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, 2023
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.
Funds, Inc.
President
Penn Series Funds, Inc.
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Investment Adviser
Percent of Total Investments1 | |
Corporate Bonds | 38.8 % |
Asset Backed Securities | 32.3 % |
Residential Mortgage Backed Securities | 14.9 % |
Commercial Mortgage Backed Securities | 14.0% |
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 | 32.2 % |
Residential Mortgage Backed Securities | 29.0% |
Asset Backed Securities | 18.2 % |
Commercial Mortgage Backed Securities | 13.6 % |
U.S. Treasury Obligations | 5.6 % |
Municipal Bonds | 1.1 % |
Preferred Stocks | 0.3 % |
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 | 37.5 % |
BBB/BB Rated & Above | 22.5 % |
BB Rated | 18.3 % |
B Rated | 6.4 % |
B/CCC Rated | 6.1 % |
Not Rated | 3.1 % |
CCC and Below | 0.7 % |
Loan Agreements | 5.3 % |
Equity Securities | 0.0% 2 |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
2 | Less than 0.05%. |
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 22.5 % |
Technology | 21.3 % |
Financial | 14.4 % |
Industrial | 9.3 % |
Government | 8.6 % |
Consumer, Cyclical | 7.9 % |
Communications | 7.7 % |
Utilities | 5.6 % |
Energy | 1.6 % |
Basic Materials | 1.0% |
Asset Backed Securities | 0.1 % |
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
Asset Allocation Target as of 6/30/23 | |
Index 500 | 60.0% |
Intermediate Bonds | 40.0% |
100.0% |
Investment Adviser
T. Rowe Price Associates, Inc.
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 44.2 % |
Communications | 22.2 % |
Consumer, Non-cyclical | 15.9 % |
Consumer, Cyclical | 7.2 % |
Financial | 6.7 % |
Industrial | 3.1 % |
Basic Materials | 0.7 % |
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
MFS Investments
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 33.6 % |
Consumer, Non-cyclical | 23.5 % |
Financial | 12.6 % |
Industrial | 12.2 % |
Consumer, Cyclical | 8.0% |
Communications | 7.2 % |
Basic Materials | 1.7 % |
Utilities | 1.2 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Delaware Investments Fund Advisers
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 37.6 % |
Consumer, Non-cyclical | 24.6 % |
Communications | 20.1 % |
Financial | 8.6 % |
Consumer, Cyclical | 6.2 % |
Industrial | 2.9 % |
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 | |
Consumer, Non-cyclical | 27.5 % |
Financial | 23.1 % |
Industrial | 14.9 % |
Consumer, Cyclical | 9.3 % |
Technology | 8.7 % |
Communications | 8.2 % |
Energy | 6.0% |
Basic Materials | 1.8 % |
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
Eaton Vance Management
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 23.3 % |
Financial | 21.0% |
Industrial | 11.8 % |
Consumer, Cyclical | 11.1 % |
Energy | 9.1 % |
Technology | 7.7 % |
Communications | 5.8 % |
Utilities | 5.7 % |
Basic Materials | 4.5 % |
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
State Street Global Advisors
Investment Sub-Adviser
Percent of Total Investments1 | |
Technology | 27.3 % |
Consumer, Non-cyclical | 20.2 % |
Financial | 13.5 % |
Communications | 12.9 % |
Consumer, Cyclical | 9.5 % |
Industrial | 7.7 % |
Energy | 4.3 % |
Utilities | 2.6 % |
Basic Materials | 2.0% |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Delaware Investments Fund Advisers
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 26.1 % |
Technology | 25.5 % |
Industrial | 22.1 % |
Consumer, Cyclical | 17.9 % |
Communications | 7.2 % |
Financial | 1.2 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Janus Henderson Investors US LLC
Investment Sub-Adviser
Percent of Total Investments1 | |
Industrial | 22.2 % |
Financial | 19.9 % |
Consumer, Non-cyclical | 16.5 % |
Consumer, Cyclical | 12.0% |
Technology | 9.9 % |
Energy | 6.9 % |
Basic Materials | 5.1 % |
Utilities | 4.5 % |
Communications | 3.0% |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
American Century Investment Management
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 27.0% |
Consumer, Non-cyclical | 22.1 % |
Industrial | 15.9 % |
Utilities | 10.0% |
Consumer, Cyclical | 9.3 % |
Communications | 5.4 % |
Energy | 5.2 % |
Technology | 3.3 % |
Basic Materials | 1.8 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
Goldman Sachs Asset Management
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 26.3 % |
Technology | 22.3 % |
Industrial | 21.0% |
Consumer, Cyclical | 20.5 % |
Basic Materials | 3.2 % |
Communications | 2.7 % |
Financial | 2.4 % |
Energy | 1.6 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
AllianceBernstein
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 26.6 % |
Industrial | 23.2 % |
Consumer, Cyclical | 15.6 % |
Consumer, Non-cyclical | 12.7 % |
Technology | 9.3 % |
Basic Materials | 4.0% |
Energy | 3.4 % |
Utilities | 2.9 % |
Communications | 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
Janus Henderson Investors US LLC
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 36.3 % |
Industrial | 24.3 % |
Technology | 20.1 % |
Financial | 5.7 % |
Consumer, Cyclical | 5.4 % |
Communications | 3.7 % |
Energy | 2.4 % |
Basic Materials | 1.5 % |
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
Goldman Sachs Asset Management
Investment Sub-Adviser
Percent of Total Investments1 | |
Financial | 29.8 % |
Industrial | 18.9 % |
Consumer, Non-cyclical | 15.5 % |
Consumer, Cyclical | 12.6 % |
Energy | 6.9 % |
Basic Materials | 5.7 % |
Technology | 5.3 % |
Utilities | 3.8 % |
Communications | 1.5 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. The categories shown represent broad industry sectors. Each industry sector consists of one or more specific industry classifications. |
Investment Adviser
State Street Global Advisors
Investment Sub-Adviser
Percent of Total Investments1 | |
Consumer, Non-cyclical | 24.3 % |
Financial | 20.1 % |
Industrial | 15.1 % |
Consumer, Cyclical | 11.8 % |
Technology | 11.4 % |
Energy | 7.0% |
Communications | 3.7 % |
Basic Materials | 3.6 % |
Utilities | 3.0% |
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 | 22.4 % |
United Kingdom | 13.8 % |
France | 12.0% |
Switzerland | 10.8 % |
Germany | 8.6 % |
Australia | 7.2 % |
Netherlands | 5.0% |
Denmark | 3.1 % |
Sweden | 3.0% |
Hong Kong | 2.7 % |
Spain | 2.5 % |
Italy | 2.2 % |
Singapore | 1.4 % |
Ireland | 1.2 % |
Finland | 1.1 % |
Belgium | 0.8 % |
Norway | 0.6 % |
Israel | 0.6 % |
New Zealand | 0.3 % |
Austria | 0.2 % |
Luxembourg | 0.2 % |
Portugal | 0.2 % |
Macao | 0.1 % |
Chile | 0.0% 2 |
Jordan | 0.0% 2 |
United Arab Emirates | 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 | 23.6 % |
Canada | 10.9 % |
United States | 10.7 % |
Switzerland | 9.9 % |
France | 9.7 % |
Japan | 7.0% |
Ireland | 6.9 % |
Italy | 4.3 % |
Spain | 4.0% |
Netherlands | 3.4 % |
Taiwan | 2.9 % |
China | 2.7 % |
India | 1.7 % |
Sweden | 1.3 % |
Hong Kong | 1.0% |
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 | 27.9 % |
India | 20.6 % |
Taiwan | 10.6 % |
Brazil | 7.5 % |
Indonesia | 7.5 % |
South Korea | 7.4 % |
Hong Kong | 4.2 % |
Mexico | 3.8 % |
Netherlands | 2.2 % |
United Arab Emirates | 1.7 % |
South Africa | 1.6 % |
Macao | 1.6 % |
Thailand | 1.2 % |
Singapore | 0.9 % |
Colombia | 0.7 % |
Uruguay | 0.6 % |
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
Investment Sub-Adviser
Percent of Total Investments1 | |
Diversified | 24.8 % |
Apartments | 20.3 % |
Industrial | 13.6 % |
Healthcare | 10.6 % |
Single Tenant | 6.8 % |
Storage & Warehousing | 6.6 % |
Regional Malls | 6.1 % |
Manufactured Homes | 3.9 % |
Strip Centers | 2.3 % |
Real Estate | 1.8 % |
Office Property | 1.6 % |
Lodging | 0.9 % |
Hotels & Resorts | 0.7 % |
100.0% |
1 | Portfolio holdings are presented as a percentage of total investments before short-term investments. |
Investment Adviser
Asset Allocation Target as of 6/30/23 | |
Large Cap Value Stocks | 26.0% |
International Stocks | 21.0% |
Large Cap Growth Stocks | 16.0% |
Intermediate Bonds | 9.0% |
Mid Cap Value Stocks | 8.0% |
Emerging Markets Stocks | 6.0% |
Small Cap Growth Stocks | 5.0% |
Domestic REITs | 3.0% |
Mid Cap Growth Stocks | 3.0% |
Small Cap Value Stocks | 2.0% |
Short Term Bonds | 1.0% |
100.0% |
Investment Adviser
Asset Allocation Target as of 6/30/23 | |
Large Cap Value Stocks | 24.0% |
International Stocks | 17.0% |
Large Cap Growth Stocks | 14.0% |
Intermediate Bonds | 14.0% |
Mid Cap Value Stocks | 7.0% |
Short Term Bonds | 6.0% |
Emerging Markets Stocks | 5.0% |
Small Cap Growth Stocks | 4.0% |
Small Cap Value Stocks | 3.0% |
Domestic REITs | 3.0% |
Mid Cap Growth Stocks | 3.0% |
100.0% |
Investment Adviser
Asset Allocation Target as of 6/30/23 | |
Intermediate Bonds | 27.0% |
Large Cap Value Stocks | 18.0% |
Large Cap Growth Stocks | 12.0% |
International Stocks | 11.0% |
Short Term Bonds | 9.0% |
Mid Cap Value Stocks | 5.0% |
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 6/30/23 | |
Intermediate Bonds | 36.0% |
Short Term Bonds | 19.0% |
Large Cap Value Stocks | 14.0% |
International Stocks | 8.0% |
Large Cap Growth Stocks | 8.0% |
High Yield Bonds | 5.0% |
Mid Cap Value Stocks | 4.0% |
Emerging Markets Stocks | 2.0% |
Domestic REITs | 2.0% |
Small Cap Value Stocks | 1.0% |
Small Cap Growth Stocks | 1.0% |
100.0% |
Investment Adviser
Asset Allocation Target as of 6/30/23 | |
Intermediate Bonds | 45.0% |
Short Term Bonds | 30.0% |
Large Cap Value Stocks | 9.0% |
High Yield Bonds | 5.0% |
Large Cap Growth Stocks | 5.0% |
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, 2023 to June 30, 2023
Expense Table
Beginning Value January 1, 2023 | Ending Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |
Money Market Fund | ||||
Actual | $1,000.00 | $ 1,020.41 | 0.58% | $ 2.91 |
Hypothetical | $1,000.00 | $ 1,021.92 | 0.58% | $ 2.91 |
Limited Maturity Bond Fund | ||||
Actual | $1,000.00 | $ 1,025.04 | 0.71% | $ 3.56 |
Hypothetical | $1,000.00 | $ 1,021.27 | 0.71% | $ 3.56 |
Quality Bond Fund | ||||
Actual | $1,000.00 | $ 1,024.17 | 0.68% | $ 3.41 |
Hypothetical | $1,000.00 | $ 1,021.42 | 0.68% | $ 3.41 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value January 1, 2023 | Ending Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |
High Yield Bond Fund | ||||
Actual | $1,000.00 | $ 1,050.10 | 0.73% | $ 3.71 |
Hypothetical | $1,000.00 | $ 1,021.17 | 0.73% | $ 3.66 |
Flexibly Managed Fund | ||||
Actual | $1,000.00 | $ 1,111.40 | 0.88% | $ 4.61 |
Hypothetical | $1,000.00 | $ 1,020.43 | 0.88% | $ 4.41 |
Balanced Fund | ||||
Actual | $1,000.00 | $ 1,108.58 | 0.21% | $ 1.10 |
Hypothetical | $1,000.00 | $ 1,023.75 | 0.21% | $ 1.05 |
Large Growth Stock Fund | ||||
Actual | $1,000.00 | $ 1,334.20 | 0.97% | $ 5.61 |
Hypothetical | $1,000.00 | $ 1,019.98 | 0.97% | $ 4.86 |
Large Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,165.40 | 0.89% | $ 4.78 |
Hypothetical | $1,000.00 | $ 1,020.38 | 0.89% | $ 4.46 |
Large Core Growth Fund | ||||
Actual | $1,000.00 | $ 1,247.30 | 0.88% | $ 4.90 |
Hypothetical | $1,000.00 | $ 1,020.43 | 0.88% | $ 4.41 |
Large Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,035.50 | 0.93% | $ 4.69 |
Hypothetical | $1,000.00 | $ 1,020.18 | 0.93% | $ 4.66 |
Large Core Value Fund | ||||
Actual | $1,000.00 | $ 1,025.40 | 0.93% | $ 4.67 |
Hypothetical | $1,000.00 | $ 1,020.18 | 0.93% | $ 4.66 |
Index 500 Fund | ||||
Actual | $1,000.00 | $ 1,166.83 | 0.35% | $ 1.88 |
Hypothetical | $1,000.00 | $ 1,023.06 | 0.35% | $ 1.76 |
Mid Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,181.70 | 0.98% | $ 5.30 |
Hypothetical | $1,000.00 | $ 1,019.93 | 0.98% | $ 4.91 |
Mid Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,039.10 | 0.83% | $ 4.20 |
Hypothetical | $1,000.00 | $ 1,020.68 | 0.83% | $ 4.16 |
Mid Core Value Fund | ||||
Actual | $1,000.00 | $ 1,026.50 | 1.06% | $ 5.33 |
Hypothetical | $1,000.00 | $ 1,019.54 | 1.06% | $ 5.31 |
SMID Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,111.50 | 1.05% | $ 5.50 |
Hypothetical | $1,000.00 | $ 1,019.59 | 1.05% | $ 5.26 |
SMID Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,067.09 | 1.18% | $6.05 |
Hypothetical | $1,000.00 | $ 1,018.94 | 1.18% | $ 5.91 |
Small Cap Growth Fund | ||||
Actual | $1,000.00 | $ 1,130.44 | 1.03% | $ 5.44 |
Hypothetical | $1,000.00 | $ 1,019.69 | 1.03% | $ 5.16 |
Hypothetical Examples of a $1,000 Investment (Unaudited)
Beginning Value January 1, 2023 | Ending Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |
Small Cap Value Fund | ||||
Actual | $1,000.00 | $ 1,012.44 | 1.02% | $ 5.09 |
Hypothetical | $1,000.00 | $ 1,019.74 | 1.02% | $ 5.11 |
Small Cap Index Fund | ||||
Actual | $1,000.00 | $ 1,077.28 | 0.71% | $ 3.66 |
Hypothetical | $1,000.00 | $ 1,021.27 | 0.71% | $ 3.56 |
Developed International Index Fund | ||||
Actual | $1,000.00 | $ 1,113.30 | 0.91% | $ 4.77 |
Hypothetical | $1,000.00 | $ 1,020.28 | 0.91% | $ 4.56 |
International Equity Fund | ||||
Actual | $1,000.00 | $ 1,145.50 | 1.08% | $ 5.75 |
Hypothetical | $1,000.00 | $ 1,019.44 | 1.08% | $ 5.41 |
Emerging Markets Equity Fund | ||||
Actual | $1,000.00 | $ 1,014.80 | 1.35% | $6.74 |
Hypothetical | $1,000.00 | $ 1,018.10 | 1.35% | $6.76 |
Real Estate Securities Fund | ||||
Actual | $1,000.00 | $ 1,052.69 | 0.97% | $ 4.94 |
Hypothetical | $1,000.00 | $ 1,019.98 | 0.97% | $ 4.86 |
Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $1,098.20 | 0.34% | $ 1.77 |
Hypothetical | $1,000.00 | $ 1,023.11 | 0.34% | $ 1.71 |
Moderately Aggressive Allocation Fund | ||||
Actual | $1,000.00 | $ 1,088.61 | 0.30% | $ 1.55 |
Hypothetical | $1,000.00 | $ 1,023.31 | 0.30% | $ 1.51 |
Moderate Allocation Fund | ||||
Actual | $1,000.00 | $ 1,075.76 | 0.30% | $ 1.54 |
Hypothetical | $1,000.00 | $ 1,023.31 | 0.30% | $ 1.51 |
Moderately Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,056.83 | 0.32% | $ 1.63 |
Hypothetical | $1,000.00 | $ 1,023.21 | 0.32% | $ 1.61 |
Conservative Allocation Fund | ||||
Actual | $1,000.00 | $ 1,042.21 | 0.35% | $ 1.77 |
Hypothetical | $1,000.00 | $ 1,023.06 | 0.35% | $ 1.76 |
* | 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 OBLIGATIONS — 65.5% | ||
Federal Farm Credit Banks | ||
1.600%, 08/14/23 | $ 1,700 | $ 1,692,712 |
5.259%, 08/17/23 | 2,000 | 1,986,422 |
5.119%, 08/21/23 | 12,000 | 11,913,810 |
5.153%, 09/08/23 | 7,000 | 6,931,709 |
Federal Home Loan Banks | ||
5.192%, 07/21/23 | 10,000 | 9,971,389 |
4.875%, 07/26/23 | 6,000 | 6,000,143 |
Federal Home Loan Mortgage Corp. | ||
4.867%, 07/17/23 | 10,000 | 9,978,622 |
0.250%, 08/24/23 | 6,394 | 6,349,561 |
0.250%, 09/08/23 | 5,000 | 4,953,510 |
Federal National Mortgage | ||
0.250%, 07/10/23 | 13,429 | 13,413,934 |
2.875%, 09/12/23 | 10,438 | 10,390,103 |
Tennessee Valley Authority 5.056%, 07/12/23 | 15,000 | 14,976,900 |
TOTAL AGENCY OBLIGATIONS (Cost $98,558,815) | 98,558,815 | |
U.S. TREASURY OBLIGATIONS — 15.8% | ||
U.S. Treasury Bills | ||
5.068%, 07/20/23 | 2,000 | 1,994,682 |
5.162%, 08/22/23 | 10,000 | 9,926,039 |
5.211%, 09/07/23 | 12,000 | 11,883,416 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,804,137) | 23,804,137 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 18.5% | ||
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 5.0163%) (Cost $27,813,484) | 27,813,484 | 27,813,484 |
TOTAL INVESTMENTS — 99.8% (Cost $150,176,436) | $ 150,176,436 | |
Other Assets & Liabilities — 0.2% | 249,847 | |
TOTAL NET ASSETS — 100.0% | $ 150,426,283 |
† | See Security Valuation Note. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Agency Obligations | $98,558,815 | $— | $98,558,815 | $— |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
U.S. Treasury Obligations | $ 23,804,137 | $— | $ 23,804,137 | $— |
Short-Term Investments | 27,813,484 | — | 27,813,484 | — |
Total Investments | $ 150,176,436 | $ — | $ 150,176,436 | $ — |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 32.0% | ||
AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A 8.751%, 04/14/29@,• | $2,000 | $ 1,999,630 |
Anchorage Capital CLO Ltd., Series 2013-1A Class A2R (3 M ICE LIBOR + 1.650%), 144A 6.892%, 10/13/30@,• | 2,830 | 2,794,150 |
Atlas Senior Loan Fund III Ltd., Series 2013-1A Class AR (3 M ICE LIBOR + 0.830%, Floor 0.000%), 144A 6.160%, 11/17/27@,• | 1,878 | 1,871,977 |
Barings CLO Ltd., Series 2017-1A Class B1 (3 M ICE LIBOR + 1.700%), 144A 6.962%, 07/18/29@,• | 1,500 | 1,486,165 |
Benefit Street Partners CLO VIII Ltd., Series 2015-8A Class A1AR (3 M ICE LIBOR + 1.100%, Floor 1.100%), 144A 6.350%, 01/20/31@,• | 2,426 | 2,398,991 |
BSPRT Issuer Ltd., | ||
Series 2021-FL6 Class A (1 M ICE LIBOR + 1.100%, Floor 1.100%), 144A, 6.293%, 03/15/36@,• | 2,200 | 2,157,433 |
Series 2021-FL6 Class B (1 M ICE LIBOR + 1.600%, Floor 1.600%), 144A, 6.793%, 03/15/36@,• | 2,500 | 2,375,461 |
Crestline Denali CLO XVI Ltd., Series 2018-1A Class A (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A 6.370%, 01/20/30@,• | 2,729 | 2,705,858 |
ECMC Group Student Loan Trust, | ||
Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A, 5.950%, 09/25/68@,• | 2,756 | 2,675,483 |
Series 2019-1A Class A1A, 144A, 2.720%, 07/25/69@ | 1,381 | 1,234,141 |
Edsouth Indenture No. 4 LLC, Series 2013-1 Class A (1 M ICE LIBOR + 0.570%), 144A 5.720%, 02/26/29@,• | 1,728 | 1,705,242 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 8.500%, 01/20/33@,• | 1,500 | 1,460,797 |
JFIN CLO Ltd., Series 2017-2A Class AR (3 M ICE LIBOR + 0.990%, Floor 0.990%), 144A 6.500%, 09/20/29@,• | 1,296 | 1,282,914 |
Nassau Ltd., Series 2017-IA Class A1AS (3 M ICE LIBOR + 1.150%), 144A 6.410%, 10/15/29@,• | 1,335 | 1,329,127 |
Par (000) | Value† | |
Navient Private Education Loan Trust, | ||
Series 2015-AA Class A3 (1 M ICE LIBOR + 1.700%), 144A, 6.893%, 11/15/30@,• | $ 1,500 | $ 1,503,333 |
Series 2014-AA Class A3 (1 M ICE LIBOR + 1.600%), 144A, 6.793%, 10/15/31@,• | 1,149 | 1,147,539 |
Series 2015-BA Class A3 (1 M ICE LIBOR + 1.450%), 144A, 6.643%, 07/16/40@,• | 1,599 | 1,595,680 |
Navient Private Education Refi Loan Trust, | ||
Series 2020-EA Class A, 144A, 1.690%, 05/15/69@ | 1,645 | 1,467,252 |
Series 2021-EA Class A, 144A, 0.970%, 12/16/69@ | 2,744 | 2,318,186 |
Navient Student Loan Trust, Series 2016-5A Class A (1 M ICE LIBOR + 1.250%), 144A 6.400%, 06/25/65@,• | 4,091 | 4,088,255 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A 6.522%, 10/13/31@,• | 1,966 | 1,939,688 |
OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A 7.049%, 10/30/30@,• | 2,300 | 2,250,421 |
Shackleton CLO Ltd., Series 2013-3A Class AR (3 M ICE LIBOR + 1.120%, Floor 1.120%), 144A 6.380%, 07/15/30@,• | 1,236 | 1,228,287 |
Signal Peak CLO Ltd., Series 2018-6A Class B (3 M ICE LIBOR + 1.680%), 144A 6.953%, 07/28/31@,• | 2,000 | 1,965,708 |
SLM Student Loan Trust, Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 5.740%, 03/25/55• | 3,752 | 3,622,897 |
SMB Private Education Loan Trust, | ||
Series 2016-B Class A2B (1 M ICE LIBOR + 1.450%), 144A, 6.643%, 02/17/32@,• | 1,142 | 1,141,411 |
Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 7.143%, 08/16/32@,• | 234 | 234,436 |
Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | 1,350 | 1,273,138 |
Series 2021-C Class B, 144A, 2.300%, 01/15/53@ | 2,539 | 2,267,756 |
Sound Point CLO V-R Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.750%, Floor 1.750%), 144A 7.012%, 07/18/31@,• | 1,500 | 1,440,240 |
Par (000) | Value† | |
ASSET BACKED SECURITIES — (continued) | ||
Steele Creek CLO Ltd., Series 2014-1RA Class B (3 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 6.761%, 04/21/31@,• | $ 1,250 | $ 1,211,829 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A 9.555%, 01/25/34@,• | 2,000 | 1,941,120 |
TOTAL ASSET BACKED SECURITIES (Cost $62,064,045) | 60,114,545 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 13.8% | ||
BHMS, Series 2018-ATLS Class B (1 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 6.693%, 07/15/35@,• | 2,000 | 1,915,072 |
BX Commercial Mortgage Trust, Series 2019-XL Class B (1 M ICE LIBOR + 1.194%, Floor 1.080%), 144A 6.341%, 10/15/36@,• | 1,275 | 1,263,327 |
Citigroup Commercial Mortgage Trust, Series 2018-TBR Class D (1 M ICE LIBOR + 1.925%, Floor 1.800%), 144A 7.118%, 12/15/36@,• | 1,000 | 959,636 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 2,450 | 2,363,485 |
FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3 3.175%, 08/25/25• | 14,500 | 643,762 |
FREMF Mortgage Trust, | ||
Series 2017-K727 Class C, 144A, 3.872%, 07/25/24@,• | 3,500 | 3,381,061 |
Series 2014-K37 Class C, 144A, 4.740%, 01/25/47@,• | 2,550 | 2,514,928 |
Series 2015-K44 Class B, 144A, 3.846%, 01/25/48@,• | 3,675 | 3,526,244 |
Series 2015-K46 Class B, 144A, 3.821%, 04/25/48@,• | 1,750 | 1,674,471 |
Series 2016-K53 Class B, 144A, 4.162%, 03/25/49@,• | 3,220 | 3,060,297 |
Series 2017-K728 Class C, 144A, 3.768%, 11/25/50@,• | 1,500 | 1,442,699 |
GS Mortgage Securities Corp. Trust, Series 2018-HULA Class B (1 M ICE LIBOR + 1.250%, Floor 1.250%), 144A 6.440%, 07/15/25@,• | 1,829 | 1,797,265 |
Par (000) | Value† | |
Hawaii Hotel Trust, Series 2019-MAUI Class C (1 M ICE LIBOR + 1.650%, Floor 1.650%), 144A 6.843%, 05/15/38@,• | $ 1,500 | $ 1,469,836 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $27,504,880) | 26,012,083 | |
CORPORATE BONDS — 38.3% | ||
Apparel — 0.8% | ||
Michael Kors USA, Inc., 144A 4.250%, 11/01/24@ | 1,650 | 1,588,934 |
Auto Manufacturers — 1.9% | ||
Ford Motor Credit Co., LLC 2.300%, 02/10/25 | 2,250 | 2,103,520 |
General Motors Financial Co., Inc. 3.800%, 04/07/25 | 1,600 | 1,542,651 |
3,646,171 | ||
Banks — 6.8% | ||
Bank of America Corp., Series L 3.950%, 04/21/25 | 2,010 | 1,946,314 |
First Maryland Capital II (3 M ICE LIBOR + 0.850%) 6.149%, 02/01/27• | 1,500 | 1,360,751 |
JPMorgan Chase & Co. (3 M ICE LIBOR + 0.600%) 0.653%, 09/16/24• | 1,500 | 1,482,466 |
National Securities Clearing Corp., 144A 5.150%, 05/30/25@ | 1,500 | 1,492,325 |
State Street Corp. (3 M ICE LIBOR + 0.560%) 5.881%, 05/15/28• | 3,805 | 3,427,276 |
Wells Fargo & Co. (3 M ICE LIBOR + 1.000%) 6.260%, 04/15/27• | 3,250 | 3,045,260 |
12,754,392 | ||
Beverages — 0.9% | ||
Coca-Cola Europacific Partners PLC, 144A 0.800%, 05/03/24@ | 1,750 | 1,678,925 |
Chemicals — 2.0% | ||
Celanese US Holdings LLC 5.900%, 07/05/24 | 1,500 | 1,496,725 |
The Sherwin-Williams Co. 4.050%, 08/08/24 | 2,250 | 2,213,191 |
3,709,916 | ||
Commercial Services — 0.9% | ||
Cintas Corp. No. 2 3.450%, 05/01/25 | 1,750 | 1,693,250 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Computers — 0.8% | ||
Hewlett Packard Enterprise Co. 1.450%, 04/01/24 | $ 1,500 | $ 1,451,853 |
Cosmetics & Personal Care — 0.8% | ||
Haleon UK Capital PLC 3.125%, 03/24/25 | 1,500 | 1,432,971 |
Diversified Financial Services — 1.8% | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500%, 01/15/25 | 2,500 | 2,393,175 |
The Charles Schwab Corp. (SOFR + 0.500%) 5.590%, 03/18/24• | 1,000 | 997,405 |
3,390,580 | ||
Electric — 5.6% | ||
American Electric Power Co., Inc. 2.031%, 03/15/24 | 2,500 | 2,428,838 |
NextEra Energy Capital Holdings, Inc. 6.051%, 03/01/25 | 2,000 | 2,007,134 |
Niagara Mohawk Power Corp., 144A 3.508%, 10/01/24@ | 2,000 | 1,925,518 |
Southern California Edison Co., Series E 3.700%, 08/01/25 | 2,750 | 2,644,371 |
Vistra Operations Co., LLC, 144A 4.875%, 05/13/24@ | 1,500 | 1,470,657 |
10,476,518 | ||
Electronics — 1.5% | ||
Amphenol Corp. 4.750%, 03/30/26 | 1,500 | 1,481,762 |
TD SYNNEX Corp. 1.250%, 08/09/24 | 1,500 | 1,418,645 |
2,900,407 | ||
Entertainment — 0.8% | ||
Warnermedia Holdings, Inc. 3.638%, 03/15/25 | 1,500 | 1,445,843 |
Food — 0.8% | ||
General Mills, Inc. 5.241%, 11/18/25 | 1,500 | 1,500,127 |
Food Service — 0.5% | ||
Aramark Services, Inc., 144A 6.375%, 05/01/25@ | 1,000 | 998,998 |
Hand & Machine Tools — 1.8% | ||
Regal Rexnord Corp., 144A 6.050%, 02/15/26@ | 1,875 | 1,876,716 |
Stanley Black & Decker, Inc. 2.300%, 02/24/25 | 1,500 | 1,419,370 |
3,296,086 |
Par (000) | Value† | |
Healthcare Products — 2.0% | ||
Revvity, Inc. 0.850%, 09/15/24 | $ 1,000 | $ 939,704 |
Stryker Corp. 0.600%, 12/01/23 | 1,500 | 1,469,075 |
Zimmer Biomet Holdings, Inc. 1.450%, 11/22/24 | 1,500 | 1,412,309 |
3,821,088 | ||
Healthcare Services — 0.3% | ||
IQVIA, Inc., 144A 5.000%, 10/15/26@ | 500 | 482,585 |
Lodging — 0.9% | ||
Hyatt Hotels Corp. 1.800%, 10/01/24 | 1,875 | 1,784,417 |
Miscellaneous Manufacturing — 0.8% | ||
Parker-Hannifin Corp. 3.650%, 06/15/24 | 1,500 | 1,469,704 |
Oil & Gas — 1.0% | ||
Phillips 66 0.900%, 02/15/24 | 2,000 | 1,940,524 |
Packaging and Containers — 1.0% | ||
Graphic Packaging International LLC 4.125%, 08/15/24 | 2,000 | 1,955,002 |
Real Estate Investment Trusts — 1.7% | ||
SBA Tower Trust, 144A 1.884%, 07/15/50@ | 2,500 | 2,245,045 |
Simon Property Group LP 3.500%, 09/01/25 | 1,000 | 957,615 |
3,202,660 | ||
Semiconductors — 0.7% | ||
Qorvo, Inc., 144A 1.750%, 12/15/24@ | 1,500 | 1,394,698 |
Software — 0.8% | ||
VMware, Inc. 1.000%, 08/15/24 | 1,500 | 1,420,041 |
Telecommunications — 1.4% | ||
T-Mobile USA, Inc. 3.500%, 04/15/25 | 1,500 | 1,441,865 |
Verizon Communications, Inc. 1.450%, 03/20/26 | 1,250 | 1,133,110 |
2,574,975 | ||
TOTAL CORPORATE BONDS (Cost $75,087,666) | 72,010,665 | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 14.7% | ||
Collateralized Mortgage Obligations — 14.0% | ||
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A 2.774%, 12/25/59@,• | 613 | 565,707 |
Par (000) | Value† | |
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued) | ||
Collateralized Mortgage Obligations — (continued) | ||
Bunker Hill Loan Depositary Trust, | ||
STEP, Series 2019-2 Class A3, 144A, 3.185%, 07/25/49@ | $ 1,831 | $ 1,695,394 |
Series 2020-1 Class M1, 144A, 4.353%, 02/25/55@,• | 2,250 | 1,948,238 |
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A 3.500%, 06/25/44@,• | 561 | 505,846 |
Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A 3.000%, 08/25/50@,• | 1,363 | 1,153,879 |
GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A 2.500%, 01/25/52@,• | 4,042 | 3,440,030 |
JP Morgan Mortgage Trust, | ||
Series 2019-6 Class B2, 144A, 4.235%, 12/25/49@,• | 2,961 | 2,675,524 |
Series 2019-9 Class A3, 144A, 3.500%, 05/25/50@,• | 1,252 | 1,103,206 |
OBX Trust, Series 2019-INV2 Class A5, 144A 4.000%, 05/27/49@,• | 248 | 227,825 |
Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A 2.000%, 07/25/51@,• | 2,322 | 1,935,175 |
Towd Point Mortgage Trust, Series 2020-4 Class A2, 144A 2.500%, 10/25/60@ | 2,240 | 1,744,153 |
Verus Securitization Trust, | ||
Series 2019-INV2 Class A3, 144A, 3.219%, 07/25/59@,• | 1,009 | 971,266 |
Series 2019-INV3 Class A1, 144A, 2.692%, 11/25/59@,• | 1,967 | 1,877,405 |
Series 2020-INV1 Class A1, 144A, 1.977%, 03/25/60@,• | 1,567 | 1,523,227 |
Series 2020-INV1 Class A2, 144A, 3.035%, 03/25/60@,• | 1,500 | 1,419,788 |
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A 4.151%, 03/25/65@,• | 2,800 | 2,535,842 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A 3.000%, 12/25/49@,• | 1,229 | 1,043,890 |
26,366,395 | ||
Fannie Mae REMICS — 0.7% | ||
Series 2012-152 Class TA 2.500%, 09/25/42 | 1,547 | 1,315,751 |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $31,683,719) | 27,682,146 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 0.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $265,750) | 265,750 | $ 265,750 |
TOTAL INVESTMENTS — 98.9% (Cost $196,606,060) | $ 186,085,189 | |
Other Assets & Liabilities — 1.1% | 1,999,191 | |
TOTAL NET ASSETS — 100.0% | $ 188,084,380 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of Rule 144A securities was $121,017,280, which represents 64.3% 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. |
CLO— Collateralized Loan Obligation. |
FHLMC— Federal Home Loan Mortgage Corporation. |
FREMF— Freddie Mac Multifamily Securities. |
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. |
STEP— Step Coupon Bond. |
Country Weightings as of 6/30/2023†† | |
United States | 79% |
Cayman Islands | 18 |
United Kingdom | 2 |
Ireland | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 60,114,545 | $ — | $ 60,114,545 | $— |
Commercial Mortgage Backed Securities | 26,012,083 | — | 26,012,083 | — |
Corporate Bonds | 72,010,665 | — | 72,010,665 | — |
Residential Mortgage Backed Securities | 27,682,146 | — | 27,682,146 | — |
Short-Term Investments | 265,750 | 265,750 | — | — |
Total Investments | $ 186,085,189 | $ 265,750 | $ 185,819,439 | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 115,194 | $ 115,194 | $ — | $— |
Total Assets—Other Financial Instruments | $ 115,194 | $ 115,194 | $ — | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(1,005,333) | $(1,005,333) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (1,005,333) | $ (1,005,333) | $ — | $ — |
(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 | 09/29/23 | 240 | 2,000 | $102 | $48,802,500 | $— | $ (637,937) | ||||||||
Long | U.S. Treasury 5 Year Note | 09/29/23 | 180 | 1,000 | 107 | 19,276,875 | — | (365,949) | ||||||||
$— | $(1,003,886) |
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 Note | 09/20/23 | (60) | 1,000 | $ 112 | $(6,735,938) | $115,194 | $ — | ||||||||
Short | U.S. Treasury Long Bond | 09/20/23 | (20) | 1,000 | 127 | (2,538,125) | — | (1,447) | ||||||||
$115,194 | $ (1,447) | |||||||||||||||
$115,194 | $(1,005,333) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 17.9% | ||
ALM Ltd., Series 2020-1A Class A2 (3 M ICE LIBOR + 1.850%), 144A 7.110%, 10/15/29@,• | $ 3,500 | $ 3,464,997 |
AMMC CLO 16 Ltd., Series 2015-16A Class DR2 (3 M ICE LIBOR + 3.500%, Floor 3.500%), 144A 8.751%, 04/14/29@,• | 3,000 | 2,999,445 |
Battalion CLO XV Ltd., Series 2020-15A Class A1 (3 M ICE LIBOR + 1.350%, Floor 1.350%), 144A 6.610%, 01/17/33@,• | 4,000 | 3,951,496 |
Benefit Street Partners CLO II Ltd., Series 2013-IIA Class BR2, 144A 7.160%, 07/15/29@,• | 1,700 | 1,695,233 |
Black Diamond CLO Ltd., Series 2019-2A Class A1A (3 M ICE LIBOR + 1.430%, Floor 1.430%), 144A 6.703%, 07/23/32@,• | 2,761 | 2,709,651 |
Deerpath Capital CLO Ltd., Series 2020-1A Class A1 (3 M ICE LIBOR + 1.850%, Floor 1.850%), 144A 7.110%, 04/17/32@,• | 2,500 | 2,488,685 |
ECMC Group Student Loan Trust, Series 2018-2A Class A (1 M ICE LIBOR + 0.800%, Floor 0.800%), 144A 5.950%, 09/25/68@,• | 2,756 | 2,675,483 |
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M ICE LIBOR + 3.250%, Floor 3.250%), 144A 8.500%, 01/20/33@,• | 4,000 | 3,895,460 |
Fortress Credit BSL III Ltd., Series 2015-1A Class B1R (3 M SOFR + 1.992%, Floor 1.992%), 144A 6.973%, 04/18/31@,• | 3,000 | 2,918,382 |
Nassau Ltd., Series 2017-IA Class A1BR, 144A 2.730%, 10/15/29@ | 1,354 | 1,309,166 |
New Hampshire Higher Education Loan Corp., Series 2020-1 Class A1A, 1.550%, 09/25/60 | 3,023 | 2,645,073 |
Ocean Trails CLO V, Series 2014-5A Class ARR (3 M ICE LIBOR + 1.280%, Floor 1.280%), 144A 6.522%, 10/13/31@,• | 2,457 | 2,424,609 |
OZLM XI Ltd., Series 2015-11A Class A2R (3 M ICE LIBOR + 1.750%), 144A 7.049%, 10/30/30@,• | 4,000 | 3,913,776 |
Par (000) | Value† | |
SLM Student Loan Trust, | ||
Series 2012-6 Class B (1 M ICE LIBOR + 1.000%), 6.150%, 04/27/43• | $ 4,860 | $ 4,170,120 |
Series 2014-2 Class A3 (1 M ICE LIBOR + 0.590%), 5.740%, 03/25/55• | 3,283 | 3,170,035 |
SMB Private Education Loan Trust, | ||
Series 2016-A Class A2A, 144A, 2.700%, 05/15/31@ | 1,956 | 1,897,488 |
Series 2015-C Class A3 (1 M ICE LIBOR + 1.950%), 144A, 7.143%, 08/16/32@,• | 487 | 487,394 |
Series 2014-A Class B, 144A, 4.000%, 09/15/42@ | 2,430 | 2,291,648 |
Series 2015-C Class B, 144A, 3.500%, 09/15/43@ | 5,000 | 4,758,962 |
Sound Point CLO XII Ltd., Series 2016-2A Class BR2 (3 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 6.750%, 10/20/28@,• | 2,500 | 2,490,068 |
Sound Point CLO XIV Ltd., Series 2016-3A Class B1R (3 M ICE LIBOR + 1.500%, Floor 1.500%), 144A 6.773%, 01/23/29@,• | 1,600 | 1,594,200 |
Steele Creek CLO Ltd., | ||
Series 2016-1A Class BR (3 M ICE LIBOR + 1.650%, Floor 1.650%), 144A, 7.202%, 06/15/31@,• | 3,250 | 3,125,681 |
Series 2018-2A Class A (3 M ICE LIBOR + 1.200%, Floor 1.200%), 144A, 6.545%, 08/18/31@,• | 4,500 | 4,428,954 |
Trimaran Cavu Ltd., Series 2019-1A Class C1 (3 M ICE LIBOR + 3.150%, Floor 3.150%), 144A 8.400%, 07/20/32@,• | 4,000 | 3,882,752 |
Trinitas CLO XIV Ltd., Series 2020-14A Class D (3 M ICE LIBOR + 4.300%, Floor 4.300%), 144A 9.555%, 01/25/34@,• | 2,500 | 2,426,400 |
TOTAL ASSET BACKED SECURITIES (Cost $73,686,264) | 71,815,158 | |
COMMERCIAL MORTGAGE BACKED SECURITIES — 13.4% | ||
Benchmark Mortgage Trust, Series 2019-B9 Class A5 4.016%, 03/15/52 | 5,000 | 4,532,564 |
COMM Mortgage Trust, Series 2014-CR20 Class A3 3.326%, 11/10/47 | 4,083 | 3,939,142 |
Fontainebleau Miami Beach Trust, Series 2019-FBLU Class B, 144A 3.447%, 12/10/36@ | 2,500 | 2,369,124 |
Par (000) | Value† | |
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued) | ||
FREMF Mortgage Trust, | ||
Series 2018-K731 Class B, 144A, 4.069%, 02/25/25@,• | $ 6,610 | $ 6,336,833 |
Series 2019-K735 Class B, 144A, 4.156%, 05/25/26@,• | 6,000 | 5,659,538 |
Series 2019-K736 Class B, 144A, 3.885%, 07/25/26@,• | 1,500 | 1,407,147 |
Series 2015-K48 Class B, 144A, 3.771%, 08/25/48@,• | 5,000 | 4,763,351 |
Series 2016-K52 Class B, 144A, 4.065%, 01/25/49@,• | 5,065 | 4,809,006 |
Series 2016-K53 Class C, 144A, 4.162%, 03/25/49@,• | 3,525 | 3,332,902 |
Series 2017-K729 Class C, 144A, 3.799%, 11/25/49@,• | 2,460 | 2,356,690 |
Series 2017-K63 Class B, 144A, 4.011%, 02/25/50@,• | 1,500 | 1,400,551 |
Series 2018-K85 Class C, 144A, 4.464%, 12/25/50@,• | 3,500 | 3,240,482 |
Series 2019-K102 Class B, 144A, 3.652%, 12/25/51@,• | 5,000 | 4,436,588 |
Series 2019-K95 Class B, 144A, 4.055%, 08/25/52@,• | 2,500 | 2,277,165 |
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3 3.055%, 06/15/52 | 3,000 | 2,619,829 |
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $58,883,143) | 53,480,912 |
Number of Shares | ||
PREFERRED STOCKS — 0.3% | ||
Banks — 0.3% | ||
Wells Fargo & Co., Series Zµ (Cost $1,527,000) | 60,000 | 1,142,400 |
Par (000) | ||
CORPORATE BONDS — 31.7% | ||
Aerospace & Defense — 0.4% | ||
The Boeing Co. 3.500%, 03/01/39 | $2,000 | 1,519,144 |
Airlines — 0.4% | ||
Delta Air Lines Pass Through Trust, Series 2015-1 Class B 4.250%, 01/30/25 | 1,505 | 1,500,064 |
Apparel — 0.7% | ||
VF Corp. 2.800%, 04/23/27 | 3,000 | 2,704,359 |
Par (000) | Value† | |
Auto Manufacturers — 0.5% | ||
Ford Motor Credit Co., LLC 4.950%, 05/28/27 | $ 2,000 | $ 1,886,901 |
Banks — 3.0% | ||
Allfirst Preferred Capital Trust (3 M ICE LIBOR + 1.500%) 6.760%, 07/15/29• | 3,500 | 3,061,409 |
JPMorgan Chase & Co., Series B (3 M ICE LIBOR + 0.500%) 5.799%, 02/01/27• | 3,200 | 2,982,616 |
State Street Corp. (3 M ICE LIBOR + 0.560%) 5.881%, 05/15/28• | 3,830 | 3,449,795 |
The PNC Financial Services Group, Inc., Series O 8.977%µ,• | 2,660 | 2,657,335 |
12,151,155 | ||
Beverages — 1.0% | ||
Constellation Brands, Inc. 2.250%, 08/01/31 | 3,000 | 2,450,775 |
Keurig Dr Pepper, Inc. 2.250%, 03/15/31 | 2,000 | 1,644,441 |
4,095,216 | ||
Biotechnology — 1.4% | ||
Amgen, Inc. 5.600%, 03/02/43 | 3,000 | 3,004,662 |
Gilead Sciences, Inc. 1.650%, 10/01/30 | 3,000 | 2,447,753 |
5,452,415 | ||
Building Materials — 0.8% | ||
Vulcan Materials Co. 4.500%, 04/01/25 | 3,140 | 3,076,319 |
Commercial Services — 1.7% | ||
President and Fellows of Harvard College, 144A 6.500%, 01/15/39@ | 2,000 | 2,375,682 |
The Georgetown University, Series B 4.315%, 04/01/49 | 2,710 | 2,389,291 |
University of Southern California 3.028%, 10/01/39 | 2,820 | 2,268,107 |
7,033,080 | ||
Computers — 0.9% | ||
Apple, Inc. 3.850%, 08/04/46 | 4,000 | 3,514,867 |
Diversified Financial Services — 0.6% | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.000%, 10/29/28 | 3,000 | 2,593,153 |
Electric — 2.6% | ||
Duke Energy Carolinas LLC 2.850%, 03/15/32 | 1,798 | 1,527,716 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Electric — (continued) | ||
Edison International 3.550%, 11/15/24 | $ 1,500 | $ 1,449,428 |
Louisville Gas and Electric Co. 4.250%, 04/01/49 | 3,000 | 2,493,132 |
Northern States Power Co. 3.600%, 09/15/47 | 4,000 | 3,142,135 |
Pacific Gas and Electric Co. 3.300%, 08/01/40 | 3,000 | 2,017,972 |
10,630,383 | ||
Food — 2.6% | ||
Kraft Heinz Foods Co. 4.625%, 10/01/39 | 2,940 | 2,653,809 |
Mars, Inc., 144A 0.875%, 07/16/26@ | 3,000 | 2,656,717 |
The Hershey Co. 1.700%, 06/01/30 | 3,000 | 2,489,210 |
The J.M. Smucker Co. 4.250%, 03/15/35 | 3,000 | 2,721,406 |
10,521,142 | ||
Gas — 0.6% | ||
The Brooklyn Union Gas Co., 144A 3.407%, 03/10/26@ | 2,500 | 2,323,462 |
Hand & Machine Tools — 0.7% | ||
Regal Rexnord Corp., 144A 6.300%, 02/15/30@ | 3,000 | 2,989,618 |
Healthcare Products — 0.4% | ||
PerkinElmer, Inc. 2.250%, 09/15/31 | 2,000 | 1,603,590 |
Healthcare Services — 1.0% | ||
Centene Corp. | ||
4.625%, 12/15/29 | 1,000 | 920,046 |
2.500%, 03/01/31 | 2,000 | 1,594,940 |
Health Care Service Corp. A Mutual Legal Reserve Co., 144A 2.200%, 06/01/30@ | 2,000 | 1,650,748 |
4,165,734 | ||
Household Products & Wares — 1.1% | ||
Church & Dwight Co., Inc. 2.300%, 12/15/31 | 3,000 | 2,472,843 |
Kimberly-Clark Corp. 3.100%, 03/26/30 | 2,000 | 1,824,165 |
4,297,008 | ||
Internet — 0.7% | ||
Alibaba Group Holding Ltd. 3.400%, 12/06/27 | 3,000 | 2,787,639 |
Investment Companies — 0.7% | ||
Ares Capital Corp. 2.875%, 06/15/28 | 3,500 | 2,896,464 |
Par (000) | Value† | |
Lodging — 0.4% | ||
Hyatt Hotels Corp. 5.750%, 01/30/27 | $ 1,500 | $ 1,495,762 |
Pharmaceuticals — 3.4% | ||
Becton Dickinson & Co. 3.700%, 06/06/27 | 1,956 | 1,859,279 |
Bristol-Myers Squibb Co. 3.400%, 07/26/29 | 3,253 | 3,020,423 |
Johnson & Johnson 3.625%, 03/03/37 | 3,000 | 2,696,844 |
Mead Johnson Nutrition Co. 4.125%, 11/15/25 | 2,000 | 1,950,572 |
Merck & Co., Inc. 3.900%, 03/07/39 | 2,200 | 1,968,282 |
Zoetis, Inc. 4.500%, 11/13/25 | 2,000 | 1,966,855 |
13,462,255 | ||
Pipelines — 0.4% | ||
Energy Transfer LP, Series G (UST Yield Curve CMT 5 Yr + 5.306%) 7.125%µ,• | 2,000 | 1,695,843 |
Real Estate Investment Trusts — 1.0% | ||
Kimco Realty Corp. 2.800%, 10/01/26 | 3,000 | 2,742,532 |
SBA Tower Trust, 144A 1.884%, 07/15/50@ | 1,500 | 1,347,027 |
4,089,559 | ||
Retail — 0.3% | ||
AutoNation, Inc. 1.950%, 08/01/28 | 1,500 | 1,213,351 |
Semiconductors — 0.5% | ||
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.150%, 05/01/27 | 2,000 | 1,835,881 |
Software — 0.4% | ||
Microsoft Corp. 3.750%, 02/12/45 | 300 | 268,585 |
Roper Technologies, Inc. 1.400%, 09/15/27 | 1,500 | 1,292,254 |
1,560,839 | ||
Telecommunications — 2.3% | ||
Crown Castle Towers LLC, 144A 3.663%, 05/15/45@ | 4,000 | 3,809,823 |
T-Mobile USA, Inc. 2.625%, 04/15/26 | 3,000 | 2,780,335 |
Verizon Communications, Inc. 2.550%, 03/21/31 | 3,000 | 2,502,904 |
9,093,062 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Transportation — 1.2% | ||
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A 3.442%, 06/16/28@ | $ 2,097 | $ 1,946,128 |
Union Pacific Corp. 3.375%, 02/01/35 | 3,336 | 2,851,585 |
4,797,713 | ||
TOTAL CORPORATE BONDS (Cost $142,494,103) | 126,985,978 | |
MUNICIPAL BONDS — 1.0% | ||
University of Massachusetts Building Authority, Series 2020-3 2.417%, 11/01/28 (Cost $4,689,970) | 4,690 | 4,178,154 |
RESIDENTIAL MORTGAGE BACKED SECURITIES — 28.5% | ||
Collateralized Mortgage Obligations — 17.6% | ||
Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A 3.585%, 09/25/45@,• | 3,048 | 2,817,521 |
CIM Trust, | ||
Series 2019-INV2 Class B1A, 144A, 4.753%, 05/25/49@,• | 4,864 | 4,500,335 |
Series 2020-INV1 Class A13, 144A, 3.000%, 04/25/50@,• | 1,455 | 1,228,946 |
CSMC Trust, Series 2013-IVR2 Class A2, 144A 3.000%, 04/25/43@,• | 3,955 | 3,443,331 |
Fannie Mae Pool 6.000%, 07/01/53 | 4,963 | 5,007,926 |
Freddie Mac Pool 4.000%, 01/01/53 | 4,890 | 4,589,096 |
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A 2.500%, 10/25/50@,• | 5,204 | 4,221,560 |
JP Morgan Mortgage Trust, | ||
Series 2020-INV1 Class B1A, 144A, 2.955%, 08/25/50@,• | 4,698 | 3,786,435 |
Series 2020-4 Class A15, 144A, 3.000%, 11/25/50@,• | 3,405 | 2,862,892 |
Series 2020-8 Class A3, 144A, 3.000%, 03/25/51@,• | 3,252 | 2,739,190 |
Series 2021-1 Class A3, 144A, 2.500%, 06/25/51@,• | 5,077 | 4,080,019 |
Series 2021-1 Class A15, 144A, 2.500%, 06/25/51@,• | 3,796 | 2,927,027 |
Series 2021-7 Class A15, 144A, 2.500%, 11/25/51@,• | 4,979 | 3,839,513 |
Series 2022-1 Class A3, 144A, 2.500%, 07/25/52@,• | 4,552 | 3,669,757 |
Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU 2.500%, 11/25/60 | 3,100 | 2,172,894 |
Par (000) | Value† | |
Collateralized Mortgage Obligations — (continued) | ||
Sequoia Mortgage Trust, | ||
Series 2013-3 Class A2, 2.500%, 03/25/43• | $ 5,629 | $ 4,663,204 |
Series 2017-5 Class A1, 144A, 3.500%, 08/25/47@,• | 1,869 | 1,679,314 |
Series 2020-4 Class A20, 144A, 2.500%, 11/25/50@,• | 2,808 | 2,169,119 |
Series 2021-5 Class A5, 144A, 2.000%, 07/25/51@,• | 3,096 | 2,580,233 |
Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A 2.750%, 11/25/61@,• | 2,500 | 1,995,222 |
Verus Securitization Trust, Series 2019-INV2 Class A3, 144A 3.219%, 07/25/59@,• | 2,577 | 2,479,663 |
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A 3.000%, 06/25/50@,• | 1,367 | 1,150,304 |
WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A 3.779%, 01/20/46@,• | 1,949 | 1,778,643 |
70,382,144 | ||
Fannie Mae Pool — 5.7% | ||
3.500%, 10/01/45 | 4,908 | 4,450,396 |
1.500%, 06/01/51 | 3,739 | 2,896,550 |
2.000%, 11/01/51 | 4,546 | 3,714,611 |
2.000%, 12/01/51 | 2,749 | 2,245,059 |
3.000%, 03/01/52 | 10,698 | 9,420,795 |
22,727,411 | ||
Freddie Mac Pool — 2.1% | ||
2.500%, 04/01/52 | 5,621 | 4,768,026 |
4.000%, 09/01/52 | 3,845 | 3,608,303 |
8,376,329 | ||
Freddie Mac REMICS — 2.5% | ||
Series 5105 Class JM, 2.000%, 12/25/46 | 3,949 | 2,955,577 |
Series 5229 Class AL, 4.000%, 06/25/49 | 8,018 | 7,283,182 |
10,238,759 | ||
Ginnie Mae — 0.6% | ||
Series 2015-76 Class QB 3.000%, 05/20/45 | 2,731 | 2,363,536 |
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $124,960,520) | 114,088,179 | |
U.S. TREASURY OBLIGATIONS — 5.6% | ||
U.S. Treasury Bonds | ||
1.125%, 08/15/40 | 2,650 | 1,700,555 |
2.500%, 02/15/45 | 2,000 | 1,545,391 |
Par (000) | Value† | |
U.S. TREASURY OBLIGATIONS — (continued) | ||
U.S. Treasury Inflation Indexed Bonds | ||
0.125%, 02/15/51 | $ 2,330 | $ 1,547,772 |
1.500%, 02/15/53 | 5,103 | 4,944,834 |
U.S. Treasury Inflation Indexed Notes | ||
1.250%, 04/15/28 | 5,057 | 4,889,538 |
1.125%, 01/15/33 | 5,601 | 5,360,355 |
U.S. Treasury Notes 1.500%, 02/15/30 | 2,650 | 2,268,855 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,910,755) | 22,257,300 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 2.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $9,540,582) | 9,540,582 | 9,540,582 |
TOTAL INVESTMENTS — 100.8% (Cost $438,692,337) | $ 403,488,663 | |
Other Assets & Liabilities — (0.8)% | (3,040,009) | |
TOTAL NET ASSETS — 100.0% | $400,448,654 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of Rule 144A securities was $177,267,536, which represents 44.3% 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. |
CMT— Constant Maturity Treasury. |
FREMF— Freddie Mac Multifamily Securities. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
REMICS— Real Estate Mortgage Investment Conduits. |
SOFR— Secured Overnight Financing Rate. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 6/30/2023†† | |
United States | 87% |
Cayman Islands | 11 |
China | 1 |
Ireland | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Asset Backed Securities | $ 71,815,158 | $ — | $ 71,815,158 | $— |
Commercial Mortgage Backed Securities | 53,480,912 | — | 53,480,912 | — |
Preferred Stocks | 1,142,400 | 1,142,400 | — | — |
Corporate Bonds | 126,985,978 | — | 126,985,978 | — |
Municipal Bonds | 4,178,154 | — | 4,178,154 | — |
Residential Mortgage Backed Securities | 114,088,179 | — | 114,088,179 | — |
U.S. Treasury Obligations | 22,257,300 | — | 22,257,300 | — |
Short-Term Investments | 9,540,582 | 9,540,582 | — | — |
Total Investments | $ 403,488,663 | $ 10,682,982 | $ 392,805,681 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $(1,639,464) | $(1,639,464) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (1,639,464) | $ (1,639,464) | $ — | $ — |
(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 10 Year Note | 09/20/23 | 112 | 1,000 | $ 112 | $ 12,573,751 | $— | $ (216,329) | ||||||||
Long | U.S. Treasury 5 Year Note | 09/29/23 | 700 | 1,000 | 107 | 74,965,625 | — | (1,423,135) | ||||||||
$— | $(1,639,464) |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 1.2% | ||
Auburn CLO Ltd., Series 2017-1A Class A2A (3 M ICE LIBOR + 1.620%), 144A 6.870%, 10/20/30@,• | $600 | $ 588,608 |
KKR CLO 18 Ltd., Series 18 Class AR (3 M ICE LIBOR + 0.940%, Floor 0.940%), 144A 6.202%, 07/18/30@,• | 986 | 976,706 |
TOTAL ASSET BACKED SECURITIES (Cost $1,565,548) | 1,565,314 |
Number of Shares | ||
COMMON STOCKS — 0.0% | ||
Entertainment — 0.0% | ||
New Cotai Participation, Class B(1),* (Cost $24,225) | 1 | 0 |
PREFERRED STOCKS — 0.0% | ||
Packaging and Containers — 0.0% | ||
Smurfit-Stone Container Corp. (Escrow) CONV.(1),* (Cost $0) | 725 | 0 |
Par (000) | ||
CORPORATE BONDS — 87.7% | ||
Advertising — 0.7% | ||
Stagwell Global LLC, 144A 5.625%, 08/15/29@ | $ 1,050 | 898,519 |
Aerospace & Defense — 1.6% | ||
Howmet Aerospace, Inc. 6.875%, 05/01/25 | 700 | 711,243 |
TransDigm, Inc., 144A 6.250%, 03/15/26@ | 1,400 | 1,393,074 |
2,104,317 | ||
Airlines — 4.7% | ||
American Airlines Pass Through Trust, Series 2021-1 Class B 3.950%, 01/11/32 | 1,432 | 1,246,485 |
American Airlines, Inc., 144A 11.750%, 07/15/25@ | 675 | 740,126 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A 5.500%, 04/20/26@ | 1,050 | 1,035,727 |
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||
144A, 4.500%, 10/20/25@ | 584 | 572,190 |
144A, 4.750%, 10/20/28@ | 700 | 679,064 |
United Airlines Pass Through Trust, | ||
Series 2020-1 Class B, 4.875%, 07/15/27 | 480 | 457,611 |
Par (000) | Value† | |
Airlines — (continued) | ||
Series 2020-1 Class A, 5.875%, 04/15/29 | $ 503 | $ 498,640 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 144A 7.875%, 05/01/27@ | 1,050 | 943,373 |
6,173,216 | ||
Auto Manufacturers — 1.3% | ||
Ford Motor Credit Co., LLC | ||
5.113%, 05/03/29 | 1,050 | 973,844 |
7.350%, 03/06/30 | 675 | 689,411 |
1,663,255 | ||
Auto Parts & Equipment — 0.8% | ||
Clarios Global LP/Clarios US Finance Co., 144A 6.250%, 05/15/26@ | 1,050 | 1,043,241 |
Building Materials — 2.1% | ||
Builders FirstSource, Inc., 144A 4.250%, 02/01/32@ | 1,050 | 913,579 |
Knife River Corp., 144A 7.750%, 05/01/31@ | 650 | 658,138 |
Summit Materials LLC/Summit Materials Finance Corp., 144A 6.500%, 03/15/27@ | 1,100 | 1,093,007 |
2,664,724 | ||
Chemicals — 1.5% | ||
Olin Corp. 5.000%, 02/01/30 | 910 | 840,931 |
WR Grace Holdings LLC, 144A 5.625%, 08/15/29@ | 1,325 | 1,085,572 |
1,926,503 | ||
Commercial Services — 8.0% | ||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A 6.125%, 10/15/26@ | 1,030 | 968,200 |
ASGN, Inc., 144A 4.625%, 05/15/28@ | 700 | 633,486 |
Herc Holdings, Inc., 144A 5.500%, 07/15/27@ | 1,015 | 973,332 |
Korn Ferry, 144A 4.625%, 12/15/27@ | 700 | 657,680 |
Metis Merger Sub LLC, 144A 6.500%, 05/15/29@ | 1,050 | 905,734 |
Neptune Bidco US, Inc., 144A 9.290%, 04/15/29@ | 975 | 895,387 |
Service Corp. International | ||
7.500%, 04/01/27 | 1,750 | 1,787,636 |
4.000%, 05/15/31 | 700 | 596,386 |
United Rentals North America, Inc. 4.875%, 01/15/28 | 700 | 666,118 |
WASH Multifamily Acquisition, Inc., 144A 5.750%, 04/15/26@ | 1,150 | 1,073,609 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Commercial Services — (continued) | ||
Williams Scotsman International, Inc., 144A 4.625%, 08/15/28@ | $ 1,350 | $ 1,233,993 |
10,391,561 | ||
Computers — 1.6% | ||
Booz Allen Hamilton, Inc., 144A 4.000%, 07/01/29@ | 700 | 623,200 |
NCR Corp., 144A 5.750%, 09/01/27@ | 750 | 749,870 |
Seagate HDD Cayman, 144A 8.500%, 07/15/31@ | 650 | 681,648 |
2,054,718 | ||
Cosmetics & Personal Care — 0.8% | ||
Coty, Inc., 144A 5.000%, 04/15/26@ | 1,120 | 1,073,265 |
Distribution & Wholesale — 0.5% | ||
Ritchie Bros Holdings, Inc., 144A 7.750%, 03/15/31@ | 670 | 695,072 |
Electric — 3.4% | ||
Calpine Corp., 144A 5.250%, 06/01/26@ | 700 | 676,078 |
FirstEnergy Corp., Class B 4.150%, 07/15/27 | 1,210 | 1,148,380 |
Talen Energy Supply LLC, 144A 8.625%, 06/01/30@ | 1,300 | 1,345,500 |
Vistra Operations Co., LLC, 144A 5.000%, 07/31/27@ | 1,400 | 1,310,414 |
4,480,372 | ||
Electrical Components & Equipment — 0.8% | ||
WESCO Distribution, Inc. | ||
144A, 7.125%, 06/15/25@ | 350 | 353,662 |
144A, 7.250%, 06/15/28@ | 700 | 714,055 |
1,067,717 | ||
Entertainment — 4.4% | ||
Affinity Interactive, 144A 6.875%, 12/15/27@ | 650 | 571,998 |
Caesars Entertainment, Inc. | ||
144A, 6.250%, 07/01/25@ | 1,050 | 1,045,048 |
144A, 8.125%, 07/01/27@ | 675 | 690,579 |
CDI Escrow Issuer, Inc., 144A 5.750%, 04/01/30@ | 700 | 653,319 |
Churchill Downs, Inc., 144A 5.500%, 04/01/27@ | 750 | 721,003 |
Everi Holdings, Inc., 144A 5.000%, 07/15/29@ | 700 | 613,032 |
Scientific Games International, Inc., 144A 7.000%, 05/15/28@ | 1,400 | 1,391,784 |
5,686,763 |
Par (000) | Value† | |
Environmental Control — 0.6% | ||
Clean Harbors, Inc., 144A 4.875%, 07/15/27@ | $ 750 | $ 718,146 |
Food — 2.1% | ||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A 4.625%, 01/15/27@ | 1,050 | 994,769 |
Performance Food Group, Inc., 144A 5.500%, 10/15/27@ | 1,105 | 1,064,725 |
SEG Holding LLC/SEG Finance Corp., 144A 5.625%, 10/15/28@ | 700 | 667,170 |
2,726,664 | ||
Food Service — 0.8% | ||
Aramark Services, Inc., 144A 6.375%, 05/01/25@ | 1,050 | 1,048,948 |
Healthcare Products — 1.5% | ||
Avantor Funding, Inc., 144A 4.625%, 07/15/28@ | 1,100 | 1,019,900 |
Medline Borrower LP, 144A 3.875%, 04/01/29@ | 1,050 | 909,862 |
1,929,762 | ||
Healthcare Services — 5.6% | ||
Acadia Healthcare Co., Inc., 144A 5.500%, 07/01/28@ | 1,400 | 1,338,890 |
Centene Corp. 4.625%, 12/15/29 | 1,050 | 966,048 |
Charles River Laboratories International, Inc., 144A 4.250%, 05/01/28@ | 1,050 | 960,187 |
Encompass Health Corp. 4.750%, 02/01/30 | 1,150 | 1,046,895 |
IQVIA, Inc., 144A 5.000%, 10/15/26@ | 1,000 | 965,171 |
Select Medical Corp., 144A 6.250%, 08/15/26@ | 700 | 687,978 |
Tenet Healthcare Corp. 5.125%, 11/01/27 | 1,400 | 1,336,286 |
7,301,455 | ||
Holding Companies — 0.8% | ||
Benteler International AG, 144A 10.500%, 05/15/28@ | 1,000 | 1,010,000 |
Housewares — 0.8% | ||
Newell Brands, Inc. 6.000%, 04/01/46 | 1,350 | 1,061,377 |
Internet — 1.5% | ||
Arches Buyer, Inc., 144A 4.250%, 06/01/28@ | 675 | 587,688 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Internet — (continued) | ||
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A 5.250%, 12/01/27@ | $1,400 | $ 1,330,000 |
1,917,688 | ||
Leisure Time — 2.4% | ||
Carnival Holdings Bermuda Ltd., 144A 10.375%, 05/01/28@ | 1,005 | 1,099,177 |
Royal Caribbean Cruises Ltd. | ||
144A, 4.250%, 07/01/26@ | 1,005 | 922,505 |
144A, 9.250%, 01/15/29@ | 1,010 | 1,076,079 |
3,097,761 | ||
Lodging — 1.9% | ||
Boyd Gaming Corp., 144A 4.750%, 06/15/31@ | 1,050 | 938,047 |
Hilton Domestic Operating Co., Inc., 144A 4.000%, 05/01/31@ | 700 | 607,897 |
Station Casinos LLC, 144A 4.625%, 12/01/31@ | 1,050 | 884,625 |
2,430,569 | ||
Machinery — Construction & Mining — 0.4% | ||
Terex Corp., 144A 5.000%, 05/15/29@ | 600 | 557,819 |
Media — 4.1% | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 144A 6.375%, 09/01/29@ | 675 | 635,931 |
Gray Escrow II, Inc., 144A 5.375%, 11/15/31@ | 650 | 430,964 |
iHeartCommunications, Inc. | ||
6.375%, 05/01/26 | 950 | 797,259 |
144A, 5.250%, 08/15/27@ | 700 | 535,223 |
Nexstar Media, Inc., 144A 5.625%, 07/15/27@ | 1,050 | 978,878 |
Sirius XM Radio, Inc., 144A 5.500%, 07/01/29@ | 1,050 | 944,236 |
Univision Communications, Inc., 144A 7.375%, 06/30/30@ | 1,040 | 990,299 |
5,312,790 | ||
Mining — 1.2% | ||
FMG Resources August 2006 Pty Ltd., 144A 5.875%, 04/15/30@ | 1,050 | 1,000,243 |
Novelis Corp., 144A 4.750%, 01/30/30@ | 700 | 622,108 |
1,622,351 | ||
Oil & Gas — 8.7% | ||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A 5.875%, 06/30/29@ | 670 | 598,123 |
Par (000) | Value† | |
Oil & Gas — (continued) | ||
Baytex Energy Corp., 144A 8.500%, 04/30/30@ | $ 975 | $ 952,137 |
Chesapeake Energy Corp., 144A 5.875%, 02/01/29@ | 1,850 | 1,757,174 |
Civitas Resources, Inc., 144A 8.750%, 07/01/31@ | 700 | 709,807 |
Comstock Resources, Inc., 144A 5.875%, 01/15/30@ | 975 | 846,576 |
Earthstone Energy Holdings LLC, 144A 8.000%, 04/15/27@ | 700 | 674,429 |
Encino Acquisition Partners Holdings LLC, 144A 8.500%, 05/01/28@ | 1,050 | 952,966 |
Occidental Petroleum Corp. 8.500%, 07/15/27 | 1,491 | 1,610,593 |
Parkland Corp., 144A 5.875%, 07/15/27@ | 1,150 | 1,109,529 |
Permian Resources Operating LLC, 144A 5.375%, 01/15/26@ | 1,000 | 950,943 |
Transocean Titan Financing Ltd., 144A 8.375%, 02/01/28@ | 1,170 | 1,194,863 |
11,357,140 | ||
Packaging and Containers — 4.6% | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 144A 5.250%, 08/15/27@ | 675 | 571,291 |
Berry Global, Inc., 144A 5.625%, 07/15/27@ | 750 | 734,063 |
Graham Packaging Co., Inc., 144A 7.125%, 08/15/28@ | 1,010 | 862,287 |
Mauser Packaging Solutions Holding Co., 144A 7.875%, 08/15/26@ | 675 | 669,731 |
Owens-Brockway Glass Container, Inc., 144A 7.250%, 05/15/31@ | 650 | 658,125 |
Sealed Air Corp. | ||
144A, 5.000%, 04/15/29@ | 700 | 651,858 |
144A, 6.875%, 07/15/33@ | 700 | 726,250 |
Trident TPI Holdings, Inc., 144A 12.750%, 12/31/28@ | 520 | 539,240 |
TriMas Corp., 144A 4.125%, 04/15/29@ | 700 | 623,707 |
6,036,552 | ||
Pharmaceuticals — 2.8% | ||
Elanco Animal Health, Inc. 6.650%, 08/28/28 | 1,050 | 1,018,784 |
Jazz Securities DAC, 144A 4.375%, 01/15/29@ | 1,400 | 1,249,357 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Pharmaceuticals — (continued) | ||
Organon & Co./Organon Foreign Debt Co-Issuer BV, 144A 5.125%, 04/30/31@ | $ 1,050 | $ 866,264 |
Perrigo Finance Unlimited Co. 4.900%, 12/15/44 | 700 | 541,212 |
3,675,617 | ||
Pipelines — 5.9% | ||
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%) 6.500%µ,• | 975 | 885,612 |
EnLink Midstream Partners LP 5.450%, 06/01/47 | 1,065 | 870,872 |
EQM Midstream Partners LP 4.000%, 08/01/24 | 675 | 660,311 |
Holly Energy Partners LP/Holly Energy Finance Corp., 144A 6.375%, 04/15/27@ | 700 | 691,477 |
Howard Midstream Energy Partners LLC | ||
144A, 6.750%, 01/15/27@ | 1,025 | 976,313 |
144A, 8.875%, 07/15/28@ | 500 | 503,125 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 144A 7.500%, 02/01/26@ | 1,005 | 989,852 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A 7.500%, 10/01/25@ | 1,400 | 1,397,319 |
Venture Global LNG, Inc., 144A 8.375%, 06/01/31@ | 650 | 653,211 |
7,628,092 | ||
Real Estate — 0.6% | ||
Greystar Real Estate Partners LLC, 144A 5.750%, 12/01/25@ | 750 | 732,387 |
Real Estate Investment Trusts — 1.4% | ||
RHP Hotel Properties LP/RHP Finance Corp., 144A 7.250%, 07/15/28@ | 550 | 556,314 |
VICI Properties LP/VICI Note Co., Inc., 144A 5.750%, 02/01/27@ | 1,350 | 1,321,272 |
1,877,586 | ||
Retail — 3.3% | ||
Bath & Body Works, Inc. 6.875%, 11/01/35 | 1,000 | 914,964 |
Lithia Motors, Inc., 144A 4.625%, 12/15/27@ | 1,050 | 980,805 |
Macy's Retail Holdings LLC, 144A 5.875%, 04/01/29@ | 800 | 730,000 |
Murphy Oil USA, Inc. 5.625%, 05/01/27 | 1,050 | 1,021,581 |
Par (000) | Value† | |
Retail — (continued) | ||
White Cap Parent LLC PIK (Cash coupon 8.250%, PIK 9.000%), 144A 8.250%, 03/15/26@ | $ 675 | $ 646,603 |
4,293,953 | ||
Software — 2.0% | ||
ACI Worldwide, Inc., 144A 5.750%, 08/15/26@ | 750 | 731,250 |
MSCI, Inc., 144A 3.875%, 02/15/31@ | 1,400 | 1,213,251 |
Open Text Corp., 144A 6.900%, 12/01/27@ | 675 | 687,224 |
2,631,725 | ||
Telecommunications — 2.5% | ||
Connect Finco SARL/Connect US Finco LLC, 144A 6.750%, 10/01/26@ | 1,050 | 1,019,882 |
Frontier Communications Holdings LLC, 144A 5.875%, 10/15/27@ | 650 | 596,472 |
Hughes Satellite Systems Corp. 5.250%, 08/01/26 | 1,000 | 933,307 |
Sprint Corp. 7.625%, 02/15/25 | 700 | 714,808 |
3,264,469 | ||
TOTAL CORPORATE BONDS (Cost $117,849,088) | 114,156,094 | |
LOAN AGREEMENTS‡ — 5.0% | ||
Apparel — 1.1% | ||
Crocs, Inc. | ||
(1 M SOFR + 3.600%), 8.702%, 02/20/29• | 110 | 110,413 |
(3 M SOFR + 3.650%), 8.892%, 02/20/29• | 613 | 613,407 |
Hanesbrands, Inc. (1 M SOFR + 3.750%) 8.852%, 03/08/30(1),• | 668 | 669,996 |
1,393,816 | ||
Auto Parts & Equipment — 0.8% | ||
Clarios Global LP (1 M SOFR + 3.750%) 8.852%, 05/06/30• | 975 | 971,646 |
Healthcare Products — 0.7% | ||
Bausch & Lomb Corp. (3 M SOFR + 3.350%) 8.592%, 05/10/27• | 1,001 | 969,398 |
Healthcare Services — 0.9% | ||
Surgery Center Holdings, Inc. (1 M LIBOR+ 3.750%) 8.896%, 08/31/26• | 1,215 | 1,213,076 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Housewares — 0.5% | ||
American Greetings Corp. (1 M LIBOR+ 6.000%) 11.102%, 04/06/28• | $ 673 | $ 672,639 |
Insurance — 1.0% | ||
AmWINS Group, Inc. (1 M SOFR + 2.850%) 7.952%, 02/19/28• | 667 | 664,290 |
HUB International Ltd. 0.000%, 06/08/30× | 650 | 651,177 |
1,315,467 | ||
TOTAL LOAN AGREEMENTS (Cost $6,483,321) | 6,536,042 | |
U.S. TREASURY OBLIGATIONS — 1.5% | ||
U.S. Treasury Notes 3.375%, 05/15/33 (Cost $1,945,522) | 2,000 | 1,927,812 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 2.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $2,944,619) | 2,944,619 | 2,944,619 |
TOTAL INVESTMENTS — 97.7% (Cost $130,812,323) | $ 127,129,881 | |
Other Assets & Liabilities — 2.3% | 2,976,633 | |
TOTAL NET ASSETS — 100.0% | $ 130,106,514 |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of Rule 144A securities was $91,724,814, which represents 70.5% 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, 2023. 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, 2023, at which time the interest rate, based on the LIBOR/SOFR and the agreed upon spread on trade date, will be reflected. |
AG— Aktiengesellschaft. |
CLO— Collateralized Loan Obligation. |
CMT— Constant Maturity Treasury. |
ICE— Intercontinental Exchange. |
LIBOR— London Interbank Offered Rate. |
LLC— Limited Liability Company. |
LP— Limited Partnership. |
M— Month. |
MSCI— Morgan Stanley Capital International. |
PIK— Payment in Kind Security. |
PLC— Public Limited Company. |
SOFR— Secured Overnight Financing Rate. |
UST— US Treasury. |
Yr— Year. |
Country Weightings as of 6/30/2023†† | |
United States | 88% |
Canada | 3 |
Cayman Islands | 2 |
Ireland | 2 |
Luxembourg | 1 |
Bermuda | 1 |
Austria | 1 |
Other | 2 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Asset Backed Securities | $ 1,565,314 | $ — | $ 1,565,314 | $ — |
Common Stocks | — | — | — | — (1) |
Preferred Stocks | — | — | — | — (1) |
Corporate Bonds | 114,156,094 | — | 114,156,094 | — |
Loan Agreements | 6,536,042 | — | 5,866,046 | 669,996 |
U.S. Treasury Obligations | 1,927,812 | — | 1,927,812 | — |
Short-Term Investments | 2,944,619 | 2,944,619 | — | — |
Total Investments | $ 127,129,881 | $ 2,944,619 | $ 123,515,266 | $ 669,996 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
Par (000) | Value† | |
ASSET BACKED SECURITIES — 0.1% | ||
Domino's Pizza Master Issuer LLC, | ||
Series 2017-1A A23, 144A, 4.118%, 07/25/47@ | $2,773 | $ 2,552,653 |
Series 2019-1A A2, 144A, 3.668%, 10/25/49@ | 2,143 | 1,872,401 |
TOTAL ASSET BACKED SECURITIES (Cost $4,893,463) | 4,425,054 |
Number of Shares | ||
COMMON STOCKS — 66.2% | ||
Auto Parts & Equipment — 0.5% | ||
Aurora Innovation, Inc.* | 3,528,857 | 10,374,839 |
Mobileye Global, Inc., Class A* | 382,507 | 14,695,919 |
25,070,758 | ||
Banks — 1.6% | ||
The Goldman Sachs Group, Inc. | 100,900 | 32,544,286 |
The PNC Financial Services Group, Inc. | 364,151 | 45,864,818 |
78,409,104 | ||
Beverages — 0.6% | ||
Keurig Dr Pepper, Inc. | 978,693 | 30,603,730 |
Biotechnology — 0.9% | ||
Biogen, Inc.* | 130,856 | 37,274,332 |
Karuna Therapeutics, Inc.* | 37,807 | 8,198,448 |
45,472,780 | ||
Chemicals — 0.9% | ||
Linde PLC | 118,378 | 45,111,488 |
Commercial Services — 1.9% | ||
Equifax, Inc. | 183,294 | 43,129,078 |
S&P Global, Inc. | 35,420 | 14,199,524 |
TransUnion | 453,717 | 35,539,653 |
92,868,255 | ||
Computers — 3.5% | ||
Apple, Inc. | 884,061 | 171,481,312 |
Diversified Financial Services — 4.2% | ||
CME Group, Inc. | 14,259 | 2,642,050 |
Intercontinental Exchange, Inc. | 857,919 | 97,013,481 |
Mastercard, Inc., Class A | 151,700 | 59,663,610 |
Visa, Inc., Class A | 216,000 | 51,295,680 |
210,614,821 | ||
Electric — 5.0% | ||
Ameren Corp. | 876,788 | 71,607,276 |
CenterPoint Energy, Inc. | 686,026 | 19,997,658 |
DTE Energy Co. | 258,525 | 28,442,921 |
Exelon Corp. | 1,322,791 | 53,890,505 |
WEC Energy Group, Inc. | 172,200 | 15,194,928 |
Xcel Energy, Inc. | 983,572 | 61,148,671 |
250,281,959 |
Number of Shares | Value† | |
Electrical Components & Equipment — 0.3% | ||
AMETEK, Inc. | 102,683 | $ 16,622,324 |
Electronics — 2.6% | ||
Fortive Corp. | 1,506,818 | 112,664,782 |
TE Connectivity Ltd. | 109,843 | 15,395,595 |
128,060,377 | ||
Environmental Control — 1.6% | ||
Republic Services, Inc. | 39,922 | 6,114,853 |
Waste Connections, Inc. | 506,257 | 72,359,313 |
78,474,166 | ||
Healthcare Products — 8.5% | ||
Avantor, Inc.* | 2,355,833 | 48,388,810 |
Baxter International, Inc. | 510,050 | 23,237,878 |
Danaher Corp. | 454,145 | 108,994,800 |
GE HealthCare Technologies, Inc. | 196,783 | 15,986,651 |
Revvity, Inc. | 774,098 | 91,955,101 |
Stryker Corp. | 69,100 | 21,081,719 |
Teleflex, Inc. | 199,710 | 48,335,811 |
Thermo Fisher Scientific, Inc. | 117,260 | 61,180,405 |
419,161,175 | ||
Healthcare Services — 2.8% | ||
Humana, Inc. | 2,825 | 1,263,142 |
UnitedHealth Group, Inc. | 281,643 | 135,368,892 |
136,632,034 | ||
Insurance — 0.8% | ||
Marsh & McLennan Cos., Inc. | 208,298 | 39,176,688 |
Internet — 5.8% | ||
Alphabet, Inc., Class A* | 1,015,875 | 121,600,237 |
Amazon.com, Inc.* | 1,069,914 | 139,473,989 |
Meta Platforms, Inc., Class A* | 96,059 | 27,567,012 |
288,641,238 | ||
Lodging — 0.7% | ||
Hilton Worldwide Holdings, Inc. | 232,189 | 33,795,109 |
Machinery — Diversified — 1.4% | ||
Ingersoll Rand, Inc. | 1,053,996 | 68,889,179 |
Miscellaneous Manufacturing — 1.3% | ||
General Electric Co. | 235,541 | 25,874,179 |
Teledyne Technologies, Inc.* | 98,188 | 40,366,068 |
66,240,247 | ||
Oil & Gas — 1.5% | ||
Canadian Natural Resources Ltd. | 592,420 | 33,329,549 |
Chesapeake Energy Corp. | 342,100 | 28,626,928 |
EOG Resources, Inc. | 121,150 | 13,864,406 |
75,820,883 | ||
Pharmaceuticals — 3.8% | ||
AbbVie, Inc. | 373,022 | 50,257,254 |
Becton Dickinson & Co. | 386,799 | 102,118,804 |
Eli Lilly & Co. | 81,900 | 38,409,462 |
190,785,520 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Private Equity — 0.7% | ||
KKR & Co., Inc. | 604,059 | $ 33,827,304 |
Retail — 2.0% | ||
Starbucks Corp. | 97,500 | 9,658,350 |
Yum! Brands, Inc. | 630,199 | 87,314,071 |
96,972,421 | ||
Semiconductors — 4.2% | ||
Analog Devices, Inc. | 133,600 | 26,026,616 |
NVIDIA Corp. | 160,000 | 67,683,200 |
NXP Semiconductors N.V. | 339,087 | 69,404,327 |
Texas Instruments, Inc. | 244,077 | 43,938,742 |
207,052,885 | ||
Software — 9.1% | ||
Black Knight, Inc.* | 428,360 | 25,585,943 |
Intuit, Inc. | 81,578 | 37,378,224 |
Microsoft Corp. | 813,921 | 277,172,657 |
PTC, Inc.* | 19,906 | 2,832,624 |
Roper Technologies, Inc. | 139,339 | 66,994,191 |
Salesforce, Inc.* | 198,891 | 42,017,713 |
451,981,352 | ||
TOTAL COMMON STOCKS (Cost $2,920,635,872) | 3,282,047,109 | |
PREFERRED STOCKS — 0.5% | ||
Auto Manufacturers — 0.2% | ||
Waymo LLC, Series A-2, CONV(1),*,# | 245,568 | 9,365,964 |
Diversified Financial Services — 0.0% | ||
The Charles Schwab Corp., Series Dµ | 12,000 | 300,000 |
Electric — 0.3% | ||
CMS Energy Corp., 2078 | 227,087 | 5,443,275 |
CMS Energy Corp., 2079 | 205,599 | 5,006,336 |
SCE Trust IV, Series J (3 M ICE LIBOR + 3.132%)µ,• | 166,791 | 3,295,790 |
13,745,401 | ||
Gas — 0.0% | ||
NiSource, Inc., Series B (UST Yield Curve CMT 5 Yr + 3.632%)µ,• | 56,581 | 1,425,275 |
TOTAL PREFERRED STOCKS (Cost $37,787,687) | 24,836,640 |
Par (000) | ||
CORPORATE BONDS — 10.1% | ||
Advertising — 0.1% | ||
Lamar Media Corp. | ||
3.750%, 02/15/28 | $2,796 | 2,545,031 |
4.875%, 01/15/29 | 528 | 491,040 |
Par (000) | Value† | |
Advertising — (continued) | ||
3.625%, 01/15/31 | $ 435 | $ 366,487 |
3,402,558 | ||
Aerospace & Defense — 0.2% | ||
Howmet Aerospace, Inc. | ||
5.900%, 02/01/27 | 318 | 320,575 |
3.000%, 01/15/29 | 2,217 | 1,936,091 |
TransDigm UK Holdings PLC 6.875%, 05/15/26 | 849 | 841,135 |
TransDigm, Inc. | ||
144A, 6.250%, 03/15/26@ | 3,999 | 3,979,216 |
6.375%, 06/15/26 | 595 | 587,244 |
5.500%, 11/15/27 | 4,307 | 4,062,365 |
11,726,626 | ||
Airlines — 0.2% | ||
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A 4.750%, 10/20/28@ | 4,165 | 4,040,431 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 144A 6.500%, 06/20/27@ | 5,719 | 5,732,060 |
U.S. Airways Pass Through Trust, | ||
Series 2012-2 Class A, 4.625%, 12/03/26 | 120 | 112,742 |
Series 2013-1 Class A, 3.950%, 05/15/27 | 2 | 1,916 |
United Airlines Pass Through Trust, Series 2012-1, Class A 4.150%, 10/11/25 | 1,122 | 1,102,917 |
10,990,066 | ||
Auto Parts & Equipment — 0.2% | ||
Clarios Global LP, 144A 6.750%, 05/15/25@ | 1,714 | 1,715,049 |
Clarios Global LP/Clarios US Finance Co. | ||
144A, 6.250%, 05/15/26@ | 2,304 | 2,289,169 |
144A, 8.500%, 05/15/27@ | 7,465 | 7,477,713 |
11,481,931 | ||
Building Materials — 0.0% | ||
Lennox International, Inc. 3.000%, 11/15/23 | 760 | 750,879 |
Commercial Services — 0.2% | ||
Gartner, Inc. | ||
144A, 4.500%, 07/01/28@ | 945 | 882,836 |
144A, 3.625%, 06/15/29@ | 2,880 | 2,535,648 |
144A, 3.750%, 10/01/30@ | 1,222 | 1,064,414 |
Korn Ferry, 144A 4.625%, 12/15/27@ | 1,629 | 1,530,516 |
Service Corp. International 3.375%, 08/15/30 | 2,557 | 2,135,351 |
8,148,765 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Computers — 0.1% | ||
Booz Allen Hamilton, Inc. | ||
144A, 3.875%, 09/01/28@ | $ 2,734 | $ 2,484,222 |
144A, 4.000%, 07/01/29@ | 1,611 | 1,434,250 |
Crowdstrike Holdings, Inc. 3.000%, 02/15/29 | 572 | 493,291 |
4,411,763 | ||
Diversified Financial Services — 0.0% | ||
Intercontinental Exchange, Inc. 4.000%, 09/15/27 | 639 | 621,665 |
Electronics — 0.2% | ||
Sensata Technologies BV | ||
144A, 4.000%, 04/15/29@ | 3,644 | 3,244,326 |
144A, 5.875%, 09/01/30@ | 2,750 | 2,673,784 |
Sensata Technologies, Inc. | ||
144A, 4.375%, 02/15/30@ | 1,225 | 1,094,219 |
144A, 3.750%, 02/15/31@ | 3,006 | 2,565,104 |
9,577,433 | ||
Entertainment — 1.0% | ||
Cedar Fair LP 5.250%, 07/15/29 | 8,662 | 7,878,623 |
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. | ||
144A, 5.500%, 05/01/25@ | 5,103 | 5,057,080 |
5.375%, 04/15/27 | 11,262 | 10,706,777 |
6.500%, 10/01/28 | 7,084 | 6,908,225 |
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24@ | 375 | 369,177 |
Six Flags Entertainment Corp., 144A 5.500%, 04/15/27@ | 13,244 | 12,468,597 |
Six Flags Theme Parks, Inc., 144A 7.000%, 07/01/25@ | 3,366 | 3,382,820 |
Vail Resorts, Inc., 144A 6.250%, 05/15/25@ | 1,597 | 1,598,909 |
48,370,208 | ||
Environmental Control — 0.2% | ||
GFL Environmental, Inc. | ||
144A, 4.000%, 08/01/28@ | 2,058 | 1,839,616 |
144A, 4.750%, 06/15/29@ | 4,790 | 4,376,600 |
144A, 4.375%, 08/15/29@ | 1,921 | 1,709,764 |
7,925,980 | ||
Healthcare Products — 0.5% | ||
Avantor Funding, Inc. | ||
144A, 4.625%, 07/15/28@ | 10,886 | 10,093,295 |
144A, 3.875%, 11/01/29@ | 9,720 | 8,509,202 |
Hologic, Inc., 144A 3.250%, 02/15/29@ | 2,294 | 2,007,058 |
Teleflex, Inc. | ||
4.625%, 11/15/27 | 3,795 | 3,576,739 |
144A, 4.250%, 06/01/28@ | 560 | 511,339 |
24,697,633 |
Par (000) | Value† | |
Healthcare Services — 0.6% | ||
Charles River Laboratories International, Inc. | ||
144A, 4.250%, 05/01/28@ | $ 1,209 | $ 1,105,587 |
144A, 3.750%, 03/15/29@ | 4,561 | 4,013,564 |
144A, 4.000%, 03/15/31@ | 3,026 | 2,627,840 |
Hadrian Merger Sub, Inc., 144A 8.500%, 05/01/26@ | 6,996 | 6,259,153 |
Heartland Dental LLC/Heartland Dental Finance Corp., 144A 10.500%, 04/30/28@ | 4,689 | 4,665,555 |
IQVIA, Inc. | ||
144A, 5.000%, 05/15/27@ | 1,795 | 1,726,678 |
144A, 5.700%, 05/15/28@ | 6,265 | 6,202,350 |
144A, 6.500%, 05/15/30@ | 1,566 | 1,581,434 |
Surgery Center Holdings, Inc., 144A 10.000%, 04/15/27@ | 3,035 | 3,103,288 |
31,285,449 | ||
Insurance — 2.7% | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, 144A 6.750%, 04/15/28@ | 16,297 | 16,261,942 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||
144A, 4.250%, 10/15/27@ | 1,500 | 1,346,090 |
144A, 6.750%, 10/15/27@ | 7,552 | 7,106,961 |
144A, 5.875%, 11/01/29@ | 2,364 | 2,056,491 |
AmWINS Group, Inc., 144A 4.875%, 06/30/29@ | 2,175 | 1,963,771 |
BroadStreet Partners, Inc., 144A 5.875%, 04/15/29@ | 2,988 | 2,592,090 |
HUB International Ltd. | ||
144A, 7.000%, 05/01/26@ | 33,876 | 33,770,825 |
144A, 5.625%, 12/01/29@ | 3,503 | 3,139,329 |
144A, 7.250%, 06/15/30@ | 51,543 | 53,290,308 |
Ryan Specialty Group LLC, 144A 4.375%, 02/01/30@ | 295 | 261,134 |
USI, Inc., 144A 6.875%, 05/01/25@ | 12,918 | 12,821,115 |
134,610,056 | ||
Leisure Time — 0.1% | ||
Life Time, Inc., 144A 5.750%, 01/15/26@ | 5,724 | 5,578,053 |
Lodging — 0.5% | ||
Hilton Domestic Operating Co., Inc. | ||
144A, 5.375%, 05/01/25@ | 2,099 | 2,071,049 |
144A, 5.750%, 05/01/28@ | 4,724 | 4,651,675 |
144A, 3.750%, 05/01/29@ | 4,031 | 3,577,995 |
4.875%, 01/15/30 | 3,171 | 2,950,790 |
144A, 4.000%, 05/01/31@ | 4,714 | 4,093,751 |
144A, 3.625%, 02/15/32@ | 4,966 | 4,140,404 |
Par (000) | Value† | |
CORPORATE BONDS — (continued) | ||
Lodging — (continued) | ||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875%, 04/01/27 | $ 1,438 | $ 1,394,968 |
22,880,632 | ||
Media — 1.2% | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||
144A, 5.500%, 05/01/26@ | 1,325 | 1,291,938 |
144A, 5.125%, 05/01/27@ | 33,727 | 31,408,872 |
144A, 5.000%, 02/01/28@ | 28,336 | 25,818,154 |
58,518,964 | ||
Miscellaneous Manufacturing — 0.2% | ||
General Electric Co., Series D (3 M ICE LIBOR + 3.330%) 8.882%µ,• | 11,858 | 11,857,984 |
Packaging and Containers — 0.1% | ||
Ball Corp. 6.000%, 06/15/29 | 5,380 | 5,339,650 |
Pharmaceuticals — 0.0% | ||
PRA Health Sciences, Inc., 144A 2.875%, 07/15/26@ | 1,554 | 1,406,963 |
Real Estate Investment Trusts — 0.2% | ||
SBA Communications Corp. | ||
3.875%, 02/15/27 | 5,671 | 5,209,106 |
3.125%, 02/01/29 | 4,753 | 4,028,880 |
SBA Tower Trust, 144A 6.599%, 01/15/28@ | 256 | 260,027 |
9,498,013 | ||
Retail — 1.0% | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 4.750%, 06/01/27@ | 15,352 | 14,818,057 |
Yum! Brands, Inc. | ||
144A, 4.750%, 01/15/30@ | 3,916 | 3,666,982 |
3.625%, 03/15/31 | 3,657 | 3,159,051 |
4.625%, 01/31/32 | 8,214 | 7,419,668 |
5.375%, 04/01/32 | 9,210 | 8,752,648 |
6.875%, 11/15/37 | 3,867 | 4,143,792 |
5.350%, 11/01/43 | 9,065 | 7,907,988 |
49,868,186 | ||
Semiconductors — 0.1% | ||
Entegris Escrow Corp., 144A 4.750%, 04/15/29@ | 1,839 | 1,701,775 |
Sensata Technologies BV | ||
144A, 5.625%, 11/01/24@ | 880 | 873,312 |
144A, 5.000%, 10/01/25@ | 3,150 | 3,083,669 |
5,658,756 |
Par (000) | Value† | |
Software — 0.4% | ||
Black Knight InfoServ LLC, 144A 3.625%, 09/01/28@ | $ 1,062 | $ 954,228 |
Clarivate Science Holdings Corp. | ||
144A, 3.875%, 07/01/28@ | 1,108 | 982,182 |
144A, 4.875%, 07/01/29@ | 795 | 705,249 |
MSCI, Inc. | ||
144A, 4.000%, 11/15/29@ | 3,619 | 3,275,267 |
144A, 3.625%, 09/01/30@ | 6,178 | 5,327,430 |
144A, 3.875%, 02/15/31@ | 4,434 | 3,842,538 |
144A, 3.625%, 11/01/31@ | 3,856 | 3,294,009 |
144A, 3.250%, 08/15/33@ | 2,497 | 2,010,993 |
PTC, Inc., 144A 4.000%, 02/15/28@ | 641 | 590,107 |
20,982,003 | ||
Toys, Games & Hobbies — 0.1% | ||
Mattel, Inc. | ||
144A, 3.375%, 04/01/26@ | 751 | 691,039 |
144A, 5.875%, 12/15/27@ | 576 | 565,708 |
144A, 3.750%, 04/01/29@ | 1,599 | 1,406,877 |
2,663,624 | ||
TOTAL CORPORATE BONDS (Cost $510,139,063) | 502,253,840 | |
LOAN AGREEMENTS‡ — 10.3% | ||
Airlines — 0.6% | ||
Delta Air Lines, Inc. (3 M SOFR + 3.750%) 8.798%, 10/20/27• | 6,444 | 6,687,026 |
Mileage Plus Holdings LLC (3 M ICE LIBOR + 5.250%) 10.764%, 06/21/27• | 21,406 | 22,213,269 |
28,900,295 | ||
Commercial Services — 0.1% | ||
Trans Union LLC (1 M SOFR + 1.750%) 6.952%, 11/16/26• | 3,150 | 3,138,804 |
Cosmetics & Personal Care — 0.3% | ||
Sunshine Luxembourg VII Sarl (3 M SOFR + 3.750%) 9.092%, 10/01/26• | 13,595 | 13,504,600 |
Environmental Control — 0.6% | ||
Filtration Group Corp. | ||
0.000%, 10/21/28×,• | 15,210 | 15,190,571 |
0.000%, 10/21/28×,• | 7,057 | 7,590,057 |
(1 M SOFR + 3.614%), 8.768%, 10/21/28• | 7,962 | 7,925,588 |
30,706,216 | ||
Healthcare Products — 0.1% | ||
Avantor Funding, Inc. (1 M SOFR + 2.350%) 7.452%, 11/08/27• | 5,413 | 5,407,072 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Healthcare Services — 1.0% | ||
ADMI Corp. | ||
(1 M SOFR + 3.114%), 8.217%, 04/30/25• | $ 3,038 | $ 2,910,550 |
(1 M SOFR + 3.489%), 8.592%, 12/23/27• | 6,162 | 5,784,696 |
(1 M SOFR + 3.864%), 8.967%, 12/23/27• | 10,749 | 10,018,701 |
Heartland Dental LLC (1 M SOFR + 5.000%) 10.102%, 04/28/28• | 16,951 | 16,329,672 |
Loire Finco Luxembourg Sarl (1 M ICE LIBOR + 3.500%) 8.654%, 04/21/27• | 2,145 | 2,078,191 |
Loire US Holdco 1, Inc. (1 M SOFR + 3.000%) 8.102%, 04/21/27• | 12,604 | 12,178,297 |
49,300,107 | ||
Insurance — 3.5% | ||
Alliant Holdings Intermediate LLC | ||
(1 M SOFR + 3.500%), 8.647%, 11/05/27• | 7,942 | 7,885,884 |
(1 M ICE LIBOR + 3.500%), 8.650%, 11/05/27• | 22,054 | 21,904,571 |
AssuredPartners, Inc. | ||
(1 M SOFR + 3.500%), 8.602%, 02/12/27• | 877 | 867,957 |
(1 M SOFR + 3.614%), 8.717%, 02/12/27• | 344 | 340,471 |
(1 M SOFR + 3.614%), 8.717%, 02/12/27• | 516 | 510,518 |
BroadStreet Partners, Inc. | ||
(1 M SOFR + 2.864%), 7.967%, 01/27/27• | 192 | 189,655 |
(1 M SOFR + 4.000%), 9.160%, 01/29/29• | 4,736 | 4,702,080 |
HUB International Ltd. | ||
(1 M SOFR + 4.000%), 9.072%, 11/10/29• | 4,424 | 4,416,696 |
(1 M SOFR + 4.250%), 9.341%, 06/08/30 | 77,158 | 77,297,656 |
Hyperion Refinance Sarl (1 M ICE LIBOR + 3.250%) 8.500%, 11/12/27• | 17,041 | 16,918,147 |
Ryan Specialty Group LLC (1 M SOFR + 3.100%) 8.202%, 09/01/27• | 4,075 | 4,065,851 |
USI, Inc. | ||
(3 M ICE LIBOR + 3.250%), 8.788%, 12/02/26• | 19,766 | 19,737,722 |
(3 M SOFR + 3.750%), 8.992%, 11/22/29• | 16,396 | 16,355,029 |
175,192,237 |
Par (000) | Value† | |
Lodging — 0.3% | ||
Hilton Worldwide Finance LLC (1 M SOFR +1.750%) 6.939%, 06/22/26• | $ 12,740 | $ 12,720,308 |
Media — 0.2% | ||
Charter Communications Operating LLC | ||
(3 M SOFR +1.750%), 6.795%, 04/30/25• | 4,821 | 4,816,029 |
(3 M SOFR +1.750%), 6.795%, 02/01/27• | 3,468 | 3,444,407 |
8,260,436 | ||
Pharmaceuticals — 0.2% | ||
PetVet Care Centers LLC | ||
(1 M ICE LIBOR + 2.750%), 7.904%, 02/14/25• | 1,240 | 1,197,498 |
(1 M ICE LIBOR + 3.250%), 8.404%, 02/14/25• | 5,147 | 4,992,339 |
(1 M ICE LIBOR + 3.500%), 8.654%, 02/14/25• | 5,355 | 5,232,904 |
(1 M ICE LIBOR + 6.250%), 11.404%, 02/13/26• | 405 | 368,550 |
11,791,291 | ||
Retail — 0.3% | ||
1011778 BC ULC (1 M ICE LIBOR + 1.750%) 6.943%, 11/19/26• | 944 | 937,051 |
IRB Holding Corp. (1 M SOFR + 3.100%) 8.253%, 12/15/27• | 12,939 | 12,838,088 |
Woof Holdings, Inc. (1 M SOFR + 3.864%) 8.954%, 12/21/27• | 1,635 | 1,597,945 |
15,373,084 | ||
Software — 3.0% | ||
Applied Systems, Inc. | ||
(3 M SOFR + 4.500%), 9.398%, 09/18/26• | 29,336 | 29,363,447 |
(3 M SOFR + 6.750%), 11.992%, 09/17/27• | 5,522 | 5,518,419 |
AthenaHealth Group, Inc. (1 M SOFR + 3.500%) 8.589%, 02/15/29• | 17,387 | 16,712,927 |
Azalea TopCo, Inc. | ||
(1 M SOFR + 3.614%), 8.768%, 07/24/26• | 18,231 | 17,688,437 |
(1 M SOFR + 3.850%), 8.952%, 07/24/26• | 3,418 | 3,315,912 |
(1 M SOFR + 3.864%), 8.967%, 07/24/26• | 5,867 | 5,662,968 |
Qualtrics Acquireco LLC 0.000%, 06/28/30(1),×,• | 948 | 947,113 |
Par (000) | Value† | |
LOAN AGREEMENTS‡ — (continued) | ||
Software — (continued) | ||
RealPage, Inc. | ||
(1 M ICE LIBOR + 3.000%), 8.154%, 04/24/28• | $ 19,252 | $ 18,814,307 |
(1 M ICE LIBOR + 6.500%), 11.654%, 04/23/29• | 700 | 676,081 |
Sophia LP | ||
(3 M ICE LIBOR + 3.500%), 9.038%, 10/07/27• | 7,229 | 7,142,891 |
(1 M SOFR + 4.250%), 9.352%, 10/07/27• | 2,151 | 2,126,963 |
Storable, Inc. (1 M SOFR + 3.500%) 8.653%, 04/17/28• | 2,605 | 2,532,409 |
UKG, Inc. (3 M SOFR + 3.350%) 8.271%, 05/04/26• | 39,342 | 38,567,216 |
149,069,090 | ||
Telecommunications — 0.1% | ||
SBA Senior Finance II LLC (1 M ICE LIBOR + 1.750%) 6.950%, 04/11/25• | 7,363 | 7,359,757 |
TOTAL LOAN AGREEMENTS (Cost $513,092,249) | 510,723,297 | |
U.S. TREASURY OBLIGATIONS — 8.2% | ||
U.S. Treasury Notes | ||
2.750%, 08/15/32 | 42,198 | 38,661,811 |
4.125%, 11/15/32 | 164,467 | 167,962,230 |
3.500%, 02/15/33 | 207,714 | 202,229,052 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $419,274,683) | 408,853,093 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 7.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) | 16,262,781 | 16,262,781 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 5.180%) | 345,001,452 | 345,001,452 |
TOTAL SHORT-TERM INVESTMENTS (Cost $361,264,233) | 361,264,233 | |
TOTAL INVESTMENTS — 102.7% (Cost $4,767,087,250) | $ 5,094,403,266 | |
Other Assets & Liabilities — (2.7)% | (136,125,902) | |
TOTAL NET ASSETS — 100.0% | $ 4,958,277,364 |
Number of Contracts | Value† | |
WRITTEN OPTIONS — (1.3)% | ||
Call Options | ||
TOTAL WRITTEN OPTIONS | ||
(See open written options schedule) | ||
(Premiums $(43,924,869)) | 42,815 | $ (66,301,856) |
† | See Security Valuation Note. |
@ | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of Rule 144A securities was $399,075,276, which represents 8.0% 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, 2023, the aggregate value of restricted securities was $9,365,964 which represented 0.2% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. |
Investment | Date of Acquisition | Cost | Value |
Waymo LLC, Series A-2 | 05/08/20 | $21,086,237 | $9,365,964 |
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, 2023. 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, 2023, at which time the interest rate, based on the LIBOR/SOFR 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. |
MSCI— Morgan Stanley Capital International. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S&P— Standards & Poor's |
SOFR— Secured Overnight Financing Rate. |
UST— US Treasury. |
Yr— Year. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Asset Backed Securities | $ 4,425,054 | $ — | $ 4,425,054 | $ — |
Common Stocks | 3,282,047,109 | 3,282,047,109 | — | — |
Preferred Stocks | ||||
Auto Manufacturers | 9,365,964 | — | — | 9,365,964 |
Diversified Financial Services | 300,000 | 300,000 | — | — |
Electric | 13,745,401 | 13,745,401 | — | — |
Gas | 1,425,275 | 1,425,275 | — | — |
Total Preferred Stocks | 24,836,640 | 15,470,676 | — | 9,365,964 |
Corporate Bonds | 502,253,840 | — | 502,253,840 | — |
Loan Agreements | 510,723,297 | — | 509,776,184 | 947,113 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
U.S. Treasury Obligations | $ 408,853,093 | $ — | $408,853,093 | $ — |
Short-Term Investments | 361,264,233 | 361,264,233 | — | — |
Total Investments | $ 5,094,403,266 | $ 3,658,782,018 | $ 1,425,308,171 | $ 10,313,077 |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Other Financial Instruments(1) | ||||
Unfunded Loan Commitment | $ (78,592) | $ — | $(78,592) | $— |
Written Options | (66,301,856) | (66,301,856) | — | — |
Total Liabilities—Other Financial Instruments | $ (66,380,448) | $ (66,301,856) | $ (78,592) | $ — |
(1) | Other financial instruments are derivative instruments with the exception of an unfunded loan commitment 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 and written options which are reported at their fair value at period end. |
^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
Borrower | Par (000) | Unfunded loan commitment Amount | Current Value | Unrealized Depreciation |
AthenaHealth Group, Inc. | 2,141 | $2,136,921 | $2,058,329 | $(78,592) |
Open Written Options |
Exchange Traded |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
AbbVie, Inc. | 31 | $ 449,500 | $ 145 | 01/19/24 | $ (12,090) | |||||
AbbVie, Inc. | 31 | 465,000 | 150 | 01/19/24 | (7,874) | |||||
AbbVie, Inc. | 403 | 6,246,500 | 155 | 01/19/24 | (59,241) | |||||
AbbVie, Inc. | 404 | 6,464,000 | 160 | 01/19/24 | (38,380) | |||||
AbbVie, Inc. | 510 | 8,670,000 | 170 | 01/19/24 | (17,850) | |||||
AbbVie, Inc. | 253 | 4,427,500 | 175 | 01/19/24 | (5,313) | |||||
AbbVie, Inc. | 380 | 6,840,000 | 180 | 01/19/24 | (8,360) | |||||
AbbVie, Inc. | 128 | 2,368,000 | 185 | 01/19/24 | (640) | |||||
AbbVie, Inc. | 128 | 2,496,000 | 195 | 01/19/24 | (128) | |||||
AbbVie, Inc. | 128 | 2,560,000 | 200 | 01/19/24 | (896) | |||||
Alphabet, Inc. | 332 | 3,403,000 | 103 | 01/19/24 | (725,420) | |||||
Alphabet, Inc. | 1,168 | 14,016,000 | 120 | 01/19/24 | (1,354,880) | |||||
Alphabet, Inc. | 624 | 8,860,800 | 142 | 01/19/24 | (205,920) | |||||
Amazon.com, Inc. | 385 | 4,138,750 | 108 | 01/19/24 | (1,133,825) | |||||
Amazon.com, Inc. | 769 | 8,459,000 | 110 | 01/19/24 | (2,137,820) | |||||
Amazon.com, Inc. | 1,494 | 17,181,000 | 115 | 01/19/24 | (3,566,178) | |||||
Amazon.com, Inc. | 385 | 4,620,000 | 120 | 01/19/24 | (785,400) | |||||
Amazon.com, Inc. | 935 | 12,388,750 | 133 | 01/19/24 | (1,220,175) | |||||
Amazon.com, Inc. | 648 | 8,748,000 | 135 | 01/19/24 | (760,752) | |||||
Analog Devices, Inc. | 155 | 3,100,000 | 200 | 01/19/24 | (213,900) | |||||
Analog Devices, Inc. | 31 | 651,000 | 210 | 01/19/24 | (30,690) | |||||
Analog Devices, Inc. | 31 | 651,000 | 210 | 06/21/24 | (48,980) | |||||
Analog Devices, Inc. | 31 | 682,000 | 220 | 06/21/24 | (37,820) | |||||
Apple, Inc. | 321 | 4,654,500 | 145 | 01/19/24 | (1,738,215) | |||||
Apple, Inc. | 641 | 9,615,000 | 150 | 01/19/24 | (3,160,130) | |||||
Apple, Inc. | 641 | 9,935,500 | 155 | 01/19/24 | (2,884,500) | |||||
Apple, Inc. | 949 | 17,082,000 | 180 | 01/19/24 | (2,334,540) | |||||
Apple, Inc. | 374 | 7,293,000 | 195 | 01/19/24 | (536,690) | |||||
Apple, Inc. | 312 | 6,240,000 | 200 | 01/19/24 | (360,360) | |||||
Apple, Inc. | 62 | 1,271,000 | 205 | 01/19/24 | (57,040) | |||||
Baxter International, Inc. | 310 | 1,550,000 | 50 | 01/19/24 | (68,200) | |||||
Becton Dickinson & Co. | 194 | 5,238,000 | 270 | 01/19/24 | (258,020) | |||||
Becton Dickinson & Co. | 194 | 5,432,000 | 280 | 01/19/24 | (153,260) | |||||
Becton Dickinson & Co. | 130 | 3,770,000 | 290 | 01/19/24 | (58,500) | |||||
Becton Dickinson & Co. | 130 | 3,900,000 | 300 | 01/19/24 | (30,550) | |||||
CME Group, Inc. | 47 | 893,000 | 190 | 01/19/24 | (34,780) | |||||
CME Group, Inc. | 47 | 940,000 | 200 | 01/19/24 | (17,860) | |||||
CME Group, Inc. | 48 | 1,008,000 | 210 | 01/19/24 | (7,920) | |||||
Danaher Corp. | 321 | 9,309,000 | 290 | 01/19/24 | (77,040) | |||||
Danaher Corp. | 66 | 1,980,000 | 300 | 01/19/24 | (11,220) | |||||
Danaher Corp. | 66 | 2,046,000 | 310 | 01/19/24 | (5,940) | |||||
Danaher Corp. | 66 | 2,112,000 | 320 | 01/19/24 | (5,082) | |||||
Equifax, Inc. | 298 | 6,556,000 | 220 | 12/15/23 | (837,380) | |||||
Equifax, Inc. | 109 | 2,507,000 | 230 | 12/15/23 | (235,440) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Equifax, Inc. | 365 | $ 8,760,000 | $ 240 | 12/15/23 | $ (540,200) | |||||
Equifax, Inc. | 31 | 713,000 | 230 | 01/19/24 | (70,060) | |||||
Equifax, Inc. | 31 | 744,000 | 240 | 01/19/24 | (56,420) | |||||
Exelon Corp. | 1,832 | 8,244,000 | 45 | 01/19/24 | (146,560) | |||||
Exelon Corp. | 436 | 2,049,200 | 47 | 01/19/24 | (15,260) | |||||
Exelon Corp. | 496 | 2,480,000 | 50 | 01/19/24 | (4,960) | |||||
Exelon Corp. | 62 | 291,400 | 47 | 06/21/24 | (6,820) | |||||
Fortive Corp. | 62 | 465,000 | 75 | 12/15/23 | (29,078) | |||||
Fortive Corp. | 62 | 496,000 | 80 | 12/15/23 | (17,546) | |||||
GE HealthCare Technologies, Inc. | 124 | 1,054,000 | 85 | 01/19/24 | (65,720) | |||||
GE HealthCare Technologies, Inc. | 373 | 3,357,000 | 90 | 01/19/24 | (121,225) | |||||
General Electric Co. | 436 | 3,924,000 | 90 | 01/19/24 | (1,068,200) | |||||
General Electric Co. | 436 | 4,142,000 | 95 | 01/19/24 | (880,284) | |||||
General Electric Co. | 742 | 8,162,000 | 110 | 01/19/24 | (762,034) | |||||
General Electric Co. | 741 | 8,521,500 | 115 | 01/19/24 | (563,160) | |||||
Hilton Worldwide Holdings, Inc. | 65 | 910,000 | 140 | 01/19/24 | (101,595) | |||||
Hilton Worldwide Holdings, Inc. | 366 | 5,307,000 | 145 | 01/19/24 | (457,500) | |||||
Hilton Worldwide Holdings, Inc. | 367 | 5,505,000 | 150 | 01/19/24 | (375,074) | |||||
Hilton Worldwide Holdings, Inc. | 189 | 2,929,500 | 155 | 01/19/24 | (139,860) | |||||
Hilton Worldwide Holdings, Inc. | 124 | 1,984,000 | 160 | 01/19/24 | (69,440) | |||||
Ingersoll Rand, Inc. | 260 | 1,560,000 | 60 | 12/15/23 | (210,600) | |||||
Ingersoll Rand, Inc. | 310 | 2,325,000 | 75 | 12/15/23 | (34,100) | |||||
Intercontinental Exchange, Inc. | 634 | 6,974,000 | 110 | 01/19/24 | (583,280) | |||||
Intercontinental Exchange, Inc. | 378 | 4,347,000 | 115 | 01/19/24 | (234,360) | |||||
Intercontinental Exchange, Inc. | 62 | 744,000 | 120 | 01/19/24 | (23,560) | |||||
Intuit, Inc. | 62 | 2,976,000 | 480 | 01/19/24 | (218,860) | |||||
Keurig Dr Pepper, Inc. | 340 | 1,258,000 | 37 | 01/19/24 | (1,700) | |||||
Keurig Dr Pepper, Inc. | 340 | 1,360,000 | 40 | 01/19/24 | (1,700) | |||||
KKR & Co., Inc. | 632 | 3,476,000 | 55 | 01/19/24 | (366,560) | |||||
Linde PLC | 126 | 4,914,000 | 390 | 01/19/24 | (252,126) | |||||
Linde PLC | 31 | 1,224,500 | 395 | 01/19/24 | (55,490) | |||||
Linde PLC | 31 | 1,271,000 | 410 | 01/19/24 | (30,070) | |||||
Marsh & McLennan Cos., Inc. | 195 | 3,607,500 | 185 | 07/21/23 | (93,795) | |||||
Marsh & McLennan Cos., Inc. | 195 | 3,705,000 | 190 | 07/21/23 | (44,850) | |||||
Marsh & McLennan Cos., Inc. | 195 | 3,802,500 | 195 | 07/21/23 | (10,725) | |||||
Marsh & McLennan Cos., Inc. | 195 | 3,900,000 | 200 | 07/21/23 | (11,700) | |||||
Marsh & McLennan Cos., Inc. | 253 | 4,554,000 | 180 | 01/19/24 | (441,738) | |||||
Marsh & McLennan Cos., Inc. | 283 | 5,377,000 | 190 | 01/19/24 | (226,400) | |||||
Marsh & McLennan Cos., Inc. | 31 | 620,000 | 200 | 01/19/24 | (16,740) | |||||
Mastercard, Inc. | 128 | 4,864,000 | 380 | 01/19/24 | (493,440) | |||||
Mastercard, Inc. | 349 | 13,960,000 | 400 | 01/19/24 | (898,675) | |||||
Mastercard, Inc. | 31 | 1,255,500 | 405 | 01/19/24 | (66,185) | |||||
Mastercard, Inc. | 189 | 7,749,000 | 410 | 01/19/24 | (354,375) | |||||
Mastercard, Inc. | 159 | 6,678,000 | 420 | 01/19/24 | (242,475) | |||||
Mastercard, Inc. | 31 | 1,317,500 | 425 | 01/19/24 | (39,215) | |||||
Mastercard, Inc. | 128 | 5,504,000 | 430 | 01/19/24 | (133,120) | |||||
Meta Platforms, Inc. | 312 | 9,048,000 | 290 | 01/19/24 | (1,067,040) | |||||
Microsoft Corp. | 224 | 6,160,000 | 275 | 01/19/24 | (1,748,544) | |||||
Microsoft Corp. | 224 | 6,496,000 | 290 | 01/19/24 | (1,460,480) | |||||
Microsoft Corp. | 1,172 | 35,160,000 | 300 | 01/19/24 | (6,710,872) | |||||
Microsoft Corp. | 124 | 4,464,000 | 360 | 01/19/24 | (246,760) | |||||
Microsoft Corp. | 124 | 4,650,000 | 375 | 01/19/24 | (174,840) | |||||
NXP Semiconductors N.V. | 199 | 3,383,000 | 170 | 01/19/24 | (861,670) | |||||
NXP Semiconductors N.V. | 391 | 7,038,000 | 180 | 01/19/24 | (1,419,330) | |||||
NXP Semiconductors N.V. | 391 | 7,233,500 | 185 | 01/19/24 | (1,262,930) | |||||
NXP Semiconductors N.V. | 253 | 4,807,000 | 190 | 01/19/24 | (736,230) | |||||
NXP Semiconductors N.V. | 391 | 7,624,500 | 195 | 01/19/24 | (1,016,600) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
NXP Semiconductors N.V. | 253 | $ 5,060,000 | $ 200 | 01/19/24 | $ (595,056) | |||||
NXP Semiconductors N.V. | 62 | 1,302,000 | 210 | 01/19/24 | (115,940) | |||||
NXP Semiconductors N.V. | 62 | 1,364,000 | 220 | 01/19/24 | (86,180) | |||||
NXP Semiconductors N.V. | 46 | 1,012,000 | 220 | 06/21/24 | (101,200) | |||||
Revvity, Inc. | 162 | 2,511,000 | 155 | 09/15/23 | (4,050) | |||||
Revvity, Inc. | 162 | 2,673,000 | 165 | 09/15/23 | (8,910) | |||||
Revvity, Inc. | 162 | 2,754,000 | 170 | 09/15/23 | (1,620) | |||||
Revvity, Inc. | 162 | 2,835,000 | 175 | 09/15/23 | (3,240) | |||||
Roper Technologies, Inc. | 127 | 5,969,000 | 470 | 08/18/23 | (254,381) | |||||
Roper Technologies, Inc. | 33 | 1,584,000 | 480 | 08/18/23 | (39,600) | |||||
Roper Technologies, Inc. | 33 | 1,650,000 | 500 | 08/18/23 | (14,520) | |||||
Roper Technologies, Inc. | 33 | 1,716,000 | 520 | 08/18/23 | (2,805) | |||||
Roper Technologies, Inc. | 33 | 1,782,000 | 540 | 08/18/23 | (165) | |||||
Roper Technologies, Inc. | 31 | 1,519,000 | 490 | 02/16/24 | (84,320) | |||||
Roper Technologies, Inc. | 31 | 1,581,000 | 510 | 02/16/24 | (59,520) | |||||
S&P Global, Inc. | 43 | 1,591,000 | 370 | 01/19/24 | (208,120) | |||||
S&P Global, Inc. | 43 | 1,677,000 | 390 | 01/19/24 | (147,920) | |||||
S&P Global, Inc. | 74 | 2,960,000 | 400 | 01/19/24 | (204,980) | |||||
S&P Global, Inc. | 51 | 2,091,000 | 410 | 01/19/24 | (116,229) | |||||
S&P Global, Inc. | 43 | 1,806,000 | 420 | 01/19/24 | (78,260) | |||||
S&P Global, Inc. | 20 | 860,000 | 430 | 01/19/24 | (28,400) | |||||
S&P Global, Inc. | 20 | 900,000 | 450 | 01/19/24 | (16,400) | |||||
S&P Global, Inc. | 20 | 940,000 | 470 | 01/19/24 | (7,400) | |||||
Salesforce, Inc. | 165 | 2,640,000 | 160 | 01/19/24 | (966,900) | |||||
Salesforce, Inc. | 325 | 5,362,500 | 165 | 01/19/24 | (1,764,750) | |||||
Salesforce, Inc. | 160 | 2,720,000 | 170 | 01/19/24 | (803,200) | |||||
Salesforce, Inc. | 93 | 2,139,000 | 230 | 01/19/24 | (130,665) | |||||
Salesforce, Inc. | 93 | 2,232,000 | 240 | 01/19/24 | (100,905) | |||||
Salesforce, Inc. | 31 | 713,000 | 230 | 06/21/24 | (70,370) | |||||
Salesforce, Inc. | 31 | 744,000 | 240 | 06/21/24 | (60,915) | |||||
Starbucks Corp. | 367 | 3,670,000 | 100 | 01/19/24 | (266,075) | |||||
Starbucks Corp. | 367 | 3,853,500 | 105 | 01/19/24 | (174,325) | |||||
Starbucks Corp. | 241 | 2,771,500 | 115 | 01/19/24 | (42,175) | |||||
Stryker Corp. | 128 | 3,456,000 | 270 | 01/19/24 | (584,960) | |||||
Stryker Corp. | 128 | 3,584,000 | 280 | 01/19/24 | (497,792) | |||||
Stryker Corp. | 128 | 3,712,000 | 290 | 01/19/24 | (384,000) | |||||
Stryker Corp. | 128 | 3,840,000 | 300 | 01/19/24 | (320,000) | |||||
Stryker Corp. | 95 | 2,945,000 | 310 | 01/19/24 | (169,100) | |||||
Stryker Corp. | 84 | 2,688,000 | 320 | 01/19/24 | (117,600) | |||||
TE Connectivity Ltd. | 99 | 1,237,500 | 125 | 07/21/23 | (134,640) | |||||
TE Connectivity Ltd. | 195 | 2,535,000 | 130 | 07/21/23 | (187,200) | |||||
TE Connectivity Ltd. | 195 | 2,632,500 | 135 | 07/21/23 | (123,435) | |||||
TE Connectivity Ltd. | 195 | 2,730,000 | 140 | 07/21/23 | (48,750) | |||||
Teledyne Technologies, Inc. | 15 | 660,000 | 440 | 12/15/23 | (19,050) | |||||
Teledyne Technologies, Inc. | 15 | 690,000 | 460 | 12/15/23 | (9,900) | |||||
Texas Instruments, Inc. | 256 | 4,608,000 | 180 | 01/19/24 | (345,344) | |||||
Texas Instruments, Inc. | 349 | 6,631,000 | 190 | 01/19/24 | (313,053) | |||||
Texas Instruments, Inc. | 349 | 6,805,500 | 195 | 01/19/24 | (235,575) | |||||
Texas Instruments, Inc. | 1,047 | 20,940,000 | 200 | 01/19/24 | (569,568) | |||||
Texas Instruments, Inc. | 62 | 1,209,000 | 195 | 06/21/24 | (74,090) | |||||
Texas Instruments, Inc. | 62 | 1,240,000 | 200 | 06/21/24 | (65,100) | |||||
The PNC Financial Services Group, Inc. | 153 | 2,601,000 | 170 | 01/19/24 | (7,650) | |||||
The PNC Financial Services Group, Inc. | 249 | 4,357,500 | 175 | 01/19/24 | (3,735) | |||||
The PNC Financial Services Group, Inc. | 99 | 1,831,500 | 185 | 01/19/24 | (495) | |||||
The PNC Financial Services Group, Inc. | 99 | 1,881,000 | 190 | 01/19/24 | (495) | |||||
The PNC Financial Services Group, Inc. | 99 | 1,980,000 | 200 | 01/19/24 | (495) | |||||
Thermo Fisher Scientific, Inc. | 15 | 840,000 | 560 | 01/19/24 | (35,250) |
Call Options | ||||||||||
Description | # of Contracts | Notional | Exercise Price | Expiration Date | Value | |||||
Thermo Fisher Scientific, Inc. | 15 | $ 885,000 | $ 590 | 01/19/24 | $ (18,750) | |||||
Thermo Fisher Scientific, Inc. | 124 | 7,440,000 | 600 | 01/19/24 | (129,580) | |||||
Thermo Fisher Scientific, Inc. | 76 | 4,636,000 | 610 | 01/19/24 | (60,800) | |||||
Thermo Fisher Scientific, Inc. | 44 | 2,728,000 | 620 | 01/19/24 | (22,000) | |||||
Thermo Fisher Scientific, Inc. | 76 | 4,788,000 | 630 | 01/19/24 | (40,280) | |||||
Thermo Fisher Scientific, Inc. | 32 | 2,112,000 | 660 | 01/19/24 | (5,600) | |||||
Thermo Fisher Scientific, Inc. | 32 | 2,208,000 | 690 | 01/19/24 | (480) | |||||
TransUnion | 130 | 845,000 | 65 | 10/20/23 | (185,900) | |||||
TransUnion | 130 | 910,000 | 70 | 10/20/23 | (140,400) | |||||
TransUnion | 124 | 992,000 | 80 | 12/15/23 | (49,600) | |||||
UnitedHealth Group, Inc. | 62 | 3,410,000 | 550 | 01/19/24 | (52,080) | |||||
UnitedHealth Group, Inc. | 208 | 12,064,000 | 580 | 01/19/24 | (72,800) | |||||
UnitedHealth Group, Inc. | 220 | 13,200,000 | 600 | 01/19/24 | (43,340) | |||||
Visa, Inc. | 192 | 4,416,000 | 230 | 01/19/24 | (418,560) | |||||
Visa, Inc. | 223 | 5,352,000 | 240 | 01/19/24 | (346,765) | |||||
Visa, Inc. | 93 | 2,278,500 | 245 | 01/19/24 | (119,784) | |||||
Visa, Inc. | 192 | 4,800,000 | 250 | 01/19/24 | (196,416) | |||||
Visa, Inc. | 223 | 5,798,000 | 260 | 01/19/24 | (139,375) | |||||
Visa, Inc. | 15 | 375,000 | 250 | 06/21/24 | (27,405) | |||||
Visa, Inc. | 15 | 390,000 | 260 | 06/21/24 | (20,460) | |||||
Yum! Brands, Inc. | 899 | 12,586,000 | 140 | 01/19/24 | (692,230) | |||||
Yum! Brands, Inc. | 222 | 3,219,000 | 145 | 01/19/24 | (117,660) | |||||
Yum! Brands, Inc. | 222 | 3,330,000 | 150 | 01/19/24 | (67,488) | |||||
Total Written Options | $(66,301,856) |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 60.1% | ||
Penn Series Index 500 Fund* (Cost $23,637,021) | 1,138,454 | $ 44,991,714 |
AFFILIATED FIXED INCOME FUNDS — 39.7% | ||
Penn Series Quality Bond Fund* (Cost $30,710,845) | 1,949,589 | 29,731,224 |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $335,870) | 335,870 | 335,870 |
TOTAL INVESTMENTS — 100.2% (Cost $54,683,736) | $ 75,058,808 | |
Other Assets & Liabilities — (0.2)% | (154,335) | |
TOTAL NET ASSETS — 100.0% | $ 74,904,473 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $44,991,714 | $44,991,714 | $— | $— |
Affiliated Fixed Income Funds | 29,731,224 | 29,731,224 | — | — |
Short-Term Investments | 335,870 | 335,870 | — | — |
Total Investments | $ 75,058,808 | $ 75,058,808 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 99.7% | ||
Advertising — 0.6% | ||
The Trade Desk, Inc., Class A* | 23,884 | $ 1,844,322 |
Aerospace & Defense — 0.5% | ||
Airbus S.E. | 10,682 | 1,542,814 |
Auto Manufacturers — 3.6% | ||
Ferrari N.V. | 7,388 | 2,402,652 |
Rivian Automotive, Inc., Class A* | 184,837 | 3,079,384 |
Tesla, Inc.* | 20,619 | 5,397,436 |
10,879,472 | ||
Beverages — 0.7% | ||
Constellation Brands, Inc., Class A | 8,559 | 2,106,627 |
Biotechnology — 1.5% | ||
Argenx S.E., ADR* | 4,624 | 1,802,111 |
Legend Biotech Corp., ADR* | 11,329 | 782,041 |
Vertex Pharmaceuticals, Inc.* | 5,145 | 1,810,577 |
4,394,729 | ||
Chemicals — 0.7% | ||
Linde PLC | 5,231 | 1,993,429 |
Commercial Services — 1.1% | ||
Cintas Corp. | 1,871 | 930,037 |
Global Payments, Inc. | 8,119 | 799,884 |
TransUnion | 21,052 | 1,649,003 |
3,378,924 | ||
Computers — 10.1% | ||
Accenture PLC, Class A | 7,728 | 2,384,706 |
Apple, Inc. | 144,837 | 28,094,033 |
30,478,739 | ||
Cosmetics & Personal Care — 1.0% | ||
The Estee Lauder Cos., Inc., Class A | 7,685 | 1,509,180 |
The Procter & Gamble Co. | 10,371 | 1,573,696 |
3,082,876 | ||
Diversified Financial Services — 5.9% | ||
Ant Group Co., Ltd.(1),# | 279,408 | 491,758 |
Mastercard, Inc., Class A | 18,437 | 7,251,272 |
The Charles Schwab Corp. | 19,127 | 1,084,118 |
Visa, Inc., Class A | 37,105 | 8,811,696 |
17,638,844 | ||
Electronics — 0.0% | ||
Amphenol Corp., Class A | 1,904 | 161,745 |
Healthcare Products — 3.2% | ||
Align Technology, Inc.* | 2,017 | 713,292 |
Avantor, Inc.* | 56,640 | 1,163,386 |
Danaher Corp. | 5,531 | 1,327,440 |
Intuitive Surgical, Inc.* | 13,479 | 4,609,009 |
Stryker Corp. | 3,594 | 1,096,493 |
Thermo Fisher Scientific, Inc. | 1,160 | 605,230 |
9,514,850 |
Number of Shares | Value† | |
Healthcare Services — 4.2% | ||
HCA Healthcare, Inc. | 3,982 | $ 1,208,457 |
Humana, Inc. | 6,340 | 2,834,804 |
UnitedHealth Group, Inc. | 17,934 | 8,619,798 |
12,663,059 | ||
Insurance — 0.9% | ||
Chubb Ltd. | 13,760 | 2,649,626 |
Internet — 20.9% | ||
Alphabet, Inc., Class A* | 112,580 | 13,475,826 |
Alphabet, Inc., Class C* | 39,440 | 4,771,057 |
Amazon.com, Inc.* | 141,665 | 18,467,449 |
Booking Holdings, Inc.* | 540 | 1,458,178 |
Coupang, Inc.* | 104,482 | 1,817,987 |
Match Group, Inc.* | 29,921 | 1,252,194 |
Meta Platforms, Inc., Class A* | 39,061 | 11,209,726 |
Netflix, Inc.* | 10,577 | 4,659,063 |
Pinterest, Inc., Class A* | 82,656 | 2,259,815 |
Shopify, Inc., Class A* | 28,934 | 1,869,136 |
Spotify Technology S.A.* | 10,654 | 1,710,500 |
62,950,931 | ||
Lodging — 0.6% | ||
Las Vegas Sands Corp.* | 32,445 | 1,881,810 |
Miscellaneous Manufacturing — 1.2% | ||
Teledyne Technologies, Inc.* | 8,550 | 3,514,990 |
Pharmaceuticals — 4.4% | ||
Eli Lilly & Co. | 16,338 | 7,662,195 |
McKesson Corp. | 3,758 | 1,605,831 |
The Cigna Group. | 10,150 | 2,848,090 |
Zoetis, Inc. | 6,679 | 1,150,191 |
13,266,307 | ||
Retail — 2.5% | ||
Chipotle Mexican Grill, Inc.* | 1,553 | 3,321,867 |
Floor & Decor Holdings, Inc., Class A* | 9,666 | 1,004,877 |
Lululemon Athletica, Inc.* | 2,655 | 1,004,918 |
Ross Stores, Inc. | 18,868 | 2,115,669 |
7,447,331 | ||
Semiconductors — 10.1% | ||
Advanced Micro Devices, Inc.* | 40,946 | 4,664,159 |
ASML Holding N.V. | 6,075 | 4,402,856 |
Lam Research Corp. | 3,062 | 1,968,437 |
Marvell Technology, Inc. | 27,428 | 1,639,646 |
NVIDIA Corp. | 41,840 | 17,699,157 |
30,374,255 | ||
Software — 24.3% | ||
Activision Blizzard, Inc.* | 15,309 | 1,290,549 |
Atlassian Corp., Class A* | 4,691 | 787,197 |
Ceridian HCM Holding, Inc.* | 18,189 | 1,218,117 |
Dynatrace, Inc.* | 34,301 | 1,765,472 |
Fiserv, Inc.* | 41,364 | 5,218,069 |
Intuit, Inc. | 13,576 | 6,220,387 |
Magic Leap, Inc., Class A(1),*,# | 1,353 | 25,980 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
Microsoft Corp. | 126,728 | $ 43,155,953 |
Monday.com Ltd.* | 1,931 | 330,626 |
MongoDB, Inc.* | 2,524 | 1,037,339 |
Roper Technologies, Inc. | 7,050 | 3,389,640 |
Salesforce, Inc.* | 18,602 | 3,929,859 |
ServiceNow, Inc.* | 8,428 | 4,736,283 |
Stripe, Inc., Class B(1),*,# | 8,608 | 173,279 |
73,278,750 | ||
Telecommunications — 0.9% | ||
T-Mobile US, Inc.* | 18,920 | 2,627,988 |
Transportation — 0.8% | ||
FedEx Corp. | 2,614 | 648,011 |
Old Dominion Freight Line, Inc. | 4,763 | 1,761,119 |
2,409,130 | ||
TOTAL COMMON STOCKS (Cost $200,127,273) | 300,081,548 | |
PREFERRED STOCKS — 1.1% | ||
Auto Manufacturers — 0.5% | ||
Dr. Ing. h.c. F. Porsche AG | 12,175 | 1,511,210 |
Waymo LLC, Series A-2, CONV(1),*,# | 3,737 | 142,529 |
1,653,739 | ||
Electronics — 0.6% | ||
GM Cruise, Class F, CONV(1),*,# | 27,200 | 461,856 |
Sartorius AG | 3,932 | 1,360,549 |
1,822,405 | ||
TOTAL PREFERRED STOCKS (Cost $3,245,993) | 3,476,144 |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) | 1,267,749 | 1,267,749 |
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 5.180%) | 1,322,965 | 1,322,965 |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,590,714) | 2,590,714 | |
TOTAL INVESTMENTS — 101.7% (Cost $205,963,980) | $ 306,148,406 | |
Other Assets & Liabilities — (1.7)% | (5,177,751) | |
TOTAL NET ASSETS — 100.0% | $ 300,970,655 |
† | 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, 2023, the aggregate value of restricted securities was $1,295,402 which represented 0.4% 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. | 06/07/18 | $1,064,929 | $ 491,758 | |
GM Cruise, Class F | 05/07/19 | 496,400 | 461,856 | |
Magic Leap, Inc., Class A | 01/20/16 | 657,500 | 25,980 | |
Stripe, Inc., Class B | 12/17/19 | 135,060 | 173,279 | |
Waymo LLC, Series A-2 | 05/08/20 | 320,886 | 142,529 | |
Total | $ 2,674,775 | $1,295,402 |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
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 6/30/2023†† | |
United States | 92% |
Netherlands | 2 |
Canada | 1 |
Germany | 1 |
Switzerland | 1 |
Italy | 1 |
Ireland | 1 |
Sweden | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Common Stocks | ||||
Advertising | $ 1,844,322 | $ 1,844,322 | $— | $ — |
Aerospace & Defense | 1,542,814 | 1,542,814 | — | — |
Auto Manufacturers | 10,879,472 | 10,879,472 | — | — |
Beverages | 2,106,627 | 2,106,627 | — | — |
Biotechnology | 4,394,729 | 4,394,729 | — | — |
Chemicals | 1,993,429 | 1,993,429 | — | — |
Commercial Services | 3,378,924 | 3,378,924 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Computers | $30,478,739 | $30,478,739 | $— | $ — |
Cosmetics & Personal Care | 3,082,876 | 3,082,876 | — | — |
Diversified Financial Services | 17,638,844 | 17,147,086 | — | 491,758 |
Electronics | 161,745 | 161,745 | — | — |
Healthcare Products | 9,514,850 | 9,514,850 | — | — |
Healthcare Services | 12,663,059 | 12,663,059 | — | — |
Insurance | 2,649,626 | 2,649,626 | — | — |
Internet | 62,950,931 | 62,950,931 | — | — |
Lodging | 1,881,810 | 1,881,810 | — | — |
Miscellaneous Manufacturing | 3,514,990 | 3,514,990 | — | — |
Pharmaceuticals | 13,266,307 | 13,266,307 | — | — |
Retail | 7,447,331 | 7,447,331 | — | — |
Semiconductors | 30,374,255 | 30,374,255 | — | — |
Software | 73,278,750 | 73,079,491 | — | 199,259 |
Telecommunications | 2,627,988 | 2,627,988 | — | — |
Transportation | 2,409,130 | 2,409,130 | — | — |
Total Common Stocks | 300,081,548 | 299,390,531 | — | 691,017 |
Preferred Stocks | ||||
Auto Manufacturers | 1,653,739 | 1,511,210 | — | 142,529 |
Electronics | 1,822,405 | 1,360,549 | — | 461,856 |
Total Preferred Stocks | 3,476,144 | 2,871,759 | — | 604,385 |
Short-Term Investments | 2,590,714 | 2,590,714 | — | — |
Total Investments | $ 306,148,406 | $ 304,853,004 | $ — | $1,295,402 |
^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
Number of Shares | Value† | |
COMMON STOCKS — 98.2% | ||
Apparel — 2.5% | ||
LVMH Moet Hennessy Louis Vuitton S.E. | 773 | $ 727,938 |
NIKE, Inc., Class B | 9,588 | 1,058,228 |
1,786,166 | ||
Auto Parts & Equipment — 1.6% | ||
Aptiv PLC* | 11,031 | 1,126,155 |
Beverages — 1.2% | ||
PepsiCo, Inc. | 4,765 | 882,573 |
Chemicals — 1.6% | ||
The Sherwin-Williams Co. | 4,376 | 1,161,916 |
Commercial Services — 5.0% | ||
Equifax, Inc. | 3,818 | 898,375 |
Gartner, Inc.* | 3,331 | 1,166,883 |
Moody's Corp. | 2,870 | 997,956 |
Verisk Analytics, Inc. | 2,032 | 459,293 |
3,522,507 | ||
Computers — 10.1% | ||
Accenture PLC, Class A | 8,858 | 2,733,402 |
Apple, Inc. | 22,494 | 4,363,161 |
7,096,563 | ||
Cosmetics & Personal Care — 1.5% | ||
Colgate-Palmolive Co. | 2,970 | 228,809 |
The Estee Lauder Cos., Inc., Class A | 4,383 | 860,733 |
1,089,542 | ||
Diversified Financial Services — 7.0% | ||
Brookfield Asset Management Ltd., Class A | 16,651 | 543,491 |
Mastercard, Inc., Class A | 2,196 | 863,687 |
The Charles Schwab Corp. | 12,069 | 684,071 |
Visa, Inc., Class A | 11,840 | 2,811,763 |
4,903,012 | ||
Electric — 1.2% | ||
Xcel Energy, Inc. | 13,718 | 852,848 |
Electrical Components & Equipment — 0.8% | ||
Schneider Electric S.E. | 3,066 | 556,912 |
Electronics — 7.5% | ||
Agilent Technologies, Inc. | 9,242 | 1,111,351 |
Amphenol Corp., Class A | 20,276 | 1,722,446 |
Fortive Corp. | 13,604 | 1,017,171 |
Hubbell, Inc. | 1,338 | 443,627 |
TE Connectivity Ltd. | 7,296 | 1,022,607 |
5,317,202 | ||
Food — 1.7% | ||
McCormick & Co., Inc. | 13,352 | 1,164,695 |
Healthcare Products — 7.3% | ||
Abbott Laboratories | 5,694 | 620,760 |
Boston Scientific Corp.* | 23,833 | 1,289,127 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Danaher Corp. | 3,159 | $ 758,160 |
STERIS PLC | 5,865 | 1,319,508 |
Stryker Corp. | 1,002 | 305,700 |
Thermo Fisher Scientific, Inc. | 1,658 | 865,061 |
5,158,316 | ||
Healthcare Services — 2.2% | ||
ICON PLC* | 6,108 | 1,528,222 |
Household Products & Wares — 2.6% | ||
Church & Dwight Co., Inc. | 18,228 | 1,826,992 |
Insurance — 3.8% | ||
Aon PLC, Class A | 5,152 | 1,778,470 |
Marsh & McLennan Cos., Inc. | 4,656 | 875,701 |
2,654,171 | ||
Internet — 6.6% | ||
Alphabet, Inc., Class A* | 32,001 | 3,830,520 |
Tencent Holdings Ltd. | 20,300 | 859,045 |
4,689,565 | ||
Machinery — Diversified — 1.3% | ||
Otis Worldwide Corp. | 10,052 | 894,729 |
Media — 0.6% | ||
The Walt Disney Co.* | 4,543 | 405,599 |
Miscellaneous Manufacturing — 1.3% | ||
Eaton Corp. PLC | 4,414 | 887,655 |
Pharmaceuticals — 2.0% | ||
Becton Dickinson & Co. | 3,871 | 1,021,983 |
The Cigna Group. | 1,460 | 409,676 |
1,431,659 | ||
Retail — 3.9% | ||
Ross Stores, Inc. | 10,601 | 1,188,690 |
Starbucks Corp. | 6,754 | 669,051 |
The TJX Cos., Inc. | 10,369 | 879,188 |
2,736,929 | ||
Semiconductors — 4.4% | ||
Analog Devices, Inc. | 7,490 | 1,459,127 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 10,718 | 1,081,660 |
Texas Instruments, Inc. | 2,988 | 537,900 |
3,078,687 | ||
Software — 19.2% | ||
Adobe, Inc.* | 3,135 | 1,532,984 |
Black Knight, Inc.* | 14,788 | 883,287 |
Electronic Arts, Inc. | 6,491 | 841,883 |
Fiserv, Inc.* | 8,095 | 1,021,184 |
Microsoft Corp. | 27,199 | 9,262,347 |
13,541,685 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Transportation — 1.3% | ||
Canadian Pacific Kansas City Ltd. | 11,583 | $ 935,559 |
TOTAL COMMON STOCKS (Cost $49,402,415) | 69,229,859 | |
REAL ESTATE INVESTMENT TRUSTS — 1.8% | ||
Diversified — 1.8% | ||
American Tower Corp. (Cost $1,452,947) | 6,749 | 1,308,901 |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $352,719) | 352,719 | 352,719 |
TOTAL INVESTMENTS — 100.5% (Cost $51,208,081) | $ 70,891,479 | |
Other Assets & Liabilities — (0.5)% | (376,626) | |
TOTAL NET ASSETS — 100.0% | $ 70,514,853 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
Country Weightings as of 6/30/2023†† | |
United States | 86% |
Ireland | 8 |
Canada | 2 |
France | 2 |
Taiwan | 1 |
China | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $69,229,859 | $69,229,859 | $— | $— |
Real Estate Investment Trusts | 1,308,901 | 1,308,901 | — | — |
Short-Term Investments | 352,719 | 352,719 | — | — |
Total Investments | $ 70,891,479 | $ 70,891,479 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 99.4% | ||
Apparel — 3.2% | ||
LVMH Moet Hennessy Louis Vuitton S.E., ADR | 10,380 | $ 1,960,159 |
NIKE, Inc., Class B | 14,907 | 1,645,286 |
3,605,445 | ||
Auto Manufacturers — 2.3% | ||
Ferrari N.V. | 7,840 | 2,549,646 |
Beverages — 2.7% | ||
The Coca-Cola Co. | 50,162 | 3,020,756 |
Commercial Services — 10.6% | ||
CoStar Group, Inc.* | 49,319 | 4,389,391 |
Equifax, Inc. | 10,002 | 2,353,471 |
S&P Global, Inc. | 7,669 | 3,074,425 |
TransUnion | 13,892 | 1,088,160 |
Verisk Analytics, Inc. | 4,457 | 1,007,416 |
11,912,863 | ||
Computers — 7.8% | ||
Apple, Inc. | 44,871 | 8,703,628 |
Diversified Financial Services — 8.5% | ||
Intercontinental Exchange, Inc. | 26,182 | 2,960,661 |
Mastercard, Inc., Class A | 2,585 | 1,016,680 |
Visa, Inc., Class A | 23,330 | 5,540,408 |
9,517,749 | ||
Environmental Control — 0.8% | ||
Waste Connections, Inc. | 6,475 | 925,472 |
Healthcare Products — 6.3% | ||
Danaher Corp. | 13,040 | 3,129,600 |
Intuitive Surgical, Inc.* | 5,457 | 1,865,967 |
The Cooper Cos., Inc. | 5,370 | 2,059,019 |
7,054,586 | ||
Healthcare Services — 3.8% | ||
UnitedHealth Group, Inc. | 8,967 | 4,309,899 |
Internet — 16.4% | ||
Alphabet, Inc., Class A* | 48,002 | 5,745,839 |
Alphabet, Inc., Class C* | 7,704 | 931,953 |
Amazon.com, Inc.* | 41,807 | 5,449,961 |
Booking Holdings, Inc.* | 533 | 1,439,276 |
VeriSign, Inc.* | 21,333 | 4,820,618 |
18,387,647 | ||
Pharmaceuticals — 1.0% | ||
Zoetis, Inc. | 6,620 | 1,140,030 |
Retail — 0.7% | ||
The Home Depot, Inc. | 2,566 | 797,102 |
Semiconductors — 4.9% | ||
NVIDIA Corp. | 12,904 | 5,458,650 |
Software — 24.7% | ||
Adobe, Inc.* | 4,249 | 2,077,718 |
Number of Shares | Value† | |
Software — (continued) | ||
Autodesk, Inc.* | 6,952 | $ 1,422,449 |
Broadridge Financial Solutions, Inc. | 11,098 | 1,838,162 |
Electronic Arts, Inc. | 20,351 | 2,639,524 |
Intuit, Inc. | 6,509 | 2,982,359 |
Microsoft Corp. | 39,683 | 13,513,649 |
Salesforce, Inc.* | 9,243 | 1,952,676 |
Veeva Systems, Inc., Class A* | 6,334 | 1,252,422 |
27,678,959 | ||
Telecommunications — 3.6% | ||
Motorola Solutions, Inc. | 13,677 | 4,011,191 |
Transportation — 2.1% | ||
J.B. Hunt Transport Services, Inc. | 10,126 | 1,833,110 |
Union Pacific Corp. | 2,346 | 480,038 |
2,313,148 | ||
TOTAL COMMON STOCKS (Cost $102,108,406) | 111,386,771 |
SHORT-TERM INVESTMENTS — 1.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,080,297) | 1,080,297 | 1,080,297 |
TOTAL INVESTMENTS — 100.4% (Cost $103,188,703) | $ 112,467,068 | |
Other Assets & Liabilities — (0.4)% | (410,259) | |
TOTAL NET ASSETS — 100.0% | $ 112,056,809 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
S.E.— Societas Europaea. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $111,386,771 | $111,386,771 | $— | $— |
Short-Term Investments | 1,080,297 | 1,080,297 | — | — |
Total Investments | $ 112,467,068 | $ 112,467,068 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 92.4% | ||
Aerospace & Defense — 3.2% | ||
Curtiss-Wright Corp. | 5,286 | $ 970,827 |
Raytheon Technologies Corp. | 43,703 | 4,281,146 |
5,251,973 | ||
Agriculture — 4.2% | ||
Philip Morris International, Inc. | 69,587 | 6,793,083 |
Auto Manufacturers — 1.9% | ||
PACCAR, Inc. | 37,787 | 3,160,882 |
Auto Parts & Equipment — 1.1% | ||
BorgWarner, Inc. | 38,265 | 1,871,541 |
Banks — 6.3% | ||
Bank OZK | 23,827 | 956,892 |
JPMorgan Chase & Co. | 40,868 | 5,943,842 |
The Goldman Sachs Group, Inc. | 1,912 | 616,697 |
Wells Fargo & Co. | 64,265 | 2,742,830 |
10,260,261 | ||
Biotechnology — 7.8% | ||
Amgen, Inc. | 13,310 | 2,955,086 |
Gilead Sciences, Inc. | 69,479 | 5,354,747 |
Regeneron Pharmaceuticals, Inc.* | 6,248 | 4,489,438 |
12,799,271 | ||
Building Materials — 1.0% | ||
Builders FirstSource, Inc.* | 11,793 | 1,603,848 |
Chemicals — 1.2% | ||
LyondellBasell Industries N.V., Class A | 21,166 | 1,943,674 |
Commercial Services — 1.7% | ||
PayPal Holdings, Inc.* | 21,734 | 1,450,310 |
Robert Half International, Inc. | 17,453 | 1,312,814 |
2,763,124 | ||
Computers — 3.0% | ||
Accenture PLC, Class A | 8,475 | 2,615,216 |
Maximus, Inc. | 27,720 | 2,342,617 |
4,957,833 | ||
Distribution & Wholesale — 1.7% | ||
Ferguson PLC | 7,450 | 1,171,959 |
LKQ Corp. | 26,243 | 1,529,180 |
2,701,139 | ||
Diversified Financial Services — 5.2% | ||
Houlihan Lokey, Inc. | 21,850 | 2,148,074 |
Mastercard, Inc., Class A | 14,567 | 5,729,201 |
Raymond James Financial, Inc. | 6,798 | 705,428 |
8,582,703 | ||
Electric — 0.5% | ||
IDACORP, Inc. | 7,586 | 778,324 |
Electrical Components & Equipment — 1.4% | ||
Acuity Brands, Inc. | 3,832 | 624,923 |
Number of Shares | Value† | |
Electrical Components & Equipment — (continued) | ||
Emerson Electric Co. | 19,157 | $ 1,731,601 |
2,356,524 | ||
Electronics — 4.1% | ||
Keysight Technologies, Inc.* | 7,646 | 1,280,323 |
nVent Electric PLC | 66,115 | 3,416,162 |
Sensata Technologies Holding PLC | 42,833 | 1,927,056 |
6,623,541 | ||
Engineering & Construction — 1.0% | ||
EMCOR Group, Inc. | 8,870 | 1,638,999 |
Food — 1.6% | ||
The Kraft Heinz Co. | 38,874 | 1,380,027 |
The Kroger Co. | 26,890 | 1,263,830 |
2,643,857 | ||
Healthcare Services — 5.7% | ||
Elevance Health, Inc. | 15,053 | 6,687,897 |
Quest Diagnostics, Inc. | 18,353 | 2,579,698 |
9,267,595 | ||
Home Builders — 0.4% | ||
D.R. Horton, Inc. | 5,718 | 695,823 |
Insurance — 7.8% | ||
American International Group, Inc. | 31,807 | 1,830,175 |
Axis Capital Holdings Ltd. | 55,703 | 2,998,492 |
Berkshire Hathaway, Inc., Class B* | 20,136 | 6,866,376 |
MetLife, Inc. | 18,691 | 1,056,602 |
12,751,645 | ||
Internet — 3.9% | ||
Alphabet, Inc., Class C* | 47,766 | 5,778,253 |
Booking Holdings, Inc.* | 233 | 629,177 |
6,407,430 | ||
Lodging — 0.6% | ||
Choice Hotels International, Inc. | 8,307 | 976,239 |
Machinery — Diversified — 1.5% | ||
Dover Corp. | 4,278 | 631,647 |
The Middleby Corp.* | 4,255 | 629,017 |
Westinghouse Air Brake Technologies Corp. | 10,705 | 1,174,017 |
2,434,681 | ||
Media — 1.9% | ||
Comcast Corp., Class A | 76,344 | 3,172,093 |
Mining — 0.5% | ||
BHP Group Ltd., ADR | 13,796 | 823,207 |
Miscellaneous Manufacturing — 0.9% | ||
Textron, Inc. | 21,566 | 1,458,509 |
Oil & Gas — 5.7% | ||
Chevron Corp. | 17,688 | 2,783,207 |
ConocoPhillips | 12,314 | 1,275,853 |
EOG Resources, Inc. | 17,249 | 1,973,976 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas — (continued) | ||
Helmerich & Payne, Inc. | 32,489 | $ 1,151,735 |
Phillips 66 | 22,873 | 2,181,627 |
9,366,398 | ||
Pharmaceuticals — 5.2% | ||
AmerisourceBergen Corp. | 5,865 | 1,128,602 |
Roche Holding AG, ADR | 136,420 | 5,211,244 |
The Cigna Group. | 7,746 | 2,173,527 |
8,513,373 | ||
Retail — 3.1% | ||
BJ's Wholesale Club Holdings, Inc.* | 22,515 | 1,418,670 |
Lowe's Cos., Inc. | 10,781 | 2,433,272 |
MSC Industrial Direct Co., Inc., Class A | 6,344 | 604,456 |
Ulta Beauty, Inc.* | 1,379 | 648,951 |
5,105,349 | ||
Semiconductors — 4.4% | ||
IPG Photonics Corp.* | 8,340 | 1,132,739 |
NXP Semiconductors N.V. | 6,782 | 1,388,139 |
QUALCOMM, Inc. | 26,095 | 3,106,349 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 15,085 | 1,522,378 |
7,149,605 | ||
Software — 0.9% | ||
Fiserv, Inc.* | 11,538 | 1,455,519 |
Telecommunications — 1.9% | ||
Cisco Systems, Inc. | 60,913 | 3,151,639 |
Transportation — 1.1% | ||
Expeditors International of Washington, Inc. | 9,332 | 1,130,385 |
Knight-Swift Transportation Holdings, Inc. | 10,969 | 609,438 |
1,739,823 | ||
TOTAL COMMON STOCKS (Cost $134,738,913) | 151,199,505 | |
REAL ESTATE INVESTMENT TRUSTS — 2.6% | ||
Diversified — 2.6% | ||
Weyerhaeuser Co. (Cost $4,381,252) | 130,312 | 4,366,755 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 5.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $8,950,891) | 8,950,891 | $ 8,950,891 |
TOTAL INVESTMENTS — 100.5% (Cost $148,071,056) | $ 164,517,151 | |
Other Assets & Liabilities — (0.5)% | (826,141) | |
TOTAL NET ASSETS — 100.0% | $ 163,691,010 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
Country Weightings as of 6/30/2023†† | |
United States | 88% |
Switzerland | 3 |
United Kingdom | 3 |
Bermuda | 2 |
Ireland | 2 |
Taiwan | 1 |
Netherlands | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $151,199,505 | $151,199,505 | $— | $— |
Real Estate Investment Trusts | 4,366,755 | 4,366,755 | — | — |
Short-Term Investments | 8,950,891 | 8,950,891 | — | — |
Total Investments | $ 164,517,151 | $ 164,517,151 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 93.1% | ||
Aerospace & Defense — 1.1% | ||
Hexcel Corp. | 23,744 | $ 1,805,019 |
Auto Manufacturers — 1.6% | ||
PACCAR, Inc. | 30,741 | 2,571,485 |
Banks — 4.7% | ||
M&T Bank Corp. | 17,427 | 2,156,765 |
Wells Fargo & Co. | 123,182 | 5,257,408 |
7,414,173 | ||
Beverages — 3.0% | ||
Constellation Brands, Inc., Class A | 19,090 | 4,698,622 |
Biotechnology — 1.5% | ||
Royalty Pharma PLC, Class A | 33,577 | 1,032,157 |
Vertex Pharmaceuticals, Inc.* | 3,540 | 1,245,761 |
2,277,918 | ||
Building Materials — 2.3% | ||
Johnson Controls International PLC | 52,751 | 3,594,453 |
Chemicals — 4.0% | ||
FMC Corp. | 14,378 | 1,500,201 |
Linde PLC | 9,352 | 3,563,860 |
The Sherwin-Williams Co. | 4,544 | 1,206,523 |
6,270,584 | ||
Computers — 1.1% | ||
Accenture PLC, Class A | 2,558 | 789,348 |
Logitech International S.A. | 15,371 | 913,037 |
1,702,385 | ||
Distribution & Wholesale — 1.3% | ||
Copart, Inc.* | 23,240 | 2,119,720 |
Diversified Financial Services — 3.7% | ||
Interactive Brokers Group, Inc., Class A | 16,088 | 1,336,430 |
The Charles Schwab Corp. | 77,786 | 4,408,911 |
5,745,341 | ||
Electric — 5.7% | ||
CMS Energy Corp. | 34,360 | 2,018,650 |
Edison International | 20,735 | 1,440,045 |
NextEra Energy, Inc. | 56,229 | 4,172,192 |
Sempra Energy | 9,039 | 1,315,988 |
8,946,875 | ||
Food — 2.2% | ||
The Hershey Co. | 14,088 | 3,517,774 |
Healthcare Products — 6.8% | ||
Boston Scientific Corp.* | 57,968 | 3,135,489 |
Teleflex, Inc. | 4,850 | 1,173,846 |
Thermo Fisher Scientific, Inc. | 5,486 | 2,862,320 |
Zimmer Biomet Holdings, Inc. | 24,526 | 3,570,986 |
10,742,641 | ||
Healthcare Services — 0.6% | ||
Humana, Inc. | 2,022 | 904,097 |
Number of Shares | Value† | |
Insurance — 6.0% | ||
American International Group, Inc. | 78,900 | $ 4,539,906 |
Arch Capital Group Ltd.* | 23,391 | 1,750,816 |
Reinsurance Group of America, Inc. | 22,962 | 3,184,600 |
9,475,322 | ||
Internet — 1.7% | ||
Alphabet, Inc., Class A* | 21,878 | 2,618,797 |
Machinery — Diversified — 2.8% | ||
The Toro Co. | 8,049 | 818,181 |
Westinghouse Air Brake Technologies Corp. | 31,926 | 3,501,324 |
4,319,505 | ||
Media — 2.3% | ||
The Walt Disney Co.* | 26,142 | 2,333,958 |
World Wrestling Entertainment, Inc., Class A | 12,285 | 1,332,554 |
3,666,512 | ||
Mining — 0.5% | ||
Alcoa Corp. | 23,311 | 790,942 |
Oil & Gas — 7.0% | ||
Chevron Corp. | 28,781 | 4,528,690 |
ConocoPhillips | 41,432 | 4,292,769 |
EOG Resources, Inc. | 19,165 | 2,193,243 |
11,014,702 | ||
Oil & Gas Services — 2.0% | ||
Halliburton Co. | 94,791 | 3,127,155 |
Packaging and Containers — 1.4% | ||
Ball Corp. | 36,921 | 2,149,171 |
Pharmaceuticals — 9.1% | ||
AbbVie, Inc. | 5,661 | 762,707 |
Bristol-Myers Squibb Co. | 58,838 | 3,762,690 |
Neurocrine Biosciences, Inc.* | 20,358 | 1,919,759 |
Novo Nordisk A/S, ADR | 5,132 | 830,512 |
Sanofi, ADR | 60,584 | 3,265,478 |
Zoetis, Inc. | 21,993 | 3,787,414 |
14,328,560 | ||
Retail — 5.8% | ||
BJ's Wholesale Club Holdings, Inc.* | 50,305 | 3,169,718 |
Dollar Tree, Inc.* | 20,227 | 2,902,575 |
Lithia Motors, Inc. | 4,095 | 1,245,330 |
Papa John's International, Inc. | 23,918 | 1,765,866 |
9,083,489 | ||
Semiconductors — 4.1% | ||
Micron Technology, Inc. | 55,629 | 3,510,746 |
Texas Instruments, Inc. | 15,830 | 2,849,717 |
6,360,463 | ||
Shipbuilding — 2.4% | ||
Huntington Ingalls Industries, Inc. | 16,366 | 3,724,902 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — 2.5% | ||
Fiserv, Inc.* | 23,857 | $ 3,009,561 |
VMware, Inc., Class A* | 6,538 | 939,445 |
3,949,006 | ||
Telecommunications — 1.8% | ||
Verizon Communications, Inc. | 73,962 | 2,750,647 |
Toys, Games & Hobbies — 2.3% | ||
Hasbro, Inc. | 56,016 | 3,628,156 |
Transportation — 1.8% | ||
CSX Corp. | 84,482 | 2,880,836 |
TOTAL COMMON STOCKS (Cost $135,399,290) | 146,179,252 | |
REAL ESTATE INVESTMENT TRUSTS — 6.6% | ||
Apartments — 3.2% | ||
Invitation Homes, Inc. | 63,594 | 2,187,634 |
Mid-America Apartment Communities, Inc. | 18,789 | 2,853,297 |
5,040,931 | ||
Healthcare — 0.9% | ||
Healthpeak Properties, Inc. | 66,344 | 1,333,515 |
Industrial — 1.7% | ||
EastGroup Properties, Inc. | 7,306 | 1,268,321 |
First Industrial Realty Trust, Inc. | 25,462 | 1,340,320 |
2,608,641 | ||
Office Property — 0.8% | ||
Boston Properties, Inc. | 22,226 | 1,279,995 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,938,404) | 10,263,082 |
SHORT-TERM INVESTMENTS — 0.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $509,806) | 509,806 | 509,806 |
TOTAL INVESTMENTS — 100.0% (Cost $146,847,500) | $ 156,952,140 | |
Other Assets & Liabilities — 0.0% | 65,123 | |
TOTAL NET ASSETS — 100.0% | $ 157,017,263 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $146,179,252 | $146,179,252 | $— | $— |
Real Estate Investment Trusts | 10,263,082 | 10,263,082 | — | — |
Short-Term Investments | 509,806 | 509,806 | — | — |
Total Investments | $ 156,952,140 | $ 156,952,140 | $ — | $ — |
Number of Shares | Value�� | |
COMMON STOCKS — 97.8% | ||
Advertising — 0.1% | ||
Omnicom Group, Inc. | 3,919 | $ 372,893 |
The Interpublic Group of Cos., Inc. | 7,636 | 294,597 |
667,490 | ||
Aerospace & Defense — 1.6% | ||
General Dynamics Corp. | 4,215 | 906,857 |
Howmet Aerospace, Inc. | 6,957 | 344,789 |
L3Harris Technologies, Inc. | 3,532 | 691,460 |
Lockheed Martin Corp. | 4,258 | 1,960,298 |
Northrop Grumman Corp. | 2,737 | 1,247,524 |
Raytheon Technologies Corp. | 27,657 | 2,709,280 |
The Boeing Co.* | 10,831 | 2,287,074 |
TransDigm Group, Inc. | 1,013 | 905,794 |
11,053,076 | ||
Agriculture — 0.8% | ||
Altria Group, Inc. | 34,044 | 1,542,193 |
Archer-Daniels-Midland Co. | 10,415 | 786,958 |
Bunge Ltd. | 2,878 | 271,539 |
Philip Morris International, Inc. | 29,384 | 2,868,466 |
5,469,156 | ||
Airlines — 0.2% | ||
Alaska Air Group, Inc.* | 2,219 | 118,006 |
American Airlines Group, Inc.* | 12,540 | 224,968 |
Delta Air Lines, Inc.* | 11,974 | 569,244 |
Southwest Airlines Co. | 11,743 | 425,214 |
United Airlines Holdings, Inc.* | 6,296 | 345,461 |
1,682,893 | ||
Apparel — 0.4% | ||
NIKE, Inc., Class B | 23,317 | 2,573,497 |
Ralph Lauren Corp. | 856 | 105,545 |
Tapestry, Inc. | 4,359 | 186,565 |
VF Corp. | 6,130 | 117,022 |
2,982,629 | ||
Auto Manufacturers — 2.4% | ||
Cummins, Inc. | 2,666 | 653,597 |
Ford Motor Co. | 73,799 | 1,116,579 |
General Motors Co. | 26,045 | 1,004,295 |
PACCAR, Inc. | 9,916 | 829,473 |
Tesla, Inc.* | 51,204 | 13,403,671 |
17,007,615 | ||
Auto Parts & Equipment — 0.1% | ||
Aptiv PLC* | 5,131 | 523,824 |
BorgWarner, Inc. | 4,624 | 226,160 |
749,984 | ||
Banks — 3.8% | ||
Bank of America Corp. | 131,434 | 3,770,841 |
Citigroup, Inc. | 36,750 | 1,691,970 |
Citizens Financial Group, Inc. | 9,279 | 241,996 |
Comerica, Inc. | 2,594 | 109,882 |
Fifth Third Bancorp | 13,580 | 355,932 |
Huntington Bancshares, Inc. | 28,630 | 308,631 |
JPMorgan Chase & Co. | 55,502 | 8,072,211 |
Number of Shares | Value† | |
Banks — (continued) | ||
KeyCorp | 18,298 | $ 169,074 |
M&T Bank Corp. | 3,237 | 400,611 |
Morgan Stanley | 24,628 | 2,103,231 |
Northern Trust Corp. | 4,149 | 307,607 |
Regions Financial Corp. | 17,484 | 311,565 |
State Street Corp. | 6,554 | 479,622 |
The Bank of New York Mellon Corp. | 14,031 | 624,660 |
The Goldman Sachs Group, Inc. | 6,284 | 2,026,841 |
The PNC Financial Services Group, Inc. | 7,470 | 940,847 |
Truist Financial Corp. | 25,792 | 782,787 |
US Bancorp | 27,039 | 893,369 |
Wells Fargo & Co. | 71,059 | 3,032,798 |
Zions Bancorp NA | 2,571 | 69,057 |
26,693,532 | ||
Beverages — 1.7% | ||
Brown-Forman Corp., Class B | 3,351 | 223,780 |
Constellation Brands, Inc., Class A | 3,011 | 741,098 |
Keurig Dr Pepper, Inc. | 15,583 | 487,280 |
Molson Coors Beverage Co., Class B | 3,601 | 237,090 |
Monster Beverage Corp.* | 14,530 | 834,603 |
PepsiCo, Inc. | 26,137 | 4,841,095 |
The Coca-Cola Co. | 73,823 | 4,445,621 |
11,810,567 | ||
Biotechnology — 1.5% | ||
Amgen, Inc. | 10,105 | 2,243,512 |
Biogen, Inc.* | 2,811 | 800,713 |
Bio-Rad Laboratories, Inc., Class A* | 427 | 161,884 |
Corteva, Inc. | 13,584 | 778,363 |
Gilead Sciences, Inc. | 23,869 | 1,839,584 |
Illumina, Inc.* | 2,985 | 559,658 |
Incyte Corp.* | 3,634 | 226,217 |
Moderna, Inc.* | 6,129 | 744,673 |
Regeneron Pharmaceuticals, Inc.* | 2,074 | 1,490,252 |
Vertex Pharmaceuticals, Inc.* | 4,860 | 1,710,283 |
10,555,139 | ||
Building Materials — 0.6% | ||
Carrier Global Corp. | 15,582 | 774,581 |
Johnson Controls International PLC | 12,840 | 874,918 |
Martin Marietta Materials, Inc. | 1,161 | 536,022 |
Masco Corp. | 4,204 | 241,225 |
Mohawk Industries, Inc.* | 967 | 99,756 |
Trane Technologies PLC | 4,407 | 842,883 |
Vulcan Materials Co. | 2,465 | 555,710 |
3,925,095 | ||
Chemicals — 1.6% | ||
Air Products and Chemicals, Inc. | 4,178 | 1,251,436 |
Albemarle Corp. | 2,225 | 496,375 |
Celanese Corp. | 1,885 | 218,283 |
CF Industries Holdings, Inc. | 3,603 | 250,120 |
Dow, Inc. | 13,736 | 731,580 |
DuPont de Nemours, Inc. | 8,926 | 637,674 |
Eastman Chemical Co. | 2,246 | 188,035 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Chemicals — (continued) | ||
Ecolab, Inc. | 4,696 | $ 876,696 |
FMC Corp. | 2,389 | 249,268 |
International Flavors & Fragrances, Inc. | 4,887 | 388,956 |
Linde PLC | 9,278 | 3,535,660 |
LyondellBasell Industries N.V., Class A | 4,737 | 434,999 |
PPG Industries, Inc. | 4,562 | 676,545 |
The Mosaic Co. | 6,660 | 233,100 |
The Sherwin-Williams Co. | 4,409 | 1,170,678 |
11,339,405 | ||
Commercial Services — 1.7% | ||
Automatic Data Processing, Inc. | 7,797 | 1,713,703 |
Cintas Corp. | 1,616 | 803,281 |
CoStar Group, Inc.* | 7,529 | 670,081 |
Equifax, Inc. | 2,386 | 561,426 |
FleetCor Technologies, Inc.* | 1,404 | 352,516 |
Gartner, Inc.* | 1,511 | 529,318 |
Global Payments, Inc. | 5,139 | 506,294 |
MarketAxess Holdings, Inc. | 692 | 180,903 |
Moody's Corp. | 2,962 | 1,029,947 |
PayPal Holdings, Inc.* | 21,014 | 1,402,264 |
Quanta Services, Inc. | 2,689 | 528,254 |
Robert Half International, Inc. | 2,257 | 169,772 |
Rollins, Inc. | 4,442 | 190,251 |
S&P Global, Inc. | 6,206 | 2,487,923 |
United Rentals, Inc. | 1,339 | 596,350 |
Verisk Analytics, Inc. | 2,789 | 630,398 |
12,352,681 | ||
Computers — 9.1% | ||
Accenture PLC, Class A | 11,972 | 3,694,320 |
Apple, Inc. | 280,806 | 54,467,940 |
Cognizant Technology Solutions Corp., Class A | 9,596 | 626,427 |
DXC Technology Co.* | 4,316 | 115,324 |
EPAM Systems, Inc.* | 1,066 | 239,583 |
Fortinet, Inc.* | 12,625 | 954,324 |
Hewlett Packard Enterprise Co. | 24,386 | 409,685 |
HP, Inc. | 16,694 | 512,673 |
International Business Machines Corp. | 17,175 | 2,298,187 |
Leidos Holdings, Inc. | 2,680 | 237,126 |
NetApp, Inc. | 4,201 | 320,956 |
Seagate Technology Holdings PLC | 3,505 | 216,854 |
Western Digital Corp.* | 6,025 | 228,528 |
64,321,927 | ||
Cosmetics & Personal Care — 1.3% | ||
Colgate-Palmolive Co. | 15,601 | 1,201,901 |
The Estee Lauder Cos., Inc., Class A | 4,495 | 882,728 |
The Procter & Gamble Co. | 44,750 | 6,790,365 |
8,874,994 | ||
Distribution & Wholesale — 0.4% | ||
Copart, Inc.* | 8,115 | 740,169 |
Fastenal Co. | 10,981 | 647,769 |
LKQ Corp. | 5,109 | 297,701 |
Number of Shares | Value† | |
Distribution & Wholesale — (continued) | ||
Pool Corp. | 769 | $ 288,098 |
W.W. Grainger, Inc. | 862 | 679,765 |
2,653,502 | ||
Diversified Financial Services — 3.6% | ||
American Express Co. | 11,388 | 1,983,790 |
Ameriprise Financial, Inc. | 1,936 | 643,062 |
BlackRock, Inc. | 2,860 | 1,976,660 |
Capital One Financial Corp. | 7,387 | 807,916 |
Cboe Global Markets, Inc. | 2,016 | 278,228 |
CME Group, Inc. | 6,767 | 1,253,857 |
Discover Financial Services | 4,891 | 571,513 |
Franklin Resources, Inc. | 5,830 | 155,719 |
Intercontinental Exchange, Inc. | 10,527 | 1,190,393 |
Invesco Ltd. | 9,169 | 154,131 |
Mastercard, Inc., Class A | 15,883 | 6,246,784 |
Nasdaq, Inc. | 6,390 | 318,542 |
Raymond James Financial, Inc. | 3,776 | 391,836 |
Synchrony Financial | 7,971 | 270,376 |
T. Rowe Price Group, Inc. | 4,391 | 491,880 |
The Charles Schwab Corp. | 27,983 | 1,586,077 |
Visa, Inc., Class A | 30,727 | 7,297,048 |
25,617,812 | ||
Electric — 2.4% | ||
Alliant Energy Corp. | 4,883 | 256,260 |
Ameren Corp. | 5,109 | 417,252 |
American Electric Power Co., Inc. | 9,976 | 839,979 |
CenterPoint Energy, Inc. | 11,813 | 344,349 |
CMS Energy Corp. | 5,690 | 334,288 |
Consolidated Edison, Inc. | 6,705 | 606,132 |
Constellation Energy Corp. | 6,130 | 561,201 |
Dominion Energy, Inc. | 16,222 | 840,137 |
DTE Energy Co. | 3,827 | 421,047 |
Duke Energy Corp. | 14,509 | 1,302,038 |
Edison International | 7,248 | 503,374 |
Entergy Corp. | 3,912 | 380,911 |
Evergy, Inc. | 4,464 | 260,787 |
Eversource Energy | 6,556 | 464,952 |
Exelon Corp. | 19,268 | 784,978 |
FirstEnergy Corp. | 10,734 | 417,338 |
NextEra Energy, Inc. | 38,309 | 2,842,528 |
NRG Energy, Inc. | 4,337 | 162,160 |
PG&E Corp.* | 31,365 | 541,987 |
Pinnacle West Capital Corp. | 2,230 | 181,656 |
PPL Corp. | 14,059 | 372,001 |
Public Service Enterprise Group, Inc. | 9,794 | 613,202 |
Sempra Energy | 5,882 | 856,360 |
The AES Corp. | 12,568 | 260,535 |
The Southern Co. | 20,548 | 1,443,497 |
WEC Energy Group, Inc. | 5,999 | 529,352 |
Xcel Energy, Inc. | 10,691 | 664,659 |
17,202,960 | ||
Electrical Components & Equipment — 0.3% | ||
AMETEK, Inc. | 4,346 | 703,531 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electrical Components & Equipment — (continued) | ||
Emerson Electric Co. | 10,714 | $ 968,438 |
Generac Holdings, Inc.* | 1,206 | 179,851 |
1,851,820 | ||
Electronics — 1.1% | ||
Agilent Technologies, Inc. | 5,657 | 680,254 |
Allegion PLC | 1,701 | 204,154 |
Amphenol Corp., Class A | 11,155 | 947,617 |
Fortive Corp. | 6,692 | 500,361 |
Garmin Ltd. | 3,027 | 315,686 |
Honeywell International, Inc. | 12,592 | 2,612,840 |
Keysight Technologies, Inc.* | 3,304 | 553,255 |
Mettler-Toledo International, Inc.* | 433 | 567,940 |
TE Connectivity Ltd. | 6,040 | 846,566 |
Trimble, Inc.* | 4,721 | 249,930 |
7,478,603 | ||
Energy-Alternate Sources — 0.2% | ||
Enphase Energy, Inc.* | 2,651 | 443,989 |
First Solar, Inc.* | 1,862 | 353,948 |
SolarEdge Technologies, Inc.* | 1,095 | 294,610 |
1,092,547 | ||
Engineering & Construction — 0.0% | ||
Jacobs Solutions, Inc. | 2,355 | 279,986 |
Entertainment — 0.1% | ||
Caesars Entertainment, Inc.* | 4,132 | 210,608 |
Live Nation Entertainment, Inc.* | 2,764 | 251,828 |
462,436 | ||
Environmental Control — 0.3% | ||
Pentair PLC | 2,923 | 188,826 |
Republic Services, Inc. | 4,040 | 618,807 |
Waste Management, Inc. | 7,097 | 1,230,761 |
2,038,394 | ||
Food — 1.1% | ||
Campbell Soup Co. | 3,878 | 177,263 |
Conagra Brands, Inc. | 9,013 | 303,918 |
General Mills, Inc. | 11,242 | 862,261 |
Hormel Foods Corp. | 5,757 | 231,547 |
Kellogg Co. | 4,911 | 331,001 |
Lamb Weston Holdings, Inc. | 2,843 | 326,803 |
McCormick & Co., Inc. | 4,963 | 432,923 |
Mondelez International, Inc., Class A | 26,043 | 1,899,577 |
Sysco Corp. | 9,435 | 700,077 |
The Hershey Co. | 2,787 | 695,914 |
The J.M. Smucker Co. | 2,048 | 302,428 |
The Kraft Heinz Co. | 15,108 | 536,334 |
The Kroger Co. | 12,653 | 594,691 |
Tyson Foods, Inc., Class A | 5,381 | 274,646 |
7,669,383 | ||
Forest Products & Paper — 0.0% | ||
International Paper Co. | 6,646 | 211,409 |
Number of Shares | Value† | |
Gas — 0.1% | ||
Atmos Energy Corp. | 2,815 | $ 327,497 |
NiSource, Inc. | 7,816 | 213,768 |
541,265 | ||
Hand & Machine Tools — 0.1% | ||
Snap-on, Inc. | 1,024 | 295,107 |
Stanley Black & Decker, Inc. | 2,788 | 261,263 |
556,370 | ||
Healthcare Products — 3.7% | ||
Abbott Laboratories | 32,952 | 3,592,427 |
Align Technology, Inc.* | 1,312 | 463,976 |
Baxter International, Inc. | 9,586 | 436,738 |
Bio-Techne Corp. | 3,092 | 252,400 |
Boston Scientific Corp.* | 27,094 | 1,465,514 |
Danaher Corp. | 12,578 | 3,018,720 |
DENTSPLY SIRONA, Inc. | 4,322 | 172,966 |
Edwards Lifesciences Corp.* | 11,676 | 1,101,397 |
GE HealthCare Technologies, Inc. | 7,050 | 572,742 |
Hologic, Inc.* | 4,731 | 383,069 |
IDEXX Laboratories, Inc.* | 1,550 | 778,457 |
Insulet Corp.* | 1,334 | 384,646 |
Intuitive Surgical, Inc.* | 6,709 | 2,294,075 |
Medtronic PLC | 25,154 | 2,216,067 |
ResMed, Inc. | 2,779 | 607,212 |
Revvity, Inc. | 2,363 | 280,701 |
STERIS PLC | 1,954 | 439,611 |
Stryker Corp. | 6,380 | 1,946,474 |
Teleflex, Inc. | 951 | 230,171 |
The Cooper Cos., Inc. | 924 | 354,289 |
Thermo Fisher Scientific, Inc. | 7,313 | 3,815,558 |
Waters Corp.* | 1,108 | 295,326 |
West Pharmaceutical Services, Inc. | 1,442 | 551,522 |
Zimmer Biomet Holdings, Inc. | 3,870 | 563,472 |
26,217,530 | ||
Healthcare Services — 2.3% | ||
Catalent, Inc.* | 3,353 | 145,386 |
Centene Corp.* | 10,387 | 700,603 |
Charles River Laboratories International, Inc.* | 978 | 205,624 |
DaVita, Inc.* | 1,114 | 111,924 |
Elevance Health, Inc. | 4,479 | 1,989,975 |
HCA Healthcare, Inc. | 3,974 | 1,206,030 |
Humana, Inc. | 2,384 | 1,065,958 |
IQVIA Holdings, Inc.* | 3,465 | 778,828 |
Laboratory Corp. of America Holdings | 1,722 | 415,570 |
Molina Healthcare, Inc.* | 1,098 | 330,762 |
Quest Diagnostics, Inc. | 2,227 | 313,027 |
UnitedHealth Group, Inc. | 17,684 | 8,499,638 |
Universal Health Services, Inc., Class B | 1,198 | 189,008 |
15,952,333 | ||
Home Builders — 0.3% | ||
D.R. Horton, Inc. | 5,783 | 703,733 |
Lennar Corp., Class A | 4,869 | 610,135 |
NVR, Inc.* | 57 | 361,985 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Home Builders — (continued) | ||
PulteGroup, Inc. | 4,322 | $ 335,733 |
2,011,586 | ||
Home Furnishings — 0.0% | ||
Whirlpool Corp. | 1,045 | 155,486 |
Household Products & Wares — 0.3% | ||
Avery Dennison Corp. | 1,546 | 265,603 |
Church & Dwight Co., Inc. | 4,783 | 479,400 |
Kimberly-Clark Corp. | 6,308 | 870,883 |
The Clorox Co. | 2,309 | 367,223 |
1,983,109 | ||
Housewares — 0.0% | ||
Newell Brands, Inc. | 6,181 | 53,775 |
Insurance — 3.7% | ||
Aflac, Inc. | 10,260 | 716,148 |
American International Group, Inc. | 13,522 | 778,056 |
Aon PLC, Class A | 3,844 | 1,326,949 |
Arch Capital Group Ltd.* | 7,239 | 541,839 |
Arthur J. Gallagher & Co. | 4,117 | 903,970 |
Assurant, Inc. | 984 | 123,709 |
Berkshire Hathaway, Inc., Class B* | 33,888 | 11,555,808 |
Brown & Brown, Inc. | 4,441 | 305,718 |
Chubb Ltd. | 7,807 | 1,503,316 |
Cincinnati Financial Corp. | 3,071 | 298,870 |
Everest Re Group Ltd. | 826 | 282,376 |
Globe Life, Inc. | 1,660 | 181,969 |
Lincoln National Corp. | 2,809 | 72,360 |
Loews Corp. | 3,360 | 199,517 |
Marsh & McLennan Cos., Inc. | 9,443 | 1,776,039 |
MetLife, Inc. | 11,985 | 677,512 |
Principal Financial Group, Inc. | 4,486 | 340,218 |
Prudential Financial, Inc. | 7,026 | 619,834 |
The Allstate Corp. | 5,061 | 551,851 |
The Hartford Financial Services Group, Inc. | 6,070 | 437,161 |
The Progressive Corp. | 11,028 | 1,459,776 |
The Travelers Cos., Inc. | 4,480 | 777,997 |
W.R. Berkley Corp. | 4,026 | 239,789 |
Willis Towers Watson PLC | 2,034 | 479,007 |
26,149,789 | ||
Internet — 9.8% | ||
Alphabet, Inc., Class A* | 112,923 | 13,516,883 |
Alphabet, Inc., Class C* | 97,120 | 11,748,606 |
Amazon.com, Inc.* | 169,475 | 22,092,761 |
Booking Holdings, Inc.* | 697 | 1,882,130 |
CDW Corp. | 2,482 | 455,447 |
eBay, Inc. | 10,235 | 457,402 |
Etsy, Inc.* | 2,470 | 208,987 |
Expedia Group, Inc.* | 2,864 | 313,293 |
F5, Inc.* | 1,076 | 157,376 |
Gen Digital, Inc. | 10,997 | 203,994 |
Match Group, Inc.* | 5,133 | 214,816 |
Meta Platforms, Inc., Class A* | 42,039 | 12,064,352 |
Number of Shares | Value† | |
Internet — (continued) | ||
Netflix, Inc.* | 8,426 | $ 3,711,569 |
Palo Alto Networks, Inc.* | 5,694 | 1,454,874 |
VeriSign, Inc.* | 1,762 | 398,159 |
68,880,649 | ||
Iron & Steel — 0.2% | ||
Nucor Corp. | 4,687 | 768,574 |
Steel Dynamics, Inc. | 3,202 | 348,794 |
1,117,368 | ||
Leisure Time — 0.1% | ||
Carnival Corp.* | 19,064 | 358,975 |
Norwegian Cruise Line Holdings Ltd.* | 7,409 | 161,294 |
Royal Caribbean Cruises Ltd.* | 4,035 | 418,591 |
938,860 | ||
Lodging — 0.3% | ||
Hilton Worldwide Holdings, Inc. | 5,043 | 734,009 |
Las Vegas Sands Corp.* | 6,125 | 355,250 |
Marriott International, Inc., Class A | 4,966 | 912,204 |
MGM Resorts International | 5,767 | 253,287 |
Wynn Resorts Ltd. | 2,019 | 213,226 |
2,467,976 | ||
Machinery — Construction & Mining — 0.3% | ||
Caterpillar, Inc. | 9,749 | 2,398,741 |
Machinery — Diversified — 0.8% | ||
Deere & Co. | 5,096 | 2,064,848 |
Dover Corp. | 2,690 | 397,179 |
IDEX Corp. | 1,438 | 309,544 |
Ingersoll Rand, Inc. | 7,613 | 497,586 |
Nordson Corp. | 1,030 | 255,625 |
Otis Worldwide Corp. | 7,842 | 698,016 |
Rockwell Automation, Inc. | 2,239 | 737,639 |
Westinghouse Air Brake Technologies Corp. | 3,285 | 360,266 |
Xylem, Inc. | 4,465 | 502,848 |
5,823,551 | ||
Media — 1.2% | ||
Charter Communications, Inc., Class A* | 1,936 | 711,228 |
Comcast Corp., Class A | 78,799 | 3,274,098 |
FactSet Research Systems, Inc. | 714 | 286,064 |
Fox Corp., Class A | 5,368 | 182,512 |
Fox Corp., Class B | 2,720 | 86,741 |
News Corp., Class A | 6,937 | 135,272 |
News Corp., Class B | 1,762 | 34,747 |
Paramount Global, Class B | 9,983 | 158,830 |
The Walt Disney Co.* | 34,616 | 3,090,516 |
Warner Bros Discovery, Inc.* | 42,250 | 529,815 |
8,489,823 | ||
Mining — 0.2% | ||
Freeport-McMoRan, Inc. | 26,919 | 1,076,760 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Mining — (continued) | ||
Newmont Corp. | 15,056 | $ 642,289 |
1,719,049 | ||
Miscellaneous Manufacturing — 1.2% | ||
3M Co. | 10,361 | 1,037,033 |
A.O. Smith Corp. | 2,546 | 185,298 |
Axon Enterprise, Inc.* | 1,305 | 254,632 |
Eaton Corp. PLC | 7,513 | 1,510,864 |
General Electric Co. | 20,558 | 2,258,296 |
Illinois Tool Works, Inc. | 5,310 | 1,328,350 |
Parker-Hannifin Corp. | 2,437 | 950,527 |
Teledyne Technologies, Inc.* | 877 | 360,543 |
Textron, Inc. | 3,865 | 261,390 |
8,146,933 | ||
Office & Business Equipment — 0.0% | ||
Zebra Technologies Corp., Class A* | 967 | 286,068 |
Oil & Gas — 3.4% | ||
APA Corp. | 6,242 | 213,289 |
Chevron Corp. | 33,068 | 5,203,250 |
ConocoPhillips | 22,888 | 2,371,426 |
Coterra Energy, Inc. | 14,725 | 372,542 |
Devon Energy Corp. | 12,305 | 594,824 |
Diamondback Energy, Inc. | 3,332 | 437,692 |
EOG Resources, Inc. | 11,002 | 1,259,069 |
EQT Corp. | 6,850 | 281,740 |
Exxon Mobil Corp. | 76,791 | 8,235,835 |
Hess Corp. | 5,260 | 715,097 |
Marathon Oil Corp. | 12,211 | 281,097 |
Marathon Petroleum Corp. | 8,172 | 952,855 |
Occidental Petroleum Corp. | 13,430 | 789,684 |
Phillips 66 | 8,825 | 841,728 |
Pioneer Natural Resources Co. | 4,507 | 933,760 |
Valero Energy Corp. | 6,963 | 816,760 |
24,300,648 | ||
Oil & Gas Services — 0.4% | ||
Baker Hughes Co. | 19,243 | 608,271 |
Halliburton Co. | 17,355 | 572,542 |
Schlumberger N.V. | 26,792 | 1,316,023 |
2,496,836 | ||
Packaging and Containers — 0.2% | ||
Amcor PLC | 28,419 | 283,622 |
Ball Corp. | 5,874 | 341,925 |
Packaging Corp. of America | 1,800 | 237,888 |
Sealed Air Corp. | 3,078 | 123,120 |
Westrock Co. | 4,629 | 134,565 |
1,121,120 | ||
Pharmaceuticals — 5.9% | ||
AbbVie, Inc. | 33,465 | 4,508,740 |
AmerisourceBergen Corp. | 3,075 | 591,722 |
Becton Dickinson & Co. | 5,421 | 1,431,198 |
Bristol-Myers Squibb Co. | 39,754 | 2,542,268 |
Cardinal Health, Inc. | 4,792 | 453,179 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
CVS Health Corp. | 24,190 | $ 1,672,255 |
Dexcom, Inc.* | 7,254 | 932,212 |
Eli Lilly & Co. | 14,960 | 7,015,941 |
Henry Schein, Inc.* | 2,307 | 187,098 |
Johnson & Johnson | 49,359 | 8,169,902 |
McKesson Corp. | 2,603 | 1,112,288 |
Merck & Co., Inc. | 48,150 | 5,556,029 |
Organon & Co. | 4,483 | 93,291 |
Pfizer, Inc. | 107,056 | 3,926,814 |
The Cigna Group. | 5,577 | 1,564,906 |
Viatris, Inc. | 23,083 | 230,368 |
Zoetis, Inc. | 8,697 | 1,497,710 |
41,485,921 | ||
Pipelines — 0.3% | ||
Kinder Morgan, Inc. | 37,393 | 643,908 |
ONEOK, Inc. | 8,467 | 522,583 |
Targa Resources Corp. | 4,232 | 322,055 |
The Williams Cos., Inc. | 22,709 | 740,995 |
2,229,541 | ||
Real Estate — 0.1% | ||
CBRE Group, Inc., Class A* | 6,114 | 493,461 |
Retail — 5.0% | ||
Advance Auto Parts, Inc. | 1,175 | 82,603 |
AutoZone, Inc.* | 344 | 857,716 |
Bath & Body Works, Inc. | 4,228 | 158,550 |
Best Buy Co., Inc. | 3,718 | 304,690 |
CarMax, Inc.* | 3,059 | 256,038 |
Chipotle Mexican Grill, Inc.* | 526 | 1,125,114 |
Costco Wholesale Corp. | 8,411 | 4,528,314 |
Darden Restaurants, Inc. | 2,258 | 377,267 |
Dollar General Corp. | 4,083 | 693,212 |
Dollar Tree, Inc.* | 4,057 | 582,180 |
Domino's Pizza, Inc. | 691 | 232,860 |
Genuine Parts Co. | 2,641 | 446,936 |
Lowe's Cos., Inc. | 11,282 | 2,546,347 |
McDonald's Corp. | 13,843 | 4,130,890 |
O'Reilly Automotive, Inc.* | 1,173 | 1,120,567 |
Ross Stores, Inc. | 6,619 | 742,189 |
Starbucks Corp. | 21,673 | 2,146,927 |
Target Corp. | 8,680 | 1,144,892 |
The Home Depot, Inc. | 19,221 | 5,970,811 |
The TJX Cos., Inc. | 22,101 | 1,873,944 |
Tractor Supply Co. | 2,074 | 458,561 |
Ulta Beauty, Inc.* | 957 | 450,359 |
Walgreens Boots Alliance, Inc. | 13,591 | 387,208 |
Walmart, Inc. | 26,598 | 4,180,674 |
Yum! Brands, Inc. | 5,304 | 734,869 |
35,533,718 | ||
Semiconductors — 7.2% | ||
Advanced Micro Devices, Inc.* | 30,526 | 3,477,217 |
Analog Devices, Inc. | 9,550 | 1,860,435 |
Applied Materials, Inc. | 15,979 | 2,309,605 |
Broadcom, Inc. | 7,917 | 6,867,443 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Semiconductors — (continued) | ||
Intel Corp. | 79,750 | $ 2,666,840 |
KLA Corp. | 2,581 | 1,251,837 |
Lam Research Corp. | 2,577 | 1,656,650 |
Microchip Technology, Inc. | 10,474 | 938,366 |
Micron Technology, Inc. | 21,020 | 1,326,572 |
Monolithic Power Systems, Inc. | 871 | 470,540 |
NVIDIA Corp. | 47,022 | 19,891,246 |
NXP Semiconductors N.V. | 4,967 | 1,016,645 |
ON Semiconductor Corp.* | 8,200 | 775,556 |
Qorvo, Inc.* | 1,996 | 203,652 |
QUALCOMM, Inc. | 21,315 | 2,537,338 |
Skyworks Solutions, Inc. | 2,953 | 326,868 |
Teradyne, Inc. | 3,054 | 340,002 |
Texas Instruments, Inc. | 17,190 | 3,094,544 |
51,011,356 | ||
Shipbuilding — 0.0% | ||
Huntington Ingalls Industries, Inc. | 781 | 177,756 |
Software — 11.0% | ||
Activision Blizzard, Inc.* | 13,778 | 1,161,485 |
Adobe, Inc.* | 8,699 | 4,253,724 |
Akamai Technologies, Inc.* | 2,873 | 258,197 |
ANSYS, Inc.* | 1,696 | 560,138 |
Autodesk, Inc.* | 4,107 | 840,333 |
Broadridge Financial Solutions, Inc. | 2,308 | 382,274 |
Cadence Design Systems, Inc.* | 5,129 | 1,202,853 |
Ceridian HCM Holding, Inc.* | 3,037 | 203,388 |
Electronic Arts, Inc. | 4,916 | 637,605 |
Fair Isaac Corp.* | 494 | 399,750 |
Fidelity National Information Services, Inc. | 11,233 | 614,445 |
Fiserv, Inc.* | 11,614 | 1,465,106 |
Intuit, Inc. | 5,307 | 2,431,614 |
Jack Henry & Associates, Inc. | 1,423 | 238,111 |
Microsoft Corp. | 141,215 | 48,089,356 |
MSCI, Inc. | 1,531 | 718,483 |
Oracle Corp. | 29,168 | 3,473,617 |
Paychex, Inc. | 6,067 | 678,715 |
Paycom Software, Inc. | 935 | 300,359 |
PTC, Inc.* | 2,028 | 288,584 |
Roper Technologies, Inc. | 1,996 | 959,677 |
Salesforce, Inc.* | 18,561 | 3,921,197 |
ServiceNow, Inc.* | 3,852 | 2,164,709 |
Synopsys, Inc.* | 2,898 | 1,261,818 |
Take-Two Interactive Software, Inc.* | 2,967 | 436,624 |
Tyler Technologies, Inc.* | 784 | 326,513 |
77,268,675 | ||
Telecommunications — 1.8% | ||
Arista Networks, Inc.* | 4,818 | 780,805 |
AT&T, Inc. | 134,934 | 2,152,197 |
Cisco Systems, Inc. | 77,658 | 4,018,025 |
Corning, Inc. | 15,007 | 525,845 |
Juniper Networks, Inc. | 6,246 | 195,687 |
Motorola Solutions, Inc. | 3,177 | 931,751 |
Number of Shares | Value† | |
Telecommunications — (continued) | ||
T-Mobile US, Inc.* | 10,840 | $ 1,505,676 |
Verizon Communications, Inc. | 79,601 | 2,960,361 |
13,070,347 | ||
Toys, Games & Hobbies — 0.0% | ||
Hasbro, Inc. | 2,270 | 147,028 |
Transportation — 1.4% | ||
C.H. Robinson Worldwide, Inc. | 2,277 | 214,835 |
CSX Corp. | 39,156 | 1,335,219 |
Expeditors International of Washington, Inc. | 2,789 | 337,831 |
FedEx Corp. | 4,340 | 1,075,886 |
J.B. Hunt Transport Services, Inc. | 1,537 | 278,243 |
Norfolk Southern Corp. | 4,268 | 967,812 |
Old Dominion Freight Line, Inc. | 1,760 | 650,760 |
Union Pacific Corp. | 11,532 | 2,359,678 |
United Parcel Service, Inc., Class B | 13,711 | 2,457,697 |
9,677,961 | ||
Water — 0.1% | ||
American Water Works Co., Inc. | 3,757 | 536,312 |
TOTAL COMMON STOCKS (Cost $349,244,674) | 689,485,976 | |
REAL ESTATE INVESTMENT TRUSTS — 2.4% | ||
Apartments — 0.4% | ||
AvalonBay Communities, Inc. | 2,723 | 515,382 |
Camden Property Trust | 2,188 | 238,208 |
Equity Residential | 6,734 | 444,242 |
Essex Property Trust, Inc. | 1,194 | 279,754 |
Invitation Homes, Inc. | 11,424 | 392,986 |
Mid-America Apartment Communities, Inc. | 2,296 | 348,670 |
UDR, Inc. | 5,929 | 254,710 |
2,473,952 | ||
Diversified — 0.9% | ||
American Tower Corp. | 8,795 | 1,705,702 |
Crown Castle, Inc. | 8,056 | 917,901 |
Digital Realty Trust, Inc. | 5,433 | 618,656 |
Equinix, Inc. | 1,796 | 1,407,956 |
SBA Communications Corp. | 2,055 | 476,267 |
VICI Properties, Inc. | 19,550 | 614,456 |
Weyerhaeuser Co. | 13,494 | 452,184 |
6,193,122 | ||
Healthcare — 0.2% | ||
Healthpeak Properties, Inc. | 10,191 | 204,839 |
Ventas, Inc. | 7,950 | 375,796 |
Welltower, Inc. | 9,573 | 774,360 |
1,354,995 | ||
Hotels & Resorts — 0.0% | ||
Host Hotels & Resorts, Inc. | 13,729 | 231,059 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Industrial — 0.3% | ||
Prologis, Inc. | 17,455 | $ 2,140,507 |
Office Property — 0.1% | ||
Alexandria Real Estate Equities, Inc. | 2,952 | 335,022 |
Boston Properties, Inc. | 2,751 | 158,430 |
493,452 | ||
Regional Malls — 0.1% | ||
Simon Property Group, Inc. | 6,241 | 720,711 |
Single Tenant — 0.1% | ||
Realty Income Corp. | 12,966 | 775,237 |
Storage & Warehousing — 0.2% | ||
Extra Space Storage, Inc. | 2,653 | 394,899 |
Iron Mountain, Inc. | 5,739 | 326,090 |
Public Storage | 2,962 | 864,549 |
1,585,538 | ||
Strip Centers — 0.1% | ||
Federal Realty Investment Trust | 1,466 | 141,865 |
Kimco Realty Corp. | 11,743 | 231,572 |
Regency Centers Corp. | 3,064 | 189,263 |
562,700 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,997,986) | 16,531,273 |
SHORT-TERM INVESTMENTS — 0.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,681,705) | 1,681,705 | 1,681,705 |
TOTAL INVESTMENTS — 100.4% (Cost $363,924,365) | $ 707,698,954 | |
Other Assets & Liabilities — (0.4)% | (2,697,856) | |
TOTAL NET ASSETS — 100.0% | $ 705,001,098 |
† | 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 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $689,485,976 | $689,485,976 | $— | $— |
Real Estate Investment Trusts | 16,531,273 | 16,531,273 | — | — |
Short-Term Investments | 1,681,705 | 1,681,705 | — | — |
Total Investments | $ 707,698,954 | $ 707,698,954 | $ — | $ — |
Other Financial Instruments(1) | ||||
Futures Contracts | $ 67,068 | $ 67,068 | $— | $— |
Total Assets—Other Financial Instruments | $ 67,068 | $ 67,068 | $ — | $ — |
(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 | 09/15/23 | 9 | 50 | $4,488 | $2,019,713 | $67,068 | $— | ||||||||
$67,068 | $— |
Number of Shares | Value† | |
COMMON STOCKS — 100.0% | ||
Advertising — 2.4% | ||
The Trade Desk, Inc., Class A* | 47,530 | $ 3,670,267 |
Aerospace & Defense — 3.2% | ||
HEICO Corp., Class A | 22,112 | 3,108,947 |
Howmet Aerospace, Inc. | 34,996 | 1,734,402 |
4,843,349 | ||
Apparel — 2.5% | ||
Levi Strauss & Co., Class A | 98,032 | 1,414,602 |
On Holding AG, Class A* | 72,135 | 2,380,455 |
3,795,057 | ||
Auto Parts & Equipment — 3.0% | ||
BorgWarner, Inc. | 75,266 | 3,681,260 |
Fox Factory Holding Corp.* | 8,024 | 870,684 |
4,551,944 | ||
Beverages — 1.3% | ||
Brown-Forman Corp., Class B | 29,268 | 1,954,517 |
Biotechnology — 1.4% | ||
Genmab A/S, ADR* | 56,181 | 2,135,440 |
Building Materials — 3.4% | ||
Martin Marietta Materials, Inc. | 4,515 | 2,084,531 |
Trex Co., Inc.* | 47,929 | 3,142,225 |
5,226,756 | ||
Commercial Services — 8.0% | ||
CoStar Group, Inc.* | 79,641 | 7,088,049 |
MarketAxess Holdings, Inc. | 14,895 | 3,893,851 |
WillScot Mobile Mini Holdings Corp.* | 26,358 | 1,259,649 |
12,241,549 | ||
Computers — 1.5% | ||
Crowdstrike Holdings, Inc., Class A* | 16,051 | 2,357,410 |
Distribution & Wholesale — 5.1% | ||
Copart, Inc.* | 25,090 | 2,288,459 |
Fastenal Co. | 40,215 | 2,372,283 |
Pool Corp. | 8,448 | 3,164,959 |
7,825,701 | ||
Electrical Components & Equipment — 6.0% | ||
Generac Holdings, Inc.* | 17,161 | 2,559,220 |
Littelfuse, Inc. | 6,772 | 1,972,751 |
Novanta, Inc.* | 12,068 | 2,221,719 |
Universal Display Corp. | 16,589 | 2,390,973 |
9,144,663 | ||
Electronics — 5.9% | ||
Agilent Technologies, Inc. | 15,965 | 1,919,791 |
Coherent Corp.* | 46,837 | 2,387,750 |
Keysight Technologies, Inc.* | 15,051 | 2,520,290 |
Trimble, Inc.* | 41,705 | 2,207,863 |
9,035,694 | ||
Entertainment — 1.8% | ||
Vail Resorts, Inc. | 10,628 | 2,675,705 |
Number of Shares | Value† | |
Hand & Machine Tools — 1.3% | ||
Lincoln Electric Holdings, Inc. | 9,954 | $ 1,977,163 |
Healthcare Products — 11.9% | ||
Bio-Techne Corp. | 30,218 | 2,466,695 |
Edwards Lifesciences Corp.* | 23,312 | 2,199,021 |
Envista Holdings Corp.* | 66,419 | 2,247,619 |
Inspire Medical Systems, Inc.* | 4,184 | 1,358,294 |
Intuitive Surgical, Inc.* | 9,759 | 3,336,993 |
Repligen Corp.* | 17,272 | 2,443,297 |
The Cooper Cos., Inc. | 4,580 | 1,756,109 |
West Pharmaceutical Services, Inc. | 6,207 | 2,373,991 |
18,182,019 | ||
Insurance — 1.2% | ||
Kinsale Capital Group, Inc. | 4,887 | 1,828,715 |
Internet — 3.2% | ||
Pinterest, Inc., Class A* | 152,033 | 4,156,582 |
Shutterstock, Inc. | 13,395 | 651,935 |
4,808,517 | ||
Machinery — Diversified — 0.8% | ||
Westinghouse Air Brake Technologies Corp. | 11,020 | 1,208,563 |
Miscellaneous Manufacturing — 1.5% | ||
A.O. Smith Corp. | 31,808 | 2,314,986 |
Office & Business Equipment — 1.0% | ||
Zebra Technologies Corp., Class A* | 5,281 | 1,562,278 |
Pharmaceuticals — 3.5% | ||
Dexcom, Inc.* | 40,907 | 5,256,959 |
Retail — 5.5% | ||
Floor & Decor Holdings, Inc., Class A* | 25,131 | 2,612,619 |
Foot Locker, Inc. | 48,019 | 1,301,795 |
Lululemon Athletica, Inc.* | 6,285 | 2,378,873 |
National Vision Holdings, Inc.* | 50,815 | 1,234,296 |
Petco Health & Wellness Co., Inc.* | 96,258 | 856,696 |
8,384,279 | ||
Semiconductors — 10.2% | ||
Lattice Semiconductor Corp.* | 13,739 | 1,319,906 |
Marvell Technology, Inc. | 49,604 | 2,965,327 |
Microchip Technology, Inc. | 40,274 | 3,608,148 |
Monolithic Power Systems, Inc. | 8,337 | 4,503,897 |
Teradyne, Inc. | 28,190 | 3,138,393 |
15,535,671 | ||
Software — 12.8% | ||
DocuSign, Inc.* | 38,749 | 1,979,687 |
DoubleVerify Holdings, Inc.* | 31,820 | 1,238,434 |
EngageSmart, Inc.* | 36,969 | 705,738 |
HubSpot, Inc.* | 3,679 | 1,957,559 |
Paycom Software, Inc. | 9,593 | 3,081,655 |
Tyler Technologies, Inc.* | 7,371 | 3,069,800 |
Veeva Systems, Inc., Class A* | 8,548 | 1,690,196 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
Workday, Inc., Class A* | 9,318 | $ 2,104,843 |
Workiva, Inc.* | 19,581 | 1,990,605 |
ZoomInfo Technologies, Inc.* | 65,310 | 1,658,221 |
19,476,738 | ||
Telecommunications — 1.6% | ||
Arista Networks, Inc.* | 15,472 | 2,507,392 |
TOTAL COMMON STOCKS (Cost $118,431,828) | 152,501,332 |
SHORT-TERM INVESTMENTS — 0.3% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $362,524) | 362,524 | 362,524 |
TOTAL INVESTMENTS — 100.3% (Cost $118,794,352) | $ 152,863,856 | |
Other Assets & Liabilities — (0.3)% | (382,478) | |
TOTAL NET ASSETS — 100.0% | $ 152,481,378 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $152,501,332 | $152,501,332 | $— | $— |
Short-Term Investments | 362,524 | 362,524 | — | — |
Total Investments | $ 152,863,856 | $ 152,863,856 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 92.2% | ||
Aerospace & Defense — 1.9% | ||
L3Harris Technologies, Inc. | 8,559 | $ 1,675,595 |
Auto Parts & Equipment — 1.4% | ||
Aptiv PLC* | 6,390 | 652,355 |
Autoliv, Inc. | 6,702 | 569,938 |
1,222,293 | ||
Banks — 4.9% | ||
Regions Financial Corp. | 15,277 | 272,236 |
State Street Corp. | 21,049 | 1,540,366 |
Synovus Financial Corp. | 33,623 | 1,017,096 |
The PNC Financial Services Group, Inc. | 5,886 | 741,341 |
Wintrust Financial Corp. | 9,905 | 719,301 |
4,290,340 | ||
Biotechnology — 1.6% | ||
Corteva, Inc. | 23,900 | 1,369,470 |
Building Materials — 3.5% | ||
Fortune Brands Innovations, Inc. | 22,131 | 1,592,326 |
Martin Marietta Materials, Inc. | 3,157 | 1,457,555 |
3,049,881 | ||
Chemicals — 3.0% | ||
Axalta Coating Systems Ltd.* | 39,833 | 1,306,921 |
FMC Corp. | 6,079 | 634,283 |
Westlake Corp. | 5,685 | 679,187 |
2,620,391 | ||
Computers — 0.7% | ||
Insight Enterprises, Inc.* | 4,413 | 645,798 |
Diversified Financial Services — 1.6% | ||
Jefferies Financial Group, Inc. | 42,663 | 1,415,132 |
Electric — 4.5% | ||
Alliant Energy Corp. | 39,989 | 2,098,623 |
Entergy Corp. | 18,998 | 1,849,835 |
3,948,458 | ||
Electrical Components & Equipment — 2.2% | ||
AMETEK, Inc. | 12,000 | 1,942,560 |
Electronics — 1.5% | ||
Vontier Corp. | 41,413 | 1,333,913 |
Environmental Control — 1.8% | ||
Waste Connections, Inc. | 11,049 | 1,579,234 |
Food — 2.5% | ||
Kellogg Co. | 25,076 | 1,690,122 |
Lamb Weston Holdings, Inc. | 4,522 | 519,804 |
2,209,926 | ||
Hand & Machine Tools — 1.7% | ||
Lincoln Electric Holdings, Inc. | 7,606 | 1,510,780 |
Healthcare Products — 3.7% | ||
Avantor, Inc.* | 24,910 | 511,651 |
Envista Holdings Corp.* | 23,037 | 779,572 |
Number of Shares | Value† | |
Healthcare Products — (continued) | ||
Globus Medical, Inc., Class A* | 28,566 | $ 1,700,820 |
Revvity, Inc. | 2,279 | 270,723 |
3,262,766 | ||
Healthcare Services — 5.1% | ||
Amedisys, Inc.* | 9,636 | 881,116 |
Charles River Laboratories International, Inc.* | 2,461 | 517,425 |
Humana, Inc. | 1,855 | 829,426 |
Laboratory Corp. of America Holdings | 9,360 | 2,258,849 |
4,486,816 | ||
Home Builders — 1.8% | ||
Toll Brothers, Inc. | 20,312 | 1,606,070 |
Insurance — 5.7% | ||
Globe Life, Inc. | 12,430 | 1,362,576 |
RenaissanceRe Holdings Ltd. | 4,567 | 851,837 |
The Hartford Financial Services Group, Inc. | 31,148 | 2,243,279 |
Willis Towers Watson PLC | 2,224 | 523,752 |
4,981,444 | ||
Machinery — Construction & Mining — 2.6% | ||
BWX Technologies, Inc. | 18,008 | 1,288,832 |
Oshkosh Corp. | 11,637 | 1,007,648 |
2,296,480 | ||
Media — 1.8% | ||
Fox Corp., Class B | 48,355 | 1,542,041 |
Mining — 2.1% | ||
Freeport-McMoRan, Inc. | 46,116 | 1,844,640 |
Miscellaneous Manufacturing — 3.0% | ||
Carlisle Cos., Inc. | 4,762 | 1,221,596 |
Hillenbrand, Inc. | 28,264 | 1,449,378 |
2,670,974 | ||
Office & Business Equipment — 1.1% | ||
Zebra Technologies Corp., Class A* | 3,309 | 978,901 |
Oil & Gas — 4.9% | ||
Chesapeake Energy Corp. | 22,226 | 1,859,871 |
Marathon Oil Corp. | 57,387 | 1,321,049 |
Pioneer Natural Resources Co. | 5,583 | 1,156,686 |
4,337,606 | ||
Oil & Gas Services — 1.9% | ||
Baker Hughes Co. | 52,261 | 1,651,970 |
Packaging and Containers — 1.2% | ||
Graphic Packaging Holding Co. | 45,552 | 1,094,615 |
Pharmaceuticals — 3.5% | ||
Cardinal Health, Inc. | 26,191 | 2,476,883 |
Henry Schein, Inc.* | 6,943 | 563,077 |
3,039,960 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Real Estate — 0.7% | ||
CBRE Group, Inc., Class A* | 7,878 | $ 635,833 |
Retail — 8.7% | ||
AutoZone, Inc.* | 354 | 882,649 |
Bath & Body Works, Inc. | 29,591 | 1,109,663 |
Burlington Stores, Inc.* | 5,873 | 924,352 |
Casey's General Stores, Inc. | 7,117 | 1,735,694 |
MSC Industrial Direct Co., Inc., Class A | 19,789 | 1,885,496 |
O'Reilly Automotive, Inc.* | 1,128 | 1,077,578 |
7,615,432 | ||
Semiconductors — 3.0% | ||
Lam Research Corp. | 1,202 | 772,718 |
Microchip Technology, Inc. | 12,162 | 1,089,594 |
Teradyne, Inc. | 7,201 | 801,687 |
2,663,999 | ||
Software — 4.9% | ||
Activision Blizzard, Inc.* | 20,118 | 1,695,948 |
Black Knight, Inc.* | 19,443 | 1,161,330 |
Fidelity National Information Services, Inc. | 27,287 | 1,492,599 |
4,349,877 | ||
Telecommunications — 1.2% | ||
Nice Ltd., ADR* | 5,160 | 1,065,540 |
Transportation — 1.7% | ||
Canadian Pacific Kansas City Ltd. | 10,611 | 857,051 |
Landstar System, Inc. | 3,326 | 640,388 |
1,497,439 | ||
Trucking and Leasing — 0.8% | ||
GATX Corp. | 5,715 | 735,749 |
TOTAL COMMON STOCKS (Cost $67,849,075) | 81,171,923 | |
REAL ESTATE INVESTMENT TRUSTS — 6.8% | ||
Diversified — 2.7% | ||
Lamar Advertising Co., Class A | 17,315 | 1,718,514 |
PotlatchDeltic Corp. | 12,329 | 651,587 |
2,370,101 | ||
Hotels & Resorts — 0.8% | ||
Apple Hospitality REIT, Inc. | 46,781 | 706,861 |
Industrial — 1.1% | ||
STAG lndustrial, Inc. | 28,268 | 1,014,256 |
Manufactured Homes — 2.2% | ||
Equity LifeStyle Properties, Inc. | 28,524 | 1,907,970 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,354,796) | 5,999,188 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $789,604) | 789,604 | $ 789,604 |
TOTAL INVESTMENTS — 99.9% (Cost $73,993,475) | $ 87,960,715 | |
Other Assets & Liabilities — 0.1% | 113,377 | |
TOTAL NET ASSETS — 100.0% | $ 88,074,092 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
Country Weightings as of 6/30/2023†† | |
United States | 93% |
Canada | 3 |
Israel | 1 |
Bermuda | 1 |
Ireland | 1 |
Sweden | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $81,171,923 | $81,171,923 | $— | $— |
Real Estate Investment Trusts | 5,999,188 | 5,999,188 | — | — |
Short-Term Investments | 789,604 | 789,604 | — | — |
Total Investments | $ 87,960,715 | $ 87,960,715 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 86.9% | ||
Advertising — 1.4% | ||
Omnicom Group, Inc. | 4,300 | $ 409,145 |
The Interpublic Group of Cos., Inc. | 20,522 | 791,739 |
1,200,884 | ||
Aerospace & Defense — 0.3% | ||
General Dynamics Corp. | 1,375 | 295,831 |
Airlines — 1.7% | ||
Southwest Airlines Co. | 39,281 | 1,422,365 |
Auto Manufacturers — 0.7% | ||
Cummins, Inc. | 2,379 | 583,236 |
Auto Parts & Equipment — 2.1% | ||
Aptiv PLC* | 2,835 | 289,425 |
BorgWarner, Inc. | 17,954 | 878,130 |
Cie Generale des Etablissements Michelin SCA | 20,322 | 600,066 |
1,767,621 | ||
Banks — 8.1% | ||
Comerica, Inc. | 965 | 40,878 |
First Hawaiian, Inc. | 45,535 | 820,086 |
Northern Trust Corp. | 26,438 | 1,960,113 |
Prosperity Bancshares, Inc. | 8,413 | 475,166 |
The Bank of New York Mellon Corp. | 40,731 | 1,813,344 |
Truist Financial Corp. | 31,422 | 953,658 |
US Bancorp | 16,854 | 556,856 |
Westamerica BanCorp | 6,451 | 247,073 |
6,867,174 | ||
Building Materials — 1.3% | ||
Cie de Saint-Gobain | 17,571 | 1,068,538 |
Chemicals — 1.8% | ||
Akzo Nobel N.V. | 14,532 | 1,184,859 |
Axalta Coating Systems Ltd.* | 9,414 | 308,873 |
1,493,732 | ||
Computers — 2.3% | ||
Amdocs Ltd. | 10,960 | 1,083,396 |
HP, Inc. | 26,689 | 819,619 |
1,903,015 | ||
Distribution & Wholesale — 0.5% | ||
Bunzl PLC | 10,985 | 418,389 |
Diversified Financial Services — 2.3% | ||
T. Rowe Price Group, Inc. | 11,058 | 1,238,717 |
The Charles Schwab Corp. | 11,913 | 675,229 |
1,913,946 | ||
Electric — 7.5% | ||
Duke Energy Corp. | 12,373 | 1,110,353 |
Edison International | 26,823 | 1,862,857 |
Evergy, Inc. | 12,256 | 715,995 |
Eversource Energy | 8,667 | 614,664 |
NorthWestern Corp. | 23,888 | 1,355,883 |
Number of Shares | Value† | |
Electric — (continued) | ||
Pinnacle West Capital Corp. | 8,558 | $ 697,135 |
6,356,887 | ||
Electrical Components & Equipment — 2.3% | ||
Emerson Electric Co. | 17,832 | 1,611,835 |
Legrand S.A. | 3,439 | 340,739 |
1,952,574 | ||
Electronics — 2.1% | ||
nVent Electric PLC | 16,451 | 850,023 |
TE Connectivity Ltd. | 6,342 | 888,895 |
1,738,918 | ||
Engineering & Construction — 1.1% | ||
Vinci S.A. | 8,160 | 947,228 |
Environmental Control — 0.5% | ||
Republic Services, Inc. | 2,677 | 410,036 |
Food — 4.9% | ||
Conagra Brands, Inc. | 53,880 | 1,816,834 |
Koninklijke Ahold Delhaize N.V. | 49,427 | 1,686,000 |
The J.M. Smucker Co. | 4,069 | 600,869 |
4,103,703 | ||
Food Service — 0.3% | ||
Sodexo S.A. | 1,960 | 215,693 |
Gas — 2.2% | ||
Atmos Energy Corp. | 4,090 | 475,831 |
Spire, Inc. | 22,319 | 1,415,917 |
1,891,748 | ||
Healthcare Products — 4.9% | ||
DENTSPLY SIRONA, Inc. | 13,024 | 521,221 |
Embecta Corp. | 20,093 | 434,009 |
Envista Holdings Corp.* | 18,765 | 635,008 |
Hologic, Inc.* | 3,333 | 269,873 |
Smith & Nephew PLC, ADR | 2,945 | 94,976 |
Zimmer Biomet Holdings, Inc. | 14,739 | 2,145,998 |
4,101,085 | ||
Healthcare Services — 5.2% | ||
Centene Corp.* | 9,643 | 650,420 |
Laboratory Corp. of America Holdings | 4,632 | 1,117,841 |
Quest Diagnostics, Inc. | 9,479 | 1,332,368 |
Universal Health Services, Inc., Class B | 7,886 | 1,244,174 |
4,344,803 | ||
Household Products & Wares — 1.4% | ||
Kimberly-Clark Corp. | 8,725 | 1,204,574 |
Insurance — 7.0% | ||
Aflac, Inc. | 13,575 | 947,535 |
Reinsurance Group of America, Inc. | 7,853 | 1,089,132 |
The Allstate Corp. | 17,199 | 1,875,379 |
The Hanover Insurance Group, Inc. | 6,029 | 681,458 |
Willis Towers Watson PLC | 5,640 | 1,328,220 |
5,921,724 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Internet — 1.1% | ||
F5, Inc.* | 6,563 | $ 959,904 |
Machinery — Construction & Mining — 1.9% | ||
Oshkosh Corp. | 18,655 | 1,615,336 |
Machinery — Diversified — 0.5% | ||
IMI PLC | 19,563 | 407,458 |
Media — 1.3% | ||
Fox Corp., Class B | 34,120 | 1,088,087 |
Oil & Gas — 2.4% | ||
Devon Energy Corp. | 12,738 | 615,755 |
Diamondback Energy, Inc. | 4,866 | 639,198 |
EQT Corp. | 18,674 | 768,061 |
2,023,014 | ||
Oil & Gas Services — 1.1% | ||
Baker Hughes Co. | 29,269 | 925,193 |
Packaging and Containers — 3.4% | ||
Amcor PLC | 101,893 | 1,016,892 |
Packaging Corp. of America | 10,824 | 1,430,500 |
Sonoco Products Co. | 6,511 | 384,279 |
2,831,671 | ||
Pharmaceuticals — 4.4% | ||
AmerisourceBergen Corp. | 4,419 | 850,348 |
Becton Dickinson & Co. | 1,651 | 435,880 |
Cardinal Health, Inc. | 8,640 | 817,085 |
Henry Schein, Inc.* | 19,898 | 1,613,728 |
3,717,041 | ||
Retail — 3.9% | ||
Beacon Roofing Supply, Inc.* | 7,609 | 631,395 |
Dollar Tree, Inc.* | 9,638 | 1,383,053 |
MSC Industrial Direct Co., Inc., Class A | 13,167 | 1,254,552 |
3,269,000 | ||
Savings & Loans — 0.3% | ||
Capitol Federal Financial, Inc. | 38,344 | 236,582 |
Semiconductors — 0.4% | ||
Teradyne, Inc. | 2,738 | 304,822 |
Shipbuilding — 1.5% | ||
Huntington Ingalls Industries, Inc. | 5,711 | 1,299,824 |
Software — 0.6% | ||
Electronic Arts, Inc. | 3,766 | 488,450 |
Telecommunications — 1.5% | ||
BCE, Inc. | 4,619 | 210,597 |
Corning, Inc. | 10,850 | 380,184 |
Juniper Networks, Inc. | 21,283 | 666,796 |
1,257,577 |
Number of Shares | Value† | |
Transportation — 0.7% | ||
Heartland Express, Inc. | 38,159 | $ 626,189 |
TOTAL COMMON STOCKS (Cost $72,598,036) | 73,173,852 | |
REAL ESTATE INVESTMENT TRUSTS — 7.5% | ||
Apartments — 1.2% | ||
Essex Property Trust, Inc. | 4,337 | 1,016,159 |
Diversified — 1.3% | ||
Equinix, Inc. | 212 | 166,195 |
VICI Properties, Inc. | 6,727 | 211,430 |
Weyerhaeuser Co. | 7,607 | 254,911 |
WP Carey, Inc. | 6,751 | 456,097 |
1,088,633 | ||
Healthcare — 1.2% | ||
Healthpeak Properties, Inc. | 49,533 | 995,613 |
Single Tenant — 1.5% | ||
Realty Income Corp. | 20,485 | 1,224,798 |
Storage & Warehousing — 1.0% | ||
Public Storage | 2,888 | 842,950 |
Strip Centers — 1.3% | ||
Regency Centers Corp. | 17,646 | 1,089,993 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,282,000) | 6,258,146 | |
PREFERRED STOCKS — 0.9% | ||
Household Products & Wares — 0.9% | ||
Henkel AG & Co., KGaA (Cost $631,096) | 9,670 | 773,033 |
EXCHANGE TRADED FUNDS — 1.3% | ||
Investment Companies — 1.3% | ||
iShares Russell Mid-Cap Value ETF (Cost $1,096,414) | 10,033 | 1,102,025 |
MASTER LIMITED PARTNERSHIP — 1.6% | ||
Pipelines — 1.6% | ||
Enterprise Products Partners LP (Cost $1,210,520) | 52,024 | 1,370,832 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 1.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,309,160) | 1,309,160 | $ 1,309,160 |
TOTAL INVESTMENTS — 99.7% (Cost $84,127,226) | $ 83,987,048 | |
Other Assets & Liabilities — 0.3% | 227,025 | |
TOTAL NET ASSETS — 100.0% | $ 84,214,073 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
ETF— Exchange-Traded Fund. |
KGaA— Kommanditgesellschaft auf Aktien. |
LP— Limited Partnership. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 6/30/2023†† | |
United States | 86% |
United Kingdom | 5 |
France | 4 |
Netherlands | 4 |
Germany | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $73,173,852 | $73,173,852 | $ — | $— |
Real Estate Investment Trusts | 6,258,146 | 6,258,146 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Preferred Stocks | $ 773,033 | $ 773,033 | $ — | $— |
Exchange Traded Funds | 1,102,025 | 1,102,025 | — | — |
Master Limited Partnership | 1,370,832 | 1,370,832 | — | — |
Short-Term Investments | 1,309,160 | 1,309,160 | — | — |
Total Investments | $ 83,987,048 | $ 83,987,048 | $ — | $ — |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $ 2,883 | $ — | $2,883 | $— |
Total Assets—Other Financial Instruments | $ 2,883 | $ — | $ 2,883 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $(257) | $— | $(257) | $— |
Total Liabilities—Other Financial Instruments | $ (257) | $ — | $ (257) | $ — |
(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 | Euro | Bank of America | 09/29/23 | (1,322,962) | 0.91229 | $(1,451,523) | $(1,450,156) | $1,367 | $— | ||||||||
Sell | Pound Sterling | Bank of America | 09/29/23 | (601,946) | 0.78725 | (764,426) | (764,613) | — | (187) | ||||||||
Sell | Canadian Dollar | Goldman Sachs | 09/29/23 | (168,654) | 1.32289 | (127,419) | (127,489) | — | (70) |
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 | Euro | JPMorgan | 09/29/23 | (2,568,238) | 0.91229 | $(2,815,200) | $(2,815,158) | $42 | $— | ||||||||
Sell | Euro | Morgan Stanley | 09/29/23 | (1,322,962) | 0.91229 | (1,451,630) | (1,450,156) | 1,474 | — | ||||||||
Total | $2,883 | $(257) |
Number of Shares | Value† | |
COMMON STOCKS — 97.0% | ||
Aerospace & Defense — 1.2% | ||
HEICO Corp. | 5,144 | $ 910,179 |
Apparel — 2.6% | ||
Crocs, Inc.* | 8,182 | 919,984 |
Deckers Outdoor Corp.* | 2,027 | 1,069,567 |
1,989,551 | ||
Auto Parts & Equipment — 0.5% | ||
Fox Factory Holding Corp.* | 3,606 | 391,287 |
Beverages — 0.5% | ||
Celsius Holdings, Inc.* | 2,577 | 384,463 |
Biotechnology — 3.7% | ||
Apellis Pharmaceuticals, Inc.* | 6,326 | 576,299 |
Beam Therapeutics, Inc.* | 6,673 | 213,069 |
BioMarin Pharmaceutical, Inc.* | 1,850 | 160,358 |
Cytokinetics, Inc.* | 4,428 | 144,441 |
Exelixis, Inc.* | 14,972 | 286,115 |
Halozyme Therapeutics, Inc.* | 16,304 | 588,085 |
Sarepta Therapeutics, Inc.* | 3,430 | 392,804 |
Ultragenyx Pharmaceutical, Inc.* | 9,470 | 436,851 |
2,798,022 | ||
Building Materials — 1.3% | ||
AAON, Inc. | 10,645 | 1,009,252 |
Chemicals — 3.2% | ||
Ashland, Inc. | 14,362 | 1,248,201 |
RPM International, Inc. | 13,045 | 1,170,528 |
2,418,729 | ||
Commercial Services — 3.5% | ||
Quanta Services, Inc. | 2,733 | 536,898 |
Shift4 Payments, Inc., Class A* | 9,947 | 675,501 |
Toast, Inc., Class A* | 34,997 | 789,882 |
WEX, Inc.* | 3,773 | 686,950 |
2,689,231 | ||
Computers — 3.2% | ||
CACI International, Inc., Class A* | 2,118 | 721,899 |
CyberArk Software Ltd.* | 4,363 | 682,068 |
Pure Storage, Inc., Class A* | 28,314 | 1,042,521 |
2,446,488 | ||
Distribution & Wholesale — 4.1% | ||
Core & Main, Inc., Class A* | 46,799 | 1,466,681 |
SiteOne Landscape Supply, Inc.* | 4,350 | 728,016 |
Watsco, Inc. | 2,445 | 932,694 |
3,127,391 | ||
Diversified Financial Services — 1.3% | ||
Houlihan Lokey, Inc. | 4,662 | 458,321 |
LPL Financial Holdings, Inc. | 2,543 | 552,925 |
1,011,246 | ||
Electrical Components & Equipment — 1.7% | ||
Novanta, Inc.* | 7,198 | 1,325,152 |
Number of Shares | Value† | |
Electronics — 2.7% | ||
Allegion PLC | 11,201 | $ 1,344,344 |
Hubbell, Inc. | 2,267 | 751,647 |
2,095,991 | ||
Energy-Alternate Sources — 0.7% | ||
Shoals Technologies Group, Inc., Class A* | 20,634 | 527,405 |
Engineering & Construction — 1.3% | ||
EMCOR Group, Inc. | 5,314 | 981,921 |
Entertainment — 1.9% | ||
Churchill Downs, Inc. | 4,936 | 686,943 |
Vail Resorts, Inc. | 2,916 | 734,132 |
1,421,075 | ||
Environmental Control — 1.7% | ||
Tetra Tech, Inc. | 8,061 | 1,319,908 |
Food — 1.1% | ||
Hostess Brands, Inc.* | 34,182 | 865,488 |
Hand & Machine Tools — 2.0% | ||
Lincoln Electric Holdings, Inc. | 7,614 | 1,512,369 |
Healthcare Products — 13.0% | ||
10X Genomics, Inc., Class A* | 9,954 | 555,831 |
Axonics, Inc.* | 10,576 | 533,771 |
Bio-Techne Corp. | 10,261 | 837,605 |
Bruker Corp. | 14,968 | 1,106,435 |
Exact Sciences Corp.* | 5,964 | 560,020 |
Inari Medical, Inc.* | 11,577 | 673,087 |
Inspire Medical Systems, Inc.* | 1,841 | 597,662 |
Insulet Corp.* | 1,426 | 411,173 |
iRhythm Technologies, Inc.* | 5,245 | 547,158 |
Natera, Inc.* | 9,136 | 444,558 |
Repligen Corp.* | 4,766 | 674,198 |
Shockwave Medical, Inc.* | 2,378 | 678,705 |
Stevanato Group SpA | 26,289 | 851,238 |
Teleflex, Inc. | 2,133 | 516,250 |
The Cooper Cos., Inc. | 2,480 | 950,906 |
9,938,597 | ||
Healthcare Services — 1.9% | ||
Charles River Laboratories International, Inc.* | 3,569 | 750,382 |
Surgery Partners, Inc.* | 15,894 | 715,071 |
1,465,453 | ||
Household Products & Wares — 1.0% | ||
Avery Dennison Corp. | 4,653 | 799,385 |
Insurance — 1.0% | ||
Kinsale Capital Group, Inc. | 1,996 | 746,903 |
Internet — 0.8% | ||
Okta, Inc.* | 8,516 | 590,585 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Leisure Time — 1.3% | ||
Planet Fitness, Inc., Class A* | 14,472 | $ 975,992 |
Lodging — 0.7% | ||
Wyndham Hotels & Resorts, Inc. | 7,241 | 496,515 |
Machinery — Diversified — 5.4% | ||
Chart Industries, Inc.* | 5,484 | 876,288 |
IDEX Corp. | 2,293 | 493,591 |
Nordson Corp. | 4,493 | 1,115,073 |
The Toro Co. | 9,655 | 981,431 |
Watts Water Technologies, Inc., Class A | 3,550 | 652,242 |
4,118,625 | ||
Media — 1.2% | ||
Liberty Media Corp.-Liberty Formula One, Class C* | 12,441 | 936,558 |
Metal Fabricate/Hardware — 2.0% | ||
RBC Bearings, Inc.* | 3,584 | 779,412 |
The Timken Co. | 7,790 | 713,019 |
1,492,431 | ||
Oil & Gas — 0.9% | ||
Chesapeake Energy Corp. | 2,319 | 194,054 |
Denbury, Inc.* | 5,580 | 481,331 |
675,385 | ||
Packaging and Containers — 1.0% | ||
Ball Corp. | 13,528 | 787,465 |
Pharmaceuticals — 0.7% | ||
Neurocrine Biosciences, Inc.* | 5,704 | 537,887 |
Retail — 8.9% | ||
BJ's Wholesale Club Holdings, Inc.* | 17,093 | 1,077,030 |
Casey's General Stores, Inc. | 3,304 | 805,780 |
Domino's Pizza, Inc. | 1,572 | 529,748 |
Five Below, Inc.* | 5,992 | 1,177,668 |
Floor & Decor Holdings, Inc., Class A* | 9,469 | 984,397 |
Texas Roadhouse, Inc. | 10,034 | 1,126,618 |
Wingstop, Inc. | 5,509 | 1,102,681 |
6,803,922 | ||
Semiconductors — 7.9% | ||
Allegro MicroSystems, Inc.* | 26,470 | 1,194,856 |
Entegris, Inc. | 5,895 | 653,284 |
Lattice Semiconductor Corp.* | 13,922 | 1,337,486 |
MACOM Technology Solutions Holdings, Inc.* | 16,075 | 1,053,395 |
MKS Instruments, Inc. | 10,247 | 1,107,701 |
Teradyne, Inc. | 6,247 | 695,478 |
6,042,200 | ||
Software — 10.5% | ||
DoubleVerify Holdings, Inc.* | 22,031 | 857,446 |
Dynatrace, Inc.* | 24,594 | 1,265,853 |
Elastic N.V.* | 9,421 | 604,075 |
Evolent Health, Inc., Class A* | 17,072 | 517,282 |
Manhattan Associates, Inc.* | 5,760 | 1,151,309 |
Number of Shares | Value† | |
Software — (continued) | ||
Procore Technologies, Inc.* | 16,680 | $ 1,085,368 |
Samsara, Inc., Class A* | 24,469 | 678,036 |
Smartsheet, Inc., Class A* | 19,338 | 739,872 |
UiPath, Inc., Class A* | 33,178 | 549,759 |
ZoomInfo Technologies, Inc.* | 23,264 | 590,673 |
8,039,673 | ||
Telecommunications — 0.6% | ||
Ciena Corp.* | 11,206 | 476,143 |
TOTAL COMMON STOCKS (Cost $67,856,202) | 74,148,867 |
SHORT-TERM INVESTMENTS — 2.8% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $2,165,410) | 2,165,410 | 2,165,410 |
TOTAL INVESTMENTS — 99.8% (Cost $70,021,612) | $ 76,314,277 | |
Other Assets & Liabilities — 0.2% | 120,722 | |
TOTAL NET ASSETS — 100.0% | $ 76,434,999 |
† | See Security Valuation Note. |
* | Non-income producing security. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
SpA— Società per Azioni. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $74,148,867 | $74,148,867 | $— | $— |
Short-Term Investments | 2,165,410 | 2,165,410 | — | — |
Total Investments | $ 76,314,277 | $ 76,314,277 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 92.3% | ||
Aerospace & Defense — 0.8% | ||
Spirit AeroSystems Holdings, Inc., Class A | 15,670 | $ 457,407 |
Airlines — 1.3% | ||
Alaska Air Group, Inc.* | 13,546 | 720,376 |
Apparel — 3.8% | ||
PVH Corp. | 9,090 | 772,377 |
Ralph Lauren Corp. | 5,710 | 704,043 |
Tapestry, Inc. | 14,540 | 622,312 |
2,098,732 | ||
Auto Parts & Equipment — 1.6% | ||
Dana, Inc. | 24,902 | 423,334 |
The Goodyear Tire & Rubber Co.* | 33,769 | 461,960 |
885,294 | ||
Banks — 10.5% | ||
BankUnited, Inc. | 12,725 | 274,224 |
Comerica, Inc. | 16,122 | 682,928 |
First Bancorp | 56,290 | 687,864 |
First Citizens BancShares, Inc., Class A | 686 | 880,446 |
First Hawaiian, Inc. | 33,691 | 606,775 |
Synovus Financial Corp. | 15,235 | 460,859 |
Texas Capital Bancshares, Inc.* | 11,219 | 577,778 |
Webster Financial Corp. | 12,892 | 486,673 |
Wintrust Financial Corp. | 8,900 | 646,318 |
Zions Bancorp NA | 16,021 | 430,324 |
5,734,189 | ||
Building Materials — 2.5% | ||
Builders FirstSource, Inc.* | 5,896 | 801,856 |
Masonite International Corp.* | 5,639 | 577,659 |
1,379,515 | ||
Chemicals — 1.0% | ||
Huntsman Corp. | 20,804 | 562,124 |
Commercial Services — 4.5% | ||
ADT, Inc. | 98,820 | 595,885 |
Herc Holdings, Inc. | 6,430 | 879,945 |
Korn Ferry | 7,540 | 373,532 |
Robert Half International, Inc. | 8,089 | 608,454 |
2,457,816 | ||
Computers — 2.9% | ||
Crane NXT Co. | 7,536 | 425,332 |
Genpact Ltd. | 14,951 | 561,709 |
Lumentum Holdings, Inc.* | 10,420 | 591,126 |
1,578,167 | ||
Diversified Financial Services — 3.5% | ||
Cboe Global Markets, Inc. | 4,810 | 663,828 |
Moelis & Co., Class A | 11,758 | 533,108 |
Stifel Financial Corp. | 11,930 | 711,863 |
1,908,799 | ||
Electric — 2.8% | ||
IDACORP, Inc. | 8,009 | 821,723 |
Number of Shares | Value† | |
Electric — (continued) | ||
Portland General Electric Co. | 15,360 | $ 719,309 |
1,541,032 | ||
Electrical Components & Equipment — 1.2% | ||
Belden, Inc. | 6,637 | 634,829 |
Electronics — 2.4% | ||
Avnet, Inc. | 14,500 | 731,525 |
Sensata Technologies Holding PLC | 13,080 | 588,469 |
1,319,994 | ||
Engineering & Construction — 4.8% | ||
Arcosa, Inc. | 3,397 | 257,391 |
Dycom Industries, Inc.* | 8,640 | 981,936 |
Fluor Corp.* | 23,035 | 681,836 |
MasTec, Inc.* | 5,769 | 680,569 |
2,601,732 | ||
Food — 2.0% | ||
Nomad Foods Ltd.* | 37,984 | 665,480 |
The Hain Celestial Group, Inc.* | 35,588 | 445,206 |
1,110,686 | ||
Hand & Machine Tools — 1.6% | ||
Regal Rexnord Corp. | 5,684 | 874,768 |
Healthcare Products — 3.6% | ||
Avantor, Inc.* | 27,607 | 567,048 |
Envista Holdings Corp.* | 23,200 | 785,088 |
Integra LifeSciences Holdings Corp.* | 15,083 | 620,364 |
1,972,500 | ||
Healthcare Services — 2.4% | ||
Acadia Healthcare Co., Inc.* | 9,029 | 719,070 |
Pediatrix Medical Group, Inc.* | 41,944 | 596,024 |
1,315,094 | ||
Home Builders — 2.6% | ||
PulteGroup, Inc. | 11,000 | 854,480 |
Taylor Morrison Home Corp.* | 11,355 | 553,783 |
1,408,263 | ||
Insurance — 6.0% | ||
American Financial Group, Inc. | 4,968 | 589,950 |
Everest Re Group Ltd. | 2,304 | 787,645 |
Kemper Corp. | 8,870 | 428,066 |
Reinsurance Group of America, Inc. | 3,437 | 476,678 |
Selective Insurance Group, Inc. | 4,770 | 457,682 |
The Hanover Insurance Group, Inc. | 4,604 | 520,390 |
3,260,411 | ||
Internet — 2.3% | ||
Criteo S.A., ADR* | 21,168 | 714,208 |
Gen Digital, Inc. | 27,730 | 514,392 |
1,228,600 | ||
Iron & Steel — 1.4% | ||
ATI, Inc.* | 17,220 | 761,641 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Lodging — 1.4% | ||
Hilton Grand Vacations, Inc.* | 16,954 | $ 770,390 |
Machinery — Construction & Mining — 2.8% | ||
Oshkosh Corp. | 8,260 | 715,233 |
Vertiv Holdings Co. | 33,541 | 830,811 |
1,546,044 | ||
Metal Fabricate/Hardware — 1.3% | ||
The Timken Co. | 7,700 | 704,781 |
Mining — 1.6% | ||
Cameco Corp. | 26,910 | 843,090 |
Oil & Gas — 2.1% | ||
HF Sinclair Corp. | 9,961 | 444,360 |
Magnolia Oil & Gas Corp., Class A | 32,596 | 681,257 |
1,125,617 | ||
Oil & Gas Services — 1.3% | ||
ChampionX Corp. | 22,390 | 694,986 |
Packaging and Containers — 1.7% | ||
Berry Global Group, Inc. | 14,010 | 901,403 |
Retail — 4.6% | ||
Bath & Body Works, Inc. | 15,570 | 583,875 |
Dine Brands Global, Inc. | 8,477 | 491,920 |
Papa John's International, Inc. | 6,134 | 452,873 |
Sally Beauty Holdings, Inc.* | 35,310 | 436,079 |
Williams-Sonoma, Inc. | 4,254 | 532,346 |
2,497,093 | ||
Semiconductors — 4.2% | ||
Amkor Technology, Inc. | 20,270 | 603,032 |
FormFactor, Inc.* | 18,530 | 634,097 |
Kulicke & Soffa Industries, Inc. | 9,331 | 554,728 |
Synaptics, Inc.* | 6,040 | 515,695 |
2,307,552 | ||
Software — 2.0% | ||
ACI Worldwide, Inc.* | 19,650 | 455,290 |
CommVault Systems, Inc.* | 8,893 | 645,810 |
1,101,100 | ||
Transportation — 3.8% | ||
Knight-Swift Transportation Holdings, Inc. | 15,142 | 841,289 |
Star Bulk Carriers Corp. | 24,831 | 439,509 |
XPO, Inc.* | 13,870 | 818,330 |
2,099,128 | ||
TOTAL COMMON STOCKS (Cost $49,202,683) | 50,403,153 | |
REAL ESTATE INVESTMENT TRUSTS — 6.3% | ||
Apartments — 1.2% | ||
Apartment Income REIT Corp. | 17,460 | 630,131 |
Number of Shares | Value† | |
Diversified — 0.8% | ||
Broadstone Net Lease, Inc. | 27,820 | $ 429,541 |
Healthcare — 1.1% | ||
Physicians Realty Trust | 41,574 | 581,620 |
Industrial — 2.0% | ||
First Industrial Realty Trust, Inc. | 6,885 | 362,426 |
STAG lndustrial, Inc. | 21,146 | 758,719 |
1,121,145 | ||
Storage & Warehousing — 1.2% | ||
CubeSmart | 15,124 | 675,438 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,731,852) | 3,437,875 |
SHORT-TERM INVESTMENTS — 1.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $569,466) | 569,466 | 569,466 |
TOTAL INVESTMENTS — 99.6% (Cost $53,504,001) | $ 54,410,494 | |
Other Assets & Liabilities — 0.4% | 222,279 | |
TOTAL NET ASSETS — 100.0% | $ 54,632,773 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
NA— National Association. |
PLC— Public Limited Company. |
REIT— Real Estate Investment Trust. |
S.A.— Societe Anonyme. |
Country Weightings as of 6/30/2023†† | |
United States | 91% |
Canada | 2 |
Bermuda | 2 |
France | 1 |
Puerto Rico | 1 |
United Kingdom | 1 |
Singapore | 1 |
Greece | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $50,403,153 | $50,403,153 | $— | $— |
Real Estate Investment Trusts | 3,437,875 | 3,437,875 | — | — |
Short-Term Investments | 569,466 | 569,466 | — | — |
Total Investments | $ 54,410,494 | $ 54,410,494 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 97.2% | ||
Auto Parts & Equipment — 0.5% | ||
QuantumScape Corp.* | 16,158 | $ 129,102 |
Visteon Corp.* | 2,872 | 412,448 |
541,550 | ||
Banks — 0.9% | ||
Walker & Dunlop, Inc. | 12,448 | 984,512 |
Biotechnology — 4.6% | ||
Akero Therapeutics, Inc.* | 10,741 | 501,497 |
Biohaven Ltd.* | 30,236 | 723,245 |
Biomea Fusion, Inc.* | 3,310 | 72,655 |
ImmunoGen, Inc.* | 20,869 | 393,798 |
Insmed, Inc.* | 18,252 | 385,117 |
Ligand Pharmaceuticals, Inc.* | 12,893 | 929,585 |
NeoGenomics, Inc.* | 34,325 | 551,603 |
PTC Therapeutics, Inc.* | 9,808 | 398,891 |
Sarepta Therapeutics, Inc.* | 4,383 | 501,941 |
Travere Therapeutics, Inc.* | 21,969 | 337,444 |
4,795,776 | ||
Building Materials — 2.1% | ||
SPX Technologies, Inc.* | 8,744 | 742,977 |
Summit Materials, Inc., Class A* | 37,722 | 1,427,778 |
2,170,755 | ||
Chemicals — 1.5% | ||
Sensient Technologies Corp. | 21,729 | 1,545,584 |
Commercial Services — 11.7% | ||
Alight, Inc., Class A* | 163,423 | 1,510,029 |
Clarivate PLC* | 110,086 | 1,049,120 |
Euronet Worldwide, Inc.* | 12,220 | 1,434,261 |
Mister Car Wash, Inc.* | 33,306 | 321,403 |
Paylocity Holding Corp.* | 5,904 | 1,089,465 |
Rentokil Initial PLC, ADR | 59,468 | 2,319,847 |
Shift4 Payments, Inc., Class A* | 14,962 | 1,016,069 |
Stride, Inc.* | 34,678 | 1,291,062 |
TriNet Group, Inc.* | 12,793 | 1,214,951 |
WEX, Inc.* | 5,370 | 977,716 |
12,223,923 | ||
Computers — 3.0% | ||
Maximus, Inc. | 13,582 | 1,147,815 |
NCR Corp.* | 19,250 | 485,100 |
WNS Holdings Ltd., ADR* | 20,377 | 1,502,192 |
3,135,107 | ||
Distribution & Wholesale — 1.5% | ||
Core & Main, Inc., Class A* | 49,974 | 1,566,185 |
Diversified Financial Services — 2.9% | ||
Cboe Global Markets, Inc. | 10,171 | 1,403,700 |
LPL Financial Holdings, Inc. | 7,324 | 1,592,457 |
2,996,157 | ||
Electric — 0.6% | ||
NRG Energy, Inc. | 15,945 | 596,184 |
Number of Shares | Value† | |
Electrical Components & Equipment — 2.2% | ||
EnerSys | 12,601 | $ 1,367,461 |
Novanta, Inc.* | 4,892 | 900,617 |
2,268,078 | ||
Electronics — 4.6% | ||
Brady Corp., Class A | 16,760 | 797,273 |
Itron, Inc.* | 5,386 | 388,330 |
Mirion Technologies, Inc.* | 103,971 | 878,555 |
Napco Security Technologies, Inc. | 26,783 | 928,031 |
OSI Systems, Inc.* | 14,937 | 1,760,027 |
4,752,216 | ||
Entertainment — 0.5% | ||
Manchester United PLC, Class A | 23,173 | 564,958 |
Environmental Control — 1.1% | ||
Clean Harbors, Inc.* | 4,141 | 680,905 |
Montrose Environmental Group, Inc.* | 10,500 | 442,260 |
1,123,165 | ||
Food — 2.4% | ||
Hostess Brands, Inc.* | 57,830 | 1,464,255 |
Premium Brands Holdings Corp. | 12,780 | 1,008,412 |
2,472,667 | ||
Hand & Machine Tools — 1.0% | ||
Regal Rexnord Corp. | 6,472 | 996,041 |
Healthcare Products — 9.7% | ||
Alphatec Holdings, Inc.* | 45,261 | 813,793 |
Bio-Techne Corp. | 6,984 | 570,104 |
Bruker Corp. | 12,558 | 928,287 |
Glaukos Corp.* | 14,167 | 1,008,832 |
Globus Medical, Inc., Class A* | 21,226 | 1,263,796 |
ICU Medical, Inc.* | 6,756 | 1,203,852 |
Lantheus Holdings, Inc.* | 8,995 | 754,860 |
Neogen Corp.* | 29,983 | 652,130 |
OmniAb, Inc.* | 71,447 | 359,378 |
OmniAb, Inc.(1),* | 3,339 | 0 |
OmniAb, Inc.(1),* | 3,339 | 0 |
Paragon 28, Inc.* | 28,601 | 507,382 |
Shockwave Medical, Inc.* | 1,561 | 445,525 |
STERIS PLC | 6,226 | 1,400,726 |
Tandem Diabetes Care, Inc.* | 10,642 | 261,155 |
10,169,820 | ||
Healthcare Services — 2.7% | ||
Catalent, Inc.* | 34,612 | 1,500,776 |
HealthEquity, Inc.* | 10,546 | 665,875 |
P3 Health Partners, Inc.* | 62,471 | 186,788 |
Sotera Health Co.* | 22,786 | 429,288 |
2,782,727 | ||
Home Builders — 0.6% | ||
Thor Industries, Inc. | 6,470 | 669,645 |
Home Furnishings — 0.7% | ||
The Lovesac Co.* | 25,509 | 687,468 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Insurance — 0.9% | ||
RLI Corp. | 7,110 | $ 970,302 |
Internet — 1.3% | ||
CarParts.com, Inc.* | 37,982 | 161,423 |
Ziff Davis, Inc.* | 16,948 | 1,187,377 |
1,348,800 | ||
Machinery — Diversified — 6.8% | ||
ATS Corp.* | 40,035 | 1,841,957 |
CSW Industrials, Inc. | 10,732 | 1,783,551 |
Gates Industrial Corp. PLC* | 61,560 | 829,829 |
Kornit Digital Ltd.* | 23,461 | 689,050 |
Nordson Corp. | 3,926 | 974,355 |
Zurn Elkay Water Solutions Corp. | 37,916 | 1,019,561 |
7,138,303 | ||
Miscellaneous Manufacturing — 2.0% | ||
Carlisle Cos., Inc. | 4,016 | 1,030,224 |
ITT, Inc. | 11,733 | 1,093,633 |
2,123,857 | ||
Oil & Gas — 1.8% | ||
California Resources Corp. | 11,141 | 504,576 |
Magnolia Oil & Gas Corp., Class A | 50,283 | 1,050,915 |
PDC Energy, Inc. | 5,200 | 369,928 |
1,925,419 | ||
Oil & Gas Services — 0.6% | ||
ChampionX Corp. | 18,895 | 586,501 |
Packaging and Containers — 2.2% | ||
Crown Holdings, Inc. | 25,869 | 2,247,240 |
Pharmaceuticals — 4.5% | ||
Ascendis Pharma A/S, ADR* | 5,825 | 519,881 |
Avadel Pharmaceuticals PLC, ADR* | 10,925 | 180,044 |
BellRing Brands, Inc.* | 24,595 | 900,177 |
Eagle Pharmaceuticals, Inc.* | 9,521 | 185,088 |
Madrigal Pharmaceuticals, Inc.* | 2,343 | 541,233 |
Neurocrine Biosciences, Inc.* | 7,134 | 672,736 |
Reata Pharmaceuticals, Inc., Class A* | 4,543 | 463,204 |
Seres Therapeutics, Inc.* | 47,834 | 229,125 |
Vaxcyte, Inc.* | 21,042 | 1,050,838 |
4,742,326 | ||
Retail — 1.4% | ||
Casey's General Stores, Inc. | 3,688 | 899,429 |
Williams-Sonoma, Inc. | 4,455 | 557,499 |
1,456,928 | ||
Semiconductors — 4.0% | ||
Entegris, Inc. | 9,263 | 1,026,526 |
MACOM Technology Solutions Holdings, Inc.* | 7,630 | 499,994 |
ON Semiconductor Corp.* | 24,217 | 2,290,444 |
Wolfspeed, Inc.* | 7,131 | 396,412 |
4,213,376 |
Number of Shares | Value† | |
Software — 12.7% | ||
Aspen Technology, Inc.* | 2,378 | $ 398,577 |
AvidXchange Holdings, Inc.* | 68,249 | 708,425 |
Blackbaud, Inc.* | 21,934 | 1,561,262 |
Broadridge Financial Solutions, Inc. | 8,997 | 1,490,173 |
Clear Secure, Inc., Class A | 20,514 | 475,309 |
Consensus Cloud Solutions, Inc.* | 14,239 | 441,409 |
CoreCard Corp.* | 21,679 | 549,780 |
Dynatrace, Inc.* | 24,262 | 1,248,765 |
Enfusion, Inc., Class A* | 45,752 | 513,338 |
Envestnet, Inc.* | 9,764 | 579,493 |
PagerDuty, Inc.* | 37,261 | 837,627 |
PDF Solutions, Inc.* | 10,373 | 467,822 |
SS&C Technologies Holdings, Inc. | 35,565 | 2,155,239 |
The Descartes Systems Group, Inc.* | 22,084 | 1,769,054 |
13,196,273 | ||
Telecommunications — 2.3% | ||
Nice Ltd., ADR* | 11,734 | 2,423,071 |
Transportation — 1.9% | ||
CryoPort, Inc.* | 26,334 | 454,261 |
Saia, Inc.* | 4,561 | 1,561,732 |
2,015,993 | ||
TOTAL COMMON STOCKS (Cost $72,339,963) | 101,430,907 | |
REAL ESTATE INVESTMENT TRUSTS — 0.8% | ||
Diversified — 0.8% | ||
Lamar Advertising Co., Class A (Cost $475,446) | 8,496 | 843,228 |
SHORT-TERM INVESTMENTS — 2.2% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $2,293,598) | 2,293,598 | 2,293,598 |
TOTAL INVESTMENTS — 100.2% (Cost $75,109,007) | $ 104,567,733 | |
Other Assets & Liabilities — (0.2)% | (208,736) | |
TOTAL NET ASSETS — 100.0% | $ 104,358,997 |
† | 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. |
A/S— Aktieselskab. |
ADR— American Depositary Receipt. |
PLC— Public Limited Company. |
Country Weightings as of 6/30/2023†† | |
United States | 87% |
Canada | 4 |
United Kingdom | 4 |
Israel | 3 |
India | 1 |
Denmark | 1 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Common Stocks | $101,430,907 | $101,430,907 | $— | $— (1) |
Real Estate Investment Trusts | 843,228 | 843,228 | — | — |
Short-Term Investments | 2,293,598 | 2,293,598 | — | — |
Total Investments | $ 104,567,733 | $ 104,567,733 | $ — | $ — |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
Number of Shares | Value† | |
COMMON STOCKS — 89.4% | ||
Advertising — 0.2% | ||
Entravision Communications Corp., Class A | 66,156 | $ 290,425 |
Aerospace & Defense* — 1.7% | ||
AAR Corp.* | 7,772 | 448,911 |
Ducommun, Inc.* | 12,907 | 562,358 |
Kratos Defense & Security Solutions, Inc.* | 36,302 | 520,571 |
Moog, Inc., Class A | 10,240 | 1,110,323 |
2,642,163 | ||
Airlines — 0.5% | ||
JetBlue Airways Corp.* | 41,451 | 367,256 |
Spirit Airlines, Inc. | 22,147 | 380,042 |
747,298 | ||
Auto Parts & Equipment — 1.3% | ||
Adient PLC* | 26,067 | 998,888 |
American Axle & Manufacturing Holdings, Inc.* | 55,155 | 456,132 |
The Goodyear Tire & Rubber Co.* | 40,180 | 549,662 |
2,004,682 | ||
Banks — 13.1% | ||
Alerus Financial Corp. | 5,281 | 94,952 |
Amalgamated Financial Corp. | 6,765 | 108,849 |
Ameris Bancorp | 24,425 | 835,579 |
Associated Banc-Corp. | 57,651 | 935,676 |
Atlantic Union Bankshares Corp. | 23,492 | 609,617 |
Banner Corp. | 20,130 | 879,077 |
Community Bank System, Inc. | 16,804 | 787,772 |
ConnectOne Bancorp, Inc. | 29,350 | 486,917 |
CVB Financial Corp. | 39,564 | 525,410 |
Eastern Bankshares, Inc. | 64,022 | 785,550 |
FB Financial Corp. | 22,810 | 639,820 |
First Financial Bankshares, Inc. | 23,141 | 659,287 |
First Merchants Corp. | 25,672 | 724,721 |
German American Bancorp, Inc. | 13,518 | 367,419 |
Glacier Bancorp, Inc. | 21,141 | 658,965 |
Hancock Whitney Corp. | 30,679 | 1,177,460 |
Heritage Financial Corp. | 20,818 | 336,627 |
Home BancShares, Inc. | 36,100 | 823,080 |
Independent Bank Corp. | 13,773 | 613,036 |
Lakeland Financial Corp. | 13,732 | 666,277 |
NBT Bancorp, Inc. | 15,821 | 503,899 |
Origin Bancorp, Inc. | 16,496 | 483,333 |
Pinnacle Financial Partners, Inc. | 15,542 | 880,454 |
Renasant Corp. | 26,876 | 702,270 |
SouthState Corp. | 17,508 | 1,152,026 |
Stock Yards Bancorp, Inc. | 11,293 | 512,363 |
Towne Bank | 25,946 | 602,985 |
TriCo Bancshares | 19,636 | 651,915 |
United Community Banks, Inc. | 41,300 | 1,032,087 |
Walker & Dunlop, Inc. | 6,384 | 504,911 |
19,742,334 |
Number of Shares | Value† | |
Beverages — 0.6% | ||
Primo Water Corp. | 77,824 | $ 975,913 |
Biotechnology — 3.2% | ||
Apellis Pharmaceuticals, Inc.* | 2,550 | 232,305 |
Arcus Biosciences, Inc.* | 10,652 | 216,342 |
Cytokinetics, Inc.* | 11,843 | 386,319 |
Intellia Therapeutics, Inc.* | 9,737 | 397,075 |
Iovance Biotherapeutics, Inc.* | 35,955 | 253,123 |
Myriad Genetics, Inc.* | 26,611 | 616,843 |
NeoGenomics, Inc.* | 67,048 | 1,077,461 |
REGENXBIO, Inc.* | 11,454 | 228,966 |
Relay Therapeutics, Inc.* | 19,570 | 245,799 |
Sage Therapeutics, Inc.* | 7,220 | 339,484 |
Veracyte, Inc.* | 22,186 | 565,077 |
Xencor, Inc.* | 12,107 | 302,312 |
4,861,106 | ||
Building Materials — 3.0% | ||
Hayward Holdings, Inc.* | 63,303 | 813,444 |
SPX Technologies, Inc.* | 15,399 | 1,308,453 |
Summit Materials, Inc., Class A* | 29,390 | 1,112,411 |
UFP Industries, Inc. | 13,938 | 1,352,683 |
4,586,991 | ||
Chemicals — 3.0% | ||
Ashland, Inc. | 16,653 | 1,447,312 |
Avient Corp. | 27,747 | 1,134,853 |
Element Solutions, Inc. | 32,971 | 633,043 |
Minerals Technologies, Inc. | 10,064 | 580,592 |
Rogers Corp.* | 4,075 | 659,865 |
4,455,665 | ||
Commercial Services — 4.1% | ||
Adtalem Global Education, Inc.* | 21,503 | 738,413 |
Alight, Inc., Class A* | 121,512 | 1,122,771 |
ASGN, Inc.* | 16,556 | 1,252,130 |
Herc Holdings, Inc. | 7,557 | 1,034,175 |
ICF International, Inc. | 5,479 | 681,533 |
John Wiley & Sons, Inc., Class A | 22,821 | 776,599 |
LiveRamp Holdings, Inc.* | 19,599 | 559,747 |
6,165,368 | ||
Computers — 1.1% | ||
KBR, Inc. | 13,916 | 905,375 |
Tenable Holdings, Inc.* | 17,839 | 776,888 |
1,682,263 | ||
Diversified Financial Services — 0.9% | ||
Piper Sandler Cos. | 4,431 | 572,751 |
PJT Partners, Inc., Class A | 5,484 | 381,906 |
Stifel Financial Corp. | 5,967 | 356,051 |
1,310,708 | ||
Electric — 2.2% | ||
IDACORP, Inc. | 9,954 | 1,021,280 |
MGE Energy, Inc. | 14,272 | 1,129,058 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electric — (continued) | ||
Portland General Electric Co. | 25,753 | $ 1,206,013 |
3,356,351 | ||
Electronics — 2.8% | ||
CTS Corp. | 14,489 | 617,666 |
Itron, Inc.* | 14,692 | 1,059,293 |
Knowles Corp.* | 53,328 | 963,104 |
Sanmina Corp.* | 13,604 | 819,913 |
TTM Technologies, Inc.* | 52,372 | 727,971 |
4,187,947 | ||
Energy-Alternate Sources — 0.3% | ||
Green Plains, Inc.* | 12,013 | 387,299 |
Engineering & Construction — 2.1% | ||
Arcosa, Inc. | 15,761 | 1,194,211 |
Granite Construction, Inc. | 22,574 | 897,994 |
MasTec, Inc.* | 8,827 | 1,041,321 |
3,133,526 | ||
Entertainment — 1.2% | ||
International Game Technology PLC | 28,548 | 910,396 |
SeaWorld Entertainment, Inc.* | 15,812 | 885,630 |
1,796,026 | ||
Food — 2.2% | ||
Hostess Brands, Inc.* | 50,749 | 1,284,965 |
Krispy Kreme, Inc. | 2,337 | 34,424 |
The Simply Good Foods Co.* | 12,232 | 447,569 |
TreeHouse Foods, Inc.* | 16,872 | 850,011 |
Utz Brands, Inc. | 38,860 | 635,750 |
3,252,719 | ||
Gas — 1.5% | ||
Chesapeake Utilities Corp. | 5,870 | 698,530 |
ONE Gas, Inc. | 20,006 | 1,536,661 |
2,235,191 | ||
Healthcare Products — 3.3% | ||
Avanos Medical, Inc.* | 32,922 | 841,486 |
CONMED Corp. | 5,718 | 777,019 |
Enovis Corp.* | 15,029 | 963,660 |
LivaNova PLC* | 12,766 | 656,555 |
Neogen Corp.* | 34,304 | 746,112 |
Pacific Biosciences of California, Inc.* | 14,850 | 197,505 |
QuidelOrtho Corp.* | 9,061 | 750,795 |
4,933,132 | ||
Healthcare Services — 0.3% | ||
Acadia Healthcare Co., Inc.* | 6,608 | 526,261 |
Home Builders — 2.4% | ||
Century Communities, Inc. | 13,147 | 1,007,323 |
Installed Building Products, Inc. | 5,083 | 712,433 |
Meritage Homes Corp. | 13,568 | 1,930,320 |
3,650,076 | ||
Household Products & Wares — 0.3% | ||
Helen of Troy Ltd.* | 4,448 | 480,473 |
Number of Shares | Value† | |
Insurance — 3.7% | ||
AMERISAFE, Inc. | 7,348 | $ 391,795 |
CNO Financial Group, Inc. | 30,560 | 723,355 |
Enstar Group Ltd.* | 3,869 | 944,965 |
MGIC Investment Corp. | 80,186 | 1,266,137 |
NMI Holdings, Inc., Class A* | 28,596 | 738,349 |
RLI Corp. | 3,443 | 469,866 |
Selective Insurance Group, Inc. | 10,735 | 1,030,023 |
5,564,490 | ||
Internet — 0.2% | ||
Bumble, Inc., Class A* | 17,310 | 290,462 |
Iron & Steel — 1.7% | ||
ATI, Inc.* | 28,546 | 1,262,590 |
Commercial Metals Co. | 23,602 | 1,242,881 |
2,505,471 | ||
Leisure Time — 0.8% | ||
Bowlero Corp.* | 24,903 | 289,871 |
Topgolf Callaway Brands Corp.* | 46,644 | 925,883 |
1,215,754 | ||
Lodging — 1.3% | ||
Boyd Gaming Corp. | 19,425 | 1,347,512 |
Wyndham Hotels & Resorts, Inc. | 8,648 | 592,994 |
1,940,506 | ||
Machinery — Construction & Mining — 0.9% | ||
Terex Corp. | 22,628 | 1,353,833 |
Machinery — Diversified — 2.3% | ||
Chart Industries, Inc.* | 4,408 | 704,354 |
Columbus McKinnon Corp. | 21,642 | 879,747 |
Crane Co. | 7,233 | 644,605 |
Zurn Elkay Water Solutions Corp. | 45,732 | 1,229,734 |
3,458,440 | ||
Media — 0.7% | ||
Nexstar Media Group, Inc. | 3,195 | 532,127 |
TEGNA, Inc. | 28,091 | 456,198 |
988,325 | ||
Metal Fabricate/Hardware — 0.8% | ||
AZZ, Inc. | 13,728 | 596,619 |
Standex International Corp. | 4,811 | 680,612 |
1,277,231 | ||
Mining — 1.0% | ||
Constellium S.E.* | 49,769 | 856,027 |
Hecla Mining Co. | 120,717 | 621,692 |
1,477,719 | ||
Miscellaneous Manufacturing — 2.4% | ||
EnPro Industries, Inc. | 10,312 | 1,376,961 |
ESCO Technologies, Inc. | 15,021 | 1,556,626 |
Federal Signal Corp. | 10,881 | 696,711 |
3,630,298 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas — 5.2% | ||
Antero Resources Corp.* | 23,373 | $ 538,280 |
Chord Energy Corp. | 9,324 | 1,434,031 |
Matador Resources Co. | 17,871 | 935,011 |
Murphy Oil Corp. | 30,977 | 1,186,419 |
Noble Corp. PLC* | 20,298 | 838,510 |
PBF Energy, Inc., Class A | 11,297 | 462,499 |
Permian Resources Corp. | 61,660 | 675,794 |
Sitio Royalties Corp., Class A | 28,589 | 751,033 |
SM Energy Co. | 33,212 | 1,050,496 |
7,872,073 | ||
Oil & Gas Services — 1.0% | ||
NexTier Oilfield Solutions, Inc.* | 84,870 | 758,738 |
Tidewater, Inc.* | 14,344 | 795,231 |
1,553,969 | ||
Packaging and Containers — 0.8% | ||
Greif, Inc., Class A | 8,549 | 588,941 |
O-I Glass, Inc.* | 28,452 | 606,881 |
1,195,822 | ||
Pharmaceuticals — 1.3% | ||
Agios Pharmaceuticals, Inc.* | 17,347 | 491,267 |
Alkermes PLC* | 17,735 | 555,105 |
Kura Oncology, Inc.* | 16,131 | 170,666 |
Owens & Minor, Inc.* | 18,747 | 356,943 |
Reata Pharmaceuticals, Inc., Class A* | 3,457 | 352,476 |
1,926,457 | ||
Pipelines — 0.3% | ||
Golar LNG Ltd. | 25,339 | 511,088 |
Private Equity — 0.2% | ||
P10, Inc., Class A | 26,708 | 301,800 |
Real Estate — 0.7% | ||
Kennedy-Wilson Holdings, Inc. | 65,998 | 1,077,747 |
Retail — 4.6% | ||
Academy Sports & Outdoors, Inc. | 14,572 | 787,617 |
Asbury Automotive Group, Inc.* | 4,653 | 1,118,674 |
Beacon Roofing Supply, Inc.* | 9,887 | 820,423 |
Boot Barn Holdings, Inc.* | 3,558 | 301,327 |
FirstCash Holdings, Inc. | 7,751 | 723,401 |
Foot Locker, Inc. | 26,072 | 706,812 |
Group 1 Automotive, Inc. | 3,753 | 968,649 |
Macy's, Inc. | 21,079 | 338,318 |
Ollie's Bargain Outlet Holdings, Inc.* | 7,264 | 420,804 |
Savers Value Village, Inc.* | 20,206 | 478,882 |
Signet Jewelers Ltd. | 4,530 | 295,628 |
6,960,535 | ||
Savings & Loans — 1.6% | ||
Berkshire Hills Bancorp, Inc. | 15,867 | 328,923 |
OceanFirst Financial Corp. | 34,475 | 538,500 |
Pacific Premier Bancorp, Inc. | 38,196 | 789,893 |
Washington Federal, Inc. | 26,258 | 696,362 |
2,353,678 |
Number of Shares | Value† | |
Semiconductors — 2.8% | ||
Amkor Technology, Inc. | 24,851 | $ 739,317 |
Cohu, Inc.* | 16,218 | 674,020 |
MACOM Technology Solutions Holdings, Inc.* | 9,639 | 631,644 |
Onto Innovation, Inc.* | 5,406 | 629,637 |
Semtech Corp.* | 25,992 | 661,756 |
Synaptics, Inc.* | 9,703 | 828,442 |
4,164,816 | ||
Software — 1.4% | ||
Fastly, Inc., Class A* | 22,742 | 358,641 |
Health Catalyst, Inc.* | 30,522 | 381,525 |
Smartsheet, Inc., Class A* | 19,222 | 735,434 |
Veradigm, Inc.* | 49,418 | 622,667 |
2,098,267 | ||
Telecommunications — 0.4% | ||
Viavi Solutions, Inc.* | 59,951 | 679,245 |
Textiles — 0.3% | ||
UniFirst Corp. | 2,900 | 449,529 |
Transportation — 1.7% | ||
ArcBest Corp. | 4,842 | 478,390 |
DHT Holdings, Inc. | 62,913 | 536,648 |
Saia, Inc.* | 1,851 | 633,801 |
Scorpio Tankers, Inc. | 19,398 | 916,167 |
2,565,006 | ||
TOTAL COMMON STOCKS (Cost $130,911,942) | 134,816,478 | |
REAL ESTATE INVESTMENT TRUSTS — 9.2% | ||
Healthcare — 1.3% | ||
Physicians Realty Trust | 136,222 | 1,905,746 |
Hotels & Resorts — 2.3% | ||
Pebblebrook Hotel Trust | 64,214 | 895,143 |
RLJ Lodging Trust | 120,847 | 1,241,099 |
Ryman Hospitality Properties, Inc. | 15,098 | 1,402,906 |
3,539,148 | ||
Industrial — 2.1% | ||
STAG lndustrial, Inc. | 32,348 | 1,160,646 |
Terreno Realty Corp. | 34,252 | 2,058,545 |
3,219,191 | ||
Mortgage Banks — 1.4% | ||
Ladder Capital Corp. | 39,600 | 429,660 |
PennyMac Mortgage Investment Trust | 75,042 | 1,011,566 |
TPG RE Finance Trust, Inc. | 85,181 | 631,191 |
2,072,417 | ||
Single Tenant — 0.3% | ||
Agree Realty Corp. | 6,779 | 443,279 |
Strip Centers — 1.8% | ||
Acadia Realty Trust | 89,822 | 1,292,539 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Strip Centers — (continued) | ||
SITE Centers Corp. | 107,484 | $ 1,420,938 |
2,713,477 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $16,241,433) | 13,893,258 |
SHORT-TERM INVESTMENTS — 0.4% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $622,760) | 622,760 | 622,760 |
TOTAL INVESTMENTS — 99.0% (Cost $147,776,135) | $ 149,332,496 | |
Other Assets & Liabilities — 1.0% | 1,452,163 | |
TOTAL NET ASSETS — 100.0% | $ 150,784,659 |
† | See Security Valuation Note. |
* | Non-income producing security. |
PLC— Public Limited Company. |
S.E.— Societas Europaea. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $134,816,478 | $134,816,478 | $— | $— |
Real Estate Investment Trusts | 13,893,258 | 13,893,258 | — | — |
Short-Term Investments | 622,760 | 622,760 | — | — |
Total Investments | $ 149,332,496 | $ 149,332,496 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS* — 92.6% | ||
Advertising — 0.1% | ||
Advantage Solutions, Inc.* | 2,600 | $ 6,084 |
Boston Omaha Corp., Class A* | 700 | 13,174 |
Clear Channel Outdoor Holdings, Inc.* | 12,200 | 16,714 |
Entravision Communications Corp., Class A | 2,500 | 10,975 |
Quotient Technology, Inc.* | 2,700 | 10,368 |
Stagwell, Inc.* | 3,900 | 28,119 |
85,434 | ||
Aerospace & Defense — 1.0% | ||
AAR Corp.* | 1,169 | 67,521 |
Aerojet Rocketdyne Holdings, Inc.* | 2,840 | 155,831 |
AeroVironment, Inc.* | 918 | 93,893 |
AerSale Corp.* | 1,000 | 14,700 |
Archer Aviation, Inc., Class A* | 6,000 | 24,720 |
Astronics Corp.* | 795 | 15,789 |
Barnes Group, Inc. | 1,765 | 74,465 |
Ducommun, Inc.* | 400 | 17,428 |
Eve Holding, Inc.* | 700 | 7,336 |
Joby Aviation, Inc.* | 9,500 | 97,470 |
Kaman Corp. | 948 | 23,065 |
Kratos Defense & Security Solutions, Inc.* | 4,322 | 61,977 |
Leonardo DRS, Inc.* | 1,800 | 31,212 |
Moog, Inc., Class A | 991 | 107,454 |
National Presto Industries, Inc. | 213 | 15,592 |
Redwire Corp.* | 1,400 | 3,570 |
Rocket Lab USA, Inc.* | 10,000 | 60,000 |
Triumph Group, Inc.* | 2,200 | 27,214 |
899,237 | ||
Agriculture — 0.4% | ||
Alico, Inc. | 200 | 5,092 |
Benson Hill, Inc.* | 5,600 | 7,280 |
Cadiz, Inc.* | 1,600 | 6,496 |
Dole PLC | 2,600 | 35,152 |
Fresh Del Monte Produce, Inc. | 1,316 | 33,834 |
Fresh Market, Inc. (Escrow)(1),* | 1,700 | 0 |
Limoneira Co. | 700 | 10,892 |
Tejon Ranch Co.* | 825 | 14,198 |
The Andersons, Inc. | 1,132 | 52,242 |
Turning Point Brands, Inc. | 500 | 12,005 |
Universal Corp. | 855 | 42,699 |
Vector Group Ltd. | 5,357 | 68,623 |
Vital Farms, Inc.* | 1,200 | 14,388 |
302,901 | ||
Airlines — 0.4% | ||
Allegiant Travel Co.* | 575 | 72,611 |
Frontier Group Holdings, Inc.* | 1,200 | 11,604 |
Hawaiian Holdings, Inc.* | 1,626 | 17,512 |
JetBlue Airways Corp.* | 11,800 | 104,548 |
SkyWest, Inc.* | 1,681 | 68,450 |
Spirit Airlines, Inc. | 3,800 | 65,208 |
Sun Country Airlines Holdings, Inc.* | 1,500 | 33,720 |
373,653 |
Number of Shares | Value† | |
Apparel — 0.5% | ||
Fossil Group, Inc.* | 1,700 | $ 4,369 |
Hanesbrands, Inc. | 12,600 | 57,204 |
Kontoor Brands, Inc. | 2,000 | 84,200 |
Oxford Industries, Inc. | 508 | 49,997 |
Rocky Brands, Inc. | 200 | 4,200 |
Steven Madden Ltd. | 2,673 | 87,380 |
Torrid Holdings, Inc.* | 400 | 1,124 |
Urban Outfitters, Inc.* | 2,200 | 72,886 |
Weyco Group, Inc. | 200 | 5,338 |
Wolverine World Wide, Inc. | 2,782 | 40,868 |
407,566 | ||
Auto Manufacturers — 0.2% | ||
Blue Bird Corp.* | 692 | 15,556 |
Fisker, Inc.* | 6,400 | 36,096 |
Hyliion Holdings Corp.* | 5,500 | 9,185 |
Nikola Corp.* | 21,500 | 29,670 |
Proterra, Inc.* | 7,200 | 8,640 |
REV Group, Inc. | 1,000 | 13,260 |
TuSimple Holdings, Inc., Class A* | 4,600 | 7,636 |
Wabash National Corp. | 1,600 | 41,024 |
Workhorse Group, Inc.* | 5,500 | 4,794 |
165,861 | ||
Auto Parts & Equipment — 1.5% | ||
Adient PLC* | 3,300 | 126,456 |
Aeva Technologies, Inc.* | 3,400 | 4,250 |
American Axle & Manufacturing Holdings, Inc.* | 4,016 | 33,212 |
Aurora Innovation, Inc.* | 11,100 | 32,634 |
Commercial Vehicle Group, Inc.* | 1,200 | 13,320 |
Cooper-Standard Holdings, Inc.* | 700 | 9,982 |
Dana, Inc. | 4,596 | 78,132 |
Dorman Products, Inc.* | 906 | 71,420 |
Douglas Dynamics, Inc. | 800 | 23,904 |
Fox Factory Holding Corp.* | 1,513 | 164,176 |
Gentherm, Inc.* | 1,168 | 66,004 |
Holley, Inc.* | 1,700 | 6,953 |
indie Semiconductor, Inc., Class A* | 5,000 | 47,000 |
Luminar Technologies, Inc.* | 9,100 | 62,608 |
Methode Electronics, Inc. | 1,260 | 42,235 |
Microvast Holdings, Inc.* | 5,600 | 8,960 |
Miller Industries, Inc. | 343 | 12,166 |
SES AI Corp.* | 4,800 | 11,712 |
Solid Power, Inc.* | 4,500 | 11,430 |
Standard Motor Products, Inc. | 700 | 26,264 |
The Goodyear Tire & Rubber Co.* | 10,195 | 139,468 |
The Shyft Group, Inc. | 1,200 | 26,472 |
Titan International, Inc.* | 1,800 | 20,664 |
Visteon Corp.* | 1,000 | 143,610 |
XPEL, Inc.* | 800 | 67,376 |
1,250,408 | ||
Banks — 7.2% | ||
1st Source Corp. | 588 | 24,655 |
ACNB Corp. | 300 | 9,951 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Alerus Financial Corp. | 600 | $ 10,788 |
Amalgamated Financial Corp. | 600 | 9,654 |
American National Bankshares, Inc. | 400 | 11,592 |
Ameris Bancorp | 2,312 | 79,093 |
Ames National Corp. | 300 | 5,409 |
Arrow Financial Corp. | 462 | 9,305 |
Associated Banc-Corp. | 5,200 | 84,396 |
Atlantic Union Bankshares Corp. | 2,607 | 67,652 |
BancFirst Corp. | 820 | 75,440 |
Bank First Corp. | 300 | 24,960 |
Bank of Hawaii Corp. | 1,400 | 57,722 |
Bank of Marin Bancorp | 480 | 8,482 |
Bank7 Corp. | 200 | 4,906 |
BankUnited, Inc. | 2,700 | 58,185 |
Bankwell Financial Group, Inc. | 200 | 4,876 |
Banner Corp. | 1,200 | 52,404 |
Bar Harbor Bankshares | 597 | 14,710 |
BayCom Corp. | 400 | 6,672 |
BCB Bancorp, Inc. | 500 | 5,870 |
Blue Foundry Bancorp* | 900 | 9,099 |
Blue Ridge Bankshares, Inc. | 700 | 6,195 |
Bridgewater Bancshares Inc.* | 700 | 6,895 |
Burke & Herbert Financial Services Corp. | 200 | 12,840 |
Business First Bancshares, Inc. | 1,000 | 15,070 |
Byline Bancorp, Inc. | 900 | 16,281 |
C&F Financial Corp. | 100 | 5,370 |
Cadence Bank | 6,583 | 129,290 |
Cambridge Bancorp | 300 | 16,293 |
Camden National Corp. | 539 | 16,693 |
Capital Bancorp, Inc. | 500 | 9,050 |
Capital City Bank Group, Inc. | 469 | 14,370 |
Capstar Financial Holdings, Inc. | 600 | 7,362 |
Carter Bankshares, Inc.* | 800 | 11,832 |
Cathay General Bancorp | 2,550 | 82,084 |
Central Pacific Financial Corp. | 900 | 14,139 |
Central Valley Community Bancorp | 400 | 6,180 |
Chemung Financial Corp. | 100 | 3,841 |
ChoiceOne Financial Services, Inc. | 300 | 6,900 |
Citizens & Northern Corp. | 556 | 10,731 |
Citizens Financial Services, Inc. | 200 | 14,894 |
City Holding Co. | 543 | 48,865 |
Civista Bancshares, Inc. | 600 | 10,440 |
CNB Financial Corp. | 774 | 13,661 |
Coastal Financial Corp.* | 400 | 15,060 |
Codorus Valley Bancorp, Inc. | 400 | 7,844 |
Colony Bankcorp, Inc. | 500 | 4,710 |
Community Bank System, Inc. | 1,937 | 90,807 |
Community Trust Bancorp, Inc. | 583 | 20,737 |
ConnectOne Bancorp, Inc. | 1,360 | 22,562 |
CrossFirst Bankshares, Inc.* | 1,500 | 15,000 |
Customers Bancorp, Inc.* | 1,080 | 32,681 |
CVB Financial Corp. | 4,592 | 60,982 |
Dime Community Bancshares, Inc. | 1,109 | 19,552 |
Eagle Bancorp, Inc. | 1,073 | 22,705 |
Number of Shares | Value† | |
Banks — (continued) | ||
Eastern Bankshares, Inc. | 5,600 | $ 68,712 |
Enterprise Bancorp, Inc. | 313 | 9,058 |
Enterprise Financial Services Corp. | 1,280 | 50,048 |
Equity Bancshares, Inc., Class A | 500 | 11,390 |
Esquire Financial Holdings, Inc. | 200 | 9,148 |
Evans Bancorp, Inc. | 200 | 4,986 |
Farmers & Merchants Bancorp, Inc. | 400 | 9,004 |
Farmers National Banc Corp. | 1,100 | 13,607 |
FB Financial Corp. | 1,286 | 36,072 |
Fidelity D&D Bancorp, Inc. | 200 | 9,718 |
Financial Institutions, Inc. | 440 | 6,926 |
First Bancorp | 1,424 | 42,364 |
First Bancorp | 6,400 | 78,208 |
First Bank | 400 | 4,152 |
First Busey Corp. | 1,713 | 34,431 |
First Business Financial Services, Inc. | 300 | 8,847 |
First Commonwealth Financial Corp. | 3,821 | 48,336 |
First Community Bankshares, Inc. | 626 | 18,611 |
First Community Corp. | 300 | 5,208 |
First Financial Bancorp | 3,282 | 67,084 |
First Financial Bankshares, Inc. | 4,704 | 134,017 |
First Financial Corp. | 380 | 12,339 |
First Foundation, Inc. | 1,800 | 7,146 |
First Interstate BancSystem, Inc., Class A | 2,987 | 71,210 |
First Merchants Corp. | 2,030 | 57,307 |
First Mid Bancshares, Inc. | 700 | 16,898 |
Five Star Bancorp | 500 | 11,185 |
Fulton Financial Corp. | 5,803 | 69,172 |
FVCBankcorp, Inc.* | 500 | 5,385 |
German American Bancorp, Inc. | 1,038 | 28,213 |
Glacier Bancorp, Inc. | 3,899 | 121,532 |
Great Southern Bancorp, Inc. | 371 | 18,821 |
Guaranty Bancshares, Inc. | 330 | 8,936 |
Hancock Whitney Corp. | 2,978 | 114,296 |
Hanmi Financial Corp. | 1,113 | 16,617 |
HarborOne Bancorp, Inc. | 1,577 | 13,688 |
HBT Financial, Inc. | 400 | 7,376 |
Heartland Financial USA, Inc. | 1,417 | 39,492 |
Heritage Commerce Corp. | 1,900 | 15,732 |
Heritage Financial Corp. | 1,230 | 19,889 |
Hilltop Holdings, Inc. | 1,742 | 54,803 |
Home BancShares, Inc. | 6,635 | 151,278 |
HomeStreet, Inc. | 600 | 3,552 |
Hope Bancorp, Inc. | 4,067 | 34,244 |
Horizon Bancorp, Inc. | 1,350 | 14,053 |
Independent Bank Corp. | 1,660 | 73,887 |
Independent Bank Corp. | 800 | 13,568 |
Independent Bank Group, Inc. | 1,250 | 43,162 |
International Bancshares Corp. | 1,925 | 85,085 |
John Marshall Bancorp, Inc. | 400 | 8,036 |
Kearny Financial Corp. | 2,245 | 15,827 |
Lakeland Bancorp, Inc. | 2,111 | 28,266 |
Lakeland Financial Corp. | 891 | 43,231 |
LCNB Corp. | 400 | 5,904 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Banks — (continued) | ||
Live Oak Bancshares, Inc. | 1,200 | $ 31,572 |
Luther Burbank Corp. | 400 | 3,568 |
Macatawa Bank Corp. | 800 | 7,424 |
MainStreet Bancshares, Inc. | 300 | 6,798 |
Mercantile Bank Corp. | 500 | 13,810 |
Merchants Bancorp | 600 | 15,348 |
Metrocity Bankshares, Inc. | 600 | 10,734 |
Metropolitan Bank Holding Corp.* | 400 | 13,892 |
Mid Penn Bancorp, Inc. | 600 | 13,248 |
Middlefield Banc Corp. | 300 | 8,040 |
Midland States Bancorp, Inc. | 700 | 13,937 |
MidWestOne Financial Group, Inc. | 600 | 12,822 |
MVB Financial Corp. | 400 | 8,432 |
National Bank Holdings Corp., Class A | 1,300 | 37,752 |
National Bankshares, Inc. | 200 | 5,838 |
NBT Bancorp, Inc. | 1,469 | 46,788 |
NewtekOne, Inc. | 900 | 14,310 |
Nicolet Bankshares, Inc. | 400 | 27,164 |
Northeast Bank | 200 | 8,334 |
Northeast Community Bancorp, Inc. | 500 | 7,440 |
Northrim BanCorp, Inc. | 200 | 7,866 |
Norwood Financial Corp. | 300 | 8,859 |
Oak Valley Bancorp | 300 | 7,557 |
OFG Bancorp | 1,610 | 41,989 |
Old National Bancorp | 10,557 | 147,165 |
Old Second Bancorp, Inc. | 1,400 | 18,284 |
Orange County Bancorp, Inc. | 200 | 7,400 |
Origin Bancorp, Inc. | 1,100 | 32,230 |
Orrstown Financial Services, Inc. | 400 | 7,660 |
PacWest Bancorp | 4,300 | 35,045 |
Park National Corp. | 486 | 49,727 |
Parke Bancorp, Inc. | 300 | 5,097 |
Pathward Financial, Inc. | 1,000 | 46,360 |
PCB Bancorp | 400 | 5,884 |
Peapack-Gladstone Financial Corp. | 636 | 17,223 |
Penns Woods Bancorp, Inc. | 300 | 7,509 |
Peoples Bancorp, Inc. | 1,291 | 34,276 |
Peoples Financial Services Corp. | 300 | 13,137 |
Pioneer Bancorp, Inc.* | 500 | 4,475 |
Plumas Bancorp | 200 | 7,138 |
Ponce Financial Group, Inc.* | 800 | 6,952 |
Preferred Bank | 500 | 27,495 |
Premier Financial Corp. | 1,331 | 21,323 |
Primis Financial Corp. | 1,000 | 8,420 |
Princeton Bancorp, Inc. | 200 | 5,464 |
QCR Holdings, Inc. | 600 | 24,618 |
RBB Bancorp | 400 | 4,776 |
Red River Bancshares, Inc. | 200 | 9,828 |
Renasant Corp. | 2,035 | 53,174 |
Republic Bancorp, Inc., Class A | 287 | 12,197 |
S&T Bancorp, Inc. | 1,381 | 37,549 |
Sandy Spring Bancorp, Inc. | 1,650 | 37,422 |
Seacoast Banking Corp of Florida | 2,996 | 66,212 |
ServisFirst Bancshares, Inc. | 1,800 | 73,656 |
Shore Bancshares, Inc. | 600 | 6,936 |
Number of Shares | Value† | |
Banks — (continued) | ||
Sierra Bancorp | 412 | $ 6,992 |
Simmons First National Corp., Class A | 4,596 | 79,281 |
SmartFinancial, Inc. | 600 | 12,906 |
South Plains Financial, Inc. | 400 | 9,004 |
Southern First Bancshares, Inc.* | 300 | 7,425 |
Southern States Bancshares, Inc. | 300 | 6,330 |
Southside Bancshares, Inc. | 1,071 | 28,017 |
SouthState Corp. | 2,727 | 179,437 |
Stellar Bancorp, Inc. | 1,692 | 38,730 |
Sterling Bancorp, Inc.* | 600 | 3,282 |
Stock Yards Bancorp, Inc. | 967 | 43,873 |
Summit Financial Group, Inc. | 402 | 8,305 |
Texas Capital Bancshares, Inc.* | 1,700 | 87,550 |
The Bancorp, Inc.* | 2,012 | 65,692 |
The Bank of NT Butterfield & Son Ltd. | 1,800 | 49,248 |
The Community Financial Corp. | 200 | 5,418 |
The First Bancorp, Inc. | 434 | 10,564 |
The First Bancshares, Inc. | 1,200 | 31,008 |
The First of Long Island Corp. | 689 | 8,282 |
Third Coast Bancshares, Inc.* | 500 | 7,935 |
Tompkins Financial Corp. | 458 | 25,511 |
Towne Bank | 2,477 | 57,565 |
TriCo Bancshares | 1,098 | 36,454 |
Triumph Financial, Inc.* | 800 | 48,576 |
TrustCo Bank Corp. | 650 | 18,596 |
Trustmark Corp. | 2,230 | 47,098 |
UMB Financial Corp. | 1,581 | 96,283 |
United Bankshares, Inc. | 4,560 | 135,295 |
United Community Banks, Inc. | 4,171 | 104,233 |
Unity Bancorp, Inc. | 200 | 4,718 |
Univest Financial Corp. | 987 | 17,845 |
USCB Financial Holdings, Inc.* | 400 | 4,080 |
Valley National Bancorp | 15,383 | 119,218 |
Veritex Holdings, Inc. | 1,853 | 33,224 |
Virginia National Bankshares Corp. | 200 | 6,430 |
Walker & Dunlop, Inc. | 1,106 | 87,473 |
Washington Trust Bancorp, Inc. | 570 | 15,282 |
WesBanco, Inc. | 2,030 | 51,988 |
West BanCorp, Inc. | 478 | 8,800 |
Westamerica BanCorp | 873 | 33,436 |
6,177,332 | ||
Beverages — 0.4% | ||
BRC, Inc., Class A* | 800 | 4,128 |
Coca-Cola Consolidated, Inc. | 165 | 104,943 |
MGP Ingredients, Inc. | 600 | 63,768 |
National Beverage Corp.* | 784 | 37,907 |
Primo Water Corp. | 5,600 | 70,224 |
The Duckhorn Portfolio, Inc.* | 1,600 | 20,752 |
The Vita Coco Co., Inc.* | 900 | 24,183 |
Westrock Coffee Co.* | 1,100 | 11,957 |
Zevia PBC, Class A* | 1,100 | 4,741 |
342,603 | ||
Biotechnology — 7.4% | ||
2seventy bio, Inc.* | 1,433 | 14,502 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
4D Molecular Therapeutics, Inc.* | 1,000 | $ 18,070 |
89bio, Inc.* | 2,200 | 41,690 |
Aadi Bioscience, Inc.* | 500 | 3,420 |
ACADIA Pharmaceuticals, Inc.* | 4,200 | 100,590 |
Acrivon Therapeutics, Inc.* | 400 | 5,184 |
Actinium Pharmaceuticals, Inc.* | 1,000 | 7,420 |
Adicet Bio, Inc.* | 900 | 2,187 |
ADMA Biologics, Inc.* | 7,400 | 27,306 |
Aerovate Therapeutics, Inc.* | 300 | 5,145 |
Agenus, Inc.* | 10,100 | 16,160 |
Akero Therapeutics, Inc.* | 1,600 | 74,704 |
Aldeyra Therapeutics, Inc.* | 1,800 | 15,102 |
Allakos, Inc.* | 2,533 | 11,044 |
Allogene Therapeutics, Inc.* | 2,800 | 13,916 |
Allovir, Inc.* | 1,000 | 3,400 |
Alpine Immune Sciences, Inc.* | 1,200 | 12,336 |
Altimmune, Inc.* | 1,900 | 6,707 |
ALX Oncology Holdings, Inc.* | 600 | 4,506 |
Amicus Therapeutics, Inc.* | 10,100 | 126,856 |
AnaptysBio, Inc.* | 800 | 16,272 |
Anavex Life Sciences Corp.* | 2,500 | 20,325 |
ANI Pharmaceuticals, Inc.* | 500 | 26,915 |
Annexon, Inc.* | 1,800 | 6,336 |
Arbutus Biopharma Corp.* | 4,800 | 11,040 |
Arcellx, Inc.* | 1,400 | 44,268 |
Arcturus Therapeutics Holdings, Inc.* | 900 | 25,812 |
Arcus Biosciences, Inc.* | 1,800 | 36,558 |
Arcutis Biotherapeutics, Inc.* | 2,100 | 20,013 |
Ardelyx, Inc.* | 7,700 | 26,103 |
Arrowhead Pharmaceuticals, Inc.* | 3,600 | 128,376 |
ARS Pharmaceuticals, Inc.* | 1,000 | 6,700 |
Astria Therapeutics, Inc.* | 1,000 | 8,330 |
Atara Biotherapeutics, Inc.* | 2,928 | 4,714 |
Atea Pharmaceuticals, Inc.* | 2,800 | 10,472 |
Aura Biosciences, Inc.* | 800 | 9,880 |
Aurinia Pharmaceuticals, Inc.* | 5,000 | 48,400 |
Avid Bioservices, Inc.* | 2,100 | 29,337 |
Avidity Biosciences, Inc.* | 2,300 | 25,507 |
Axsome Therapeutics, Inc.* | 1,200 | 86,232 |
Beam Therapeutics, Inc.* | 2,400 | 76,632 |
BioAtla, Inc.* | 1,800 | 5,400 |
BioCryst Pharmaceuticals, Inc.* | 6,500 | 45,760 |
Biohaven Ltd.* | 2,261 | 54,083 |
Biomea Fusion, Inc.* | 700 | 15,365 |
Bluebird Bio, Inc.* | 4,200 | 13,818 |
Blueprint Medicines Corp.* | 2,100 | 132,720 |
Bridgebio Pharma, Inc.* | 3,955 | 68,026 |
Cabaletta Bio, Inc.* | 1,000 | 12,910 |
Cara Therapeutics, Inc.* | 1,500 | 4,245 |
Caribou Biosciences, Inc.* | 2,000 | 8,500 |
Carisma Therapeutics, Inc. | 1,000 | 8,770 |
Cassava Sciences, Inc.* | 1,400 | 34,328 |
Celcuity, Inc.* | 700 | 7,686 |
Celldex Therapeutics, Inc.* | 1,600 | 54,288 |
Century Therapeutics, Inc.* | 800 | 2,528 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Cerevel Therapeutics Holdings, Inc.* | 2,200 | $ 69,938 |
Chinook Therapeutics, Inc.* | 2,060 | 79,145 |
Cogent Biosciences, Inc.* | 2,200 | 26,048 |
Compass Therapeutics, Inc.* | 3,500 | 11,130 |
Crinetics Pharmaceuticals, Inc.* | 2,000 | 36,040 |
Cue Biopharma, Inc.* | 1,400 | 5,110 |
Cullinan Oncology, Inc.* | 1,100 | 11,836 |
Cymabay Therapeutics, Inc.* | 3,600 | 39,420 |
Cytek Biosciences, Inc.* | 4,000 | 34,160 |
Cytokinetics, Inc.* | 3,300 | 107,646 |
Day One Biopharmaceuticals, Inc.* | 1,800 | 21,492 |
Deciphera Pharmaceuticals, Inc.* | 1,700 | 23,936 |
Denali Therapeutics, Inc.* | 4,200 | 123,942 |
Design Therapeutics, Inc.* | 1,300 | 8,190 |
DICE Therapeutics, Inc.* | 1,300 | 60,398 |
Disc Medicine, Inc.* | 300 | 13,320 |
Dynavax Technologies Corp.* | 4,420 | 57,106 |
Dyne Therapeutics, Inc.* | 1,600 | 18,000 |
Edgewise Therapeutics, Inc.* | 1,300 | 10,075 |
Editas Medicine, Inc.* | 2,500 | 20,575 |
Emergent BioSolutions, Inc.* | 1,758 | 12,921 |
Entrada Therapeutics, Inc.* | 800 | 12,112 |
EQRx, Inc.* | 11,700 | 21,762 |
Erasca, Inc.* | 2,400 | 6,624 |
Evolus, Inc.* | 1,200 | 8,724 |
EyePoint Pharmaceuticals, Inc.* | 900 | 7,830 |
Fate Therapeutics, Inc.* | 2,900 | 13,804 |
FibroGen, Inc.* | 3,200 | 8,640 |
Genelux Corp.* | 100 | 3,272 |
Generation Bio Co.* | 1,300 | 7,150 |
Geron Corp.* | 16,340 | 52,451 |
Graphite Bio, Inc.* | 1,300 | 3,380 |
Guardant Health, Inc.* | 3,900 | 139,620 |
Halozyme Therapeutics, Inc.* | 4,689 | 169,132 |
Harvard Bioscience, Inc.* | 1,500 | 8,235 |
HilleVax, Inc.* | 800 | 13,752 |
Humacyte, Inc.* | 2,700 | 7,722 |
Icosavax, Inc.* | 900 | 8,937 |
Ideaya Biosciences, Inc.* | 1,900 | 44,650 |
IGM Biosciences, Inc.* | 300 | 2,769 |
Ikena Oncology, Inc.* | 900 | 5,904 |
ImmunityBio, Inc.* | 3,200 | 8,896 |
ImmunoGen, Inc.* | 8,463 | 159,697 |
Immunovant, Inc.* | 1,900 | 36,043 |
Inhibrx, Inc.* | 1,200 | 31,152 |
Innoviva, Inc.* | 2,100 | 26,733 |
Inozyme Pharma, Inc.* | 1,300 | 7,241 |
Insmed, Inc.* | 4,800 | 101,280 |
Intellia Therapeutics, Inc.* | 3,188 | 130,007 |
Intercept Pharmaceuticals, Inc.* | 1,015 | 11,226 |
Intra-Cellular Therapies, Inc.* | 3,300 | 208,956 |
Iovance Biotherapeutics, Inc.* | 7,400 | 52,096 |
iTeos Therapeutics, Inc.* | 700 | 9,268 |
IVERIC bio, Inc.* | 4,884 | 192,137 |
Janux Therapeutics, Inc.* | 700 | 8,309 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Biotechnology — (continued) | ||
Karyopharm Therapeutics, Inc.* | 2,500 | $ 4,475 |
Keros Therapeutics, Inc.* | 700 | 28,126 |
Kezar Life Sciences, Inc.* | 1,800 | 4,410 |
Kiniksa Pharmaceuticals Ltd., Class A* | 1,000 | 14,080 |
Kodiak Sciences, Inc.* | 1,100 | 7,590 |
Krystal Biotech, Inc.* | 800 | 93,920 |
Kymera Therapeutics, Inc.* | 1,400 | 32,186 |
Larimar Therapeutics, Inc.* | 1,100 | 3,443 |
Lexicon Pharmaceuticals, Inc.* | 2,560 | 5,862 |
Ligand Pharmaceuticals, Inc.* | 599 | 43,188 |
Lineage Cell Therapeutics, Inc.* | 5,100 | 7,191 |
Liquidia Corp.* | 1,600 | 12,560 |
MacroGenics, Inc.* | 1,900 | 10,165 |
MeiraGTx Holdings PLC* | 1,100 | 7,392 |
Merrimack Pharmaceuticals, Inc.* | 400 | 4,920 |
Mersana Therapeutics, Inc.* | 3,400 | 11,186 |
Mineralys Therapeutics, Inc.* | 400 | 6,820 |
Monte Rosa Therapeutics, Inc.* | 1,100 | 7,535 |
Myriad Genetics, Inc.* | 2,700 | 62,586 |
NeoGenomics, Inc.* | 4,400 | 70,708 |
NGM Biopharmaceuticals, Inc.* | 1,200 | 3,108 |
Nkarta, Inc.* | 1,200 | 2,628 |
Novavax, Inc.* | 3,200 | 23,776 |
Nurix Therapeutics, Inc.* | 1,600 | 15,984 |
Nuvalent, Inc., Class A* | 800 | 33,736 |
Nuvation Bio, Inc.* | 3,800 | 6,840 |
Olema Pharmaceuticals, Inc.* | 1,000 | 9,030 |
Omega Therapeutics, Inc.* | 1,000 | 5,600 |
Omeros Corp.* | 2,300 | 12,512 |
Organogenesis Holdings, Inc.* | 2,500 | 8,300 |
Ovid therapeutics, Inc.* | 2,300 | 7,544 |
PDS Biotechnology Corp.* | 1,100 | 5,533 |
PepGen, Inc.* | 600 | 5,364 |
Phathom Pharmaceuticals, Inc.* | 700 | 10,024 |
Pliant Therapeutics, Inc.* | 2,000 | 36,240 |
Point Biopharma Global, Inc.* | 3,200 | 28,992 |
Poseida Therapeutics, Inc.* | 2,800 | 4,928 |
Precigen, Inc.* | 3,300 | 3,795 |
Prime Medicine, Inc.* | 1,500 | 21,975 |
ProKidney Corp.* | 2,300 | 25,737 |
Protalix BioTherapeutics, Inc.* | 2,300 | 4,600 |
Prothena Corp. PLC* | 1,500 | 102,420 |
PTC Therapeutics, Inc.* | 2,500 | 101,675 |
Rallybio Corp.* | 1,400 | 7,924 |
RAPT Therapeutics, Inc.* | 1,000 | 18,700 |
Recursion Pharmaceuticals, Inc., Class A* | 4,700 | 35,109 |
REGENXBIO, Inc.* | 1,400 | 27,986 |
Relay Therapeutics, Inc.* | 3,000 | 37,680 |
Replimune Group, Inc.* | 1,600 | 37,152 |
REVOLUTION Medicines, Inc.* | 3,600 | 96,300 |
Rigel Pharmaceuticals, Inc.* | 6,290 | 8,114 |
Rocket Pharmaceuticals, Inc.* | 1,900 | 37,753 |
Sage Therapeutics, Inc.* | 1,800 | 84,636 |
Sana Biotechnology, Inc.* | 2,800 | 16,688 |
Number of Shares | Value† | |
Biotechnology — (continued) | ||
Sangamo Therapeutics, Inc.* | 4,103 | $ 5,334 |
Savara, Inc.* | 3,000 | 9,585 |
Scholar Rock Holding Corp.* | 1,100 | 8,294 |
Scilex Holding Co.* | 1,932 | 10,761 |
Seer, Inc.* | 2,000 | 8,540 |
Selecta Biosciences, Inc.* | 4,800 | 5,376 |
SpringWorks Therapeutics, Inc.* | 2,100 | 55,062 |
Stoke Therapeutics, Inc.* | 700 | 7,441 |
Sutro Biopharma, Inc.* | 2,134 | 9,923 |
Syndax Pharmaceuticals, Inc.* | 2,500 | 52,325 |
Tango Therapeutics, Inc.* | 1,500 | 4,980 |
Tarsus Pharmaceuticals, Inc.* | 700 | 12,649 |
Tela Bio, Inc.* | 600 | 6,078 |
Tenaya Therapeutics, Inc.* | 1,900 | 11,153 |
Terns Pharmaceuticals, Inc.* | 1,600 | 14,000 |
TG Therapeutics, Inc.* | 4,700 | 116,748 |
Theravance Biopharma, Inc.* | 2,200 | 22,770 |
Theseus Pharmaceuticals, Inc.* | 500 | 4,665 |
Third Harmonic Bio, Inc.* | 900 | 4,329 |
Travere Therapeutics, Inc.* | 2,700 | 41,472 |
Twist Bioscience Corp.* | 1,888 | 38,629 |
Tyra Biosciences, Inc.* | 500 | 8,515 |
UroGen Pharma Ltd.* | 800 | 8,280 |
Vaxxinity, Inc., Class A* | 1,900 | 4,788 |
Ventyx Biosciences, Inc.* | 1,700 | 55,760 |
Vera Therapeutics, Inc.* | 1,200 | 19,260 |
Veracyte, Inc.* | 2,500 | 63,675 |
Vericel Corp.* | 1,700 | 63,869 |
Verve Therapeutics, Inc.* | 1,600 | 30,000 |
Vigil Neuroscience, Inc.* | 700 | 6,580 |
Viking Therapeutics, Inc.* | 3,400 | 55,114 |
Vir Biotechnology, Inc.* | 3,000 | 73,590 |
Viridian Therapeutics, Inc.* | 1,400 | 33,306 |
Vor BioPharma, Inc.* | 1,500 | 4,635 |
WaVe Life Sciences Ltd.* | 2,300 | 8,372 |
X4 Pharmaceuticals, Inc.* | 4,800 | 9,312 |
Xencor, Inc.* | 2,100 | 52,437 |
XOMA Corp.* | 300 | 5,667 |
Zentalis Pharmaceuticals, Inc.* | 1,700 | 47,957 |
Zevra Therapeutics, Inc.* | 1,400 | 7,140 |
Zura Bio Ltd.* | 300 | 2,460 |
Zymeworks, Inc.* | 2,000 | 17,280 |
6,321,670 | ||
Building Materials — 1.9% | ||
AAON, Inc. | 1,585 | 150,274 |
American Woodmark Corp.* | 569 | 43,455 |
Apogee Enterprises, Inc. | 743 | 35,270 |
Aspen Aerogels, Inc.* | 2,100 | 16,569 |
Boise Cascade Co. | 1,400 | 126,490 |
Gibraltar Industries, Inc.* | 1,101 | 69,275 |
Griffon Corp. | 1,656 | 66,737 |
JELD-WEN Holding, Inc.* | 3,100 | 54,374 |
Knife River Corp.* | 1,800 | 78,300 |
LSI Industries, Inc. | 1,000 | 12,560 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Building Materials — (continued) | ||
Masonite International Corp.* | 800 | $ 81,952 |
Masterbrand, Inc.* | 4,700 | 54,661 |
Modine Manufacturing Co.* | 1,877 | 61,979 |
PGT Innovations, Inc.* | 2,000 | 58,300 |
Simpson Manufacturing Co., Inc. | 1,503 | 208,165 |
SmartRent, Inc.* | 6,700 | 25,661 |
SPX Technologies, Inc.* | 1,600 | 135,952 |
Summit Materials, Inc., Class A* | 4,174 | 157,986 |
UFP Industries, Inc. | 2,149 | 208,560 |
1,646,520 | ||
Chemicals — 2.1% | ||
AdvanSix, Inc. | 900 | 31,482 |
American Vanguard Corp. | 1,078 | 19,264 |
Amyris, Inc.* | 7,200 | 7,416 |
Avient Corp. | 3,255 | 133,129 |
Balchem Corp. | 1,117 | 150,583 |
Cabot Corp. | 2,000 | 133,780 |
Codexis, Inc.* | 2,000 | 5,600 |
Danimer Scientific, Inc.* | 3,200 | 7,616 |
Diversey Holdings Ltd.* | 2,600 | 21,814 |
Ecovyst, Inc.* | 3,000 | 34,380 |
H.B. Fuller Co. | 1,880 | 134,439 |
Hawkins, Inc. | 698 | 33,288 |
Ingevity Corp.* | 1,300 | 75,608 |
Innospec, Inc. | 900 | 90,396 |
Intrepid Potash, Inc.* | 370 | 8,395 |
Koppers Holdings, Inc. | 820 | 27,962 |
Kronos Worldwide, Inc. | 900 | 7,857 |
Lightwave Logic, Inc.* | 3,700 | 25,789 |
Livent Corp.* | 6,400 | 175,552 |
Mativ Holdings, Inc. | 1,955 | 29,560 |
Minerals Technologies, Inc. | 1,128 | 65,074 |
Oil-Dri Corp of America | 200 | 11,798 |
Origin Materials, Inc.* | 3,500 | 14,910 |
Orion S.A. | 2,100 | 44,562 |
Perimeter Solutions S.A.* | 5,700 | 35,055 |
Quaker Chemical Corp. | 472 | 91,993 |
Rayonier Advanced Materials, Inc.* | 1,900 | 8,132 |
Rogers Corp.* | 617 | 99,911 |
Sensient Technologies Corp. | 1,458 | 103,707 |
Stepan Co. | 735 | 70,237 |
Terawulf, Inc.* | 3,900 | 6,825 |
Trinseo PLC | 1,200 | 15,204 |
Tronox Holdings PLC | 4,000 | 50,840 |
Valhi, Inc. | 100 | 1,285 |
1,773,443 | ||
Coal — 0.5% | ||
Alpha Metallurgical Resources, Inc. | 463 | 76,099 |
Arch Resources, Inc. | 653 | 73,632 |
CONSOL Energy, Inc. | 1,200 | 81,372 |
Hallador Energy Co.* | 900 | 7,713 |
NACCO Industries, Inc., Class A | 100 | 3,466 |
Peabody Energy Corp. | 4,500 | 97,470 |
Ramaco Resources, Inc., Class A | 700 | 5,908 |
Number of Shares | Value† | |
Coal — (continued) | ||
Ramaco Resources, Inc., Class B* | 140 | $ 1,485 |
SunCoke Energy, Inc. | 3,141 | 24,720 |
Warrior Met Coal, Inc. | 1,900 | 74,005 |
445,870 | ||
Commercial Services — 5.4% | ||
2U, Inc.* | 2,900 | 11,687 |
ABM Industries, Inc. | 2,339 | 99,758 |
Acacia Research Corp.* | 1,500 | 6,240 |
Adtalem Global Education, Inc.* | 1,600 | 54,944 |
AirSculpt Technologies, Inc. | 300 | 2,586 |
Alarm.com Holdings, Inc.* | 1,700 | 87,856 |
Alight, Inc., Class A* | 14,400 | 133,056 |
Alta Equipment Group, Inc. | 700 | 12,131 |
AMN Healthcare Services, Inc.* | 1,409 | 153,750 |
API Group Corp.* | 7,300 | 198,998 |
Arlo Technologies, Inc.* | 3,033 | 33,090 |
ASGN, Inc.* | 1,763 | 133,336 |
Bakkt Holdings, Inc.* | 1,900 | 2,337 |
Barrett Business Services, Inc. | 242 | 21,102 |
BrightView Holdings, Inc.* | 1,415 | 10,160 |
Carriage Services, Inc. | 500 | 16,235 |
Cass Information Systems, Inc. | 498 | 19,312 |
CBIZ, Inc.* | 1,640 | 87,379 |
Chegg, Inc.* | 4,300 | 38,184 |
Cimpress PLC* | 619 | 36,818 |
Cipher Mining, Inc.* | 2,100 | 6,006 |
CompoSecure, Inc.* | 700 | 4,802 |
CoreCivic, Inc.* | 4,200 | 39,522 |
CorVel Corp.* | 299 | 57,857 |
Coursera, Inc.* | 4,700 | 61,194 |
CPI Card Group, Inc.* | 200 | 4,650 |
CRA International, Inc. | 274 | 27,948 |
Cross Country Healthcare, Inc.* | 1,284 | 36,055 |
Custom Truck One Source, Inc.* | 2,100 | 14,154 |
Deluxe Corp. | 1,507 | 26,342 |
Distribution Solutions Group, Inc.* | 221 | 11,505 |
Ennis, Inc. | 858 | 17,486 |
European Wax Center, Inc., Class A* | 1,300 | 24,219 |
EVERTEC, Inc. | 2,239 | 82,462 |
First Advantage Corp.* | 2,100 | 32,361 |
FiscalNote Holdings, Inc.* | 2,500 | 9,100 |
Flywire Corp.* | 3,400 | 105,536 |
Forrester Research, Inc.* | 375 | 10,909 |
Franklin Covey Co.* | 397 | 17,341 |
Graham Holdings Co., Class B | 130 | 74,292 |
Green Dot Corp., Class A* | 1,727 | 32,364 |
Healthcare Services Group, Inc. | 2,580 | 38,519 |
Heidrick & Struggles International, Inc. | 769 | 20,355 |
Herc Holdings, Inc. | 1,005 | 137,534 |
HireQuest, Inc. | 200 | 5,206 |
Huron Consulting Group, Inc.* | 728 | 61,815 |
I3 Verticals, Inc., Class A* | 800 | 18,288 |
ICF International, Inc. | 648 | 80,605 |
Information Services Group, Inc. | 1,200 | 6,432 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Commercial Services — (continued) | ||
Insperity, Inc. | 1,273 | $ 151,436 |
John Wiley & Sons, Inc., Class A | 1,500 | 51,045 |
Kelly Services, Inc., Class A | 1,314 | 23,140 |
Kforce, Inc. | 686 | 42,985 |
Korn Ferry | 1,890 | 93,631 |
Laureate Education, Inc., Class A | 4,600 | 55,614 |
Legalzoom.com, Inc.* | 3,700 | 44,696 |
Lincoln Educational Services Corp.* | 1,000 | 6,740 |
LiveRamp Holdings, Inc.* | 2,367 | 67,602 |
Marathon Digital Holdings, Inc.* | 6,000 | 83,160 |
MarketWise, Inc. | 1,500 | 3,000 |
Marqeta, Inc., Class A* | 17,500 | 85,225 |
Matthews International Corp., Class A | 1,105 | 47,095 |
Medifast, Inc. | 376 | 34,652 |
Monro, Inc. | 1,137 | 46,196 |
Multiplan Corp.* | 12,800 | 27,008 |
National Research Corp. | 487 | 21,189 |
Payoneer Global, Inc.* | 9,500 | 45,695 |
Paysafe Ltd.* | 917 | 9,253 |
Perdoceo Education Corp.* | 2,300 | 28,221 |
Performant Financial Corp.* | 2,600 | 7,020 |
Priority Technology Holdings, Inc.* | 600 | 2,172 |
PROG Holdings, Inc.* | 1,667 | 53,544 |
Progyny, Inc.* | 2,800 | 110,152 |
Quad/Graphics, Inc.* | 1,100 | 4,136 |
Remitly Global, Inc.* | 3,000 | 56,460 |
Rent the Runway, Inc., Class A* | 2,000 | 3,960 |
Repay Holdings Corp.* | 3,100 | 24,273 |
Resources Connection, Inc. | 1,222 | 19,198 |
Riot Platforms, Inc.* | 5,900 | 69,738 |
Sabre Corp.* | 11,400 | 36,366 |
SEACOR Marine Holdings, Inc.* | 900 | 10,287 |
SoundThinking, Inc.* | 300 | 6,558 |
SP Plus Corp.* | 793 | 31,014 |
Sterling Check Corp.* | 900 | 11,034 |
StoneCo Ltd., Class A* | 10,300 | 131,222 |
Strategic Education, Inc. | 818 | 55,493 |
Stride, Inc.* | 1,452 | 54,058 |
Target Hospitality Corp.* | 1,100 | 14,762 |
Textainer Group Holdings Ltd. | 1,512 | 59,543 |
The Aaron's Co., Inc. | 1,100 | 15,554 |
The Brink's Co. | 1,610 | 109,206 |
The Hackett Group, Inc. | 1,016 | 22,708 |
Transcat, Inc.* | 300 | 25,593 |
TriNet Group, Inc.* | 1,300 | 123,461 |
Triton International Ltd. | 1,893 | 157,611 |
TrueBlue, Inc.* | 1,076 | 19,056 |
Udemy, Inc.* | 3,100 | 33,263 |
Universal Technical Institute, Inc.* | 1,100 | 7,601 |
Upbound Group, Inc. | 1,953 | 60,797 |
V2X, Inc.* | 400 | 19,824 |
Viad Corp.* | 671 | 18,037 |
Willdan Group, Inc.* | 300 | 5,748 |
WW International, Inc.* | 1,700 | 11,424 |
Number of Shares | Value† | |
Commercial Services — (continued) | ||
ZipRecruiter, Inc., Class A* | 2,600 | $ 46,176 |
4,628,450 | ||
Computers — 2.3% | ||
3D Systems Corp.* | 4,700 | 46,671 |
Cantaloupe, Inc.* | 2,000 | 15,920 |
Conduent, Inc.* | 5,800 | 19,720 |
Corsair Gaming, Inc.* | 1,400 | 24,836 |
Cricut, Inc., Class A | 1,700 | 20,740 |
Desktop Metal, Inc., Class A* | 9,584 | 16,964 |
ExlService Holdings, Inc.* | 1,165 | 175,985 |
Grid Dynamics Holdings, Inc.* | 1,700 | 15,725 |
Insight Enterprises, Inc.* | 1,043 | 152,633 |
Integral Ad Science Holding Corp.* | 1,500 | 26,970 |
Maximus, Inc. | 2,147 | 181,443 |
Mitek Systems, Inc.* | 1,500 | 16,260 |
NetScout Systems, Inc.* | 2,365 | 73,197 |
NextNav, Inc.* | 1,600 | 4,704 |
OneSpan, Inc.* | 1,528 | 22,675 |
PAR Technology Corp.* | 900 | 29,637 |
Parsons Corp.* | 1,500 | 72,210 |
PlayAGS, Inc.* | 1,500 | 8,475 |
Qualys, Inc.* | 1,321 | 170,634 |
Rapid7, Inc.* | 2,100 | 95,088 |
Rimini Street, Inc.* | 1,800 | 8,622 |
Super Micro Computer, Inc.* | 1,657 | 413,007 |
System1, Inc.* | 1,100 | 4,950 |
Tenable Holdings, Inc.* | 4,000 | 174,200 |
Thoughtworks Holding, Inc.* | 3,400 | 25,670 |
Tingo Group, Inc.* | 5,000 | 6,050 |
TTEC Holdings, Inc. | 607 | 20,541 |
Unisys Corp.* | 2,324 | 9,249 |
Varonis Systems, Inc.* | 3,899 | 103,908 |
Velo3D, Inc.* | 1,800 | 3,888 |
Vuzix Corp.* | 2,000 | 10,200 |
1,970,772 | ||
Cosmetics & Personal Care — 0.5% | ||
Edgewell Personal Care Co. | 1,800 | 74,358 |
elf Beauty, Inc.* | 1,800 | 205,614 |
Inter Parfums, Inc. | 624 | 84,384 |
The Beauty Health Co.* | 2,900 | 24,273 |
Waldencast PLC, Class A* | 800 | 6,184 |
394,813 | ||
Distribution & Wholesale — 0.7% | ||
A-Mark Precious Metals, Inc. | 600 | 22,461 |
EVI Industries, Inc.* | 200 | 4,400 |
G-III Apparel Group Ltd.* | 1,508 | 29,059 |
Global Industrial Co. | 562 | 15,607 |
H&E Equipment Services, Inc. | 1,159 | 53,024 |
Hudson Technologies, Inc.* | 1,400 | 13,468 |
MRC Global, Inc.* | 2,900 | 29,203 |
OPENLANE, Inc.* | 4,100 | 62,402 |
Resideo Technologies, Inc.* | 5,000 | 88,300 |
Rush Enterprises, Inc., Class A | 1,502 | 91,231 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Distribution & Wholesale — (continued) | ||
Rush Enterprises, Inc., Class B | 250 | $ 17,015 |
ScanSource, Inc.* | 881 | 26,042 |
ThredUp, Inc., Class A* | 1,900 | 4,636 |
Titan Machinery, Inc.* | 723 | 21,329 |
Veritiv Corp. | 500 | 62,805 |
VSE Corp. | 408 | 22,314 |
563,296 | ||
Diversified Financial Services — 2.6% | ||
AlTi Global, Inc.* | 900 | 6,894 |
Amerant Bancorp, Inc. | 900 | 15,471 |
Applied Digital Corp.* | 2,400 | 22,440 |
Artisan Partners Asset Management, Inc., Class A | 2,100 | 82,551 |
AssetMark Financial Holdings, Inc.* | 800 | 23,728 |
Atlanticus Holdings Corp.* | 200 | 8,402 |
Avantax, Inc.* | 1,596 | 35,718 |
B Riley Financial, Inc. | 700 | 32,186 |
BGC Partners, Inc., Class A | 11,600 | 51,388 |
Bit Digital, Inc.* | 2,800 | 11,368 |
Bread Financial Holdings, Inc. | 1,700 | 53,363 |
Brightsphere Investment Group, Inc. | 1,126 | 23,590 |
Brookfield Business Corp., Class A | 800 | 15,104 |
Calamos Asset Management, Inc., Class A(1),* | 469 | 0 |
Cohen & Steers, Inc. | 917 | 53,177 |
Columbia Financial, Inc.* | 1,100 | 19,019 |
Consumer Portfolio Services, Inc.* | 500 | 5,835 |
Diamond Hill Investment Group, Inc. | 107 | 18,329 |
Enact Holdings, Inc. | 1,000 | 25,130 |
Encore Capital Group, Inc.* | 797 | 38,750 |
Enova International, Inc.* | 1,113 | 59,123 |
Federal Agricultural Mortgage Corp., Class C | 300 | 43,122 |
Finance Of America Cos., Inc., Class A* | 1,300 | 2,483 |
First Western Financial, Inc.* | 300 | 5,580 |
Focus Financial Partners, Inc., Class A* | 2,100 | 110,271 |
Forge Global Holdings, Inc.* | 4,300 | 10,449 |
FTAI Aviation Ltd. | 3,500 | 110,810 |
GCM Grosvenor, Inc., Class A | 1,200 | 9,048 |
Hamilton Lane, Inc., Class A | 1,300 | 103,974 |
International Money Express, Inc.* | 1,200 | 29,436 |
LendingClub Corp.* | 3,560 | 34,710 |
LendingTree, Inc.* | 377 | 8,335 |
Moelis & Co., Class A | 2,400 | 108,816 |
Mr. Cooper Group, Inc.* | 2,392 | 121,131 |
Navient Corp. | 3,500 | 65,030 |
Nelnet, Inc., Class A | 499 | 48,144 |
NerdWallet, Inc., Class A* | 1,500 | 14,115 |
Ocwen Financial Corp.* | 300 | 8,991 |
Pagseguro Digital Ltd., Class A* | 7,100 | 67,024 |
Paysign, Inc.* | 1,500 | 3,675 |
PennyMac Financial Services, Inc. | 900 | 63,279 |
Perella Weinberg Partners | 1,500 | 12,495 |
Piper Sandler Cos. | 599 | 77,427 |
Number of Shares | Value† | |
Diversified Financial Services — (continued) | ||
PJT Partners, Inc., Class A | 900 | $ 62,676 |
PRA Group, Inc.* | 1,348 | 30,802 |
Radian Group, Inc. | 5,503 | 139,116 |
Regional Management Corp. | 300 | 9,150 |
Sculptor Capital Management, Inc. | 1,200 | 10,596 |
Security National Financial Corp., Class A* | 500 | 4,435 |
Silvercrest Asset Management Group, Inc., Class A | 300 | 6,075 |
StepStone Group, Inc., Class A | 2,000 | 49,620 |
StoneX Group, Inc.* | 593 | 49,266 |
SWK Holdings Corp.* | 300 | 5,022 |
Upstart Holdings, Inc.* | 2,600 | 93,106 |
Velocity Financial, Inc.* | 400 | 4,612 |
Victory Capital Holdings, Inc., Class A | 1,000 | 31,540 |
Virtus Investment Partners, Inc. | 236 | 46,603 |
WisdomTree, Inc. | 4,900 | 33,614 |
World Acceptance Corp.* | 150 | 20,101 |
2,256,245 | ||
Electric — 1.5% | ||
ALLETE, Inc. | 2,051 | 118,896 |
Altus Power, Inc.* | 3,200 | 17,280 |
Ameresco, Inc., Class A* | 1,100 | 53,493 |
Avista Corp. | 2,639 | 103,634 |
Black Hills Corp. | 2,348 | 141,490 |
FTC Solar, Inc.* | 1,600 | 5,152 |
Genie Energy Ltd., Class B | 800 | 11,312 |
MGE Energy, Inc. | 1,342 | 106,166 |
NorthWestern Corp. | 2,080 | 118,061 |
Ormat Technologies, Inc. | 1,900 | 152,874 |
Otter Tail Corp. | 1,492 | 117,808 |
PNM Resources, Inc. | 3,010 | 135,751 |
Portland General Electric Co. | 3,456 | 161,844 |
Unitil Corp. | 563 | 28,550 |
1,272,311 | ||
Electrical Components & Equipment — 1.0% | ||
Belden, Inc. | 1,555 | 148,736 |
Blink Charging Co.* | 1,800 | 10,782 |
Encore Wire Corp. | 615 | 114,347 |
Energizer Holdings, Inc. | 2,600 | 87,308 |
EnerSys | 1,523 | 165,276 |
ESS Tech, Inc.* | 2,600 | 3,822 |
Insteel Industries, Inc. | 691 | 21,504 |
nLight, Inc.* | 1,700 | 26,214 |
Novanta, Inc.* | 1,277 | 235,095 |
Powell Industries, Inc. | 329 | 19,934 |
833,018 | ||
Electronics — 2.1% | ||
Advanced Energy Industries, Inc. | 1,393 | 155,250 |
Akoustis Technologies, Inc.* | 2,000 | 6,360 |
Allied Motion Technologies, Inc. | 500 | 19,970 |
Atkore, Inc.* | 1,400 | 218,316 |
Badger Meter, Inc. | 1,018 | 150,216 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Electronics — (continued) | ||
Bel Fuse, Inc., Class B | 400 | $ 22,964 |
Benchmark Electronics, Inc. | 1,313 | 33,915 |
Berkshire Grey, Inc.* | 1,600 | 2,256 |
Charge Enterprises, Inc.* | 3,500 | 3,430 |
Comtech Telecommunications Corp. | 952 | 8,701 |
CTS Corp. | 1,163 | 49,579 |
Enovix Corp.* | 4,900 | 88,396 |
Evolv Technologies Holdings, Inc.* | 4,100 | 24,600 |
FARO Technologies, Inc.* | 620 | 10,044 |
GoPro, Inc., Class A* | 4,300 | 17,802 |
Itron, Inc.* | 1,600 | 115,360 |
Kimball Electronics, Inc.* | 933 | 25,779 |
Knowles Corp.* | 3,152 | 56,925 |
Mesa Laboratories, Inc. | 186 | 23,901 |
MicroVision, Inc.* | 6,300 | 28,854 |
Mirion Technologies, Inc.* | 7,200 | 60,840 |
Napco Security Technologies, Inc. | 1,200 | 41,580 |
NEXTracker, Inc., Class A* | 1,100 | 43,791 |
NVE Corp. | 200 | 19,488 |
OSI Systems, Inc.* | 557 | 65,631 |
Plexus Corp.* | 1,003 | 98,535 |
Sanmina Corp.* | 2,026 | 122,107 |
SKYX Platforms Corp.* | 2,300 | 6,118 |
Stoneridge, Inc.* | 873 | 16,456 |
TTM Technologies, Inc.* | 3,429 | 47,663 |
Turtle Beach Corp.* | 500 | 5,825 |
Vicor Corp.* | 822 | 44,388 |
Vishay Intertechnology, Inc. | 4,600 | 135,240 |
1,770,280 | ||
Energy-Alternate Sources — 0.8% | ||
Array Technologies, Inc.* | 5,300 | 119,780 |
Cleanspark, Inc.* | 2,200 | 9,438 |
Energy Vault Holdings, Inc.* | 2,500 | 6,825 |
Eneti, Inc. | 700 | 8,477 |
Enviva, Inc. | 1,200 | 13,020 |
Eos Energy Enterprises, Inc.* | 4,000 | 17,360 |
Fluence Energy, Inc.* | 1,500 | 39,960 |
FuelCell Energy, Inc.* | 14,600 | 31,536 |
FutureFuel Corp. | 800 | 7,080 |
Gevo, Inc.* | 6,400 | 9,728 |
Green Plains, Inc.* | 2,167 | 69,864 |
Maxeon Solar Technologies Ltd.* | 900 | 25,344 |
Montauk Renewables, Inc.* | 2,100 | 15,624 |
REX American Resources Corp.* | 576 | 20,051 |
Shoals Technologies Group, Inc., Class A* | 6,100 | 155,916 |
Stem, Inc.* | 5,000 | 28,600 |
Sunnova Energy International, Inc.* | 3,500 | 64,085 |
SunPower Corp.* | 2,800 | 27,440 |
TPI Composites, Inc.* | 1,400 | 14,518 |
684,646 | ||
Engineering & Construction — 1.5% | ||
908 Devices, Inc.* | 800 | 5,488 |
Arcosa, Inc. | 1,700 | 128,809 |
Number of Shares | Value† | |
Engineering & Construction — (continued) | ||
Bowman Consulting Group Ltd.* | 400 | $ 12,752 |
Comfort Systems USA, Inc. | 1,259 | 206,728 |
Concrete Pumping Holdings, Inc.* | 1,100 | 8,833 |
Construction Partners, Inc., Class A* | 1,400 | 43,946 |
Dycom Industries, Inc.* | 1,053 | 119,673 |
Exponent, Inc. | 1,780 | 166,110 |
Fluor Corp.* | 5,100 | 150,960 |
Frontdoor, Inc.* | 2,900 | 92,510 |
Granite Construction, Inc. | 1,633 | 64,961 |
Great Lakes Dredge & Dock Corp.* | 2,351 | 19,184 |
IES Holdings, Inc.* | 300 | 17,064 |
Iteris, Inc.* | 1,700 | 6,732 |
Latham Group, Inc.* | 1,500 | 5,565 |
Limbach Holdings, Inc.* | 400 | 9,892 |
Mistras Group, Inc.* | 800 | 6,176 |
MYR Group, Inc.* | 583 | 80,652 |
NV5 Global, Inc.* | 454 | 50,290 |
Primoris Services Corp. | 1,790 | 54,541 |
Sterling Infrastructure, Inc.* | 1,000 | 55,800 |
Tutor Perini Corp.* | 1,397 | 9,988 |
1,316,654 | ||
Entertainment — 1.2% | ||
Accel Entertainment, Inc.* | 2,000 | 21,120 |
Bally's Corp.* | 1,250 | 19,450 |
Cinemark Holdings, Inc.* | 3,800 | 62,700 |
Everi Holdings, Inc.* | 3,100 | 44,826 |
Golden Entertainment, Inc.* | 700 | 29,260 |
IMAX Corp.* | 1,800 | 30,582 |
International Game Technology PLC | 3,900 | 124,371 |
Liberty Media Corp.-Liberty Braves, Class A* | 300 | 12,276 |
Liberty Media Corp.-Liberty Braves, Class C* | 1,300 | 51,506 |
Light & Wonder, Inc.* | 3,200 | 220,032 |
Lions Gate Entertainment Corp., Class A* | 1,900 | 16,777 |
Lions Gate Entertainment Corp., Class B* | 4,300 | 35,905 |
Loop Media, Inc.* | 1,600 | 3,824 |
Madison Square Garden Entertainment Corp.* | 1,537 | 51,674 |
Monarch Casino & Resort, Inc. | 485 | 34,168 |
RCI Hospitality Holdings, Inc. | 300 | 22,797 |
Red Rock Resorts, Inc., Class A | 1,700 | 79,526 |
Reservoir Media, Inc.* | 700 | 4,214 |
Rush Street Interactive, Inc.* | 1,800 | 5,616 |
SeaWorld Entertainment, Inc.* | 1,400 | 78,414 |
Six Flags Entertainment Corp.* | 2,600 | 67,548 |
Sphere Entertainment Co.* | 937 | 25,665 |
Super Group SGHC Ltd.* | 5,000 | 14,500 |
1,056,751 | ||
Environmental Control — 0.5% | ||
374Water, Inc.* | 2,400 | 5,736 |
Casella Waste Systems, Inc., Class A* | 2,000 | 180,900 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Environmental Control — (continued) | ||
CECO Environmental Corp.* | 1,100 | $ 14,696 |
Energy Recovery, Inc.* | 2,000 | 55,900 |
Enviri Corp.* | 2,500 | 24,675 |
Heritage-Crystal Clean, Inc.* | 600 | 22,674 |
LanzaTech Global, Inc.* | 900 | 6,147 |
Li-Cycle Holdings Corp.* | 5,200 | 28,860 |
Montrose Environmental Group, Inc.* | 1,000 | 42,120 |
Pure Cycle Corp.* | 800 | 8,800 |
PureCycle Technologies, Inc.* | 4,200 | 44,898 |
435,406 | ||
Food — 1.5% | ||
B&G Foods, Inc. | 2,472 | 34,410 |
Beyond Meat, Inc.* | 2,200 | 28,556 |
Calavo Growers, Inc. | 551 | 15,990 |
Cal-Maine Foods, Inc. | 1,346 | 60,570 |
HF Foods Group, Inc.* | 1,300 | 6,097 |
Hostess Brands, Inc.* | 4,700 | 119,004 |
Ingles Markets, Inc., Class A | 504 | 41,656 |
J & J Snack Foods Corp. | 533 | 84,406 |
John B Sanfilippo & Son, Inc. | 300 | 35,181 |
Krispy Kreme, Inc. | 3,300 | 48,609 |
Lancaster Colony Corp. | 677 | 136,138 |
Mission Produce, Inc.* | 1,900 | 23,028 |
Nathan's Famous, Inc. | 100 | 7,854 |
Natural Grocers by Vitamin Cottage, Inc. | 400 | 4,904 |
Seneca Foods Corp., Class A* | 211 | 6,895 |
SpartanNash Co. | 1,330 | 29,938 |
Sprouts Farmers Market, Inc.* | 3,800 | 139,574 |
SunOpta, Inc.* | 3,200 | 21,408 |
The Chefs' Warehouse, Inc.* | 1,150 | 41,124 |
The Hain Celestial Group, Inc.* | 3,200 | 40,032 |
The Simply Good Foods Co.* | 3,300 | 120,747 |
TreeHouse Foods, Inc.* | 1,800 | 90,684 |
United Natural Foods, Inc.* | 2,200 | 43,010 |
Utz Brands, Inc. | 2,300 | 37,628 |
Village Super Market, Inc., Class A | 268 | 6,116 |
Weis Markets, Inc. | 566 | 36,343 |
1,259,902 | ||
Food Service — 0.0% | ||
Sovos Brands, Inc.* | 1,300 | 25,428 |
Forest Products & Paper — 0.1% | ||
Glatfelter Corp. | 1,359 | 4,104 |
Sylvamo Corp. | 1,200 | 48,540 |
52,644 | ||
Gas — 1.0% | ||
Brookfield Infrastructure Corp., Class A | 3,450 | 157,251 |
Chesapeake Utilities Corp. | 631 | 75,089 |
New Jersey Resources Corp. | 3,364 | 158,781 |
Northwest Natural Holding Co. | 1,250 | 53,812 |
ONE Gas, Inc. | 2,000 | 153,620 |
RGC Resources, Inc. | 300 | 6,009 |
Southwest Gas Holdings, Inc. | 2,196 | 139,775 |
Number of Shares | Value† | |
Gas — (continued) | ||
Spire, Inc. | 1,856 | $ 117,745 |
862,082 | ||
Hand & Machine Tools — 0.4% | ||
Cadre Holdings, Inc. | 700 | 15,260 |
Enerpac Tool Group Corp. | 2,106 | 56,862 |
Franklin Electric Co., Inc. | 1,670 | 171,843 |
Kennametal, Inc. | 2,900 | 82,331 |
Luxfer Holdings PLC | 1,000 | 14,230 |
340,526 | ||
Healthcare Products — 3.9% | ||
Accuray, Inc.* | 3,500 | 13,545 |
Adaptive Biotechnologies Corp.* | 4,200 | 28,182 |
Akoya Biosciences, Inc.* | 700 | 5,173 |
Alphatec Holdings, Inc.* | 2,700 | 48,546 |
AngioDynamics, Inc.* | 1,158 | 12,078 |
Artivion, Inc.* | 1,399 | 24,049 |
AtriCure, Inc.* | 1,600 | 78,976 |
Atrion Corp. | 48 | 27,154 |
Avanos Medical, Inc.* | 1,700 | 43,452 |
Avita Medical, Inc.* | 900 | 15,309 |
Axogen, Inc.* | 1,200 | 10,956 |
Axonics, Inc.* | 1,700 | 85,799 |
BioLife Solutions, Inc.* | 1,100 | 24,310 |
Butterfly Network, Inc.* | 4,700 | 10,810 |
CareDx, Inc.* | 1,700 | 14,450 |
Castle Biosciences, Inc.* | 900 | 12,348 |
Cerus Corp.* | 6,200 | 15,252 |
ClearPoint Neuro, Inc.* | 900 | 6,516 |
CONMED Corp. | 1,106 | 150,294 |
Cutera, Inc.* | 600 | 9,078 |
CVRx, Inc.* | 400 | 6,176 |
Embecta Corp. | 2,100 | 45,360 |
Glaukos Corp.* | 1,665 | 118,565 |
Haemonetics Corp.* | 1,815 | 154,529 |
Inari Medical, Inc.* | 1,800 | 104,652 |
InfuSystem Holdings, Inc.* | 700 | 6,741 |
Inmode Ltd.* | 2,800 | 104,580 |
Inogen, Inc.* | 900 | 10,395 |
Integer Holdings Corp.* | 1,191 | 105,535 |
iRadimed Corp. | 200 | 9,548 |
iRhythm Technologies, Inc.* | 1,081 | 112,770 |
KORU Medical Systems, Inc.* | 1,400 | 4,830 |
Lantheus Holdings, Inc.* | 2,406 | 201,912 |
LeMaitre Vascular, Inc. | 700 | 47,096 |
LivaNova PLC* | 1,900 | 97,717 |
MaxCyte, Inc.* | 3,100 | 14,229 |
Merit Medical Systems, Inc.* | 1,975 | 165,189 |
MiMedx Group, Inc.* | 3,700 | 24,457 |
NanoString Technologies, Inc.* | 1,500 | 6,075 |
Nautilus Biotechnology, Inc.* | 1,600 | 6,192 |
Neogen Corp.* | 7,638 | 166,126 |
Nevro Corp.* | 1,257 | 31,953 |
NuVasive, Inc.* | 1,806 | 75,112 |
OmniAb, Inc.* | 2,479 | 12,469 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Healthcare Products — (continued) | ||
OmniAb, Inc.(1),* | 191 | $ 0 |
OmniAb, Inc.(1),* | 192 | 0 |
Omnicell, Inc.* | 1,611 | 118,682 |
OraSure Technologies, Inc.* | 2,901 | 14,534 |
Orthofix Medical, Inc.* | 1,287 | 23,243 |
OrthoPediatrics Corp.* | 500 | 21,925 |
Pacific Biosciences of California, Inc.* | 8,700 | 115,710 |
Paragon 28, Inc.* | 1,700 | 30,158 |
Patterson Cos., Inc. | 3,000 | 99,780 |
PROCEPT BioRobotics Corp.* | 1,300 | 45,955 |
Pulmonx Corp.* | 1,300 | 17,043 |
Pulse Biosciences, Inc.* | 700 | 5,033 |
Quanterix Corp.* | 1,400 | 31,570 |
Quantum-Si, Inc.* | 3,000 | 5,370 |
RxSight, Inc.* | 1,100 | 31,680 |
Sanara Medtech, Inc.* | 200 | 8,020 |
Semler Scientific, Inc.* | 200 | 5,248 |
SI-BONE, Inc.* | 1,300 | 35,074 |
Silk Road Medical, Inc.* | 1,300 | 42,237 |
SomaLogic, Inc.* | 4,900 | 11,319 |
STAAR Surgical Co.* | 1,741 | 91,524 |
Surmodics, Inc.* | 473 | 14,810 |
Tactile Systems Technology, Inc.* | 900 | 22,437 |
TransMedics Group, Inc.* | 1,100 | 92,378 |
Treace Medical Concepts, Inc.* | 1,600 | 40,928 |
UFP Technologies, Inc.* | 257 | 49,819 |
Utah Medical Products, Inc. | 100 | 9,320 |
Varex Imaging Corp.* | 1,500 | 35,355 |
Vicarious Surgical, Inc.* | 1,800 | 3,294 |
ViewRay, Inc.* | 5,700 | 2,008 |
Zimvie, Inc.* | 700 | 7,861 |
Zynex, Inc.* | 660 | 6,329 |
3,307,129 | ||
Healthcare Services — 1.5% | ||
23andMe Holding Co., Class A* | 8,800 | 15,400 |
Accolade, Inc.* | 2,200 | 29,634 |
Addus HomeCare Corp.* | 600 | 55,620 |
Agiliti, Inc.* | 1,100 | 18,150 |
American Well Corp., Class A* | 8,000 | 16,800 |
Aveanna Healthcare Holdings, Inc.* | 1,400 | 2,366 |
Brookdale Senior Living, Inc.* | 6,300 | 26,586 |
Cano Health, Inc.* | 10,300 | 14,317 |
CareMax, Inc.* | 1,900 | 5,909 |
Community Health Systems, Inc.* | 4,100 | 18,040 |
DocGo, Inc.* | 2,900 | 27,173 |
Enhabit, Inc.* | 1,800 | 20,700 |
Fulgent Genetics, Inc.* | 700 | 25,921 |
HealthEquity, Inc.* | 3,000 | 189,420 |
Innovage Holding Corp.* | 700 | 5,250 |
Invitae Corp.* | 8,500 | 9,605 |
LifeStance Health Group, Inc.* | 3,800 | 34,694 |
ModivCare, Inc.* | 500 | 22,605 |
Nano-X Imaging Ltd.* | 1,700 | 26,333 |
National HealthCare Corp. | 406 | 25,099 |
Number of Shares | Value† | |
Healthcare Services — (continued) | ||
OPKO Health, Inc.* | 14,501 | $ 31,467 |
Oscar Health, Inc., Class A* | 5,600 | 45,136 |
P3 Health Partners, Inc.* | 800 | 2,392 |
Pediatrix Medical Group, Inc.* | 2,900 | 41,209 |
Quipt Home Medical Corp.* | 1,600 | 8,544 |
RadNet, Inc.* | 1,800 | 58,716 |
Select Medical Holdings Corp. | 3,700 | 117,882 |
Surgery Partners, Inc.* | 2,400 | 107,976 |
The Ensign Group, Inc. | 1,980 | 189,011 |
The Joint Corp.* | 500 | 6,750 |
The Pennant Group, Inc.* | 1,140 | 13,999 |
Thorne HealthTech, Inc.* | 500 | 2,350 |
U.S. Physical Therapy, Inc. | 455 | 55,233 |
Viemed Healthcare, Inc.* | 1,300 | 12,714 |
1,283,001 | ||
Home Builders — 1.9% | ||
Beazer Homes USA, Inc.* | 924 | 26,140 |
Cavco Industries, Inc.* | 313 | 92,335 |
Century Communities, Inc. | 1,000 | 76,620 |
Dream Finders Homes, Inc., Class A* | 700 | 17,213 |
Forestar Group, Inc.* | 760 | 17,138 |
Green Brick Partners, Inc.* | 1,000 | 56,800 |
Hovnanian Enterprises, Inc., Class A* | 200 | 19,842 |
Installed Building Products, Inc. | 829 | 116,193 |
KB Home | 2,700 | 139,617 |
Landsea Homes Corp.* | 700 | 6,538 |
LCI Industries | 891 | 112,587 |
LGI Homes, Inc.* | 709 | 95,637 |
M/I Homes, Inc.* | 936 | 81,610 |
MDC Holdings, Inc. | 2,059 | 96,299 |
Meritage Homes Corp. | 1,290 | 183,528 |
Skyline Champion Corp.* | 1,900 | 124,355 |
Taylor Morrison Home Corp.* | 3,800 | 185,326 |
Tri Pointe Homes, Inc.* | 3,600 | 118,296 |
Winnebago Industries, Inc. | 1,122 | 74,826 |
1,640,900 | ||
Home Furnishings — 0.3% | ||
Daktronics, Inc.* | 1,500 | 9,600 |
Ethan Allen Interiors, Inc. | 828 | 23,416 |
Hooker Furnishings Corp. | 400 | 7,464 |
iRobot Corp.* | 1,002 | 45,340 |
MillerKnoll, Inc. | 2,628 | 38,842 |
Purple Innovation, Inc. | 1,700 | 4,726 |
Sleep Number Corp.* | 772 | 21,060 |
Snap One Holdings Corp.* | 900 | 10,485 |
Sonos, Inc.* | 4,600 | 75,118 |
The Lovesac Co.* | 600 | 16,170 |
Traeger, Inc.* | 700 | 2,975 |
Vizio Holding Corp., Class A* | 2,200 | 14,850 |
VOXX International Corp.* | 600 | 7,488 |
Xperi, Inc.* | 1,501 | 19,738 |
297,272 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Household Products & Wares — 0.3% | ||
ACCO Brands Corp. | 2,893 | $ 15,073 |
Central Garden & Pet Co.* | 300 | 11,631 |
Central Garden & Pet Co., Class A* | 1,402 | 51,117 |
Helen of Troy Ltd.* | 817 | 88,252 |
Quanex Building Products Corp. | 1,225 | 32,891 |
WD-40 Co. | 496 | 93,570 |
292,534 | ||
Insurance — 2.0% | ||
Ambac Financial Group, Inc.* | 1,500 | 21,360 |
American Equity Investment Life Holding Co. | 2,776 | 144,657 |
AMERISAFE, Inc. | 708 | 37,751 |
Argo Group International Holdings Ltd. | 1,132 | 33,518 |
BRP Group, Inc., Class A* | 2,100 | 52,038 |
CNO Financial Group, Inc. | 3,993 | 94,514 |
Crawford & Co., Class A | 700 | 7,763 |
Donegal Group, Inc., Class A | 683 | 9,856 |
eHealth, Inc.* | 720 | 5,789 |
Employers Holdings, Inc. | 982 | 36,737 |
Enstar Group Ltd.* | 425 | 103,802 |
Essent Group Ltd. | 3,700 | 173,160 |
F&G Annuities & Life, Inc. | 700 | 17,346 |
Genworth Financial, Inc., Class A* | 18,000 | 90,000 |
GoHealth, Inc., Class A* | 200 | 3,942 |
Goosehead Insurance, Inc., Class A* | 700 | 44,023 |
Greenlight Capital Re Ltd., Class A* | 1,128 | 11,883 |
HCI Group, Inc. | 200 | 12,356 |
Hippo Holdings, Inc.* | 632 | 10,447 |
Horace Mann Educators Corp. | 1,380 | 40,931 |
Investors Title Co. | 39 | 5,694 |
Jackson Financial, Inc., Class A | 2,900 | 88,769 |
James River Group Holdings Ltd. | 1,300 | 23,738 |
Kingsway Financial Services, Inc.* | 500 | 4,075 |
Lemonade, Inc.* | 1,700 | 28,645 |
Maiden Holdings Ltd.* | 3,600 | 7,560 |
MBIA, Inc.* | 1,700 | 14,688 |
Mercury General Corp. | 900 | 27,243 |
National Western Life Group, Inc., Class A | 74 | 30,751 |
NI Holdings, Inc.* | 200 | 2,970 |
NMI Holdings, Inc., Class A* | 3,000 | 77,460 |
Palomar Holdings, Inc.* | 900 | 52,236 |
ProAssurance Corp. | 1,800 | 27,162 |
Safety Insurance Group, Inc. | 482 | 34,569 |
Selective Insurance Group, Inc. | 2,175 | 208,691 |
Selectquote, Inc.* | 4,300 | 8,385 |
SiriusPoint Ltd.* | 3,600 | 32,508 |
Skyward Specialty Insurance Group, Inc.* | 400 | 10,160 |
Stewart Information Services Corp. | 908 | 37,355 |
Tiptree, Inc. | 1,000 | 15,010 |
Trupanion, Inc.* | 1,329 | 26,155 |
United Fire Group, Inc. | 680 | 15,409 |
United Insurance Holdings Corp.* | 900 | 4,014 |
Number of Shares | Value† | |
Insurance — (continued) | ||
Universal Insurance Holdings, Inc. | 951 | $ 14,674 |
1,749,794 | ||
Internet — 1.8% | ||
1-800-Flowers.com, Inc., Class A* | 937 | 7,309 |
Allbirds, Inc., Class A* | 3,100 | 3,906 |
BARK, Inc.* | 3,200 | 4,256 |
Blade Air Mobility, Inc.* | 1,800 | 7,092 |
Bumble, Inc., Class A* | 3,500 | 58,730 |
Cargurus, Inc.* | 3,500 | 79,205 |
CarParts.com, Inc.* | 1,600 | 6,800 |
Cars.com, Inc.* | 2,200 | 43,604 |
Cogent Communications Holdings, Inc. | 1,519 | 102,214 |
ContextLogic, Inc., Class A* | 620 | 4,080 |
Couchbase, Inc.* | 1,400 | 22,148 |
DHI Group, Inc.* | 1,400 | 5,362 |
ePlus, Inc.* | 942 | 53,035 |
Eventbrite, Inc., Class A* | 2,800 | 26,740 |
EverQuote, Inc., Class A* | 700 | 4,550 |
Figs, Inc., Class A* | 4,200 | 34,734 |
fuboTV, Inc.* | 6,800 | 14,144 |
Gambling.com Group Ltd.* | 300 | 3,072 |
Grindr, Inc.* | 1,600 | 8,848 |
HealthStream, Inc. | 900 | 22,104 |
Hims & Hers Health, Inc.* | 4,600 | 43,240 |
Lands' End, Inc.* | 500 | 3,880 |
Liquidity Services, Inc.* | 735 | 12,127 |
Magnite, Inc.* | 4,706 | 64,237 |
MediaAlpha, Inc., Class A* | 1,000 | 10,310 |
Mondee Holdings, Inc.* | 1,700 | 15,147 |
Nerdy, Inc.* | 1,800 | 7,506 |
Nextdoor Holdings, Inc.* | 5,400 | 17,604 |
Open Lending Corp., Class A* | 3,700 | 38,887 |
Opendoor Technologies, Inc.* | 19,500 | 78,390 |
OptimizeRx Corp.* | 600 | 8,574 |
Overstock.com, Inc.* | 1,700 | 55,369 |
Perficient, Inc.* | 1,245 | 103,746 |
Q2 Holdings, Inc.* | 1,900 | 58,710 |
QuinStreet, Inc.* | 1,715 | 15,143 |
Revolve Group, Inc.* | 1,400 | 22,960 |
Rover Group, Inc.* | 3,000 | 14,730 |
Shutterstock, Inc. | 900 | 43,803 |
Solo Brands, Inc., Class A* | 500 | 2,830 |
Sprinklr, Inc., Class A* | 3,100 | 42,873 |
Squarespace, Inc., Class A* | 1,600 | 50,464 |
Stitch Fix, Inc., Class A* | 2,600 | 10,010 |
TechTarget, Inc.* | 900 | 28,017 |
TrueCar, Inc.* | 3,500 | 7,910 |
Tucows, Inc., Class A* | 300 | 8,322 |
Upwork, Inc.* | 4,100 | 38,294 |
Vivid Seats, Inc., Class A* | 800 | 6,336 |
Yelp, Inc.* | 2,400 | 87,384 |
Ziff Davis, Inc.* | 1,708 | 119,662 |
1,528,398 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Investment Companies — 0.1% | ||
Cannae Holdings, Inc.* | 2,500 | $ 50,525 |
Compass Diversified Holdings | 2,300 | 49,887 |
FTAI Infrastructure, Inc. | 3,700 | 13,653 |
114,065 | ||
Iron & Steel — 0.7% | ||
ATI, Inc.* | 4,600 | 203,458 |
Carpenter Technology Corp. | 1,700 | 95,421 |
Commercial Metals Co. | 4,100 | 215,906 |
Haynes International, Inc. | 464 | 23,580 |
Schnitzer Steel Industries, Inc., Class A | 900 | 26,991 |
565,356 | ||
Leisure Time — 0.6% | ||
Acushnet Holdings Corp. | 1,200 | 65,616 |
Bowlero Corp.* | 1,300 | 15,132 |
Camping World Holdings, Inc., Class A | 1,400 | 42,140 |
Clarus Corp. | 902 | 8,244 |
Escalade, Inc. | 400 | 5,340 |
Global Business Travel Group I* | 1,200 | 8,676 |
Johnson Outdoors, Inc., Class A | 168 | 10,324 |
Life Time Group Holdings, Inc.* | 1,600 | 31,472 |
Lindblad Expeditions Holdings, Inc.* | 1,100 | 11,968 |
Livewire Group, Inc.* | 500 | 5,905 |
Malibu Boats, Inc., Class A* | 700 | 41,062 |
Marine Products Corp. | 488 | 8,228 |
MasterCraft Boat Holdings, Inc.* | 700 | 21,455 |
OneSpaWorld Holdings Ltd.* | 2,500 | 30,250 |
Topgolf Callaway Brands Corp.* | 5,046 | 100,163 |
Virgin Galactic Holdings, Inc.* | 8,800 | 34,144 |
Vista Outdoor, Inc.* | 1,900 | 52,573 |
Xponential Fitness, Inc., Class A* | 1,000 | 17,250 |
509,942 | ||
Lodging — 0.2% | ||
Bluegreen Vacations Holding Corp. | 400 | 14,260 |
Century Casinos, Inc.* | 1,100 | 7,810 |
Full House Resorts, Inc.* | 1,200 | 8,040 |
Hilton Grand Vacations, Inc.* | 2,900 | 131,776 |
The Marcus Corp. | 733 | 10,870 |
172,756 | ||
Machinery — Construction & Mining — 0.4% | ||
Argan, Inc. | 436 | 17,183 |
Astec Industries, Inc. | 798 | 36,261 |
Babcock & Wilcox Enterprises, Inc.* | 2,000 | 11,800 |
Bloom Energy Corp., Class A* | 6,900 | 112,815 |
Hyster-Yale Materials Handling, Inc. | 344 | 19,209 |
NuScale Power Corp.* | 2,200 | 14,960 |
Terex Corp. | 2,400 | 143,592 |
The Manitowoc Co., Inc.* | 1,325 | 24,950 |
Transphorm, Inc.* | 700 | 2,380 |
383,150 | ||
Machinery — Diversified — 1.9% | ||
Alamo Group, Inc. | 362 | 66,576 |
Albany International Corp., Class A | 1,132 | 105,593 |
Number of Shares | Value† | |
Machinery — Diversified — (continued) | ||
Applied Industrial Technologies, Inc. | 1,382 | $ 200,155 |
Cactus, Inc., Class A | 2,300 | 97,336 |
Chart Industries, Inc.* | 1,494 | 238,726 |
CIRCOR International, Inc.* | 635 | 35,846 |
Columbus McKinnon Corp. | 1,085 | 44,105 |
CSW Industrials, Inc. | 528 | 87,748 |
DXP Enterprises, Inc.* | 522 | 19,006 |
Eastman Kodak Co.* | 1,600 | 7,392 |
Gencor Industries, Inc.* | 400 | 6,232 |
GrafTech International Ltd. | 6,600 | 33,264 |
Ichor Holdings Ltd.* | 1,000 | 37,500 |
Intevac, Inc.* | 1,100 | 4,125 |
Kadant, Inc. | 402 | 89,284 |
Lindsay Corp. | 388 | 46,304 |
Mueller Water Products, Inc., Class A | 5,492 | 89,135 |
Tennant Co. | 636 | 51,586 |
The Gorman-Rupp Co. | 751 | 21,651 |
Thermon Group Holdings, Inc.* | 1,100 | 29,260 |
Watts Water Technologies, Inc., Class A | 971 | 178,402 |
Zurn Elkay Water Solutions Corp. | 5,300 | 142,517 |
1,631,743 | ||
Media — 0.4% | ||
AMC Networks, Inc., Class A* | 1,000 | 11,950 |
Gannett Co., Inc.* | 4,253 | 9,569 |
Gray Television, Inc. | 3,000 | 23,640 |
iHeartMedia, Inc., Class A* | 4,300 | 15,652 |
Liberty Latin America Ltd., Class A* | 1,400 | 12,250 |
Liberty Latin America Ltd., Class C* | 5,252 | 45,272 |
Scholastic Corp. | 1,056 | 41,068 |
Sinclair, Inc. | 1,400 | 19,348 |
TEGNA, Inc. | 8,100 | 131,544 |
The E.W. Scripps Co., Class A* | 2,229 | 20,396 |
Thryv Holdings, Inc.* | 1,000 | 24,600 |
Townsquare Media, Inc., Class A | 500 | 5,955 |
Urban One, Inc.* | 600 | 3,594 |
WideOpenWest, Inc.* | 1,800 | 15,192 |
380,030 | ||
Metal Fabricate/Hardware — 0.8% | ||
AZZ, Inc. | 876 | 38,071 |
Helios Technologies, Inc. | 1,159 | 76,598 |
Hillman Solutions Corp.* | 6,200 | 55,862 |
Janus International Group, Inc.* | 2,700 | 28,782 |
Mayville Engineering Co., Inc.* | 400 | 4,984 |
Mueller Industries, Inc. | 1,988 | 173,513 |
Northwest Pipe Co.* | 300 | 9,072 |
Olympic Steel, Inc. | 331 | 16,219 |
Omega Flex, Inc. | 124 | 12,869 |
Park-Ohio Holdings Corp. | 300 | 5,700 |
Proto Labs, Inc.* | 899 | 31,429 |
Ryerson Holding Corp. | 700 | 30,366 |
Standex International Corp. | 400 | 56,588 |
TimkenSteel Corp.* | 1,700 | 36,669 |
Tredegar Corp. | 761 | 5,076 |
Worthington Industries, Inc. | 1,084 | 75,305 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Metal Fabricate/Hardware — (continued) | ||
Xometry, Inc., Class A* | 1,200 | $ 25,416 |
682,519 | ||
Mining — 0.8% | ||
5E Advanced Materials, Inc.* | 1,100 | 3,608 |
Arconic Corp.* | 3,600 | 106,488 |
Caledonia Mining Corp. PLC | 600 | 6,972 |
Centrus Energy Corp., Class A* | 400 | 13,024 |
Century Aluminum Co.* | 1,754 | 15,295 |
Coeur Mining, Inc.* | 10,028 | 28,479 |
Compass Minerals International, Inc. | 1,200 | 40,800 |
Constellium S.E.* | 4,400 | 75,680 |
Contango ORE, Inc.* | 200 | 5,096 |
Dakota Gold Corp.* | 1,700 | 4,964 |
Encore Energy Corp.* | 5,300 | 12,773 |
Energy Fuels, Inc.* | 5,400 | 33,696 |
Ferroglobe PLC(1),* | 2,414 | 0 |
Hecla Mining Co. | 21,391 | 110,164 |
i-80 Gold Corp.* | 7,200 | 16,200 |
Ivanhoe Electric, Inc.* | 2,200 | 28,688 |
Kaiser Aluminum Corp. | 616 | 44,130 |
Novagold Resources, Inc.* | 8,400 | 33,516 |
Perpetua Resources Corp.* | 1,500 | 5,505 |
Piedmont Lithium, Inc.* | 600 | 34,626 |
PolyMet Mining Corp.* | 1,700 | 1,343 |
United States Lime & Minerals, Inc. | 90 | 18,800 |
Uranium Energy Corp.* | 13,100 | 44,540 |
684,387 | ||
Miscellaneous Manufacturing — 1.3% | ||
AMMO, Inc.* | 3,600 | 7,668 |
Chase Corp. | 261 | 31,639 |
Core Molding Technologies, Inc.* | 300 | 6,825 |
EnPro Industries, Inc. | 717 | 95,741 |
ESCO Technologies, Inc. | 934 | 96,791 |
Fabrinet* | 1,300 | 168,844 |
Federal Signal Corp. | 2,143 | 137,216 |
Hillenbrand, Inc. | 2,444 | 125,328 |
John Bean Technologies Corp. | 1,100 | 133,430 |
LSB Industries, Inc.* | 2,000 | 19,700 |
Materion Corp. | 757 | 86,449 |
Myers Industries, Inc. | 1,325 | 25,745 |
NL Industries, Inc. | 90 | 498 |
Park Aerospace Corp. | 833 | 11,495 |
Sight Sciences, Inc.* | 900 | 7,452 |
Smith & Wesson Brands, Inc. | 1,579 | 20,590 |
Sturm Ruger & Co., Inc. | 619 | 32,782 |
Trinity Industries, Inc. | 2,800 | 71,988 |
1,080,181 | ||
Multi-National — 0.0% | ||
Banco Latinoamericano de Comercio Exterior S.A., Class E | 1,110 | 24,487 |
Office & Business Equipment — 0.1% | ||
Pitney Bowes, Inc. | 6,000 | 21,240 |
Number of Shares | Value† | |
Office & Business Equipment — (continued) | ||
Xerox Holdings Corp. | 4,100 | $ 61,049 |
82,289 | ||
Office Furnishings — 0.1% | ||
HNI Corp. | 1,504 | 42,383 |
Interface, Inc. | 1,995 | 17,536 |
Steelcase, Inc., Class A | 3,131 | 24,140 |
84,059 | ||
Oil & Gas — 4.1% | ||
Amplify Energy Corp.* | 1,200 | 8,124 |
Berry Corp. | 3,000 | 20,640 |
Borr Drilling Ltd.* | 7,500 | 56,475 |
California Resources Corp. | 2,600 | 117,754 |
Callon Petroleum Co.* | 2,200 | 77,154 |
Chord Energy Corp. | 1,459 | 224,394 |
Civitas Resources, Inc. | 2,494 | 173,009 |
CNX Resources Corp.* | 5,800 | 102,776 |
Cobalt International Energy, Inc.(1),* | 1 | 0 |
Comstock Resources, Inc. | 3,200 | 37,120 |
Crescent Energy, Inc., Class A | 1,520 | 15,838 |
CVR Energy, Inc. | 1,000 | 29,960 |
Delek US Holdings, Inc. | 2,483 | 59,468 |
Denbury, Inc.* | 1,800 | 155,268 |
Diamond Offshore Drilling, Inc.* | 3,800 | 54,112 |
Earthstone Energy, Inc., Class A* | 2,200 | 31,438 |
Empire Petroleum Corp.* | 200 | 1,820 |
Evolution Petroleum Corp. | 1,200 | 9,684 |
Granite Ridge Resources, Inc. | 1,000 | 6,630 |
Gulfport Energy Corp.* | 400 | 42,028 |
Helmerich & Payne, Inc. | 3,600 | 127,620 |
HighPeak Energy, Inc. | 200 | 2,176 |
Kosmos Energy Ltd.* | 16,100 | 96,439 |
Magnolia Oil & Gas Corp., Class A | 6,500 | 135,850 |
Matador Resources Co. | 4,000 | 209,280 |
Murphy Oil Corp. | 5,200 | 199,160 |
Nabors Industries Ltd.* | 315 | 29,305 |
Noble Corp. PLC* | 3,800 | 156,978 |
Northern Oil & Gas, Inc. | 2,700 | 92,664 |
Par Pacific Holdings, Inc.* | 1,818 | 48,377 |
Patterson-UTI Energy, Inc. | 7,500 | 89,775 |
PBF Energy, Inc., Class A | 4,200 | 171,948 |
Permian Resources Corp. | 9,100 | 99,736 |
Riley Exploration Permian, Inc. | 400 | 14,288 |
Ring Energy, Inc.* | 2,800 | 4,788 |
SandRidge Energy, Inc. | 1,000 | 15,250 |
Seadrill Ltd.* | 1,800 | 74,286 |
SilverBow Resources, Inc.* | 700 | 20,384 |
Sitio Royalties Corp., Class A | 2,914 | 76,551 |
SM Energy Co. | 4,200 | 132,846 |
Talos Energy, Inc.* | 4,000 | 55,480 |
Tellurian, Inc.* | 17,900 | 25,239 |
VAALCO Energy, Inc. | 4,100 | 15,416 |
Valaris Ltd.* | 2,200 | 138,446 |
Vertex Energy, Inc.* | 1,800 | 11,250 |
Vital Energy, Inc.* | 600 | 27,090 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Oil & Gas — (continued) | ||
Vitesse Energy, Inc. | 900 | $ 20,160 |
W&T Offshore, Inc.* | 3,543 | 13,711 |
Weatherford International PLC* | 2,500 | 166,050 |
3,494,235 | ||
Oil & Gas Services — 1.2% | ||
Archrock, Inc. | 4,700 | 48,175 |
Aris Water Solutions, Inc., Class A | 900 | 9,288 |
Atlas Energy Solutions, Inc., Class A | 600 | 10,416 |
Bristow Group, Inc.* | 766 | 22,007 |
ChampionX Corp. | 7,100 | 220,384 |
Core Laboratories, Inc. | 1,700 | 39,525 |
DMC Global, Inc.* | 600 | 10,656 |
Dril-Quip, Inc.* | 1,200 | 27,924 |
Expro Group Holdings N.V.* | 3,216 | 56,987 |
Forum Energy Technologies, Inc.* | 400 | 10,236 |
Helix Energy Solutions Group, Inc.* | 5,301 | 39,121 |
KLX Energy Services Holdings, Inc.* | 500 | 4,865 |
Liberty Oilfield Services, Inc. | 6,100 | 81,557 |
Mammoth Energy Services, Inc.* | 1,000 | 4,830 |
Newpark Resources, Inc.* | 2,712 | 14,184 |
NexTier Oilfield Solutions, Inc.* | 6,991 | 62,500 |
NOW, Inc.* | 3,800 | 39,368 |
Oceaneering International, Inc.* | 3,400 | 63,580 |
Oil States International, Inc.* | 2,000 | 14,940 |
ProFrac Holding Corp., Class A* | 900 | 10,044 |
ProPetro Holding Corp.* | 3,800 | 31,312 |
Ranger Energy Services, Inc.* | 600 | 6,144 |
RPC, Inc. | 2,800 | 20,020 |
Select Water Solutions, Inc., Class A | 2,700 | 21,870 |
Solaris Oilfield Infrastructure, Inc., Class A | 1,100 | 9,163 |
TETRA Technologies, Inc.* | 4,400 | 14,872 |
Tidewater, Inc.* | 1,700 | 94,248 |
US Silica Holdings, Inc.* | 2,700 | 32,751 |
1,020,967 | ||
Packaging and Containers — 0.3% | ||
Clearwater Paper Corp.* | 578 | 18,103 |
Greif, Inc., Class A | 900 | 62,001 |
Greif, Inc., Class B | 200 | 15,450 |
Karat Packaging, Inc. | 300 | 5,475 |
O-I Glass, Inc.* | 5,400 | 115,182 |
Pactiv Evergreen, Inc. | 1,700 | 12,869 |
Ranpak Holdings Corp.* | 1,200 | 5,424 |
TriMas Corp. | 1,495 | 41,098 |
275,602 | ||
Pharmaceuticals — 2.9% | ||
Aclaris Therapeutics, Inc.* | 2,100 | 21,777 |
AdaptHealth Corp.* | 2,500 | 30,425 |
Agios Pharmaceuticals, Inc.* | 2,000 | 56,640 |
Alector, Inc.* | 1,900 | 11,419 |
Alkermes PLC* | 5,800 | 181,540 |
Amneal Pharmaceuticals, Inc.* | 2,937 | 9,105 |
Amphastar Pharmaceuticals, Inc.* | 1,300 | 74,711 |
Number of Shares | Value† | |
Pharmaceuticals — (continued) | ||
Amylyx Pharmaceuticals, Inc.* | 1,800 | $ 38,826 |
Anika Therapeutics, Inc.* | 600 | 15,588 |
Arvinas, Inc.* | 1,700 | 42,194 |
Assertio Holdings, Inc.* | 2,100 | 11,382 |
BellRing Brands, Inc.* | 4,800 | 175,680 |
Beyond Air, Inc.* | 1,000 | 4,260 |
Biote Corp., Class A* | 600 | 4,056 |
Bioxcel Therapeutics, Inc.* | 600 | 3,996 |
Catalyst Pharmaceuticals, Inc.* | 3,500 | 47,040 |
Citius Pharmaceuticals, Inc.* | 5,000 | 6,000 |
Coherus Biosciences, Inc.* | 2,700 | 11,529 |
Collegium Pharmaceutical, Inc.* | 1,300 | 27,937 |
Corcept Therapeutics, Inc.* | 3,000 | 66,750 |
CorMedix, Inc.* | 1,700 | 6,740 |
Eagle Pharmaceuticals, Inc.* | 400 | 7,776 |
Enanta Pharmaceuticals, Inc.* | 700 | 14,980 |
Enliven Therapeutics, Inc.* | 900 | 18,369 |
Fennec Pharmaceuticals, Inc.* | 700 | 6,181 |
Foghorn Therapeutics, Inc.* | 800 | 5,632 |
Gritstone bio, Inc.* | 3,400 | 6,630 |
Harmony Biosciences Holdings, Inc.* | 1,200 | 42,228 |
Harrow Health, Inc.* | 1,000 | 19,040 |
Herbalife Ltd.* | 3,400 | 45,016 |
Heron Therapeutics, Inc.* | 3,800 | 4,408 |
Immuneering Corp., Class A* | 800 | 8,112 |
Ironwood Pharmaceuticals, Inc.* | 4,861 | 51,721 |
KalVista Pharmaceuticals, Inc.* | 800 | 7,200 |
Kura Oncology, Inc.* | 2,300 | 24,334 |
Longboard Pharmaceuticals, Inc.* | 600 | 4,404 |
Lyell Immunopharma, Inc.* | 6,000 | 19,080 |
Madrigal Pharmaceuticals, Inc.* | 484 | 111,804 |
MannKind Corp.* | 8,701 | 35,413 |
Marinus Pharmaceuticals, Inc.* | 1,800 | 19,548 |
Mirum Pharmaceuticals, Inc.* | 800 | 20,696 |
Morphic Holding, Inc.* | 1,100 | 63,063 |
Nature's Sunshine Products, Inc.* | 500 | 6,825 |
Nuvectis Pharma, Inc.* | 300 | 4,791 |
Ocular Therapeutix, Inc.* | 2,700 | 13,932 |
Optinose, Inc.* | 3,300 | 4,059 |
Option Care Health, Inc.* | 5,902 | 191,756 |
ORIC Pharmaceuticals, Inc.* | 1,500 | 11,640 |
Outlook Therapeutics, Inc.* | 6,900 | 12,006 |
Owens & Minor, Inc.* | 2,576 | 49,047 |
Pacira BioSciences, Inc.* | 1,600 | 64,112 |
PetIQ, Inc.* | 1,000 | 15,170 |
Phibro Animal Health Corp., Class A | 700 | 9,590 |
PMV Pharmaceuticals, Inc.* | 1,400 | 8,764 |
Prestige Consumer Healthcare, Inc.* | 1,772 | 105,310 |
Protagonist Therapeutics, Inc.* | 1,800 | 49,716 |
Reata Pharmaceuticals, Inc., Class A* | 1,009 | 102,878 |
Reneo Pharmaceuticals, Inc.* | 400 | 2,624 |
Revance Therapeutics, Inc.* | 2,900 | 73,399 |
Rhythm Pharmaceuticals, Inc.* | 1,900 | 31,331 |
scPharmaceuticals, Inc.* | 1,100 | 11,209 |
Seres Therapeutics, Inc.* | 3,600 | 17,244 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Pharmaceuticals — (continued) | ||
SIGA Technologies, Inc. | 1,700 | $ 8,585 |
Summit Therapeutics, Inc.* | 4,400 | 11,044 |
Supernus Pharmaceuticals, Inc.* | 1,700 | 51,102 |
Taro Pharmaceutical Industries Ltd.* | 300 | 11,379 |
Trevi Therapeutics, Inc.* | 1,800 | 4,302 |
USANA Health Sciences, Inc.* | 448 | 28,242 |
Vanda Pharmaceuticals, Inc.* | 1,941 | 12,791 |
Vaxcyte, Inc.* | 3,300 | 164,802 |
Verrica Pharmaceuticals, Inc.* | 900 | 5,193 |
Voyager Therapeutics, Inc.* | 1,200 | 13,740 |
Xeris Biopharma Holdings, Inc.* | 4,300 | 11,266 |
Y-mAbs Therapeutics, Inc.* | 1,200 | 8,148 |
2,499,227 | ||
Pipelines — 0.3% | ||
Equitrans Midstream Corp. | 15,500 | 148,180 |
Excelerate Energy, Inc., Class A | 600 | 12,198 |
Golar LNG Ltd. | 3,500 | 70,595 |
Kinetik Holdings, Inc. | 600 | 21,084 |
NextDecade Corp.* | 1,000 | 8,210 |
260,267 | ||
Private Equity — 0.1% | ||
Chicago Atlantic Real Estate Finance, Inc. | 600 | 9,090 |
P10, Inc., Class A | 1,600 | 18,080 |
Patria Investments Ltd., Class A | 2,000 | 28,600 |
55,770 | ||
Real Estate — 0.7% | ||
Anywhere Real Estate, Inc.* | 3,900 | 26,052 |
Compass, Inc., Class A* | 10,200 | 35,700 |
Cushman & Wakefield PLC* | 5,500 | 44,990 |
Douglas Elliman, Inc. | 2,549 | 5,659 |
eXp World Holdings, Inc. | 2,400 | 48,672 |
FRP Holdings, Inc.* | 269 | 15,486 |
Kennedy-Wilson Holdings, Inc. | 4,081 | 66,643 |
Legacy Housing Corp.* | 300 | 6,957 |
Marcus & Millichap, Inc. | 900 | 28,359 |
Maui Land & Pineapple Co., Inc.* | 300 | 4,272 |
McGrath RentCorp | 853 | 78,885 |
Newmark Group, Inc., Class A | 5,200 | 32,344 |
Radius Global Infrastructure, Inc., Class A* | 2,900 | 43,210 |
RE/MAX Holdings, Inc., Class A | 600 | 11,556 |
Redfin Corp.* | 3,800 | 47,196 |
Star Holdings* | 446 | 6,543 |
Stratus Properties, Inc. | 200 | 5,250 |
The RMR Group, Inc., Class A | 467 | 10,820 |
The St. Joe Co. | 1,200 | 58,008 |
576,602 | ||
Real Estate Investment Trusts — 0.0% | ||
Claros Mortgage Trust, Inc. | 3,300 | 37,422 |
Retail — 3.9% | ||
Abercrombie & Fitch Co., Class A* | 1,800 | 67,824 |
Number of Shares | Value† | |
Retail — (continued) | ||
Academy Sports & Outdoors, Inc. | 2,700 | $ 145,935 |
American Eagle Outfitters, Inc. | 6,500 | 76,700 |
America's Car-Mart, Inc.* | 239 | 23,847 |
Arko Corp. | 3,000 | 23,850 |
Asbury Automotive Group, Inc.* | 785 | 188,730 |
Beacon Roofing Supply, Inc.* | 1,781 | 147,787 |
Big 5 Sporting Goods Corp. | 700 | 6,412 |
Big Lots, Inc. | 1,100 | 9,713 |
Biglari Holdings, Inc., Class B* | 40 | 7,886 |
BJ's Restaurants, Inc.* | 820 | 26,076 |
Bloomin' Brands, Inc. | 3,000 | 80,670 |
BlueLinx Holdings, Inc.* | 300 | 28,134 |
Boot Barn Holdings, Inc.* | 1,100 | 93,159 |
Brinker International, Inc.* | 1,500 | 54,900 |
Build-A-Bear Workshop, Inc. | 500 | 10,710 |
Caleres, Inc. | 1,254 | 30,008 |
Carrols Restaurant Group, Inc.* | 1,500 | 7,560 |
Carvana Co.* | 3,400 | 88,128 |
Chico's FAS, Inc.* | 4,000 | 21,400 |
Chuy's Holdings, Inc.* | 600 | 24,492 |
Clean Energy Fuels Corp.* | 6,000 | 29,760 |
Cracker Barrel Old Country Store, Inc. | 808 | 75,289 |
Dave & Buster's Entertainment, Inc.* | 1,500 | 66,840 |
Denny's Corp.* | 1,952 | 24,049 |
Designer Brands, Inc., Class A | 1,900 | 19,190 |
Destination XL Group, Inc.* | 2,000 | 9,800 |
Dillard's, Inc., Class A | 130 | 42,416 |
Dine Brands Global, Inc. | 571 | 33,135 |
Duluth Holdings, Inc., Class B* | 200 | 1,256 |
El Pollo Loco Holdings, Inc. | 600 | 5,262 |
EVgo, Inc.* | 2,200 | 8,800 |
Fiesta Restaurant Group, Inc.* | 700 | 5,558 |
First Watch Restaurant Group, Inc.* | 500 | 8,450 |
FirstCash Holdings, Inc. | 1,339 | 124,969 |
Foot Locker, Inc. | 2,800 | 75,908 |
Franchise Group, Inc. | 900 | 25,776 |
Genesco, Inc.* | 495 | 12,395 |
GMS, Inc.* | 1,500 | 103,800 |
Group 1 Automotive, Inc. | 498 | 128,534 |
GrowGeneration Corp.* | 1,800 | 6,120 |
Guess?, Inc. | 1,100 | 21,395 |
Haverty Furniture Cos., Inc. | 550 | 16,621 |
Hibbett, Inc. | 455 | 16,512 |
J Jill, Inc.* | 200 | 4,286 |
Jack in the Box, Inc. | 714 | 69,636 |
Kura Sushi USA, Inc., Class A* | 200 | 18,590 |
La-Z-Boy, Inc. | 1,462 | 41,872 |
Lazydays Holdings, Inc.* | 500 | 5,780 |
Leslie's, Inc.* | 6,400 | 60,096 |
MarineMax, Inc.* | 700 | 23,912 |
Movado Group, Inc. | 660 | 17,708 |
National Vision Holdings, Inc.* | 2,700 | 65,583 |
Noodles & Co.* | 1,200 | 4,056 |
Nu Skin Enterprises, Inc., Class A | 1,700 | 56,440 |
OneWater Marine, Inc., Class A* | 400 | 14,496 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Retail — (continued) | ||
Papa John's International, Inc. | 1,210 | $ 89,334 |
Patrick Industries, Inc. | 775 | 62,000 |
PC Connection, Inc. | 365 | 16,462 |
PetMed Express, Inc. | 613 | 8,453 |
Portillo's, Inc., Class A* | 1,500 | 33,795 |
Potbelly Corp.* | 1,000 | 8,780 |
PriceSmart, Inc. | 931 | 68,950 |
Red Robin Gourmet Burgers, Inc.* | 600 | 8,298 |
Sally Beauty Holdings, Inc.* | 3,900 | 48,165 |
Shake Shack, Inc., Class A* | 1,300 | 101,036 |
Shoe Carnival, Inc. | 716 | 16,812 |
Signet Jewelers Ltd. | 1,600 | 104,416 |
Sonic Automotive, Inc., Class A | 634 | 30,223 |
Sportsman's Warehouse Holdings, Inc.* | 1,300 | 7,410 |
Sweetgreen, Inc., Class A* | 3,700 | 47,434 |
The Buckle, Inc. | 1,049 | 36,295 |
The Cato Corp., Class A | 704 | 5,653 |
The Cheesecake Factory, Inc. | 1,716 | 59,339 |
The Children's Place, Inc.* | 494 | 11,466 |
The ODP Corp.* | 1,270 | 59,461 |
The ONE Group Hospitality, Inc.* | 800 | 5,856 |
Tile Shop Holdings, Inc.* | 1,200 | 6,648 |
Tilly's, Inc., Class A* | 800 | 5,608 |
Vera Bradley, Inc.* | 1,100 | 7,029 |
Warby Parker, Inc., Class A* | 3,000 | 35,070 |
Winmark Corp. | 106 | 35,242 |
Zumiez, Inc.* | 503 | 8,380 |
3,335,826 | ||
Savings & Loans — 0.7% | ||
Axos Financial, Inc.* | 2,000 | 78,880 |
Banc of California, Inc. | 1,900 | 22,002 |
Berkshire Hills Bancorp, Inc. | 1,442 | 29,893 |
Brookline Bancorp, Inc. | 2,887 | 25,233 |
Capitol Federal Financial, Inc. | 4,400 | 27,148 |
ESSA Bancorp, Inc. | 400 | 5,980 |
Flushing Financial Corp. | 1,038 | 12,757 |
FS Bancorp, Inc. | 300 | 9,021 |
Greene County Bancorp, Inc. | 200 | 5,960 |
Home Bancorp, Inc. | 300 | 9,963 |
HomeTrust Bancshares, Inc. | 500 | 10,445 |
Northfield Bancorp, Inc. | 1,593 | 17,491 |
Northwest Bancshares, Inc. | 4,155 | 44,043 |
OceanFirst Financial Corp. | 2,110 | 32,958 |
Pacific Premier Bancorp, Inc. | 3,246 | 67,127 |
Provident Financial Services, Inc. | 2,474 | 40,425 |
Southern Missouri Bancorp, Inc. | 300 | 11,535 |
The Hingham Institution For Savings | 61 | 13,004 |
Timberland Bancorp, Inc. | 300 | 7,674 |
Washington Federal, Inc. | 2,400 | 63,648 |
Waterstone Financial, Inc. | 800 | 11,592 |
WSFS Financial Corp. | 2,174 | 82,003 |
628,782 | ||
Semiconductors — 3.0% | ||
ACM Research, Inc., Class A* | 1,600 | 20,928 |
Number of Shares | Value† | |
Semiconductors — (continued) | ||
Aehr Test Systems* | 900 | $ 37,125 |
Alpha & Omega Semiconductor Ltd.* | 700 | 22,960 |
Ambarella, Inc.* | 1,300 | 108,771 |
Amkor Technology, Inc. | 3,611 | 107,427 |
Atomera, Inc.* | 600 | 5,262 |
Axcelis Technologies, Inc.* | 1,174 | 215,229 |
CEVA, Inc.* | 871 | 22,254 |
Cohu, Inc.* | 1,724 | 71,650 |
Diodes, Inc.* | 1,599 | 147,892 |
FormFactor, Inc.* | 2,829 | 96,808 |
Impinj, Inc.* | 800 | 71,720 |
inTEST Corp.* | 400 | 10,504 |
Kulicke & Soffa Industries, Inc. | 2,000 | 118,900 |
MACOM Technology Solutions Holdings, Inc.* | 1,922 | 125,949 |
MaxLinear, Inc.* | 2,643 | 83,413 |
Navitas Semiconductor Corp.* | 3,700 | 38,998 |
Onto Innovation, Inc.* | 1,747 | 203,473 |
Photronics, Inc.* | 2,092 | 53,953 |
Power Integrations, Inc. | 2,022 | 191,423 |
Rambus, Inc.* | 3,823 | 245,322 |
Richardson Electronics Ltd. | 500 | 8,250 |
Semtech Corp.* | 2,209 | 56,241 |
Silicon Laboratories, Inc.* | 1,115 | 175,880 |
SiTime Corp.* | 591 | 69,720 |
SkyWater Technology, Inc.* | 300 | 2,826 |
SMART Global Holdings, Inc.* | 1,800 | 52,218 |
Synaptics, Inc.* | 1,393 | 118,934 |
Ultra Clean Holdings, Inc.* | 1,600 | 61,536 |
Veeco Instruments, Inc.* | 1,854 | 47,611 |
Vishay Precision Group, Inc.* | 500 | 18,575 |
2,611,752 | ||
Software — 5.9% | ||
8X8, Inc.* | 3,700 | 15,651 |
ACI Worldwide, Inc.* | 3,927 | 90,989 |
ACV Auctions, Inc., Class A* | 4,300 | 74,261 |
Adeia, Inc. | 3,753 | 41,320 |
Agilysys, Inc.* | 676 | 46,401 |
Alignment Healthcare, Inc.* | 3,600 | 20,700 |
Alkami Technology, Inc.* | 1,400 | 22,946 |
Altair Engineering, Inc., Class A* | 1,900 | 144,096 |
American Software, Inc., Class A | 1,093 | 11,487 |
Amplitude, Inc., Class A* | 2,500 | 27,500 |
Apollo Medical Holdings, Inc.* | 1,400 | 44,240 |
Appfolio, Inc., Class A* | 697 | 119,982 |
Appian Corp., Class A* | 1,375 | 65,450 |
Asana, Inc., Class A* | 2,900 | 63,916 |
Asure Software, Inc.* | 700 | 8,512 |
AvePoint, Inc.* | 5,000 | 28,800 |
Avid Technology, Inc.* | 1,300 | 33,150 |
AvidXchange Holdings, Inc.* | 5,400 | 56,052 |
Bandwidth, Inc., Class A* | 739 | 10,109 |
BigCommerce Holdings, Inc.* | 2,100 | 20,895 |
Blackbaud, Inc.* | 1,550 | 110,329 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Software — (continued) | ||
BlackLine, Inc.* | 1,939 | $ 104,357 |
Box, Inc., Class A* | 5,000 | 146,900 |
Braze, Inc., Class A* | 1,200 | 52,548 |
Brightcove, Inc.* | 1,200 | 4,812 |
C3.ai, Inc., Class A* | 2,100 | 76,503 |
Cardlytics, Inc.* | 1,100 | 6,952 |
Cerence, Inc.* | 1,400 | 40,922 |
Clear Secure, Inc., Class A | 3,000 | 69,510 |
Climb Global Solutions, Inc. | 200 | 9,572 |
CommVault Systems, Inc.* | 1,548 | 112,416 |
Computer Programs and Systems, Inc.* | 447 | 11,036 |
Consensus Cloud Solutions, Inc.* | 667 | 20,677 |
CoreCard Corp.* | 300 | 7,608 |
CS Disco, Inc.* | 900 | 7,398 |
CSG Systems International, Inc. | 1,081 | 57,012 |
Daily Journal Corp.* | 41 | 11,860 |
Definitive Healthcare Corp.* | 1,700 | 18,700 |
Digi International, Inc.* | 1,257 | 49,513 |
Digimarc Corp.* | 400 | 11,776 |
Digital Turbine Inc* | 3,200 | 29,696 |
DigitalOcean Holdings, Inc.* | 2,300 | 92,322 |
Domo, Inc., Class B* | 1,100 | 16,126 |
Donnelley Financial Solutions, Inc.* | 900 | 40,977 |
Duolingo, Inc.* | 1,019 | 145,656 |
E2open Parent Holdings, Inc.* | 7,400 | 41,440 |
Ebix, Inc. | 936 | 23,587 |
eGain Corp.* | 500 | 3,745 |
Enfusion, Inc., Class A* | 1,200 | 13,464 |
EngageSmart, Inc.* | 1,900 | 36,271 |
Envestnet, Inc.* | 1,813 | 107,602 |
Everbridge, Inc.* | 1,475 | 39,677 |
EverCommerce, Inc.* | 1,100 | 13,024 |
Evolent Health, Inc., Class A* | 3,900 | 118,170 |
Expensify, Inc., Class A* | 2,100 | 16,758 |
Fastly, Inc., Class A* | 4,200 | 66,234 |
ForgeRock, Inc., Class A* | 1,500 | 30,810 |
Freshworks, Inc., Class A* | 5,800 | 101,964 |
Health Catalyst, Inc.* | 1,800 | 22,500 |
HireRight Holdings Corp.* | 700 | 7,917 |
IBEX Holdings Ltd.* | 300 | 6,369 |
Immersion Corp. | 1,200 | 8,496 |
Innodata, Inc.* | 1,000 | 11,330 |
Inspired Entertainment, Inc.* | 700 | 10,297 |
Instructure Holdings, Inc.* | 700 | 17,612 |
Intapp, Inc.* | 500 | 20,955 |
IonQ, Inc.* | 5,800 | 78,474 |
Jamf Holding Corp.* | 2,500 | 48,800 |
Kaltura, Inc.* | 3,300 | 6,996 |
LivePerson, Inc.* | 2,525 | 11,413 |
Matterport, Inc.* | 9,800 | 30,870 |
MeridianLink, Inc.* | 800 | 16,640 |
MicroStrategy, Inc., Class A* | 393 | 134,571 |
Model N, Inc.* | 1,300 | 45,968 |
N-able, Inc.* | 2,400 | 34,584 |
NextGen Healthcare, Inc.* | 2,004 | 32,505 |
Number of Shares | Value† | |
Software — (continued) | ||
Olo, Inc., Class A* | 4,000 | $ 25,840 |
ON24, Inc. | 1,600 | 12,992 |
Outbrain, Inc.* | 1,000 | 4,920 |
Outset Medical, Inc.* | 1,700 | 37,179 |
PagerDuty, Inc.* | 3,000 | 67,440 |
PDF Solutions, Inc.* | 1,000 | 45,100 |
Phreesia, Inc.* | 1,800 | 55,818 |
Planet Labs PBC* | 6,900 | 22,218 |
Playstudios, Inc.* | 2,600 | 12,766 |
PowerSchool Holdings, Inc., Class A* | 2,000 | 38,280 |
Privia Health Group, Inc.* | 2,400 | 62,664 |
Progress Software Corp. | 1,526 | 88,661 |
PROS Holdings, Inc.* | 1,717 | 52,884 |
PubMatic, Inc., Class A* | 1,400 | 25,592 |
Rackspace Technology, Inc.* | 1,800 | 4,896 |
Red Violet, Inc.* | 300 | 6,171 |
Sapiens International Corp. N.V. | 1,100 | 29,260 |
Schrodinger, Inc.* | 2,000 | 99,840 |
SEMrush Holdings, Inc., Class A* | 1,200 | 11,484 |
Sharecare, Inc.* | 10,100 | 17,675 |
Simulations Plus, Inc. | 600 | 25,998 |
Skillsoft Corp.* | 2,700 | 3,348 |
SolarWinds Corp.* | 1,600 | 16,416 |
SoundHound AI, Inc., Class A* | 5,200 | 23,660 |
Sprout Social, Inc., Class A* | 1,692 | 78,103 |
SPS Commerce, Inc.* | 1,292 | 248,141 |
Veradigm, Inc.* | 3,700 | 46,620 |
Verint Systems, Inc.* | 2,295 | 80,463 |
Veritone, Inc.* | 1,400 | 5,488 |
Verra Mobility Corp.* | 5,100 | 100,572 |
Viant Technology, Inc., Class A* | 400 | 1,844 |
Vimeo, Inc.* | 4,700 | 19,364 |
Weave Communications, Inc.* | 1,100 | 12,221 |
Workiva, Inc.* | 1,700 | 172,822 |
Yext, Inc.* | 4,000 | 45,240 |
Zeta Global Holdings Corp., Class A* | 4,800 | 40,992 |
Zuora, Inc., Class A* | 4,600 | 50,462 |
5,054,112 | ||
Telecommunications — 1.4% | ||
A10 Networks, Inc. | 2,300 | 33,557 |
ADTRAN Holdings, Inc. | 2,705 | 28,484 |
Anterix, Inc.* | 600 | 19,014 |
AST SpaceMobile, Inc.* | 2,300 | 10,810 |
ATN International, Inc. | 398 | 14,567 |
Aviat Networks, Inc.* | 400 | 13,348 |
BlackSky Technology, Inc.* | 4,600 | 10,212 |
Calix, Inc.* | 2,093 | 104,461 |
Cambium Networks Corp.* | 400 | 6,088 |
Clearfield, Inc.* | 500 | 23,675 |
CommScope Holding Co., Inc.* | 7,200 | 40,536 |
Consolidated Communications Holdings, Inc.* | 2,571 | 9,847 |
Credo Technology Group Holding Ltd.* | 3,300 | 57,222 |
DigitalBridge Group, Inc. | 5,575 | 82,008 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Telecommunications — (continued) | ||
DZS, Inc.* | 600 | $ 2,382 |
EchoStar Corp., Class A* | 1,200 | 20,808 |
Extreme Networks, Inc.* | 4,547 | 118,449 |
Globalstar, Inc.* | 24,500 | 26,460 |
Gogo, Inc.* | 2,400 | 40,824 |
Harmonic, Inc.* | 3,970 | 64,195 |
IDT Corp., Class B* | 600 | 15,510 |
Infinera Corp.* | 6,594 | 31,849 |
InterDigital, Inc. | 994 | 95,971 |
KVH Industries, Inc.* | 700 | 6,398 |
Lumen Technologies, Inc. | 36,000 | 81,360 |
Luna Innovations, Inc.* | 1,200 | 10,944 |
NETGEAR, Inc.* | 929 | 13,155 |
Ooma, Inc.* | 700 | 10,479 |
Preformed Line Products Co. | 105 | 16,390 |
Ribbon Communications, Inc.* | 3,143 | 8,769 |
Shenandoah Telecommunications Co. | 1,718 | 33,381 |
Spok Holdings, Inc. | 700 | 9,303 |
Starry Group Holdings, Inc., Class A* | 800 | 7 |
Telephone and Data Systems, Inc. | 3,800 | 31,274 |
Terran Orbital Corp.* | 800 | 1,200 |
Viavi Solutions, Inc.* | 8,200 | 92,906 |
1,185,843 | ||
Textiles — 0.1% | ||
UniFirst Corp. | 541 | 83,860 |
Toys, Games & Hobbies — 0.0% | ||
Funko, Inc., Class A* | 1,200 | 12,984 |
JAKKS Pacific, Inc.* | 300 | 5,991 |
18,975 | ||
Transportation — 1.5% | ||
Air Transport Services Group, Inc.* | 1,985 | 37,457 |
ArcBest Corp. | 895 | 88,426 |
Ardmore Shipping Corp. | 1,500 | 18,525 |
Costamare, Inc. | 1,900 | 18,373 |
Covenant Logistics Group, Inc. | 400 | 17,532 |
CryoPort, Inc.* | 1,500 | 25,875 |
Daseke, Inc.* | 1,300 | 9,269 |
DHT Holdings, Inc. | 4,900 | 41,797 |
Dorian LPG Ltd. | 1,032 | 26,471 |
Eagle Bulk Shipping, Inc. | 514 | 24,693 |
FLEX LNG Ltd. | 1,000 | 30,530 |
Forward Air Corp. | 896 | 95,075 |
Genco Shipping & Trading Ltd. | 1,400 | 19,642 |
Golden Ocean Group Ltd. | 4,500 | 33,975 |
Heartland Express, Inc. | 1,567 | 25,714 |
Himalaya Shipping Ltd.* | 1,100 | 6,116 |
Hub Group, Inc., Class A* | 1,143 | 91,806 |
International Seaways, Inc. | 1,431 | 54,721 |
Marten Transport Ltd. | 2,126 | 45,709 |
Matson, Inc. | 1,300 | 101,049 |
Nordic American Tankers Ltd. | 7,067 | 25,936 |
Overseas Shipholding Group, Inc., Class A* | 2,200 | 9,174 |
Number of Shares | Value† | |
Transportation — (continued) | ||
PAM Transportation Services, Inc.* | 200 | $ 5,354 |
Pangaea Logistics Solutions Ltd. | 1,400 | 9,478 |
Radiant Logistics, Inc.* | 1,000 | 6,720 |
RXO, Inc.* | 4,100 | 92,947 |
Safe Bulkers, Inc. | 2,600 | 8,476 |
Scorpio Tankers, Inc. | 1,840 | 86,903 |
SFL Corp. Ltd. | 3,784 | 35,305 |
Teekay Corp.* | 2,700 | 16,308 |
Teekay Tankers Ltd., Class A | 900 | 34,407 |
Universal Logistics Holdings, Inc. | 300 | 8,643 |
US Xpress Enterprises, Inc., Class A* | 1,200 | 7,368 |
Werner Enterprises, Inc. | 2,252 | 99,493 |
World Kinect Corp. | 2,200 | 45,496 |
1,304,763 | ||
Trucking and Leasing — 0.2% | ||
GATX Corp. | 1,227 | 157,964 |
The Greenbrier Cos., Inc. | 1,047 | 45,126 |
Willis Lease Finance Corp.* | 100 | 3,913 |
207,003 | ||
Water — 0.5% | ||
American States Water Co. | 1,297 | 112,839 |
Artesian Resources Corp., Class A | 313 | 14,780 |
California Water Service Group | 1,966 | 101,505 |
Consolidated Water Co., Ltd. | 600 | 14,538 |
Global Water Resources, Inc. | 500 | 6,340 |
Middlesex Water Co. | 631 | 50,896 |
SJW Group | 1,107 | 77,612 |
The York Water Co. | 497 | 20,511 |
399,021 | ||
TOTAL COMMON STOCKS (Cost $78,233,145) | 79,459,743 | |
REAL ESTATE INVESTMENT TRUSTS — 6.4% | ||
Apartments — 0.4% | ||
Apartment Investment and Management Co., Class A | 5,000 | 42,600 |
BRT Apartments Corp. | 500 | 9,900 |
Centerspace | 561 | 34,423 |
Elme Communities | 3,006 | 49,419 |
Independence Realty Trust, Inc. | 7,992 | 145,614 |
NexPoint Residential Trust, Inc. | 800 | 36,384 |
318,340 | ||
Diversified — 1.1% | ||
Alexander & Baldwin, Inc. | 2,456 | 45,633 |
American Assets Trust, Inc. | 1,700 | 32,640 |
Armada Hoffler Properties, Inc. | 2,500 | 29,200 |
Broadstone Net Lease, Inc. | 6,700 | 103,448 |
Clipper Realty, Inc. | 600 | 3,402 |
Farmland Partners, Inc. | 1,900 | 23,199 |
Gladstone Commercial Corp. | 1,252 | 15,487 |
Gladstone Land Corp. | 1,300 | 21,151 |
Global Net Lease, Inc. | 3,533 | 36,319 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Diversified — (continued) | ||
InvenTrust Properties Corp. | 2,400 | $ 55,536 |
LXP Industrial Trust | 10,315 | 100,571 |
NexPoint Diversified Real Estate Trust | 1,200 | 15,024 |
One Liberty Properties, Inc. | 510 | 10,363 |
Outfront Media, Inc. | 5,200 | 81,744 |
Postal Realty Trust, Inc., Class A | 500 | 7,355 |
PotlatchDeltic Corp. | 2,774 | 146,606 |
Safehold, Inc. | 1,135 | 26,934 |
The GEO Group, Inc.* | 4,252 | 30,444 |
The Necessity Retail REIT, Inc. | 4,700 | 31,772 |
UMH Properties, Inc. | 1,768 | 28,253 |
Uniti Group, Inc. | 8,300 | 38,346 |
Veris Residential, Inc.* | 2,800 | 44,940 |
928,367 | ||
Diversified Financial Services — 0.1% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,600 | 90,000 |
Healthcare — 0.6% | ||
CareTrust REIT, Inc. | 3,595 | 71,397 |
Community Healthcare Trust, Inc. | 800 | 26,416 |
Diversified Healthcare Trust | 8,600 | 19,350 |
Global Medical REIT, Inc. | 2,400 | 21,912 |
LTC Properties, Inc. | 1,417 | 46,789 |
National Health Investors, Inc. | 1,457 | 76,376 |
Physicians Realty Trust | 8,600 | 120,314 |
Sabra Health Care REIT, Inc. | 8,193 | 96,432 |
Universal Health Realty Income Trust | 420 | 19,983 |
498,969 | ||
Hotels & Resorts — 0.8% | ||
Apple Hospitality REIT, Inc. | 7,800 | 117,858 |
Braemar Hotels & Resorts, Inc. | 2,800 | 11,256 |
Chatham Lodging Trust | 1,500 | 14,040 |
DiamondRock Hospitality Co. | 7,623 | 61,060 |
Hersha Hospitality Trust, Class A | 1,117 | 6,802 |
Pebblebrook Hotel Trust | 4,393 | 61,238 |
RLJ Lodging Trust | 5,580 | 57,307 |
Ryman Hospitality Properties, Inc. | 2,012 | 186,955 |
Service Properties Trust | 6,000 | 52,140 |
Summit Hotel Properties, Inc. | 3,400 | 22,134 |
Sunstone Hotel Investors, Inc. | 7,347 | 74,352 |
Xenia Hotels & Resorts, Inc. | 4,000 | 49,240 |
714,382 | ||
Industrial — 0.2% | ||
Terreno Realty Corp. | 2,875 | 172,788 |
Mortgage Banks — 1.1% | ||
AFC Gamma, Inc. | 600 | 7,470 |
Apollo Commercial Real Estate Finance, Inc. | 4,956 | 56,102 |
Arbor Realty Trust, Inc. | 6,400 | 94,848 |
Ares Commercial Real Estate Corp. | 2,000 | 20,300 |
ARMOUR Residential REIT, Inc. | 7,075 | 37,710 |
Number of Shares | Value† | |
Mortgage Banks — (continued) | ||
Blackstone Mortgage Trust, Inc., Class A | 6,100 | $ 126,941 |
BrightSpire Capital, Inc. | 4,700 | 31,631 |
Chimera Investment Corp. | 8,300 | 47,891 |
Dynex Capital, Inc. | 1,869 | 23,531 |
Ellington Financial, Inc. | 2,200 | 30,360 |
Franklin BSP Realty Trust, Inc. | 3,112 | 44,066 |
Granite Point Mortgage Trust, Inc. | 1,700 | 9,010 |
Invesco Mortgage Capital, Inc. | 1,412 | 16,196 |
KKR Real Estate Finance Trust, Inc. | 2,100 | 25,557 |
Ladder Capital Corp. | 3,976 | 43,139 |
MFA Financial, Inc. | 3,575 | 40,183 |
New York Mortgage Trust, Inc. | 3,475 | 34,472 |
Nexpoint Real Estate Finance, Inc. | 300 | 4,677 |
Orchid Island Capital, Inc. | 1,340 | 13,869 |
PennyMac Mortgage Investment Trust | 2,992 | 40,332 |
Ready Capital Corp. | 5,754 | 64,905 |
Redwood Trust, Inc. | 4,277 | 27,244 |
TPG RE Finance Trust, Inc. | 2,800 | 20,748 |
Two Harbors Investment Corp. | 3,400 | 47,192 |
908,374 | ||
Office Property — 0.7% | ||
Brandywine Realty Trust | 5,500 | 25,575 |
City Office REIT, Inc. | 1,400 | 7,798 |
Corporate Office Properties Trust | 3,900 | 92,625 |
Douglas Emmett, Inc. | 6,100 | 76,677 |
Easterly Government Properties, Inc. | 3,400 | 49,300 |
Empire State Realty Trust, Inc., Class A | 4,700 | 35,203 |
Equity Commonwealth | 3,700 | 74,962 |
Hudson Pacific Properties, Inc. | 5,100 | 21,522 |
JBG SMITH Properties | 4,000 | 60,160 |
Office Properties Income Trust | 1,669 | 12,851 |
Orion Office REIT, Inc. | 1,900 | 12,559 |
Paramount Group, Inc. | 6,800 | 30,124 |
Peakstone Realty Trust | 1,000 | 27,920 |
Piedmont Office Realty Trust, Inc., Class A | 4,200 | 30,534 |
SL Green Realty Corp. | 2,400 | 72,120 |
629,930 | ||
Real Estate — 0.0% | ||
Angel Oak Mortgage REIT, Inc. | 600 | 4,944 |
Regional Malls — 0.2% | ||
CBL & Associates Properties, Inc. | 900 | 19,836 |
Tanger Factory Outlet Centers, Inc. | 3,500 | 77,245 |
The Macerich Co. | 7,500 | 84,525 |
181,606 | ||
Single Tenant — 0.3% | ||
Alpine Income Property Trust, Inc. | 500 | 8,125 |
Essential Properties Realty Trust, Inc. | 5,300 | 124,762 |
Four Corners Property Trust, Inc. | 3,000 | 76,200 |
Getty Realty Corp. | 1,469 | 49,682 |
258,769 |
Number of Shares | Value† | |
REAL ESTATE INVESTMENT TRUSTS — (continued) | ||
Storage & Warehousing — 0.1% | ||
Innovative Industrial Properties, Inc. | 977 | $ 71,331 |
Plymouth Industrial REIT, Inc. | 1,400 | 32,228 |
103,559 | ||
Strip Centers — 0.8% | ||
Acadia Realty Trust | 3,320 | 47,775 |
Alexander's, Inc. | 69 | 12,686 |
CTO Realty Growth, Inc. | 759 | 13,009 |
Kite Realty Group Trust | 7,749 | 173,113 |
NETSTREIT Corp. | 2,100 | 37,527 |
Phillips Edison & Co., Inc. | 4,200 | 143,136 |
Retail Opportunity Investments Corp. | 4,200 | 56,742 |
RPT Realty | 3,041 | 31,779 |
Saul Centers, Inc. | 451 | 16,610 |
SITE Centers Corp. | 7,000 | 92,540 |
Urban Edge Properties | 3,900 | 60,177 |
Urstadt Biddle Properties, Inc., Class A | 916 | 19,474 |
Whitestone REIT | 1,900 | 18,430 |
722,998 | ||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,810,526) | 5,533,026 | |
RIGHTS — 0.0% | ||
Aduro Biotech CVR* | 560 | 73 |
Chelsea Therapeutics International Ltd. CVR* | 1,600 | 0 |
CinCor Pharma, Inc.* | 800 | 2,448 |
Durata Therapeutics CVR Shares* | 500 | 0 |
Resolute Forest Products, Inc.* | 1,500 | 2,130 |
Tobira Therapeutic, Inc. CVR* | 400 | 1,812 |
Trius Therapeutics CVR* | 1,200 | 0 |
TOTAL RIGHTS (Cost $152) | 6,463 | |
WARRANTS — 0.0% | ||
Nabors Industries Ltd. Expiration Date 06/11/26* | 87 | 1,000 |
Chord Energy Corp. Expiration Date 09/01/24* | 204 | 4,753 |
Chord Energy Corp. Expiration Date 09/01/25* | 102 | 1,616 |
TOTAL WARRANTS (Cost $3,666) | 7,369 |
Number ofShares | Value† | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $760,248) | 760,248 | $ 760,248 |
TOTAL INVESTMENTS — 99.9% (Cost $85,807,737) | $ 85,766,849 | |
Other Assets & Liabilities — 0.1% | 55,176 | |
TOTAL NET ASSETS — 100.0% | $ 85,822,025 |
† | 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 | 0.1% | $ 85,434 |
Aerospace & Defense | 1.1% | 899,237 |
Agriculture | 0.4% | 302,901 |
Airlines | 0.5% | 373,653 |
Apparel | 0.5% | 407,566 |
Auto Manufacturers | 0.2% | 165,861 |
Auto Parts & Equipment | 1.6% | 1,250,408 |
Banks | 7.8% | 6,177,332 |
Beverages | 0.4% | 342,603 |
Biotechnology | 8.0% | 6,321,670 |
Building Materials | 2.1% | 1,646,520 |
Chemicals | 2.2% | 1,773,443 |
Coal | 0.6% | 445,870 |
Commercial Services | 5.8% | 4,628,450 |
Computers | 2.5% | 1,970,772 |
Cosmetics & Personal Care | 0.5% | 394,813 |
Distribution & Wholesale | 0.7% | 563,296 |
Diversified Financial Services | 2.8% | 2,256,245 |
Electric | 1.6% | 1,272,311 |
Electrical Components & Equipment | 1.0% | 833,018 |
Electronics | 2.2% | 1,770,280 |
Energy-Alternate Sources | 0.9% | 684,646 |
Engineering & Construction | 1.7% | 1,316,654 |
Entertainment | 1.3% | 1,056,751 |
Environmental Control | 0.5% | 435,406 |
Food | 1.6% | 1,259,902 |
Food Service | 0.0% | 25,428 |
Forest Products & Paper | 0.1% | 52,644 |
Gas | 1.1% | 862,082 |
Hand & Machine Tools | 0.4% | 340,526 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Healthcare Products | 4.2% | $ 3,307,129 | |
Healthcare Services | 1.6% | 1,283,001 | |
Home Builders | 2.1% | 1,640,900 | |
Home Furnishings | 0.4% | 297,272 | |
Household Products & Wares | 0.4% | 292,534 | |
Insurance | 2.2% | 1,749,794 | |
Internet | 1.9% | 1,528,398 | |
Investment Companies | 0.1% | 114,065 | |
Iron & Steel | 0.7% | 565,356 | |
Leisure Time | 0.6% | 509,942 | |
Lodging | 0.2% | 172,756 | |
Machinery — Construction & Mining | 0.5% | 383,150 | |
Machinery — Diversified | 2.1% | 1,631,743 | |
Media | 0.5% | 380,030 | |
Metal Fabricate/Hardware | 0.9% | 682,519 | |
Mining | 0.9% | 684,387 | |
Miscellaneous Manufacturing | 1.4% | 1,080,181 | |
Multi-National | 0.0% | 24,487 | |
Office & Business Equipment | 0.1% | 82,289 | |
Office Furnishings | 0.1% | 84,059 | |
Oil & Gas | 4.4% | 3,494,235 | |
Oil & Gas Services | 1.3% | 1,020,967 | |
Packaging and Containers | 0.3% | 275,602 | |
Pharmaceuticals | 3.1% | 2,499,227 | |
Pipelines | 0.3% | 260,267 | |
Private Equity | 0.1% | 55,770 | |
Real Estate | 0.7% | 576,602 | |
Real Estate Investment Trusts | 0.0% | 37,422 | |
Retail | 4.2% | 3,335,826 | |
Savings & Loans | 0.8% | 628,782 | |
Semiconductors | 3.3% | 2,611,752 | |
Software | 6.4% | 5,054,112 | |
Telecommunications | 1.5% | 1,185,843 | |
Textiles | 0.1% | 83,860 | |
Toys, Games & Hobbies | 0.0% | 18,975 | |
Transportation | 1.6% | 1,304,763 | |
Trucking and Leasing | 0.3% | 207,003 | |
Water | 0.5% | 399,021 | |
100.0% | $79,459,743 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Common Stocks | $79,459,743 | $79,459,743 | $ — | $— (1) |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input^ |
Real Estate Investment Trusts | $ 5,533,026 | $ 5,533,026 | $ — | $— |
Rights | 6,463 | — | 6,463 | — |
Warrants | 7,369 | 7,369 | — | — |
Short-Term Investments | 760,248 | 760,248 | — | — |
Total Investments | $ 85,766,849 | $ 85,760,386 | $ 6,463 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(2) | ||||
Futures Contracts | $(391) | $(391) | $— | $— |
Total Liabilities—Other Financial Instruments | $ (391) | $ (391) | $ — | $ — |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
(2) | 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. |
^ | A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
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 Russell 2000 Index | 09/15/23 | 9 | 50 | $1,904 | $856,665 | $— | $(391) | ||||||||
$— | $(391) |
Number of Shares | Value† | |
COMMON STOCKS — 97.0% | ||
Australia — 7.0% | ||
Ampol Ltd. | 1,380 | $ 27,523 |
ANZ Group Holdings Ltd. | 16,750 | 264,556 |
APA Group | 6,428 | 41,493 |
Aristocrat Leisure Ltd. | 3,234 | 83,286 |
ASX Ltd. | 1,057 | 44,360 |
Aurizon Holdings Ltd. | 11,109 | 29,009 |
BHP Group Ltd. | 28,419 | 851,720 |
BlueScope Steel Ltd. | 2,498 | 34,196 |
Brambles Ltd. | 8,039 | 77,168 |
Cochlear Ltd. | 359 | 54,782 |
Coles Group Ltd. | 7,769 | 95,329 |
Commonwealth Bank of Australia | 9,462 | 632,013 |
Computershare Ltd. | 3,143 | 48,951 |
CSL Ltd. | 2,701 | 499,082 |
Dexus | 6,508 | 33,815 |
EBOS Group Ltd. | 933 | 21,042 |
Endeavour Group Ltd. | 8,189 | 34,422 |
Fortescue Metals Group Ltd. | 9,379 | 138,577 |
Goodman Group | 9,458 | 126,450 |
IDP Education Ltd. | 1,223 | 18,005 |
IGO Ltd. | 3,649 | 36,948 |
Insurance Australia Group Ltd. | 14,240 | 54,070 |
Lendlease Corp. Ltd. | 4,030 | 20,806 |
Macquarie Group Ltd. | 2,071 | 245,044 |
Medibank Pvt. Ltd. | 16,587 | 38,894 |
Mineral Resources Ltd. | 930 | 44,252 |
Mirvac Group | 21,784 | 32,796 |
National Australia Bank Ltd. | 17,525 | 307,851 |
Newcrest Mining Ltd. | 4,938 | 86,907 |
Northern Star Resources Ltd. | 6,358 | 51,163 |
Orica Ltd. | 2,727 | 26,940 |
Origin Energy Ltd. | 9,942 | 55,698 |
Pilbara Minerals Ltd. | 13,602 | 44,308 |
Qantas Airways Ltd.* | 5,515 | 22,778 |
QBE Insurance Group Ltd. | 8,610 | 89,876 |
Ramsay Health Care Ltd. | 1,002 | 37,573 |
REA Group Ltd. | 317 | 30,204 |
Reece Ltd. | 1,201 | 14,857 |
Rio Tinto Ltd. | 2,087 | 159,448 |
Santos Ltd. | 18,536 | 92,855 |
Scentre Group | 29,458 | 52,002 |
SEEK Ltd. | 1,770 | 25,610 |
Sonic Healthcare Ltd. | 2,493 | 59,071 |
South32 Ltd. | 21,214 | 53,135 |
South32 Ltd. | 5,653 | 14,287 |
Stockland | 13,685 | 36,739 |
Suncorp Group Ltd. | 7,163 | 64,369 |
Telstra Group Ltd. | 23,429 | 67,111 |
The GPT Group | 11,476 | 31,649 |
The Lottery Corp. Ltd. | 12,000 | 41,008 |
Transurban Group | 17,264 | 163,881 |
Treasury Wine Estates Ltd. | 4,318 | 32,302 |
Vicinity Ltd. | 23,482 | 28,860 |
Washington H. Soul Pattinson & Co., Ltd. | 1,266 | 26,802 |
Number of Shares | Value† | |
Australia — (continued) | ||
Wesfarmers Ltd. | 6,389 | $ 209,993 |
Westpac Banking Corp. | 19,795 | 281,399 |
WiseTech Global Ltd. | 856 | 45,510 |
Woodside Energy Group Ltd. | 10,722 | 245,986 |
Woolworths Group Ltd. | 6,818 | 180,446 |
6,309,207 | ||
Austria — 0.2% | ||
Erste Group Bank AG | 1,952 | 68,352 |
OMV AG | 873 | 37,000 |
Verbund AG | 390 | 31,258 |
voestalpine AG | 691 | 24,807 |
161,417 | ||
Belgium — 0.8% | ||
Ageas N.V. | 872 | 35,311 |
Anheuser-Busch InBev N.V. | 4,910 | 277,695 |
D'ieteren Group | 111 | 19,610 |
Elia Group S.A. | 148 | 18,782 |
Groupe Bruxelles Lambert N.V. | 540 | 42,520 |
KBC Group N.V. | 1,454 | 101,416 |
Sofina S.A. | 94 | 19,458 |
Solvay S.A. | 426 | 47,554 |
UCB S.A. | 717 | 63,530 |
Umicore S.A. | 1,237 | 34,542 |
Warehouses De Pauw CVA | 903 | 24,752 |
685,170 | ||
Chile — 0.0% | ||
Antofagasta PLC | 2,107 | 39,095 |
Denmark — 3.0% | ||
A.P. Moller - Maersk A/S, Class A | 18 | 31,339 |
A.P. Moller - Maersk A/S, Class B | 29 | 50,894 |
Carlsberg A/S, Class B | 552 | 88,218 |
Chr Hansen Holding A/S | 572 | 39,701 |
Coloplast A/S, Class B | 690 | 86,277 |
Danske Bank A/S* | 3,920 | 95,365 |
Demant A/S* | 562 | 23,762 |
DSV A/S | 1,053 | 221,140 |
Genmab A/S* | 370 | 139,899 |
Novo Nordisk A/S, Class B | 9,296 | 1,497,768 |
Novozymes A/S, Class B | 1,184 | 55,161 |
Orsted A/S | 1,082 | 102,246 |
Pandora A/S | 488 | 43,568 |
ROCKWOOL A/S, Class B | 55 | 14,210 |
Tryg A/S | 2,166 | 46,869 |
Vestas Wind Systems A/S* | 5,676 | 150,944 |
2,687,361 | ||
Finland — 1.1% | ||
Elisa OYJ | 843 | 45,019 |
Fortum OYJ | 2,676 | 35,815 |
Kesko OYJ, Class B | 1,564 | 29,440 |
Kone OYJ, Class B | 1,871 | 97,652 |
Metso OYJ | 3,773 | 45,473 |
Neste OYJ | 2,329 | 89,610 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Finland — (continued) | ||
Nokia OYJ | 30,978 | $ 129,652 |
Nordea Bank Abp | 18,036 | 196,157 |
Orion OYJ, Class B | 570 | 23,648 |
Sampo OYJ, Class A | 2,539 | 113,925 |
Stora Enso OYJ, Class R | 2,992 | 34,689 |
UPM-Kymmene OYJ | 2,933 | 87,277 |
Wartsila OYJ Abp | 2,745 | 30,897 |
959,254 | ||
France — 11.7% | ||
Accor S.A. | 1,048 | 38,905 |
Aeroports de Paris | 181 | 25,972 |
Air Liquide S.A. | 2,932 | 525,341 |
Airbus S.E. | 3,348 | 483,556 |
Alstom S.A. | 1,917 | 57,149 |
Amundi S.A. | 376 | 22,176 |
Arkema S.A. | 283 | 26,650 |
AXA S.A. | 10,404 | 306,811 |
BioMerieux | 219 | 22,970 |
BNP Paribas S.A. | 6,289 | 396,107 |
Bollore S.E. | 5,309 | 33,079 |
Bouygues S.A. | 1,091 | 36,620 |
Bureau Veritas S.A. | 1,739 | 47,668 |
Capgemini S.E. | 920 | 174,228 |
Carrefour S.A. | 3,435 | 65,051 |
Cie de Saint-Gobain | 2,772 | 168,572 |
Cie Generale des Etablissements Michelin SCA | 3,893 | 114,952 |
Covivio SA | 315 | 14,842 |
Credit Agricole S.A. | 6,864 | 81,431 |
Danone S.A. | 3,615 | 221,455 |
Dassault Aviation S.A. | 153 | 30,619 |
Dassault Systemes S.E. | 3,737 | 165,661 |
Edenred | 1,419 | 94,980 |
Eiffage S.A. | 393 | 40,989 |
Engie S.A. | 10,253 | 170,372 |
EssilorLuxottica S.A. | 1,625 | 306,082 |
Eurazeo S.E. | 255 | 17,934 |
Gecina S.A. | 271 | 28,847 |
Getlink S.E. | 1,879 | 31,945 |
Hermes International | 179 | 388,696 |
Ipsen S.A. | 217 | 26,094 |
Kering S.A. | 422 | 232,822 |
Klepierre S.A.* | 1,311 | 32,502 |
La Francaise des Jeux SAEM | 613 | 24,107 |
Legrand S.A. | 1,478 | 146,442 |
L'Oreal S.A. | 1,349 | 628,704 |
LVMH Moet Hennessy Louis Vuitton S.E. | 1,550 | 1,459,643 |
Orange S.A. | 10,656 | 124,441 |
Pernod Ricard S.A. | 1,164 | 257,080 |
Publicis Groupe S.A. | 1,328 | 106,510 |
Remy Cointreau S.A. | 142 | 22,770 |
Renault S.A. | 1,036 | 43,614 |
Safran S.A. | 1,929 | 301,973 |
Number of Shares | Value† | |
France — (continued) | ||
Sanofi | 6,360 | $ 681,511 |
Sartorius Stedim Biotech | 155 | 38,681 |
Schneider Electric S.E. | 3,039 | 552,008 |
SEB S.A. | 152 | 15,699 |
Societe Generale S.A. | 4,163 | 108,115 |
Sodexo S.A. | 482 | 53,043 |
Teleperformance | 336 | 56,261 |
Thales S.A. | 576 | 86,235 |
TotalEnergies S.E. | 13,266 | 760,706 |
Unibail-Rodamco-Westfield* | 1,213 | 3,111 |
Unibail-Rodamco-Westfield* | 660 | 34,677 |
Valeo | 1,257 | 26,925 |
Veolia Environnement S.A. | 3,874 | 122,381 |
Vinci S.A. | 2,970 | 344,763 |
Vivendi S.E. | 3,686 | 33,810 |
Wendel S.E. | 159 | 16,309 |
Worldline S.A.* | 1,310 | 47,887 |
10,528,484 | ||
Germany — 7.8% | ||
adidas AG | 922 | 178,862 |
Allianz S.E. | 2,258 | 525,310 |
BASF S.E. | 4,983 | 241,803 |
Bayer AG | 5,486 | 303,327 |
Bayerische Motoren Werke AG | 1,844 | 226,410 |
Bechtle AG | 502 | 19,895 |
Beiersdorf AG | 570 | 75,416 |
Brenntag S.E. | 874 | 68,095 |
Carl Zeiss Meditec AG | 220 | 23,776 |
Commerzbank AG | 6,114 | 67,717 |
Continental AG | 590 | 44,487 |
Covestro AG* | 1,146 | 59,500 |
Daimler Truck Holding AG | 2,630 | 94,705 |
Delivery Hero S.E.* | 1,001 | 44,134 |
Deutsche Bank AG | 11,092 | 116,412 |
Deutsche Boerse AG | 1,069 | 197,254 |
Deutsche Lufthansa AG* | 3,546 | 36,291 |
Deutsche Post AG | 5,589 | 272,796 |
Deutsche Telekom AG | 18,123 | 395,042 |
E.ON S.E. | 12,444 | 158,601 |
Evonik Industries AG | 1,156 | 21,987 |
Fresenius Medical Care AG & Co., KGaA | 1,105 | 52,777 |
Fresenius S.E. & Co., KGaA | 2,333 | 64,586 |
GEA Group AG | 840 | 35,115 |
Hannover Rueck S.E. | 341 | 72,318 |
Heidelberg Materials AG | 790 | 64,826 |
HelloFresh S.E.* | 1,016 | 25,056 |
Henkel AG & Co., KGaA | 622 | 43,778 |
Infineon Technologies AG | 7,367 | 303,749 |
Knorr-Bremse AG | 365 | 27,872 |
LEG Immobilien S.E.* | 441 | 25,331 |
Mercedes-Benz Group AG | 4,786 | 384,740 |
Merck KGaA | 725 | 119,894 |
MTU Aero Engines AG | 302 | 78,233 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Germany — (continued) | ||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 791 | $ 296,575 |
Nemetschek S.E. | 350 | 26,215 |
Puma S.E. | 567 | 34,103 |
Rational AG | 30 | 21,704 |
Rheinmetall AG | 238 | 65,134 |
RWE AG | 3,608 | 156,970 |
SAP S.E. | 5,856 | 799,653 |
Scout24 S.E. | 387 | 24,527 |
Siemens AG | 4,262 | 709,417 |
Siemens Energy AG* | 3,057 | 53,973 |
Siemens Healthineers AG | 1,639 | 92,750 |
Symrise AG | 772 | 80,888 |
Talanx AG | 362 | 20,758 |
Telefonica Deutschland Holding AG | 5,808 | 16,332 |
Volkswagen AG | 179 | 29,865 |
Vonovia S.E. | 4,098 | 80,022 |
Wacker Chemie AG | 104 | 14,271 |
Zalando S.E.* | 1,338 | 38,486 |
7,031,738 | ||
Hong Kong — 2.6% | ||
AIA Group Ltd. | 65,200 | 658,157 |
BOC Hong Kong Holdings Ltd. | 21,500 | 65,713 |
Budweiser Brewing Co., APAC, Ltd. | 10,400 | 26,810 |
CK Asset Holdings Ltd. | 11,034 | 61,112 |
CK Hutchison Holdings Ltd. | 15,128 | 92,378 |
CK Infrastructure Holdings Ltd. | 3,500 | 18,514 |
CLP Holdings Ltd. | 9,500 | 73,832 |
ESR Group Ltd. | 11,600 | 19,896 |
Futu Holdings Ltd., ADR* | 300 | 11,922 |
Galaxy Entertainment Group Ltd.* | 12,000 | 76,110 |
Hang Lung Properties Ltd. | 8,000 | 12,353 |
Hang Seng Bank Ltd. | 4,200 | 59,763 |
Henderson Land Development Co., Ltd. | 7,891 | 23,464 |
HKT Trust & HKT Ltd. | 20,240 | 23,531 |
Hong Kong & China Gas Co., Ltd. | 65,112 | 56,254 |
Hong Kong Exchanges & Clearing Ltd. | 6,784 | 255,569 |
Hongkong Land Holdings Ltd. | 5,900 | 23,010 |
Jardine Matheson Holdings Ltd. | 900 | 45,585 |
Link REIT | 14,762 | 81,948 |
MTR Corp. Ltd. | 9,397 | 43,170 |
New World Development Co., Ltd. | 8,458 | 20,810 |
Power Assets Holdings Ltd. | 8,000 | 41,909 |
Prudential PLC | 15,504 | 218,264 |
Sino Land Co., Ltd. | 17,633 | 21,670 |
SITC International Holdings Co., Ltd. | 8,000 | 14,599 |
Sun Hung Kai Properties Ltd. | 8,161 | 102,794 |
Swire Pacific Ltd., Class A | 2,000 | 15,327 |
Swire Properties Ltd. | 7,136 | 17,539 |
Techtronic Industries Co., Ltd. | 8,000 | 86,932 |
WH Group Ltd. | 43,872 | 23,235 |
Wharf Real Estate Investment Co., Ltd. | 9,000 | 44,966 |
Xinyi Glass Holdings Ltd. | 7,000 | 10,898 |
2,348,034 |
Number of Shares | Value† | |
Ireland — 1.2% | ||
AerCap Holdings N.V.* | 900 | $ 57,168 |
AIB Group PLC | 6,449 | 27,093 |
Bank of Ireland Group PLC | 5,881 | 56,075 |
CRH PLC | 4,121 | 227,090 |
DCC PLC | 577 | 32,228 |
Experian PLC | 5,180 | 198,542 |
Flutter Entertainment PLC* | 975 | 196,027 |
James Hardie Industries PLC* | 2,516 | 66,622 |
Kerry Group PLC, Class A | 925 | 90,217 |
Kingspan Group PLC | 842 | 55,955 |
Smurfit Kappa Group PLC | 1,428 | 47,573 |
1,054,590 | ||
Israel — 0.6% | ||
Azrieli Group Ltd. | 257 | 14,422 |
Bank Hapoalim BM | 7,360 | 60,326 |
Bank Leumi Le-Israel BM | 9,130 | 67,961 |
Check Point Software Technologies Ltd.* | 512 | 64,317 |
CyberArk Software Ltd.* | 200 | 31,266 |
Elbit Systems Ltd. | 135 | 28,118 |
ICL Group Ltd. | 4,391 | 23,812 |
Israel Discount Bank Ltd., Class A | 7,042 | 34,958 |
Mizrahi Tefahot Bank Ltd. | 844 | 28,076 |
Monday.com Ltd.* | 100 | 17,122 |
Nice Ltd.* | 369 | 75,363 |
Teva Pharmaceutical Industries Ltd.* | 5,764 | 43,465 |
Teva Pharmaceutical Industries Ltd., ADR* | 500 | 3,765 |
Tower Semiconductor Ltd.* | 651 | 24,010 |
Wix.com Ltd.* | 311 | 24,333 |
541,314 | ||
Italy — 2.1% | ||
Amplifon SpA | 758 | 27,783 |
Assicurazioni Generali SpA | 5,800 | 117,845 |
Davide Campari-Milano N.V. | 2,775 | 38,426 |
DiaSorin SpA | 153 | 15,927 |
Enel SpA | 45,929 | 309,126 |
Eni SpA | 13,285 | 191,094 |
Ferrari N.V. | 708 | 231,385 |
FinecoBank Banca Fineco SpA | 3,527 | 47,396 |
Infrastrutture Wireless Italiane SpA | 2,052 | 27,049 |
Intesa Sanpaolo SpA | 89,907 | 235,456 |
Mediobanca Banca di Credito Finanziario SpA | 2,923 | 34,958 |
Moncler SpA | 1,189 | 82,180 |
Nexi SpA* | 3,202 | 25,094 |
Poste Italiane SpA | 3,173 | 34,333 |
Prysmian SpA | 1,441 | 60,192 |
Recordati Industria Chimica e Farmaceutica SpA | 636 | 30,363 |
Snam SpA | 11,062 | 57,783 |
Telecom Italia SpA* | 60,149 | 16,921 |
Terna - Rete Elettrica Nazionale | 7,924 | 67,496 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Italy — (continued) | ||
UniCredit SpA | 10,261 | $ 238,100 |
1,888,907 | ||
Japan — 21.8% | ||
Advantest Corp. | 1,100 | 145,986 |
Aeon Co., Ltd. | 3,800 | 77,477 |
AGC, Inc. | 1,100 | 39,359 |
Aisin Corp. | 900 | 27,612 |
Ajinomoto Co., Inc. | 2,500 | 99,172 |
ANA Holdings, Inc.* | 1,000 | 23,743 |
Asahi Group Holdings Ltd. | 2,700 | 104,299 |
Asahi Intecc Co., Ltd. | 1,300 | 25,325 |
Asahi Kasei Corp. | 6,900 | 46,480 |
Astellas Pharma, Inc. | 10,300 | 153,399 |
Azbil Corp. | 700 | 21,981 |
Bandai Namco Holdings, Inc. | 3,300 | 75,951 |
BayCurrent Consulting, Inc. | 800 | 29,761 |
Bridgestone Corp. | 3,200 | 130,666 |
Brother Industries Ltd. | 1,400 | 20,370 |
Canon, Inc. | 5,500 | 144,461 |
Capcom Co., Ltd. | 1,000 | 39,468 |
Central Japan Railway Co. | 800 | 100,128 |
Chubu Electric Power Co., Inc. | 3,900 | 47,488 |
Chugai Pharmaceutical Co., Ltd. | 3,700 | 104,773 |
Concordia Financial Group Ltd. | 6,600 | 25,733 |
CyberAgent, Inc. | 2,400 | 17,431 |
Dai Nippon Printing Co., Ltd. | 1,200 | 33,914 |
Daifuku Co., Ltd. | 1,800 | 36,706 |
Dai-ichi Life Holdings, Inc. | 5,200 | 98,670 |
Daiichi Sankyo Co., Ltd. | 10,300 | 324,786 |
Daikin Industries Ltd. | 1,500 | 304,221 |
Daito Trust Construction Co., Ltd. | 300 | 30,323 |
Daiwa House Industry Co., Ltd. | 3,300 | 86,722 |
Daiwa House REIT Investment Corp. | 13 | 24,884 |
Daiwa Securities Group, Inc. | 6,900 | 35,400 |
Denso Corp. | 2,400 | 160,421 |
Dentsu Group, Inc. | 1,100 | 35,928 |
Disco Corp. | 500 | 78,346 |
East Japan Railway Co. | 1,700 | 94,098 |
Eisai Co., Ltd. | 1,400 | 94,346 |
ENEOS Holdings, Inc. | 16,890 | 57,870 |
FANUC Corp. | 5,300 | 184,827 |
Fast Retailing Co., Ltd. | 1,000 | 254,479 |
Fuji Electric Co., Ltd. | 700 | 30,514 |
FUJIFILM Holdings Corp. | 2,100 | 124,302 |
Fujitsu Ltd. | 1,000 | 128,868 |
GLP J-Reit | 26 | 25,604 |
GMO Payment Gateway, Inc. | 200 | 15,524 |
Hakuhodo DY Holdings, Inc. | 1,500 | 15,718 |
Hamamatsu Photonics K.K. | 800 | 38,954 |
Hankyu Hanshin Holdings, Inc. | 1,200 | 39,544 |
Hikari Tsushin, Inc. | 100 | 14,276 |
Hirose Electric Co., Ltd. | 120 | 15,863 |
Hitachi Construction Machinery Co., Ltd. | 500 | 13,958 |
Number of Shares | Value† | |
Japan — (continued) | ||
Hitachi Ltd. | 5,300 | $ 326,753 |
Honda Motor Co., Ltd. | 8,600 | 258,724 |
Hoshizaki Corp. | 600 | 21,439 |
Hoya Corp. | 2,000 | 236,668 |
Hulic Co., Ltd. | 2,300 | 19,622 |
Ibiden Co., Ltd. | 600 | 33,681 |
Idemitsu Kosan Co., Ltd. | 1,256 | 25,121 |
Iida Group Holdings Co., Ltd. | 900 | 15,131 |
Inpex Corp. | 5,300 | 58,695 |
Isuzu Motors Ltd. | 3,500 | 42,205 |
ITOCHU Corp. | 6,700 | 264,063 |
Itochu Techno-Solutions Corp. | 600 | 15,119 |
Japan Airlines Co., Ltd. | 800 | 17,298 |
Japan Exchange Group, Inc. | 2,900 | 50,405 |
Japan Metropolitan Fund Invest | 42 | 28,030 |
Japan Post Bank Co., Ltd. | 8,400 | 65,433 |
Japan Post Holdings Co., Ltd. | 12,000 | 86,198 |
Japan Post Insurance Co., Ltd. | 1,100 | 16,516 |
Japan Real Estate Investment Corp. | 7 | 26,584 |
Japan Tobacco, Inc. | 6,700 | 146,402 |
JFE Holdings, Inc. | 2,600 | 36,938 |
JSR Corp. | 1,100 | 31,332 |
Kajima Corp. | 2,200 | 33,085 |
Kao Corp. | 2,700 | 97,563 |
Kawasaki Kisen Kaisha Ltd. | 800 | 19,510 |
KDDI Corp. | 8,300 | 255,969 |
Keio Corp. | 600 | 18,807 |
Keisei Electric Railway Co., Ltd. | 700 | 28,894 |
Keyence Corp. | 1,090 | 512,537 |
Kikkoman Corp. | 800 | 45,418 |
Kintetsu Group Holdings Co., Ltd. | 1,000 | 34,540 |
Kirin Holdings Co., Ltd. | 4,500 | 65,538 |
Kobayashi Pharmaceutical Co., Ltd. | 300 | 16,260 |
Kobe Bussan Co., Ltd. | 800 | 20,658 |
Koei Tecmo Holdings Co., Ltd. | 780 | 13,436 |
Koito Manufacturing Co., Ltd. | 1,200 | 21,560 |
Komatsu Ltd. | 5,100 | 137,171 |
Konami Group Corp. | 500 | 26,061 |
Kose Corp. | 200 | 19,114 |
Kubota Corp. | 5,900 | 85,825 |
Kurita Water Industries Ltd. | 600 | 22,845 |
Kyocera Corp. | 1,800 | 97,188 |
Kyowa Kirin Co., Ltd. | 1,600 | 29,539 |
Lasertec Corp. | 400 | 59,808 |
Lixil Corp. | 1,500 | 18,961 |
M3, Inc. | 2,400 | 51,711 |
Makita Corp. | 1,200 | 33,565 |
Marubeni Corp. | 8,500 | 143,733 |
MatsukiyoCocokara & Co. | 600 | 33,585 |
Mazda Motor Corp. | 3,400 | 32,835 |
McDonald's Holdings Co., Japan Ltd. | 500 | 19,439 |
MEIJI Holdings Co., Ltd. | 1,200 | 26,762 |
MINEBEA MITSUMI, Inc. | 1,900 | 35,618 |
MISUMI Group, Inc. | 1,700 | 33,801 |
Mitsubishi Chemical Group Corp. | 7,700 | 46,063 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
Mitsubishi Corp. | 6,900 | $ 331,384 |
Mitsubishi Electric Corp. | 10,800 | 151,714 |
Mitsubishi Estate Co., Ltd. | 6,200 | 73,474 |
Mitsubishi HC Capital, Inc. | 3,900 | 23,095 |
Mitsubishi Heavy Industries Ltd. | 1,800 | 83,716 |
Mitsubishi UFJ Financial Group, Inc. | 63,900 | 471,628 |
Mitsui & Co., Ltd. | 7,300 | 273,747 |
Mitsui Chemicals, Inc. | 900 | 26,377 |
Mitsui Fudosan Co., Ltd. | 5,000 | 99,120 |
Mitsui OSK Lines Ltd. | 1,900 | 45,507 |
Mizuho Financial Group, Inc. | 13,608 | 207,381 |
MonotaRO Co., Ltd. | 1,500 | 18,951 |
MS&AD Insurance Group Holdings, Inc. | 2,490 | 87,938 |
Murata Manufacturing Co., Ltd. | 3,200 | 182,648 |
NEC Corp. | 1,400 | 67,577 |
Nexon Co., Ltd. | 2,200 | 41,882 |
NGK Insulators Ltd. | 1,500 | 17,818 |
NIDEC Corp. | 2,400 | 130,483 |
Nintendo Co., Ltd. | 5,793 | 262,641 |
Nippon Building Fund, Inc. | 9 | 35,303 |
NIPPON EXPRESS HOLDINGS, INC. | 400 | 22,465 |
Nippon Paint Holdings Co., Ltd. | 5,000 | 40,992 |
Nippon Prologis REIT, Inc. | 13 | 26,064 |
Nippon Sanso Holdings Corp. | 1,000 | 21,567 |
Nippon Shinyaku Co., Ltd. | 300 | 12,212 |
Nippon Steel Corp. | 4,417 | 91,955 |
Nippon Telegraph & Telephone Corp. | 167,500 | 197,919 |
Nippon Yusen K.K. | 2,800 | 61,901 |
Nissan Chemical Corp. | 700 | 29,927 |
Nissan Motor Co., Ltd. | 13,900 | 56,662 |
Nisshin Seifun Group, Inc. | 1,015 | 12,517 |
Nissin Foods Holdings Co., Ltd. | 300 | 24,762 |
Nitori Holdings Co., Ltd. | 400 | 44,645 |
Nitto Denko Corp. | 800 | 58,935 |
Nomura Holdings, Inc. | 16,000 | 60,676 |
Nomura Real Estate Holdings, Inc. | 700 | 16,562 |
Nomura Real Estate Master Fund, Inc. | 26 | 29,929 |
Nomura Research Institute Ltd. | 2,130 | 58,470 |
NTT Data Corp. | 3,400 | 47,291 |
Obayashi Corp. | 3,900 | 33,623 |
Obic Co., Ltd. | 404 | 64,508 |
Odakyu Electric Railway Co., Ltd. | 1,800 | 24,020 |
Oji Holdings Corp. | 4,700 | 17,511 |
Olympus Corp. | 6,600 | 103,646 |
Omron Corp. | 1,000 | 60,764 |
Ono Pharmaceutical Co., Ltd. | 2,000 | 36,120 |
Open House Group Co., Ltd. | 500 | 17,904 |
Oracle Corp. Japan | 200 | 14,817 |
Oriental Land Co., Ltd. | 6,200 | 240,661 |
ORIX Corp. | 6,700 | 121,305 |
Osaka Gas Co., Ltd. | 2,000 | 30,597 |
Otsuka Corp. | 700 | 27,103 |
Otsuka Holdings Co., Ltd. | 2,100 | 76,712 |
Pan Pacific International Holdings Corp. | 2,000 | 35,663 |
Panasonic Corp. | 12,200 | 148,257 |
Number of Shares | Value† | |
Japan — (continued) | ||
Persol Holdings Co., Ltd. | 1,000 | $ 17,942 |
Rakuten Group, Inc. | 8,500 | 29,395 |
Recruit Holdings Co., Ltd. | 8,100 | 256,144 |
Renesas Electronics Corp.* | 7,300 | 136,671 |
Resona Holdings, Inc. | 12,300 | 58,843 |
Ricoh Co., Ltd. | 2,800 | 23,722 |
Rohm Co., Ltd. | 500 | 46,848 |
SBI Holdings, Inc. | 1,510 | 28,971 |
SCSK Corp. | 1,000 | 15,659 |
Secom Co., Ltd. | 1,200 | 80,992 |
Seiko Epson Corp. | 1,700 | 26,379 |
Sekisui Chemical Co., Ltd. | 1,900 | 27,283 |
Sekisui House Ltd. | 3,400 | 68,462 |
Seven & i Holdings Co., Ltd. | 4,300 | 184,909 |
SG Holdings Co., Ltd. | 1,700 | 24,122 |
Sharp Corp.* | 1,200 | 6,685 |
Shimadzu Corp. | 1,400 | 42,962 |
Shimano, Inc. | 400 | 66,419 |
Shimizu Corp. | 3,400 | 21,449 |
Shin-Etsu Chemical Co., Ltd. | 10,200 | 337,043 |
Shionogi & Co., Ltd. | 1,500 | 63,100 |
Shiseido Co., Ltd. | 2,300 | 103,496 |
Shizuoka Financial Group, Inc. | 2,800 | 20,161 |
SMC Corp. | 321 | 176,812 |
SoftBank Corp. | 16,200 | 172,896 |
SoftBank Group Corp. | 5,700 | 267,550 |
Sompo Holdings, Inc. | 1,825 | 81,691 |
Sony Group Corp. | 7,100 | 637,940 |
Square Enix Holdings Co., Ltd. | 500 | 23,175 |
Subaru Corp. | 3,400 | 63,690 |
SUMCO Corp. | 2,100 | 29,515 |
Sumitomo Chemical Co., Ltd. | 7,900 | 23,898 |
Sumitomo Corp. | 6,300 | 132,772 |
Sumitomo Electric Industries Ltd. | 3,800 | 46,270 |
Sumitomo Metal Mining Co., Ltd. | 1,300 | 41,722 |
Sumitomo Mitsui Financial Group, Inc. | 7,400 | 315,857 |
Sumitomo Mitsui Trust Holdings, Inc. | 1,843 | 65,306 |
Sumitomo Realty & Development Co., Ltd. | 1,500 | 36,935 |
Suntory Beverage & Food Ltd. | 800 | 28,896 |
Suzuki Motor Corp. | 2,000 | 72,088 |
Sysmex Corp. | 900 | 61,137 |
T&D Holdings, Inc. | 2,700 | 39,397 |
Taisei Corp. | 900 | 31,317 |
Takeda Pharmaceutical Co., Ltd. | 8,795 | 275,928 |
TDK Corp. | 2,100 | 81,019 |
Terumo Corp. | 3,600 | 113,817 |
The Chiba Bank Ltd. | 3,300 | 19,986 |
The Kansai Electric Power Co., Inc. | 4,200 | 52,553 |
TIS, Inc. | 1,300 | 32,352 |
Tobu Railway Co., Ltd. | 1,100 | 29,411 |
Toho Co., Ltd. | 600 | 22,749 |
Tokio Marine Holdings, Inc. | 10,000 | 229,738 |
Tokyo Electric Power Co. Holdings, Inc.* | 9,300 | 33,972 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Japan — (continued) | ||
Tokyo Electron Ltd. | 2,500 | $ 356,215 |
Tokyo Gas Co., Ltd. | 2,200 | 47,920 |
Tokyu Corp. | 3,200 | 38,466 |
TOPPAN Inc. | 1,200 | 25,781 |
Toray Industries, Inc. | 7,500 | 41,602 |
Toshiba Corp. | 2,300 | 71,999 |
Tosoh Corp. | 1,600 | 18,839 |
TOTO Ltd. | 800 | 23,979 |
Toyota Industries Corp. | 800 | 56,856 |
Toyota Motor Corp. | 59,540 | 952,549 |
Toyota Tsusho Corp. | 1,200 | 59,370 |
Trend Micro, Inc. | 800 | 38,504 |
Unicharm Corp. | 2,200 | 81,432 |
USS Co., Ltd. | 1,000 | 16,480 |
Welcia Holdings Co., Ltd. | 600 | 12,456 |
West Japan Railway Co. | 1,300 | 53,966 |
Yakult Honsha Co., Ltd. | 700 | 44,170 |
Yamaha Corp. | 800 | 30,526 |
Yamaha Motor Co., Ltd. | 1,600 | 45,706 |
Yamato Holdings Co., Ltd. | 1,600 | 28,863 |
Yaskawa Electric Corp. | 1,400 | 63,871 |
Yokogawa Electric Corp. | 1,400 | 25,716 |
Z Holdings Corp. | 13,800 | 33,129 |
ZOZO, Inc. | 600 | 12,354 |
19,569,726 | ||
Jordan — 0.0% | ||
Hikma Pharmaceuticals PLC | 864 | 20,744 |
Luxembourg — 0.2% | ||
ArcelorMittal S.A. | 2,636 | 71,709 |
Eurofins Scientific S.E. | 738 | 46,836 |
Tenaris S.A. | 2,782 | 41,635 |
160,180 | ||
Macao — 0.1% | ||
Sands China Ltd.* | 13,200 | 44,977 |
Netherlands — 4.8% | ||
ABN AMRO Bank N.V. | 2,159 | 33,525 |
Adyen N.V.* | 122 | 211,112 |
Aegon N.V. | 9,039 | 45,667 |
Akzo Nobel N.V. | 930 | 75,827 |
Argenx S.E.* | 321 | 124,488 |
ASM International N.V. | 259 | 109,756 |
ASML Holding N.V. | 2,264 | 1,637,926 |
Euronext N.V. | 460 | 31,272 |
EXOR N.V. | 590 | 52,586 |
Ferrovial S.E. | 2,833 | 89,557 |
Heineken Holding N.V. | 655 | 56,929 |
Heineken N.V. | 1,454 | 149,426 |
IMCD N.V. | 310 | 44,550 |
ING Groep N.V. | 20,500 | 275,996 |
JDE Peet's N.V. | 515 | 15,319 |
Just Eat Takeaway.com N.V.* | 1,067 | 16,342 |
Koninklijke Ahold Delhaize N.V. | 5,583 | 190,441 |
Number of Shares | Value† | |
Netherlands — (continued) | ||
Koninklijke KPN N.V. | 18,759 | $ 66,916 |
Koninklijke Philips N.V. | 5,279 | 114,103 |
NN Group N.V. | 1,448 | 53,598 |
OCI NV | 619 | 14,840 |
Prosus N.V.* | 4,478 | 327,926 |
QIAGEN N.V.* | 1,255 | 56,339 |
Randstad N.V. | 579 | 30,523 |
Stellantis N.V. | 4,149 | 72,800 |
Stellantis N.V. | 8,372 | 146,991 |
Universal Music Group N.V. | 4,689 | 104,124 |
Wolters Kluwer N.V. | 1,475 | 187,187 |
4,336,066 | ||
New Zealand — 0.2% | ||
Auckland International Airport Ltd.* | 6,706 | 35,187 |
Fisher & Paykel Healthcare Corp. Ltd. | 3,142 | 47,242 |
Mercury NZ Ltd. | 4,381 | 17,476 |
Meridian Energy Ltd. | 7,863 | 27,023 |
Spark New Zealand Ltd. | 10,047 | 31,384 |
Xero Ltd.* | 777 | 61,558 |
219,870 | ||
Norway — 0.6% | ||
Adevinta ASA* | 1,674 | 10,979 |
Aker BP ASA | 1,791 | 42,015 |
DNB Bank ASA | 5,415 | 101,251 |
Equinor ASA | 5,361 | 155,881 |
Gjensidige Forsikring ASA | 1,242 | 19,879 |
Kongsberg Gruppen ASA | 500 | 22,742 |
Mowi ASA | 2,508 | 39,769 |
Norsk Hydro ASA | 7,369 | 43,801 |
Orkla ASA | 4,507 | 32,374 |
Salmar ASA | 343 | 13,834 |
Telenor ASA | 3,766 | 38,174 |
Yara International ASA | 895 | 31,602 |
552,301 | ||
Portugal — 0.2% | ||
EDP - Energias de Portugal S.A. | 15,793 | 77,136 |
Galp Energia SGPS S.A. | 2,701 | 31,596 |
Jeronimo Martins SGPS S.A. | 1,517 | 41,781 |
150,513 | ||
Singapore — 1.4% | ||
CapitaLand Ascendas REIT | 18,090 | 36,383 |
CapitaLand Integrated Commercial Trust | 29,400 | 41,522 |
CapitaLand Investment Ltd. | 14,107 | 34,527 |
CDL Hospitality Trusts | 477 | 430 |
City Developments Ltd. | 2,500 | 12,422 |
DBS Group Holdings Ltd. | 10,248 | 238,772 |
Genting Singapore Ltd. | 36,200 | 25,161 |
Grab Holdings Ltd., Class A* | 10,700 | 36,701 |
Jardine Cycle & Carriage Ltd. | 600 | 15,439 |
Keppel Corp. Ltd. | 8,700 | 43,166 |
Mapletree Logistics Trust | 20,077 | 24,050 |
Mapletree Pan Asia Commercial Trust | 12,700 | 15,213 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Singapore — (continued) | ||
Oversea-Chinese Banking Corp. Ltd. | 19,091 | $ 173,349 |
Sea Ltd., ADR* | 2,100 | 121,884 |
Seatrium Ltd.* | 166,039 | 15,347 |
Singapore Airlines Ltd. | 7,900 | 41,767 |
Singapore Exchange Ltd. | 5,000 | 35,529 |
Singapore Technologies Engineering Ltd. | 9,500 | 25,850 |
Singapore Telecommunications Ltd. | 48,000 | 88,731 |
United Overseas Bank Ltd. | 7,237 | 149,834 |
UOL Group Ltd. | 2,407 | 11,426 |
Venture Corp. Ltd. | 1,700 | 18,491 |
Wilmar International Ltd. | 10,300 | 28,941 |
1,234,935 | ||
Spain — 2.5% | ||
Acciona S.A. | 148 | 25,097 |
ACS Actividades de Construccion y Servicios S.A. | 1,082 | 37,982 |
Aena SME S.A. | 411 | 66,376 |
Amadeus IT Group S.A.* | 2,504 | 190,446 |
Banco Bilbao Vizcaya Argentaria S.A. | 34,205 | 262,466 |
Banco Santander S.A. | 91,896 | 339,437 |
CaixaBank S.A. | 22,919 | 94,710 |
Cellnex Telecom S.A. | 3,166 | 127,791 |
Corp. ACCIONA Energias Renovables S.A. | 397 | 13,265 |
EDP Renovaveis S.A. | 1,566 | 31,263 |
Enagas S.A. | 1,501 | 29,482 |
Endesa S.A. | 1,891 | 40,547 |
Grifols S.A.* | 1,529 | 19,588 |
Iberdrola S.A. | 32,562 | 424,603 |
Industria de Diseno Textil S.A. | 6,133 | 237,310 |
Naturgy Energy Group S.A. | 633 | 18,829 |
Red Electrica Corp. S.A. | 2,108 | 35,389 |
Repsol S.A. | 8,043 | 116,991 |
Telefonica S.A. | 28,674 | 116,270 |
2,227,842 | ||
Sweden — 3.0% | ||
Alfa Laval AB | 1,578 | 57,500 |
Assa Abloy AB, Class B | 5,544 | 133,134 |
Atlas Copco AB, Class A | 15,118 | 217,827 |
Atlas Copco AB, Class B | 8,608 | 107,148 |
Beijer Ref AB | 1,927 | 24,585 |
Boliden AB | 1,554 | 44,889 |
Embracer Group AB* | 4,059 | 10,146 |
Epiroc AB, Class A | 3,883 | 73,409 |
Epiroc AB, Class B | 2,199 | 35,538 |
EQT AB | 2,023 | 38,902 |
Essity AB, Class B | 3,542 | 94,286 |
Evolution AB | 1,014 | 128,408 |
Fastighets AB Balder, Class B* | 3,781 | 13,798 |
Getinge AB, Class B | 1,344 | 23,546 |
H & M Hennes & Mauritz AB, Class B | 3,540 | 60,780 |
Hexagon AB, Class B | 11,349 | 139,688 |
Holmen AB, Class B | 551 | 19,791 |
Number of Shares | Value† | |
Sweden — (continued) | ||
Husqvarna AB, Class B | 2,510 | $ 22,723 |
Industrivarden AB, Class A | 694 | 19,227 |
Industrivarden AB, Class C | 848 | 23,367 |
Indutrade AB | 1,630 | 36,710 |
Investment AB Latour, Class B | 921 | 18,257 |
Investor AB, Class A | 2,344 | 46,878 |
Investor AB, Class B | 9,770 | 195,348 |
Kinnevik AB, Class B* | 1,467 | 20,321 |
L E Lundbergforetagen AB, Class B | 471 | 20,036 |
Lifco AB, Class B | 1,359 | 29,523 |
Nibe Industrier AB, Class B | 8,810 | 83,645 |
Saab AB, Class B | 458 | 24,766 |
Sagax AB, Class B | 1,162 | 22,948 |
Sandvik AB | 5,885 | 114,695 |
Securitas AB, Class B | 3,021 | 24,778 |
Skandinaviska Enskilda Banken AB, Class A | 8,889 | 98,200 |
Skanska AB, Class B | 1,869 | 26,193 |
SKF AB, Class B | 1,796 | 31,240 |
Svenska Cellulosa AB SCA, Class B | 3,289 | 41,915 |
Svenska Handelsbanken AB, Class A | 8,477 | 71,005 |
Swedbank AB, Class A | 4,691 | 79,094 |
Swedish Orphan Biovitrum AB* | 982 | 19,157 |
Tele2 AB, Class B | 2,749 | 22,715 |
Telefonaktiebolaget LM Ericsson, Class B | 16,708 | 90,485 |
Telia Co., AB | 12,823 | 28,118 |
Volvo AB, Class A | 1,208 | 25,716 |
Volvo AB, Class B | 8,478 | 175,293 |
Volvo Car AB, Class B* | 3,803 | 15,099 |
2,650,827 | ||
Switzerland — 10.6% | ||
ABB Ltd. | 8,880 | 349,029 |
Adecco Group AG | 908 | 29,653 |
Alcon, Inc. | 2,814 | 232,967 |
Bachem Holding AG, Class B | 200 | 17,429 |
Baloise Holding AG | 248 | 36,408 |
Banque Cantonale Vaudoise | 182 | 19,216 |
Barry Callebaut AG | 21 | 40,519 |
BKW AG | 127 | 22,419 |
Chocoladefabriken Lindt & Spruengli AG | 1 | 124,015 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 3 | 37,674 |
Cie Financiere Richemont S.A., Class A | 2,956 | 500,841 |
Clariant AG* | 1,199 | 17,307 |
Coca-Cola HBC AG* | 1,222 | 36,393 |
DSM-Firmenich AG* | 962 | 103,525 |
Dufry AG* | 564 | 25,684 |
EMS-Chemie Holding AG | 37 | 27,986 |
Geberit AG | 190 | 99,368 |
Givaudan S.A. | 52 | 172,258 |
Glencore PLC* | 59,659 | 336,784 |
Helvetia Holding AG | 212 | 28,660 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
Switzerland — (continued) | ||
Holcim AG* | 3,116 | $ 209,578 |
Julius Baer Group Ltd. | 1,240 | 78,053 |
Kuehne + Nagel International AG | 301 | 89,017 |
Logitech International S.A. | 886 | 52,702 |
Lonza Group AG | 420 | 250,297 |
Nestle S.A. | 15,447 | 1,856,988 |
Novartis AG | 11,505 | 1,156,863 |
Partners Group Holding AG | 125 | 117,535 |
Roche Holding AG | 3,944 | 1,205,166 |
Roche Holding AG | 183 | 60,029 |
Schindler Holding AG | 125 | 28,071 |
Schindler Holding AG, Participation Certificates | 234 | 54,824 |
SGS S.A. | 875 | 82,666 |
SIG Group AG* | 1,646 | 45,387 |
Sika AG | 823 | 235,117 |
Sonova Holding AG | 284 | 75,581 |
STMicroelectronics N.V. | 3,832 | 190,529 |
Straumann Holding AG | 650 | 105,410 |
Swiss Life Holding AG | 179 | 104,594 |
Swiss Prime Site AG | 413 | 35,830 |
Swiss Re AG | 1,695 | 170,513 |
Swisscom AG | 150 | 93,481 |
Temenos AG | 390 | 30,998 |
The Swatch Group AG | 158 | 46,091 |
The Swatch Group AG | 298 | 16,364 |
UBS Group AG | 18,153 | 366,995 |
VAT Group AG | 147 | 60,768 |
Zurich Insurance Group AG | 852 | 404,463 |
9,482,045 | ||
United Arab Emirates — 0.0% | ||
NMC Health PLC* | 538 | 0 |
United Kingdom — 13.5% | ||
3i Group PLC | 5,387 | 133,306 |
abrdn PLC | 11,339 | 31,422 |
Admiral Group PLC | 1,092 | 28,874 |
Anglo American PLC | 7,181 | 203,647 |
Ashtead Group PLC | 2,473 | 170,980 |
Associated British Foods PLC | 1,882 | 47,588 |
AstraZeneca PLC | 8,701 | 1,246,028 |
Auto Trader Group PLC | 4,893 | 37,931 |
Aviva PLC | 16,295 | 81,785 |
BAE Systems PLC | 16,990 | 200,022 |
Barclays PLC | 86,304 | 168,114 |
Barratt Developments PLC | 5,409 | 28,405 |
Berkeley Group Holdings PLC | 623 | 31,039 |
BP PLC | 99,132 | 577,052 |
British American Tobacco PLC | 11,878 | 393,418 |
BT Group PLC | 38,077 | 59,166 |
Bunzl PLC | 1,861 | 70,880 |
Burberry Group PLC | 2,050 | 55,194 |
Centrica PLC | 32,540 | 51,223 |
CNH Industrial N.V. | 5,953 | 85,779 |
Coca-Cola Europacific Partners PLC | 1,134 | 73,008 |
Number of Shares | Value† | |
United Kingdom — (continued) | ||
Compass Group PLC | 9,734 | $ 272,215 |
Croda International PLC | 769 | 54,945 |
Diageo PLC | 12,628 | 541,909 |
Endeavour Mining PLC | 1,062 | 25,424 |
Entain PLC | 3,405 | 55,006 |
GSK PLC | 22,902 | 403,940 |
Haleon PLC | 28,021 | 114,678 |
Halma PLC | 2,077 | 60,062 |
Hargreaves Lansdown PLC | 2,149 | 22,260 |
HSBC Holdings PLC | 112,069 | 884,851 |
Imperial Brands PLC | 4,838 | 106,818 |
Informa PLC | 7,588 | 69,963 |
InterContinental Hotels Group PLC | 944 | 65,147 |
Intertek Group PLC | 877 | 47,503 |
J. Sainsbury PLC | 8,379 | 28,625 |
JD Sports Fashion PLC | 15,834 | 29,359 |
Johnson Matthey PLC | 1,119 | 24,813 |
Kingfisher PLC | 10,488 | 30,862 |
Land Securities Group PLC | 4,270 | 31,138 |
Legal & General Group PLC | 33,321 | 96,188 |
Lloyds Banking Group PLC | 368,757 | 204,141 |
London Stock Exchange Group PLC | 2,238 | 237,783 |
M&G PLC | 11,743 | 28,545 |
Mondi PLC | 2,643 | 40,246 |
National Grid PLC | 20,512 | 271,053 |
NatWest Group PLC | 30,926 | 94,577 |
Next PLC | 660 | 57,836 |
Ocado Group PLC* | 3,089 | 22,283 |
Pearson PLC | 3,709 | 38,720 |
Persimmon PLC | 1,943 | 25,305 |
Phoenix Group Holdings PLC | 4,526 | 30,568 |
Reckitt Benckiser Group PLC | 3,999 | 300,254 |
RELX PLC | 6,467 | 215,265 |
RELX PLC | 4,168 | 138,900 |
Rentokil Initial PLC | 14,597 | 114,010 |
Rio Tinto PLC | 6,371 | 403,385 |
Rolls-Royce Holdings PLC* | 45,897 | 88,046 |
Schroders PLC | 4,151 | 23,053 |
Segro PLC | 6,828 | 62,158 |
Severn Trent PLC | 1,481 | 48,263 |
Shell PLC | 38,435 | 1,143,432 |
Smith & Nephew PLC | 4,804 | 77,362 |
Smiths Group PLC | 2,084 | 43,511 |
Spirax-Sarco Engineering PLC | 418 | 55,024 |
SSE PLC | 6,037 | 141,149 |
St. James's Place PLC | 3,047 | 42,083 |
Standard Chartered PLC | 13,452 | 116,684 |
Taylor Wimpey PLC | 21,314 | 27,813 |
Tesco PLC | 40,498 | 127,758 |
The British Land Co., PLC | 4,595 | 17,670 |
The Sage Group PLC | 5,891 | 69,190 |
Unilever PLC | 7,884 | 410,270 |
Unilever PLC | 6,278 | 326,840 |
United Utilities Group PLC | 4,089 | 49,936 |
Vodafone Group PLC | 131,298 | 123,344 |
Number of Shares | Value† | |
COMMON STOCKS — (continued) | ||
United Kingdom — (continued) | ||
Whitbread PLC | 1,086 | $ 46,700 |
Wise PLC, Class A* | 3,518 | 29,363 |
WPP PLC | 6,325 | 66,142 |
12,099,229 | ||
TOTAL COMMON STOCKS (Cost $63,750,091) | 86,983,826 | |
PREFERRED STOCKS — 0.5% | ||
Germany — 0.5% | ||
Bayerische Motoren Werke AG | 341 | 38,773 |
Dr. Ing. h.c. F. Porsche AG | 628 | 77,950 |
Henkel AG & Co., KGaA | 924 | 73,866 |
Porsche Automobil Holding S.E. | 835 | 50,259 |
Sartorius AG | 146 | 50,519 |
Volkswagen AG | 1,180 | 158,299 |
TOTAL PREFERRED STOCKS (Cost $405,240) | 449,666 | |
SHORT-TERM INVESTMENTS — 1.1% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,006,295) | 1,006,295 | 1,006,295 |
TOTAL INVESTMENTS — 98.6% (Cost $65,161,626) | $ 88,439,787 | |
Other Assets & Liabilities — 1.4% | 1,231,780 | |
TOTAL NET ASSETS — 100.0% | $ 89,671,567 |
† | See Security Valuation Note. |
* | Non-income producing security. |
A/S— Aktieselskab. |
AB— Aktiebolag. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
ASA— Allmennaksjeselskap. |
K.K.— Kabushiki Kaisha |
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. |
Country Weightings as of 6/30/2023†† | |
Japan | 22% |
United Kingdom | 14 |
France | 12 |
Switzerland | 11 |
Germany | 8 |
Australia | 7 |
Netherlands | 5 |
Other | 21 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Advertising | 0.3% | $ 224,298 |
Aerospace & Defense | 1.6% | 1,412,552 |
Agriculture | 0.8% | 675,579 |
Airlines | 0.2% | 141,877 |
Apparel | 2.7% | 2,349,320 |
Auto Manufacturers | 3.4% | 2,925,371 |
Auto Parts & Equipment | 0.7% | 647,567 |
Banks | 10.3% | 8,940,355 |
Beverages | 2.1% | 1,849,440 |
Biotechnology | 0.9% | 800,055 |
Building Materials | 1.9% | 1,640,658 |
Chemicals | 2.8% | 2,454,131 |
Commercial Services | 2.7% | 2,388,721 |
Computers | 1.1% | 925,698 |
Cosmetics & Personal Care | 2.2% | 1,951,799 |
Distribution & Wholesale | 1.5% | 1,340,109 |
Diversified Financial Services | 1.6% | 1,409,756 |
Electric | 2.8% | 2,444,176 |
Electrical Components & Equipment | 0.9% | 779,012 |
Electronics | 1.7% | 1,464,543 |
Energy-Alternate Sources | 0.2% | 164,209 |
Engineering & Construction | 1.3% | 1,085,536 |
Entertainment | 1.1% | 920,537 |
Environmental Control | 0.0% | 22,845 |
Food | 4.6% | 3,962,101 |
Food Service | 0.4% | 325,258 |
Forest Products & Paper | 0.2% | 212,398 |
Gas | 0.3% | 292,088 |
Hand & Machine Tools | 0.4% | 312,252 |
Healthcare Products | 2.1% | 1,853,379 |
Healthcare Services | 0.7% | 573,004 |
Holding Companies | 0.1% | 60,912 |
Home Builders | 0.4% | 328,064 |
Home Furnishings | 1.0% | 851,724 |
Household Products & Wares | 0.4% | 344,032 |
Insurance | 5.1% | 4,390,348 |
Internet | 1.0% | 871,842 |
Investment Companies | 0.6% | 482,852 |
Iron & Steel | 0.5% | 442,434 |
Leisure Time | 0.2% | 142,651 |
Lodging | 0.3% | 284,261 |
Machinery — Construction & Mining | 1.2% | 1,036,400 |
Machinery — Diversified | 2.2% | 1,937,780 |
Media | 0.4% | 362,759 |
Metal Fabricate/Hardware | 0.2% | 167,444 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Mining | 2.8% | $ 2,436,663 | |
Miscellaneous Manufacturing | 1.2% | 1,062,430 | |
Office & Business Equipment | 0.2% | 170,840 | |
Oil & Gas | 4.2% | 3,685,655 | |
Oil & Gas Services | 0.0% | 15,347 | |
Packaging and Containers | 0.1% | 121,991 | |
Pharmaceuticals | 9.3% | 8,120,681 | |
Pipelines | 0.1% | 41,493 | |
Private Equity | 0.4% | 342,204 | |
Real Estate | 1.0% | 857,631 | |
Real Estate Investment Trusts | 1.1% | 987,952 | |
Retail | 2.1% | 1,826,397 | |
Semiconductors | 3.5% | 3,079,967 | |
Shipbuilding | 0.0% | 22,742 | |
Software | 1.6% | 1,417,244 | |
Telecommunications | 2.9% | 2,560,806 | |
Toys, Games & Hobbies | 0.4% | 338,592 | |
Transportation | 1.7% | 1,482,484 | |
Water | 0.3% | 220,580 | |
100.0% | $86,983,826 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Australia | $ 6,309,207 | $ 6,309,207 | $ — | $— |
Austria | 161,417 | 161,417 | — | — |
Belgium | 685,170 | 685,170 | — | — |
Chile | 39,095 | 39,095 | — | — |
Denmark | 2,687,361 | 2,687,361 | — | — |
Finland | 959,254 | 959,254 | — | — |
France | 10,528,484 | 10,528,484 | — | — |
Germany | 7,031,738 | 7,031,738 | — | — |
Hong Kong | 2,348,034 | 2,348,034 | — | — |
Ireland | 1,054,590 | 1,054,590 | — | — |
Israel | 541,314 | 541,314 | — | — |
Italy | 1,888,907 | 1,888,907 | — | — |
Japan | 19,569,726 | 19,569,726 | — | — |
Jordan | 20,744 | 20,744 | — | — |
Luxembourg | 160,180 | 160,180 | — | — |
Macao | 44,977 | 44,977 | — | — |
Netherlands | 4,336,066 | 4,336,066 | — | — |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
New Zealand | $ 219,870 | $ 219,870 | $ — | $— |
Norway | 552,301 | 552,301 | — | — |
Portugal | 150,513 | 150,513 | — | — |
Singapore | 1,234,935 | 1,234,935 | — | — |
Spain | 2,227,842 | 2,227,842 | — | — |
Sweden | 2,650,827 | 2,650,827 | — | — |
Switzerland | 9,482,045 | 9,482,045 | — | — |
United Arab Emirates | — | — | — | — |
United Kingdom | 12,099,229 | 12,099,229 | — | — |
Total Common Stocks | $ 86,983,826 | $ 86,983,826 | $ — | $ — |
Preferred Stocks | ||||
Germany | 449,666 | 449,666 | — | — |
Total Preferred Stocks | $ 449,666 | $ 449,666 | $ — | $ — |
Short-Term Investments | 1,006,295 | 1,006,295 | — | — |
Total Investments | $ 88,439,787 | $ 88,439,787 | $ — | $ — |
Other Financial Instruments(1) | ||||
Forward Foreign Currency Contracts | $ 8,494 | $ — | $8,494 | $— |
Total Assets—Other Financial Instruments | $ 8,494 | $ — | $ 8,494 | $ — |
LIABILITIES TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Other Financial Instruments(1) | ||||
Futures Contracts | $ (659) | $(659) | $ — | $— |
Forward Foreign Currency Contracts | (8,067) | — | (8,067) | — |
Total Liabilities—Other Financial Instruments | $ (8,726) | $ (659) | $ (8,067) | $ — |
(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 | Euro | Westpac | 09/14/23 | (200,000) | 0.91298 | $(216,038) | $(219,063) | $— | $(3,025) |
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 | Westpac | 09/14/23 | (33,800,000) | 142.60822 | $(245,507) | $(237,013) | $8,494 | $— | ||||||||
Sell | Swiss Franc | Westpac | 09/14/23 | (310,000) | 0.88797 | (344,069) | (349,111) | — | (5,042) | ||||||||
Total | $8,494 | $(8,067) |
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 | 09/15/23 | 19 | 50 | $2,156 | $2,047,725 | $— | $(659) | ||||||||
$— | $(659) |
Number of Shares | Value† | |
COMMON STOCKS — 96.6% | ||
Canada — 10.5% | ||
Canadian National Railway Co. | 35,272 | $ 4,271,247 |
Constellation Software, Inc. | 8,360 | 17,321,150 |
Intact Financial Corp. | 46,522 | 7,183,015 |
28,775,412 | ||
China — 2.6% | ||
Yum China Holdings, Inc. | 124,272 | 7,003,384 |
France — 9.4% | ||
Air Liquide S.A. | 39,523 | 7,081,535 |
EssilorLuxottica S.A. | 21,585 | 4,065,343 |
Hermes International | 3,307 | 7,181,111 |
L'Oreal S.A. | 15,761 | 7,345,438 |
25,673,427 | ||
Hong Kong — 1.0% | ||
Hong Kong Exchanges & Clearing Ltd. | 69,272 | 2,609,634 |
India — 1.6% | ||
Tata Consultancy Services Ltd. | 109,784 | 4,419,195 |
Ireland — 6.7% | ||
Experian PLC | 226,113 | 8,666,594 |
Flutter Entertainment PLC* | 48,206 | 9,691,990 |
18,358,584 | ||
Italy — 4.2% | ||
Ferrari N.V. | 34,754 | 11,358,108 |
Japan — 6.8% | ||
Hoya Corp. | 29,686 | 3,512,862 |
Keyence Corp. | 12,133 | 5,705,146 |
Obic Co., Ltd. | 58,748 | 9,380,463 |
18,598,471 | ||
Netherlands — 3.3% | ||
IMCD N.V. | 24,420 | 3,509,424 |
Wolters Kluwer N.V. | 44,026 | 5,587,188 |
9,096,612 | ||
Spain — 3.9% | ||
Amadeus IT Group S.A.* | 139,105 | 10,579,859 |
Sweden — 1.2% | ||
Epiroc AB, Class A | 180,154 | 3,405,861 |
Switzerland — 9.6% | ||
Alcon, Inc. | 133,782 | 11,075,634 |
Lonza Group AG | 8,862 | 5,281,259 |
Nestle S.A. | 82,562 | 9,925,335 |
26,282,228 | ||
Taiwan — 2.8% | ||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 76,474 | 7,717,756 |
United Kingdom — 22.7% | ||
Ashtead Group PLC | 105,882 | 7,320,554 |
Diageo PLC | 140,712 | 6,038,416 |
Halma PLC | 259,575 | 7,506,364 |
Number of Shares | Value† | |
United Kingdom — (continued) | ||
London Stock Exchange Group PLC | 122,720 | $ 13,038,779 |
RELX PLC | 453,427 | 15,093,089 |
Rentokil Initial PLC | 1,175,589 | 9,181,938 |
Spirax-Sarco Engineering PLC | 30,989 | 4,079,253 |
62,258,393 | ||
United States — 10.3% | ||
Aon PLC, Class A | 30,071 | 10,380,509 |
Mastercard, Inc., Class A | 28,621 | 11,256,639 |
Mettler-Toledo International, Inc.* | 3,915 | 5,135,071 |
Schlumberger N.V. | 28,296 | 1,389,900 |
28,162,119 | ||
TOTAL COMMON STOCKS (Cost $236,357,302) | 264,299,043 | |
SHORT-TERM INVESTMENTS — 3.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $8,159,148) | 8,159,148 | 8,159,148 |
TOTAL INVESTMENTS — 99.6% (Cost $244,516,450) | $ 272,458,191 | |
Other Assets & Liabilities — 0.4% | 1,209,178 | |
TOTAL NET ASSETS — 100.0% | $ 273,667,369 |
† | See Security Valuation Note. |
* | Non-income producing security. |
AB— Aktiebolag. |
ADR— American Depositary Receipt. |
AG— Aktiengesellschaft. |
N.V.— Naamloze Vennootschap. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
Country Weightings as of 6/30/2023†† | |
United Kingdom | 23% |
United States | 13 |
Canada | 10 |
Switzerland | 10 |
France | 9 |
Japan | 7 |
Ireland | 7 |
Other | 21 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Apparel | 2.7% | $ 7,181,111 |
Auto Manufacturers | 4.3% | 11,358,108 |
Beverages | 2.3% | 6,038,416 |
Chemicals | 2.7% | 7,081,535 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Commercial Services | 19.2% | $ 50,842,034 | |
Computers | 5.2% | 13,799,658 | |
Cosmetics & Personal Care | 2.8% | 7,345,438 | |
Distribution & Wholesale | 1.3% | 3,509,424 | |
Diversified Financial Services | 10.2% | 26,905,052 | |
Electronics | 6.1% | 16,154,297 | |
Entertainment | 3.7% | 9,691,990 | |
Food | 3.8% | 9,925,335 | |
Healthcare Products | 5.7% | 15,140,977 | |
Healthcare Services | 2.0% | 5,281,259 | |
Insurance | 6.6% | 17,563,524 | |
Machinery — Construction & Mining | 1.3% | 3,405,861 | |
Machinery — Diversified | 3.7% | 9,784,399 | |
Media | 2.1% | 5,587,188 | |
Oil & Gas Services | 0.5% | 1,389,900 | |
Retail | 2.7% | 7,003,384 | |
Semiconductors | 2.9% | 7,717,756 | |
Software | 6.6% | 17,321,150 | |
Transportation | 1.6% | 4,271,247 | |
100.0% | $264,299,043 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Canada | $ 28,775,412 | $ 28,775,412 | $— | $— |
China | 7,003,384 | 7,003,384 | — | — |
France | 25,673,427 | 25,673,427 | — | — |
Hong Kong | 2,609,634 | 2,609,634 | — | — |
India | 4,419,195 | 4,419,195 | — | — |
Ireland | 18,358,584 | 18,358,584 | — | — |
Italy | 11,358,108 | 11,358,108 | — | — |
Japan | 18,598,471 | 18,598,471 | — | — |
Netherlands | 9,096,612 | 9,096,612 | — | — |
Spain | 10,579,859 | 10,579,859 | — | — |
Sweden | 3,405,861 | 3,405,861 | — | — |
Switzerland | 26,282,228 | 26,282,228 | — | — |
Taiwan | 7,717,756 | 7,717,756 | — | — |
United Kingdom | 62,258,393 | 62,258,393 | — | — |
United States | 28,162,119 | 28,162,119 | — | — |
Total Common Stocks | $ 264,299,043 | $ 264,299,043 | $ — | $ — |
Short-Term Investments | 8,159,148 | 8,159,148 | — | — |
Total Investments | $ 272,458,191 | $ 272,458,191 | $ — | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 98.1% | ||
Brazil — 7.3% | ||
Banco BTG Pactual S.A. | 178,074 | $ 1,173,722 |
Lojas Renner S.A. | 261,163 | 1,094,133 |
Raia Drogasil S.A. | 397,182 | 2,449,519 |
TOTVS S.A. | 245,569 | 1,544,230 |
WEG S.A. | 67,852 | 535,935 |
6,797,539 | ||
China — 27.4% | ||
Alibaba Group Holding Ltd.* | 137,560 | 1,425,456 |
Alibaba Group Holding Ltd., ADR* | 25,983 | 2,165,683 |
Chacha Food Co., Ltd., Class A | 174,139 | 996,066 |
China Tourism Group Duty Free Corp. Ltd., Class A | 40,193 | 611,578 |
ENN Energy Holdings Ltd. | 82,007 | 1,021,425 |
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 53,748 | 346,651 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 321,594 | 1,253,783 |
JD.com, Inc., Class A | 58,711 | 992,003 |
Kweichow Moutai Co., Ltd., Class A | 5,394 | 1,255,671 |
Meituan, Class B* | 71,723 | 1,119,413 |
Midea Group Co., Ltd., Class A | 156,043 | 1,265,692 |
NetEase, Inc. | 35,655 | 694,353 |
NetEase, Inc., ADR | 6,545 | 632,836 |
Shanghai M&G Stationery, Inc., Class A | 174,060 | 1,069,657 |
Shenzhen Inovance Technology Co., Ltd., Class A | 93,936 | 830,340 |
Shenzhou International Group Holdings Ltd. | 93,795 | 894,739 |
Tencent Holdings Ltd. | 121,088 | 5,124,143 |
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 215,346 | 1,072,276 |
Yum China Holdings, Inc. | 26,868 | 1,518,042 |
Yum China Holdings, Inc. | 18,816 | 1,060,381 |
25,350,188 | ||
Colombia — 0.7% | ||
Bancolombia S.A., ADR | 23,806 | 635,144 |
Hong Kong — 4.1% | ||
Galaxy Entertainment Group Ltd.* | 101,680 | 644,908 |
Hong Kong Exchanges & Clearing Ltd. | 55,019 | 2,072,691 |
Techtronic Industries Co., Ltd. | 101,272 | 1,100,474 |
3,818,073 | ||
India — 20.2% | ||
Cipla Ltd. | 96,681 | 1,196,134 |
Eicher Motors Ltd. | 60,012 | 2,618,952 |
Hindustan Unilever Ltd. | 37,263 | 1,216,485 |
Housing Development Finance Corp. Ltd. | 131,241 | 4,514,535 |
Infosys Ltd. | 116,081 | 1,889,728 |
Kotak Mahindra Bank Ltd. | 66,185 | 1,489,755 |
Power Grid Corp. of India Ltd. | 314,102 | 976,923 |
Reliance Industries Ltd. | 76,276 | 2,371,182 |
Tata Consultancy Services Ltd. | 22,579 | 908,885 |
Titan Co., Ltd. | 29,030 | 1,078,466 |
Number of Shares | Value† | |
India — (continued) | ||
Voltas Ltd. | 48,608 | $ 450,166 |
18,711,211 | ||
Indonesia — 7.3% | ||
Avia Avian Tbk PT | 24,307,872 | 1,078,188 |
Bank Central Asia Tbk PT | 2,624,509 | 1,601,751 |
Bank Rakyat Indonesia Persero Tbk PT | 7,697,884 | 2,785,461 |
Telekom Indonesia Persero Tbk PT | 4,976,157 | 1,327,639 |
6,793,039 | ||
Macao — 1.6% | ||
Sands China Ltd.* | 421,997 | 1,437,892 |
Mexico — 3.8% | ||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 23,671 | 426,001 |
Wal-Mart de Mexico S.A.B. de C.V. | 768,608 | 3,048,478 |
3,474,479 | ||
Netherlands — 2.2% | ||
Heineken N.V. | 19,446 | 1,998,450 |
Singapore — 0.9% | ||
United Overseas Bank Ltd. | 42,173 | 873,147 |
South Africa — 1.6% | ||
Clicks Group Ltd. | 106,781 | 1,482,410 |
South Korea — 7.3% | ||
Orion Corp. | 15,042 | 1,369,893 |
Samsung Electronics Co., Ltd. | 83,133 | 4,555,233 |
Samsung SDI Co., Ltd. | 1,673 | 849,419 |
6,774,545 | ||
Taiwan — 10.4% | ||
Accton Technology Corp. | 72,526 | 812,714 |
Airtac International Group | 23,870 | 785,588 |
President Chain Store Corp. | 276,873 | 2,511,410 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 297,794 | 5,507,533 |
9,617,245 | ||
Thailand — 1.1% | ||
SCB X PCL | 353,783 | 1,062,696 |
United Arab Emirates — 1.6% | ||
Americana Restaurants International PLC | 1,312,883 | 1,511,978 |
Uruguay — 0.6% | ||
MercadoLibre, Inc.* | 462 | 547,285 |
TOTAL COMMON STOCKS (Cost $97,231,990) | 90,885,321 |
Number of Shares | Value† | |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $554,608) | 554,608 | $ 554,608 |
TOTAL INVESTMENTS — 98.7% (Cost $97,786,598) | $ 91,439,929 | |
Other Assets & Liabilities — 1.3% | 1,208,935 | |
TOTAL NET ASSETS — 100.0% | $ 92,648,864 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ADR— American Depositary Receipt. |
N.V.— Naamloze Vennootschap. |
PCL— Public Company Limited. |
PLC— Public Limited Company. |
S.A.— Societe Anonyme. |
S.A.B. de C.V.— Sociedad Anonima de Capital Variable. |
Tbk PT— Terbuka Perseroan Terbatas. |
Country Weightings as of 6/30/2023†† | |
China | 28% |
India | 20 |
Taiwan | 10 |
Brazil | 7 |
Indonesia | 7 |
South Korea | 7 |
Hong Kong | 4 |
Other | 17 |
Total | 100% |
†† | % of total investments as of June 30, 2023. |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† |
Apparel | 1.0% | $ 894,739 |
Banks | 9.3% | 8,447,954 |
Beverages | 3.6% | 3,254,121 |
Building Materials | 0.5% | 450,166 |
Chemicals | 1.2% | 1,078,188 |
Computers | 3.1% | 2,798,613 |
Diversified Financial Services | 8.5% | 7,760,948 |
Electric | 1.1% | 976,923 |
Electrical Components & Equipment | 1.2% | 1,072,276 |
Electronics | 0.9% | 830,340 |
Engineering & Construction | 0.5% | 426,001 |
Food | 4.3% | 3,966,393 |
Gas | 1.1% | 1,021,425 |
Hand & Machine Tools | 1.2% | 1,100,474 |
Home Furnishings | 1.4% | 1,265,692 |
Household Products & Wares | 1.3% | 1,216,485 |
Internet | 12.5% | 11,373,983 |
Leisure Time | 2.9% | 2,618,952 |
Lodging | 2.3% | 2,082,800 |
Machinery — Diversified | 0.6% | 535,935 |
COMMON STOCKS INDUSTRY DIVERSIFICATION | % of Market Value | Value† | |
Miscellaneous Manufacturing | 0.9% | $ 785,588 | |
Oil & Gas | 2.6% | 2,371,182 | |
Pharmaceuticals | 1.3% | 1,196,134 | |
Retail | 19.2% | 17,436,052 | |
Semiconductors | 11.1% | 10,062,766 | |
Software | 3.1% | 2,871,419 | |
Telecommunications | 3.3% | 2,989,772 | |
100.0% | $ 90,885,321 |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | ||||
Brazil | $ 6,797,539 | $ 6,797,539 | $ — | $— |
China | 25,350,188 | 25,350,188 | — | — |
Colombia | 635,144 | 635,144 | — | — |
Hong Kong | 3,818,073 | 3,818,073 | — | — |
India | 18,711,211 | 18,711,211 | — | — |
Indonesia | 6,793,039 | 6,793,039 | — | — |
Macao | 1,437,892 | 1,437,892 | — | — |
Mexico | 3,474,479 | 3,474,479 | — | — |
Netherlands | 1,998,450 | 1,998,450 | — | — |
Singapore | 873,147 | 873,147 | — | — |
South Africa | 1,482,410 | 1,482,410 | — | — |
South Korea | 6,774,545 | 6,774,545 | — | — |
Taiwan | 9,617,245 | 9,617,245 | — | — |
Thailand | 1,062,696 | — | 1,062,696 | — |
United Arab Emirates | 1,511,978 | 1,511,978 | — | — |
Uruguay | 547,285 | 547,285 | — | — |
Total Common Stocks | $ 90,885,321 | $ 89,822,625 | $ 1,062,696 | $ — |
Short-Term Investments | 554,608 | 554,608 | — | — |
Total Investments | $ 91,439,929 | $ 90,377,233 | $ 1,062,696 | $ — |
Number of Shares | Value† | |
COMMON STOCKS — 2.7% | ||
Lodging — 0.9% | ||
Boyd Gaming Corp. | 12,431 | $ 862,339 |
Real Estate — 1.8% | ||
Jones Lang LaSalle, Inc.* | 11,865 | 1,848,567 |
TOTAL COMMON STOCKS (Cost $2,094,069) | 2,710,906 | |
REAL ESTATE INVESTMENT TRUSTS — 96.5% | ||
Apartments — 20.1% | ||
American Homes 4 Rent, Class A | 66,224 | 2,347,641 |
Apartment Income REIT Corp. | 37,000 | 1,335,330 |
Camden Property Trust | 32,584 | 3,547,420 |
Essex Property Trust, Inc. | 6,432 | 1,507,018 |
Invitation Homes, Inc. | 160,190 | 5,510,536 |
Mid-America Apartment Communities, Inc. | 24,110 | 3,661,344 |
UDR, Inc. | 58,196 | 2,500,100 |
20,409,389 | ||
Diversified — 24.6% | ||
American Tower Corp. | 24,912 | 4,831,433 |
Crown Castle, Inc. | 39,566 | 4,508,150 |
Digital Realty Trust, Inc. | 53,319 | 6,071,434 |
Equinix, Inc. | 6,440 | 5,048,574 |
SBA Communications Corp. | 16,681 | 3,865,989 |
Weyerhaeuser Co. | 19,013 | 637,126 |
24,962,706 | ||
Healthcare — 10.5% | ||
Healthcare Realty Trust, Inc. | 158,836 | 2,995,647 |
Medical Properties Trust, Inc. | 116,622 | 1,079,920 |
Welltower, Inc. | 81,113 | 6,561,230 |
10,636,797 | ||
Hotels & Resorts — 0.7% | ||
Host Hotels & Resorts, Inc. | 44,129 | 742,691 |
Industrial — 13.5% | ||
Americold Realty Trust, Inc. | 107,290 | 3,465,467 |
Prologis, Inc. | 83,209 | 10,203,920 |
13,669,387 | ||
Manufactured Homes — 3.9% | ||
Sun Communities, Inc. | 30,117 | 3,929,064 |
Office Property — 1.6% | ||
Highwoods Properties, Inc. | 66,770 | 1,596,471 |
Regional Malls — 6.0% | ||
Simon Property Group, Inc. | 53,146 | 6,137,300 |
Single Tenant — 6.8% | ||
Realty Income Corp. | 81,858 | 4,894,290 |
Spirit Realty Capital, Inc. | 49,777 | 1,960,218 |
6,854,508 | ||
Storage & Warehousing — 6.5% | ||
Extra Space Storage, Inc. | 9,254 | 1,377,458 |
Number of Shares | Value† | |
Storage & Warehousing — (continued) | ||
Iron Mountain, Inc. | 44,121 | $ 2,506,955 |
Public Storage | 9,317 | 2,719,446 |
6,603,859 | ||
Strip Centers — 2.3% | ||
Kimco Realty Corp. | 117,224 | 2,311,657 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $99,914,556) | 97,853,829 |
SHORT-TERM INVESTMENTS — 0.6% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $632,713) | 632,713 | 632,713 |
TOTAL INVESTMENTS — 99.8% (Cost $102,641,338) | $ 101,197,448 | |
Other Assets & Liabilities — 0.2% | 161,400 | |
TOTAL NET ASSETS — 100.0% | $ 101,358,848 |
† | See Security Valuation Note. |
* | Non-income producing security. |
REIT— Real Estate Investment Trust. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Common Stocks | $ 2,710,906 | $ 2,710,906 | $— | $— |
Real Estate Investment Trusts | 97,853,829 | 97,853,829 | — | — |
Short-Term Investments | 632,713 | 632,713 | — | — |
Total Investments | $ 101,197,448 | $ 101,197,448 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 65.0% | ||
Penn Series Flexibly Managed Fund* | 40,123 | $ 3,574,570 |
Penn Series Index 500 Fund* | 362,066 | 14,308,842 |
Penn Series Large Cap Growth Fund* | 16,469 | 596,504 |
Penn Series Large Cap Value Fund* | 85,205 | 3,580,316 |
Penn Series Large Core Value Fund* | 125,037 | 3,579,816 |
Penn Series Large Growth Stock Fund* | 8,906 | 597,335 |
Penn Series Mid Cap Growth Fund* | 32,363 | 1,212,636 |
Penn Series Mid Cap Value Fund* | 44,278 | 1,201,271 |
Penn Series Mid Core Value Fund* | 87,420 | 2,980,160 |
Penn Series Real Estate Securities Fund* | 60,539 | 1,790,144 |
Penn Series Small Cap Growth Fund* | 20,413 | 1,190,664 |
Penn Series Small Cap Index Fund* | 60,788 | 1,779,251 |
Penn Series SMID Cap Growth Fund* | 26,821 | 1,203,207 |
Penn Series SMID Cap Value Fund* | 34,271 | 1,199,138 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $31,271,152) | 38,793,854 | |
AFFILIATED FIXED INCOME FUNDS — 7.9% | ||
Penn Series Limited Maturity Bond Fund* | 45,224 | 592,438 |
Penn Series Quality Bond Fund* | 271,257 | 4,136,662 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $4,747,560) | 4,729,100 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.4% | ||
Penn Series Developed International Index Fund* | 315,358 | 5,238,102 |
Penn Series Emerging Markets Equity Fund* | 315,638 | 3,456,232 |
Penn Series International Equity Fund* | 179,477 | 7,039,093 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $14,070,504) | 15,733,427 | |
SHORT-TERM INVESTMENTS — 0.7% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $390,530) | 390,530 | 390,530 |
TOTAL INVESTMENTS — 100.0% (Cost $50,479,746) | $ 59,646,911 | |
Other Assets & Liabilities — (0.0)% | (4,128) | |
TOTAL NET ASSETS — 100.0% | $ 59,642,783 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $38,793,854 | $38,793,854 | $— | $— |
Affiliated Fixed Income Funds | 4,729,100 | 4,729,100 | — | — |
Affiliated International Equity Funds | 15,733,427 | 15,733,427 | — | — |
Short-Term Investments | 390,530 | 390,530 | — | — |
Total Investments | $ 59,646,911 | $ 59,646,911 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 60.1% | ||
Penn Series Flexibly Managed Fund* | 136,133 | $ 12,128,044 |
Penn Series Index 500 Fund* | 1,074,879 | 42,479,217 |
Penn Series Large Cap Growth Fund* | 55,876 | 2,023,844 |
Penn Series Large Cap Value Fund* | 289,090 | 12,147,554 |
Penn Series Large Core Value Fund* | 424,237 | 12,145,917 |
Penn Series Large Growth Stock Fund* | 30,217 | 2,026,652 |
Penn Series Mid Cap Growth Fund* | 109,805 | 4,114,381 |
Penn Series Mid Cap Value Fund* | 75,116 | 2,037,903 |
Penn Series Mid Core Value Fund* | 296,609 | 10,111,393 |
Penn Series Real Estate Securities Fund* | 205,404 | 6,073,788 |
Penn Series Small Cap Growth Fund* | 34,628 | 2,019,873 |
Penn Series Small Cap Index Fund* | 274,990 | 8,048,971 |
Penn Series SMID Cap Growth Fund* | 45,501 | 2,041,175 |
Penn Series SMID Cap Value Fund* | 116,278 | 4,068,568 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $92,394,345) | 121,467,280 | |
AFFILIATED FIXED INCOME FUNDS — 17.9% | ||
Penn Series Limited Maturity Bond Fund* | 920,647 | 12,060,480 |
Penn Series Quality Bond Fund* | 1,577,729 | 24,060,364 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $36,412,281) | 36,120,844 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 21.5% | ||
Penn Series Developed International Index Fund* | 832,177 | 13,822,464 |
Penn Series Emerging Markets Equity Fund* | 892,406 | 9,771,848 |
Penn Series International Equity Fund* | 507,442 | 19,901,867 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $37,617,176) | 43,496,179 | |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,016,148) | 1,016,148 | 1,016,148 |
TOTAL INVESTMENTS — 100.0% (Cost $167,439,950) | $ 202,100,451 | |
Other Assets & Liabilities — 0.0% | 29,705 | |
TOTAL NET ASSETS — 100.0% | $ 202,130,156 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $121,467,280 | $121,467,280 | $— | $— |
Affiliated Fixed Income Funds | 36,120,844 | 36,120,844 | — | — |
Affiliated International Equity Funds | 43,496,179 | 43,496,179 | — | — |
Short-Term Investments | 1,016,148 | 1,016,148 | — | — |
Total Investments | $ 202,100,451 | $ 202,100,451 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 46.1% | ||
Penn Series Flexibly Managed Fund* | 148,813 | $ 13,257,748 |
Penn Series Index 500 Fund* | 951,184 | 37,590,790 |
Penn Series Large Cap Growth Fund* | 61,080 | 2,212,337 |
Penn Series Large Cap Value Fund* | 158,007 | 6,639,451 |
Penn Series Large Core Value Fund* | 309,163 | 8,851,332 |
Penn Series Large Growth Stock Fund* | 33,032 | 2,215,425 |
Penn Series Mid Cap Growth Fund* | 120,031 | 4,497,560 |
Penn Series Mid Core Value Fund* | 324,231 | 11,053,047 |
Penn Series Real Estate Securities Fund* | 149,684 | 4,426,154 |
Penn Series Small Cap Index Fund* | 225,444 | 6,598,742 |
Penn Series SMID Cap Growth Fund* | 49,738 | 2,231,247 |
Penn Series SMID Cap Value Fund* | 63,552 | 2,223,690 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $75,145,063) | 101,797,523 | |
AFFILIATED FIXED INCOME FUNDS — 37.8% | ||
Penn Series High Yield Bond Fund* | 531,159 | 8,801,298 |
Penn Series Limited Maturity Bond Fund* | 1,509,625 | 19,776,093 |
Penn Series Quality Bond Fund* | 3,593,142 | 54,795,416 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $82,648,997) | 83,372,807 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.6% | ||
Penn Series Developed International Index Fund* | 519,808 | 8,634,005 |
Penn Series Emerging Markets Equity Fund* | 975,512 | 10,681,862 |
Penn Series International Equity Fund* | 388,289 | 15,228,687 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $30,328,279) | 34,544,554 | |
SHORT-TERM INVESTMENTS — 0.5% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $1,083,316) | 1,083,316 | 1,083,316 |
TOTAL INVESTMENTS — 100.0% (Cost $189,205,655) | $ 220,798,200 | |
Other Assets & Liabilities — (0.0)% | (35,128) | |
TOTAL NET ASSETS — 100.0% | $ 220,763,072 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $101,797,523 | $101,797,523 | $— | $— |
Affiliated Fixed Income Funds | 83,372,807 | 83,372,807 | — | — |
Affiliated International Equity Funds | 34,544,554 | 34,544,554 | — | — |
Short-Term Investments | 1,083,316 | 1,083,316 | — | — |
Total Investments | $ 220,798,200 | $ 220,798,200 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 32.9% | ||
Penn Series Flexibly Managed Fund* | 71,322 | $ 6,354,112 |
Penn Series Index 500 Fund* | 201,126 | 7,948,493 |
Penn Series Large Cap Growth Fund* | 21,956 | 795,252 |
Penn Series Large Cap Value Fund* | 56,797 | 2,386,622 |
Penn Series Large Core Value Fund* | 111,133 | 3,181,725 |
Penn Series Mid Core Value Fund* | 69,929 | 2,383,878 |
Penn Series Real Estate Securities Fund* | 53,807 | 1,591,071 |
Penn Series Small Cap Index Fund* | 27,014 | 790,692 |
Penn Series SMID Cap Value Fund* | 22,845 | 799,345 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $20,908,439) | 26,231,190 | |
AFFILIATED FIXED INCOME FUNDS — 56.4% | ||
Penn Series High Yield Bond Fund* | 238,658 | 3,954,560 |
Penn Series Limited Maturity Bond Fund* | 1,145,562 | 15,006,865 |
Penn Series Quality Bond Fund* | 1,704,859 | 25,999,101 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $45,674,443) | 44,960,526 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.7% | ||
Penn Series Developed International Index Fund* | 140,142 | 2,327,757 |
Penn Series Emerging Markets Equity Fund* | 140,266 | 1,535,912 |
Penn Series International Equity Fund* | 99,697 | 3,910,136 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $7,108,948) | 7,773,805 | |
SHORT-TERM INVESTMENTS — 0.9% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $759,204) | 759,204 | 759,204 |
TOTAL INVESTMENTS — 99.9% (Cost $74,451,034) | $ 79,724,725 | |
Other Assets & Liabilities — 0.1% | 47,262 | |
TOTAL NET ASSETS — 100.0% | $ 79,771,987 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 26,231,190 | $ 26,231,190 | $— | $— |
Affiliated Fixed Income Funds | 44,960,526 | 44,960,526 | — | — |
Affiliated International Equity Funds | 7,773,805 | 7,773,805 | — | — |
Short-Term Investments | 759,204 | 759,204 | — | — |
Total Investments | $ 79,724,725 | $ 79,724,725 | $ — | $ — |
Number of Shares | Value† | |
AFFILIATED EQUITY FUNDS — 19.7% | ||
Penn Series Flexibly Managed Fund* | 41,961 | $ 3,738,289 |
Penn Series Index 500 Fund* | 70,996 | 2,805,763 |
Penn Series Large Core Value Fund* | 49,037 | 1,403,916 |
Penn Series Mid Core Value Fund* | 27,427 | 934,999 |
Penn Series Real Estate Securities Fund* | 15,828 | 468,030 |
TOTAL AFFILIATED EQUITY FUNDS (Cost $7,611,643) | 9,350,997 | |
AFFILIATED FIXED INCOME FUNDS — 75.5% | ||
Penn Series High Yield Bond Fund* | 140,409 | 2,326,583 |
Penn Series Limited Maturity Bond Fund* | 1,064,163 | 13,940,537 |
Penn Series Quality Bond Fund* | 1,276,574 | 19,467,751 |
TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $36,940,353) | 35,734,871 | |
AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.9% | ||
Penn Series Developed International Index Fund* | 54,965 | 912,981 |
Penn Series International Equity Fund* | 11,731 | 460,083 |
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,219,975) | 1,373,064 | |
SHORT-TERM INVESTMENTS — 2.0% | ||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%) (Cost $923,250) | 923,250 | 923,250 |
TOTAL INVESTMENTS — 100.1% (Cost $46,695,221) | $ 47,382,182 | |
Other Assets & Liabilities — (0.1)% | (37,573) | |
TOTAL NET ASSETS — 100.0% | $ 47,344,609 |
† | See Security Valuation Note. |
* | Non-income producing security. |
ASSETS TABLE | ||||
Description | Total Market Value at 6/30/2023 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
Affiliated Equity Funds | $ 9,350,997 | $ 9,350,997 | $— | $— |
Affiliated Fixed Income Funds | 35,734,871 | 35,734,871 | — | — |
Affiliated International Equity Funds | 1,373,064 | 1,373,064 | — | — |
Short-Term Investments | 923,250 | 923,250 | — | — |
Total Investments | $ 47,382,182 | $ 47,382,182 | $ — | $ — |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
ASSETS: | |||||||
Investments at value | $ 150,176,436 | $ 186,085,189 | $ 403,488,663 | $ 127,129,881 | |||
Cash | — | 30 | 40 | 1,575,843 | |||
Initial margin held by broker for open futures | — | 391,499 | 1,215,201 | 8 | |||
Foreign currency at value | — | — | — | 111,205 | |||
Interest and dividends receivable | 361,426 | 1,303,375 | 2,631,397 | 2,063,456 | |||
Tax reclaims receivable | — | — | — | 36 | |||
Receivable for capital stock sold | — | 521,798 | 2,715,360 | 849,491 | |||
Futures variation margin receivable | — | — | 15,750 | — | |||
Other assets | 1,770 | 2,111 | 3,215 | 1,229 | |||
Total Assets | 150,539,632 | 188,304,002 | 410,069,626 | 131,731,149 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | — | — | 9,280,191 | 1,499,275 | |||
Payable for capital stock redeemed | — | 4,319 | 8,947 | 1,023 | |||
Futures variation margin payable | — | 30,938 | — | — | |||
Payable to investment adviser (See Note 3) | 40,254 | 74,029 | 142,595 | 49,468 | |||
Payable to the administrator (See Note 3) | 11,575 | 15,072 | 28,723 | 9,883 | |||
Other liabilities | 61,520 | 95,264 | 160,516 | 64,986 | |||
Total Liabilities | 113,349 | 219,622 | 9,620,972 | 1,624,635 | |||
NET ASSETS | $150,426,283 | $188,084,380 | $400,448,654 | $130,106,514 | |||
Investments at cost | $ 150,176,436 | $ 196,606,060 | $ 438,692,337 | $ 130,812,323 | |||
Foreign currency at cost | $ — | $ — | $ — | $ 112,601 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 150,426,283 | $ 200,277,287 | $ 458,667,278 | $ 137,237,223 | |||
Total distributable earnings (loss) | — | (12,192,907) | (58,218,624) | (7,130,709) | |||
NET ASSETS | $150,426,283 | $188,084,380 | $400,448,654 | $130,106,514 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 150,404,721 | ||||||
Shares outstanding, $0.10 par value, 250 million shares authorized | 26,258,286 | 7,852,161 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 14,356,282 | ||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 1.00 | $ 13.10 | $ 15.25 | $ 16.57 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ — | $ 74,722,938 | $ — | $ — | |||
Investments of unaffiliated issuers at value | 5,094,403,266 | 335,870 | 306,148,406 | 70,891,479 | |||
Cash | 396,711 | — | — | 500 | |||
Foreign currency at value | 315,032 | — | 5,726 | — | |||
Interest and dividends receivable | 14,891,901 | 46 | 53,764 | 36,767 | |||
Tax reclaims receivable | 192,916 | — | 3,046 | 23,607 | |||
Receivable for investment securities sold | 13,452,472 | — | — | — | |||
Other assets | 39,723 | 598 | 2,114 | 508 | |||
Total Assets | 5,123,692,021 | 75,059,452 | 306,213,056 | 70,952,861 | |||
LIABILITIES: | |||||||
Written options at value | 66,301,856 | — | — | — | |||
Payable for investment securities purchased | 92,184,690 | 4,259 | 674,351 | — | |||
Payable for capital stock redeemed | 1,993,170 | 109,280 | 4,228,598 | 359,238 | |||
Unrealized depreciation on unfunded loan commitments | 78,592 | — | — | — | |||
Payable to investment adviser (See Note 3) | 2,758,958 | — | 166,852 | 31,631 | |||
Payable to the administrator (See Note 3) | 362,295 | 5,482 | 21,159 | 5,062 | |||
Other liabilities | 1,735,096 | 35,958 | 151,441 | 42,077 | |||
Total Liabilities | 165,414,657 | 154,979 | 5,242,401 | 438,008 | |||
NET ASSETS | $4,958,277,364 | $74,904,473 | $300,970,655 | $70,514,853 | |||
Investments of affiliated issuers at cost | $ — | $ 54,347,866 | $ — | $ — | |||
Investments of unaffiliated issuers at cost | $ 4,767,087,250 | $ 335,870 | $ 205,963,980 | $ 51,208,081 | |||
Written options, premiums received | $ (43,924,869) | $ — | $ — | $ — | |||
Foreign currency at cost | $ 317,366 | $ — | $ 5,639 | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 4,643,769,659 | $ 51,077,432 | $ 192,999,941 | $ 47,688,538 | |||
Total distributable earnings (loss) | 314,507,705 | 23,827,041 | 107,970,714 | 22,826,315 | |||
NET ASSETS | $4,958,277,364 | $74,904,473 | $300,970,655 | $70,514,853 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 55,654,797 | 4,487,394 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,565,423 | 1,946,950 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 89.09 | $ 29.20 | $ 67.07 | $ 36.22 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
ASSETS: | |||||||
Investments at value | $ 112,467,068 | $ 164,517,151 | $ 156,952,140 | $ 707,698,954 | |||
Cash | 317,584 | 41,882 | — | — | |||
Initial margin held by broker for open futures | — | — | — | 100,797 | |||
Foreign currency at value | 345 | — | — | — | |||
Interest and dividends receivable | 56,193 | 179,766 | 104,468 | 466,574 | |||
Tax reclaims receivable | 12,165 | 162,676 | 46,525 | — | |||
Receivable for investment securities sold | — | 1,008,217 | 450,532 | — | |||
Receivable for capital stock sold | — | 293,958 | 211,596 | 2,555 | |||
Futures variation margin receivable | — | — | — | 23,625 | |||
Other assets | 823 | 1,475 | 1,310 | 5,155 | |||
Total Assets | 112,854,178 | 166,205,125 | 157,766,571 | 708,297,660 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | 494,954 | 2,343,681 | 583,586 | — | |||
Payable for capital stock redeemed | 191,481 | 2,124 | 2,290 | 2,908,888 | |||
Payable to investment adviser (See Note 3) | 52,227 | 88,147 | 84,917 | 72,247 | |||
Payable to the administrator (See Note 3) | 7,991 | 12,019 | 11,636 | 50,661 | |||
Other liabilities | 50,716 | 68,144 | 66,879 | 264,766 | |||
Total Liabilities | 797,369 | 2,514,115 | 749,308 | 3,296,562 | |||
NET ASSETS | $112,056,809 | $163,691,010 | $157,017,263 | $705,001,098 | |||
Investments at cost | $ 103,188,703 | $ 148,071,056 | $ 146,847,500 | $ 363,924,365 | |||
Foreign currency at cost | $ 344 | $ — | $ — | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 170,515,072 | $ 144,725,852 | $ 143,038,300 | $ 351,579,562 | |||
Total distributable earnings (loss) | (58,458,263) | 18,965,158 | 13,978,963 | 353,421,536 | |||
NET ASSETS | $112,056,809 | $163,691,010 | $157,017,263 | $705,001,098 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 3,895,492 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,017,524 | 5,484,739 | 17,837,869 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 27.89 | $ 42.02 | $ 28.63 | $ 39.52 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
ASSETS: | |||||||
Investments at value | $ 152,863,856 | $ 87,960,715 | $ 83,987,048 | $ 76,314,277 | |||
Cash | — | — | 500 | — | |||
Foreign currency at value | — | — | 104,200 | — | |||
Interest and dividends receivable | 49,220 | 105,968 | 166,412 | 25,153 | |||
Tax reclaims receivable | — | 282 | 36,808 | — | |||
Receivable for investment securities sold | 479,596 | — | 510,774 | 159,781 | |||
Receivable for capital stock sold | — | 97,334 | 292,450 | 62,660 | |||
Unrealized appreciation of forward foreign currency contracts | — | — | 2,883 | — | |||
Other assets | 1,092 | 729 | 694 | 597 | |||
Total Assets | 153,393,764 | 88,165,028 | 85,101,769 | 76,562,468 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | 309,044 | — | 776,780 | 34,551 | |||
Payable for capital stock redeemed | 439,498 | 3,883 | 2,057 | 445 | |||
Payable to investment adviser (See Note 3) | 84,821 | 38,190 | 46,777 | 45,641 | |||
Payable to the administrator (See Note 3) | 10,749 | 6,398 | 6,239 | 5,467 | |||
Unrealized depreciation of forward foreign currency contracts | — | — | 257 | — | |||
Other liabilities | 68,274 | 42,465 | 55,586 | 41,365 | |||
Total Liabilities | 912,386 | 90,936 | 887,696 | 127,469 | |||
NET ASSETS | $152,481,378 | $88,074,092 | $84,214,073 | $76,434,999 | |||
Investments at cost | $ 118,794,352 | $ 73,993,475 | $ 84,127,226 | $ 70,021,612 | |||
Foreign currency at cost | $ — | $ — | $ 104,195 | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 115,392,960 | $ 75,491,294 | $ 82,868,870 | $ 79,019,796 | |||
Total distributable earnings (loss) | 37,088,418 | 12,582,798 | 1,345,203 | (2,584,797) | |||
NET ASSETS | $152,481,378 | $88,074,092 | $84,214,073 | $76,434,999 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 4,068,968 | 3,246,156 | 2,470,701 | 1,703,781 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 37.47 | $ 27.13 | $ 34.09 | $ 44.86 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
ASSETS: | |||||||
Investments at value | $ 54,410,494 | $ 104,567,733 | $ 149,332,496 | $ 85,766,849 | |||
Cash | 8,151 | — | — | — | |||
Initial margin held by broker for open futures | — | — | — | 55,799 | |||
Interest and dividends receivable | 62,942 | 25,195 | 221,068 | 88,710 | |||
Tax reclaims receivable | — | 743 | 4,669 | — | |||
Receivable for investment securities sold | 257,363 | 3,745 | 1,183,306 | 26,237 | |||
Receivable for capital stock sold | 4,076 | 4,276 | 1,047,592 | — | |||
Futures variation margin receivable | — | — | — | 2,520 | |||
Other assets | 451 | 813 | 1,253 | 665 | |||
Total Assets | 54,743,477 | 104,602,505 | 151,790,384 | 85,940,780 | |||
LIABILITIES: | |||||||
Cash overdraft | — | — | — | 3,893 | |||
Payable for investment securities purchased | 28,196 | 99,085 | 831,111 | — | |||
Payable for capital stock redeemed | 6,330 | 28,436 | 9 | 20,472 | |||
Payable to investment adviser (See Note 3) | 36,854 | 61,908 | 87,375 | 20,786 | |||
Payable to the administrator (See Note 3) | 3,943 | 7,505 | 11,015 | 6,141 | |||
Other liabilities | 35,381 | 46,574 | 76,215 | 67,463 | |||
Total Liabilities | 110,704 | 243,508 | 1,005,725 | 118,755 | |||
NET ASSETS | $54,632,773 | $104,358,997 | $150,784,659 | $85,822,025 | |||
Investments at cost | $ 53,504,001 | $ 75,109,007 | $ 147,776,135 | $ 85,807,737 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 52,671,491 | $ 73,467,655 | $ 151,763,405 | $ 85,140,065 | |||
Total distributable earnings (loss) | 1,961,282 | 30,891,342 | (978,746) | 681,960 | |||
NET ASSETS | $54,632,773 | $104,358,997 | $150,784,659 | $85,822,025 | |||
Shares outstanding, $0.10 par value, 500 million shares authorized | 1,561,410 | 3,427,145 | |||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 1,789,127 | 2,931,918 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 34.99 | $ 58.33 | $ 44.00 | $ 29.27 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
ASSETS: | |||||||
Investments at value | $ 88,439,787 | $ 272,458,191 | $ 91,439,929 | $ 101,197,448 | |||
Cash | — | 35 | — | — | |||
Initial margin held by broker for open futures | 69,919 | — | — | — | |||
Foreign currency at value | 271,527 | 62,131 | 25,985 | — | |||
Interest and dividends receivable | 151,004 | 212,813 | 228,250 | 250,356 | |||
Tax reclaims receivable | 532,544 | 677,809 | 26,504 | — | |||
Receivable for investment securities sold | — | 606,078 | 7,132 | — | |||
Receivable for capital stock sold | 317,587 | 119,576 | 1,209,869 | 285,677 | |||
Futures variation margin receivable | 24,035 | — | — | — | |||
Unrealized appreciation of forward foreign currency contracts | 8,494 | — | — | — | |||
Other assets | 617 | 2,112 | 798 | 791 | |||
Total Assets | 89,815,514 | 274,138,745 | 92,938,467 | 101,734,272 | |||
LIABILITIES: | |||||||
Payable for investment securities purchased | 10,408 | 38,423 | — | 260,117 | |||
Payable for capital stock redeemed | 2,481 | 88,932 | 1,980 | 1,110 | |||
Payable to investment adviser (See Note 3) | 22,056 | 179,030 | 66,039 | 56,888 | |||
Payable to the administrator (See Note 3) | 6,751 | 20,530 | 6,952 | 7,398 | |||
Deferred Indian capital gains tax | — | — | 96,820 | — | |||
Unrealized depreciation of forward foreign currency contracts | 8,067 | — | — | — | |||
Other liabilities | 94,184 | 144,461 | 117,812 | 49,911 | |||
Total Liabilities | 143,947 | 471,376 | 289,603 | 375,424 | |||
NET ASSETS | $89,671,567 | $273,667,369 | $92,648,864 | $101,358,848 | |||
Investments at cost | $ 65,161,626 | $ 244,516,450 | $ 97,786,598 | $ 102,641,338 | |||
Foreign currency at cost | $ 272,146 | $ 65,250 | $ 25,577 | $ — | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 65,317,936 | $ 257,886,319 | $ 111,167,701 | $ 99,280,314 | |||
Total distributable earnings (loss) | 24,353,631 | 15,781,050 | (18,518,837) | 2,078,534 | |||
NET ASSETS | $89,671,567 | $273,667,369 | $92,648,864 | $101,358,848 | |||
Shares outstanding, $0.10 par value, 250 million shares authorized | 6,978,329 | ||||||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 5,397,532 | 8,459,162 | 3,427,483 | ||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 16.61 | $ 39.22 | $ 10.95 | $ 29.57 |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
ASSETS: | |||||||
Investments of affiliated issuers at value | $ 59,256,381 | $ 201,084,303 | $ 219,714,884 | $ 78,965,521 | |||
Investments of unaffiliated issuers at value | 390,530 | 1,016,148 | 1,083,316 | 759,204 | |||
Interest and dividends receivable | 161 | 550 | 509 | 523 | |||
Receivable for investment securities sold | 3,689 | 20,269 | 12,854 | 5,140 | |||
Receivable for capital stock sold | 26,307 | 115,789 | 70,771 | 87,614 | |||
Other assets | 454 | 1,654 | 1,917 | 709 | |||
Total Assets | 59,677,522 | 202,238,713 | 220,884,251 | 79,818,711 | |||
LIABILITIES: | |||||||
Payable for capital stock redeemed | 1 | 3 | — | 18 | |||
Payable to investment adviser (See Note 3) | 5,787 | 19,688 | 21,509 | 7,816 | |||
Payable to the administrator (See Note 3) | 4,333 | 14,863 | 16,490 | 6,018 | |||
Other liabilities | 24,618 | 74,003 | 83,180 | 32,872 | |||
Total Liabilities | 34,739 | 108,557 | 121,179 | 46,724 | |||
NET ASSETS | $59,642,783 | $202,130,156 | $220,763,072 | $79,771,987 | |||
Investments of affiliated issuers at cost | $ 50,089,216 | $ 166,423,802 | $ 188,122,339 | $ 73,691,830 | |||
Investments of unaffiliated issuers at cost | $ 390,530 | $ 1,016,148 | $ 1,083,316 | $ 759,204 | |||
COMPONENTS OF NET ASSETS: | |||||||
Paid-in capital | $ 49,494,317 | $ 162,319,405 | $ 181,502,216 | $ 72,321,769 | |||
Total distributable earnings (loss) | 10,148,466 | 39,810,751 | 39,260,856 | 7,450,218 | |||
NET ASSETS | $59,642,783 | $202,130,156 | $220,763,072 | $79,771,987 | |||
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,360,613 | 7,796,957 | 9,968,633 | 4,125,116 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 25.27 | $ 25.92 | $ 22.15 | $ 19.34 |
Conservative Allocation Fund | |
ASSETS: | |
Investments of affiliated issuers at value | $ 46,458,932 |
Investments of unaffiliated issuers at value | 923,250 |
Interest and dividends receivable | 495 |
Receivable for investment securities sold | 3,108 |
Receivable for capital stock sold | 2,104 |
Other assets | 432 |
Total Assets | 47,388,321 |
LIABILITIES: | |
Payable for capital stock redeemed | 14,275 |
Payable to investment adviser (See Note 3) | 4,670 |
Payable to the administrator (See Note 3) | 3,584 |
Other liabilities | 21,183 |
Total Liabilities | 43,712 |
NET ASSETS | $47,344,609 |
Investments of affiliated issuers at cost | $ 45,771,971 |
Investments of unaffiliated issuers at cost | $ 923,250 |
COMPONENTS OF NET ASSETS: | |
Paid-in capital | $ 45,804,809 |
Total distributable earnings (loss) | 1,539,800 |
NET ASSETS | $47,344,609 |
Shares outstanding, $0.0001 par value, 250 million shares authorized | 2,903,836 |
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ 16.30 |
Money Market Fund | Limited Maturity Bond Fund | Quality Bond Fund | High Yield Bond Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 469,420 | $ 37,067 | $ 166,455 | $ 69,552 | |||
Interest | 3,110,168 | 4,599,618 | 7,980,359 | 4,259,028 | |||
Foreign taxes withheld | — | — | — | (3,084) | |||
Total Investment Income | 3,579,588 | 4,636,685 | 8,146,814 | 4,325,496 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 254,182 | 480,861 | 834,147 | 311,121 | |||
Shareholder servicing fees (See Note 3) | 69,322 | 94,318 | 167,057 | 60,872 | |||
Administration fees (See Note 3) | 23,108 | 31,439 | 55,686 | 20,291 | |||
Accounting fees (See Note 3) | 48,430 | 62,317 | 95,357 | 43,735 | |||
Directors’ fees and expenses | 5,514 | 7,518 | 12,048 | 4,687 | |||
Custodian fees and expenses | 5,946 | 8,037 | 12,826 | 4,930 | |||
Pricing fees | 4,347 | 11,393 | 12,540 | 10,733 | |||
Professional fees | 7,856 | 11,107 | 17,755 | 6,996 | |||
Printing fees | 6,253 | 8,488 | 13,283 | 5,551 | |||
Other expenses | 20,693 | 29,463 | 38,799 | 25,469 | |||
Total Expenses | 445,651 | 744,941 | 1,259,498 | 494,385 | |||
Net Investment Income (Loss) | 3,133,937 | 3,891,744 | 6,887,316 | 3,831,111 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | — | (1,474,109) | (4,394,450) | (1,420,605) | |||
Futures contracts | — | (131,611) | 179,537 | — | |||
Net realized gain (loss) | — | (1,605,720) | (4,214,913) | (1,420,605) | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | — | 4,142,203 | 7,524,764 | 4,218,241 | |||
Futures contracts | — | (910,806) | (1,751,372) | — | |||
Foreign currencies | — | — | — | 2,344 | |||
Net change in unrealized appreciation (depreciation) | — | 3,231,397 | 5,773,392 | 4,220,585 | |||
Net Realized and Unrealized Gain (Loss) | — | 1,625,677 | 1,558,479 | 2,799,980 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 3,133,937 | $ 5,517,421 | $ 8,445,795 | $ 6,631,091 |
Flexibly Managed Fund | Balanced Fund | Large Growth Stock Fund | Large Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 27,012,492 | $ 6,640 | $ 852,730 | $ 388,867 | |||
Interest | 46,007,924 | — | — | 2,887 | |||
Foreign taxes withheld | (251,313) | — | (19,646) | (7,151) | |||
Total Investment Income | 72,769,103 | 6,640 | 833,084 | 384,603 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 16,319,028 | — | 953,537 | 180,762 | |||
Shareholder servicing fees (See Note 3) | 2,135,967 | 32,451 | 120,629 | 29,579 | |||
Administration fees (See Note 3) | 711,989 | 10,817 | 40,210 | 9,860 | |||
Accounting fees (See Note 3) | 544,084 | 5,951 | 76,931 | 23,006 | |||
Directors’ fees and expenses | 156,621 | 2,374 | 8,273 | 2,109 | |||
Custodian fees and expenses | 166,594 | 2,497 | 9,323 | 2,348 | |||
Pricing fees | 12,796 | 1,458 | 4,076 | 2,847 | |||
Professional fees | 236,858 | 3,325 | 17,299 | 3,495 | |||
Printing fees | 165,023 | 3,156 | 9,635 | 2,885 | |||
Recaptured advisory fee (See Note 3) | — | — | — | 540 | |||
Other expenses | 357,739 | 15,166 | 53,512 | 37,748 | |||
Total Expenses | 20,806,699 | 77,195 | 1,293,425 | 295,179 | |||
Less: Waivers and reimbursement from advisor (See Note 3) | — | — | — | (2,673) | |||
Net Expenses | 20,806,699 | 77,195 | 1,293,425 | 292,506 | |||
Net Investment Income (Loss) | 51,962,404 | (70,555) | (460,341) | 92,097 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Affiliated Investments | — | 3,525,995 | — | — | |||
Unaffiliated investments | (12,922,677) | — | 9,428,803 | 3,167,340 | |||
Written options | 15,863,757 | — | — | — | |||
Foreign currencies | (140,392) | — | (2,636) | 155 | |||
Forward foreign currency contracts | — | — | 720 | — | |||
Net realized gain (loss) | 2,800,688 | 3,525,995 | 9,426,887 | 3,167,495 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Affiliated Investments | — | 4,027,441 | — | — | |||
Unaffiliated Investments | 489,835,161 | — | 69,138,963 | 6,942,787 | |||
Unfunded loan commitments | (78,592) | — | — | — | |||
Written options | (39,850,543) | — | — | — | |||
Foreign currencies | (3,578) | — | 397 | 986 | |||
Net change in unrealized appreciation (depreciation) | 449,902,448 | 4,027,441 | 69,139,360 | 6,943,773 | |||
Net Realized and Unrealized Gain (Loss) | 452,703,136 | 7,553,436 | 78,566,247 | 10,111,268 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $504,665,540 | $7,482,881 | $ 78,105,906 | $10,203,365 |
Large Core Growth Fund | Large Cap Value Fund | Large Core Value Fund | Index 500 Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 278,816 | $ 2,087,980 | $ 1,625,258 | $ 5,535,732 | |||
Foreign taxes withheld | (4,151) | (70,759) | (19,070) | (1,511) | |||
Total Investment Income | 274,665 | 2,017,221 | 1,606,188 | 5,534,221 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 312,808 | 540,522 | 524,357 | 416,135 | |||
Shareholder servicing fees (See Note 3) | 47,459 | 72,782 | 70,544 | 295,365 | |||
Administration fees (See Note 3) | 15,820 | 24,261 | 23,515 | 98,455 | |||
Accounting fees (See Note 3) | 36,250 | 50,352 | 49,109 | 135,061 | |||
Directors’ fees and expenses | 3,329 | 5,541 | 5,167 | 21,226 | |||
Custodian fees and expenses | 3,804 | 6,049 | 5,547 | 21,144 | |||
Pricing fees | 1,848 | 3,558 | 1,984 | 5,838 | |||
Professional fees | 5,454 | 8,712 | 8,433 | 32,640 | |||
Printing fees | 4,323 | 6,494 | 6,147 | 22,857 | |||
Other expenses | 33,847 | 36,488 | 34,108 | 88,138 | |||
Total Expenses | 464,942 | 754,759 | 728,911 | 1,136,859 | |||
Net Investment Income (Loss) | (190,277) | 1,262,462 | 877,277 | 4,397,362 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | (28,363,871) | 2,171,139 | 3,848,683 | 12,286,594 | |||
Futures contracts | — | — | — | 41,194 | |||
Foreign currencies | (18,148) | — | — | — | |||
Net realized gain (loss) | (28,382,019) | 2,171,139 | 3,848,683 | 12,327,788 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 51,682,651 | 2,294,744 | (743,440) | 86,107,070 | |||
Futures contracts | — | — | — | 229,876 | |||
Foreign currencies | 109 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | 51,682,760 | 2,294,744 | (743,440) | 86,336,946 | |||
Net Realized and Unrealized Gain (Loss) | 23,300,741 | 4,465,883 | 3,105,243 | 98,664,734 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 23,110,464 | $ 5,728,345 | $3,982,520 | $103,062,096 |
Mid Cap Growth Fund | Mid Cap Value Fund | Mid Core Value Fund | SMID Cap Growth Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 407,020 | $ 822,607 | $ 1,235,799 | $ 234,355 | |||
Foreign taxes withheld | — | (1,726) | (35,361) | (219) | |||
Total Investment Income | 407,020 | 820,881 | 1,200,438 | 234,136 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 499,772 | 239,188 | 292,525 | 272,803 | |||
Shareholder servicing fees (See Note 3) | 64,256 | 39,140 | 38,155 | 32,736 | |||
Administration fees (See Note 3) | 21,419 | 13,047 | 12,719 | 10,912 | |||
Accounting fees (See Note 3) | 45,616 | 30,442 | 29,676 | 25,462 | |||
Directors’ fees and expenses | 4,601 | 2,867 | 2,848 | 2,398 | |||
Custodian fees and expenses | 4,789 | 3,064 | 3,857 | 2,496 | |||
Pricing fees | 2,626 | 2,694 | 3,440 | 2,334 | |||
Professional fees | 7,370 | 4,778 | 4,793 | 3,902 | |||
Printing fees | 5,608 | 3,705 | 3,650 | 3,199 | |||
Other expenses | 41,855 | 26,251 | 56,347 | 26,897 | |||
Total Expenses | 697,912 | 365,176 | 448,010 | 383,139 | |||
Less: Waivers and reimbursement from advisor (See Note 3) | — | (4,219) | — | — | |||
Net Expenses | 697,912 | 360,957 | 448,010 | 383,139 | |||
Net Investment Income (Loss) | (290,892) | 459,924 | 752,428 | (149,003) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 3,472,228 | 928,984 | 1,651,930 | (2,209,432) | |||
Foreign currencies | — | 22 | (1,651) | — | |||
Forward foreign currency contracts | — | — | (100,931) | — | |||
Net realized gain (loss) | 3,472,228 | 929,006 | 1,549,348 | (2,209,432) | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 20,910,902 | 2,002,523 | (90,057) | 10,123,721 | |||
Foreign currencies | — | (3) | (356) | 24 | |||
Forward foreign currency contracts | — | — | 36,370 | — | |||
Net change in unrealized appreciation (depreciation) | 20,910,902 | 2,002,520 | (54,043) | 10,123,745 | |||
Net Realized and Unrealized Gain (Loss) | 24,383,130 | 2,931,526 | 1,495,305 | 7,914,313 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $24,092,238 | $3,391,450 | $ 2,247,733 | $ 7,765,310 |
SMID Cap Value Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Index Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 480,781 | $ 330,087 | $ 1,329,858 | $ 691,864 | |||
Foreign taxes withheld | (1,570) | (2,936) | (3,412) | (1,231) | |||
Total Investment Income | 479,211 | 327,151 | 1,326,446 | 690,633 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 229,016 | 371,407 | 550,955 | 124,136 | |||
Shareholder servicing fees (See Note 3) | 24,537 | 45,361 | 68,446 | 37,241 | |||
Administration fees (See Note 3) | 8,179 | 15,121 | 22,816 | 12,414 | |||
Accounting fees (See Note 3) | 19,085 | 35,058 | 47,943 | 28,965 | |||
Directors’ fees and expenses | 1,794 | 3,257 | 5,091 | 2,718 | |||
Custodian fees and expenses | 1,934 | 3,747 | 5,505 | 2,824 | |||
Pricing fees | 2,262 | 3,394 | 3,910 | 16,838 | |||
Professional fees | 3,145 | 5,594 | 8,478 | 6,379 | |||
Printing fees | 2,572 | 4,156 | 6,112 | 3,534 | |||
Other expenses | 29,819 | 29,702 | 59,690 | 59,194 | |||
Total Expenses | 322,343 | 516,797 | 778,946 | 294,243 | |||
Less: Waivers and reimbursement from advisor (See Note 3) | — | — | (3,223) | — | |||
Net Expenses | 322,343 | 516,797 | 775,723 | 294,243 | |||
Net Investment Income (Loss) | 156,868 | (189,646) | 550,723 | 396,390 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 1,552,418 | 1,703,935 | (1,238,479) | 627,722 | |||
Futures contracts | — | — | — | 11,153 | |||
Foreign currencies | — | 242 | — | — | |||
Net realized gain (loss) | 1,552,418 | 1,704,177 | (1,238,479) | 638,875 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 1,801,408 | 10,850,082 | 2,428,949 | 5,107,887 | |||
Futures contracts | — | — | — | 25,345 | |||
Foreign currencies | — | (5) | — | — | |||
Net change in unrealized appreciation (depreciation) | 1,801,408 | 10,850,077 | 2,428,949 | 5,133,232 | |||
Net Realized and Unrealized Gain (Loss) | 3,353,826 | 12,554,254 | 1,190,470 | 5,772,107 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $3,510,694 | $12,364,608 | $ 1,741,193 | $6,168,497 |
Developed International Index Fund | International Equity Fund | Emerging Markets Equity Fund | Real Estate Securities Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 1,985,783 | $ 2,903,969 | $ 1,388,383 | $ 1,958,966 | |||
Foreign taxes withheld | (239,334) | (389,547) | (150,256) | — | |||
Total Investment Income | 1,746,449 | 2,514,422 | 1,238,127 | 1,958,966 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 132,920 | 1,072,181 | 408,257 | 350,914 | |||
Shareholder servicing fees (See Note 3) | 39,876 | 121,007 | 42,234 | 45,117 | |||
Administration fees (See Note 3) | 13,292 | 40,336 | 14,078 | 15,039 | |||
Accounting fees (See Note 3) | 35,445 | 90,589 | 37,525 | 34,880 | |||
Directors’ fees and expenses | 2,834 | 8,709 | 3,060 | 3,280 | |||
Custodian fees and expenses | 10,177 | 27,969 | 26,461 | 3,647 | |||
Pricing fees | 45,608 | 4,934 | 6,945 | 2,188 | |||
Professional fees | 23,173 | 19,169 | 22,270 | 5,232 | |||
Printing fees | 3,684 | 9,907 | 3,887 | 4,240 | |||
Other expenses | 95,270 | 54,289 | 66,851 | 23,364 | |||
Total Expenses | 402,279 | 1,449,090 | 631,568 | 487,901 | |||
Net Investment Income (Loss) | 1,344,170 | 1,065,332 | 606,559 | 1,471,065 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on: | |||||||
Investments | 1,024,029 | 1,259,073 | (3,751,836) | 2,670,032 | |||
Futures contracts | 251,291 | — | — | — | |||
Foreign currencies | 16,913 | (269,051) | (42,477) | — | |||
Forward foreign currency contracts | 9,272 | — | — | — | |||
Net realized gain (loss) | 1,301,505 | 990,022 | (3,794,313) | 2,670,032 | |||
Net change in unrealized appreciation (depreciation) of: | |||||||
Investments | 6,763,898 | 34,341,259 | 4,638,391 | 1,026,405 | |||
Futures contracts | 2,191 | — | — | — | |||
Foreign currencies | 8,720 | 15,097 | 3,545 | — | |||
Forward foreign currency contracts | 427 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | 6,775,236 | 34,356,356 | 4,641,936 | 1,026,405 | |||
Net Realized and Unrealized Gain (Loss) | 8,076,741 | 35,346,378 | 847,623 | 3,696,437 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 9,420,911 | $ 36,411,710 | $ 1,454,182 | $ 5,167,502 |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||
INVESTMENT INCOME: | |||||||
Dividends | $ 8,278 | $ 21,445 | $ 21,071 | $ 15,141 | |||
Total Investment Income | 8,278 | 21,445 | 21,071 | 15,141 | |||
EXPENSES: | |||||||
Investment advisory fees (See Note 3) | 34,338 | 118,035 | 131,409 | 48,422 | |||
Shareholder servicing fees (See Note 3) | 25,753 | 88,549 | 99,402 | 36,316 | |||
Administration fees (See Note 3) | 8,585 | 29,516 | 33,134 | 12,105 | |||
Accounting fees (See Note 3) | 5,951 | 9,839 | 11,045 | 5,951 | |||
Directors’ fees and expenses | 1,859 | 6,462 | 7,381 | 2,730 | |||
Custodian fees and expenses | 1,930 | 6,824 | 7,826 | 2,897 | |||
Pricing fees | 1,458 | 1,458 | 1,458 | 1,458 | |||
Professional fees | 2,679 | 9,219 | 10,437 | 3,803 | |||
Printing fees | 2,621 | 7,492 | 8,455 | 3,513 | |||
Other expenses | 11,125 | 19,969 | 21,795 | 12,719 | |||
Total Expenses | 96,299 | 297,363 | 332,342 | 129,914 | |||
Net Investment Income (Loss) | (88,021) | (275,918) | (311,271) | (114,773) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||||
Net realized gain (loss) on affiliated investments | 1,168,024 | 5,521,938 | 8,031,450 | 2,359,255 | |||
Net change in unrealized appreciation (depreciation) of affiliated investments | 4,286,861 | 11,563,571 | 8,500,979 | 2,255,576 | |||
Net Realized and Unrealized Gain (Loss) | 5,454,885 | 17,085,509 | 16,532,429 | 4,614,831 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5,366,864 | $ 16,809,591 | $ 16,221,158 | $4,500,058 |
Conservative Allocation Fund | |
INVESTMENT INCOME: | |
Dividends | $ 19,972 |
Total Investment Income | 19,972 |
EXPENSES: | |
Investment advisory fees (See Note 3) | 28,588 |
Shareholder servicing fees (See Note 3) | 21,441 |
Administration fees (See Note 3) | 7,147 |
Accounting fees (See Note 3) | 5,951 |
Directors’ fees and expenses | 1,612 |
Custodian fees and expenses | 1,696 |
Pricing fees | 1,459 |
Professional fees | 2,205 |
Printing fees | 2,329 |
Other expenses | 10,549 |
Total Expenses | 82,977 |
Net Investment Income (Loss) | (63,005) |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on affiliated investments | 916,811 |
Net change in unrealized appreciation (depreciation) of affiliated investments | 1,142,254 |
Net Realized and Unrealized Gain (Loss) | 2,059,065 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 1,996,060 |
Money Market Fund | Limited Maturity Bond Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 3,133,937 | $ 415,386 | $ 3,891,744 | $ 2,491,969 | |||
Net realized gain (loss) | — | — | (1,605,720) | (2,519,029) | |||
Net change in unrealized appreciation (depreciation) | — | — | 3,231,397 | (11,635,070) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,133,937 | 415,386 | 5,517,421 | (11,662,130) | |||
Distributions from: | |||||||
Distributable earnings | (3,133,937) | (415,386) | — | — | |||
Total Distributions | (3,133,937) | (415,386) | — | — | |||
Capital Share Transactions (1): | |||||||
Shares issued | 30,028,112 | 104,403,034 | 7,013,019 | 29,962,838 | |||
Shares issued in lieu of cash distributions | 3,134,028 | 415,389 | — | — | |||
Shares redeemed | (48,058,385) | (101,697,413) | (48,170,140) | (54,561,039) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (14,896,245) | 3,121,010 | (41,157,121) | (24,598,201) | |||
Total Increase (Decrease) | (14,896,245) | 3,121,010 | (35,639,700) | (36,260,331) | |||
Net Assets: | |||||||
Beginning of period | 165,322,528 | 162,201,518 | 223,724,080 | 259,984,411 | |||
End of period | $ 150,426,283 | $ 165,322,528 | $ 188,084,380 | $ 223,724,080 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 30,028,112 | 104,399,829 | 537,134 | 2,301,847 | |||
Shares issued in lieu of cash distributions | 3,134,028 | 415,389 | — | — | |||
Shares redeemed | (48,058,385) | (101,697,413) | (3,688,845) | (4,223,027) | |||
(14,896,245) | 3,117,805 | (3,151,711) | (1,921,180) |
Quality Bond Fund | High Yield Bond Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 6,887,316 | $ 10,534,754 | $ 3,831,111 | $ 7,107,998 | |||
Net realized gain (loss) | (4,214,913) | (23,468,515) | (1,420,605) | (5,810,715) | |||
Net change in unrealized appreciation (depreciation) | 5,773,392 | (49,373,130) | 4,220,585 | (11,984,894) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,445,795 | (62,306,891) | 6,631,091 | (10,687,611) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 58,350,515 | 19,526,045 | 3,171,162 | 10,250,624 | |||
Shares redeemed | (20,937,403) | (74,695,779) | (20,298,245) | (28,391,945) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 37,413,112 | (55,169,734) | (17,127,083) | (18,141,321) | |||
Total Increase (Decrease) | 45,858,907 | (117,476,625) | (10,495,992) | (28,828,932) | |||
Net Assets: | |||||||
Beginning of period | 354,589,747 | 472,066,372 | 140,602,506 | 169,431,438 | |||
End of period | $400,448,654 | $ 354,589,747 | $ 130,106,514 | $ 140,602,506 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 3,816,553 | 1,223,192 | 193,754 | 639,277 | |||
Shares redeemed | (1,368,728) | (4,795,215) | (1,252,108) | (1,788,791) | |||
2,447,825 | (3,572,023) | (1,058,354) | (1,149,514) |
Flexibly Managed Fund | Balanced Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 51,962,404 | $ 63,440,848 | $ (70,555) | $ (163,963) | |||
Net realized gain (loss) | 2,800,688 | 462,769,931 | 3,525,995 | 5,927,097 | |||
Net change in unrealized appreciation (depreciation) | 449,902,448 | (1,184,708,940) | 4,027,441 | (20,658,543) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 504,665,540 | (658,498,161) | 7,482,881 | (14,895,409) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 28,345,257 | 84,773,529 | 668,785 | 2,360,560 | |||
Shares redeemed | (171,549,341) | (317,124,224) | (3,570,265) | (9,894,988) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (143,204,084) | (232,350,695) | (2,901,480) | (7,534,428) | |||
Total Increase (Decrease) | 361,461,456 | (890,848,856) | 4,581,401 | (22,429,837) | |||
Net Assets: | |||||||
Beginning of period | 4,596,815,908 | 5,487,664,764 | 70,323,072 | 92,752,909 | |||
End of period | $ 4,958,277,364 | $ 4,596,815,908 | $ 74,904,473 | $ 70,323,072 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 333,842 | 1,016,335 | 24,385 | 83,940 | |||
Shares redeemed | (2,025,528) | (3,829,470) | (128,429) | (352,454) | |||
(1,691,686) | (2,813,135) | (104,044) | (268,514) |
Large Growth Stock Fund | Large Cap Growth Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (460,341) | $ (1,636,684) | $ 92,097 | $ 110,827 | |||
Net realized gain (loss) | 9,426,887 | 63,327 | 3,167,495 | 6,009,843 | |||
Net change in unrealized appreciation (depreciation) | 69,139,360 | (163,378,939) | 6,943,773 | (21,530,447) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 78,105,906 | (164,952,296) | 10,203,365 | (15,409,777) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 8,731,906 | 18,308,685 | 2,374,571 | 13,984,872 | |||
Shares redeemed | (21,713,240) | (46,197,710) | (4,717,735) | (14,936,577) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (12,981,334) | (27,889,025) | (2,343,164) | (951,705) | |||
Total Increase (Decrease) | 65,124,572 | (192,841,321) | 7,860,201 | (16,361,482) | |||
Net Assets: | |||||||
Beginning of period | 235,846,083 | 428,687,404 | 62,654,652 | 79,016,134 | |||
End of period | $300,970,655 | $ 235,846,083 | $ 70,514,853 | $ 62,654,652 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 156,911 | 302,960 | 70,865 | 432,074 | |||
Shares redeemed | (360,753) | (769,912) | (140,056) | (470,225) | |||
(203,842) | (466,952) | (69,191) | (38,151) |
Large Core Growth Fund | Large Cap Value Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (190,277) | $ (817,799) | $ 1,262,462 | $ 2,210,445 | |||
Net realized gain (loss) | (28,382,019) | (37,633,845) | 2,171,139 | 17,885,266 | |||
Net change in unrealized appreciation (depreciation) | 51,682,760 | (70,235,599) | 2,294,744 | (28,935,192) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 23,110,464 | (108,687,243) | 5,728,345 | (8,839,481) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 3,816,920 | 12,050,227 | 4,345,168 | 9,088,325 | |||
Shares redeemed | (8,335,761) | (15,377,067) | (11,863,255) | (37,364,224) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,518,841) | (3,326,840) | (7,518,087) | (28,275,899) | |||
Total Increase (Decrease) | 18,591,623 | (112,014,083) | (1,789,742) | (37,115,380) | |||
Net Assets: | |||||||
Beginning of period | 93,465,186 | 205,479,269 | 165,480,752 | 202,596,132 | |||
End of period | $112,056,809 | $ 93,465,186 | $ 163,691,010 | $ 165,480,752 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 159,381 | 429,268 | 106,383 | 225,288 | |||
Shares redeemed | (321,050) | (523,646) | (288,932) | (927,337) | |||
(161,669) | (94,378) | (182,549) | (702,049) |
Large Core Value Fund | Index 500 Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 877,277 | $ 1,732,030 | $ 4,397,362 | $ 7,812,235 | |||
Net realized gain (loss) | 3,848,683 | 15,734,508 | 12,327,788 | 16,626,135 | |||
Net change in unrealized appreciation (depreciation) | (743,440) | (23,945,117) | 86,336,946 | (151,448,424) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,982,520 | (6,478,579) | 103,062,096 | (127,010,054) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 5,073,263 | 9,698,515 | 19,477,781 | 100,330,717 | |||
Shares redeemed | (13,103,336) | (31,290,700) | (39,606,336) | (49,975,201) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (8,030,073) | (21,592,185) | (20,128,555) | 50,355,516 | |||
Total Increase (Decrease) | (4,047,553) | (28,070,764) | 82,933,541 | (76,654,538) | |||
Net Assets: | |||||||
Beginning of period | 161,064,816 | 189,135,580 | 622,067,557 | 698,722,095 | |||
End of period | $ 157,017,263 | $ 161,064,816 | $ 705,001,098 | $ 622,067,557 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 184,102 | 345,892 | 537,253 | 2,891,568 | |||
Shares redeemed | (467,323) | (1,133,290) | (1,066,607) | (1,381,713) | |||
(283,221) | (787,398) | (529,354) | 1,509,855 |
Mid Cap Growth Fund | Mid Cap Value Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (290,892) | $ (769,574) | $ 459,924 | $ 895,639 | |||
Net realized gain (loss) | 3,472,228 | 17,544,765 | 929,006 | 3,672,045 | |||
Net change in unrealized appreciation (depreciation) | 20,910,902 | (79,990,283) | 2,002,520 | (10,489,163) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 24,092,238 | (63,215,092) | 3,391,450 | (5,921,479) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 3,114,475 | 9,502,829 | 2,538,834 | 3,034,315 | |||
Shares redeemed | (9,557,766) | (21,501,923) | (6,564,489) | (12,480,927) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (6,443,291) | (11,999,094) | (4,025,655) | (9,446,612) | |||
Total Increase (Decrease) | 17,648,947 | (75,214,186) | (634,205) | (15,368,091) | |||
Net Assets: | |||||||
Beginning of period | 134,832,431 | 210,046,617 | 88,708,297 | 104,076,388 | |||
End of period | $ 152,481,378 | $ 134,832,431 | $ 88,074,092 | $ 88,708,297 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 90,858 | 275,380 | 96,963 | 115,871 | |||
Shares redeemed | (273,919) | (615,548) | (248,227) | (479,169) | |||
(183,061) | (340,168) | (151,264) | (363,298) |
Mid Core Value Fund | SMID Cap Growth Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 752,428 | $ 1,430,023 | $ (149,003) | $ (431,803) | |||
Net realized gain (loss) | 1,549,348 | 11,459,527 | (2,209,432) | (6,440,468) | |||
Net change in unrealized appreciation (depreciation) | (54,043) | (14,208,183) | 10,123,745 | (22,327,156) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,247,733 | (1,318,633) | 7,765,310 | (29,199,427) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,155,417 | 9,300,540 | 2,045,516 | 8,005,802 | |||
Shares redeemed | (9,139,217) | (15,568,725) | (3,757,025) | (12,205,016) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,983,800) | (6,268,185) | (1,711,509) | (4,199,214) | |||
Total Increase (Decrease) | (2,736,067) | (7,586,818) | 6,053,801 | (33,398,641) | |||
Net Assets: | |||||||
Beginning of period | 86,950,140 | 94,536,958 | 70,381,198 | 103,779,839 | |||
End of period | $ 84,214,073 | $ 86,950,140 | $76,434,999 | $ 70,381,198 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 124,221 | 282,346 | 48,145 | 188,022 | |||
Shares redeemed | (271,693) | (469,033) | (88,311) | (283,169) | |||
(147,472) | (186,687) | (40,166) | (95,147) |
SMID Cap Value Fund | Small Cap Growth Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 156,868 | $ 350,371 | $ (189,646) | $ (460,531) | |||
Net realized gain (loss) | 1,552,418 | 5,608,969 | 1,704,177 | 5,730,669 | |||
Net change in unrealized appreciation (depreciation) | 1,801,408 | (17,056,286) | 10,850,077 | (38,714,321) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,510,694 | (11,096,946) | 12,364,608 | (33,444,183) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 1,526,905 | 3,422,649 | 1,488,202 | 3,808,563 | |||
Shares redeemed | (5,057,694) | (9,483,217) | (5,920,090) | (14,148,539) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (3,530,789) | (6,060,568) | (4,431,888) | (10,339,976) | |||
Total Increase (Decrease) | (20,095) | (17,157,514) | 7,932,720 | (43,784,159) | |||
Net Assets: | |||||||
Beginning of period | 54,652,868 | 71,810,382 | 96,426,277 | 140,210,436 | |||
End of period | $ 54,632,773 | $ 54,652,868 | $104,358,997 | $ 96,426,277 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 44,944 | 98,720 | 27,291 | 68,527 | |||
Shares redeemed | (150,473) | (272,040) | (106,936) | (258,309) | |||
(105,529) | (173,320) | (79,645) | (189,782) |
Small Cap Value Fund | Small Cap Index Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 550,723 | $ 1,094,826 | $ 396,390 | $ 519,407 | |||
Net realized gain (loss) | (1,238,479) | 3,930,070 | 638,875 | 1,374,395 | |||
Net change in unrealized appreciation (depreciation) | 2,428,949 | (33,397,911) | 5,133,232 | (22,787,265) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,741,193 | (28,373,015) | 6,168,497 | (20,893,463) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,518,813 | 3,305,496 | 3,915,854 | 12,224,597 | |||
Shares redeemed | (10,158,265) | (19,422,177) | (4,413,302) | (10,007,228) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (5,639,452) | (16,116,681) | (497,448) | 2,217,369 | |||
Total Increase (Decrease) | (3,898,259) | (44,489,696) | 5,671,049 | (18,676,094) | |||
Net Assets: | |||||||
Beginning of period | 154,682,918 | 199,172,614 | 80,150,976 | 98,827,070 | |||
End of period | $150,784,659 | $ 154,682,918 | $85,822,025 | $ 80,150,976 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 102,565 | 72,474 | 138,588 | 422,005 | |||
Shares redeemed | (234,488) | (421,146) | (156,178) | (344,097) | |||
(131,923) | (348,672) | (17,590) | 77,908 |
Developed International Index Fund | International Equity Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 1,344,170 | $ 2,122,299 | $ 1,065,332 | $ (61,543) | |||
Net realized gain (loss) | 1,301,505 | 1,021,364 | 990,022 | (14,834,374) | |||
Net change in unrealized appreciation (depreciation) | 6,775,236 | (20,912,065) | 34,356,356 | (61,443,107) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,420,911 | (17,768,402) | 36,411,710 | (76,339,024) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 2,895,058 | 7,718,029 | 1,742,374 | 16,630,475 | |||
Shares redeemed | (8,127,366) | (18,624,691) | (23,391,808) | (34,391,040) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (5,232,308) | (10,906,662) | (21,649,434) | (17,760,565) | |||
Total Increase (Decrease) | 4,188,603 | (28,675,064) | 14,762,276 | (94,099,589) | |||
Net Assets: | |||||||
Beginning of period | 85,482,964 | 114,158,028 | 258,905,093 | 353,004,682 | |||
End of period | $ 89,671,567 | $ 85,482,964 | $ 273,667,369 | $ 258,905,093 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 178,718 | 521,454 | 46,319 | 468,851 | |||
Shares redeemed | (508,920) | (1,271,728) | (629,301) | (968,456) | |||
(330,202) | (750,274) | (582,982) | (499,605) |
Emerging Markets Equity Fund | Real Estate Securities Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ 606,559 | $ 585,019 | $ 1,471,065 | $ 1,874,134 | |||
Net realized gain (loss) | (3,794,313) | (8,240,254) | 2,670,032 | 8,045,533 | |||
Net change in unrealized appreciation (depreciation) | 4,641,936 | (22,145,497) | 1,026,405 | (44,510,305) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,454,182 | (29,800,732) | 5,167,502 | (34,590,638) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 4,655,693 | 8,573,775 | 3,226,659 | 7,779,188 | |||
Shares redeemed | (7,536,249) | (15,335,050) | (6,540,035) | (13,744,643) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (2,880,556) | (6,761,275) | (3,313,376) | (5,965,455) | |||
Total Increase (Decrease) | (1,426,374) | (36,562,007) | 1,854,126 | (40,556,093) | |||
Net Assets: | |||||||
Beginning of period | 94,075,238 | 130,637,245 | 99,504,722 | 140,060,815 | |||
End of period | $ 92,648,864 | $ 94,075,238 | $101,358,848 | $ 99,504,722 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 429,364 | 744,680 | 111,992 | 251,703 | |||
Shares redeemed | (687,445) | (1,303,830) | (226,326) | (431,770) | |||
(258,081) | (559,150) | (114,334) | (180,067) |
Aggressive Allocation Fund | Moderately Aggressive Allocation Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (88,021) | $ (198,238) | $ (275,918) | $ (625,948) | |||
Net realized gain (loss) | 1,168,024 | 3,813,358 | 5,521,938 | 15,582,873 | |||
Net change in unrealized appreciation (depreciation) | 4,286,861 | (14,389,212) | 11,563,571 | (50,153,411) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,366,864 | (10,774,092) | 16,809,591 | (35,196,486) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 1,007,978 | 1,857,156 | 2,971,414 | 4,513,287 | |||
Shares redeemed | (2,349,449) | (6,122,373) | (10,505,787) | (22,934,766) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,341,471) | (4,265,217) | (7,534,373) | (18,421,479) | |||
Total Increase (Decrease) | 4,025,393 | (15,039,309) | 9,275,218 | (53,617,965) | |||
Net Assets: | |||||||
Beginning of period | 55,617,390 | 70,656,699 | 192,854,938 | 246,472,903 | |||
End of period | $59,642,783 | $ 55,617,390 | $ 202,130,156 | $ 192,854,938 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 41,546 | 76,954 | 118,326 | 177,164 | |||
Shares redeemed | (98,162) | (254,702) | (420,528) | (931,456) | |||
(56,616) | (177,748) | (302,202) | (754,292) |
Moderate Allocation Fund | Moderately Conservative Allocation Fund | ||||||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||||
Increase (Decrease) in Net Assets Operations: | |||||||
Net investment income (loss) | $ (311,271) | $ (718,775) | $ (114,773) | $ (276,921) | |||
Net realized gain (loss) | 8,031,450 | 15,829,136 | 2,359,255 | 4,771,109 | |||
Net change in unrealized appreciation (depreciation) | 8,500,979 | (53,845,211) | 2,255,576 | (15,579,538) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,221,158 | (38,734,850) | 4,500,058 | (11,085,350) | |||
Capital Share Transactions (1): | |||||||
Shares issued | 1,331,914 | 2,547,458 | 1,988,892 | 5,867,987 | |||
Shares redeemed | (17,383,025) | (31,280,697) | (7,795,700) | (13,478,661) | |||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (16,051,111) | (28,733,239) | (5,806,808) | (7,610,674) | |||
Total Increase (Decrease) | 170,047 | (67,468,089) | (1,306,750) | (18,696,024) | |||
Net Assets: | |||||||
Beginning of period | 220,593,025 | 288,061,114 | 81,078,737 | 99,774,761 | |||
End of period | $ 220,763,072 | $ 220,593,025 | $ 79,771,987 | $ 81,078,737 | |||
(1) Shares Issued and Redeemed: | |||||||
Shares issued | 62,132 | 119,618 | 104,235 | 305,070 | |||
Shares redeemed | (808,325) | (1,463,661) | (409,576) | (712,205) | |||
(746,193) | (1,344,043) | (305,341) | (407,135) |
Conservative Allocation Fund | |||
Six Months Ended 6/30/23 (Unaudited) | Year Ended 12/31/22 | ||
Increase (Decrease) in Net Assets Operations: | |||
Net investment income (loss) | $ (63,005) | $ (169,381) | |
Net realized gain (loss) | 916,811 | 1,643,768 | |
Net change in unrealized appreciation (depreciation) | 1,142,254 | (7,148,313) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,996,060 | (5,673,926) | |
Capital Share Transactions (1): | |||
Shares issued | 1,500,258 | 2,532,432 | |
Shares redeemed | (4,101,652) | (8,096,370) | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (2,601,394) | (5,563,938) | |
Total Increase (Decrease) | (605,334) | (11,237,864) | |
Net Assets: | |||
Beginning of period | 47,949,943 | 59,187,807 | |
End of period | $ 47,344,609 | $ 47,949,943 | |
(1) Shares Issued and Redeemed: | |||
Shares issued | 92,741 | 154,884 | |
Shares redeemed | (254,397) | (499,986) | |
(161,656) | (345,102) |
For a share outstanding throughout each period
Six Months Ended 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
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 | 0.02 | —(a) | —(a) | —(a) | 0.02 | 0.01 | |||||
Net realized and unrealized gain (loss) on investment transactions | (0.02) | — | — | — | (0.00) | — | |||||
Total from investment operations | — | — | — | — | 0.02 | 0.01 | |||||
Less distributions: | |||||||||||
Net investment income | — (a) | — (a) | — (a) | — (a) | (0.02) | (0.01) | |||||
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 | 2.04% # | 0.25% | 0.01% | 0.24% | 1.61% | 0.55% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 150,426 | $ 165,323 | $ 162,202 | $ 160,467 | $ 112,938 | $ 110,933 | |||||
Ratio of net expenses to average net assets3 | 0.58% * | 1.34% | 0.03% | 0.28% | 0.59% | 1.26% | |||||
Ratio of total expenses to average net assets4 | 0.58% * | 0.57% | 0.57% | 0.58% | 0.59% | 0.59% | |||||
Ratio of net investment income (loss) to average net assets | 4.07% * | 0.25% | 0.01% | 0.21% | 1.60% | 0.55% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 12.78 | $ 13.38 | $ 13.33 | $ 12.86 | $ 12.26 | $ 12.09 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.24 | 0.13 | 0.20 | 0.24 | 0.37 | 0.32 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.08 | (0.73) | (0.15) | 0.23 | 0.23 | (0.15) | |||||
Total from investment operations | 0.32 | (0.60) | 0.05 | 0.47 | 0.60 | 0.17 | |||||
Net asset value, end of period | $ 13.10 | $ 12.78 | $ 13.38 | $ 13.33 | $ 12.86 | $ 12.26 | |||||
Total return2 | 2.50% # | (4.49%) | 0.38% | 3.65% | 4.89% | 1.41% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 188,084 | $ 223,724 | $ 259,984 | $ 254,878 | $ 244,998 | $ 233,216 | |||||
Ratio of total expenses to average net assets | 0.71% * | 0.70% | 0.69% | 0.70% | 0.70% | 0.70% | |||||
Ratio of net investment income (loss) to average net assets | 3.71% * | 1.03% | 1.46% | 1.86% | 2.92% | 2.61% | |||||
Portfolio turnover rate | 15% # | 38% | 73% | 99% | 54% | 79% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 14.89 | $ 17.24 | $ 17.36 | $ 16.01 | $ 14.66 | $ 14.68 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.28 | 0.41 | 0.34 | 0.35 | 0.45 | 0.41 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.08 | (2.76) | (0.46) | 1.00 | 0.90 | (0.43) | |||||
Total from investment operations | 0.36 | (2.35) | (0.12) | 1.35 | 1.35 | (0.02) | |||||
Net asset value, end of period | $ 15.25 | $ 14.89 | $ 17.24 | $ 17.36 | $ 16.01 | $ 14.66 | |||||
Total return2 | 2.42% # | (13.63%) | (0.69%) | 8.43% | 9.21% | (0.14%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 400,449 | $ 354,590 | $ 472,066 | $ 484,474 | $ 433,734 | $ 409,027 | |||||
Ratio of total expenses to average net assets | 0.68% * | 0.68% | 0.66% | 0.67% | 0.67% | 0.66% | |||||
Ratio of net investment income (loss) to average net assets | 3.71% * | 2.64% | 2.00% | 2.11% | 2.92% | 2.81% | |||||
Portfolio turnover rate | 28% # | 38% | 59% | 75% | 47% | 59% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 15.78 | $ 16.84 | $ 16.02 | $ 14.90 | $ 12.88 | $ 13.18 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.46 | 0.76 | 0.68 | 0.71 | 0.68 | 0.66 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.33 | (1.82) | 0.14 | 0.41 | 1.34 | (0.96) | |||||
Total from investment operations | 0.79 | (1.06) | 0.82 | 1.12 | 2.02 | (0.30) | |||||
Net asset value, end of period | $ 16.57 | $ 15.78 | $ 16.84 | $ 16.02 | $ 14.90 | $ 12.88 | |||||
Total return2 | 5.01% # | (6.30%) | 5.12% | 7.52% | 15.68% | (2.35%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 130,107 | $ 140,603 | $ 169,431 | $ 167,391 | $ 159,896 | $ 150,324 | |||||
Ratio of total expenses to average net assets | 0.73% * | 0.73% | 0.71% | 0.72% | 0.71% | 0.77% | |||||
Ratio of net investment income (loss) to average net assets | 5.66% * | 4.75% | 4.15% | 4.73% | 4.83% | 5.02% | |||||
Portfolio turnover rate | 35% # | 84% | 94% | 128% | 133% | 115% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 80.16 | $ 91.22 | $ 77.12 | $ 65.45 | $ 52.56 | $ 52.31 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.92 | 1.08 | 0.68 | 0.72 | 0.84 | 1.22 | |||||
Net realized and unrealized gain (loss) on investment transactions | 8.01 | (12.14) | 13.42 | 10.95 | 12.05 | (0.97) | |||||
Total from investment operations | 8.93 | (11.06) | 14.10 | 11.67 | 12.89 | 0.25 | |||||
Net asset value, end of period | $ 89.09 | $ 80.16 | $ 91.22 | $ 77.12 | $ 65.45 | $ 52.56 | |||||
Total return2 | 11.14% # | (12.12%) | 18.29% | 17.83% | 24.53% | 0.48% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 4,958,277 | $ 4,596,816 | $ 5,487,665 | $ 4,886,355 | $ 4,418,265 | $ 3,698,250 | |||||
Ratio of total expenses to average net assets | 0.88% * | 0.88% | 0.87% | 0.88% | 0.88% | 0.89% | |||||
Ratio of net investment income (loss) to average net assets | 2.19% * | 1.30% | 0.80% | 1.07% | 1.40% | 2.28% | |||||
Portfolio turnover rate | 38% # | 87% | 51% | 88% | 45% | 69% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 26.34 | $ 31.57 | $ 27.27 | $ 23.76 | $ 19.53 | $ 20.12 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.06) | (0.06) | (0.05) | (0.04) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.89 | (5.17) | 4.36 | 3.56 | 4.27 | (0.55) | |||||
Total from investment operations | 2.86 | (5.23) | 4.30 | 3.51 | 4.23 | (0.59) | |||||
Net asset value, end of period | $ 29.20 | $ 26.34 | $ 31.57 | $ 27.27 | $ 23.76 | $ 19.53 | |||||
Total return2 | 10.86% # | (16.57%) | 15.77% | 14.77% | 21.66% | (2.93%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 74,904 | $ 70,323 | $ 92,753 | $ 84,348 | $ 81,070 | $ 74,832 | |||||
Ratio of total expenses to average net assets3 | 0.21% * | 0.22% | 0.19% | 0.20% | 0.20% | 0.20% | |||||
Ratio of net investment income (loss) to average net assets | (0.20%) * | (0.21%) | (0.19%) | (0.20%) | (0.20%) | (0.19%) | |||||
Portfolio turnover rate | 4% # | 5% | 11% | 15% | 6% | 8% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 50.27 | $ 83.11 | $ 71.38 | $ 52.10 | $ 39.95 | $ 40.48 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.10) | (0.33) | (0.48) | (0.29) | (0.08) | (0.02) | |||||
Net realized and unrealized gain (loss) on investment transactions | 16.90 | (32.51) | 12.21 | 19.57 | 12.23 | (0.51) | |||||
Total from investment operations | 16.80 | (32.84) | 11.73 | 19.28 | 12.15 | (0.53) | |||||
Net asset value, end of period | $ 67.07 | $ 50.27 | $ 83.11 | $ 71.38 | $ 52.10 | $ 39.95 | |||||
Total return2 | 33.42% # | (39.52%) | 16.44% | 37.01% | 30.41% | (1.31%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 300,971 | $ 235,846 | $ 428,687 | $ 405,787 | $ 331,420 | $ 282,675 | |||||
Ratio of total expenses to average net assets | 0.97% * | 0.97% | 0.93% | 0.95% | 0.95% | 0.95% | |||||
Ratio of net investment income (loss) to average net assets | (0.34%) * | (0.55%) | (0.61%) | (0.50%) | (0.18%) | (0.05%) | |||||
Portfolio turnover rate | 21% # | 29% | 24% | 35% | 26% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 31.08 | $ 38.46 | $ 30.56 | $ 25.02 | $ 17.90 | $ 17.78 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.05 | 0.05 | 0.02 | 0.05 | 0.08 | 0.08 | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.09 | (7.43) | 7.88 | 5.49 | 7.04 | 0.04 | |||||
Total from investment operations | 5.14 | (7.38) | 7.90 | 5.54 | 7.12 | 0.12 | |||||
Net asset value, end of period | $ 36.22 | $ 31.08 | $ 38.46 | $ 30.56 | $ 25.02 | $ 17.90 | |||||
Total return2 | 16.54% # | (19.19%) | 25.85% | 22.14% | 39.78% | 0.68% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 70,515 | $ 62,655 | $ 79,016 | $ 68,536 | $ 63,219 | $ 53,444 | |||||
Ratio of net expenses to average net assets3 | 0.89% * | 0.89% | 0.85% | 0.88% | 0.88% | 0.87% | |||||
Ratio of total expenses to average net assets4 | 0.90% * | 0.89% | 0.85% | 0.88% | 0.88% | 0.87% | |||||
Ratio of net investment income (loss) to average net assets | 0.28% * | 0.17% | 0.05% | 0.19% | 0.35% | 0.40% | |||||
Portfolio turnover rate | 12% # | 32% | 16% | 34% | 24% | 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. |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 22.36 | $ 48.08 | $ 50.05 | $ 28.52 | $ 22.41 | $ 21.67 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.05) | (0.19) | (0.37) | (0.22) | (0.07) | (0.02) | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.58 | (25.53) | (1.60) | 21.75 | 6.18 | 0.76 | |||||
Total from investment operations | 5.53 | (25.72) | (1.97) | 21.53 | 6.11 | 0.74 | |||||
Net asset value, end of period | $ 27.89 | $ 22.36 | $ 48.08 | $ 50.05 | $ 28.52 | $ 22.41 | |||||
Total return2 | 24.73% # | (53.49%) | (3.94%) | 75.49% | 27.27% | 3.42% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 112,057 | $ 93,465 | $ 205,479 | $ 222,028 | $ 135,930 | $ 118,365 | |||||
Ratio of total expenses to average net assets | 0.88% * | 0.88% | 0.84% | 0.85% | 0.86% | 0.86% | |||||
Ratio of net investment income (loss) to average net assets | (0.36%) * | (0.67%) | (0.72%) | (0.60%) | (0.26%) | (0.09%) | |||||
Portfolio turnover rate | 110% # | 50% | 68% | 74% | 74% | 72% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 40.58 | $ 42.38 | $ 33.14 | $ 32.39 | $ 26.22 | $ 28.41 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.32 | 0.49 | 0.31 | 0.35 | 0.31 | 0.35 | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.12 | (2.29) | 8.93 | 0.40 | 5.86 | (2.54) | |||||
Total from investment operations | 1.44 | (1.80) | 9.24 | 0.75 | 6.17 | (2.19) | |||||
Net asset value, end of period | $ 42.02 | $ 40.58 | $ 42.38 | $ 33.14 | $ 32.39 | $ 26.22 | |||||
Total return2 | 3.55% # | (4.25%) | 27.88% | 2.32% | 23.53% | (7.71%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 163,691 | $ 165,481 | $ 202,596 | $ 177,811 | $ 196,108 | $ 179,441 | |||||
Ratio of total expenses to average net assets | 0.93% * | 0.93% | 0.91% | 0.92% | 0.91% | 0.90% | |||||
Ratio of net investment income (loss) to average net assets | 1.56% * | 1.21% | 0.80% | 1.20% | 1.05% | 1.22% | |||||
Portfolio turnover rate | 35% # | 64% | 49% | 56% | 62% | 108% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 27.92 | $ 28.85 | $ 23.18 | $ 22.58 | $ 17.41 | $ 18.64 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.16 | 0.28 | 0.32 | 0.31 | 0.30 | 0.26 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.55 | (1.21) | 5.35 | 0.29 | 4.87 | (1.49) | |||||
Total from investment operations | 0.71 | (0.93) | 5.67 | 0.60 | 5.17 | (1.23) | |||||
Net asset value, end of period | $ 28.63 | $ 27.92 | $ 28.85 | $ 23.18 | $ 22.58 | $ 17.41 | |||||
Total return2 | 2.54% # | (3.22%) | 24.46% | 2.66% | 29.70% | (6.60%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 157,017 | $ 161,065 | $ 189,136 | $ 178,959 | $ 192,959 | $ 176,072 | |||||
Ratio of total expenses to average net assets | 0.93% * | 0.93% | 0.92% | 0.91% | 0.91% | 0.90% | |||||
Ratio of net investment income (loss) to average net assets | 1.12% * | 1.02% | 1.22% | 1.52% | 1.48% | 1.39% | |||||
Portfolio turnover rate | 26% # | 50% | 57% | 80% | 65% | 76% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 33.87 | $ 41.45 | $ 32.31 | $ 27.30 | $ 20.83 | $ 21.87 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.24 | 0.45 | 0.38 | 0.39 | 0.40 | 0.35 | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.41 | (8.03) | 8.76 | 4.62 | 6.07 | (1.39) | |||||
Total from investment operations | 5.65 | (7.58) | 9.14 | 5.01 | 6.47 | (1.04) | |||||
Net asset value, end of period | $ 39.52 | $ 33.87 | $ 41.45 | $ 32.31 | $ 27.30 | $ 20.83 | |||||
Total return2 | 16.68% # | (18.29%) | 28.29% | 18.35% | 31.06% | (4.76%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 705,001 | $ 622,068 | $ 698,722 | $ 595,933 | $ 494,540 | $ 416,864 | |||||
Ratio of total expenses to average net assets | 0.35% * | 0.35% | 0.34% | 0.36% | 0.36% | 0.36% | |||||
Ratio of net investment income (loss) to average net assets | 1.34% * | 1.26% | 1.03% | 1.44% | 1.63% | 1.56% | |||||
Portfolio turnover rate | 1% # | 4% | 3% | 19% | 3% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 31.71 | $ 45.74 | $ 39.21 | $ 26.23 | $ 19.01 | $ 18.96 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.07) | (0.17) | (0.28) | (0.11) | (0.07) | (0.06) | |||||
Net realized and unrealized gain (loss) on investment transactions | 5.83 | (13.86) | 6.81 | 13.09 | 7.29 | 0.11 | |||||
Total from investment operations | 5.76 | (14.03) | 6.53 | 12.98 | 7.22 | 0.05 | |||||
Net asset value, end of period | $ 37.47 | $ 31.71 | $ 45.74 | $ 39.21 | $ 26.23 | $ 19.01 | |||||
Total return2 | 18.17% # | (30.67%) | 16.66% | 49.48% | 37.98% | 0.26% | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 152,481 | $ 134,832 | $ 210,047 | $ 196,992 | $ 148,766 | $ 112,502 | |||||
Ratio of total expenses to average net assets | 0.98% * | 0.98% | 0.98% | 0.95% | 0.96% | 0.96% | |||||
Ratio of net investment income (loss) to average net assets | (0.41%) * | (0.50%) | (0.64%) | (0.38%) | (0.32%) | (0.28%) | |||||
Portfolio turnover rate | 14% # | 29% | 25% | 26% | 22% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 26.11 | $ 27.67 | $ 23.20 | $ 26.45 | $ 22.60 | $ 26.65 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.14 | 0.25 | 0.14 | 0.23 | 0.29 | 0.23 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.88 | (1.81) | 4.33 | (3.48) | 3.56 | (4.28) | |||||
Total from investment operations | 1.02 | (1.56) | 4.47 | (3.25) | 3.85 | (4.05) | |||||
Net asset value, end of period | $ 27.13 | $ 26.11 | $ 27.67 | $ 23.20 | $ 26.45 | $ 22.60 | |||||
Total return2 | 3.91% # | (5.64%) | 19.27% | (12.29%) | 17.04% | (15.20%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 88,074 | $ 88,708 | $ 104,076 | $ 94,762 | $ 116,799 | $ 141,771 | |||||
Ratio of net expenses to average net assets3 | 0.83% * | 0.83% | 0.82% | 0.82% | 0.80% | 0.79% | |||||
Ratio of total expenses to average net assets4 | 0.84% * | 0.84% | 0.82% | 0.82% | 0.80% | 0.79% | |||||
Ratio of net investment income (loss) to average net assets | 1.06% * | 0.96% | 0.54% | 1.13% | 1.14% | 0.85% | |||||
Portfolio turnover rate | 27% # | 46% | 59% | 122% (a) | 14% | 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. |
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) | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 33.21 | $ 33.70 | $ 27.37 | $ 26.94 | $ 20.92 | $ 24.06 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.30 | 0.53 | 0.39 | 0.35 | 0.35 | 0.28 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.58 | (1.02) | 5.94 | 0.08 | 5.67 | (3.42) | |||||
Total from investment operations | 0.88 | (0.49) | 6.33 | 0.43 | 6.02 | (3.14) | |||||
Net asset value, end of period | $ 34.09 | $ 33.21 | $ 33.70 | $ 27.37 | $ 26.94 | $ 20.92 | |||||
Total return2 | 2.65% # | (1.45%) | 23.13% | 1.60% | 28.78% | (13.05%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 84,214 | $ 86,950 | $ 94,537 | $ 94,077 | $ 99,799 | $ 79,292 | |||||
Ratio of total expenses to average net assets | 1.06% * | 1.04% | 1.00% | 1.04% | 1.05% | 1.06% | |||||
Ratio of net investment income (loss) to average net assets | 1.77% * | 1.61% | 1.25% | 1.46% | 1.44% | 1.16% | |||||
Portfolio turnover rate | 19% # | 74% | 51% | 75% | 50% | 60% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 40.36 | $ 56.43 | $ 52.38 | $ 34.39 | $ 24.93 | $ 26.38 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.09) | (0.24) | (0.43) | (0.25) | (0.18) | (0.10) | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.59 | (15.83) | 4.48 | 18.24 | 9.64 | (1.35) | |||||
Total from investment operations | 4.50 | (16.07) | 4.05 | 17.99 | 9.46 | (1.45) | |||||
Net asset value, end of period | $ 44.86 | $ 40.36 | $ 56.43 | $ 52.38 | $ 34.39 | $ 24.93 | |||||
Total return2 | 11.15% # | (28.48%) | 7.73% | 52.31% | 37.95% | (5.50%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 76,435 | $ 70,381 | $ 103,780 | $ 96,010 | $ 70,961 | $ 59,882 | |||||
Ratio of total expenses to average net assets | 1.05% * | 1.05% | 1.02% | 1.05% | 1.04% | 1.03% | |||||
Ratio of net investment income (loss) to average net assets | (0.41%) * | (0.56%) | (0.77%) | (0.65%) | (0.59%) | (0.35%) | |||||
Portfolio turnover rate | 32% # | 70% | 65% | 97% | 70% | 83% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 32.79 | $ 39.02 | $ 28.78 | $ 28.37 | $ 23.67 | $ 27.90 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.10 | 0.20 | 0.22 | 0.18 | 0.18 | 0.10 | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.10 | (6.43) | 10.02 | 0.23 | 4.52 | (4.33) | |||||
Total from investment operations | 2.20 | (6.23) | 10.24 | 0.41 | 4.70 | (4.23) | |||||
Net asset value, end of period | $ 34.99 | $ 32.79 | $ 39.02 | $ 28.78 | $ 28.37 | $ 23.67 | |||||
Total return2 | 6.71% # | (15.97%) | 35.58% | 1.45% | 19.86% | (15.16%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 54,633 | $ 54,653 | $ 71,810 | $ 57,672 | $ 85,324 | $ 80,919 | |||||
Ratio of total expenses to average net assets | 1.18% * | 1.18% | 1.15% | 1.17% | 1.12% | 1.10% | |||||
Ratio of net investment income (loss) to average net assets | 0.58% * | 0.58% | 0.61% | 0.77% | 0.66% | 0.36% | |||||
Portfolio turnover rate | 23% # | 42% | 53% | 55% | 32% | 47% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 51.60 | $ 68.11 | $ 62.66 | $ 47.45 | $ 37.00 | $ 38.80 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.10) | (0.23) | (0.41) | (0.28) | (0.18) | (0.15) | |||||
Net realized and unrealized gain (loss) on investment transactions | 6.83 | (16.28) | 5.86 | 15.49 | 10.63 | (1.65) | |||||
Total from investment operations | 6.73 | (16.51) | 5.45 | 15.21 | 10.45 | (1.80) | |||||
Net asset value, end of period | $ 58.33 | $ 51.60 | $ 68.11 | $ 62.66 | $ 47.45 | $ 37.00 | |||||
Total return2 | 13.04% # | (24.24%) | 8.70% | 32.06% | 28.24% | (4.64%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 104,359 | $ 96,426 | $ 140,210 | $ 142,595 | $ 118,244 | $ 93,243 | |||||
Ratio of total expenses to average net assets | 1.03% * | 1.02% | 0.99% | 1.01% | 1.02% | 1.00% | |||||
Ratio of net investment income (loss) to average net assets | (0.38%) * | (0.42%) | (0.61%) | (0.60%) | (0.40%) | (0.36%) | |||||
Portfolio turnover rate | 14% # | 13% | 19% | 28% | 21% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 43.46 | $ 50.97 | $ 40.24 | $ 39.32 | $ 31.96 | $ 37.11 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.16 | 0.29 | 0.10 | 0.19 | 0.24 | 0.17 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.38 | (7.80) | 10.63 | 0.73 | 7.12 | (5.32) | |||||
Total from investment operations | 0.54 | (7.51) | 10.73 | 0.92 | 7.36 | (5.15) | |||||
Net asset value, end of period | $ 44.00 | $ 43.46 | $ 50.97 | $ 40.24 | $ 39.32 | $ 31.96 | |||||
Total return2 | 1.24% # | (14.74%) | 26.67% | 2.34% | 23.03% | (13.88%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 150,785 | $ 154,683 | $ 199,173 | $ 179,912 | $ 205,049 | $ 211,285 | |||||
Ratio of total expenses to average net assets | 1.02% * | 1.01% | 0.98% | 1.02% | 0.98% | 0.97% | |||||
Ratio of net investment income (loss) to average net assets | 0.72% * | 0.64% | 0.21% | 0.58% | 0.65% | 0.46% | |||||
Portfolio turnover rate | 32% # | 57% | 67% | 84% | 54% | 55% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 27.17 | $ 34.42 | $ 30.10 | $ 25.22 | $ 20.26 | $ 22.86 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.13 | 0.18 | 0.10 | 0.10 | 0.13 | 0.14 | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.97 | (7.43) | 4.22 | 4.78 | 4.83 | (2.74) | |||||
Total from investment operations | 2.10 | (7.25) | 4.32 | 4.88 | 4.96 | (2.60) | |||||
Net asset value, end of period | $ 29.27 | $ 27.17 | $ 34.42 | $ 30.10 | $ 25.22 | $ 20.26 | |||||
Total return2 | 7.73% # | (21.06%) | 14.35% | 19.35% | 24.48% | (11.37%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 85,822 | $ 80,151 | $ 98,827 | $ 75,852 | $ 69,993 | $ 70,724 | |||||
Ratio of net expenses to average net assets3 | 0.71% * | 0.70% | 0.70% | 0.74% | 0.72% | 0.65% | |||||
Ratio of total expenses to average net assets4 | 0.71% * | 0.70% | 0.70% | 0.75% | 0.72% | 0.65% | |||||
Ratio of net investment income (loss) to average net assets | 0.96% * | 0.62% | 0.30% | 0.43% | 0.55% | 0.59% | |||||
Portfolio turnover rate | 12% # | 18% | 31% | 27% | 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 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 14.92 | $ 17.62 | $ 15.94 | $ 14.79 | $ 12.22 | $ 14.22 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.24 | 0.34 | 0.28 | 0.19 | 0.33 | 0.31 | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.45 | (3.04) | 1.40 | 0.96 | 2.24 | (2.31) | |||||
Total from investment operations | 1.69 | (2.70) | 1.68 | 1.15 | 2.57 | (2.00) | |||||
Net asset value, end of period | $ 16.61 | $ 14.92 | $ 17.62 | $ 15.94 | $ 14.79 | $ 12.22 | |||||
Total return2 | 11.33% # | (15.32%) | 10.54% | 7.78% | 21.03% | (14.07%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 89,672 | $ 85,483 | $ 114,158 | $ 109,296 | $ 111,067 | $ 98,471 | |||||
Ratio of total expenses to average net assets | 0.91% * | 0.90% | 0.85% | 0.89% | 0.82% | 0.79% | |||||
Ratio of net investment income (loss) to average net assets | 3.03% * | 2.25% | 1.66% | 1.39% | 2.41% | 2.24% | |||||
Portfolio turnover rate | 1% # | 3% | 3% | 5% | 6% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 34.24 | $ 43.79 | $ 39.02 | $ 33.95 | $ 26.51 | $ 30.26 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.15 | (0.01) | (0.04) | (0.05) | 0.20 | 0.19 | |||||
Net realized and unrealized gain (loss) on investment transactions | 4.83 | (9.54) | 4.81 | 5.12 | 7.24 | (3.94) | |||||
Total from investment operations | 4.98 | (9.55) | 4.77 | 5.07 | 7.44 | (3.75) | |||||
Net asset value, end of period | $ 39.22 | $ 34.24 | $ 43.79 | $ 39.02 | $ 33.95 | $ 26.51 | |||||
Total return2 | 14.55% # | (21.81%) | 12.23% | 14.93% | 28.07% | (12.39%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 273,667 | $ 258,905 | $ 353,005 | $ 336,274 | $ 325,965 | $ 296,892 | |||||
Ratio of total expenses to average net assets | 1.08% * | 1.07% | 1.03% | 1.06% | 1.08% | 1.11% | |||||
Ratio of net investment income (loss) to average net assets | 0.79% * | (0.02%) | (0.10%) | (0.14%) | 0.66% | (0.66%) | |||||
Portfolio turnover rate | 31% # | 52% | 76% | 75% | 50% | 50% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 10.79 | $ 14.08 | $ 14.93 | $ 13.52 | $ 11.39 | $ 13.80 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.07 | 0.07 | 0.01 | (0.02) | 0.14 | 0.09 | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.09 | (3.36) | (0.86) | 1.43 | 1.99 | (2.50) | |||||
Total from investment operations | 0.16 | (3.29) | (0.85) | 1.41 | 2.13 | (2.41) | |||||
Net asset value, end of period | $ 10.95 | $ 10.79 | $ 14.08 | $ 14.93 | $ 13.52 | $ 11.39 | |||||
Total return2 | 1.48% # | (23.37%) | (5.69%) | 10.43% | 18.70% | (17.46%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 92,649 | $ 94,075 | $ 130,637 | $ 145,335 | $ 147,412 | $ 146,973 | |||||
Ratio of total expenses to average net assets | 1.35% * | 1.33% | 1.25% | 1.32% | 1.34% | 1.32% | |||||
Ratio of net investment income (loss) to average net assets | 1.29% * | 0.55% | 0.07% | (0.19%) | 1.11% | 0.73% | |||||
Portfolio turnover rate | 19% # | 64% | 68% | 121% (a) | 35% | 45% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 28.09 | $ 37.63 | $ 26.37 | $ 27.25 | $ 20.57 | $ 21.47 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | 0.42 | 0.52 | 0.28 | 0.39 | 0.41 | 0.43 | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.06 | (10.06) | 10.98 | (1.27) | 6.27 | (1.33) | |||||
Total from investment operations | 1.48 | (9.54) | 11.26 | (0.88) | 6.68 | (0.90) | |||||
Net asset value, end of period | $ 29.57 | $ 28.09 | $ 37.63 | $ 26.37 | $ 27.25 | $ 20.57 | |||||
Total return2 | 5.27% # | (25.35%) | 42.70% | (3.23%) | 32.47% | (4.19%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 101,359 | $ 99,505 | $ 140,061 | $ 121,063 | $ 133,068 | $ 114,366 | |||||
Ratio of total expenses to average net assets | 0.97% * | 0.97% | 0.95% | 0.97% | 0.96% | 0.96% | |||||
Ratio of net investment income (loss) to average net assets | 2.93% * | 1.63% | 0.89% | 1.59% | 1.64% | 2.05% | |||||
Portfolio turnover rate | 17% # | 27% | 34% | 64% | 74% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 23.01 | $ 27.23 | $ 23.39 | $ 21.41 | $ 17.37 | $ 19.20 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.04) | (0.08) | (0.08) | (0.07) | (0.06) | (0.06) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.30 | (4.14) | 3.92 | 2.05 | 4.10 | (1.77) | |||||
Total from investment operations | 2.26 | (4.22) | 3.84 | 1.98 | 4.04 | (1.83) | |||||
Net asset value, end of period | $ 25.27 | $ 23.01 | $ 27.23 | $ 23.39 | $ 21.41 | $ 17.37 | |||||
Total return2 | 9.82% # | (15.50%) | 16.42% | 9.25% | 23.26% | (9.53%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 59,643 | $ 55,617 | $ 70,657 | $ 70,074 | $ 72,017 | $ 64,604 | |||||
Ratio of total expenses to average net assets3 | 0.34% * | 0.34% | 0.33% | 0.33% | 0.33% | 0.32% | |||||
Ratio of net investment income (loss) to average net assets | (0.31%) * | (0.33%) | (0.33%) | (0.33%) | (0.33%) | (0.32%) | |||||
Portfolio turnover rate | 11% # | 17% | 18% | 17% | 14% | 19% |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 23.81 | $ 27.84 | $ 24.14 | $ 22.06 | $ 18.12 | $ 19.66 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.07) | (0.08) | (0.06) | (0.06) | (0.06) | |||||
Net realized and unrealized gain (loss) on investment transactions | 2.14 | (3.96) | 3.78 | 2.14 | 4.00 | (1.48) | |||||
Total from investment operations | 2.11 | (4.03) | 3.70 | 2.08 | 3.94 | (1.54) | |||||
Net asset value, end of period | $ 25.92 | $ 23.81 | $ 27.84 | $ 24.14 | $ 22.06 | $ 18.12 | |||||
Total return2 | 8.86% # | (14.47%) | 15.33% | 9.43% | 21.75% | (7.83%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 202,130 | $ 192,855 | $ 246,473 | $ 227,084 | $ 232,308 | $ 217,918 | |||||
Ratio of total expenses to average net assets3 | 0.30% * | 0.30% | 0.29% | 0.30% | 0.30% | 0.30% | |||||
Ratio of net investment income (loss) to average net assets | (0.28%) * | (0.30%) | (0.29%) | (0.30%) | (0.29%) | (0.29%) | |||||
Portfolio turnover rate | 10% # | 15% | 12% | 17% | 12% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 20.59 | $ 23.89 | $ 21.46 | $ 19.55 | $ 16.48 | $ 17.51 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.06) | (0.07) | (0.06) | (0.05) | (0.05) | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.59 | (3.24) | 2.50 | 1.97 | 3.12 | (0.98) | |||||
Total from investment operations | 1.56 | (3.30) | 2.43 | 1.91 | 3.07 | (1.03) | |||||
Net asset value, end of period | $ 22.15 | $ 20.59 | $ 23.89 | $ 21.46 | $ 19.55 | $ 16.48 | |||||
Total return2 | 7.58% # | (13.81%) | 11.32% | 9.77% | 18.63% | (5.88%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 220,763 | $ 220,593 | $ 288,061 | $ 285,910 | $ 298,115 | $ 291,618 | |||||
Ratio of total expenses to average net assets3 | 0.30% * | 0.30% | 0.29% | 0.30% | 0.30% | 0.29% | |||||
Ratio of net investment income (loss) to average net assets | (0.28%) * | (0.30%) | (0.29%) | (0.30%) | (0.30%) | (0.29%) | |||||
Portfolio turnover rate | 9% # | 11% | 12% | 17% | 9% | 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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 18.30 | $ 20.62 | $ 18.99 | $ 17.58 | $ 15.31 | $ 15.86 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.03) | (0.06) | (0.06) | (0.05) | (0.05) | (0.05) | |||||
Net realized and unrealized gain (loss) on investment transactions | 1.07 | (2.26) | 1.69 | 1.46 | 2.32 | (0.50) | |||||
Total from investment operations | 1.04 | (2.32) | 1.63 | 1.41 | 2.27 | (0.55) | |||||
Net asset value, end of period | $ 19.34 | $ 18.30 | $ 20.62 | $ 18.99 | $ 17.58 | $ 15.31 | |||||
Total return2 | 5.68% # | (11.25%) | 8.58% | 8.02% | 14.83% | (3.47%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 79,772 | $ 81,079 | $ 99,775 | $ 94,485 | $ 93,947 | $ 88,927 | |||||
Ratio of total expenses to average net assets3 | 0.32% * | 0.32% | 0.31% | 0.32% | 0.32% | 0.31% | |||||
Ratio of net investment income (loss) to average net assets | (0.28%) * | (0.31%) | (0.31%) | (0.31%) | (0.31%) | (0.30%) | |||||
Portfolio turnover rate | 10% # | 16% | 20% | 23% | 13% | 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. |
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 6/30/23 (Unaudited) | Year Ended December 31, | ||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Net asset value, beginning of period | $ 15.64 | $ 17.35 | $ 16.60 | $ 15.51 | $ 13.99 | $ 14.18 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss)1 | (0.02) | (0.05) | (0.06) | (0.05) | (0.05) | (0.04) | |||||
Net realized and unrealized gain (loss) on investment transactions | 0.68 | (1.66) | 0.81 | 1.14 | 1.57 | (0.15) | |||||
Total from investment operations | 0.66 | (1.71) | 0.75 | 1.09 | 1.52 | (0.19) | |||||
Net asset value, end of period | $ 16.30 | $ 15.64 | $ 17.35 | $ 16.60 | $ 15.51 | $ 13.99 | |||||
Total return2 | 4.22% # | (9.86%) | 4.52% | 7.03% | 10.87% | (1.34%) | |||||
Ratios/Supplemental data: | |||||||||||
Net assets, end of period (in thousands) | $ 47,345 | $ 47,950 | $ 59,188 | $ 61,854 | $ 59,832 | $ 57,092 | |||||
Ratio of total expenses to average net assets3 | 0.35% * | 0.35% | 0.33% | 0.33% | 0.34% | 0.33% | |||||
Ratio of net investment income (loss) to average net assets | (0.26%) * | (0.33%) | (0.33%) | (0.33%) | (0.31%) | (0.31%) | |||||
Portfolio turnover rate | 10% # | 12% | 23% | 30% | 18% | 23% |
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. |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Limited Maturity Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
Quality Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
High Yield Bond Fund | None | 0.46% of the first $200,000,000; 0.44% of the next $150,000,000; 0.42% of the next $150,000,000; 0.40% over $500,000,000. | ||
Flexibly Managed Fund | T. Rowe Price Associates, Inc. | 0.72% of the first $500,000,000; 0.70% of the next $2,000,000,000; 0.68% of the next $1,500,000,000; 0.65% of the next $1,000,000,000; 0.62% over $5,000,000,000. | ||
Balanced Fund | None | None | ||
Large Growth Stock Fund* | T. Rowe Price Associates, Inc. | 0.69% of the first $250,000,000; 0.65% of the next $250,000,000; 0.62% over $500,000,000. | ||
Large Cap Growth Fund | Massachusetts Financial Services Company | 0.55% | ||
Large Core Growth Fund** | Delaware Investments Fund Advisers | 0.58% | ||
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% |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Mid Cap Value Fund | Janus Henderson Investors US LLC | 0.55% of the first $250,000,000; 0.525% of the next $250,000,000; 0.50% of the next $250,000,000; 0.475% of the next $250,000,000; 0.45% of the next $500,000,000; 0.425% over $1,500,000,000. | ||
Mid Core Value Fund | American Century Investment Management, Inc. | 0.69% | ||
SMID Cap Growth Fund | Goldman Sachs Asset Management, LP | 0.75% | ||
SMID Cap Value Fund | AllianceBernstein, LP | 0.84% | ||
Small Cap Growth Fund | Janus Henderson Investors US 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. |
Fund | Sub-Adviser | Investment Advisory Fees (As a Percentage of the Average Daily Net Assets of the Fund) | ||
Moderately Conservative Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. | ||
Conservative Allocation Fund | None | 0.12% of the first $200,000,000; 0.11% of the next $150,000,000; 0.10% of the next $150,000,000; 0.09% over $500,000,000. |
* | Effective June 1, 2023. Prior to June 1, 2023, the Fund’s Investment Advisory Fee was 0.72% of the first $250,000,000, 0.68% of the next $250,000,000 and 0.65% over $500,000,000. |
** | Effective May 1,2023. Prior to May 1, 2023, the Fund’s Investment Advisory Fee was 0.60% on the average daily net assets of the Fund. |
Fund | Expense Limitation | |
Money Market Fund | 0.64% | |
Limited Maturity Bond Fund | 0.74% | |
Quality Bond Fund | 0.73% | |
High Yield Bond Fund | 0.92% | |
Flexibly Managed Fund | 0.94% | |
Balanced Fund | 0.79% | |
Large Growth Stock Fund | 1.02% | |
Large Cap Growth Fund | 0.89% | |
Large Core Growth Fund | 0.90% | |
Large Cap Value Fund | 0.96% | |
Large Core Value Fund | 0.96% | |
Index 500 Fund | 0.42% | |
Mid Cap Growth Fund | 1.00% | |
Mid Cap Value Fund | 0.83% | |
Mid Core Value Fund | 1.11% | |
SMID Cap Growth Fund | 1.07% |
Fund | Expense Limitation | |
SMID Cap Value Fund | 1.26% | |
Small Cap Growth Fund | 1.13% | |
Small Cap Value Fund | 1.02% | |
Small Cap Index Fund | 0.74% | |
Developed International Index Fund | 0.94% | |
International Equity Fund | 1.20% | |
Emerging Markets Equity Fund | 1.78% | |
Real Estate Securities Fund | 1.02% | |
Aggressive Allocation Fund* | 0.40% | |
Moderately Aggressive Allocation Fund* | 0.34% | |
Moderate Allocation Fund* | 0.34% | |
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, 2025 | December 31, 2026 | ||
Large Cap Growth Fund | $ — | $ 2,133 | |
Mid Cap Value Fund | 7,208 | 4,219 | |
Small Cap Value Fund | — | 3,223 |
Money Market Fund | $ 2,492,201 |
Limited Maturity Bond Fund | 71,184,993 |
Quality Bond Fund | 54,143,893 |
Large Growth Stock Fund | 10,176,101 |
Large Core Value Fund | 13,321,190 |
Index 500 Fund | 17,816,474 |
SMID Cap Growth Fund | 4,238,850 |
SMID Cap Value Fund | 5,244,275 |
Small Cap Index Fund | 4,163,578 |
Developed International Index Fund | 4,294,489 |
International Equity Fund | 6,962,759 |
SMID Cap Growth Fund | $ 1,560 |
Small Cap Value Fund | 3,835 |
Purchases | Sales | Gain (Loss) | |||
Large Growth Stock Fund | $ 203,417 | $— | $— |
Balanced Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 60.1% | ||||||||||||||||
Penn Series Index 500 Fund* | $42,140,045 | $ 307,766 | $4,339,467 | $3,392,040 | $ 3,491,330 | $ 44,991,714 | 1,138,454 | $— | ||||||||
Affiliated Fixed Income Funds — 39.7% | ||||||||||||||||
Penn Series Quality Bond Fund* | 27,902,372 | 2,531,030 | 1,372,244 | 133,955 | 536,111 | 29,731,224 | 1,949,589 | — | ||||||||
$ 70,042,417 | $2,838,796 | $ 5,711,711 | $ 3,525,995 | $4,027,441 | $74,722,938 | $— |
* | Non-income producing security. |
Aggressive Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 65.0% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 3,314,390 | $ 95,784 | $ 193,821 | $ 78,600 | $ 279,617 | $ 3,574,570 | 40,123 | $— | ||||||||
Penn Series Index 500 Fund* | 13,231,013 | 184,611 | 1,250,587 | 447,132 | 1,696,673 | 14,308,842 | 362,066 | — | ||||||||
Penn Series Large Cap Growth Fund* | 553,249 | 7,692 | 53,097 | 22,997 | 65,663 | 596,504 | 16,469 | — | ||||||||
Penn Series Large Cap Value Fund* | 3,352,067 | 242,880 | 136,797 | 45,975 | 76,191 | 3,580,316 | 85,205 | — | ||||||||
Penn Series Large Core Value Fund* | 3,354,928 | 268,115 | 136,797 | 50,683 | 42,887 | 3,579,816 | 125,037 | — | ||||||||
Penn Series Large Growth Stock Fund* | 540,016 | 7,692 | 120,386 | 55,968 | 114,045 | 597,335 | 8,906 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 1,096,430 | 15,384 | 90,222 | 49,714 | 141,330 | 1,212,636 | 32,363 | — | ||||||||
Penn Series Mid Cap Value Fund* | 1,116,623 | 83,823 | 45,599 | 3,655 | 42,769 | 1,201,271 | 44,278 | — | ||||||||
Penn Series Mid Core Value Fund* | 2,788,895 | 228,964 | 113,998 | 23,222 | 53,077 | 2,980,160 | 87,420 | — | ||||||||
Penn Series Real Estate Securities Fund* | 1,626,413 | 146,418 | 68,399 | 18,166 | 67,546 | 1,790,144 | 60,539 | — | ||||||||
Penn Series Small Cap Growth Fund* | 1,115,520 | 15,384 | 80,317 | 18,173 | 121,904 | 1,190,664 | 20,413 | — | ||||||||
Penn Series Small Cap Index Fund* | 1,665,192 | 55,166 | 68,399 | (20,052) | 147,344 | 1,779,251 | 60,788 | — | ||||||||
Penn Series SMID Cap Growth Fund* | 1,097,481 | 33,514 | 47,971 | 20,754 | 99,429 | 1,203,207 | 26,821 | — | ||||||||
Penn Series SMID Cap Value Fund* | 1,122,361 | 46,623 | 45,599 | 11,992 | 63,761 | 1,199,138 | 34,271 | — | ||||||||
Affiliated Fixed Income Funds — 7.9% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 1,655,858 | 4,725 | 1,682,691 | 62,280 | (40,172) | — | — | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 2,790,414 | 25,649 | 2,288,375 | 58,270 | 6,480 | 592,438 | 45,224 | — | ||||||||
Penn Series Quality Bond Fund* | — | 4,212,106 | 62,088 | 284 | (13,640) | 4,136,662 | 271,257 | — | ||||||||
Affiliated International Equity Funds — 26.4% | ||||||||||||||||
Penn Series Developed International Index Fund* | 4,997,078 | 69,229 | 381,481 | 41,224 | 512,052 | 5,238,102 | 315,358 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 3,338,271 | 202,033 | 136,797 | (34,517) | 87,242 | 3,456,232 | 315,638 | — | ||||||||
Penn Series International Equity Fund* | 6,556,034 | 92,305 | 545,413 | 213,504 | 722,663 | 7,039,093 | 179,477 | — | ||||||||
$55,312,233 | $6,038,097 | $7,548,834 | $1,168,024 | $4,286,861 | $ 59,256,381 | $— |
* | Non-income producing security. |
Moderately Aggressive Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 60.1% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 11,510,472 | $ 176,238 | $ 799,924 | $ 406,155 | $ 835,103 | $ 12,128,044 | 136,133 | $— | ||||||||
Penn Series Index 500 Fund* | 40,205,605 | 471,129 | 4,691,944 | 1,488,133 | 5,006,294 | 42,479,217 | 1,074,879 | — | ||||||||
Penn Series Large Cap Growth Fund* | 1,921,349 | 22,435 | 226,983 | 121,446 | 185,597 | 2,023,844 | 55,876 | — | ||||||||
Penn Series Large Cap Value Fund* | 11,641,523 | 703,708 | 621,336 | 174,494 | 249,165 | 12,147,554 | 289,090 | — | ||||||||
Penn Series Large Core Value Fund* | 11,651,428 | 788,305 | 621,337 | 248,048 | 79,473 | 12,145,917 | 424,237 | — | ||||||||
Penn Series Large Growth Stock Fund* | 1,875,313 | 22,434 | 459,902 | 243,292 | 345,515 | 2,026,652 | 30,217 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 3,807,662 | 44,870 | 397,810 | 240,433 | 419,226 | 4,114,381 | 109,805 | — | ||||||||
Penn Series Mid Cap Value Fund* | 1,938,970 | 121,908 | 103,556 | 9,579 | 71,002 | 2,037,903 | 75,116 | — | ||||||||
Penn Series Mid Core Value Fund* | 9,685,662 | 677,870 | 517,780 | 159,364 | 106,277 | 10,111,393 | 296,609 | — | ||||||||
Penn Series Real Estate Securities Fund* | 5,647,965 | 438,043 | 310,668 | 95,036 | 203,412 | 6,073,788 | 205,404 | — | ||||||||
Penn Series Small Cap Growth Fund* | 1,937,040 | 22,435 | 182,426 | 56,408 | 186,416 | 2,019,873 | 34,628 | — |
Moderately Aggressive Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Penn Series Small Cap Index Fund* | $ 7,710,696 | $ 162,596 | $ 414,224 | $ 136,303 | $ 453,600 | $ 8,048,971 | 274,990 | $— | ||||||||
Penn Series SMID Cap Growth Fund* | 1,905,678 | 32,643 | 104,782 | 58,618 | 149,018 | 2,041,175 | 45,501 | — | ||||||||
Penn Series SMID Cap Value Fund* | 3,897,878 | 114,943 | 207,112 | 34,167 | 228,692 | 4,068,568 | 116,278 | — | ||||||||
Affiliated Fixed Income Funds — 17.9% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 5,750,726 | 14,486 | 5,842,645 | 405,205 | (327,772) | — | — | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 19,382,362 | 187,260 | 7,973,036 | 570,528 | (106,634) | 12,060,480 | 920,647 | — | ||||||||
Penn Series Quality Bond Fund* | 9,507,829 | 15,218,522 | 848,949 | 63,668 | 119,294 | 24,060,364 | 1,577,729 | — | ||||||||
Affiliated International Equity Funds — 21.5% | ||||||||||||||||
Penn Series Developed International Index Fund* | 13,497,917 | 157,042 | 1,332,067 | 247,082 | 1,252,490 | 13,822,464 | 832,177 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 9,661,493 | 467,865 | 517,780 | 33,369 | 126,901 | 9,771,848 | 892,406 | — | ||||||||
Penn Series International Equity Fund* | 18,973,367 | 224,347 | 2,006,959 | 730,610 | 1,980,502 | 19,901,867 | 507,442 | — | ||||||||
$ 192,110,935 | $20,069,079 | $28,181,220 | $5,521,938 | $ 11,563,571 | $201,084,303 | $— |
* | Non-income producing security. |
Moderate Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 46.1% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 13,171,498 | $ 66,491 | $ 1,386,948 | $ 927,872 | $ 478,835 | $ 13,257,748 | 148,813 | $— | ||||||||
Penn Series Index 500 Fund* | 37,244,107 | 188,392 | 5,784,836 | 2,152,852 | 3,790,275 | 37,590,790 | 951,184 | — | ||||||||
Penn Series Large Cap Growth Fund* | 2,198,593 | 11,082 | 344,621 | 185,015 | 162,268 | 2,212,337 | 61,080 | — | ||||||||
Penn Series Large Cap Value Fund* | 6,660,803 | 264,955 | 524,418 | 134,675 | 103,436 | 6,639,451 | 158,007 | — | ||||||||
Penn Series Large Core Value Fund* | 8,888,547 | 468,744 | 749,786 | 282,973 | (39,146) | 8,851,332 | 309,163 | — | ||||||||
Penn Series Large Growth Stock Fund* | 2,145,906 | 11,082 | 608,280 | 328,944 | 337,773 | 2,215,425 | 33,032 | — | ||||||||
Penn Series Mid Cap Growth Fund* | 4,357,084 | 22,164 | 627,406 | 382,017 | 363,701 | 4,497,560 | 120,031 | — | ||||||||
Penn Series Mid Core Value Fund* | 11,083,415 | 543,744 | 874,030 | 183,157 | 116,761 | 11,053,047 | 324,231 | — | ||||||||
Penn Series Real Estate Securities Fund* | 4,308,500 | 243,519 | 349,612 | 124,061 | 99,686 | 4,426,154 | 149,684 | — | ||||||||
Penn Series Small Cap Index Fund* | 6,617,569 | 111,210 | 629,005 | 215,425 | 283,543 | 6,598,742 | 225,444 | — | ||||||||
Penn Series SMID Cap Growth Fund* | 2,180,653 | 18,378 | 202,543 | 114,074 | 120,685 | 2,231,247 | 49,738 | — | ||||||||
Penn Series SMID Cap Value Fund* | 2,230,184 | 56,611 | 210,673 | 57,473 | 90,095 | 2,223,690 | 63,552 | — | ||||||||
Affiliated Fixed Income Funds — 37.8% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 8,774,239 | 308,451 | 710,732 | 263,897 | 165,443 | 8,801,298 | 531,159 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 33,269,852 | 141,698 | 14,431,658 | 1,058,135 | (261,934) | 19,776,093 | 1,509,625 | — | ||||||||
Penn Series Quality Bond Fund* | 41,343,852 | 16,228,842 | 3,741,596 | 343,645 | 620,673 | 54,795,416 | 3,593,142 | — | ||||||||
Affiliated International Equity Funds — 15.6% | ||||||||||||||||
Penn Series Developed International Index Fund* | 8,826,246 | 44,328 | 1,220,246 | 397,263 | 586,414 | 8,634,005 | 519,808 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 11,055,927 | 483,069 | 1,051,335 | 59,396 | 134,805 | 10,681,862 | 975,512 | — | ||||||||
Penn Series International Equity Fund* | 15,197,887 | 77,573 | 2,215,015 | 820,576 | 1,347,666 | 15,228,687 | 388,289 | — | ||||||||
$219,554,862 | $ 19,290,333 | $35,662,740 | $8,031,450 | $8,500,979 | $219,714,884 | $— |
* | Non-income producing security. |
Moderately Conservative Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 32.9% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 6,432,902 | $ 145,829 | $ 912,887 | $ 483,849 | $ 204,419 | $ 6,354,112 | 71,322 | $— | ||||||||
Penn Series Index 500 Fund* | 8,024,989 | 182,286 | 1,539,174 | 557,845 | 722,547 | 7,948,493 | 201,126 | — | ||||||||
Penn Series Large Cap Growth Fund* | 805,347 | 18,229 | 155,740 | 52,579 | 74,837 | 795,252 | 21,956 | — | ||||||||
Penn Series Large Cap Value Fund* | 2,439,791 | 135,831 | 275,623 | 104,082 | (17,459) | 2,386,622 | 56,797 | — | ||||||||
Penn Series Large Core Value Fund* | 3,255,821 | 239,149 | 403,137 | 111,201 | (21,309) | 3,181,725 | 111,133 | — |
Moderately Conservative Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Penn Series Mid Core Value Fund* | $ 2,435,864 | $ 132,295 | $ 249,582 | $ 51,687 | $ 13,614 | $ 2,383,878 | 69,929 | $— | ||||||||
Penn Series Real Estate Securities Fund* | 1,578,275 | 90,302 | 158,776 | 43,414 | 37,856 | 1,591,071 | 53,807 | — | ||||||||
Penn Series Small Cap Index Fund* | 807,999 | 30,537 | 107,837 | (29,415) | 89,408 | 790,692 | 27,014 | — | ||||||||
Penn Series SMID Cap Value Fund* | 816,906 | 37,740 | 108,214 | 29,114 | 23,799 | 799,345 | 22,845 | — | ||||||||
Affiliated Fixed Income Funds — 56.4% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 4,017,360 | 136,662 | 396,940 | 86,826 | 110,652 | 3,954,560 | 238,658 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 20,310,182 | 406,075 | 6,204,289 | 452,936 | 41,961 | 15,006,865 | 1,145,562 | — | ||||||||
Penn Series Quality Bond Fund* | 21,520,239 | 6,299,760 | 2,337,794 | 181,694 | 335,202 | 25,999,101 | 1,704,859 | — | ||||||||
Affiliated International Equity Funds — 9.7% | ||||||||||||||||
Penn Series Developed International Index Fund* | 2,424,721 | 54,686 | 424,759 | 89,828 | 183,281 | 2,327,757 | 140,142 | — | ||||||||
Penn Series Emerging Markets Equity Fund* | 1,619,842 | 104,398 | 217,396 | (27,548) | 56,616 | 1,535,912 | 140,266 | — | ||||||||
Penn Series International Equity Fund* | 3,976,390 | 96,179 | 733,748 | 171,163 | 400,152 | 3,910,136 | 99,697 | — | ||||||||
$80,466,628 | $ 8,109,958 | $14,225,896 | $2,359,255 | $2,255,576 | $ 78,965,521 | $— |
* | Non-income producing security. |
Conservative Allocation Fund | Total Value at 12/31/22 | Purchases | Sales Proceeds | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Total Value at 06/30/23 | Number of Shares | Dividend Income | ||||||||
Affiliated Equity Funds — 19.7% | ||||||||||||||||
Penn Series Flexibly Managed Fund* | $ 3,762,710 | $ 116,944 | $ 547,335 | $ 195,311 | $ 210,659 | $ 3,738,289 | 41,961 | $— | ||||||||
Penn Series Index 500 Fund* | 2,816,398 | 101,606 | 567,776 | 175,844 | 279,691 | 2,805,763 | 70,996 | — | ||||||||
Penn Series Large Core Value Fund* | 1,428,261 | 123,970 | 188,892 | 71,295 | (30,718) | 1,403,916 | 49,037 | — | ||||||||
Penn Series Mid Core Value Fund* | 949,826 | 64,369 | 105,235 | 41,324 | (15,285) | 934,999 | 27,427 | — | ||||||||
Penn Series Real Estate Securities Fund* | 461,644 | 28,350 | 46,159 | 6,626 | 17,569 | 468,030 | 15,828 | — | ||||||||
Affiliated Fixed Income Funds — 75.5% | ||||||||||||||||
Penn Series High Yield Bond Fund* | 2,349,707 | 90,165 | 229,459 | 30,688 | 85,482 | 2,326,583 | 140,409 | — | ||||||||
Penn Series Limited Maturity Bond Fund* | 17,105,407 | 490,466 | 4,072,843 | 233,564 | 183,943 | 13,940,537 | 1,064,163 | — | ||||||||
Penn Series Quality Bond Fund* | 16,782,931 | 3,856,607 | 1,570,852 | 89,508 | 309,557 | 19,467,751 | 1,276,574 | — | ||||||||
Affiliated International Equity Funds — 2.9% | ||||||||||||||||
Penn Series Developed International Index Fund* | 945,479 | 29,236 | 168,613 | 53,024 | 53,855 | 912,981 | 54,965 | — | ||||||||
Penn Series International Equity Fund* | 465,184 | 17,641 | 89,870 | 19,627 | 47,501 | 460,083 | 11,731 | — | ||||||||
$47,067,547 | $ 4,919,354 | $ 7,587,034 | $ 916,811 | $1,142,254 | $46,458,932 | $— |
* | Non-income producing security. |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Limited Maturity Bond Fund | $ — | $ — | $ 31,643,170 | $ 65,878,262 | |||
Quality Bond Fund | 69,680,481 | 32,622,211 | 73,200,033 | 70,289,712 | |||
High Yield Bond Fund | 1,945,234 | — | 43,132,386 | 50,744,546 | |||
Flexibly Managed Fund | 419,986,802 | 424,498,747 | 1,329,236,349 | 1,389,705,187 | |||
Balanced Fund | — | — | 2,838,796 | 5,711,711 | |||
Large Growth Stock Fund | — | — | 57,631,448 | 58,209,399 | |||
Large Cap Growth Fund | — | — | 8,221,160 | 10,046,869 | |||
Large Core Growth Fund | — | — | 114,279,093 | 117,757,111 | |||
Large Cap Value Fund | — | — | 54,650,609 | 62,298,164 | |||
Large Core Value Fund | — | — | 41,651,488 | 47,759,741 | |||
Index 500 Fund | — | — | 9,638,439 | 19,187,820 |
U.S. Government Securities | Other Investment Securities | ||||||
Purchases | Sales | Purchases | Sales | ||||
Mid Cap Growth Fund | $ — | $ — | $ 20,018,297 | $ 24,427,233 | |||
Mid Cap Value Fund | — | — | 23,520,819 | 25,902,638 | |||
Mid Core Value Fund | — | — | 16,102,191 | 20,202,818 | |||
SMID Cap Value Fund | — | — | 12,443,014 | 16,207,159 | |||
Small Cap Growth Fund | — | — | 14,079,288 | 17,115,469 | |||
Small Cap Value Fund | — | — | 48,370,810 | 52,835,434 | |||
Small Cap Index Fund | — | — | 9,592,094 | 9,564,727 | |||
Developed International Index Fund | — | — | 1,142,524 | 5,196,020 | |||
International Equity Fund | — | — | 80,469,632 | 94,090,105 | |||
Emerging Markets Equity Fund | — | — | 17,467,014 | 20,689,610 | |||
Real Estate Securities Fund | — | — | 17,465,227 | 17,780,461 | |||
Aggressive Allocation Fund | — | — | 6,038,097 | 7,548,834 | |||
Moderately Aggressive Allocation Fund | — | — | 20,069,079 | 28,181,220 | |||
Moderate Allocation Fund | — | — | 19,290,333 | 35,662,740 | |||
Moderately Conservative Allocation Fund | — | — | 8,109,958 | 14,225,896 | |||
Conservative Allocation Fund | — | — | 4,919,354 | 7,587,034 |
Total distributable earnings (loss) | Increase (Decrease) Paid-in Capital | ||
Money Market Fund | $ (5,838) | $ 5,838 | |
Limited Maturity Bond Fund | (2,879,070) | 2,879,070 | |
Quality Bond Fund | (10,870,035) | 10,870,035 | |
High Yield Bond Fund | (7,107,998) | 7,107,998 | |
Flexibly Managed Fund | (563,322,183) | 563,322,183 | |
Balanced Fund | (5,635,556) | 5,635,556 | |
Large Growth Stock Fund | 1,360,265 | (1,360,265) | |
Large Cap Growth Fund | (6,206,236) | 6,206,236 | |
Large Core Growth Fund | 836,112 | (836,112) | |
Large Cap Value Fund | (20,305,733) | 20,305,733 | |
Large Core Value Fund | (16,165,845) | 16,165,845 | |
Index 500 Fund | (24,171,178) | 24,171,178 | |
Mid Cap Growth Fund | (16,400,961) | 16,400,961 | |
Mid Cap Value Fund | (882,836) | 882,836 | |
Mid Core Value Fund | (12,451,942) | 12,451,942 | |
SMID Cap Growth Fund | 431,678 | (431,678) | |
SMID Cap Value Fund | (5,658,046) | 5,658,046 | |
Small Cap Growth Fund | (5,189,331) | 5,189,331 | |
Small Cap Value Fund | (5,083,772) | 5,083,772 | |
Small Cap Index Fund | (1,810,955) | 1,810,955 | |
Developed International Index Fund | (2,576,329) | 2,576,329 | |
International Equity Fund | 928,696 | (928,696) | |
Emerging Markets Equity Fund | (973,379) | 973,379 | |
Real Estate Securities Fund | (9,965,421) | 9,965,421 | |
Aggressive Allocation Fund | (3,681,114) | 3,681,114 | |
Moderately Aggressive Allocation Fund | (14,931,835) | 14,931,835 | |
Moderate Allocation Fund | (15,073,374) | 15,073,374 | |
Moderately Conservative Allocation Fund | (4,520,106) | 4,520,106 | |
Conservative Allocation Fund | (1,455,841) | 1,455,841 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||
Money Market Fund | $ 416,654 | $ 21,353 | $ — | $ — | $ 416,654 | $ 21,353 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||
Limited Maturity Bond Fund | $ 2,879,070 | $ 3,660,375 | $ — | $ — | $ 2,879,070 | $ 3,660,375 | |||||
Quality Bond Fund | 10,870,035 | 10,408,652 | — | 581,151 | 10,870,035 | 10,989,803 | |||||
High Yield Bond Fund | 7,107,998 | 6,975,214 | — | — | 7,107,998 | 6,975,214 | |||||
Flexibly Managed Fund | 63,279,640 | 195,736,954 | 500,042,543 | 453,781,423 | 563,322,183 | 649,518,377 | |||||
Balanced Fund | 1,220,706 | 1,241,162 | 6,907,651 | 12,884,778 | 8,128,357 | 14,125,940 | |||||
Large Growth Stock Fund | — | 5,933,272 | 269,503 | 51,380,783 | 269,503 | 57,314,055 | |||||
Large Cap Growth Fund | 83,436 | 872,268 | 6,101,261 | 7,539,927 | 6,184,697 | 8,412,195 | |||||
Large Core Growth Fund | — | 4,420,923 | — | 36,000,990 | — | 40,421,913 | |||||
Large Cap Value Fund | 2,008,550 | 7,212,972 | 18,225,021 | 20,887,442 | 20,233,571 | 28,100,414 | |||||
Large Core Value Fund | 3,262,793 | 11,009,430 | 12,903,052 | 21,210,050 | 16,165,845 | 32,219,480 | |||||
Index 500 Fund | 7,812,235 | 7,510,040 | 16,358,943 | 44,177,839 | 24,171,178 | 51,687,879 | |||||
Mid Cap Growth Fund | — | — | 17,170,535 | 33,041,972 | 17,170,535 | 33,041,972 | |||||
Mid Cap Value Fund | 882,988 | 542,837 | — | — | 882,988 | 542,837 | |||||
Mid Core Value Fund | 2,964,608 | 6,948,194 | 9,487,334 | 11,497,689 | 12,451,942 | 18,445,883 | |||||
SMID Cap Growth Fund | — | 2,306,213 | — | 14,714,496 | — | 17,020,709 | |||||
SMID Cap Value Fund | 803,079 | 2,864,643 | 4,854,967 | — | 5,658,046 | 2,864,643 | |||||
Small Cap Growth Fund | — | 3,001,820 | 5,712,638 | 17,548,296 | 5,712,638 | 20,550,116 | |||||
Small Cap Value Fund | 1,094,826 | 20,918,874 | 3,988,946 | 24,016,729 | 5,083,772 | 44,935,603 | |||||
Small Cap Index Fund | 514,315 | 1,856,813 | 1,296,640 | 10,911,503 | 1,810,955 | 12,768,316 | |||||
Developed International Index Fund | 1,643,076 | 2,667,317 | 805,805 | 2,436,570 | 2,448,881 | 5,103,887 | |||||
International Equity Fund | — | 5,989,745 | — | 57,422,610 | — | 63,412,355 | |||||
Emerging Markets Equity Fund | 936,610 | 5,615,466 | — | 13,295,608 | 936,610 | 18,911,074 | |||||
Real Estate Securities Fund | 2,347,183 | 1,161,507 | 7,618,238 | 12,868,114 | 9,965,421 | 14,029,621 |
Ordinary Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||
Aggressive Allocation Fund | $ 543,618 | $ 1,681,712 | $ 6,088,579 | $ 14,115,541 | $ 6,632,197 | $ 15,797,253 | |||||
Moderately Aggressive Allocation Fund | 2,194,205 | 6,036,323 | 22,959,200 | 39,308,858 | 25,153,405 | 45,345,181 | |||||
Moderate Allocation Fund | 3,167,916 | 6,688,233 | 22,349,076 | 43,116,939 | 25,516,992 | 49,805,172 | |||||
Moderately Conservative Allocation Fund | 1,333,510 | 2,238,079 | 6,810,924 | 11,019,657 | 8,144,434 | 13,257,736 | |||||
Conservative Allocation Fund | 864,365 | 1,173,776 | 2,367,906 | 5,120,919 | 3,232,271 | 6,294,695 |
Short-Term Capital Loss | Long-Term Capital Loss | ||
Limited Maturity Bond Fund | $ (1,106,372) | $ (1,982,215) | |
Quality Bond Fund | (9,733,260) | (13,930,059) | |
High Yield Bond Fund | (3,566,539) | (2,290,906) | |
Large Core Growth Fund | (17,773,124) | (19,910,318) | |
Mid Cap Value Fund | (1,914,841) | (814,427) | |
SMID Cap Growth Fund | (6,278,231) | — | |
International Equity Fund | (12,725,732) | (549,930) | |
Emerging Markets Equity Fund | (6,488,820) | (1,234,620) |
Mid Cap Value Fund | $ (5,643,795) |
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ Depreciation | ||||
Money Market Fund | $ 150,176,436 | $ — | $ — | $ — |
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ Depreciation | ||||
Limited Maturity Bond Fund | $ 196,606,060 | $ 302,291 | $ (11,713,301) | $ (11,411,010) | |||
Quality Bond Fund | 439,319,784 | 156,206 | (37,626,791) | (37,470,585) | |||
High Yield Bond Fund | 130,812,323 | 932,716 | (4,615,158) | (3,682,442) | |||
Flexibly Managed Fund | 4,789,694,239 | 475,089,948 | (236,761,369) | 238,328,579 | |||
Balanced Fund | 54,687,204 | 21,354,693 | (983,089) | 20,371,604 | |||
Large Growth Stock Fund | 206,863,549 | 110,150,320 | (10,865,463) | 99,284,857 | |||
Large Cap Growth Fund | 51,323,772 | 20,325,218 | (757,511) | 19,567,707 | |||
Large Core Growth Fund | 104,044,550 | 10,138,575 | (1,716,057) | 8,422,518 | |||
Large Cap Value Fund | 148,659,584 | 18,480,459 | (2,622,892) | 15,857,567 | |||
Large Core Value Fund | 147,918,127 | 17,041,386 | (8,007,373) | 9,034,013 | |||
Index 500 Fund | 371,238,458 | 353,921,040 | (17,393,476) | 336,527,564 | |||
Mid Cap Growth Fund | 118,944,817 | 43,988,293 | (10,069,254) | 33,919,039 | |||
Mid Cap Value Fund | 74,043,250 | 15,864,520 | (1,947,055) | 13,917,465 | |||
Mid Core Value Fund | 84,828,858 | 5,685,756 | (6,524,940) | (839,184) | |||
SMID Cap Growth Fund | 70,153,287 | 9,918,783 | (3,757,793) | 6,160,990 | |||
SMID Cap Value Fund | 53,630,868 | 6,430,299 | (5,650,673) | 779,626 | |||
Small Cap Growth Fund | 75,187,636 | 34,224,242 | (4,844,145) | 29,380,097 | |||
Small Cap Value Fund | 149,672,895 | 15,031,879 | (15,372,278) | (340,399) | |||
Small Cap Index Fund | 86,134,962 | 17,436,977 | (17,805,481) | (368,504) | |||
Developed International Index Fund | 65,669,022 | 30,456,521 | (7,685,988) | 22,770,533 | |||
International Equity Fund | 246,019,021 | 32,323,562 | (5,884,392) | 26,439,170 | |||
Emerging Markets Equity Fund | 98,254,173 | 6,508,855 | (13,323,099) | (6,814,244) | |||
Real Estate Securities Fund | 103,260,467 | 8,283,609 | (10,346,628) | (2,063,019) | |||
Aggressive Allocation Fund | 50,629,336 | 9,864,902 | (847,327) | 9,017,575 | |||
Moderately Aggressive Allocation Fund | 167,538,417 | 37,430,491 | (2,868,457) | 34,562,034 | |||
Moderate Allocation Fund | 189,253,427 | 34,746,543 | (3,201,770) | 31,544,773 | |||
Moderately Conservative Allocation Fund | 74,542,954 | 6,578,782 | (1,397,011) | 5,181,771 | |||
Conservative Allocation Fund | 46,696,115 | 1,971,893 | (1,285,826) | 686,067 |
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 | $ — | $ — | $ 115,194 | $ — | $ — | $ (1,005,333) | |||||
Quality Bond Fund | — | — | — | — | — | (1,639,464) | |||||
Flexibly Managed Fund | — | — | — | (66,301,856) | — | — | |||||
Index 500 Fund | 67,068 | — | — | — | — | — | |||||
Mid Core Value Fund | — | 2,883 | — | — | (257) | — | |||||
Small Cap Index Fund | — | — | — | (391) | — | — | |||||
Developed International Index Fund | — | 8,494 | — | (659) | (8,067) | — |
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 | ||||||
Mid Core Value Fund | ||||||||||||
Bank of America | Fx Letter | $ 1,367 | $ (187) | $ 1,180 | $— | $ 1,180 | ||||||
Goldman Sachs | Fx Letter | — | (70) | (70) | — | (70) | ||||||
JPMorgan | Fx Letter | 42 | — | 42 | — | 42 | ||||||
Morgan Stanley | Fx Letter | 1,474 | — | 1,474 | — | 1,474 | ||||||
Total | $ 2,883 | $ (257) | $2,626 | $— | $2,626 | |||||||
Developed International Index Fund | ||||||||||||
Westpac | Fx Letter | 8,494 | (8,067) | 427 | — | 427 | ||||||
Total | $8,494 | $(8,067) | $ 427 | $— | $ 427 |
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 |
Derivative Type | Location of Gain (Loss) on Derivatives Recognized in Income | |
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 | $ — | $ — | $ (131,611) | |||
Quality Bond Fund | — | — | 179,537 | |||
Flexibly Managed Fund | 15,863,757 | — | — | |||
Index 500 Fund | 41,194 | — | — | |||
Mid Core Value Fund | — | (100,931) | — | |||
Small Cap Index Fund | 11,153 | — | — | |||
Developed International Index Fund | 251,291 | 9,272 | — |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||
Fund | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||
Limited Maturity Bond Fund | $ — | $ — | $ (910,806) | |||
Quality Bond Fund | — | — | (1,751,372) | |||
Flexibly Managed Fund | (39,850,543) | — | — | |||
Index 500 Fund | 229,876 | — | — | |||
Mid Core Value Fund | — | 36,370 | — | |||
Small Cap Index Fund | 25,345 | — | — | |||
Developed International Index Fund | 2,191 | 427 | — |
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 | $ — | $ 58,407,969 | $ (7,308,698) | $ — | $ — | |||||
Quality Bond Fund | — | 96,575,646 | — | — | — | |||||
Flexibly Managed Fund | — | — | — | — | (34,225,966) | |||||
Index 500 Fund | — | 2,902,650 | — | — | — | |||||
Mid Core Value Fund | (6,671,435) | — | — | — | — | |||||
Small Cap Index Fund | — | 942,695 | — | — | — | |||||
Developed International Index Fund | (268,538) | 2,133,582 | — | — | — |
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 | |
Delaware Investments Fund Advisers | Mid Cap Growth Fund | |
Delaware Investments Fund Advisers | Large Core Growth Fund | |
Eaton Vance Management | Large Core Value Fund | |
Goldman Sachs Asset Management, L.P. | Small Cap Value Fund | |
Goldman Sachs Asset Management, L.P. | SMID Cap Growth Fund | |
Janus Henderson Investors US LLC | Mid Cap Value Fund | |
Janus Henderson Investors US LLC | Small Cap Growth Fund | |
Massachusetts Financial Services Company | Large Cap 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 Investment Management, Inc. | ||
T. Rowe Price Associates, Inc. | Large Growth Stock Fund | |
Vontobel Asset Management, Inc. | Emerging Markets Equity Fund | |
Vontobel Asset Management, Inc. | International Equity Fund |
PM8993 | 06/23 |
(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) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(2)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. | |
(a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
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/ Keith G. Huckerby | |||
Keith G. Huckerby, President | ||||
(principal executive officer) |
Date September 7, 2023
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/ Keith G. Huckerby | |||
Keith G. Huckerby, President | ||||
(principal executive officer) |
Date September 7, 2023
By (Signature and Title)* | /s/ Steven Viola | |||
Steven Viola, Treasurer | ||||
(principal financial officer) |
Date September 7, 2023
* | Print the name and title of each signing officer under his or her signature. |