S.A. | 1,740 | 38,280 |
Endesa S.A. | 2,216 | 60,782 |
Ferrovial S.A. | 3,272 | 90,472 |
Grifols S.A. | 2,070 | 60,437 |
Iberdrola S.A. | 41,230 | 592,487 |
Industria de Diseno Textil S.A. | 7,339 | 232,939 |
Naturgy Energy Group S.A. | 2,049 | 47,648 |
Red Electrica Corp. S.A. | 3,004 | 61,675 |
Repsol S.A. | 10,326 | 104,025 |
Siemens Gamesa Renewable Energy S.A. | 1,562 | 63,427 |
Telefonica S.A. | 33,785 | 134,384 |
Telefonica S.A. | 1,877 | 7,466 |
2,649,357 | ||
Sweden — 3.2% | ||
Alfa Laval AB* | 2,253 | 62,220 |
Assa Abloy AB, Class B | 6,706 | 165,719 |
Atlas Copco AB, Class A | 4,517 | 232,158 |
Atlas Copco AB, Class B | 2,753 | 123,575 |
Boliden AB | 1,973 | 69,997 |
Electrolux AB, Class B | 1,401 | 32,597 |
Epiroc AB, Class A | 4,569 | 83,040 |
Epiroc AB, Class B | 2,471 | 41,715 |
EQT AB | 1,699 | 43,127 |
Essity AB, Class B | 4,150 | 133,710 |
Evolution Gaming Group AB | 1,100 | 110,588 |
Fastighets AB Balder, Class B* | 696 | 36,341 |
Hennes & Mauritz AB, Class B* | 5,431 | 114,008 |
Hexagon AB, Class B | 1,938 | 177,680 |
Husqvarna AB, Class B | 2,834 | 36,779 |
ICA Gruppen AB | 622 | 31,113 |
Industrivarden AB, Class A* | 735 | 24,488 |
Industrivarden AB, Class C* | 986 | 31,870 |
Investment AB Latour, Class B | 1,056 | 25,579 |
Investor AB, Class B | 3,060 | 222,717 |
Kinnevik AB, Class B* | 1,611 | 80,931 |
L E Lundbergforetagen AB, Class B* | 471 | 25,269 |
Lundin Energy AB | 1,292 | 35,017 |
Number of Shares | Value† | |
Sweden — (continued) | ||
Nibe Industrier AB, Class B | 2,224 | $ 72,933 |
Sandvik AB* | 7,731 | 190,674 |
Securitas AB, Class B | 2,230 | 35,978 |
Skandinaviska Enskilda Banken AB, Class A* | 11,025 | 113,530 |
Skanska AB, Class B | 2,417 | 61,595 |
SKF AB, Class B | 2,667 | 69,393 |
Svenska Cellulosa AB SCA, Class B* | 4,322 | 75,566 |
Svenska Handelsbanken AB, Class A* | 10,939 | 110,265 |
Swedbank AB, Class A* | 5,991 | 105,084 |
Swedish Match AB | 1,097 | 85,369 |
Tele2 AB, Class B | 3,276 | 43,335 |
Telefonaktiebolaget LM Ericsson, Class B | 20,104 | 239,146 |
Telia Co., AB | 17,132 | 70,753 |
Volvo AB, Class B* | 9,790 | 231,760 |
3,445,619 | ||
Switzerland — 9.8% | ||
ABB Ltd. | 12,448 | 349,157 |
Adecco Group AG | 1,018 | 67,802 |
Alcon, Inc.* | 3,294 | 218,709 |
Baloise Holding AG | 301 | 53,479 |
Banque Cantonale Vaudoise | 175 | 19,048 |
Barry Callebaut AG | 19 | 45,279 |
Chocoladefabriken Lindt & Spruengli AG | 1 | 100,441 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 7 | 68,231 |
Cie Financiere Richemont S.A. | 3,514 | 317,462 |
Clariant AG | 1,199 | 25,438 |
Coca-Cola HBC AG* | 1,426 | 46,178 |
Credit Suisse Group AG* | 16,645 | 214,902 |
EMS-Chemie Holding AG | 52 | 50,022 |
Geberit AG | 252 | 157,745 |
Givaudan S.A. | 62 | 262,311 |
Glencore PLC* | 68,293 | 216,885 |
Julius Baer Group Ltd. | 1,484 | 85,495 |
Kuehne + Nagel International AG | 354 | 80,329 |
LafargeHolcim Ltd.* | 3,500 | 192,107 |
Logitech International S.A. | 1,098 | 106,610 |
Lonza Group AG | 501 | 322,728 |
Nestle S.A. | 19,560 | 2,312,213 |
Novartis AG | 15,061 | 1,418,113 |
Partners Group Holding AG | 126 | 148,055 |
Roche Holding AG | 4,768 | 1,660,688 |
Schindler Holding AG | 125 | 33,787 |
Schindler Holding AG, Participation Certificates | 269 | 72,748 |
SGS S.A. | 41 | 123,589 |
Sika AG | 952 | 259,509 |
Sonova Holding AG* | 360 | 93,634 |
STMicroelectronics N.V. | 4,332 | 160,266 |
Straumann Holding AG | 69 | 80,828 |
Swiss Life Holding AG* | 200 | 93,294 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Switzerland — (continued) | ||
Swiss Prime Site AG | 484 | $ 47,447 |
Swiss Re AG | 1,938 | 182,585 |
Swisscom AG | 174 | 93,705 |
Temenos AG | 430 | 59,912 |
The Swatch Group AG | 185 | 50,291 |
The Swatch Group AG | 298 | 15,726 |
UBS Group AG | 24,773 | 348,800 |
Vifor Pharma AG | 293 | 46,052 |
Zurich Insurance Group AG | 1,018 | 429,007 |
10,730,607 | ||
United Kingdom — 11.7% | ||
3i Group PLC | 6,462 | 102,209 |
Admiral Group PLC | 1,312 | 51,879 |
Anglo American PLC | 8,442 | 278,774 |
Antofagasta PLC | 2,581 | 50,637 |
Ashtead Group PLC | 3,039 | 143,140 |
Associated British Foods PLC* | 2,516 | 77,681 |
AstraZeneca PLC | 8,917 | 889,143 |
Auto Trader Group PLC | 6,702 | 54,552 |
Aveva Group PLC | 707 | 30,867 |
Aviva PLC | 26,405 | 117,450 |
BAE Systems PLC | 21,801 | 145,386 |
Barclays PLC* | 118,890 | 238,504 |
Barratt Developments PLC* | 7,128 | 65,165 |
Berkeley Group Holdings PLC | 878 | 56,796 |
BP PLC | 136,896 | 472,393 |
British American Tobacco PLC | 14,443 | 536,368 |
British American Tobacco PLC, ADR | 1,064 | 39,889 |
BT Group PLC* | 59,975 | 108,102 |
Bunzl PLC | 2,198 | 73,387 |
Burberry Group PLC* | 2,621 | 64,005 |
CNH Industrial N.V.* | 7,103 | 89,288 |
Coca-Cola European Partners PLC | 1,476 | 71,376 |
Compass Group PLC | 12,236 | 228,218 |
Croda International PLC | 875 | 78,689 |
Diageo PLC | 15,858 | 627,481 |
Direct Line Insurance Group PLC | 9,937 | 43,462 |
Evraz PLC | 3,788 | 24,209 |
Ferguson PLC | 1,531 | 186,017 |
Fiat Chrysler Automobiles N.V.* | 7,408 | 133,833 |
GlaxoSmithKline PLC | 34,037 | 622,808 |
Halma PLC | 2,528 | 84,663 |
Hargreaves Lansdown PLC | 2,149 | 44,747 |
HSBC Holdings PLC* | 138,276 | 714,229 |
Imperial Brands PLC | 6,435 | 134,971 |
Informa PLC* | 10,714 | 80,112 |
InterContinental Hotels Group PLC* | 1,153 | 74,732 |
Intertek Group PLC | 1,128 | 87,127 |
J. Sainsbury PLC | 12,992 | 39,934 |
JD Sports Fashion PLC* | 2,685 | 31,544 |
Johnson Matthey PLC | 1,361 | 45,091 |
Kingfisher PLC* | 14,253 | 52,667 |
Land Securities Group PLC | 4,914 | 45,386 |
Legal & General Group PLC | 40,533 | 147,719 |
Number of Shares | Value† | |
United Kingdom — (continued) | ||
Lloyds Banking Group PLC* | 483,753 | $ 241,179 |
London Stock Exchange Group PLC | 2,164 | 267,117 |
M&G PLC | 18,831 | 50,828 |
Melrose Industries PLC* | 31,627 | 77,056 |
Mondi PLC | 3,375 | 79,082 |
National Grid PLC | 23,660 | 279,600 |
Natwest Group PLC* | 31,465 | 71,929 |
Next PLC* | 943 | 90,930 |
NMC Health PLC* | 538 | 69 |
Ocado Group PLC* | 3,089 | 96,593 |
Pearson PLC | 4,876 | 44,753 |
Persimmon PLC | 2,126 | 80,241 |
Phoenix Group Holdings PLC | 3,778 | 36,205 |
Prudential PLC | 17,613 | 323,867 |
Reckitt Benckiser Group PLC | 4,813 | 429,580 |
RELX PLC | 7,157 | 175,113 |
RELX PLC | 5,881 | 143,712 |
Rentokil Initial PLC* | 13,036 | 90,889 |
Rolls-Royce Holdings PLC* | 55,791 | 84,436 |
RSA Insurance Group PLC | 6,683 | 61,944 |
Schroders PLC | 773 | 35,246 |
Segro PLC | 8,276 | 107,387 |
Severn Trent PLC | 1,547 | 48,294 |
Smith & Nephew PLC | 5,814 | 120,771 |
Smiths Group PLC | 2,596 | 53,397 |
Spirax-Sarco Engineering PLC | 486 | 75,021 |
SSE PLC | 7,030 | 143,997 |
St. James's Place PLC | 3,676 | 56,883 |
Standard Chartered PLC* | 18,343 | 116,477 |
Standard Life Aberdeen PLC | 14,470 | 55,464 |
Taylor Wimpey PLC* | 22,936 | 51,880 |
Tesco PLC | 67,310 | 212,415 |
The British Land Co., PLC | 5,472 | 36,649 |
The Sage Group PLC | 7,202 | 57,185 |
Unilever PLC | 8,119 | 486,926 |
Unilever PLC | 9,754 | 590,615 |
United Utilities Group PLC | 4,874 | 59,614 |
Vodafone Group PLC | 180,489 | 296,451 |
Whitbread PLC* | 1,420 | 60,146 |
Wm Morrison Supermarkets PLC | 15,833 | 38,311 |
WPP PLC | 8,208 | 88,942 |
12,801,824 | ||
TOTAL COMMON STOCKS (Cost $76,241,496) | 106,843,362 | |
WARRANTS — 0.0% | ||
Switzerland — 0.0% | ||
Cie Financiere Richemont S.A., expiration date 11/22/23* (Cost $0) | 7,198 | 1,870 |
PREFERRED STOCKS — 0.5% | ||
Germany — 0.5% | ||
Bayerische Motoren Werke AG | 341 | 22,971 |
Number of Shares | Value† | |
PREFERRED STOCKS — (continued) | ||
Germany — (continued) | ||
FUCHS PETROLUB S.E. | 492 | $ 27,760 |
Henkel AG & Co., KGaA | 1,186 | 133,727 |
Porsche Automobil Holding S.E. | 999 | 69,008 |
Sartorius AG | 238 | 100,241 |
Volkswagen AG | 1,277 | 238,651 |
TOTAL PREFERRED STOCKS (Cost $413,774) | 592,358 | |
RIGHTS — 0.0% | ||
Spain — 0.0% | ||
Repsol S.A.* (Cost $3,624) | 10,326 | 3,541 |
SHORT-TERM INVESTMENTS — 0.8% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $868,646) | 868,646 | 868,646 |
TOTAL INVESTMENTS — 99.1% (Cost $77,527,540) | $ 108,309,777 | |
Other Assets & Liabilities — 0.9% | 985,842 | |
TOTAL NET ASSETS — 100.0% | $ 109,295,619 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
AB— Aktiebolag. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
ASA— Allmennaksjeselskap. |
KGaA— Kommanditgesellschaft auf Aktien. |
MSCI— Morgan Stanley Capital International. |
N.V.— Naamloze Vennootschap. |
OYJ— Julkinen Osakeyhtiö. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
S.A.— Societe Anonyme. |
S.E.— Societas Europaea. |
SpA— Società per Azioni. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Advertising | 0.2% | $ 224,474 |
Aerospace & Defense | 1.1% | 1,186,368 |
Agriculture | 0.9% | 963,772 |
Airlines | 0.1% | 109,691 |
Apparel | 2.2% | 2,386,255 |
Auto Manufacturers | 3.0% | 3,178,377 |
Auto Parts & Equipment | 0.9% | 965,249 |
Banks | 8.7% | 9,271,161 |
Beverages | 2.2% | 2,308,634 |
Biotechnology | 0.9% | 962,522 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Building Materials | 1.8% | $ 1,951,261 | |
Chemicals | 3.5% | 3,690,754 | |
Commercial Services | 2.9% | 3,089,379 | |
Computers | 1.2% | 1,239,448 | |
Cosmetics & Personal Care | 2.5% | 2,625,480 | |
Distribution & Wholesale | 1.1% | 1,188,168 | |
Diversified Financial Services | 2.2% | 2,323,999 | |
Electric | 3.3% | 3,523,613 | |
Electrical Components & Equipment | 0.8% | 808,281 | |
Electronics | 2.2% | 2,377,596 | |
Energy-Alternate Sources | 0.4% | 380,683 | |
Engineering & Construction | 1.3% | 1,366,744 | |
Entertainment | 0.8% | 846,128 | |
Environmental Control | 0.0% | 22,935 | |
Food | 5.0% | 5,294,081 | |
Food Service | 0.3% | 282,599 | |
Forest Products & Paper | 0.4% | 472,762 | |
Gas | 0.4% | 413,663 | |
Hand & Machine Tools | 0.4% | 448,877 | |
Healthcare Products | 2.3% | 2,438,503 | |
Healthcare Services | 0.9% | 935,644 | |
Holding Companies | 0.2% | 229,753 | |
Home Builders | 0.5% | 522,145 | |
Home Furnishings | 1.1% | 1,176,736 | |
Household Products & Wares | 0.5% | 495,587 | |
Insurance | 5.1% | 5,421,593 | |
Internet | 1.4% | 1,488,203 | |
Investment Companies | 0.6% | 681,913 | |
Iron & Steel | 0.5% | 537,624 | |
Leisure Time | 0.2% | 212,934 | |
Lodging | 0.4% | 461,965 | |
Machinery — Construction & Mining | 1.0% | 1,109,168 | |
Machinery — Diversified | 2.5% | 2,715,461 | |
Media | 0.5% | 535,310 | |
Metal Fabricate/Hardware | 0.2% | 178,225 | |
Mining | 2.6% | 2,835,652 | |
Miscellaneous Manufacturing | 1.1% | 1,176,536 | |
Office & Business Equipment | 0.3% | 314,542 | |
Oil & Gas | 3.1% | 3,278,385 | |
Pharmaceuticals | 8.5% | 9,068,037 | |
Pipelines | 0.1% | 87,646 | |
Real Estate | 1.5% | 1,660,236 | |
Real Estate Investment Trusts | 1.4% | 1,526,018 | |
Retail | 2.2% | 2,402,567 | |
Semiconductors | 2.5% | 2,672,761 | |
Shipbuilding | 0.0% | 30,085 | |
Software | 1.7% | 1,813,685 | |
Telecommunications | 3.8% | 4,096,979 | |
Textiles | 0.0% | 22,582 | |
Toys, Games & Hobbies | 0.6% | 626,134 | |
Transportation | 1.8% | 1,944,601 | |
Water | 0.2% | 243,198 | |
100.0% | $106,843,362 |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Australia | $ 8,329,519 | $ — | $ 8,329,519 | $— |
Austria | 195,594 | — | 195,594 | — |
Belgium | 982,616 | — | 982,616 | — |
Bermuda | 34,800 | — | 34,800 | — |
Denmark | 2,703,983 | — | 2,703,983 | — |
Finland | 1,327,541 | — | 1,327,541 | — |
France | 11,119,051 | — | 11,119,051 | — |
Germany | 9,341,844 | 97,598 | 9,244,246 | — |
Hong Kong | 3,298,800 | 25,358 | 3,273,442 | — |
Ireland | 1,120,444 | — | 1,120,444 | — |
Isle of Man | 64,339 | — | 64,339 | — |
Israel | 658,283 | 231,759 | 426,524 | — |
Italy | 2,281,630 | — | 2,281,630 | — |
Japan | 27,250,846 | — | 27,250,846 | — |
Jordan | 37,223 | — | 37,223 | — |
Luxembourg | 280,719 | — | 280,719 | — |
Macao | 90,741 | — | 90,741 | — |
Mexico | 19,570 | — | 19,570 | — |
Netherlands | 5,660,097 | 78,411 | 5,581,686 | — |
New Zealand | 416,259 | — | 416,259 | — |
Norway | 624,712 | — | 624,712 | — |
Portugal | 185,893 | — | 185,893 | — |
Singapore | 1,191,451 | — | 1,191,451 | — |
Spain | 2,649,357 | — | 2,649,357 | — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Sweden | $ 3,445,619 | $ — | $ 3,445,619 | $— |
Switzerland | 10,730,607 | — | 10,730,607 | — |
United Kingdom | 12,801,824 | 630,504 | 12,171,320 | — |
Total Common Stocks | $ 106,843,362 | $ 1,063,630 | $ 105,779,732 | $ — |
Preferred Stocks | 592,358 | — | 592,358 | — |
Rights | 3,541 | 3,541 | — | — |
Warrants | 1,870 | 1,870 | — | — |
Short-Term Investments | 868,646 | 868,646 | — | — |
Total Investments | $ 108,309,777 | $ 1,937,687 | $ 106,372,090 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 47,990 | $ 47,990 | $ — | $— |
Total Assets—Other Financial Instruments | $ 47,990 | $ 47,990 | $ — | $ — |
(1) | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Futures Contracts: Exchange Traded | ||||||||||||||||
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Long | E-Mini MSCI EAFE Index | 03/19/2021 | 21 | 50 | $2,131 | $2,237,340 | $47,990 | $— | ||||||||
$47,990 | $— |
Number of Shares | Value† | |
COMMON STOCKS — 97.8% | ||
Canada — 9.7% | ||
Alimentation Couche-Tard, Inc., Class B | 300,543 | $ 10,242,403 |
Canadian National Railway Co. | 103,387 | 11,366,154 |
Constellation Software, Inc. | 8,573 | 11,132,440 |
Topicus.com, Inc.* | 15,944 | 60,278 |
32,801,275 | ||
China — 4.3% | ||
Alibaba Group Holding Ltd.* | 173,600 | 5,049,074 |
Alibaba Group Holding Ltd., ADR* | 21,632 | 5,034,415 |
Tencent Holdings Ltd. | 62,906 | 4,526,326 |
14,609,815 | ||
France — 10.0% | ||
Air Liquide S.A. | 39,047 | 6,401,634 |
LVMH Moet Hennessy Louis Vuitton S.E. | 16,417 | 10,277,065 |
Safran S.A.* | 55,519 | 7,868,923 |
Sartorius Stedim Biotech | 11,211 | 3,996,430 |
Teleperformance | 14,922 | 4,953,824 |
33,497,876 | ||
Germany — 4.5% | ||
adidas AG* | 16,598 | 6,038,435 |
CTS Eventim AG & Co., KGaA* | 134,120 | 8,964,755 |
15,003,190 | ||
Hong Kong — 1.4% | ||
Techtronic Industries Co., Ltd. | 325,460 | 4,651,938 |
India — 6.9% | ||
Asian Paints Ltd. | 213,154 | 8,073,915 |
Housing Development Finance Corp. Ltd. | 200,689 | 7,031,330 |
Tata Consultancy Services Ltd. | 207,336 | 8,141,076 |
23,246,321 | ||
Ireland — 7.7% | ||
Experian PLC | 118,121 | 4,487,257 |
Flutter Entertainment PLC* | 56,104 | 11,407,919 |
Medtronic PLC | 85,358 | 9,998,836 |
25,894,012 | ||
Italy — 2.7% | ||
Ferrari N.V. | 39,443 | 9,148,470 |
Japan — 9.9% | ||
Asahi Group Holdings Ltd. | 250,523 | 10,317,094 |
Hoya Corp. | 59,840 | 8,287,530 |
Keyence Corp. | 14,300 | 8,043,993 |
Obic Co., Ltd. | 33,116 | 6,655,582 |
33,304,199 | ||
Luxembourg — 3.2% | ||
Eurofins Scientific S.E.* | 128,015 | 10,797,551 |
Netherlands — 5.3% | ||
Adyen N.V.* | 2,088 | 4,851,555 |
IMCD N.V. | 25,970 | 3,305,462 |
Number of Shares | Value† | |
Netherlands — (continued) | ||
Wolters Kluwer N.V. | 113,195 | $ 9,539,564 |
17,696,581 | ||
Spain — 0.9% | ||
Cellnex Telecom S.A. | 52,217 | 3,135,786 |
Switzerland — 7.1% | ||
Alcon, Inc.* | 150,681 | 10,004,637 |
Nestle S.A. | 118,183 | 13,970,568 |
23,975,205 | ||
United Kingdom — 18.8% | ||
Ashtead Group PLC | 183,153 | 8,626,687 |
Diageo PLC | 288,065 | 11,398,376 |
Halma PLC | 270,208 | 9,049,339 |
IHS Markit Ltd. | 92,221 | 8,284,212 |
London Stock Exchange Group PLC | 93,520 | 11,543,785 |
Rentokil Initial PLC* | 1,074,024 | 7,488,281 |
Unilever PLC | 111,638 | 6,759,802 |
63,150,482 | ||
United States — 5.4% | ||
Mastercard, Inc., Class A | 28,377 | 10,128,886 |
Mondelez International, Inc., Class A | 137,272 | 8,026,294 |
18,155,180 | ||
TOTAL COMMON STOCKS (Cost $250,145,475) | 329,067,881 | |
SHORT-TERM INVESTMENTS — 1.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $4,000,950) | 4,000,950 | 4,000,950 |
TOTAL INVESTMENTS — 99.0% (Cost $254,146,425) | $ 333,068,831 | |
Other Assets & Liabilities — 1.0% | 3,204,910 | |
TOTAL NET ASSETS — 100.0% | $ 336,273,741 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
KGaA— Kommanditgesellschaft auf Aktien. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
S.E.— Societas Europaea. |
Country Weightings as of 12/31/2020†† | |
United Kingdom | 19% |
France | 10 |
Japan | 10 |
Canada | 10 |
Ireland | 8 |
Switzerland | 7 |
India | 7 |
Other | 29 |
Total | 100% |
†† | % of total investments as of December 31, 2020. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Aerospace & Defense | 2.4% | $ 7,868,923 | |
Apparel | 5.0% | 16,315,500 | |
Auto Manufacturers | 2.8% | 9,148,470 | |
Beverages | 6.6% | 21,715,470 | |
Chemicals | 5.4% | 17,781,011 | |
Commercial Services | 10.2% | 33,737,992 | |
Computers | 6.0% | 19,750,482 | |
Cosmetics & Personal Care | 2.1% | 6,759,802 | |
Diversified Financial Services | 8.7% | 28,704,001 | |
Electronics | 5.3% | 17,336,869 | |
Engineering & Construction | 0.9% | 3,135,786 | |
Entertainment | 6.2% | 20,372,674 | |
Food | 6.7% | 21,996,862 | |
Hand & Machine Tools | 1.4% | 4,651,938 | |
Healthcare Products | 7.3% | 23,999,903 | |
Healthcare Services | 3.3% | 10,797,551 | |
Internet | 4.4% | 14,609,815 | |
Machinery — Diversified | 2.4% | 8,043,993 | |
Media | 2.9% | 9,539,564 | |
Retail | 3.1% | 10,242,403 | |
Software | 3.4% | 11,192,718 | |
Transportation | 3.5% | 11,366,154 | |
100.0% | $329,067,881 |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Canada | $ 32,801,275 | $32,740,997 | $ 60,278 | $— |
China | 14,609,815 | 5,034,415 | 9,575,400 | — |
France | 33,497,876 | — | 33,497,876 | — |
Germany | 15,003,190 | — | 15,003,190 | — |
Hong Kong | 4,651,938 | — | 4,651,938 | — |
India | 23,246,321 | — | 23,246,321 | — |
Ireland | 25,894,012 | 9,998,836 | 15,895,176 | — |
Italy | 9,148,470 | — | 9,148,470 | — |
Japan | 33,304,199 | — | 33,304,199 | — |
Luxembourg | 10,797,551 | — | 10,797,551 | — |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Netherlands | $ 17,696,581 | $ — | $ 17,696,581 | $— |
Spain | 3,135,786 | — | 3,135,786 | — |
Switzerland | 23,975,205 | — | 23,975,205 | — |
United Kingdom | 63,150,482 | 15,044,014 | 48,106,468 | — |
United States | 18,155,180 | 18,155,180 | — | — |
Total Common Stocks | $ 329,067,881 | $ 80,973,442 | $ 248,094,439 | $ — |
Short-Term Investments | 4,000,950 | 4,000,950 | — | — |
Total Investments | $ 333,068,831 | $ 84,974,392 | $ 248,094,439 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 99.6% | ||
Belgium — 1.6% | ||
Anheuser-Busch InBev N.V. | 33,518 | $ 2,338,442 |
Brazil — 4.9% | ||
Ambev S.A., ADR | 215,644 | 659,871 |
B3 S.A. - Brasil Bolsa Balcao | 113,595 | 1,355,477 |
Lojas Renner S.A. | 310,803 | 2,605,283 |
Notre Dame Intermedica Participacoes S.A. | 90,490 | 1,364,789 |
XP, Inc., Class A* | 28,123 | 1,115,639 |
7,101,059 | ||
China — 29.0% | ||
Alibaba Group Holding Ltd.* | 145,600 | 4,234,708 |
Alibaba Group Holding Ltd., ADR* | 8,463 | 1,969,594 |
Autohome, Inc., ADR | 23,635 | 2,354,519 |
Baozun, Inc., ADR* | 24,965 | 857,548 |
ENN Energy Holdings Ltd. | 177,961 | 2,612,415 |
Hundsun Technologies, Inc., Class A | 99,357 | 1,595,438 |
NetEase, Inc. | 83,696 | 1,598,751 |
NetEase, Inc., ADR | 16,635 | 1,593,134 |
Shenzhou International Group Holdings Ltd. | 76,456 | 1,498,404 |
Sunny Optical Technology Group Co., Ltd. | 87,762 | 1,917,467 |
Tencent Holdings Ltd. | 119,710 | 8,613,589 |
Tencent Music Entertainment Group, ADR* | 172,464 | 3,318,207 |
Toly Bread Co., Ltd., Class A | 151,182 | 1,366,132 |
Wuliangye Yibin Co., Ltd., Class A | 79,199 | 3,537,055 |
Yum China Holdings, Inc. | 70,506 | 4,025,187 |
Yum China Holdings, Inc. | 19,152 | 1,098,021 |
42,190,169 | ||
Hong Kong — 6.3% | ||
Budweiser Brewing Co., APAC, Ltd. | 946,594 | 3,126,916 |
Hong Kong Exchanges & Clearing Ltd. | 31,862 | 1,747,686 |
MTR Corp., Ltd. | 363,463 | 2,032,717 |
Techtronic Industries Co., Ltd. | 97,461 | 1,393,052 |
Vitasoy International Holdings Ltd. | 223,975 | 872,421 |
9,172,792 | ||
India — 14.1% | ||
Asian Paints Ltd. | 23,629 | 895,027 |
Eicher Motors Ltd. | 39,793 | 1,380,428 |
HCL Technologies Ltd. | 375,766 | 4,877,032 |
HDFC Bank Ltd.* | 84,792 | 1,670,104 |
HDFC Bank Ltd., ADR* | 2,339 | 169,016 |
Housing Development Finance Corp. Ltd. | 86,091 | 3,016,280 |
Kotak Mahindra Bank Ltd.* | 143,738 | 3,928,455 |
Tata Consultancy Services Ltd. | 117,212 | 4,602,345 |
20,538,687 | ||
Indonesia — 4.8% | ||
Bank Central Asia Tbk PT | 1,150,782 | 2,773,995 |
Bank Rakyat Indonesia Persero Tbk PT | 5,052,932 | 1,502,254 |
Number of Shares | Value† | |
Indonesia — (continued) | ||
Telekom Indonesia Persero Tbk PT | 11,454,974 | $ 2,700,682 |
6,976,931 | ||
Malaysia — 1.5% | ||
Public Bank Bhd | 425,485 | 2,181,717 |
Mexico — 3.3% | ||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 33,003 | 2,500,637 |
Wal-Mart de Mexico S.A.B. de C.V. | 798,266 | 2,242,422 |
4,743,059 | ||
Netherlands — 3.9% | ||
Heineken N.V. | 50,967 | 5,673,117 |
Singapore — 2.0% | ||
BOC Aviation Ltd. | 64,699 | 560,003 |
United Overseas Bank Ltd. | 139,884 | 2,384,241 |
2,944,244 | ||
South Africa — 2.6% | ||
Naspers Ltd. | 18,577 | 3,804,100 |
South Korea — 11.3% | ||
LG Household & Health Care Ltd. | 1,443 | 2,153,713 |
NAVER Corp. | 11,184 | 3,014,863 |
NCSoft Corp.* | 1,121 | 962,436 |
Samsung Electronics Co., Ltd. | 45,249 | 3,378,993 |
SK Hynix, Inc. | 63,246 | 6,908,266 |
16,418,271 | ||
Taiwan — 10.1% | ||
Largan Precision Co., Ltd. | 12,470 | 1,421,107 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 594,377 | 11,244,111 |
Win Semiconductors Corp. | 163,627 | 2,019,711 |
14,684,929 | ||
Thailand — 2.7% | ||
Airports of Thailand PCL | 619,961 | 1,286,496 |
CP ALL PCL | 1,331,467 | 2,587,668 |
3,874,164 | ||
United Kingdom — 1.5% | ||
Unilever PLC | 35,338 | 2,139,754 |
TOTAL COMMON STOCKS (Cost $105,858,063) | 144,781,435 | |
WARRANTS — 0.5% | ||
Vietnam — 0.5% | ||
Vietnam Dairy Products JSC, expiration date 02/17/21* (Cost $547,013) | 151,740 | 714,695 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 1.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $1,787,888) | 1,787,888 | $ 1,787,888 |
TOTAL INVESTMENTS — 101.3% (Cost $108,192,964) | $ 147,284,018 | |
Other Assets & Liabilities — (1.3)% | (1,948,589) | |
TOTAL NET ASSETS — 100.0% | $ 145,335,429 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
PCL— Public Company Limited. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
Tbk PT— Terbuka Perseroan Terbatas. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Apparel | 1.0% | $ 1,498,404 | |
Auto Manufacturers | 0.9% | 1,380,428 | |
Banks | 10.1% | 14,609,782 | |
Beverages | 12.9% | 18,708,459 | |
Chemicals | 0.6% | 895,027 | |
Computers | 3.2% | 4,602,345 | |
Cosmetics & Personal Care | 3.0% | 4,293,467 | |
Diversified Financial Services | 5.4% | 7,795,085 | |
Engineering & Construction | 0.9% | 1,286,496 | |
Food | 0.9% | 1,366,132 | |
Gas | 1.8% | 2,612,415 | |
Hand & Machine Tools | 1.0% | 1,393,052 | |
Healthcare Services | 0.9% | 1,364,789 | |
Internet | 20.1% | 29,129,564 | |
Miscellaneous Manufacturing | 2.3% | 3,338,574 | |
Retail | 8.7% | 12,558,581 | |
Semiconductors | 16.3% | 23,551,081 | |
Software | 6.7% | 9,664,355 | |
Telecommunications | 1.9% | 2,700,682 | |
Transportation | 1.4% | 2,032,717 | |
100.0% | $144,781,435 |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Belgium | $ 2,338,442 | $ — | $ 2,338,442 | $— |
Brazil | 7,101,059 | 7,101,059 | — | — |
China | 42,190,169 | 14,118,189 | 28,071,980 | — |
Hong Kong | 9,172,792 | — | 9,172,792 | — |
India | 20,538,687 | 169,016 | 20,369,671 | — |
Indonesia | 6,976,931 | — | 6,976,931 | — |
Malaysia | 2,181,717 | — | 2,181,717 | — |
Mexico | 4,743,059 | 4,743,059 | — | — |
Netherlands | 5,673,117 | — | 5,673,117 | — |
Singapore | 2,944,244 | — | 2,944,244 | — |
South Africa | 3,804,100 | — | 3,804,100 | — |
South Korea | 16,418,271 | — | 16,418,271 | — |
Taiwan | 14,684,929 | — | 14,684,929 | — |
Thailand | 3,874,164 | — | 3,874,164 | — |
United Kingdom | 2,139,754 | 2,139,754 | — | — |
Total Common Stocks | $ 144,781,435 | $ 28,271,077 | $ 116,510,358 | $ — |
Warrants | 714,695 | — | 714,695 | — |
Short-Term Investments | 1,787,888 | 1,787,888 | — | — |
Total Investments | $ 147,284,018 | $ 30,058,965 | $ 117,225,053 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 4.0% | ||
Entertainment — 1.5% | ||
Caesars Entertainment, Inc.* | 24,037 | $ 1,785,228 |
Lodging — 0.9% | ||
Boyd Gaming Corp.* | 26,373 | 1,131,929 |
Real Estate — 1.6% | ||
Jones Lang LaSalle, Inc.* | 12,944 | 1,920,501 |
TOTAL COMMON STOCKS (Cost $3,322,139) | 4,837,658 | |
REAL ESTATE INVESTMENT TRUSTS — 94.0% | ||
Apartments — 9.5% | ||
Essex Property Trust, Inc. | 16,367 | 3,885,853 |
Invitation Homes, Inc. | 89,167 | 2,648,260 |
UDR, Inc. | 127,557 | 4,902,016 |
11,436,129 | ||
Building & Real Estate — 3.8% | ||
Agree Realty Corp. | 15,555 | 1,035,652 |
Spirit Realty Capital, Inc. | 87,752 | 3,524,998 |
4,560,650 | ||
Diversified — 26.5% | ||
American Tower Corp. | 41,352 | 9,281,870 |
Apartment Income REIT Corp.* | 23,862 | 916,539 |
Crown Castle International Corp. | 30,604 | 4,871,851 |
Digital Realty Trust, Inc. | 8,239 | 1,149,423 |
Duke Realty Corp. | 144,681 | 5,782,900 |
SBA Communications Corp. | 16,212 | 4,573,891 |
Weyerhaeuser Co. | 139,074 | 4,663,151 |
WP Carey, Inc. | 12,721 | 897,848 |
32,137,473 | ||
Healthcare — 12.6% | ||
Healthcare Trust of America, Inc., Class A | 64,514 | 1,776,716 |
Healthpeak Properties, Inc. | 183,976 | 5,561,594 |
Medical Properties Trust, Inc. | 90,417 | 1,970,186 |
Omega Healthcare Investors, Inc. | 37,430 | 1,359,458 |
Ventas, Inc. | 75,225 | 3,689,034 |
Welltower, Inc. | 13,989 | 903,969 |
15,260,957 | ||
Hotels & Resorts — 5.2% | ||
Host Hotels & Resorts, Inc. | 81,942 | 1,198,811 |
Park Hotels & Resorts, Inc. | 46,589 | 799,001 |
VICI Properties, Inc. | 169,937 | 4,333,394 |
6,331,206 | ||
Industrial — 10.1% | ||
Americold Realty Trust | 68,266 | 2,548,370 |
CyrusOne, Inc. | 54,041 | 3,953,099 |
First Industrial Realty Trust, Inc. | 14,222 | 599,173 |
Prologis, Inc. | 42,269 | 4,212,529 |
QTS Realty Trust, Inc., Class A | 14,929 | 923,806 |
12,236,977 |
Number of Shares | Value† | |
Manufactured Homes — 2.2% | ||
Sun Communities, Inc. | 17,509 | $ 2,660,493 |
Office Property — 4.1% | ||
Hudson Pacific Properties, Inc. | 62,127 | 1,492,290 |
VEREIT, Inc. | 92,402 | 3,491,872 |
4,984,162 | ||
Regional Malls — 5.3% | ||
Simon Property Group, Inc. | 75,464 | 6,435,570 |
Storage & Warehousing — 9.5% | ||
Extra Space Storage, Inc. | 40,169 | 4,653,980 |
Public Storage | 29,566 | 6,827,677 |
11,481,657 | ||
Strip Centers — 0.8% | ||
SITE Centers Corp. | 90,842 | 919,321 |
Telecommunications — 4.4% | ||
Equinix, Inc. | 7,535 | 5,381,346 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $102,060,826) | 113,825,941 |
SHORT-TERM INVESTMENTS — 0.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $326,848) | 326,848 | 326,848 |
TOTAL INVESTMENTS — 98.3% (Cost $105,709,813) | $ 118,990,447 | |
Other Assets & Liabilities — 1.7% | 2,072,764 | |
TOTAL NET ASSETS — 100.0% | $ 121,063,211 |
† | See Security Valuation Note. |
* | Non-income producing security. |
REIT— Real Estate Investment Trust. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $ 4,837,658 | $ 4,837,658 | $— | $— |
Real Estate Investment Trusts | 113,825,941 | 113,825,941 | — | — |
Short-Term Investments | 326,848 | 326,848 | — | — |
Total Investments | $ 118,990,447 | $ 118,990,447 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 57.7% | ||
Penn Series Flexibly Managed Fund* | 27,126 | $ 2,091,920 |
Penn Series Index 500 Fund* | 281,914 | 9,108,655 |
Penn Series Large Cap Growth Fund* | 68,904 | 2,105,718 |
Penn Series Large Cap Value Fund* | 166,737 | 5,525,659 |
Penn Series Large Core Value Fund* | 240,432 | 5,573,204 |
Penn Series Large Growth Stock Fund* | 9,853 | 703,324 |
Penn Series Mid Cap Growth Fund* | 35,878 | 1,406,780 |
Penn Series Mid Cap Value Fund* | 59,949 | 1,390,827 |
Penn Series Mid Core Value Fund* | 176,072 | 4,819,103 |
Penn Series Real Estate Securities Fund* | 79,041 | 2,084,307 |
Penn Series Small Cap Growth Fund* | 33,917 | 2,125,222 |
Penn Series Small Cap Value Fund* | 17,197 | 691,986 |
Penn Series SMID Cap Growth Fund* | 26,833 | 1,405,496 |
Penn Series SMID Cap Value Fund* | 47,921 | 1,379,173 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $29,857,099) | 40,411,374 | |
AFFILIATED FIXED INCOME FUNDS — 8.8% | ||
Penn Series High Yield Bond Fund* | 129,698 | 2,077,767 |
Penn Series Limited Maturity Bond Fund* | 310,255 | 4,135,698 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $5,686,929) | 6,213,465 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 33.0% | ||
Penn Series Developed International Index Fund* | 526,464 | 8,391,838 |
Penn Series Emerging Markets Equity Fund* | 419,695 | 6,266,040 |
Penn Series International Equity Fund* | 216,773 | 8,458,497 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $17,287,687) | 23,116,375 | |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $402,669) | 402,669 | 402,669 |
TOTAL INVESTMENTS — 100.1% (Cost $53,234,384) | $ 70,143,883 | |
Other Assets & Liabilities — (0.1)% | (70,318) | |
TOTAL NET ASSETS — 100.0% | $ 70,073,565 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $40,411,374 | $40,411,374 | $— | $— |
Affiliated Fixed Income Funds | 6,213,465 | 6,213,465 | — | — |
Affiliated International Equity Funds | 23,116,375 | 23,116,375 | — | — |
Short-Term Investments | 402,669 | 402,669 | — | — |
Total Investments | $ 70,143,883 | $ 70,143,883 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 56.7% | ||
Penn Series Flexibly Managed Fund* | 176,054 | $ 13,577,317 |
Penn Series Index 500 Fund* | 844,450 | 27,284,185 |
Penn Series Large Cap Growth Fund* | 223,582 | 6,832,663 |
Penn Series Large Cap Value Fund* | 541,124 | 17,932,855 |
Penn Series Large Core Value Fund* | 780,272 | 18,086,695 |
Penn Series Large Growth Stock Fund* | 31,968 | 2,281,886 |
Penn Series Mid Cap Growth Fund* | 116,395 | 4,563,845 |
Penn Series Mid Cap Value Fund* | 97,279 | 2,256,861 |
Penn Series Mid Core Value Fund* | 489,796 | 13,405,724 |
Penn Series Real Estate Securities Fund* | 256,529 | 6,764,666 |
Penn Series Small Cap Growth Fund* | 73,356 | 4,596,502 |
Penn Series Small Cap Index Fund* | 74,800 | 2,251,494 |
Penn Series Small Cap Value Fund* | 55,810 | 2,245,777 |
Penn Series SMID Cap Growth Fund* | 43,524 | 2,279,769 |
Penn Series SMID Cap Value Fund* | 155,535 | 4,476,291 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $90,278,456) | 128,836,530 | |
AFFILIATED FIXED INCOME FUNDS — 17.8% | ||
Penn Series High Yield Bond Fund* | 420,891 | 6,742,671 |
Penn Series Limited Maturity Bond Fund* | 1,678,064 | 22,368,592 |
Penn Series Quality Bond Fund* | 645,524 | 11,206,295 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $36,114,956) | 40,317,558 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 25.0% | ||
Penn Series Developed International Index Fund* | 1,281,212 | 20,422,519 |
Penn Series Emerging Markets Equity Fund* | 907,934 | 13,555,460 |
Penn Series International Equity Fund* | 586,101 | 22,869,659 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $40,591,468) | 56,847,638 | |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $971,404) | 971,404 | 971,404 |
TOTAL INVESTMENTS — 100.0% (Cost $167,956,284) | $ 226,973,130 | |
Other Assets & Liabilities — 0.0% | 111,114 | |
TOTAL NET ASSETS — 100.0% | $ 227,084,244 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $128,836,530 | $128,836,530 | $— | $— |
Affiliated Fixed Income Funds | 40,317,558 | 40,317,558 | — | — |
Affiliated International Equity Funds | 56,847,638 | 56,847,638 | — | — |
Short-Term Investments | 971,404 | 971,404 | — | — |
Total Investments | $ 226,973,130 | $ 226,973,130 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 44.8% | ||
Penn Series Flexibly Managed Fund* | 221,755 | $ 17,101,758 |
Penn Series Index 500 Fund* | 886,387 | 28,639,156 |
Penn Series Large Cap Growth Fund* | 187,750 | 5,737,635 |
Penn Series Large Cap Value Fund* | 425,990 | 14,117,300 |
Penn Series Large Core Value Fund* | 614,251 | 14,238,346 |
Penn Series Large Growth Stock Fund* | 40,269 | 2,874,374 |
Penn Series Mid Cap Growth Fund* | 146,617 | 5,748,860 |
Penn Series Mid Core Value Fund* | 719,753 | 19,699,649 |
Penn Series Real Estate Securities Fund* | 215,410 | 5,680,351 |
Penn Series Small Cap Growth Fund* | 46,202 | 2,895,045 |
Penn Series Small Cap Index Fund* | 94,219 | 2,835,996 |
Penn Series Small Cap Value Fund* | 70,296 | 2,828,706 |
Penn Series SMID Cap Growth Fund* | 54,826 | 2,871,760 |
Penn Series SMID Cap Value Fund* | 97,952 | 2,819,070 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $87,428,655) | 128,088,006 | |
AFFILIATED FIXED INCOME FUNDS — 37.5% | ||
Penn Series High Yield Bond Fund* | 706,871 | 11,324,074 |
Penn Series Limited Maturity Bond Fund* | 2,959,159 | 39,445,589 |
Penn Series Quality Bond Fund* | 3,252,405 | 56,461,745 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $92,508,778) | 107,231,408 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.0% | ||
Penn Series Developed International Index Fund* | 896,575 | 14,291,402 |
Penn Series Emerging Markets Equity Fund* | 953,020 | 14,228,589 |
Penn Series International Equity Fund* | 516,791 | 20,165,213 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $33,095,167) | 48,685,204 | |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $1,142,699) | 1,142,699 | 1,142,699 |
TOTAL INVESTMENTS — 99.7% (Cost $214,175,299) | $ 285,147,317 | |
Other Assets & Liabilities — 0.3% | 762,393 | |
TOTAL NET ASSETS — 100.0% | $ 285,909,710 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $128,088,006 | $128,088,006 | $— | $— |
Affiliated Fixed Income Funds | 107,231,408 | 107,231,408 | — | — |
Affiliated International Equity Funds | 48,685,204 | 48,685,204 | — | — |
Short-Term Investments | 1,142,699 | 1,142,699 | — | — |
Total Investments | $ 285,147,317 | $ 285,147,317 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 32.8% | ||
Penn Series Flexibly Managed Fund* | 97,640 | $ 7,530,019 |
Penn Series Index 500 Fund* | 175,628 | 5,674,530 |
Penn Series Large Cap Growth Fund* | 62,001 | 1,894,754 |
Penn Series Large Cap Value Fund* | 140,673 | 4,661,923 |
Penn Series Large Core Value Fund* | 202,843 | 4,701,901 |
Penn Series Mid Core Value Fund* | 101,864 | 2,788,016 |
Penn Series Real Estate Securities Fund* | 71,137 | 1,875,876 |
Penn Series Small Cap Value Fund* | 23,214 | 934,128 |
Penn Series SMID Cap Value Fund* | 32,347 | 930,946 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $22,777,034) | 30,992,093 | |
AFFILIATED FIXED INCOME FUNDS — 56.2% | ||
Penn Series High Yield Bond Fund* | 291,790 | 4,674,469 |
Penn Series Limited Maturity Bond Fund* | 1,605,422 | 21,400,280 |
Penn Series Quality Bond Fund* | 1,557,380 | 27,036,123 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $46,395,690) | 53,110,872 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 10.0% | ||
Penn Series Developed International Index Fund* | 177,641 | 2,831,601 |
Penn Series Emerging Markets Equity Fund* | 125,886 | 1,879,472 |
Penn Series International Equity Fund* | 121,900 | 4,756,528 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $6,939,785) | 9,467,601 | |
SHORT-TERM INVESTMENTS — 0.8% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $765,294) | 765,294 | 765,294 |
TOTAL INVESTMENTS — 99.8% (Cost $76,877,803) | $ 94,335,860 | |
Other Assets & Liabilities — 0.2% | 149,249 | |
TOTAL NET ASSETS — 100.0% | $ 94,485,109 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $30,992,093 | $30,992,093 | $— | $— |
Affiliated Fixed Income Funds | 53,110,872 | 53,110,872 | — | — |
Affiliated International Equity Funds | 9,467,601 | 9,467,601 | — | — |
Short-Term Investments | 765,294 | 765,294 | — | — |
Total Investments | $ 94,335,860 | $ 94,335,860 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 19.7% | ||
Penn Series Flexibly Managed Fund* | 63,172 | $ 4,871,864 |
Penn Series Index 500 Fund* | 75,753 | 2,447,580 |
Penn Series Large Cap Value Fund* | 36,406 | 1,206,496 |
Penn Series Large Core Value Fund* | 78,744 | 1,825,278 |
Penn Series Mid Core Value Fund* | 43,937 | 1,202,552 |
Penn Series Real Estate Securities Fund* | 23,012 | 606,835 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $9,448,881) | 12,160,605 | |
AFFILIATED FIXED INCOME FUNDS — 75.0% | ||
Penn Series High Yield Bond Fund* | 188,780 | 3,024,248 |
Penn Series Limited Maturity Bond Fund* | 1,490,246 | 19,864,980 |
Penn Series Quality Bond Fund* | 1,355,013 | 23,523,026 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $41,688,195) | 46,412,254 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 3.0% | ||
Penn Series Developed International Index Fund* | 76,621 | 1,221,337 |
Penn Series International Equity Fund* | 15,773 | 615,465 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,461,084) | 1,836,802 | |
SHORT-TERM INVESTMENTS — 1.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.000%) (Cost $689,014) | 689,014 | 689,014 |
TOTAL INVESTMENTS — 98.8% (Cost $53,287,174) | $ 61,098,675 | |
Other Assets & Liabilities — 1.2% | 755,613 | |
TOTAL NET ASSETS — 100.0% | $ 61,854,288 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 12/31/2020 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 12,160,605 | $ 12,160,605 | $— | $— |
Affiliated Fixed Income Funds | 46,412,254 | 46,412,254 | — | — |
Affiliated International Equity Funds | 1,836,802 | 1,836,802 | — | — |
Short-Term Investments | 689,014 | 689,014 | — | — |
Total Investments | $ 61,098,675 | $ 61,098,675 | $ — | $ — |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
ASSETS: | |||||||
Investments at value | $ 160,352,431 | $ 254,531,803 | $ 474,770,004 | $ 162,625,660 | |||
Cash | — | — | — | 284,713 | |||
Initial margin held by broker for open futures | — | 336,503 | 833,914 | 232,264 | |||
Foreign currency at value | — | — | — | 115,750 | |||
Interest and dividends receivable | 113,986 | 1,250,088 | 2,542,175 | 2,107,828 | |||
Receivable for investment securities sold | — | — | — | 701,750 | |||
Receivable for capital stock sold | — | 1,881,542 | 6,702,451 | 2,536,215 | |||
Futures variation margin receivable | — | 24,516 | 106,950 | — | |||
Other assets | 115,476 | 6,975 | 13,013 | 4,199 | |||
Total Assets | 160,581,893 | 258,031,427 | 484,968,507 | 168,608,379 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | — | 2,828,782 | — | 1,043,000 | |||
Payable for capital stock redeemed | — | 110,047 | 115,585 | 21,734 | |||
Futures variation margin payable | — | — | — | 16,126 | |||
Payable to investment adviser (See Note 3) | 44,073 | 98,513 | 177,541 | 62,208 | |||
Payable to the administrator (See Note 3) | 11,608 | 19,346 | 35,502 | 11,682 | |||
Other liabilities | 59,046 | 96,866 | 165,713 | 62,174 | |||
Total Liabilities | 114,727 | 3,153,554 | 494,341 | 1,216,924 | |||
NET ASSETS | $160,467,166 | $254,877,873 | $484,474,166 | $167,391,455 | |||
Investments at cost | $ 160,352,431 | $ 255,093,528 | $ 453,894,202 | $ 153,378,867 | |||
Foreign currency at cost | $ — | $ — | $ — | $ 112,601 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 160,464,042 | $ 255,439,600 | $ 463,608,858 | $ 164,721,287 | |||
Total distributable earnings (loss) | 3,124 | (561,727) | 20,865,308 | 2,670,168 | |||
NET ASSETS | $160,467,166 | $254,877,873 | $484,474,166 | $167,391,455 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 160,451,522 | ||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 27,903,037 | 10,446,240 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 19,126,971 | ||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 1.00 | $ 13.33 | $ 17.36 | $ 16.02 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ — | $ 83,551,140 | $ — | $ — | |||
Investments of unaffiliated issuers at value | 4,956,797,270 | 337,817 | 404,917,743 | 68,336,328 | |||
Cash | 78,759 | — | — | 500 | |||
Interest and dividends receivable | 8,047,288 | — | 35,207 | 22,189 | |||
Tax reclaims receivable | 142,814 | — | 6,571 | 30,028 | |||
Receivable for investment securities sold | 2,938,085 | 9,071 | 192,869 | — | |||
Receivable for capital stock sold | 2,941,312 | 481,769 | 1,107,075 | 226,425 | |||
Other assets | 123,673 | 2,262 | 10,423 | 1,783 | |||
Total Assets | 4,971,069,201 | 84,382,059 | 406,269,888 | 68,617,253 | |||
LIABILITIES: | |||||||
Cash overdraft | — | — | 14 | — | |||
Written options at value | 57,303,523 | — | — | — | |||
Payable for investment securities purchased | 22,695,332 | — | 13,754 | — | |||
Payable for capital stock redeemed | 38,340 | 300 | 3,362 | 9,139 | |||
Payable to investment adviser (See Note 3) | 2,811,277 | — | 239,690 | 31,329 | |||
Payable to the administrator (See Note 3) | 354,003 | 6,177 | 29,391 | 4,934 | |||
Other liabilities | 1,511,349 | 27,852 | 196,963 | 35,826 | |||
Total Liabilities | 84,713,824 | 34,329 | 483,174 | 81,228 | |||
NET ASSETS | $4,886,355,377 | $84,347,730 | $405,786,714 | $68,536,025 | |||
Investments of affiliated issuers at cost | $ — | $ 50,351,249 | $ — | $ — | |||
Investments of unaffiliated issuers at cost | $ 4,108,693,309 | $ 337,817 | $ 217,601,127 | $ 42,798,445 | |||
Written options, premiums received | $ (30,759,176) | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 4,077,831,017 | $ 51,362,091 | $ 219,430,256 | $ 43,055,716 | |||
Total distributable earnings (loss) | 808,524,360 | 32,985,639 | 186,356,458 | 25,480,309 | |||
NET ASSETS | $4,886,355,377 | $84,347,730 | $405,786,714 | $68,536,025 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 63,361,573 | 5,685,255 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,093,041 | 2,242,964 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 77.12 | $ 27.27 | $ 71.38 | $ 30.56 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
ASSETS: | |||||||
Investments at value | $ 222,982,373 | $ 178,813,942 | $ 179,523,159 | $ 594,381,027 | |||
Cash | — | 37,214 | — | — | |||
Initial margin held by broker for open futures | — | — | — | 385,000 | |||
Foreign currency at value | 2,121 | — | — | — | |||
Interest and dividends receivable | 13,059 | 151,937 | 272,045 | 438,041 | |||
Tax reclaims receivable | 17,485 | — | 18,912 | — | |||
Receivable for investment securities sold | 1,316,211 | — | — | — | |||
Receivable for capital stock sold | — | — | — | 1,032,894 | |||
Futures variation margin receivable | — | — | — | 43,050 | |||
Other assets | 5,239 | 4,441 | 4,563 | 14,987 | |||
Total Assets | 224,336,488 | 179,007,534 | 179,818,679 | 596,294,999 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | 1,664,072 | — | — | — | |||
Payable for capital stock redeemed | 435,469 | 1,014,868 | 678,193 | 51,539 | |||
Payable to investment adviser (See Note 3) | 112,719 | 101,219 | 101,799 | 63,382 | |||
Payable to the administrator (See Note 3) | 15,718 | 12,839 | 13,140 | 42,696 | |||
Other liabilities | 80,497 | 67,621 | 66,700 | 204,472 | |||
Total Liabilities | 2,308,475 | 1,196,547 | 859,832 | 362,089 | |||
NET ASSETS | $222,028,013 | $177,810,987 | $178,958,847 | $595,932,910 | |||
Investments at cost | $ 146,932,264 | $ 149,135,778 | $ 153,020,703 | $ 294,108,668 | |||
Foreign currency at cost | $ 1,619 | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 147,337,853 | $ 154,597,232 | $ 155,422,483 | $ 303,627,475 | |||
Total distributable earnings (loss) | 74,690,160 | 23,213,755 | 23,536,364 | 292,305,435 | |||
NET ASSETS | $222,028,013 | $177,810,987 | $178,958,847 | $595,932,910 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 5,366,000 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,435,819 | 7,720,657 | 18,446,090 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 50.05 | $ 33.14 | $ 23.18 | $ 32.31 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
ASSETS: | |||||||
Investments at value | $ 199,009,282 | $ 95,323,183 | $ 93,955,877 | $ 97,348,512 | |||
Cash | — | — | 500 | — | |||
Interest and dividends receivable | 19,922 | 152,935 | 163,352 | 5,376 | |||
Tax reclaims receivable | — | — | 22,405 | — | |||
Receivable for investment securities sold | — | 149,998 | 280,514 | 512,637 | |||
Net unrealized appreciation of forward foreign currency contracts | — | — | 9,241 | — | |||
Other assets | 4,696 | 2,319 | 2,391 | 2,189 | |||
Total Assets | 199,033,900 | 95,628,435 | 94,434,280 | 97,868,714 | |||
LIABILITIES: | |||||||
Written options at value | 31,903 | — | — | — | |||
Foreign currency overdraft | — | — | 17 | — | |||
Payable for investment securities purchased | 51,846 | — | 68,309 | 456,164 | |||
Payable for capital stock redeemed | 1,756,466 | 778,338 | 109,479 | 1,293,300 | |||
Payable to investment adviser (See Note 3) | 116,264 | 44,049 | 55,562 | 60,764 | |||
Payable to the administrator (See Note 3) | 13,970 | 6,844 | 6,938 | 6,719 | |||
Net unrealized depreciation of forward foreign currency contracts | — | — | 57,919 | — | |||
Other liabilities | 71,156 | 37,321 | 59,243 | 41,957 | |||
Total Liabilities | 2,041,605 | 866,552 | 357,467 | 1,858,904 | |||
NET ASSETS | $196,992,295 | $94,761,883 | $94,076,813 | $96,009,810 | |||
Investments at cost | $ 104,522,038 | $ 75,974,038 | $ 81,699,580 | $ 69,047,140 | |||
Written options, premiums received | $ (132,247) | $ — | $ — | $ — | |||
Foreign currency at cost | $ — | $ — | $ 3 | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 102,738,958 | $ 95,913,816 | $ 83,331,863 | $ 67,843,076 | |||
Total distributable earnings (loss) | 94,253,337 | (1,151,933) | 10,744,950 | 28,166,734 | |||
NET ASSETS | $196,992,295 | $94,761,883 | $94,076,813 | $96,009,810 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 5,024,179 | 4,085,265 | 3,436,694 | 1,832,894 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 39.21 | $ 23.20 | $ 27.37 | $ 52.38 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
ASSETS: | |||||||
Investments at value | $ 59,191,487 | $ 145,694,907 | $ 185,933,676 | $ 78,285,899 | |||
Initial margin held by broker for open futures | — | — | — | 84,000 | |||
Foreign currency at value | — | 2,085 | — | — | |||
Interest and dividends receivable | 64,250 | 20,508 | 268,703 | 67,931 | |||
Tax reclaims receivable | — | 8,658 | 685 | — | |||
Receivable for investment securities sold | 162,639 | 15,240 | 510,607 | 344,806 | |||
Other assets | 1,479 | 3,254 | 4,240 | 1,745 | |||
Total Assets | 59,419,855 | 145,744,652 | 186,717,911 | 78,784,381 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | 89,205 | — | 199,203 | — | |||
Payable for capital stock redeemed | 1,580,662 | 2,994,441 | 6,392,115 | 2,846,703 | |||
Futures variation margin payable | — | — | — | 1,190 | |||
Payable to investment adviser (See Note 3) | 42,332 | 88,351 | 114,075 | 23,357 | |||
Payable to the administrator (See Note 3) | 4,169 | 9,978 | 12,790 | 5,389 | |||
Other liabilities | 31,752 | 56,907 | 87,573 | 55,672 | |||
Total Liabilities | 1,748,120 | 3,149,677 | 6,805,756 | 2,932,311 | |||
NET ASSETS | $57,671,735 | $142,594,975 | $179,912,155 | $75,852,070 | |||
Investments at cost | $ 51,073,870 | $ 79,808,547 | $ 151,727,814 | $ 58,061,184 | |||
Foreign currency at cost | $ — | $ 2,075 | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 59,241,755 | $ 76,791,681 | $ 150,514,414 | $ 56,083,926 | |||
Total distributable earnings (loss) | (1,570,020) | 65,803,294 | 29,397,741 | 19,768,144 | |||
NET ASSETS | $57,671,735 | $142,594,975 | $179,912,155 | $75,852,070 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 2,004,144 | 4,470,569 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,275,520 | 2,520,281 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 28.78 | $ 62.66 | $ 40.24 | $ 30.10 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
ASSETS: | |||||||
Investments at value | $ 108,309,777 | $ 333,068,831 | $ 147,284,018 | $118,990,447 | |||
Initial margin held by broker for open futures | 182,160 | — | — | — | |||
Foreign currency at value | 541,391 | — | — | — | |||
Interest and dividends receivable | 88,695 | 234,363 | 159,368 | 481,267 | |||
Tax reclaims receivable | 485,946 | 1,143,278 | 73,028 | — | |||
Receivable for investment securities sold | 110,315 | — | — | 448,048 | |||
Receivable for capital stock sold | — | 2,952,733 | — | 1,585,674 | |||
Other assets | 2,784 | 8,746 | 3,718 | 3,156 | |||
Total Assets | 109,721,068 | 337,407,951 | 147,520,132 | 121,508,592 | |||
LIABILITIES: | |||||||
Foreign currency overdraft | — | 1 | 73 | — | |||
Payable for investment securities purchased | — | — | 76,925 | 305,986 | |||
Payable for capital stock redeemed | 288,482 | 32,754 | 706,784 | 11,439 | |||
Futures variation margin payable | 19,714 | — | — | — | |||
Payable to investment adviser (See Note 3) | 27,605 | 212,769 | 106,692 | 69,698 | |||
Payable to the administrator (See Note 3) | 7,819 | 24,144 | 10,534 | 8,762 | |||
Deferred Indian capital gains tax | — | 715,201 | 1,146,317 | — | |||
Other liabilities | 81,829 | 149,341 | 137,378 | 49,496 | |||
Total Liabilities | 425,449 | 1,134,210 | 2,184,703 | 445,381 | |||
NET ASSETS | $109,295,619 | $336,273,741 | $145,335,429 | $ 121,063,211 | |||
Investments at cost | $ 77,527,540 | $ 254,146,425 | $ 108,192,964 | $ 105,709,813 | |||
Foreign currency at cost | $ 536,325 | $ (1) | $ (65) | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 80,202,766 | $ 258,549,328 | $ 108,323,127 | $ 112,080,117 | |||
Total distributable earnings (loss) | 29,092,853 | 77,724,413 | 37,012,302 | 8,983,094 | |||
NET ASSETS | $109,295,619 | $336,273,741 | $145,335,429 | $ 121,063,211 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 8,618,847 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 6,857,165 | 9,736,629 | 4,590,433 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 15.94 | $ 39.02 | $ 14.93 | $ 26.37 |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ 69,741,214 | $ 226,001,726 | $ 284,004,618 | $ 93,570,566 | |||
Investments of unaffiliated issuers at value | 402,669 | 971,404 | 1,142,699 | 765,294 | |||
Interest and dividends receivable | — | — | 1 | — | |||
Receivable for investment securities sold | 4,190 | 276,599 | 22,024 | 13,722 | |||
Receivable for capital stock sold | — | — | 869,638 | 180,599 | |||
Other assets | 1,793 | 5,807 | 7,590 | 2,476 | |||
Total Assets | 70,149,866 | 227,255,536 | 286,046,570 | 94,532,657 | |||
LIABILITIES: | |||||||
Payable for capital stock redeemed | 40,510 | 63,175 | 1 | 7 | |||
Payable to investment adviser (See Note 3) | 7,092 | 22,628 | 28,088 | 9,554 | |||
Payable to the administrator (See Note 3) | 5,103 | 16,394 | 20,949 | 6,971 | |||
Other liabilities | 23,596 | 69,095 | 87,822 | 31,016 | |||
Total Liabilities | 76,301 | 171,292 | 136,860 | 47,548 | |||
NET ASSETS | $70,073,565 | $227,084,244 | $285,909,710 | $94,485,109 | |||
Investments of affiliated issuers at cost | $ 52,831,715 | $ 166,984,880 | $ 213,032,600 | $ 76,112,509 | |||
Investments of unaffiliated issuers at cost | $ 402,669 | $ 971,404 | $ 1,142,699 | $ 765,294 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 53,241,716 | $ 168,278,069 | $ 215,108,399 | $ 77,087,149 | |||
Total distributable earnings (loss) | 16,831,849 | 58,806,175 | 70,801,311 | 17,397,960 | |||
NET ASSETS | $70,073,565 | $227,084,244 | $285,909,710 | $94,485,109 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,996,369 | 9,408,769 | 13,320,699 | 4,974,862 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 23.39 | $ 24.14 | $ 21.46 | $ 18.99 |
Conservative Allocation Fund | |
ASSETS: | |
Investments of affiliated issuers at value | $ 60,409,661 |
Investments of unaffiliated issuers at value | 689,014 |
Receivable for investment securities sold | 229,990 |
Receivable for capital stock sold | 556,035 |
Other assets | 1,598 |
Total Assets | 61,886,298 |
LIABILITIES: | |
Payable for capital stock redeemed | 1 |
Payable to investment adviser (See Note 3) | 6,204 |
Payable to the administrator (See Note 3) | 4,516 |
Other liabilities | 21,289 |
Total Liabilities | 32,010 |
NET ASSETS | $61,854,288 |
Investments of affiliated issuers at cost | $ 52,598,160 |
Investments of unaffiliated issuers at cost | $ 689,014 |
COMPONENTS OF NET ASSETS: | |
Paid-in capital | $ 54,068,147 |
Total distributable earnings (loss) | 7,786,141 |
NET ASSETS | $61,854,288 |
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,725,738 |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 16.60 |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 46,257 | $ 57,600 | $ 103,441 | $ 300,102 | |||
Interest | 611,532 | 6,204,197 | 12,447,825 | 7,907,817 | |||
Foreign taxes withheld | — | (2,651) | — | — | |||
Total Investment Income | 657,789 | 6,259,146 | 12,551,266 | 8,207,919 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 445,813 | 1,116,517 | 2,006,803 | 692,277 | |||
Shareholder servicing fees (See Note 3) | 121,585 | 220,197 | 406,458 | 135,445 | |||
Administration fees (See Note 3) | 40,528 | 73,399 | 135,486 | 45,148 | |||
Accounting fees (See Note 3) | 87,547 | 142,331 | 215,486 | 95,248 | |||
Directors’ fees and expenses | 8,086 | 14,868 | 27,462 | 9,211 | |||
Custodian fees and expenses | 9,684 | 17,014 | 31,526 | 10,540 | |||
Pricing fees | 8,064 | 25,561 | 25,053 | 21,554 | |||
Professional fees | 13,496 | 24,619 | 45,053 | 14,972 | |||
Printing fees | 8,018 | 14,196 | 25,500 | 8,555 | |||
Other expenses | 37,569 | 60,803 | 87,857 | 51,955 | |||
Total Expenses | 780,390 | 1,709,505 | 3,006,684 | 1,084,905 | |||
Less: Waivers and reimbursement from administrator (See Note 3) | (108,890) | — | — | — | |||
Less: Waivers and reimbursement from advisor (See Note 3) | (294,197) | — | — | — | |||
Net Expenses | 377,303 | 1,709,505 | 3,006,684 | 1,084,905 | |||
Net Investment Income (Loss) | 280,486 | 4,549,641 | 9,544,582 | 7,123,014 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | — | 1,023,689 | 6,070,442 | 795,032 | |||
Futures contracts | — | 3,047,932 | 8,082,117 | — | |||
Net realized gain (loss) | — | 4,071,621 | 14,152,559 | 795,032 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | — | (287,169) | 10,912,415 | 2,322,739 | |||
Futures contracts | — | 394,622 | 1,495,166 | (13,246) | |||
Foreign currencies | — | — | — | 2,017 | |||
Net change in unrealized appreciation (depreciation) | — | 107,453 | 12,407,581 | 2,311,510 | |||
Net Realized and Unrealized Gain (Loss) | — | 4,179,074 | 26,560,140 | 3,106,542 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $280,486 | $ 8,728,715 | $ 36,104,722 | $10,229,556 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 42,954,471 | $ 150 | $ 1,610,412 | $ 666,839 | |||
Interest | 42,768,261 | — | — | 61 | |||
Foreign taxes withheld | (194,476) | — | (15,206) | (10,023) | |||
Total Investment Income | 85,528,256 | 150 | 1,595,206 | 656,877 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 30,311,983 | — | 2,487,107 | 339,437 | |||
Shareholder servicing fees (See Note 3) | 3,948,962 | 71,188 | 315,943 | 55,544 | |||
Administration fees (See Note 3) | 1,316,321 | 23,729 | 105,314 | 18,515 | |||
Accounting fees (See Note 3) | 1,017,547 | 12,000 | 184,764 | 43,201 | |||
Directors’ fees and expenses | 266,841 | 4,851 | 21,224 | 3,771 | |||
Custodian fees and expenses | 317,095 | 5,459 | 25,759 | 4,948 | |||
Pricing fees | 17,048 | 2,770 | 8,323 | 5,189 | |||
Professional fees | 446,230 | 7,351 | 62,630 | 6,793 | |||
Printing fees | 244,395 | 4,696 | 19,874 | 3,764 | |||
Other expenses | 692,250 | 26,529 | 117,254 | 61,243 | |||
Total Expenses | 38,578,672 | 158,573 | 3,348,192 | 542,405 | |||
Net Investment Income (Loss) | 46,949,584 | (158,423) | (1,752,986) | 114,472 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Affiliated investments | — | 11,783,833 | — | — | |||
Unaffiliated investments | 560,926,419 | — | 34,810,503 | 8,620,406 | |||
Written options | (1,515,684) | — | — | — | |||
Foreign currencies | 28,910 | — | 177 | (1,517) | |||
Forward foreign currency contracts | (1,142) | — | 9 | — | |||
Net realized gain (loss) | 559,438,503 | 11,783,833 | 34,810,689 | 8,618,889 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Affiliated investments | — | (530,549) | — | �� | |||
Unaffiliated Investments | 138,902,378 | — | 81,002,598 | 4,191,160 | |||
Written options | (3,498,148) | — | — | — | |||
Foreign currencies | (4,832) | — | 571 | 2,280 | |||
Net change in unrealized appreciation (depreciation) | 135,399,398 | (530,549) | 81,003,169 | 4,193,440 | |||
Net Realized and Unrealized Gain (Loss) | 694,837,901 | 11,253,284 | 115,813,858 | 12,812,329 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 741,787,485 | $11,094,861 | $114,060,872 | $12,926,801 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 433,469 | $ 3,594,023 | $ 4,108,510 | $ 9,107,315 | |||
Foreign taxes withheld | (621) | (71,381) | (27,354) | — | |||
Total Investment Income | 432,848 | 3,522,642 | 4,081,156 | 9,107,315 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 1,013,599 | 1,109,824 | 1,120,361 | 654,383 | |||
Shareholder servicing fees (See Note 3) | 152,040 | 149,536 | 150,998 | 457,037 | |||
Administration fees (See Note 3) | 50,680 | 49,845 | 50,332 | 152,346 | |||
Accounting fees (See Note 3) | 104,467 | 103,075 | 103,888 | 232,346 | |||
Directors’ fees and expenses | 9,981 | 10,252 | 10,355 | 30,879 | |||
Custodian fees and expenses | 11,517 | 11,547 | 11,504 | 34,503 | |||
Pricing fees | 3,645 | 6,962 | 4,045 | 12,005 | |||
Professional fees | 17,518 | 16,755 | 17,088 | 52,744 | |||
Printing fees | 9,805 | 9,394 | 9,481 | 28,565 | |||
Other expenses | 66,017 | 58,683 | 54,200 | 155,788 | |||
Total Expenses | 1,439,269 | 1,525,873 | 1,532,252 | 1,810,596 | |||
Net Investment Income (Loss) | (1,006,421) | 1,996,769 | 2,548,904 | 7,296,719 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 44,657,176 | (5,261,376) | (411,727) | 65,532,660 | |||
Futures contracts | — | — | — | 1,474,099 | |||
Foreign currencies | 1,558 | — | — | — | |||
Net realized gain (loss) | 44,658,734 | (5,261,376) | (411,727) | 67,006,759 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 53,222,934 | 6,098,668 | 2,010,840 | 22,195,648 | |||
Futures contracts | — | — | — | 18,434 | |||
Foreign currencies | 1,517 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | 53,224,451 | 6,098,668 | 2,010,840 | 22,214,082 | |||
Net Realized and Unrealized Gain (Loss) | 97,883,185 | 837,292 | 1,599,113 | 89,220,841 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $96,876,764 | $ 2,834,061 | $ 4,148,017 | $ 96,517,560 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 917,690 | $ 1,744,234 | $ 2,215,079 | $ 303,899 | |||
Foreign taxes withheld | — | (6,754) | (25,238) | — | |||
Total Investment Income | 917,690 | 1,737,480 | 2,189,841 | 303,899 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 1,126,694 | 489,597 | 603,915 | 576,228 | |||
Shareholder servicing fees (See Note 3) | 144,861 | 80,116 | 78,772 | 69,147 | |||
Administration fees (See Note 3) | 48,287 | 26,705 | 26,257 | 23,049 | |||
Accounting fees (See Note 3) | 100,478 | 61,869 | 61,267 | 53,781 | |||
Directors’ fees and expenses | 9,644 | 5,552 | 5,394 | 4,556 | |||
Custodian fees and expenses | 11,028 | 6,003 | 8,311 | 5,187 | |||
Pricing fees | 5,230 | 5,005 | 6,568 | 4,758 | |||
Professional fees | 16,543 | 9,268 | 9,775 | 8,268 | |||
Printing fees | 9,450 | 4,981 | 5,253 | 4,659 | |||
Other expenses | 61,203 | 42,433 | 105,094 | 56,241 | |||
Total Expenses | 1,533,418 | 731,529 | 910,606 | 805,874 | |||
Net Investment Income (Loss) | (615,728) | 1,005,951 | 1,279,235 | (501,975) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 23,575,208 | (17,957,467) | 349,931 | 18,619,401 | |||
Written options | 449,476 | — | — | — | |||
Purchased options | (731,333) | — | — | — | |||
Foreign currencies | (3,109) | — | (1,625) | — | |||
Forward foreign currency contracts | — | — | (314,752) | — | |||
Net realized gain (loss) | 23,290,242 | (17,957,467) | 33,554 | 18,619,401 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 46,197,017 | 3,457,789 | 648,787 | 16,408,442 | |||
Written options | 100,344 | — | — | — | |||
Purchased options | (322,485) | — | — | — | |||
Foreign currencies | (123) | — | 876 | — | |||
Forward foreign currency contracts | — | — | 23,910 | — | |||
Net change in unrealized appreciation (depreciation) | 45,974,753 | 3,457,789 | 673,573 | 16,408,442 | |||
Net Realized and Unrealized Gain (Loss) | 69,264,995 | (14,499,678) | 707,127 | 35,027,843 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 68,649,267 | $ (13,493,727) | $1,986,362 | $34,525,868 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 1,152,313 | $ 470,985 | $ 2,593,211 | $ 740,972 | |||
Foreign taxes withheld | (5,494) | (1,774) | (12,614) | (1,966) | |||
Total Investment Income | 1,146,819 | 469,211 | 2,580,597 | 739,006 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 496,498 | 848,159 | 1,168,280 | 189,751 | |||
Shareholder servicing fees (See Note 3) | 53,196 | 104,228 | 145,386 | 56,925 | |||
Administration fees (See Note 3) | 17,732 | 34,743 | 48,462 | 18,975 | |||
Accounting fees (See Note 3) | 41,375 | 77,605 | 100,770 | 44,275 | |||
Directors’ fees and expenses | 3,700 | 6,956 | 9,979 | 3,832 | |||
Custodian fees and expenses | 4,198 | 8,410 | 11,018 | 4,263 | |||
Pricing fees | 4,697 | 7,110 | 8,295 | 34,115 | |||
Professional fees | 6,377 | 12,614 | 17,004 | 10,686 | |||
Printing fees | 3,477 | 6,795 | 9,068 | 3,816 | |||
Recaptured advisory fee (See Note 3) | — | — | 1,941 | 5,369 | |||
Other expenses | 60,419 | 62,877 | 123,562 | 101,504 | |||
Total Expenses | 691,669 | 1,169,497 | 1,643,765 | 473,511 | |||
Less: Waivers and reimbursement from advisor (See Note 3) | — | — | (1,941) | (5,459) | |||
Net Expenses | 691,669 | 1,169,497 | 1,641,824 | 468,052 | |||
Net Investment Income (Loss) | 455,150 | (700,286) | 938,773 | 270,954 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | (7,927,747) | 7,982,418 | (3,944,641) | 7,714,545 | |||
Futures contracts | — | — | — | 217,384 | |||
Foreign currencies | — | (623) | — | — | |||
Net realized gain (loss) | (7,927,747) | 7,981,795 | (3,944,641) | 7,931,929 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 3,067,672 | 29,384,224 | 5,454,924 | 5,316,487 | |||
Futures contracts | — | — | — | 25,269 | |||
Foreign currencies | — | 680 | — | — | |||
Net change in unrealized appreciation (depreciation) | 3,067,672 | 29,384,904 | 5,454,924 | 5,341,756 | |||
Net Realized and Unrealized Gain (Loss) | (4,860,075) | 37,366,699 | 1,510,283 | 13,273,685 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(4,404,925) | $ 36,666,413 | $2,449,056 | $13,544,639 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 2,489,872 | $ 3,094,959 | $ 1,674,528 | $ 2,950,929 | |||
Foreign taxes withheld | (218,623) | (291,279) | (196,705) | — | |||
Total Investment Income | 2,271,249 | 2,803,680 | 1,477,823 | 2,950,929 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 298,644 | 2,402,324 | 1,160,541 | 808,124 | |||
Shareholder servicing fees (See Note 3) | 89,593 | 274,393 | 117,866 | 103,902 | |||
Administration fees (See Note 3) | 29,865 | 91,464 | 39,289 | 34,634 | |||
Accounting fees (See Note 3) | 79,072 | 202,929 | 98,575 | 77,626 | |||
Directors’ fees and expenses | 6,104 | 18,722 | 8,050 | 7,135 | |||
Custodian fees and expenses | 23,755 | 71,781 | 55,795 | 7,929 | |||
Pricing fees | 95,532 | 9,496 | 16,503 | 4,375 | |||
Professional fees | 48,936 | 39,975 | 48,503 | 11,472 | |||
Printing fees | 5,825 | 17,039 | 7,446 | 6,641 | |||
Other expenses | 213,105 | 111,600 | 173,323 | 55,077 | |||
Total Expenses | 890,431 | 3,239,723 | 1,725,891 | 1,116,915 | |||
Net Investment Income (Loss) | 1,380,818 | (436,043) | (248,068) | 1,834,014 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 1,306,694 | 29,529,623 | 1,762,429 | (4,286,440) | |||
Futures contracts | 1,179,996 | — | — | — | |||
Foreign currencies | 64,340 | (863,616) | (350,902) | — | |||
Forward foreign currency contracts | — | — | (232,394) | — | |||
Net realized gain (loss) | 2,551,030 | 28,666,007 | 1,179,133 | (4,286,440) | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 4,200,905 | 15,186,281 | 12,850,297 | (2,339,070) | |||
Futures contracts | 27,248 | — | — | — | |||
Foreign currencies | 41,834 | 98,090 | 5,379 | — | |||
Forward foreign currency contracts | — | — | 94,768 | — | |||
Net change in unrealized appreciation (depreciation) | 4,269,987 | 15,284,371 | 12,950,444 | (2,339,070) | |||
Net Realized and Unrealized Gain (Loss) | 6,821,017 | 43,950,378 | 14,129,577 | (6,625,510) | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 8,201,835 | $ 43,514,335 | $ 13,881,509 | $ (4,791,496) |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 949 | $ 5,432 | $ 73 | $ 2,227 | |||
Total Investment Income | 949 | 5,432 | 73 | 2,227 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 77,650 | 248,653 | 320,237 | 107,695 | |||
Shareholder servicing fees (See Note 3) | 58,237 | 187,373 | 245,648 | 80,771 | |||
Administration fees (See Note 3) | 19,412 | 62,458 | 81,883 | 26,924 | |||
Accounting fees (See Note 3) | 12,000 | 20,819 | 27,294 | 12,000 | |||
Directors’ fees and expenses | 3,973 | 12,787 | 16,785 | 5,506 | |||
Custodian fees and expenses | 4,460 | 14,280 | 18,880 | 6,186 | |||
Pricing fees | 2,770 | 2,770 | 2,770 | 2,770 | |||
Professional fees | 6,013 | 19,266 | 25,203 | 8,337 | |||
Printing fees | 3,895 | 11,735 | 15,355 | 5,269 | |||
Other expenses | 23,074 | 43,623 | 59,755 | 27,592 | |||
Total Expenses | 211,484 | 623,764 | 813,810 | 283,050 | |||
Net Investment Income (Loss) | (210,535) | (618,332) | (813,737) | (280,823) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on affiliated investment transactions | 4,861,836 | 17,087,542 | 25,510,932 | 6,352,159 | |||
Net change in unrealized appreciation (depreciation) of affiliated investments | 1,151,393 | 2,135,312 | (149,120) | 708,025 | |||
Net Realized and Unrealized Gain (Loss) | 6,013,229 | 19,222,854 | 25,361,812 | 7,060,184 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5,802,694 | $18,604,522 | $24,548,075 | $ 6,779,361 |
Conservative Allocation Fund | |
INVESTMENT INCOME: | |
Dividends | $ 3,981 |
Total Investment Income | 3,981 |
EXPENSES: | |
Investment advisory fees (See Note 3) | 69,557 |
Shareholder servicing fees (See Note 3) | 52,168 |
Administration fees (See Note 3) | 17,389 |
Accounting fees (See Note 3) | 12,000 |
Directors’ fees and expenses | 3,543 |
Custodian fees and expenses | 3,998 |
Pricing fees | 2,770 |
Professional fees | 5,358 |
Printing fees | 3,527 |
Other expenses | 23,345 |
Total Expenses | 193,655 |
Net Investment Income (Loss) | (189,674) |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on affiliated investment transactions | 3,154,886 |
Net change in unrealized appreciation (depreciation) of affiliated investments | 1,027,216 |
Net Realized and Unrealized Gain (Loss) | 4,182,102 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,992,428 |
Money Market Fund | Limited Maturity Bond Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 280,486 | $ 1,632,266 | $ 4,549,641 | $ 6,909,846 | |||
Net realized gain (loss) | — | — | 4,071,621 | 2,024,029 | |||
Net change in unrealized appreciation (depreciation) | — | — | 107,453 | 2,365,005 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 280,486 | 1,632,266 | 8,728,715 | 11,298,880 | |||
Distributions from: | |||||||
Distributable earnings | (277,283) | (1,635,471) | — | — | |||
Total Distributions | (277,283) | (1,635,471) | — | — | |||
Capital Share Transactions (1): | |||||||
Shares issued | 151,898,109 | 102,754,754 | 59,690,500 | 41,227,575 | |||
Shares issued in lieu of cash distributions | 280,485 | 1,631,645 | — | — | |||
Shares redeemed | (104,653,034) | (102,377,868) | (58,538,852) | (40,744,979) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 47,525,560 | 2,008,531 | 1,151,648 | 482,596 | |||
Total Increase (Decrease) | 47,528,763 | 2,005,326 | 9,880,363 | 11,781,476 | |||
Net Assets: | |||||||
Beginning of period | 112,938,403 | 110,933,077 | 244,997,510 | 233,216,034 | |||
End of period | $ 160,467,166 | $ 112,938,403 | $ 254,877,873 | $ 244,997,510 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 151,898,109 | 102,754,754 | 4,573,900 | 3,260,056 | |||
Shares issued in lieu of cash distributions | 280,485 | 1,631,645 | — | — | |||
Shares redeemed | (104,653,034) | (102,377,868) | (4,505,075) | (3,230,544) | |||
47,525,560 | 2,008,531 | 68,825 | 29,512 |
Quality Bond Fund | High Yield Bond Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 9,544,582 | $ 12,319,847 | $ 7,123,014 | $ 7,655,189 | |||
Net realized gain (loss) | 14,152,559 | 11,235,942 | 795,032 | 1,817,953 | |||
Net change in unrealized appreciation (depreciation) | 12,407,581 | 13,426,190 | 2,311,510 | 13,358,085 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 36,104,722 | 36,981,979 | 10,229,556 | 22,831,227 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 110,626,763 | 54,795,448 | 22,749,256 | 8,900,568 | |||
Shares redeemed | (95,991,535) | (67,070,455) | (25,483,846) | (22,159,253) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 14,635,228 | (12,275,007) | (2,734,590) | (13,258,685) | |||
Total Increase (Decrease) | 50,739,950 | 24,706,972 | 7,494,966 | 9,572,542 | |||
Net Assets: | |||||||
Beginning of period | 433,734,216 | 409,027,244 | 159,896,489 | 150,323,947 | |||
End of period | $484,474,166 | $ 433,734,216 | $ 167,391,455 | $159,896,489 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 6,581,932 | 3,507,568 | 1,467,884 | 630,675 | |||
Shares redeemed | (5,773,085) | (4,317,186) | (1,754,814) | (1,565,598) | |||
808,847 | (809,618) | (286,930) | (934,923) |
Flexibly Managed Fund | Balanced Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 46,949,584 | $ 58,430,843 | $ (158,423) | $ (160,806) | |||
Net realized gain (loss) | 559,438,503 | 356,636,729 | 11,783,833 | 8,879,420 | |||
Net change in unrealized appreciation (depreciation) | 135,399,398 | 481,408,552 | (530,549) | 6,917,752 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 741,787,485 | 896,476,124 | 11,094,861 | 15,636,366 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 79,440,355 | 100,104,430 | 4,125,924 | 3,067,693 | |||
Shares redeemed | (353,137,852) | (276,565,400) | (11,943,412) | (12,465,529) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (273,697,497) | (176,460,970) | (7,817,488) | (9,397,836) | |||
Total Increase (Decrease) | 468,089,988 | 720,015,154 | 3,277,373 | 6,238,530 | |||
Net Assets: | |||||||
Beginning of period | 4,418,265,389 | 3,698,250,235 | 81,070,357 | 74,831,827 | |||
End of period | $ 4,886,355,377 | $ 4,418,265,389 | $ 84,347,730 | $ 81,070,357 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 1,197,362 | 1,693,860 | 169,657 | 143,872 | |||
Shares redeemed | (5,345,786) | (4,550,970) | (488,438) | (563,517) | |||
(4,148,424) | (2,857,110) | (318,781) | (419,645) |
Large Growth Stock Fund | Large Cap Growth Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (1,752,986) | $ (564,698) | $ 114,472 | $ 209,589 | |||
Net realized gain (loss) | 34,810,689 | 26,571,903 | 8,618,889 | 8,061,278 | |||
Net change in unrealized appreciation (depreciation) | 81,003,169 | 57,386,573 | 4,193,440 | 11,534,935 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 114,060,872 | 83,393,778 | 12,926,801 | 19,805,802 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 16,475,289 | 10,413,032 | 4,993,757 | 4,304,052 | |||
Shares redeemed | (56,169,734) | (45,061,044) | (12,603,815) | (14,334,452) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (39,694,445) | (34,648,012) | (7,610,058) | (10,030,400) | |||
Total Increase (Decrease) | 74,366,427 | 48,745,766 | 5,316,743 | 9,775,402 | |||
Net Assets: | |||||||
Beginning of period | 331,420,287 | 282,674,521 | 63,219,282 | 53,443,880 | |||
End of period | $ 405,786,714 | $ 331,420,287 | $ 68,536,025 | $ 63,219,282 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 293,328 | 221,847 | 203,974 | 196,608 | |||
Shares redeemed | (968,934) | (937,282) | (488,080) | (655,316) | |||
(675,606) | (715,435) | (284,106) | (458,708) |
Large Core Growth Fund | Large Cap Value Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (1,006,421) | $ (350,182) | $ 1,996,769 | $ 2,002,810 | |||
Net realized gain (loss) | 44,658,734 | 20,107,341 | (5,261,376) | 2,784,034 | |||
Net change in unrealized appreciation (depreciation) | 53,224,451 | 12,135,004 | 6,098,668 | 35,272,917 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 96,876,764 | 31,892,163 | 2,834,061 | 40,059,761 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 18,312,376 | 7,569,487 | 12,636,650 | 10,411,716 | |||
Shares redeemed | (29,091,470) | (21,895,817) | (33,767,654) | (33,804,138) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (10,779,094) | (14,326,330) | (21,131,004) | (23,392,422) | |||
Total Increase (Decrease) | 86,097,670 | 17,565,833 | (18,296,943) | 16,667,339 | |||
Net Assets: | |||||||
Beginning of period | 135,930,343 | 118,364,510 | 196,107,930 | 179,440,591 | |||
End of period | $ 222,028,013 | $ 135,930,343 | $ 177,810,987 | $ 196,107,930 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 466,319 | 284,633 | 483,571 | 346,323 | |||
Shares redeemed | (796,839) | (800,767) | (1,172,172) | (1,135,383) | |||
(330,520) | (516,134) | (688,601) | (789,060) |
Large Core Value Fund | Index 500 Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 2,548,904 | $ 2,840,613 | $ 7,296,719 | $ 7,559,510 | |||
Net realized gain (loss) | (411,727) | 12,857,757 | 67,006,759 | 32,812,999 | |||
Net change in unrealized appreciation (depreciation) | 2,010,840 | 33,680,835 | 22,214,082 | 83,914,688 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,148,017 | 49,379,205 | 96,517,560 | 124,287,197 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 15,417,090 | 4,504,943 | 69,328,444 | 28,584,665 | |||
Shares redeemed | (33,565,078) | (36,997,314) | (64,452,708) | (75,196,590) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (18,147,988) | (32,492,371) | 4,875,736 | (46,611,925) | |||
Total Increase (Decrease) | (13,999,971) | 16,886,834 | 101,393,296 | 77,675,272 | |||
Net Assets: | |||||||
Beginning of period | 192,958,818 | 176,071,984 | 494,539,614 | 416,864,342 | |||
End of period | $ 178,958,847 | $ 192,958,818 | $ 595,932,910 | $ 494,539,614 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 818,126 | 220,931 | 2,685,017 | 1,159,948 | |||
Shares redeemed | (1,641,339) | (1,793,095) | (2,351,038) | (3,057,861) | |||
(823,213) | (1,572,164) | 333,979 | (1,897,913) |
Mid Cap Growth Fund | Mid Cap Value Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (615,728) | $ (425,441) | $ 1,005,951 | $ 1,655,595 | |||
Net realized gain (loss) | 23,290,242 | 12,729,767 | (17,957,467) | (293,903) | |||
Net change in unrealized appreciation (depreciation) | 45,974,753 | 29,535,951 | 3,457,789 | 21,231,600 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 68,649,267 | 41,840,277 | (13,493,727) | 22,593,292 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 12,631,402 | 13,244,827 | 8,736,702 | 5,399,945 | |||
Shares redeemed | (33,054,226) | (18,821,226) | (17,279,601) | (52,966,132) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (20,422,824) | (5,576,399) | (8,542,899) | (47,566,187) | |||
Total Increase (Decrease) | 48,226,443 | 36,263,878 | (22,036,626) | (24,972,895) | |||
Net Assets: | |||||||
Beginning of period | 148,765,852 | 112,501,974 | 116,798,509 | 141,771,404 | |||
End of period | $ 196,992,295 | $148,765,852 | $ 94,761,883 | $ 116,798,509 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 439,826 | 551,414 | 495,206 | 211,827 | |||
Shares redeemed | (1,086,670) | (798,522) | (826,237) | (2,069,575) | |||
(646,844) | (247,108) | (331,031) | (1,857,748) |
Mid Core Value Fund | SMID Cap Growth Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 1,279,235 | $ 1,232,294 | $ (501,975) | $ (413,974) | |||
Net realized gain (loss) | 33,554 | 98,897 | 18,619,401 | 8,545,162 | |||
Net change in unrealized appreciation (depreciation) | 673,573 | 20,204,150 | 16,408,442 | 13,607,296 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,986,362 | 21,535,341 | 34,525,868 | 21,738,484 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 10,033,128 | 14,785,376 | 11,570,298 | 7,160,153 | |||
Shares redeemed | (17,741,512) | (15,814,012) | (21,047,089) | (17,819,568) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (7,708,384) | (1,028,636) | (9,476,791) | (10,659,415) | |||
Total Increase (Decrease) | (5,722,022) | 20,506,705 | 25,049,077 | 11,079,069 | |||
Net Assets: | |||||||
Beginning of period | 99,798,835 | 79,292,130 | 70,960,733 | 59,881,664 | |||
End of period | $ 94,076,813 | $ 99,798,835 | $ 96,009,810 | $ 70,960,733 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 468,174 | 563,979 | 294,698 | 229,154 | |||
Shares redeemed | (736,216) | (650,236) | (525,103) | (568,231) | |||
(268,042) | (86,257) | (230,405) | (339,077) |
SMID Cap Value Fund | Small Cap Growth Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 455,150 | $ 563,622 | $ (700,286) | $ (433,741) | |||
Net realized gain (loss) | (7,927,747) | 2,710,595 | 7,981,795 | 5,700,133 | |||
Net change in unrealized appreciation (depreciation) | 3,067,672 | 12,146,243 | 29,384,904 | 20,647,074 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,404,925) | 15,420,460 | 36,666,413 | 25,913,466 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,828,741 | 4,642,070 | 8,523,305 | 14,321,866 | |||
Shares redeemed | (28,076,299) | (15,656,929) | (20,838,333) | (15,234,785) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (23,247,558) | (11,014,859) | (12,315,028) | (912,919) | |||
Total Increase (Decrease) | (27,652,483) | 4,405,601 | 24,351,385 | 25,000,547 | |||
Net Assets: | |||||||
Beginning of period | 85,324,218 | 80,918,617 | 118,243,590 | 93,243,043 | |||
End of period | $ 57,671,735 | $ 85,324,218 | $142,594,975 | $ 118,243,590 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 240,997 | 173,738 | 205,798 | 316,631 | |||
Shares redeemed | (1,244,791) | (584,936) | (422,367) | (344,444) | |||
(1,003,794) | (411,198) | (216,569) | (27,813) |
Small Cap Value Fund | Small Cap Index Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 938,773 | $ 1,413,710 | $ 270,954 | $ 389,489 | |||
Net realized gain (loss) | (3,944,641) | 15,904,051 | 7,931,929 | 9,640,730 | |||
Net change in unrealized appreciation (depreciation) | 5,454,924 | 27,741,010 | 5,341,756 | 5,945,896 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,449,056 | 45,058,771 | 13,544,639 | 15,976,115 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 12,924,725 | 4,964,640 | 5,753,101 | 4,183,263 | |||
Shares redeemed | (40,510,317) | (56,259,919) | (13,439,062) | (20,889,549) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (27,585,592) | (51,295,279) | (7,685,961) | (16,706,286) | |||
Total Increase (Decrease) | (25,136,536) | (6,236,508) | 5,858,678 | (730,171) | |||
Net Assets: | |||||||
Beginning of period | 205,048,691 | 211,285,199 | 69,993,392 | 70,723,563 | |||
End of period | $ 179,912,155 | $205,048,691 | $ 75,852,070 | $ 69,993,392 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 472,091 | 137,639 | 291,977 | 179,188 | |||
Shares redeemed | (1,216,186) | (1,534,540) | (546,994) | (894,201) | |||
(744,095) | (1,396,901) | (255,017) | (715,013) |
Developed International Index Fund | International Equity Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 1,380,818 | $ 2,587,431 | $ (436,043) | $ 2,129,778 | |||
Net realized gain (loss) | 2,551,030 | 3,004,119 | 28,666,007 | 20,901,774 | |||
Net change in unrealized appreciation (depreciation) | 4,269,987 | 14,645,148 | 15,284,371 | 55,439,024 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,201,835 | 20,236,698 | 43,514,335 | 78,470,576 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 8,402,011 | 11,803,147 | 12,617,143 | 3,613,045 | |||
Shares redeemed | (18,375,149) | (19,444,354) | (45,822,700) | (53,011,076) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (9,973,138) | (7,641,207) | (33,205,557) | (49,398,031) | |||
Total Increase (Decrease) | (1,771,303) | 12,595,491 | 10,308,778 | 29,072,545 | |||
Net Assets: | |||||||
Beginning of period | 111,066,922 | 98,471,431 | 325,964,963 | 296,892,418 | |||
End of period | $109,295,619 | $ 111,066,922 | $ 336,273,741 | $ 325,964,963 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 698,267 | 863,914 | 378,342 | 118,759 | |||
Shares redeemed | (1,351,452) | (1,411,048) | (1,361,532) | (1,717,939) | |||
(653,185) | (547,134) | (983,190) | (1,599,180) |
Emerging Markets Equity Fund | Real Estate Securities Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (248,068) | $ 1,646,313 | $ 1,834,014 | $ 2,123,061 | |||
Net realized gain (loss) | 1,179,133 | 4,446,556 | (4,286,440) | 18,498,543 | |||
Net change in unrealized appreciation (depreciation) | 12,950,444 | 19,019,903 | (2,339,070) | 15,039,199 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 13,881,509 | 25,112,772 | (4,791,496) | 35,660,803 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 7,422,502 | 6,646,284 | 9,621,300 | 6,153,201 | |||
Shares redeemed | (23,380,691) | (31,319,595) | (16,834,148) | (23,112,165) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (15,958,189) | (24,673,311) | (7,212,848) | (16,958,964) | |||
Total Increase (Decrease) | (2,076,680) | 439,461 | (12,004,344) | 18,701,839 | |||
Net Assets: | |||||||
Beginning of period | 147,412,109 | 146,972,648 | 133,067,555 | 114,365,716 | |||
End of period | $ 145,335,429 | $ 147,412,109 | $ 121,063,211 | $ 133,067,555 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 678,651 | 527,622 | 397,565 | 236,427 | |||
Shares redeemed | (1,841,803) | (2,535,983) | (689,608) | (914,025) | |||
(1,163,152) | (2,008,361) | (292,043) | (677,598) |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (210,535) | $ (228,926) | $ (618,332) | $ (671,418) | |||
Net realized gain (loss) | 4,861,836 | 5,681,845 | 17,087,542 | 23,326,208 | |||
Net change in unrealized appreciation (depreciation) | 1,151,393 | 8,960,560 | 2,135,312 | 22,590,636 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,802,694 | 14,413,479 | 18,604,522 | 45,245,426 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 1,765,540 | 2,949,256 | 5,009,104 | 5,725,655 | |||
Shares redeemed | (9,511,189) | (9,950,420) | (28,837,461) | (36,581,327) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (7,745,649) | (7,001,164) | (23,828,357) | (30,855,672) | |||
Total Increase (Decrease) | (1,942,955) | 7,412,315 | (5,223,835) | 14,389,754 | |||
Net Assets: | |||||||
Beginning of period | 72,016,520 | 64,604,205 | 232,308,079 | 217,918,325 | |||
End of period | $ 70,073,565 | $ 72,016,520 | $ 227,084,244 | $ 232,308,079 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 95,273 | 147,387 | 256,776 | 280,954 | |||
Shares redeemed | (462,948) | (503,292) | (1,380,078) | (1,778,108) | |||
(367,675) | (355,905) | (1,123,302) | (1,497,154) |
Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||||
Year Ended 12/31/20 | Year Ended 12/31/19 | Year Ended 12/31/20 | Year Ended 12/31/19 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (813,737) | $ (890,615) | $ (280,823) | $ (284,090) | |||
Net realized gain (loss) | 25,510,932 | 27,316,251 | 6,352,159 | 5,886,607 | |||
Net change in unrealized appreciation (depreciation) | (149,120) | 24,602,076 | 708,025 | 7,164,741 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 24,548,075 | 51,027,712 | 6,779,361 | 12,767,258 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,351,087 | 3,278,991 | 8,395,170 | 5,539,791 | |||
Shares redeemed | (41,104,628) | (47,809,610) | (14,636,141) | (13,287,527) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (36,753,541) | (44,530,619) | (6,240,971) | (7,747,736) | |||
Total Increase (Decrease) | (12,205,466) | 6,497,093 | 538,390 | 5,019,522 | |||
Net Assets: | |||||||
Beginning of period | 298,115,176 | 291,618,083 | 93,946,719 | 88,927,197 | |||
End of period | $ 285,909,710 | $ 298,115,176 | $ 94,485,109 | $ 93,946,719 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 223,251 | 179,320 | 482,248 | 337,395 | |||
Shares redeemed | (2,153,883) | (2,618,616) | (851,613) | (800,808) | |||
(1,930,632) | (2,439,296) | (369,365) | (463,413) |
Conservative Allocation Fund | |||
Year Ended 12/31/20 | Year Ended 12/31/19 | ||
Increase (Decrease) in Net Assets Operations: | |||
Net investment income (loss) | $ (189,674) | $ (181,956) | |
Net realized gain (loss) | 3,154,886 | 2,818,377 | |
Net change in unrealized appreciation (depreciation) | 1,027,216 | 3,438,658 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,992,428 | 6,075,079 | |
Capital Share Transactions (1): | |||
Shares issued | 11,966,235 | 8,565,195 | |
Shares redeemed | (13,936,211) | (11,900,353) | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,969,976) | (3,335,158) | |
Total Increase (Decrease) | 2,022,452 | 2,739,921 | |
Net Assets: | |||
Beginning of period | 59,831,836 | 57,091,915 | |
End of period | $ 61,854,288 | $ 59,831,836 | |
(1) Shares Issued and Redeemed: | |||
Shares issued | 756,114 | 576,456 | |
Shares redeemed | (886,960) | (799,657) | |
(130,846) | (223,201) |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | — (a) | 0.02 | 0.01 | — (a) | — (a) | ||||
Total from investment operations | — | 0.02 | 0.01 | — | — | ||||
Less distributions: | |||||||||
Net investment income | — (a) | (0.02) | (0.01) | — (a) | — (a) | ||||
Total distributions | — | (0.02) | (0.01) | — | — | ||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total return2 | 0.24% | 1.61% | 0.55% | 0.01% | 0.01% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 160,467 | $ 112,938 | $ 110,933 | $ 91,567 | $ 123,865 | ||||
Ratio of net expenses to average net assets3 | 0.28% | 0.59% | 1.26% | 0.85% | 0.45% | ||||
Ratio of total expenses to average net assets4 | 0.58% | 0.59% | 0.59% | 0.59% | 0.58% | ||||
Ratio of net investment income (loss) to average net assets | 0.21% | 1.60% | 0.55% | 0.01% | 0.01% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
(a) | Less than one penny per share. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 12.86 | $ 12.26 | $ 12.09 | $ 11.89 | $ 11.59 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.24 | 0.37 | 0.32 | 0.24 | 0.18 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.23 | 0.23 | (0.15) | (0.04) | 0.12 | ||||
Total from investment operations | 0.47 | 0.60 | 0.17 | 0.20 | 0.30 | ||||
Net asset value, end of period | $ 13.33 | $ 12.86 | $ 12.26 | $ 12.09 | $ 11.89 | ||||
Total return2 | 3.65% | 4.89% | 1.41% | 1.68% | 2.59% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 254,878 | $ 244,998 | $ 233,216 | $ 229,184 | $ 210,476 | ||||
Ratio of total expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | ||||
Ratio of net investment income (loss) to average net assets | 1.86% | 2.92% | 2.61% | 1.98% | 1.55% | ||||
Portfolio turnover rate | 99% | 54% | 79% | 97% | 105% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 16.01 | $ 14.66 | $ 14.68 | $ 14.03 | $ 13.45 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.35 | 0.45 | 0.41 | 0.36 | 0.36 | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.00 | 0.90 | (0.43) | 0.29 | 0.22 | ||||
Total from investment operations | 1.35 | 1.35 | (0.02) | 0.65 | 0.58 | ||||
Net asset value, end of period | $ 17.36 | $ 16.01 | $ 14.66 | $ 14.68 | $ 14.03 | ||||
Total return2 | 8.43% | 9.21% | (0.14%) | 4.63% | 4.31% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 484,474 | $ 433,734 | $ 409,027 | $ 485,598 | $ 504,849 | ||||
Ratio of total expenses to average net assets | 0.67% | 0.67% | 0.66% | 0.66% | 0.66% | ||||
Ratio of net investment income (loss) to average net assets | 2.11% | 2.92% | 2.81% | 2.48% | 2.58% | ||||
Portfolio turnover rate | 75% | 47% | 59% | 72% | 77% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 14.90 | $ 12.88 | $ 13.18 | $ 12.29 | $ 10.61 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.71 | 0.68 | 0.66 | 0.69 | 0.69 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.41 | 1.34 | (0.96) | 0.20 | 0.99 | ||||
Total from investment operations | 1.12 | 2.02 | (0.30) | 0.89 | 1.68 | ||||
Net asset value, end of period | $ 16.02 | $ 14.90 | $ 12.88 | $ 13.18 | $ 12.29 | ||||
Total return2 | 7.52% | 15.68% | (2.35%) | 7.42% | 15.83% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 167,391 | $ 159,896 | $ 150,324 | $ 171,467 | $ 168,650 | ||||
Ratio of total expenses to average net assets | 0.72% | 0.71% | 0.77% | 0.86% | 0.86% | ||||
Ratio of net investment income (loss) to average net assets | 4.73% | 4.83% | 5.02% | 5.39% | 6.03% | ||||
Portfolio turnover rate | 128% | 133% | 115% | 78% | 81% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 65.45 | $ 52.56 | $ 52.31 | $ 45.44 | $ 42.05 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.72 | 0.84 | 1.22 | 0.53 | 0.54 | ||||
Net realized and unrealized gain (loss) on investment transactions | 10.95 | 12.05 | (0.97) | 6.34 | 2.85 | ||||
Total from investment operations | 11.67 | 12.89 | 0.25 | 6.87 | 3.39 | ||||
Net asset value, end of period | $ 77.12 | $ 65.45 | $ 52.56 | $ 52.31 | $ 45.44 | ||||
Total return2 | 17.83% | 24.53% | 0.48% | 15.12% | 8.06% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 4,886,355 | $ 4,418,265 | $ 3,698,250 | $ 3,898,297 | $ 3,494,596 | ||||
Ratio of total expenses to average net assets | 0.88% | 0.88% | 0.89% | 0.89% | 0.89% | ||||
Ratio of net investment income (loss) to average net assets | 1.07% | 1.40% | 2.28% | 1.07% | 1.24% | ||||
Portfolio turnover rate | 88% | 45% | 69% | 61% | 66% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 23.76 | $ 19.53 | $ 20.12 | $ 17.60 | $ 16.24 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.05) | (0.04) | (0.04) | (0.04) | (0.03) | ||||
Net realized and unrealized gain (loss) on investment transactions | 3.56 | 4.27 | (0.55) | 2.56 | 1.39 | ||||
Total from investment operations | 3.51 | 4.23 | (0.59) | 2.52 | 1.36 | ||||
Net asset value, end of period | $ 27.27 | $ 23.76 | $ 19.53 | $ 20.12 | $ 17.60 | ||||
Total return2 | 14.77% | 21.66% | (2.93%) | 14.32% | 8.37% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 84,348 | $ 81,070 | $ 74,832 | $ 84,403 | $ 77,801 | ||||
Ratio of total expenses to average net assets3 | 0.20% | 0.20% | 0.20% | 0.19% | 0.19% | ||||
Ratio of net investment income (loss) to average net assets | (0.20%) | (0.20%) | (0.19%) | (0.19%) | (0.19%) | ||||
Portfolio turnover rate | 15% | 6% | 8% | 9% | 7% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 52.10 | $ 39.95 | $ 40.48 | $ 30.40 | $ 30.07 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.29) | (0.08) | (0.02) | (0.03) | (0.04) | ||||
Net realized and unrealized gain (loss) on investment transactions | 19.57 | 12.23 | (0.51) | 10.11 | 0.37 | ||||
Total from investment operations | 19.28 | 12.15 | (0.53) | 10.08 | 0.33 | ||||
Net asset value, end of period | $ 71.38 | $ 52.10 | $ 39.95 | $ 40.48 | $ 30.40 | ||||
Total return2 | 37.01% | 30.41% | (1.31%) | 33.16% | 1.10% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 405,787 | $ 331,420 | $ 282,675 | $ 307,131 | $ 259,278 | ||||
Ratio of total expenses to average net assets | 0.95% | 0.95% | 0.95% | 0.96% | 0.96% | ||||
Ratio of net investment income (loss) to average net assets | (0.50%) | (0.18%) | (0.05%) | (0.08%) | (0.15%) | ||||
Portfolio turnover rate | 35% | 26% | 42% | 52% | 42% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 25.02 | $ 17.90 | $ 17.78 | $ 13.87 | $ 13.09 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.05 | 0.08 | 0.08 | 0.07 | 0.07 | ||||
Net realized and unrealized gain (loss) on investment transactions | 5.49 | 7.04 | 0.04 | 3.84 | 0.71 | ||||
Total from investment operations | 5.54 | 7.12 | 0.12 | 3.91 | 0.78 | ||||
Net asset value, end of period | $ 30.56 | $ 25.02 | $ 17.90 | $ 17.78 | $ 13.87 | ||||
Total return2 | 22.14% | 39.78% | 0.68% | 28.19% | 5.96% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 68,536 | $ 63,219 | $ 53,444 | $ 58,389 | $ 42,791 | ||||
Ratio of total expenses to average net assets | 0.88% | 0.88% | 0.87% | 0.89% | 0.89% | ||||
Ratio of net investment income (loss) to average net assets | 0.19% | 0.35% | 0.40% | 0.43% | 0.55% | ||||
Portfolio turnover rate | 34% | 24% | 25% | 28% | 25% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 28.52 | $ 22.41 | $ 21.67 | $ 16.32 | $ 16.30 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.22) | (0.07) | (0.02) | (0.03) | 0.01 | ||||
Net realized and unrealized gain (loss) on investment transactions | 21.75 | 6.18 | 0.76 | 5.38 | 0.01 | ||||
Total from investment operations | 21.53 | 6.11 | 0.74 | 5.35 | 0.02 | ||||
Net asset value, end of period | $ 50.05 | $ 28.52 | $ 22.41 | $ 21.67 | $ 16.32 | ||||
Total return2 | 75.49% | 27.27% | 3.42% | 32.78% | 0.12% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 222,028 | $ 135,930 | $ 118,365 | $ 124,493 | $ 101,020 | ||||
Ratio of total expenses to average net assets | 0.85% | 0.86% | 0.86% | 0.86% | 0.85% | ||||
Ratio of net investment income (loss) to average net assets | (0.60%) | (0.26%) | (0.09%) | (0.18%) | 0.06% | ||||
Portfolio turnover rate | 74% | 74% | 72% | 64% | 141% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 32.39 | $ 26.22 | $ 28.41 | $ 24.79 | $ 22.21 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.35 | 0.31 | 0.35 | 0.41 | 0.36 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.40 | 5.86 | (2.54) | 3.21 | 2.22 | ||||
Total from investment operations | 0.75 | 6.17 | (2.19) | 3.62 | 2.58 | ||||
Net asset value, end of period | $ 33.14 | $ 32.39 | $ 26.22 | $ 28.41 | $ 24.79 | ||||
Total return2 | 2.32% | 23.53% | (7.71%) | 14.60% | 11.62% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 177,811 | $ 196,108 | $ 179,441 | $ 201,219 | $ 202,553 | ||||
Ratio of total expenses to average net assets | 0.92% | 0.91% | 0.90% | 0.90% | 0.90% | ||||
Ratio of net investment income (loss) to average net assets | 1.20% | 1.05% | 1.22% | 1.57% | 1.60% | ||||
Portfolio turnover rate | 56% | 62% | 108% | 17% | 22% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 22.58 | $ 17.41 | $ 18.64 | $ 16.18 | $ 14.77 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.31 | 0.30 | 0.26 | 0.25 | 0.22 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.29 | 4.87 | (1.49) | 2.21 | 1.19 | ||||
Total from investment operations | 0.60 | 5.17 | (1.23) | 2.46 | 1.41 | ||||
Net asset value, end of period | $ 23.18 | $ 22.58 | $ 17.41 | $ 18.64 | $ 16.18 | ||||
Total return2 | 2.66% | 29.70% | (6.60%) | 15.21% | 9.55% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 178,959 | $ 192,959 | $ 176,072 | $ 216,214 | $ 191,386 | ||||
Ratio of total expenses to average net assets | 0.91% | 0.91% | 0.90% | 0.90% | 0.90% | ||||
Ratio of net investment income (loss) to average net assets | 1.52% | 1.48% | 1.39% | 1.44% | 1.47% | ||||
Portfolio turnover rate | 80% | 65% | 76% | 106% | 87% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 27.30 | $ 20.83 | $ 21.87 | $ 18.00 | $ 16.14 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.39 | 0.40 | 0.35 | 0.33 | 0.29 | ||||
Net realized and unrealized gain (loss) on investment transactions | 4.62 | 6.07 | (1.39) | 3.54 | 1.57 | ||||
Total from investment operations | 5.01 | 6.47 | (1.04) | 3.87 | 1.86 | ||||
Net asset value, end of period | $ 32.31 | $ 27.30 | $ 20.83 | $ 21.87 | $ 18.00 | ||||
Total return2 | 18.35% | 31.06% | (4.76%) | 21.50% | 11.52% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 595,933 | $ 494,540 | $ 416,864 | $ 485,750 | $ 432,873 | ||||
Ratio of total expenses to average net assets | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% | ||||
Ratio of net investment income (loss) to average net assets | 1.44% | 1.63% | 1.56% | 1.64% | 1.75% | ||||
Portfolio turnover rate | 19% | 3% | 3% | 2% | 3% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 26.23 | $ 19.01 | $ 18.96 | $ 14.92 | $ 14.02 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.11) | (0.07) | (0.06) | (0.03) | —(a) | ||||
Net realized and unrealized gain (loss) on investment transactions | 13.09 | 7.29 | 0.11 | 4.07 | 0.90 | ||||
Total from investment operations | 12.98 | 7.22 | 0.05 | 4.04 | 0.90 | ||||
Net asset value, end of period | $ 39.21 | $ 26.23 | $ 19.01 | $ 18.96 | $ 14.92 | ||||
Total return2 | 49.48% | 37.98% | 0.26% | 27.08% | 6.42% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 196,992 | $ 148,766 | $ 112,502 | $ 121,288 | $ 103,325 | ||||
Ratio of total expenses to average net assets | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% | ||||
Ratio of net investment income (loss) to average net assets | (0.38%) | (0.32%) | (0.28%) | (0.20%) | — | ||||
Portfolio turnover rate | 26% | 22% | 42% | 25% | 28% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
(a) | Less than one penny per share. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 26.45 | $ 22.60 | $ 26.65 | $ 22.69 | $ 19.36 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.23 | 0.29 | 0.23 | 0.20 | 0.20 | ||||
Net realized and unrealized gain (loss) on investment transactions | (3.48) | 3.56 | (4.28) | 3.76 | 3.13 | ||||
Total from investment operations | (3.25) | 3.85 | (4.05) | 3.96 | 3.33 | ||||
Net asset value, end of period | $ 23.20 | $ 26.45 | $ 22.60 | $ 26.65 | $ 22.69 | ||||
Total return2 | (12.29%) | 17.04% | (15.20%) | 17.45% | 17.20% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 94,762 | $ 116,799 | $ 141,771 | $ 180,696 | $ 170,374 | ||||
Ratio of total expenses to average net assets | 0.82% | 0.80% | 0.79% | 0.78% | 0.78% | ||||
Ratio of net investment income (loss) to average net assets | 1.13% | 1.14% | 0.85% | 0.83% | 0.97% | ||||
Portfolio turnover rate | 122% (b) | 14% | 33% | 31% | 33% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
(b) | The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund’s sub-adviser and associated repositioning. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 26.94 | $ 20.92 | $ 24.06 | $ 21.57 | $ 17.57 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.35 | 0.35 | 0.28 | 0.33 | 0.19 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.08 | 5.67 | (3.42) | 2.16 | 3.81 | ||||
Total from investment operations | 0.43 | 6.02 | (3.14) | 2.49 | 4.00 | ||||
Net asset value, end of period | $ 27.37 | $ 26.94 | $ 20.92 | $ 24.06 | $ 21.57 | ||||
Total return2 | 1.60% | 28.78% | (13.05%) | 11.55% | 22.77% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 94,077 | $ 99,799 | $ 79,292 | $ 99,011 | $ 96,177 | ||||
Ratio of total expenses to average net assets | 1.04% | 1.05% | 1.06% | 1.02% | 1.04% | ||||
Ratio of net investment income (loss) to average net assets | 1.46% | 1.44% | 1.16% | 1.48% | 1.01% | ||||
Portfolio turnover rate | 75% | 50% | 60% | 45% | 64% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 34.39 | $ 24.93 | $ 26.38 | $ 20.68 | $ 19.46 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.25) | (0.18) | (0.10) | (0.11) | (0.10) | ||||
Net realized and unrealized gain (loss) on investment transactions | 18.24 | 9.64 | (1.35) | 5.81 | 1.32 | ||||
Total from investment operations | 17.99 | 9.46 | (1.45) | 5.70 | 1.22 | ||||
Net asset value, end of period | $ 52.38 | $ 34.39 | $ 24.93 | $ 26.38 | $ 20.68 | ||||
Total return2 | 52.31% | 37.95% | (5.50%) | 27.56% | 6.27% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 96,010 | $ 70,961 | $ 59,882 | $ 64,783 | $ 52,713 | ||||
Ratio of net expenses to average net assets3 | 1.05% | 1.04% | 1.03% | 1.05% | 1.05% | ||||
Ratio of total expenses to average net assets4 | 1.05% | 1.04% | 1.03% | 1.04% | 1.04% | ||||
Ratio of net investment income (loss) to average net assets3 | (0.65%) | (0.59%) | (0.35%) | (0.47%) | (0.52%) | ||||
Portfolio turnover rate | 97% | 70% | 83% | 68% | 160% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 28.37 | $ 23.67 | $ 27.90 | $ 24.69 | $ 19.72 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.18 | 0.18 | 0.10 | 0.03 | 0.02 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.23 | 4.52 | (4.33) | 3.18 | 4.95 | ||||
Total from investment operations | 0.41 | 4.70 | (4.23) | 3.21 | 4.97 | ||||
Net asset value, end of period | $ 28.78 | $ 28.37 | $ 23.67 | $ 27.90 | $ 24.69 | ||||
Total return2 | 1.45% | 19.86% | (15.16%) | 13.00% | 25.20% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 57,672 | $ 85,324 | $ 80,919 | $ 85,323 | $ 82,032 | ||||
Ratio of total expenses to average net assets | 1.17% | 1.12% | 1.10% | 1.18% | 1.21% | ||||
Ratio of net investment income (loss) to average net assets | 0.77% | 0.66% | 0.36% | 0.11% | 0.10% | ||||
Portfolio turnover rate | 55% | 32% | 47% | 37% | 62% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 47.45 | $ 37.00 | $ 38.80 | $ 31.08 | $ 28.59 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.28) | (0.18) | (0.15) | (0.16) | (0.10) | ||||
Net realized and unrealized gain (loss) on investment transactions | 15.49 | 10.63 | (1.65) | 7.88 | 2.59 | ||||
Total from investment operations | 15.21 | 10.45 | (1.80) | 7.72 | 2.49 | ||||
Net asset value, end of period | $ 62.66 | $ 47.45 | $ 37.00 | $ 38.80 | $ 31.08 | ||||
Total return2 | 32.06% | 28.24% | (4.64%) | 24.84% | 8.71% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 142,595 | $ 118,244 | $ 93,243 | $ 102,380 | $ 85,958 | ||||
Ratio of total expenses to average net assets | 1.01% | 1.02% | 1.00% | 1.01% | 1.02% | ||||
Ratio of net investment income (loss) to average net assets | (0.60%) | (0.40%) | (0.36%) | (0.46%) | (0.35%) | ||||
Portfolio turnover rate | 28% | 21% | 22% | 25% | 17% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 39.32 | $ 31.96 | $ 37.11 | $ 33.06 | $ 26.50 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.19 | 0.24 | 0.17 | 0.18 | 0.23 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.73 | 7.12 | (5.32) | 3.87 | 6.33 | ||||
Total from investment operations | 0.92 | 7.36 | (5.15) | 4.05 | 6.56 | ||||
Net asset value, end of period | $ 40.24 | $ 39.32 | $ 31.96 | $ 37.11 | $ 33.06 | ||||
Total return2 | 2.34% | 23.03% | (13.88%) | 12.25% | 24.75% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 179,912 | $ 205,049 | $ 211,285 | $ 262,728 | $ 244,968 | ||||
Ratio of total expenses to average net assets | 1.02% | 0.98% | 0.97% | 0.97% | 0.97% | ||||
Ratio of net investment income (loss) to average net assets | 0.58% | 0.65% | 0.46% | 0.56% | 0.83% | ||||
Portfolio turnover rate | 84% | 54% | 55% | 59% | 57% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 25.22 | $ 20.26 | $ 22.86 | $ 20.09 | $ 16.69 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.10 | 0.13 | 0.14 | 0.13 | 0.12 | ||||
Net realized and unrealized gain (loss) on investment transactions | 4.78 | 4.83 | (2.74) | 2.64 | 3.28 | ||||
Total from investment operations | 4.88 | 4.96 | (2.60) | 2.77 | 3.40 | ||||
Net asset value, end of period | $ 30.10 | $ 25.22 | $ 20.26 | $ 22.86 | $ 20.09 | ||||
Total return2 | 19.35% | 24.48% | (11.37%) | 13.79% | 20.37% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 75,852 | $ 69,993 | $ 70,724 | $ 81,638 | $ 76,355 | ||||
Ratio of net expenses to average net assets3 | 0.74% | 0.72% | 0.65% | 0.65% | 0.66% | ||||
Ratio of total expenses to average net assets4 | 0.75% | 0.72% | 0.65% | 0.65% | 0.66% | ||||
Ratio of net investment income (loss) to average net assets | 0.43% | 0.55% | 0.59% | 0.62% | 0.70% | ||||
Portfolio turnover rate | 27% | 16% | 14% | 13% | 18% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown. |
4 | The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 14.79 | $ 12.22 | $ 14.22 | $ 11.42 | $ 11.38 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.19 | 0.33 | 0.31 | 0.27 | 0.26 | ||||
Net realized and unrealized gain (loss) on investment transactions | 0.96 | 2.24 | (2.31) | 2.53 | (0.22) | ||||
Total from investment operations | 1.15 | 2.57 | (2.00) | 2.80 | 0.04 | ||||
Net asset value, end of period | $ 15.94 | $ 14.79 | $ 12.22 | $ 14.22 | $ 11.42 | ||||
Total return2 | 7.78% | 21.03% | (14.07%) | 24.52% | 0.35% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 109,296 | $ 111,067 | $ 98,471 | $ 116,930 | $ 97,813 | ||||
Ratio of total expenses to average net assets | 0.89% | 0.82% | 0.79% | 0.82% | 0.81% | ||||
Ratio of net investment income (loss) to average net assets | 1.39% | 2.41% | 2.24% | 2.05% | 2.35% | ||||
Portfolio turnover rate | 5% | 6% | 3% | 4% | 7% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 33.95 | $ 26.51 | $ 30.26 | $ 22.98 | $ 24.23 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.05) | 0.20 | 0.19 | 0.15 | 0.26 | ||||
Net realized and unrealized gain (loss) on investment transactions | 5.12 | 7.24 | (3.94) | 7.13 | (1.51) | ||||
Total from investment operations | 5.07 | 7.44 | (3.75) | 7.28 | (1.25) | ||||
Net asset value, end of period | $ 39.02 | $ 33.95 | $ 26.51 | $ 30.26 | $ 22.98 | ||||
Total return2 | 14.93% | 28.07% | (12.39%) | 31.68% | (5.16%) | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 336,274 | $ 325,965 | $ 296,892 | $ 375,821 | $ 319,322 | ||||
Ratio of total expenses to average net assets | 1.06% | 1.08% | 1.11% | 1.12% | 1.12% | ||||
Ratio of net investment income (loss) to average net assets | (0.14%) | 0.66% | (0.66%) | 0.56% | 1.10% | ||||
Portfolio turnover rate | 75% | 50% | 50% | 32% | 34% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 13.52 | $ 11.39 | $ 13.80 | $ 10.22 | $ 9.66 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.02) | 0.14 | 0.09 | 0.03 | 0.03 | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.43 | 1.99 | (2.50) | 3.55 | 0.53 | ||||
Total from investment operations | 1.41 | 2.13 | (2.41) | 3.58 | 0.56 | ||||
Net asset value, end of period | $ 14.93 | $ 13.52 | $ 11.39 | $ 13.80 | $ 10.22 | ||||
Total return2 | 10.43% | 18.70% | (17.46%) | 35.03% | 5.80% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 145,335 | $ 147,412 | $ 146,973 | $ 184,357 | $ 150,270 | ||||
Ratio of total expenses to average net assets | 1.32% | 1.34% | 1.32% | 1.51% | 1.65% | ||||
Ratio of net investment income (loss) to average net assets | (0.19%) | 1.11% | 0.73% | 0.25% | 0.28% | ||||
Portfolio turnover rate | 121% (a) | 35% | 45% | 41% | 46% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
(a) | The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund’s sub-adviser and associated repositioning. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 27.25 | $ 20.57 | $ 21.47 | $ 19.99 | $ 18.95 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | 0.39 | 0.41 | 0.43 | 0.39 | 0.32 | ||||
Net realized and unrealized gain (loss) on investment transactions | (1.27) | 6.27 | (1.33) | 1.09 | 0.72 | ||||
Total from investment operations | (0.88) | 6.68 | (0.90) | 1.48 | 1.04 | ||||
Net asset value, end of period | $ 26.37 | $ 27.25 | $ 20.57 | $ 21.47 | $ 19.99 | ||||
Total return2 | (3.23%) | 32.47% | (4.19%) | 7.40% | 5.49% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 121,063 | $ 133,068 | $ 114,366 | $ 137,842 | $ 137,257 | ||||
Ratio of total expenses to average net assets | 0.97% | 0.96% | 0.96% | 0.95% | 0.95% | ||||
Ratio of net investment income (loss) to average net assets | 1.59% | 1.64% | 2.05% | 1.86% | 1.65% | ||||
Portfolio turnover rate | 64% | 74% | 66% | 75% | 81% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 21.41 | $ 17.37 | $ 19.20 | $ 15.99 | $ 14.88 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.07) | (0.06) | (0.06) | (0.05) | (0.05) | ||||
Net realized and unrealized gain (loss) on investment transactions | 2.05 | 4.10 | (1.77) | 3.26 | 1.16 | ||||
Total from investment operations | 1.98 | 4.04 | (1.83) | 3.21 | 1.11 | ||||
Net asset value, end of period | $ 23.39 | $ 21.41 | $ 17.37 | $ 19.20 | $ 15.99 | ||||
Total return2 | 9.25% | 23.26% | (9.53%) | 20.08% | 7.46% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 70,074 | $ 72,017 | $ 64,604 | $ 75,079 | $ 61,867 | ||||
Ratio of total expenses to average net assets3 | 0.33% | 0.33% | 0.32% | 0.31% | 0.32% | ||||
Ratio of net investment income (loss) to average net assets | (0.33%) | (0.33%) | (0.32%) | (0.31%) | (0.32%) | ||||
Portfolio turnover rate | 17% | 14% | 19% | 20% | 20% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 22.06 | $ 18.12 | $ 19.66 | $ 16.72 | $ 15.55 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.06) | (0.06) | (0.06) | (0.05) | (0.05) | ||||
Net realized and unrealized gain (loss) on investment transactions | 2.14 | 4.00 | (1.48) | 2.99 | 1.22 | ||||
Total from investment operations | 2.08 | 3.94 | (1.54) | 2.94 | 1.17 | ||||
Net asset value, end of period | $ 24.14 | $ 22.06 | $ 18.12 | $ 19.66 | $ 16.72 | ||||
Total return2 | 9.43% | 21.75% | (7.83%) | 17.58% | 7.52% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 227,084 | $ 232,308 | $ 217,918 | $ 266,699 | $ 230,243 | ||||
Ratio of total expenses to average net assets3 | 0.30% | 0.30% | 0.30% | 0.29% | 0.30% | ||||
Ratio of net investment income (loss) to average net assets | (0.30%) | (0.29%) | (0.29%) | (0.29%) | (0.30%) | ||||
Portfolio turnover rate | 17% | 12% | 14% | 16% | 14% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 19.55 | $ 16.48 | $ 17.51 | $ 15.36 | $ 14.36 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.06) | (0.05) | (0.05) | (0.05) | (0.04) | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.97 | 3.12 | (0.98) | 2.20 | 1.04 | ||||
Total from investment operations | 1.91 | 3.07 | (1.03) | 2.15 | 1.00 | ||||
Net asset value, end of period | $ 21.46 | $ 19.55 | $ 16.48 | $ 17.51 | $ 15.36 | ||||
Total return2 | 9.77% | 18.63% | (5.88%) | 14.00% | 6.96% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 285,910 | $ 298,115 | $ 291,618 | $ 342,656 | $ 332,347 | ||||
Ratio of total expenses to average net assets3 | 0.30% | 0.30% | 0.29% | 0.29% | 0.29% | ||||
Ratio of net investment income (loss) to average net assets | (0.30%) | (0.30%) | (0.29%) | (0.29%) | (0.29%) | ||||
Portfolio turnover rate | 17% | 9% | 14% | 12% | 12% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 17.58 | $ 15.31 | $ 15.86 | $ 14.42 | $ 13.60 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.05) | (0.05) | (0.05) | (0.05) | (0.04) | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.46 | 2.32 | (0.50) | 1.49 | 0.86 | ||||
Total from investment operations | 1.41 | 2.27 | (0.55) | 1.44 | 0.82 | ||||
Net asset value, end of period | $ 18.99 | $ 17.58 | $ 15.31 | $ 15.86 | $ 14.42 | ||||
Total return2 | 8.02% | 14.83% | (3.47%) | 9.99% | 6.03% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 94,485 | $ 93,947 | $ 88,927 | $ 98,414 | $ 97,741 | ||||
Ratio of total expenses to average net assets3 | 0.32% | 0.32% | 0.31% | 0.30% | 0.30% | ||||
Ratio of net investment income (loss) to average net assets | (0.31%) | (0.31%) | (0.30%) | (0.30%) | (0.30%) | ||||
Portfolio turnover rate | 23% | 13% | 17% | 15% | 15% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
For a share outstanding throughout each period
Year Ended December 31, | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
Net asset value, beginning of period | $ 15.51 | $ 13.99 | $ 14.18 | $ 13.33 | $ 12.73 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)1 | (0.05) | (0.05) | (0.04) | (0.04) | (0.04) | ||||
Net realized and unrealized gain (loss) on investment transactions | 1.14 | 1.57 | (0.15) | 0.89 | 0.64 | ||||
Total from investment operations | 1.09 | 1.52 | (0.19) | 0.85 | 0.60 | ||||
Net asset value, end of period | $ 16.60 | $ 15.51 | $ 13.99 | $ 14.18 | $ 13.33 | ||||
Total return2 | 7.03% | 10.87% | (1.34%) | 6.38% | 4.71% | ||||
Ratios/Supplemental data: | |||||||||
Net assets, end of period (in thousands) | $ 61,854 | $ 59,832 | $ 57,092 | $ 58,659 | $ 56,092 | ||||
Ratio of total expenses to average net assets3 | 0.33% | 0.34% | 0.33% | 0.32% | 0.31% | ||||
Ratio of net investment income (loss) to average net assets | (0.33%) | (0.31%) | (0.31%) | (0.31%) | (0.31%) | ||||
Portfolio turnover rate | 30% | 18% | 23% | 23% | 26% |
1 | The net investment income (loss) per share was calculated using the average shares outstanding method. |
2 | Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles. |
3 | The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
• | Level 1 — quoted prices in active markets for identical securities |
• | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Money Market Fund | None | 0.33% of the first $200,000,000; 0.31% of the next $150,000,000; 0.29% of the next $150,000,000; 0.27% over $500,000,000. |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Limited Maturity Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
Quality Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
High Yield Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
Flexibly Managed Fund | T. Rowe Price Associates, Inc. | 0.72% of the first $500,000,000; 0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000. | ||
Balanced Fund | None | None | ||
Large Growth Stock Fund | T. Rowe Price Associates, Inc. | 0.72% of the first $250,000,000; 0.68% of the next $250,000,000; 0.65% over $500,000,000. | ||
Large Cap Growth Fund | Massachusetts Financial Services Company | 0.55% | ||
Large Core Growth Fund | Morgan Stanley Investment Management Inc. | 0.60% | ||
Large Cap Value Fund | AllianceBernstein, LP | 0.67% of the first $150,000,000; 0.65% over $150,000,000. | ||
Large Core Value Fund | Eaton Vance Management | 0.67% of the first $150,000,000; 0.65% of the next $250,000,000; 0.60% over $400,000,000. | ||
Index 500 Fund | SSgA Fund Management, Inc. | 0.14% of the first $150,000,000; 0.13% of the next $150,000,000; 0.12% over $300,000,000. | ||
Mid Cap Growth Fund | Ivy Investment Management Company | 0.70% | ||
Mid Cap Value Fund | Janus Capital Management LLC | 0.55% of the first $250,000,000; 0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000. | ||
Mid Core Value Fund | American Century Investment Management, Inc. | 0.69% | ||
SMID Cap Growth Fund | Goldman Sachs Asset Management, LP | 0.75% | ||
SMID Cap Value Fund | AllianceBernstein, LP | 0.84% | ||
Small Cap Growth Fund | Janus Capital Management LLC | 0.80% of the first $25,000,000; 0.75% of the next $25,000,000; 0.70% over $50,000,000. |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Small Cap Value Fund | Goldman Sachs Asset Management, LP | 0.75% of the first $50,000,000; 0.725% of the next $50,000,000; 0.70% over $100,000,000. | ||
Small Cap Index Fund | SSgA Fund Management, Inc. | 0.30% | ||
Developed International Index Fund | SSgA Fund Management, Inc. | 0.30% | ||
International Equity Fund* | Vontobel Asset Management, Inc. | 0.83% of the first $227,000,000; 0.63% over $227,000,000. | ||
Emerging Markets Equity Fund** | Vontobel Asset Management, Inc. | 0.87% | ||
Real Estate Securities Fund | Cohen & Steers Capital Management, Inc. | 0.70% | ||
Aggressive Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. | ||
Moderately Aggressive Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. | ||
Moderate Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. | ||
Moderately Conservative Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. | ||
Conservative Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
* | Effective May 1, 2020. Prior to May 1, 2020, the Fund’s Investment Advisory Fee was 0.83% of the first $227,000,000 and 0.75% over $227,000,000. |
** | Effective May 1, 2020. Prior to May 1, 2020, the Fund’s Investment Advisory Fee was 0.92% on the average daily net assets of the Fund. |
Fund | Expense Limitation | |
Money Market Fund | 0.64% | |
Limited Maturity Bond Fund | 0.74% | |
Quality Bond Fund | 0.73% | |
High Yield Bond Fund | 0.92% | |
Flexibly Managed Fund | 0.94% | |
Balanced Fund | 0.79% | |
Large Growth Stock Fund | 1.02% | |
Large Cap Growth Fund | 0.89% | |
Large Core Growth Fund | 0.90% | |
Large Cap Value Fund | 0.96% | |
Large Core Value Fund | 0.96% | |
Index 500 Fund | 0.42% | |
Mid Cap Growth Fund | 1.00% | |
Mid Cap Value Fund | 0.83% |
Fund | Expense Limitation | |
Mid Core Value Fund | 1.11% | |
SMID Cap Growth Fund | 1.07% | |
SMID Cap Value Fund | 1.26% | |
Small Cap Growth Fund | 1.13% | |
Small Cap Value Fund | 1.02% | |
Small Cap Index Fund | 0.74% | |
Developed International Index Fund | 0.94% | |
International Equity Fund | 1.20% | |
Emerging Markets Equity Fund | 1.78% | |
Real Estate Securities Fund | 1.02% | |
Aggressive Allocation Fund* | 0.40% | |
Moderately Aggressive Allocation Fund* | 0.34% | |
Moderate Allocation Fund* | 0.34% |
Fund | Expense Limitation | |
Moderately Conservative Allocation Fund* | 0.35% |
Fund | Expense Limitation | |
Conservative Allocation Fund* | 0.38% |
* | For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds. |
Small Cap Value Fund | $ 1,941 |
Small Cap Index Fund | 5,369 |
Money Market Fund | $ 8,173,579 |
Limited Maturity Bond Fund | 67,071,701 |
Quality Bond Fund | 54,935,698 |
Large Growth Stock Fund | 20,497,510 |
Large Core Value Fund | $ 21,847,084 |
Index 500 Fund | 20,816,656 |
SMID Cap Growth Fund | 4,949,420 |
SMID Cap Value Fund | 4,313,524 |
Small Cap Index Fund | 4,281,641 |
Developed International Index Fund | 4,121,262 |
International Equity Fund | 6,927,252 |
SMID Cap Growth Fund | $ 4,814 |
Small Cap Value Fund | 24,666 |
Purchases | Sales | Gain (Loss) | |||
Flexibly Managed Fund | $ 6,721,879 | $10,471,307 | $(272,678) | ||
Large Growth Stock Fund | — | 164,455 | — | ||
Large Cap Growth Fund | 292,540 | — | — |
Balanced Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 59.8% | ||||||||||||||||
Penn Series Index 500 Fund* | $ 49,001,759 | $ 5,025,509 | $ 12,359,010 | $ 8,915,392 | $ (165,559) | $50,418,091 | 1,560,448 | $— | ||||||||
Affiliated Fixed Income Funds — 39.3% | ||||||||||||||||
Penn Series Quality Bond Fund* | 31,970,061 | 6,506,945 | 7,847,408 | 2,868,441 | (364,990) | 33,133,049 | 1,908,586 | — | ||||||||
$80,971,820 | $11,532,454 | $20,206,418 | $11,783,833 | $ (530,549) | $ 83,551,140 | $— |
* | Non-income producing security. |
Aggressive Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 57.7% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 2,144,523 | $ 121,063 | $ 478,023 | $ 176,105 | $ 128,252 | $ 2,091,920 | 27,126 | $— | ||||||||
Penn Series Index 500 Fund* | 3,607,020 | 4,762,347 | 931,562 | 679,157 | 991,693 | 9,108,655 | 281,914 | — | ||||||||
Penn Series Large Cap Growth Fund* | 2,157,581 | 88,810 | 520,170 | 244,294 | 135,203 | 2,105,718 | 68,904 | — | ||||||||
Penn Series Large Cap Value Fund* | 6,452,334 | 443,209 | 1,421,771 | 537,436 | (485,549) | 5,525,659 | 166,737 | — | ||||||||
Penn Series Large Core Value Fund* | 6,443,737 | 462,239 | 1,402,574 | 401,960 | (332,158) | 5,573,204 | 240,432 | — | ||||||||
Penn Series Large Growth Stock Fund* | 724,920 | 19,439 | 244,201 | 118,144 | 85,022 | 703,324 | 9,853 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 1,442,281 | 29,443 | 611,612 | 323,177 | 223,491 | 1,406,780 | 35,878 | — |
Aggressive Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Penn Series Mid Cap Value Fund* | $ 1,447,626 | $ 301,058 | $ 235,435 | $ (16,766) | $ (105,656) | $ 1,390,827 | 59,949 | $— | ||||||||
Penn Series Mid Core Value Fund* | 5,026,504 | 478,642 | 807,107 | 221,730 | (100,666) | 4,819,103 | 176,072 | — | ||||||||
Penn Series Real Estate Securities Fund* | 2,201,429 | 431,018 | 460,852 | 149,529 | (236,817) | 2,084,307 | 79,041 | — | ||||||||
Penn Series Small Cap Growth Fund* | 2,151,232 | 136,274 | 770,697 | 346,156 | 262,257 | 2,125,222 | 33,917 | — | ||||||||
Penn Series Small Cap Value Fund* | 1,443,792 | 207,195 | 881,115 | 42,548 | (120,434) | 691,986 | 17,197 | — | ||||||||
Penn Series SMID Cap Growth Fund* | 1,433,571 | 29,443 | 634,353 | 330,641 | 246,194 | 1,405,496 | 26,833 | — | ||||||||
Penn Series SMID Cap Value Fund* | 5,035,220 | 110,812 | 2,951,462 | (167,397) | (648,000) | 1,379,173 | 47,921 | — | ||||||||
Affiliated Fixed Income Funds — 8.8% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 1,425,363 | 936,624 | 370,722 | 64,538 | 21,964 | 2,077,767 | 129,698 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 4,959,730 | 817,792 | 1,795,400 | 129,696 | 23,880 | 4,135,698 | 310,255 | — | ||||||||
Affiliated International Equity Funds — 33.0% | ||||||||||||||||
Penn Series Developed International Index Fund* | 8,576,016 | 640,166 | 1,477,260 | 392,759 | 260,157 | 8,391,838 | 526,464 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 6,520,803 | 445,318 | 1,321,599 | 269,407 | 352,111 | 6,266,040 | 419,695 | — | ||||||||
Penn Series International Equity Fund* | 8,618,417 | 533,965 | 1,763,056 | 618,722 | 450,449 | 8,458,497 | 216,773 | — | ||||||||
$71,812,099 | $10,994,857 | $19,078,971 | $4,861,836 | $ 1,151,393 | $69,741,214 | $— |
* | Non-income producing security. |
Moderately Aggressive Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 56.7% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 13,830,353 | $ 431,199 | $ 2,661,690 | $ 1,498,186 | $ 479,269 | $ 13,577,317 | 176,054 | $— | ||||||||
Penn Series Index 500 Fund* | 11,631,878 | 13,226,512 | 2,276,479 | 1,657,680 | 3,044,594 | 27,284,185 | 844,450 | — | ||||||||
Penn Series Large Cap Growth Fund* | 6,957,535 | 188,710 | 1,551,908 | 893,583 | 344,743 | 6,832,663 | 223,582 | — | ||||||||
Penn Series Large Cap Value Fund* | 20,806,664 | 1,658,350 | 4,749,744 | 2,579,032 | (2,361,447) | 17,932,855 | 541,124 | — | ||||||||
Penn Series Large Core Value Fund* | 20,778,742 | 1,705,799 | 4,686,679 | 1,379,785 | (1,090,952) | 18,086,695 | 780,272 | — | ||||||||
Penn Series Large Growth Stock Fund* | 2,337,825 | 37,292 | 752,460 | 365,322 | 293,907 | 2,281,886 | 31,968 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 4,651,175 | 74,584 | 1,931,719 | 1,017,534 | 752,271 | 4,563,845 | 116,395 | — | ||||||||
Penn Series Mid Cap Value Fund* | 2,334,274 | 484,845 | 374,778 | (30,395) | (157,085) | 2,256,861 | 97,279 | — | ||||||||
Penn Series Mid Core Value Fund* | 13,893,322 | 1,433,601 | 2,299,007 | 733,953 | (356,145) | 13,405,724 | 489,796 | — | ||||||||
Penn Series Real Estate Securities Fund* | 7,099,193 | 1,178,280 | 1,244,459 | 582,049 | (850,397) | 6,764,666 | 256,529 | — | ||||||||
Penn Series Small Cap Growth Fund* | 4,624,797 | 372,148 | 1,718,556 | 833,224 | 484,889 | 4,596,502 | 73,356 | — | ||||||||
Penn Series Small Cap Index Fund* | 2,324,622 | 266,826 | 804,099 | 271,405 | 192,740 | 2,251,494 | 74,800 | — | ||||||||
Penn Series Small Cap Value Fund* | 4,656,163 | 705,583 | 2,883,033 | 680,219 | (913,155) | 2,245,777 | 55,810 | — | ||||||||
Penn Series SMID Cap Growth Fund* | 2,311,431 | 37,292 | 1,002,516 | 474,050 | 459,512 | 2,279,769 | 43,524 | — | ||||||||
Penn Series SMID Cap Value Fund* | 13,917,895 | 205,286 | 7,777,184 | (629,336) | (1,240,370) | 4,476,291 | 155,535 | — | ||||||||
Affiliated Fixed Income Funds — 17.8% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 4,596,082 | 2,862,359 | 996,928 | 228,275 | 52,883 | 6,742,671 | 420,891 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 25,129,800 | 3,587,611 | 7,124,203 | 547,365 | 228,019 | 22,368,592 | 1,678,064 | — | ||||||||
Penn Series Quality Bond Fund* | 11,383,316 | 2,380,896 | 3,387,168 | 596,903 | 232,348 | 11,206,295 | 645,524 | — | ||||||||
Affiliated International Equity Funds — 25.0% | ||||||||||||||||
Penn Series Developed International Index Fund* | 20,740,421 | 1,784,719 | 3,753,042 | 1,133,226 | 517,195 | 20,422,519 | 1,281,212 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 14,019,467 | 1,078,620 | 2,905,269 | 392,814 | 969,828 | 13,555,460 | 907,934 | — | ||||||||
Penn Series International Equity Fund* | 23,159,513 | 1,289,813 | 4,515,000 | 1,882,668 | 1,052,665 | 22,869,659 | 586,101 | — | ||||||||
$231,184,468 | $34,990,325 | $59,395,921 | $17,087,542 | $ 2,135,312 | $226,001,726 | $— |
* | Non-income producing security. |
Moderate Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 44.8% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 17,902,516 | $ 178,273 | $ 3,624,930 | $ 2,142,373 | $ 503,526 | $ 17,101,758 | 221,755 | $— | ||||||||
Penn Series Index 500 Fund* | 12,045,036 | 14,602,285 | 3,496,484 | 2,575,045 | 2,913,274 | 28,639,156 | 886,387 | — | ||||||||
Penn Series Large Cap Growth Fund* | 6,003,946 | 120,052 | 1,493,289 | 600,472 | 506,454 | 5,737,635 | 187,750 | — | ||||||||
Penn Series Large Cap Value Fund* | 17,955,045 | 1,909,162 | 5,785,002 | 2,239,210 | (2,201,115) | 14,117,300 | 425,990 | — | ||||||||
Penn Series Large Core Value Fund* | 17,931,038 | 1,958,668 | 5,777,730 | 1,637,720 | (1,511,350) | 14,238,346 | 614,251 | — | ||||||||
Penn Series Large Growth Stock Fund* | 3,026,001 | 29,661 | 1,066,336 | 831,472 | 53,576 | 2,874,374 | 40,269 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 6,020,391 | 247,220 | 2,893,577 | 1,556,414 | 818,412 | 5,748,860 | 146,617 | — | ||||||||
Penn Series Mid Core Value Fund* | 20,980,932 | 2,722,649 | 4,645,992 | 1,463,742 | (821,682) | 19,699,649 | 719,753 | — | ||||||||
Penn Series Real Estate Securities Fund* | 6,125,947 | 738,766 | 946,439 | 582,895 | (820,818) | 5,680,351 | 215,410 | — | ||||||||
Penn Series Small Cap Growth Fund* | 2,993,136 | 351,375 | 1,328,663 | 896,706 | (17,509) | 2,895,045 | 46,202 | — | ||||||||
Penn Series Small Cap Index Fund* | 3,008,884 | 456,682 | 1,250,510 | 468,805 | 152,135 | 2,835,996 | 94,219 | — | ||||||||
Penn Series Small Cap Value Fund* | 6,026,729 | 1,095,137 | 4,002,506 | 537,058 | (827,712) | 2,828,706 | 70,296 | — | ||||||||
Penn Series SMID Cap Growth Fund* | 2,991,902 | 125,975 | 1,494,261 | 708,339 | 539,805 | 2,871,760 | 54,826 | — | ||||||||
Penn Series SMID Cap Value Fund* | 12,010,168 | 61,098 | 7,143,779 | (811,043) | (1,297,374) | 2,819,070 | 97,952 | — | ||||||||
Affiliated Fixed Income Funds — 37.5% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 8,924,078 | 3,595,895 | 1,755,597 | 594,103 | (34,405) | 11,324,074 | 706,871 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 44,359,363 | 5,109,971 | 11,424,257 | 960,022 | 440,490 | 39,445,589 | 2,959,159 | — | ||||||||
Penn Series Quality Bond Fund* | 58,942,961 | 9,486,724 | 16,366,161 | 3,597,246 | 800,975 | 56,461,745 | 3,252,405 | — | ||||||||
Affiliated International Equity Funds — 17.0% | ||||||||||||||||
Penn Series Developed International Index Fund* | 14,915,198 | 1,834,386 | 3,731,042 | 1,366,311 | (93,451) | 14,291,402 | 896,575 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 15,122,101 | 1,516,035 | 3,928,113 | 1,007,301 | 511,265 | 14,228,589 | 953,020 | — | ||||||||
Penn Series International Equity Fund* | 20,984,824 | 1,520,983 | 5,133,719 | 2,556,741 | 236,384 | 20,165,213 | 516,791 | — | ||||||||
$298,270,196 | $47,660,997 | $87,288,387 | $25,510,932 | $ (149,120) | $284,004,618 | $— |
* | Non-income producing security. |
Moderately Conservative Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 32.8% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 7,502,879 | $ 774,081 | $ 1,944,651 | $ 1,249,156 | $ (51,446) | $ 7,530,019 | 97,640 | $— | ||||||||
Penn Series Index 500 Fund* | 2,839,542 | 2,897,687 | 1,244,204 | 473,031 | 708,474 | 5,674,530 | 175,628 | — | ||||||||
Penn Series Large Cap Growth Fund* | 1,887,180 | 257,988 | 626,414 | 236,652 | 139,348 | 1,894,754 | 62,001 | — | ||||||||
Penn Series Large Cap Value Fund* | 5,643,688 | 1,164,377 | 2,210,556 | 341,798 | (277,384) | 4,661,923 | 140,673 | — | ||||||||
Penn Series Large Core Value Fund* | 5,636,148 | 1,228,031 | 2,253,833 | 479,112 | (387,557) | 4,701,901 | 202,843 | — | ||||||||
Penn Series Mid Core Value Fund* | 2,826,357 | 678,240 | 836,217 | 251,306 | (131,670) | 2,788,016 | 101,864 | — | ||||||||
Penn Series Real Estate Securities Fund* | 1,925,538 | 315,196 | 295,033 | 170,200 | (240,025) | 1,875,876 | 71,137 | — | ||||||||
Penn Series Small Cap Value Fund* | 947,188 | 286,147 | 381,347 | 40,059 | 42,081 | 934,128 | 23,214 | — | ||||||||
Penn Series SMID Cap Value Fund* | 1,887,557 | 97,980 | 837,624 | (128,971) | (87,996) | 930,946 | 32,347 | — | ||||||||
Affiliated Fixed Income Funds — 56.2% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 2,805,035 | 2,152,412 | 480,637 | 181,977 | 15,682 | 4,674,469 | 291,790 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 23,238,329 | 3,638,018 | 6,244,597 | 684,845 | 83,685 | 21,400,280 | 1,605,422 | — | ||||||||
Penn Series Quality Bond Fund* | 26,863,938 | 4,861,248 | 6,767,772 | 1,519,225 | 559,484 | 27,036,123 | 1,557,380 | — | ||||||||
Affiliated International Equity Funds — 10.0% | ||||||||||||||||
Penn Series Developed International Index Fund* | 2,812,867 | 680,562 | 946,167 | 326,141 | (41,802) | 2,831,601 | 177,641 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 1,901,327 | 370,487 | 607,509 | 80,961 | 134,206 | 1,879,472 | 125,886 | — | ||||||||
Penn Series International Equity Fund* | 4,711,408 | 837,933 | 1,482,425 | 446,667 | 242,945 | 4,756,528 | 121,900 | — | ||||||||
$ 93,428,981 | $20,240,387 | $27,158,986 | $6,352,159 | $ 708,025 | $93,570,566 | $— |
* | Non-income producing security. |
Conservative Allocation Fund | Total Value at 12/31/19 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 12/31/20 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 19.7% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 4,758,720 | $ 1,151,030 | $ 1,857,433 | $ 702,310 | $ 117,237 | $ 4,871,864 | 63,172 | $— | ||||||||
Penn Series Index 500 Fund* | 600,339 | 1,992,501 | 710,956 | 60,245 | 505,451 | 2,447,580 | 75,753 | — | ||||||||
Penn Series Large Cap Value Fund* | 1,789,751 | 549,102 | 1,120,733 | (5,499) | (6,125) | 1,206,496 | 36,406 | — | ||||||||
Penn Series Large Core Value Fund* | 2,383,156 | 782,306 | 1,379,930 | 174,521 | (134,775) | 1,825,278 | 78,744 | — | ||||||||
Penn Series Mid Core Value Fund* | 1,195,070 | 447,446 | 511,048 | 124,171 | (53,087) | 1,202,552 | 43,937 | — | ||||||||
Penn Series Real Estate Securities Fund* | 610,637 | 156,609 | 144,909 | 23,057 | (38,559) | 606,835 | 23,012 | — | ||||||||
Penn Series SMID Cap Value Fund* | 598,587 | 14,452 | 435,136 | (148,299) | (29,604) | — | — | — | ||||||||
Affiliated Fixed Income Funds — 75.0% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 1,779,107 | 1,581,945 | 474,323 | 133,722 | 3,797 | 3,024,248 | 188,780 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 20,634,913 | 4,771,670 | 6,250,433 | 560,800 | 148,030 | 19,864,980 | 1,490,246 | — | ||||||||
Penn Series Quality Bond Fund* | 22,914,494 | 5,372,636 | 6,570,456 | 1,370,470 | 435,882 | 23,523,026 | 1,355,013 | — | ||||||||
Affiliated International Equity Funds — 3.0% | ||||||||||||||||
Penn Series Developed International Index Fund* | 1,189,390 | 448,984 | 558,424 | 93,143 | 48,244 | 1,221,337 | 76,621 | — | ||||||||
Penn Series International Equity Fund* | 597,640 | 187,636 | 266,781 | 66,245 | 30,725 | 615,465 | 15,773 | — | ||||||||
$59,051,804 | $17,456,317 | $20,280,562 | $3,154,886 | $1,027,216 | $60,409,661 | $— |
* | Non-income producing security. |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Limited Maturity Bond Fund | $ 22,457,295 | $ 27,051,158 | $ 198,316,619 | $ 201,248,749 | |||
Quality Bond Fund | 100,531,258 | 87,007,520 | 242,140,512 | 240,023,374 | |||
High Yield Bond Fund | — | — | 183,972,845 | 186,900,495 | |||
Flexibly Managed Fund | — | — | 3,503,687,631 | 3,774,664,123 | |||
Balanced Fund | — | — | 11,532,454 | 20,206,418 | |||
Large Growth Stock Fund | — | — | 122,279,153 | 165,033,918 | |||
Large Cap Growth Fund | — | — | 20,507,523 | 27,601,983 | |||
Large Core Growth Fund | — | — | 122,159,182 | 142,425,891 | |||
Large Cap Value Fund | — | — | 86,360,953 | 87,938,406 | |||
Large Core Value Fund | — | — | 134,766,763 | 149,650,101 | |||
Index 500 Fund | — | — | 112,631,934 | 97,491,731 | |||
Mid Cap Growth Fund | — | — | 40,485,200 | 59,345,758 | |||
Mid Cap Value Fund | — | — | 106,034,962 | 113,057,866 | |||
Mid Core Value Fund | — | — | 64,241,699 | 68,824,198 | |||
SMID Cap Growth Fund | — | — | 73,144,561 | 82,304,650 | |||
SMID Cap Value Fund | — | — | 32,452,384 | 54,115,034 | |||
Small Cap Growth Fund | — | — | 31,948,881 | 38,656,817 | |||
Small Cap Value Fund | — | — | 135,338,957 | 158,106,757 | |||
Small Cap Index Fund | — | — | 17,148,946 | 22,029,799 | |||
Developed International Index Fund | — | — | 4,561,180 | 11,153,974 | |||
International Equity Fund | — | — | 220,954,250 | 249,506,199 | |||
Emerging Markets Equity Fund | — | — | 155,713,584 | 173,759,283 | |||
Real Estate Securities Fund | — | — | 72,883,666 | 75,218,271 | |||
Aggressive Allocation Fund | — | — | 10,994,857 | 19,078,971 | |||
Moderately Aggressive Allocation Fund | — | — | 34,990,325 | 59,395,921 |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Moderate Allocation Fund | $ — | $ — | $ 47,660,997 | $ 87,288,387 | |||
Moderately Conservative Allocation Fund | — | — | 20,240,387 | 27,158,986 | |||
Conservative Allocation Fund | — | — | 17,456,317 | 20,280,562 |
Total distributable earnings (loss) | Increase (Decrease) Paid-in Capital | ||
Limited Maturity Bond Fund | $ (8,601,790) | $ 8,601,790 | |
Quality Bond Fund | (24,866,405) | 24,866,405 | |
High Yield Bond Fund | (7,123,023) | 7,123,023 | |
Flexibly Managed Fund | (612,200,192) | 612,200,192 | |
Balanced Fund | (11,110,923) | 11,110,923 | |
Large Growth Stock Fund | (33,376,183) | 33,376,183 | |
Large Cap Growth Fund | (8,536,126) | 8,536,126 | |
Large Core Growth Fund | (44,953,181) | 44,953,181 |
Total distributable earnings (loss) | Increase (Decrease) Paid-in Capital | ||
Large Cap Value Fund | $ (1,996,799) | $ 1,996,799 | |
Large Core Value Fund | (4,367,897) | 4,367,897 | |
Index 500 Fund | (74,746,105) | 74,746,105 | |
Mid Cap Growth Fund | (22,594,141) | 22,594,141 | |
Mid Cap Value Fund | (1,005,956) | 1,005,956 | |
Mid Core Value Fund | (1,549,102) | 1,549,102 | |
SMID Cap Growth Fund | (18,139,095) | 18,139,095 | |
SMID Cap Value Fund | (455,151) | 455,151 | |
Small Cap Growth Fund | (7,305,117) | 7,305,117 | |
Small Cap Value Fund | (938,778) | 938,778 | |
Small Cap Index Fund | (8,473,315) | 8,473,315 | |
Developed International Index Fund | (3,893,422) | 3,893,422 | |
International Equity Fund | (25,573,923) | 25,573,923 | |
Emerging Markets Equity Fund | (1,149,422) | 1,149,422 | |
Real Estate Securities Fund | (1,834,015) | 1,834,015 | |
Aggressive Allocation Fund | (4,617,792) | 4,617,792 | |
Moderately Aggressive Allocation Fund | (16,362,091) | 16,362,091 | |
Moderate Allocation Fund | (24,496,878) | 24,496,878 | |
Moderately Conservative Allocation Fund | (6,016,468) | 6,016,468 | |
Conservative Allocation Fund | (2,971,323) | 2,971,323 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
Money Market Fund | $ 280,484 | $ 1,635,471 | $ — | $ — | $ 280,484 | $ 1,635,471 | |||||
Limited Maturity Bond Fund | 7,034,384 | 7,466,688 | 1,567,406 | — | 8,601,790 | 7,466,688 | |||||
Quality Bond Fund | 18,022,139 | 16,119,199 | 6,844,266 | 930,536 | 24,866,405 | 17,049,735 | |||||
High Yield Bond Fund | 7,123,023 | 7,655,189 | — | — | 7,123,023 | 7,655,189 | |||||
Flexibly Managed Fund | 170,953,177 | 113,162,273 | 441,249,176 | 306,749,828 | 612,202,353 | 419,912,101 | |||||
Balanced Fund | 1,750,694 | 1,824,970 | 17,384,260 | 11,045,108 | 19,134,954 | 12,870,078 | |||||
Large Growth Stock Fund | 4,837,204 | — | 28,538,979 | 25,691,548 | 33,376,183 | 25,691,548 | |||||
Large Cap Growth Fund | 127,140 | 249,533 | 8,408,992 | 8,003,073 | 8,536,132 | 8,252,606 | |||||
Large Core Growth Fund | 19,399,794 | 2,050,338 | 25,553,387 | 16,434,131 | 44,953,181 | 18,484,469 | |||||
Large Cap Value Fund | 1,996,799 | 2,002,810 | — | 1,513,721 | 1,996,799 | 3,516,531 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
Large Core Value Fund | $ 2,825,057 | $ 5,965,127 | $ 1,542,840 | $ 10,102,251 | $ 4,367,897 | $ 16,067,378 | |||||
Index 500 Fund | 7,995,616 | 8,049,998 | 66,750,489 | 32,391,449 | 74,746,105 | 40,441,447 | |||||
Mid Cap Growth Fund | — | 1,247,910 | 23,161,228 | 10,206,138 | 23,161,228 | 11,454,048 | |||||
Mid Cap Value Fund | 1,005,956 | 1,655,595 | — | — | 1,005,956 | 1,655,595 | |||||
Mid Core Value Fund | 986,874 | 1,347,832 | 562,228 | — | 1,549,102 | 1,347,832 | |||||
SMID Cap Growth Fund | 8,305,898 | 371,139 | 9,833,197 | 7,737,080 | 18,139,095 | 8,108,219 | |||||
SMID Cap Value Fund | 455,151 | 563,622 | — | 4,142,138 | 455,151 | 4,705,760 | |||||
Small Cap Growth Fund | — | — | 7,325,859 | 5,629,113 | 7,325,859 | 5,629,113 | |||||
Small Cap Value Fund | 938,778 | 1,413,710 | — | 15,048,386 | 938,778 | 16,462,096 | |||||
Small Cap Index Fund | 1,170,684 | 888,792 | 7,302,631 | 9,238,646 | 8,473,315 | 10,127,438 | |||||
Developed International Index Fund | 1,986,014 | 2,879,486 | 1,907,408 | 2,697,215 | 3,893,422 | 5,576,701 | |||||
International Equity Fund | 2,186,488 | 1,537,154 | 23,387,435 | 19,705,544 | 25,573,923 | 21,242,698 | |||||
Emerging Markets Equity Fund | 1,149,422 | 810,574 | — | 3,787,263 | 1,149,422 | 4,597,837 | |||||
Real Estate Securities Fund | 1,834,015 | 6,875,946 | — | 13,573,504 | 1,834,015 | 20,449,450 | |||||
Aggressive Allocation Fund | 839,709 | 948,119 | 7,600,653 | 8,540,457 | 8,440,362 | 9,488,576 | |||||
Moderately Aggressive Allocation Fund | 3,243,583 | 3,679,730 | 25,962,614 | 32,228,790 | 29,206,197 | 35,908,520 | |||||
Moderate Allocation Fund | 5,393,187 | 5,967,423 | 35,292,752 | 36,041,566 | 40,685,939 | 42,008,989 | |||||
Moderately Conservative Allocation Fund | 2,151,240 | 2,331,930 | 8,796,197 | 7,908,345 | 10,947,437 | 10,240,275 | |||||
Conservative Allocation Fund | 1,699,850 | 1,693,608 | 4,372,679 | 3,485,940 | 6,072,529 | 5,179,548 |
Short-Term Capital Loss | Long-Term Capital Loss | ||
Money Market Fund | $ (80) | $ — | |
High Yield Bond Fund | (3,687,517) | (2,880,707) | |
Large Cap Value Fund | (4,096,562) | (863,815) | |
Mid Cap Value Fund | (648,512) | (19,764,201) | |
SMID Cap Value Fund | — | (8,005,009) | |
Small Cap Value Fund | (2,134,627) | — | |
Real Estate Securities Fund | (3,595,565) | — |
High Yield Bond Fund | $ 793,027 |
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ Depreciation | ||||
Money Market Fund | $ 160,352,430 | $ 1 | $ — | $ 1 | |||
Limited Maturity Bond Fund | 255,093,529 | 3,074,595 | (3,636,322) | (561,727) | |||
Quality Bond Fund | 453,904,696 | 22,157,628 | (1,292,320) | 20,865,308 | |||
High Yield Bond Fund | 153,390,116 | 9,446,386 | (207,994) | 9,238,392 | |||
Flexibly Managed Fund | 4,090,951,608 | 861,471,919 | (52,947,559) | 808,524,360 | |||
Balanced Fund | 50,903,317 | 33,199,890 | (214,251) | 32,985,639 | |||
Large Growth Stock Fund | 218,561,336 | 188,303,361 | (1,946,903) | 186,356,458 | |||
Large Cap Growth Fund | 42,858,196 | 25,580,179 | (99,870) | 25,480,309 | |||
Large Core Growth Fund | 148,292,841 | 76,283,672 | (1,593,512) | 74,690,160 | |||
Large Cap Value Fund | 150,639,810 | 33,089,974 | (4,915,842) | 28,174,132 | |||
Large Core Value Fund | 155,986,795 | 28,031,766 | (4,495,403) | 23,536,363 | |||
Index 500 Fund | 302,075,592 | 312,351,088 | (20,045,653) | 292,305,435 | |||
Mid Cap Growth Fund | 104,724,042 | 95,208,455 | (955,118) | 94,253,337 | |||
Mid Cap Value Fund | 76,062,403 | 20,018,417 | (757,637) | 19,260,780 | |||
Mid Core Value Fund | 83,211,141 | 13,162,112 | (2,417,162) | 10,744,950 | |||
SMID Cap Growth Fund | 69,181,778 | 28,838,243 | (671,509) | 28,166,734 | |||
SMID Cap Value Fund | 52,756,498 | 10,127,012 | (3,692,023) | 6,434,989 | |||
Small Cap Growth Fund | 79,892,189 | 66,983,605 | (1,180,311) | 65,803,294 | |||
Small Cap Value Fund | 154,401,308 | 41,664,332 | (10,131,964) | 31,532,368 | |||
Small Cap Index Fund | 58,517,737 | 27,707,292 | (7,939,148) | 19,768,144 | |||
Developed International Index Fund | 79,260,865 | 43,357,008 | (14,264,155) | 29,092,853 | |||
International Equity Fund | 254,711,541 | 80,732,841 | (3,008,428) | 77,724,413 | |||
Emerging Markets Equity Fund | 109,131,544 | 41,180,632 | (4,168,330) | 37,012,302 | |||
Real Estate Securities Fund | 106,411,788 | 14,892,850 | (2,314,191) | 12,578,659 | |||
Aggressive Allocation Fund | 53,312,034 | 16,930,530 | (98,681) | 16,831,849 | |||
Moderately Aggressive Allocation Fund | 168,166,955 | 59,016,846 | (210,671) | 58,806,175 | |||
Moderate Allocation Fund | 214,346,006 | 70,972,020 | (170,709) | 70,801,311 |
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ Depreciation | ||||
Moderately Conservative Allocation Fund | $ 76,937,900 | $ 17,458,057 | $ (60,097) | $ 17,397,960 | |||
Conservative Allocation Fund | 53,312,534 | 7,811,501 | (25,360) | 7,786,141 |
Location on the Statements of Assets and Liabilities | ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Equity contracts | Investments at value Futures variation margin receivable* | Call options written, at value Futures variation margin payable* |
Location on the Statements of Assets and Liabilities | ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Foreign currency contracts | Net unrealized appreciation of forward foreign currency contracts | Net unrealized depreciation of forward foreign currency contracts | ||
Interest rate contracts | Futures variation margin receivable* | Futures variation margin payable* |
ASSET DERIVATIVE VALUE | LIABILITY DERIVATIVE VALUE | ||||||||||
Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | ||||||
Limited Maturity Bond Fund | $ — | $ — | $ 96,946 | $ — | $ — | $ (29,876) | |||||
Quality Bond Fund | — | — | 299,623 | — | — | (220,350) | |||||
High Yield Bond Fund | — | — | 31,835 | — | — | (45,081) | |||||
Flexibly Managed Fund | — | — | — | (57,303,523) | — | — | |||||
Index 500 Fund | 165,487 | — | — | — | — | — | |||||
Mid Cap Growth Fund | 345,492 | — | — | (31,903) | — | — | |||||
Mid Core Value Fund | — | 9,241 | — | — | (57,919) | — | |||||
Small Cap Index Fund | 44,217 | — | — | — | — | — | |||||
Developed International Index Fund | 47,990 | — | — | — | — | — |
Gross Amounts Presented on Statements of Assets and Liabilities | ||||||||||||
Fund and Counterparty | Form of Master Netting Agreement | Value of Assets | Value of Liabilities | Net Amount Due (to)/from Counterparty | Collateral Pledged (Received by Fund) | Loss Exposure, After Collateral | ||||||
Flexibly Managed Fund | ||||||||||||
Bank of America | ISDA | $ — | $ (816,586) | $ (816,586) | $— | $ (816,586) | ||||||
Citigroup | ISDA | — | (14,538,034) | (14,538,034) | — | (14,538,034) | ||||||
Credit Suisse | ISDA | — | (4,969,449) | (4,969,449) | — | (4,969,449) | ||||||
Goldman Sachs | ISDA | — | (8,328,892) | (8,328,892) | — | (8,328,892) | ||||||
JP Morgan | ISDA | — | (24,691,953) | (24,691,953) | — | (24,691,953) | ||||||
RBC Capital | ISDA | — | (1,127,644) | (1,127,644) | — | (1,127,644) | ||||||
Susquehanna Financial Group, Lllp | ISDA | — | (2,830,965) | (2,830,965) | — | (2,830,965) | ||||||
Total | $ — | $ (57,303,523) | $ (57,303,523) | $— | $ (57,303,523) | |||||||
Mid Cap Growth Fund | ||||||||||||
Citigroup | ISDA | 163,963 | (18,192) | 145,771 | — | 145,771 | ||||||
JP Morgan | ISDA | 181,529 | (13,711) | 167,818 | — | 167,818 | ||||||
Total | $345,492 | $ (31,903) | $ 313,589 | $— | $ 313,589 | |||||||
Mid Core Value Fund | ||||||||||||
Bank of America | Fx Letter | 73 | (3,272) | (3,199) | — | (3,199) | ||||||
Credit Suisse | Fx Letter | 7,409 | — | 7,409 | — | 7,409 | ||||||
Goldman Sachs | Fx Letter | — | (8,828) | (8,828) | — | (8,828) | ||||||
JP Morgan | Fx Letter | 1,759 | (45,034) | (43,275) | — | (43,275) | ||||||
Morgan Stanley | Fx Letter | — | (785) | (785) | — | (785) | ||||||
Total | $ 9,241 | $ (57,919) | $ (48,678) | $— | $ (48,678) |
Derivative Type | Location of Gain (Loss) on Derivatives Recognized in Income | |
Equity contracts | Net realized gain (loss) on futures contracts Net realized gain (loss) on purchased options Net realized gain (loss) on written options Net change in unrealized appreciation (depreciation) of futures contracts Net change in unrealized appreciation (depreciation) of purchased options Net change in unrealized appreciation (depreciation) of written options | |
Interest rate contracts | Net realized gain (loss) on futures contracts Net change in unrealized appreciation (depreciation) of futures contracts | |
Foreign currency contracts | Net realized gain (loss) on forward foreign currency contracts Net change in unrealized appreciation (depreciation) of forward foreign currency contracts |
Realized Gain (Loss) on Derivatives Recognized in Income | ||||||
Fund | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||
Limited Maturity Bond Fund | $ — | $ — | $ 3,047,932 | |||
Quality Bond Fund | — | — | 8,082,117 |
Realized Gain (Loss) on Derivatives Recognized in Income | ||||||
Fund | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||
Flexibly Managed Fund | $(1,515,684) | $ (1,142) | $ — | |||
Large Growth Stock Fund | — | 9 | — | |||
Index 500 Fund | 1,474,099 | — | — | |||
Mid Cap Growth Fund | (281,857) | — | — | |||
Mid Core Value Fund | — | (314,752) | — | |||
Small Cap Index Fund | 217,384 | — | — | |||
Developed International Index Fund | 1,179,996 | — | — | |||
Emerging Markets Equity Fund | — | (232,394) | — |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||
Fund | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||
Limited Maturity Bond Fund | $ — | $ — | $ 394,622 | |||
Quality Bond Fund | — | — | 1,495,166 | |||
High Yield Bond Fund | — | — | (13,246) | |||
Flexibly Managed Fund | (3,498,148) | — | — | |||
Index 500 Fund | 18,434 | — | — | |||
Mid Cap Growth Fund | (222,141) | — | — | |||
Mid Core Value Fund | — | 23,910 | — | |||
Small Cap Index Fund | 25,269 | — | — | |||
Developed International Index Fund | 27,248 | — | — | |||
Emerging Markets Equity Fund | — | 94,768 | — |
Average Derivative Volume | ||||||||||
Fund | Forward foreign currency contracts (average cost) | Futures contracts (average notional value) long | Futures contracts (average notional value) short | Purchased options (average notional cost) | Written options (premiums received) | |||||
Limited Maturity Bond Fund | $ — | $ 89,016,600 | $ 5,064,363 | $ — | $ — | |||||
Quality Bond Fund | — | 146,219,397 | 8,905,494 | — | — | |||||
Flexibly Managed Fund | — | — | — | — | 21,815,348 | |||||
Index 500 Fund | — | 7,917,803 | — | — | — | |||||
Mid Cap Growth Fund | — | — | — | 139,837 | 110,525 | |||||
Mid Core Value Fund | (6,489,326) | — | — | — | — | |||||
Small Cap Index Fund | — | 1,128,032 | — | — | — | |||||
Developed International Index Fund | — | 3,322,295 | — | — | — | |||||
Emerging Markets Equity Fund | (8,728,572) | — | — | — | — |
Penn Series Funds, Inc.:
February 24, 2021
Fund | Long-Term Capital Gains | |
Limited Maturity Bond Fund | $ 1,567,406 | |
Quality Bond Fund | 6,844,266 | |
Flexibly Managed Fund | 441,249,176 | |
Balanced Fund | 17,384,260 | |
Large Growth Stock Fund | 28,538,979 | |
Large Cap Growth Fund | 8,408,992 | |
Large Core Growth Fund | 25,553,387 | |
Large Core Value Fund | 1,542,840 | |
Index 500 Fund | 66,750,489 | |
Mid Cap Growth Fund | 23,161,228 | |
Mid Core Value Fund | 562,228 | |
SMID Cap Growth Fund | 9,833,197 | |
Small Cap Growth Fund | 7,325,859 | |
Small Cap Index Fund | 7,302,631 | |
Developed International Index Fund | 1,907,408 | |
International Equity Fund | 23,387,435 | |
Aggressive Allocation Fund | 7,600,653 | |
Moderately Aggressive Allocation Fund | 25,962,614 | |
Moderate Allocation Fund | 35,292,752 | |
Moderately Conservative Allocation Fund | 8,796,197 | |
Conservative Allocation Fund | 4,372,679 |
Fund | |
High Yield Bond Fund | 1.57% |
Flexibly Managed Fund | 22.13% |
Balanced Fund | 37.90% |
Large Growth Stock Fund | 27.77% |
Large Cap Growth Fund | 100.00% |
Large Core Growth Fund | 2.03% |
Large Cap Value Fund | 100.00% |
Large Core Value Fund | 100.00% |
Index 500 Fund | 98.10% |
Mid Cap Value Fund | 100.00% |
Mid Core Value Fund | 100.00% |
SMID Cap Growth Fund | 3.25% |
SMID Cap Value Fund | 100.00% |
Small Cap Value Fund | 100.00% |
Small Cap Index Fund | 43.17% |
International Equity Fund | 10.03% |
Emerging Markets Equity Fund | 1.24% |
Aggressive Allocation Fund | 45.68% |
Moderately Aggressive Allocation Fund | 37.77% |
Moderate Allocation Fund | 22.35% |
Moderately Conservative Allocation Fund | 14.45% |
Conservative Allocation Fund | 7.49% |
Name and Year of Birth | Position with the Company; Term of Office and Length of Time Served | Principal Occupation During Past 5 Years | Number of Funds Overseen by the Director | Other Directorships Held by Director During Past 5 Years | ||||
INDEPENDENT DIRECTORS | ||||||||
Marie K. Karpinski (1949)* | Director; No set term; served since 2015. | Retired (2010 – Present). | 29 | None. | ||||
Joanne B. Mack (1946)* | Director; No set term; served since 2013. | Vice President – Financial Services Consulting, Trianz (2012 – 2013); Management Consultant, self-employed (2009 – 2012; 2013 – Present). | 29 | None. | ||||
Archie C. MacKinlay (1955)* | Director; No set term; served since 2010. | Professor of Finance, Wharton School, University of Pennsylvania (1984 – Present). | 29 | None. | ||||
Rebecca C. Matthias (1953)* | Director; No set term; served since 2010. | Retired (2010 – Present); President, Destination Maternity Corporation (clothing) (1982 – 2010). | 29 | Director, CSS Industries (2005-2020). | ||||
David B. Pudlin (1949)* | Director; No set term; served since 2009. | Chief Executive Officer, President and Attorney, Hangley Aronchick Segal Pudlin & Schiller (law firm) (1994 – Present). | 29 | None. | ||||
INTERESTED DIRECTORS | ||||||||
Eileen C. McDonnell (1962)* | Director and Chairperson of the Board; No set term; served since 2010. | Chief Executive Officer (2011 – Present), President (2010 – 2015), Chairperson of the Board (2013 –Present), Executive Vice President and Chief Marketing Officer (2008 – 2010), Penn Mutual; Director, PMAM (2010 – Present); President and Director (2010 – Present), Chairperson of the Board (2011 – Present), PIA. | 29 | Director, UHS of Delaware, Inc. |
Name and Year of Birth | Position with the Company; Term of Office and Length of Time Served | Principal Occupation During Past 5 Years | ||
OFFICERS | ||||
David M. O’Malley (1974)* | President; One year; served since 2014. | Chairperson and Chief Executive Officer, PMAM (2014 – Present); President and Chief Operating Officer (2016 – Present), Chief Operating Officer (2013 – 2015), Chief Financial Officer (2010 – 2013), Executive Vice President (2009 – 2013), Penn Mutual. | ||
Steven Viola (1975)* | Treasurer One year; served since 2015. | Assistant Treasurer (2016 – Present), Senior Fund Accounting Analyst (2016 – 2017), PMAM; Senior Accountant, Penn Mutual (2005 – 2015). |
Name and Year of Birth | Position with the Company; Term of Office and Length of Time Served | Principal Occupation During Past 5 Years | ||
Tyler J. Thur (1984)* | Assistant Treasurer One year; served since Feb. 2017. | Controller and Treasurer, PMAM (2015 – Present); Senior Financial Analyst, Penn Mutual (2011 – 2014). | ||
Victoria Robinson (1965)* | Secretary One year; served since 2019. AML Officer One year; served since 2019. | Chief Ethics & Compliance Officer, Penn Mutual & Hornor, Townsend & Kent, LLC (“HTK”). Anti Money Laundering Officer. Penn Mutual & HTK (2019 – present). Chief Operating Officer PMAM (2017 – 2019); Chief Compliance & Risk Officer, Managing Director, PMAM (2008 – 2019) Assistant Vice President, Penn Mutual (2010 – 2015). | ||
Wei Zhao (1974)* | Chief Compliance Officer One year; served since 2020. | Senior Compliance Manager and Internal Audit Manager, Aberdeen Standard Investment (2013 – 2018); Compliance Manager and Associate Compliance Officer, PMAM (2018 – 2019); Chief Compliance Officer, PMAM (2019 – Present). |
PM8644 | 12/20 |
(b) | Not applicable |
Item 2. | Code of Ethics. |
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. | Audit Committee Financial Expert. |
The Registrant’s Board of Directors has determined that Ms. Rebecca C. Matthias qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Matthias is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $550,000 for 2020 and $514,500 for 2019. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2019. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2020 and $0 for 2019. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2020 and $0 for 2019. |
(e) | Audit Committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(e)(1) | Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Penn Series Funds, Inc. To the extent required by applicable law, pre-approval by the Audit Committee of the Penn Series Funds, Inc. (the “Company”) Board of Directors is required for all audit and permissible non-audit services rendered to the Company and all permissible non-audit services rendered to the investment adviser to the Company, Penn Mutual Asset Management, Inc. (“PMAM”), or any other service providers controlling, controlled by or under common control with PMAM that provide ongoing services to the Company (“Related Entities”) that relate directly to the operations and financial reporting of the Company’s Funds. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for the Company may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or by the Audit Committee Chairman or other member of the Audit Committee as designated by the Audit Committee. The Policy sets forth the audit, audit-related, tax and all other services that are subject to general or specific pre-approval by the Audit Committee subject to specified expense limitations. The Policy provides that the Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor pursuant to the pre-approval provision of the Policy. Pursuant to the Policy, the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules and related guidance concerning auditor independence. |
(e)(2) | No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not Applicable. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2020 and $0 for 2019. |
(h) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
The shareholder meeting voting results is included as part of the report to shareholders filed under Item 1 of this form.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a- 15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Penn Series Funds, Inc. |
By (Signature and Title)* /s/ David M. O’Malley |
David M. O’Malley, President (principal executive officer) |
Date March 8, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ David M. O’Malley |
David M. O’Malley, President �� (principal executive officer) |
Date March 8, 2021 |
By (Signature and Title)* /s/ Steven Viola |
Steven Viola, Treasurer (principal financial officer) |
Date March 8, 2021 |
* | Print the name and title of each signing officer under his or her signature. |