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: June 30, 2021
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.
2 | |
3 | |
4 | |
5 | |
7 | |
8 | |
9 | |
11 | |
12 | |
14 | |
16 | |
17 | |
18 | |
19 | |
20 | |
21 | |
23 | |
24 | |
25 | |
26 | |
27 | |
29 | |
31 | |
33 | |
34 | |
35 | |
36 | |
37 | |
38 | |
41 | |
156 | |
164 | |
171 | |
179 | |
208 | |
230 | |
230 | |
231 |
Investment Adviser
Percent of Total Investments1 | |
Corporate Bonds | 39.9 % |
Asset Backed Securities | 34.1 % |
Commercial Mortgage Backed Securities | 14.0% |
U.S. Treasury Obligations | 5.4 % |
Residential Mortgage Backed Securities | 5.3 % |
Agency Obligation | 1.3 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Percent of Total Investments1 | |
Corporate Bonds | 47.5 % |
Commercial Mortgage Backed Securities | 19.6 % |
Asset Backed Securities | 14.7 % |
Residential Mortgage Backed Securities | 10.6 % |
U.S. Treasury Obligations | 5.4 % |
Preferred Stocks | 1.1 % |
Municipal Bonds | 1.1 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Percent of Total Investments1 | |
BB/B Rated | 38.0% |
BBB/BB Rated & Above | 14.9 % |
B/CCC Rated | 14.0% |
BB Rated | 13.5 % |
B Rated | 9.7 % |
Not Rated | 4.2 % |
CCC and Below | 1.1 % |
Loan Agreements | 2.9 % |
Equity Securities | 1.7 % |
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
Percent of Total Investments1 | |
Consumer, Non-cyclical | 21.7 % |
Financial | 18.1 % |
Communications | 14.8 % |
Technology | 14.8 % |
Industrial | 10.3 % |
Utilities | 10.1 % |
Consumer, Cyclical | 9.9 % |
Asset Backed Securities | 0.3 % |
Basic Materials | 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
Asset Allocation Target as of 6/30/21 | |
Index 500 | 60.0% |
Intermediate Bonds | 40.0% |
100.0% |
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Percent of Total Investments1 | |
Communications | 36.4 % |
Technology | 29.6 % |
Consumer, Non-cyclical | 14.2 % |
Consumer, Cyclical | 9.9 % |
Financial | 6.1 % |
Industrial | 3.5 % |
Basic Materials | 0.3 % |
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
MFS Investments
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 28.8 % |
Consumer, Non-cyclical | 25.0% |
Financial | 13.2 % |
Communications | 12.7 % |
Consumer, Cyclical | 9.8 % |
Industrial | 8.5 % |
Basic Materials | 1.4 % |
Utilities | 0.6 % |
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
Morgan Stanley Investment Management
Investment Sub-Adviser
Percent of Total Investments1 | |
Communications | 40.2 % |
Technology | 35.3 % |
Consumer, Non-cyclical | 18.6 % |
Consumer, Cyclical | 3.4 % |
Industrial | 2.2 % |
Basic Materials | 0.3 % |
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
AllianceBernstein
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 21.7 % |
Consumer, Non-cyclical | 20.4 % |
Industrial | 18.2 % |
Consumer, Cyclical | 16.9 % |
Communications | 12.4 % |
Technology | 5.6 % |
Energy | 3.1 % |
Basic Materials | 1.7 % |
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
Percent of Total Investments1 | |
Consumer, Non-cyclical | 26.8 % |
Financial | 26.1 % |
Industrial | 12.4 % |
Communications | 11.1 % |
Consumer, Cyclical | 6.7 % |
Utilities | 5.4 % |
Energy | 5.4 % |
Technology | 5.1 % |
Basic Materials | 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
State Street Global Advisors
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 23.2 % |
Consumer, Non-cyclical | 20.0% |
Communications | 16.4 % |
Financial | 15.2 % |
Consumer, Cyclical | 9.5 % |
Industrial | 8.2 % |
Energy | 2.9 % |
Utilities | 2.5 % |
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
Delaware Investments Fund Advisers
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 27.7 % |
Technology | 26.6 % |
Industrial | 17.4 % |
Consumer, Cyclical | 16.5 % |
Communications | 6.8 % |
Financial | 3.7 % |
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
Janus Capital Management, LLC
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 26.8 % |
Industrial | 20.3 % |
Consumer, Cyclical | 15.0% |
Technology | 10.5 % |
Consumer, Non-cyclical | 9.7 % |
Basic Materials | 5.2 % |
Utilities | 4.9 % |
Communications | 4.9 % |
Energy | 2.7 % |
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
Percent of Total Investments1 | |
Financial | 24.8 % |
Consumer, Non-cyclical | 23.1 % |
Industrial | 16.2 % |
Consumer, Cyclical | 12.9 % |
Utilities | 7.8 % |
Technology | 5.2 % |
Energy | 4.6 % |
Communications | 3.1 % |
Basic Materials | 2.3 % |
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
Percent of Total Investments1 | |
Consumer, Non-cyclical | 30.9 % |
Technology | 24.6 % |
Consumer, Cyclical | 17.6 % |
Industrial | 17.0% |
Communications | 4.4 % |
Basic Materials | 2.9 % |
Financial | 2.2 % |
Energy | 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
AllianceBernstein
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 30.1 % |
Consumer, Cyclical | 23.0% |
Industrial | 18.7 % |
Consumer, Non-cyclical | 9.6 % |
Basic Materials | 5.8 % |
Technology | 5.3 % |
Energy | 3.6 % |
Utilities | 2.1 % |
Communications | 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
Janus Capital Management, LLC
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 33.5 % |
Technology | 24.1 % |
Industrial | 19.8 % |
Communications | 6.8 % |
Financial | 6.2 % |
Consumer, Cyclical | 6.1 % |
Basic Materials | 3.0% |
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
Percent of Total Investments1 | |
Financial | 34.2 % |
Consumer, Non-cyclical | 16.2 % |
Consumer, Cyclical | 13.7 % |
Industrial | 13.0% |
Energy | 6.5 % |
Technology | 4.6 % |
Communications | 4.3 % |
Utilities | 3.8 % |
Basic Materials | 3.7 % |
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
Percent of Total Investments1 | |
Consumer, Non-cyclical | 26.4 % |
Financial | 21.2 % |
Consumer, Cyclical | 14.0% |
Industrial | 12.4 % |
Technology | 11.0% |
Communications | 4.9 % |
Energy | 4.5 % |
Basic Materials | 3.1 % |
Utilities | 2.5 % |
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
Percent of Total Investments1 | |
Japan | 23.2 % |
United Kingdom | 12.1 % |
France | 10.7 % |
Switzerland | 10.3 % |
Germany | 9.3 % |
Australia | 7.9 % |
Netherlands | 6.0% |
Sweden | 3.5 % |
Hong Kong | 3.1 % |
Denmark | 2.6 % |
Spain | 2.5 % |
Italy | 2.1 % |
Finland | 1.3 % |
Singapore | 1.2 % |
Ireland | 1.0% |
Belgium | 0.9 % |
Norway | 0.6 % |
Israel | 0.6 % |
New Zealand | 0.3 % |
Luxembourg | 0.3 % |
Austria | 0.2 % |
Portugal | 0.1 % |
Isle of Man | 0.1 % |
Macao | 0.1 % |
Jordan | 0.0% 2 |
Poland | 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
Percent of Total Investments1 | |
United Kingdom | 18.6 % |
Japan | 11.1 % |
France | 9.8 % |
Canada | 8.7 % |
Switzerland | 7.7 % |
Netherlands | 6.8 % |
India | 6.1 % |
Ireland | 5.6 % |
China | 5.0% |
United States | 4.9 % |
Hong Kong | 4.7 % |
Luxembourg | 4.0% |
South Korea | 3.2 % |
Italy | 2.1 % |
Germany | 1.7 % |
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
Percent of Total Investments1 | |
China | 33.8 % |
South Korea | 16.1 % |
India | 11.4 % |
Taiwan | 11.1 % |
Hong Kong | 4.8 % |
Indonesia | 4.5 % |
Brazil | 3.8 % |
Mexico | 3.0% |
Thailand | 2.7 % |
South Africa | 2.5 % |
Singapore | 2.3 % |
United Kingdom | 1.4 % |
Malaysia | 1.2 % |
Peru | 0.9 % |
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
Percent of Total Investments1 | |
Diversified | 35.0% |
Healthcare | 12.5 % |
Storage & Warehousing | 11.8 % |
Apartments | 10.1 % |
Regional Malls | 6.0% |
Industrial | 4.5 % |
Office Property | 4.4 % |
Hotels & Resorts | 3.8 % |
Strip Centers | 2.9 % |
Manufactured Homes | 2.7 % |
Building & Real Estate | 2.0% |
Real Estate | 1.9 % |
Lodging | 1.2 % |
Entertainment | 1.2 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Asset Allocation Target as of 6/30/21 | |
International Stocks | 24.0% |
Large Cap Value Stocks | 24.0% |
Large Cap Growth Stocks | 13.0% |
Mid Cap Value Stocks | 10.0% |
Emerging Markets Stocks | 7.0% |
Short Term Bonds | 5.0% |
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 | 2.0% |
100.0% |
Investment Adviser
Asset Allocation Target as of 6/30/21 | |
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
Asset Allocation Target as of 6/30/21 | |
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
Asset Allocation Target as of 6/30/21 | |
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
Asset Allocation Target as of 6/30/21 | |
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 January 1, 2021 to June 30, 2021
Expense Table
Beginning Value January 1, 2021 | Ending Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |
Money Market Fund | ||||
Actual | $1,000.00 | $1,000.10 | 0.04% | $0.20 |
Hypothetical | $1,000.00 | $ 1,024.60 | 0.04% | $0.20 |
Limited Maturity Bond Fund | ||||
Actual | $1,000.00 | $ 1,006.00 | 0.69% | $ 3.43 |
Hypothetical | $1,000.00 | $ 1,021.37 | 0.69% | $ 3.46 |
Quality Bond Fund | ||||
Actual | $1,000.00 | $ 994.20 | 0.66% | $ 3.26 |
Hypothetical | $1,000.00 | $ 1,021.52 | 0.66% | $ 3.31 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value January 1, 2021 | Ending Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |
High Yield Bond Fund | ||||
Actual | $1,000.00 | $ 1,038.10 | 0.71% | $ 3.59 |
Hypothetical | $1,000.00 | $ 1,021.27 | 0.71% | $ 3.56 |
Flexibly Managed Fund | ||||
Actual | $1,000.00 | $ 1,098.70 | 0.87% | $ 4.53 |
Hypothetical | $1,000.00 | $ 1,020.48 | 0.87% | $ 4.36 |
Balanced Fund | ||||
Actual | $1,000.00 | $ 1,085.40 | 0.19% | $0.98 |
Hypothetical | $1,000.00 | $ 1,023.85 | 0.19% | $0.95 |
Large Growth Stock Fund | ||||
Actual | $1,000.00 | $ 1,125.00 | 0.94% | $ 4.95 |
Hypothetical | $1,000.00 | $ 1,020.13 | 0.94% | $ 4.71 |
Large Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,123.40 | 0.86% | $ 4.53 |
Hypothetical | $1,000.00 | $ 1,020.53 | 0.86% | $ 4.31 |
Large Core Growth Fund | ||||
Actual | $1,000.00 | $ 1,086.50 | 0.84% | $ 4.35 |
Hypothetical | $1,000.00 | $ 1,020.63 | 0.84% | $ 4.21 |
Large Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,198.30 | 0.90% | $ 4.91 |
Hypothetical | $1,000.00 | $ 1,020.33 | 0.90% | $ 4.51 |
Large Core Value Fund | ||||
Actual | $1,000.00 | $ 1,159.20 | 0.90% | $ 4.82 |
Hypothetical | $1,000.00 | $ 1,020.33 | 0.90% | $ 4.51 |
Index 500 Fund | ||||
Actual | $1,000.00 | $ 1,150.70 | 0.34% | $ 1.81 |
Hypothetical | $1,000.00 | $ 1,023.11 | 0.34% | $ 1.71 |
Mid Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,113.00 | 0.94% | $ 4.92 |
Hypothetical | $1,000.00 | $ 1,020.13 | 0.94% | $ 4.71 |
Mid Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,128.90 | 0.81% | $ 4.28 |
Hypothetical | $1,000.00 | $ 1,020.78 | 0.81% | $ 4.06 |
Mid Core Value Fund | ||||
Actual | $1,000.00 | $ 1,156.70 | 1.02% | $ 5.45 |
Hypothetical | $1,000.00 | $ 1,019.74 | 1.02% | $ 5.11 |
SMID Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,080.60 | 1.03% | $ 5.31 |
Hypothetical | $1,000.00 | $ 1,019.69 | 1.03% | $ 5.16 |
SMID Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,267.90 | 1.15% | $ 6.47 |
Hypothetical | $1,000.00 | $ 1,019.09 | 1.15% | $ 5.76 |
Small Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,064.20 | 0.98% | $ 5.02 |
Hypothetical | $1,000.00 | $ 1,019.93 | 0.98% | $ 4.91 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value January 1, 2021 | Ending Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |
Small Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,199.80 | 0.99% | $ 5.40 |
Hypothetical | $1,000.00 | $ 1,019.89 | 0.99% | $ 4.96 |
Small Cap Index Fund | ||||
Actual | $1,000.00 | $ 1,175.10 | 0.67% | $ 3.61 |
Hypothetical | $1,000.00 | $ 1,021.47 | 0.67% | $ 3.36 |
Developed International Index Fund | ||||
Actual | $1,000.00 | $ 1,085.30 | 0.84% | $ 4.34 |
Hypothetical | $1,000.00 | $ 1,020.63 | 0.84% | $ 4.21 |
International Equity Fund | ||||
Actual | $1,000.00 | $ 1,064.30 | 1.03% | $ 5.27 |
Hypothetical | $1,000.00 | $ 1,019.69 | 1.03% | $ 5.16 |
Emerging Markets Equity Fund | ||||
Actual | $1,000.00 | $ 1,042.90 | 1.26% | $ 6.38 |
Hypothetical | $1,000.00 | $ 1,018.55 | 1.26% | $ 6.31 |
Real Estate Securities Fund | ||||
Actual | $1,000.00 | $ 1,214.30 | 0.95% | $ 5.22 |
Hypothetical | $1,000.00 | $ 1,020.08 | 0.95% | $ 4.76 |
Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $ 1,110.70 | 0.32% | $ 1.67 |
Hypothetical | $1,000.00 | $ 1,023.21 | 0.32% | $ 1.61 |
Moderately Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $ 1,104.00 | 0.29% | $ 1.51 |
Hypothetical | $1,000.00 | $ 1,023.36 | 0.29% | $ 1.45 |
Moderate Allocation Fund | ||||
Actual | $1,000.00 | $ 1,078.30 | 0.29% | $ 1.49 |
Hypothetical | $1,000.00 | $ 1,023.36 | 0.29% | $ 1.45 |
Moderately Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,057.40 | 0.31% | $ 1.58 |
Hypothetical | $1,000.00 | $ 1,023.26 | 0.31% | $ 1.56 |
Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,029.50 | 0.33% | $ 1.66 |
Hypothetical | $1,000.00 | $ 1,023.16 | 0.33% | $ 1.66 |
* | 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 (181), then divided by 365. |
Par (000) | Value† | |
AGENCY OBLIGATION — 70.8% | ||
Federal Farm Credit Banks | ||
0.010%, 07/09/21 | $ 1,000 | $ 999,998 |
0.070%, 07/20/21 | 5,000 | 4,999,815 |
0.040%, 07/22/21 | 5,000 | 4,999,883 |
1.550%, 08/16/21 | 1,550 | 1,552,979 |
0.040%, 09/01/21 | 5,000 | 4,999,656 |
3.000%, 10/19/21 | 600 | 605,299 |
1.950%, 11/02/21 | 2,951 | 2,970,011 |
3.050%, 11/15/21 | 10,136 | 10,249,689 |
Federal Home Loan Banks | ||
0.018%, 07/09/21 | 10,000 | 9,999,960 |
1.125%, 07/14/21 | 6,185 | 6,187,395 |
0.020%, 07/21/21 | 10,000 | 9,999,889 |
(3 M ICE LIBOR + 0.085%), 0.135%, 09/10/21• | 5,000 | 5,000,837 |
0.040%, 09/24/21 | 5,000 | 4,999,528 |
0.125%, 09/30/21 | 1,000 | 1,000,247 |
1.625%, 11/19/21 | 1,750 | 1,760,488 |
1.875%, 11/29/21 | 1,225 | 1,234,273 |
Federal Home Loan Mortgage Corp. 1.125%, 08/12/21 | 11,126 | 11,139,920 |
Federal National Mortgage Association | ||
1.250%, 08/17/21 | 1,595 | 1,597,534 |
0.025%, 09/15/21 | 10,000 | 9,999,472 |
1.375%, 10/07/21 | 9,103 | 9,135,618 |
2.000%, 01/05/22 | 1,805 | 1,823,047 |
Tennesse Valley Authority | ||
0.009%, 07/21/21 | 5,000 | 4,999,975 |
0.045%, 07/28/21 | 10,000 | 9,999,663 |
TOTAL AGENCY OBLIGATION (Cost $120,255,176) | 120,255,176 | |
U.S. TREASURY OBLIGATIONS — 15.6% | ||
U.S. Treasury Bills | ||
0.044%, 07/06/21 | 7,000 | 6,999,957 |
0.015%, 08/03/21 | 10,000 | 9,999,862 |
0.048%, 08/05/21 | 7,500 | 7,499,654 |
0.036%, 09/23/21 | 2,000 | 1,999,834 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $26,499,307) | 26,499,307 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 13.5% | ||
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 0.020%) (Cost $22,938,985) | 22,938,985 | $ 22,938,985 |
TOTAL INVESTMENTS — 99.9% (Cost $169,693,468) | $ 169,693,468 | |
Other Assets & Liabilities — 0.1% | 213,207 | |
TOTAL NET ASSETS — 100.0% | $ 169,906,675 |
† | 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 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Agency Obligation | $120,255,176 | $120,255,176 | $— | $— |
U.S. Treasury Obligations | 26,499,307 | 26,499,307 | — | — |
Short-Term Investments | 22,938,985 | 22,938,985 | — | — |
Total Investments | $ 169,693,468 | $ 169,693,468 | $ — | $ — |
Par (000) | Value† | |
AGENCY OBLIGATION — 1.1% | ||
Federal Home Loan Mortgage Corp. 2.375%, 01/13/22 (Cost $3,037,342) | $ 3,000 | $ 3,036,889 |
TOTAL AGENCY OBLIGATION (Cost $3,037,342) | 3,036,889 | |
ASSET BACKED SECURITIES — 30.6% | ||
Adams Mill CLO Ltd., Series 2014-1A Class B2R, 144A 3.350%, 07/15/26@ | 2,750 | 2,752,005 |
ASSURANT CLO Ltd., Series 2018-2A Class A (3 M ICE LIBOR + 1.040%, Floor 1.040%), 144A 1.228%, 04/20/31@,• | 2,400 | 2,400,283 |
Babson CLO Ltd., | ||
Series 2014-IA Class BR (3 M ICE LIBOR + 2.200%), 144A, 2.388%, 07/20/25@,• | 2,500 | 2,500,987 |
Series 2014-IA Class C (3 M ICE LIBOR + 3.450%), 144A, 3.638%, 07/20/25@,• | 1,500 | 1,500,690 |
Barings CLO Ltd., Series 2017-1A Class B1 (3 M ICE LIBOR + 1.700%), 144A 1.890%, 07/18/29@,• | 1,500 | 1,500,208 |
Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR (3 M ICE LIBOR + 1.100%, Floor 1.100%), 144A 1.288%, 01/20/31@,• | 2,500 | 2,500,205 |
BSPRT Issuer Ltd., | ||
Series 2021-FL6 Class A (1 M ICE LIBOR + 1.100%, Floor 1.100%), 144A, 1.173%, 03/15/36@,• | 2,200 | 2,200,000 |
Series 2021-FL6 Class B (1 M ICE LIBOR + 1.600%, Floor 1.600%), 144A, 1.673%, 03/15/36@,• | 2,500 | 2,499,999 |
CIFC Funding Ltd., Series 2014-2RA Class A1 (3 M ICE LIBOR + 1.050%, Floor 1.050%), 144A 1.226%, 04/24/30@,• | 2,000 | 2,000,734 |
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A 1.308%, 01/20/30@,• | 3,000 | 2,995,377 |
Deerpath Capital CLO Ltd., Series 2018-1A Class B (3 M ICE LIBOR + 2.500%, Floor 2.500%), 144A 2.684%, 01/15/31@,• | 2,000 | 2,005,552 |
ECMC Group Student Loan Trust, Series 2019-1A Class A1A, 144A 2.720%, 07/25/69@ | 1,782 | 1,865,456 |
Par (000) | Value† | |
Edsouth Indenture No 4 LLC, Series 2013-1 Class A (1 M ICE LIBOR + 0.570%), 144A 0.661%, 02/26/29@,• | $ 3,396 | $ 3,387,701 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 3.438%, 01/20/33@,• | 1,500 | 1,475,550 |
Ford Credit Auto Owner Trust, Series 2020-B Class A2, 0.500%, 02/15/23 | 2,374 | 2,376,375 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2 Class A2A, 1.500%, 03/16/23 | 343 | 343,823 |
Halcyon Loan Advisors Funding Ltd., Series 2015-2A Class AR (3 M ICE LIBOR + 1.080%, Floor 1.080%), 144A 1.256%, 07/25/27@,• | 728 | 728,528 |
Honda Auto Receivables Owner Trust, Series 2020-1 Class A4, 1.630%, 10/21/26 | 4,085 | 4,177,252 |
Marble Point CLO XVIII Ltd., Series 2020-2A Class D2 (3 M ICE LIBOR + 5.410%, Floor 5.410%), 144A 5.594%, 10/15/31@,• | 1,500 | 1,500,000 |
Navient Private Education Loan Trust, | ||
Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%), 144A, 1.773%, 11/15/30@,• | 1,500 | 1,543,704 |
Series 2014-AA Class A3 (1 M ICE LIBOR + 1.600%), 144A, 1.673%, 10/15/31@,• | 1,499 | 1,524,231 |
Series 2015-BA Class A3 (1 M ICE LIBOR + 1.450%), 144A, 1.523%, 07/16/40@,• | 2,516 | 2,552,427 |
Navient Private Education Refi Loan Trust, Series 2020-EA Class A, 144A 1.690%, 05/15/69@ | 2,796 | 2,839,708 |
Navient Student Loan Trust, Series 2016-5A Class A (1 M ICE LIBOR + 1.250%), 144A 1.341%, 06/25/65@,• | 4,845 | 4,942,134 |
NZCG Funding Ltd., Series 2015-1A Class A2R (3 M ICE LIBOR + 1.550%, Floor 1.550%), 144A 1.691%, 02/26/31@,• | 3,350 | 3,350,409 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A 1.468%, 10/13/31@,• | 1,966 | 1,965,829 |
Par (000) | Value† | |
ASSET BACKED SECURITIES — (continued) | ||
Signal Peak CLO Ltd., Series 2018-6A Class B (3 M ICE LIBOR + 1.680%), 144A 1.864%, 07/28/31@,• | $2,000 | $ 2,000,364 |
SLM Private Education Loan Trust, Series 2014-A Class B, 144A 3.500%, 11/15/44@ | 1,100 | 1,102,660 |
SLM Student Loan Trust, Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 0.681%, 03/25/55• | 5,083 | 5,031,206 |
SMB Private Education Loan Trust, Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A 2.023%, 08/16/32@,• | 2,405 | 2,454,661 |
Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%), 144A 1.940%, 07/18/31@,• | 1,500 | 1,489,446 |
Towd Point Mortgage Trust, | ||
Series 2015-1 Class A2, 144A, 3.250%, 10/25/53@,• | 744 | 745,263 |
Series 2020-4 Class A2, 144A, 2.500%, 10/25/60@ | 2,240 | 2,302,761 |
Trinitas CLO III Ltd., Series 2015-3A Class BR (3 M ICE LIBOR + 1.400%), 144A 1.584%, 07/15/27@,• | 1,000 | 998,795 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A 3.176%, 04/25/33@,• | 1,500 | 1,481,621 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A 4.476%, 01/25/34@,• | 2,000 | 2,007,312 |
Verizon Owner Trust, Series 2019-A Class A1A, 2.930%, 09/20/23 | 3,364 | 3,404,424 |
TOTAL ASSET BACKED SECURITIES (Cost $82,277,342) | 82,447,680 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 12.5% | ||
BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 1.573%, 07/15/35@,• | 2,000 | 1,999,965 |
BX Commercial Mortgage Trust, | ||
Series 2019-XL Class B (1 M ICE LIBOR + 1.080%, Floor 1.080%), 144A, 1.153%, 10/15/36@,• | 1,358 | 1,360,110 |
Series 2020-BXLP Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A, 0.873%, 12/15/36@,• | 2,911 | 2,915,114 |
Par (000) | Value† | |
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D (1 M ICE LIBOR + 1.800%, Floor 1.800%), 144A 1.873%, 12/15/36@,• | $ 1,000 | $ 991,852 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 2,767 | 2,926,413 |
FHLMC Multifamily Structured Pass-Through Certificates, | ||
Series K019 Class X1, 1.724%, 03/25/22• | 23,811 | 113,413 |
Series K021 Class A2, 2.396%, 06/25/22 | 2,964 | 3,007,449 |
Series KC02 Class X3, 3.163%, 08/25/25• | 14,500 | 1,459,270 |
FREMF Mortgage Trust, | ||
Series 2017-K727 Class C, 144A, 3.870%, 07/25/24@,• | 3,500 | 3,698,007 |
Series 2013-K25 Class C, 144A, 3.745%, 11/25/45@,• | 2,110 | 2,180,304 |
Series 2013-K27 Class C, 144A, 3.615%, 01/25/46@,• | 2,000 | 2,073,751 |
Series 2013-K35 Class B, 144A, 4.069%, 12/25/46@,• | 2,260 | 2,411,577 |
Series 2014-K716 Class B, 144A, 3.847%, 08/25/47@,• | 1,374 | 1,373,879 |
Series 2014-K717 Class C, 144A, 3.714%, 11/25/47@,• | 1,500 | 1,502,712 |
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M ICE LIBOR + 1.250%, Floor 1.250%), 144A 1.323%, 07/15/25@,• | 1,882 | 1,883,251 |
GS Mortgage Securities Trust, Series 2010-C1 Class A2, 144A 4.592%, 08/10/43@ | 191 | 190,756 |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%), 144A 1.723%, 05/15/38@,• | 1,500 | 1,504,206 |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH Class C (1 M ICE LIBOR + 1.360%, Floor 2.860%), 144A 3.010%, 06/15/35@,• | 2,000 | 1,860,379 |
WFRBS Commercial Mortgage Trust, Series 2012-C7 Class XA, 144A 1.451%, 06/15/45@,• | 45,042 | 239,791 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $35,910,167) | 33,692,199 |
Par (000) | Value† | |
CORPORATE BONDS — 35.8% | ||
Aerospace & Defense — 2.1% | ||
The Boeing Co. | ||
1.167%, 02/04/23 | $ 1,500 | $ 1,506,941 |
4.508%, 05/01/23 | 2,500 | 2,664,970 |
TransDigm, Inc., 144A 8.000%, 12/15/25@ | 1,500 | 1,620,750 |
5,792,661 | ||
Airlines — 0.3% | ||
UAL Pass Through Trust, Series 2007-1 Class A 6.636%, 01/02/24 | 718 | 741,477 |
Apparel — 0.8% | ||
VF Corp. 2.050%, 04/23/22 | 2,250 | 2,280,434 |
Auto Manufacturers — 1.5% | ||
BMW US Capital LLC, 144A 3.800%, 04/06/23@ | 2,250 | 2,377,371 |
Volkswagen Group of America Finance LLC, 144A 3.125%, 05/12/23@ | 1,500 | 1,566,160 |
3,943,531 | ||
Banks — 3.5% | ||
First Maryland Capital II (3 M ICE LIBOR + 0.850%) 1.026%, 02/01/27• | 3,000 | 2,885,522 |
JPMorgan Chase & Co. (3 M ICE LIBOR + 3.470%) 3.655%µ,• | 1,022 | 1,024,555 |
Mitsubishi UFJ Financial Group, Inc. 3.535%, 07/26/21 | 1,500 | 1,503,345 |
State Street Corp. (3 M ICE LIBOR + 0.560%) 0.716%, 05/15/28• | 2,500 | 2,411,149 |
Wells Fargo & Co. (3 M ICE LIBOR + 1.000%) 1.184%, 04/15/27• | 1,750 | 1,716,107 |
9,540,678 | ||
Beverages — 0.6% | ||
Coca-Cola Europacific Partners PLC, 144A 0.800%, 05/03/24@ | 1,750 | 1,744,833 |
Biotechnology — 0.6% | ||
Gilead Sciences, Inc. 0.750%, 09/29/23 | 1,500 | 1,501,054 |
Building Materials — 0.6% | ||
Builders FirstSource, Inc., 144A 6.750%, 06/01/27@ | 1,500 | 1,606,875 |
Chemicals — 0.8% | ||
WR Grace & Co-Conn, 144A 5.625%, 10/01/24@ | 2,000 | 2,210,740 |
Par (000) | Value† | |
Computers — 0.6% | ||
Hewlett Packard Enterprise Co. 1.450%, 04/01/24 | $ 1,500 | $ 1,524,972 |
Diversified Financial Services — 2.2% | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.450%, 12/16/21 | 1,000 | 1,015,177 |
Intercontinental Exchange, Inc. 0.700%, 06/15/23 | 1,500 | 1,505,739 |
Navient Corp. 7.250%, 01/25/22 | 1,520 | 1,576,544 |
OneMain Finance Corp. 8.250%, 10/01/23 | 1,750 | 1,968,750 |
6,066,210 | ||
Electric — 7.3% | ||
American Electric Power Co., Inc. 0.750%, 11/01/23 | 2,500 | 2,501,245 |
CenterPoint Energy, Inc. (SOFR + 0.650%) 0.684%, 05/13/24• | 1,000 | 1,004,170 |
Edison International 3.125%, 11/15/22 | 1,000 | 1,029,956 |
Georgia Power Co. 2.100%, 07/30/23 | 1,900 | 1,962,320 |
NextEra Energy Capital Holdings, Inc. 2.900%, 04/01/22 | 1,500 | 1,529,918 |
Niagara Mohawk Power Corp., 144A 3.508%, 10/01/24@ | 2,000 | 2,148,967 |
NRG Energy, Inc. 7.250%, 05/15/26 | 1,600 | 1,658,568 |
OGE Energy Corp. 0.703%, 05/26/23 | 3,000 | 2,997,350 |
Pacific Gas and Electric Co. 1.750%, 06/16/22 | 1,500 | 1,499,127 |
San Diego Gas & Electric Co. 1.914%, 02/01/22 | 229 | 230,136 |
Southern California Edison Co. 3.700%, 08/01/25 | 2,750 | 2,994,403 |
19,556,160 | ||
Electronics — 0.6% | ||
Honeywell International, Inc. (3 M ICE LIBOR + 0.370%) 0.532%, 08/08/22• | 1,500 | 1,504,978 |
Energy-Alternate Sources — 0.6% | ||
TerraForm Power Operating LLC, 144A 4.250%, 01/31/23@ | 1,500 | 1,539,375 |
Food — 0.5% | ||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A 3.500%, 02/15/23@ | 1,300 | 1,334,463 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Healthcare Products — 0.6% | ||
Stryker Corp. 0.600%, 12/01/23 | $ 1,500 | $ 1,500,243 |
Home Builders — 0.6% | ||
Lennar Corp. 4.125%, 01/15/22 | 1,500 | 1,515,000 |
Machinery — Construction & Mining — 0.6% | ||
Caterpillar Financial Services Corp. 3.150%, 09/07/21 | 1,500 | 1,508,156 |
Machinery — Diversified — 0.8% | ||
CNH Industrial Capital LLC 1.950%, 07/02/23 | 2,250 | 2,306,233 |
Media — 1.1% | ||
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464%, 07/23/22 | 1,500 | 1,552,889 |
Fox Corp. 3.666%, 01/25/22 | 1,500 | 1,529,328 |
3,082,217 | ||
Oil & Gas — 1.9% | ||
Phillips 66 0.900%, 02/15/24 | 2,000 | 2,002,647 |
Pioneer Natural Resources Co. 0.750%, 01/15/24 | 1,500 | 1,498,722 |
Southwestern Energy Co. 4.100%, 03/15/22 | 1,500 | 1,511,250 |
5,012,619 | ||
Packaging and Containers — 0.9% | ||
Ball Corp. 4.000%, 11/15/23 | 2,250 | 2,391,975 |
Pharmaceuticals — 2.2% | ||
AbbVie, Inc. 2.300%, 11/21/22 | 500 | 513,115 |
Bristol-Myers Squibb Co. 2.600%, 05/16/22 | 1,000 | 1,021,401 |
Elanco Animal Health, Inc. 5.272%, 08/28/23 | 1,645 | 1,769,345 |
Viatris, Inc., 144A 1.125%, 06/22/22@ | 1,000 | 1,007,099 |
Zoetis, Inc. 3.250%, 08/20/21 | 1,500 | 1,505,258 |
5,816,218 | ||
Real Estate Investment Trusts — 0.4% | ||
Simon Property Group LP 3.500%, 09/01/25 | 1,000 | 1,095,356 |
Retail — 0.9% | ||
Yum! Brands, Inc., 144A 7.750%, 04/01/25@ | 2,250 | 2,446,875 |
Par (000) | Value† | |
Semiconductors — 0.9% | ||
Micron Technology, Inc. 2.497%, 04/24/23 | $ 1,000 | $ 1,033,512 |
Skyworks Solutions, Inc. 0.900%, 06/01/23 | 1,500 | 1,504,379 |
2,537,891 | ||
Telecommunications — 2.3% | ||
Sprint Corp. 7.875%, 09/15/23 | 2,000 | 2,272,152 |
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC, 144A 3.360%, 03/20/23@ | 125 | 125,625 |
T-Mobile USA, Inc. 3.500%, 04/15/25 | 1,500 | 1,625,768 |
Verizon Communications, Inc. 1.450%, 03/20/26 | 2,250 | 2,272,190 |
6,295,735 | ||
TOTAL CORPORATE BONDS (Cost $95,114,526) | 96,396,959 | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 4.8% | ||
Collateralized Mortgage Obligations — 3.6% | ||
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A 2.774%, 12/25/59@,• | 1,933 | 1,944,103 |
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A 3.500%, 06/25/44@,• | 964 | 982,582 |
CSMC Trust, Series 2018-J1 Class A26, 144A 3.500%, 02/25/48@,• | 315 | 314,745 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A 2.500%, 10/25/50@,• | 2,641 | 2,670,279 |
OBX Trust, Series 2019-INV2 Class A5, 144A 4.000%, 05/27/49@,• | 668 | 678,982 |
Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A 2.000%, 07/25/51@,• | 3,000 | 3,033,516 |
9,624,207 | ||
Fannie Mae REMICS — 1.0% | ||
Series 2012-152 Class TA 2.500%, 09/25/42 | 2,724 | 2,773,982 |
Freddie Mac REMICS — 0.2% | ||
Series 4413 Class HP, 3.500%, 03/15/40 | 148 | 148,051 |
Par (000) | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Freddie Mac REMICS — (continued) | ||
Series 4895 Class C, 4.500%, 02/15/49 | $ 245 | $ 258,127 |
406,178 | ||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $12,797,671) | 12,804,367 | |
U.S. TREASURY OBLIGATIONS — 4.9% | ||
U.S. Treasury Note 1.125%, 08/31/21 (Cost $13,021,732) | 13,000 | 13,023,268 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,021,732) | 13,023,268 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 9.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $25,261,594) | 25,261,594 | 25,261,594 |
TOTAL INVESTMENTS — 99.1% (Cost $267,420,374) | $ 266,662,956 | |
Other Assets & Liabilities — 0.9% | 2,547,557 | |
TOTAL NET ASSETS — 100.0% | $ 269,210,513 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2021, the aggregate value of Rule 144A securities was $122,653,594, which represents 45.6% 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. |
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. |
SOFR— Secured Overnight Financing Rate |
Country Weightings as of 6/30/2021†† | |
United States | 81% |
Cayman Islands | 17 |
United Kingdom | 1 |
Japan | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Agency Obligation | $ 3,036,889 | $ — | $ 3,036,889 | $— |
Asset Backed Securities | 82,447,680 | — | 82,447,680 | — |
Commercial Mortgage Backed Securities | 33,692,199 | — | 33,692,199 | — |
Corporate Bonds | 96,396,959 | — | 96,396,959 | — |
Residential Mortgage Backed Securities | 12,804,367 | — | 12,804,367 | — |
U.S. Treasury Obligations | 13,023,268 | — | 13,023,268 | — |
Short-Term Investments | 25,261,594 | 25,261,594 | — | — |
Total Investments | $ 266,662,956 | $ 25,261,594 | $ 241,401,362 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 111,933 | $ 111,933 | $ — | $— |
Total Assets—Other Financial Instruments | $ 111,933 | $ 111,933 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(170,889) | $(170,889) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (170,889) | $ (170,889) | $ — | $ — |
(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 and forward foreign currency 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 | 09/30/2021 | 427 | 2,000 | $ 110 | $94,076,773 | $ — | $(170,889) | ||||||||
Long | U.S. Treasury 10 Year Ultra Note | 09/21/2021 | 20 | 1,000 | 147 | 2,944,063 | 39,806 | — | ||||||||
$39,806 | $(170,889) |
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 | 09/30/2021 | (159) | 1,000 | $123 | $(19,625,321) | $ 72,127 | $ — | ||||||||
$ 72,127 | $ — | |||||||||||||||
$111,933 | $(170,889) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 14.0% | ||
Arch Street CLO Ltd., Series 2016-2A Class BR2 (3 M ICE LIBOR + 1.700%, Floor 1.700%), 144A 1.888%, 10/20/28@,• | $4,000 | $ 4,000,092 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 3.438%, 01/20/33@,• | 4,000 | 3,934,800 |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M ICE LIBOR + 1.730%, Floor 1.730%), 144A 1.920%, 04/18/31@,• | 3,000 | 3,000,114 |
Highbridge Loan Management Ltd., Series 7A-2015 Class A2R (3 M ICE LIBOR + 0.900%), 144A 1.056%, 03/15/27@,• | 2,000 | 2,000,074 |
Honda Auto Receivables Owner Trust, Series 2020-1 Class A4, 1.630%, 10/21/26 | 3,000 | 3,067,749 |
Mountain View CLO LLC, Series 2017-2A Class A (3 M ICE LIBOR + 1.210%), 144A 1.394%, 01/16/31@,• | 3,500 | 3,500,949 |
NZCG Funding Ltd., Series 2015-1A Class A2R (3 M ICE LIBOR + 1.550%, Floor 1.550%), 144A 1.691%, 02/26/31@,• | 4,000 | 4,000,488 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A 1.468%, 10/13/31@,• | 2,457 | 2,457,286 |
SLM Student Loan Trust, | ||
Series 2012-6 Class B (1 M ICE LIBOR + 1.000%), 1.091%, 04/27/43• | 4,860 | 4,496,243 |
Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 0.681%, 03/25/55• | 4,448 | 4,402,305 |
SMB Private Education Loan Trust, | ||
Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 2.023%, 08/16/32@,• | 5,000 | 5,103,245 |
Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | 1,930 | 1,997,365 |
Series 2015-C Class B, 144A, 3.500%, 09/15/43@ | 5,000 | 5,211,560 |
Steele Creek CLO Ltd., | ||
Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%), 144A, 1.769%, 06/15/31@,• | 3,250 | 3,182,556 |
Series 2018-2A Class A (3 M ICE LIBOR + 1.200%, Floor 1.200%), 144A, 1.355%, 08/18/31@,• | 4,500 | 4,499,149 |
Par (000) | Value† | |
Trinitas CLO III Ltd., Series 2015-3A Class BR (3 M ICE LIBOR + 1.400%), 144A 1.584%, 07/15/27@,• | $ 4,000 | $ 3,995,180 |
Trinitas CLO XII Ltd., Series 2020-12A Class C (3 M ICE LIBOR + 3.000%, Floor 3.000%), 144A 3.176%, 04/25/33@,• | 2,000 | 1,975,494 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A 4.476%, 01/25/34@,• | 2,500 | 2,509,140 |
Venture CLO Ltd., Series 2019-37A Class A1F, 144A 3.657%, 07/15/32@ | 5,000 | 5,004,640 |
TOTAL ASSET BACKED SECURITIES (Cost $68,062,733) | 68,338,429 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 18.8% | ||
Benchmark Mortgage Trust, Series 2019-B9 Class A5 4.016%, 03/15/52 | 5,000 | 5,732,155 |
BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 1.573%, 07/15/35@,• | 2,000 | 1,999,965 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 4,611 | 4,877,355 |
FHLMC Multifamily Structured Pass-Through Certificates, | ||
Series K019 Class X1, 1.724%, 03/25/22• | 42,957 | 204,606 |
Series K043 Class A2, 3.062%, 12/25/24 | 3,000 | 3,224,794 |
Series K058 Class A2, 2.653%, 08/25/26 | 5,000 | 5,376,935 |
Series K094 Class A2, 2.903%, 06/25/29 | 2,000 | 2,208,076 |
Series K107 Class A1, 1.228%, 10/25/29 | 7,398 | 7,436,198 |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A 3.447%, 12/10/36@ | 2,500 | 2,629,026 |
FREMF Mortgage Trust, | ||
Series 2018-K731 Class B, 144A, 4.065%, 02/25/25@,• | 6,610 | 7,165,563 |
Series 2019-K735 Class B, 144A, 4.155%, 05/25/26@,• | 6,000 | 6,634,462 |
Series 2012-K17 Class B, 144A, 4.464%, 12/25/44@,• | 4,000 | 4,062,861 |
Series 2012-K19 Class C, 144A, 4.156%, 05/25/45@,• | 4,500 | 4,594,193 |
Series 2012-K23 Class C, 144A, 3.782%, 10/25/45@,• | 5,000 | 5,147,446 |
Par (000) | Value† | |
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Series 2013-K27 Class C, 144A, 3.615%, 01/25/46@,• | $ 3,647 | $ 3,781,485 |
Series 2015-K48 Class B, 144A, 3.765%, 08/25/48@,• | 5,000 | 5,428,506 |
Series 2016-K52 Class B, 144A, 4.060%, 01/25/49@,• | 5,065 | 5,570,374 |
Series 2017-K729 Class C, 144A, 3.800%, 11/25/49@,• | 2,460 | 2,602,615 |
Series 2018-K85 Class C, 144A, 4.463%, 12/25/50@,• | 3,500 | 3,876,838 |
Series 2019-K102 Class B, 144A, 3.651%, 12/25/51@,• | 5,000 | 5,458,193 |
Government National Mortgage Association, Series 2011-77 Class D 4.307%, 10/16/45• | 133 | 134,874 |
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3 3.055%, 06/15/52 | 3,000 | 3,210,146 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $87,590,192) | 91,356,666 |
Number of Shares | ||
PREFERRED STOCKS — 1.1% | ||
Banks — 0.3% | ||
Wells Fargo & Co. | 60,000 | 1,569,000 |
Electric — 0.8% | ||
Duke Energy Corp. | 134,000 | 3,694,380 |
TOTAL PREFERRED STOCKS (Cost $5,084,700) | 5,263,380 |
Par (000) | ||
CORPORATE BONDS — 45.4% | ||
Aerospace & Defense — 1.5% | ||
General Dynamics Corp. 3.500%, 05/15/25 | $ 3,000 | 3,289,511 |
The Boeing Co. | ||
2.196%, 02/04/26 | 2,000 | 2,020,897 |
3.250%, 02/01/35 | 1,950 | 1,974,564 |
7,284,972 | ||
Agriculture — 0.7% | ||
Cargill, Inc., 144A 3.250%, 03/01/23@ | 3,000 | 3,144,411 |
Airlines — 2.3% | ||
Delta Air Lines Pass Through Trust, Series 2015-1 Class B 4.250%, 01/30/25 | 1,911 | 1,948,068 |
Par (000) | Value† | |
Airlines — (continued) | ||
JetBlue Pass Through Trust, Series 2019-1 Class A 2.950%, 11/15/29 | $ 2,817 | $ 2,803,798 |
UAL Pass Through Trust, Series 2007-1 Class A 6.636%, 01/02/24 | 2,576 | 2,660,008 |
United Airlines Pass Through Trust, | ||
Series 2014-1 Class B, 4.750%, 10/11/23 | 1,327 | 1,348,683 |
Series 2016-1 Class AA, 3.100%, 01/07/30 | 2,446 | 2,578,437 |
11,338,994 | ||
Apparel — 0.7% | ||
VF Corp. 2.800%, 04/23/27 | 3,000 | 3,204,859 |
Auto Manufacturers — 0.9% | ||
BMW US Capital LLC, 144A 3.450%, 04/12/23@ | 4,000 | 4,202,120 |
Banks — 3.8% | ||
Allfirst Preferred Capital Trust (3 M ICE LIBOR + 1.500%) 1.684%, 07/15/29• | 3,500 | 3,447,828 |
JPMorgan Chase & Co. | ||
(3 M ICE LIBOR + 0.500%), 0.676%, 02/01/27• | 3,200 | 3,107,575 |
(3 M ICE LIBOR + 3.470%), 3.655%µ,• | 2,000 | 2,005,000 |
KeyCorp. Capital I (3 M ICE LIBOR + 0.740%) 0.885%, 07/01/28• | 2,640 | 2,520,324 |
NTC Capital I (3 M ICE LIBOR + 0.520%) 0.704%, 01/15/27• | 4,595 | 4,481,356 |
State Street Corp. (3 M ICE LIBOR + 0.560%) 0.716%, 05/15/28• | 2,830 | 2,729,421 |
18,291,504 | ||
Beverages — 0.7% | ||
Constellation Brands, Inc. 3.150%, 08/01/29 | 3,000 | 3,220,229 |
Biotechnology — 1.6% | ||
Amgen, Inc. | ||
2.700%, 05/01/22 | 3,000 | 3,040,669 |
2.650%, 05/11/22 | 2,000 | 2,034,339 |
Gilead Sciences, Inc. 1.650%, 10/01/30 | 3,000 | 2,903,195 |
7,978,203 | ||
Building Materials — 2.0% | ||
Builders FirstSource, Inc., 144A 6.750%, 06/01/27@ | 2,500 | 2,678,125 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Building Materials — (continued) | ||
Martin Marietta Materials, Inc. 4.250%, 07/02/24 | $ 3,000 | $ 3,270,264 |
Vulcan Materials Co. 4.500%, 04/01/25 | 3,565 | 3,968,682 |
9,917,071 | ||
Commercial Services — 1.8% | ||
IHS Markit Ltd., 144A 5.000%, 11/01/22@ | 2,500 | 2,618,683 |
The Georgetown University 4.315%, 04/01/49 | 2,485 | 3,115,022 |
University of Southern California 3.028%, 10/01/39 | 2,820 | 3,021,608 |
8,755,313 | ||
Computers — 1.3% | ||
Apple, Inc. 3.850%, 08/04/46 | 2,493 | 2,975,049 |
Dell International LLC/EMC Corp. 5.450%, 06/15/23 | 3,000 | 3,254,260 |
6,229,309 | ||
Diversified Financial Services — 1.1% | ||
Air Lease Corp. 3.750%, 02/01/22 | 2,000 | 2,027,008 |
OneMain Finance Corp. 8.250%, 10/01/23 | 3,000 | 3,375,000 |
5,402,008 | ||
Electric — 3.3% | ||
Edison International 3.550%, 11/15/24 | 2,000 | 2,125,970 |
Louisville Gas and Electric Co. 4.250%, 04/01/49 | 3,000 | 3,695,359 |
Monongahela Power Co., 144A 3.550%, 05/15/27@ | 2,500 | 2,756,858 |
Northern States Power Co. 3.600%, 09/15/47 | 4,000 | 4,529,973 |
Pacific Gas and Electric Co. 4.000%, 12/01/46 | 3,000 | 2,809,543 |
15,917,703 | ||
Food — 3.5% | ||
Kellogg Co. 2.650%, 12/01/23 | 2,501 | 2,626,942 |
Land O' Lakes, Inc., 144A 6.000%, 11/15/22@ | 3,500 | 3,691,566 |
Mars, Inc., 144A 1.625%, 07/16/32@ | 3,000 | 2,880,101 |
Smithfield Foods, Inc., 144A 3.350%, 02/01/22@ | 3,000 | 3,042,119 |
The Hershey Co. 1.700%, 06/01/30 | 2,000 | 1,988,819 |
The J.M. Smucker Co. 3.375%, 12/15/27 | 2,750 | 3,017,930 |
17,247,477 |
Par (000) | Value† | |
Forest Products & Paper — 0.5% | ||
Georgia-Pacific LLC, 144A 3.163%, 11/15/21@ | $ 2,500 | $ 2,514,672 |
Gas — 0.6% | ||
The Brooklyn Union Gas Co., 144A 3.407%, 03/10/26@ | 2,500 | 2,697,949 |
Healthcare Services — 1.0% | ||
Centene Corp. | ||
3.375%, 02/15/30 | 1,000 | 1,045,000 |
2.500%, 03/01/31 | 2,000 | 1,972,500 |
Health Care Service Corp. A Mutual Legal Reserve Co., 144A 2.200%, 06/01/30@ | 2,000 | 2,008,200 |
5,025,700 | ||
Household Products & Wares — 0.5% | ||
Kimberly-Clark Corp. 3.100%, 03/26/30 | 2,000 | 2,209,380 |
Internet — 0.8% | ||
Alibaba Group Holding Ltd. | ||
3.400%, 12/06/27 | 1,000 | 1,093,568 |
2.125%, 02/09/31 | 3,000 | 2,951,984 |
4,045,552 | ||
Investment Companies — 0.7% | ||
Ares Capital Corp. 2.150%, 07/15/26 | 3,500 | 3,482,067 |
Media — 1.8% | ||
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464%, 07/23/22 | 3,000 | 3,105,778 |
Comcast Cable Holdings LLC 9.875%, 06/15/22 | 1,000 | 1,088,171 |
Comcast Corp. 3.950%, 10/15/25 | 4,000 | 4,483,576 |
8,677,525 | ||
Oil & Gas — 0.7% | ||
BG Energy Capital PLC, 144A 4.000%, 10/15/21@ | 1,000 | 1,010,377 |
BP Capital Markets PLC 2.500%, 11/06/22 | 2,500 | 2,571,250 |
3,581,627 | ||
Pharmaceuticals — 3.8% | ||
Becton Dickinson and Co. 3.700%, 06/06/27 | 1,956 | 2,174,548 |
Bristol-Myers Squibb Co. 3.400%, 07/26/29 | 3,000 | 3,360,186 |
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34 | 1,000 | 1,348,918 |
Johnson & Johnson 3.625%, 03/03/37 | 3,000 | 3,506,050 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Pharmaceuticals — (continued) | ||
Mead Johnson Nutrition Co. 4.125%, 11/15/25 | $ 2,000 | $ 2,250,850 |
Merck & Co., Inc. 3.900%, 03/07/39 | 2,200 | 2,607,181 |
Zoetis, Inc. 4.500%, 11/13/25 | 3,000 | 3,400,870 |
18,648,603 | ||
Pipelines — 1.0% | ||
Energy Transfer LP/Regency Energy Finance Corp. 5.875%, 03/01/22 | 2,000 | 2,042,757 |
MPLX LP (3 M ICE LIBOR + 1.100%) 1.223%, 09/09/22• | 3,000 | 3,001,914 |
5,044,671 | ||
Real Estate Investment Trusts — 1.9% | ||
Alexandria Real Estate Equities, Inc. 2.000%, 05/18/32 | 2,000 | 1,950,821 |
American Tower Corp. 4.700%, 03/15/22 | 2,500 | 2,577,717 |
Kimco Realty Corp. 2.800%, 10/01/26 | 3,000 | 3,190,541 |
SBA Tower Trust, 144A 1.884%, 07/15/50@ | 1,500 | 1,519,296 |
9,238,375 | ||
Semiconductors — 0.4% | ||
NPX BV/NPX Funding LLC/NXP USA, Inc., 144A 3.150%, 05/01/27@ | 2,000 | 2,140,524 |
Software — 2.3% | ||
Microsoft Corp. 3.041%, 03/17/62 | 3,265 | 3,507,665 |
Roper Technologies, Inc. 1.400%, 09/15/27 | 1,500 | 1,476,074 |
salesforce.com, Inc. 2.700%, 07/15/41 | 3,000 | 3,021,977 |
VMware, Inc. 2.950%, 08/21/22 | 3,000 | 3,077,530 |
11,083,246 | ||
Telecommunications — 2.9% | ||
Crown Castle Towers LLC, 144A 3.663%, 05/15/45@ | 4,000 | 4,273,169 |
Sprint Corp. 7.875%, 09/15/23 | 3,000 | 3,408,228 |
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC, 144A 3.360%, 03/20/23@ | 187 | 188,438 |
T-Mobile USA, Inc. 2.625%, 04/15/26 | 3,000 | 3,067,500 |
Verizon Communications, Inc. 2.100%, 03/22/28 | 3,000 | 3,064,260 |
14,001,595 |
Par (000) | Value† | |
Transportation — 1.3% | ||
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A 3.442%, 06/16/28@ | $ 2,323 | $ 2,552,925 |
Federal Express Corp. Pass Through Trust, Series 1999 7.650%, 07/15/24 | 131 | 138,089 |
Union Pacific Corp. 3.375%, 02/01/35 | 3,336 | 3,665,755 |
6,356,769 | ||
TOTAL CORPORATE BONDS (Cost $213,391,231) | 220,882,428 | |
MUNICIPAL BONDS — 1.0% | ||
University of Massachusetts Building Authority, Series 3 2.417%, 11/01/28 | 4,690 | 5,015,061 |
TOTAL MUNICIPAL BONDS (Cost $4,689,959) | 5,015,061 | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 10.1% | ||
Collateralized Mortgage Obligations — 7.3% | ||
Chase Home Lending Mortgage Trust, Series 2019-1 Class A4, 144A 3.500%, 03/25/50@,• | 304 | 304,525 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A 2.500%, 10/25/50@,• | 5,167 | 5,225,202 |
JP Morgan Mortgage Trust, | ||
Series 2021-1 Class A3, 144A, 2.500%, 06/25/51@,• | 7,423 | 7,564,165 |
Series 2021-7 Class A15, 144A, 2.500%, 11/25/51@,• | 5,975 | 6,025,153 |
Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU 2.500%, 11/25/60 | 3,100 | 3,157,787 |
Sequoia Mortgage Trust, | ||
Series 2017-5 Class A1, 144A, 3.500%, 08/25/47@,• | 1,466 | 1,496,138 |
Series 2017-CH2 Class A1, 144A, 4.000%, 12/25/47@,• | 1,262 | 1,282,717 |
Series 2020-4 Class A20, 144A, 2.500%, 11/25/50@,• | 4,111 | 4,176,672 |
Series 2021-5 Class A5, 144A, 2.000%, 07/25/51@,• | 4,000 | 4,044,688 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A 3.000%, 06/25/50@,• | 2,362 | 2,396,723 |
35,673,770 | ||
Fannie Mae Pool — 1.5% | ||
2.000%, 11/01/40 | 5,592 | 5,697,214 |
Par (000) | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Fannie Mae Pool — (continued) | ||
3.500%, 11/01/44 | $ 1,451 | $ 1,508,997 |
7,206,211 | ||
Freddie Mac REMICS — 1.3% | ||
Series 4640 Class LG, 3.500%, 09/15/43 | 5,314 | 5,376,814 |
Series 4743 Class PA, 3.500%, 01/15/45 | 622 | 624,731 |
Series 4800 Class KB, 5.000%, 11/15/45 | 332 | 334,051 |
6,335,596 | ||
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $49,368,397) | 49,215,577 | |
U.S. TREASURY OBLIGATIONS — 5.1% | ||
U.S. Treasury Bonds | ||
1.125%, 08/15/40 | 4,500 | 3,874,043 |
2.750%, 08/15/42 | 1,800 | 2,029,570 |
2.875%, 05/15/43 | 2,150 | 2,474,264 |
3.625%, 08/15/43 | 1,350 | 1,739,812 |
U.S. Treasury Inflation Indexed Bonds | ||
0.125%, 07/15/30 | 2,500 | 2,759,595 |
1.000%, 02/15/46 | 1,972 | 2,581,343 |
U.S. Treasury Notes | ||
2.000%, 07/31/22(a) | 600 | 612,281 |
0.500%, 05/31/27 | 2,125 | 2,058,428 |
0.500%, 06/30/27 | 4,000 | 3,871,250 |
1.625%, 08/15/29 | 2,950 | 3,019,486 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,078,650) | 25,020,072 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 4.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $19,715,253) | 19,715,253 | 19,715,253 |
TOTAL INVESTMENTS — 99.5% (Cost $471,981,115) | $484,806,866 | |
Other Assets & Liabilities — 0.5% | 2,412,909 | |
TOTAL NET ASSETS — 100.0% | $ 487,219,775 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2021, the aggregate value of Rule 144A securities was $191,759,175, which represents 39.4% 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. |
(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 6/30/2021†† | |
United States | 88% |
Cayman Islands | 10 |
United Kingdom | 1 |
China | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 68,338,429 | $ — | $ 68,338,429 | $— |
Commercial Mortgage Backed Securities | 91,356,666 | — | 91,356,666 | — |
Preferred Stocks | 5,263,380 | 5,263,380 | — | — |
Corporate Bonds | 220,882,428 | — | 220,882,428 | — |
Municipal Bonds | 5,015,061 | — | 5,015,061 | — |
Residential Mortgage Backed Securities | 49,215,577 | — | 49,215,577 | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
U.S. Treasury Obligations | $ 25,020,072 | $ — | $ 25,020,072 | $— |
Short-Term Investments | 19,715,253 | 19,715,253 | — | — |
Total Investments | $ 484,806,866 | $ 24,978,633 | $ 459,828,233 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 732,151 | $ 732,151 | $ — | $— |
Total Assets—Other Financial Instruments | $ 732,151 | $ 732,151 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(563,802) | $(563,802) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (563,802) | $ (563,802) | $ — | $ — |
(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 and forward foreign currency 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 | 09/30/2021 | 818 | 2,000 | $ 110 | $180,222,015 | $ — | $ (327,370) | ||||||||
Long | U.S. Treasury 5 Year Note | 09/30/2021 | 80 | 1,000 | 123 | 9,874,375 | — | (37,021) | ||||||||
Long | U.S. Treasury 10 Year Note | 09/21/2021 | 40 | 1,000 | 133 | 5,300,000 | 16,173 | — | ||||||||
Long | U.S. Treasury Ultra Bond | 09/21/2021 | 104 | 1,000 | 193 | 20,039,500 | 715,978 | — | ||||||||
$ 732,151 | $(364,391) |
Type | Futures Contract | Expiration Date | Numbers of Contracts | Units per Contract | Closing Price | Notional Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||
Short | U.S. Treasury 10 Year Ultra Note | 09/21/2021 | (100) | 1,000 | $147 | $(14,720,313) | $ — | $ (199,411) | ||||||||
$ — | $ (199,411) | |||||||||||||||
$732,151 | $(563,802) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 1.5% | ||
Benefit Street Partners CLO II Ltd., Series 2013-IIA Class CR (3 M ICE LIBOR + 3.700%), 144A 3.884%, 07/15/29@,• | $1,050 | $ 1,029,797 |
First Eagle BSL CLO Ltd., Series 2019-1A Class C (3 M ICE LIBOR + 4.350%, Floor 4.350%), 144A 4.538%, 01/20/33@,• | 1,500 | 1,503,481 |
TOTAL ASSET BACKED SECURITIES (Cost $2,506,376) | 2,533,278 |
Number of Shares | ||
COMMON STOCKS — 0.3% | ||
Entertainment — 0.0% | ||
New Cotai Participation, Class B(1),* | 1 | 0 |
Oil & Gas — 0.3% | ||
Denbury, Inc.* | 6,960 | 534,389 |
TOTAL COMMON STOCKS (Cost $152,985) | 534,389 | |
PREFERRED STOCKS — 1.3% | ||
Gas — 0.6% | ||
UGI Corp. CONV | 8,800 | 938,080 |
Packaging and Containers — 0.0% | ||
Smurfit-Stone Container Corp. (Escrow) CONV.(1),* | 725 | 0 |
Pipelines — 0.7% | ||
Targa Resources Corp. CONV | 1,175 | 1,263,421 |
TOTAL PREFERRED STOCKS (Cost $2,072,654) | 2,201,501 |
Par (000) | ||
CORPORATE BONDS — 87.2% | ||
Aerospace & Defense — 1.4% | ||
Howmet Aerospace, Inc. 6.875%, 05/01/25 | $ 700 | 814,786 |
TransDigm, Inc., 144A 6.250%, 03/15/26@ | 1,400 | 1,477,000 |
2,291,786 | ||
Airlines — 4.1% | ||
American Airlines, Inc., 144A 11.750%, 07/15/25@ | 700 | 878,500 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A 5.750%, 04/20/29@ | 1,400 | 1,511,426 |
Par (000) | Value† | |
Airlines — (continued) | ||
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A 4.750%, 10/20/28@ | $ 700 | $ 778,685 |
JetBlue Airways Corp. Pass Through Trust, Series 2020-1 Class B 7.750%, 05/15/30 | 1,327 | 1,545,346 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | 700 | 770,700 |
United Airlines, Inc. Pass-Through Trust, | ||
Series 2020-1 Class B, 4.875%, 07/15/27 | 679 | 720,454 |
Series 2020-1 Class A, 5.875%, 04/15/29 | 666 | 739,351 |
6,944,462 | ||
Apparel — 0.9% | ||
Hanesbrands, Inc., 144A 5.375%, 05/15/25@ | 700 | 741,125 |
The William Carter Co., 144A 5.500%, 05/15/25@ | 700 | 740,607 |
1,481,732 | ||
Auto Manufacturers — 1.3% | ||
Ford Motor Co. 8.500%, 04/21/23 | 1,200 | 1,339,140 |
Ford Motor Credit Co., LLC 5.125%, 06/16/25 | 700 | 770,875 |
2,110,015 | ||
Auto Parts & Equipment — 2.3% | ||
Adient U.S. LLC, 144A 9.000%, 04/15/25@ | 1,050 | 1,156,312 |
Clarios Global LP/Clarios US Finance Co., 144A 8.500%, 05/15/27@ | 1,050 | 1,144,710 |
Tenneco, Inc., 144A 7.875%, 01/15/29@ | 770 | 869,623 |
The Goodyear Tire & Rubber Co., 144A 5.000%, 07/15/29@ | 700 | 732,900 |
3,903,545 | ||
Beverages — 0.4% | ||
Triton Water Holdings, Inc., 144A 6.250%, 04/01/29@ | 700 | 701,750 |
Building Materials — 1.3% | ||
Builders FirstSource, Inc., 144A 6.750%, 06/01/27@ | 1,000 | 1,071,250 |
Summit Materials LLC/Summit Materials Finance Corp., 144A 6.500%, 03/15/27@ | 1,100 | 1,164,328 |
2,235,578 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Chemicals — 1.4% | ||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 144A 4.750%, 06/15/27@ | $ 700 | $ 733,250 |
Olin Corp., 144A 9.500%, 06/01/25@ | 700 | 871,500 |
Tronox, Inc., 144A 6.500%, 05/01/25@ | 700 | 740,803 |
2,345,553 | ||
Commercial Services — 4.6% | ||
ASGN, Inc., 144A 4.625%, 05/15/28@ | 700 | 733,229 |
Bidfair Holdings, Inc., 144A 5.875%, 06/01/29@ | 1,400 | 1,421,000 |
Jaguar Holding Co. II/PPD Development LP, 144A 5.000%, 06/15/28@ | 1,250 | 1,354,900 |
Metis Merger Sub LLC, 144A 6.500%, 05/15/29@ | 700 | 693,185 |
NESCO Holdings II, Inc., 144A 5.500%, 04/15/29@ | 700 | 730,625 |
Nielsen Finance LLC/Nielsen Finance Co., 144A 5.625%, 10/01/28@ | 700 | 739,690 |
Service Corp. International 7.500%, 04/01/27 | 1,750 | 2,126,250 |
7,798,879 | ||
Computers — 0.9% | ||
NCR Corp. | ||
144A, 5.750%, 09/01/27@ | 750 | 793,594 |
144A, 5.125%, 04/15/29@ | 700 | 721,875 |
1,515,469 | ||
Distribution & Wholesale — 0.6% | ||
IAA, Inc., 144A 5.500%, 06/15/27@ | 1,000 | 1,049,720 |
Diversified Financial Services — 1.2% | ||
Midcap Financial Issuer Trust, 144A 6.500%, 05/01/28@ | 875 | 915,722 |
OneMain Finance Corp. 8.250%, 10/01/23 | 1,050 | 1,181,250 |
2,096,972 | ||
Electric — 1.3% | ||
FirstEnergy Corp. 4.400%, 07/15/27 | 1,210 | 1,315,875 |
Talen Energy Supply LLC, 144A 7.625%, 06/01/28@ | 560 | 523,998 |
Vistra Operations Co., LLC, 144A 4.375%, 05/01/29@ | 350 | 351,750 |
2,191,623 |
Par (000) | Value† | |
Electrical Components & Equipment — 0.5% | ||
WESCO Distribution, Inc. | ||
144A, 7.125%, 06/15/25@ | $ 350 | $ 378,245 |
144A, 7.250%, 06/15/28@ | 350 | 389,848 |
768,093 | ||
Electronics — 0.9% | ||
Imola Merger Corp., 144A 4.750%, 05/15/29@ | 1,400 | 1,440,250 |
Energy-Alternate Sources — 0.9% | ||
TerraForm Power Operating LLC, 144A 5.000%, 01/31/28@ | 1,500 | 1,588,125 |
Entertainment — 3.8% | ||
Affinity Gaming, 144A 6.875%, 12/15/27@ | 1,200 | 1,273,500 |
Churchill Downs, Inc., 144A 5.500%, 04/01/27@ | 750 | 781,542 |
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 144A 10.500%, 02/15/23@ | 1,050 | 1,094,468 |
Everi Holdings, Inc., 144A 5.000%, 07/15/29@ | 700 | 718,375 |
Lions Gate Capital Holdings LLC, 144A 5.500%, 04/15/29@ | 700 | 735,875 |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 144A 4.875%, 05/01/29@ | 700 | 700,875 |
Scientific Games International, Inc., 144A 7.000%, 05/15/28@ | 1,050 | 1,147,125 |
6,451,760 | ||
Environmental Control — 1.6% | ||
Clean Harbors, Inc. | ||
144A, 4.875%, 07/15/27@ | 750 | 785,625 |
144A, 5.125%, 07/15/29@ | 750 | 815,625 |
Waste Pro USA, Inc., 144A 5.500%, 02/15/26@ | 1,000 | 1,032,250 |
2,633,500 | ||
Food — 2.6% | ||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A 4.625%, 01/15/27@ | 1,050 | 1,097,985 |
JBS USA LUX S.A./JBS USA Finance, Inc., 144A 6.750%, 02/15/28@ | 1,400 | 1,538,250 |
Post Holdings, Inc., 144A 5.750%, 03/01/27@ | 1,000 | 1,046,250 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Food — (continued) | ||
SEG Holding LLC/SEG Finance Corp., 144A 5.625%, 10/15/28@ | $ 700 | $ 734,790 |
4,417,275 | ||
Food Service — 0.4% | ||
Aramark Services, Inc., 144A 6.375%, 05/01/25@ | 700 | 743,750 |
Gas — 0.6% | ||
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650%µ,• | 1,000 | 1,066,250 |
Healthcare Products — 1.2% | ||
Avantor Funding, Inc., 144A 4.625%, 07/15/28@ | 750 | 791,828 |
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 144A 7.375%, 06/01/25@ | 1,120 | 1,202,600 |
1,994,428 | ||
Healthcare Services — 5.3% | ||
Acadia Healthcare Co., Inc., 144A 5.500%, 07/01/28@ | 700 | 747,250 |
Catalent Pharma Solutions, Inc., 144A 5.000%, 07/15/27@ | 1,160 | 1,212,154 |
Centene Corp. 4.250%, 12/15/27 | 1,050 | 1,106,437 |
Charles River Laboratories International, Inc., 144A 4.250%, 05/01/28@ | 1,050 | 1,085,438 |
CHS/Community Health Systems, Inc., 144A 8.000%, 12/15/27@ | 1,050 | 1,168,177 |
HCA, Inc. 5.875%, 02/15/26 | 1,575 | 1,822,078 |
IQVIA, Inc., 144A 5.000%, 10/15/26@ | 1,000 | 1,032,500 |
Tenet Healthcare Corp. 6.875%, 11/15/31 | 700 | 794,500 |
8,968,534 | ||
Home Builders — 0.9% | ||
Meritage Homes Corp., 144A 3.875%, 04/15/29@ | 700 | 724,500 |
Williams Scotsman International, Inc., 144A 4.625%, 08/15/28@ | 700 | 722,890 |
1,447,390 | ||
Home Furnishings — 0.5% | ||
WASH Multifamily Acquisition, Inc., 144A 5.750%, 04/15/26@ | 875 | 913,588 |
Par (000) | Value† | |
Internet — 0.9% | ||
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A 5.250%, 12/01/27@ | $ 1,400 | $ 1,470,000 |
Investment Companies — 0.4% | ||
Compass Group Diversified Holdings LLC, 144A 5.250%, 04/15/29@ | 700 | 729,750 |
Iron & Steel — 0.8% | ||
Cleveland-Cliffs, Inc., 144A 9.875%, 10/17/25@ | 1,200 | 1,406,412 |
Leisure Time — 0.4% | ||
MajorDrive Holdings IV LLC, 144A 6.375%, 06/01/29@ | 700 | 698,250 |
Machinery — Construction & Mining — 0.4% | ||
Terex Corp., 144A 5.000%, 05/15/29@ | 700 | 729,750 |
Machinery — Diversified — 2.4% | ||
Granite US Holdings Corp., 144A 11.000%, 10/01/27@ | 1,050 | 1,170,750 |
RBS Global, Inc./Rexnord LLC, 144A 4.875%, 12/15/25@ | 1,500 | 1,530,000 |
Stevens Holding Co., Inc., 144A 6.125%, 10/01/26@ | 1,200 | 1,287,000 |
3,987,750 | ||
Media — 4.6% | ||
Audacy Capital Corp., 144A 6.750%, 03/31/29@ | 700 | 726,330 |
CCO Holdings LLC/CCO Holdings Capital Corp., 144A 5.125%, 05/01/27@ | 1,000 | 1,048,900 |
CSC Holdings LLC, 144A 6.500%, 02/01/29@ | 2,150 | 2,381,340 |
Gray Television, Inc., 144A 4.750%, 10/15/30@ | 700 | 697,571 |
iHeartCommunications, Inc., 144A 5.250%, 08/15/27@ | 700 | 731,780 |
Nexstar Broadcasting, Inc., 144A 5.625%, 07/15/27@ | 700 | 742,000 |
Sinclair Television Group, Inc., 144A 5.125%, 02/15/27@ | 700 | 702,625 |
Urban One, Inc., 144A 7.375%, 02/01/28@ | 700 | 756,000 |
7,786,546 | ||
Mining — 1.6% | ||
Alcoa Nederland Holding BV, 144A 7.000%, 09/30/26@ | 1,000 | 1,045,000 |
Arconic Corp., 144A 6.125%, 02/15/28@ | 875 | 938,630 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Mining — (continued) | ||
Freeport-McMoRan, Inc. 5.000%, 09/01/27 | $ 700 | $ 739,375 |
2,723,005 | ||
Miscellaneous Manufacturing — 0.9% | ||
FXI Holdings, Inc., 144A 12.250%, 11/15/26@ | 1,293 | 1,488,566 |
Oil & Gas — 10.3% | ||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||
144A, 8.250%, 12/31/28@ | 700 | 770,000 |
144A, 5.875%, 06/30/29@ | 700 | 700,000 |
Chesapeake Energy Corp., 144A 5.875%, 02/01/29@ | 1,500 | 1,623,682 |
Comstock Resources, Inc., 144A 6.750%, 03/01/29@ | 1,750 | 1,864,152 |
Continental Resources, Inc., 144A 5.750%, 01/15/31@ | 1,050 | 1,257,690 |
CrownRock LP/CrownRock Finance, Inc., 144A 5.000%, 05/01/29@ | 700 | 735,175 |
Encino Acquisition Partners Holdings LLC, 144A 8.500%, 05/01/28@ | 1,400 | 1,428,000 |
EQT Corp., 144A 3.625%, 05/15/31@ | 1,120 | 1,167,600 |
Northern Oil & Gas, Inc., 144A 8.125%, 03/01/28@ | 1,400 | 1,508,500 |
Occidental Petroleum Corp. 6.125%, 01/01/31 | 1,050 | 1,232,438 |
Parkland Corp., 144A 5.875%, 07/15/27@ | 1,150 | 1,225,751 |
Range Resources Corp., 144A 8.250%, 01/15/29@ | 1,120 | 1,262,800 |
SM Energy Co. 6.500%, 07/15/28 | 700 | 719,264 |
Southwestern Energy Co. 8.375%, 09/15/28 | 1,050 | 1,186,500 |
Teine Energy Ltd., 144A 6.875%, 04/15/29@ | 700 | 718,375 |
17,399,927 | ||
Oil & Gas Services — 0.4% | ||
Archrock Partners LP/Archrock Partners Finance Corp., 144A 6.875%, 04/01/27@ | 700 | 742,875 |
Packaging and Containers — 2.3% | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 144A 5.250%, 08/15/27@ | 700 | 714,000 |
Berry Global, Inc., 144A 5.625%, 07/15/27@ | 750 | 793,192 |
Par (000) | Value† | |
Packaging and Containers — (continued) | ||
Graham Packaging Co., Inc., 144A 7.125%, 08/15/28@ | $ 700 | $ 754,250 |
Mauser Packaging Solutions Holding Co., 144A 8.500%, 04/15/24@ | 1,575 | 1,630,125 |
3,891,567 | ||
Pharmaceuticals — 3.6% | ||
Bausch Health Americas, Inc., 144A 8.500%, 01/31/27@ | 1,200 | 1,304,280 |
Bausch Health Cos., Inc., 144A 4.875%, 06/01/28@ | 1,050 | 1,072,313 |
Elanco Animal Health, Inc. 5.900%, 08/28/28 | 1,050 | 1,228,783 |
Jazz Securities DAC, 144A 4.375%, 01/15/29@ | 1,400 | 1,451,520 |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 144A 5.125%, 04/30/31@ | 1,050 | 1,081,710 |
6,138,606 | ||
Pipelines — 2.3% | ||
Cheniere Energy, Inc. | ||
144A, 4.625%, 10/15/28@ | 1,200 | 1,266,000 |
4.250%, 03/15/45 | 525 | 442,159 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 144A 7.500%, 02/01/26@ | 1,050 | 1,102,500 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A 7.500%, 10/01/25@ | 1,050 | 1,149,750 |
3,960,409 | ||
Real Estate — 2.4% | ||
Greystar Real Estate Partners LLC, 144A 5.750%, 12/01/25@ | 750 | 771,000 |
Realogy Group LLC/Realogy Co-Issuer Corp. | ||
144A, 7.625%, 06/15/25@ | 1,050 | 1,138,935 |
144A, 9.375%, 04/01/27@ | 1,050 | 1,166,697 |
The Howard Hughes Corp., 144A 5.375%, 08/01/28@ | 875 | 928,926 |
4,005,558 | ||
Real Estate Investment Trusts — 1.3% | ||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.750%, 02/01/27 | 1,000 | 1,112,620 |
MPT Operating Partnership LP/MPT Finance Corp. 5.000%, 10/15/27 | 1,050 | 1,110,900 |
2,223,520 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Retail — 5.7% | ||
Bed Bath & Beyond, Inc. 4.915%, 08/01/34 | $ 1,550 | $ 1,480,110 |
Bloomin' Brands, Inc./OSI Restaurant Partners LLC, 144A 5.125%, 04/15/29@ | 875 | 899,063 |
Ferrellgas LP/Ferrellgas Finance Corp., 144A 5.375%, 04/01/26@ | 1,050 | 1,040,813 |
Ken Garff Automotive LLC, 144A 4.875%, 09/15/28@ | 700 | 714,000 |
L Brands, Inc., 144A 6.625%, 10/01/30@ | 700 | 808,500 |
Lithia Motors, Inc., 144A 3.875%, 06/01/29@ | 700 | 725,585 |
Murphy Oil USA, Inc. 5.625%, 05/01/27 | 1,050 | 1,107,750 |
QVC, Inc. 4.750%, 02/15/27 | 750 | 794,745 |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A 5.000%, 06/01/31@ | 775 | 793,406 |
Yum! Brands, Inc., 144A 7.750%, 04/01/25@ | 1,200 | 1,305,000 |
9,668,972 | ||
Semiconductors — 0.7% | ||
Sensata Technologies BV, 144A 5.625%, 11/01/24@ | 1,000 | 1,111,250 |
Software — 0.7% | ||
ACI Worldwide, Inc., 144A 5.750%, 08/15/26@ | 750 | 786,563 |
Elastic NV, 144A 4.125%, 07/15/29@ | 350 | 350,000 |
1,136,563 | ||
Telecommunications — 4.2% | ||
CommScope, Inc., 144A 7.125%, 07/01/28@ | 700 | 758,625 |
Connect Finco SARL/Connect US Finco LLC, 144A 6.750%, 10/01/26@ | 1,050 | 1,111,404 |
Frontier Communications Holdings LLC, 144A 5.875%, 10/15/27@ | 1,050 | 1,124,812 |
Hughes Satellite Systems Corp. 5.250%, 08/01/26 | 1,000 | 1,120,000 |
Level 3 Financing, Inc., 144A 4.625%, 09/15/27@ | 1,050 | 1,089,816 |
T-Mobile USA, Inc., 144A 3.500%, 04/15/31@ | 700 | 724,213 |
Par (000) | Value† | |
Telecommunications — (continued) | ||
Viasat, Inc., 144A 5.625%, 04/15/27@ | $1,050 | $ 1,096,022 |
7,024,892 | ||
TOTAL CORPORATE BONDS (Cost $140,441,257) | 147,424,195 | |
LOAN AGREEMENTS‡ — 2.7% | ||
Airlines — 0.5% | ||
American Airlines, Inc. (3 M LIBOR + 4.750%) 5.500%, 04/20/28• | 700 | 729,225 |
Auto Parts & Equipment — 1.0% | ||
Adient US LLC 0.000%, 04/10/28× | 700 | 699,783 |
Clarios Global LP (1 M LIBOR + 3.250%) 3.354%, 04/30/26• | 984 | 974,117 |
1,673,900 | ||
Entertainment — 0.6% | ||
Scientific Games International, Inc. 0.000%, 08/14/24× | 1,047 | 1,039,446 |
Machinery — Diversified — 0.6% | ||
Granite US Holdings Corp. (3 M LIBOR + 4.000%) 4.147%, 09/30/26(1),• | 1,032 | 1,034,442 |
TOTAL LOAN AGREEMENTS (Cost $4,440,274) | 4,477,013 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 5.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $8,559,442) | 8,559,442 | 8,559,442 |
TOTAL INVESTMENTS — 98.1% (Cost $158,172,988) | $ 165,729,818 | |
Other Assets & Liabilities — 1.9% | 3,274,844 | |
TOTAL NET ASSETS — 100.0% | $ 169,004,662 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2021, the aggregate value of Rule 144A securities was $122,340,237, which represents 72.4% 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 June 30, 2021. 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 June 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
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. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 6/30/2021†† | |
United States | 95% |
Cayman Islands | 2 |
Ireland | 1 |
Canada | 1 |
Netherlands | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 2,533,278 | $ — | $ 2,533,278 | $ — |
Common Stocks | 534,389 | 534,389 | — | — |
Preferred Stocks | 2,201,501 | 2,201,501 | — | — |
Corporate Bonds | 147,424,195 | — | 147,424,195 | — |
Loan Agreements | 4,477,013 | — | 3,442,571 | 1,034,442 |
Short-Term Investments | 8,559,442 | 8,559,442 | — | — |
Total Investments | $ 165,729,818 | $ 11,295,332 | $ 153,400,044 | $ 1,034,442 |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 0.3% | ||
Continental Airlines Pass Through Trust, Series 2012-1, Class A, 4.150%, 10/11/25 | $ 1,340 | $ 1,423,271 |
Domino's Pizza Master Issuer LLC, | ||
Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | 4,852 | 5,236,292 |
Series 2018-1A A2I, 144A, 4.116%, 07/25/48@ | 4,558 | 4,753,258 |
Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | 2,187 | 2,366,519 |
TOTAL ASSET BACKED SECURITIES (Cost $12,893,273) | 13,779,340 |
Number of Shares | ||
COMMON STOCKS — 71.1% | ||
Aerospace & Defense — 0.8% | ||
Lockheed Martin Corp. | 28,800 | 10,896,480 |
Northrop Grumman Corp. | 33,100 | 12,029,533 |
Teledyne Technologies, Inc.* | 39,632 | 16,599,071 |
39,525,084 | ||
Banks — 4.2% | ||
Bank of America Corp. | 1,457,007 | 60,072,399 |
The PNC Financial Services Group, Inc. | 847,141 | 161,600,617 |
221,673,016 | ||
Beverages — 1.4% | ||
Keurig Dr Pepper, Inc. | 1,215,530 | 42,835,277 |
PepsiCo, Inc. | 87,400 | 12,950,058 |
The Coca-Cola Co. | 294,100 | 15,913,751 |
71,699,086 | ||
Commercial Services — 2.3% | ||
FleetCor Technologies, Inc.* | 205,316 | 52,573,215 |
Global Payments, Inc. | 356,376 | 66,834,755 |
119,407,970 | ||
Diversified Financial Services — 3.6% | ||
CME Group, Inc. | 41,400 | 8,804,952 |
Intercontinental Exchange, Inc. | 366,824 | 43,542,009 |
Visa, Inc., Class A | 584,303 | 136,621,727 |
188,968,688 | ||
Electric — 7.0% | ||
Ameren Corp. | 1,086,266 | 86,944,731 |
American Electric Power Co., Inc. | 1,420,522 | 120,161,956 |
CMS Energy Corp. | 347,306 | 20,518,838 |
Duke Energy Corp. | 1,431 | 141,268 |
Exelon Corp. | 1,515,854 | 67,167,491 |
Public Service Enterprise Group, Inc. | 1,203,084 | 71,872,238 |
366,806,522 | ||
Electronics — 0.9% | ||
TE Connectivity Ltd. | 343,172 | 46,400,286 |
Number of Shares | Value† | |
Environmental Control — 1.4% | ||
Waste Connections, Inc. | 575,475 | $ 68,728,979 |
Waste Management, Inc. | 42,300 | 5,926,653 |
74,655,632 | ||
Food — 0.1% | ||
Mondelez International, Inc., Class A | 85,500 | 5,338,620 |
Gas — 0.9% | ||
NiSource, Inc. | 1,925,428 | 47,172,986 |
Healthcare Products — 7.6% | ||
Danaher Corp. | 597,969 | 160,470,961 |
Envista Holdings Corp.* | 175,138 | 7,567,713 |
Medtronic PLC | 41,800 | 5,188,634 |
PerkinElmer, Inc. | 481,902 | 74,410,488 |
Thermo Fisher Scientific, Inc. | 302,458 | 152,580,987 |
400,218,783 | ||
Healthcare Services — 5.6% | ||
Humana, Inc. | 327,264 | 144,886,318 |
UnitedHealth Group, Inc. | 374,029 | 149,776,173 |
294,662,491 | ||
Insurance — 4.1% | ||
Arthur J. Gallagher & Co. | 238,309 | 33,382,325 |
Marsh & McLennan Cos., Inc. | 1,282,545 | 180,428,430 |
213,810,755 | ||
Internet — 10.2% | ||
Alphabet, Inc., Class A* | 11,480 | 28,031,749 |
Alphabet, Inc., Class C* | 64,709 | 162,181,461 |
Amazon.com, Inc.* | 85,337 | 293,572,934 |
Facebook, Inc., Class A* | 151,569 | 52,702,057 |
536,488,201 | ||
Lodging — 1.3% | ||
Hilton Worldwide Holdings, Inc.* | 277,145 | 33,429,230 |
Marriott International, Inc., Class A* | 238,304 | 32,533,262 |
65,962,492 | ||
Machinery — Diversified — 0.7% | ||
Ingersoll Rand, Inc.* | 782,410 | 38,189,432 |
Miscellaneous Manufacturing — 4.3% | ||
General Electric Co. | 16,739,433 | 225,312,768 |
Pharmaceuticals — 1.0% | ||
Becton Dickinson and Co. | 211,324 | 51,391,884 |
Retail — 2.9% | ||
McDonald's Corp. | 46,300 | 10,694,837 |
Ross Stores, Inc. | 20,200 | 2,504,800 |
Yum! Brands, Inc. | 1,215,120 | 139,775,254 |
152,974,891 | ||
Semiconductors — 0.2% | ||
NXP Semiconductors N.V. | 51,600 | 10,615,152 |
Software — 10.3% | ||
Fiserv, Inc.* | 819,788 | 87,627,139 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
Microsoft Corp. | 1,236,186 | $ 334,882,788 |
Roper Technologies, Inc. | 78,572 | 36,944,554 |
salesforce.com, Inc.* | 322,134 | 78,687,672 |
538,142,153 | ||
Telecommunications — 0.3% | ||
Cisco Systems, Inc. | 322,200 | 17,076,600 |
TOTAL COMMON STOCKS (Cost $2,825,022,001) | 3,726,493,492 | |
REAL ESTATE INVESTMENT TRUSTS — 0.1% | ||
Diversified — 0.1% | ||
American Tower Corp. (Cost $5,925,963) | 27,495 | 7,427,499 |
PREFERRED STOCKS — 1.9% | ||
Auto Manufacturers — 0.4% | ||
Waymo LLC, Series A-2, CONV(1),*,# | 245,568 | 22,523,988 |
Diversified Financial Services — 0.0% | ||
The Charles Schwab Corp., Series D | 12,000 | 304,440 |
Electric — 1.0% | ||
Alabama Power Co., Series A | 33,614 | 903,544 |
American Electric Power Co., Inc., CONV | 132,344 | 6,502,061 |
CMS Energy Corp., 2078 | 434,600 | 11,868,926 |
CMS Energy Corp., 2079 | 577,700 | 16,013,844 |
DTE Energy Co., Series E | 198,691 | 5,267,298 |
Duke Energy Corp. | 58,171 | 1,603,775 |
SCE Trust III, Series H (3 M ICE LIBOR + 2.990%) | 8,337 | 211,343 |
SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%) | 311,544 | 7,757,446 |
50,128,237 | ||
Gas — 0.3% | ||
NiSource, Inc., CONV | 83,587 | 8,590,236 |
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%) | 293,640 | 8,415,722 |
17,005,958 | ||
Internet — 0.2% | ||
Aurora Innovation, Inc., Series B, CONV(1),*,# | 354,540 | 6,969,109 |
TOTAL PREFERRED STOCKS (Cost $87,527,934) | 96,931,732 |
Par (000) | ||
CORPORATE BONDS — 8.6% | ||
Airlines — 0.4% | ||
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||
144A, 4.500%, 10/20/25@ | $7,490 | 8,051,395 |
Par (000) | Value† | |
Airlines — (continued) | ||
144A, 4.750%, 10/20/28@ | $ 4,165 | $ 4,633,176 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | 4,500 | 4,954,500 |
U.S. Airways Pass Through Trust, | ||
Series 2013-1 Class B, 5.375%, 05/15/23 | 3 | 3,249 |
Series 2010-1 Class A, 6.250%, 10/22/24 | 875 | 890,049 |
Series 2012-2 Class A, 4.625%, 12/03/26 | 147 | 147,654 |
Series 2013-1 Class B, 3.950%, 05/15/27 | 3 | 2,747 |
18,682,770 | ||
Auto Parts & Equipment — 0.1% | ||
Clarios Global LP, 144A 6.750%, 05/15/25@ | 714 | 760,396 |
Clarios Global LP/Clarios US Finance Co. | ||
144A, 6.250%, 05/15/26@ | 1,304 | 1,388,760 |
144A, 8.500%, 05/15/27@ | 1,435 | 1,564,437 |
3,713,593 | ||
Banks — 0.2% | ||
State Street Corp., Series F (3 M ICE LIBOR + 3.597%) 3.716%µ,• | 1,454 | 1,455,163 |
The Bank of New York Mellon Corp., Series E (3 M ICE LIBOR + 3.420%) 3.555%µ,• | 5,000 | 5,036,250 |
The PNC Financial Services Group, Inc., Series S (3 M ICE LIBOR + 3.300%) 5.000%µ,• | 5,235 | 5,823,938 |
12,315,351 | ||
Building Materials — 0.0% | ||
Lennox International, Inc. 3.000%, 11/15/23 | 760 | 796,419 |
Commercial Services — 0.0% | ||
Korn Ferry, 144A 4.625%, 12/15/27@ | 1,405 | 1,459,444 |
Entertainment — 1.4% | ||
Cedar Fair LP 5.250%, 07/15/29 | 8,321 | 8,570,630 |
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. | ||
5.375%, 06/01/24 | 12,146 | 12,274,991 |
144A, 5.500%, 05/01/25@ | 1,150 | 1,200,313 |
5.375%, 04/15/27 | 7,825 | 8,059,750 |
144A, 6.500%, 10/01/28@ | 6,445 | 6,944,487 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Entertainment — (continued) | ||
Six Flags Entertainment Corp. | ||
144A, 4.875%, 07/31/24@ | $ 17,838 | $ 17,904,892 |
144A, 5.500%, 04/15/27@ | 11,079 | 11,426,105 |
Six Flags Theme Parks, Inc., 144A 7.000%, 07/01/25@ | 6,684 | 7,203,347 |
73,584,515 | ||
Gas — 0.1% | ||
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.843%) 5.650%µ,• | 5,825 | 6,210,906 |
Healthcare Products — 0.1% | ||
Avantor Funding, Inc., 144A 4.625%, 07/15/28@ | 2,975 | 3,140,916 |
Teleflex, Inc. 4.625%, 11/15/27 | 2,880 | 3,067,747 |
6,208,663 | ||
Healthcare Services — 0.1% | ||
Hadrian Merger Sub, Inc. 8.500%, 05/01/26@ | 4,260 | 4,441,050 |
Surgery Center Holdings, Inc. 10.000%, 04/15/27@ | 1,700 | 1,865,750 |
6,306,800 | ||
Insurance — 0.9% | ||
Acrisure LLC/Acrisure Finance, Inc., 144A 7.000%, 11/15/25@ | 8,275 | 8,440,500 |
AmWINS Group, Inc., 144A 7.750%, 07/01/26@ | 7,760 | 8,230,644 |
HUB International Ltd., 144A 7.000%, 05/01/26@ | 21,702 | 22,506,927 |
USI, Inc., 144A 6.875%, 05/01/25@ | 9,289 | 9,405,391 |
48,583,462 | ||
Internet — 1.9% | ||
Netflix, Inc. | ||
5.500%, 02/15/22 | 1,100 | 1,127,500 |
5.875%, 02/15/25 | 6,510 | 7,522,826 |
4.375%, 11/15/26 | 15,365 | 17,473,385 |
4.875%, 04/15/28 | 18,975 | 22,034,719 |
5.875%, 11/15/28 | 25,660 | 31,495,854 |
6.375%, 05/15/29 | 13,850 | 17,689,912 |
144A, 4.875%, 06/15/30@ | 390 | 463,827 |
Photo Holdings Merger Sub, Inc., 144A 8.500%, 10/01/26@ | 1,560 | 1,710,150 |
99,518,173 | ||
Leisure Time — 0.1% | ||
Life Time, Inc., 144A 5.750%, 01/15/26@ | 4,539 | 4,704,129 |
Par (000) | Value† | |
Lodging — 0.0% | ||
Marriott International, Inc. 3.125%, 06/15/26 | $ 1,290 | $ 1,370,253 |
Machinery — Diversified — 0.1% | ||
Welbilt, Inc. 9.500%, 02/15/24 | 3,543 | 3,710,230 |
Xylem, Inc. 4.875%, 10/01/21 | 415 | 419,526 |
4,129,756 | ||
Media — 1.0% | ||
Altice Financing S.A., 144A 7.500%, 05/15/26@ | 5,070 | 5,279,391 |
CCO Holdings LLC/CCO Holdings Capital Corp. | ||
144A, 4.000%, 03/01/23@ | 5,250 | 5,295,937 |
144A, 5.125%, 05/01/27@ | 15,425 | 16,179,282 |
144A, 5.000%, 02/01/28@ | 22,611 | 23,724,357 |
Sirius XM Radio, Inc. | ||
144A, 3.875%, 08/01/22@ | 630 | 631,134 |
5.000%, 08/01/27@ | 685 | 717,709 |
51,827,810 | ||
Miscellaneous Manufacturing — 0.6% | ||
General Electric Co., Series D (3 M ICE LIBOR + 3.330%) 3.449%µ,• | 32,300 | 31,767,050 |
Pharmaceuticals — 0.1% | ||
Elanco Animal Health, Inc. 4.912%, 08/27/21 | 4,820 | 4,838,677 |
Real Estate Investment Trusts — 0.2% | ||
SBA Communications Corp. | ||
4.875%, 09/01/24 | 5,210 | 5,301,175 |
3.875%, 02/15/27 | 2,085 | 2,141,097 |
7,442,272 | ||
Retail — 1.0% | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 4.750%, 06/01/27@ | 19,200 | 20,088,000 |
Yum! Brands, Inc. | ||
3.750%, 11/01/21 | 11,455 | 11,469,319 |
3.875%, 11/01/23 | 4,905 | 5,150,250 |
144A, 7.750%, 04/01/25@ | 1,035 | 1,125,563 |
144A, 4.750%, 01/15/30@ | 1,300 | 1,407,263 |
6.875%, 11/15/37 | 3,540 | 4,389,600 |
5.350%, 11/01/43 | 8,185 | 8,696,562 |
52,326,557 | ||
Semiconductors — 0.1% | ||
Sensata Technologies BV | ||
144A, 4.875%, 10/15/23@ | 2,595 | 2,781,870 |
144A, 5.625%, 11/01/24@ | 880 | 977,900 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Semiconductors — (continued) | ||
144A, 5.000%, 10/01/25@ | $ 3,150 | $ 3,504,375 |
7,264,145 | ||
Software — 0.1% | ||
Clarivate Science Holdings Corp. | ||
3.875%, 06/30/28@ | 2,585 | 2,598,080 |
4.875%, 06/30/29@ | 795 | 815,869 |
3,413,949 | ||
Telecommunications — 0.1% | ||
Altice France Holding S.A., 144A 10.500%, 05/15/27@ | 4,865 | 5,406,231 |
TOTAL CORPORATE BONDS (Cost $417,207,593) | 451,870,925 | |
LOAN AGREEMENTS‡ — 10.3% | ||
Airlines — 0.7% | ||
Delta Air Lines, Inc. (3 M ICE LIBOR + 3.750%) 4.750%, 10/20/27• | 10,040 | 10,599,128 |
Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%) 6.250%, 06/21/27• | 24,765 | 26,428,217 |
37,027,345 | ||
Chemicals — 0.0% | ||
HB Fuller Co. (1 M ICE LIBOR + 2.000%) 2.093%, 10/20/24• | 1,240 | 1,239,538 |
Commercial Services — 0.2% | ||
CoreLogic, Inc. | ||
(1 M ICE LIBOR + 3.500%), 4.000%, 06/04/28• | 8,860 | 8,828,990 |
(1 M ICE LIBOR + 6.500%), 7.000%, 06/04/29(1),• | 665 | 668,325 |
9,497,315 | ||
Cosmetics & Personal Care — 0.3% | ||
Sunshine Luxembourg VII Sarl (3 M ICE LIBOR + 3.750%) 4.500%, 10/01/26• | 13,873 | 13,915,197 |
Entertainment — 0.5% | ||
Alpha TopCo., Ltd. - Delta 2 (Lux) Sarl (1 M ICE LIBOR + 2.500%) 3.500%, 02/01/24• | 22,740 | 22,601,514 |
SeaWorld Parks & Entertainment, Inc. (1 M ICE LIBOR + 3.000%) 3.750%, 04/01/24• | 2,994 | 2,971,592 |
25,573,106 | ||
Environmental Control — 0.2% | ||
Filtration Group Corp. | ||
(1 M ICE LIBOR + 3.750%), 4.500%, 03/29/25• | 1,057 | 1,057,013 |
Par (000) | Value† | |
Environmental Control — (continued) | ||
(1 M ICE LIBOR + 3.000%), 3.104%, 03/31/25• | $ 3,034 | $ 3,006,685 |
(3 M ICE LIBOR + 3.500%), 3.500%, 03/31/25• | 5,607 | 6,596,443 |
10,660,141 | ||
Healthcare Products — 0.0% | ||
CPI Holdco LLC (1 M ICE LIBOR + 3.750%) 3.854%, 11/04/26• | 2,299 | 2,300,151 |
Healthcare Services — 0.9% | ||
ADMI Corp. | ||
0.000%, 12/23/27× | 6,690 | 6,677,490 |
(1 M ICE LIBOR + 2.750%), 3.250%, 12/23/27• | 6,030 | 5,958,313 |
Heartland Dental LLC | ||
(1 M ICE LIBOR + 3.500%), 3.604%, 04/30/25• | 18,149 | 17,922,559 |
(1 M ICE LIBOR + 4.000%), 4.073%, 04/30/25• | 1,775 | 1,770,562 |
Loire US Holdco 1, Inc. (1 M ICE LIBOR + 3.000%) 3.104%, 04/21/27• | 12,341 | 12,124,852 |
Pacific Dental Services, Inc. (1 M ICE LIBOR + 3.500%) 4.250%, 05/05/28• | 1,560 | 1,562,933 |
46,016,709 | ||
Household Products & Wares — 0.0% | ||
Prestige Brands, Inc. (3 M ICE LIBOR + 2.000%) 4.250%, 01/26/24• | 155 | 155,514 |
Insurance — 3.3% | ||
Alliant Holdings Intermediate LLC | ||
(1 M ICE LIBOR + 3.250%), 3.354%, 05/09/25• | 9,086 | 8,983,201 |
(1 M ICE LIBOR + 3.250%), 3.354%, 05/09/25• | 4,407 | 4,356,185 |
(1 M ICE LIBOR + 3.750%), 4.250%, 11/05/27• | 7,867 | 7,872,977 |
HIG Finance 2 Limited 0.000%, 11/12/27× | 5,005 | 5,017,317 |
HUB International Ltd. | ||
(3 M ICE LIBOR + 2.750%), 2.965%, 04/25/25• | 74,072 | 73,212,345 |
(3 M ICE LIBOR + 3.250%), 4.000%, 04/25/25• | 29,644 | 29,623,084 |
Ryan Specialty Group LLC (1 M ICE LIBOR + 3.000%) 3.750%, 09/01/27• | 3,229 | 3,225,857 |
USI, Inc. | ||
(3 M ICE LIBOR + 3.000%), 3.147%, 05/16/24• | 24,940 | 24,694,180 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Insurance — (continued) | ||
0.000%, 12/02/26× | $ 16,514 | $ 16,352,186 |
173,337,332 | ||
Leisure Time — 0.2% | ||
Life Time, Inc. (3 M ICE LIBOR + 4.750%) 5.750%, 12/16/24• | 8,855 | 8,876,853 |
Lodging — 0.0% | ||
Four Seasons Hotels Ltd. (1 M ICE LIBOR + 2.000%) 2.104%, 11/30/23• | 3,043 | 3,032,102 |
Machinery — Diversified — 0.4% | ||
Gardner Denver, Inc. (1 M ICE LIBOR + 2.750%) 2.843%, 03/01/27• | 1,218 | 1,215,922 |
Vertical Midco Gmbh (3 M ICE LIBOR + 4.250%) 4.478%, 07/30/27• | 16,426 | 16,433,084 |
Welbilt, Inc. (1 M ICE LIBOR + 2.500%) 2.604%, 10/23/25(1),• | 1,825 | 1,809,032 |
19,458,038 | ||
Pharmaceuticals — 0.3% | ||
NVA Holdings, Inc. (1 M ICE LIBOR + 2.250%) 2.375%, 01/01/30(1),• | 9,100 | 9,009,000 |
Pearl Intermediate Parent LLC (1 M ICE LIBOR + 2.750%) 2.854%, 02/14/25• | 1,071 | 1,055,508 |
PetVet Care Centers LLC | ||
(1 M ICE LIBOR + 3.250%), 3.354%, 02/14/25• | 3,430 | 3,405,405 |
(1 M ICE LIBOR + 3.500%), 4.250%, 02/14/25• | 3,227 | 3,232,051 |
16,701,964 | ||
Retail — 0.2% | ||
IRB Holding Corp. | ||
(3 M ICE LIBOR + 2.750%), 3.750%, 02/05/25• | 1,227 | 1,223,886 |
(3 M ICE LIBOR + 3.250%), 4.250%, 12/15/27• | 5,980 | 5,975,993 |
Woof Holdings, Inc. (3 M ICE LIBOR + 3.750%) 4.500%, 12/21/27• | 1,980 | 1,978,394 |
9,178,273 | ||
Software — 3.1% | ||
Applied Systems, Inc. | ||
(3 M ICE LIBOR + 3.250%), 3.750%, 09/19/24• | 10,035 | 10,009,189 |
(3 M ICE LIBOR + 5.500%), 6.250%, 09/19/25• | 1,084 | 1,096,175 |
Par (000) | Value† | |
Software — (continued) | ||
Ascend Learning LLC (1 M ICE LIBOR + 3.000%) 4.000%, 07/12/24• | $ 372 | $ 371,714 |
Azalea TopCo, Inc. | ||
(3 M ICE LIBOR + 3.750%), 4.500%, 07/24/26• | 2,155 | 2,157,794 |
(3 M ICE LIBOR + 3.500%), 3.593%, 07/27/26• | 13,857 | 13,770,519 |
Camelot US Acquisition I Co. (1 M ICE LIBOR + 3.000%) 4.000%, 10/30/26• | 10,497 | 10,497,250 |
Cypress Intermediate Holdings III, Inc. (1 M ICE LIBOR + 3.000%) 4.000%, 04/29/24• | 47,703 | 47,676,316 |
Project Boost Purchaser LLC 0.000%, 05/30/26× | 530 | 529,009 |
RealPage, Inc. | ||
(3 M ICE LIBOR + 3.250%), 3.750%, 04/24/28• | 12,160 | 12,117,440 |
(3 M ICE LIBOR + 6.500%), 7.250%, 02/18/29• | 700 | 720,125 |
Solera LLC (3 M ICE LIBOR + 4.000%) 4.500%, 06/02/28• | 1,745 | 1,749,153 |
The Ultimate Software Group, Inc. | ||
(1 M ICE LIBOR + 3.750%), 3.854%, 05/04/26• | 1,734 | 1,734,286 |
(3 M ICE LIBOR + 6.750%), 7.500%, 05/03/27• | 1,825 | 1,853,890 |
UKG, Inc. (3 M ICE LIBOR + 3.250%) 4.000%, 05/04/26• | 57,567 | 57,600,084 |
161,882,944 | ||
Telecommunications — 0.0% | ||
Eagle Broadband Investments LLC (3 M ICE LIBOR + 3.000%) 3.750%, 11/12/27• | 1,512 | 1,510,978 |
TOTAL LOAN AGREEMENTS (Cost $534,548,773) | 540,363,500 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 9.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) | 30,857,138 | 30,857,138 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — (continued) | ||
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 0.030%) | 470,278,683 | $ 470,278,683 |
TOTAL SHORT-TERM INVESTMENTS (Cost $501,135,821) | 501,135,821 | |
TOTAL INVESTMENTS — 101.9% (Cost $4,384,261,358) | $ 5,338,002,309 | |
Other Assets & Liabilities — (1.9)% | (97,771,788) | |
TOTAL NET ASSETS — 100.0% | $ 5,240,230,521 |
Number of Contracts | ||
WRITTEN OPTIONS — (1.3)% | ||
Call Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(42,070,350)) | (63,358) | $ (66,707,215) |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2021, the aggregate value of Rule 144A securities was $235,289,566, 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 June 30, 2021, the aggregate value of restricted securities was $29,493,097 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 | 22,523,988 | |
Total | $24,362,293 | $29,493,097 |
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 June 30, 2021. 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 June 30, 2021, 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. |
S.A.— Societe Anonyme. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 6/30/2021†† | |
United States | 97% |
Luxembourg | 1 |
Switzerland | 1 |
United Kingdom | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 13,779,340 | $ — | $ 13,779,340 | $ — |
Common Stocks | 3,726,493,492 | 3,726,493,492 | — | — |
Real Estate Investment Trusts | 7,427,499 | 7,427,499 | — | — |
Preferred Stocks | ||||
Auto Manufacturers | 22,523,988 | — | — | 22,523,988 |
Diversified Financial Services | 304,440 | 304,440 | — | — |
Electric | 50,128,237 | 50,128,237 | — | — |
Gas | 17,005,958 | 8,415,722 | 8,590,236 | — |
Internet | 6,969,109 | — | — | 6,969,109 |
Total Preferred Stocks | 96,931,732 | 58,848,399 | 8,590,236 | 29,493,097 |
Corporate Bonds | 451,870,925 | — | 451,870,925 | — |
Loan Agreements | 540,363,500 | — | 540,363,500 | — |
Short-Term Investments | 501,135,821 | 501,135,821 | — | — |
Total Investments | $ 5,338,002,309 | $ 4,293,905,211 | $ 1,014,604,001 | $ 29,493,097 |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Written Options | $(66,707,215) | $(66,707,215) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (66,707,215) | $ (66,707,215) | $ — | $ — |
(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 and forward foreign currency 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. | (50) | $ 8,800,000 | $ 1,760 | 1/21/2022 | $ (3,810,000) | |||||
Alphabet, Inc. | (50) | 8,900,000 | 1,780 | 1/21/2022 | (3,717,000) | |||||
Alphabet, Inc. | (50) | 9,000,000 | 1,800 | 1/21/2022 | (3,622,500) | |||||
Alphabet, Inc. | (13) | 2,574,000 | 1,980 | 6/17/2022 | (783,900) | |||||
Alphabet, Inc. | (13) | 2,600,000 | 2,000 | 6/17/2022 | (771,940) | |||||
Alphabet, Inc. | (13) | 2,730,000 | 2,100 | 6/17/2022 | (664,313) | |||||
Alphabet, Inc. | (5) | 1,275,000 | 2,550 | 6/17/2022 | (121,000) | |||||
Alphabet, Inc. | (5) | 1,300,000 | 2,600 | 6/17/2022 | (111,000) | |||||
Alphabet, Inc. | (5) | 1,325,000 | 2,650 | 6/17/2022 | (95,500) | |||||
Alphabet, Inc. | (13) | 2,548,000 | 1,960 | 9/16/2022 | (761,800) | |||||
Alphabet, Inc. | (13) | 2,574,000 | 1,980 | 9/16/2022 | (741,650) | |||||
Alphabet, Inc. | (13) | 2,600,000 | 2,000 | 9/16/2022 | (722,800) | |||||
Alphabet, Inc. | (13) | 2,730,000 | 2,100 | 9/16/2022 | (630,500) | |||||
Alphabet, Inc. | (3) | 735,000 | 2,450 | 9/16/2022 | (84,120) | |||||
Alphabet, Inc. | (3) | 750,000 | 2,500 | 9/16/2022 | (76,650) | |||||
Alphabet, Inc. | (4) | 1,020,000 | 2,550 | 9/16/2022 | (93,400) | |||||
Alphabet, Inc. | (4) | 1,040,000 | 2,600 | 9/16/2022 | (85,200) | |||||
Amazon.com, Inc. | (23) | 8,740,000 | 3,800 | 1/21/2022 | (333,546) | |||||
Amazon.com, Inc. | (32) | 12,480,000 | 3,900 | 1/21/2022 | (396,800) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Amazon.com, Inc. | (46) | $ 18,400,000 | $4,000 | 1/21/2022 | $ (434,700) | |||||
Amazon.com, Inc. | (23) | 9,430,000 | 4,100 | 1/21/2022 | (183,425) | |||||
Amazon.com, Inc. | (23) | 9,660,000 | 4,200 | 1/21/2022 | (142,600) | |||||
Amazon.com, Inc. | (25) | 10,750,000 | 4,300 | 1/21/2022 | (130,600) | |||||
Ameren Corp. | (236) | 2,124,000 | 90 | 12/17/2021 | (9,440) | |||||
Ameren Corp. | (236) | 2,242,000 | 95 | 12/17/2021 | (2,360) | |||||
American Electric Power Co., Inc. | (868) | 7,812,000 | 90 | 1/21/2022 | (137,144) | |||||
American Electric Power Co., Inc. | (1,061) | 10,079,500 | 95 | 1/21/2022 | (68,965) | |||||
American Electric Power Co., Inc. | (337) | 3,285,750 | 98 | 1/21/2022 | (13,480) | |||||
American Electric Power Co., Inc. | (337) | 3,370,000 | 100 | 1/21/2022 | (6,740) | |||||
American Tower Corp. | (69) | 1,449,000 | 210 | 1/21/2022 | (414,690) | |||||
American Tower Corp. | (69) | 1,518,000 | 220 | 1/21/2022 | (374,670) | |||||
American Tower Corp. | (92) | 2,116,000 | 230 | 1/21/2022 | (401,120) | |||||
American Tower Corp. | (22) | 528,000 | 240 | 1/21/2022 | (80,300) | |||||
American Tower Corp. | (21) | 525,000 | 250 | 1/21/2022 | (62,223) | |||||
Bank of America Corp. | (7,167) | 21,501,000 | 30 | 1/21/2022 | (8,277,885) | |||||
Bank of America Corp. | (1,398) | 4,473,600 | 32 | 1/21/2022 | (1,349,070) | |||||
Bank of America Corp. | (2,797) | 9,789,500 | 35 | 1/21/2022 | (1,988,667) | |||||
Bank of America Corp. | (2,073) | 7,670,100 | 37 | 1/21/2022 | (1,181,610) | |||||
Bank of America Corp. | (568) | 2,272,000 | 40 | 1/21/2022 | (210,728) | |||||
Bank of America Corp. | (567) | 2,551,500 | 45 | 1/21/2022 | (91,854) | |||||
Cisco Systems, Inc. | (1,073) | 4,828,500 | 45 | 1/21/2022 | (923,853) | |||||
Cisco Systems, Inc. | (1,075) | 5,106,250 | 48 | 1/21/2022 | (710,575) | |||||
Cisco Systems, Inc. | (1,074) | 5,370,000 | 50 | 1/21/2022 | (520,890) | |||||
CME Group, Inc. | (207) | 4,554,000 | 220 | 1/21/2022 | (184,230) | |||||
CME Group, Inc. | (207) | 4,761,000 | 230 | 1/21/2022 | (111,780) | |||||
Danaher Corp. | (433) | 10,825,000 | 250 | 1/21/2022 | (1,311,557) | |||||
Danaher Corp. | (43) | 1,161,000 | 270 | 1/21/2022 | (80,195) | |||||
Danaher Corp. | (110) | 3,080,000 | 280 | 1/21/2022 | (156,200) | |||||
Danaher Corp. | (67) | 1,943,000 | 290 | 1/21/2022 | (71,355) | |||||
Envista Holdings Corp. | (337) | 1,651,300 | 49 | 12/17/2021 | (53,920) | |||||
Envista Holdings Corp. | (337) | 1,685,000 | 50 | 12/17/2021 | (50,550) | |||||
Exelon Corp. | (222) | 888,000 | 40 | 1/21/2022 | (97,680) | |||||
Exelon Corp. | (222) | 954,600 | 43 | 1/21/2022 | (73,260) | |||||
Exelon Corp. | (222) | 999,000 | 45 | 1/21/2022 | (48,840) | |||||
Exelon Corp. | (1,373) | 6,453,100 | 47 | 1/21/2022 | (192,220) | |||||
Exelon Corp. | (337) | 1,685,000 | 50 | 1/21/2022 | (20,220) | |||||
Facebook, Inc. | (122) | 4,148,000 | 340 | 1/21/2022 | (449,204) | |||||
Facebook, Inc. | (122) | 4,209,000 | 345 | 1/21/2022 | (425,170) | |||||
Facebook, Inc. | (60) | 2,280,000 | 380 | 1/21/2022 | (117,000) | |||||
Facebook, Inc. | (535) | 21,400,000 | 400 | 1/21/2022 | (735,625) | |||||
Facebook, Inc. | (67) | 2,311,500 | 345 | 9/16/2022 | (351,415) | |||||
Facebook, Inc. | (67) | 2,412,000 | 360 | 9/16/2022 | (306,190) | |||||
Fiserv, Inc. | (134) | 1,742,000 | 130 | 1/21/2022 | (19,162) | |||||
Fiserv, Inc. | (134) | 1,809,000 | 135 | 1/21/2022 | (12,998) | |||||
FleetCor Technologies, Inc. | (50) | 1,500,000 | 300 | 1/21/2022 | (22,000) | |||||
FleetCor Technologies, Inc. | (33) | 1,023,000 | 310 | 1/21/2022 | (9,240) | |||||
General Electric Co. | (3,448) | 4,137,600 | 12 | 1/21/2022 | (768,904) | |||||
General Electric Co. | (10,359) | 15,538,500 | 15 | 1/21/2022 | (880,515) | |||||
Global Payments, Inc. | (101) | 2,323,000 | 230 | 1/21/2022 | (17,170) | |||||
Global Payments, Inc. | (101) | 2,424,000 | 240 | 1/21/2022 | (13,130) | |||||
Hilton Worldwide Holdings, Inc. | (179) | 2,237,500 | 125 | 1/21/2022 | (145,885) | |||||
Hilton Worldwide Holdings, Inc. | (316) | 4,108,000 | 130 | 1/21/2022 | (208,560) | |||||
Hilton Worldwide Holdings, Inc. | (543) | 7,330,500 | 135 | 1/21/2022 | (276,930) | |||||
Hilton Worldwide Holdings, Inc. | (406) | 5,684,000 | 140 | 1/21/2022 | (154,280) | |||||
Humana, Inc. | (26) | 1,248,000 | 480 | 1/21/2022 | (43,680) | |||||
Humana, Inc. | (26) | 1,300,000 | 500 | 1/21/2022 | (28,600) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Intercontinental Exchange, Inc. | (168) | $ 2,100,000 | $ 125 | 1/21/2022 | $ (70,560) | |||||
Intercontinental Exchange, Inc. | (341) | 4,433,000 | 130 | 1/21/2022 | (89,683) | |||||
Intercontinental Exchange, Inc. | (173) | 2,335,500 | 135 | 1/21/2022 | (25,950) | |||||
Keurig Dr Pepper, Inc. | (1,028) | 3,289,600 | 32 | 12/17/2021 | (390,640) | |||||
Lockheed Martin Corp. | (96) | 3,264,000 | 340 | 1/21/2022 | (441,120) | |||||
Lockheed Martin Corp. | (96) | 3,456,000 | 360 | 1/21/2022 | (291,840) | |||||
Lockheed Martin Corp. | (96) | 3,600,000 | 375 | 1/21/2022 | (207,360) | |||||
Marriott International, Inc. | (276) | 4,002,000 | 145 | 1/21/2022 | (242,880) | |||||
Marriott International, Inc. | (276) | 4,140,000 | 150 | 1/21/2022 | (193,200) | |||||
Marriott International, Inc. | (134) | 2,077,000 | 155 | 1/21/2022 | (76,380) | |||||
Marriott International, Inc. | (134) | 2,144,000 | 160 | 1/21/2022 | (60,970) | |||||
Marriott International, Inc. | (102) | 1,683,000 | 165 | 1/21/2022 | (35,700) | |||||
Marriott International, Inc. | (102) | 1,734,000 | 170 | 1/21/2022 | (28,356) | |||||
Marsh & McLennan Cos., Inc. | (269) | 4,035,000 | 150 | 10/15/2021 | (48,420) | |||||
Marsh & McLennan Cos., Inc. | (269) | 4,169,500 | 155 | 10/15/2021 | (21,520) | |||||
McDonald's Corp. | (154) | 3,234,000 | 210 | 1/21/2022 | (385,000) | |||||
McDonald's Corp. | (155) | 3,410,000 | 220 | 1/21/2022 | (270,475) | |||||
McDonald's Corp. | (154) | 3,542,000 | 230 | 1/21/2022 | (182,490) | |||||
Medtronic PLC | (139) | 1,598,500 | 115 | 1/21/2022 | (177,920) | |||||
Medtronic PLC | (139) | 1,737,500 | 125 | 1/21/2022 | (95,910) | |||||
Medtronic PLC | (140) | 1,820,000 | 130 | 1/21/2022 | (65,100) | |||||
Microsoft Corp. | (228) | 5,700,000 | 250 | 1/21/2022 | (704,520) | |||||
Microsoft Corp. | (228) | 5,814,000 | 255 | 1/21/2022 | (613,320) | |||||
Microsoft Corp. | (228) | 5,928,000 | 260 | 1/21/2022 | (549,480) | |||||
Microsoft Corp. | (175) | 4,637,500 | 265 | 1/21/2022 | (369,250) | |||||
Microsoft Corp. | (275) | 7,425,000 | 270 | 1/21/2022 | (518,375) | |||||
Microsoft Corp. | (275) | 7,562,500 | 275 | 1/21/2022 | (448,250) | |||||
Microsoft Corp. | (796) | 22,288,000 | 280 | 1/21/2022 | (1,102,460) | |||||
Microsoft Corp. | (689) | 20,670,000 | 300 | 1/20/2023 | (1,477,905) | |||||
Mondelez International, Inc. | (285) | 1,638,750 | 58 | 1/21/2022 | (173,850) | |||||
Mondelez International, Inc. | (285) | 1,710,000 | 60 | 1/21/2022 | (125,400) | |||||
Mondelez International, Inc. | (285) | 1,781,250 | 63 | 1/21/2022 | (82,650) | |||||
Northrop Grumman Corp. | (110) | 3,300,000 | 300 | 1/21/2022 | (737,000) | |||||
Northrop Grumman Corp. | (110) | 3,465,000 | 315 | 1/21/2022 | (583,000) | |||||
Northrop Grumman Corp. | (111) | 3,607,500 | 325 | 1/21/2022 | (491,730) | |||||
NXP Semiconductors N.V. | (172) | 3,354,000 | 195 | 1/21/2022 | (430,000) | |||||
NXP Semiconductors N.V. | (172) | 3,440,000 | 200 | 1/21/2022 | (363,780) | |||||
NXP Semiconductors N.V. | (172) | 3,612,000 | 210 | 1/21/2022 | (295,324) | |||||
PepsiCo, Inc. | (290) | 4,060,000 | 140 | 1/21/2022 | (337,850) | |||||
PepsiCo, Inc. | (292) | 4,234,000 | 145 | 1/21/2022 | (237,980) | |||||
PepsiCo, Inc. | (292) | 4,526,000 | 155 | 1/21/2022 | (108,040) | |||||
Roper Technologies, Inc. | (138) | 6,624,000 | 480 | 8/20/2021 | (142,830) | |||||
Roper Technologies, Inc. | (33) | 1,617,000 | 490 | 11/19/2021 | (51,810) | |||||
Roper Technologies, Inc. | (33) | 1,650,000 | 500 | 11/19/2021 | (38,610) | |||||
Ross Stores, Inc. | (68) | 884,000 | 130 | 1/21/2022 | (47,600) | |||||
Ross Stores, Inc. | (101) | 1,363,500 | 135 | 1/21/2022 | (53,530) | |||||
Ross Stores, Inc. | (33) | 462,000 | 140 | 1/21/2022 | (11,880) | |||||
Teledyne Technologies, Inc. | (34) | 1,394,000 | 410 | 9/17/2021 | (76,840) | |||||
Teledyne Technologies, Inc. | (34) | 1,428,000 | 420 | 9/17/2021 | (58,820) | |||||
Teledyne Technologies, Inc. | (33) | 1,551,000 | 470 | 12/17/2021 | (31,680) | |||||
Teledyne Technologies, Inc. | (33) | 1,584,000 | 480 | 12/17/2021 | (25,740) | |||||
The Coca-Cola Co. | (980) | 4,900,000 | 50 | 1/21/2022 | (504,700) | |||||
The Coca-Cola Co. | (980) | 5,145,000 | 53 | 1/21/2022 | (338,100) | |||||
The Coca-Cola Co. | (981) | 5,395,500 | 55 | 1/21/2022 | (201,105) | |||||
The PNC Financial Services Group, Inc. | (138) | 2,415,000 | 175 | 1/21/2022 | (302,220) | |||||
The PNC Financial Services Group, Inc. | (283) | 5,094,000 | 180 | 1/21/2022 | (523,550) | |||||
The PNC Financial Services Group, Inc. | (283) | 5,235,500 | 185 | 1/21/2022 | (449,970) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
The PNC Financial Services Group, Inc. | (145) | $ 2,755,000 | $ 190 | 1/21/2022 | $ (188,500) | |||||
The PNC Financial Services Group, Inc. | (409) | 7,975,500 | 195 | 1/21/2022 | (445,810) | |||||
The PNC Financial Services Group, Inc. | (409) | 8,180,000 | 200 | 1/21/2022 | (359,920) | |||||
Thermo Fisher Scientific, Inc. | (82) | 4,756,000 | 580 | 1/21/2022 | (97,580) | |||||
Thermo Fisher Scientific, Inc. | (82) | 4,920,000 | 600 | 1/21/2022 | (55,760) | |||||
UnitedHealth Group, Inc. | (69) | 2,760,000 | 400 | 1/21/2022 | (181,125) | |||||
UnitedHealth Group, Inc. | (69) | 2,829,000 | 410 | 1/21/2022 | (146,970) | |||||
UnitedHealth Group, Inc. | (69) | 2,898,000 | 420 | 1/21/2022 | (117,645) | |||||
UnitedHealth Group, Inc. | (33) | 1,518,000 | 460 | 1/21/2022 | (20,955) | |||||
UnitedHealth Group, Inc. | (33) | 1,551,000 | 470 | 1/21/2022 | (15,840) | |||||
Visa, Inc. | (202) | 4,444,000 | 220 | 1/21/2022 | (481,770) | |||||
Visa, Inc. | (729) | 16,402,500 | 225 | 1/21/2022 | (1,443,420) | |||||
Visa, Inc. | (728) | 16,744,000 | 230 | 1/21/2022 | (1,230,320) | |||||
Visa, Inc. | (235) | 5,522,500 | 235 | 1/21/2022 | (330,175) | |||||
Visa, Inc. | (137) | 3,288,000 | 240 | 1/21/2022 | (160,975) | |||||
Visa, Inc. | (322) | 7,889,000 | 245 | 1/21/2022 | (310,730) | |||||
Visa, Inc. | (789) | 19,725,000 | 250 | 1/21/2022 | (627,255) | |||||
Visa, Inc. | (252) | 6,426,000 | 255 | 1/21/2022 | (152,460) | |||||
Visa, Inc. | (209) | 5,434,000 | 260 | 1/21/2022 | (105,545) | |||||
Visa, Inc. | (67) | 1,775,500 | 265 | 1/21/2022 | (26,465) | |||||
Visa, Inc. | (142) | 3,834,000 | 270 | 1/21/2022 | (46,150) | |||||
Waste Management, Inc. | (141) | 1,621,500 | 115 | 1/21/2022 | (358,140) | |||||
Waste Management, Inc. | (141) | 1,692,000 | 120 | 1/21/2022 | (310,059) | |||||
Waste Management, Inc. | (141) | 1,833,000 | 130 | 1/21/2022 | (197,400) | |||||
Yum! Brands, Inc. | (76) | 798,000 | 105 | 1/21/2022 | (91,960) | |||||
Yum! Brands, Inc. | (76) | 836,000 | 110 | 1/21/2022 | (70,680) | |||||
Yum! Brands, Inc. | (671) | 8,052,000 | 120 | 1/21/2022 | (275,110) | |||||
Yum! Brands, Inc. | (276) | 3,450,000 | 125 | 1/21/2022 | (69,000) | |||||
Total Written Options | $(66,707,215) |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 60.0% | ||
Penn Series Index 500 Fund* (Cost $23,195,410) | 1,448,637 | $ 53,860,308 |
AFFILIATED FIXED INCOME FUNDS — 39.6% | ||
Penn Series Quality Bond Fund* (Cost $30,871,168) | 2,062,357 | 35,596,286 |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $341,218) | 341,218 | 341,218 |
TOTAL INVESTMENTS — 100.0% (Cost $54,407,796) | $ 89,797,812 | |
Other Assets & Liabilities — (0.0)% | (23,162) | |
TOTAL NET ASSETS — 100.0% | $ 89,774,650 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $53,860,308 | $53,860,308 | $— | $— |
Affiliated Fixed Income Funds | 35,596,286 | 35,596,286 | — | — |
Short-Term Investments | 341,218 | 341,218 | — | — |
Total Investments | $ 89,797,812 | $ 89,797,812 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 98.4% | ||
Aerospace & Defense — 1.5% | ||
Airbus S.E.* | 23,700 | $ 3,047,411 |
Teledyne Technologies, Inc.* | 7,988 | 3,345,614 |
6,393,025 | ||
Airlines — 0.3% | ||
Southwest Airlines Co.* | 21,800 | 1,157,362 |
Apparel — 0.6% | ||
NIKE, Inc., Class B | 17,418 | 2,690,907 |
Auto Manufacturers — 2.6% | ||
Cummins, Inc. | 6,700 | 1,633,527 |
Ferrari N.V. | 14,698 | 3,028,523 |
Tesla, Inc.* | 9,304 | 6,323,929 |
10,985,979 | ||
Auto Parts & Equipment — 0.2% | ||
Aptiv PLC* | 6,287 | 989,134 |
Biotechnology — 1.2% | ||
Argenx S.E., ADR* | 2,580 | 776,761 |
Incyte Corp.* | 15,177 | 1,276,841 |
Vertex Pharmaceuticals, Inc.* | 15,924 | 3,210,756 |
5,264,358 | ||
Chemicals — 0.3% | ||
Linde PLC | 4,915 | 1,420,926 |
Commercial Services — 5.3% | ||
Affirm Holdings, Inc.* | 1,692 | 113,956 |
Afterpay Ltd.* | 23,094 | 2,046,627 |
Avalara, Inc.* | 9,104 | 1,473,027 |
Cintas Corp. | 7,335 | 2,801,970 |
Equifax, Inc. | 2,141 | 512,791 |
Global Payments, Inc. | 18,524 | 3,473,991 |
MarketAxess Holdings, Inc. | 1,745 | 808,965 |
PayPal Holdings, Inc.* | 17,935 | 5,227,694 |
S&P Global, Inc. | 7,076 | 2,904,344 |
StoneCo Ltd., Class A* | 16,002 | 1,073,094 |
TransUnion | 21,766 | 2,390,124 |
22,826,583 | ||
Computers — 4.9% | ||
Apple, Inc. | 152,116 | 20,833,807 |
Diversified Financial Services — 6.1% | ||
Ant Group Co. Ltd.(1),*,# | 189,827 | 1,338,280 |
Mastercard, Inc., Class A | 27,879 | 10,178,344 |
Tradeweb Markets, Inc., Class A | 10,572 | 893,968 |
Visa, Inc., Class A | 52,547 | 12,286,540 |
XP, Inc., Class A* | 35,607 | 1,550,685 |
26,247,817 | ||
Electrical Components & Equipment — 0.4% | ||
Generac Holdings, Inc.* | 4,400 | 1,826,660 |
Entertainment — 0.3% | ||
DraftKings, Inc., Class A* | 25,230 | 1,316,249 |
Number of Shares | Value† | |
Healthcare Products — 3.1% | ||
Align Technology, Inc.* | 847 | $ 517,517 |
Avantor, Inc.* | 46,696 | 1,658,175 |
Intuitive Surgical, Inc.* | 6,397 | 5,882,937 |
Stryker Corp. | 19,040 | 4,945,259 |
13,003,888 | ||
Healthcare Services — 2.2% | ||
Anthem, Inc. | 5,475 | 2,090,355 |
HCA Healthcare, Inc. | 16,312 | 3,372,343 |
Humana, Inc. | 3,307 | 1,464,075 |
UnitedHealth Group, Inc. | 6,638 | 2,658,121 |
9,584,894 | ||
Internet — 36.4% | ||
Airbnb, Inc., Class A* | 13,082 | 2,003,377 |
Alibaba Group Holding Ltd., ADR* | 17,610 | 3,993,596 |
Alphabet, Inc., Class A* | 6,748 | 16,477,199 |
Alphabet, Inc., Class C* | 5,755 | 14,423,872 |
Amazon.com, Inc.* | 12,594 | 43,328,814 |
Booking Holdings, Inc.* | 1,193 | 2,610,391 |
Bright Health Group, Inc.* | 21,688 | 372,166 |
Coupang, Inc.* | 30,865 | 1,290,774 |
DoorDash, Inc., Class A* | 10,803 | 1,926,499 |
Facebook, Inc., Class A* | 75,394 | 26,215,248 |
Farfetch Ltd., Class A* | 47,705 | 2,402,424 |
IAC/InterActiveCorp.* | 1,724 | 265,789 |
Kuaishou Technology* | 4,500 | 112,901 |
Marqeta, Inc., Class A* | 8,078 | 226,749 |
Match Group, Inc.* | 19,606 | 3,161,468 |
Netflix, Inc.* | 14,698 | 7,763,631 |
Pinterest, Inc., Class A* | 32,600 | 2,573,770 |
Sea Ltd., ADR* | 31,875 | 8,752,875 |
Shopify, Inc., Class A* | 1,390 | 2,030,762 |
Snap, Inc., Class A* | 131,224 | 8,941,603 |
Spotify Technology S.A.* | 8,152 | 2,246,610 |
Tencent Holdings Ltd. | 50,500 | 3,798,411 |
Vimeo, Inc.* | 9,847 | 482,503 |
155,401,432 | ||
Lodging — 1.2% | ||
Las Vegas Sands Corp.* | 33,423 | 1,761,058 |
Wynn Resorts Ltd.* | 25,804 | 3,155,829 |
4,916,887 | ||
Office & Business Equipment — 0.2% | ||
Zebra Technologies Corp., Class A* | 1,876 | 993,323 |
Pharmaceuticals — 2.4% | ||
AstraZeneca PLC, ADR | 42,481 | 2,544,612 |
Cigna Corp. | 8,881 | 2,105,419 |
Eli Lilly & Co. | 23,716 | 5,443,296 |
10,093,327 | ||
Retail — 3.2% | ||
Carvana Co.* | 5,520 | 1,666,046 |
Chipotle Mexican Grill, Inc.* | 1,710 | 2,651,082 |
Lululemon Athletica, Inc.* | 8,993 | 3,282,175 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Retail — (continued) | ||
Ross Stores, Inc. | 47,701 | $ 5,914,924 |
13,514,227 | ||
Semiconductors — 3.5% | ||
Advanced Micro Devices, Inc.* | 32,837 | 3,084,380 |
ASML Holding N.V. | 8,279 | 5,719,464 |
NVIDIA Corp. | 3,578 | 2,862,758 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 25,939 | 3,116,830 |
14,783,432 | ||
Software — 21.1% | ||
Activision Blizzard, Inc. | 14,663 | 1,399,437 |
Black Knight, Inc.* | 25,231 | 1,967,513 |
Clarivate PLC* | 29,726 | 818,357 |
Coupa Software, Inc.* | 1,663 | 435,889 |
Datadog, Inc., Class A* | 15,868 | 1,651,541 |
Fidelity National Information Services, Inc. | 24,219 | 3,431,106 |
Fiserv, Inc.* | 37,527 | 4,011,261 |
Intuit, Inc. | 17,277 | 8,468,667 |
Microsoft Corp. | 138,798 | 37,600,378 |
MongoDB, Inc.* | 5,357 | 1,936,663 |
MSCI, Inc. | 1,922 | 1,024,580 |
Paycom Software, Inc.* | 2,154 | 782,914 |
Playtika Holding Corp.* | 6,677 | 159,180 |
ROBLOX Corp., Class A* | 4,698 | 422,726 |
Roper Technologies, Inc. | 11,199 | 5,265,770 |
salesforce.com, Inc.* | 21,000 | 5,129,670 |
ServiceNow, Inc.* | 8,305 | 4,564,013 |
Snowflake, Inc., Class A* | 1,140 | 275,652 |
Splunk, Inc.* | 21,005 | 3,036,903 |
Stripe, Inc., Class B(1),*,# | 8,608 | 345,396 |
Uipath, Inc., Class A*,> | 34,149 | 2,203,754 |
UiPath, Inc., Class A* | 888 | 60,322 |
Workday, Inc., Class A* | 4,778 | 1,140,700 |
Zoom Video Communications, Inc., Class A* | 10,342 | 4,002,664 |
90,135,056 | ||
Transportation — 1.4% | ||
Didi Global, Inc.* | 9,883 | 139,746 |
Didi Global, Inc.*,> | 11,920 | 640,485 |
FedEx Corp. | 14,406 | 4,297,742 |
Norfolk Southern Corp. | 3,895 | 1,033,772 |
6,111,745 | ||
TOTAL COMMON STOCKS (Cost $226,129,373) | 420,491,018 | |
PREFERRED STOCKS — 1.9% | ||
Auto Manufacturers — 1.6% | ||
Rivian Automotive, Series D, CONV(1),*,# | 91,993 | 6,445,030 |
Waymo LLC, Series A-2, CONV(1),*,# | 3,737 | 342,765 |
6,787,795 |
Number of Shares | Value† | |
Electronics — 0.2% | ||
GM Cruise, Class F, CONV(1),*,# | 27,200 | $ 716,720 |
Internet — 0.1% | ||
Aurora Innovation, Inc., Series B, CONV(1),*,# | 27,730 | 545,082 |
Real Estate — 0.0% | ||
WeWork Companies, Inc., Series E, CONV*,# | 5,633 | 48,215 |
Software — 0.0% | ||
Magic Leap Inc., Series C, CONV(1),*,# | 15,808 | 9,643 |
Magic Leap, Inc., Series D, CONV(1),*,# | 10,934 | 6,670 |
16,313 | ||
TOTAL PREFERRED STOCKS (Cost $2,906,483) | 8,114,125 |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) | 1,006,015 | 1,006,015 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 0.030%) | 1,262,406 | 1,262,406 |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,268,421) | 2,268,421 | |
TOTAL INVESTMENTS — 100.8% (Cost $231,304,277) | $ 430,873,564 | |
Other Assets & Liabilities — (0.8)% | (3,552,574) | |
TOTAL NET ASSETS — 100.0% | $ 427,320,990 |
† | 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 June 30, 2021, the aggregate value of restricted securities was $9,797,801 which represented 2.3% 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 | $1,064,930 | $ 1,338,280 |
Investment | Date of Acquisition | Cost | Value | |
Aurora Innovation, Inc., Series B | 3/1/2019 | $ 256,234 | $ 545,082 | |
GM Cruise, Class F | 5/7/2019 | 496,400 | 716,720 | |
Magic Leap Inc., Series C | 1/20/2016 | 364,106 | 9,643 | |
Magic Leap, Inc., Series D | 10/12/2017 | 295,218 | 6,670 | |
Rivian Automotive, Series D | 12/23/2019 | 988,373 | 6,445,030 | |
Stripe, Inc., Class B | 12/17/2019 | 135,060 | 345,396 | |
Waymo LLC, Series A-2 | 5/8/2020 | 320,885 | 342,765 | |
WeWork Companies, Inc., Series E | 6/23/2015 | 185,267 | 48,215 | |
Total | $ 4,106,473 | $ 9,797,801 |
> | 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 June 30, 2021, the aggregate value of restricted securities was $2,844,239 which represented 0.7% 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 | |
Didi Global, Inc. | 10/19/2015 | $ 326,920 | $ 640,485 | |
Uipath, Inc., Class A | 4/26/2019 | 447,940 | 2,203,754 | |
Total | $774,860 | $2,844,239 |
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 6/30/2021†† | |
United States | 87% |
Singapore | 2 |
China | 2 |
United Kingdom | 2 |
Netherlands | 1 |
Canada | 1 |
Taiwan | 1 |
Other | 4 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Aerospace & Defense | $ 6,393,025 | $ 6,393,025 | $ — | $ — |
Airlines | 1,157,362 | 1,157,362 | — | — |
Apparel | 2,690,907 | 2,690,907 | — | — |
Auto Manufacturers | 10,985,979 | 10,985,979 | — | — |
Auto Parts & Equipment | 989,134 | 989,134 | — | — |
Biotechnology | 5,264,358 | 5,264,358 | — | — |
Chemicals | 1,420,926 | 1,420,926 | — | — |
Commercial Services | 22,826,583 | 22,826,583 | — | — |
Computers | 20,833,807 | 20,833,807 | — | — |
Diversified Financial Services | 26,247,817 | 24,909,537 | — | 1,338,280 |
Electrical Components & Equipment | 1,826,660 | 1,826,660 | — | — |
Entertainment | 1,316,249 | 1,316,249 | — | — |
Healthcare Products | 13,003,888 | 13,003,888 | — | — |
Healthcare Services | 9,584,894 | 9,584,894 | — | — |
Internet | 155,401,432 | 155,401,432 | — | — |
Lodging | 4,916,887 | 4,916,887 | — | — |
Office & Business Equipment | 993,323 | 993,323 | — | — |
Pharmaceuticals | 10,093,327 | 10,093,327 | — | — |
Retail | 13,514,227 | 13,514,227 | — | — |
Semiconductors | 14,783,432 | 14,783,432 | — | — |
Software | 90,135,056 | 87,585,906 | 2,203,754 | 345,396 |
Transportation | 6,111,745 | 5,471,260 | 640,485 | — |
Total Common Stocks | 420,491,018 | 415,963,103 | 2,844,239 | 1,683,676 |
Preferred Stocks | ||||
Auto Manufacturers | 6,787,795 | — | — | 6,787,795 |
Electronics | 716,720 | — | — | 716,720 |
Internet | 545,082 | — | — | 545,082 |
Real Estate | 48,215 | — | 48,215 | — |
Software | 16,313 | — | — | 16,313 |
Total Preferred Stocks | 8,114,125 | — | 48,215 | 8,065,910 |
Short-Term Investments | 2,268,421 | 2,268,421 | — | — |
Total Investments | $ 430,873,564 | $ 418,231,524 | $ 2,892,454 | $ 9,749,586 |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $(14) | $— | $(14) | $— |
Total Liabilities—Other Financial Instruments | $ (14) | $ — | $ (14) | $ — |
(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 and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Investments in Securities (Market Value) | |
Balance as of 12/31/20 | $ 6,169,817 |
Change in Appreciation/(Depreciation) | 3,579,769 |
Purchases | 846,198 |
Sales/Exchange | (816,484) |
Realized Gain (Loss) | (29,714) |
Balance as of 06/30/21 | $9,749,586 |
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 | |||||||||
Sell | Hong Kong Dollar | BNY Mellon | 7/6/2021 | (1,363,596) | 7.76421 | $(175,612) | $(175,626) | $— | $(14) | ||||||||
Total | $— | $(14) |
Number of Shares | Value† | |
COMMON STOCKS — 97.5% | ||
Apparel — 4.6% | ||
adidas AG | 2,810 | $ 1,045,901 |
LVMH Moet Hennessy Louis Vuitton S.E. | 1,122 | 879,801 |
NIKE, Inc., Class B | 9,748 | 1,505,969 |
3,431,671 | ||
Beverages — 1.7% | ||
PepsiCo, Inc. | 8,606 | 1,275,151 |
Chemicals — 1.4% | ||
The Sherwin-Williams Co. | 3,841 | 1,046,481 |
Commercial Services — 3.4% | ||
Equifax, Inc. | 4,254 | 1,018,875 |
Moody's Corp. | 2,259 | 818,594 |
Verisk Analytics, Inc. | 4,015 | 701,501 |
2,538,970 | ||
Computers — 9.0% | ||
Accenture PLC, Class A | 9,691 | 2,856,810 |
Apple, Inc. | 25,115 | 3,439,750 |
Cognizant Technology Solutions Corp., Class A | 7,279 | 504,144 |
6,800,704 | ||
Cosmetics & Personal Care — 4.0% | ||
Colgate-Palmolive Co. | 23,522 | 1,913,515 |
The Estee Lauder Cos., Inc., Class A | 3,446 | 1,096,103 |
3,009,618 | ||
Diversified Financial Services — 6.3% | ||
Mastercard, Inc., Class A | 2,435 | 888,994 |
The Charles Schwab Corp. | 21,516 | 1,566,580 |
Visa, Inc., Class A | 9,715 | 2,271,561 |
4,727,135 | ||
Electric — 0.6% | ||
Xcel Energy, Inc. | 7,188 | 473,545 |
Electronics — 5.9% | ||
Agilent Technologies, Inc. | 6,102 | 901,937 |
Amphenol Corp., Class A | 22,635 | 1,548,460 |
Fortive Corp. | 12,739 | 888,418 |
TE Connectivity Ltd. | 8,156 | 1,102,773 |
4,441,588 | ||
Healthcare Products — 10.1% | ||
Abbott Laboratories | 6,346 | 735,692 |
Boston Scientific Corp.* | 42,340 | 1,810,458 |
Danaher Corp. | 4,292 | 1,151,801 |
Medtronic PLC | 5,800 | 719,954 |
STERIS PLC | 3,971 | 819,217 |
Stryker Corp. | 5,381 | 1,397,607 |
Thermo Fisher Scientific, Inc. | 1,852 | 934,279 |
7,569,008 | ||
Healthcare Services — 0.6% | ||
ICON PLC* | 2,388 | 493,624 |
Number of Shares | Value† | |
Household Products & Wares — 1.3% | ||
Church & Dwight Co., Inc. | 11,704 | $ 997,415 |
Insurance — 4.1% | ||
Aon PLC, Class A | 8,021 | 1,915,094 |
Marsh & McLennan Cos., Inc. | 8,077 | 1,136,272 |
3,051,366 | ||
Internet — 11.4% | ||
Alibaba Group Holding Ltd.* | 53,452 | 1,514,552 |
Alphabet, Inc., Class A* | 2,611 | 6,375,514 |
Tencent Holdings Ltd. | 9,400 | 707,031 |
8,597,097 | ||
Machinery — Diversified — 1.2% | ||
Otis Worldwide Corp. | 11,192 | 915,170 |
Media — 1.2% | ||
Charter Communications, Inc., Class A* | 1,267 | 914,077 |
Pharmaceuticals — 3.8% | ||
Becton Dickinson and Co. | 5,161 | 1,255,104 |
Cigna Corp. | 2,915 | 691,059 |
PRA Health Sciences, Inc.* | 3,782 | 624,824 |
Roche Holding AG | 721 | 271,607 |
2,842,594 | ||
Private Equity — 0.8% | ||
The Blackstone Group, Inc. | 5,900 | 573,126 |
Retail — 5.2% | ||
Dollarama, Inc. | 29,085 | 1,331,303 |
Ross Stores, Inc. | 6,573 | 815,052 |
Starbucks Corp. | 8,915 | 996,786 |
The TJX Cos., Inc. | 11,362 | 766,026 |
3,909,167 | ||
Semiconductors — 3.1% | ||
Analog Devices, Inc. | 4,968 | 855,291 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 5,032 | 604,645 |
Texas Instruments, Inc. | 4,544 | 873,811 |
2,333,747 | ||
Software — 16.5% | ||
Electronic Arts, Inc. | 10,955 | 1,575,658 |
Fidelity National Information Services, Inc. | 7,635 | 1,081,650 |
Fiserv, Inc.* | 15,849 | 1,694,100 |
Microsoft Corp. | 29,817 | 8,077,425 |
12,428,833 | ||
Transportation — 1.3% | ||
Union Pacific Corp. | 4,504 | 990,565 |
TOTAL COMMON STOCKS (Cost $43,047,701) | 73,360,652 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — 2.1% | ||
Diversified — 2.1% | ||
American Tower Corp. (Cost $1,294,963) | 5,688 | $1,536,556 |
SHORT-TERM INVESTMENTS — 0.8% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $597,756) | 597,756 | 597,756 |
TOTAL INVESTMENTS — 100.4% (Cost $44,940,420) | $ 75,494,964 | |
Other Assets & Liabilities — (0.4)% | (272,630) | |
TOTAL NET ASSETS — 100.0% | $ 75,222,334 |
† | 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 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $73,360,652 | $73,360,652 | $— | $— |
Real Estate Investment Trusts | 1,536,556 | 1,536,556 | — | — |
Short-Term Investments | 597,756 | 597,756 | — | — |
Total Investments | $ 75,494,964 | $ 75,494,964 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 100.1% | ||
Aerospace & Defense — 2.2% | ||
HEICO Corp., Class A | 42,172 | $ 5,236,919 |
Biotechnology — 2.2% | ||
Royalty Pharma PLC, Class A | 126,382 | 5,180,398 |
Commercial Services — 9.4% | ||
Adyen N.V.* | 1,331 | 3,251,950 |
Avalara, Inc.* | 15,512 | 2,509,842 |
PayPal Holdings, Inc.* | 13,558 | 3,951,886 |
Square, Inc., Class A* | 51,298 | 12,506,452 |
22,220,130 | ||
Healthcare Products — 6.0% | ||
Danaher Corp. | 9,972 | 2,676,086 |
Intuitive Surgical, Inc.* | 12,466 | 11,464,232 |
14,140,318 | ||
Internet — 40.2% | ||
Amazon.com, Inc.* | 3,111 | 10,702,338 |
Chewy, Inc., Class A* | 32,212 | 2,567,619 |
Facebook, Inc., Class A* | 10,337 | 3,594,278 |
Farfetch Ltd., Class A* | 82,755 | 4,167,542 |
IAC/InterActiveCorp.* | 34,449 | 5,311,002 |
Match Group, Inc.* | 23,978 | 3,866,453 |
Okta, Inc.* | 25,511 | 6,242,031 |
Shopify, Inc., Class A* | 10,179 | 14,871,315 |
Snap, Inc., Class A* | 91,684 | 6,247,348 |
Spotify Technology S.A.* | 33,111 | 9,125,060 |
Twitter, Inc.* | 208,327 | 14,334,981 |
Uber Technologies, Inc.* | 116,301 | 5,829,006 |
Vimeo, Inc.* | 55,927 | 2,740,423 |
Wayfair, Inc., Class A* | 17,580 | 5,550,182 |
95,149,578 | ||
Mining — 0.2% | ||
Royal Gold, Inc. | 5,482 | 625,496 |
Pharmaceuticals — 1.1% | ||
Zoetis, Inc. | 13,742 | 2,560,959 |
Retail — 3.4% | ||
Costco Wholesale Corp. | 14,353 | 5,679,052 |
Lululemon Athletica, Inc.* | 6,285 | 2,293,836 |
7,972,888 | ||
Semiconductors — 2.6% | ||
ASML Holding N.V. | 8,881 | 6,135,350 |
Software — 32.8% | ||
Activision Blizzard, Inc. | 38,582 | 3,682,266 |
Coupa Software, Inc.* | 16,667 | 4,368,587 |
Datadog, Inc., Class A* | 34,932 | 3,635,723 |
DocuSign, Inc.* | 14,381 | 4,020,496 |
Roper Technologies, Inc. | 5,073 | 2,385,325 |
salesforce.com, Inc.* | 14,565 | 3,557,792 |
ServiceNow, Inc.* | 6,812 | 3,743,535 |
Snowflake, Inc., Class A* | 34,845 | 8,425,521 |
Twilio, Inc., Class A* | 34,086 | 13,435,338 |
Number of Shares | Value† | |
Software — (continued) | ||
Veeva Systems, Inc., Class A* | 38,781 | $ 12,058,952 |
Workday, Inc., Class A* | 22,846 | 5,454,254 |
Zoom Video Communications, Inc., Class A* | 23,765 | 9,197,768 |
ZoomInfo Technologies, Inc., Class A* | 68,856 | 3,592,217 |
77,557,774 | ||
TOTAL COMMON STOCKS (Cost $160,582,246) | 236,779,810 |
SHORT-TERM INVESTMENTS — 1.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $3,429,157) | 3,429,157 | 3,429,157 |
TOTAL INVESTMENTS — 101.5% (Cost $164,011,403) | $ 240,208,967 | |
Other Assets & Liabilities — (1.5)% | (3,616,435) | |
TOTAL NET ASSETS — 100.0% | $ 236,592,532 |
† | See Security Valuation Note. |
* | Non-income producing security. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 6/30/2021†† | |
United States | 83% |
Canada | 7 |
Netherlands | 4 |
Sweden | 4 |
United Kingdom | 2 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $236,779,810 | $236,779,810 | $— | $— |
Short-Term Investments | 3,429,157 | 3,429,157 | — | — |
Total Investments | $ 240,208,967 | $ 240,208,967 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 96.0% | ||
Aerospace & Defense — 1.5% | ||
Hexcel Corp.* | 19,114 | $ 1,192,714 |
Raytheon Technologies Corp. | 20,420 | 1,742,030 |
2,934,744 | ||
Agriculture — 3.7% | ||
Philip Morris International, Inc. | 73,103 | 7,245,238 |
Apparel — 1.2% | ||
Deckers Outdoor Corp.* | 6,080 | 2,335,146 |
Auto Parts & Equipment — 1.8% | ||
BorgWarner, Inc. | 36,274 | 1,760,740 |
Gentex Corp. | 53,098 | 1,757,013 |
3,517,753 | ||
Banks — 10.7% | ||
Citigroup, Inc. | 44,456 | 3,145,262 |
JPMorgan Chase & Co. | 23,348 | 3,631,548 |
Northern Trust Corp. | 25,210 | 2,914,780 |
The Goldman Sachs Group, Inc. | 11,677 | 4,431,772 |
Wells Fargo & Co. | 156,527 | 7,089,108 |
21,212,470 | ||
Biotechnology — 4.4% | ||
Alexion Pharmaceuticals, Inc.* | 21,232 | 3,900,530 |
Amgen, Inc. | 18,141 | 4,421,869 |
Bio-Rad Laboratories, Inc., Class A* | 779 | 501,902 |
8,824,301 | ||
Commercial Services — 3.1% | ||
FleetCor Technologies, Inc.* | 11,515 | 2,948,531 |
Robert Half International, Inc. | 35,696 | 3,175,873 |
6,124,404 | ||
Computers — 4.6% | ||
Cognizant Technology Solutions Corp., Class A | 27,718 | 1,919,749 |
Leidos Holdings, Inc. | 34,489 | 3,486,838 |
Maximus, Inc. | 42,230 | 3,714,973 |
9,121,560 | ||
Distribution & Wholesale — 2.6% | ||
LKQ Corp.* | 104,204 | 5,128,921 |
Diversified Financial Services — 0.5% | ||
Capital One Financial Corp. | 7,129 | 1,102,785 |
Electrical Components & Equipment — 3.0% | ||
Acuity Brands, Inc. | 3,915 | 732,223 |
Emerson Electric Co. | 46,901 | 4,513,752 |
Littelfuse, Inc. | 2,460 | 626,783 |
5,872,758 | ||
Electronics — 2.5% | ||
Garmin Ltd. | 9,617 | 1,391,003 |
Hubbell, Inc. | 12,048 | 2,251,048 |
Keysight Technologies, Inc.* | 8,334 | 1,286,853 |
4,928,904 |
Number of Shares | Value† | |
Engineering & Construction — 1.2% | ||
EMCOR Group, Inc. | 19,350 | $ 2,383,727 |
Healthcare Services — 2.8% | ||
Anthem, Inc. | 12,002 | 4,582,363 |
Quest Diagnostics, Inc. | 7,570 | 999,013 |
5,581,376 | ||
Home Builders — 2.0% | ||
D.R. Horton, Inc. | 44,685 | 4,038,183 |
Insurance — 7.3% | ||
Aflac, Inc. | 21,472 | 1,152,188 |
Berkshire Hathaway, Inc., Class B* | 27,203 | 7,560,258 |
Fidelity National Financial, Inc. | 24,914 | 1,082,762 |
The Allstate Corp. | 36,195 | 4,721,276 |
14,516,484 | ||
Internet — 2.7% | ||
eBay, Inc. | 38,640 | 2,712,914 |
F5 Networks, Inc.* | 14,395 | 2,686,971 |
5,399,885 | ||
Iron & Steel — 0.8% | ||
Steel Dynamics, Inc. | 25,700 | 1,531,720 |
Machinery — Diversified — 4.1% | ||
Altra Industrial Motion Corp. | 14,880 | 967,498 |
Cactus, Inc., Class A | 17,314 | 635,770 |
Curtiss-Wright Corp. | 9,705 | 1,152,566 |
Flowserve Corp. | 42,130 | 1,698,681 |
The Middleby Corp.* | 4,182 | 724,573 |
Westinghouse Air Brake Technologies Corp. | 35,610 | 2,930,703 |
8,109,791 | ||
Media — 3.8% | ||
Comcast Corp., Class A | 132,014 | 7,527,438 |
Metal Fabricate/Hardware — 0.5% | ||
Valmont Industries, Inc. | 3,880 | 915,874 |
Mining — 0.9% | ||
BHP Group Ltd., ADR | 24,145 | 1,758,480 |
Miscellaneous Manufacturing — 2.4% | ||
3M Co. | 8,840 | 1,755,889 |
Textron, Inc. | 44,202 | 3,039,772 |
4,795,661 | ||
Oil & Gas — 2.9% | ||
Chevron Corp. | 9,714 | 1,017,444 |
ConocoPhillips | 17,220 | 1,048,698 |
EOG Resources, Inc. | 23,013 | 1,920,205 |
Helmerich & Payne, Inc. | 22,321 | 728,334 |
Phillips 66 | 12,841 | 1,102,015 |
5,816,696 | ||
Pharmaceuticals — 5.6% | ||
Cigna Corp. | 19,171 | 4,544,869 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — (continued) | ||
Pfizer, Inc. | 74,579 | $ 2,920,514 |
Roche Holding AG, ADR | 78,352 | 3,681,760 |
11,147,143 | ||
Real Estate — 2.2% | ||
CBRE Group, Inc., Class A* | 51,341 | 4,401,464 |
Retail — 8.7% | ||
AutoZone, Inc.* | 2,010 | 2,999,362 |
Dollar General Corp. | 10,730 | 2,321,865 |
MSC Industrial Direct Co., Inc., Class A | 19,637 | 1,762,028 |
Murphy USA, Inc. | 8,676 | 1,157,118 |
Target Corp. | 21,252 | 5,137,459 |
Walmart, Inc. | 27,010 | 3,808,950 |
17,186,782 | ||
Semiconductors — 0.8% | ||
MKS Instruments, Inc. | 8,800 | 1,565,960 |
Telecommunications — 5.4% | ||
Ciena Corp.* | 30,866 | 1,755,967 |
Cisco Systems, Inc. | 60,002 | 3,180,106 |
Verizon Communications, Inc. | 101,577 | 5,691,359 |
10,627,432 | ||
Transportation — 2.3% | ||
Kansas City Southern | 5,992 | 1,697,953 |
Knight-Swift Transportation Holdings, Inc. | 64,154 | 2,916,441 |
4,614,394 | ||
TOTAL COMMON STOCKS (Cost $144,617,622) | 190,267,474 |
SHORT-TERM INVESTMENTS — 3.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $7,624,687) | 7,624,687 | 7,624,687 |
TOTAL INVESTMENTS — 99.9% (Cost $152,242,309) | $ 197,892,161 | |
Other Assets & Liabilities — 0.1% | 207,223 | |
TOTAL NET ASSETS — 100.0% | $ 198,099,384 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
Country Weightings as of 6/30/2021†† | |
United States | 96% |
Switzerland | 3 |
Australia | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $190,267,474 | $190,267,474 | $— | $— |
Short-Term Investments | 7,624,687 | 7,624,687 | — | — |
Total Investments | $ 197,892,161 | $ 197,892,161 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 93.9% | ||
Aerospace & Defense — 1.3% | ||
Hexcel Corp.* | 37,610 | $ 2,346,864 |
Agriculture — 1.4% | ||
Philip Morris International, Inc. | 26,106 | 2,587,366 |
Apparel — 2.5% | ||
Capri Holdings Ltd.* | 48,488 | 2,773,028 |
VF Corp. | 22,169 | 1,818,745 |
4,591,773 | ||
Auto Manufacturers — 2.2% | ||
General Motors Co.* | 38,441 | 2,274,554 |
PACCAR, Inc. | 20,299 | 1,811,686 |
4,086,240 | ||
Banks — 8.8% | ||
Bank of America Corp. | 107,892 | 4,448,387 |
KeyCorp. | 121,869 | 2,516,595 |
The Goldman Sachs Group, Inc. | 10,772 | 4,088,297 |
Truist Financial Corp. | 31,305 | 1,737,428 |
Wells Fargo & Co. | 76,935 | 3,484,386 |
16,275,093 | ||
Beverages — 2.7% | ||
Constellation Brands, Inc., Class A | 9,932 | 2,322,995 |
PepsiCo, Inc. | 17,993 | 2,666,023 |
4,989,018 | ||
Biotechnology — 0.6% | ||
Royalty Pharma PLC, Class A | 25,387 | 1,040,613 |
Building Materials — 1.9% | ||
Johnson Controls International PLC | 50,442 | 3,461,834 |
Chemicals — 1.0% | ||
FMC Corp. | 17,407 | 1,883,437 |
Commercial Services — 0.6% | ||
Euronet Worldwide, Inc.* | 8,320 | 1,126,112 |
Cosmetics & Personal Care — 2.4% | ||
The Procter & Gamble Co. | 33,066 | 4,461,595 |
Diversified Financial Services — 1.8% | ||
The Charles Schwab Corp. | 45,707 | 3,327,927 |
Electric — 5.3% | ||
CMS Energy Corp. | 33,388 | 1,972,563 |
Edison International | 53,192 | 3,075,561 |
NextEra Energy, Inc. | 34,166 | 2,503,685 |
Sempra Energy | 17,161 | 2,273,489 |
9,825,298 | ||
Electronics — 0.7% | ||
Waters Corp.* | 3,578 | 1,236,593 |
Food — 2.1% | ||
Lamb Weston Holdings, Inc. | 16,779 | 1,353,394 |
Number of Shares | Value† | |
Food — (continued) | ||
Mondelez International, Inc., Class A | 41,352 | $ 2,582,019 |
3,935,413 | ||
Hand & Machine Tools — 1.7% | ||
Stanley Black & Decker, Inc. | 15,013 | 3,077,515 |
Healthcare Products — 5.1% | ||
Medtronic PLC | 39,191 | 4,864,779 |
Thermo Fisher Scientific, Inc. | 9,125 | 4,603,289 |
9,468,068 | ||
Healthcare Services — 4.3% | ||
Charles River Laboratories International, Inc.* | 3,087 | 1,141,943 |
LHC Group, Inc.* | 7,624 | 1,526,782 |
UnitedHealth Group, Inc. | 13,193 | 5,283,005 |
7,951,730 | ||
Insurance — 10.1% | ||
American International Group, Inc. | 79,499 | 3,784,153 |
Arch Capital Group Ltd.* | 84,078 | 3,273,997 |
Berkshire Hathaway, Inc., Class B* | 20,623 | 5,731,544 |
Reinsurance Group of America, Inc. | 17,231 | 1,964,334 |
The Allstate Corp. | 29,204 | 3,809,370 |
18,563,398 | ||
Internet — 3.1% | ||
Alphabet, Inc., Class A* | 2,317 | 5,657,627 |
Lodging — 0.6% | ||
Hilton Worldwide Holdings, Inc.* | 9,708 | 1,170,979 |
Machinery — Construction & Mining — 0.6% | ||
Caterpillar, Inc. | 5,366 | 1,167,803 |
Machinery — Diversified — 1.1% | ||
Westinghouse Air Brake Technologies Corp. | 23,686 | 1,949,358 |
Media — 3.6% | ||
Fox Corp., Class A | 48,317 | 1,794,010 |
The Walt Disney Co.* | 28,083 | 4,936,149 |
6,730,159 | ||
Miscellaneous Manufacturing — 1.5% | ||
Eaton Corp. PLC | 19,042 | 2,821,644 |
Oil & Gas — 5.3% | ||
Chevron Corp. | 31,150 | 3,262,651 |
EOG Resources, Inc. | 21,980 | 1,834,011 |
EQT Corp.* | 79,525 | 1,770,227 |
Phillips 66 | 16,618 | 1,426,157 |
Valero Energy Corp. | 19,380 | 1,513,190 |
9,806,236 | ||
Packaging and Containers — 1.0% | ||
Packaging Corp. of America | 13,174 | 1,784,023 |
Pharmaceuticals — 7.3% | ||
AbbVie, Inc. | 17,169 | 1,933,916 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — (continued) | ||
Johnson & Johnson | 34,407 | $ 5,668,209 |
Neurocrine Biosciences, Inc.* | 26,980 | 2,625,694 |
Sanofi, ADR | 60,875 | 3,205,677 |
13,433,496 | ||
Retail — 1.3% | ||
Best Buy Co., Inc. | 20,168 | 2,318,917 |
Semiconductors — 2.0% | ||
Texas Instruments, Inc. | 19,016 | 3,656,777 |
Shipbuilding — 1.4% | ||
Huntington Ingalls Industries, Inc. | 12,519 | 2,638,379 |
Software — 3.1% | ||
Fidelity National Information Services, Inc. | 28,420 | 4,026,261 |
VMware, Inc., Class A* | 10,803 | 1,728,156 |
5,754,417 | ||
Telecommunications — 4.3% | ||
Cisco Systems, Inc. | 65,304 | 3,461,112 |
Verizon Communications, Inc. | 78,543 | 4,400,764 |
7,861,876 | ||
Transportation — 1.2% | ||
C.H. Robinson Worldwide, Inc. | 24,259 | 2,272,341 |
TOTAL COMMON STOCKS (Cost $143,819,886) | 173,259,919 | |
REAL ESTATE INVESTMENT TRUSTS — 5.2% | ||
Apartments — 3.0% | ||
Invitation Homes, Inc. | 65,700 | 2,449,953 |
Mid-America Apartment Communities, Inc. | 18,510 | 3,117,454 |
5,567,407 | ||
Industrial — 2.2% | ||
EastGroup Properties, Inc. | 14,912 | 2,452,278 |
First Industrial Realty Trust, Inc. | 30,972 | 1,617,668 |
4,069,946 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,764,663) | 9,637,353 | |
TOTAL INVESTMENTS — 99.1% (Cost $151,584,549) | $ 182,897,272 | |
Other Assets & Liabilities — 0.9% | 1,722,823 | |
TOTAL NET ASSETS — 100.0% | $ 184,620,095 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
Country Weightings as of 6/30/2021†† | |
United States | 92% |
Ireland | 3 |
Bermuda | 2 |
France | 2 |
United Kingdom | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $173,259,919 | $173,259,919 | $— | $— |
Real Estate Investment Trusts | 9,637,353 | 9,637,353 | — | — |
Total Investments | $ 182,897,272 | $ 182,897,272 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 97.0% | ||
Advertising — 0.1% | ||
Omnicom Group, Inc. | 4,012 | $ 320,920 |
The Interpublic Group of Cos., Inc. | 6,992 | 227,170 |
548,090 | ||
Aerospace & Defense — 1.5% | ||
General Dynamics Corp. | 4,149 | 781,091 |
Howmet Aerospace, Inc.* | 6,825 | 235,258 |
L3Harris Technologies, Inc. | 3,719 | 803,862 |
Lockheed Martin Corp. | 4,295 | 1,625,013 |
Northrop Grumman Corp. | 2,669 | 969,995 |
Raytheon Technologies Corp. | 26,666 | 2,274,876 |
Teledyne Technologies, Inc.* | 865 | 362,288 |
The Boeing Co.* | 9,677 | 2,318,222 |
TransDigm Group, Inc.* | 952 | 616,220 |
9,986,825 | ||
Agriculture — 0.8% | ||
Altria Group, Inc. | 32,485 | 1,548,885 |
Archer-Daniels-Midland Co. | 9,678 | 586,487 |
Philip Morris International, Inc. | 27,457 | 2,721,263 |
4,856,635 | ||
Airlines — 0.3% | ||
Alaska Air Group, Inc.* | 2,219 | 133,828 |
American Airlines Group, Inc.* | 11,517 | 244,276 |
Delta Air Lines, Inc.* | 11,758 | 508,651 |
Southwest Airlines Co.* | 10,226 | 542,898 |
United Airlines Holdings, Inc.* | 6,038 | 315,727 |
1,745,380 | ||
Apparel — 0.7% | ||
Hanesbrands, Inc. | 6,506 | 121,467 |
NIKE, Inc., Class B | 22,483 | 3,473,399 |
PVH Corp.* | 1,321 | 142,126 |
Ralph Lauren Corp. | 856 | 100,845 |
Tapestry, Inc.* | 4,955 | 215,444 |
Under Armour, Inc., Class A* | 3,386 | 71,614 |
Under Armour, Inc., Class C* | 3,927 | 72,924 |
VF Corp. | 5,897 | 483,790 |
4,681,609 | ||
Auto Manufacturers — 2.0% | ||
Cummins, Inc. | 2,586 | 630,493 |
Ford Motor Co.* | 70,452 | 1,046,917 |
General Motors Co.* | 22,797 | 1,348,898 |
PACCAR, Inc. | 6,000 | 535,500 |
Tesla, Inc.* | 13,582 | 9,231,685 |
12,793,493 | ||
Auto Parts & Equipment — 0.1% | ||
Aptiv PLC* | 4,799 | 755,027 |
BorgWarner, Inc. | 4,082 | 198,140 |
953,167 | ||
Banks — 5.2% | ||
Bank of America Corp. | 133,171 | 5,490,640 |
Citigroup, Inc. | 36,408 | 2,575,866 |
Citizens Financial Group, Inc. | 7,856 | 360,355 |
Number of Shares | Value† | |
Banks — (continued) | ||
Comerica, Inc. | 2,452 | $ 174,926 |
Fifth Third Bancorp | 12,820 | 490,109 |
First Republic Bank | 3,151 | 589,773 |
Huntington Bancshares, Inc. | 26,835 | 382,935 |
JPMorgan Chase & Co. | 53,499 | 8,321,234 |
KeyCorp. | 16,916 | 349,315 |
M&T Bank Corp. | 2,320 | 337,119 |
Morgan Stanley | 26,200 | 2,402,278 |
Northern Trust Corp. | 3,744 | 432,881 |
Regions Financial Corp. | 17,456 | 352,262 |
State Street Corp. | 5,999 | 493,598 |
SVB Financial Group* | 965 | 536,955 |
The Bank of New York Mellon Corp. | 14,412 | 738,327 |
The Goldman Sachs Group, Inc. | 5,987 | 2,272,246 |
The PNC Financial Services Group, Inc. | 7,453 | 1,421,734 |
Truist Financial Corp. | 23,573 | 1,308,302 |
US Bancorp | 23,772 | 1,354,291 |
Wells Fargo & Co. | 72,886 | 3,301,007 |
Zions Bancorp NA | 2,900 | 153,294 |
33,839,447 | ||
Beverages — 1.4% | ||
Brown-Forman Corp., Class B | 3,268 | 244,904 |
Constellation Brands, Inc., Class A | 2,935 | 686,467 |
Molson Coors Beverage Co., Class B* | 3,554 | 190,814 |
Monster Beverage Corp.* | 6,409 | 585,462 |
PepsiCo, Inc. | 24,368 | 3,610,607 |
The Coca-Cola Co. | 68,450 | 3,703,829 |
9,022,083 | ||
Biotechnology — 1.5% | ||
Alexion Pharmaceuticals, Inc.* | 3,903 | 717,020 |
Amgen, Inc. | 10,117 | 2,466,019 |
Biogen, Inc.* | 2,726 | 943,932 |
Bio-Rad Laboratories, Inc., Class A* | 400 | 257,716 |
Corteva, Inc. | 13,133 | 582,448 |
Gilead Sciences, Inc. | 22,010 | 1,515,608 |
Illumina, Inc.* | 2,558 | 1,210,471 |
Incyte Corp.* | 3,346 | 281,499 |
Regeneron Pharmaceuticals, Inc.* | 1,890 | 1,055,641 |
Vertex Pharmaceuticals, Inc.* | 4,517 | 910,763 |
9,941,117 | ||
Building Materials — 0.5% | ||
Carrier Global Corp. | 14,163 | 688,322 |
Fortune Brands Home & Security, Inc. | 2,507 | 249,722 |
Johnson Controls International PLC | 12,829 | 880,454 |
Martin Marietta Materials, Inc. | 1,114 | 391,917 |
Masco Corp. | 4,843 | 285,301 |
Vulcan Materials Co. | 2,276 | 396,183 |
2,891,899 | ||
Chemicals — 1.7% | ||
Air Products and Chemicals, Inc. | 3,873 | 1,114,185 |
Albemarle Corp. | 2,159 | 363,705 |
Celanese Corp. | 2,085 | 316,086 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Chemicals — (continued) | ||
CF Industries Holdings, Inc. | 3,956 | $ 203,536 |
Dow, Inc. | 13,274 | 839,979 |
DuPont de Nemours, Inc. | 9,210 | 712,946 |
Eastman Chemical Co. | 2,427 | 283,352 |
Ecolab, Inc. | 4,342 | 894,322 |
FMC Corp. | 2,351 | 254,378 |
International Flavors & Fragrances, Inc. | 4,435 | 662,589 |
Linde PLC | 9,186 | 2,655,673 |
LyondellBasell Industries N.V., Class A | 4,652 | 478,551 |
PPG Industries, Inc. | 4,120 | 699,452 |
The Mosaic Co. | 6,108 | 194,906 |
The Sherwin-Williams Co. | 4,275 | 1,164,724 |
10,838,384 | ||
Commercial Services — 2.5% | ||
Automatic Data Processing, Inc. | 7,467 | 1,483,095 |
Cintas Corp. | 1,608 | 614,256 |
Equifax, Inc. | 2,202 | 527,401 |
FleetCor Technologies, Inc.* | 1,510 | 386,651 |
Gartner, Inc.* | 1,501 | 363,542 |
Global Payments, Inc. | 5,158 | 967,331 |
IHS Markit Ltd. | 6,621 | 745,922 |
MarketAxess Holdings, Inc. | 686 | 318,023 |
Moody's Corp. | 2,815 | 1,020,072 |
Nielsen Holdings PLC | 6,921 | 170,741 |
PayPal Holdings, Inc.* | 20,750 | 6,048,210 |
Quanta Services, Inc. | 2,481 | 224,704 |
Robert Half International, Inc. | 2,079 | 184,969 |
Rollins, Inc. | 4,204 | 143,777 |
S&P Global, Inc. | 4,233 | 1,737,435 |
United Rentals, Inc.* | 1,241 | 395,891 |
Verisk Analytics, Inc. | 2,795 | 488,342 |
15,820,362 | ||
Computers — 7.3% | ||
Accenture PLC, Class A | 11,208 | 3,304,006 |
Apple, Inc. | 277,562 | 38,014,891 |
Cognizant Technology Solutions Corp., Class A | 9,152 | 633,868 |
DXC Technology Co.* | 4,316 | 168,065 |
Fortinet, Inc.* | 2,420 | 576,420 |
Hewlett Packard Enterprise Co. | 23,895 | 348,389 |
HP, Inc. | 21,250 | 641,537 |
International Business Machines Corp. | 15,727 | 2,305,421 |
Leidos Holdings, Inc. | 2,377 | 240,315 |
NetApp, Inc. | 3,879 | 317,380 |
Seagate Technology Holdings PLC | 3,505 | 308,195 |
Western Digital Corp.* | 5,440 | 387,165 |
47,245,652 | ||
Cosmetics & Personal Care — 1.3% | ||
Colgate-Palmolive Co. | 14,817 | 1,205,363 |
The Estee Lauder Cos., Inc., Class A | 4,133 | 1,314,625 |
The Procter & Gamble Co. | 43,240 | 5,834,373 |
8,354,361 |
Number of Shares | Value† | |
Distribution & Wholesale — 0.3% | ||
Copart, Inc.* | 3,800 | $ 500,954 |
Fastenal Co. | 9,918 | 515,736 |
LKQ Corp.* | 4,999 | 246,051 |
Pool Corp. | 700 | 321,062 |
W.W. Grainger, Inc. | 769 | 336,822 |
1,920,625 | ||
Diversified Financial Services — 4.1% | ||
American Express Co. | 11,439 | 1,890,066 |
Ameriprise Financial, Inc. | 2,133 | 530,861 |
BlackRock, Inc. | 2,496 | 2,183,925 |
Capital One Financial Corp. | 8,070 | 1,248,348 |
Cboe Global Markets, Inc. | 2,047 | 243,695 |
CME Group, Inc. | 6,296 | 1,339,033 |
Discover Financial Services | 5,289 | 625,636 |
Franklin Resources, Inc. | 5,190 | 166,028 |
Intercontinental Exchange, Inc. | 9,853 | 1,169,551 |
Invesco Ltd. | 7,349 | 196,439 |
Mastercard, Inc., Class A | 15,449 | 5,640,276 |
Nasdaq, Inc. | 1,961 | 344,744 |
Raymond James Financial, Inc. | 2,190 | 284,481 |
Synchrony Financial | 9,905 | 480,591 |
T. Rowe Price Group, Inc. | 4,055 | 802,768 |
The Charles Schwab Corp. | 26,373 | 1,920,218 |
The Western Union Co. | 7,491 | 172,068 |
Visa, Inc., Class A | 29,891 | 6,989,114 |
26,227,842 | ||
Electric — 2.3% | ||
Alliant Energy Corp. | 4,369 | 243,615 |
Ameren Corp. | 4,461 | 357,058 |
American Electric Power Co., Inc. | 8,886 | 751,667 |
CenterPoint Energy, Inc. | 9,490 | 232,695 |
CMS Energy Corp. | 5,200 | 307,216 |
Consolidated Edison, Inc. | 6,152 | 441,221 |
Dominion Energy, Inc. | 14,520 | 1,068,236 |
DTE Energy Co. | 3,543 | 459,173 |
Duke Energy Corp. | 13,487 | 1,331,437 |
Edison International | 6,854 | 396,298 |
Entergy Corp. | 3,608 | 359,718 |
Evergy, Inc. | 4,062 | 245,467 |
Eversource Energy | 6,332 | 508,080 |
Exelon Corp. | 17,474 | 774,273 |
FirstEnergy Corp. | 9,797 | 364,546 |
NextEra Energy, Inc. | 34,548 | 2,531,678 |
NRG Energy, Inc. | 4,337 | 174,781 |
Pinnacle West Capital Corp. | 2,115 | 173,367 |
PPL Corp. | 13,872 | 388,000 |
Public Service Enterprise Group, Inc. | 8,727 | 521,351 |
Sempra Energy | 5,605 | 742,550 |
The AES Corp. | 12,104 | 315,551 |
The Southern Co. | 18,529 | 1,121,190 |
WEC Energy Group, Inc. | 5,442 | 484,066 |
Xcel Energy, Inc. | 9,739 | 641,605 |
14,934,839 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electrical Components & Equipment — 0.3% | ||
AMETEK, Inc. | 4,235 | $ 565,373 |
Emerson Electric Co. | 10,480 | 1,008,595 |
Generac Holdings, Inc.* | 1,107 | 459,571 |
2,033,539 | ||
Electronics — 1.2% | ||
Agilent Technologies, Inc. | 5,284 | 781,028 |
Allegion PLC | 1,732 | 241,268 |
Amphenol Corp., Class A | 10,642 | 728,019 |
Fortive Corp. | 6,159 | 429,529 |
Garmin Ltd. | 2,676 | 387,057 |
Honeywell International, Inc. | 12,235 | 2,683,747 |
Keysight Technologies, Inc.* | 3,200 | 494,112 |
Mettler-Toledo International, Inc.* | 415 | 574,916 |
TE Connectivity Ltd. | 5,887 | 795,981 |
Trimble, Inc.* | 4,600 | 376,418 |
Waters Corp.* | 1,107 | 382,590 |
7,874,665 | ||
Energy-Alternate Sources — 0.1% | ||
Enphase Energy, Inc.* | 2,300 | 422,349 |
Engineering & Construction — 0.1% | ||
Jacobs Engineering Group, Inc. | 2,302 | 307,133 |
Entertainment — 0.1% | ||
Caesars Entertainment, Inc.* | 3,669 | 380,659 |
Live Nation Entertainment, Inc.* | 2,600 | 227,734 |
Penn National Gaming, Inc.* | 2,612 | 199,792 |
808,185 | ||
Environmental Control — 0.2% | ||
Pentair PLC | 2,923 | 197,273 |
Republic Services, Inc. | 3,832 | 421,559 |
Waste Management, Inc. | 6,782 | 950,226 |
1,569,058 | ||
Food — 1.0% | ||
Campbell Soup Co. | 3,917 | 178,576 |
Conagra Brands, Inc. | 8,869 | 322,654 |
General Mills, Inc. | 10,845 | 660,786 |
Hormel Foods Corp. | 5,195 | 248,061 |
Kellogg Co. | 4,558 | 293,216 |
Lamb Weston Holdings, Inc. | 2,600 | 209,716 |
McCormick & Co., Inc. | 4,502 | 397,617 |
Mondelez International, Inc., Class A | 24,661 | 1,539,833 |
Sysco Corp. | 9,064 | 704,726 |
The Hershey Co. | 2,575 | 448,513 |
The J.M. Smucker Co. | 2,060 | 266,914 |
The Kraft Heinz Co. | 11,714 | 477,697 |
The Kroger Co. | 13,504 | 517,338 |
Tyson Foods, Inc., Class A | 5,356 | 395,059 |
6,660,706 | ||
Forest Products & Paper — 0.1% | ||
International Paper Co. | 7,076 | 433,830 |
Number of Shares | Value† | |
Gas — 0.1% | ||
Atmos Energy Corp. | 2,319 | $ 222,879 |
NiSource, Inc. | 6,920 | 169,540 |
392,419 | ||
Hand & Machine Tools — 0.1% | ||
Snap-on, Inc. | 994 | 222,089 |
Stanley Black & Decker, Inc. | 2,949 | 604,516 |
826,605 | ||
Healthcare Products — 3.9% | ||
Abbott Laboratories | 31,340 | 3,633,246 |
ABIOMED, Inc.* | 833 | 259,988 |
Align Technology, Inc.* | 1,280 | 782,080 |
Baxter International, Inc. | 9,039 | 727,640 |
Boston Scientific Corp.* | 25,317 | 1,082,555 |
Danaher Corp. | 11,189 | 3,002,680 |
DENTSPLY SIRONA, Inc. | 4,008 | 253,546 |
Edwards Lifesciences Corp.* | 10,878 | 1,126,634 |
Henry Schein, Inc.* | 2,410 | 178,798 |
Hologic, Inc.* | 4,682 | 312,383 |
IDEXX Laboratories, Inc.* | 1,522 | 961,219 |
Intuitive Surgical, Inc.* | 2,113 | 1,943,199 |
Medtronic PLC | 23,711 | 2,943,246 |
PerkinElmer, Inc. | 2,001 | 308,974 |
ResMed, Inc. | 2,524 | 622,217 |
STERIS PLC | 1,600 | 330,080 |
Stryker Corp. | 5,752 | 1,493,967 |
Teleflex, Inc. | 826 | 331,879 |
The Cooper Cos., Inc. | 893 | 353,869 |
Thermo Fisher Scientific, Inc. | 6,931 | 3,496,482 |
West Pharmaceutical Services, Inc. | 1,332 | 478,321 |
Zimmer Biomet Holdings, Inc. | 3,612 | 580,882 |
25,203,885 | ||
Healthcare Services — 2.1% | ||
Anthem, Inc. | 4,300 | 1,641,740 |
Catalent, Inc.* | 3,000 | 324,360 |
Centene Corp.* | 10,329 | 753,294 |
Charles River Laboratories International, Inc.* | 900 | 332,928 |
DaVita, Inc.* | 1,319 | 158,847 |
HCA Healthcare, Inc. | 4,590 | 948,937 |
Humana, Inc. | 2,319 | 1,026,668 |
IQVIA Holdings, Inc.* | 3,454 | 836,973 |
Laboratory Corp. of America Holdings* | 1,681 | 463,704 |
Quest Diagnostics, Inc. | 2,449 | 323,194 |
UnitedHealth Group, Inc. | 16,672 | 6,676,136 |
Universal Health Services, Inc., Class B | 1,475 | 215,984 |
13,702,765 | ||
Home Builders — 0.3% | ||
D.R. Horton, Inc. | 6,008 | 542,943 |
Lennar Corp., Class A | 4,971 | 493,869 |
NVR, Inc.* | 63 | 313,318 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Home Builders — (continued) | ||
PulteGroup, Inc. | 4,726 | $ 257,897 |
1,608,027 | ||
Home Furnishings — 0.1% | ||
Leggett & Platt, Inc. | 2,436 | 126,209 |
Whirlpool Corp. | 1,130 | 246,363 |
372,572 | ||
Household Products & Wares — 0.3% | ||
Avery Dennison Corp. | 1,567 | 329,446 |
Church & Dwight Co., Inc. | 4,530 | 386,047 |
Kimberly-Clark Corp. | 5,875 | 785,957 |
Newell Brands, Inc. | 6,989 | 191,988 |
The Clorox Co. | 2,304 | 414,513 |
2,107,951 | ||
Insurance — 3.3% | ||
Aflac, Inc. | 11,343 | 608,665 |
American International Group, Inc. | 15,382 | 732,183 |
Aon PLC, Class A | 2,956 | 705,775 |
Arthur J. Gallagher & Co. | 3,523 | 493,502 |
Assurant, Inc. | 1,127 | 176,015 |
Berkshire Hathaway, Inc., Class B* | 33,502 | 9,310,876 |
Chubb Ltd. | 8,062 | 1,281,374 |
Cincinnati Financial Corp. | 2,604 | 303,678 |
Everest Re Group Ltd. | 725 | 182,707 |
Globe Life, Inc. | 1,673 | 159,353 |
Lincoln National Corp. | 3,150 | 197,946 |
Loews Corp. | 3,889 | 212,534 |
Marsh & McLennan Cos., Inc. | 8,909 | 1,253,318 |
MetLife, Inc. | 13,468 | 806,060 |
Principal Financial Group, Inc. | 4,406 | 278,415 |
Prudential Financial, Inc. | 6,848 | 701,715 |
The Allstate Corp. | 5,200 | 678,288 |
The Hartford Financial Services Group, Inc. | 6,415 | 397,538 |
The Progressive Corp. | 10,226 | 1,004,295 |
The Travelers Cos., Inc. | 4,505 | 674,443 |
Unum Group | 4,002 | 113,657 |
W.R. Berkley Corp. | 2,600 | 193,518 |
Willis Towers Watson PLC | 3,489 | 802,540 |
21,268,395 | ||
Internet — 11.8% | ||
Alphabet, Inc., Class A* | 5,318 | 12,985,439 |
Alphabet, Inc., Class C* | 5,035 | 12,619,321 |
Amazon.com, Inc.* | 7,584 | 26,090,174 |
Booking Holdings, Inc.* | 721 | 1,577,613 |
CDW Corp. | 2,600 | 454,090 |
eBay, Inc. | 11,577 | 812,821 |
Etsy, Inc.* | 2,300 | 473,432 |
Expedia Group, Inc.* | 2,434 | 398,470 |
F5 Networks, Inc.* | 1,163 | 217,086 |
Facebook, Inc., Class A* | 42,375 | 14,734,211 |
Netflix, Inc.* | 7,824 | 4,132,715 |
Nortonlifelock, Inc. | 10,440 | 284,177 |
Twitter, Inc.* | 14,214 | 978,065 |
Number of Shares | Value† | |
Internet — (continued) | ||
VeriSign, Inc.* | 1,814 | $ 413,030 |
76,170,644 | ||
Iron & Steel — 0.1% | ||
Nucor Corp. | 5,259 | 504,496 |
Leisure Time — 0.1% | ||
Carnival Corp.* | 14,891 | 392,527 |
Norwegian Cruise Line Holdings Ltd.* | 7,031 | 206,781 |
Royal Caribbean Cruises Ltd.* | 3,857 | 328,925 |
928,233 | ||
Lodging — 0.3% | ||
Hilton Worldwide Holdings, Inc.* | 4,824 | 581,871 |
Las Vegas Sands Corp.* | 5,905 | 311,135 |
Marriott International, Inc., Class A* | 4,719 | 644,238 |
MGM Resorts International | 7,436 | 317,145 |
Wynn Resorts Ltd.* | 1,957 | 239,341 |
2,093,730 | ||
Machinery — Construction & Mining — 0.3% | ||
Caterpillar, Inc. | 9,637 | 2,097,300 |
Machinery — Diversified — 0.7% | ||
Deere & Co. | 5,485 | 1,934,614 |
Dover Corp. | 2,461 | 370,627 |
IDEX Corp. | 1,400 | 308,070 |
Ingersoll Rand, Inc.* | 6,657 | 324,928 |
Otis Worldwide Corp. | 7,006 | 572,881 |
Rockwell Automation, Inc. | 2,009 | 574,614 |
Westinghouse Air Brake Technologies Corp. | 3,394 | 279,326 |
Xylem, Inc. | 3,235 | 388,071 |
4,753,131 | ||
Media — 2.1% | ||
Charter Communications, Inc., Class A* | 2,420 | 1,745,909 |
Comcast Corp., Class A | 80,925 | 4,614,344 |
Discovery, Inc., Class A* | 2,889 | 88,635 |
Discovery, Inc., Class C* | 5,277 | 152,927 |
DISH Network Corp., Class A* | 4,587 | 191,737 |
Fox Corp., Class A | 6,068 | 225,305 |
Fox Corp., Class B | 2,720 | 95,744 |
News Corp., Class A | 6,937 | 178,766 |
News Corp., Class B | 2,500 | 60,875 |
The Walt Disney Co.* | 32,088 | 5,640,108 |
ViacomCBS, Inc., Class B | 10,467 | 473,108 |
13,467,458 | ||
Mining — 0.3% | ||
Freeport-McMoRan, Inc. | 26,208 | 972,579 |
Newmont Corp. | 13,976 | 885,799 |
1,858,378 | ||
Miscellaneous Manufacturing — 1.3% | ||
3M Co. | 10,195 | 2,025,033 |
A.O. Smith Corp. | 2,467 | 177,772 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Miscellaneous Manufacturing — (continued) | ||
Eaton Corp. PLC | 6,966 | $ 1,032,222 |
General Electric Co. | 154,390 | 2,078,089 |
Illinois Tool Works, Inc. | 5,031 | 1,124,730 |
Parker-Hannifin Corp. | 2,242 | 688,541 |
Textron, Inc. | 4,198 | 288,696 |
Trane Technologies PLC | 4,334 | 798,063 |
8,213,146 | ||
Office & Business Equipment — 0.1% | ||
Zebra Technologies Corp., Class A* | 900 | 476,541 |
Oil & Gas — 2.3% | ||
APA Corp. | 7,042 | 152,318 |
Cabot Oil & Gas Corp. | 7,012 | 122,430 |
Chevron Corp. | 34,087 | 3,570,272 |
ConocoPhillips | 23,670 | 1,441,503 |
Devon Energy Corp. | 11,002 | 321,148 |
Diamondback Energy, Inc. | 3,200 | 300,448 |
EOG Resources, Inc. | 10,399 | 867,693 |
Exxon Mobil Corp. | 74,732 | 4,714,095 |
Hess Corp. | 4,940 | 431,361 |
Marathon Oil Corp. | 13,811 | 188,106 |
Marathon Petroleum Corp. | 11,064 | 668,487 |
Occidental Petroleum Corp. | 14,459 | 452,133 |
Phillips 66 | 7,600 | 652,232 |
Pioneer Natural Resources Co. | 4,197 | 682,096 |
Valero Energy Corp. | 7,377 | 575,996 |
15,140,318 | ||
Oil & Gas Services — 0.2% | ||
Baker Hughes Co. | 13,001 | 297,333 |
Halliburton Co. | 15,860 | 366,683 |
NOV, Inc.* | 7,110 | 108,925 |
Schlumberger Ltd. | 24,350 | 779,444 |
1,552,385 | ||
Packaging and Containers — 0.2% | ||
Amcor PLC | 26,132 | 299,473 |
Ball Corp. | 6,036 | 489,036 |
Packaging Corp. of America | 1,747 | 236,579 |
Sealed Air Corp. | 2,786 | 165,070 |
Westrock Co. | 4,676 | 248,857 |
1,439,015 | ||
Pharmaceuticals — 5.1% | ||
AbbVie, Inc. | 31,149 | 3,508,623 |
AmerisourceBergen Corp. | 2,666 | 305,230 |
Becton Dickinson and Co. | 5,095 | 1,239,053 |
Bristol-Myers Squibb Co. | 39,348 | 2,629,233 |
Cardinal Health, Inc. | 5,242 | 299,266 |
Cigna Corp. | 6,064 | 1,437,593 |
CVS Health Corp. | 23,151 | 1,931,719 |
Dexcom, Inc.* | 1,674 | 714,798 |
Eli Lilly & Co. | 14,033 | 3,220,854 |
Johnson & Johnson | 46,534 | 7,666,011 |
McKesson Corp. | 2,828 | 540,827 |
Merck & Co., Inc. | 44,652 | 3,472,586 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
Organon & Co.* | 4,605 | $ 139,347 |
Perrigo Co. PLC | 2,383 | 109,261 |
Pfizer, Inc. | 98,754 | 3,867,207 |
Viatris, Inc. | 21,779 | 311,222 |
Zoetis, Inc. | 8,335 | 1,553,311 |
32,946,141 | ||
Pipelines — 0.3% | ||
Kinder Morgan, Inc. | 33,758 | 615,409 |
ONEOK, Inc. | 8,094 | 450,350 |
The Williams Cos., Inc. | 21,013 | 557,895 |
1,623,654 | ||
Real Estate — 0.1% | ||
CBRE Group, Inc., Class A* | 5,793 | 496,634 |
Retail — 5.0% | ||
Advance Auto Parts, Inc. | 1,220 | 250,271 |
AutoZone, Inc.* | 395 | 589,427 |
Best Buy Co., Inc. | 3,909 | 449,457 |
CarMax, Inc.* | 2,935 | 379,055 |
Chipotle Mexican Grill, Inc.* | 490 | 759,667 |
Costco Wholesale Corp. | 7,792 | 3,083,061 |
Darden Restaurants, Inc. | 2,363 | 344,974 |
Dollar General Corp. | 4,206 | 910,136 |
Dollar Tree, Inc.* | 3,977 | 395,711 |
Domino's Pizza, Inc. | 723 | 337,272 |
Genuine Parts Co. | 2,712 | 342,987 |
L Brands, Inc. | 4,435 | 319,586 |
Lowe's Cos., Inc. | 12,446 | 2,414,151 |
McDonald's Corp. | 13,152 | 3,037,980 |
O'Reilly Automotive, Inc.* | 1,255 | 710,594 |
Ross Stores, Inc. | 6,405 | 794,220 |
Starbucks Corp. | 20,742 | 2,319,163 |
Target Corp. | 8,704 | 2,104,105 |
The Gap, Inc. | 3,512 | 118,179 |
The Home Depot, Inc. | 18,779 | 5,988,435 |
The TJX Cos., Inc. | 21,508 | 1,450,069 |
Tractor Supply Co. | 2,086 | 388,121 |
Ulta Beauty, Inc.* | 950 | 328,482 |
Walgreens Boots Alliance, Inc. | 12,726 | 669,515 |
Walmart, Inc. | 24,211 | 3,414,235 |
Yum! Brands, Inc. | 5,315 | 611,384 |
32,510,237 | ||
Savings & Loans — 0.0% | ||
People's United Financial, Inc. | 7,929 | 135,903 |
Semiconductors — 5.7% | ||
Advanced Micro Devices, Inc.* | 18,241 | 1,713,377 |
Analog Devices, Inc. | 4,570 | 786,771 |
Applied Materials, Inc. | 16,152 | 2,300,045 |
Broadcom, Inc. | 7,200 | 3,433,248 |
Intel Corp. | 71,251 | 4,000,031 |
IPG Photonics Corp.* | 667 | 140,584 |
KLA Corp. | 2,673 | 866,613 |
Lam Research Corp. | 2,505 | 1,630,004 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Semiconductors — (continued) | ||
Maxim Integrated Products, Inc. | 8,479 | $ 893,347 |
Microchip Technology, Inc. | 4,824 | 722,346 |
Micron Technology, Inc.* | 19,696 | 1,673,766 |
Monolithic Power Systems, Inc. | 800 | 298,760 |
NVIDIA Corp. | 11,011 | 8,809,901 |
NXP Semiconductors N.V. | 4,791 | 985,605 |
Qorvo, Inc.* | 2,048 | 400,691 |
QUALCOMM, Inc. | 19,874 | 2,840,591 |
Skyworks Solutions, Inc. | 2,852 | 546,871 |
Teradyne, Inc. | 3,000 | 401,880 |
Texas Instruments, Inc. | 16,280 | 3,130,644 |
Xilinx, Inc. | 6,835 | 988,614 |
36,563,689 | ||
Shipbuilding — 0.0% | ||
Huntington Ingalls Industries, Inc. | 741 | 156,166 |
Software — 10.0% | ||
Activision Blizzard, Inc. | 13,619 | 1,299,797 |
Adobe, Inc.* | 8,439 | 4,942,216 |
Akamai Technologies, Inc.* | 2,841 | 331,261 |
ANSYS, Inc.* | 1,586 | 550,437 |
Autodesk, Inc.* | 3,851 | 1,124,107 |
Broadridge Financial Solutions, Inc. | 2,102 | 339,536 |
Cadence Design Systems, Inc.* | 4,943 | 676,301 |
Cerner Corp. | 5,170 | 404,087 |
Citrix Systems, Inc. | 2,201 | 258,111 |
Electronic Arts, Inc. | 5,140 | 739,286 |
Fidelity National Information Services, Inc. | 10,887 | 1,542,361 |
Fiserv, Inc.* | 10,649 | 1,138,272 |
Intuit, Inc. | 4,810 | 2,357,718 |
Jack Henry & Associates, Inc. | 1,400 | 228,914 |
Microsoft Corp. | 133,265 | 36,101,489 |
MSCI, Inc. | 1,435 | 764,970 |
Oracle Corp. | 31,992 | 2,490,257 |
Paychex, Inc. | 5,557 | 596,266 |
Paycom Software, Inc.* | 900 | 327,123 |
PTC, Inc.* | 1,900 | 268,394 |
Roper Technologies, Inc. | 1,878 | 883,036 |
salesforce.com, Inc.* | 16,338 | 3,990,883 |
ServiceNow, Inc.* | 3,499 | 1,922,875 |
Synopsys, Inc.* | 2,706 | 746,288 |
Take-Two Interactive Software, Inc.* | 2,101 | 371,919 |
Tyler Technologies, Inc.* | 734 | 332,040 |
64,727,944 | ||
Telecommunications — 2.3% | ||
Arista Networks, Inc.* | 972 | 352,165 |
AT&T, Inc. | 125,936 | 3,624,438 |
Cisco Systems, Inc. | 74,351 | 3,940,603 |
Corning, Inc. | 14,043 | 574,359 |
Juniper Networks, Inc. | 5,811 | 158,931 |
Lumen Technologies, Inc. | 17,500 | 237,825 |
Motorola Solutions, Inc. | 2,994 | 649,249 |
T-Mobile USA, Inc.* | 10,241 | 1,483,204 |
Number of Shares | Value† | |
Telecommunications — (continued) | ||
Verizon Communications, Inc. | 73,053 | $ 4,093,159 |
15,113,933 | ||
Textiles — 0.0% | ||
Mohawk Industries, Inc.* | 1,128 | 216,790 |
Toys, Games & Hobbies — 0.0% | ||
Hasbro, Inc. | 2,270 | 214,560 |
Transportation — 1.7% | ||
C.H. Robinson Worldwide, Inc. | 2,288 | 214,317 |
CSX Corp. | 39,815 | 1,277,265 |
Expeditors International of Washington, Inc. | 3,031 | 383,725 |
FedEx Corp. | 4,277 | 1,275,957 |
J.B. Hunt Transport Services, Inc. | 1,592 | 259,416 |
Kansas City Southern | 1,682 | 476,628 |
Norfolk Southern Corp. | 4,507 | 1,196,203 |
Old Dominion Freight Line, Inc. | 1,730 | 439,074 |
Union Pacific Corp. | 11,700 | 2,573,181 |
United Parcel Service, Inc., Class B | 12,741 | 2,649,746 |
10,745,512 | ||
Water — 0.1% | ||
American Water Works Co., Inc. | 3,343 | 515,257 |
TOTAL COMMON STOCKS (Cost $275,926,273) | 626,855,089 | |
REAL ESTATE INVESTMENT TRUSTS — 2.5% | ||
Apartments — 0.3% | ||
AvalonBay Communities, Inc. | 2,525 | 526,942 |
Equity Residential | 6,174 | 475,398 |
Essex Property Trust, Inc. | 1,109 | 332,711 |
Mid-America Apartment Communities, Inc. | 2,116 | 356,377 |
UDR, Inc. | 5,274 | 258,321 |
1,949,749 | ||
Building & Real Estate — 0.1% | ||
Realty Income Corp. | 6,564 | 438,081 |
Diversified — 1.1% | ||
American Tower Corp. | 8,058 | 2,176,788 |
Crown Castle International Corp. | 7,585 | 1,479,834 |
Digital Realty Trust, Inc. | 5,001 | 752,450 |
Duke Realty Corp. | 6,867 | 325,152 |
Equinix, Inc. | 1,570 | 1,260,082 |
SBA Communications Corp. | 1,947 | 620,509 |
Vornado Realty Trust | 2,813 | 131,283 |
Weyerhaeuser Co. | 13,744 | 473,069 |
7,219,167 | ||
Healthcare — 0.2% | ||
Healthpeak Properties, Inc. | 9,763 | 325,010 |
Ventas, Inc. | 6,740 | 384,854 |
Welltower, Inc. | 7,236 | 601,312 |
1,311,176 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Hotels & Resorts — 0.0% | ||
Host Hotels & Resorts, Inc.* | 12,690 | $ 216,872 |
Industrial — 0.3% | ||
Prologis, Inc. | 13,264 | 1,585,446 |
Office Property — 0.1% | ||
Alexandria Real Estate Equities, Inc. | 2,237 | 407,000 |
Boston Properties, Inc. | 2,616 | 299,767 |
706,767 | ||
Regional Malls — 0.1% | ||
Simon Property Group, Inc. | 5,717 | 745,954 |
Storage & Warehousing — 0.2% | ||
Extra Space Storage, Inc. | 2,412 | 395,134 |
Iron Mountain, Inc. | 5,224 | 221,080 |
Public Storage | 2,705 | 813,366 |
1,429,580 | ||
Strip Centers — 0.1% | ||
Federal Realty Investment Trust | 1,233 | 144,470 |
Kimco Realty Corp. | 8,160 | 170,136 |
Regency Centers Corp. | 3,024 | 193,748 |
508,354 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,491,607) | 16,111,146 |
SHORT-TERM INVESTMENTS — 0.8% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $5,048,472) | 5,048,472 | 5,048,472 |
TOTAL INVESTMENTS — 100.3% (Cost $290,466,352) | $ 648,014,707 | |
Other Assets & Liabilities — (0.3)% | (1,916,453) | |
TOTAL NET ASSETS — 100.0% | $ 646,098,254 |
† | 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 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $626,855,089 | $626,855,089 | $— | $— |
Real Estate Investment Trusts | 16,111,146 | 16,111,146 | — | — |
Short-Term Investments | 5,048,472 | 5,048,472 | — | — |
Total Investments | $ 648,014,707 | $ 648,014,707 | $ — | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 67,422 | $ 67,422 | $— | $— |
Total Assets—Other Financial Instruments | $ 67,422 | $ 67,422 | $ — | $ — |
(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 and forward foreign currency 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 | 09/17/2021 | 25 | 50 | $4,289 | $5,360,750 | $67,422 | $— | ||||||||
$67,422 | $— |
Number of Shares | Value† | |
COMMON STOCKS — 98.3% | ||
Aerospace & Defense — 0.5% | ||
CAE, Inc.* | 33,268 | $ 1,024,654 |
Apparel — 1.2% | ||
Canada Goose Holdings, Inc.* | 55,707 | 2,436,624 |
Auto Parts & Equipment — 1.8% | ||
BorgWarner, Inc. | 79,268 | 3,847,669 |
Banks — 3.7% | ||
First Republic Bank | 21,145 | 3,957,710 |
SVB Financial Group* | 6,544 | 3,641,278 |
7,598,988 | ||
Biotechnology — 4.2% | ||
Genmab A/S, ADR* | 71,446 | 2,917,140 |
Horizon Therapeutics PLC* | 27,978 | 2,619,860 |
Seagen, Inc.* | 19,754 | 3,118,762 |
8,655,762 | ||
Building Materials — 1.8% | ||
Trex Co., Inc.* | 37,511 | 3,833,999 |
Chemicals — 1.3% | ||
RPM International, Inc. | 30,499 | 2,704,651 |
Commercial Services — 7.6% | ||
CoStar Group, Inc.* | 74,765 | 6,192,037 |
MarketAxess Holdings, Inc. | 11,834 | 5,486,124 |
TransUnion | 37,448 | 4,112,165 |
15,790,326 | ||
Computers — 1.9% | ||
Crowdstrike Holdings, Inc., Class A* | 15,462 | 3,885,755 |
Distribution & Wholesale — 1.8% | ||
Fastenal Co. | 73,963 | 3,846,076 |
Electrical Components & Equipment — 2.1% | ||
Novanta, Inc.* | 10,252 | 1,381,560 |
Universal Display Corp. | 12,983 | 2,886,510 |
4,268,070 | ||
Electronics — 6.6% | ||
Agilent Technologies, Inc. | 17,502 | 2,586,971 |
II-VI, Inc.* | 58,030 | 4,212,398 |
Keysight Technologies, Inc.* | 26,567 | 4,102,210 |
Trimble, Inc.* | 34,766 | 2,844,902 |
13,746,481 | ||
Entertainment — 1.1% | ||
Vail Resorts, Inc.* | 7,242 | 2,292,238 |
Food — 1.2% | ||
The Hershey Co. | 14,809 | 2,579,432 |
Healthcare Products — 11.3% | ||
10X Genomics, Inc., Class A* | 9,819 | 1,922,757 |
ABIOMED, Inc.* | 9,479 | 2,958,491 |
Bio-Techne Corp. | 6,743 | 3,036,103 |
Edwards Lifesciences Corp.* | 29,795 | 3,085,868 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Envista Holdings Corp.* | 62,982 | $ 2,721,452 |
Glaukos Corp.* | 22,079 | 1,872,961 |
Intuitive Surgical, Inc.* | 3,422 | 3,147,008 |
Masimo Corp.* | 9,260 | 2,245,087 |
Repligen Corp.* | 7,014 | 1,400,135 |
Zimmer Biomet Holdings, Inc. | 6,411 | 1,031,017 |
23,420,879 | ||
Housewares — 1.1% | ||
The Scotts Miracle-Gro Co. | 11,760 | 2,256,979 |
Internet — 4.5% | ||
Pinterest, Inc., Class A* | 28,463 | 2,247,154 |
Q2 Holdings, Inc.* | 9,755 | 1,000,668 |
Twitter, Inc.* | 48,951 | 3,368,318 |
Zendesk, Inc.* | 18,300 | 2,641,422 |
9,257,562 | ||
Machinery — Diversified — 3.3% | ||
IDEX Corp. | 13,722 | 3,019,526 |
The Middleby Corp.* | 22,501 | 3,898,523 |
6,918,049 | ||
Miscellaneous Manufacturing — 2.7% | ||
A.O. Smith Corp. | 49,179 | 3,543,839 |
Trane Technologies PLC | 11,320 | 2,084,465 |
5,628,304 | ||
Pharmaceuticals — 2.9% | ||
Dexcom, Inc.* | 14,172 | 6,051,444 |
Retail — 9.2% | ||
Chipotle Mexican Grill, Inc.* | 4,496 | 6,970,329 |
Dollar Tree, Inc.* | 26,989 | 2,685,405 |
Lululemon Athletica, Inc.* | 6,784 | 2,475,956 |
National Vision Holdings, Inc.* | 50,175 | 2,565,448 |
Ulta Beauty, Inc.* | 12,465 | 4,310,023 |
19,007,161 | ||
Semiconductors — 10.1% | ||
Brooks Automation, Inc. | 24,112 | 2,297,391 |
Marvell Technology, Inc. | 66,490 | 3,878,362 |
Microchip Technology, Inc. | 26,723 | 4,001,502 |
Monolithic Power Systems, Inc. | 14,155 | 5,286,185 |
SkyWater Technology, Inc.* | 17,734 | 508,079 |
Teradyne, Inc. | 37,538 | 5,028,590 |
21,000,109 | ||
Software — 14.1% | ||
Cerner Corp. | 54,180 | 4,234,709 |
DocuSign, Inc.* | 23,688 | 6,622,454 |
Electronic Arts, Inc. | 31,804 | 4,574,370 |
Five9, Inc.* | 20,952 | 3,842,387 |
Guidewire Software, Inc.* | 28,024 | 3,158,865 |
Paycom Software, Inc.* | 9,242 | 3,359,190 |
Tyler Technologies, Inc.* | 7,784 | 3,521,248 |
29,313,223 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Telecommunications — 2.3% | ||
Arista Networks, Inc.* | 12,928 | $ 4,683,944 |
TOTAL COMMON STOCKS (Cost $108,181,754) | 204,048,379 |
SHORT-TERM INVESTMENTS — 2.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $4,253,633) | 4,253,633 | 4,253,633 |
TOTAL INVESTMENTS — 100.4% (Cost $112,435,387) | $ 208,302,012 | |
Other Assets & Liabilities — (0.4)% | (828,763) | |
TOTAL NET ASSETS — 100.0% | $ 207,473,249 |
Number of Contracts | ||
WRITTEN OPTIONS — (0.0)% | ||
Call Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(1,868)) | (21) | $ (1,050) |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $204,048,379 | $204,048,379 | $— | $— |
Short-Term Investments | 4,253,633 | 4,253,633 | — | — |
Total Investments | $ 208,302,012 | $ 208,302,012 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Written Options | $(1,050) | $(1,050) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (1,050) | $ (1,050) | $ — | $ — |
(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 and forward foreign currency 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 | |||||
Glaukos Corp. | (21) | $189,000 | $90 | 7/16/2021 | $(1,050) | |||||
Total Written Options | $(1,050) |
Number of Shares | Value† | |
COMMON STOCKS — 86.3% | ||
Aerospace & Defense — 0.9% | ||
Mercury Systems, Inc.* | 14,226 | $ 942,899 |
Apparel — 3.0% | ||
Carter's, Inc. | 8,984 | 926,879 |
Columbia Sportswear Co. | 9,579 | 942,191 |
Levi Strauss & Co., Class A | 42,349 | 1,173,914 |
3,042,984 | ||
Auto Parts & Equipment — 1.0% | ||
Aptiv PLC* | 6,754 | 1,062,607 |
Banks — 9.0% | ||
Citizens Financial Group, Inc. | 44,276 | 2,030,940 |
Fifth Third Bancorp | 39,410 | 1,506,644 |
First Horizon Corp. | 122,567 | 2,117,958 |
M&T Bank Corp. | 8,689 | 1,262,598 |
Regions Financial Corp. | 84,066 | 1,696,452 |
State Street Corp. | 7,438 | 611,999 |
9,226,591 | ||
Biotechnology — 1.1% | ||
Corteva, Inc. | 25,085 | 1,112,520 |
Building Materials — 1.1% | ||
Martin Marietta Materials, Inc. | 3,331 | 1,171,879 |
Chemicals — 5.0% | ||
Axalta Coating Systems Ltd.* | 40,907 | 1,247,255 |
DuPont de Nemours, Inc. | 18,367 | 1,421,790 |
FMC Corp. | 11,622 | 1,257,500 |
NewMarket Corp. | 181 | 58,278 |
Nutrien Ltd. | 4,959 | 300,565 |
Westlake Chemical Corp. | 9,581 | 863,152 |
5,148,540 | ||
Commercial Services — 0.8% | ||
Global Payments, Inc. | 4,279 | 802,484 |
Computers — 0.8% | ||
Check Point Software Technologies Ltd.* | 6,637 | 770,755 |
Distribution & Wholesale — 1.4% | ||
IAA, Inc.* | 26,007 | 1,418,422 |
Electric — 4.8% | ||
Alliant Energy Corp. | 41,533 | 2,315,880 |
DTE Energy Co. | 6,760 | 876,096 |
Entergy Corp. | 16,801 | 1,675,060 |
4,867,036 | ||
Electrical Components & Equipment — 1.7% | ||
AMETEK, Inc. | 13,262 | 1,770,477 |
Electronics — 2.8% | ||
Agilent Technologies, Inc. | 8,706 | 1,286,834 |
Vontier Corp. | 48,735 | 1,587,786 |
2,874,620 |
Number of Shares | Value† | |
Engineering & Construction — 1.1% | ||
EMCOR Group, Inc. | 9,301 | $ 1,145,790 |
Environmental Control — 1.3% | ||
Waste Connections, Inc. | 11,555 | 1,380,014 |
Food — 1.2% | ||
Tyson Foods, Inc., Class A | 16,460 | 1,214,090 |
Hand & Machine Tools — 1.6% | ||
Lincoln Electric Holdings, Inc. | 12,128 | 1,597,379 |
Healthcare Products — 3.0% | ||
Haemonetics Corp.* | 8,575 | 571,438 |
Henry Schein, Inc.* | 25,719 | 1,908,093 |
Quidel Corp.* | 4,525 | 579,743 |
3,059,274 | ||
Healthcare Services — 2.2% | ||
Laboratory Corp. of America Holdings* | 8,266 | 2,280,176 |
Home Furnishings — 1.0% | ||
Leggett & Platt, Inc. | 20,660 | 1,070,395 |
Insurance — 6.6% | ||
Globe Life, Inc. | 26,860 | 2,558,415 |
RenaissanceRe Holdings Ltd. | 12,561 | 1,869,328 |
The Hartford Financial Services Group, Inc. | 38,242 | 2,369,857 |
6,797,600 | ||
Internet — 1.2% | ||
F5 Networks, Inc.* | 6,769 | 1,263,501 |
Machinery — Construction & Mining — 3.9% | ||
BWX Technologies, Inc. | 42,795 | 2,487,245 |
Oshkosh Corp. | 12,181 | 1,518,240 |
4,005,485 | ||
Machinery — Diversified — 1.4% | ||
GrafTech International Ltd. | 121,202 | 1,408,367 |
Media — 2.5% | ||
Discovery, Inc., Class C* | 39,180 | 1,135,437 |
Fox Corp., Class B | 40,806 | 1,436,371 |
2,571,808 | ||
Miscellaneous Manufacturing — 1.1% | ||
Carlisle Cos., Inc. | 5,658 | 1,082,828 |
Oil & Gas — 2.6% | ||
Cabot Oil & Gas Corp. | 18,772 | 327,759 |
Marathon Petroleum Corp. | 19,047 | 1,150,820 |
Pioneer Natural Resources Co. | 7,095 | 1,153,079 |
2,631,658 | ||
Packaging and Containers — 1.7% | ||
Graphic Packaging Holding Co. | 98,537 | 1,787,461 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — 1.1% | ||
Cardinal Health, Inc. | 14,354 | $ 819,470 |
Organon & Co.* | 9,085 | 274,912 |
1,094,382 | ||
Retail — 8.1% | ||
AutoZone, Inc.* | 777 | 1,159,455 |
Casey's General Stores, Inc. | 9,819 | 1,911,170 |
Cracker Barrel Old Country Store, Inc. | 4,664 | 692,417 |
MSC Industrial Direct Co., Inc., Class A | 16,445 | 1,475,610 |
O'Reilly Automotive, Inc.* | 1,631 | 923,489 |
Qurate Retail, Inc., Class A | 81,626 | 1,068,484 |
Ross Stores, Inc. | 8,492 | 1,053,008 |
8,283,633 | ||
Semiconductors — 3.4% | ||
CMC Materials, Inc. | 6,821 | 1,028,197 |
Maxim Integrated Products, Inc. | 23,430 | 2,468,585 |
3,496,782 | ||
Software — 6.0% | ||
CDK Global, Inc. | 33,161 | 1,647,770 |
Cerner Corp. | 12,511 | 977,860 |
Citrix Systems, Inc. | 6,355 | 745,251 |
Electronic Arts, Inc. | 7,266 | 1,045,069 |
ManTech International Corp., Class A | 8,769 | 758,869 |
Synopsys, Inc.* | 3,628 | 1,000,566 |
6,175,385 | ||
Telecommunications — 1.0% | ||
Motorola Solutions, Inc. | 4,511 | 978,210 |
Trucking and Leasing — 0.9% | ||
GATX Corp. | 10,201 | 902,482 |
TOTAL COMMON STOCKS (Cost $66,843,716) | 88,438,514 | |
REAL ESTATE INVESTMENT TRUSTS — 10.3% | ||
Apartments — 1.1% | ||
Equity Residential | 14,428 | 1,110,956 |
Building & Real Estate — 3.2% | ||
Equity LifeStyle Properties, Inc. | 43,645 | 3,243,260 |
Diversified — 1.6% | ||
Lamar Advertising Co., Class A | 15,904 | 1,660,696 |
Hotels & Resorts — 1.4% | ||
Apple Hospitality REIT, Inc. | 96,856 | 1,478,022 |
Industrial — 1.5% | ||
Americold Realty Trust | 39,192 | 1,483,417 |
Office Property — 0.7% | ||
Equity Commonwealth | 28,293 | 741,277 |
Number of Shares | Value† | |
Storage & Warehousing — 0.8% | ||
Public Storage | 2,602 | $ 782,395 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,229,055) | 10,500,023 |
SHORT-TERM INVESTMENTS — 2.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $2,677,326) | 2,677,326 | 2,677,326 |
TOTAL INVESTMENTS — 99.2% (Cost $77,750,097) | $ 101,615,863 | |
Other Assets & Liabilities — 0.8% | 846,410 | |
TOTAL NET ASSETS — 100.0% | $ 102,462,273 |
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
Country Weightings as of 6/30/2021†† | |
United States | 96% |
Bermuda | 2 |
Ireland | 1 |
Israel | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $ 88,438,514 | $ 88,438,514 | $— | $— |
Real Estate Investment Trusts | 10,500,023 | 10,500,023 | — | — |
Short-Term Investments | 2,677,326 | 2,677,326 | — | — |
Total Investments | $ 101,615,863 | $ 101,615,863 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 93.5% | ||
Aerospace & Defense — 2.4% | ||
BAE Systems PLC | 147,899 | $ 1,067,953 |
General Dynamics Corp. | 7,279 | 1,370,344 |
2,438,297 | ||
Airlines — 1.6% | ||
Southwest Airlines Co.* | 31,296 | 1,661,505 |
Auto Manufacturers — 2.3% | ||
Cummins, Inc. | 2,164 | 527,605 |
Honda Motor Co., Ltd., ADR | 32,534 | 1,046,944 |
PACCAR, Inc. | 8,232 | 734,706 |
2,309,255 | ||
Auto Parts & Equipment — 1.6% | ||
BorgWarner, Inc. | 22,958 | 1,114,381 |
Bridgestone Corp. | 11,500 | 523,269 |
1,637,650 | ||
Banks — 9.7% | ||
Commerce Bancshares, Inc. | 3,463 | 258,201 |
Eastern Bankshares, Inc. | 5,875 | 120,849 |
First Hawaiian, Inc. | 19,162 | 543,051 |
M&T Bank Corp. | 6,832 | 992,758 |
Northern Trust Corp. | 19,218 | 2,221,985 |
Prosperity Bancshares, Inc. | 7,749 | 556,378 |
State Street Corp. | 8,090 | 665,645 |
The Bank of New York Mellon Corp. | 50,269 | 2,575,281 |
Truist Financial Corp. | 24,254 | 1,346,097 |
Westamerica BanCorp | 10,628 | 616,743 |
9,896,988 | ||
Building Materials — 0.6% | ||
Johnson Controls International PLC | 8,607 | 590,698 |
Chemicals — 0.9% | ||
Axalta Coating Systems Ltd.* | 28,426 | 866,709 |
Commercial Services — 0.4% | ||
Euronet Worldwide, Inc.* | 3,213 | 434,880 |
Computers — 1.7% | ||
Amdocs Ltd. | 7,536 | 582,985 |
HP, Inc. | 38,943 | 1,175,689 |
1,758,674 | ||
Diversified Financial Services — 2.4% | ||
Ameriprise Financial, Inc. | 5,142 | 1,279,741 |
T. Rowe Price Group, Inc. | 6,023 | 1,192,373 |
2,472,114 | ||
Electric — 6.1% | ||
Edison International | 30,056 | 1,737,838 |
Evergy, Inc. | 9,072 | 548,221 |
Eversource Energy | 7,456 | 598,269 |
NorthWestern Corp. | 23,975 | 1,443,774 |
Pinnacle West Capital Corp. | 19,799 | 1,622,924 |
Xcel Energy, Inc. | 3,929 | 258,843 |
6,209,869 |
Number of Shares | Value† | |
Electrical Components & Equipment — 2.1% | ||
Emerson Electric Co. | 22,268 | $ 2,143,072 |
Electronics — 3.6% | ||
Hubbell, Inc. | 7,062 | 1,319,464 |
nVent Electric PLC | 58,452 | 1,826,040 |
TE Connectivity Ltd. | 3,971 | 536,919 |
3,682,423 | ||
Environmental Control — 1.3% | ||
Republic Services, Inc. | 11,797 | 1,297,788 |
Food — 7.1% | ||
Conagra Brands, Inc. | 54,184 | 1,971,214 |
General Mills, Inc. | 9,952 | 606,375 |
Kellogg Co. | 10,478 | 674,050 |
Koninklijke Ahold Delhaize N.V. | 61,290 | 1,821,953 |
Orkla ASA | 75,358 | 767,570 |
Sysco Corp. | 7,166 | 557,156 |
The J.M. Smucker Co. | 6,533 | 846,481 |
7,244,799 | ||
Food Service — 1.0% | ||
Sodexo S.A.* | 11,131 | 1,038,729 |
Forest Products & Paper — 1.5% | ||
Mondi PLC | 56,542 | 1,486,859 |
Gas — 1.5% | ||
Atmos Energy Corp. | 8,217 | 789,736 |
Spire, Inc. | 10,847 | 783,913 |
1,573,649 | ||
Healthcare Products — 6.0% | ||
Baxter International, Inc. | 6,769 | 544,905 |
Envista Holdings Corp.* | 11,778 | 508,927 |
Henry Schein, Inc.* | 20,376 | 1,511,695 |
Koninklijke Philips N.V. | 8,891 | 441,883 |
Zimmer Biomet Holdings, Inc. | 19,076 | 3,067,802 |
6,075,212 | ||
Healthcare Services — 4.5% | ||
Centene Corp.* | 10,380 | 757,013 |
Quest Diagnostics, Inc. | 14,626 | 1,930,193 |
Universal Health Services, Inc., Class B | 13,097 | 1,917,794 |
4,605,000 | ||
Household Products & Wares — 0.9% | ||
Kimberly-Clark Corp. | 6,856 | 917,196 |
Insurance — 6.8% | ||
Aflac, Inc. | 30,154 | 1,618,064 |
Arthur J. Gallagher & Co. | 2,877 | 403,010 |
Chubb Ltd. | 12,851 | 2,042,538 |
Reinsurance Group of America, Inc. | 13,563 | 1,546,182 |
The Allstate Corp. | 6,423 | 837,816 |
The Hartford Financial Services Group, Inc. | 7,946 | 492,413 |
6,940,023 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Internet — 1.0% | ||
F5 Networks, Inc.* | 5,576 | $ 1,040,816 |
Leisure Time — 0.7% | ||
Polaris, Inc. | 4,975 | 681,376 |
Machinery — Construction & Mining — 0.9% | ||
Oshkosh Corp. | 7,081 | 882,576 |
Machinery — Diversified — 1.1% | ||
Crane Co. | 6,819 | 629,871 |
IMI PLC | 21,028 | 500,314 |
1,130,185 | ||
Media — 1.4% | ||
Fox Corp., Class B | 39,203 | 1,379,946 |
Miscellaneous Manufacturing — 0.3% | ||
Textron, Inc. | 4,969 | 341,718 |
Oil & Gas — 3.8% | ||
Cimarex Energy Co. | 6,753 | 489,255 |
ConocoPhillips | 29,931 | 1,822,798 |
Devon Energy Corp. | 18,194 | 531,083 |
Pioneer Natural Resources Co. | 6,070 | 986,496 |
3,829,632 | ||
Oil & Gas Services — 0.8% | ||
Baker Hughes Co. | 35,950 | 822,177 |
Packaging and Containers — 3.0% | ||
Amcor PLC | 45,720 | 523,951 |
Packaging Corp. of America | 5,015 | 679,131 |
Sonoco Products Co. | 27,701 | 1,853,197 |
3,056,279 | ||
Pharmaceuticals — 3.9% | ||
Becton Dickinson and Co. | 4,444 | 1,080,736 |
Cardinal Health, Inc. | 28,997 | 1,655,439 |
McKesson Corp. | 6,329 | 1,210,358 |
3,946,533 | ||
Retail — 5.5% | ||
Advance Auto Parts, Inc. | 9,803 | 2,010,987 |
Beacon Roofing Supply, Inc.* | 6,038 | 321,524 |
Dollar Tree, Inc.* | 13,734 | 1,366,533 |
Genuine Parts Co. | 3,102 | 392,310 |
MSC Industrial Direct Co., Inc., Class A | 16,714 | 1,499,747 |
5,591,101 | ||
Savings & Loans — 0.3% | ||
Capitol Federal Financial, Inc. | 28,015 | 330,017 |
Software — 3.4% | ||
CDK Global, Inc. | 12,842 | 638,119 |
Cerner Corp. | 24,819 | 1,939,853 |
Open Text Corp. | 16,791 | 852,983 |
3,430,955 | ||
Telecommunications — 0.7% | ||
Juniper Networks, Inc. | 24,933 | 681,918 |
Number of Shares | Value† | |
Transportation — 0.7% | ||
Heartland Express, Inc. | 40,304 | $ 690,408 |
TOTAL COMMON STOCKS (Cost $79,420,421) | 95,117,026 | |
REAL ESTATE INVESTMENT TRUSTS — 5.1% | ||
Apartments — 0.9% | ||
Essex Property Trust, Inc. | 3,119 | 935,731 |
Diversified — 1.0% | ||
Equinix, Inc. | 910 | 730,366 |
Weyerhaeuser Co. | 9,374 | 322,653 |
1,053,019 | ||
Healthcare — 2.1% | ||
Healthcare Trust of America, Inc., Class A | 31,399 | 838,353 |
Healthpeak Properties, Inc. | 38,440 | 1,279,668 |
2,118,021 | ||
Hotels & Resorts — 1.1% | ||
MGM Growth Properties LLC, Class A | 29,822 | 1,092,082 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,334,144) | 5,198,853 |
SHORT-TERM INVESTMENTS — 1.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,033,433) | 1,033,433 | 1,033,433 |
TOTAL INVESTMENTS — 99.6% (Cost $84,787,998) | $ 101,349,312 | |
Other Assets & Liabilities — 0.4% | 359,915 | |
TOTAL NET ASSETS — 100.0% | $ 101,709,227 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
ASA— Allmennaksjeselskap. |
LLC— Limited Liability Company. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 6/30/2021†† | |
United States | 86% |
United Kingdom | 5 |
Switzerland | 3 |
Netherlands | 2 |
Japan | 1 |
France | 1 |
Canada | 1 |
Norway | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $95,117,026 | $95,117,026 | $ — | $— |
Real Estate Investment Trusts | 5,198,853 | 5,198,853 | — | — |
Short-Term Investments | 1,033,433 | 1,033,433 | — | — |
Total Investments | $ 101,349,312 | $ 101,349,312 | $ — | $ — |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $ 32,504 | $ — | $32,504 | $— |
Total Assets—Other Financial Instruments | $ 32,504 | $ — | $ 32,504 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $(493) | $— | $(493) | $— |
Total Liabilities—Other Financial Instruments | $ (493) | $ — | $ (493) | $ — |
(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 and forward foreign currency 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 | |||||||||
Sell | Japanese Yen | Bank of America | 9/30/2021 | (105,074,678) | 111.00600 | $(950,059) | $(946,567) | $3,492 | $— | ||||||||
Sell | Euro | Credit Suisse | 9/30/2021 | (2,298,653) | 0.84173 | (2,741,718) | (2,730,869) | 10,849 | — | ||||||||
Buy | Pound Sterling | JPMorgan | 9/30/2021 | 49,134 | 0.72276 | 68,307 | 67,981 | — | (326) | ||||||||
Sell | Pound Sterling | JPMorgan | 9/30/2021 | (1,949,416) | 0.72276 | (2,713,471) | (2,697,193) | 16,278 | — | ||||||||
Buy | Norwegian Krone | UBS Securities | 9/30/2021 | 137,889 | 8.60737 | 16,187 | 16,020 | — | (167) | ||||||||
Sell | Norwegian Krone | UBS Securities | 9/30/2021 | (5,867,859) | 8.60737 | (683,610) | (681,725) | 1,885 | — | ||||||||
Total | $32,504 | $(493) |
Number of Shares | Value† | |
COMMON STOCKS — 98.5% | ||
Aerospace & Defense — 2.8% | ||
HEICO Corp., Class A | 5,413 | $ 672,186 |
Kratos Defense & Security Solutions, Inc.* | 23,665 | 674,216 |
Teledyne Technologies, Inc.* | 3,520 | 1,474,282 |
2,820,684 | ||
Apparel — 3.0% | ||
Crocs, Inc.* | 6,842 | 797,230 |
Deckers Outdoor Corp.* | 3,914 | 1,503,250 |
Levi Strauss & Co., Class A | 28,887 | 800,747 |
3,101,227 | ||
Auto Parts & Equipment — 0.9% | ||
Fox Factory Holding Corp.* | 6,099 | 949,370 |
Beverages — 0.4% | ||
Oatly Group AB, ADR* | 18,959 | 463,737 |
Biotechnology — 9.7% | ||
Allogene Therapeutics, Inc.* | 9,692 | 252,767 |
Alnylam Pharmaceuticals, Inc.* | 5,441 | 922,358 |
Argenx S.E., ADR* | 2,676 | 805,663 |
Atea Pharmaceuticals, Inc.* | 6,682 | 143,529 |
Beam Therapeutics, Inc.* | 12,579 | 1,619,043 |
Berkeley Lights, Inc.* | 4,032 | 180,674 |
Certara, Inc.* | 26,162 | 741,170 |
Exelixis, Inc.* | 38,347 | 698,682 |
Guardant Health, Inc.* | 13,574 | 1,685,755 |
Halozyme Therapeutics, Inc.* | 25,746 | 1,169,126 |
Pacific Biosciences of California, Inc.* | 14,076 | 492,238 |
Twist Bioscience Corp.* | 1,750 | 233,188 |
Ultragenyx Pharmaceutical, Inc.* | 5,961 | 568,381 |
Y-mAbs Therapeutics, Inc.* | 10,216 | 345,301 |
9,857,875 | ||
Building Materials — 1.7% | ||
Lennox International, Inc. | 1,810 | 634,948 |
The AZEK Co., Inc* | 24,859 | 1,055,513 |
1,690,461 | ||
Chemicals — 2.8% | ||
Ashland Global Holdings, Inc. | 12,686 | 1,110,025 |
RPM International, Inc. | 15,937 | 1,413,293 |
Zymergen, Inc.* | 9,044 | 361,851 |
2,885,169 | ||
Commercial Services — 3.7% | ||
Avalara, Inc.* | 9,275 | 1,500,695 |
Booz Allen Hamilton Holding Corp. | 13,330 | 1,135,450 |
Shift4 Payments, Inc., Class A* | 12,503 | 1,171,781 |
3,807,926 | ||
Computers — 2.5% | ||
Rapid7, Inc.* | 13,589 | 1,285,927 |
Varonis Systems, Inc.* | 21,195 | 1,221,256 |
2,507,183 |
Number of Shares | Value† | |
Distribution & Wholesale — 2.1% | ||
Pool Corp. | 2,664 | $ 1,221,870 |
SiteOne Landscape Supply, Inc.* | 5,582 | 944,810 |
2,166,680 | ||
Diversified Financial Services — 2.2% | ||
Evercore, Inc., Class A | 8,245 | 1,160,648 |
Stifel Financial Corp. | 16,823 | 1,091,140 |
2,251,788 | ||
Electrical Components & Equipment — 2.4% | ||
Generac Holdings, Inc.* | 2,582 | 1,071,917 |
Novanta, Inc.* | 10,641 | 1,433,981 |
2,505,898 | ||
Electronics — 1.3% | ||
Allegion PLC | 9,219 | 1,284,207 |
Energy-Alternate Sources — 0.4% | ||
Shoals Technologies Group, Inc., Class A* | 11,605 | 411,977 |
Engineering & Construction — 1.5% | ||
Jacobs Engineering Group, Inc. | 8,989 | 1,199,313 |
Latham Group, Inc.* | 11,919 | 380,931 |
1,580,244 | ||
Environmental Control — 0.6% | ||
Tetra Tech, Inc. | 5,240 | 639,490 |
Healthcare Products — 10.1% | ||
10X Genomics, Inc., Class A* | 5,141 | 1,006,711 |
Bio-Techne Corp. | 4,615 | 2,077,950 |
Castle Biosciences, Inc.* | 7,532 | 552,321 |
Neogen Corp.* | 11,348 | 522,462 |
Nevro Corp.* | 3,089 | 512,125 |
PerkinElmer, Inc. | 13,803 | 2,131,321 |
Quanterix Corp.* | 10,435 | 612,117 |
Repligen Corp.* | 4,767 | 951,588 |
Tandem Diabetes Care, Inc.* | 8,104 | 789,330 |
Teleflex, Inc. | 2,849 | 1,144,700 |
10,300,625 | ||
Healthcare Services — 1.7% | ||
Molina Healthcare, Inc.* | 6,994 | 1,769,902 |
Household Products & Wares — 1.2% | ||
Avery Dennison Corp. | 5,803 | 1,220,023 |
Housewares — 0.8% | ||
The Scotts Miracle-Gro Co. | 4,221 | 810,094 |
Internet — 3.9% | ||
Bumble, Inc., Class A* | 13,408 | 772,301 |
Figs, Inc., Class A* | 2,609 | 130,711 |
Revolve Group, Inc.* | 7,406 | 510,273 |
Stitch Fix, Inc., Class A* | 12,009 | 724,143 |
Zendesk, Inc.* | 12,721 | 1,836,149 |
3,973,577 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Leisure Time — 3.3% | ||
Brunswick Corp. | 9,930 | $ 989,226 |
Planet Fitness, Inc., Class A* | 9,155 | 688,914 |
Polaris, Inc. | 5,457 | 747,391 |
YETI Holdings, Inc.* | 9,846 | 904,060 |
3,329,591 | ||
Lodging — 0.8% | ||
Wyndham Hotels & Resorts, Inc. | 11,103 | 802,636 |
Machinery — Diversified — 4.5% | ||
Chart Industries, Inc.* | 7,254 | 1,061,405 |
Colfax Corp.* | 27,230 | 1,247,407 |
IDEX Corp. | 6,445 | 1,418,222 |
The Toro Co. | 8,081 | 887,940 |
4,614,974 | ||
Metal Fabricate/Hardware — 1.2% | ||
RBC Bearings, Inc.* | 6,006 | 1,197,717 |
Pharmaceuticals — 3.5% | ||
Agios Pharmaceuticals, Inc.* | 20,764 | 1,144,304 |
Elanco Animal Health, Inc.* | 24,186 | 839,012 |
Intellia Therapeutics, Inc.* | 1,350 | 218,579 |
Neurocrine Biosciences, Inc.* | 14,534 | 1,414,449 |
3,616,344 | ||
Retail — 6.5% | ||
Five Below, Inc.* | 6,637 | 1,282,733 |
Floor & Decor Holdings, Inc., Class A* | 11,922 | 1,260,155 |
Freshpet, Inc.* | 8,573 | 1,397,056 |
RH* | 2,471 | 1,677,809 |
Texas Roadhouse, Inc. | 10,129 | 974,410 |
6,592,163 | ||
Semiconductors — 8.6% | ||
Allegro MicroSystems, Inc.* | 32,144 | 890,389 |
Brooks Automation, Inc. | 12,674 | 1,207,579 |
Entegris, Inc. | 19,233 | 2,365,082 |
Lattice Semiconductor Corp.* | 21,891 | 1,229,836 |
MKS Instruments, Inc. | 9,487 | 1,688,211 |
Monolithic Power Systems, Inc. | 3,673 | 1,371,682 |
8,752,779 | ||
Software — 13.2% | ||
Alignment Healthcare, Inc.* | 28,769 | 672,332 |
Alkami Technology, Inc.* | 6,955 | 248,085 |
Bill.com Holdings, Inc.* | 7,016 | 1,285,191 |
Blackline, Inc.* | 8,571 | 953,695 |
Confluent, Inc., Class A* | 898 | 42,655 |
DigitalOcean Holdings, Inc.* | 15,979 | 888,273 |
Dynatrace, Inc.* | 34,434 | 2,011,634 |
Elastic N.V.* | 8,332 | 1,214,472 |
HubSpot, Inc.* | 1,294 | 754,040 |
Monday.com Ltd.* | 1,495 | 334,267 |
MongoDB, Inc.* | 3,001 | 1,084,921 |
nCino, Inc.* | 8,516 | 510,279 |
Olo, Inc., Class A* | 9,852 | 368,366 |
Procore Technologies, Inc.* | 3,862 | 366,697 |
Number of Shares | Value† | |
Software — (continued) | ||
Qualtrics International, Inc., Class A* | 20,154 | $ 770,890 |
Sailpoint Technologies Holdings, Inc.* | 15,937 | 813,903 |
Smartsheet, Inc.* | 15,434 | 1,116,187 |
13,435,887 | ||
Telecommunications — 0.5% | ||
Ciena Corp.* | 8,286 | 471,391 |
Transportation — 0.7% | ||
XPO Logistics, Inc.* | 5,324 | 744,774 |
TOTAL COMMON STOCKS (Cost $74,402,896) | 100,556,393 |
SHORT-TERM INVESTMENTS — 3.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $3,660,689) | 3,660,689 | 3,660,689 |
TOTAL INVESTMENTS — 102.1% (Cost $78,063,585) | $ 104,217,082 | |
Other Assets & Liabilities — (2.1)% | (2,134,548) | |
TOTAL NET ASSETS — 100.0% | $ 102,082,534 |
† | See Security Valuation Note. |
* | Non-income producing security. |
AB— Aktiebolag. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
Country Weightings as of 6/30/2021†† | |
United States | 97% |
Ireland | 1 |
Netherlands | 1 |
Sweden | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $100,556,393 | $100,556,393 | $— | $— |
Short-Term Investments | 3,660,689 | 3,660,689 | — | — |
Total Investments | $ 104,217,082 | $ 104,217,082 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 89.5% | ||
Aerospace & Defense — 1.3% | ||
AAR Corp.* | 364 | $ 14,105 |
Spirit AeroSystems Holdings, Inc., Class A | 17,380 | 820,162 |
834,267 | ||
Airlines — 1.9% | ||
Alaska Air Group, Inc.* | 10,183 | 614,137 |
SkyWest, Inc.* | 14,930 | 643,035 |
1,257,172 | ||
Apparel — 5.2% | ||
Carter's, Inc. | 7,370 | 760,363 |
Kontoor Brands, Inc. | 11,150 | 628,971 |
Ralph Lauren Corp. | 7,100 | 836,451 |
Steven Madden Ltd. | 11,260 | 492,738 |
Tapestry, Inc.* | 16,460 | 715,681 |
3,434,204 | ||
Auto Parts & Equipment — 2.8% | ||
Dana, Inc. | 18,232 | 433,192 |
Lear Corp. | 3,273 | 573,692 |
The Goodyear Tire & Rubber Co.* | 48,360 | 829,374 |
1,836,258 | ||
Banks — 11.6% | ||
BankUnited, Inc. | 17,625 | 752,411 |
Comerica, Inc. | 13,355 | 952,746 |
First Citizens BancShares, Inc., Class A | 1,181 | 983,466 |
First Hawaiian, Inc. | 9,577 | 271,412 |
Synovus Financial Corp. | 21,370 | 937,715 |
Texas Capital Bancshares, Inc.* | 13,437 | 853,115 |
Umpqua Holdings Corp. | 29,824 | 550,253 |
Webster Financial Corp. | 15,082 | 804,474 |
Wintrust Financial Corp. | 11,140 | 842,518 |
Zions Bancorp NA | 12,681 | 670,318 |
7,618,428 | ||
Building Materials — 1.1% | ||
Masonite International Corp.* | 6,434 | 719,257 |
Chemicals — 2.1% | ||
GCP Applied Technologies, Inc.* | 21,408 | 497,950 |
Innospec, Inc. | 4,210 | 381,468 |
Orion Engineered Carbons S.A.* | 25,296 | 480,371 |
1,359,789 | ||
Commercial Services — 5.1% | ||
ADT, Inc. | 63,060 | 680,418 |
Herc Holdings, Inc.* | 5,660 | 634,316 |
Korn Ferry | 12,680 | 919,934 |
Robert Half International, Inc. | 12,929 | 1,150,293 |
3,384,961 | ||
Computers — 2.9% | ||
Amdocs Ltd. | 5,791 | 447,992 |
Genpact Ltd. | 9,822 | 446,213 |
Lumentum Holdings, Inc.* | 6,470 | 530,734 |
Number of Shares | Value† | |
Computers — (continued) | ||
NCR Corp.* | 10,121 | $ 461,619 |
1,886,558 | ||
Diversified Financial Services — 3.0% | ||
Moelis & Co., Class A | 9,769 | 555,758 |
OneMain Holdings, Inc. | 8,104 | 485,511 |
Stifel Financial Corp. | 13,900 | 901,554 |
1,942,823 | ||
Electric — 1.4% | ||
IDACORP, Inc. | 9,609 | 936,878 |
Electrical Components & Equipment — 1.0% | ||
Belden, Inc. | 13,524 | 683,909 |
Electronics — 1.3% | ||
Avnet, Inc. | 20,690 | 829,255 |
Engineering & Construction — 1.4% | ||
AECOM* | 14,710 | 931,437 |
Entertainment — 1.3% | ||
Scientific Games Corp.* | 11,235 | 870,038 |
Food — 2.7% | ||
Nomad Foods Ltd.* | 30,161 | 852,651 |
The Hain Celestial Group, Inc.* | 23,148 | 928,698 |
1,781,349 | ||
Gas — 0.7% | ||
Southwest Gas Holdings, Inc. | 6,812 | 450,886 |
Hand & Machine Tools — 1.5% | ||
Kennametal, Inc. | 1,594 | 57,256 |
Regal Beloit Corp. | 6,864 | 916,413 |
973,669 | ||
Healthcare Services — 1.6% | ||
MEDNAX, Inc.* | 34,340 | 1,035,351 |
Home Builders — 3.4% | ||
KB Home | 16,730 | 681,245 |
PulteGroup, Inc. | 20,010 | 1,091,946 |
Taylor Morrison Home Corp.* | 16,264 | 429,695 |
2,202,886 | ||
Home Furnishings — 1.3% | ||
Herman Miller, Inc. | 18,780 | 885,289 |
Insurance — 4.7% | ||
American Financial Group, Inc. | 6,208 | 774,262 |
Everest Re Group Ltd. | 2,707 | 682,191 |
Selective Insurance Group, Inc. | 5,640 | 457,686 |
The Hanover Insurance Group, Inc. | 4,484 | 608,210 |
Voya Financial, Inc. | 9,470 | 582,405 |
3,104,754 | ||
Internet — 1.0% | ||
Criteo S.A., ADR* | 14,958 | 676,550 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Iron & Steel — 3.6% | ||
Carpenter Technology Corp. | 19,497 | $ 784,169 |
Commercial Metals Co. | 22,930 | 704,410 |
Reliance Steel & Aluminum Co. | 6,031 | 910,078 |
2,398,657 | ||
Leisure Time — 0.9% | ||
Brunswick Corp. | 5,847 | 582,478 |
Lodging — 0.8% | ||
Hilton Grand Vacations, Inc.* | 12,194 | 504,710 |
Machinery — Construction & Mining — 2.5% | ||
Oshkosh Corp. | 8,140 | 1,014,570 |
Vertiv Holdings Co. | 23,370 | 638,001 |
1,652,571 | ||
Machinery — Diversified — 1.0% | ||
Crane Co. | 6,922 | 639,385 |
Media — 0.7% | ||
Houghton Mifflin Harcourt Co.* | 43,539 | 480,671 |
Metal Fabricate/Hardware — 1.1% | ||
The Timken Co. | 8,590 | 692,268 |
Miscellaneous Manufacturing — 1.6% | ||
Hillenbrand, Inc. | 10,950 | 482,676 |
Trinseo S.A. | 9,917 | 593,433 |
1,076,109 | ||
Oil & Gas — 2.2% | ||
Cimarex Energy Co. | 10,184 | 737,831 |
HollyFrontier Corp. | 20,921 | 688,301 |
1,426,132 | ||
Oil & Gas Services — 1.4% | ||
Dril-Quip, Inc.* | 13,007 | 440,027 |
MRC Global, Inc.* | 53,233 | 500,390 |
940,417 | ||
Packaging and Containers — 1.6% | ||
Sealed Air Corp. | 17,272 | 1,023,366 |
Retail — 5.0% | ||
Dine Brands Global, Inc.* | 7,270 | 648,847 |
Foot Locker, Inc. | 9,671 | 596,024 |
Papa John's International, Inc. | 6,490 | 677,816 |
Sally Beauty Holdings, Inc.* | 34,880 | 769,801 |
Williams-Sonoma, Inc. | 3,864 | 616,888 |
3,309,376 | ||
Savings & Loans — 1.3% | ||
Sterling Bancorp | 33,312 | 825,804 |
Semiconductors — 1.6% | ||
Kulicke & Soffa Industries, Inc. | 10,251 | 627,361 |
MaxLinear, Inc.* | 10,128 | 430,339 |
1,057,700 |
Number of Shares | Value† | |
Software — 0.7% | ||
CommVault Systems, Inc.* | 6,303 | $ 492,706 |
Transportation — 2.4% | ||
Knight-Swift Transportation Holdings, Inc. | 19,662 | 893,834 |
XPO Logistics, Inc.* | 4,813 | 673,291 |
1,567,125 | ||
Trucking and Leasing — 0.8% | ||
GATX Corp. | 5,680 | 502,510 |
TOTAL COMMON STOCKS (Cost $44,006,383) | 58,807,953 | |
REAL ESTATE INVESTMENT TRUSTS — 9.2% | ||
Apartments — 2.0% | ||
American Campus Communities, Inc. | 11,612 | 542,513 |
Camden Property Trust | 5,860 | 777,446 |
1,319,959 | ||
Healthcare — 1.4% | ||
Physicians Realty Trust | 47,415 | 875,755 |
Hotels & Resorts — 2.3% | ||
MGM Growth Properties LLC, Class A | 22,539 | 825,378 |
RLJ Lodging Trust | 45,592 | 694,366 |
1,519,744 | ||
Industrial — 1.4% | ||
STAG lndustrial, Inc. | 25,125 | 940,429 |
Office Property — 0.9% | ||
Cousins Properties, Inc. | 16,010 | 588,848 |
Storage & Warehousing — 1.2% | ||
CubeSmart | 16,364 | 757,980 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,916,909) | 6,002,715 |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $409,909) | 409,909 | 409,909 |
TOTAL INVESTMENTS — 99.3% (Cost $49,333,201) | $ 65,220,577 | |
Other Assets & Liabilities — 0.7% | 473,798 | |
TOTAL NET ASSETS — 100.0% | $ 65,694,375 |
† | 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 6/30/2021†† | |
United States | 95% |
United Kingdom | 1 |
Bermuda | 1 |
France | 1 |
Singapore | 1 |
Luxembourg | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $58,807,953 | $58,807,953 | $— | $— |
Real Estate Investment Trusts | 6,002,715 | 6,002,715 | — | — |
Short-Term Investments | 409,909 | 409,909 | — | — |
Total Investments | $ 65,220,577 | $ 65,220,577 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 96.0% | ||
Advertising — 0.7% | ||
The Trade Desk, Inc., Class A* | 13,080 | $ 1,011,869 |
Auto Parts & Equipment — 1.0% | ||
QuantumScape Corp.* | 16,158 | 472,783 |
Visteon Corp.* | 8,222 | 994,369 |
1,467,152 | ||
Banks — 0.7% | ||
Walker & Dunlop, Inc. | 9,247 | 965,202 |
Biotechnology — 5.4% | ||
ACADIA Pharmaceuticals, Inc.* | 9,899 | 241,437 |
Ascendis Pharma A/S, ADR* | 3,999 | 526,068 |
Emergent BioSolutions, Inc.* | 13,922 | 876,947 |
Essa Pharma, Inc.* | 12,451 | 355,725 |
Fate Therapeutics, Inc.* | 9,596 | 832,837 |
Global Blood Therapeutics, Inc.* | 13,336 | 467,027 |
Insmed, Inc.* | 20,267 | 576,799 |
Ligand Pharmaceuticals, Inc.* | 8,806 | 1,155,259 |
NeoGenomics, Inc.* | 32,701 | 1,477,104 |
Olink Holding AB, ADR* | 2,391 | 82,298 |
Relay Therapeutics, Inc.* | 9,750 | 356,752 |
Rocket Pharmaceuticals, Inc.* | 8,528 | 377,705 |
Sage Therapeutics, Inc.* | 6,460 | 366,993 |
7,692,951 | ||
Building Materials — 0.8% | ||
Summit Materials, Inc., Class A* | 31,677 | 1,103,943 |
Chemicals — 2.9% | ||
H.B. Fuller Co. | 8,158 | 518,930 |
Rogers Corp.* | 4,860 | 975,888 |
Sensient Technologies Corp. | 30,365 | 2,628,395 |
4,123,213 | ||
Commercial Services — 7.9% | ||
Alarm.com Holdings, Inc.* | 6,305 | 534,033 |
Avalara, Inc.* | 9,349 | 1,512,668 |
Cimpress PLC* | 4,358 | 472,451 |
Euronet Worldwide, Inc.* | 11,462 | 1,551,382 |
HealthEquity, Inc.* | 11,845 | 953,286 |
Mister Car Wash, Inc.* | 29,871 | 643,123 |
Shift4 Payments, Inc., Class A* | 4,386 | 411,056 |
Stride, Inc.* | 37,442 | 1,203,011 |
Terminix Global Holdings, Inc.* | 41,061 | 1,959,020 |
TriNet Group, Inc.* | 13,505 | 978,842 |
WEX, Inc.* | 5,370 | 1,041,243 |
11,260,115 | ||
Computers — 2.7% | ||
Maximus, Inc. | 11,180 | 983,505 |
NCR Corp.* | 26,228 | 1,196,259 |
WNS Holdings Ltd., ADR* | 20,377 | 1,627,511 |
3,807,275 | ||
Diversified Financial Services — 3.4% | ||
Cboe Global Markets, Inc. | 12,437 | 1,480,625 |
LendingTree, Inc.* | 4,385 | 929,094 |
Number of Shares | Value† | |
Diversified Financial Services — (continued) | ||
LPL Financial Holdings, Inc. | 17,753 | $ 2,396,300 |
4,806,019 | ||
Electric — 0.5% | ||
NRG Energy, Inc. | 18,882 | 760,945 |
Electrical Components & Equipment — 1.4% | ||
EnerSys | 12,601 | 1,231,496 |
Novanta, Inc.* | 5,865 | 790,367 |
2,021,863 | ||
Electronics — 3.1% | ||
Brady Corp., Class A | 31,174 | 1,746,991 |
Itron, Inc.* | 5,386 | 538,492 |
National Instruments Corp. | 21,101 | 892,150 |
OSI Systems, Inc.* | 11,754 | 1,194,677 |
4,372,310 | ||
Engineering & Construction — 0.7% | ||
frontdoor, Inc.* | 19,050 | 949,071 |
Entertainment — 0.3% | ||
Manchester United PLC, Class A | 28,299 | 429,862 |
Environmental Control — 0.3% | ||
Montrose Environmental Group, Inc.* | 9,127 | 489,755 |
Food — 2.4% | ||
BellRing Brands, Inc., Class A* | 23,669 | 741,787 |
Hostess Brands, Inc.* | 61,697 | 998,874 |
Laird Superfood, Inc.* | 24,367 | 727,842 |
Premium Brands Holdings Corp. | 9,244 | 939,091 |
3,407,594 | ||
Healthcare Products — 9.2% | ||
Bio-Techne Corp. | 3,778 | 1,701,082 |
Bruker Corp. | 24,669 | 1,874,351 |
Eargo, Inc.* | 15,212 | 607,111 |
Glaukos Corp.* | 12,557 | 1,065,210 |
Globus Medical, Inc., Class A* | 25,307 | 1,962,052 |
ICU Medical, Inc.* | 4,715 | 970,347 |
Integra LifeSciences Holdings Corp.* | 36,250 | 2,473,700 |
STERIS PLC | 8,545 | 1,762,833 |
Treace Medical Concepts, Inc.* | 19,946 | 623,512 |
13,040,198 | ||
Healthcare Services — 3.6% | ||
Catalent, Inc.* | 36,476 | 3,943,785 |
Chemed Corp. | 2,408 | 1,142,596 |
5,086,381 | ||
Home Builders — 0.7% | ||
Thor Industries, Inc. | 9,200 | 1,039,600 |
Home Furnishings — 1.8% | ||
Purple Innovation, Inc.* | 17,355 | 458,346 |
The Lovesac Co.* | 25,509 | 2,035,363 |
2,493,709 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Household Products & Wares — 0.8% | ||
Helen of Troy Ltd.* | 4,885 | $ 1,114,366 |
Insurance — 1.1% | ||
RLI Corp. | 10,204 | 1,067,236 |
Trean Insurance Group, Inc.* | 35,536 | 535,883 |
1,603,119 | ||
Internet — 2.2% | ||
ChannelAdvisor Corp.* | 44,438 | 1,089,176 |
Zendesk, Inc.* | 14,539 | 2,098,559 |
3,187,735 | ||
Machinery — Diversified — 3.9% | ||
CSW Industrials, Inc. | 11,492 | 1,361,342 |
Gates Industrial Corp. PLC* | 36,127 | 652,815 |
Hydrofarm Holdings Group, Inc.* | 9,292 | 549,250 |
Kornit Digital Ltd.* | 8,230 | 1,023,236 |
Nordson Corp. | 5,377 | 1,180,305 |
Westinghouse Air Brake Technologies Corp. | 8,399 | 691,238 |
5,458,186 | ||
Metal Fabricate/Hardware — 1.7% | ||
Rexnord Corp. | 37,916 | 1,897,317 |
Standex International Corp. | 5,683 | 539,373 |
2,436,690 | ||
Miscellaneous Manufacturing — 2.2% | ||
Carlisle Cos., Inc. | 9,337 | 1,786,915 |
ITT, Inc. | 14,231 | 1,303,417 |
3,090,332 | ||
Packaging and Containers — 2.8% | ||
Crown Holdings, Inc. | 38,886 | 3,974,538 |
Pharmaceuticals — 3.1% | ||
Centessa Pharmaceuticals PLC* | 17,301 | 384,255 |
Eagle Pharmaceuticals, Inc.* | 11,343 | 485,480 |
Heska Corp.* | 3,113 | 715,149 |
Neurocrine Biosciences, Inc.* | 14,319 | 1,393,525 |
Rhythm Pharmaceuticals, Inc.* | 17,607 | 344,745 |
Sarepta Therapeutics, Inc.* | 7,717 | 599,920 |
Vaxcyte, Inc.* | 21,103 | 475,029 |
4,398,103 | ||
Retail — 2.1% | ||
Casey's General Stores, Inc. | 4,259 | 828,972 |
National Vision Holdings, Inc.* | 20,646 | 1,055,630 |
Williams-Sonoma, Inc. | 6,661 | 1,063,428 |
2,948,030 | ||
Semiconductors — 3.3% | ||
Cree, Inc.* | 7,131 | 698,339 |
Entegris, Inc. | 17,704 | 2,177,061 |
ON Semiconductor Corp.* | 45,396 | 1,737,759 |
4,613,159 | ||
Software — 17.4% | ||
ACI Worldwide, Inc.* | 25,531 | 948,221 |
Number of Shares | Value† | |
Software — (continued) | ||
Alkami Technology, Inc.* | 5,677 | $ 202,499 |
Blackbaud, Inc.* | 23,239 | 1,779,410 |
Broadridge Financial Solutions, Inc. | 13,778 | 2,225,560 |
Clarivate PLC* | 64,569 | 1,777,585 |
Clear Secure, Inc.* | 17,590 | 703,600 |
Dynatrace, Inc.* | 23,054 | 1,346,815 |
Envestnet, Inc.* | 12,949 | 982,311 |
Global-e Online Ltd.* | 5,621 | 320,847 |
Guidewire Software, Inc.* | 6,604 | 744,403 |
Intelligent Systems Corp.* | 21,679 | 682,021 |
J2 Global, Inc.* | 16,948 | 2,331,198 |
LivePerson, Inc.* | 26,820 | 1,696,097 |
PagerDuty, Inc.* | 24,691 | 1,051,343 |
Sailpoint Technologies Holdings, Inc.* | 31,246 | 1,595,733 |
Signify Health, Inc., Class A* | 9,075 | 276,152 |
SS&C Technologies Holdings, Inc. | 39,604 | 2,853,864 |
The Descartes Systems Group, Inc.* | 30,133 | 2,083,980 |
Viant Technology, Inc., Class A* | 15,859 | 472,281 |
Yext, Inc.* | 35,553 | 508,052 |
24,581,972 | ||
Telecommunications — 3.6% | ||
Nice Ltd., ADR* | 14,201 | 3,514,180 |
Vonage Holdings Corp.* | 107,737 | 1,552,490 |
5,066,670 | ||
Transportation — 2.3% | ||
CryoPort, Inc.* | 21,715 | 1,370,217 |
Saia, Inc.* | 8,721 | 1,826,962 |
3,197,179 | ||
TOTAL COMMON STOCKS (Cost $76,715,322) | 135,999,106 | |
REAL ESTATE INVESTMENT TRUSTS — 0.8% | ||
Diversified — 0.8% | ||
Lamar Advertising Co., Class A (Cost $581,347) | 10,485 | 1,094,844 |
SHORT-TERM INVESTMENTS — 3.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $4,506,424) | 4,506,424 | 4,506,424 |
TOTAL INVESTMENTS — 100.0% (Cost $81,803,093) | $ 141,600,374 | |
Other Assets & Liabilities — 0.0% | 1,464 | |
TOTAL NET ASSETS — 100.0% | $ 141,601,838 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
AB— Aktiebolag. |
ADR— American Depositary Receipt. |
PIPE— Private Investments in Public Equity |
PLC— Public Limited Company. |
Country Weightings as of 6/30/2021†† | |
United States | 90% |
Israel | 4 |
Canada | 3 |
United Kingdom | 2 |
India | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $135,999,106 | $135,999,106 | $ — | $— |
Real Estate Investment Trusts | 1,094,844 | 1,094,844 | — | — |
Short-Term Investments | 4,506,424 | 4,506,424 | — | — |
Total Investments | $ 141,600,374 | $ 141,600,374 | $ — | $ — |
Other Financial Instruments(1) | ||||
Unfunded commitment with a SPAC | $ 114,710 | $ — | $114,710 | $— |
Total Assets—Other Financial Instruments | $ 114,710 | $ — | $ 114,710 | $ — |
(1) | Other financial instruments are derivative instruments, with the exception of an unfunded commitment with a SPAC not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward currency exchange contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
Issuer¢ | Shares | Unfunded commitment Amount | Current Value | Unrealized Appreciation (Depreciation) |
CM Life Sciences II, Inc. PIPE | 30,686 | $ 306,860 | $ 387,963 | $ 81,103 |
Foresight Acquisition Corp. PIPE | 72,553 | 725,530 | 717,549 | (7,981) |
GS Acquisitions Holdings PIPE | 103,971 | 1,039,710 | 1,081,298 | 41,588 |
¢ | The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition, which is expected to be completed. |
Number of Shares | Value† | |
COMMON STOCKS — 86.9% | ||
Aerospace & Defense — 1.1% | ||
AAR Corp.* | 23,950 | $ 928,062 |
Ducommun, Inc.* | 8,442 | 460,596 |
Kaman Corp. | 16,128 | 812,851 |
2,201,509 | ||
Airlines — 0.5% | ||
Allegiant Travel Co.* | 2,212 | 429,128 |
SkyWest, Inc.* | 13,296 | 572,659 |
1,001,787 | ||
Apparel — 1.0% | ||
Capri Holdings Ltd.* | 11,632 | 665,234 |
Crocs, Inc.* | 10,846 | 1,263,776 |
Deckers Outdoor Corp.* | 277 | 106,387 |
2,035,397 | ||
Auto Manufacturers — 0.1% | ||
Workhorse Group, Inc.* | 12,521 | 207,723 |
Auto Parts & Equipment — 1.2% | ||
Adient PLC* | 40,722 | 1,840,634 |
The Goodyear Tire & Rubber Co.* | 27,391 | 469,756 |
2,310,390 | ||
Banks — 14.6% | ||
Alerus Financial Corp. | 5,530 | 160,425 |
Amalgamated Financial Corp. | 10,917 | 170,633 |
Ameris Bancorp | 27,985 | 1,416,880 |
Atlantic Union Bankshares Corp. | 31,116 | 1,127,021 |
BancorpSouth Bank | 33,592 | 951,661 |
Banner Corp. | 21,667 | 1,174,568 |
Cadence BanCorp | 13,577 | 283,488 |
Columbia Banking System, Inc. | 33,290 | 1,283,662 |
Community Bank System, Inc. | 17,257 | 1,305,492 |
ConnectOne Bancorp, Inc. | 30,484 | 797,766 |
CVB Financial Corp. | 54,514 | 1,122,443 |
FB Financial Corp. | 26,322 | 982,337 |
First Financial Bankshares, Inc. | 15,661 | 769,425 |
First Merchants Corp. | 27,304 | 1,137,758 |
German American Bancorp, Inc. | 13,363 | 497,104 |
Glacier Bancorp, Inc. | 24,197 | 1,332,771 |
Great Western Bancorp, Inc. | 19,344 | 634,290 |
Hancock Whitney Corp. | 19,788 | 879,379 |
Heritage Financial Corp. | 21,796 | 545,336 |
Home BancShares, Inc. | 37,865 | 934,508 |
Independent Bank Corp. | 12,429 | 938,389 |
Lakeland Financial Corp. | 17,987 | 1,108,719 |
PacWest Bancorp | 18,354 | 755,451 |
Pinnacle Financial Partners, Inc. | 13,265 | 1,171,167 |
Renasant Corp. | 28,214 | 1,128,560 |
South State Corp. | 19,266 | 1,575,188 |
The First of Long Island Corp. | 6,035 | 128,123 |
Towne Bank | 20,676 | 628,964 |
TriCo Bancshares | 19,119 | 814,087 |
United Community Banks, Inc. | 41,198 | 1,318,748 |
Walker & Dunlop, Inc. | 11,978 | 1,250,264 |
28,324,607 |
Number of Shares | Value† | |
Beverages — 0.5% | ||
Primo Water Corp. | 62,437 | $ 1,044,571 |
Biotechnology — 2.5% | ||
Allogene Therapeutics, Inc.* | 13,929 | 363,268 |
Arena Pharmaceuticals, Inc.* | 10,841 | 739,356 |
Bluebird Bio, Inc.* | 17,581 | 562,241 |
Blueprint Medicines Corp.* | 3,002 | 264,056 |
Inovio Pharmaceuticals, Inc.* | 18,399 | 170,559 |
Intra-Cellular Therapies, Inc.* | 12,211 | 498,453 |
Myriad Genetics, Inc.* | 21,221 | 648,938 |
Pacific Biosciences of California, Inc.* | 20,056 | 701,359 |
REVOLUTION Medicines, Inc.* | 7,030 | 223,132 |
Turning Point Therapeutics, Inc.* | 8,008 | 624,784 |
4,796,146 | ||
Building Materials — 1.0% | ||
Gibraltar Industries, Inc.* | 9,416 | 718,535 |
Griffon Corp. | 8,072 | 206,885 |
Summit Materials, Inc., Class A* | 28,248 | 984,443 |
1,909,863 | ||
Chemicals — 1.5% | ||
Amyris, Inc.* | 14,005 | 229,262 |
H.B. Fuller Co. | 3,072 | 195,410 |
Kraton Corp.* | 8,929 | 288,318 |
Rogers Corp.* | 5,078 | 1,019,662 |
Tronox Holdings PLC, Class A | 56,003 | 1,254,467 |
2,987,119 | ||
Commercial Services — 4.8% | ||
AMN Healthcare Services, Inc.* | 9,392 | 910,836 |
ASGN, Inc.* | 12,060 | 1,168,976 |
Deluxe Corp. | 20,669 | 987,358 |
First Advantage Corp.* | 42,661 | 849,381 |
Green Dot Corp., Class A* | 17,630 | 825,966 |
Herc Holdings, Inc.* | 6,148 | 689,006 |
ICF International, Inc. | 6,861 | 602,807 |
John Wiley & Sons, Inc., Class A | 21,673 | 1,304,281 |
LiveRamp Holdings, Inc.* | 21,174 | 992,002 |
Rent-A-Center, Inc. | 17,242 | 915,033 |
9,245,646 | ||
Computers — 1.1% | ||
KBR, Inc. | 46,674 | 1,780,613 |
NetScout Systems, Inc.* | 14,503 | 413,916 |
2,194,529 | ||
Distribution & Wholesale — 3.0% | ||
Avient Corp. | 49,289 | 2,423,047 |
Resideo Technologies, Inc.* | 55,081 | 1,652,430 |
WESCO International, Inc.* | 16,724 | 1,719,562 |
5,795,039 | ||
Diversified Financial Services — 1.4% | ||
Hamilton Lane, Inc., Class A | 5,318 | 484,576 |
Houlihan Lokey, Inc. | 8,090 | 661,681 |
Oportun Financial Corp.* | 8,305 | 166,349 |
PJT Partners, Inc., Class A | 8,357 | 596,523 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Diversified Financial Services — (continued) | ||
Stifel Financial Corp. | 13,691 | $ 887,998 |
2,797,127 | ||
Electric — 2.1% | ||
ALLETE, Inc. | 18,304 | 1,280,914 |
Clearway Energy, Inc., Class A | 8,780 | 221,432 |
IDACORP, Inc. | 12,908 | 1,258,530 |
MGE Energy, Inc. | 16,364 | 1,218,136 |
Portland General Electric Co. | 2,531 | 116,628 |
4,095,640 | ||
Electronics — 1.3% | ||
Brady Corp., Class A | 13,412 | 751,609 |
FARO Technologies, Inc.* | 10,935 | 850,415 |
Knowles Corp.* | 11,174 | 220,575 |
TTM Technologies, Inc.* | 50,628 | 723,980 |
2,546,579 | ||
Energy-Alternate Sources — 0.4% | ||
NextEra Energy Partners LP | 10,098 | 771,083 |
Engineering & Construction — 1.5% | ||
Arcosa, Inc. | 16,360 | 960,986 |
Dycom Industries, Inc.* | 11,160 | 831,755 |
WillScot Mobile Mini Holdings Corp.* | 38,110 | 1,062,126 |
2,854,867 | ||
Entertainment — 0.8% | ||
Cinemark Holdings, Inc.* | 15,473 | 339,633 |
SeaWorld Entertainment, Inc.* | 24,996 | 1,248,300 |
1,587,933 | ||
Food — 2.2% | ||
Hostess Brands, Inc.* | 60,099 | 973,003 |
Performance Food Group Co.* | 13,574 | 658,203 |
Sanderson Farms, Inc. | 2,287 | 429,887 |
The Simply Good Foods Co.* | 18,025 | 658,093 |
United Natural Foods, Inc.* | 19,606 | 725,030 |
Utz Brands, Inc. | 33,368 | 727,089 |
4,171,305 | ||
Forest Products & Paper — 0.2% | ||
Domtar Corp.* | 7,497 | 412,035 |
Gas — 1.3% | ||
Chesapeake Utilities Corp. | 8,199 | 986,586 |
ONE Gas, Inc. | 19,733 | 1,462,610 |
2,449,196 | ||
Hand & Machine Tools — 0.6% | ||
Kennametal, Inc. | 31,922 | 1,146,638 |
Healthcare Products — 2.5% | ||
Avanos Medical, Inc.* | 26,260 | 955,076 |
CONMED Corp. | 7,480 | 1,027,976 |
LivaNova PLC* | 8,617 | 724,776 |
Merit Medical Systems, Inc.* | 15,313 | 990,139 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
NuVasive, Inc.* | 16,395 | $ 1,111,253 |
4,809,220 | ||
Healthcare Services — 1.7% | ||
Acadia Healthcare Co., Inc.* | 14,916 | 935,979 |
Invitae Corp.* | 16,007 | 539,916 |
Tenet Healthcare Corp.* | 26,211 | 1,755,875 |
3,231,770 | ||
Home Builders — 1.5% | ||
Century Communities, Inc. | 13,406 | 892,035 |
Installed Building Products, Inc. | 4,957 | 606,538 |
Meritage Homes Corp.* | 15,208 | 1,430,769 |
2,929,342 | ||
Housewares — 0.1% | ||
Tupperware Brands Corp.* | 7,360 | 174,800 |
Insurance — 3.7% | ||
AMERISAFE, Inc. | 7,019 | 418,964 |
BRP Group, Inc., Class A* | 18,924 | 504,325 |
CNO Financial Group, Inc. | 39,722 | 938,234 |
Enstar Group Ltd.* | 4,056 | 969,059 |
MGIC Investment Corp. | 80,792 | 1,098,771 |
NMI Holdings, Inc., Class A* | 29,940 | 673,051 |
Primerica, Inc. | 4,606 | 705,363 |
RLI Corp. | 6,155 | 643,751 |
Selective Insurance Group, Inc. | 15,631 | 1,268,456 |
7,219,974 | ||
Internet — 0.1% | ||
Figs, Inc., Class A* | 5,262 | 263,626 |
Iron & Steel — 0.5% | ||
Allegheny Technologies, Inc.* | 19,324 | 402,905 |
Commercial Metals Co. | 19,948 | 612,803 |
1,015,708 | ||
Leisure Time — 0.6% | ||
Callaway Golf Co.* | 33,611 | 1,133,699 |
Lodging — 0.8% | ||
Boyd Gaming Corp.* | 12,771 | 785,289 |
Travel + Leisure Co. | 13,018 | 773,920 |
1,559,209 | ||
Machinery — Construction & Mining — 1.0% | ||
Astec Industries, Inc. | 14,744 | 927,987 |
Terex Corp. | 21,050 | 1,002,401 |
1,930,388 | ||
Machinery — Diversified — 3.1% | ||
Cactus, Inc., Class A | 25,190 | 924,977 |
Chart Industries, Inc.* | 8,930 | 1,306,638 |
Colfax Corp.* | 31,216 | 1,430,005 |
Columbus McKinnon Corp. | 27,364 | 1,320,039 |
SPX FLOW, Inc. | 15,733 | 1,026,421 |
6,008,080 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Media — 1.6% | ||
Entravision Communications Corp., Class A | 32,066 | $ 214,201 |
Gray Television, Inc. | 24,989 | 584,743 |
iHeartMedia, Inc., Class A* | 42,271 | 1,138,358 |
Nexstar Media Group, Inc., Class A | 7,314 | 1,081,594 |
3,018,896 | ||
Metal Fabricate/Hardware — 1.4% | ||
Proto Labs, Inc.* | 6,775 | 621,945 |
Rexnord Corp. | 42,182 | 2,110,787 |
2,732,732 | ||
Mining — 1.4% | ||
Alcoa Corp.* | 16,125 | 594,045 |
Arconic Corp.* | 30,479 | 1,085,662 |
Coeur Mining, Inc.* | 52,755 | 468,464 |
Constellium S.E.* | 30,030 | 569,069 |
2,717,240 | ||
Miscellaneous Manufacturing — 0.6% | ||
Federal Signal Corp. | 28,401 | 1,142,572 |
Oil & Gas — 5.2% | ||
Antero Resources Corp.* | 97,465 | 1,464,899 |
Brigham Minerals, Inc., Class A | 36,278 | 772,359 |
CNX Resources Corp.* | 76,683 | 1,047,490 |
EQT Corp.* | 36,635 | 815,495 |
Magnolia Oil & Gas Corp., Class A* | 62,579 | 978,110 |
Matador Resources Co. | 16,121 | 580,517 |
PDC Energy, Inc. | 24,913 | 1,140,766 |
Range Resources Corp.* | 62,423 | 1,046,209 |
SM Energy Co. | 39,185 | 965,127 |
Viper Energy Partners LP | 63,563 | 1,196,891 |
10,007,863 | ||
Oil & Gas Services — 0.7% | ||
ChampionX Corp.* | 55,607 | 1,426,320 |
Pharmaceuticals — 1.8% | ||
Agios Pharmaceuticals, Inc.* | 13,507 | 744,371 |
Alkermes PLC* | 22,382 | 548,807 |
Ironwood Pharmaceuticals, Inc.* | 33,661 | 433,217 |
MannKind Corp.* | 21,985 | 119,818 |
Option Care Health, Inc.* | 41,505 | 907,714 |
Owens & Minor, Inc. | 18,704 | 791,740 |
3,545,667 | ||
Pipelines — 0.1% | ||
Rattler Midstream LP | 26,023 | 284,171 |
Real Estate — 0.3% | ||
Kennedy-Wilson Holdings, Inc. | 28,530 | 566,891 |
Retail — 3.4% | ||
Abercrombie & Fitch Co., Class A* | 22,063 | 1,024,385 |
American Eagle Outfitters, Inc. | 25,941 | 973,566 |
Beacon Roofing Supply, Inc.* | 19,417 | 1,033,955 |
Big Lots, Inc. | 1,824 | 120,402 |
Number of Shares | Value† | |
Retail — (continued) | ||
Bloomin' Brands, Inc.* | 17,500 | $ 474,950 |
Citi Trends, Inc.* | 5,538 | 481,806 |
FirstCash, Inc. | 8,489 | 648,899 |
Group 1 Automotive, Inc. | 5,370 | 829,289 |
Macy's, Inc.* | 30,577 | 579,740 |
RH* | 219 | 148,701 |
Zumiez, Inc.* | 4,827 | 236,475 |
6,552,168 | ||
Savings & Loans — 2.1% | ||
Brookline Bancorp, Inc. | 47,374 | 708,241 |
OceanFirst Financial Corp. | 39,390 | 820,888 |
Pacific Premier Bancorp, Inc. | 29,268 | 1,237,744 |
Washington Federal, Inc. | 41,400 | 1,315,692 |
4,082,565 | ||
Semiconductors — 2.1% | ||
Cohu, Inc.* | 27,574 | 1,014,448 |
CTS Corp. | 18,888 | 701,878 |
MACOM Technology Solutions Holdings, Inc.* | 17,554 | 1,124,860 |
Onto Innovation, Inc.* | 17,993 | 1,314,209 |
4,155,395 | ||
Software — 1.3% | ||
Allscripts Healthcare Solutions, Inc.* | 46,648 | 863,455 |
Cerence, Inc.* | 8,423 | 898,818 |
ManTech International Corp., Class A | 7,820 | 676,743 |
2,439,016 | ||
Telecommunications — 2.6% | ||
InterDigital, Inc. | 7,728 | 564,376 |
Iridium Communications, Inc.* | 20,465 | 818,395 |
Maxar Technologies, Inc. | 18,303 | 730,656 |
Telephone and Data Systems, Inc. | 38,479 | 871,934 |
Viavi Solutions, Inc.* | 56,935 | 1,005,472 |
Vonage Holdings Corp.* | 69,815 | 1,006,034 |
4,996,867 | ||
Textiles — 0.5% | ||
UniFirst Corp. | 3,832 | 899,141 |
Transportation — 1.2% | ||
Air Transport Services Group, Inc.* | 16,933 | 393,354 |
ArcBest Corp. | 16,149 | 939,710 |
Saia, Inc.* | 5,191 | 1,087,463 |
2,420,527 | ||
Water — 0.3% | ||
SJW Group | 9,748 | 617,048 |
TOTAL COMMON STOCKS (Cost $133,985,502) | 168,767,624 | |
REAL ESTATE INVESTMENT TRUSTS — 11.5% | ||
Building & Real Estate — 1.4% | ||
PennyMac Mortgage Investment Trust | 80,785 | 1,701,332 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Building & Real Estate — (continued) | ||
Two Harbors Investment Corp. | 127,150 | $ 961,254 |
2,662,586 | ||
Diversified — 0.8% | ||
DigitalBridge Group, Inc.* | 122,766 | 969,851 |
PS Business Parks, Inc. | 4,321 | 639,854 |
1,609,705 | ||
Diversified Financial Services — 0.5% | ||
KKR Real Estate Finance Trust, Inc. | 44,117 | 954,251 |
Healthcare — 1.9% | ||
Healthcare Realty Trust, Inc. | 53,643 | 1,620,019 |
National Health Investors, Inc. | 18,548 | 1,243,643 |
Sabra Health Care REIT, Inc. | 46,445 | 845,299 |
3,708,961 | ||
Hotels & Resorts — 2.5% | ||
Park Hotels & Resorts, Inc.* | 41,191 | 848,947 |
Pebblebrook Hotel Trust | 68,139 | 1,604,673 |
RLJ Lodging Trust | 72,581 | 1,105,409 |
Ryman Hospitality Properties, Inc.* | 16,538 | 1,305,840 |
4,864,869 | ||
Industrial — 1.1% | ||
EastGroup Properties, Inc. | 5,063 | 832,610 |
STAG lndustrial, Inc. | 33,250 | 1,244,548 |
2,077,158 | ||
Office Property — 1.6% | ||
Highwoods Properties, Inc. | 33,827 | 1,527,965 |
Hudson Pacific Properties, Inc. | 55,201 | 1,535,692 |
3,063,657 | ||
Storage & Warehousing — 0.8% | ||
Life Storage, Inc. | 4,059 | 435,734 |
Terreno Realty Corp. | 16,298 | 1,051,547 |
1,487,281 | ||
Strip Centers — 0.9% | ||
Acadia Realty Trust | 53,051 | 1,165,000 |
SITE Centers Corp. | 46,322 | 697,609 |
1,862,609 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $20,613,742) | 22,291,077 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,753,313) | 1,753,313 | $ 1,753,313 |
TOTAL INVESTMENTS — 99.3% (Cost $156,352,557) | $ 192,812,014 | |
Other Assets & Liabilities — 0.7% | 1,328,429 | |
TOTAL NET ASSETS — 100.0% | $ 194,140,443 |
† | See Security Valuation Note. |
* | Non-income producing security. |
LP— Limited Partnership. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
S.E.— Societas Europaea. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $168,767,624 | $168,767,624 | $— | $— |
Real Estate Investment Trusts | 22,291,077 | 22,291,077 | — | — |
Short-Term Investments | 1,753,313 | 1,753,313 | — | — |
Total Investments | $ 192,812,014 | $ 192,812,014 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 91.0% | ||
Advertising — 0.1% | ||
Advantage Solutions, Inc.* | 2,600 | $ 28,054 |
Boston Omaha Corp., Class A* | 400 | 12,684 |
Clear Channel Outdoor Holdings, Inc.* | 12,200 | 32,208 |
Fluent, Inc.* | 1,700 | 4,981 |
MDC Partners, Inc., Class A* | 2,400 | 14,040 |
National CineMedia, Inc. | 1,874 | 9,501 |
Quotient Technology, Inc.* | 2,700 | 29,187 |
130,655 | ||
Aerospace & Defense — 0.6% | ||
AAR Corp.* | 1,069 | 41,424 |
Aerojet Rocketdyne Holdings, Inc. | 2,440 | 117,828 |
AeroVironment, Inc.* | 718 | 71,908 |
Astronics Corp.* | 795 | 13,920 |
Barnes Group, Inc. | 1,565 | 80,206 |
Ducommun, Inc.* | 300 | 16,368 |
Kaman Corp. | 848 | 42,739 |
Kratos Defense & Security Solutions, Inc.* | 3,822 | 108,889 |
Moog, Inc., Class A | 891 | 74,897 |
National Presto Industries, Inc. | 146 | 14,841 |
Park Aerospace Corp. | 533 | 7,942 |
Triumph Group, Inc.* | 1,600 | 33,200 |
624,162 | ||
Agriculture — 0.3% | ||
22nd Century Group, Inc.* | 5,200 | 24,076 |
AppHarvest, Inc.* | 1,600 | 25,600 |
Cadiz, Inc.* | 800 | 10,880 |
Fresh Del Monte Produce, Inc. | 1,016 | 33,406 |
Limoneira Co. | 600 | 10,530 |
Mission Produce, Inc.* | 1,300 | 26,923 |
Tejon Ranch Co.* | 525 | 7,985 |
The Andersons, Inc. | 932 | 28,454 |
Turning Point Brands, Inc. | 300 | 13,731 |
Universal Corp. | 755 | 43,013 |
Vector Group Ltd. | 4,357 | 61,608 |
Vital Farms, Inc.* | 800 | 15,968 |
302,174 | ||
Airlines — 0.4% | ||
Allegiant Travel Co.* | 490 | 95,060 |
Frontier Group Holdings, Inc.* | 1,200 | 20,448 |
Hawaiian Holdings, Inc.* | 1,626 | 39,625 |
Mesa Air Group, Inc.* | 900 | 8,397 |
SkyWest, Inc.* | 1,681 | 72,401 |
Spirit Airlines, Inc.* | 3,000 | 91,320 |
Sun Country Airlines Holdings, Inc.* | 600 | 22,206 |
349,457 | ||
Apparel — 0.8% | ||
Crocs, Inc.* | 2,000 | 233,040 |
Fossil Group, Inc.* | 1,700 | 24,276 |
Kontoor Brands, Inc. | 1,700 | 95,897 |
Oxford Industries, Inc. | 508 | 50,211 |
PLBY Group, Inc.* | 400 | 15,556 |
Rocky Brands, Inc. | 200 | 11,120 |
Number of Shares | Value† | |
Apparel — (continued) | ||
Steven Madden Ltd. | 2,573 | $ 112,594 |
Superior Group of Cos, Inc. | 400 | 9,564 |
Unifi, Inc.* | 460 | 11,206 |
Urban Outfitters, Inc.* | 2,100 | 86,562 |
Wolverine World Wide, Inc. | 2,582 | 86,858 |
736,884 | ||
Auto Manufacturers — 0.6% | ||
Arcimoto, Inc.* | 1,000 | 17,190 |
Blue Bird Corp.* | 392 | 9,745 |
Canoo, Inc.* | 2,700 | 26,838 |
Fisker, Inc.* | 5,100 | 98,328 |
Hyliion Holdings Corp.* | 3,900 | 45,435 |
Lordstown Motors Corp., Class A* | 3,700 | 40,922 |
Navistar International Corp.* | 1,600 | 71,200 |
Nikola Corp.* | 6,500 | 117,390 |
REV Group, Inc. | 1,000 | 15,690 |
Wabash National Corp. | 1,900 | 30,400 |
Workhorse Group, Inc.* | 4,000 | 66,360 |
XL Fleet Corp.* | 1,400 | 11,662 |
551,160 | ||
Auto Parts & Equipment — 1.4% | ||
Adient PLC* | 2,900 | 131,080 |
Aeva Technologies, Inc.* | 1,000 | 10,570 |
American Axle & Manufacturing Holdings, Inc.* | 4,016 | 41,566 |
Citius Pharmaceuticals, Inc.* | 4,100 | 14,268 |
Commercial Vehicle Group, Inc.* | 1,200 | 12,756 |
Cooper-Standard Holdings, Inc.* | 600 | 17,400 |
Dana, Inc. | 4,596 | 109,201 |
Dorman Products, Inc.* | 857 | 88,845 |
Douglas Dynamics, Inc. | 700 | 28,483 |
Fox Factory Holding Corp.* | 1,347 | 209,674 |
Gentherm, Inc.* | 1,068 | 75,881 |
Meritor, Inc.* | 2,445 | 57,262 |
Methode Electronics, Inc. | 1,260 | 62,005 |
Miller Industries, Inc. | 343 | 13,528 |
Modine Manufacturing Co.* | 1,577 | 26,162 |
Motorcar Parts of America, Inc.* | 500 | 11,220 |
Romeo Power, Inc.* | 1,500 | 12,210 |
Standard Motor Products, Inc. | 700 | 30,345 |
Tenneco, Inc., Class A* | 2,300 | 44,436 |
The Goodyear Tire & Rubber Co.* | 8,895 | 152,549 |
The Shyft Group, Inc. | 1,200 | 44,892 |
Titan International, Inc.* | 1,800 | 15,264 |
Velodyne Lidar, Inc.* | 2,400 | 25,536 |
Visteon Corp.* | 900 | 108,846 |
XPEL, Inc.* | 500 | 41,935 |
1,385,914 | ||
Banks — 7.6% | ||
1st Source Corp. | 488 | 22,672 |
Alerus Financial Corp. | 400 | 11,604 |
Allegiance Bancshares, Inc. | 600 | 23,064 |
Altabancorp | 600 | 25,986 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Amalgamated Financial Corp. | 300 | $ 4,689 |
American National Bankshares, Inc. | 400 | 12,436 |
Ameris Bancorp | 2,012 | 101,868 |
Arrow Financial Corp. | 436 | 15,674 |
Associated Banc-Corp. | 4,900 | 100,352 |
Atlantic Capital Bancshares, Inc.* | 800 | 20,368 |
Atlantic Union Bankshares Corp. | 2,507 | 90,804 |
BancFirst Corp. | 620 | 38,707 |
Banco Latinoamericano de Comercio Exterior S.A. | 1,110 | 17,061 |
BancorpSouth Bank | 3,149 | 89,211 |
Bank First Corp. | 200 | 13,954 |
Bank of Marin Bancorp | 480 | 15,312 |
BankUnited, Inc. | 3,000 | 128,070 |
Banner Corp. | 1,000 | 54,210 |
Bar Harbor Bankshares | 597 | 17,086 |
Blue Ridge Bankshares, Inc. | 700 | 12,264 |
Bridgewater Bancshares Inc.* | 700 | 11,305 |
Bryn Mawr Bank Corp. | 632 | 26,664 |
Business First Bancshares, Inc. | 700 | 16,065 |
Byline Bancorp, Inc. | 700 | 15,841 |
Cadence BanCorp | 3,906 | 81,557 |
Cambridge Bancorp | 200 | 16,598 |
Camden National Corp. | 539 | 25,743 |
Capital Bancorp, Inc.* | 400 | 8,180 |
Capital City Bank Group, Inc. | 469 | 12,096 |
Capstar Financial Holdings, Inc. | 600 | 12,300 |
Carter Bankshares, Inc.* | 800 | 10,008 |
Cathay General Bancorp | 2,450 | 96,432 |
CBTX, Inc. | 500 | 13,655 |
Central Pacific Financial Corp. | 900 | 23,454 |
Century Bancorp, Inc., Class A | 69 | 7,866 |
CIT Group, Inc. | 3,200 | 165,088 |
Citizens & Northern Corp. | 356 | 8,722 |
City Holding Co. | 544 | 40,931 |
Civista Bancshares, Inc. | 400 | 8,840 |
CNB Financial Corp. | 474 | 10,817 |
Coastal Financial Corp.* | 300 | 8,568 |
Columbia Banking System, Inc. | 2,168 | 83,598 |
Community Bank System, Inc. | 1,737 | 131,404 |
Community Trust Bancorp, Inc. | 483 | 19,504 |
ConnectOne Bancorp, Inc. | 1,160 | 30,357 |
CrossFirst Bankshares, Inc.* | 1,500 | 20,625 |
Customers Bancorp, Inc.* | 980 | 38,210 |
CVB Financial Corp. | 4,092 | 84,254 |
Dime Community Bancshares, Inc. | 1,109 | 37,285 |
Eagle Bancorp, Inc. | 1,073 | 60,174 |
Eastern Bankshares, Inc. | 5,300 | 109,021 |
Enterprise Bancorp, Inc. | 313 | 10,251 |
Enterprise Financial Services Corp. | 782 | 36,277 |
Equity Bancshares, Inc., Class A* | 500 | 15,245 |
Farmers National Banc Corp. | 700 | 10,857 |
FB Financial Corp. | 1,086 | 40,530 |
Fidelity D&D Bancorp, Inc. | 100 | 5,410 |
Financial Institutions, Inc. | 440 | 13,200 |
Number of Shares | Value† | |
Banks — (continued) | ||
First Bancorp | 924 | $ 37,801 |
First BanCorp | 6,800 | 81,056 |
First Bank | 400 | 5,416 |
First Busey Corp. | 1,813 | 44,709 |
First Choice Bancorp | 300 | 9,135 |
First Commonwealth Financial Corp. | 3,321 | 46,726 |
First Community Bankshares, Inc. | 626 | 18,686 |
First Financial Bancorp | 2,882 | 68,102 |
First Financial Bankshares, Inc. | 4,204 | 206,543 |
First Financial Corp. | 380 | 15,512 |
First Foundation, Inc. | 1,200 | 27,012 |
First Internet Bancorp | 300 | 9,294 |
First Interstate BancSystem, Inc., Class A | 1,387 | 58,018 |
First Merchants Corp. | 1,830 | 76,256 |
First Mid Bancshares, Inc. | 500 | 20,255 |
First Midwest Bancorp, Inc. | 3,614 | 71,666 |
Five Star Bancorp* | 200 | 4,830 |
Flagstar Bancorp, Inc. | 1,500 | 63,405 |
Fulton Financial Corp. | 5,103 | 80,525 |
German American Bancorp, Inc. | 738 | 27,454 |
Glacier Bancorp, Inc. | 3,121 | 171,905 |
Great Southern Bancorp, Inc. | 371 | 19,997 |
Great Western Bancorp, Inc. | 1,700 | 55,743 |
Guaranty Bancshares, Inc. | 330 | 11,243 |
Hancock Whitney Corp. | 2,778 | 123,454 |
Hanmi Financial Corp. | 913 | 17,402 |
HarborOne Bancorp, Inc. | 1,877 | 26,916 |
Hawthorn Bancshares, Inc. | 116 | 2,660 |
HBT Financial, Inc. | 400 | 6,964 |
Heartland Financial USA, Inc. | 1,217 | 57,187 |
Heritage Commerce Corp. | 1,900 | 21,147 |
Heritage Financial Corp. | 1,330 | 33,277 |
Hilltop Holdings, Inc. | 2,142 | 77,969 |
Home BancShares, Inc. | 4,935 | 121,796 |
HomeStreet, Inc. | 600 | 24,444 |
Hope Bancorp, Inc. | 3,567 | 50,580 |
Horizon Bancorp, Inc. | 1,350 | 23,530 |
Howard Bancorp, Inc.* | 500 | 8,065 |
Independent Bank Corp. | 1,055 | 79,652 |
Independent Bank Corp. | 800 | 17,368 |
Independent Bank Group, Inc. | 1,250 | 92,475 |
International Bancshares Corp. | 1,625 | 69,777 |
Kearny Financial Corp. | 2,245 | 26,828 |
Lakeland Bancorp, Inc. | 1,711 | 29,908 |
Lakeland Financial Corp. | 791 | 48,757 |
Live Oak Bancshares, Inc. | 900 | 53,100 |
Luther Burbank Corp. | 800 | 9,488 |
Macatawa Bank Corp. | 800 | 7,000 |
Mercantile Bank Corp. | 500 | 15,100 |
Merchants Bancorp | 200 | 7,848 |
Meta Financial Group, Inc. | 1,000 | 50,630 |
Metrocity Bankshares, Inc. | 600 | 10,506 |
Metropolitan Bank Holding Corp.* | 200 | 12,044 |
Mid Penn Bancorp, Inc. | 200 | 5,490 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Midland States Bancorp, Inc. | 700 | $ 18,389 |
MidWestOne Financial Group, Inc. | 400 | 11,508 |
MVB Financial Corp. | 400 | 17,064 |
National Bank Holdings Corp., Class A | 900 | 33,966 |
NBT Bancorp, Inc. | 1,469 | 52,840 |
Nicolet Bankshares, Inc.* | 300 | 21,102 |
Northrim BanCorp, Inc. | 200 | 8,550 |
OFG Bancorp | 1,610 | 35,613 |
Old National Bancorp | 5,161 | 90,885 |
Old Second Bancorp, Inc. | 800 | 9,920 |
Origin Bancorp, Inc. | 800 | 33,968 |
Orrstown Financial Services, Inc. | 400 | 9,228 |
Park National Corp. | 432 | 50,725 |
PCSB Financial Corp. | 500 | 9,085 |
Peapack-Gladstone Financial Corp. | 636 | 19,761 |
Peoples Bancorp, Inc. | 572 | 16,943 |
Peoples Financial Services Corp. | 200 | 8,520 |
Pioneer Bancorp, Inc.* | 500 | 6,010 |
Preferred Bank | 400 | 25,308 |
Premier Financial Bancorp, Inc. | 550 | 9,267 |
Premier Financial Corp. | 1,331 | 37,814 |
Primis Financial Corp. | 600 | 9,156 |
Provident Bancorp, Inc. | 404 | 6,589 |
QCR Holdings, Inc. | 500 | 24,045 |
RBB Bancorp | 600 | 14,532 |
Red River Bancshares, Inc. | 200 | 10,102 |
Reliant Bancorp, Inc. | 400 | 11,092 |
Renasant Corp. | 1,735 | 69,400 |
Republic Bancorp, Inc., Class A | 287 | 13,239 |
Republic First Bancorp, Inc.* | 1,700 | 6,783 |
S&T Bancorp, Inc. | 1,381 | 43,225 |
Sandy Spring Bancorp, Inc. | 1,450 | 63,988 |
Seacoast Banking Corp of Florida | 1,640 | 56,006 |
ServisFirst Bancshares, Inc. | 1,600 | 108,768 |
Sierra Bancorp | 412 | 10,485 |
Silvergate Capital Corp., Class A* | 700 | 79,324 |
Simmons First National Corp., Class A | 3,496 | 102,573 |
SmartFinancial, Inc. | 400 | 9,604 |
South Plains Financial, Inc. | 400 | 9,252 |
South State Corp. | 2,211 | 180,771 |
Southern First Bancshares, Inc.* | 200 | 10,232 |
Southside Bancshares, Inc. | 971 | 37,121 |
Spirit of Texas Bancshares, Inc. | 400 | 9,136 |
Stock Yards Bancorp, Inc. | 667 | 33,944 |
Summit Financial Group, Inc. | 400 | 8,804 |
Texas Capital Bancshares, Inc.* | 1,600 | 101,584 |
The Bancorp, Inc.* | 1,812 | 41,694 |
The Bank of NT Butterfield & Son Ltd. | 1,600 | 56,720 |
The First Bancorp, Inc. | 234 | 6,891 |
The First Bancshares, Inc. | 700 | 26,201 |
The First of Long Island Corp. | 689 | 14,627 |
Tompkins Financial Corp. | 458 | 35,522 |
Towne Bank | 2,077 | 63,182 |
TriCo Bancshares | 798 | 33,979 |
TriState Capital Holdings, Inc.* | 800 | 16,312 |
Number of Shares | Value† | |
Banks — (continued) | ||
Triumph Bancorp, Inc.* | 700 | $ 51,975 |
TrustCo Bank Corp. | 650 | 22,347 |
Trustmark Corp. | 2,030 | 62,524 |
UMB Financial Corp. | 1,381 | 128,516 |
United Bankshares, Inc. | 4,060 | 148,190 |
United Community Banks, Inc. | 2,678 | 85,723 |
Univest Corp. | 987 | 26,027 |
Valley National Bancorp | 12,483 | 167,647 |
Veritex Holdings, Inc. | 1,453 | 51,451 |
Walker & Dunlop, Inc. | 900 | 93,942 |
Washington Trust Bancorp, Inc. | 570 | 29,269 |
WesBanco, Inc. | 2,130 | 75,892 |
West BanCorp, Inc. | 478 | 13,264 |
Westamerica BanCorp | 873 | 50,660 |
7,403,751 | ||
Beverages — 0.3% | ||
Celsius Holdings, Inc.* | 1,400 | 106,526 |
Coca-Cola Consolidated, Inc. | 142 | 57,103 |
MGP Ingredients, Inc. | 400 | 27,056 |
National Beverage Corp. | 684 | 32,305 |
NewAge, Inc.* | 2,800 | 6,244 |
Primo Water Corp. | 4,900 | 81,977 |
The Duckhorn Portfolio, Inc.* | 700 | 15,442 |
326,653 | ||
Biotechnology — 8.8% | ||
4D Molecular Therapeutics, Inc.* | 300 | 7,224 |
89bio, Inc.* | 100 | 1,870 |
9 Meters Biopharma, Inc.* | 8,200 | 9,020 |
ACADIA Pharmaceuticals, Inc.* | 3,900 | 95,121 |
Adicet Bio, Inc.* | 900 | 9,261 |
Adverum Biotechnologies, Inc.* | 2,600 | 9,100 |
Affimed N.V.* | 3,800 | 32,300 |
Agenus, Inc.* | 5,000 | 27,450 |
Akero Therapeutics, Inc.* | 900 | 22,329 |
Akouos, Inc.* | 900 | 11,295 |
Akoya Biosciences, Inc.* | 300 | 5,802 |
Albireo Pharma, Inc.* | 500 | 17,590 |
Aldeyra Therapeutics, Inc.* | 1,700 | 19,261 |
Aligos Therapeutics, Inc.* | 300 | 6,116 |
Allakos, Inc.* | 1,100 | 93,907 |
Allogene Therapeutics, Inc.* | 1,900 | 49,552 |
Altimmune, Inc.* | 1,100 | 10,835 |
ALX Oncology Holdings, Inc.* | 600 | 32,808 |
Amicus Therapeutics, Inc.* | 8,100 | 78,084 |
AnaptysBio, Inc.* | 600 | 15,558 |
Anavex Life Sciences Corp.* | 2,100 | 48,006 |
ANI Pharmaceuticals, Inc.* | 300 | 10,515 |
Annexon, Inc.* | 900 | 20,259 |
Apellis Pharmaceuticals, Inc.* | 2,000 | 126,400 |
Applied Molecular Transport, Inc.* | 700 | 32,018 |
Applied Therapeutics, Inc.* | 500 | 10,390 |
Arbutus Biopharma Corp.* | 3,100 | 9,393 |
Arcturus Therapeutics Holdings, Inc.* | 800 | 27,072 |
Arcus Biosciences, Inc.* | 1,300 | 35,698 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
Arcutis Biotherapeutics, Inc.* | 900 | $ 24,561 |
Ardelyx, Inc.* | 2,200 | 16,676 |
Arena Pharmaceuticals, Inc.* | 1,950 | 132,990 |
Arrowhead Pharmaceuticals, Inc.* | 3,200 | 265,024 |
Atara Biotherapeutics, Inc.* | 2,328 | 36,200 |
Atea Pharmaceuticals, Inc.* | 2,100 | 45,108 |
Athersys, Inc.* | 5,000 | 7,200 |
Athira Pharma, Inc.* | 400 | 4,096 |
Atossa Therapeutics, Inc.* | 4,000 | 25,280 |
Atreca, Inc., Class A* | 1,000 | 8,520 |
Avid Bioservices, Inc.* | 2,100 | 53,865 |
Avidity Biosciences, Inc.* | 1,000 | 24,710 |
Avrobio, Inc.* | 1,100 | 9,779 |
Axsome Therapeutics, Inc.* | 800 | 53,968 |
Beam Therapeutics, Inc.* | 1,500 | 193,065 |
Berkeley Lights, Inc.* | 1,600 | 71,696 |
BioAtla, Inc.* | 400 | 16,952 |
BioCryst Pharmaceuticals, Inc.* | 5,500 | 86,955 |
Biodesix, Inc.* | 500 | 6,605 |
Biohaven Pharmaceutical Holding Co., Ltd.* | 1,700 | 165,036 |
Biomea Fusion, Inc.* | 400 | 6,244 |
Black Diamond Therapeutics, Inc.* | 582 | 7,095 |
Bluebird Bio, Inc.* | 2,200 | 70,356 |
Blueprint Medicines Corp.* | 1,800 | 158,328 |
Bolt Biotherapeutics, Inc.* | 400 | 6,184 |
Bridgebio Pharma, Inc.* | 3,455 | 210,617 |
Brooklyn ImmunoTherapeutics, Inc.* | 900 | 16,209 |
C4 Therapeutics, Inc.* | 1,100 | 41,624 |
Cara Therapeutics, Inc.* | 1,500 | 21,405 |
Cardiff Oncology, Inc.* | 1,400 | 9,310 |
Celldex Therapeutics, Inc.* | 1,300 | 43,472 |
CEL-SCI Corp.* | 1,100 | 9,548 |
Cerecor, Inc.* | 1,000 | 3,270 |
Cerevel Therapeutics Holdings, Inc.* | 1,300 | 33,306 |
ChemoCentryx, Inc.* | 1,695 | 22,696 |
Chinook Therapeutics, Inc.* | 560 | 7,907 |
ChromaDex Corp.* | 1,400 | 13,804 |
Clene, Inc.* | 900 | 10,116 |
Codiak Biosciences, Inc.* | 300 | 5,559 |
Cogent Biosciences, Inc.* | 1,400 | 11,354 |
Constellation Pharmaceuticals, Inc.* | 1,200 | 40,560 |
Cortexyme, Inc.* | 500 | 26,500 |
Crinetics Pharmaceuticals, Inc.* | 1,000 | 18,850 |
Cue Biopharma, Inc.* | 1,000 | 11,650 |
Cullinan Oncology, Inc.* | 400 | 10,300 |
Curis, Inc.* | 3,000 | 24,210 |
Cymabay Therapeutics, Inc.* | 2,100 | 9,156 |
CytomX Therapeutics, Inc.* | 1,500 | 9,495 |
Deciphera Pharmaceuticals, Inc.* | 1,200 | 43,932 |
Denali Therapeutics, Inc.* | 2,900 | 227,476 |
Design Therapeutics, Inc.* | 500 | 9,945 |
Dicerna Pharmaceuticals, Inc.* | 2,300 | 85,836 |
Dynavax Technologies Corp.* | 3,220 | 31,717 |
Dyne Therapeutics, Inc.* | 1,000 | 21,040 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Edgewise Therapeutics, Inc.* | 500 | $ 10,665 |
Editas Medicine, Inc.* | 2,200 | 124,608 |
Eiger BioPharmaceuticals, Inc.* | 900 | 7,668 |
Emergent BioSolutions, Inc.* | 1,458 | 91,839 |
Epizyme, Inc.* | 2,700 | 22,437 |
Esperion Therapeutics, Inc.* | 700 | 14,805 |
Evelo Biosciences, Inc.* | 700 | 9,618 |
Evolus, Inc.* | 600 | 7,590 |
Exagen, Inc.* | 500 | 7,495 |
EyePoint Pharmaceuticals, Inc.* | 900 | 8,091 |
Fate Therapeutics, Inc.* | 2,500 | 216,975 |
FibroGen, Inc.* | 2,900 | 77,227 |
Forma Therapeutics Holdings, Inc.* | 1,000 | 24,890 |
Forte Biosciences, Inc.* | 400 | 13,448 |
Frequency Therapeutics, Inc.* | 800 | 7,968 |
Gemini Therapeutics, Inc.* | 1,000 | 6,470 |
Generation Bio Co.* | 1,300 | 34,970 |
Geron Corp.* | 9,240 | 13,028 |
Global Blood Therapeutics, Inc.* | 2,000 | 70,040 |
Gossamer Bio, Inc.* | 1,800 | 14,616 |
Greenwich Lifesciences, Inc.* | 200 | 8,988 |
GT Biopharma, Inc.* | 900 | 13,950 |
Halozyme Therapeutics, Inc.* | 4,389 | 199,305 |
Harvard Bioscience, Inc.* | 1,700 | 14,161 |
Homology Medicines, Inc.* | 1,200 | 8,724 |
Humanigen, Inc.* | 1,500 | 26,070 |
iBio, Inc.* | 5,300 | 8,003 |
IGM Biosciences, Inc.* | 200 | 16,640 |
Immunic, Inc.* | 700 | 8,582 |
ImmunityBio, Inc.* | 2,300 | 32,844 |
ImmunoGen, Inc.* | 6,563 | 43,250 |
Immunovant, Inc.* | 1,100 | 11,627 |
Infinity Pharmaceuticals, Inc.* | 3,400 | 10,166 |
Inhibrx, Inc.* | 1,000 | 27,520 |
Innoviva, Inc.* | 2,000 | 26,820 |
Inovio Pharmaceuticals, Inc.* | 6,800 | 63,036 |
Inozyme Pharma, Inc.* | 300 | 5,112 |
Insmed, Inc.* | 3,200 | 91,072 |
Instil Bio, Inc.* | 700 | 13,524 |
Intercept Pharmaceuticals, Inc.* | 726 | 14,498 |
Intra-Cellular Therapies, Inc.* | 2,300 | 93,886 |
iTeos Therapeutics, Inc.* | 700 | 17,955 |
IVERIC bio, Inc.* | 2,584 | 16,305 |
Kadmon Holdings, Inc.* | 4,800 | 18,576 |
Kaleido Biosciences, Inc.* | 600 | 4,464 |
Karuna Therapeutics, Inc.* | 700 | 79,793 |
Karyopharm Therapeutics, Inc.* | 1,900 | 19,608 |
KemPharm, Inc.* | 1,000 | 12,820 |
Keros Therapeutics, Inc.* | 400 | 16,988 |
Kezar Life Sciences, Inc.* | 500 | 2,715 |
Kiniksa Pharmaceuticals Ltd., Class A* | 1,000 | 13,930 |
Kinnate Biopharma, Inc.* | 400 | 9,312 |
Kodiak Sciences, Inc.* | 1,100 | 102,300 |
Kronos Bio, Inc.* | 1,300 | 31,135 |
Krystal Biotech, Inc.* | 500 | 34,000 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
Kymera Therapeutics, Inc.* | 1,000 | $ 48,500 |
Lexicon Pharmaceuticals, Inc.* | 960 | 4,406 |
Ligand Pharmaceuticals, Inc.* | 506 | 66,382 |
Lineage Cell Therapeutics, Inc.* | 4,500 | 12,825 |
MacroGenics, Inc.* | 1,900 | 51,034 |
Magenta Therapeutics, Inc.* | 600 | 5,868 |
MEI Pharma, Inc.* | 3,800 | 10,830 |
MeiraGTx Holdings PLC* | 500 | 7,750 |
Mersana Therapeutics, Inc.* | 2,300 | 31,234 |
Mind Medicine MindMed, Inc.* | 10,800 | 37,260 |
Molecular Templates, Inc.* | 800 | 6,256 |
Mustang Bio, Inc.* | 1,500 | 4,980 |
Myriad Genetics, Inc.* | 2,500 | 76,450 |
NeoGenomics, Inc.* | 3,600 | 162,612 |
NGM Biopharmaceuticals, Inc.* | 800 | 15,776 |
Nkarta, Inc.* | 300 | 9,507 |
Nurix Therapeutics, Inc.* | 800 | 21,224 |
Nuvation Bio, Inc.* | 1,300 | 12,103 |
Olema Pharmaceuticals, Inc.* | 400 | 11,192 |
Omeros Corp.* | 1,800 | 26,712 |
Oncocyte Corp.* | 1,800 | 10,332 |
Oncorus, Inc.* | 800 | 11,040 |
Oncternal Therapeutics, Inc.* | 1,800 | 8,550 |
Organogenesis Holdings, Inc.* | 900 | 14,958 |
Oyster Point Pharma, Inc.* | 200 | 3,438 |
Pacific Biosciences of California, Inc.* | 6,100 | 213,317 |
Phathom Pharmaceuticals, Inc.* | 700 | 23,695 |
Pliant Therapeutics, Inc.* | 800 | 23,296 |
Poseida Therapeutics, Inc.* | 1,400 | 14,028 |
Praxis Precision Medicines, Inc.* | 900 | 16,452 |
Precigen, Inc.* | 2,100 | 13,692 |
Precision BioSciences, Inc.* | 1,200 | 15,024 |
Prelude Therapeutics, Inc.* | 300 | 8,589 |
Prothena Corp. PLC* | 1,100 | 56,551 |
Provention Bio, Inc.* | 1,500 | 12,645 |
PTC Therapeutics, Inc.* | 2,100 | 88,767 |
Puma Biotechnology, Inc.* | 900 | 8,262 |
Radius Health, Inc.* | 1,400 | 25,536 |
RAPT Therapeutics, Inc.* | 400 | 12,716 |
Recursion Pharmaceuticals, Inc., Class A* | 700 | 25,550 |
REGENXBIO, Inc.* | 1,300 | 50,505 |
Relay Therapeutics, Inc.* | 1,900 | 69,521 |
Replimune Group, Inc.* | 700 | 26,894 |
REVOLUTION Medicines, Inc.* | 1,900 | 60,306 |
Rigel Pharmaceuticals, Inc.* | 6,290 | 27,299 |
Rocket Pharmaceuticals, Inc.* | 1,200 | 53,148 |
Rubius Therapeutics, Inc.* | 1,300 | 31,733 |
Sana Biotechnology, Inc.* | 900 | 17,694 |
Sangamo Therapeutics, Inc.* | 4,103 | 49,113 |
Scholar Rock Holding Corp.* | 900 | 26,010 |
Seelos Therapeutics, Inc.* | 3,100 | 8,184 |
Seer, Inc.* | 500 | 16,390 |
Selecta Biosciences, Inc.* | 1,700 | 7,106 |
Sesen Bio, Inc.* | 5,900 | 27,258 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Shattuck Labs, Inc.* | 900 | $ 26,091 |
Silverback Therapeutics, Inc.* | 400 | 12,356 |
Solid Biosciences, Inc.* | 400 | 1,464 |
Sorrento Therapeutics, Inc.* | 8,700 | 84,303 |
Springworks Therapeutics, Inc.* | 900 | 74,169 |
SQZ Biotechnologies Co.* | 900 | 13,005 |
Stoke Therapeutics, Inc.* | 400 | 13,464 |
Surface Oncology, Inc.* | 1,300 | 9,698 |
Sutro Biopharma, Inc.* | 1,434 | 26,658 |
Syndax Pharmaceuticals, Inc.* | 1,500 | 25,755 |
Tarsus Pharmaceuticals, Inc.* | 200 | 5,796 |
Taysha Gene Therapies, Inc.* | 800 | 16,960 |
TCR2 Therapeutics, Inc.* | 800 | 13,128 |
Terns Pharmaceuticals, Inc.* | 400 | 4,904 |
TG Therapeutics, Inc.* | 4,000 | 155,160 |
Theravance Biopharma, Inc.* | 1,400 | 20,328 |
Translate Bio, Inc.* | 1,992 | 54,860 |
TransMedics Group, Inc.* | 900 | 29,862 |
Travere Therapeutics, Inc.* | 1,800 | 26,262 |
Trillium Therapeutics, Inc.* | 3,300 | 32,010 |
Turning Point Therapeutics, Inc.* | 1,466 | 114,377 |
Twist Bioscience Corp.* | 1,472 | 196,144 |
UroGen Pharma Ltd.* | 700 | 10,689 |
Vaxart, Inc.* | 4,000 | 29,960 |
VBI Vaccines, Inc.* | 6,200 | 20,770 |
Veracyte, Inc.* | 2,200 | 87,956 |
Verastem, Inc.* | 6,200 | 25,234 |
Vericel Corp.* | 1,500 | 78,750 |
Veru, Inc.* | 1,500 | 12,105 |
Viking Therapeutics, Inc.* | 1,700 | 10,183 |
Vir Biotechnology, Inc.* | 1,900 | 89,832 |
Viracta Therapeutics, Inc.* | 1,300 | 14,742 |
VistaGen Therapeutics, Inc.* | 6,800 | 21,420 |
Vor BioPharma, Inc.* | 400 | 7,460 |
WaVe Life Sciences Ltd.* | 700 | 4,662 |
XBiotech, Inc.* | 467 | 7,734 |
Xencor, Inc.* | 1,900 | 65,531 |
XOMA Corp.* | 200 | 6,800 |
Y-mAbs Therapeutics, Inc.* | 900 | 30,420 |
Zentalis Pharmaceuticals, Inc.* | 1,100 | 58,520 |
ZIOPHARM Oncology, Inc.* | 5,927 | 15,647 |
8,559,387 | ||
Building Materials — 1.3% | ||
AAON, Inc. | 1,385 | 86,687 |
American Woodmark Corp.* | 569 | 46,482 |
Apogee Enterprises, Inc. | 843 | 34,335 |
Boise Cascade Co. | 1,300 | 75,855 |
Caesarstone Ltd. | 600 | 8,856 |
Cornerstone Building Brands, Inc.* | 1,664 | 30,252 |
Forterra, Inc.* | 800 | 18,808 |
Gibraltar Industries, Inc.* | 1,101 | 84,017 |
Griffon Corp. | 1,656 | 42,443 |
JELD-WEN Holding, Inc.* | 2,400 | 63,024 |
Masonite International Corp.* | 800 | 89,432 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Building Materials — (continued) | ||
Patrick Industries, Inc. | 775 | $ 56,575 |
PGT Innovations, Inc.* | 2,000 | 46,460 |
Simpson Manufacturing Co., Inc. | 1,398 | 154,395 |
SPX Corp.* | 1,400 | 85,512 |
Summit Materials, Inc., Class A* | 3,705 | 129,119 |
UFP Industries, Inc. | 1,949 | 144,889 |
US Concrete, Inc.* | 500 | 36,900 |
View, Inc.* | 2,900 | 24,592 |
1,258,633 | ||
Chemicals — 1.7% | ||
AdvanSix, Inc.* | 1,000 | 29,860 |
American Vanguard Corp. | 878 | 15,374 |
Amyris, Inc.* | 5,400 | 88,398 |
Balchem Corp. | 1,000 | 131,260 |
Cabot Corp. | 1,800 | 102,474 |
Codexis, Inc.* | 1,700 | 38,522 |
Danimer Scientific, Inc.* | 2,300 | 57,615 |
Ferro Corp.* | 2,638 | 56,902 |
GCP Applied Technologies, Inc.* | 1,500 | 34,890 |
H.B. Fuller Co. | 1,680 | 106,865 |
Hawkins, Inc. | 698 | 22,860 |
Ingevity Corp.* | 1,200 | 97,632 |
Innospec, Inc. | 800 | 72,488 |
Intrepid Potash, Inc.* | 370 | 11,788 |
Koppers Holdings, Inc.* | 620 | 20,057 |
Kraton Corp.* | 1,141 | 36,843 |
Kronos Worldwide, Inc. | 500 | 7,160 |
Marrone Bio Innovations, Inc.* | 2,700 | 4,482 |
Minerals Technologies, Inc. | 1,128 | 88,740 |
Oil-Dri Corp of America | 197 | 6,733 |
Orion Engineered Carbons S.A.* | 1,800 | 34,182 |
PQ Group Holdings, Inc. | 1,800 | 27,648 |
Quaker Chemical Corp. | 423 | 100,331 |
Rayonier Advanced Materials, Inc.* | 1,900 | 12,711 |
Rogers Corp.* | 595 | 119,476 |
Sensient Technologies Corp. | 1,358 | 117,548 |
Stepan Co. | 680 | 81,784 |
Tronox Holdings PLC, Class A | 3,500 | 78,400 |
Zymergen, Inc.* | 600 | 24,006 |
1,627,029 | ||
Coal — 0.1% | ||
Arch Resources, Inc.* | 500 | 28,490 |
CONSOL Energy, Inc.* | 900 | 16,623 |
Peabody Energy Corp.* | 2,300 | 18,239 |
SunCoke Energy, Inc. | 2,541 | 18,143 |
Warrior Met Coal, Inc. | 1,500 | 25,800 |
107,295 | ||
Commercial Services — 4.6% | ||
2U, Inc.* | 2,300 | 95,841 |
ABM Industries, Inc. | 2,139 | 94,865 |
Acacia Research Corp.* | 1,180 | 7,977 |
Adtalem Global Education, Inc.* | 1,600 | 57,024 |
Alarm.com Holdings, Inc.* | 1,500 | 127,050 |
Number of Shares | Value† | |
Commercial Services — (continued) | ||
Alta Equipment Group, Inc.* | 700 | $ 9,303 |
American Public Education, Inc.* | 355 | 10,061 |
AMN Healthcare Services, Inc.* | 1,509 | 146,343 |
Arlo Technologies, Inc.* | 2,433 | 16,471 |
ASGN, Inc.* | 1,652 | 160,128 |
Avis Budget Group, Inc.* | 1,600 | 124,624 |
Barrett Business Services, Inc. | 242 | 17,572 |
BrightView Holdings, Inc.* | 1,315 | 21,198 |
CAI International, Inc. | 460 | 25,760 |
Carriage Services, Inc. | 600 | 22,182 |
Cass Information Systems, Inc. | 498 | 20,294 |
CBIZ, Inc.* | 1,740 | 57,020 |
Cimpress PLC* | 529 | 57,349 |
CoreCivic, Inc.* | 4,200 | 43,974 |
CorVel Corp.* | 262 | 35,187 |
Coursera, Inc.* | 400 | 15,824 |
CRA International, Inc. | 274 | 23,454 |
Cross Country Healthcare, Inc.* | 1,084 | 17,897 |
Deluxe Corp. | 1,307 | 62,435 |
Emerald Holding, Inc.* | 700 | 3,773 |
Ennis, Inc. | 858 | 18,464 |
EVERTEC, Inc. | 1,939 | 84,637 |
Evo Payments, Inc., Class A* | 1,500 | 41,610 |
Forrester Research, Inc.* | 375 | 17,175 |
Franklin Covey Co.* | 297 | 9,608 |
GP Strategies Corp.* | 400 | 6,288 |
Graham Holdings Co., Class B | 122 | 77,336 |
Green Dot Corp., Class A* | 1,796 | 84,143 |
GreenSky, Inc., Class A* | 2,300 | 12,765 |
HealthEquity, Inc.* | 2,600 | 209,248 |
Heidrick & Struggles International, Inc. | 569 | 25,349 |
Herc Holdings, Inc.* | 800 | 89,656 |
Huron Consulting Group, Inc.* | 728 | 35,781 |
ICF International, Inc. | 548 | 48,147 |
Insperity, Inc. | 1,151 | 104,016 |
John Wiley & Sons, Inc., Class A | 1,400 | 84,252 |
Kelly Services, Inc., Class A* | 1,014 | 24,306 |
Kforce, Inc. | 586 | 36,877 |
Korn Ferry | 1,690 | 122,609 |
Laureate Education, Inc., Class A* | 3,300 | 47,883 |
LiveRamp Holdings, Inc.* | 2,067 | 96,839 |
Macquarie Infrastructure Corp. | 2,400 | 91,848 |
Marathon Digital Holdings, Inc.* | 3,100 | 97,247 |
Medifast, Inc. | 359 | 101,590 |
MoneyGram International, Inc.* | 2,000 | 20,160 |
Monro, Inc. | 1,037 | 65,860 |
Multiplan Corp.* | 12,900 | 122,808 |
National Research Corp. | 387 | 17,763 |
Paya Holdings, Inc.* | 2,800 | 30,856 |
Perdoceo Education Corp.* | 2,300 | 28,221 |
PROG Holdings, Inc.* | 2,100 | 101,073 |
Progyny, Inc.* | 2,000 | 118,000 |
R1 RCM, Inc.* | 4,100 | 91,184 |
Rent-A-Center, Inc. | 2,153 | 114,260 |
Repay Holdings Corp.* | 2,300 | 55,292 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Commercial Services — (continued) | ||
Resources Connection, Inc. | 922 | $ 13,240 |
Riot Blockchain, Inc.* | 2,700 | 101,709 |
RR Donnelley & Sons Co.* | 2,600 | 16,328 |
ShotSpotter, Inc.* | 300 | 14,631 |
SP Plus Corp.* | 693 | 21,199 |
Strategic Education, Inc. | 736 | 55,980 |
Stride, Inc.* | 1,252 | 40,227 |
Team, Inc.* | 983 | 6,586 |
Textainer Group Holdings Ltd.* | 1,412 | 47,683 |
The Aaron's Co., Inc. | 1,100 | 35,189 |
The Brink's Co. | 1,510 | 116,028 |
The Hackett Group, Inc. | 716 | 12,902 |
Transcat, Inc.* | 200 | 11,302 |
TriNet Group, Inc.* | 1,200 | 86,976 |
Triton International Ltd. | 2,093 | 109,548 |
TrueBlue, Inc.* | 1,076 | 30,246 |
Vectrus, Inc.* | 400 | 19,036 |
Viad Corp.* | 671 | 33,449 |
Vivint Smart Home, Inc.* | 2,400 | 31,680 |
Willdan Group, Inc.* | 300 | 11,292 |
WW International, Inc.* | 1,500 | 54,210 |
4,476,198 | ||
Computers — 2.1% | ||
3D Systems Corp.* | 3,900 | 155,883 |
Cantaloupe, Inc.* | 2,000 | 23,720 |
Conduent, Inc.* | 5,800 | 43,500 |
Corsair Gaming, Inc.* | 700 | 23,303 |
Desktop Metal, Inc., Class A* | 2,800 | 32,200 |
Diebold Nixdorf, Inc.* | 2,500 | 32,100 |
ExlService Holdings, Inc.* | 1,000 | 106,260 |
Grid Dynamics Holdings, Inc.* | 900 | 13,527 |
iCAD, Inc.* | 500 | 8,655 |
Insight Enterprises, Inc.* | 1,143 | 114,311 |
KBR, Inc. | 4,400 | 167,860 |
Maximus, Inc. | 1,912 | 168,199 |
Mitek Systems, Inc.* | 1,500 | 28,890 |
NetScout Systems, Inc.* | 2,165 | 61,789 |
OneSpan, Inc.* | 1,128 | 28,809 |
PAE, Inc.* | 2,100 | 18,690 |
PAR Technology Corp.* | 800 | 55,952 |
Parsons Corp.* | 800 | 31,488 |
Ping Identity Holding Corp.* | 1,100 | 25,190 |
PlayAGS, Inc.* | 800 | 7,920 |
Qualys, Inc.* | 1,100 | 110,759 |
Quantum Corp.* | 1,300 | 8,957 |
Rapid7, Inc.* | 1,700 | 160,871 |
Rimini Street, Inc.* | 900 | 5,544 |
SecureWorks Corp., Class A* | 100 | 1,853 |
StarTek, Inc.* | 700 | 4,991 |
Super Micro Computer, Inc.* | 1,400 | 49,252 |
Sykes Enterprises, Inc.* | 1,136 | 61,003 |
Telos Corp.* | 500 | 17,005 |
Tenable Holdings, Inc.* | 2,900 | 119,915 |
The ExOne Co.* | 300 | 6,492 |
Number of Shares | Value† | |
Computers — (continued) | ||
TTEC Holdings, Inc. | 607 | $ 62,576 |
Unisys Corp.* | 1,924 | 48,697 |
Varonis Systems, Inc.* | 3,263 | 188,014 |
Vocera Communications, Inc.* | 1,000 | 39,850 |
Vuzix Corp.* | 2,000 | 36,700 |
2,070,725 | ||
Cosmetics & Personal Care — 0.2% | ||
Edgewell Personal Care Co. | 1,700 | 74,630 |
elf Beauty, Inc.* | 1,400 | 37,996 |
Inter Parfums, Inc. | 624 | 44,928 |
Revlon, Inc., Class A* | 270 | 3,467 |
The Beauty Health Co.* | 1,600 | 26,880 |
The Honest Co, Inc.* | 900 | 14,571 |
202,472 | ||
Distribution & Wholesale — 0.8% | ||
A-Mark Precious Metals, Inc. | 200 | 9,300 |
Avient Corp. | 2,955 | 145,268 |
Core-Mark Holding Co., Inc. | 1,364 | 61,394 |
EVI Industries, Inc.* | 200 | 5,680 |
G-III Apparel Group Ltd.* | 1,308 | 42,981 |
Global Industrial Co. | 362 | 13,289 |
H&E Equipment Services, Inc. | 1,059 | 35,233 |
KAR Auction Services, Inc.* | 3,800 | 66,690 |
Resideo Technologies, Inc.* | 4,600 | 138,000 |
ScanSource, Inc.* | 881 | 24,782 |
Titan Machinery, Inc.* | 523 | 16,182 |
Veritiv Corp.* | 500 | 30,710 |
VSE Corp. | 308 | 15,249 |
WESCO International, Inc.* | 1,347 | 138,498 |
743,256 | ||
Diversified Financial Services — 2.2% | ||
Amerant Bancorp, Inc.* | 700 | 14,966 |
Artisan Partners Asset Management, Inc., Class A | 1,900 | 96,558 |
AssetMark Financial Holdings, Inc.* | 500 | 12,530 |
Associated Capital Group, Inc., Class A | 100 | 3,886 |
Atlanticus Holdings Corp.* | 200 | 7,940 |
B Riley Financial, Inc. | 600 | 45,300 |
BGC Partners, Inc., Class A | 10,500 | 59,535 |
Blucora, Inc.* | 1,596 | 27,627 |
Boston Private Financial Holdings, Inc. | 2,758 | 40,680 |
Brightsphere Investment Group, Inc. | 1,900 | 44,517 |
Calamos Asset Management, Inc., Class A(1) | 469 | 0 |
Cohen & Steers, Inc. | 817 | 67,068 |
Columbia Financial, Inc.* | 1,500 | 25,830 |
Cowen, Inc., Class A | 747 | 30,664 |
Curo Group Holdings Corp. | 400 | 6,800 |
Diamond Hill Investment Group, Inc. | 107 | 17,902 |
Encore Capital Group, Inc.* | 997 | 47,248 |
Enova International, Inc.* | 1,113 | 38,076 |
EZCORP, Inc., Class A* | 1,766 | 10,649 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Diversified Financial Services — (continued) | ||
Federal Agricultural Mortgage Corp., Class C | 300 | $ 29,670 |
Federated Hermes, Inc., Class B | 3,000 | 101,730 |
Finance Of America Cos., Inc., Class A* | 1,300 | 9,919 |
Focus Financial Partners, Inc., Class A* | 1,700 | 82,450 |
GAMCO Investors, Inc., Class A | 215 | 5,396 |
GCM Grosvenor, Inc., Class A | 1,200 | 12,504 |
Greenhill & Co., Inc. | 500 | 7,780 |
Hamilton Lane, Inc., Class A | 1,100 | 100,232 |
Houlihan Lokey, Inc. | 1,651 | 135,035 |
I3 Verticals, Inc., Class A* | 500 | 15,110 |
International Money Express, Inc.* | 900 | 13,365 |
LendingClub Corp.* | 3,160 | 57,291 |
LendingTree, Inc.* | 377 | 79,879 |
Marlin Business Services Corp. | 200 | 4,552 |
Moelis & Co., Class A | 2,000 | 113,780 |
Mr. Cooper Group, Inc.* | 2,192 | 72,467 |
Navient Corp. | 5,400 | 104,382 |
Nelnet, Inc., Class A | 599 | 45,063 |
Ocwen Financial Corp.* | 300 | 9,294 |
Oportun Financial Corp.* | 700 | 14,021 |
Oppenheimer Holdings, Inc., Class A | 238 | 12,100 |
PennyMac Financial Services, Inc. | 1,100 | 67,892 |
Piper Sandler Cos. | 587 | 76,052 |
PJT Partners, Inc., Class A | 800 | 57,104 |
PRA Group, Inc.* | 1,448 | 55,705 |
Pzena Investment Management, Inc., Class A | 830 | 9,138 |
Regional Management Corp. | 300 | 13,962 |
Sculptor Capital Management, Inc. | 600 | 14,754 |
StepStone Group, Inc., Class A | 1,200 | 41,280 |
StoneX Group, Inc.* | 493 | 29,910 |
Virtus Investment Partners, Inc. | 250 | 69,442 |
WisdomTree Investments, Inc. | 5,200 | 32,240 |
World Acceptance Corp.* | 169 | 27,081 |
2,118,356 | ||
Electric — 1.3% | ||
ALLETE, Inc. | 1,651 | 115,537 |
Ameresco, Inc., Class A* | 900 | 56,448 |
Avista Corp. | 2,139 | 91,271 |
Black Hills Corp. | 2,048 | 134,410 |
Clearway Energy, Inc., Class A | 1,100 | 27,742 |
Clearway Energy, Inc., Class C | 2,600 | 68,848 |
Evoqua Water Technologies Corp.* | 3,600 | 121,608 |
FTC Solar, Inc.* | 800 | 10,648 |
MGE Energy, Inc. | 1,142 | 85,010 |
NorthWestern Corp. | 1,680 | 101,170 |
Ormat Technologies, Inc. | 1,400 | 97,342 |
Otter Tail Corp. | 1,392 | 67,944 |
PNM Resources, Inc. | 2,610 | 127,290 |
Portland General Electric Co. | 2,756 | 126,996 |
Spark Energy, Inc., Class A | 400 | 4,532 |
Unitil Corp. | 463 | 24,525 |
1,261,321 |
Number of Shares | Value† | |
Electrical Components & Equipment — 0.6% | ||
American Superconductor Corp.* | 900 | $ 15,651 |
Belden, Inc. | 1,355 | 68,522 |
Blink Charging Co.* | 1,200 | 49,404 |
Encore Wire Corp. | 671 | 50,855 |
Energizer Holdings, Inc. | 2,200 | 94,556 |
EnerSys | 1,323 | 129,297 |
Insteel Industries, Inc. | 491 | 15,786 |
nLight, Inc.* | 1,300 | 47,164 |
Novanta, Inc.* | 1,100 | 148,236 |
Powell Industries, Inc. | 229 | 7,087 |
626,558 | ||
Electronics — 1.9% | ||
Advanced Energy Industries, Inc. | 1,193 | 134,463 |
Akoustis Technologies, Inc.* | 1,100 | 11,781 |
Allied Motion Technologies, Inc. | 300 | 10,359 |
API Group Corp.* | 5,800 | 121,162 |
Atkore, Inc.* | 1,500 | 106,500 |
Badger Meter, Inc. | 918 | 90,074 |
Benchmark Electronics, Inc. | 1,313 | 37,368 |
Brady Corp., Class A | 1,557 | 87,254 |
Comtech Telecommunications Corp. | 652 | 15,752 |
FARO Technologies, Inc.* | 620 | 48,217 |
Fluidigm Corp.* | 2,500 | 15,400 |
GoPro, Inc., Class A* | 3,800 | 44,270 |
Identiv, Inc.* | 800 | 13,600 |
II-VI, Inc.* | 3,318 | 240,854 |
Itron, Inc.* | 1,400 | 139,972 |
Kimball Electronics, Inc.* | 933 | 20,283 |
Knowles Corp.* | 2,652 | 52,351 |
Luna Innovations, Inc.* | 700 | 7,581 |
Mesa Laboratories, Inc. | 142 | 38,506 |
MicroVision, Inc.* | 5,100 | 85,425 |
Napco Security Technologies, Inc.* | 500 | 18,185 |
NVE Corp. | 109 | 8,071 |
OSI Systems, Inc.* | 557 | 56,614 |
Plexus Corp.* | 903 | 82,543 |
Rekor Systems, Inc.* | 1,200 | 12,192 |
Sanmina Corp.* | 1,926 | 75,037 |
Stoneridge, Inc.* | 873 | 25,754 |
TTM Technologies, Inc.* | 3,129 | 44,745 |
Turtle Beach Corp.* | 500 | 15,960 |
Vicor Corp.* | 622 | 65,770 |
Vishay Intertechnology, Inc. | 4,300 | 96,965 |
Vishay Precision Group, Inc.* | 300 | 10,212 |
1,833,220 | ||
Energy-Alternate Sources — 0.7% | ||
Advent Technologies Holdings, Inc.* | 700 | 6,748 |
Aemetis, Inc.* | 900 | 10,053 |
Alto Ingredients, Inc.* | 2,600 | 15,886 |
Array Technologies, Inc.* | 4,200 | 65,520 |
Beam Global* | 300 | 11,493 |
Cleanspark, Inc.* | 1,200 | 19,968 |
Eos Energy Enterprises, Inc.* | 700 | 12,572 |
FuelCell Energy, Inc.* | 9,900 | 88,110 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Energy-Alternate Sources — (continued) | ||
FutureFuel Corp. | 800 | $ 7,680 |
Gevo, Inc.* | 6,400 | 46,528 |
Green Plains, Inc.* | 1,167 | 39,234 |
Renewable Energy Group, Inc.* | 1,400 | 87,276 |
REX American Resources Corp.* | 192 | 17,315 |
Stem, Inc.* | 2,000 | 72,020 |
Sunnova Energy International, Inc.* | 2,800 | 105,448 |
SunPower Corp.* | 2,400 | 70,128 |
TPI Composites, Inc.* | 1,100 | 53,262 |
729,241 | ||
Engineering & Construction — 1.2% | ||
908 Devices, Inc.* | 200 | 7,750 |
Arcosa, Inc. | 1,600 | 93,984 |
Comfort Systems USA, Inc. | 1,127 | 88,796 |
Concrete Pumping Holdings, Inc.* | 400 | 3,388 |
Construction Partners, Inc., Class A* | 1,000 | 31,400 |
Dycom Industries, Inc.* | 953 | 71,027 |
EMCOR Group, Inc. | 1,663 | 204,865 |
Exponent, Inc. | 1,680 | 149,873 |
Fluor Corp.* | 4,500 | 79,650 |
Granite Construction, Inc. | 1,333 | 55,360 |
Great Lakes Dredge & Dock Corp.* | 1,951 | 28,504 |
IES Holdings, Inc.* | 200 | 10,272 |
Infrastructure and Energy Alternatives, Inc.* | 800 | 10,288 |
Iteris, Inc.* | 1,200 | 7,980 |
Latham Group, Inc.* | 800 | 25,568 |
Mistras Group, Inc.* | 600 | 5,898 |
MYR Group, Inc.* | 583 | 53,006 |
NV5 Global, Inc.* | 400 | 37,804 |
Primoris Services Corp. | 1,490 | 43,851 |
Sterling Construction Co.* | 800 | 19,304 |
Tutor Perini Corp.* | 1,397 | 19,349 |
WillScot Mobile Mini Holdings Corp.* | 5,952 | 165,882 |
1,213,799 | ||
Entertainment — 1.9% | ||
Accel Entertainment, Inc.* | 1,500 | 17,805 |
AMC Entertainment Holdings, Inc., Class A* | 12,955 | 734,289 |
Bally's Corp.* | 1,050 | 56,816 |
Chicken Soup For The Soul Entertainment, Inc.* | 400 | 16,560 |
Cinemark Holdings, Inc.* | 3,300 | 72,435 |
Eros STX Global Corp.* | 6,400 | 9,792 |
Everi Holdings, Inc.* | 2,800 | 69,832 |
GAN Ltd.* | 1,400 | 23,016 |
Golden Entertainment, Inc.* | 600 | 26,880 |
Golden Nugget Online Gaming, Inc.* | 1,200 | 15,312 |
Hall of Fame Resort & Entertainment Co.* | 2,200 | 8,646 |
IMAX Corp.* | 1,800 | 38,700 |
International Game Technology PLC* | 3,100 | 74,276 |
Liberty Media Corp.-Liberty Braves, Class A* | 300 | 8,466 |
Number of Shares | Value† | |
Entertainment — (continued) | ||
Liberty Media Corp.-Liberty Braves, Class C* | 1,300 | $ 36,101 |
Lions Gate Entertainment Corp., Class A* | 1,900 | 39,330 |
Lions Gate Entertainment Corp., Class B* | 3,800 | 69,540 |
Madison Square Garden Entertainment Corp.* | 600 | 50,382 |
Monarch Casino & Resort, Inc.* | 385 | 25,475 |
NEOGAMES S.A.* | 100 | 6,147 |
RCI Hospitality Holdings, Inc. | 300 | 19,860 |
Red Rock Resorts, Inc., Class A* | 1,900 | 80,750 |
Rush Street Interactive, Inc.* | 1,800 | 22,068 |
Scientific Games Corp.* | 3,100 | 240,064 |
SeaWorld Entertainment, Inc.* | 1,600 | 79,904 |
1,842,446 | ||
Environmental Control — 0.6% | ||
Casella Waste Systems, Inc., Class A* | 1,600 | 101,488 |
CECO Environmental Corp.* | 1,309 | 9,372 |
Centrus Energy Corp., Class A* | 400 | 10,152 |
Covanta Holding Corp. | 3,600 | 63,396 |
Energy Recovery, Inc.* | 1,500 | 34,170 |
Harsco Corp.* | 2,300 | 46,966 |
Heritage-Crystal Clean, Inc.* | 400 | 11,872 |
Montrose Environmental Group, Inc.* | 700 | 37,562 |
Pure Cycle Corp.* | 800 | 11,056 |
PureCycle Technologies, Inc.* | 1,100 | 26,015 |
Sharps Compliance Corp.* | 600 | 6,180 |
Tetra Tech, Inc. | 1,664 | 203,075 |
US Ecology, Inc.* | 940 | 35,269 |
596,573 | ||
Food — 1.5% | ||
AquaBounty Technologies, Inc.* | 2,000 | 10,720 |
B&G Foods, Inc. | 1,972 | 64,682 |
BellRing Brands, Inc., Class A* | 1,300 | 40,742 |
Calavo Growers, Inc. | 551 | 34,944 |
Cal-Maine Foods, Inc. | 1,046 | 37,876 |
HF Foods Group, Inc.* | 1,300 | 6,877 |
Hostess Brands, Inc.* | 4,400 | 71,236 |
Ingles Markets, Inc., Class A | 404 | 23,541 |
J & J Snack Foods Corp. | 470 | 81,973 |
John B Sanfilippo & Son, Inc. | 300 | 26,571 |
Laird Superfood, Inc.* | 300 | 8,961 |
Lancaster Colony Corp. | 604 | 116,880 |
Landec Corp.* | 718 | 8,077 |
Nathan's Famous, Inc. | 100 | 7,132 |
Natural Grocers by Vitamin Cottage, Inc. | 400 | 4,296 |
Performance Food Group Co.* | 4,100 | 198,809 |
Sanderson Farms, Inc. | 641 | 120,489 |
Seneca Foods Corp., Class A* | 211 | 10,778 |
SpartanNash Co. | 1,130 | 21,820 |
Sprouts Farmers Market, Inc.* | 3,800 | 94,430 |
Tattooed Chef, Inc.* | 1,600 | 34,320 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Food — (continued) | ||
The Chefs' Warehouse, Inc.* | 1,150 | $ 36,604 |
The Simply Good Foods Co.* | 2,700 | 98,577 |
Tootsie Roll Industries, Inc. | 550 | 18,650 |
TreeHouse Foods, Inc.* | 1,700 | 75,684 |
United Natural Foods, Inc.* | 1,900 | 70,262 |
Utz Brands, Inc. | 2,000 | 43,580 |
Village Super Market, Inc., Class A | 268 | 6,301 |
Weis Markets, Inc. | 566 | 29,240 |
Whole Earth Brands, Inc.* | 1,300 | 18,850 |
1,422,902 | ||
Food Service — 0.1% | ||
Healthcare Services Group, Inc. | 2,280 | 71,980 |
Forest Products & Paper — 0.2% | ||
Clearwater Paper Corp.* | 578 | 16,745 |
Domtar Corp.* | 1,500 | 82,440 |
Glatfelter Corp. | 1,359 | 18,985 |
Neenah, Inc. | 474 | 23,780 |
Schweitzer-Mauduit International, Inc. | 976 | 39,411 |
Verso Corp., Class A | 1,100 | 19,470 |
200,831 | ||
Gas — 0.8% | ||
Brookfield Infrastructure Corp., Class A | 1,100 | 82,940 |
Chesapeake Utilities Corp. | 535 | 64,377 |
New Jersey Resources Corp. | 3,064 | 121,242 |
Northwest Natural Holding Co. | 950 | 49,894 |
ONE Gas, Inc. | 1,700 | 126,004 |
South Jersey Industries, Inc. | 3,180 | 82,457 |
Southwest Gas Holdings, Inc. | 1,825 | 120,797 |
Spire, Inc. | 1,656 | 119,679 |
767,390 | ||
Hand & Machine Tools — 0.2% | ||
Franklin Electric Co., Inc. | 1,470 | 118,511 |
Kennametal, Inc. | 2,600 | 93,392 |
Luxfer Holdings PLC | 1,000 | 22,250 |
234,153 | ||
Healthcare Products — 4.3% | ||
Accelerate Diagnostics, Inc.* | 951 | 7,665 |
Accuray, Inc.* | 2,738 | 12,376 |
Acutus Medical, Inc.* | 300 | 5,094 |
Alphatec Holdings, Inc.* | 2,300 | 35,236 |
AngioDynamics, Inc.* | 1,158 | 31,417 |
Apria, Inc.* | 200 | 5,600 |
Apyx Medical Corp.* | 800 | 8,248 |
Asensus Surgical, Inc.* | 8,000 | 25,360 |
Aspira Women's Health, Inc.* | 2,100 | 11,802 |
AtriCure, Inc.* | 1,400 | 111,062 |
Atrion Corp. | 44 | 27,321 |
Avanos Medical, Inc.* | 1,500 | 54,555 |
Avita Medical, Inc.* | 800 | 16,416 |
Axogen, Inc.* | 1,200 | 25,932 |
Axonics, Inc.* | 1,300 | 82,433 |
BioLife Solutions, Inc.* | 800 | 35,608 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Bionano Genomics, Inc.* | 9,200 | $ 67,436 |
Bioventus, Inc., Class A* | 400 | 7,040 |
Butterfly Network, Inc.* | 1,200 | 17,376 |
Cardiovascular Systems, Inc.* | 1,200 | 51,180 |
CareDx, Inc.* | 1,600 | 146,432 |
Castle Biosciences, Inc.* | 700 | 51,331 |
Celcuity, Inc.* | 300 | 7,200 |
Cerus Corp.* | 5,300 | 31,323 |
ClearPoint Neuro, Inc.* | 700 | 13,363 |
CONMED Corp. | 868 | 119,289 |
CryoLife, Inc.* | 1,199 | 34,052 |
Cutera, Inc.* | 500 | 24,515 |
CytoSorbents Corp.* | 1,100 | 8,305 |
DermTech, Inc.* | 800 | 33,256 |
Eargo, Inc.* | 700 | 27,937 |
Glaukos Corp.* | 1,363 | 115,623 |
Haemonetics Corp.* | 1,631 | 108,690 |
Hanger, Inc.* | 1,100 | 27,808 |
Inari Medical, Inc.* | 1,100 | 102,608 |
InfuSystem Holdings, Inc.* | 600 | 12,474 |
Inogen, Inc.* | 600 | 39,102 |
Inspire Medical Systems, Inc.* | 843 | 162,918 |
Integer Holdings Corp.* | 1,040 | 97,968 |
Intersect ENT, Inc.* | 900 | 15,381 |
Invacare Corp.* | 1,190 | 9,603 |
iRadimed Corp.* | 200 | 5,882 |
iRhythm Technologies, Inc.* | 925 | 61,374 |
Lantheus Holdings, Inc.* | 2,006 | 55,446 |
LeMaitre Vascular, Inc. | 500 | 30,510 |
LivaNova PLC* | 1,600 | 134,576 |
Luminex Corp. | 1,353 | 49,790 |
Meridian Bioscience, Inc.* | 1,360 | 30,165 |
Merit Medical Systems, Inc.* | 1,575 | 101,839 |
MiMedx Group, Inc.* | 3,700 | 46,287 |
Misonix, Inc.* | 300 | 6,654 |
NanoString Technologies, Inc.* | 1,500 | 97,185 |
Natus Medical, Inc.* | 1,075 | 27,928 |
Neogen Corp.* | 3,338 | 153,681 |
NeuroPace, Inc.* | 300 | 7,137 |
Nevro Corp.* | 1,092 | 181,043 |
NuVasive, Inc.* | 1,706 | 115,633 |
Omnicell, Inc.* | 1,344 | 203,549 |
OraSure Technologies, Inc.* | 2,201 | 22,318 |
Orthofix Medical, Inc.* | 571 | 22,903 |
OrthoPediatrics Corp.* | 400 | 25,272 |
Patterson Cos., Inc. | 2,800 | 85,092 |
PAVmed, Inc.* | 1,700 | 10,880 |
Pulmonx Corp.* | 800 | 35,296 |
Pulse Biosciences, Inc.* | 494 | 8,102 |
Quanterix Corp.* | 1,000 | 58,660 |
Quotient Ltd.* | 2,200 | 8,008 |
Retractable Technologies, Inc.* | 300 | 3,468 |
SeaSpine Holdings Corp.* | 1,000 | 20,510 |
Shockwave Medical, Inc.* | 1,100 | 208,703 |
SI-BONE, Inc.* | 1,000 | 31,470 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Healthcare Products — (continued) | ||
Sientra, Inc.* | 1,900 | $ 15,124 |
Silk Road Medical, Inc.* | 1,000 | 47,860 |
Soliton, Inc.* | 300 | 6,747 |
STAAR Surgical Co.* | 1,500 | 228,750 |
Stereotaxis, Inc.* | 1,700 | 16,388 |
Surmodics, Inc.* | 373 | 20,235 |
Tactile Systems Technology, Inc.* | 600 | 31,200 |
Talis Biomedical Corp.* | 600 | 6,618 |
Treace Medical Concepts, Inc.* | 400 | 12,504 |
Utah Medical Products, Inc. | 100 | 8,504 |
Varex Imaging Corp.* | 1,400 | 37,548 |
ViewRay, Inc.* | 4,200 | 27,720 |
Zynex, Inc.* | 600 | 9,318 |
4,146,212 | ||
Healthcare Services — 2.3% | ||
Accolade, Inc.* | 1,600 | 86,896 |
Addus HomeCare Corp.* | 500 | 43,620 |
Agiliti, Inc.* | 800 | 17,496 |
American Well Corp., Class A* | 6,300 | 79,254 |
Aveanna Healthcare Holdings, Inc.* | 1,400 | 17,318 |
Brookdale Senior Living, Inc.* | 5,500 | 43,450 |
Community Health Systems, Inc.* | 4,100 | 63,304 |
Fulgent Genetics, Inc.* | 700 | 64,561 |
Innovage Holding Corp.* | 700 | 14,917 |
Inotiv, Inc.* | 500 | 13,340 |
Invitae Corp.* | 6,400 | 215,872 |
LHC Group, Inc.* | 953 | 190,848 |
Magellan Health, Inc.* | 741 | 69,802 |
MEDNAX, Inc.* | 2,500 | 75,375 |
Medpace Holdings, Inc.* | 900 | 158,967 |
ModivCare, Inc.* | 400 | 68,028 |
National HealthCare Corp. | 406 | 28,379 |
Neuronetics, Inc.* | 900 | 14,418 |
Ontrak, Inc.* | 200 | 6,496 |
OPKO Health, Inc.* | 11,701 | 47,389 |
Ortho Clinical Diagnostics Holdings PLC* | 2,900 | 62,089 |
Personalis, Inc.* | 1,200 | 30,360 |
RadNet, Inc.* | 1,300 | 43,797 |
Select Medical Holdings Corp. | 3,600 | 152,136 |
SOC Telemed, Inc.* | 1,600 | 9,104 |
Surgery Partners, Inc.* | 900 | 59,958 |
Tenet Healthcare Corp.* | 3,400 | 227,766 |
The Ensign Group, Inc. | 1,680 | 145,606 |
The Joint Corp.* | 500 | 41,960 |
The Pennant Group, Inc.* | 740 | 30,266 |
Tivity Health, Inc.* | 1,589 | 41,807 |
Triple-S Management Corp., Class B* | 831 | 18,506 |
U.S. Physical Therapy, Inc. | 380 | 44,031 |
Vapotherm, Inc.* | 600 | 14,184 |
Viemed Healthcare, Inc.* | 1,300 | 9,295 |
2,250,595 | ||
Home Builders — 1.2% | ||
Beazer Homes USA, Inc.* | 924 | 17,824 |
Number of Shares | Value† | |
Home Builders — (continued) | ||
Cavco Industries, Inc.* | 279 | $ 61,991 |
Century Communities, Inc. | 900 | 59,886 |
Forestar Group, Inc.* | 460 | 9,619 |
Green Brick Partners, Inc.* | 1,000 | 22,740 |
Hovnanian Enterprises, Inc., Class A* | 200 | 21,258 |
Installed Building Products, Inc. | 726 | 88,833 |
KB Home | 2,800 | 114,016 |
LCI Industries | 791 | 103,953 |
LGI Homes, Inc.* | 700 | 113,358 |
M/I Homes, Inc.* | 936 | 54,915 |
MDC Holdings, Inc. | 1,859 | 94,066 |
Meritage Homes Corp.* | 1,190 | 111,955 |
Skyline Corp.* | 1,600 | 85,280 |
Taylor Morrison Home Corp.* | 4,100 | 108,322 |
Tri Pointe Homes, Inc.* | 3,600 | 77,148 |
Winnebago Industries, Inc. | 1,022 | 69,455 |
1,214,619 | ||
Home Furnishings — 0.6% | ||
Aterian, Inc.* | 700 | 10,241 |
Casper Sleep, Inc.* | 1,100 | 9,064 |
Daktronics, Inc.* | 1,209 | 7,967 |
Ethan Allen Interiors, Inc. | 628 | 17,333 |
Flexsteel Industries, Inc. | 300 | 12,117 |
Hamilton Beach Brands Holding Co., Class A | 144 | 3,207 |
Herman Miller, Inc. | 1,832 | 86,361 |
Hooker Furniture Corp. | 300 | 10,392 |
iRobot Corp.* | 880 | 82,183 |
Kopin Corp.* | 2,700 | 22,086 |
Purple Innovation, Inc.* | 1,700 | 44,897 |
Sleep Number Corp.* | 772 | 84,881 |
Sonos, Inc.* | 3,700 | 130,351 |
The Lovesac Co.* | 300 | 23,937 |
Universal Electronics, Inc.* | 400 | 19,400 |
VOXX International Corp.* | 500 | 7,005 |
571,422 | ||
Household Products & Wares — 0.4% | ||
ACCO Brands Corp. | 2,893 | 24,966 |
Central Garden & Pet Co.* | 300 | 15,879 |
Central Garden & Pet Co., Class A* | 1,202 | 58,057 |
Helen of Troy Ltd.* | 762 | 173,827 |
Quanex Building Products Corp. | 1,025 | 25,461 |
WD-40 Co. | 437 | 111,999 |
410,189 | ||
Housewares — 0.1% | ||
Lifetime Brands, Inc. | 400 | 5,988 |
Tupperware Brands Corp.* | 1,800 | 42,750 |
48,738 | ||
Insurance — 2.2% | ||
Ambac Financial Group, Inc.* | 1,500 | 23,490 |
American Equity Investment Life Holding Co. | 2,576 | 83,256 |
American National Group, Inc. | 200 | 29,710 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Insurance — (continued) | ||
AMERISAFE, Inc. | 608 | $ 36,291 |
Argo Group International Holdings Ltd. | 1,032 | 53,489 |
BRP Group, Inc., Class A* | 1,300 | 34,645 |
Citizens, Inc.* | 1,466 | 7,755 |
CNO Financial Group, Inc. | 3,993 | 94,315 |
Crawford & Co., Class A | 700 | 6,349 |
Donegal Group, Inc., Class A | 283 | 4,123 |
eHealth, Inc.* | 720 | 42,048 |
Employers Holdings, Inc. | 882 | 37,750 |
Enstar Group Ltd.* | 444 | 106,080 |
Essent Group Ltd. | 3,600 | 161,820 |
Genworth Financial, Inc., Class A* | 17,300 | 67,470 |
Goosehead Insurance, Inc., Class A | 600 | 76,380 |
Greenlight Capital Re Ltd., Class A* | 1,128 | 10,299 |
HCI Group, Inc. | 200 | 19,886 |
Heritage Insurance Holdings, Inc. | 800 | 6,864 |
Horace Mann Educators Corp. | 1,280 | 47,898 |
Independence Holding Co. | 100 | 4,632 |
Investors Title Co. | 39 | 6,811 |
James River Group Holdings Ltd. | 1,100 | 41,272 |
Kinsale Capital Group, Inc. | 675 | 111,220 |
Maiden Holdings Ltd.* | 2,800 | 9,436 |
MBIA, Inc.* | 1,900 | 20,900 |
MetroMile, Inc.* | 1,400 | 12,810 |
National Western Life Group, Inc., Class A | 74 | 16,605 |
NI Holdings, Inc.* | 200 | 3,802 |
NMI Holdings, Inc., Class A* | 2,500 | 56,200 |
Palomar Holdings, Inc.* | 700 | 52,822 |
ProAssurance Corp. | 1,600 | 36,400 |
ProSight Global, Inc.* | 400 | 5,104 |
Radian Group, Inc. | 6,003 | 133,567 |
RLI Corp. | 1,270 | 132,829 |
Safety Insurance Group, Inc. | 482 | 37,731 |
Selective Insurance Group, Inc. | 1,875 | 152,156 |
Selectquote, Inc.* | 4,300 | 82,818 |
SiriusPoint Ltd.* | 2,400 | 24,168 |
State Auto Financial Corp. | 576 | 9,861 |
Stewart Information Services Corp. | 808 | 45,805 |
Tiptree, Inc. | 1,100 | 10,230 |
Trean Insurance Group, Inc.* | 500 | 7,540 |
Trupanion, Inc.* | 1,200 | 138,120 |
United Fire Group, Inc. | 680 | 18,856 |
United Insurance Holdings Corp. | 800 | 4,560 |
Universal Insurance Holdings, Inc. | 651 | 9,036 |
Watford Holdings Ltd.* | 500 | 17,495 |
2,152,704 | ||
Internet — 2.4% | ||
1-800-Flowers.com, Inc., Class A* | 737 | 23,488 |
Cargurus, Inc.* | 2,800 | 73,444 |
CarParts.com, Inc.* | 1,200 | 24,432 |
Cars.com, Inc.* | 2,500 | 35,825 |
ChannelAdvisor Corp.* | 900 | 22,059 |
Cogent Communications Holdings, Inc. | 1,319 | 101,418 |
Number of Shares | Value† | |
Internet — (continued) | ||
comScore, Inc.* | 1,900 | $ 9,500 |
ePlus, Inc.* | 477 | 41,351 |
Eventbrite, Inc., Class A* | 2,000 | 38,000 |
EverQuote, Inc., Class A* | 400 | 13,072 |
fuboTV, Inc.* | 4,200 | 134,862 |
Groupon, Inc.* | 850 | 36,686 |
HealthStream, Inc.* | 900 | 25,146 |
HyreCar, Inc.* | 600 | 12,552 |
Lands' End, Inc.* | 300 | 12,315 |
Limelight Networks, Inc.* | 4,172 | 13,142 |
Liquidity Services, Inc.* | 735 | 18,706 |
LiveXLive Media, Inc.* | 1,500 | 7,080 |
Magnite, Inc.* | 3,206 | 108,491 |
MediaAlpha, Inc., Class A* | 600 | 25,260 |
Mimecast Ltd.* | 1,800 | 95,490 |
Open Lending Corp., Class A* | 3,400 | 146,506 |
Overstock.com, Inc.* | 1,400 | 129,080 |
Perficient, Inc.* | 1,045 | 84,039 |
Q2 Holdings, Inc.* | 1,700 | 174,386 |
QuinStreet, Inc.* | 1,715 | 31,865 |
Revolve Group, Inc.* | 1,200 | 82,680 |
Shutterstock, Inc. | 700 | 68,719 |
Stamps.com, Inc.* | 542 | 108,557 |
Stitch Fix, Inc., Class A* | 1,800 | 108,540 |
TechTarget, Inc.* | 800 | 61,992 |
The RealReal, Inc.* | 2,600 | 51,376 |
TrueCar, Inc.* | 3,500 | 19,775 |
Tucows, Inc., Class A* | 300 | 24,096 |
Upwork, Inc.* | 3,700 | 215,673 |
VirnetX Holding Corp.* | 2,283 | 9,748 |
Yelp, Inc.* | 2,300 | 91,908 |
Zix Corp.* | 1,848 | 13,028 |
2,294,287 | ||
Investment Companies — 0.0% | ||
Altus Midstream Co., Class A | 100 | 6,751 |
Rafael Holdings, Inc., Class B* | 300 | 15,315 |
22,066 | ||
Iron & Steel — 0.3% | ||
Allegheny Technologies, Inc.* | 4,000 | 83,400 |
Carpenter Technology Corp. | 1,500 | 60,330 |
Commercial Metals Co. | 3,800 | 116,736 |
Schnitzer Steel Industries, Inc., Class A | 900 | 44,145 |
304,611 | ||
Leisure Time — 0.5% | ||
Acushnet Holdings Corp. | 1,000 | 49,400 |
Callaway Golf Co.* | 3,746 | 126,353 |
Camping World Holdings, Inc., Class A | 1,400 | 57,386 |
Clarus Corp. | 702 | 18,041 |
Drive Shack, Inc.* | 3,200 | 10,592 |
Escalade, Inc. | 200 | 4,590 |
Johnson Outdoors, Inc., Class A | 168 | 20,328 |
Liberty TripAdvisor Holdings, Inc., Class A* | 2,400 | 9,768 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Leisure Time — (continued) | ||
Lindblad Expeditions Holdings, Inc.* | 700 | $ 11,207 |
Malibu Boats, Inc., Class A* | 700 | 51,331 |
Marine Products Corp. | 88 | 1,359 |
MasterCraft Boat Holdings, Inc.* | 500 | 13,145 |
Nautilus, Inc.* | 900 | 15,165 |
OneSpaWorld Holdings Ltd.* | 1,600 | 15,504 |
OneWater Marine, Inc., Class A | 400 | 16,812 |
Vista Outdoor, Inc.* | 1,800 | 83,304 |
504,285 | ||
Lodging — 0.2% | ||
Bluegreen Vacations Holding Corp.* | 704 | 12,672 |
Century Casinos, Inc.* | 1,100 | 14,773 |
Full House Resorts, Inc.* | 1,200 | 11,928 |
Hilton Grand Vacations, Inc.* | 2,800 | 115,892 |
Target Hospitality Corp.* | 1,300 | 4,823 |
The Marcus Corp.* | 733 | 15,547 |
175,635 | ||
Machinery — Construction & Mining — 0.4% | ||
Argan, Inc. | 436 | 20,836 |
Astec Industries, Inc. | 698 | 43,932 |
Babcock & Wilcox Enterprises, Inc.* | 2,000 | 15,760 |
Bloom Energy Corp., Class A* | 4,500 | 120,915 |
Hyster-Yale Materials Handling, Inc. | 344 | 25,105 |
Terex Corp. | 2,100 | 100,002 |
The Manitowoc Co., Inc.* | 1,025 | 25,113 |
351,663 | ||
Machinery — Diversified — 1.6% | ||
AgEagle Aerial Systems, Inc.* | 2,500 | 13,175 |
Alamo Group, Inc. | 317 | 48,400 |
Albany International Corp., Class A | 1,032 | 92,116 |
Altra Industrial Motion Corp. | 2,103 | 136,737 |
Applied Industrial Technologies, Inc. | 1,282 | 116,739 |
Cactus, Inc., Class A | 1,700 | 62,424 |
Chart Industries, Inc.* | 1,177 | 172,219 |
CIRCOR International, Inc.* | 635 | 20,701 |
Columbus McKinnon Corp. | 885 | 42,692 |
CSW Industrials, Inc. | 409 | 48,450 |
DXP Enterprises, Inc.* | 522 | 17,383 |
Eastman Kodak Co.* | 1,600 | 13,312 |
GrafTech International Ltd. | 5,600 | 65,072 |
Hydrofarm Holdings Group, Inc.* | 300 | 17,733 |
Ichor Holdings Ltd.* | 900 | 48,420 |
Kadant, Inc. | 349 | 61,455 |
Lindsay Corp. | 327 | 54,047 |
Mueller Water Products, Inc., Class A | 4,792 | 69,101 |
NN, Inc.* | 1,600 | 11,760 |
Ranpak Holdings Corp.* | 800 | 20,024 |
SPX FLOW, Inc. | 1,400 | 91,336 |
Tennant Co. | 636 | 50,785 |
The Gorman-Rupp Co. | 551 | 18,976 |
Thermon Group Holdings, Inc.* | 1,100 | 18,744 |
Watts Water Technologies, Inc., Class A | 873 | 127,379 |
Number of Shares | Value† | |
Machinery — Diversified — (continued) | ||
Welbilt, Inc.* | 4,000 | $ 92,600 |
1,531,780 | ||
Media — 0.8% | ||
AMC Networks, Inc., Class A* | 1,000 | 66,800 |
CuriosityStream, Inc.* | 1,000 | 13,640 |
Entercom Communications Corp.* | 3,100 | 13,361 |
Entravision Communications Corp., Class A | 1,200 | 8,016 |
Gannett Co., Inc.* | 4,253 | 23,349 |
Gray Television, Inc. | 2,700 | 63,180 |
Hemisphere Media Group, Inc.* | 400 | 4,720 |
Houghton Mifflin Harcourt Co.* | 4,200 | 46,368 |
iHeartMedia, Inc., Class A* | 3,600 | 96,948 |
Liberty Latin America Ltd., Class A* | 1,400 | 19,404 |
Liberty Latin America Ltd., Class C* | 4,652 | 65,593 |
Meredith Corp.* | 1,200 | 52,128 |
MSG Networks, Inc., Class A* | 800 | 11,664 |
Scholastic Corp. | 956 | 36,223 |
Sinclair Broadcast Group, Inc., Class A | 1,400 | 46,508 |
TEGNA, Inc. | 7,200 | 135,072 |
The E.W. Scripps Co., Class A | 2,029 | 41,371 |
Thryv Holdings, Inc.* | 300 | 10,731 |
WideOpenWest, Inc.* | 1,800 | 37,278 |
792,354 | ||
Metal Fabricate/Hardware — 0.8% | ||
AZZ, Inc. | 776 | 40,181 |
Helios Technologies, Inc. | 1,059 | 82,655 |
Lawson Products, Inc.* | 100 | 5,351 |
Mayville Engineering Co., Inc.* | 300 | 6,033 |
Mueller Industries, Inc. | 1,788 | 77,438 |
Northwest Pipe Co.* | 300 | 8,475 |
Olympic Steel, Inc. | 231 | 6,789 |
Omega Flex, Inc. | 59 | 8,656 |
Park-Ohio Holdings Corp. | 200 | 6,428 |
Proto Labs, Inc.* | 852 | 78,214 |
RBC Bearings, Inc.* | 792 | 157,941 |
Rexnord Corp. | 3,900 | 195,156 |
Ryerson Holding Corp.* | 400 | 5,840 |
Standex International Corp. | 400 | 37,964 |
TimkenSteel Corp.* | 1,400 | 19,810 |
Tredegar Corp. | 761 | 10,479 |
Worthington Industries, Inc. | 1,184 | 72,437 |
819,847 | ||
Mining — 0.9% | ||
Arconic Corp.* | 3,300 | 117,546 |
Century Aluminum Co.* | 1,354 | 17,453 |
Coeur Mining, Inc.* | 7,628 | 67,737 |
Compass Minerals International, Inc. | 1,100 | 65,186 |
Constellium S.E.* | 4,000 | 75,800 |
Energy Fuels, Inc.* | 4,800 | 29,040 |
Ferroglobe PLC(1) | 2,414 | 0 |
Gatos Silver, Inc.* | 700 | 12,243 |
Hecla Mining Co. | 16,691 | 124,181 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Mining — (continued) | ||
Kaiser Aluminum Corp. | 516 | $ 63,721 |
Livent Corp.* | 4,500 | 87,120 |
MP Materials Corp.* | 2,400 | 88,464 |
Novagold Resources, Inc.* | 7,500 | 60,075 |
Perpetua Resources Corp.* | 1,100 | 8,030 |
United States Lime & Minerals, Inc. | 29 | 4,033 |
Uranium Energy Corp.* | 5,300 | 14,098 |
Ur-Energy, Inc.* | 7,000 | 9,800 |
844,527 | ||
Miscellaneous Manufacturing — 1.2% | ||
American Outdoor Brands, Inc.* | 469 | 16,481 |
AMMO, Inc.* | 2,300 | 22,517 |
Byrna Technologies, Inc.* | 400 | 9,088 |
Chase Corp. | 203 | 20,830 |
Enerpac Tool Group Corp. | 2,106 | 56,062 |
EnPro Industries, Inc. | 617 | 59,942 |
ESCO Technologies, Inc. | 834 | 78,238 |
Fabrinet* | 1,200 | 115,044 |
Federal Signal Corp. | 1,943 | 78,167 |
Haynes International, Inc. | 364 | 12,878 |
Hillenbrand, Inc. | 2,344 | 103,323 |
John Bean Technologies Corp. | 1,004 | 143,190 |
Lydall, Inc.* | 600 | 36,312 |
Materion Corp. | 657 | 49,505 |
Meta Materials, Inc.* | 2,150 | 16,103 |
Myers Industries, Inc. | 1,125 | 23,625 |
NL Industries, Inc. | 90 | 585 |
Raven Industries, Inc. | 1,046 | 60,511 |
Smith & Wesson Brands, Inc. | 1,579 | 54,791 |
Sturm Ruger & Co., Inc. | 519 | 46,700 |
Trinity Industries, Inc. | 2,800 | 75,292 |
Trinseo S.A. | 1,300 | 77,792 |
1,156,976 | ||
Office & Business Equipment — 0.0% | ||
Pitney Bowes, Inc. | 5,200 | 45,604 |
Office Furnishings — 0.2% | ||
HNI Corp. | 1,343 | 59,052 |
Interface, Inc. | 1,995 | 30,524 |
Kimball International, Inc., Class B | 1,244 | 16,359 |
Knoll, Inc. | 1,553 | 40,362 |
Steelcase, Inc., Class A | 3,131 | 47,309 |
193,606 | ||
Oil & Gas — 2.7% | ||
Antero Resources Corp.* | 9,200 | 138,276 |
Berry Corp. | 2,100 | 14,112 |
Bonanza Creek Energy, Inc. | 1,000 | 47,070 |
Brigham Minerals, Inc., Class A | 1,500 | 31,935 |
California Resources Corp.* | 2,700 | 81,378 |
Callon Petroleum Co.* | 1,300 | 74,997 |
Centennial Resource Development, Inc., Class A* | 6,000 | 40,680 |
Chesapeake Energy Corp. | 3,200 | 166,144 |
CNX Resources Corp.* | 7,100 | 96,986 |
Number of Shares | Value† | |
Oil & Gas — (continued) | ||
Cobalt International Energy, Inc.(1),* | 1 | $ 0 |
Comstock Resources, Inc.* | 3,200 | 21,344 |
Contango Oil & Gas Co.* | 3,400 | 14,688 |
CVR Energy, Inc. | 1,000 | 17,960 |
Delek US Holdings, Inc. | 1,983 | 42,872 |
Denbury, Inc.* | 1,600 | 122,848 |
Earthstone Energy, Inc., Class A* | 700 | 7,749 |
Extraction Oil & Gas, Inc.* | 500 | 27,455 |
Falcon Minerals Corp. | 1,500 | 7,620 |
Helmerich & Payne, Inc. | 3,400 | 110,942 |
Kosmos Energy Ltd.* | 12,100 | 41,866 |
Laredo Petroleum, Inc.* | 400 | 37,116 |
Magnolia Oil & Gas Corp., Class A* | 4,400 | 68,772 |
Matador Resources Co. | 3,400 | 122,434 |
Murphy Oil Corp. | 4,700 | 109,416 |
Nabors Industries Ltd.* | 218 | 24,904 |
Northern Oil & Gas, Inc. | 1,600 | 33,232 |
Oasis Petroleum, Inc. | 700 | 70,385 |
Ovintiv, Inc. | 8,200 | 258,054 |
Par Pacific Holdings, Inc.* | 1,218 | 20,487 |
Patterson-UTI Energy, Inc. | 6,300 | 62,622 |
PBF Energy, Inc., Class A* | 3,000 | 45,900 |
PDC Energy, Inc. | 3,055 | 139,888 |
Penn Virginia Corp.* | 400 | 9,444 |
Range Resources Corp.* | 7,700 | 129,052 |
Riley Exploration Permian, Inc. | 300 | 8,694 |
SM Energy Co. | 3,600 | 88,668 |
Southwestern Energy Co.* | 20,552 | 116,530 |
Talos Energy, Inc.* | 1,300 | 20,332 |
Tellurian, Inc.* | 10,500 | 48,825 |
Vine Energy, Inc., Class A* | 800 | 12,472 |
W&T Offshore, Inc.* | 3,543 | 17,184 |
Whiting Petroleum Corp.* | 1,252 | 68,297 |
2,619,630 | ||
Oil & Gas Services — 0.7% | ||
Archrock, Inc. | 4,700 | 41,877 |
Bristow Group, Inc.* | 266 | 6,812 |
ChampionX Corp.* | 6,200 | 159,030 |
DMC Global, Inc.* | 500 | 28,105 |
Dril-Quip, Inc.* | 1,100 | 37,213 |
Frank's International N.V.* | 4,000 | 12,120 |
FTS International, Inc., Class A* | 400 | 11,316 |
Helix Energy Solutions Group, Inc.* | 4,501 | 25,701 |
Liberty Oilfield Services, Inc., Class A* | 2,700 | 38,232 |
Matrix Service Co.* | 987 | 10,363 |
MRC Global, Inc.* | 2,400 | 22,560 |
National Energy Services Reunited Corp.* | 500 | 7,125 |
Newpark Resources, Inc.* | 2,712 | 9,384 |
NexTier Oilfield Solutions, Inc.* | 4,991 | 23,757 |
NOW, Inc.* | 4,000 | 37,960 |
Oceaneering International, Inc.* | 3,000 | 46,710 |
Oil States International, Inc.* | 2,000 | 15,700 |
ProPetro Holding Corp.* | 2,900 | 26,564 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas Services — (continued) | ||
RPC, Inc.* | 2,200 | $ 10,890 |
Select Energy Services, Inc., Class A* | 2,100 | 12,684 |
Solaris Oilfield Infrastructure, Inc., Class A | 1,100 | 10,714 |
TETRA Technologies, Inc.* | 4,400 | 19,096 |
US Silica Holdings, Inc.* | 2,700 | 31,212 |
645,125 | ||
Packaging and Containers — 0.3% | ||
Greif, Inc., Class A | 800 | 48,440 |
Greif, Inc., Class B | 200 | 11,800 |
Matthews International Corp., Class A | 1,105 | 39,736 |
O-I Glass, Inc.* | 5,300 | 86,549 |
Pactiv Evergreen, Inc. | 1,200 | 18,084 |
TriMas Corp.* | 1,295 | 39,277 |
UFP Technologies, Inc.* | 200 | 11,484 |
255,370 | ||
Pharmaceuticals — 3.3% | ||
Aclaris Therapeutics, Inc.* | 1,500 | 26,340 |
AdaptHealth Corp.* | 2,500 | 68,525 |
Aeglea BioTherapeutics, Inc.* | 1,500 | 10,440 |
Aerie Pharmaceuticals, Inc.* | 1,100 | 17,611 |
Agios Pharmaceuticals, Inc.* | 2,000 | 110,220 |
Akebia Therapeutics, Inc.* | 4,510 | 17,093 |
Alector, Inc.* | 1,700 | 35,411 |
Alkermes PLC* | 5,200 | 127,504 |
Allovir, Inc.* | 1,000 | 19,740 |
Amneal Pharmaceuticals, Inc.* | 2,937 | 15,037 |
Amphastar Pharmaceuticals, Inc.* | 1,100 | 22,176 |
Ampio Pharmaceuticals, Inc.* | 7,100 | 11,857 |
Anika Therapeutics, Inc.* | 400 | 17,316 |
Antares Pharma, Inc.* | 5,600 | 24,416 |
Arvinas, Inc.* | 1,400 | 107,800 |
Athenex, Inc.* | 1,900 | 8,778 |
Beyondspring, Inc.* | 400 | 4,176 |
BioDelivery Sciences International, Inc.* | 3,100 | 11,098 |
Bioxcel Therapeutics, Inc.* | 400 | 11,624 |
Cassava Sciences, Inc.* | 1,200 | 102,528 |
Catalyst Pharmaceuticals, Inc.* | 2,800 | 16,100 |
Chimerix, Inc.* | 1,700 | 13,600 |
Clovis Oncology, Inc.* | 2,600 | 15,080 |
Coherus Biosciences, Inc.* | 2,100 | 29,043 |
Collegium Pharmaceutical, Inc.* | 1,000 | 23,640 |
Corcept Therapeutics, Inc.* | 2,900 | 63,800 |
CorMedix, Inc.* | 1,000 | 6,860 |
Covetrus, Inc.* | 3,200 | 86,400 |
Cytokinetics, Inc.* | 2,100 | 41,559 |
Durect Corp.* | 7,200 | 11,736 |
Eagle Pharmaceuticals, Inc.* | 300 | 12,840 |
Enanta Pharmaceuticals, Inc.* | 600 | 26,406 |
Endo International PLC* | 8,000 | 37,440 |
Flexion Therapeutics, Inc.* | 1,200 | 9,876 |
Foghorn Therapeutics, Inc.* | 800 | 8,536 |
Fortress Biotech, Inc.* | 2,400 | 8,568 |
Fulcrum Therapeutics, Inc.* | 400 | 4,192 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
G1 Therapeutics, Inc.* | 1,300 | $ 28,522 |
Gritstone bio, Inc.* | 1,000 | 9,130 |
Harmony Biosciences Holdings, Inc.* | 800 | 22,584 |
Harpoon Therapeutics, Inc.* | 500 | 6,935 |
Heron Therapeutics, Inc.* | 2,700 | 41,904 |
Heska Corp.* | 312 | 71,676 |
Hookipa Pharma, Inc.* | 500 | 4,580 |
Ideaya Biosciences, Inc.* | 1,000 | 20,990 |
Intellia Therapeutics, Inc.* | 2,000 | 323,820 |
Ironwood Pharmaceuticals, Inc.* | 4,861 | 62,561 |
Jounce Therapeutics, Inc.* | 400 | 2,720 |
Kala Pharmaceuticals, Inc.* | 1,400 | 7,420 |
KalVista Pharmaceuticals, Inc.* | 500 | 11,980 |
Kura Oncology, Inc.* | 1,900 | 39,615 |
Madrigal Pharmaceuticals, Inc.* | 379 | 36,918 |
MannKind Corp.* | 7,101 | 38,700 |
Marinus Pharmaceuticals, Inc.* | 875 | 15,698 |
Mirum Pharmaceuticals, Inc.* | 100 | 1,729 |
Morphic Holding, Inc.* | 700 | 40,173 |
Nature's Sunshine Products, Inc. | 200 | 3,474 |
Neoleukin Therapeutics, Inc.* | 1,100 | 10,153 |
Ocugen, Inc.* | 6,100 | 48,983 |
Ocular Therapeutix, Inc.* | 2,100 | 29,778 |
Option Care Health, Inc.* | 3,502 | 76,589 |
Oramed Pharmaceuticals, Inc.* | 1,000 | 13,380 |
ORIC Pharmaceuticals, Inc.* | 700 | 12,383 |
Outlook Therapeutics, Inc.* | 3,600 | 8,964 |
Owens & Minor, Inc. | 2,376 | 100,576 |
Pacira BioSciences, Inc.* | 1,400 | 84,952 |
Paratek Pharmaceuticals, Inc.* | 1,100 | 7,502 |
Passage Bio, Inc.* | 800 | 10,592 |
PetIQ, Inc.* | 700 | 27,020 |
Phibro Animal Health Corp., Class A | 700 | 20,216 |
PMV Pharmaceuticals, Inc.* | 900 | 30,744 |
Prestige Consumer Healthcare, Inc.* | 1,572 | 81,901 |
Prometheus Biosciences, Inc.* | 500 | 12,280 |
Protagonist Therapeutics, Inc.* | 1,200 | 53,856 |
Reata Pharmaceuticals, Inc., Class A* | 884 | 125,113 |
Relmada Therapeutics, Inc.* | 500 | 16,005 |
Revance Therapeutics, Inc.* | 2,200 | 65,208 |
Rhythm Pharmaceuticals, Inc.* | 1,300 | 25,454 |
Senseonics Holdings, Inc.* | 13,700 | 52,608 |
Seres Therapeutics, Inc.* | 2,300 | 54,855 |
SIGA Technologies, Inc.* | 2,000 | 12,560 |
Spectrum Pharmaceuticals, Inc.* | 5,014 | 18,802 |
Spero Therapeutics, Inc.* | 460 | 6,422 |
Summit Therapeutics, Inc.* | 1,000 | 7,460 |
Supernus Pharmaceuticals, Inc.* | 1,500 | 46,185 |
Syros Pharmaceuticals, Inc.* | 1,400 | 7,630 |
TherapeuticsMD, Inc.* | 12,500 | 14,875 |
Tonix Pharmaceuticals Holding Corp.* | 12,100 | 13,431 |
Trevena, Inc.* | 6,200 | 10,478 |
USANA Health Sciences, Inc.* | 348 | 35,646 |
Vanda Pharmaceuticals, Inc.* | 1,941 | 41,751 |
Vaxcyte, Inc.* | 1,100 | 24,761 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — (continued) | ||
Verrica Pharmaceuticals, Inc.* | 600 | $ 6,780 |
Zogenix, Inc.* | 1,975 | 34,128 |
3,226,516 | ||
Pipelines — 0.2% | ||
Equitrans Midstream Corp. | 13,200 | 112,332 |
Golar LNG Ltd.* | 3,600 | 47,700 |
160,032 | ||
Real Estate — 0.8% | ||
Cushman & Wakefield PLC* | 3,400 | 59,398 |
eXp World Holdings, Inc.* | 2,000 | 77,540 |
Fathom Holdings, Inc.* | 100 | 3,279 |
FRP Holdings, Inc.* | 169 | 9,410 |
Kennedy-Wilson Holdings, Inc. | 3,681 | 73,142 |
Legacy Housing Corp.* | 300 | 5,073 |
Marcus & Millichap, Inc.* | 700 | 27,209 |
McGrath RentCorp | 753 | 61,422 |
Newmark Group, Inc., Class A | 4,500 | 54,045 |
Radius Global Infrastructure, Inc., Class A* | 1,500 | 21,750 |
RE/MAX Holdings, Inc., Class A | 600 | 19,998 |
Realogy Holdings Corp.* | 3,500 | 63,770 |
Redfin Corp.* | 3,300 | 209,253 |
The RMR Group, Inc., Class A | 467 | 18,045 |
The St. Joe Co. | 1,000 | 44,610 |
747,944 | ||
Retail — 5.0% | ||
Abercrombie & Fitch Co., Class A* | 2,000 | 92,860 |
Academy Sports & Outdoors, Inc.* | 2,000 | 82,480 |
American Eagle Outfitters, Inc. | 4,700 | 176,391 |
America's Car-Mart, Inc.* | 180 | 25,510 |
Arko Corp.* | 900 | 8,271 |
Asbury Automotive Group, Inc.* | 616 | 105,564 |
Aspen Aerogels, Inc.* | 600 | 17,952 |
At Home Group, Inc.* | 2,100 | 77,364 |
Barnes & Noble Education, Inc.* | 1,400 | 10,094 |
Bassett Furniture Industries, Inc. | 400 | 9,740 |
Beacon Roofing Supply, Inc.* | 1,781 | 94,838 |
Bed Bath & Beyond, Inc.* | 3,400 | 113,186 |
Big 5 Sporting Goods Corp. | 700 | 17,976 |
Big Lots, Inc. | 1,100 | 72,611 |
Biglari Holdings, Inc., Class B* | 40 | 6,379 |
BJ's Restaurants, Inc.* | 720 | 35,381 |
BJ's Wholesale Club Holdings, Inc.* | 4,300 | 204,594 |
Bloomin' Brands, Inc.* | 2,800 | 75,992 |
BlueLinx Holdings, Inc.* | 300 | 15,084 |
Boot Barn Holdings, Inc.* | 900 | 75,645 |
Brinker International, Inc.* | 1,500 | 92,775 |
Caleres, Inc. | 1,354 | 36,951 |
Cannae Holdings, Inc.* | 2,800 | 94,948 |
CarLotz, Inc.* | 1,700 | 9,282 |
Carrols Restaurant Group, Inc.* | 1,113 | 6,689 |
Chico's FAS, Inc.* | 4,000 | 26,320 |
Chuy's Holdings, Inc.* | 600 | 22,356 |
Number of Shares | Value† | |
Retail — (continued) | ||
Citi Trends, Inc.* | 303 | $ 26,361 |
Clean Energy Fuels Corp.* | 4,600 | 46,690 |
Conn's, Inc.* | 704 | 17,952 |
Cracker Barrel Old Country Store, Inc. | 759 | 112,681 |
Dave & Buster's Entertainment, Inc.* | 1,400 | 56,840 |
Del Taco Restaurants, Inc. | 1,100 | 11,011 |
Denny's Corp.* | 1,952 | 32,188 |
Designer Brands, Inc., Class A* | 1,900 | 31,445 |
Dillard's, Inc., Class A | 200 | 36,176 |
Dine Brands Global, Inc.* | 471 | 42,037 |
Duluth Holdings, Inc., Class B* | 200 | 4,130 |
El Pollo Loco Holdings, Inc.* | 600 | 10,974 |
Fiesta Restaurant Group, Inc.* | 413 | 5,547 |
FirstCash, Inc. | 1,339 | 102,353 |
Franchise Group, Inc. | 700 | 24,689 |
Genesco, Inc.* | 495 | 31,522 |
GMS, Inc.* | 1,300 | 62,582 |
Group 1 Automotive, Inc. | 550 | 84,937 |
GrowGeneration Corp.* | 1,800 | 86,580 |
Guess?, Inc. | 1,200 | 31,680 |
Haverty Furniture Cos., Inc. | 550 | 23,518 |
Hibbett, Inc.* | 555 | 49,745 |
Jack in the Box, Inc. | 714 | 79,568 |
JOANN, Inc. | 500 | 7,875 |
Kirkland's, Inc.* | 500 | 11,440 |
La-Z-Boy, Inc. | 1,562 | 57,856 |
Lazydays Holdings, Inc.* | 300 | 6,600 |
Lumber Liquidators Holdings, Inc.* | 833 | 17,576 |
Macy's, Inc.* | 9,800 | 185,808 |
MarineMax, Inc.* | 700 | 34,118 |
Movado Group, Inc. | 460 | 14,476 |
Murphy USA, Inc. | 776 | 103,495 |
National Vision Holdings, Inc.* | 2,600 | 132,938 |
Noodles & Co.* | 1,200 | 14,976 |
Nu Skin Enterprises, Inc., Class A | 1,600 | 90,640 |
OptimizeRx Corp.* | 500 | 30,950 |
Papa John's International, Inc. | 1,010 | 105,484 |
Party City Holdco, Inc.* | 3,700 | 34,521 |
PC Connection, Inc. | 365 | 16,889 |
PetMed Express, Inc. | 613 | 19,524 |
PriceSmart, Inc. | 731 | 66,528 |
Red Robin Gourmet Burgers, Inc.* | 420 | 13,906 |
Regis Corp.* | 732 | 6,852 |
Rite Aid Corp.* | 1,610 | 26,243 |
Rush Enterprises, Inc., Class A | 1,402 | 60,622 |
Rush Enterprises, Inc., Class B | 150 | 5,721 |
Ruth's Hospitality Group, Inc.* | 895 | 20,612 |
Sally Beauty Holdings, Inc.* | 3,600 | 79,452 |
Shake Shack, Inc., Class A* | 1,200 | 128,424 |
Shift Technologies, Inc.* | 2,200 | 18,876 |
Shoe Carnival, Inc. | 258 | 18,470 |
Signet Jewelers Ltd.* | 1,700 | 137,343 |
Sonic Automotive, Inc., Class A | 734 | 32,839 |
Sportsman's Warehouse Holdings, Inc.* | 1,300 | 23,101 |
Texas Roadhouse, Inc. | 2,170 | 208,754 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Retail — (continued) | ||
The Buckle, Inc. | 849 | $ 42,238 |
The Cato Corp., Class A | 704 | 11,876 |
The Cheesecake Factory, Inc.* | 1,416 | 76,719 |
The Children's Place, Inc.* | 494 | 45,972 |
The Container Store Group, Inc.* | 1,200 | 15,648 |
The ODP Corp.* | 1,470 | 70,575 |
The ONE Group Hospitality, Inc.* | 800 | 8,816 |
Tilly's, Inc., Class A | 800 | 12,784 |
TravelCenters of America, Inc.* | 500 | 14,620 |
Vera Bradley, Inc.* | 800 | 9,912 |
Wingstop, Inc. | 947 | 149,276 |
Winmark Corp. | 106 | 20,360 |
World Fuel Services Corp. | 1,900 | 60,287 |
Zumiez, Inc.* | 603 | 29,541 |
4,919,972 | ||
Savings & Loans — 0.9% | ||
Axos Financial, Inc.* | 1,800 | 83,502 |
Banc of California, Inc. | 1,300 | 22,802 |
Berkshire Hills Bancorp, Inc. | 1,642 | 45,007 |
Brookline Bancorp, Inc. | 2,522 | 37,704 |
Capitol Federal Financial, Inc. | 3,900 | 45,942 |
Flushing Financial Corp. | 838 | 17,958 |
FS Bancorp, Inc. | 100 | 7,127 |
Home Bancorp, Inc. | 300 | 11,433 |
HomeTrust Bancshares, Inc. | 500 | 13,950 |
Investors Bancorp, Inc. | 7,355 | 104,882 |
Meridian Bancorp, Inc. | 1,474 | 30,158 |
Northfield Bancorp, Inc. | 1,293 | 21,205 |
Northwest Bancshares, Inc. | 4,155 | 56,674 |
OceanFirst Financial Corp. | 1,910 | 39,805 |
Pacific Premier Bancorp, Inc. | 3,046 | 128,815 |
Provident Financial Services, Inc. | 2,174 | 49,763 |
Southern Missouri Bancorp, Inc. | 300 | 13,488 |
The Hingham Institution for Savings | 43 | 12,492 |
Washington Federal, Inc. | 2,200 | 69,916 |
Waterstone Financial, Inc. | 800 | 15,728 |
WSFS Financial Corp. | 1,406 | 65,506 |
893,857 | ||
Semiconductors — 2.5% | ||
Alpha & Omega Semiconductor Ltd.* | 600 | 18,234 |
Ambarella, Inc.* | 1,100 | 117,293 |
Amkor Technology, Inc. | 3,211 | 76,005 |
Atomera, Inc.* | 600 | 12,864 |
Axcelis Technologies, Inc.* | 1,025 | 41,431 |
AXT, Inc.* | 1,000 | 10,980 |
CEVA, Inc.* | 671 | 31,738 |
CMC Materials, Inc. | 954 | 143,806 |
Cohu, Inc.* | 1,424 | 52,389 |
CTS Corp. | 963 | 35,785 |
Diodes, Inc.* | 1,399 | 111,598 |
DSP Group, Inc.* | 800 | 11,840 |
EMCORE Corp.* | 1,300 | 11,986 |
FormFactor, Inc.* | 2,329 | 84,916 |
Impinj, Inc.* | 500 | 25,795 |
Number of Shares | Value† | |
Semiconductors — (continued) | ||
Kulicke & Soffa Industries, Inc. | 2,000 | $ 122,400 |
Lattice Semiconductor Corp.* | 4,224 | 237,304 |
MACOM Technology Solutions Holdings, Inc.* | 1,622 | 103,938 |
MaxLinear, Inc.* | 2,343 | 99,554 |
Onto Innovation, Inc.* | 1,547 | 112,993 |
Ouster, Inc.* | 1,100 | 13,739 |
Photronics, Inc.* | 2,092 | 27,635 |
Power Integrations, Inc. | 1,894 | 155,422 |
Rambus, Inc.* | 3,623 | 85,901 |
Semtech Corp.* | 2,109 | 145,099 |
Silicon Laboratories, Inc.* | 1,425 | 218,381 |
SiTime Corp.* | 400 | 50,636 |
SkyWater Technology, Inc.* | 300 | 8,595 |
SMART Global Holdings, Inc.* | 400 | 19,072 |
Synaptics, Inc.* | 1,116 | 173,627 |
Ultra Clean Holdings, Inc.* | 1,400 | 75,208 |
Veeco Instruments, Inc.* | 1,754 | 42,166 |
2,478,330 | ||
Software — 6.1% | ||
1Life Healthcare, Inc.* | 3,800 | 125,628 |
8X8, Inc.* | 3,300 | 91,608 |
ACI Worldwide, Inc.* | 3,827 | 142,135 |
Agilysys, Inc.* | 576 | 32,757 |
Alignment Healthcare, Inc.* | 900 | 21,033 |
Alkami Technology, Inc.* | 300 | 10,701 |
Allscripts Healthcare Solutions, Inc.* | 4,300 | 79,593 |
Altair Engineering, Inc., Class A* | 1,500 | 103,455 |
American Software, Inc., Class A | 893 | 19,610 |
Apollo Medical Holdings, Inc.* | 1,200 | 75,372 |
Appfolio, Inc., Class A* | 572 | 80,766 |
Appian Corp.* | 1,262 | 173,840 |
Asana, Inc., Class A* | 2,400 | 148,872 |
Avaya Holdings Corp.* | 2,500 | 67,250 |
Avid Technology, Inc.* | 1,100 | 43,065 |
Bandwidth, Inc., Class A* | 739 | 101,923 |
Benefitfocus, Inc.* | 900 | 12,690 |
BigCommerce Holdings, Inc.* | 1,500 | 97,380 |
Blackbaud, Inc.* | 1,450 | 111,026 |
Blackline, Inc.* | 1,700 | 189,159 |
BM Technologies, Inc. | 150 | 1,866 |
Bottomline Technologies, Inc.* | 1,345 | 49,873 |
Box, Inc., Class A* | 4,600 | 117,530 |
Brightcove, Inc.* | 1,200 | 17,220 |
BTRS Holdings, Inc.* | 1,600 | 20,192 |
Cardlytics, Inc.* | 1,000 | 126,930 |
Castlight Health, Inc., Class B* | 4,700 | 12,361 |
Cerence, Inc.* | 1,200 | 128,052 |
Cloudera, Inc.* | 7,493 | 118,839 |
CommVault Systems, Inc.* | 1,348 | 105,373 |
Computer Programs and Systems, Inc. | 447 | 14,854 |
Cornerstone OnDemand, Inc.* | 1,900 | 98,002 |
CSG Systems International, Inc. | 981 | 46,284 |
Daily Journal Corp.* | 41 | 13,879 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
DarioHealth Corp.* | 500 | $ 10,680 |
Digi International, Inc.* | 857 | 17,234 |
Digimarc Corp.* | 400 | 13,400 |
Digital Turbine Inc* | 2,600 | 197,678 |
DigitalOcean Holdings, Inc.* | 400 | 22,236 |
Domo, Inc., Class B* | 900 | 72,747 |
Donnelley Financial Solutions, Inc.* | 1,000 | 33,000 |
E2open Parent Holdings, Inc.* | 1,500 | 17,130 |
Ebix, Inc. | 936 | 31,730 |
eGain Corp.* | 500 | 5,740 |
Envestnet, Inc.* | 1,713 | 129,948 |
Evolent Health, Inc., Class A* | 2,400 | 50,688 |
Forian, Inc.* | 700 | 8,799 |
Genius Brands International, Inc.* | 9,900 | 18,216 |
GreenBox POS* | 700 | 8,351 |
GTY Technology Holdings, Inc.* | 1,200 | 8,532 |
Health Catalyst, Inc.* | 1,500 | 83,265 |
Inovalon Holdings, Inc., Class A* | 2,300 | 78,384 |
Intelligent Systems Corp.* | 200 | 6,292 |
J2 Global, Inc.* | 1,356 | 186,518 |
JFrog Ltd.* | 1,700 | 77,384 |
LivePerson, Inc.* | 2,025 | 128,061 |
ManTech International Corp., Class A | 839 | 72,607 |
MedAvail Holdings, Inc.* | 500 | 6,125 |
MicroStrategy, Inc., Class A* | 253 | 168,118 |
Model N, Inc.* | 1,200 | 41,124 |
Momentive Global, Inc.* | 4,300 | 90,601 |
NantHealth, Inc.* | 1,200 | 2,784 |
NextGen Healthcare, Inc.* | 1,804 | 29,928 |
ON24, Inc.* | 300 | 10,644 |
Outset Medical, Inc.* | 1,500 | 74,970 |
PagerDuty, Inc.* | 2,600 | 110,708 |
PDF Solutions, Inc.* | 1,000 | 18,180 |
Phreesia, Inc.* | 1,200 | 73,560 |
Porch Group, Inc.* | 600 | 11,604 |
Privia Health Group, Inc.* | 700 | 31,059 |
Progress Software Corp. | 1,426 | 65,953 |
PROS Holdings, Inc.* | 1,217 | 55,459 |
QAD, Inc., Class A | 392 | 34,112 |
Rackspace Technology, Inc.* | 1,800 | 35,298 |
Sailpoint Technologies Holdings, Inc.* | 2,800 | 142,996 |
Sapiens International Corp. N.V. | 900 | 23,643 |
Schrodinger, Inc.* | 1,500 | 113,415 |
Simulations Plus, Inc. | 500 | 27,455 |
Smith Micro Software, Inc.* | 1,400 | 7,308 |
Sprout Social, Inc., Class A* | 1,400 | 125,188 |
SPS Commerce, Inc.* | 1,134 | 113,230 |
Sumo Logic, Inc.* | 2,700 | 55,755 |
Tabula Rasa HealthCare, Inc.* | 800 | 40,000 |
Upland Software, Inc.* | 800 | 32,936 |
Verint Systems, Inc.* | 1,995 | 89,915 |
Veritone, Inc.* | 700 | 13,797 |
Verra Mobility Corp.* | 4,100 | 63,017 |
Viant Technology, Inc., Class A* | 400 | 11,912 |
Workiva, Inc.* | 1,300 | 144,729 |
Number of Shares | Value† | |
Software — (continued) | ||
Xperi Holding Corp. | 3,153 | $ 70,123 |
Yext, Inc.* | 3,200 | 45,728 |
Zuora, Inc., Class A* | 3,500 | 60,375 |
5,919,487 | ||
Telecommunications — 1.5% | ||
A10 Networks, Inc.* | 1,900 | 21,394 |
ADTRAN, Inc. | 1,405 | 29,013 |
Anterix, Inc.* | 400 | 23,996 |
ATN International, Inc. | 398 | 18,105 |
Aviat Networks, Inc.* | 400 | 13,108 |
CalAmp Corp.* | 1,000 | 12,720 |
Calix, Inc.* | 1,793 | 85,168 |
Cambium Networks Corp.* | 200 | 9,670 |
Casa Systems, Inc.* | 1,200 | 10,644 |
Cincinnati Bell, Inc.* | 1,682 | 25,937 |
Clearfield, Inc.* | 400 | 14,980 |
Consolidated Communications Holdings, Inc.* | 2,571 | 22,599 |
DZS, Inc.* | 600 | 12,450 |
EchoStar Corp., Class A* | 1,400 | 34,006 |
Extreme Networks, Inc.* | 3,647 | 40,701 |
Globalstar, Inc.* | 20,300 | 36,134 |
Gogo, Inc.* | 1,700 | 19,346 |
Harmonic, Inc.* | 2,870 | 24,452 |
HC2 Holdings, Inc.* | 1,083 | 4,310 |
IDT Corp., Class B* | 700 | 25,872 |
Infinera Corp.* | 5,794 | 59,099 |
Inseego Corp.* | 2,800 | 28,252 |
InterDigital, Inc. | 994 | 72,592 |
Iridium Communications, Inc.* | 3,700 | 147,963 |
KVH Industries, Inc.* | 354 | 4,354 |
Loral Space & Communications, Inc. | 446 | 17,327 |
Maxar Technologies, Inc. | 2,400 | 95,808 |
NeoPhotonics Corp.* | 1,300 | 13,273 |
NETGEAR, Inc.* | 929 | 35,599 |
Ooma, Inc.* | 700 | 13,202 |
ORBCOMM, Inc.* | 2,700 | 30,348 |
Plantronics, Inc.* | 1,067 | 44,526 |
Preformed Line Products Co. | 45 | 3,339 |
Ribbon Communications, Inc.* | 1,843 | 14,025 |
Shenandoah Telecommunications Co. | 1,518 | 73,638 |
Telephone and Data Systems, Inc. | 3,300 | 74,778 |
United States Cellular Corp.* | 500 | 18,155 |
Viavi Solutions, Inc.* | 7,300 | 128,918 |
Vonage Holdings Corp.* | 7,900 | 113,839 |
1,473,640 | ||
Textiles — 0.1% | ||
UniFirst Corp. | 481 | 112,862 |
Toys, Games & Hobbies — 0.0% | ||
Funko, Inc., Class A* | 900 | 19,152 |
Transportation — 1.2% | ||
AFC Gamma, Inc. | 300 | 6,195 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Transportation — (continued) | ||
Air Transport Services Group, Inc.* | 2,085 | $ 48,435 |
ArcBest Corp. | 795 | 46,261 |
Atlas Air Worldwide Holdings, Inc.* | 848 | 57,757 |
Costamare, Inc. | 1,400 | 16,534 |
Covenant Logistics Group, Inc.* | 400 | 8,272 |
CryoPort, Inc.* | 1,300 | 82,030 |
Daseke, Inc.* | 1,800 | 11,664 |
DHT Holdings, Inc. | 3,700 | 24,013 |
Diamond S Shipping, Inc.* | 900 | 8,964 |
Dorian LPG Ltd.* | 1,032 | 14,572 |
Eagle Bulk Shipping, Inc.* | 214 | 10,126 |
Echo Global Logistics, Inc.* | 800 | 24,592 |
Forward Air Corp. | 896 | 80,416 |
Frontline Ltd. | 3,500 | 31,500 |
Genco Shipping & Trading Ltd. | 700 | 13,216 |
Heartland Express, Inc. | 1,567 | 26,843 |
Hub Group, Inc., Class A* | 1,043 | 68,817 |
Ideanomics, Inc.* | 13,600 | 38,624 |
International Seaways, Inc. | 833 | 15,977 |
Marten Transport Ltd. | 2,126 | 35,058 |
Matson, Inc. | 1,400 | 89,600 |
Nordic American Tankers Ltd. | 4,767 | 15,636 |
PAM Transportation Services, Inc.* | 50 | 2,637 |
Radiant Logistics, Inc.* | 1,000 | 6,930 |
Safe Bulkers, Inc.* | 2,600 | 10,426 |
Saia, Inc.* | 861 | 180,371 |
Scorpio Tankers, Inc. | 1,440 | 31,752 |
SFL Corp., Ltd. | 3,484 | 26,653 |
Teekay Corp.* | 2,700 | 10,044 |
Teekay Tankers Ltd., Class A* | 900 | 12,978 |
Tidewater, Inc.* | 1,400 | 16,870 |
Universal Logistics Holdings, Inc. | 300 | 6,990 |
US Xpress Enterprises, Inc., Class A* | 400 | 3,440 |
Werner Enterprises, Inc. | 1,952 | 86,903 |
Yellow Corp.* | 1,900 | 12,369 |
1,183,465 | ||
Trucking and Leasing — 0.1% | ||
GATX Corp. | 1,100 | 97,317 |
The Greenbrier Cos., Inc. | 947 | 41,270 |
Willis Lease Finance Corp.* | 100 | 4,286 |
142,873 | ||
Water — 0.3% | ||
American States Water Co. | 1,179 | 93,801 |
Artesian Resources Corp., Class A | 313 | 11,509 |
California Water Service Group | 1,666 | 92,530 |
Global Water Resources, Inc. | 500 | 8,540 |
Middlesex Water Co. | 531 | 43,399 |
SJW Group | 911 | 57,666 |
The York Water Co. | 397 | 17,984 |
325,429 | ||
TOTAL COMMON STOCKS (Cost $66,429,419) | 88,729,979 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — 7.2% | ||
Apartments — 0.2% | ||
Apartment Investment and Management Co., Class A | 5,000 | $ 33,550 |
BRT Apartments Corp. | 200 | 3,468 |
Centerspace | 461 | 36,373 |
Independence Realty Trust, Inc. | 3,492 | 63,659 |
NexPoint Residential Trust, Inc. | 700 | 38,486 |
175,536 | ||
Building & Real Estate — 0.2% | ||
Agree Realty Corp. | 2,096 | 147,747 |
Getty Realty Corp. | 1,169 | 36,414 |
184,161 | ||
Diversified — 1.3% | ||
Alexander & Baldwin, Inc. | 2,256 | 41,330 |
American Finance Trust, Inc. | 3,400 | 28,832 |
Armada Hoffler Properties, Inc. | 1,700 | 22,593 |
Broadstone Net Lease, Inc. | 4,600 | 107,686 |
CatchMark Timber Trust, Inc., Class A | 1,400 | 16,380 |
Clipper Realty, Inc. | 600 | 4,410 |
CorePoint Lodging, Inc.* | 1,550 | 16,585 |
DigitalBridge Group, Inc.* | 15,300 | 120,870 |
Farmland Partners, Inc. | 900 | 10,845 |
Four Corners Property Trust, Inc. | 2,300 | 63,503 |
Gladstone Commercial Corp. | 1,052 | 23,733 |
Gladstone Land Corp. | 700 | 16,842 |
Global Net Lease, Inc. | 3,133 | 57,961 |
iStar, Inc. | 2,118 | 43,906 |
Lexington Realty Trust | 8,715 | 104,144 |
One Liberty Properties, Inc. | 510 | 14,479 |
Outfront Media, Inc.* | 4,700 | 112,941 |
Postal Realty Trust, Inc., Class A | 500 | 9,120 |
PotlatchDeltic Corp. | 2,137 | 113,582 |
Preferred Apartment Communities, Inc., Class A | 1,400 | 13,650 |
PS Business Parks, Inc. | 640 | 94,771 |
Safehold, Inc. | 600 | 47,100 |
The GEO Group, Inc. | 3,752 | 26,714 |
UMH Properties, Inc. | 1,068 | 23,304 |
Uniti Group, Inc. | 5,900 | 62,481 |
Washington Real Estate Investment Trust | 2,906 | 66,838 |
1,264,600 | ||
Diversified Financial Services — 0.1% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2,500 | 140,375 |
Healthcare — 0.7% | ||
CareTrust REIT, Inc. | 2,995 | 69,574 |
Community Healthcare Trust, Inc. | 700 | 33,222 |
Diversified Healthcare Trust | 8,600 | 35,948 |
Global Medical REIT, Inc. | 1,300 | 19,188 |
Healthcare Realty Trust, Inc. | 4,372 | 132,034 |
LTC Properties, Inc. | 1,217 | 46,721 |
National Health Investors, Inc. | 1,457 | 97,692 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Healthcare — (continued) | ||
New Senior Investment Group, Inc. | 2,700 | $ 23,706 |
Physicians Realty Trust | 6,700 | 123,749 |
Sabra Health Care REIT, Inc. | 6,593 | 119,992 |
Universal Health Realty Income Trust | 420 | 25,851 |
727,677 | ||
Hotels & Resorts — 0.8% | ||
Apple Hospitality REIT, Inc. | 6,800 | 103,768 |
Ashford Hospitality Trust, Inc.* | 3,900 | 17,784 |
Braemar Hotels & Resorts, Inc.* | 1,700 | 10,557 |
Chatham Lodging Trust* | 1,500 | 19,305 |
DiamondRock Hospitality Co.* | 7,023 | 68,123 |
Hersha Hospitality Trust* | 1,117 | 12,019 |
Pebblebrook Hotel Trust | 3,993 | 94,035 |
RLJ Lodging Trust | 4,980 | 75,845 |
Ryman Hospitality Properties, Inc.* | 1,712 | 135,180 |
Service Properties Trust | 5,000 | 63,000 |
Summit Hotel Properties, Inc.* | 3,400 | 31,722 |
Sunstone Hotel Investors, Inc.* | 6,547 | 81,314 |
Xenia Hotels & Resorts, Inc.* | 3,500 | 65,555 |
778,207 | ||
Industrial — 0.7% | ||
EastGroup Properties, Inc. | 1,286 | 211,483 |
Indus Realty Trust, Inc. | 101 | 6,630 |
Monmouth Real Estate Investment Corp. | 2,849 | 53,333 |
QTS Realty Trust, Inc., Class A | 2,143 | 165,654 |
STAG lndustrial, Inc. | 5,200 | 194,636 |
631,736 | ||
Mortgage Banks — 1.1% | ||
Apollo Commercial Real Estate Finance, Inc. | 4,256 | 67,883 |
Arbor Realty Trust, Inc. | 4,100 | 73,062 |
Ares Commercial Real Estate Corp. | 1,000 | 14,690 |
ARMOUR Residential REIT, Inc. | 2,275 | 25,980 |
Blackstone Mortgage Trust, Inc., Class A | 4,300 | 137,127 |
BrightSpire Capital, Inc. | 2,700 | 25,380 |
Broadmark Realty Capital, Inc. | 3,900 | 41,301 |
Capstead Mortgage Corp. | 2,775 | 17,039 |
Chimera Investment Corp. | 7,400 | 111,444 |
Dynex Capital, Inc. | 769 | 14,350 |
Ellington Financial, Inc. | 1,200 | 22,980 |
Granite Point Mortgage Trust, Inc. | 1,700 | 25,075 |
Great Ajax Corp. | 622 | 8,074 |
Invesco Mortgage Capital, Inc. | 8,325 | 32,467 |
KKR Real Estate Finance Trust, Inc. | 900 | 19,467 |
Ladder Capital Corp. | 3,376 | 38,959 |
MFA Financial, Inc. | 13,400 | 61,506 |
New York Mortgage Trust, Inc. | 11,400 | 50,958 |
Orchid Island Capital, Inc. | 3,200 | 16,608 |
PennyMac Mortgage Investment Trust | 2,992 | 63,012 |
Ready Capital Corp. | 1,782 | 28,280 |
Redwood Trust, Inc. | 3,577 | 43,174 |
Number of Shares | Value† | |
Mortgage Banks — (continued) | ||
TPG RE Finance Trust, Inc. | 1,700 | $ 22,865 |
Two Harbors Investment Corp. | 8,300 | 62,748 |
1,024,429 | ||
Office Property — 0.8% | ||
American Assets Trust, Inc. | 1,500 | 55,935 |
Brandywine Realty Trust | 5,500 | 75,405 |
City Office REIT, Inc. | 1,400 | 17,402 |
Columbia Property Trust, Inc. | 3,900 | 67,821 |
Corporate Office Properties Trust | 3,700 | 103,563 |
Easterly Government Properties, Inc. | 2,900 | 61,132 |
Empire State Realty Trust, Inc., Class A | 4,700 | 56,400 |
Equity Commonwealth | 3,800 | 99,560 |
Franklin Street Properties Corp. | 3,145 | 16,543 |
Mack-Cali Realty Corp. | 2,600 | 44,590 |
Office Properties Income Trust | 1,669 | 48,918 |
Paramount Group, Inc. | 6,100 | 61,427 |
Piedmont Office Realty Trust, Inc., Class A | 3,900 | 72,033 |
780,729 | ||
Real Estate — 0.1% | ||
Essential Properties Realty Trust, Inc. | 3,600 | 97,344 |
NETSTREIT Corp. | 1,300 | 29,978 |
127,322 | ||
Regional Malls — 0.2% | ||
Tanger Factory Outlet Centers, Inc. | 2,800 | 52,780 |
The Macerich Co. | 6,400 | 116,800 |
169,580 | ||
Single Tenant — 0.0% | ||
CTO Realty Growth, Inc. | 153 | 8,189 |
Storage & Warehousing — 0.5% | ||
Industrial Logistics Properties Trust | 2,258 | 59,024 |
Innovative Industrial Properties, Inc. | 749 | 143,074 |
National Storage Affiliates Trust | 2,300 | 116,288 |
Plymouth Industrial REIT, Inc. | 600 | 12,012 |
Terreno Realty Corp. | 2,175 | 140,331 |
470,729 | ||
Strip Centers — 0.5% | ||
Acadia Realty Trust | 2,520 | 55,339 |
Alexander's, Inc. | 69 | 18,489 |
Kite Realty Group Trust | 2,551 | 56,148 |
Retail Opportunity Investments Corp. | 3,500 | 61,810 |
Retail Properties of America, Inc., Class A | 6,700 | 76,715 |
Retail Value, Inc. | 551 | 11,984 |
RPT Realty | 2,641 | 34,280 |
Saul Centers, Inc. | 351 | 15,953 |
Seritage Growth Properties, Class A* | 1,100 | 20,240 |
SITE Centers Corp. | 5,600 | 84,336 |
Urban Edge Properties | 3,600 | 68,760 |
Urstadt Biddle Properties, Inc., Class A | 916 | 17,752 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Strip Centers — (continued) | ||
Whitestone REIT | 1,400 | $ 11,550 |
533,356 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,271,358) | 7,016,626 | |
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 | 1,273 |
Whiting Petroleum Corp., Class B Expiration Date 12/31/25* | 102 | 588 |
Nabors Industries Ltd. Expiration Date 06/11/26* | 87 | 870 |
TOTAL WARRANTS (Cost $3,666) | 2,731 |
SHORT-TERM INVESTMENTS — 1.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,439,594) | 1,439,594 | 1,439,594 |
TOTAL INVESTMENTS — 99.7% (Cost $74,144,300) | $ 97,195,333 | |
Other Assets & Liabilities — 0.3% | 307,180 | |
TOTAL NET ASSETS — 100.0% | $ 97,502,513 |
† | 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. |
S.E.— Societas Europaea. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Advertising | 0.2% | $ 130,655 |
Aerospace & Defense | 0.7% | 624,162 |
Agriculture | 0.3% | 302,174 |
Airlines | 0.4% | 349,457 |
Apparel | 0.8% | 736,884 |
Auto Manufacturers | 0.6% | 551,160 |
Auto Parts & Equipment | 1.6% | 1,385,914 |
Banks | 8.3% | 7,403,751 |
Beverages | 0.4% | 326,653 |
Biotechnology | 9.7% | 8,559,387 |
Building Materials | 1.4% | 1,258,633 |
Chemicals | 1.8% | 1,627,029 |
Coal | 0.1% | 107,295 |
Commercial Services | 5.0% | 4,476,198 |
Computers | 2.3% | 2,070,725 |
Cosmetics & Personal Care | 0.2% | 202,472 |
Distribution & Wholesale | 0.8% | 743,256 |
Diversified Financial Services | 2.4% | 2,118,356 |
Electric | 1.4% | 1,261,321 |
Electrical Components & Equipment | 0.7% | 626,558 |
Electronics | 2.1% | 1,833,220 |
Energy-Alternate Sources | 0.8% | 729,241 |
Engineering & Construction | 1.4% | 1,213,799 |
Entertainment | 2.1% | 1,842,446 |
Environmental Control | 0.7% | 596,573 |
Food | 1.6% | 1,422,902 |
Food Service | 0.1% | 71,980 |
Forest Products & Paper | 0.2% | 200,831 |
Gas | 0.9% | 767,390 |
Hand & Machine Tools | 0.3% | 234,153 |
Healthcare Products | 4.7% | 4,146,212 |
Healthcare Services | 2.5% | 2,250,595 |
Home Builders | 1.4% | 1,214,619 |
Home Furnishings | 0.6% | 571,422 |
Household Products & Wares | 0.5% | 410,189 |
Housewares | 0.1% | 48,738 |
Insurance | 2.4% | 2,152,704 |
Internet | 2.6% | 2,294,287 |
Investment Companies | 0.0% | 22,066 |
Iron & Steel | 0.3% | 304,611 |
Leisure Time | 0.6% | 504,285 |
Lodging | 0.2% | 175,635 |
Machinery — Construction & Mining | 0.4% | 351,663 |
Machinery — Diversified | 1.7% | 1,531,780 |
Media | 0.9% | 792,354 |
Metal Fabricate/Hardware | 0.9% | 819,847 |
Mining | 1.0% | 844,527 |
Miscellaneous Manufacturing | 1.3% | 1,156,976 |
Office & Business Equipment | 0.1% | 45,604 |
Office Furnishings | 0.2% | 193,606 |
Oil & Gas | 3.0% | 2,619,630 |
Oil & Gas Services | 0.7% | 645,125 |
Packaging and Containers | 0.3% | 255,370 |
Pharmaceuticals | 3.6% | 3,226,516 |
Pipelines | 0.2% | 160,032 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Real Estate | 0.8% | $ 747,944 | |
Retail | 5.5% | 4,919,972 | |
Savings & Loans | 1.0% | 893,857 | |
Semiconductors | 2.8% | 2,478,330 | |
Software | 6.7% | 5,919,487 | |
Telecommunications | 1.7% | 1,473,640 | |
Textiles | 0.1% | 112,862 | |
Toys, Games & Hobbies | 0.0% | 19,152 | |
Transportation | 1.3% | 1,183,465 | |
Trucking and Leasing | 0.2% | 142,873 | |
Water | 0.4% | 325,429 | |
100.0% | $88,729,979 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Advertising | $ 130,655 | $ 130,655 | $ — | $— |
Aerospace & Defense | 624,162 | 624,162 | — | — |
Agriculture | 302,174 | 302,174 | — | — |
Airlines | 349,457 | 349,457 | — | — |
Apparel | 736,884 | 736,884 | — | — |
Auto Manufacturers | 551,160 | 551,160 | — | — |
Auto Parts & Equipment | 1,385,914 | 1,385,914 | — | — |
Banks | 7,403,751 | 7,403,751 | — | — |
Beverages | 326,653 | 326,653 | — | — |
Biotechnology | 8,559,387 | 8,559,387 | — | — |
Building Materials | 1,258,633 | 1,258,633 | — | — |
Chemicals | 1,627,029 | 1,627,029 | — | — |
Coal | 107,295 | 107,295 | — | — |
Commercial Services | 4,476,198 | 4,476,198 | — | — |
Computers | 2,070,725 | 2,070,725 | — | — |
Cosmetics & Personal Care | 202,472 | 202,472 | — | — |
Distribution & Wholesale | 743,256 | 743,256 | — | — |
Diversified Financial Services | 2,118,356 | 2,118,356 | — | — |
Electric | 1,261,321 | 1,261,321 | — | — |
Electrical Components & Equipment | 626,558 | 626,558 | — | — |
Electronics | 1,833,220 | 1,833,220 | — | — |
Energy-Alternate Sources | 729,241 | 729,241 | — | — |
Engineering & Construction | 1,213,799 | 1,213,799 | — | — |
Entertainment | 1,842,446 | 1,842,446 | — | — |
Environmental Control | 596,573 | 596,573 | — | — |
Food | 1,422,902 | 1,422,902 | — | — |
Food Service | 71,980 | 71,980 | — | — |
Forest Products & Paper | 200,831 | 200,831 | — | — |
Gas | 767,390 | 767,390 | — | — |
Hand & Machine Tools | 234,153 | 234,153 | — | — |
Healthcare Products | 4,146,212 | 4,146,212 | — | — |
Healthcare Services | 2,250,595 | 2,250,595 | — | — |
Home Builders | 1,214,619 | 1,214,619 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Home Furnishings | $ 571,422 | $ 571,422 | $ — | $— |
Household Products & Wares | 410,189 | 410,189 | — | — |
Housewares | 48,738 | 48,738 | — | — |
Insurance | 2,152,704 | 2,152,704 | — | — |
Internet | 2,294,287 | 2,294,287 | — | — |
Investment Companies | 22,066 | 22,066 | — | — |
Iron & Steel | 304,611 | 304,611 | — | — |
Leisure Time | 504,285 | 504,285 | — | — |
Lodging | 175,635 | 175,635 | — | — |
Machinery — Construction & Mining | 351,663 | 351,663 | — | — |
Machinery — Diversified | 1,531,780 | 1,531,780 | — | — |
Media | 792,354 | 792,354 | — | — |
Metal Fabricate/Hardware | 819,847 | 819,847 | — | — |
Mining | 844,527 | 844,527 | — | — |
Miscellaneous Manufacturing | 1,156,976 | 1,156,976 | — | — |
Office & Business Equipment | 45,604 | 45,604 | — | — |
Office Furnishings | 193,606 | 193,606 | — | — |
Oil & Gas | 2,619,630 | 2,619,630 | — | — |
Oil & Gas Services | 645,125 | 645,125 | — | — |
Packaging and Containers | 255,370 | 255,370 | — | — |
Pharmaceuticals | 3,226,516 | 3,226,516 | — | — |
Pipelines | 160,032 | 160,032 | — | — |
Real Estate | 747,944 | 747,944 | — | — |
Retail | 4,919,972 | 4,919,972 | — | — |
Savings & Loans | 893,857 | 893,857 | — | — |
Semiconductors | 2,478,330 | 2,478,330 | — | — |
Software | 5,919,487 | 5,917,621 | 1,866 | — |
Telecommunications | 1,473,640 | 1,473,640 | — | — |
Textiles | 112,862 | 112,862 | — | — |
Toys, Games & Hobbies | 19,152 | 19,152 | — | — |
Transportation | 1,183,465 | 1,183,465 | — | — |
Trucking and Leasing | 142,873 | 142,873 | — | — |
Water | 325,429 | 325,429 | — | — |
Total Common Stocks | 88,729,979 | 88,728,113 | 1,866 | — |
Real Estate Investment Trusts | 7,016,626 | 7,016,626 | — | — |
Rights | 6,403 | — | 6,403 | — |
Warrants | 2,731 | 2,731 | — | — |
Short-Term Investments | 1,439,594 | 1,439,594 | — | — |
Total Investments | $ 97,195,333 | $ 97,187,064 | $ 8,269 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(8,807) | $(8,807) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (8,807) | $ (8,807) | $ — | $ — |
(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 and forward foreign currency 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 | 09/17/2021 | 12 | 50 | $2,308 | $1,384,680 | $— | $(8,807) | ||||||||
$— | $(8,807) |
Number of Shares | Value† | |
COMMON STOCKS — 97.6% | ||
Australia — 7.8% | ||
Afterpay Ltd.* | 1,413 | $ 125,222 |
AGL Energy Ltd. | 4,167 | 25,625 |
Ampol Ltd. | 1,758 | 37,192 |
APA Group | 7,495 | 50,026 |
Aristocrat Leisure Ltd. | 3,814 | 123,251 |
ASX Ltd. | 1,293 | 75,354 |
Aurizon Holdings Ltd. | 13,765 | 38,402 |
AusNet Services | 13,578 | 17,820 |
Australia & New Zealand Banking Group Ltd. | 18,479 | 390,112 |
BHP Group Ltd. | 19,189 | 698,961 |
BHP Group PLC | 13,717 | 404,162 |
BlueScope Steel Ltd. | 3,125 | 51,465 |
Brambles Ltd. | 9,348 | 80,200 |
Cochlear Ltd. | 418 | 78,893 |
Coles Group Ltd. | 9,011 | 115,491 |
Commonwealth Bank of Australia | 11,566 | 866,265 |
Computershare Ltd. | 3,765 | 47,718 |
Crown Resorts Ltd.* | 2,801 | 25,018 |
CSL Ltd. | 2,963 | 633,721 |
Dexus | 6,877 | 55,030 |
Domino's Pizza Enterprises Ltd. | 429 | 38,772 |
Endeavour Group Ltd.* | 8,189 | 38,629 |
Evolution Mining Ltd. | 11,549 | 38,975 |
Fortescue Metals Group Ltd. | 11,074 | 193,837 |
Goodman Group | 10,813 | 171,672 |
Insurance Australia Group Ltd. | 15,259 | 59,048 |
Lendlease Corp. Ltd. | 4,333 | 37,240 |
Macquarie Group Ltd. | 2,286 | 268,181 |
Magellan Financial Group Ltd. | 795 | 32,112 |
Medibank Pvt. Ltd. | 17,418 | 41,278 |
Mirvac Group | 24,397 | 53,426 |
National Australia Bank Ltd. | 21,659 | 425,896 |
Newcrest Mining Ltd. | 5,206 | 98,699 |
Northern Star Resources Ltd. | 7,569 | 55,515 |
Oil Search Ltd. | 12,151 | 34,719 |
Orica Ltd. | 2,861 | 28,494 |
Origin Energy Ltd. | 12,782 | 43,232 |
Qantas Airways Ltd.* | 5,515 | 19,274 |
QBE Insurance Group Ltd. | 9,279 | 75,085 |
Ramsay Health Care Ltd. | 1,275 | 60,192 |
REA Group Ltd. | 317 | 40,184 |
Reece Ltd. | 2,060 | 36,475 |
Rio Tinto Ltd. | 2,412 | 229,077 |
Rio Tinto PLC | 7,305 | 601,147 |
Santos Ltd. | 11,389 | 60,557 |
Scentre Group | 34,304 | 70,490 |
SEEK Ltd. | 2,271 | 56,442 |
Sonic Healthcare Ltd. | 2,969 | 85,502 |
South32 Ltd. | 21,214 | 46,615 |
South32 Ltd. | 9,351 | 20,593 |
Stockland | 14,818 | 51,785 |
Suncorp Group Ltd. | 8,248 | 68,722 |
Sydney Airport* | 8,238 | 35,771 |
Tabcorp Holdings Ltd. | 15,195 | 59,029 |
Number of Shares | Value† | |
Australia — (continued) | ||
Telstra Corp. Ltd. | 27,472 | $ 77,466 |
The GPT Group | 13,907 | 51,105 |
The GPT Group-In Specie* | 16,419 | 0 |
Transurban Group | 17,857 | 190,566 |
Treasury Wine Estates Ltd. | 4,544 | 39,803 |
Vicinity Centres | 25,092 | 29,073 |
Washington H. Soul Pattinson & Co., Ltd. | 819 | 20,717 |
Wesfarmers Ltd. | 7,447 | 330,066 |
Westpac Banking Corp. | 23,851 | 461,665 |
WiseTech Global Ltd. | 1,081 | 25,886 |
Woodside Petroleum Ltd. | 6,507 | 108,383 |
Woolworths Group Ltd. | 8,189 | 234,169 |
8,785,492 | ||
Austria — 0.2% | ||
Erste Group Bank AG | 1,757 | 64,459 |
OMV AG | 924 | 52,557 |
Raiffeisen Bank International AG | 1,156 | 26,181 |
Verbund AG | 423 | 38,947 |
voestalpine AG | 691 | 28,137 |
210,281 | ||
Belgium — 0.9% | ||
Ageas N.V. | 1,215 | 67,424 |
Anheuser-Busch InBev N.V. | 4,974 | 358,653 |
Elia Group SA | 220 | 23,217 |
Etablissements Franz Colruyt N.V. | 375 | 20,970 |
Groupe Bruxelles Lambert S.A. | 714 | 79,871 |
KBC Group N.V. | 1,640 | 125,040 |
Proximus SADP | 1,133 | 21,885 |
Sofina S.A. | 110 | 47,451 |
Solvay S.A. | 514 | 65,336 |
UCB S.A. | 822 | 85,928 |
Umicore S.A. | 1,368 | 83,538 |
979,313 | ||
Denmark — 2.5% | ||
A.P. Moller - Maersk A/S, Class A | 20 | 55,555 |
A.P. Moller - Maersk A/S, Class B | 41 | 117,843 |
Ambu A/S, Class B | 1,031 | 39,637 |
Carlsberg AS, Class B | 669 | 124,706 |
Chr Hansen Holding A/S | 695 | 62,726 |
Coloplast A/S, Class B | 798 | 130,938 |
Danske Bank A/S | 4,748 | 83,547 |
Demant A/S* | 713 | 40,134 |
DSV PANALPINA A/S | 1,349 | 314,596 |
Genmab A/S* | 422 | 172,669 |
GN Store Nord A/S | 818 | 71,453 |
Novo Nordisk A/S, Class B | 11,227 | 940,589 |
Novozymes A/S, Class B | 1,342 | 101,154 |
Orsted A/S | 1,251 | 175,544 |
Pandora A/S | 618 | 83,073 |
ROCKWOOL International A/S, Class B | 55 | 26,775 |
Tryg A/S | 2,090 | 51,307 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Denmark — (continued) | ||
Vestas Wind Systems A/S | 6,525 | $ 254,705 |
2,846,951 | ||
Finland — 1.3% | ||
Elisa OYJ | 1,000 | 59,667 |
Fortum OYJ | 2,873 | 79,239 |
Kesko OYJ, Class B | 1,878 | 69,366 |
Kone OYJ, Class B | 2,219 | 181,025 |
Neste OYJ | 2,763 | 169,184 |
Nokia OYJ* | 34,728 | 185,942 |
Nordea Bank Abp | 21,026 | 234,040 |
Orion OYJ, Class B | 750 | 32,238 |
Sampo OYJ, Class A | 3,346 | 153,781 |
Stora Enso OYJ, Class R | 3,880 | 70,782 |
UPM-Kymmene OYJ | 3,513 | 132,881 |
Wartsila OYJ Abp | 3,006 | 44,608 |
1,412,753 | ||
France — 10.5% | ||
Accor S.A.* | 1,184 | 44,210 |
Aeroports de Paris* | 215 | 28,005 |
Air Liquide S.A. | 3,101 | 542,947 |
Alstom S.A.* | 1,882 | 95,043 |
Amundi S.A. | 376 | 33,148 |
Arkema S.A. | 438 | 54,948 |
Atos S.E. | 644 | 39,174 |
AXA S.A. | 12,700 | 322,037 |
BioMerieux | 262 | 30,445 |
BNP Paribas S.A. | 7,314 | 458,519 |
Bollore S.A. | 5,730 | 30,710 |
Bouygues S.A. | 1,607 | 59,433 |
Bureau Veritas S.A.* | 2,023 | 63,999 |
Capgemini S.E. | 1,034 | 198,623 |
Carrefour S.A. | 3,954 | 77,758 |
Cie de Saint-Gobain | 3,268 | 215,219 |
Cie Generale des Etablissements Michelin SCA | 1,100 | 175,432 |
CNP Assurances | 1,195 | 20,334 |
Covivio | 344 | 29,418 |
Credit Agricole S.A. | 7,440 | 104,223 |
Danone S.A. | 4,226 | 297,502 |
Dassault Aviation S.A. | 18 | 21,173 |
Dassault Systemes S.E. | 863 | 209,265 |
Edenred | 1,653 | 94,180 |
Eiffage S.A. | 567 | 57,685 |
Electricite de France S.A. | 3,055 | 41,731 |
Engie S.A. | 12,039 | 164,936 |
EssilorLuxottica S.A. | 1,872 | 345,478 |
Eurazeo S.E. | 255 | 22,224 |
Faurecia S.E. | 683 | 33,504 |
Faurecia S.E. | 126 | 6,163 |
Gecina S.A. | 294 | 45,040 |
Getlink S.E. | 3,111 | 48,509 |
Hermes International | 210 | 305,906 |
Iliad S.A. | 84 | 12,291 |
Ipsen S.A. | 217 | 22,571 |
Number of Shares | Value† | |
France — (continued) | ||
Kering S.A. | 487 | $ 425,588 |
Klepierre S.A. | 1,415 | 36,459 |
La Francaise des Jeux SAEM | 613 | 36,038 |
Legrand S.A. | 1,731 | 183,209 |
L'Oreal S.A. | 1,641 | 731,238 |
LVMH Moet Hennessy Louis Vuitton S.E. | 1,812 | 1,420,855 |
Natixis S.A. | 5,531 | 26,234 |
Orange S.A. | 12,986 | 148,053 |
Orpea S.A.* | 369 | 46,926 |
Pernod Ricard S.A. | 1,370 | 304,102 |
Publicis Groupe S.A. | 1,414 | 90,439 |
Remy Cointreau S.A. | 160 | 33,030 |
Renault S.A.* | 1,361 | 55,007 |
Safran S.A. | 2,216 | 307,222 |
Sanofi | 7,383 | 773,538 |
Sartorius Stedim Biotech | 179 | 84,666 |
Schneider Electric S.E. | 3,529 | 555,201 |
SCOR S.E.* | 960 | 30,530 |
SEB S.A. | 147 | 26,564 |
Societe Generale S.A. | 5,212 | 153,638 |
Sodexo S.A.* | 562 | 52,445 |
Suez S.A. | 2,325 | 55,275 |
Teleperformance | 391 | 158,700 |
Thales S.A. | 680 | 69,375 |
TOTAL S.E. | 16,280 | 736,545 |
Ubisoft Entertainment S.A.* | 622 | 43,544 |
Unibail-Rodamco-Westfield* | 660 | 57,122 |
Unibail-Rodamco-Westfield* | 2,500 | 10,649 |
Valeo S.A. | 1,447 | 43,529 |
Veolia Environnement S.A. | 3,618 | 109,267 |
Vinci S.A. | 3,457 | 368,881 |
Vivendi S.E. | 4,675 | 157,044 |
Wendel S.E. | 185 | 24,876 |
Worldline S.A.* | 1,591 | 148,923 |
11,856,495 | ||
Germany — 8.5% | ||
adidas AG | 1,237 | 460,420 |
Allianz S.E. | 2,685 | 669,540 |
BASF S.E. | 5,971 | 470,403 |
Bayer AG | 6,381 | 387,469 |
Bayerische Motoren Werke AG | 2,162 | 228,954 |
Bechtle AG | 188 | 34,921 |
Beiersdorf AG | 673 | 81,198 |
Brenntag S.E. | 1,011 | 94,009 |
Carl Zeiss Meditec AG | 250 | 48,304 |
Commerzbank AG* | 6,847 | 48,567 |
Continental AG* | 734 | 107,905 |
Covestro AG | 1,214 | 78,395 |
Daimler AG | 5,567 | 497,061 |
Delivery Hero S.E.* | 1,056 | 139,490 |
Deutsche Bank AG* | 13,823 | 180,067 |
Deutsche Boerse AG | 1,258 | 219,574 |
Deutsche Lufthansa AG* | 1,773 | 19,951 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Germany — (continued) | ||
Deutsche Post AG | 6,477 | $ 440,531 |
Deutsche Telekom AG | 21,664 | 457,556 |
Deutsche Wohnen S.E. | 2,313 | 141,465 |
E.ON S.E. | 14,614 | 169,023 |
Evonik Industries AG | 1,328 | 44,532 |
Fresenius Medical Care AG & Co., KGaA | 1,307 | 108,546 |
Fresenius S.E. & Co., KGaA | 2,688 | 140,225 |
GEA Group AG | 932 | 37,751 |
Hannover Rueck S.E. | 392 | 65,585 |
HeidelbergCement AG | 971 | 83,290 |
HelloFresh S.E.* | 1,016 | 98,763 |
Henkel AG & Co., KGaA | 685 | 63,070 |
Infineon Technologies AG | 8,519 | 341,630 |
KION Group AG | 503 | 53,607 |
Knorr-Bremse AG | 499 | 57,394 |
LANXESS AG | 589 | 40,382 |
LEG Immobilien S.E. | 468 | 67,396 |
Merck KGaA | 862 | 165,276 |
MTU Aero Engines AG | 338 | 83,724 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 930 | 254,680 |
Nemetschek S.E. | 412 | 31,520 |
Puma S.E. | 591 | 70,463 |
Rational AG | 35 | 31,707 |
RWE AG | 4,302 | 155,890 |
SAP S.E. | 6,809 | 959,487 |
Scout24 AG | 551 | 46,466 |
Siemens AG | 4,986 | 789,981 |
Siemens Energy AG* | 2,663 | 80,268 |
Siemens Healthineers AG | 1,732 | 106,136 |
Symrise AG | 868 | 120,935 |
TeamViewer AG* | 927 | 34,866 |
Telefonica Deutschland Holding AG | 5,808 | 15,323 |
Uniper S.E. | 601 | 22,134 |
United Internet AG | 668 | 27,311 |
Volkswagen AG | 205 | 67,284 |
Vonovia S.E. | 3,549 | 229,433 |
Zalando S.E.* | 1,327 | 160,417 |
9,630,275 | ||
Hong Kong — 3.0% | ||
AIA Group Ltd. | 78,800 | 979,380 |
BOC Hong Kong Holdings Ltd. | 24,000 | 81,450 |
Budweiser Brewing Co., APAC, Ltd. | 11,100 | 35,026 |
Chow Tai Fook Jewellery Group Ltd. | 14,600 | 33,358 |
CK Asset Holdings Ltd. | 7,534 | 52,010 |
CK Hutchison Holdings Ltd. | 18,128 | 141,255 |
CK Infrastructure Holdings Ltd. | 5,000 | 29,816 |
CLP Holdings Ltd. | 11,000 | 108,806 |
ESR Cayman Ltd.* | 11,600 | 39,143 |
Futu Holdings Ltd., ADR* | 300 | 53,727 |
Galaxy Entertainment Group Ltd.* | 14,000 | 112,064 |
Hang Lung Properties Ltd. | 14,000 | 34,007 |
Hang Seng Bank Ltd. | 5,100 | 101,878 |
Number of Shares | Value† | |
Hong Kong — (continued) | ||
Henderson Land Development Co., Ltd. | 8,891 | $ 42,140 |
HK Electric Investments & HK Electric Investments Ltd. | 20,777 | 21,060 |
HKT Trust & HKT Ltd. | 25,240 | 34,393 |
Hong Kong & China Gas Co., Ltd. | 76,112 | 118,222 |
Hong Kong Exchanges & Clearing Ltd. | 7,784 | 463,974 |
Hongkong Land Holdings Ltd. | 7,400 | 35,224 |
Link REIT | 13,373 | 129,608 |
Melco Resorts & Entertainment Ltd., ADR* | 1,367 | 22,651 |
MTR Corp., Ltd. | 10,671 | 59,441 |
New World Development Co., Ltd. | 10,458 | 54,349 |
Power Assets Holdings Ltd. | 9,500 | 58,302 |
Sino Land Co., Ltd. | 18,095 | 28,526 |
SJM Holdings Ltd.* | 11,000 | 12,014 |
Sun Hung Kai Properties Ltd. | 8,661 | 129,062 |
Swire Pacific Ltd., Class A | 3,500 | 23,734 |
Swire Properties Ltd. | 7,136 | 21,277 |
Techtronic Industries Co., Ltd. | 9,000 | 157,181 |
The Bank of East Asia Ltd. | 8,875 | 16,483 |
WH Group Ltd. | 60,323 | 54,229 |
Wharf Real Estate Investment Co., Ltd. | 11,000 | 63,966 |
Xinyi Glass Holdings Ltd. | 12,000 | 48,916 |
3,396,672 | ||
Ireland — 1.0% | ||
CRH PLC | 5,107 | 257,364 |
DCC PLC | 613 | 50,182 |
Experian PLC | 6,067 | 233,815 |
Flutter Entertainment PLC* | 1,078 | 195,187 |
James Hardie Industries PLC | 2,913 | 98,897 |
Kerry Group PLC, Class A | 1,018 | 142,196 |
Kingspan Group PLC | 981 | 92,639 |
Smurfit Kappa Group PLC | 1,508 | 81,806 |
1,152,086 | ||
Isle of Man — 0.1% | ||
Entain PLC* | 3,735 | 90,184 |
Israel — 0.6% | ||
Azrieli Group Ltd. | 283 | 19,922 |
Bank Hapoalim BM* | 7,162 | 57,469 |
Bank Leumi Le-Israel BM* | 9,130 | 69,340 |
Check Point Software Technologies Ltd.* | 712 | 82,685 |
CyberArk Software Ltd.* | 200 | 26,054 |
Elbit Systems Ltd. | 186 | 24,076 |
ICL Group Ltd. | 4,391 | 29,779 |
Israel Discount Bank Ltd., Class A* | 7,042 | 33,524 |
Mizrahi Tefahot Bank Ltd.* | 962 | 29,626 |
Nice Ltd.* | 415 | 101,352 |
Teva Pharmaceutical Industries Ltd.* | 6,350 | 63,205 |
Teva Pharmaceutical Industries Ltd., ADR* | 500 | 4,950 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Israel — (continued) | ||
Wix.com Ltd.* | 359 | $ 104,210 |
646,192 | ||
Italy — 2.0% | ||
Amplifon SpA | 856 | 42,265 |
Assicurazioni Generali SpA | 7,257 | 145,467 |
Atlantia SpA* | 3,439 | 62,268 |
Davide Campari-Milano N.V. | 3,207 | 42,951 |
DiaSorin SpA | 180 | 34,043 |
Enel SpA | 53,606 | 497,828 |
Eni SpA | 16,285 | 198,313 |
Ferrari N.V. | 835 | 172,278 |
FinecoBank Banca Fineco SpA* | 3,910 | 68,153 |
Infrastrutture Wireless Italiane SpA | 1,712 | 19,309 |
Intesa Sanpaolo SpA | 108,093 | 298,575 |
Mediobanca Banca di Credito Finanziario SpA* | 3,828 | 44,709 |
Moncler SpA | 1,251 | 84,641 |
Nexi SpA* | 2,687 | 58,975 |
Poste Italiane SpA | 3,626 | 47,940 |
Prysmian SpA | 1,675 | 60,041 |
Recordati Industria Chimica e Farmaceutica SpA | 726 | 41,493 |
Snam SpA | 13,027 | 75,303 |
Telecom Italia SpA | 60,149 | 29,877 |
Telecom Italia SpA, RSP | 40,890 | 21,663 |
Terna Rete Elettrica Nazionale SpA | 9,766 | 72,769 |
UniCredit SpA | 14,000 | 165,175 |
2,284,036 | ||
Japan — 22.7% | ||
ABC-Mart, Inc. | 200 | 11,468 |
Acom Co., Ltd. | 3,200 | 13,941 |
Advantest Corp. | 1,300 | 117,134 |
Aeon Co., Ltd. | 4,300 | 115,536 |
AGC, Inc. | 1,200 | 50,335 |
Aisin Corp. | 1,000 | 42,756 |
Ajinomoto Co., Inc. | 3,000 | 77,879 |
ANA Holdings, Inc.* | 800 | 18,809 |
Asahi Group Holdings Ltd. | 2,900 | 135,505 |
Asahi Intecc Co., Ltd. | 1,400 | 33,470 |
Asahi Kasei Corp. | 8,100 | 88,987 |
Astellas Pharma, Inc. | 12,300 | 214,180 |
Azbil Corp. | 800 | 33,161 |
Bandai Namco Holdings, Inc. | 1,300 | 90,197 |
Bridgestone Corp. | 3,800 | 172,906 |
Brother Industries Ltd. | 1,500 | 29,934 |
Canon, Inc. | 6,700 | 151,556 |
Capcom Co., Ltd. | 1,200 | 35,105 |
Casio Computer Co., Ltd. | 1,500 | 25,073 |
Central Japan Railway Co. | 900 | 136,505 |
Chubu Electric Power Co., Inc. | 4,100 | 50,117 |
Chugai Pharmaceutical Co., Ltd. | 4,500 | 178,307 |
Concordia Financial Group Ltd. | 7,200 | 26,377 |
Cosmos Pharmaceutical Corp. | 100 | 14,672 |
CyberAgent, Inc. | 2,400 | 51,523 |
Number of Shares | Value† | |
Japan — (continued) | ||
Dai Nippon Printing Co., Ltd. | 1,700 | $ 35,945 |
Daifuku Co., Ltd. | 700 | 63,576 |
Dai-ichi Life Holdings, Inc. | 6,500 | 119,006 |
Daiichi Sankyo Co., Ltd. | 11,100 | 239,245 |
Daikin Industries Ltd. | 1,600 | 297,979 |
Daito Trust Construction Co., Ltd. | 400 | 43,746 |
Daiwa House Industry Co., Ltd. | 3,800 | 114,074 |
Daiwa House REIT Investment Corp. | 13 | 38,323 |
Daiwa Securities Group, Inc. | 9,300 | 51,073 |
Denso Corp. | 2,900 | 197,841 |
Dentsu Group, Inc. | 1,500 | 53,670 |
Disco Corp. | 200 | 61,119 |
East Japan Railway Co. | 2,000 | 142,707 |
Eisai Co., Ltd. | 1,500 | 147,509 |
ENEOS Holdings, Inc. | 20,490 | 85,745 |
FANUC Corp. | 1,200 | 289,428 |
Fast Retailing Co., Ltd. | 400 | 301,112 |
Fuji Electric Co., Ltd. | 900 | 42,045 |
FUJIFILM Holdings Corp. | 2,400 | 177,988 |
Fujitsu Ltd. | 1,300 | 243,395 |
GLP J-Reit | 26 | 44,841 |
GMO Payment Gateway, Inc. | 300 | 39,075 |
Hakuhodo DY Holdings, Inc. | 1,500 | 23,277 |
Hamamatsu Photonics K.K. | 900 | 54,278 |
Hankyu Hanshin Holdings, Inc. | 1,600 | 49,327 |
Harmonic Drive Systems, Inc. | 300 | 16,526 |
Hikari Tsushin, Inc. | 100 | 17,562 |
Hino Motors Ltd. | 2,000 | 17,589 |
Hirose Electric Co., Ltd. | 220 | 32,180 |
Hisamitsu Pharmaceutical Co., Inc. | 400 | 19,695 |
Hitachi Construction Machinery Co., Ltd. | 700 | 21,392 |
Hitachi Ltd. | 6,300 | 360,721 |
Hitachi Metals Ltd.* | 1,400 | 26,766 |
Honda Motor Co., Ltd. | 10,700 | 341,915 |
Hoshizaki Corp. | 300 | 25,492 |
Hoya Corp. | 2,400 | 318,214 |
Hulic Co., Ltd. | 2,000 | 22,503 |
Ibiden Co., Ltd. | 700 | 37,742 |
Idemitsu Kosan Co., Ltd. | 1,356 | 32,748 |
Iida Group Holdings Co., Ltd. | 1,000 | 25,744 |
Inpex Corp. | 6,400 | 47,757 |
Isuzu Motors Ltd. | 3,400 | 44,897 |
Ito En Ltd. | 400 | 23,727 |
ITOCHU Corp. | 7,800 | 224,673 |
Itochu Techno-Solutions Corp. | 700 | 21,675 |
Japan Airlines Co., Ltd.* | 800 | 17,290 |
Japan Exchange Group, Inc. | 3,300 | 73,370 |
Japan Metropolitan Fund Invest | 48 | 52,020 |
Japan Post Bank Co., Ltd. | 3,000 | 25,195 |
Japan Post Holdings Co., Ltd.* | 10,500 | 86,036 |
Japan Post Insurance Co., Ltd. | 1,700 | 31,431 |
Japan Real Estate Investment Corp. | 8 | 49,183 |
Japan Tobacco, Inc. | 7,800 | 147,336 |
JFE Holdings, Inc. | 3,000 | 35,132 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
JSR Corp. | 1,200 | $ 36,293 |
Kajima Corp. | 2,800 | 35,462 |
Kakaku.com, Inc. | 900 | 27,179 |
Kansai Paint Co., Ltd. | 1,100 | 28,031 |
Kao Corp. | 3,200 | 196,877 |
KDDI Corp. | 10,500 | 327,490 |
Keio Corp. | 700 | 41,145 |
Keisei Electric Railway Co., Ltd. | 800 | 25,528 |
Keyence Corp. | 1,195 | 603,120 |
Kikkoman Corp. | 1,000 | 65,980 |
Kintetsu Group Holdings Co., Ltd.* | 1,100 | 38,616 |
Kirin Holdings Co., Ltd. | 5,600 | 109,182 |
Kobayashi Pharmaceutical Co., Ltd. | 300 | 25,627 |
Kobe Bussan Co., Ltd. | 800 | 25,204 |
Koei Tecmo Holdings Co., Ltd. | 390 | 19,027 |
Koito Manufacturing Co., Ltd. | 700 | 43,539 |
Komatsu Ltd. | 5,800 | 144,119 |
Konami Holdings Corp. | 600 | 36,023 |
Kose Corp. | 200 | 31,469 |
Kubota Corp. | 6,900 | 139,559 |
Kurita Water Industries Ltd. | 600 | 28,786 |
Kyocera Corp. | 2,100 | 129,824 |
Kyowa Kirin Co., Ltd. | 1,700 | 60,291 |
Lasertec Corp. | 500 | 97,169 |
Lawson, Inc. | 400 | 18,507 |
Lion Corp. | 1,500 | 25,411 |
Lixil Corp. | 1,700 | 43,963 |
M3, Inc. | 2,900 | 211,780 |
Makita Corp. | 1,400 | 65,908 |
Marubeni Corp. | 10,600 | 92,179 |
Mazda Motor Corp.* | 3,400 | 31,951 |
McDonald's Holdings Co., Japan Ltd. | 400 | 17,643 |
Medipal Holdings Corp. | 1,300 | 24,831 |
MEIJI Holdings Co., Ltd. | 800 | 47,887 |
Mercari, Inc.* | 600 | 31,865 |
MINEBEA MITSUMI, Inc. | 2,300 | 60,846 |
MISUMI Group, Inc. | 1,900 | 64,305 |
Mitsubishi Chemical Holdings Corp. | 8,200 | 68,902 |
Mitsubishi Corp. | 8,200 | 223,499 |
Mitsubishi Electric Corp. | 11,900 | 172,724 |
Mitsubishi Estate Co., Ltd. | 8,000 | 129,367 |
Mitsubishi Gas Chemical Co., Inc. | 1,100 | 23,328 |
Mitsubishi HC Capital, Inc. | 4,700 | 25,172 |
Mitsubishi Heavy Industries Ltd. | 2,100 | 61,793 |
Mitsubishi UFJ Financial Group, Inc. | 80,500 | 434,835 |
Mitsui & Co., Ltd. | 10,000 | 225,078 |
Mitsui Chemicals, Inc. | 1,100 | 37,972 |
Mitsui Fudosan Co., Ltd. | 6,000 | 138,962 |
Miura Co., Ltd. | 600 | 26,005 |
Mizuho Financial Group, Inc. | 16,008 | 228,747 |
MonotaRO Co., Ltd. | 1,600 | 37,877 |
MS&AD Insurance Group Holdings, Inc. | 2,890 | 83,452 |
Murata Manufacturing Co., Ltd. | 3,800 | 290,126 |
Nabtesco Corp. | 700 | 26,464 |
Number of Shares | Value† | |
Japan — (continued) | ||
NEC Corp. | 1,700 | $ 87,529 |
Nexon Co., Ltd. | 3,200 | 71,319 |
NGK Insulators Ltd. | 1,500 | 25,168 |
NH Foods Ltd. | 600 | 23,331 |
Nidec Corp. | 2,900 | 336,086 |
Nihon M&A Center, Inc. | 2,000 | 51,865 |
Nintendo Co., Ltd. | 737 | 428,687 |
Nippon Building Fund, Inc. | 10 | 62,379 |
Nippon Express Co., Ltd. | 500 | 38,075 |
Nippon Paint Holdings Co., Ltd. | 4,500 | 61,083 |
Nippon Prologis REIT, Inc. | 15 | 47,729 |
Nippon Sanso Holdings Corp. | 1,000 | 20,496 |
Nippon Shinyaku Co., Ltd. | 300 | 23,790 |
Nippon Steel Corp. | 5,317 | 89,666 |
Nippon Telegraph & Telephone Corp. | 8,600 | 224,067 |
Nippon Yusen K.K. | 900 | 45,610 |
Nissan Chemical Corp. | 800 | 39,174 |
Nissan Motor Co., Ltd.* | 15,600 | 77,414 |
Nisshin Seifun Group, Inc. | 1,315 | 19,235 |
Nissin Foods Holdings Co., Ltd. | 400 | 28,804 |
Nitori Holdings Co., Ltd. | 500 | 88,483 |
Nitto Denko Corp. | 1,000 | 74,621 |
Nomura Holdings, Inc. | 20,800 | 106,308 |
Nomura Real Estate Holdings, Inc. | 600 | 15,219 |
Nomura Real Estate Master Fund, Inc. | 28 | 44,888 |
Nomura Research Institute Ltd. | 2,130 | 70,460 |
NSK Ltd. | 2,100 | 17,750 |
NTT Data Corp. | 4,000 | 62,397 |
Obayashi Corp. | 4,200 | 33,382 |
Obic Co., Ltd. | 454 | 84,633 |
Odakyu Electric Railway Co., Ltd. | 2,100 | 53,041 |
Oji Holdings Corp. | 6,000 | 34,457 |
Olympus Corp. | 7,500 | 149,062 |
Omron Corp. | 1,200 | 95,162 |
Ono Pharmaceutical Co., Ltd. | 2,500 | 55,786 |
Oracle Corp. Japan | 200 | 15,302 |
Oriental Land Co., Ltd. | 1,300 | 185,238 |
ORIX Corp. | 8,000 | 134,984 |
Orix JREIT, Inc. | 15 | 28,867 |
Osaka Gas Co., Ltd. | 2,400 | 44,697 |
Otsuka Corp. | 800 | 41,982 |
Otsuka Holdings Co., Ltd. | 2,500 | 103,673 |
Pan Pacific International Holdings Corp. | 2,700 | 56,044 |
Panasonic Corp. | 14,400 | 166,625 |
PeptiDream, Inc.* | 700 | 34,340 |
Persol Holdings Co., Ltd. | 1,000 | 19,758 |
Pigeon Corp. | 700 | 19,722 |
Pola Orbis Holdings, Inc. | 500 | 13,205 |
Rakuten Group, Inc. | 5,500 | 62,082 |
Recruit Holdings Co., Ltd. | 8,800 | 433,287 |
Renesas Electronics Corp.* | 5,400 | 58,377 |
Resona Holdings, Inc. | 14,800 | 56,911 |
Ricoh Co., Ltd. | 4,200 | 47,143 |
Rinnai Corp. | 200 | 19,029 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
Rohm Co., Ltd. | 600 | $ 55,466 |
Ryohin Keikaku Co., Ltd. | 1,700 | 35,654 |
Santen Pharmaceutical Co., Ltd. | 2,600 | 35,807 |
SBI Holdings, Inc. | 1,710 | 40,451 |
SCSK Corp. | 400 | 23,835 |
Secom Co., Ltd. | 1,400 | 106,410 |
Seiko Epson Corp. | 1,700 | 29,901 |
Sekisui Chemical Co., Ltd. | 2,600 | 44,443 |
Sekisui House Ltd. | 4,200 | 86,140 |
Seven & i Holdings Co., Ltd. | 5,000 | 238,400 |
SG Holdings Co., Ltd. | 2,200 | 57,686 |
Sharp Corp. | 1,200 | 19,799 |
Shimadzu Corp. | 1,400 | 54,125 |
Shimano, Inc. | 500 | 118,592 |
Shimizu Corp. | 4,000 | 30,676 |
Shin-Etsu Chemical Co., Ltd. | 2,300 | 384,662 |
Shionogi & Co., Ltd. | 1,800 | 93,828 |
Shiseido Co., Ltd. | 2,600 | 191,229 |
SMC Corp. | 382 | 225,737 |
SoftBank Corp. | 18,700 | 244,659 |
SoftBank Group Corp. | 8,200 | 573,878 |
Sohgo Security Services Co., Ltd. | 500 | 22,773 |
Sompo Holdings, Inc. | 2,025 | 74,843 |
Sony Group Corp. | 8,200 | 798,263 |
Square Enix Holdings Co., Ltd. | 600 | 29,758 |
Stanley Electric Co., Ltd. | 1,000 | 28,939 |
Subaru Corp. | 4,000 | 78,905 |
SUMCO Corp. | 1,800 | 44,151 |
Sumitomo Chemical Co., Ltd. | 10,600 | 56,199 |
Sumitomo Corp. | 7,200 | 96,436 |
Sumitomo Dainippon Pharma Co., Ltd. | 1,100 | 23,051 |
Sumitomo Electric Industries Ltd. | 4,900 | 72,290 |
Sumitomo Metal Mining Co., Ltd. | 1,500 | 58,396 |
Sumitomo Mitsui Financial Group, Inc. | 8,500 | 293,037 |
Sumitomo Mitsui Trust Holdings, Inc. | 2,343 | 74,406 |
Sumitomo Realty & Development Co., Ltd. | 2,000 | 71,470 |
Suntory Beverage & Food Ltd. | 1,000 | 37,625 |
Suzuki Motor Corp. | 2,500 | 105,788 |
Sysmex Corp. | 1,100 | 130,699 |
T&D Holdings, Inc. | 3,700 | 47,826 |
Taisei Corp. | 1,200 | 39,318 |
Taisho Pharmaceutical Holdings Co., Ltd. | 200 | 10,712 |
Takeda Pharmaceutical Co., Ltd. | 10,395 | 347,981 |
TDK Corp. | 800 | 97,142 |
Terumo Corp. | 4,300 | 174,253 |
The Chiba Bank Ltd. | 3,700 | 22,281 |
The Kansai Electric Power Co., Inc. | 4,900 | 46,731 |
The Shizuoka Bank Ltd. | 3,200 | 24,743 |
THK Co., Ltd. | 700 | 20,888 |
TIS, Inc. | 1,600 | 40,859 |
Tobu Railway Co., Ltd. | 1,400 | 36,192 |
Toho Co., Ltd. | 700 | 28,858 |
Toho Gas Co., Ltd. | 400 | 19,587 |
Number of Shares | Value† | |
Japan — (continued) | ||
Tohoku Electric Power Co., Inc. | 2,800 | $ 21,927 |
Tokio Marine Holdings, Inc. | 4,200 | 193,110 |
Tokyo Century Corp. | 300 | 16,121 |
Tokyo Electric Power Co. Holdings, Inc.* | 10,800 | 32,081 |
Tokyo Electron Ltd. | 1,000 | 432,783 |
Tokyo Gas Co., Ltd. | 2,700 | 50,964 |
Tokyu Corp. | 3,600 | 48,963 |
Toppan Printing Co., Ltd. | 1,500 | 24,101 |
Toray Industries, Inc. | 8,800 | 58,545 |
Toshiba Corp. | 2,600 | 112,453 |
Tosoh Corp. | 1,800 | 31,044 |
TOTO Ltd. | 1,000 | 51,757 |
Toyo Suisan Kaisha Ltd. | 600 | 23,088 |
Toyota Industries Corp. | 1,000 | 86,503 |
Toyota Motor Corp. | 13,868 | 1,212,100 |
Toyota Tsusho Corp. | 1,400 | 66,160 |
Trend Micro, Inc. | 900 | 47,149 |
Tsuruha Holdings, Inc. | 200 | 23,241 |
Unicharm Corp. | 2,700 | 108,637 |
United Urban Investment Corp. | 21 | 30,377 |
USS Co., Ltd. | 1,500 | 26,167 |
Welcia Holdings Co., Ltd. | 600 | 19,605 |
West Japan Railway Co. | 1,000 | 57,014 |
Yakult Honsha Co., Ltd. | 800 | 45,295 |
Yamada Holdings Co., Ltd. | 4,000 | 18,471 |
Yamaha Corp. | 900 | 48,850 |
Yamaha Motor Co., Ltd. | 1,700 | 46,213 |
Yamato Holdings Co., Ltd. | 2,000 | 56,888 |
Yaskawa Electric Corp. | 1,600 | 78,203 |
Yokogawa Electric Corp. | 1,600 | 23,907 |
Z Holdings Corp. | 17,700 | 88,711 |
ZOZO, Inc. | 600 | 20,388 |
25,630,203 | ||
Jordan — 0.0% | ||
Hikma Pharmaceuticals PLC | 1,083 | 36,644 |
Luxembourg — 0.3% | ||
ArcelorMittal S.A. | 4,640 | 142,224 |
Aroundtown S.A. | 6,382 | 49,794 |
Eurofins Scientific S.E.* | 870 | 99,446 |
Tenaris S.A. | 2,782 | 30,322 |
321,786 | ||
Macao — 0.1% | ||
Sands China Ltd.* | 16,000 | 67,385 |
Wynn Macau Ltd.* | 12,400 | 19,516 |
86,901 | ||
Netherlands — 5.9% | ||
ABN AMRO Bank N.V.* | 2,635 | 31,844 |
Adyen N.V.* | 131 | 320,064 |
Aegon N.V. | 11,714 | 48,602 |
Airbus S.E.* | 3,825 | 491,829 |
Akzo Nobel N.V. | 1,276 | 157,656 |
Argenx S.E.* | 290 | 87,721 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Netherlands — (continued) | ||
ASM International N.V. | 316 | $ 103,791 |
ASML Holding N.V. | 2,739 | 1,881,758 |
EXOR N.V. | 691 | 55,356 |
Heineken Holding N.V. | 727 | 73,230 |
Heineken N.V. | 1,671 | 202,498 |
ING Groep N.V. | 25,751 | 340,152 |
JDE Peet's N.V.* | 515 | 18,686 |
Just Eat Takeaway.com N.V.* | 1,183 | 109,232 |
Koninklijke Ahold Delhaize N.V. | 6,743 | 200,447 |
Koninklijke DSM N.V. | 1,137 | 212,206 |
Koninklijke KPN N.V. | 21,105 | 65,917 |
Koninklijke Philips N.V. | 5,905 | 292,607 |
Koninklijke Vopak N.V. | 469 | 21,299 |
NN Group N.V. | 1,778 | 83,867 |
Prosus N.V.* | 3,208 | 313,706 |
QIAGEN N.V.* | 1,512 | 73,077 |
Randstad N.V. | 823 | 62,944 |
Royal Dutch Shell PLC, Class A | 26,683 | 534,022 |
Royal Dutch Shell PLC, Class B | 24,407 | 472,333 |
Stellantis N.V. | 6,068 | 119,007 |
Stellantis N.V. | 7,408 | 145,411 |
Wolters Kluwer N.V. | 1,720 | 172,786 |
6,692,048 | ||
New Zealand — 0.3% | ||
Auckland International Airport Ltd.* | 7,064 | 35,897 |
Fisher & Paykel Healthcare Corp. Ltd. | 3,664 | 79,703 |
Mercury NZ Ltd. | 5,143 | 23,978 |
Meridian Energy Ltd. | 8,838 | 32,927 |
Ryman Healthcare Ltd. | 2,831 | 25,983 |
Spark New Zealand Ltd. | 12,240 | 41,068 |
The a2 Milk Co., Ltd.* | 5,132 | 23,102 |
Xero Ltd.* | 835 | 85,853 |
348,511 | ||
Norway — 0.6% | ||
Adevinta ASA* | 1,674 | 32,080 |
DNB ASA | 6,003 | 130,795 |
Equinor ASA | 6,312 | 133,554 |
Gjensidige Forsikring ASA | 1,242 | 27,378 |
Mowi ASA | 2,898 | 73,711 |
Norsk Hydro ASA | 8,484 | 54,135 |
Orkla ASA | 4,885 | 49,757 |
Schibsted ASA, Class A | 520 | 25,100 |
Schibsted ASA, Class B | 588 | 24,489 |
Telenor ASA | 4,471 | 75,346 |
Yara International ASA | 1,154 | 60,741 |
687,086 | ||
Poland — 0.0% | ||
InPost S.A.* | 1,446 | 29,021 |
Portugal — 0.2% | ||
Banco Espirito Santo S.A.* | 27,017 | 0 |
EDP - Energias de Portugal S.A. | 18,726 | 99,253 |
Galp Energia SGPS S.A. | 3,064 | 33,251 |
Number of Shares | Value† | |
Portugal — (continued) | ||
Jeronimo Martins SGPS S.A. | 1,733 | $ 31,604 |
164,108 | ||
Singapore — 1.1% | ||
Ascendas Real Estate Investment Trust | 20,490 | 44,951 |
CapitaLand Integrated Commercial Trust | 31,532 | 49,008 |
CapitaLand Ltd. | 16,607 | 45,818 |
City Developments Ltd. | 3,000 | 16,264 |
DBS Group Holdings Ltd. | 11,748 | 260,436 |
Genting Singapore Ltd. | 36,200 | 22,479 |
Jardine Matheson Holdings Ltd. | 1,400 | 89,488 |
Keppel Corp. Ltd. | 10,300 | 41,898 |
Mapletree Commercial Trust | 15,200 | 24,416 |
Mapletree Logistics Trust | 19,361 | 29,516 |
Oversea-Chinese Banking Corp. Ltd. | 21,691 | 192,762 |
Sea Ltd., ADR* | 100 | 27,460 |
Singapore Airlines Ltd.* | 10,000 | 36,067 |
Singapore Exchange Ltd. | 5,000 | 41,571 |
Singapore Technologies Engineering Ltd. | 9,500 | 27,341 |
Singapore Telecommunications Ltd. | 52,200 | 88,896 |
United Overseas Bank Ltd. | 7,837 | 150,481 |
UOL Group Ltd. | 3,107 | 16,867 |
Venture Corp. Ltd. | 1,700 | 24,286 |
Wilmar International Ltd. | 13,800 | 46,181 |
1,276,186 | ||
Spain — 2.5% | ||
ACS Actividades de Construccion y Servicios S.A. | 1,479 | 39,617 |
Aena SME S.A.* | 509 | 83,470 |
Amadeus IT Group S.A.* | 2,970 | 208,906 |
Banco Bilbao Vizcaya Argentaria S.A.* | 44,017 | 272,866 |
Banco Santander S.A.* | 112,711 | 430,277 |
CaixaBank S.A. | 30,056 | 92,447 |
Cellnex Telecom S.A. | 3,408 | 217,084 |
EDP Renovaveis S.A. | 2,000 | 46,339 |
Enagas S.A. | 1,740 | 40,202 |
Endesa S.A. | 2,006 | 48,666 |
Ferrovial S.A. | 3,299 | 96,817 |
Grifols S.A. | 1,885 | 51,051 |
Iberdrola S.A. | 37,952 | 462,616 |
Industria de Diseno Textil S.A. | 7,097 | 250,018 |
Naturgy Energy Group S.A. | 2,049 | 52,674 |
Red Electrica Corp. S.A. | 3,004 | 55,763 |
Repsol S.A. | 9,835 | 123,079 |
Siemens Gamesa Renewable Energy S.A. | 1,562 | 52,156 |
Telefonica S.A. | 34,864 | 162,921 |
Telefonica S.A.* | 0 | 1 |
2,786,970 | ||
Sweden — 3.5% | ||
Alfa Laval AB | 2,000 | 70,647 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Sweden — (continued) | ||
Assa Abloy AB, Class B | 6,706 | $ 202,008 |
Atlas Copco AB, Class A | 4,371 | 267,630 |
Atlas Copco AB, Class B | 2,570 | 135,135 |
Boliden AB | 1,749 | 67,237 |
Electrolux AB, Class B | 1,401 | 38,847 |
Embracer Group AB* | 1,773 | 47,960 |
Epiroc AB, Class A | 4,193 | 95,539 |
Epiroc AB, Class B | 2,471 | 48,493 |
EQT AB | 1,484 | 53,859 |
Essity AB, Class B | 3,911 | 129,695 |
Evolution Gaming Group AB | 1,137 | 179,675 |
Fastighets AB Balder, Class B* | 696 | 43,672 |
H & M Hennes & Mauritz AB, Class B* | 4,799 | 113,833 |
Hexagon AB, Class B | 13,006 | 192,702 |
Husqvarna AB, Class B | 2,834 | 37,652 |
ICA Gruppen AB | 622 | 28,948 |
Industrivarden AB, Class A | 735 | 28,582 |
Industrivarden AB, Class C | 986 | 36,085 |
Investment AB Latour, Class B | 1,056 | 34,649 |
Investor AB, Class B | 11,852 | 273,169 |
Kinnevik AB, Class B* | 1,611 | 64,492 |
L E Lundbergforetagen AB, Class B | 471 | 30,391 |
Lundin Energy AB | 1,292 | 45,713 |
Nibe Industrier AB, Class B | 8,024 | 84,402 |
Sandvik AB | 7,469 | 190,781 |
Securitas AB, Class B | 2,230 | 35,203 |
Sinch AB* | 3,150 | 53,002 |
Skandinaviska Enskilda Banken AB, Class A | 10,425 | 134,666 |
Skanska AB, Class B | 2,121 | 56,259 |
SKF AB, Class B | 2,667 | 67,905 |
Svenska Cellulosa AB SCA, Class B | 3,887 | 63,700 |
Svenska Handelsbanken AB, Class A | 9,287 | 104,784 |
Swedbank AB, Class A | 5,991 | 111,474 |
Swedish Match AB | 10,970 | 93,548 |
Tele2 AB, Class B | 3,276 | 44,634 |
Telefonaktiebolaget LM Ericsson, Class B | 19,360 | 243,321 |
Telia Co., AB | 17,132 | 76,030 |
Volvo AB, Class A | 1,410 | 34,961 |
Volvo AB, Class B | 9,451 | 227,382 |
3,888,665 | ||
Switzerland — 10.1% | ||
ABB Ltd. | 11,396 | 386,620 |
Adecco Group AG | 1,018 | 69,161 |
Alcon, Inc. | 3,294 | 230,625 |
Baloise Holding AG | 301 | 46,943 |
Banque Cantonale Vaudoise | 175 | 15,717 |
Barry Callebaut AG | 25 | 58,092 |
Chocoladefabriken Lindt & Spruengli AG | 1 | 104,729 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 7 | 69,641 |
Cie Financiere Richemont S.A. | 3,430 | 415,011 |
Number of Shares | Value† | |
Switzerland — (continued) | ||
Clariant AG* | 1,199 | $ 23,844 |
Coca-Cola HBC AG* | 1,426 | 51,563 |
Credit Suisse Group AG, Class A | 16,223 | 169,936 |
EMS-Chemie Holding AG | 43 | 42,245 |
Geberit AG | 244 | 183,017 |
Givaudan S.A. | 60 | 279,038 |
Glencore PLC* | 66,149 | 283,159 |
Julius Baer Group Ltd.* | 1,484 | 96,843 |
Kuehne + Nagel International AG | 354 | 121,131 |
LafargeHolcim Ltd.* | 3,500 | 209,943 |
Logitech International S.A. | 1,098 | 133,030 |
Lonza Group AG* | 489 | 346,594 |
Nestle S.A. | 18,818 | 2,343,377 |
Novartis AG | 14,490 | 1,320,505 |
Partners Group Holding AG | 147 | 222,665 |
Roche Holding AG | 4,587 | 1,727,964 |
Roche Holding AG | 213 | 86,512 |
Schindler Holding AG | 125 | 36,531 |
Schindler Holding AG, Participation Certificates | 269 | 82,277 |
SGS S.A. | 41 | 126,467 |
Sika AG | 923 | 301,764 |
Sonova Holding AG | 360 | 135,401 |
STMicroelectronics N.V. | 4,579 | 166,171 |
Straumann Holding AG | 69 | 109,997 |
Swiss Life Holding AG | 200 | 97,185 |
Swiss Prime Site AG | 484 | 48,021 |
Swiss Re AG | 2,019 | 182,163 |
Swisscom AG | 174 | 99,332 |
Temenos AG | 430 | 69,060 |
The Swatch Group AG | 185 | 63,463 |
The Swatch Group AG | 298 | 19,663 |
UBS Group AG | 23,799 | 364,219 |
Vifor Pharma AG | 293 | 37,921 |
Zurich Insurance Group AG | 983 | 394,369 |
11,371,909 | ||
United Kingdom — 11.9% | ||
3i Group PLC | 6,462 | 104,853 |
Admiral Group PLC | 1,312 | 57,060 |
Anglo American PLC | 8,401 | 333,816 |
Antofagasta PLC | 2,581 | 51,252 |
Ashtead Group PLC | 2,899 | 215,106 |
Associated British Foods PLC | 2,278 | 69,830 |
AstraZeneca PLC | 8,560 | 1,028,158 |
Auto Trader Group PLC* | 6,702 | 58,722 |
Aveva Group PLC | 707 | 36,264 |
Aviva PLC | 26,405 | 148,259 |
BAE Systems PLC | 20,679 | 149,319 |
Barclays PLC | 115,349 | 273,043 |
Barratt Developments PLC | 7,128 | 68,548 |
Berkeley Group Holdings PLC | 878 | 55,808 |
BP PLC | 132,451 | 577,141 |
British American Tobacco PLC | 14,182 | 549,303 |
BT Group PLC* | 59,975 | 160,949 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
United Kingdom — (continued) | ||
Bunzl PLC | 2,198 | $ 72,637 |
Burberry Group PLC* | 2,621 | 74,906 |
CNH Industrial N.V. | 6,662 | 110,000 |
Coca-Cola European Partners PLC | 1,276 | 74,955 |
Compass Group PLC* | 11,861 | 249,719 |
Croda International PLC | 875 | 89,181 |
Diageo PLC | 15,242 | 729,726 |
Direct Line Insurance Group PLC | 9,937 | 39,176 |
Evraz PLC | 3,788 | 31,020 |
Ferguson PLC | 1,462 | 203,250 |
GlaxoSmithKline PLC | 33,078 | 649,472 |
Halma PLC | 2,528 | 94,139 |
Hargreaves Lansdown PLC | 2,149 | 47,236 |
HSBC Holdings PLC | 132,736 | 766,220 |
Imperial Brands PLC | 6,063 | 130,585 |
Informa PLC* | 9,687 | 67,215 |
InterContinental Hotels Group PLC* | 1,153 | 76,717 |
Intertek Group PLC | 1,024 | 78,332 |
J. Sainsbury PLC | 10,110 | 38,012 |
JD Sports Fashion PLC | 3,587 | 45,600 |
Johnson Matthey PLC | 1,361 | 57,854 |
Kingfisher PLC | 14,253 | 71,865 |
Land Securities Group PLC | 4,914 | 45,911 |
Legal & General Group PLC | 38,445 | 136,994 |
Lloyds Banking Group PLC | 468,403 | 302,524 |
London Stock Exchange Group PLC | 2,107 | 232,295 |
M&G PLC | 16,063 | 50,861 |
Melrose Industries PLC | 31,627 | 67,856 |
Mondi PLC | 3,079 | 80,967 |
National Grid PLC | 22,935 | 292,133 |
Natwest Group PLC | 31,465 | 88,444 |
Next PLC* | 863 | 93,784 |
NMC Health PLC* | 538 | 70 |
Ocado Group PLC* | 3,089 | 85,588 |
Pearson PLC | 4,876 | 55,983 |
Persimmon PLC | 2,126 | 86,992 |
Phoenix Group Holdings PLC | 3,778 | 35,349 |
Prudential PLC | 17,146 | 325,768 |
Reckitt Benckiser Group PLC | 4,630 | 409,707 |
RELX PLC | 6,807 | 180,695 |
RELX PLC | 5,881 | 156,762 |
Rentokil Initial PLC | 12,043 | 82,462 |
Rolls-Royce Holdings PLC* | 55,791 | 76,342 |
Schroders PLC | 773 | 37,564 |
Segro PLC | 7,695 | 116,504 |
Severn Trent PLC | 1,547 | 53,521 |
Smith & Nephew PLC | 5,814 | 125,664 |
Smiths Group PLC | 2,596 | 57,098 |
Spirax-Sarco Engineering PLC | 486 | 91,531 |
SSE PLC | 7,030 | 145,918 |
St. James's Place PLC | 3,676 | 75,106 |
Standard Chartered PLC | 17,213 | 109,768 |
Standard Life Aberdeen PLC | 14,470 | 54,244 |
Taylor Wimpey PLC | 22,936 | 50,431 |
Tesco PLC | 51,360 | 158,398 |
Number of Shares | Value† | |
United Kingdom — (continued) | ||
The British Land Co., PLC | 5,472 | $ 37,461 |
The Sage Group PLC | 7,202 | 68,164 |
Unilever PLC | 8,119 | 475,128 |
Unilever PLC | 9,028 | 528,450 |
United Utilities Group PLC | 4,259 | 57,407 |
Vodafone Group PLC | 175,739 | 294,977 |
Whitbread PLC* | 1,420 | 61,325 |
Wm Morrison Supermarkets PLC | 15,833 | 54,032 |
WPP PLC | 8,208 | 110,612 |
13,386,038 | ||
TOTAL COMMON STOCKS (Cost $73,495,111) | 109,996,806 | |
PREFERRED STOCKS — 0.6% | ||
Germany — 0.6% | ||
Bayerische Motoren Werke AG | 341 | 30,649 |
FUCHS PETROLUB S.E. | 492 | 23,931 |
Henkel AG & Co., KGaA | 1,186 | 125,217 |
Porsche Automobil Holding S.E. | 999 | 107,037 |
Sartorius AG | 172 | 89,533 |
Volkswagen AG | 1,231 | 308,280 |
TOTAL PREFERRED STOCKS (Cost $399,644) | 684,647 | |
RIGHTS — 0.0% | ||
Spain — 0.0% | ||
ACS Actividades de Construccion y Servicios S.A.* (Cost $2,235) | 1,479 | 2,069 |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,014,513) | 1,014,513 | 1,014,513 |
TOTAL INVESTMENTS — 99.1% (Cost $74,911,503) | $ 111,698,035 | |
Other Assets & Liabilities — 0.9% | 1,016,060 | |
TOTAL NET ASSETS — 100.0% | $ 112,714,095 |
† | 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 | 0.3% | $ 277,998 |
Aerospace & Defense | 1.1% | 1,223,060 |
Agriculture | 0.8% | 920,772 |
Airlines | 0.1% | 111,391 |
Apparel | 2.5% | 2,758,138 |
Auto Manufacturers | 3.1% | 3,457,904 |
Auto Parts & Equipment | 0.9% | 1,036,475 |
Banks | 9.5% | 10,412,403 |
Beverages | 2.2% | 2,433,597 |
Biotechnology | 0.8% | 894,111 |
Building Materials | 1.9% | 2,099,938 |
Chemicals | 3.4% | 3,684,893 |
Commercial Services | 3.0% | 3,327,464 |
Computers | 1.2% | 1,356,811 |
Cosmetics & Personal Care | 2.3% | 2,532,259 |
Distribution & Wholesale | 1.1% | 1,203,912 |
Diversified Financial Services | 2.1% | 2,327,769 |
Electric | 2.8% | 3,074,552 |
Electrical Components & Equipment | 0.8% | 853,458 |
Electronics | 1.9% | 2,120,406 |
Energy-Alternate Sources | 0.3% | 306,861 |
Engineering & Construction | 1.3% | 1,373,361 |
Entertainment | 0.8% | 919,939 |
Environmental Control | 0.0% | 28,786 |
Food | 4.7% | 5,140,996 |
Food Service | 0.3% | 302,164 |
Forest Products & Paper | 0.4% | 464,593 |
Gas | 0.4% | 401,649 |
Hand & Machine Tools | 0.4% | 445,061 |
Healthcare Products | 2.3% | 2,514,240 |
Healthcare Services | 0.9% | 978,269 |
Holding Companies | 0.2% | 254,477 |
Home Builders | 0.5% | 532,180 |
Home Furnishings | 1.0% | 1,107,297 |
Household Products & Wares | 0.4% | 472,777 |
Insurance | 4.8% | 5,313,876 |
Internet | 1.4% | 1,505,964 |
Investment Companies | 0.7% | 728,846 |
Iron & Steel | 0.5% | 598,247 |
Leisure Time | 0.2% | 213,655 |
Lodging | 0.4% | 457,164 |
Machinery — Construction & Mining | 1.1% | 1,175,830 |
Machinery — Diversified | 2.4% | 2,691,701 |
Media | 0.5% | 533,327 |
Metal Fabricate/Hardware | 0.2% | 180,282 |
Mining | 2.8% | 3,041,739 |
Miscellaneous Manufacturing | 1.1% | 1,247,403 |
Office & Business Equipment | 0.4% | 406,588 |
Oil & Gas | 3.2% | 3,532,975 |
Pharmaceuticals | 8.3% | 9,102,062 |
Pipelines | 0.1% | 71,325 |
Real Estate | 1.5% | 1,623,543 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Real Estate Investment Trusts | 1.4% | $ 1,537,251 | |
Retail | 2.4% | 2,586,642 | |
Semiconductors | 3.0% | 3,352,708 | |
Shipbuilding | 0.0% | 44,608 | |
Software | 1.7% | 1,912,264 | |
Telecommunications | 3.5% | 3,894,225 | |
Toys, Games & Hobbies | 0.5% | 518,884 | |
Transportation | 1.9% | 2,100,266 | |
Water | 0.3% | 275,470 | |
100.0% | $109,996,806 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Australia | $ 8,785,492 | $ 8,785,492 | $ — | $— |
Austria | 210,281 | 210,281 | — | — |
Belgium | 979,313 | 979,313 | — | — |
Denmark | 2,846,951 | 2,846,951 | — | — |
Finland | 1,412,753 | 1,412,753 | — | — |
France | 11,856,495 | 11,856,495 | — | — |
Germany | 9,630,275 | 9,630,275 | — | — |
Hong Kong | 3,396,672 | 3,396,672 | — | — |
Ireland | 1,152,086 | 1,152,086 | — | — |
Isle of Man | 90,184 | 90,184 | — | — |
Israel | 646,192 | 646,192 | — | — |
Italy | 2,284,036 | 2,284,036 | — | — |
Japan | 25,630,203 | 25,630,203 | — | — |
Jordan | 36,644 | 36,644 | — | — |
Luxembourg | 321,786 | 321,786 | — | — |
Macao | 86,901 | 86,901 | — | — |
Netherlands | 6,692,048 | 6,692,048 | — | — |
New Zealand | 348,511 | 348,511 | — | — |
Norway | 687,086 | 687,086 | — | — |
Poland | 29,021 | 29,021 | — | — |
Portugal | 164,108 | 164,108 | — | — |
Singapore | 1,276,186 | 1,276,186 | — | — |
Spain | 2,786,970 | 2,786,969 | 1 | — |
Sweden | 3,888,665 | 3,888,665 | — | — |
Switzerland | 11,371,909 | 11,371,909 | — | — |
United Kingdom | 13,386,038 | 13,385,968 | 70 | — |
Total Common Stocks | $ 109,996,806 | $ 109,996,735 | $ 71 | $ — |
Preferred Stocks | 684,647 | 684,647 | — | — |
Rights | 2,069 | 2,069 | — | — |
Short-Term Investments | 1,014,513 | 1,014,513 | — | — |
Total Investments | $ 111,698,035 | $ 111,697,964 | $ 71 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(41,213) | $(41,213) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (41,213) | $ (41,213) | $ — | $ — |
(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 and forward foreign currency 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 | MSCI EAFE Index | 09/17/2021 | 17 | 50 | $2,304 | $1,958,485 | $— | $(41,213) | ||||||||
$— | $(41,213) |
Number of Shares | Value† | |
COMMON STOCKS — 99.4% | ||
Canada — 8.6% | ||
Boyd Group Services, Inc. | 42,793 | $ 7,787,387 |
Canadian National Railway Co. | 39,215 | 4,137,569 |
Constellation Software, Inc. | 11,977 | 18,139,512 |
30,064,468 | ||
China — 5.0% | ||
NetEase, Inc. | 301,553 | 6,831,675 |
Yum China Holdings, Inc. | 161,005 | 10,503,076 |
17,334,751 | ||
France — 9.8% | ||
Air Liquide S.A. | 30,687 | 5,372,921 |
LVMH Moet Hennessy Louis Vuitton S.E. | 17,338 | 13,595,358 |
Safran S.A. | 35,135 | 4,871,042 |
Sartorius Stedim Biotech | 12,158 | 5,750,682 |
Teleperformance | 10,774 | 4,372,975 |
33,962,978 | ||
Germany — 1.6% | ||
adidas AG | 15,555 | 5,789,679 |
Hong Kong — 4.6% | ||
Budweiser Brewing Co., APAC, Ltd. | 2,867,772 | 9,049,163 |
Techtronic Industries Co., Ltd. | 409,565 | 7,152,868 |
16,202,031 | ||
India — 6.1% | ||
Asian Paints Ltd. | 102,300 | 4,118,838 |
Housing Development Finance Corp. Ltd. | 156,800 | 5,221,568 |
Tata Consultancy Services Ltd. | 260,826 | 11,740,328 |
21,080,734 | ||
Ireland — 5.5% | ||
Experian PLC | 192,830 | 7,431,425 |
Flutter Entertainment PLC* | 46,249 | 8,374,030 |
Medtronic PLC | 27,163 | 3,371,743 |
19,177,198 | ||
Italy — 2.1% | ||
Ferrari N.V. | 34,924 | 7,205,537 |
Japan — 11.0% | ||
Asahi Group Holdings Ltd. | 116,923 | 5,463,318 |
Hoya Corp. | 85,230 | 11,300,580 |
Keyence Corp. | 23,150 | 11,683,878 |
Obic Co., Ltd. | 52,629 | 9,810,942 |
38,258,718 | ||
Luxembourg — 4.0% | ||
Eurofins Scientific S.E.* | 121,418 | 13,878,842 |
Netherlands — 6.8% | ||
Adyen N.V.* | 2,758 | 6,738,450 |
IMCD N.V. | 35,015 | 5,567,703 |
Wolters Kluwer N.V. | 112,396 | 11,290,936 |
23,597,089 |
Number of Shares | Value† | |
South Korea — 3.2% | ||
Douzone Bizon Co., Ltd. | 15,560 | $ 1,146,810 |
Samsung Electronics Co., Ltd. | 137,764 | 9,872,179 |
11,018,989 | ||
Switzerland — 7.7% | ||
Alcon, Inc. | 132,696 | 9,290,513 |
Lonza Group AG* | 8,025 | 5,687,971 |
Nestle S.A. | 93,966 | 11,701,445 |
26,679,929 | ||
United Kingdom — 18.5% | ||
Ashtead Group PLC | 216,667 | 16,076,737 |
Diageo PLC | 152,087 | 7,281,319 |
Halma PLC | 356,963 | 13,292,744 |
London Stock Exchange Group PLC | 49,841 | 5,494,921 |
Rentokil Initial PLC | 1,796,367 | 12,300,327 |
Unilever PLC | 165,788 | 9,704,326 |
64,150,374 | ||
United States — 4.9% | ||
Mastercard, Inc., Class A | 34,360 | 12,544,492 |
Mondelez International, Inc., Class A | 70,942 | 4,429,619 |
16,974,111 | ||
TOTAL COMMON STOCKS (Cost $278,110,426) | 345,375,428 | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $3,004,499) | 3,004,499 | 3,004,499 |
TOTAL INVESTMENTS — 100.3% (Cost $281,114,925) | $ 348,379,927 | |
Other Assets & Liabilities — (0.3)% | (1,003,778) | |
TOTAL NET ASSETS — 100.0% | $ 347,376,149 |
† | See Security Valuation Note. |
* | Non-income producing security. |
AG— Aktiengesellschaft. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
S.E.— Societas Europaea. |
Country Weightings as of 6/30/2021†† | |
United Kingdom | 18% |
Japan | 11 |
France | 10 |
Canada | 9 |
Switzerland | 8 |
Netherlands | 7 |
India | 6 |
Other | 31 |
Total | 100% |
†† | % of total investments as of June 30, 2021. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Aerospace & Defense | 1.4% | $ 4,871,042 | |
Apparel | 5.6% | 19,385,037 | |
Auto Manufacturers | 2.1% | 7,205,537 | |
Beverages | 6.3% | 21,793,800 | |
Chemicals | 4.4% | 15,059,462 | |
Commercial Services | 14.6% | 50,334,326 | |
Computers | 7.5% | 25,924,245 | |
Cosmetics & Personal Care | 2.8% | 9,704,326 | |
Diversified Financial Services | 6.7% | 23,260,981 | |
Electronics | 7.1% | 24,593,324 | |
Entertainment | 2.4% | 8,374,030 | |
Food | 4.7% | 16,131,064 | |
Hand & Machine Tools | 2.1% | 7,152,868 | |
Healthcare Products | 5.3% | 18,412,938 | |
Healthcare Services | 5.7% | 19,566,813 | |
Machinery — Diversified | 3.4% | 11,683,878 | |
Media | 3.3% | 11,290,936 | |
Retail | 3.0% | 10,503,076 | |
Semiconductors | 2.8% | 9,872,179 | |
Software | 7.6% | 26,117,997 | |
Transportation | 1.2% | 4,137,569 | |
100.0% | $345,375,428 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Canada | $30,064,468 | $30,064,468 | $— | $— |
China | 17,334,751 | 17,334,751 | — | — |
France | 33,962,978 | 33,962,978 | — | — |
Germany | 5,789,679 | 5,789,679 | — | — |
Hong Kong | 16,202,031 | 16,202,031 | — | — |
India | 21,080,734 | 21,080,734 | — | — |
Ireland | 19,177,198 | 19,177,198 | — | — |
Italy | 7,205,537 | 7,205,537 | — | — |
Japan | 38,258,718 | 38,258,718 | — | — |
Luxembourg | 13,878,842 | 13,878,842 | — | — |
Netherlands | 23,597,089 | 23,597,089 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
South Korea | $ 11,018,989 | $ 11,018,989 | $— | $— |
Switzerland | 26,679,929 | 26,679,929 | — | — |
United Kingdom | 64,150,374 | 64,150,374 | — | — |
United States | 16,974,111 | 16,974,111 | — | — |
Short-Term Investments | 3,004,499 | 3,004,499 | — | — |
Total Investments | $ 348,379,927 | $ 348,379,927 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 97.3% | ||
Brazil — 3.7% | ||
B3 S.A. - Brasil Bolsa Balcao | 319,606 | $ 1,076,320 |
Lojas Renner S.A. | 175,328 | 1,567,934 |
Notre Dame Intermedica Participacoes S.A. | 90,390 | 1,546,542 |
XP, Inc., Class A* | 26,433 | 1,151,157 |
5,341,953 | ||
China — 33.1% | ||
Alibaba Group Holding Ltd.* | 109,447 | 3,101,160 |
Autohome, Inc., ADR | 23,583 | 1,508,369 |
Baozun, Inc., ADR* | 23,418 | 829,934 |
Chacha Food Co., Ltd., Class A | 201,933 | 1,346,960 |
China Tourism Group Duty Free Corp., Ltd., Class A | 63,128 | 2,931,960 |
ENN Energy Holdings Ltd. | 142,470 | 2,712,037 |
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 73,209 | 1,461,019 |
Hundsun Technologies, Inc., Class A | 143,524 | 2,071,302 |
Meituan, Class B* | 38,186 | 1,575,775 |
NetEase, Inc. | 112,197 | 2,541,820 |
NetEase, Inc., ADR | 15,396 | 1,774,389 |
Shanghai International Airport Co., Ltd., Class A | 97,440 | 725,810 |
Shanghai M&G Stationery, Inc., Class A | 152,054 | 1,989,907 |
Shenzhou International Group Holdings Ltd. | 24,447 | 617,449 |
Sunny Optical Technology Group Co., Ltd. | 55,387 | 1,750,572 |
Tencent Holdings Ltd. | 110,584 | 8,317,692 |
Toly Bread Co., Ltd., Class A | 326,345 | 1,575,802 |
Wuliangye Yibin Co., Ltd., Class A | 74,507 | 3,434,970 |
Yum China Holdings, Inc. | 74,176 | 4,914,160 |
Yum China Holdings, Inc. | 43,741 | 2,853,421 |
48,034,508 | ||
Hong Kong — 4.7% | ||
Budweiser Brewing Co., APAC, Ltd. | 1,081,700 | 3,413,270 |
Hong Kong Exchanges & Clearing Ltd. | 19,374 | 1,154,809 |
MTR Corp., Ltd. | 128,924 | 718,154 |
Techtronic Industries Co., Ltd. | 46,328 | 809,098 |
Vitasoy International Holdings Ltd. | 207,923 | 772,584 |
6,867,915 | ||
India — 11.1% | ||
Eicher Motors Ltd.* | 37,323 | 1,341,253 |
HCL Technologies Ltd. | 468,729 | 6,202,004 |
HDFC Bank Ltd. | 58,154 | 1,171,921 |
Housing Development Finance Corp. Ltd. | 78,136 | 2,601,993 |
Kotak Mahindra Bank Ltd.* | 63,229 | 1,451,086 |
Tata Consultancy Services Ltd. | 75,184 | 3,384,190 |
16,152,447 | ||
Indonesia — 4.4% | ||
Bank Central Asia Tbk PT | 821,225 | 1,706,166 |
Bank Rakyat Indonesia Persero Tbk PT | 8,596,434 | 2,335,859 |
Number of Shares | Value† | |
Indonesia — (continued) | ||
Telekom Indonesia Persero Tbk PT | 10,755,251 | $ 2,336,485 |
6,378,510 | ||
Malaysia — 1.1% | ||
Public Bank Bhd | 1,681,925 | 1,665,112 |
Mexico — 2.9% | ||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 26,272 | 2,220,247 |
Wal-Mart de Mexico S.A.B. de C.V. | 616,671 | 2,014,219 |
4,234,466 | ||
Peru — 0.9% | ||
Credicorp Ltd.* | 10,742 | 1,300,964 |
Singapore — 2.3% | ||
BOC Aviation Ltd. | 61,250 | 516,708 |
United Overseas Bank Ltd. | 146,684 | 2,816,525 |
3,333,233 | ||
South Africa — 2.5% | ||
Naspers Ltd., Class N | 17,094 | 3,589,010 |
South Korea — 15.8% | ||
LG Household & Health Care Ltd. | 1,609 | 2,517,478 |
NAVER Corp. | 13,875 | 5,143,908 |
NCSoft Corp. | 1,063 | 774,018 |
Samsung Electronics Co., Ltd. | 86,329 | 6,186,343 |
SK Hynix, Inc. | 73,052 | 8,270,772 |
22,892,519 | ||
Taiwan — 10.9% | ||
Accton Technology Corp. | 64,463 | 764,649 |
Largan Precision Co., Ltd. | 7,569 | 842,132 |
Realtek Semiconductor Corp. | 81,713 | 1,481,025 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 525,930 | 11,231,165 |
Win Semiconductors Corp. | 110,944 | 1,493,190 |
15,812,161 | ||
Thailand — 2.6% | ||
Airports of Thailand PCL | 784,861 | 1,518,296 |
CP ALL PCL | 1,248,867 | 2,337,972 |
3,856,268 | ||
United Kingdom — 1.3% | ||
Unilever PLC | 33,446 | 1,957,747 |
TOTAL COMMON STOCKS (Cost $110,380,294) | 141,416,813 | |
WARRANTS — 0.5% | ||
Vietnam — 0.5% | ||
Vietnam Dairy Products JSC, expiration date 02/04/22* (Cost $716,835) | 151,740 | 713,269 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 1.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,966,420) | 1,966,420 | $ 1,966,420 |
TOTAL INVESTMENTS — 99.2% (Cost $113,063,549) | $ 144,096,502 | |
Other Assets & Liabilities — 0.8% | 1,187,507 | |
TOTAL NET ASSETS — 100.0% | $ 145,284,009 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
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 | 0.4% | $ 617,449 | |
Auto Manufacturers | 0.9% | 1,341,253 | |
Banks | 8.8% | 12,447,633 | |
Beverages | 6.9% | 9,841,071 | |
Computers | 2.4% | 3,384,190 | |
Cosmetics & Personal Care | 3.2% | 4,475,225 | |
Diversified Financial Services | 4.6% | 6,500,987 | |
Engineering & Construction | 1.6% | 2,244,106 | |
Food | 3.1% | 4,383,781 | |
Gas | 1.9% | 2,712,037 | |
Hand & Machine Tools | 0.6% | 809,098 | |
Healthcare Services | 1.1% | 1,546,542 | |
Internet | 17.6% | 24,839,866 | |
Miscellaneous Manufacturing | 1.8% | 2,592,704 | |
Retail | 13.2% | 18,609,573 | |
Semiconductors | 20.3% | 28,662,495 | |
Software | 8.9% | 12,589,515 | |
Telecommunications | 2.2% | 3,101,134 | |
Transportation | 0.5% | 718,154 | |
100.0% | $ 141,416,813 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Brazil | $ 5,341,953 | $ 5,341,953 | $ — | $— |
China | 48,034,508 | 48,034,508 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Hong Kong | $ 6,867,915 | $ 6,867,915 | $ — | $— |
India | 16,152,447 | 16,152,447 | — | — |
Indonesia | 6,378,510 | 6,378,510 | — | — |
Malaysia | 1,665,112 | 1,665,112 | — | — |
Mexico | 4,234,466 | 4,234,466 | — | — |
Peru | 1,300,964 | 1,300,964 | — | — |
Singapore | 3,333,233 | 3,333,233 | — | — |
South Africa | 3,589,010 | 3,589,010 | — | — |
South Korea | 22,892,519 | 22,892,519 | — | — |
Taiwan | 15,812,161 | 15,812,161 | — | — |
Thailand | 3,856,268 | — | 3,856,268 | — |
United Kingdom | 1,957,747 | 1,957,747 | — | — |
Total Common Stocks | $ 141,416,813 | $ 137,560,545 | $ 3,856,268 | $ — |
Warrants | 713,269 | — | 713,269 | — |
Short-Term Investments | 1,966,420 | 1,966,420 | — | — |
Total Investments | $ 144,096,502 | $ 139,526,965 | $ 4,569,537 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 4.3% | ||
Entertainment — 1.2% | ||
Caesars Entertainment, Inc.* | 14,904 | $ 1,546,290 |
Lodging — 1.2% | ||
Boyd Gaming Corp.* | 26,862 | 1,651,745 |
Real Estate — 1.9% | ||
Jones Lang LaSalle, Inc.* | 12,655 | 2,473,546 |
TOTAL COMMON STOCKS (Cost $3,022,979) | 5,671,581 | |
REAL ESTATE INVESTMENT TRUSTS — 96.4% | ||
Apartments — 10.2% | ||
Apartment Income REIT Corp. | 64,361 | 3,052,642 |
Essex Property Trust, Inc. | 14,731 | 4,419,447 |
UDR, Inc. | 117,422 | 5,751,330 |
13,223,419 | ||
Building & Real Estate — 2.0% | ||
Realty Income Corp. | 5,178 | 345,580 |
Spirit Realty Capital, Inc. | 47,563 | 2,275,414 |
2,620,994 | ||
Diversified — 35.2% | ||
American Tower Corp. | 36,136 | 9,761,779 |
Crown Castle International Corp. | 21,374 | 4,170,067 |
CyrusOne, Inc. | 50,037 | 3,578,646 |
Digital Realty Trust, Inc. | 19,877 | 2,990,694 |
Duke Realty Corp. | 144,681 | 6,850,645 |
Equinix, Inc. | 7,519 | 6,034,750 |
SBA Communications Corp. | 18,306 | 5,834,122 |
VICI Properties, Inc. | 65,620 | 2,035,532 |
Weyerhaeuser Co. | 135,144 | 4,651,657 |
45,907,892 | ||
Healthcare — 12.6% | ||
Healthcare Trust of America, Inc., Class A | 51,036 | 1,362,661 |
Healthpeak Properties, Inc. | 201,311 | 6,701,643 |
Medical Properties Trust, Inc. | 73,810 | 1,483,581 |
Ventas, Inc. | 50,846 | 2,903,307 |
Welltower, Inc. | 47,390 | 3,938,109 |
16,389,301 | ||
Hotels & Resorts — 3.8% | ||
Host Hotels & Resorts, Inc.* | 227,704 | 3,891,461 |
Park Hotels & Resorts, Inc.* | 51,036 | 1,051,852 |
4,943,313 | ||
Industrial — 4.5% | ||
Americold Realty Trust | 67,590 | 2,558,281 |
Prologis, Inc. | 28,101 | 3,358,913 |
5,917,194 | ||
Manufactured Homes — 2.7% | ||
Sun Communities, Inc. | 20,382 | 3,493,475 |
Office Property — 4.4% | ||
Highwoods Properties, Inc. | 36,970 | 1,669,935 |
Number of Shares | Value† | |
Office Property — (continued) | ||
VEREIT, Inc. | 89,685 | $ 4,119,232 |
5,789,167 | ||
Regional Malls — 6.1% | ||
Simon Property Group, Inc. | 60,608 | 7,908,132 |
Storage & Warehousing — 11.9% | ||
Extra Space Storage, Inc. | 32,291 | 5,289,911 |
Public Storage | 33,885 | 10,188,881 |
15,478,792 | ||
Strip Centers — 3.0% | ||
Federal Realty Investment Trust | 11,915 | 1,396,080 |
Kimco Realty Corp. | 66,153 | 1,379,290 |
SITE Centers Corp. | 71,917 | 1,083,070 |
3,858,440 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $97,711,534) | 125,530,119 |
SHORT-TERM INVESTMENTS — 0.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $250,250) | 250,250 | 250,250 |
TOTAL INVESTMENTS — 100.9% (Cost $100,984,763) | $ 131,451,950 | |
Other Assets & Liabilities — (0.9)% | (1,227,343) | |
TOTAL NET ASSETS — 100.0% | $ 130,224,607 |
† | See Security Valuation Note. |
* | Non-income producing security. |
REIT— Real Estate Investment Trust. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $ 5,671,581 | $ 5,671,581 | $— | $— |
Real Estate Investment Trusts | 125,530,119 | 125,530,119 | — | — |
Short-Term Investments | 250,250 | 250,250 | — | — |
Total Investments | $ 131,451,950 | $ 131,451,950 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 61.2% | ||
Penn Series Flexibly Managed Fund* | 50,248 | $ 4,257,470 |
Penn Series Index 500 Fund* | 250,022 | 9,295,821 |
Penn Series Large Cap Growth Fund* | 62,718 | 2,153,115 |
Penn Series Large Cap Value Fund* | 141,052 | 5,601,194 |
Penn Series Large Core Value Fund* | 207,588 | 5,577,897 |
Penn Series Large Growth Stock Fund* | 9,144 | 734,251 |
Penn Series Mid Cap Growth Fund* | 33,357 | 1,455,701 |
Penn Series Mid Cap Value Fund* | 52,688 | 1,379,897 |
Penn Series Mid Core Value Fund* | 152,968 | 4,842,965 |
Penn Series Real Estate Securities Fund* | 65,039 | 2,082,558 |
Penn Series Small Cap Growth Fund* | 21,499 | 1,433,528 |
Penn Series Small Cap Index Fund* | 39,809 | 1,408,027 |
Penn Series Small Cap Value Fund* | 0 | 0 |
Penn Series SMID Cap Growth Fund* | 25,748 | 1,457,324 |
Penn Series SMID Cap Value Fund* | 37,669 | 1,374,558 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $30,028,608) | 43,054,306 | |
AFFILIATED FIXED INCOME FUNDS — 8.0% | ||
Penn Series High Yield Bond Fund* | 127,894 | 2,126,870 |
Penn Series Limited Maturity Bond Fund* | 263,579 | 3,534,596 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $5,193,268) | 5,661,466 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 30.5% | ||
Penn Series Developed International Index Fund* | 474,542 | 8,209,578 |
Penn Series Emerging Markets Equity Fund* | 313,112 | 4,875,147 |
Penn Series International Equity Fund* | 202,255 | 8,399,672 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $15,670,926) | 21,484,397 | |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $388,362) | 388,362 | 388,362 |
TOTAL INVESTMENTS — 100.2% (Cost $51,281,164) | $ 70,588,531 | |
Other Assets & Liabilities — (0.2)% | (171,420) | |
TOTAL NET ASSETS — 100.0% | $ 70,417,111 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $43,054,306 | $43,054,306 | $— | $— |
Affiliated Fixed Income Funds | 5,661,466 | 5,661,466 | — | — |
Affiliated International Equity Funds | 21,484,397 | 21,484,397 | — | — |
Short-Term Investments | 388,362 | 388,362 | — | — |
Total Investments | $ 70,588,531 | $ 70,588,531 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 56.9% | ||
Penn Series Flexibly Managed Fund* | 174,451 | $ 14,781,275 |
Penn Series Index 500 Fund* | 801,263 | 29,790,958 |
Penn Series Large Cap Growth Fund* | 217,747 | 7,475,254 |
Penn Series Large Cap Value Fund* | 489,741 | 19,447,607 |
Penn Series Large Core Value Fund* | 720,756 | 19,366,708 |
Penn Series Large Growth Stock Fund* | 31,743 | 2,548,937 |
Penn Series Mid Cap Growth Fund* | 115,802 | 5,053,601 |
Penn Series Mid Cap Value Fund* | 91,470 | 2,395,593 |
Penn Series Mid Core Value Fund* | 455,254 | 14,413,352 |
Penn Series Real Estate Securities Fund* | 225,819 | 7,230,730 |
Penn Series Small Cap Growth Fund* | 37,319 | 2,488,413 |
Penn Series Small Cap Index Fund* | 207,312 | 7,332,609 |
Penn Series Small Cap Value Fund* | 0 | 0 |
Penn Series SMID Cap Growth Fund* | 44,692 | 2,529,581 |
Penn Series SMID Cap Value Fund* | 130,790 | 4,772,533 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $89,998,753) | 139,627,151 | |
AFFILIATED FIXED INCOME FUNDS — 18.0% | ||
Penn Series High Yield Bond Fund* | 444,022 | 7,384,086 |
Penn Series Limited Maturity Bond Fund* | 1,830,200 | 24,542,980 |
Penn Series Quality Bond Fund* | 712,928 | 12,305,144 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $39,919,892) | 44,232,210 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 24.5% | ||
Penn Series Developed International Index Fund* | 1,235,750 | 21,378,479 |
Penn Series Emerging Markets Equity Fund* | 931,847 | 14,508,851 |
Penn Series International Equity Fund* | 585,169 | 24,302,090 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $41,468,501) | 60,189,420 | |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,008,282) | 1,008,282 | 1,008,282 |
TOTAL INVESTMENTS — 99.8% (Cost $172,395,428) | $ 245,057,063 | |
Other Assets & Liabilities — 0.2% | 469,919 | |
TOTAL NET ASSETS — 100.0% | $ 245,526,982 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 139,627,151 | $ 139,627,151 | $— | $— |
Affiliated Fixed Income Funds | 44,232,210 | 44,232,210 | — | — |
Affiliated International Equity Funds | 60,189,420 | 60,189,420 | — | — |
Short-Term Investments | 1,008,282 | 1,008,282 | — | — |
Total Investments | $ 245,057,063 | $ 245,057,063 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 44.9% | ||
Penn Series Flexibly Managed Fund* | 208,263 | $ 17,646,162 |
Penn Series Index 500 Fund* | 797,137 | 29,637,536 |
Penn Series Large Cap Growth Fund* | 173,303 | 5,949,473 |
Penn Series Large Cap Value Fund* | 365,408 | 14,510,361 |
Penn Series Large Core Value Fund* | 537,772 | 14,449,941 |
Penn Series Large Growth Stock Fund* | 37,896 | 3,043,024 |
Penn Series Mid Cap Growth Fund* | 138,249 | 6,033,197 |
Penn Series Mid Core Value Fund* | 634,063 | 20,074,428 |
Penn Series Real Estate Securities Fund* | 179,723 | 5,754,743 |
Penn Series Small Cap Growth Fund* | 0 | 0 |
Penn Series Small Cap Index Fund* | 247,488 | 8,753,659 |
Penn Series Small Cap Value Fund* | 0 | 0 |
Penn Series SMID Cap Growth Fund* | 53,356 | 3,019,921 |
Penn Series SMID Cap Value Fund* | 78,067 | 2,848,667 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $82,955,319) | 131,721,112 | |
AFFILIATED FIXED INCOME FUNDS — 38.0% | ||
Penn Series High Yield Bond Fund* | 706,778 | 11,753,716 |
Penn Series Limited Maturity Bond Fund* | 3,058,899 | 41,019,839 |
Penn Series Quality Bond Fund* | 3,404,428 | 58,760,418 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $97,752,674) | 111,533,973 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 16.7% | ||
Penn Series Developed International Index Fund* | 819,578 | 14,178,699 |
Penn Series Emerging Markets Equity Fund* | 927,037 | 14,433,966 |
Penn Series International Equity Fund* | 489,009 | 20,308,568 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $32,496,854) | 48,921,233 | |
SHORT-TERM INVESTMENTS — 0.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $599,683) | 599,683 | 599,683 |
TOTAL INVESTMENTS — 99.8% (Cost $213,804,530) | $ 292,776,001 | |
Other Assets & Liabilities — 0.2% | 529,541 | |
TOTAL NET ASSETS — 100.0% | $ 293,305,542 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 131,721,112 | $ 131,721,112 | $— | $— |
Affiliated Fixed Income Funds | 111,533,973 | 111,533,973 | — | — |
Affiliated International Equity Funds | 48,921,233 | 48,921,233 | — | — |
Short-Term Investments | 599,683 | 599,683 | — | — |
Total Investments | $ 292,776,001 | $ 292,776,001 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 32.6% | ||
Penn Series Flexibly Managed Fund* | 91,144 | $ 7,722,593 |
Penn Series Index 500 Fund* | 156,982 | 5,836,591 |
Penn Series Large Cap Growth Fund* | 56,880 | 1,952,703 |
Penn Series Large Cap Value Fund* | 119,944 | 4,762,997 |
Penn Series Large Core Value Fund* | 176,524 | 4,743,210 |
Penn Series Mid Core Value Fund* | 89,202 | 2,824,125 |
Penn Series Real Estate Securities Fund* | 58,994 | 1,888,977 |
Penn Series Small Cap Index Fund* | 27,078 | 957,757 |
Penn Series Small Cap Value Fund* | 0 | 0 |
Penn Series SMID Cap Value Fund* | 25,627 | 935,125 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $21,515,487) | 31,624,078 | |
AFFILIATED FIXED INCOME FUNDS — 56.6% | ||
Penn Series High Yield Bond Fund* | 289,980 | 4,822,371 |
Penn Series Limited Maturity Bond Fund* | 1,649,470 | 22,119,397 |
Penn Series Quality Bond Fund* | 1,620,275 | 27,965,938 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $49,067,151) | 54,907,706 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.8% | ||
Penn Series Developed International Index Fund* | 161,424 | 2,792,640 |
Penn Series Emerging Markets Equity Fund* | 121,722 | 1,895,204 |
Penn Series International Equity Fund* | 114,652 | 4,761,491 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $6,816,519) | 9,449,335 | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $885,114) | 885,114 | 885,114 |
TOTAL INVESTMENTS — 99.9% (Cost $78,284,271) | $ 96,866,233 | |
Other Assets & Liabilities — 0.1% | 102,863 | |
TOTAL NET ASSETS — 100.0% | $ 96,969,096 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 31,624,078 | $ 31,624,078 | $— | $— |
Affiliated Fixed Income Funds | 54,907,706 | 54,907,706 | — | — |
Affiliated International Equity Funds | 9,449,335 | 9,449,335 | — | — |
Short-Term Investments | 885,114 | 885,114 | — | — |
Total Investments | $ 96,866,233 | $ 96,866,233 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 19.6% | ||
Penn Series Flexibly Managed Fund* | 55,473 | $ 4,700,218 |
Penn Series Index 500 Fund* | 63,692 | 2,368,067 |
Penn Series Large Cap Value Fund* | 29,204 | 1,159,683 |
Penn Series Large Core Value Fund* | 64,472 | 1,732,352 |
Penn Series Mid Core Value Fund* | 36,201 | 1,146,138 |
Penn Series Real Estate Securities Fund* | 17,956 | 574,946 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $8,407,423) | 11,681,404 | |
AFFILIATED FIXED INCOME FUNDS — 75.9% | ||
Penn Series High Yield Bond Fund* | 176,493 | 2,935,083 |
Penn Series Limited Maturity Bond Fund* | 1,440,470 | 19,316,698 |
Penn Series Quality Bond Fund* | 1,326,226 | 22,890,666 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $41,443,542) | 45,142,447 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9% | ||
Penn Series Developed International Index Fund* | 65,518 | 1,133,467 |
Penn Series International Equity Fund* | 13,958 | 579,650 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,279,560) | 1,713,117 | |
SHORT-TERM INVESTMENTS — 2.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 0.030%) (Cost $1,395,496) | 1,395,496 | 1,395,496 |
TOTAL INVESTMENTS — 100.7% (Cost $52,526,021) | $ 59,932,464 | |
Other Assets & Liabilities — (0.7)% | (446,140) | |
TOTAL NET ASSETS — 100.0% | $ 59,486,324 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2021 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 11,681,404 | $ 11,681,404 | $— | $— |
Affiliated Fixed Income Funds | 45,142,447 | 45,142,447 | — | — |
Affiliated International Equity Funds | 1,713,117 | 1,713,117 | — | — |
Short-Term Investments | 1,395,496 | 1,395,496 | — | — |
Total Investments | $ 59,932,464 | $ 59,932,464 | $ — | $ — |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
ASSETS: | |||||||
Investments at value | $ 169,693,468 | $266,662,956 | $484,806,866 | $ 165,729,818 | |||
Cash | — | — | — | 986,204 | |||
Initial margin held by broker for open futures | — | 182,613 | 448,005 | — | |||
Foreign currency at value | — | — | — | 118,847 | |||
Interest and dividends receivable | 202,830 | 1,284,822 | 2,455,784 | 2,199,160 | |||
Receivable for investment securities sold | — | 3,787,237 | — | 3,498,420 | |||
Receivable for capital stock sold | — | 1,359,456 | 2,923,799 | 1,158,615 | |||
Futures variation margin receivable | — | 9,757 | 102,107 | — | |||
Other assets | 135,971 | 2,426 | 4,537 | 1,422 | |||
Total Assets | 170,032,269 | 273,289,267 | 490,741,098 | 173,692,486 | |||
LIABILITIES: | |||||||
Cash overdraft | — | 111,073 | 142,871 | — | |||
Payable for investment securities purchased | — | 3,739,537 | 2,983,440 | 4,537,721 | |||
Payable for capital stock redeemed | — | 12,868 | 11,399 | 4,188 | |||
Payable to investment adviser (See Note 3) | 45,878 | 93,731 | 169,897 | 63,241 | |||
Payable to the administrator (See Note 3) | 12,534 | 18,762 | 35,019 | 12,489 | |||
Other liabilities | 67,182 | 102,783 | 178,697 | 70,185 | |||
Total Liabilities | 125,594 | 4,078,754 | 3,521,323 | 4,687,824 | |||
NET ASSETS | $169,906,675 | $ 269,210,513 | $ 487,219,775 | $169,004,662 | |||
Investments at cost | $ 169,693,468 | $ 267,420,374 | $ 471,981,115 | $ 158,172,988 | |||
Foreign currency at cost | $ — | $ — | $ — | $ 112,601 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 169,900,838 | $ 268,245,658 | $ 469,281,676 | $ 160,101,598 | |||
Total distributable earnings (loss) | 5,837 | 964,855 | 17,938,099 | 8,903,064 | |||
NET ASSETS | $169,906,675 | $ 269,210,513 | $ 487,219,775 | $169,004,662 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 169,888,318 | ||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 28,231,888 | 10,160,571 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 20,081,870 | ||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 1.00 | $ 13.41 | $ 17.26 | $ 16.63 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ — | $ 89,456,594 | $ — | $ — | |||
Investments of unaffiliated issuers at value | 5,338,002,309 | 341,218 | 430,873,564 | 75,494,964 | |||
Cash | 15,179 | — | — | — | |||
Foreign currency at value | 76,256 | — | — | — | |||
Interest and dividends receivable | 7,591,971 | — | 42,513 | 26,744 | |||
Tax reclaims receivable | 136,647 | — | 6,287 | 30,840 | |||
Receivable for investment securities sold | 7,035,853 | 5,714 | 413,536 | — | |||
Receivable for capital stock sold | 306,026 | 13,471 | — | 3,125 | |||
Other assets | 41,701 | 780 | 3,508 | 609 | |||
Total Assets | 5,353,205,942 | 89,817,777 | 431,339,408 | 75,556,282 | |||
LIABILITIES: | |||||||
Cash overdraft | — | — | 6,622 | 14,934 | |||
Written options at value | 66,707,215 | — | — | — | |||
Payable for investment securities purchased | 41,170,576 | — | 844,204 | — | |||
Payable for capital stock redeemed | 8,261 | 4,739 | 2,697,733 | 237,791 | |||
Payable to investment adviser (See Note 3) | 2,926,251 | — | 247,017 | 33,626 | |||
Payable to the administrator (See Note 3) | 388,698 | 6,632 | 31,531 | 5,564 | |||
Unrealized depreciation of forward foreign currency contracts | — | — | 14 | — | |||
Other liabilities | 1,774,420 | 31,756 | 191,297 | 42,033 | |||
Total Liabilities | 112,975,421 | 43,127 | 4,018,418 | 333,948 | |||
NET ASSETS | $5,240,230,521 | $89,774,650 | $427,320,990 | $75,222,334 | |||
Investments of affiliated issuers at cost | $ — | $ 54,066,578 | $ — | $ — | |||
Investments of unaffiliated issuers at cost | $ 4,384,261,358 | $ 341,218 | $ 231,304,277 | $ 44,940,420 | |||
Written options, premiums received | $ (42,070,350) | $ — | $ — | $ — | |||
Foreign currency at cost | $ 76,469 | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 3,955,464,444 | $ 49,638,060 | $ 191,482,841 | $ 41,348,729 | |||
Total distributable earnings (loss) | 1,284,766,077 | 40,136,590 | 235,838,149 | 33,873,605 | |||
NET ASSETS | $5,240,230,521 | $89,774,650 | $427,320,990 | $75,222,334 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 61,849,705 | 5,321,580 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,032,550 | 2,191,283 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 84.73 | $ 29.60 | $ 80.30 | $ 34.33 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
ASSETS: | |||||||
Investments at value | $ 240,208,967 | $ 197,892,161 | $ 182,897,272 | $ 648,014,707 | |||
Initial margin held by broker for open futures | — | — | — | 275,000 | |||
Foreign currency at value | 1,635 | — | — | — | |||
Interest and dividends receivable | 5,967 | 158,803 | 186,544 | 384,484 | |||
Tax reclaims receivable | 17,772 | — | 31,510 | — | |||
Receivable for investment securities sold | 150,204 | 1,247,998 | 13,980,565 | — | |||
Receivable for capital stock sold | — | 18,042 | 605,121 | 29,834 | |||
Futures variation margin receivable | — | — | — | 8,250 | |||
Other assets | 1,684 | 1,474 | 1,523 | 5,024 | |||
Total Assets | 240,386,229 | 199,318,478 | 197,702,535 | 648,717,299 | |||
LIABILITIES: | |||||||
Cash overdraft | — | 838 | 12,872,579 | 73,005 | |||
Payable for investment securities purchased | 2,121,406 | 832,797 | — | — | |||
Payable for capital stock redeemed | 1,455,033 | 183,784 | 9,305 | 2,202,231 | |||
Payable to investment adviser (See Note 3) | 112,013 | 109,308 | 108,413 | 68,159 | |||
Payable to the administrator (See Note 3) | 16,690 | 14,844 | 14,797 | 48,430 | |||
Other liabilities | 88,555 | 77,523 | 77,346 | 227,220 | |||
Total Liabilities | 3,793,697 | 1,219,094 | 13,082,440 | 2,619,045 | |||
NET ASSETS | $236,592,532 | $198,099,384 | $184,620,095 | $646,098,254 | |||
Investments at cost | $ 164,011,403 | $ 152,242,309 | $ 151,584,549 | $ 290,466,352 | |||
Foreign currency at cost | $ 1,592 | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 143,137,116 | $ 140,687,412 | $ 133,067,220 | $ 265,752,057 | |||
Total distributable earnings (loss) | 93,455,416 | 57,411,972 | 51,552,875 | 380,346,197 | |||
NET ASSETS | $236,592,532 | $198,099,384 | $184,620,095 | $646,098,254 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 4,988,345 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,350,685 | 6,870,989 | 17,377,165 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 54.38 | $ 39.71 | $ 26.87 | $ 37.18 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
ASSETS: | |||||||
Investments at value | $ 208,302,012 | $ 101,615,863 | $ 101,349,312 | $ 104,217,082 | |||
Interest and dividends receivable | 30,204 | 149,401 | 180,603 | 6,398 | |||
Tax reclaims receivable | — | — | 22,729 | — | |||
Receivable for investment securities sold | 136,853 | 1,628,618 | 137,183 | 347,769 | |||
Receivable for capital stock sold | — | 923,464 | 253,154 | 13,470 | |||
Unrealized appreciation of forward foreign currency contracts | — | — | 32,504 | — | |||
Other assets | 1,523 | 765 | 797 | 685 | |||
Total Assets | 208,470,592 | 104,318,111 | 101,976,282 | 104,585,404 | |||
LIABILITIES: | |||||||
Cash overdraft | 13,924 | 1,186 | 46,874 | 7,303 | |||
Written options at value | 1,050 | — | — | — | |||
Payable for investment securities purchased | 30,409 | 1,758,632 | 75,214 | 2,161,396 | |||
Payable for capital stock redeemed | 740,469 | 1,089 | 7,694 | 220,430 | |||
Payable to investment adviser (See Note 3) | 116,657 | 46,768 | 58,438 | 60,736 | |||
Payable to the administrator (See Note 3) | 15,004 | 7,771 | 7,683 | 7,359 | |||
Unrealized depreciation of forward foreign currency contracts | — | — | 493 | — | |||
Other liabilities | 79,830 | 40,392 | 70,659 | 45,646 | |||
Total Liabilities | 997,343 | 1,855,838 | 267,055 | 2,502,870 | |||
NET ASSETS | $207,473,249 | $102,462,273 | $101,709,227 | $102,082,534 | |||
Investments at cost | $ 112,435,387 | $ 77,750,097 | $ 84,787,998 | $ 78,063,585 | |||
Written options, premiums received | $ (1,868) | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 91,581,448 | $ 91,552,126 | $ 76,547,395 | $ 66,308,645 | |||
Total distributable earnings (loss) | 115,891,801 | 10,910,147 | 25,161,832 | 35,773,889 | |||
NET ASSETS | $207,473,249 | $102,462,273 | $101,709,227 | $102,082,534 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,753,818 | 3,911,647 | 3,212,249 | 1,803,459 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 43.64 | $ 26.19 | $ 31.66 | $ 56.60 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
ASSETS: | |||||||
Investments at value | $ 65,220,577 | $ 141,600,374 | $ 192,812,014 | $ 97,195,333 | |||
Cash | — | — | — | 261 | |||
Initial margin held by broker for open futures | — | — | — | 78,000 | |||
Foreign currency at value | — | 2,000 | — | — | |||
Interest and dividends receivable | 62,178 | 15,165 | 180,465 | 68,872 | |||
Tax reclaims receivable | — | 8,404 | 685 | — | |||
Receivable for investment securities sold | 543,135 | 2,072,100 | 1,924,605 | 23,496 | |||
Receivable for capital stock sold | 115,489 | 559,665 | 1,462,369 | 292,546 | |||
Futures variation margin receivable | — | — | — | 1,920 | |||
Unrealized appreciation on an unfunded commitment with a SPAC | — | 122,691 | — | — | |||
Other assets | 491 | 1,030 | 1,343 | 541 | |||
Total Assets | 65,941,870 | 144,381,429 | 196,381,481 | 97,660,969 | |||
LIABILITIES: | |||||||
Cash overdraft | 8,991 | 1,186 | — | — | |||
Payable for investment securities purchased | 150,936 | 2,617,390 | 2,012,751 | 60,999 | |||
Payable for capital stock redeemed | 2,254 | 1,090 | 10 | 3,637 | |||
Unrealized depreciation on an unfunded commitment with a SPAC | — | 7,981 | — | — | |||
Payable to investment adviser (See Note 3) | 46,476 | 83,007 | 116,045 | 23,742 | |||
Payable to the administrator (See Note 3) | 4,976 | 10,404 | 14,678 | 7,078 | |||
Other liabilities | 33,862 | 58,533 | 97,554 | 63,000 | |||
Total Liabilities | 247,495 | 2,779,591 | 2,241,038 | 158,456 | |||
NET ASSETS | $65,694,375 | $141,601,838 | $194,140,443 | $ 97,502,513 | |||
Investments at cost | $ 49,333,201 | $ 81,803,093 | $ 156,352,557 | $ 74,144,300 | |||
Foreign currency at cost | $ — | $ 2,006 | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 52,407,966 | $ 66,853,575 | $ 129,153,503 | $64,960,584 | |||
Total distributable earnings (loss) | 13,286,409 | 74,748,263 | 64,986,940 | 32,541,929 | |||
NET ASSETS | $65,694,375 | $141,601,838 | $194,140,443 | $ 97,502,513 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 1,800,312 | 4,021,260 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,123,632 | 2,757,007 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 36.49 | $ 66.68 | $ 48.28 | $ 35.37 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
ASSETS: | |||||||
Investments at value | $ 111,698,035 | $ 348,379,927 | $ 144,096,502 | $ 131,451,950 | |||
Initial margin held by broker for open futures | 133,605 | — | — | — | |||
Foreign currency at value | 238,103 | 53,246 | 4,850 | — | |||
Interest and dividends receivable | 175,316 | 254,311 | 292,514 | 320,868 | |||
Tax reclaims receivable | 541,847 | 1,211,448 | 66,810 | — | |||
Receivable for investment securities sold | 8,493 | — | 316,528 | 417,442 | |||
Receivable for capital stock sold | 133,252 | 12,927 | 1,298,752 | 8,240 | |||
Other assets | 942 | 3,005 | 1,231 | 1,077 | |||
Total Assets | 112,929,593 | 349,914,864 | 146,077,187 | 132,199,577 | |||
LIABILITIES: | |||||||
Cash overdraft | 44,145 | 52,772 | 37,682 | 15,784 | |||
Payable for investment securities purchased | 6,350 | — | — | 69,579 | |||
Payable for capital stock redeemed | 10,458 | 1,564,416 | 7,271 | 1,744,922 | |||
Futures variation margin payable | 15,130 | — | — | — | |||
Payable to investment adviser (See Note 3) | 28,432 | 219,596 | 104,210 | 77,558 | |||
Payable to the administrator (See Note 3) | 8,551 | 25,999 | 10,865 | 9,811 | |||
Deferred Indian capital gains tax | — | 510,648 | 471,754 | — | |||
Other liabilities | 102,441 | 165,284 | 161,396 | 57,316 | |||
Total Liabilities | 215,507 | 2,538,715 | 793,178 | 1,974,970 | |||
NET ASSETS | $112,714,086 | $347,376,149 | $145,284,009 | $130,224,607 | |||
Investments at cost | $ 74,911,503 | $ 281,114,925 | $ 113,063,549 | $ 100,984,763 | |||
Foreign currency at cost | $ 239,695 | $ 53,169 | $ 4,986 | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 74,451,441 | $ 248,055,982 | $ 101,899,370 | $ 96,731,846 | |||
Total distributable earnings (loss) | 38,262,645 | 99,320,167 | 43,384,639 | 33,492,761 | |||
NET ASSETS | $112,714,086 | $347,376,149 | $145,284,009 | $130,224,607 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 8,365,044 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 6,517,083 | 9,331,286 | 4,067,086 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 17.30 | $ 41.53 | $ 15.57 | $ 32.02 |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ 70,200,169 | $ 244,048,781 | $ 292,176,318 | $ 95,981,119 | |||
Investments of unaffiliated issuers at value | 388,362 | 1,008,282 | 599,683 | 885,114 | |||
Cash | 11,911 | 118,622 | 543,567 | 50,203 | |||
Interest and dividends receivable | — | 1 | 1 | 4 | |||
Receivable for investment securities sold | 6,875 | 95,048 | 21,566 | — | |||
Receivable for capital stock sold | 25,380 | 376,160 | 109,724 | 265,863 | |||
Other assets | 613 | 1,959 | 2,610 | 842 | |||
Total Assets | 70,633,310 | 245,648,853 | 293,453,469 | 97,183,145 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | — | — | — | 156,256 | |||
Payable for capital stock redeemed | 180,371 | 3 | — | 6,560 | |||
Payable to investment adviser (See Note 3) | 7,004 | 23,859 | 28,221 | 9,517 | |||
Payable to the administrator (See Note 3) | 5,265 | 18,190 | 21,891 | 7,191 | |||
Other liabilities | 23,559 | 79,819 | 97,815 | 34,525 | |||
Total Liabilities | 216,199 | 121,871 | 147,927 | 214,049 | |||
NET ASSETS | $ 70,417,111 | $245,526,982 | $293,305,542 | $96,969,096 | |||
Investments of affiliated issuers at cost | $50,892,802 | $ 171,387,146 | $ 213,204,847 | $ 77,399,157 | |||
Investments of unaffiliated issuers at cost | $ 388,362 | $ 1,008,282 | $ 599,683 | $ 885,114 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 46,267,137 | $ 163,382,057 | $ 200,720,480 | $ 74,292,701 | |||
Total distributable earnings (loss) | 24,149,974 | 82,144,925 | 92,585,062 | 22,676,395 | |||
NET ASSETS | $ 70,417,111 | $245,526,982 | $293,305,542 | $96,969,096 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,710,795 | 9,213,346 | 12,676,735 | 4,830,235 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 25.98 | $ 26.65 | $ 23.14 | $ 20.08 |
Conservative Allocation Fund | |
ASSETS: | |
Investments of affiliated issuers at value | $ 58,536,968 |
Investments of unaffiliated issuers at value | 1,395,496 |
Cash | 35,045 |
Interest and dividends receivable | 2 |
Receivable for capital stock sold | 63,283 |
Other assets | 542 |
Total Assets | 60,031,336 |
LIABILITIES: | |
Payable for investment securities purchased | 511,454 |
Payable for capital stock redeemed | 1 |
Payable to investment adviser (See Note 3) | 5,806 |
Payable to the administrator (See Note 3) | 4,470 |
Other liabilities | 23,281 |
Total Liabilities | 545,012 |
NET ASSETS | $59,486,324 |
Investments of affiliated issuers at cost | $ 51,130,525 |
Investments of unaffiliated issuers at cost | $ 1,395,496 |
COMPONENTS OF NET ASSETS: | |
Paid-in capital | $ 49,946,780 |
Total distributable earnings (loss) | 9,539,544 |
NET ASSETS | $59,486,324 |
Shares outstanding, $0.0001 par value, 250 million shares authorized | 3,480,568 |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 17.09 |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 3,302 | $ 2,382 | $ 112,341 | $ — | |||
Interest | 35,971 | 2,960,073 | 6,582,859 | 4,131,590 | |||
Foreign taxes withheld | — | (2,651) | — | — | |||
Total Investment Income | 39,273 | 2,959,804 | 6,695,200 | 4,131,590 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 276,080 | 570,364 | 1,036,516 | 381,048 | |||
Shareholder servicing fees (See Note 3) | 75,294 | 112,608 | 210,422 | 74,553 | |||
Administration fees (See Note 3) | 25,098 | 37,536 | 70,141 | 24,851 | |||
Accounting fees (See Note 3) | 51,748 | 72,478 | 109,812 | 51,336 | |||
Directors’ fees and expenses | 4,591 | 6,963 | 12,925 | 4,432 | |||
Custodian fees and expenses | 4,797 | 8,833 | 16,353 | 5,389 | |||
Pricing fees | 3,982 | 12,636 | 12,875 | 11,194 | |||
Professional fees | 7,405 | 11,691 | 21,655 | 7,432 | |||
Printing fees | 3,772 | 5,321 | 9,410 | 3,627 | |||
Other expenses | 19,381 | 28,879 | 42,124 | 24,757 | |||
Total Expenses | 472,148 | 867,309 | 1,542,233 | 588,619 | |||
Less: Waivers and reimbursement from administrator (See Note 3) | (165,158) | — | — | — | |||
Less: Waivers and reimbursement from advisor (See Note 3) | (276,080) | — | — | — | |||
Net Expenses | 30,910 | 867,309 | 1,542,233 | 588,619 | |||
Net Investment Income (Loss) | 8,363 | 2,092,495 | 5,152,967 | 3,542,971 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 2,715 | 109,871 | 3,231,205 | 3,898,551 | |||
Futures contracts | — | (354,065) | (3,350,406) | 464,892 | |||
Net realized gain (loss) | 2,715 | (244,194) | (119,201) | 4,363,443 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | — | (195,693) | (8,050,051) | (1,689,963) | |||
Futures contracts | — | (126,026) | 89,076 | 13,246 | |||
Foreign currencies | — | — | — | 3,199 | |||
Net change in unrealized appreciation (depreciation) | — | (321,719) | (7,960,975) | (1,673,518) | |||
Net Realized and Unrealized Gain (Loss) | 2,715 | (565,913) | (8,080,176) | 2,689,925 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 11,078 | $ 1,526,582 | $(2,927,209) | $ 6,232,896 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 22,037,822 | $ 42 | $ 785,602 | $ 355,124 | |||
Interest | 22,069,353 | — | — | 7 | |||
Foreign taxes withheld | (48,522) | — | (11,464) | (5,870) | |||
Total Investment Income | 44,058,653 | 42 | 774,138 | 349,261 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 17,176,936 | — | 1,449,221 | 195,667 | |||
Shareholder servicing fees (See Note 3) | 2,256,819 | 38,786 | 185,245 | 32,018 | |||
Administration fees (See Note 3) | 752,273 | 12,928 | 61,748 | 10,673 | |||
Accounting fees (See Note 3) | 570,940 | 5,951 | 101,420 | 24,903 | |||
Directors’ fees and expenses | 131,519 | 2,289 | 11,060 | 1,846 | |||
Custodian fees and expenses | 159,843 | 2,833 | 13,667 | 2,591 | |||
Pricing fees | 7,982 | 1,329 | 4,058 | 2,552 | |||
Professional fees | 223,779 | 3,578 | 43,527 | 3,378 | |||
Printing fees | 91,037 | 2,141 | 8,246 | 1,841 | |||
Other expenses | 347,065 | 12,151 | 57,197 | 30,250 | |||
Total Expenses | 21,718,193 | 81,986 | 1,935,389 | 305,719 | |||
Net Investment Income (Loss) | 22,340,460 | (81,944) | (1,161,251) | 43,542 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Affiliated Investments | — | 5,042,770 | — | — | |||
Unaffiliated investments | 340,805,621 | — | 38,392,952 | 3,334,114 | |||
Written options | 5,582,157 | — | — | — | |||
Foreign currencies | (41,377) | — | (2,479) | 124 | |||
Forward foreign currency contracts | — | — | 61 | — | |||
Net realized gain (loss) | 346,346,401 | 5,042,770 | 38,390,534 | 3,334,238 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Affiliated Investments | — | 2,190,125 | — | — | |||
Unaffiliated Investments | 105,636,990 | — | 12,252,671 | 5,016,661 | |||
Written options | 1,907,482 | — | — | — | |||
Foreign currencies | 10,384 | — | (249) | (1,145) | |||
Forward foreign currency contracts | — | — | (14) | — | |||
Net change in unrealized appreciation (depreciation) | 107,554,856 | 2,190,125 | 12,252,408 | 5,015,516 | |||
Net Realized and Unrealized Gain (Loss) | 453,901,257 | 7,232,895 | 50,642,942 | 8,349,754 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 476,241,717 | $ 7,150,951 | $ 49,481,691 | $ 8,393,296 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 173,567 | $ 1,641,038 | $ 1,845,528 | $ 4,402,265 | |||
Foreign taxes withheld | (2,491) | (51,896) | (16,433) | (421) | |||
Total Investment Income | 171,076 | 1,589,142 | 1,829,095 | 4,401,844 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 665,289 | 633,011 | 634,369 | 395,384 | |||
Shareholder servicing fees (See Note 3) | 99,793 | 85,588 | 85,776 | 279,802 | |||
Administration fees (See Note 3) | 33,265 | 28,529 | 28,592 | 93,267 | |||
Accounting fees (See Note 3) | 65,359 | 57,467 | 57,571 | 131,564 | |||
Directors’ fees and expenses | 6,034 | 4,869 | 4,940 | 16,104 | |||
Custodian fees and expenses | 6,816 | 5,635 | 5,762 | 18,629 | |||
Pricing fees | 1,760 | 3,424 | 1,960 | 5,902 | |||
Professional fees | 10,270 | 8,206 | 8,445 | 27,521 | |||
Printing fees | 4,805 | 3,926 | 5,628 | 11,694 | |||
Other expenses | 33,763 | 27,966 | 25,431 | 78,603 | |||
Total Expenses | 927,154 | 858,621 | 858,474 | 1,058,470 | |||
Net Investment Income (Loss) | (756,078) | 730,521 | 970,621 | 3,343,374 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 19,373,355 | 17,496,008 | 22,235,623 | 26,540,822 | |||
Futures contracts | — | — | — | 978,635 | |||
Foreign currencies | 81 | — | — | — | |||
Net realized gain (loss) | 19,373,436 | 17,496,008 | 22,235,623 | 27,519,457 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 147,455 | 15,971,688 | 4,810,267 | 57,275,996 | |||
Futures contracts | — | — | — | (98,065) | |||
Foreign currencies | 443 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | 147,898 | 15,971,688 | 4,810,267 | 57,177,931 | |||
Net Realized and Unrealized Gain (Loss) | 19,521,334 | 33,467,696 | 27,045,890 | 84,697,388 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $18,765,256 | $ 34,198,217 | $ 28,016,511 | $88,040,762 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 341,470 | $ 513,686 | $ 1,148,551 | $ 109,760 | |||
Foreign taxes withheld | — | (2,087) | (16,478) | — | |||
Total Investment Income | 341,470 | 511,599 | 1,132,073 | 109,760 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 695,229 | 275,361 | 343,241 | 368,658 | |||
Shareholder servicing fees (See Note 3) | 89,387 | 45,059 | 44,770 | 44,239 | |||
Administration fees (See Note 3) | 29,796 | 15,020 | 14,923 | 14,746 | |||
Accounting fees (See Note 3) | 59,577 | 34,832 | 34,666 | 34,296 | |||
Directors’ fees and expenses | 5,373 | 2,580 | 2,596 | 2,655 | |||
Custodian fees and expenses | 5,985 | 2,973 | 4,173 | 2,808 | |||
Pricing fees | 2,563 | 2,485 | 3,212 | 2,314 | |||
Professional fees | 9,092 | 4,551 | 4,742 | 4,658 | |||
Printing fees | 5,951 | 2,343 | 2,351 | 2,423 | |||
Other expenses | 31,446 | 19,273 | 51,420 | 27,538 | |||
Total Expenses | 934,399 | 404,477 | 506,094 | 504,335 | |||
Net Investment Income (Loss) | (592,929) | 107,122 | 625,979 | (394,575) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 21,369,580 | 7,438,337 | 9,399,034 | 10,149,605 | |||
Written options | 158,746 | — | — | — | |||
Purchased options | (576,788) | — | — | — | |||
Foreign currencies | — | — | 922 | — | |||
Forward foreign currency contracts | — | — | 5,293 | — | |||
Net realized gain (loss) | 20,951,538 | 7,438,337 | 9,405,249 | 10,149,605 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 1,056,896 | 4,516,621 | 4,305,017 | (2,147,875) | |||
Written options | (99,526) | — | — | — | |||
Purchased options | 322,485 | — | — | — | |||
Foreign currencies | — | — | (52) | — | |||
Forward foreign currency contracts | — | — | 80,689 | — | |||
Net change in unrealized appreciation (depreciation) | 1,279,855 | 4,516,621 | 4,385,654 | (2,147,875) | |||
Net Realized and Unrealized Gain (Loss) | 22,231,393 | 11,954,958 | 13,790,903 | 8,001,730 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $21,638,464 | $12,062,080 | $14,416,882 | $ 7,607,155 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 546,320 | $ 245,384 | $ 1,057,685 | $ 410,136 | |||
Foreign taxes withheld | (285) | (1,412) | (900) | (851) | |||
Total Investment Income | 546,035 | 243,972 | 1,056,785 | 409,285 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 269,157 | 511,888 | 698,739 | 133,531 | |||
Shareholder servicing fees (See Note 3) | 28,838 | 63,423 | 87,447 | 40,059 | |||
Administration fees (See Note 3) | 9,613 | 21,141 | 29,149 | 13,353 | |||
Accounting fees (See Note 3) | 22,430 | 45,153 | 58,499 | 31,157 | |||
Directors’ fees and expenses | 1,616 | 3,874 | 5,038 | 2,145 | |||
Custodian fees and expenses | 1,932 | 4,464 | 5,464 | 2,222 | |||
Pricing fees | 2,267 | 3,511 | 4,042 | 16,869 | |||
Professional fees | 2,973 | 6,882 | 8,728 | 5,587 | |||
Printing fees | 1,688 | 3,264 | 4,078 | 2,066 | |||
Recaptured advisory fee (See Note 3) | — | — | — | 90 | |||
Other expenses | 27,650 | 30,222 | 59,152 | 52,215 | |||
Total Expenses | 368,164 | 693,822 | 960,336 | 299,294 | |||
Net Investment Income (Loss) | 177,871 | (449,850) | 96,449 | 109,991 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 6,908,799 | 15,369,814 | 33,239,155 | 9,651,098 | |||
Futures contracts | — | — | — | 239,384 | |||
Foreign currencies | — | (327) | — | — | |||
Forward foreign currency contracts | — | (26) | — | — | |||
Net realized gain (loss) | 6,908,799 | 15,369,461 | 33,239,155 | 9,890,482 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 7,769,759 | (6,089,079) | 2,253,595 | 2,826,336 | |||
Unfunded commitment with a SPAC | — | 114,710 | — | — | |||
Futures contracts | — | — | — | (53,024) | |||
Foreign currencies | — | (273) | — | — | |||
Net change in unrealized appreciation (depreciation) | 7,769,759 | (5,974,642) | 2,253,595 | 2,773,312 | |||
Net Realized and Unrealized Gain (Loss) | 14,678,558 | 9,394,819 | 35,492,750 | 12,663,794 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $14,856,429 | $8,944,969 | $ 35,589,199 | $ 12,773,785 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 2,070,005 | $ 2,254,020 | $ 1,187,626 | $ 1,661,251 | |||
Foreign taxes withheld | (203,450) | (245,336) | (141,128) | — | |||
Total Investment Income | 1,866,555 | 2,008,684 | 1,046,498 | 1,661,251 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 167,256 | 1,286,769 | 640,642 | 438,574 | |||
Shareholder servicing fees (See Note 3) | 50,177 | 151,662 | 66,273 | 56,388 | |||
Administration fees (See Note 3) | 16,726 | 50,554 | 22,091 | 18,796 | |||
Accounting fees (See Note 3) | 43,369 | 111,026 | 54,100 | 41,245 | |||
Directors’ fees and expenses | 2,943 | 8,951 | 4,085 | 3,264 | |||
Custodian fees and expenses | 11,886 | 36,320 | 24,899 | 4,000 | |||
Pricing fees | 47,134 | 4,975 | 7,207 | 2,103 | |||
Professional fees | 23,092 | 20,997 | 25,533 | 5,487 | |||
Printing fees | 2,589 | 6,720 | 3,401 | 2,822 | |||
Other expenses | 102,887 | 49,784 | 82,868 | 25,653 | |||
Total Expenses | 468,059 | 1,727,758 | 931,099 | 598,332 | |||
Net Investment Income (Loss) | 1,398,496 | 280,926 | 115,399 | 1,062,919 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 1,542,136 | 33,094,873 | 13,707,835 | 6,260,195 | |||
Futures contracts | 337,075 | — | — | — | |||
Foreign currencies | 11,174 | (278,702) | (61,763) | — | |||
Net realized gain (loss) | 1,890,385 | 32,816,171 | 13,646,072 | 6,260,195 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 6,004,295 | (11,452,851) | (7,383,538) | 17,186,553 | |||
Futures contracts | (89,203) | — | — | — | |||
Foreign currencies | (34,181) | (48,492) | (5,596) | — | |||
Net change in unrealized appreciation (depreciation) | 5,880,911 | (11,501,343) | (7,389,134) | 17,186,553 | |||
Net Realized and Unrealized Gain (Loss) | 7,771,296 | 21,314,828 | 6,256,938 | 23,446,748 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 9,169,792 | $21,595,754 | $ 6,372,337 | $ 24,509,667 |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 87 | $ 155 | $ 102 | $ 49 | |||
Total Investment Income | 87 | 155 | 102 | 49 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 41,451 | 139,408 | 168,311 | 56,995 | |||
Shareholder servicing fees (See Note 3) | 31,089 | 105,947 | 129,595 | 42,746 | |||
Administration fees (See Note 3) | 10,363 | 35,316 | 43,198 | 14,249 | |||
Accounting fees (See Note 3) | 5,951 | 11,772 | 14,399 | 5,951 | |||
Directors’ fees and expenses | 1,868 | 6,167 | 7,752 | 2,584 | |||
Custodian fees and expenses | 2,264 | 7,297 | 9,563 | 3,131 | |||
Pricing fees | 1,329 | 1,329 | 1,329 | 1,329 | |||
Professional fees | 2,902 | 9,640 | 12,102 | 4,040 | |||
Printing fees | 1,837 | 4,822 | 5,893 | 2,344 | |||
Other expenses | 11,884 | 20,599 | 24,101 | 12,848 | |||
Total Expenses | 110,938 | 342,297 | 416,243 | 146,217 | |||
Net Investment Income (Loss) | (110,851) | (342,142) | (416,141) | (146,168) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on affiliated investments | 5,031,108 | 10,036,103 | 14,200,439 | 4,300,698 | |||
Net change in unrealized appreciation (depreciation) of affiliated investments | 2,397,868 | 13,644,789 | 7,999,453 | 1,123,905 | |||
Net Realized and Unrealized Gain (Loss) | 7,428,976 | 23,680,892 | 22,199,892 | 5,424,603 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 7,318,125 | $ 23,338,750 | $ 21,783,751 | $ 5,278,435 |
Conservative Allocation Fund | |
INVESTMENT INCOME: | |
Dividends | $ 85 |
Total Investment Income | 85 |
EXPENSES: | |
Investment advisory fees (See Note 3) | 36,213 |
Shareholder servicing fees (See Note 3) | 27,160 |
Administration fees (See Note 3) | 9,053 |
Accounting fees (See Note 3) | 5,951 |
Directors’ fees and expenses | 1,676 |
Custodian fees and expenses | 2,011 |
Pricing fees | 1,329 |
Professional fees | 2,622 |
Printing fees | 1,720 |
Other expenses | 10,851 |
Total Expenses | 98,586 |
Net Investment Income (Loss) | (98,501) |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on affiliated investments | 2,256,962 |
Net change in unrealized appreciation (depreciation) of affiliated investments | (405,058) |
Net Realized and Unrealized Gain (Loss) | 1,851,904 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 1,753,403 |
Money Market Fund | Limited Maturity Bond Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 8,363 | $ 280,486 | $ 2,092,495 | $ 4,549,641 | |||
Net realized gain (loss) | 2,715 | — | (244,194) | 4,071,621 | |||
Net change in unrealized appreciation (depreciation) | — | — | (321,719) | 107,453 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,078 | 280,486 | 1,526,582 | 8,728,715 | |||
Distributions from: | |||||||
Distributable earnings | (8,365) | (277,283) | — | — | |||
Total Distributions | (8,365) | (277,283) | — | — | |||
Capital Share Transactions (1): | |||||||
Shares issued | 80,159,865 | 151,898,109 | 38,589,658 | 59,690,500 | |||
Shares issued in lieu of cash distributions | 8,366 | 280,485 | — | — | |||
Shares redeemed | (70,731,435) | (104,653,034) | (25,783,600) | (58,538,852) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 9,436,796 | 47,525,560 | 12,806,058 | 1,151,648 | |||
Total Increase (Decrease) | 9,439,509 | 47,528,763 | 14,332,640 | 9,880,363 | |||
Net Assets: | |||||||
Beginning of period | 160,467,166 | 112,938,403 | 254,877,873 | 244,997,510 | |||
End of period | $169,906,675 | $ 160,467,166 | $ 269,210,513 | $ 254,877,873 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 80,159,865 | 151,898,109 | 2,884,039 | 4,573,900 | |||
Shares issued in lieu of cash distributions | 8,366 | 280,485 | — | — | |||
Shares redeemed | (70,731,435) | (104,653,034) | (1,929,140) | (4,505,075) | |||
9,436,796 | 47,525,560 | 954,899 | 68,825 |
Quality Bond Fund | High Yield Bond Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 5,152,967 | $ 9,544,582 | $ 3,542,971 | $ 7,123,014 | |||
Net realized gain (loss) | (119,201) | 14,152,559 | 4,363,443 | 795,032 | |||
Net change in unrealized appreciation (depreciation) | (7,960,975) | 12,407,581 | (1,673,518) | 2,311,510 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,927,209) | 36,104,722 | 6,232,896 | 10,229,556 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 47,093,687 | 110,626,763 | 8,224,982 | 22,749,256 | |||
Shares redeemed | (41,420,869) | (95,991,535) | (12,844,671) | (25,483,846) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 5,672,818 | 14,635,228 | (4,619,689) | (2,734,590) | |||
Total Increase (Decrease) | 2,745,609 | 50,739,950 | 1,613,207 | 7,494,966 | |||
Net Assets: | |||||||
Beginning of period | 484,474,166 | 433,734,216 | 167,391,455 | 159,896,489 | |||
End of period | $ 487,219,775 | $484,474,166 | $169,004,662 | $ 167,391,455 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 2,748,360 | 6,581,932 | 503,774 | 1,467,884 | |||
Shares redeemed | (2,419,509) | (5,773,085) | (789,443) | (1,754,814) | |||
328,851 | 808,847 | (285,669) | (286,930) |
Flexibly Managed Fund | Balanced Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 22,340,460 | $ 46,949,584 | $ (81,944) | $ (158,423) | |||
Net realized gain (loss) | 346,346,401 | 559,438,503 | 5,042,770 | 11,783,833 | |||
Net change in unrealized appreciation (depreciation) | 107,554,856 | 135,399,398 | 2,190,125 | (530,549) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 476,241,717 | 741,787,485 | 7,150,951 | 11,094,861 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 37,088,358 | 79,440,355 | 2,940,057 | 4,125,924 | |||
Shares redeemed | (159,454,931) | (353,137,852) | (4,664,088) | (11,943,412) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (122,366,573) | (273,697,497) | (1,724,031) | (7,817,488) | |||
Total Increase (Decrease) | 353,875,144 | 468,089,988 | 5,426,920 | 3,277,373 | |||
Net Assets: | |||||||
Beginning of period | 4,886,355,377 | 4,418,265,389 | 84,347,730 | 81,070,357 | |||
End of period | $ 5,240,230,521 | $ 4,886,355,377 | $ 89,774,650 | $ 84,347,730 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 458,363 | 1,197,362 | 104,740 | 169,657 | |||
Shares redeemed | (1,970,231) | (5,345,786) | (165,231) | (488,438) | |||
(1,511,868) | (4,148,424) | (60,491) | (318,781) |
Large Growth Stock Fund | Large Cap Growth Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (1,161,251) | $ (1,752,986) | $ 43,542 | $ 114,472 | |||
Net realized gain (loss) | 38,390,534 | 34,810,689 | 3,334,238 | 8,618,889 | |||
Net change in unrealized appreciation (depreciation) | 12,252,408 | 81,003,169 | 5,015,516 | 4,193,440 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 49,481,691 | 114,060,872 | 8,393,296 | 12,926,801 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 9,301,720 | 16,475,289 | 3,687,673 | 4,993,757 | |||
Shares redeemed | (37,249,135) | (56,169,734) | (5,394,660) | (12,603,815) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (27,947,415) | (39,694,445) | (1,706,987) | (7,610,058) | |||
Total Increase (Decrease) | 21,534,276 | 74,366,427 | 6,686,309 | 5,316,743 | |||
Net Assets: | |||||||
Beginning of period | 405,786,714 | 331,420,287 | 68,536,025 | 63,219,282 | |||
End of period | $ 427,320,990 | $ 405,786,714 | $ 75,222,334 | $ 68,536,025 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 125,440 | 293,328 | 114,820 | 203,974 | |||
Shares redeemed | (489,115) | (968,934) | (166,501) | (488,080) | |||
(363,675) | (675,606) | (51,681) | (284,106) |
Large Core Growth Fund | Large Cap Value Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (756,078) | $ (1,006,421) | $ 730,521 | $ 1,996,769 | |||
Net realized gain (loss) | 19,373,436 | 44,658,734 | 17,496,008 | (5,261,376) | |||
Net change in unrealized appreciation (depreciation) | 147,898 | 53,224,451 | 15,971,688 | 6,098,668 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 18,765,256 | 96,876,764 | 34,198,217 | 2,834,061 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 10,343,078 | 18,312,376 | 4,818,506 | 12,636,650 | |||
Shares redeemed | (14,543,815) | (29,091,470) | (18,728,326) | (33,767,654) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,200,737) | (10,779,094) | (13,909,820) | (21,131,004) | |||
Total Increase (Decrease) | 14,564,519 | 86,097,670 | 20,288,397 | (18,296,943) | |||
Net Assets: | |||||||
Beginning of period | 222,028,013 | 135,930,343 | 177,810,987 | 196,107,930 | |||
End of period | $236,592,532 | $ 222,028,013 | $ 198,099,384 | $ 177,810,987 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 203,169 | 466,319 | 128,316 | 483,571 | |||
Shares redeemed | (288,303) | (796,839) | (505,971) | (1,172,172) | |||
(85,134) | (330,520) | (377,655) | (688,601) |
Large Core Value Fund | Index 500 Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 970,621 | $ 2,548,904 | $ 3,343,374 | $ 7,296,719 | |||
Net realized gain (loss) | 22,235,623 | (411,727) | 27,519,457 | 67,006,759 | |||
Net change in unrealized appreciation (depreciation) | 4,810,267 | 2,010,840 | 57,177,931 | 22,214,082 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 28,016,511 | 4,148,017 | 88,040,762 | 96,517,560 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 5,426,757 | 15,417,090 | 17,579,382 | 69,328,444 | |||
Shares redeemed | (27,782,020) | (33,565,078) | (55,454,800) | (64,452,708) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (22,355,263) | (18,147,988) | (37,875,418) | 4,875,736 | |||
Total Increase (Decrease) | 5,661,248 | (13,999,971) | 50,165,344 | 101,393,296 | |||
Net Assets: | |||||||
Beginning of period | 178,958,847 | 192,958,818 | 595,932,910 | 494,539,614 | |||
End of period | $ 184,620,095 | $ 178,958,847 | $646,098,254 | $ 595,932,910 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 210,937 | 818,126 | 507,739 | 2,685,017 | |||
Shares redeemed | (1,060,605) | (1,641,339) | (1,576,664) | (2,351,038) | |||
(849,668) | (823,213) | (1,068,925) | 333,979 |
Mid Cap Growth Fund | Mid Cap Value Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (592,929) | $ (615,728) | $ 107,122 | $ 1,005,951 | |||
Net realized gain (loss) | 20,951,538 | 23,290,242 | 7,438,337 | (17,957,467) | |||
Net change in unrealized appreciation (depreciation) | 1,279,855 | 45,974,753 | 4,516,621 | 3,457,789 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,638,464 | 68,649,267 | 12,062,080 | (13,493,727) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 6,851,318 | 12,631,402 | 3,668,389 | 8,736,702 | |||
Shares redeemed | (18,008,828) | (33,054,226) | (8,030,079) | (17,279,601) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (11,157,510) | (20,422,824) | (4,361,690) | (8,542,899) | |||
Total Increase (Decrease) | 10,480,954 | 48,226,443 | 7,700,390 | (22,036,626) | |||
Net Assets: | |||||||
Beginning of period | 196,992,295 | 148,765,852 | 94,761,883 | 116,798,509 | |||
End of period | $ 207,473,249 | $ 196,992,295 | $ 102,462,273 | $ 94,761,883 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 167,538 | 439,826 | 143,949 | 495,206 | |||
Shares redeemed | (437,899) | (1,086,670) | (317,567) | (826,237) | |||
(270,361) | (646,844) | (173,618) | (331,031) |
Mid Core Value Fund | SMID Cap Growth Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 625,979 | $ 1,279,235 | $ (394,575) | $ (501,975) | |||
Net realized gain (loss) | 9,405,249 | 33,554 | 10,149,605 | 18,619,401 | |||
Net change in unrealized appreciation (depreciation) | 4,385,654 | 673,573 | (2,147,875) | 16,408,442 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,416,882 | 1,986,362 | 7,607,155 | 34,525,868 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,233,656 | 10,033,128 | 8,790,342 | 11,570,298 | |||
Shares redeemed | (11,018,124) | (17,741,512) | (10,324,773) | (21,047,089) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,784,468) | (7,708,384) | (1,534,431) | (9,476,791) | |||
Total Increase (Decrease) | 7,632,414 | (5,722,022) | 6,072,724 | 25,049,077 | |||
Net Assets: | |||||||
Beginning of period | 94,076,813 | 99,798,835 | 96,009,810 | 70,960,733 | |||
End of period | $ 101,709,227 | $ 94,076,813 | $102,082,534 | $ 96,009,810 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 137,824 | 468,174 | 159,964 | 294,698 | |||
Shares redeemed | (362,269) | (736,216) | (189,399) | (525,103) | |||
(224,445) | (268,042) | (29,435) | (230,405) |
SMID Cap Value Fund | Small Cap Growth Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 177,871 | $ 455,150 | $ (449,850) | $ (700,286) | |||
Net realized gain (loss) | 6,908,799 | (7,927,747) | 15,369,461 | 7,981,795 | |||
Net change in unrealized appreciation (depreciation) | 7,769,759 | 3,067,672 | (5,974,642) | 29,384,904 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,856,429 | (4,404,925) | 8,944,969 | 36,666,413 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 3,426,603 | 4,828,741 | 5,202,003 | 8,523,305 | |||
Shares redeemed | (10,260,392) | (28,076,299) | (15,140,109) | (20,838,333) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,833,789) | (23,247,558) | (9,938,106) | (12,315,028) | |||
Total Increase (Decrease) | 8,022,640 | (27,652,483) | (993,137) | 24,351,385 | |||
Net Assets: | |||||||
Beginning of period | 57,671,735 | 85,324,218 | 142,594,975 | 118,243,590 | |||
End of period | $ 65,694,375 | $ 57,671,735 | $ 141,601,838 | $142,594,975 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 97,443 | 240,997 | 79,239 | 205,798 | |||
Shares redeemed | (301,275) | (1,244,791) | (231,127) | (422,367) | |||
(203,832) | (1,003,794) | (151,888) | (216,569) |
Small Cap Value Fund | Small Cap Index Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 96,449 | $ 938,773 | $ 109,991 | $ 270,954 | |||
Net realized gain (loss) | 33,239,155 | (3,944,641) | 9,890,482 | 7,931,929 | |||
Net change in unrealized appreciation (depreciation) | 2,253,595 | 5,454,924 | 2,773,312 | 5,341,756 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 35,589,199 | 2,449,056 | 12,773,785 | 13,544,639 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 5,169,740 | 12,924,725 | 17,650,830 | 5,753,101 | |||
Shares redeemed | (26,530,651) | (40,510,317) | (8,774,172) | (13,439,062) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (21,360,911) | (27,585,592) | 8,876,658 | (7,685,961) | |||
Total Increase (Decrease) | 14,228,288 | (25,136,536) | 21,650,443 | 5,858,678 | |||
Net Assets: | |||||||
Beginning of period | 179,912,155 | 205,048,691 | 75,852,070 | 69,993,392 | |||
End of period | $ 194,140,443 | $ 179,912,155 | $ 97,502,513 | $ 75,852,070 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 108,662 | 472,091 | 496,464 | 291,977 | |||
Shares redeemed | (557,971) | (1,216,186) | (259,738) | (546,994) | |||
(449,309) | (744,095) | 236,726 | (255,017) |
Developed International Index Fund | International Equity Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 1,398,496 | $ 1,380,818 | $ 280,926 | $ (436,043) | |||
Net realized gain (loss) | 1,890,385 | 2,551,030 | 32,816,171 | 28,666,007 | |||
Net change in unrealized appreciation (depreciation) | 5,880,911 | 4,269,987 | (11,501,343) | 15,284,371 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,169,792 | 8,201,835 | 21,595,754 | 43,514,335 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,258,026 | 8,402,011 | 11,256,636 | 12,617,143 | |||
Shares redeemed | (10,009,351) | (18,375,149) | (21,749,982) | (45,822,700) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (5,751,325) | (9,973,138) | (10,493,346) | (33,205,557) | |||
Total Increase (Decrease) | 3,418,467 | (1,771,303) | 11,102,408 | 10,308,778 | |||
Net Assets: | |||||||
Beginning of period | 109,295,619 | 111,066,922 | 336,273,741 | 325,964,963 | |||
End of period | $ 112,714,086 | $109,295,619 | $ 347,376,149 | $ 336,273,741 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 254,101 | 698,267 | 289,284 | 378,342 | |||
Shares redeemed | (594,183) | (1,351,452) | (543,087) | (1,361,532) | |||
(340,082) | (653,185) | (253,803) | (983,190) |
Emerging Markets Equity Fund | Real Estate Securities Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 115,399 | $ (248,068) | $ 1,062,919 | $ 1,834,014 | |||
Net realized gain (loss) | 13,646,072 | 1,179,133 | 6,260,195 | (4,286,440) | |||
Net change in unrealized appreciation (depreciation) | (7,389,134) | 12,950,444 | 17,186,553 | (2,339,070) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,372,337 | 13,881,509 | 24,509,667 | (4,791,496) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 6,521,896 | 7,422,502 | 1,552,283 | 9,621,300 | |||
Shares redeemed | (12,945,653) | (23,380,691) | (16,900,554) | (16,834,148) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,423,757) | (15,958,189) | (15,348,271) | (7,212,848) | |||
Total Increase (Decrease) | (51,420) | (2,076,680) | 9,161,396 | (12,004,344) | |||
Net Assets: | |||||||
Beginning of period | 145,335,429 | 147,412,109 | 121,063,211 | 133,067,555 | |||
End of period | $145,284,009 | $ 145,335,429 | $ 130,224,607 | $ 121,063,211 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 415,279 | 678,651 | 53,079 | 397,565 | |||
Shares redeemed | (820,622) | (1,841,803) | (576,426) | (689,608) | |||
(405,343) | (1,163,152) | (523,347) | (292,043) |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (110,851) | $ (210,535) | $ (342,142) | $ (618,332) | |||
Net realized gain (loss) | 5,031,108 | 4,861,836 | 10,036,103 | 17,087,542 | |||
Net change in unrealized appreciation (depreciation) | 2,397,868 | 1,151,393 | 13,644,789 | 2,135,312 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,318,125 | 5,802,694 | 23,338,750 | 18,604,522 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 1,706,373 | 1,765,540 | 4,458,810 | 5,009,104 | |||
Shares redeemed | (8,680,952) | (9,511,189) | (9,354,822) | (28,837,461) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,974,579) | (7,745,649) | (4,896,012) | (23,828,357) | |||
Total Increase (Decrease) | 343,546 | (1,942,955) | 18,442,738 | (5,223,835) | |||
Net Assets: | |||||||
Beginning of period | 70,073,565 | 72,016,520 | 227,084,244 | 232,308,079 | |||
End of period | $ 70,417,111 | $ 70,073,565 | $245,526,982 | $ 227,084,244 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 68,746 | 95,273 | 173,690 | 256,776 | |||
Shares redeemed | (354,320) | (462,948) | (369,113) | (1,380,078) | |||
(285,574) | (367,675) | (195,423) | (1,123,302) |
Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (416,141) | $ (813,737) | $ (146,168) | $ (280,823) | |||
Net realized gain (loss) | 14,200,439 | 25,510,932 | 4,300,698 | 6,352,159 | |||
Net change in unrealized appreciation (depreciation) | 7,999,453 | (149,120) | 1,123,905 | 708,025 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,783,751 | 24,548,075 | 5,278,435 | 6,779,361 | |||
Capital Share Transactions (1): | |||||||
Shares issued | 3,295,648 | 4,351,087 | 6,509,649 | 8,395,170 | |||
Shares redeemed | (17,683,567) | (41,104,628) | (9,304,097) | (14,636,141) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (14,387,919) | (36,753,541) | (2,794,448) | (6,240,971) | |||
Total Increase (Decrease) | 7,395,832 | (12,205,466) | 2,483,987 | 538,390 | |||
Net Assets: | |||||||
Beginning of period | 285,909,710 | 298,115,176 | 94,485,109 | 93,946,719 | |||
End of period | $ 293,305,542 | $ 285,909,710 | $ 96,969,096 | $ 94,485,109 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 148,716 | 223,251 | 333,525 | 482,248 | |||
Shares redeemed | (792,680) | (2,153,883) | (478,152) | (851,613) | |||
(643,964) | (1,930,632) | (144,627) | (369,365) |
Conservative Allocation Fund | |||
Six Months Ended 6/30/21 (Unaudited) | Year Ended 12/31/20 | ||
Increase (Decrease) in Net Assets Operations: | |||
Net investment income (loss) | $ (98,501) | $ (189,674) | |
Net realized gain (loss) | 2,256,962 | 3,154,886 | |
Net change in unrealized appreciation (depreciation) | (405,058) | 1,027,216 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,753,403 | 3,992,428 | |
Capital Share Transactions (1): | |||
Shares issued | 4,909,480 | 11,966,235 | |
Shares redeemed | (9,030,847) | (13,936,211) | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,121,367) | (1,969,976) | |
Total Increase (Decrease) | (2,367,964) | 2,022,452 | |
Net Assets: | |||
Beginning of period | 61,854,288 | 59,831,836 | |
End of period | $ 59,486,324 | $ 61,854,288 | |
(1) Shares Issued and Redeemed: | |||
Shares issued | 293,151 | 756,114 | |
Shares redeemed | (538,321) | (886,960) | |
(245,170) | (130,846) |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | 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 | $ 1.00 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | — (a) | — (a) | 0.02 | 0.01 | — (a) | — (a) | |||||
Total from investment operations | — | — | 0.02 | 0.01 | — | — | |||||
Less distributions: | |||||||||||
Net investment income | — (a) | — (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 | $ 1.00 | |||||
Total return2 | 0.01% # | 0.24% | 1.61% | 0.55% | 0.01% | 0.01% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 169,907 | $ 160,467 | $ 112,938 | $ 110,933 | $ 91,567 | $ 123,865 | |||||
Ratio of net expenses to average net assets3 | 0.04% * | 0.28% | 0.59% | 1.26% | 0.85% | 0.45% | |||||
Ratio of total expenses to average net assets4 | 0.56% * | 0.58% | 0.59% | 0.59% | 0.59% | 0.58% | |||||
Ratio of net investment income (loss) to average net assets | 0.01% * | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 13.33 | $ 12.86 | $ 12.26 | $ 12.09 | $ 11.89 | $ 11.59 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.11 | 0.24 | 0.37 | 0.32 | 0.24 | 0.18 | |||||
Net realized and unrealized gain (loss) on investment transactions | (0.03) | 0.23 | 0.23 | (0.15) | (0.04) | 0.12 | |||||
Total from investment operations | 0.08 | 0.47 | 0.60 | 0.17 | 0.20 | 0.30 | |||||
Net asset value, end of period | $ 13.41 | $ 13.33 | $ 12.86 | $ 12.26 | $ 12.09 | $ 11.89 | |||||
Total return2 | 0.60% # | 3.65% | 4.89% | 1.41% | 1.68% | 2.59% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 269,211 | $ 254,878 | $ 244,998 | $ 233,216 | $ 229,184 | $ 210,476 | |||||
Ratio of total expenses to average net assets | 0.69% * | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | |||||
Ratio of net investment income (loss) to average net assets | 1.67% * | 1.86% | 2.92% | 2.61% | 1.98% | 1.55% | |||||
Portfolio turnover rate | 46% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 17.36 | $ 16.01 | $ 14.66 | $ 14.68 | $ 14.03 | $ 13.45 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.19 | 0.35 | 0.45 | 0.41 | 0.36 | 0.36 | |||||
Net realized and unrealized gain (loss) on investment transactions | (0.29) | 1.00 | 0.90 | (0.43) | 0.29 | 0.22 | |||||
Total from investment operations | (0.10) | 1.35 | 1.35 | (0.02) | 0.65 | 0.58 | |||||
Net asset value, end of period | $ 17.26 | $ 17.36 | $ 16.01 | $ 14.66 | $ 14.68 | $ 14.03 | |||||
Total return2 | (0.58%) # | 8.43% | 9.21% | (0.14%) | 4.63% | 4.31% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 487,220 | $ 484,474 | $ 433,734 | $ 409,027 | $ 485,598 | $ 504,849 | |||||
Ratio of total expenses to average net assets | 0.66% * | 0.67% | 0.67% | 0.66% | 0.66% | 0.66% | |||||
Ratio of net investment income (loss) to average net assets | 2.20% * | 2.11% | 2.92% | 2.81% | 2.48% | 2.58% | |||||
Portfolio turnover rate | 32% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 16.02 | $ 14.90 | $ 12.88 | $ 13.18 | $ 12.29 | $ 10.61 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.35 | 0.71 | 0.68 | 0.66 | 0.69 | 0.69 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.26 | 0.41 | 1.34 | (0.96) | 0.20 | 0.99 | |||||
Total from investment operations | 0.61 | 1.12 | 2.02 | (0.30) | 0.89 | 1.68 | |||||
Net asset value, end of period | $ 16.63 | $ 16.02 | $ 14.90 | $ 12.88 | $ 13.18 | $ 12.29 | |||||
Total return2 | 3.81% # | 7.52% | 15.68% | (2.35%) | 7.42% | 15.83% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 169,005 | $ 167,391 | $ 159,896 | $ 150,324 | $ 171,467 | $ 168,650 | |||||
Ratio of total expenses to average net assets | 0.71% * | 0.72% | 0.71% | 0.77% | 0.86% | 0.86% | |||||
Ratio of net investment income (loss) to average net assets | 4.28% * | 4.73% | 4.83% | 5.02% | 5.39% | 6.03% | |||||
Portfolio turnover rate | 58% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 77.12 | $ 65.45 | $ 52.56 | $ 52.31 | $ 45.44 | $ 42.05 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.36 | 0.72 | 0.84 | 1.22 | 0.53 | 0.54 | |||||
Net realized and unrealized gain (loss) on investment transactions | 7.25 | 10.95 | 12.05 | (0.97) | 6.34 | 2.85 | |||||
Total from investment operations | 7.61 | 11.67 | 12.89 | 0.25 | 6.87 | 3.39 | |||||
Net asset value, end of period | $ 84.73 | $ 77.12 | $ 65.45 | $ 52.56 | $ 52.31 | $ 45.44 | |||||
Total return2 | 9.87% # | 17.83% | 24.53% | 0.48% | 15.12% | 8.06% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 5,240,231 | $ 4,886,355 | $ 4,418,265 | $ 3,698,250 | $ 3,898,297 | $ 3,494,596 | |||||
Ratio of total expenses to average net assets | 0.87% * | 0.88% | 0.88% | 0.89% | 0.89% | 0.89% | |||||
Ratio of net investment income (loss) to average net assets | 0.89% * | 1.07% | 1.40% | 2.28% | 1.07% | 1.24% | |||||
Portfolio turnover rate | 32% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 27.27 | $ 23.76 | $ 19.53 | $ 20.12 | $ 17.60 | $ 16.24 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.05) | (0.04) | (0.04) | (0.04) | (0.03) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.36 | 3.56 | 4.27 | (0.55) | 2.56 | 1.39 | |||||
Total from investment operations | 2.33 | 3.51 | 4.23 | (0.59) | 2.52 | 1.36 | |||||
Net asset value, end of period | $ 29.60 | $ 27.27 | $ 23.76 | $ 19.53 | $ 20.12 | $ 17.60 | |||||
Total return2 | 8.54% # | 14.77% | 21.66% | (2.93%) | 14.32% | 8.37% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 89,775 | $ 84,348 | $ 81,070 | $ 74,832 | $ 84,403 | $ 77,801 | |||||
Ratio of total expenses to average net assets3 | 0.19% * | 0.20% | 0.20% | 0.20% | 0.19% | 0.19% | |||||
Ratio of net investment income (loss) to average net assets | (0.19%) * | (0.20%) | (0.20%) | (0.19%) | (0.19%) | (0.19%) | |||||
Portfolio turnover rate | 7% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 71.38 | $ 52.10 | $ 39.95 | $ 40.48 | $ 30.40 | $ 30.07 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.21) | (0.29) | (0.08) | (0.02) | (0.03) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 9.13 | 19.57 | 12.23 | (0.51) | 10.11 | 0.37 | |||||
Total from investment operations | 8.92 | 19.28 | 12.15 | (0.53) | 10.08 | 0.33 | |||||
Net asset value, end of period | $ 80.30 | $ 71.38 | $ 52.10 | $ 39.95 | $ 40.48 | $ 30.40 | |||||
Total return2 | 12.50% # | 37.01% | 30.41% | (1.31%) | 33.16% | 1.10% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 427,321 | $ 405,787 | $ 331,420 | $ 282,675 | $ 307,131 | $ 259,278 | |||||
Ratio of total expenses to average net assets | 0.94% * | 0.95% | 0.95% | 0.95% | 0.96% | 0.96% | |||||
Ratio of net investment income (loss) to average net assets | (0.56%) * | (0.50%) | (0.18%) | (0.05%) | (0.08%) | (0.15%) | |||||
Portfolio turnover rate | 14% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 30.56 | $ 25.02 | $ 17.90 | $ 17.78 | $ 13.87 | $ 13.09 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.02 | 0.05 | 0.08 | 0.08 | 0.07 | 0.07 | |||||
Net realized and unrealized gain (loss) on investment transactions | 3.75 | 5.49 | 7.04 | 0.04 | 3.84 | 0.71 | |||||
Total from investment operations | 3.77 | 5.54 | 7.12 | 0.12 | 3.91 | 0.78 | |||||
Net asset value, end of period | $ 34.33 | $ 30.56 | $ 25.02 | $ 17.90 | $ 17.78 | $ 13.87 | |||||
Total return2 | 12.34% # | 22.14% | 39.78% | 0.68% | 28.19% | 5.96% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 75,222 | $ 68,536 | $ 63,219 | $ 53,444 | $ 58,389 | $ 42,791 | |||||
Ratio of total expenses to average net assets | 0.86% * | 0.88% | 0.88% | 0.87% | 0.89% | 0.89% | |||||
Ratio of net investment income (loss) to average net assets | 0.12% * | 0.19% | 0.35% | 0.40% | 0.43% | 0.55% | |||||
Portfolio turnover rate | 10% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 50.05 | $ 28.52 | $ 22.41 | $ 21.67 | $ 16.32 | $ 16.30 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.17) | (0.22) | (0.07) | (0.02) | (0.03) | 0.01 | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.50 | 21.75 | 6.18 | 0.76 | 5.38 | 0.01 | |||||
Total from investment operations | 4.33 | 21.53 | 6.11 | 0.74 | 5.35 | 0.02 | |||||
Net asset value, end of period | $ 54.38 | $ 50.05 | $ 28.52 | $ 22.41 | $ 21.67 | $ 16.32 | |||||
Total return2 | 8.65% # | 75.49% | 27.27% | 3.42% | 32.78% | 0.12% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 236,593 | $ 222,028 | $ 135,930 | $ 118,365 | $ 124,493 | $ 101,020 | |||||
Ratio of total expenses to average net assets | 0.84% * | 0.85% | 0.86% | 0.86% | 0.86% | 0.85% | |||||
Ratio of net investment income (loss) to average net assets | (0.68%) * | (0.60%) | (0.26%) | (0.09%) | (0.18%) | 0.06% | |||||
Portfolio turnover rate | 30% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 33.14 | $ 32.39 | $ 26.22 | $ 28.41 | $ 24.79 | $ 22.21 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.14 | 0.35 | 0.31 | 0.35 | 0.41 | 0.36 | |||||
Net realized and unrealized gain (loss) on investment transactions | 6.43 | 0.40 | 5.86 | (2.54) | 3.21 | 2.22 | |||||
Total from investment operations | 6.57 | 0.75 | 6.17 | (2.19) | 3.62 | 2.58 | |||||
Net asset value, end of period | $ 39.71 | $ 33.14 | $ 32.39 | $ 26.22 | $ 28.41 | ��� $ 24.79 | |||||
Total return2 | 19.83% # | 2.32% | 23.53% | (7.71%) | 14.60% | 11.62% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 198,099 | $ 177,811 | $ 196,108 | $ 179,441 | $ 201,219 | $ 202,553 | |||||
Ratio of total expenses to average net assets | 0.90% * | 0.92% | 0.91% | 0.90% | 0.90% | 0.90% | |||||
Ratio of net investment income (loss) to average net assets | 0.77% * | 1.20% | 1.05% | 1.22% | 1.57% | 1.60% | |||||
Portfolio turnover rate | 23% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 23.18 | $ 22.58 | $ 17.41 | $ 18.64 | $ 16.18 | $ 14.77 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.13 | 0.31 | 0.30 | 0.26 | 0.25 | 0.22 | |||||
Net realized and unrealized gain (loss) on investment transactions | 3.56 | 0.29 | 4.87 | (1.49) | 2.21 | 1.19 | |||||
Total from investment operations | 3.69 | 0.60 | 5.17 | (1.23) | 2.46 | 1.41 | |||||
Net asset value, end of period | $ 26.87 | $ 23.18 | $ 22.58 | $ 17.41 | $ 18.64 | $ 16.18 | |||||
Total return2 | 15.92% # | 2.66% | 29.70% | (6.60%) | 15.21% | 9.55% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 184,620 | $ 178,959 | $ 192,959 | $ 176,072 | $ 216,214 | $ 191,386 | |||||
Ratio of total expenses to average net assets | 0.90% * | 0.91% | 0.91% | 0.90% | 0.90% | 0.90% | |||||
Ratio of net investment income (loss) to average net assets | 1.02% * | 1.52% | 1.48% | 1.39% | 1.44% | 1.47% | |||||
Portfolio turnover rate | 37% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 32.31 | $ 27.30 | $ 20.83 | $ 21.87 | $ 18.00 | $ 16.14 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.18 | 0.39 | 0.40 | 0.35 | 0.33 | 0.29 | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.69 | 4.62 | 6.07 | (1.39) | 3.54 | 1.57 | |||||
Total from investment operations | 4.87 | 5.01 | 6.47 | (1.04) | 3.87 | 1.86 | |||||
Net asset value, end of period | $ 37.18 | $ 32.31 | $ 27.30 | $ 20.83 | $ 21.87 | $ 18.00 | |||||
Total return2 | 15.07% # | 18.35% | 31.06% | (4.76%) | 21.50% | 11.52% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 646,098 | $ 595,933 | $ 494,540 | $ 416,864 | $ 485,750 | $ 432,873 | |||||
Ratio of total expenses to average net assets | 0.34% * | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% | |||||
Ratio of net investment income (loss) to average net assets | 1.08% * | 1.44% | 1.63% | 1.56% | 1.64% | 1.75% | |||||
Portfolio turnover rate | 1% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 39.21 | $ 26.23 | $ 19.01 | $ 18.96 | $ 14.92 | $ 14.02 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.12) | (0.11) | (0.07) | (0.06) | (0.03) | —(a) | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.55 | 13.09 | 7.29 | 0.11 | 4.07 | 0.90 | |||||
Total from investment operations | 4.43 | 12.98 | 7.22 | 0.05 | 4.04 | 0.90 | |||||
Net asset value, end of period | $ 43.64 | $ 39.21 | $ 26.23 | $ 19.01 | $ 18.96 | $ 14.92 | |||||
Total return2 | 11.30% # | 49.48% | 37.98% | 0.26% | 27.08% | 6.42% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 207,473 | $ 196,992 | $ 148,766 | $ 112,502 | $ 121,288 | $ 103,325 | |||||
Ratio of total expenses to average net assets | 0.94% * | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% | |||||
Ratio of net investment income (loss) to average net assets | (0.60%) * | (0.38%) | (0.32%) | (0.28%) | (0.20%) | — | |||||
Portfolio turnover rate | 14% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 23.20 | $ 26.45 | $ 22.60 | $ 26.65 | $ 22.69 | $ 19.36 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.03 | 0.23 | 0.29 | 0.23 | 0.20 | 0.20 | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.96 | (3.48) | 3.56 | (4.28) | 3.76 | 3.13 | |||||
Total from investment operations | 2.99 | (3.25) | 3.85 | (4.05) | 3.96 | 3.33 | |||||
Net asset value, end of period | $ 26.19 | $ 23.20 | $ 26.45 | $ 22.60 | $ 26.65 | $ 22.69 | |||||
Total return2 | 12.89% # | (12.29%) | 17.04% | (15.20%) | 17.45% | 17.20% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 102,462 | $ 94,762 | $ 116,799 | $ 141,771 | $ 180,696 | $ 170,374 | |||||
Ratio of total expenses to average net assets | 0.81% * | 0.82% | 0.80% | 0.79% | 0.78% | 0.78% | |||||
Ratio of net investment income (loss) to average net assets | 0.21% * | 1.13% | 1.14% | 0.85% | 0.83% | 0.97% | |||||
Portfolio turnover rate | 28% | 122% (a) | 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. |
(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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 27.37 | $ 26.94 | $ 20.92 | $ 24.06 | $ 21.57 | $ 17.57 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.19 | 0.35 | 0.35 | 0.28 | 0.33 | 0.19 | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.10 | 0.08 | 5.67 | (3.42) | 2.16 | 3.81 | |||||
Total from investment operations | 4.29 | 0.43 | 6.02 | (3.14) | 2.49 | 4.00 | |||||
Net asset value, end of period | $ 31.66 | $ 27.37 | $ 26.94 | $ 20.92 | $ 24.06 | $ 21.57 | |||||
Total return2 | 15.67% # | 1.60% | 28.78% | (13.05%) | 11.55% | 22.77% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 101,709 | $ 94,077 | $ 99,799 | $ 79,292 | $ 99,011 | $ 96,177 | |||||
Ratio of total expenses to average net assets | 1.02% * | 1.04% | 1.05% | 1.06% | 1.02% | 1.04% | |||||
Ratio of net investment income (loss) to average net assets | 1.26% * | 1.46% | 1.44% | 1.16% | 1.48% | 1.01% | |||||
Portfolio turnover rate | 32% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 52.38 | $ 34.39 | $ 24.93 | $ 26.38 | $ 20.68 | $ 19.46 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.22) | (0.25) | (0.18) | (0.10) | (0.11) | (0.10) | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.44 | 18.24 | 9.64 | (1.35) | 5.81 | 1.32 | |||||
Total from investment operations | 4.22 | 17.99 | 9.46 | (1.45) | 5.70 | 1.22 | |||||
Net asset value, end of period | $ 56.60 | $ 52.38 | $ 34.39 | $ 24.93 | $ 26.38 | $ 20.68 | |||||
Total return2 | 8.06% # | 52.31% | 37.95% | (5.50%) | 27.56% | 6.27% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 102,083 | $ 96,010 | $ 70,961 | $ 59,882 | $ 64,783 | $ 52,713 | |||||
Ratio of net expenses to average net assets3 | 1.03% * | 1.05% | 1.04% | 1.03% | 1.05% | 1.05% | |||||
Ratio of total expenses to average net assets4 | 1.03% * | 1.05% | 1.04% | 1.03% | 1.04% | 1.04% | |||||
Ratio of net investment income (loss) to average net assets3 | (0.80%) * | (0.65%) | (0.59%) | (0.35%) | (0.47%) | (0.52%) | |||||
Portfolio turnover rate | 37% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 28.78 | $ 28.37 | $ 23.67 | $ 27.90 | $ 24.69 | $ 19.72 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.09 | 0.18 | 0.18 | 0.10 | 0.03 | 0.02 | |||||
Net realized and unrealized gain (loss) on investment transactions | 7.62 | 0.23 | 4.52 | (4.33) | 3.18 | 4.95 | |||||
Total from investment operations | 7.71 | 0.41 | 4.70 | (4.23) | 3.21 | 4.97 | |||||
Net asset value, end of period | $ 36.49 | $ 28.78 | $ 28.37 | $ 23.67 | $ 27.90 | $ 24.69 | |||||
Total return2 | 26.79% # | 1.45% | 19.86% | (15.16%) | 13.00% | 25.20% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 65,694 | $ 57,672 | $ 85,324 | $ 80,919 | $ 85,323 | $ 82,032 | |||||
Ratio of total expenses to average net assets | 1.15% * | 1.17% | 1.12% | 1.10% | 1.18% | 1.21% | |||||
Ratio of net investment income (loss) to average net assets | 0.56% * | 0.77% | 0.66% | 0.36% | 0.11% | 0.10% | |||||
Portfolio turnover rate | 28% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 62.66 | $ 47.45 | $ 37.00 | $ 38.80 | $ 31.08 | $ 28.59 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.21) | (0.28) | (0.18) | (0.15) | (0.16) | (0.10) | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.23 | 15.49 | 10.63 | (1.65) | 7.88 | 2.59 | |||||
Total from investment operations | 4.02 | 15.21 | 10.45 | (1.80) | 7.72 | 2.49 | |||||
Net asset value, end of period | $ 66.68 | $ 62.66 | $ 47.45 | $ 37.00 | $ 38.80 | $ 31.08 | |||||
Total return2 | 6.42% # | 32.06% | 28.24% | (4.64%) | 24.84% | 8.71% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 141,602 | $ 142,595 | $ 118,244 | $ 93,243 | $ 102,380 | $ 85,958 | |||||
Ratio of total expenses to average net assets | 0.98% * | 1.01% | 1.02% | 1.00% | 1.01% | 1.02% | |||||
Ratio of net investment income (loss) to average net assets | (0.64%) * | (0.60%) | (0.40%) | (0.36%) | (0.46%) | (0.35%) | |||||
Portfolio turnover rate | 11% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 40.24 | $ 39.32 | $ 31.96 | $ 37.11 | $ 33.06 | $ 26.50 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.02 | 0.19 | 0.24 | 0.17 | 0.18 | 0.23 | |||||
Net realized and unrealized gain (loss) on investment transactions | 8.02 | 0.73 | 7.12 | (5.32) | 3.87 | 6.33 | |||||
Total from investment operations | 8.04 | 0.92 | 7.36 | (5.15) | 4.05 | 6.56 | |||||
Net asset value, end of period | $ 48.28 | $ 40.24 | $ 39.32 | $ 31.96 | $ 37.11 | $ 33.06 | |||||
Total return2 | 19.98% # | 2.34% | 23.03% | (13.88%) | 12.25% | 24.75% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 194,140 | $ 179,912 | $ 205,049 | $ 211,285 | $ 262,728 | $ 244,968 | |||||
Ratio of total expenses to average net assets | 0.99% * | 1.02% | 0.98% | 0.97% | 0.97% | 0.97% | |||||
Ratio of net investment income (loss) to average net assets | 0.10% * | 0.58% | 0.65% | 0.46% | 0.56% | 0.83% | |||||
Portfolio turnover rate | 41% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 30.10 | $ 25.22 | $ 20.26 | $ 22.86 | $ 20.09 | $ 16.69 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.04 | 0.10 | 0.13 | 0.14 | 0.13 | 0.12 | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.23 | 4.78 | 4.83 | (2.74) | 2.64 | 3.28 | |||||
Total from investment operations | 5.27 | 4.88 | 4.96 | (2.60) | 2.77 | 3.40 | |||||
Net asset value, end of period | $ 35.37 | $ 30.10 | $ 25.22 | $ 20.26 | $ 22.86 | $ 20.09 | |||||
Total return2 | 17.51% # | 19.35% | 24.48% | (11.37%) | 13.79% | 20.37% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 97,503 | $ 75,852 | $ 69,993 | $ 70,724 | $ 81,638 | $ 76,355 | |||||
Ratio of net expenses to average net assets3 | 0.67% * | 0.74% | 0.72% | 0.65% | 0.65% | 0.66% | |||||
Ratio of total expenses to average net assets4 | 0.67% * | 0.75% | 0.72% | 0.65% | 0.65% | 0.66% | |||||
Ratio of net investment income (loss) to average net assets | 0.25% * | 0.43% | 0.55% | 0.59% | 0.62% | 0.70% | |||||
Portfolio turnover rate | 26% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 15.94 | $ 14.79 | $ 12.22 | $ 14.22 | $ 11.42 | $ 11.38 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.21 | 0.19 | 0.33 | 0.31 | 0.27 | 0.26 | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.15 | 0.96 | 2.24 | (2.31) | 2.53 | (0.22) | |||||
Total from investment operations | 1.36 | 1.15 | 2.57 | (2.00) | 2.80 | 0.04 | |||||
Net asset value, end of period | $ 17.30 | $ 15.94 | $ 14.79 | $ 12.22 | $ 14.22 | $ 11.42 | |||||
Total return2 | 8.53% # | 7.78% | 21.03% | (14.07%) | 24.52% | 0.35% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 112,714 | $ 109,296 | $ 111,067 | $ 98,471 | $ 116,930 | $ 97,813 | |||||
Ratio of total expenses to average net assets | 0.84% * | 0.89% | 0.82% | 0.79% | 0.82% | 0.81% | |||||
Ratio of net investment income (loss) to average net assets | 2.51% * | 1.39% | 2.41% | 2.24% | 2.05% | 2.35% | |||||
Portfolio turnover rate | 1% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 39.02 | $ 33.95 | $ 26.51 | $ 30.26 | $ 22.98 | $ 24.23 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.03 | (0.05) | 0.20 | 0.19 | 0.15 | 0.26 | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.48 | 5.12 | 7.24 | (3.94) | 7.13 | (1.51) | |||||
Total from investment operations | 2.51 | 5.07 | 7.44 | (3.75) | 7.28 | (1.25) | |||||
Net asset value, end of period | $ 41.53 | $ 39.02 | $ 33.95 | $ 26.51 | $ 30.26 | $ 22.98 | |||||
Total return2 | 6.43% # | 14.93% | 28.07% | (12.39%) | 31.68% | (5.16%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 347,376 | $ 336,274 | $ 325,965 | $ 296,892 | $ 375,821 | $ 319,322 | |||||
Ratio of total expenses to average net assets | 1.03% * | 1.06% | 1.08% | 1.11% | 1.12% | 1.12% | |||||
Ratio of net investment income (loss) to average net assets | 0.17% * | (0.14%) | 0.66% | (0.66%) | 0.56% | 1.10% | |||||
Portfolio turnover rate | 39% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 14.93 | $ 13.52 | $ 11.39 | $ 13.80 | $ 10.22 | $ 9.66 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.01 | (0.02) | 0.14 | 0.09 | 0.03 | 0.03 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.63 | 1.43 | 1.99 | (2.50) | 3.55 | 0.53 | |||||
Total from investment operations | 0.64 | 1.41 | 2.13 | (2.41) | 3.58 | 0.56 | |||||
Net asset value, end of period | $ 15.57 | $ 14.93 | $ 13.52 | $ 11.39 | $ 13.80 | $ 10.22 | |||||
Total return2 | 4.29% # | 10.43% | 18.70% | (17.46%) | 35.03% | 5.80% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 145,284 | $ 145,335 | $ 147,412 | $ 146,973 | $ 184,357 | $ 150,270 | |||||
Ratio of total expenses to average net assets | 1.26% * | 1.32% | 1.34% | 1.32% | 1.51% | 1.65% | |||||
Ratio of net investment income (loss) to average net assets | 0.16% * | (0.19%) | 1.11% | 0.73% | 0.25% | 0.28% | |||||
Portfolio turnover rate | 23% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 26.37 | $ 27.25 | $ 20.57 | $ 21.47 | $ 19.99 | $ 18.95 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.24 | 0.39 | 0.41 | 0.43 | 0.39 | 0.32 | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.41 | (1.27) | 6.27 | (1.33) | 1.09 | 0.72 | |||||
Total from investment operations | 5.65 | (0.88) | 6.68 | (0.90) | 1.48 | 1.04 | |||||
Net asset value, end of period | $ 32.02 | $ 26.37 | $ 27.25 | $ 20.57 | $ 21.47 | $ 19.99 | |||||
Total return2 | 21.43% # | (3.23%) | 32.47% | (4.19%) | 7.40% | 5.49% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 130,225 | $ 121,063 | $ 133,068 | $ 114,366 | $ 137,842 | $ 137,257 | |||||
Ratio of total expenses to average net assets | 0.95% * | 0.97% | 0.96% | 0.96% | 0.95% | 0.95% | |||||
Ratio of net investment income (loss) to average net assets | 1.70% * | 1.59% | 1.64% | 2.05% | 1.86% | 1.65% | |||||
Portfolio turnover rate | 19% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 23.39 | $ 21.41 | $ 17.37 | $ 19.20 | $ 15.99 | $ 14.88 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.04) | (0.07) | (0.06) | (0.06) | (0.05) | (0.05) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.63 | 2.05 | 4.10 | (1.77) | 3.26 | 1.16 | |||||
Total from investment operations | 2.59 | 1.98 | 4.04 | (1.83) | 3.21 | 1.11 | |||||
Net asset value, end of period | $ 25.98 | $ 23.39 | $ 21.41 | $ 17.37 | $ 19.20 | $ 15.99 | |||||
Total return2 | 11.07% # | 9.25% | 23.26% | (9.53%) | 20.08% | 7.46% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 70,417 | $ 70,074 | $ 72,017 | $ 64,604 | $ 75,079 | $ 61,867 | |||||
Ratio of total expenses to average net assets3 | 0.32% * | 0.33% | 0.33% | 0.32% | 0.31% | 0.32% | |||||
Ratio of net investment income (loss) to average net assets | (0.32%) * | (0.33%) | (0.33%) | (0.32%) | (0.31%) | (0.32%) | |||||
Portfolio turnover rate | 10% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 24.14 | $ 22.06 | $ 18.12 | $ 19.66 | $ 16.72 | $ 15.55 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.04) | (0.06) | (0.06) | (0.06) | (0.05) | (0.05) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.55 | 2.14 | 4.00 | (1.48) | 2.99 | 1.22 | |||||
Total from investment operations | 2.51 | 2.08 | 3.94 | (1.54) | 2.94 | 1.17 | |||||
Net asset value, end of period | $ 26.65 | $ 24.14 | $ 22.06 | $ 18.12 | $ 19.66 | $ 16.72 | |||||
Total return2 | 10.40% # | 9.43% | 21.75% | (7.83%) | 17.58% | 7.52% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 245,527 | $ 227,084 | $ 232,308 | $ 217,918 | $ 266,699 | $ 230,243 | |||||
Ratio of total expenses to average net assets3 | 0.29% * | 0.30% | 0.30% | 0.30% | 0.29% | 0.30% | |||||
Ratio of net investment income (loss) to average net assets | (0.29%) * | (0.30%) | (0.29%) | (0.29%) | (0.29%) | (0.30%) | |||||
Portfolio turnover rate | 7% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 21.46 | $ 19.55 | $ 16.48 | $ 17.51 | $ 15.36 | $ 14.36 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.06) | (0.05) | (0.05) | (0.05) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.71 | 1.97 | 3.12 | (0.98) | 2.20 | 1.04 | |||||
Total from investment operations | 1.68 | 1.91 | 3.07 | (1.03) | 2.15 | 1.00 | |||||
Net asset value, end of period | $ 23.14 | $ 21.46 | $ 19.55 | $ 16.48 | $ 17.51 | $ 15.36 | |||||
Total return2 | 7.83% # | 9.77% | 18.63% | (5.88%) | 14.00% | 6.96% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 293,306 | $ 285,910 | $ 298,115 | $ 291,618 | $ 342,656 | $ 332,347 | |||||
Ratio of total expenses to average net assets3 | 0.29% * | 0.30% | 0.30% | 0.29% | 0.29% | 0.29% | |||||
Ratio of net investment income (loss) to average net assets | (0.29%) * | (0.30%) | (0.30%) | (0.29%) | (0.29%) | (0.29%) | |||||
Portfolio turnover rate | 7% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 18.99 | $ 17.58 | $ 15.31 | $ 15.86 | $ 14.42 | $ 13.60 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.05) | (0.05) | (0.05) | (0.05) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.12 | 1.46 | 2.32 | (0.50) | 1.49 | 0.86 | |||||
Total from investment operations | 1.09 | 1.41 | 2.27 | (0.55) | 1.44 | 0.82 | |||||
Net asset value, end of period | $ 20.08 | $ 18.99 | $ 17.58 | $ 15.31 | $ 15.86 | $ 14.42 | |||||
Total return2 | 5.74% # | 8.02% | 14.83% | (3.47%) | 9.99% | 6.03% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 96,969 | $ 94,485 | $ 93,947 | $ 88,927 | $ 98,414 | $ 97,741 | |||||
Ratio of total expenses to average net assets3 | 0.31% * | 0.32% | 0.32% | 0.31% | 0.30% | 0.30% | |||||
Ratio of net investment income (loss) to average net assets | (0.31%) * | (0.31%) | (0.31%) | (0.30%) | (0.30%) | (0.30%) | |||||
Portfolio turnover rate | 11% | 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. |
# | Non-annualized. |
* | Annualized. |
For a share outstanding throughout each period
Six Months Ended 6/30/21 (Unaudited) | Year Ended December 31, | ||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||
Net asset value, beginning of period | $ 16.60 | $ 15.51 | $ 13.99 | $ 14.18 | $ 13.33 | $ 12.73 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.05) | (0.05) | (0.04) | (0.04) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.52 | 1.14 | 1.57 | (0.15) | 0.89 | 0.64 | |||||
Total from investment operations | 0.49 | 1.09 | 1.52 | (0.19) | 0.85 | 0.60 | |||||
Net asset value, end of period | $ 17.09 | $ 16.60 | $ 15.51 | $ 13.99 | $ 14.18 | $ 13.33 | |||||
Total return2 | 2.95% # | 7.03% | 10.87% | (1.34%) | 6.38% | 4.71% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 59,486 | $ 61,854 | $ 59,832 | $ 57,092 | $ 58,659 | $ 56,092 | |||||
Ratio of total expenses to average net assets3 | 0.33% * | 0.33% | 0.34% | 0.33% | 0.32% | 0.31% | |||||
Ratio of net investment income (loss) to average net assets | (0.33%) * | (0.33%) | (0.31%) | (0.31%) | (0.31%) | (0.31%) | |||||
Portfolio turnover rate | 11% | 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. |
# | Non-annualized. |
* | Annualized. |
• | 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. | ||
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* | Delaware Investments Fund Advisers | 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. |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
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. | ||
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. |
* | On April 30, 2021, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (“Ivy”), was acquired by Macquarie Group Limited. As part of the acquisition, sub-advisory services previously provided to the Mid Cap Growth Fund by Ivy transitioned from Ivy to Delaware Investments Fund Advisers. |
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% |
Fund | Expense Limitation | |
Index 500 Fund | 0.42% | |
Mid Cap Growth Fund | 1.00% | |
Mid Cap Value Fund | 0.83% | |
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% |
Fund | Expense Limitation | |
Emerging Markets Equity Fund | 1.78% | |
Real Estate Securities Fund | 1.02% | |
Aggressive Allocation Fund* | 0.40% | |
Moderately Aggressive Allocation Fund* | 0.34% |
Fund | Expense Limitation | |
Moderate Allocation Fund* | 0.34% | |
Moderately Conservative Allocation Fund* | 0.35% | |
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. |
December 31, 2023 | December 31, 2024 | ||
Money Market Fund | $ 108,890 | $ 165,158 |
December 31, 2023 | December 31, 2024 | ||
Money Market Fund | $294,197 | $ 276,080 |
Small Cap Index Fund | $ 90 |
Money Market Fund | $ 3,579,121 |
Limited Maturity Bond Fund | 85,135,441 |
Quality Bond Fund | 72,361,615 |
Large Growth Stock Fund | 12,183,401 |
Large Core Value Fund | 12,502,284 |
Index 500 Fund | 12,228,823 |
SMID Cap Growth Fund | 5,349,116 |
SMID Cap Value Fund | 5,469,093 |
Small Cap Index Fund | 5,031,285 |
Developed International Index Fund | 4,470,304 |
International Equity Fund | 7,372,854 |
SMID Cap Growth Fund | $ 2,365 |
Small Cap Value Fund | 8,874 |
Balanced Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 60.0% | ||||||||||||||||
Penn Series Index 500 Fund* | $50,418,091 | $ 1,815,510 | $5,762,851 | $ 4,540,981 | $2,848,577 | $ 53,860,308 | 1,448,637 | $— | ||||||||
Affiliated Fixed Income Funds — 39.6% | ||||||||||||||||
Penn Series Quality Bond Fund* | 33,133,049 | 4,361,217 | 1,741,317 | 501,789 | (658,452) | 35,596,286 | 2,062,357 | — | ||||||||
$ 83,551,140 | $6,176,727 | $ 7,504,168 | $5,042,770 | $ 2,190,125 | $89,456,594 | $— |
* | Non-income producing security. |
Aggressive Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 61.2% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 2,091,920 | $ 2,234,173 | $ 271,509 | $ 129,650 | $ 73,236 | $ 4,257,470 | 50,248 | $— | ||||||||
Penn Series Index 500 Fund* | 9,108,655 | 188,813 | 1,280,569 | 591,198 | 687,724 | 9,295,821 | 250,022 | — | ||||||||
Penn Series Large Cap Growth Fund* | 2,105,718 | 92,011 | 289,599 | 146,577 | 98,408 | 2,153,115 | 62,718 | — |
Aggressive Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Penn Series Large Cap Value Fund* | $ 5,525,659 | $ 116,193 | $ 1,048,970 | $ 419,631 | $ 588,681 | $ 5,601,194 | 141,052 | $— | ||||||||
Penn Series Large Core Value Fund* | 5,573,204 | 150,025 | 966,209 | 359,381 | 461,496 | 5,577,897 | 207,588 | — | ||||||||
Penn Series Large Growth Stock Fund* | 703,324 | 30,578 | 84,224 | 52,270 | 32,303 | 734,251 | 9,144 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 1,406,780 | 62,610 | 168,448 | 106,519 | 48,240 | 1,455,701 | 33,357 | — | ||||||||
Penn Series Mid Cap Value Fund* | 1,390,827 | 41,354 | 219,426 | (3,516) | 170,658 | 1,379,897 | 52,688 | — | ||||||||
Penn Series Mid Core Value Fund* | 4,819,103 | 155,700 | 833,149 | 358,540 | 342,771 | 4,842,965 | 152,968 | — | ||||||||
Penn Series Real Estate Securities Fund* | 2,084,307 | 43,572 | 457,022 | 164,062 | 247,639 | 2,082,558 | 65,039 | — | ||||||||
Penn Series Small Cap Growth Fund* | 2,125,222 | 114,921 | 938,709 | 519,923 | (387,829) | 1,433,528 | 21,499 | — | ||||||||
Penn Series Small Cap Index Fund* | — | 1,472,953 | 41,191 | (1,451) | (22,284) | 1,408,027 | 39,809 | — | ||||||||
Penn Series Small Cap Value Fund* | 691,986 | 2,341 | 847,552 | 294,624 | (141,399) | — | — | — | ||||||||
Penn Series SMID Cap Growth Fund* | 1,405,496 | 107,644 | 171,352 | 114,826 | 710 | 1,457,324 | 25,748 | — | ||||||||
Penn Series SMID Cap Value Fund* | 1,379,173 | 49,055 | 401,055 | 76,316 | 271,069 | 1,374,558 | 37,669 | — | ||||||||
Affiliated Fixed Income Funds — 8.0% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 2,077,767 | 223,874 | 252,674 | 65,757 | 12,146 | 2,126,870 | 127,894 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 4,135,698 | 380,295 | 1,005,673 | 94,760 | (70,484) | 3,534,596 | 263,579 | — | ||||||||
Affiliated International Equity Funds — 30.5% | ||||||||||||||||
Penn Series Developed International Index Fund* | 8,391,838 | 329,722 | 1,198,660 | 394,449 | 292,229 | 8,209,578 | 474,542 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 6,266,040 | 218,557 | 1,916,931 | 629,208 | (321,727) | 4,875,147 | 313,112 | — | ||||||||
Penn Series International Equity Fund* | 8,458,497 | 635,931 | 1,227,421 | 518,384 | 14,281 | 8,399,672 | 202,255 | — | ||||||||
$69,741,214 | $6,650,322 | $13,620,343 | $5,031,108 | $2,397,868 | $70,200,169 | $— |
* | Non-income producing security. |
Moderately Aggressive Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 56.9% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 13,577,317 | $ 487,335 | $ 616,779 | $ 370,436 | $ 962,966 | $ 14,781,275 | 174,451 | $— | ||||||||
Penn Series Index 500 Fund* | 27,284,185 | 428,932 | 1,945,528 | 1,532,658 | 2,490,711 | 29,790,958 | 801,263 | — | ||||||||
Penn Series Large Cap Growth Fund* | 6,832,663 | 232,747 | 427,526 | 246,720 | 590,650 | 7,475,254 | 217,747 | — | ||||||||
Penn Series Large Cap Value Fund* | 17,932,855 | 285,955 | 2,217,889 | 1,285,715 | 2,160,971 | 19,447,607 | 489,741 | — | ||||||||
Penn Series Large Core Value Fund* | 18,086,695 | 340,046 | 1,863,570 | 796,702 | 2,006,835 | 19,366,708 | 720,756 | — | ||||||||
Penn Series Large Growth Stock Fund* | 2,281,886 | 82,100 | 99,537 | 61,361 | 223,127 | 2,548,937 | 31,743 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 4,563,845 | 160,543 | 184,166 | 119,746 | 393,633 | 5,053,601 | 115,802 | — | ||||||||
Penn Series Mid Cap Value Fund* | 2,256,861 | 49,242 | 195,511 | 3,226 | 281,775 | 2,395,593 | 91,470 | — | ||||||||
Penn Series Mid Core Value Fund* | 13,405,724 | 327,334 | 1,376,047 | 619,426 | 1,436,915 | 14,413,352 | 455,254 | — | ||||||||
Penn Series Real Estate Securities Fund* | 6,764,666 | 107,233 | 1,052,546 | 510,382 | 900,995 | 7,230,730 | 225,819 | — | ||||||||
Penn Series Small Cap Growth Fund* | 4,596,502 | 176,918 | 2,562,496 | 1,477,635 | (1,200,146) | 2,488,413 | 37,319 | — | ||||||||
Penn Series Small Cap Index Fund* | 2,251,494 | 4,955,107 | 187,066 | 74,699 | 238,375 | 7,332,609 | 207,312 | — | ||||||||
Penn Series Small Cap Value Fund* | 2,245,777 | 4,361 | 2,768,632 | 1,008,456 | (489,962) | — | — | — | ||||||||
Penn Series SMID Cap Growth Fund* | 2,279,769 | 164,192 | 100,029 | 64,246 | 121,403 | 2,529,581 | 44,692 | — | ||||||||
Penn Series SMID Cap Value Fund* | 4,476,291 | 125,399 | 1,005,845 | 224,612 | 952,076 | 4,772,533 | 130,790 | — | ||||||||
Affiliated Fixed Income Funds — 18.0% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 6,742,671 | 653,144 | 276,248 | 87,165 | 177,354 | 7,384,086 | 444,022 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 22,368,592 | 2,955,578 | 920,827 | 87,572 | 52,065 | 24,542,980 | 1,830,200 | — | ||||||||
Penn Series Quality Bond Fund* | 11,206,295 | 1,604,420 | 460,413 | 74,545 | (119,703) | 12,305,144 | 712,928 | — | ||||||||
Affiliated International Equity Funds — 24.5% | ||||||||||||||||
Penn Series Developed International Index Fund* | 20,422,519 | 595,812 | 1,388,984 | 490,429 | 1,258,703 | 21,378,479 | 1,235,750 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 13,555,460 | 929,709 | 552,496 | 159,733 | 416,445 | 14,508,851 | 931,847 | — | ||||||||
Penn Series International Equity Fund* | 22,869,659 | 1,528,381 | 1,626,190 | 740,639 | 789,601 | 24,302,090 | 585,169 | — | ||||||||
$226,001,726 | $16,194,488 | $21,828,325 | $10,036,103 | $13,644,789 | $244,048,781 | $— |
* | Non-income producing security. |
Moderate Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 44.9% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 17,101,758 | $ 215,242 | $ 1,315,597 | $ 873,753 | $ 771,006 | $ 17,646,162 | 208,263 | $— | ||||||||
Penn Series Index 500 Fund* | 28,639,156 | 352,546 | 3,488,956 | 2,158,722 | 1,976,068 | 29,637,536 | 797,137 | — | ||||||||
Penn Series Large Cap Growth Fund* | 5,737,635 | 70,509 | 543,536 | 277,022 | 407,843 | 5,949,473 | 173,303 | — | ||||||||
Penn Series Large Cap Value Fund* | 14,117,300 | 176,273 | 2,465,744 | 566,317 | 2,116,215 | 14,510,361 | 365,408 | — | ||||||||
Penn Series Large Core Value Fund* | 14,238,346 | 176,273 | 2,158,517 | 749,186 | 1,444,653 | 14,449,941 | 537,772 | — | ||||||||
Penn Series Large Growth Stock Fund* | 2,874,374 | 36,561 | 214,720 | 163,220 | 183,589 | 3,043,024 | 37,896 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 5,748,860 | 70,509 | 414,300 | 269,979 | 358,149 | 6,033,197 | 138,249 | — | ||||||||
Penn Series Mid Core Value Fund* | 19,699,649 | 246,783 | 2,887,284 | 1,304,928 | 1,710,352 | 20,074,428 | 634,063 | — | ||||||||
Penn Series Real Estate Securities Fund* | 5,680,351 | 70,509 | 1,160,212 | 783,178 | 380,917 | 5,754,743 | 179,723 | — | ||||||||
Penn Series Small Cap Growth Fund* | 2,895,045 | 25,908 | 3,085,206 | 1,591,581 | (1,427,328) | — | — | — | ||||||||
Penn Series Small Cap Index Fund* | 2,835,996 | 5,896,330 | 371,799 | 172,163 | 220,969 | 8,753,659 | 247,488 | — | ||||||||
Penn Series Small Cap Value Fund* | 2,828,706 | 25,908 | 3,508,937 | 1,352,124 | (697,801) | — | — | — | ||||||||
Penn Series SMID Cap Growth Fund* | 2,871,760 | 162,591 | 242,937 | 146,843 | 81,664 | 3,019,921 | 53,356 | — | ||||||||
Penn Series SMID Cap Value Fund* | 2,819,070 | 39,334 | 750,474 | 160,591 | 580,146 | 2,848,667 | 78,067 | — | ||||||||
Affiliated Fixed Income Funds — 38.0% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 11,324,074 | 700,450 | 702,146 | 283,249 | 148,089 | 11,753,716 | 706,778 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 39,445,589 | 3,792,462 | 2,457,513 | 259,025 | (19,724) | 41,019,839 | 3,058,899 | — | ||||||||
Penn Series Quality Bond Fund* | 56,461,745 | 6,079,934 | 3,510,732 | 799,167 | (1,069,696) | 58,760,418 | 3,404,428 | — | ||||||||
Affiliated International Equity Funds — 16.7% | ||||||||||||||||
Penn Series Developed International Index Fund* | 14,291,402 | 176,273 | 1,498,263 | 715,773 | 493,514 | 14,178,699 | 819,578 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 14,228,589 | 567,184 | 974,335 | 373,094 | 239,434 | 14,433,966 | 927,037 | — | ||||||||
Penn Series International Equity Fund* | 20,165,213 | 883,120 | 2,041,683 | 1,200,524 | 101,394 | 20,308,568 | 489,009 | — | ||||||||
$284,004,618 | $19,764,699 | $33,792,891 | $14,200,439 | $ 7,999,453 | $292,176,318 | $— |
* | Non-income producing security. |
Moderately Conservative Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 32.6% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 7,530,019 | $ 503,750 | $ 1,034,110 | $ 706,019 | $ 16,915 | $ 7,722,593 | 91,144 | $— | ||||||||
Penn Series Index 500 Fund* | 5,674,530 | 377,812 | 1,032,389 | 324,416 | 492,222 | 5,836,591 | 156,982 | — | ||||||||
Penn Series Large Cap Growth Fund* | 1,894,754 | 125,937 | 293,273 | 148,590 | 76,695 | 1,952,703 | 56,880 | — | ||||||||
Penn Series Large Cap Value Fund* | 4,661,923 | 314,844 | 1,100,902 | 269,188 | 617,944 | 4,762,997 | 119,944 | — | ||||||||
Penn Series Large Core Value Fund* | 4,701,901 | 314,845 | 1,001,716 | 335,206 | 392,974 | 4,743,210 | 176,524 | — | ||||||||
Penn Series Mid Core Value Fund* | 2,788,016 | 188,907 | 581,861 | 214,026 | 215,037 | 2,824,125 | 89,202 | — | ||||||||
Penn Series Real Estate Securities Fund* | 1,875,876 | 125,938 | 496,270 | 274,275 | 109,158 | 1,888,977 | 58,994 | — | ||||||||
Penn Series Small Cap Index Fund* | — | 1,021,875 | 46,664 | (2,341) | (15,113) | 957,757 | 27,078 | — | ||||||||
Penn Series Small Cap Value Fund* | 934,128 | 32,716 | 1,184,924 | 409,416 | (191,336) | — | — | — | ||||||||
Penn Series SMID Cap Value Fund* | 930,946 | 62,969 | 305,878 | 68,052 | 179,036 | 935,125 | 25,627 | — | ||||||||
Affiliated Fixed Income Funds — 56.6% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 4,674,469 | 436,289 | 465,547 | 187,802 | (10,642) | 4,822,371 | 289,980 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 21,400,280 | 2,731,142 | 2,141,515 | 236,216 | (106,726) | 22,119,397 | 1,649,470 | — | ||||||||
Penn Series Quality Bond Fund* | 27,036,123 | 3,774,003 | 2,700,171 | 613,242 | (757,259) | 27,965,938 | 1,620,275 | — | ||||||||
Affiliated International Equity Funds — 9.8% | ||||||||||||||||
Penn Series Developed International Index Fund* | 2,831,601 | 188,906 | 466,507 | 160,293 | 78,347 | 2,792,640 | 161,424 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 1,879,472 | 165,802 | 230,023 | 79,076 | 877 | 1,895,204 | 121,722 | — | ||||||||
Penn Series International Equity Fund* | 4,756,528 | 386,110 | 684,145 | 277,222 | 25,776 | 4,761,491 | 114,652 | — | ||||||||
$93,570,566 | $10,751,845 | $13,765,895 | $4,300,698 | $1,123,905 | $ 95,981,119 | $— |
* | Non-income producing security. |
Conservative Allocation Fund | Total Value at 12/31/20 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/21 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 19.6% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 4,871,864 | $ 422,542 | $ 1,056,480 | $ 452,303 | $ 9,989 | $ 4,700,218 | 55,473 | $— | ||||||||
Penn Series Index 500 Fund* | 2,447,580 | 211,270 | 637,465 | 216,523 | 130,159 | 2,368,067 | 63,692 | — | ||||||||
Penn Series Large Cap Value Fund* | 1,206,496 | 105,635 | 382,505 | 101,455 | 128,602 | 1,159,683 | 29,204 | — | ||||||||
Penn Series Large Core Value Fund* | 1,825,278 | 158,453 | 536,452 | 152,297 | 132,776 | 1,732,352 | 64,472 | — | ||||||||
Penn Series Mid Core Value Fund* | 1,202,552 | 105,635 | 349,924 | 84,663 | 103,212 | 1,146,138 | 36,201 | — | ||||||||
Penn Series Real Estate Securities Fund* | 606,835 | 52,817 | 207,406 | 65,181 | 57,519 | 574,946 | 17,956 | — | ||||||||
Affiliated Fixed Income Funds — 75.9% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 3,024,248 | 264,088 | 464,645 | 150,103 | (38,711) | 2,935,083 | 176,493 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 19,864,980 | 2,307,066 | 2,972,099 | 306,613 | (189,862) | 19,316,698 | 1,440,470 | — | ||||||||
Penn Series Quality Bond Fund* | 23,523,026 | 3,032,198 | 3,512,480 | 644,503 | (796,581) | 22,890,666 | 1,326,226 | — | ||||||||
Affiliated International Equity Funds — 2.9% | ||||||||||||||||
Penn Series Developed International Index Fund* | 1,221,337 | 105,635 | 296,660 | 51,531 | 51,624 | 1,133,467 | 65,518 | — | ||||||||
Penn Series International Equity Fund* | 615,465 | 52,818 | 126,638 | 31,790 | 6,215 | 579,650 | 13,958 | — | ||||||||
$60,409,661 | $ 6,818,157 | $10,542,754 | $2,256,962 | $(405,058) | $ 58,536,968 | $— |
* | Non-income producing security. |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Limited Maturity Bond Fund | $ 6,485,981 | $ 4,699,616 | $ 98,514,985 | $ 97,250,501 | |||
Quality Bond Fund | 21,266,922 | 41,137,960 | 146,344,195 | 107,895,149 | |||
High Yield Bond Fund | — | — | 92,319,732 | 89,772,249 | |||
Flexibly Managed Fund | — | — | 1,433,904,753 | 1,481,481,883 | |||
Balanced Fund | — | — | 6,176,727 | 7,504,168 | |||
Large Growth Stock Fund | — | — | 58,884,363 | 85,207,413 | |||
Large Cap Growth Fund | — | — | 6,759,473 | 8,437,434 | |||
Large Core Growth Fund | — | — | 72,453,923 | 64,902,731 | |||
Large Cap Value Fund | — | — | 41,041,086 | 58,676,431 | |||
Large Core Value Fund | — | — | 69,897,845 | 93,490,740 | |||
Index 500 Fund | — | — | 8,700,544 | 38,138,171 | |||
Mid Cap Growth Fund | — | — | 28,021,739 | 40,395,980 | |||
Mid Cap Value Fund | — | — | 27,243,071 | 33,777,210 | |||
Mid Core Value Fund | — | — | 31,029,924 | 37,776,343 | |||
SMID Cap Growth Fund | — | — | 36,026,291 | 39,739,800 | |||
SMID Cap Value Fund | — | — | 17,549,622 | 25,608,610 | |||
Small Cap Growth Fund | — | — | 15,657,712 | 31,168,768 | |||
Small Cap Value Fund | — | — | 78,592,604 | 106,168,574 | |||
Small Cap Index Fund | — | — | 28,507,249 | 22,535,829 | |||
Developed International Index Fund | — | — | 1,375,145 | 5,695,159 | |||
International Equity Fund | — | — | 128,320,655 | 133,563,108 | |||
Emerging Markets Equity Fund | — | — | 33,318,279 | 42,536,565 | |||
Real Estate Securities Fund | — | — | 23,749,584 | 34,654,255 | |||
Aggressive Allocation Fund | — | — | 6,650,322 | 13,620,343 | |||
Moderately Aggressive Allocation Fund | — | — | 16,194,488 | 21,828,325 | |||
Moderate Allocation Fund | — | — | 19,764,699 | 33,792,891 |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Moderately Conservative Allocation Fund | $ — | $ — | $ 10,751,845 | $ 13,765,895 | |||
Conservative Allocation Fund | — | — | 6,818,157 | 10,542,754 |
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 | |
Large Cap Value Fund | (1,996,799) | 1,996,799 |
Total distributable earnings (loss) | Increase (Decrease) Paid-in Capital | ||
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 | |||||
Large Core Value Fund | 2,825,057 | 5,965,127 | 1,542,840 | 10,102,251 | 4,367,897 | 16,067,378 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
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) |
Short-Term Capital Loss | Long-Term Capital Loss | ||
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 | $ 169,693,468 | $ — | $ — | $ — | |||
Limited Maturity Bond Fund | 267,427,648 | 2,496,623 | (3,320,271) | (823,648) | |||
Quality Bond Fund | 471,981,115 | 15,110,829 | (2,116,729) | 12,994,100 | |||
High Yield Bond Fund | 158,184,238 | 7,678,820 | (133,240) | 7,545,580 | |||
Flexibly Managed Fund | 4,350,385,053 | 965,133,175 | (44,223,134) | 920,910,041 | |||
Balanced Fund | 54,620,656 | 35,390,016 | (212,860) | 35,177,156 | |||
Large Growth Stock Fund | 231,988,967 | 201,831,459 | (2,946,876) | 198,884,583 | |||
Large Cap Growth Fund | 44,963,278 | 30,644,349 | (112,663) | 30,531,686 | |||
Large Core Growth Fund | 164,213,826 | 76,916,588 | (921,447) | 75,995,141 | |||
Large Cap Value Fund | 153,139,485 | 46,064,572 | (1,311,896) | 44,752,676 | |||
Large Core Value Fund | 153,882,844 | 31,908,046 | (2,893,618) | 29,014,428 | |||
Index 500 Fund | 298,065,720 | 363,661,846 | (13,645,437) | 350,016,409 | |||
Mid Cap Growth Fund | 112,622,183 | 95,867,443 | (188,664) | 95,678,779 | |||
Mid Cap Value Fund | 77,750,097 | 24,452,725 | (586,959) | 23,865,766 | |||
Mid Core Value Fund | 86,159,101 | 17,242,180 | (2,019,958) | 15,222,222 | |||
SMID Cap Growth Fund | 78,177,345 | 26,961,651 | (921,914) | 26,039,737 | |||
SMID Cap Value Fund | 50,801,633 | 16,051,924 | (1,632,980) | 14,418,944 | |||
Small Cap Growth Fund | 81,905,457 | 62,253,566 | (2,443,939) | 59,809,627 | |||
Small Cap Value Fund | 158,256,889 | 39,719,047 | (5,163,922) | 34,555,125 | |||
Small Cap Index Fund | 74,496,879 | 28,007,866 | (5,318,220) | 22,689,646 | |||
Developed International Index Fund | 75,518,342 | 43,598,274 | (7,459,794) | 36,138,480 | |||
International Equity Fund | 281,690,720 | 69,068,735 | (2,379,528) | 66,689,207 | |||
Emerging Markets Equity Fund | 113,198,046 | 34,220,123 | (3,321,667) | 30,898,456 | |||
Real Estate Securities Fund | 101,551,176 | 30,479,785 | (579,011) | 29,900,774 | |||
Aggressive Allocation Fund | 51,327,131 | 19,329,651 | (68,251) | 19,261,400 | |||
Moderately Aggressive Allocation Fund | 172,536,389 | 72,661,635 | (140,961) | 72,520,674 | |||
Moderate Allocation Fund | 213,914,467 | 78,971,472 | (109,938) | 78,861,534 | |||
Moderately Conservative Allocation Fund | 78,326,854 | 18,597,074 | (57,695) | 18,539,379 | |||
Conservative Allocation Fund | 52,548,840 | 7,406,443 | (22,819) | 7,383,624 |
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* | ||
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 | $ — | $ — | $ 111,933 | $ — | $ — | $ (170,889) | |||||
Quality Bond Fund | — | — | 732,151 | — | — | (563,802) | |||||
Flexibly Managed Fund | — | — | — | (66,707,215) | — | — | |||||
Large Growth Stock Fund | — | — | — | — | (14) | — | |||||
Index 500 Fund | 67,422 | — | — | — | — | — | |||||
Mid Cap Growth Fund | — | — | — | (1,050) | — | — | |||||
Mid Core Value Fund | — | 32,504 | — | — | (493) | — | |||||
Small Cap Index Fund | — | — | — | (8,807) | — | — | |||||
Developed International Index Fund | — | — | — | (41,213) | — | — |
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 | $ — | $ (65,410) | $ (65,410) | $— | $ (65,410) | ||||||
Citigroup | ISDA | — | (6,978,298) | (6,978,298) | — | (6,978,298) | ||||||
Credit Suisse | ISDA | — | (12,223,007) | (12,223,007) | — | (12,223,007) | ||||||
Goldman Sachs | ISDA | — | (20,347,173) | (20,347,173) | — | (20,347,173) | ||||||
JP Morgan | ISDA | — | (9,492,872) | (9,492,872) | — | (9,492,872) | ||||||
RBC Capital | ISDA | — | (2,019,575) | (2,019,575) | — | (2,019,575) | ||||||
Susquehanna Financial Group, Lllp | ISDA | — | (15,580,880) | (15,580,880) | — | (15,580,880) | ||||||
Total | $ — | $ (66,707,215) | $ (66,707,215) | $— | $ (66,707,215) | |||||||
Large Growth Stock Fund | ||||||||||||
BNY Mellon | Fx Letter | — | (14) | (14) | — | (14) | ||||||
Total | $ — | $ (14) | $ (14) | $— | $ (14) | |||||||
Mid Cap Growth Fund | ||||||||||||
Citigroup Global Markets | ISDA | — | (1,050) | (1,050) | — | (1,050) | ||||||
Total | $ — | $ (1,050) | $ (1,050) | $— | $ (1,050) | |||||||
Mid Core Value Fund | ||||||||||||
Bank of America | Fx Letter | 3,492 | — | 3,492 | — | 3,492 | ||||||
Credit Suisse | Fx Letter | 10,849 | — | 10,849 | — | 10,849 | ||||||
JP Morgan | Fx Letter | 16,278 | (326) | 15,952 | — | 15,952 | ||||||
UBS Securities | Fx Letter | 1,885 | (167) | 1,718 | — | 1,718 | ||||||
Total | $32,504 | $ (493) | $ 32,011 | $— | $ 32,011 |
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 | $ — | $ — | $ (354,065) | |||
Quality Bond Fund | — | — | (3,350,406) | |||
High Yield Bond Fund | — | — | 464,892 | |||
Flexibly Managed Fund | 5,582,157 | — | — | |||
Large Growth Stock Fund | — | 61 | — | |||
Index 500 Fund | 978,635 | — | — | |||
Mid Cap Growth Fund | (418,042) | — | — | |||
Mid Core Value Fund | — | 5,293 | — | |||
Small Cap Growth Fund | — | (26) | — | |||
Small Cap Index Fund | 239,384 | — | — | |||
Developed International Index Fund | 337,075 | — | — |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||
Fund | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||
Limited Maturity Bond Fund | $ — | $ — | $ (126,026) | |||
Quality Bond Fund | — | — | 89,076 | |||
High Yield Bond Fund | — | — | 13,246 | |||
Flexibly Managed Fund | 1,907,482 | — | — | |||
Large Growth Stock Fund | — | (14) | — | |||
Index 500 Fund | (98,065) | — | — | |||
Mid Cap Growth Fund | 222,959 | — | — | |||
Mid Core Value Fund | — | 80,689 | — | |||
Small Cap Index Fund | (53,024) | — | — | |||
Developed International Index Fund | (89,203) | — | — |
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 | $ — | $ 97,244,995 | $ 15,899,555 | $ — | $ — | |||||
Quality Bond Fund | — | 173,480,710 | 19,811,729 | — | — | |||||
Flexibly Managed Fund | — | — | — | — | 36,511,984 | |||||
Large Growth Stock Fund | (71,526) | — | — | — | — | |||||
Index 500 Fund | — | 6,089,663 | — | — | — | |||||
Mid Cap Growth Fund | — | — | — | 222,659 | 44,705 | |||||
Mid Core Value Fund | (6,834,431) | — | — | — | — | |||||
Small Cap Growth Fund | (906) | — | — | — | — | |||||
Small Cap Index Fund | — | 1,255,722 | — | — | — | |||||
Developed International Index Fund | — | 2,311,942 | — | — | — |
Sub-Adviser | Fund | |
AllianceBernstein L.P. | SMID Cap Value Fund | |
AllianceBernstein L.P. | Large Cap Value Fund | |
American Century Investment Management, Inc. | Mid Core Value Fund | |
Cohen & Steers Capital Management, Inc. | Real Estate Securities Fund | |
Eaton Vance Management | Large Core Value Fund |
Sub-Adviser | Fund | |
Goldman Sachs Asset Management, L.P. | Small Cap Value Fund | |
Goldman Sachs Asset Management, L.P. | SMID Cap Growth Fund | |
Delaware Investments Fund Advisers | Mid Cap Growth Fund | |
Janus Capital Management LLC | Mid Cap Value Fund | |
Janus Capital Management LLC | Small Cap Growth Fund | |
Massachusetts Financial Services Company | Large Cap Growth Fund | |
Morgan Stanley Investment Management Inc. | Large Core Growth Fund | |
SSGA Funds Management, Inc. | Index 500 Fund | |
SSGA Funds Management, Inc. | Small Cap Index Fund | |
SSGA Funds Management, Inc. | Developed International Index Fund | |
T. Rowe Price Associates, Inc. | Flexibly Managed Fund | |
T. Rowe Price Associates, Inc. | Large Growth Stock Fund | |
Vontobel Asset Management, Inc. | Emerging Markets Equity Fund | |
Vontobel Asset Management, Inc. | International Equity Fund |
PM8644 | 06/21 |
(b) | Not applicable |
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | The full 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 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. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
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”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) 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. |
(a)(1) | Not applicable. |
(a)(2) |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) |
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 9/7/21
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 9/7/21
By (Signature and Title)* | /s/ Steven Viola | |
Steven Viola, Treasurer | ||
(principal financial officer) |
Date 9/7/21
* | Print the name and title of each signing officer under his or her signature. |