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 811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)
Jason K. Mitchell
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7th Street
Saint Paul, Minnesota 55101-4930
Copy to:
John V. O’Hanlon, Esq.
Dechert LLP
One International Place, 40th Floor
100 Oliver Street
Boston, Massachusetts 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 651-228-0935
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Item 1. Reports to Stockholders
(a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) |
Clearwater International Fund
Actual returns | Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During the Period July 1, 2021 through December 31, 2021* |
Core Equity Fund | $1,000.00 | $1,095.20 | $1.43 |
Select Equity Fund | $1,000.00 | $965.00 | $4.36 |
Tax-Exempt Bond Fund | $1,000.00 | $1,012.30 | $1.42 |
International Fund | $1,000.00 | $1,029.80 | $3.22 |
Hypothetical 5% return (before expenses) | |||
Core Equity Fund | $1,000.00 | $1,023.84 | $1.38 |
Select Equity Fund | $1,000.00 | $1,020.77 | $4.48 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.79 | $1.43 |
International Fund | $1,000.00 | $1,022.03 | $3.21 |
* | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights. |
Core Equity Fund | 0.27% |
Select Equity Fund | 0.88% |
Tax-Exempt Bond Fund | 0.28% |
International Fund | 0.63% |
Quarterly Portfolio Schedule of Investments
(As of February 2022)
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Trustee | Other Directorships Held by the Trustee During the Last 5 Years |
Charles W. Rasmussen1 (55) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, Chair of the Board | As Trustee: Tenure: 2000 - Present Term: Indefinite As Chair Tenure: 2020 - Present Term: Indefinite | President (2002-Present) and Chief Executive Officer (2002-2020), P&G Manufacturing, Inc. (air filtration equipment) | 4 | Forest History Society. (non-profit, 2018-Present) Nu Star Inc. (private company 2014- Present) |
Sara G. Dent (63) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, Chair of the Governance and Nominating Committee | As Trustee: Tenure: 2013- Present Term: Indefinite As Chair of the Governance and Nominating Committee: Tenure: 2019 - Present Term: Indefinite | Private Investor | 4 | None |
Laura E. Rasmussen1 (58) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, Chair of the Audit Committee | As Trustee: Tenure: 2000- Present Term: Indefinite As Chair of the Audit Committee: Tenure: 2016 – Present Term: Indefinite | Business Owner, 3 Kittens Needle Arts (textile sales, 2006- Present) | 4 | None |
Lindsay R. Schack (44) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2015- Present Term: Indefinite | Owner and Architect, LS Architecture (2013 – Present) | 4 | None |
David M. Weyerhaeuser (63) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2016- Present Term: Indefinite | Vice President, Sales and Marketing, Northwest Hardwoods (lumber manufacturer and distributor, 1991 – 2016) | 4 | Chicago Capital, LLC (investment adviser, 2018 - Present) R.D. Merrill Company, Inc. (private company, 1992 – Present) |
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee | Other Directorships Held by the Officer/ Trustee During the Last 5 Years |
E. Rodman Titcomb, Jr.2 (73) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2016 – Present Term: Indefinite | Retired Chairman and Chief Executive Officer, Rock Island Company (Private Investment Company) (1998-2013) | 4 | None |
Justin H. Weyerhaeuser 3(48) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, President and Treasurer | As Trustee: Tenure: 2008 – Present Term: Indefinite As President and Treasurer Tenure: 2013- Present Term: Reappointed Annually | Private Investor (February 2013 - Present) | 4 | None |
Jason K. Mitchell (45) 30 East 7th Street Saint Paul, Minnesota 55101 | Secretary and Chief Compliance Officer | As Secretary: Tenure: 2021– Present Term: Reappointed Annually As Chief Compliance Officer: Tenure: 2021– Present Term: Reappointed Annually | Chief Compliance Officer, Fiduciary Counselling, Inc. (March 2021 –Present), Chief Compliance Officer, Clearwater Management Co., Inc. (March 2021 –Present), Chief Compliance Officer, Summit Creek Advisors, LLC (February 2014 –March 2021) | N/A | N/A |
Shari L. Clifford (53) 30 East 7th Street Saint Paul, Minnesota 55101 | Assistant Treasurer | Tenure: 2014 - Present Term: Reappointed Annually | Chief Financial Officer and Treasurer, Fiduciary Counselling, Inc. (February 2014-Present) Controller and Finance Director, Woodbury Financial Services, Inc. November 2007 - February 2014) | N/A | N/A |
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee | Other Directorships Held by the Officer/ Trustee During the Last 5 Years |
Simona C. Ilies (41) The Northern Trust Company 333 South Wabash Ave Chicago, IL 60604 | Assistant Secretary | Tenure: 2021 – Present Term: Reappointed Annually | Senior Consultant, Global Fund Services, The Northern Trust Company, (April 2021-Present), Consultant, Global Fund Services, The Northern Trust Company (December 2018-April 2021), Counsel, SRM Law (July 2016-December 2018) | N/A | N/A |
(unaudited)
Fund | Long-Term Capital Gain |
Core Equity Fund | $ 18,748,250(1) |
Select Equity Fund | 41,714,145 (2) |
Tax-Exempt Bond Fund | — |
International Fund | 69,470,296 (3) |
(1) | During the fiscal year 2021, Core Equity Fund designated long-term capital gain distributions in the amount of $18,879,972. Core Equity Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $18,748,250. |
(2) | During the fiscal year 2021, Select Equity Fund designated long-term capital gain distributions in the amount of $44,080,795. Select Equity Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $41,714,145. |
(3) | During the fiscal year 2021, International Fund designated long-term capital gain distributions in the amount of $72,462,589. International Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $69,470,296. |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Assets | ||||||||
Investments in securities, at fair value (including securities on loan of: $0, $2,761,658, $0 and $12,291,613, respectively); (identified cost: $415,317,581, $477,359,463, $695,656,357 and $728,302,048, respectively) | $ | 879,362,506 | 538,199,973 | 725,762,522 | 1,098,013,173 | |||
Foreign currencies, at value (cost: $0, $13,934, $0 and $4,771,339, respectively) | - | 14,053 | - | 4,781,409 | ||||
Cash (restricted: $0, $0, $1,259,850 and $0, respectively) | - | - | 2,524,688 | - | ||||
Receivable for securities sold | - | 414,944 | - | 93,554 | ||||
Receivable for shares of beneficial interest sold | 3,336,797 | 157,050 | 1,077,900 | 2,856,565 | ||||
Accrued dividend and interest receivable | 597,185 | 243,364 | 5,969,150 | 955,190 | ||||
Foreign tax reclaim receivable | 2,754 | 52 | - | 1,365,212 | ||||
Unrealized appreciation on forward foreign currency exchange contracts | - | - | - | 16,175 | ||||
Total assets | 883,299,242 | 539,029,436 | 735,334,260 | 1,108,081,278 | ||||
Liabilities | ||||||||
Payables for investment securities purchased | 1,213,344 | 746,172 | 2,028,270 | 72,945 | ||||
Accrued investment advisory fee | 540,953 | 1,226,095 | 488,414 | 1,643,675 | ||||
Payable for dividend distribution | - | - | 211,917 | - | ||||
Payable for variation margin on futures contracts | - | - | 111,766 | - | ||||
Payable upon return of securities loaned | - | 2,907,145 | - | 12,829,681 | ||||
Deferred foreign capital gains taxes payable | - | - | - | 1,174,900 | ||||
Short-term financing | 1,955,997 | 83,051 | - | 1,414,665 | ||||
Total liabilities | 3,710,294 | 4,962,463 | 2,840,367 | 17,135,866 | ||||
Net assets | $ | 879,588,948 | 534,066,973 | 732,493,893 | 1,090,945,412 | |||
Capital | ||||||||
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,933,722, 27,031,458, 72,059,459 and 51,613,487 shares outstanding, respectively) | $ | 415,947,885 | 468,018,007 | 704,887,977 | 731,489,361 | |||
Distributable earnings | 463,641,063 | 66,048,966 | 27,605,916 | 359,456,051 | ||||
Net assets | $ | 879,588,948 | 534,066,973 | 732,493,893 | 1,090,945,412 | |||
Net asset value per share of outstanding capital stock | $ | 68.01 | 19.76 | 10.17 | 21.14 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $8,112, $10,553, $0 and $2,949,136, respectively) | $ | 10,842,532 | 5,533,747 | 1,836,261 | 18,911,230 | |||
Non cash dividends | - | 464,256 | - | 3,385,536 | ||||
Interest | - | - | 23,701,684 | 2,078 | ||||
Net income from securities loaned | - | 11,221 | - | 504,389 | ||||
Total income | 10,842,532 | 6,009,224 | 25,537,945 | 22,803,233 | ||||
Expenses: | ||||||||
Investment advisory fee | 6,849,152 | 7,086,885 | 4,028,729 | 10,084,012 | ||||
Other expenses | 185 | 185 | 185 | - | ||||
Total expenses | 6,849,337 | 7,087,070 | 4,028,914 | 10,084,012 | ||||
Less: waivers of investment advisory fee or other expense reimbursements | (4,658,361) | (2,443,245) | (2,117,692) | (3,497,289) | ||||
Net expenses | 2,190,976 | 4,643,825 | 1,911,222 | 6,586,723 | ||||
Net investment income | 8,651,556 | 1,365,399 | 23,626,723 | 16,216,510 | ||||
Net realized gain (loss) on: | ||||||||
Security transactions | 45,136,206 | 81,330,705 | 437,830 | 78,796,239 | ||||
Forward foreign currency exchange contracts | - | - | - | (95,008) | ||||
Foreign currency transactions | - | (13,685) | - | (170,403) | ||||
Futures contracts | - | - | 1,462,523 | - | ||||
Net increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $(574,059), respectively) | 125,180,850 | (30,522,932) | 184,748 | 39,814,030 | ||||
Forward foreign currency exchange contracts | - | - | - | 213,323 | ||||
Futures contracts | - | - | (840,619) | - | ||||
Translation of other assets and liabilities denominated in foreign currencies | - | 118 | - | (159,784) | ||||
Net gain (loss) on investments | 170,317,056 | 50,794,206 | 1,244,482 | 118,398,397 | ||||
Net increase (decrease) in net assets resulting from operations | $ | 178,968,612 | 52,159,605 | 24,871,205 | 134,614,907 |
Core Equity Fund | Select Equity Fund | |||||||
12/31/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | |||||
Operations: | ||||||||
Net investment income | $ | 8,651,556 | 7,797,355 | 1,365,399 | 2,445,660 | |||
Net realized gain | 45,136,206 | 12,227,897 | 81,317,020 | 11,929,774 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | 125,180,850 | 64,243,645 | (30,522,814) | 45,122,529 | ||||
Net increase in net assets resulting from operations | 178,968,612 | 84,268,897 | 52,159,605 | 59,497,963 | ||||
Distributions to shareholders | (27,383,854) | (10,529,448) | (62,531,441) | (9,407,511) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 120,841,621 | 63,017,560 | 100,015,489 | 50,471,692 | ||||
Reinvestment of distributions from net investment income and net realized gain | 27,383,854 | 10,528,034 | 62,531,441 | 9,377,725 | ||||
Payments for shares redeemed | (37,205,688) | (73,471,942) | (74,082,432) | (27,390,079) | ||||
Net increase in net assets from capital share transactions | 111,019,787 | 73,652 | 88,464,498 | 32,459,338 | ||||
Total increase in net assets | 262,604,545 | 73,813,101 | 78,092,662 | 82,549,790 | ||||
Net assets: | ||||||||
At the beginning of the year | 616,984,403 | 543,171,302 | 455,974,311 | 373,424,521 | ||||
At the end of the year | $ | 879,588,948 | 616,984,403 | 534,066,973 | 455,974,311 |
Tax-Exempt Bond Fund | International Fund | |||||||
12/31/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | |||||
Operations: | ||||||||
Net investment income | $ | 23,626,723 | 23,002,865 | 16,216,510 | 8,167,518 | |||
Net realized gain | 1,900,353 | 385,724 | 78,530,828 | 17,480,415 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | (655,871) | 619,138 | 39,867,569 | 113,749,692 | ||||
Net increase in net assets resulting from operations | 24,871,205 | 24,007,727 | 134,614,907 | 139,397,625 | ||||
Distributions to shareholders | (23,625,740) | (24,360,229) | (97,585,574) | (16,448,467) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 125,620,400 | 40,880,400 | 143,097,632 | 42,915,665 | ||||
Reinvestment of distributions from net investment income and net realized gain | 23,532,024 | 24,589,531 | 97,585,574 | 16,448,468 | ||||
Payments for shares redeemed | (34,742,864) | (51,555,147) | (54,551,359) | (26,380,075) | ||||
Net increase in net assets from capital share transactions | 114,409,560 | 13,914,784 | 186,131,847 | 32,984,058 | ||||
Total increase in net assets | 115,655,025 | 13,562,282 | 223,161,180 | 155,933,216 | ||||
Net assets: | ||||||||
At the beginning of the year | 616,838,868 | 603,276,586 | 867,784,232 | 711,851,016 | ||||
At the end of the year | $ | 732,493,893 | 616,838,868 | 1,090,945,412 | 867,784,232 |
Year ended December 31, | ||||||||||||
Core Equity Fund | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Net asset value, beginning of year | $ | 55.11 | 48.14 | 37.97 | 43.21 | 37.43 | ||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income | 0.72 | 0.71 | 0.72 | 0.68 | 0.64 | |||||||
Net realized and unrealized gains (losses) | 14.36 | 7.22 | 10.32 | (3.46) | 8.03 | |||||||
Total from investment operations | 15.08 | 7.93 | 11.04 | (2.78) | 8.67 | |||||||
Less distributions to shareholders from: | ||||||||||||
Net investment income | (0.69) | (0.71) | (0.66) | (0.67) | (0.65) | |||||||
Net realized gain | (1.49) | (0.25) | (0.21) | (1.79) | (2.24) | |||||||
Total distributions to shareholders: | (2.18) | (0.96) | (0.87) | (2.46) | (2.89) | |||||||
Net asset value, end of year | $ | 68.01 | 55.11 | 48.14 | 37.97 | 43.21 | ||||||
Total return (a) | 27.44 % | 16.54 % | 29.11 % | (6.61)% | 23.26 % | |||||||
Net assets, end of year (000s omitted) | $ | 879,589 | 616,984 | 543,171 | 456,874 | 538,392 | ||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.29 % | 0.31 % | 0.35 % | 0.38 % | 0.39 % | |||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.90 % | 0.90 % | 0.90 % | 0.90 % | 0.90 % | |||||||
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h) | 1.13 % | 1.49 % | 1.54 % | 1.47 % | 1.51 % | |||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | 0.52 % | 0.90 % | 0.99 % | 0.95 % | 1.00 % | |||||||
Portfolio turnover rate (excluding short-term securities) | 33.97 % | 37.16 % | 33.73 % | 34.64 % | 31.13 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.65%. |
(d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.30%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.60%. |
(e) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.31%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.59%. |
(f) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.35%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.55%. |
(g) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.38%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.52%. |
(h) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.37%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.53%. |
Year ended December 31, | |||||||||||||
Select Equity Fund | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||
Net asset value, beginning of year | $ | 20.09 | 18.45 | 14.90 | 18.92 | 19.79 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.07 | 0.11 | 0.14 | 0.07 | 0.02 | ||||||||
Net realized and unrealized gains (losses) | 2.20 | 1.95 | 3.79 | (2.37) | 2.58 | ||||||||
Total from investment operations | 2.27 | 2.06 | 3.93 | (2.30) | 2.60 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.06) | (0.11) | (0.11) | (0.07) | (0.03) | ||||||||
Net realized gain | (2.54) | (0.31) | (0.27) | (1.65) | (3.44) | ||||||||
Total distributions to shareholders: | (2.60) | (0.42) | (0.38) | (1.72) | (3.47) | ||||||||
Net asset value, end of year | $ | 19.76 | 20.09 | 18.45 | 14.90 | 18.92 | |||||||
Total return (a) | 11.77 % | 11.25 % | 26.40 % | (12.49)% | 13.46 % | ||||||||
Net assets, end of year (000s omitted) | $ | 534,067 | 455,974 | 373,425 | 305,921 | 369,720 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 0.88 % | 0.94 % | 0.98 % | 1.03 % | 0.99 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 1.35 % | 1.35 % | 1.35 % | 1.35 % | 1.35 % | ||||||||
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | 0.26 % | 0.70 % | 0.64 % | 0.33 % | 0.11 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | (0.21)% | 0.29 % | 0.27 % | 0.01 % | (0.25)% | ||||||||
Portfolio turnover rate (excluding short-term securities) | 109.01 % | 102.30 % | 64.32 % | 63.08 % | 113.85 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%. |
(d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%. |
(e) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.91%. Also effective October 1, 2020, the Adviser increased the voluntary waiver to 0.44%. |
(f) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.95%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.40%. |
(g) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.98%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.37%. |
(h) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
(i) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.96%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.39%. |
Year ended December 31, | ||||||||||||
Tax-Exempt Bond Fund | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Net asset value, beginning of year | $ | 10.14 | 10.13 | 9.82 | 10.21 | 9.93 | ||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income | 0.36 | 0.39 | 0.40 | 0.42 | 0.45 | |||||||
Net realized and unrealized gains (losses) | 0.03 | 0.03 | 0.34 | (0.26) | 0.38 | |||||||
Total from investment operations | 0.39 | 0.42 | 0.74 | 0.16 | 0.83 | |||||||
Less distributions to shareholders from: | ||||||||||||
Net investment income | (0.36) | (0.41) | (0.43) | (0.45) | (0.49) | |||||||
Net realized gain | - | - | - | (0.10) | (0.06) | |||||||
Total distributions to shareholders: | (0.36) | (0.41) | (0.43) | (0.55) | (0.55) | |||||||
Net asset value, end of year | $ | 10.17 | 10.14 | 10.13 | 9.82 | 10.21 | ||||||
Total return (a) | 3.89 % | 4.26 % | 7.69 % | 1.59 % | 8.54 % | |||||||
Net assets, end of year (000s omitted) | $ | 732,494 | 616,839 | 603,277 | 529,485 | 525,156 | ||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e) | 0.28 % | 0.29 % | 0.32 % | 0.34 % | 0.34 % | |||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % | |||||||
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e) | 3.52 % | 3.85 % | 4.05 % | 4.22 % | 4.35 % | |||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e) | 3.20 % | 3.54 % | 3.77 % | 3.96 % | 4.09 % | |||||||
Portfolio turnover rate (excluding short-term securities) | 16.91 % | 17.21 % | 12.53 % | 11.36 % | 13.28 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(d) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.29%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.31%. |
(e) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.32%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.28%. |
Year ended December 31, | |||||||||||||
International Fund | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||
Net asset value, beginning of year | $ | 20.16 | 17.28 | 14.08 | 17.23 | 14.04 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.36 | 0.20 | 0.29 | 0.30 | 0.27 | ||||||||
Net realized and unrealized gains (losses) | 2.68 | 3.07 | 3.43 | (2.70) | 3.44 | ||||||||
Total from investment operations | 3.04 | 3.27 | 3.72 | (2.40) | 3.71 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.42) | (0.17) | (0.30) | (0.29) | (0.30) | ||||||||
Net realized gain | (1.64) | (0.22) | (0.22) | (0.46) | (0.22) | ||||||||
Total distributions to shareholders: | (2.06) | (0.39) | (0.52) | (0.75) | (0.52) | ||||||||
Net asset value, end of year | $ | 21.14 | 20.16 | 17.28 | 14.08 | 17.23 | |||||||
Total return (a) | 15.39 % | 19.02 % | 26.47 % | (14.01)% | 26.54 % | ||||||||
Net assets, end of year (000s omitted) | $ | 1,090,945 | 867,784 | 711,851 | 524,708 | 624,642 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.65 % | 0.66 % | 0.68 % | 0.68 % | 0.67 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % | ||||||||
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h) | 1.61 % | 1.17 % | 1.88 % | 1.79 % | 1.67 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | 1.26 % | 0.83 % | 1.56 % | 1.47 % | 1.34 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 39.50 % | 39.61 % | 49.69 % | 19.57 % | 36.17 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%. |
(d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(e) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective October 1, 2020, the Adviser decreased the voluntary waiver to 0.32%. |
(f) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.35%. |
(g) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
(h) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.35%. |
30 | (Continued) |
31 | (Continued) |
32 | (Continued) |
33 | (Continued) |
34 | (Continued) |
35 | (Continued) |
Tax-Exempt | Ordinary Income* | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Core Equity Fund | $ — | $ — | $ 8,635,604 | $ 7,801,407 | |||
Select Equity Fund | — | — | 20,817,295 | 2,530,143 | |||
Tax-Exempt Bond Fund | 23,486,921 | 24,459,185 | 44,388 | 131,738 | |||
International Fund | — | — | 28,115,277 | 8,365,704 | |||
Long-Term Capital Gains** | |||
2021 | 2020 | ||
Core Equity Fund | $ 18,748,250 | $ 2,728,041 | |
Select Equity Fund | 41,714,145 | 6,877,368 | |
Tax-Exempt Bond Fund | — | — | |
International Fund | 69,470,296 | 8,082,763 | |
* | In addition to the ordinary income distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts: |
36 | (Continued) |
Core Equity Fund | $ 55,561 |
Select Equity Fund | $ 1,173,832 |
** | In addition to the long-term capital gain distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts: |
Core Equity Fund | $ 131,722 |
Select Equity Fund | $ 2,366,650 |
International Fund | $ 2,992,293 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Undistributed ordinary income | $ — | $ 3,608,039 | $ — | $ 757,847 | |||
Undistributed tax-exempt income | — | — | 375,134 | — | |||
Undistributed capital gain | 902,394 | 4,507,720 | — | 3,017,654 | |||
Accumulated capital losses and other | — | — | (2,732,188) | (1,748,052) | |||
Unrealized appreciation/depreciation | 462,738,669 | 57,933,207 | 29,962,970 | 357,428,602 | |||
Total | $ 463,641,063 | $ 66,048,966 | $ 27,605,916 | $ 359,456,051 |
37 | (Continued) |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Distributable earnings | $ (11,313,832) | $ (17,913,242) | $ — | $ (12,994,280) | |||
Additional paid-in capital | 11,313,832 | 17,913,242 | — | 12,994,280 |
38 | (Continued) |
• | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
• | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
Core Equity Fund (a) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 876,928,932 | $ — | $ — | $ 876,928,932 |
Preferred Stocks | 36,643 | — | — | 36,643 |
Short-Term Investments | 2,396,931 | — | — | 2,396,931 |
Total | $ 879,362,506 | $ — | $ — | $ 879,362,506 |
39 | (Continued) |
Select Equity Fund (b) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 517,975,830 | $ 650,774 | $ — | $ 518,626,604 |
Rights | — | — | —* | —* |
Warrants | 30,134 | — | —* | 30,134 |
Short-Term Investments | 19,543,235 | — | — | 19,543,235 |
Total | $ 537,549,199 | $ 650,774 | $ — | $ 538,199,973 |
* Security has been deemed worthless and is a Level 3 investment. |
Tax-Exempt Bond Fund (c) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Closed-End Funds | $ 43,227,707 | $ — | $ — | $ 43,227,707 |
Municipal Bonds | ||||
Alabama | — | 1,545,786 | — | 1,545,786 |
Alaska | — | 14,437 | — | 14,437 |
Arizona | — | 15,733,476 | — | 15,733,476 |
Arkansas | — | 2,569,109 | — | 2,569,109 |
California | — | 43,784,856 | — | 43,784,856 |
Colorado | — | 37,751,360 | — | 37,751,360 |
Connecticut | — | 4,620,219 | — | 4,620,219 |
District of Columbia | — | 9,159,947 | — | 9,159,947 |
Florida | — | 95,074,217 | — | 95,074,217 |
Georgia | — | 13,462,267 | — | 13,462,267 |
Idaho | — | 3,463,808 | — | 3,463,808 |
Illinois | — | 36,931,450 | — | 36,931,450 |
Indiana | — | 11,589,169 | — | 11,589,169 |
Iowa | — | 3,330,221 | — | 3,330,221 |
Kansas | — | 2,104,834 | — | 2,104,834 |
Kentucky | — | 313,970 | — | 313,970 |
Louisiana | — | 13,278,416 | — | 13,278,416 |
Maine | — | 959,200 | — | 959,200 |
Maryland | — | 7,808,898 | — | 7,808,898 |
Massachusetts | — | 18,727,238 | — | 18,727,238 |
Michigan | — | 28,189,698 | — | 28,189,698 |
40 | (Continued) |
Tax-Exempt Bond Fund (c) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Minnesota | $ — | $ 9,035,611 | $ — | $ 9,035,611 |
Mississippi | — | 1,614,740 | — | 1,614,740 |
Missouri | — | 7,455,478 | — | 7,455,478 |
Montana | — | 2,745,411 | — | 2,745,411 |
Nebraska | — | 175,535 | — | 175,535 |
Nevada | — | 4,356,181 | — | 4,356,181 |
New Hampshire | — | 5,106,751 | — | 5,106,751 |
New Jersey | — | 14,390,205 | — | 14,390,205 |
New Mexico | — | 10,872,399 | — | 10,872,399 |
New York | — | 48,010,006 | — | 48,010,006 |
North Carolina | — | 7,421,063 | — | 7,421,063 |
North Dakota | — | 3,594,532 | — | 3,594,532 |
Ohio | — | 21,164,892 | — | 21,164,892 |
Oklahoma | — | 2,331,722 | — | 2,331,722 |
Oregon | — | 11,922,895 | — | 11,922,895 |
Pennsylvania | — | 17,324,902 | — | 17,324,902 |
Puerto Rico | — | 1,510,602 | — | 1,510,602 |
Rhode Island | — | 3,029,576 | — | 3,029,576 |
South Carolina | — | 8,678,949 | — | 8,678,949 |
Tennessee | — | 13,058,441 | — | 13,058,441 |
Texas | — | 46,046,779 | — | 46,046,779 |
Utah | — | 7,565,032 | — | 7,565,032 |
Vermont | — | 2,799,646 | — | 2,799,646 |
Virginia | — | 3,416,327 | — | 3,416,327 |
Washington | — | 19,884,933 | — | 19,884,933 |
West Virginia | — | 3,593,550 | — | 3,593,550 |
Wisconsin | — | 24,622,523 | — | 24,622,523 |
Wyoming | — | 1,630,834 | — | 1,630,834 |
Short-Term Investments | 28,762,724 | — | — | 28,762,724 |
Total | $ 71,990,431 | $ 653,772,091 | $ — | $ 725,762,522 |
41 | (Continued) |
Tax-Exempt Bond Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||
Assets | ||||||||
Futures Contracts | $ 32,635 | $ — | $ — | $ 32,635 | ||||
Liabilities | ||||||||
Futures Contracts | (873,254) | — | — | (873,254) | ||||
Net Other Financial Instruments | $ (840,619) | $ — | $ — | $ (840,619) |
International Fund (d) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Australia | $ 43,195,131 | $ — | $ —* | $ 43,195,131 |
Singapore | 7,513,346 | 81,033 | — | 7,594,379 |
Thailand | — | 804,120 | — | 804,120 |
All other countries | 1,005,902,014 | — | — | 1,005,902,014 |
Participatory Notes | 2,101,523 | — | — | 2,101,523 |
Preferred Stocks | 7,118,481 | — | — | 7,118,481 |
Warrants | 7 | — | — | 7 |
Short-Term Investments | 31,297,518 | — | — | 31,297,518 |
Total | $1,097,128,020 | $ 885,153 | $ — | $1,098,013,173 |
* Security has been deemed worthless and is a Level 3 investment. |
42 | (Continued) |
International Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | |
Assets | |||||
Forward foreign currency exchange contracts | $ — | $ 16,175 | $ — | $ 16,175 |
Purchases | Sales | ||
Core Equity Fund | $ 349,367,910 | $ 254,847,971 | |
Select Equity Fund | 574,564,961 | 550,517,960 | |
Tax-Exempt Bond Fund | 204,441,385 | 109,020,098 | |
International Fund | 490,028,591 | 379,501,670 | |
43 | (Continued) |
Funds | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Cost Basis of Investments | ||||
Core Equity Fund | $ 463,933,254 | $ (1,194,585) | $ 462,738,669 | $ 416,623,837 | ||||
Select Equity Fund | 89,445,720 | (31,512,630) | 57,933,090 | 480,266,883 | ||||
Tax-Exempt Bond Fund | 40,425,231 | (10,462,261) | 29,962,970 | 695,799,552 | ||||
International Fund | 381,985,393 | (23,411,418) | 358,573,975 | 739,439,198 | ||||
Core Equity Fund | Select Equity Fund | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Sold | 1,900,566 | 1,356,005 | 4,425,359 | 3,565,994 | |||
Issued for reinvestment of distributions | 411,726 | 196,822 | 3,275,613 | 482,393 | |||
Redeemed | (573,574) | (1,641,622) | (3,368,880) | (1,589,669) | |||
Net Increase (decrease) | 1,738,718 | (88,795) | 4,332,092 | 2,458,718 |
Tax-Exempt Bond Fund | International Fund | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Sold | 12,325,152 | 4,046,480 | 6,394,897 | 2,607,637 | |||
Issued for reinvestment of distributions | 2,316,277 | 2,463,261 | 4,762,595 | 848,734 | |||
Redeemed | (3,432,088) | (5,188,108) | (2,579,497) | (1,622,611) | |||
Net Increase (decrease) | 11,209,341 | 1,321,633 | 8,577,995 | 1,833,760 |
44 | (Continued) |
Short-Term | Long-Term | Late-year Gain/Loss | Total | |
Tax-Exempt Bond Fund | $ 2,244,674 | $ 275,598 | $ — | $ 2,520,272 |
Management Fees Voluntary Waivers | |||||
Voluntary Waiver % Prior to April 1, 2021 | Voluntary Waiver % Effective from April 1, 2021, to October 1, 2021 | Voluntary Waiver % Effective October 1, 2021 | |||
Core Equity Fund | (0.59) | (0.60) | (0.65) | ||
Select Equity Fund | (0.44) | (0.48) | (0.46) | ||
Tax-Exempt Bond Fund | (0.31) | (0.31) | (0.33) | ||
International Fund | (0.32) | (0.33) | (0.40) |
45 | (Continued) |
ASSETS | LIABILITIES | ||||||
Name of Fund | Derivative Type | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | Counterparty | |
Tax-Exempt Bond Fund | Futures contracts | Unrealized appreciation on futures contracts | $ 32,635* | Unrealized depreciation on futures contracts | $ 873,254* | Northern Trust | |
International Fund | Forward foreign currency exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 16,175 | Unrealized depreciation on forward foreign currency exchange contracts | — | Northern Trust |
* | Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statement of Assets and Liabilities for futures contracts. |
46 | (Continued) |
Name of Fund | Derivative Type | Statements of Operations Location | Value | Name of Fund | Derivative Type | Statements of Operations Location | Value | |
Tax-Exempt Bond Fund | Futures contracts | Net realized gain (loss) on futures contracts | $ 1,462,523 | Tax-Exempt Bond Fund | Futures contracts | Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts | $ (840,619) | |
International Fund | Forward foreign currency exchange contracts | Net realized gain (loss) on forward foreign currency exchange contracts | $ (95,008) | International Fund | Forward foreign currency exchange contracts | Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts | $ 213,323 | |
Tax-Exempt Bond Fund | |
Future Contracts | |
Number of Transactions | Weighted Average Notional Amount |
253 | $ 4,590,193 |
International Fund | |
Forward Foreign Currency Exchange Contracts | |
Number of Transactions | Weighted Average Notional Amount |
26 | $ 4,129,428 |
47 | (Continued) |
Average Amount Oustanding for Days in Use | Days Used | ||
Core Equity Fund | $ 4,673 | 116 | |
Select Equity Fund | 18,568 | 176 | |
International Fund | 22,411 | 79 | |
48 | (Continued) |
Gross Amounts of Securities Loaned in Statement of Assets and Liabilities | % of Net Assets | Cash Collateral Received | |
Select Equity Fund | $ 2,761,658 | 0.52 % | $ 2,907,145 |
International Fund | 12,291,613 | 1.13 % | 12,829,681 |
49 | (Continued) |
50 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
13,273 | ACTIVISION BLIZZARD, INC. | $ 279,141 | 883,053 | |||||
5,817 | ALPHABET, INC., CLASS A(b) | 4,395,006 | 16,852,082 | |||||
5,722 | ALPHABET, INC., CLASS C(b) | 8,467,074 | 16,557,122 | |||||
7,979 | ALTICE U.S.A., INC., CLASS A(b) | 134,528 | 129,100 | |||||
121,768 | AT&T, INC. | 2,955,534 | 2,995,493 | |||||
400 | CABLE ONE, INC. | 294,734 | 705,380 | |||||
1,529 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 989,980 | 996,862 | |||||
3,718 | CINEMARK HOLDINGS, INC.(b) | 43,220 | 59,934 | |||||
57,795 | COMCAST CORP., CLASS A | 632,884 | 2,908,822 | |||||
11,266 | ELECTRONIC ARTS, INC. | 280,102 | 1,485,985 | |||||
3,721 | FOX CORP., CLASS A | 136,613 | 137,305 | |||||
38,016 | INTERPUBLIC GROUP OF (THE) COS., INC. | 1,289,425 | 1,423,699 | |||||
1,987 | LIBERTY BROADBAND CORP., CLASS C(b) | 247,264 | 320,106 | |||||
3,857 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 29,803 | 106,993 | |||||
3,674 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 29,017 | 103,203 | |||||
2,000 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 54,522 | 126,480 | |||||
2,000 | LIBERTY MEDIA CORP.-LIBERTY SIRIUSXM, CLASS C(b) | 88,275 | 101,700 | |||||
1,496 | LIVE NATION ENTERTAINMENT, INC.(b) | 140,605 | 179,056 | |||||
461 | LOYALTY VENTURES, INC.(b) | 10,487 | 13,862 | |||||
169,815 | LUMEN TECHNOLOGIES, INC. | 1,846,093 | 2,131,178 | |||||
1,849 | MATCH GROUP, INC.(b) | 68,760 | 244,530 | |||||
29,937 | META PLATFORMS, INC., CLASS A(b) | 2,015,347 | 10,069,310 | |||||
5,018 | NETFLIX, INC.(b) | 1,845,774 | 3,023,044 | |||||
2,000 | NEW YORK TIMES (THE) CO., CLASS A | 99,635 | 96,600 | |||||
22,483 | NEWS CORP., CLASS A | 541,700 | 501,596 | |||||
700 | NEXSTAR MEDIA GROUP, INC., CLASS A | 44,492 | 105,686 | |||||
21,644 | OMNICOM GROUP, INC. | 1,594,613 | 1,585,856 | |||||
5,800 | PLAYTIKA HOLDING CORP.(b)(c) | 102,694 | 100,282 | |||||
17,050 | SIRIUS XM HOLDINGS, INC. | 101,708 | 108,268 | |||||
1,619 | SPOTIFY TECHNOLOGY S.A.(b)(c) | 248,225 | 378,895 | |||||
1,357 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 245,507 | 241,166 | |||||
10,237 | T-MOBILE U.S., INC.(b) | 444,022 | 1,187,287 | |||||
8,700 | TWITTER, INC.(b) | 197,336 | 376,014 | |||||
81,405 | VERIZON COMMUNICATIONS, INC. | 3,803,132 | 4,229,804 | |||||
6,901 | VIACOMCBS, INC., CLASS B | 214,797 | 208,272 | |||||
26,851 | WALT DISNEY (THE) CO.(b) | 710,857 | 4,158,951 | |||||
34,622,906 | 74,832,976 | 8.51% | ||||||
Consumer Discretionary: | ||||||||
2,200 | 2U, INC.(b) | 40,782 | 44,154 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,557 | 359,820 | |||||
6,341 | AMAZON.COM, INC.(b) | 9,081,002 | 21,143,050 | |||||
4,413 | APTIV PLC(b)(c) | 590,351 | 727,924 | |||||
2,400 | ARAMARK | 47,393 | 88,440 | |||||
1,100 | AUTOLIV, INC.(c) | 13,982 | 113,751 | |||||
10,381 | AUTONATION, INC.(b) | 261,194 | 1,213,020 | |||||
1,042 | AUTOZONE, INC.(b) | 1,056,144 | 2,184,438 | |||||
41,607 | BATH & BODY WORKS, INC. | 2,204,063 | 2,903,753 | |||||
28,819 | BEST BUY CO., INC. | 1,117,923 | 2,928,010 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 63,070 | |||||
388 | BOOKING HOLDINGS, INC.(b) | 460,570 | 930,901 | |||||
17,518 | BORGWARNER, INC. | 596,524 | 789,536 | |||||
1,876 | BOYD GAMING CORP.(b) | 110,387 | 123,009 | |||||
628 | BURLINGTON STORES, INC.(b) | 68,198 | 183,068 | |||||
1,568 | CARMAX, INC.(b) | 22,540 | 204,201 | |||||
12,812 | CARNIVAL CORP.(b) | 229,874 | 257,777 | |||||
2,300 | CARVANA CO.(b) | 419,338 | 533,117 | |||||
25,312 | CHEGG, INC.(b) | 746,608 | 777,078 | |||||
200 | CHIPOTLE MEXICAN GRILL, INC.(b) | 285,322 | 349,650 | |||||
1,000 | COLUMBIA SPORTSWEAR CO. | 99,880 | 97,440 | |||||
3,928 | D.R. HORTON, INC. | 18,835 | 425,992 | |||||
1,200 | DARDEN RESTAURANTS, INC. | 42,285 | 180,768 | |||||
2,065 | DECKERS OUTDOOR CORP.(b) | 879,208 | 756,430 | |||||
2,548 | DICK'S SPORTING GOODS, INC. | 85,857 | 292,995 | |||||
5,289 | DOLLAR GENERAL CORP. | 653,188 | 1,247,305 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 734,077 |
See accompanying notes to financial statements. | 51 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
5,912 | DOMINO'S PIZZA, INC. | $ 2,523,173 | 3,336,319 | |||||
19,479 | EBAY, INC. | 513,268 | 1,295,354 | |||||
1,621 | ETSY, INC.(b) | 298,350 | 354,902 | |||||
632 | EXPEDIA GROUP, INC.(b) | 48,603 | 114,215 | |||||
500 | FIVE BELOW, INC.(b) | 93,725 | 103,445 | |||||
959 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 27,966 | 124,680 | |||||
13,642 | FOOT LOCKER, INC. | 312,798 | 595,200 | |||||
211,871 | FORD MOTOR CO. | 2,757,316 | 4,400,561 | |||||
1,300 | FRONTDOOR, INC.(b) | 30,171 | 47,645 | |||||
10,764 | GAP (THE), INC. | 158,608 | 189,985 | |||||
5,273 | GARMIN LTD.(c) | 188,068 | 718,024 | |||||
12,145 | GENERAL MOTORS CO.(b) | 659,053 | 712,061 | |||||
15,100 | GENTEX CORP. | 110,161 | 526,235 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 483,690 | |||||
13,709 | HANESBRANDS, INC. | 115,303 | 229,215 | |||||
1,126 | HASBRO, INC. | 79,035 | 114,604 | |||||
3,235 | HILTON WORLDWIDE HOLDINGS, INC.(b) | 323,019 | 504,628 | |||||
18,366 | HOME DEPOT (THE), INC. | 3,404,781 | 7,622,074 | |||||
1,239 | HYATT HOTELS CORP., CLASS A(b) | 106,156 | 118,820 | |||||
30,418 | INTERNATIONAL GAME TECHNOLOGY PLC | 167,706 | 879,384 | |||||
6,950 | KOHL'S CORP. | 55,508 | 343,261 | |||||
3,835 | LAS VEGAS SANDS CORP.(b) | 70,193 | 144,349 | |||||
700 | LEAR CORP. | 108,360 | 128,065 | |||||
15,309 | LENNAR CORP., CLASS A | 570,966 | 1,778,293 | |||||
58 | LENNAR CORP., CLASS B | 652 | 5,546 | |||||
35,097 | LKQ CORP. | 1,327,453 | 2,106,873 | |||||
6,546 | LOWE'S COS., INC. | 1,223,499 | 1,692,010 | |||||
4,767 | LULULEMON ATHLETICA, INC.(b)(c) | 606,562 | 1,866,042 | |||||
3,281 | MARRIOTT INTERNATIONAL, INC., CLASS A(b) | 114,845 | 542,152 | |||||
669 | MARRIOTT VACATIONS WORLDWIDE CORP. | 62,757 | 113,048 | |||||
10,620 | MCDONALD'S CORP. | 433,348 | 2,846,903 | |||||
6,006 | MGM RESORTS INTERNATIONAL | 51,281 | 269,549 | |||||
3,152 | MOHAWK INDUSTRIES, INC.(b) | 495,274 | 574,231 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 107,344 | |||||
16,167 | NIKE, INC., CLASS B | 1,055,629 | 2,694,554 | |||||
4,473 | NORDSTROM, INC.(b) | 50,165 | 101,179 | |||||
5,600 | NORWEGIAN CRUISE LINE HOLDINGS LTD.(b) | 112,201 | 116,144 | |||||
103 | NVR, INC.(b) | 133,164 | 608,614 | |||||
2,000 | OLLIE'S BARGAIN OUTLET HOLDINGS, INC.(b) | 107,375 | 102,380 | |||||
900 | O'REILLY AUTOMOTIVE, INC.(b) | 27,058 | 635,607 | |||||
2,100 | PENN NATIONAL GAMING, INC.(b) | 106,569 | 108,885 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 504,685 | |||||
4,800 | PETCO HEALTH & WELLNESS CO., INC.(b) | 94,781 | 94,992 | |||||
1,283 | PLANET FITNESS, INC., CLASS A(b) | 75,858 | 116,214 | |||||
370 | POOL CORP. | 34,226 | 209,420 | |||||
14,100 | PULTEGROUP, INC. | 58,797 | 805,956 | |||||
2,342 | PVH CORP. | 101,514 | 249,774 | |||||
6,500 | QUANTUMSCAPE CORP.(b) | 127,502 | 144,235 | |||||
17,636 | QURATE RETAIL, INC., CLASS A | 45,988 | 134,034 | |||||
1,500 | RALPH LAUREN CORP. | 31,320 | 178,290 | |||||
4,543 | ROSS STORES, INC. | 249,551 | 519,174 | |||||
2,530 | ROYAL CARIBBEAN CRUISES LTD.(b) | 64,509 | 194,557 | |||||
3,108 | SIX FLAGS ENTERTAINMENT CORP.(b) | 46,765 | 132,339 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,748,795 | |||||
56,274 | TAPESTRY, INC. | 2,316,385 | 2,284,724 | |||||
15,306 | TARGET CORP. | 1,503,428 | 3,542,421 | |||||
12,094 | TESLA, INC.(b) | 4,998,884 | 12,780,697 | |||||
1,900 | THOR INDUSTRIES, INC. | 22,315 | 197,163 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,532,673 | |||||
866 | TOPBUILD CORP.(b) | 6,976 | 238,938 | |||||
500 | TRACTOR SUPPLY CO. | 90,114 | 119,300 | |||||
25,121 | TRAVEL + LEISURE CO. | 582,478 | 1,388,438 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 288,638 | |||||
469 | VAIL RESORTS, INC. | 162,063 | 153,785 | |||||
1,100 | VEONEER, INC.(b)(c) | 5,428 | 39,028 | |||||
6,800 | VF CORP. | 81,950 | 497,896 | |||||
1,930 | VICTORIA'S SECRET & CO.(b) | 70,949 | 107,192 | �� |
See accompanying notes to financial statements. | 52 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
935 | WAYFAIR, INC., CLASS A(b) | $ 207,026 | 177,622 | |||||
3,000 | WENDY'S (THE) CO. | 43,280 | 71,550 | |||||
6,441 | WHIRLPOOL CORP. | 632,036 | 1,511,445 | |||||
8,916 | WILLIAMS-SONOMA, INC. | 1,391,862 | 1,507,963 | |||||
1,461 | WYNDHAM HOTELS & RESORTS, INC. | 51,428 | 130,979 | |||||
1,554 | WYNN RESORTS LTD.(b) | 31,066 | 132,152 | |||||
3,039 | YUM! BRANDS, INC. | 408,989 | 421,996 | |||||
52,251,446 | 112,165,909 | 12.75% | ||||||
Consumer Staples: | ||||||||
21,142 | ALTRIA GROUP, INC. | 940,887 | 1,001,919 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 696,177 | |||||
2,272 | BEYOND MEAT, INC.(b) | 157,015 | 148,044 | |||||
900 | BOSTON BEER (THE) CO., INC., CLASS A(b) | 443,043 | 454,590 | |||||
1,614 | BUNGE LTD. | 146,274 | 150,683 | |||||
10,068 | CHURCH & DWIGHT CO., INC. | 241,887 | 1,031,970 | |||||
1,500 | CLOROX (THE) CO. | 243,598 | 261,540 | |||||
69,273 | COCA-COLA (THE) CO. | 1,573,449 | 4,101,654 | |||||
1,280 | COLGATE-PALMOLIVE CO. | 36,019 | 109,235 | |||||
4,900 | CONAGRA BRANDS, INC. | 125,742 | 167,335 | |||||
1,723 | CONSTELLATION BRANDS, INC., CLASS A | 228,936 | 432,421 | |||||
4,249 | COSTCO WHOLESALE CORP. | 291,937 | 2,412,157 | |||||
6,123 | DARLING INGREDIENTS, INC.(b) | 419,759 | 424,263 | |||||
4,095 | ESTEE LAUDER (THE) COS., INC., CLASS A | 1,027,498 | 1,515,969 | |||||
55,817 | FLOWERS FOODS, INC. | 1,438,816 | 1,533,293 | |||||
12,400 | GENERAL MILLS, INC. | 277,056 | 835,512 | |||||
5,300 | HERBALIFE NUTRITION LTD.(b) | 36,401 | 216,929 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 317,678 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 234,288 | |||||
1,700 | INGREDION, INC. | 48,104 | 164,288 | |||||
13,532 | J M SMUCKER (THE) CO. | 1,454,151 | 1,837,916 | |||||
4,616 | KEURIG DR. PEPPER, INC. | 75,370 | 170,146 | |||||
3,050 | KIMBERLY-CLARK CORP. | 270,143 | 435,906 | |||||
7,805 | KRAFT HEINZ (THE) CO. | 175,299 | 280,199 | |||||
73,472 | KROGER (THE) CO. | 1,534,331 | 3,325,343 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 116,176 | |||||
1,400 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 135,254 | |||||
2,360 | MOLSON COORS BEVERAGE CO., CLASS B | 84,088 | 109,386 | |||||
6,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 94,887 | 462,114 | |||||
7,690 | MONSTER BEVERAGE CORP.(b) | 440,333 | 738,548 | |||||
33,992 | PEPSICO, INC. | 3,371,842 | 5,904,750 | |||||
29,583 | PHILIP MORRIS INTERNATIONAL, INC. | 2,383,849 | 2,810,385 | |||||
700 | POST HOLDINGS, INC.(b) | 43,421 | 78,911 | |||||
34,896 | PROCTER & GAMBLE (THE) CO. | 1,210,185 | 5,708,288 | |||||
19,385 | REYNOLDS CONSUMER PRODUCTS, INC. | 545,370 | 608,689 | |||||
14 | SEABOARD CORP. | 56,575 | 55,090 | |||||
7,500 | SYSCO CORP. | 115,506 | 589,125 | |||||
38,031 | TYSON FOODS, INC., CLASS A | 2,388,258 | 3,314,782 | |||||
2,700 | US FOODS HOLDING CORP.(b) | 45,757 | 94,041 | |||||
16,150 | WALGREENS BOOTS ALLIANCE, INC. | 185,200 | 842,384 | |||||
26,379 | WALMART, INC. | 2,804,067 | 3,816,778 | |||||
25,342,329 | 47,644,156 | 5.42% | ||||||
Energy: | ||||||||
11,201 | ANTERO MIDSTREAM CORP. | 97,676 | 108,426 | |||||
7,500 | APA CORP. | 44,218 | 201,675 | |||||
9,248 | BAKER HUGHES CO. | 143,942 | 222,507 | |||||
2,700 | CHENIERE ENERGY, INC. | 117,368 | 273,834 | |||||
41,420 | CHEVRON CORP. | 2,699,709 | 4,860,637 | |||||
74,361 | CONOCOPHILLIPS | 3,104,114 | 5,367,377 | |||||
2,000 | CONTINENTAL RESOURCES, INC. | 20,765 | 89,520 | |||||
68,404 | COTERRA ENERGY, INC. | 1,118,831 | 1,299,676 | |||||
30,006 | DEVON ENERGY CORP. | 1,127,131 | 1,321,764 | |||||
1,150 | DT MIDSTREAM, INC. | 12,534 | 55,177 | |||||
9,794 | ENBRIDGE, INC.(c) | 137,797 | 382,749 | |||||
17,647 | EOG RESOURCES, INC. | 1,104,770 | 1,567,583 | |||||
35,634 | EXXON MOBIL CORP. | 1,739,927 | 2,180,444 | |||||
6,700 | HALLIBURTON CO. | 139,465 | 153,229 | |||||
3,100 | HELMERICH & PAYNE, INC. | 39,003 | 73,470 |
See accompanying notes to financial statements. | 53 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
2,600 | HESS CORP. | $ 90,342 | 192,478 | |||||
3,600 | HOLLYFRONTIER CORP. | 106,008 | 118,008 | |||||
79,324 | KINDER MORGAN, INC. | 1,266,758 | 1,258,079 | |||||
69,733 | MARATHON OIL CORP. | 844,085 | 1,145,016 | |||||
5,762 | MARATHON PETROLEUM CORP. | 346,371 | 368,710 | |||||
1,472 | NOV, INC. | 19,701 | 19,946 | |||||
6,935 | OCCIDENTAL PETROLEUM CORP. | 82,433 | 201,046 | |||||
5,200 | ONEOK, INC. | 105,707 | 305,552 | |||||
6,900 | PBF ENERGY, INC., CLASS A(b) | 45,787 | 89,493 | |||||
4,300 | PHILLIPS 66 | 276,944 | 311,578 | |||||
2,300 | PIONEER NATURAL RESOURCES CO. | 224,682 | 418,324 | |||||
15,084 | SCHLUMBERGER N.V. | 285,866 | 451,766 | |||||
2,600 | TARGA RESOURCES CORP. | 110,451 | 135,824 | |||||
468 | TEXAS PACIFIC LAND CORP. | 781,998 | 584,471 | |||||
8,779 | VALERO ENERGY CORP. | 304,690 | 659,391 | |||||
11,600 | WILLIAMS (THE) COS., INC. | 130,479 | 302,064 | |||||
16,669,552 | 24,719,814 | 2.81% | ||||||
Financials: | ||||||||
4,400 | AFLAC, INC. | 215,901 | 256,916 | |||||
552 | ALLEGHANY CORP.(b) | 174,665 | 368,510 | |||||
29,966 | ALLSTATE (THE) CORP. | 2,407,578 | 3,525,500 | |||||
2,042 | ALLY FINANCIAL, INC. | 102,716 | 97,220 | |||||
7,533 | AMERICAN EXPRESS CO. | 755,196 | 1,232,399 | |||||
2,208 | AMERICAN FINANCIAL GROUP, INC. | 135,743 | 303,203 | |||||
23,905 | AMERICAN INTERNATIONAL GROUP, INC. | 1,185,472 | 1,359,238 | |||||
9,708 | AMERIPRISE FINANCIAL, INC. | 809,890 | 2,928,515 | |||||
15,900 | ANNALY CAPITAL MANAGEMENT, INC. | 90,848 | 124,338 | |||||
2,648 | AON PLC, CLASS A | 434,656 | 795,883 | |||||
2,100 | APOLLO ASSET MANAGEMENT, INC. | 121,643 | 152,103 | |||||
15,811 | ARCH CAPITAL GROUP LTD.(b)(c) | 307,170 | 702,799 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 390,241 | |||||
5,000 | ASSURANT, INC. | 234,043 | 779,300 | |||||
1,400 | ATHENE HOLDING LTD., CLASS A(b)(c) | 89,136 | 116,662 | |||||
1,000 | AXIS CAPITAL HOLDINGS LTD.(c) | 28,371 | 54,470 | |||||
139,472 | BANK OF AMERICA CORP. | 2,118,617 | 6,205,109 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 580,800 | |||||
7,678 | BANK OZK | 342,843 | 357,257 | |||||
29,451 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 4,521,209 | 8,805,849 | |||||
1,400 | BLACKROCK, INC. | 1,229,820 | 1,281,784 | |||||
15,171 | BLACKSTONE, INC. | 1,437,138 | 1,962,976 | |||||
503 | BOK FINANCIAL CORP. | 52,050 | 53,062 | |||||
2,000 | BRIGHTHOUSE FINANCIAL, INC.(b) | 48,875 | 103,600 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 119,476 | |||||
620 | CANNAE HOLDINGS, INC.(b) | 2,893 | 21,793 | |||||
7,647 | CAPITAL ONE FINANCIAL CORP. | 232,495 | 1,109,503 | |||||
800 | CBOE GLOBAL MARKETS, INC. | 94,440 | 104,320 | |||||
18,008 | CHARLES SCHWAB (THE) CORP. | 196,582 | 1,514,473 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 1,002,312 | |||||
10,290 | CINCINNATI FINANCIAL CORP. | 1,240,891 | 1,172,340 | |||||
96,839 | CITIGROUP, INC. | 5,269,928 | 5,848,107 | |||||
7,030 | CITIZENS FINANCIAL GROUP, INC. | 131,016 | 332,168 | |||||
2,894 | CME GROUP, INC. | 405,509 | 661,163 | |||||
1,700 | COMERICA, INC. | 120,365 | 147,900 | |||||
700 | CREDIT ACCEPTANCE CORP.(b) | 195,241 | 481,376 | |||||
8,202 | DISCOVER FINANCIAL SERVICES | 125,376 | 947,823 | |||||
600 | ERIE INDEMNITY CO., CLASS A | 109,356 | 115,596 | |||||
2,339 | EVEREST RE GROUP LTD.(c) | 590,159 | 640,699 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 230,809 | |||||
2,163 | FIDELITY NATIONAL FINANCIAL, INC. | 29,212 | 112,865 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 460,106 | |||||
3,582 | FIRST AMERICAN FINANCIAL CORP. | 223,624 | 280,220 | |||||
590 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 214,955 | 489,606 | |||||
1,961 | FIRST HAWAIIAN, INC. | 51,749 | 53,594 | |||||
30,500 | FIRST HORIZON CORP. | 193,065 | 498,065 | |||||
600 | FIRST REPUBLIC BANK | 114,738 | 123,906 | |||||
7,610 | GOLDMAN SACHS GROUP (THE), INC. | 814,108 | 2,911,206 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 393,180 |
See accompanying notes to financial statements. | 54 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
6,805 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | $ 268,256 | 469,817 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,602 | 676,105 | |||||
5,905 | INTERCONTINENTAL EXCHANGE, INC. | 612,683 | 807,627 | |||||
4,100 | INVESCO LTD. | 98,385 | 94,382 | |||||
15,903 | JANUS HENDERSON GROUP PLC(c) | 222,792 | 666,972 | |||||
47,592 | JPMORGAN CHASE & CO. | 1,738,755 | 7,536,193 | |||||
66,671 | KEYCORP | 1,284,231 | 1,542,100 | |||||
6,500 | KKR & CO., INC. | 418,842 | 484,250 | |||||
2,200 | LEMONADE, INC.(b) | 98,070 | 92,642 | |||||
2,100 | LINCOLN NATIONAL CORP. | 132,039 | 143,346 | |||||
5,278 | LPL FINANCIAL HOLDINGS, INC. | 775,362 | 844,955 | |||||
1,299 | M&T BANK CORP. | 184,651 | 199,500 | |||||
200 | MARKEL CORP.(b) | 67,789 | 246,800 | |||||
400 | MARKETAXESS HOLDINGS, INC. | 144,804 | 164,508 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 987,993 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 68,978 | |||||
5,791 | METLIFE, INC. | 204,731 | 361,880 | |||||
6,600 | MGIC INVESTMENT CORP. | 91,778 | 95,172 | |||||
34,252 | MORGAN STANLEY | 792,479 | 3,362,176 | |||||
100 | MSCI, INC. | 61,887 | 61,269 | |||||
5,900 | NASDAQ, INC. | 240,309 | 1,239,059 | |||||
9,200 | NEW RESIDENTIAL INVESTMENT CORP. | 102,171 | 98,532 | |||||
2,326 | ONEMAIN HOLDINGS, INC. | 40,168 | 116,393 | |||||
2,485 | PACWEST BANCORP | 28,898 | 112,247 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,426,499 | |||||
16,845 | POPULAR, INC. | 570,145 | 1,381,964 | |||||
1,800 | PRINCIPAL FINANCIAL GROUP, INC. | 37,586 | 130,194 | |||||
14,736 | PROGRESSIVE (THE) CORP. | 949,794 | 1,512,650 | |||||
7,068 | PROSPERITY BANCSHARES, INC. | 521,313 | 511,016 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,565 | 638,616 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 105,420 | |||||
15,539 | REGIONS FINANCIAL CORP. | 152,694 | 338,750 | |||||
800 | RENAISSANCERE HOLDINGS LTD.(c) | 81,779 | 135,464 | |||||
6,219 | ROCKET COS., INC., CLASS A | 99,789 | 87,066 | |||||
3,151 | ROYAL BANK OF CANADA(c) | 75,539 | 334,447 | |||||
2,600 | S&P GLOBAL, INC. | 999,432 | 1,227,018 | |||||
3,648 | SANTANDER CONSUMER U.S.A. HOLDINGS, INC. | 142,460 | 153,289 | |||||
8,353 | SEI INVESTMENTS CO. | 159,568 | 509,032 | |||||
18,352 | SLM CORP. | 93,485 | 360,984 | |||||
3,314 | STATE STREET CORP. | 265,723 | 308,202 | |||||
4,400 | STERLING BANCORP | 98,455 | 113,476 | |||||
206 | SVB FINANCIAL GROUP(b) | 115,777 | 139,717 | |||||
63,527 | SYNCHRONY FINANCIAL | 1,773,242 | 2,947,018 | |||||
3,657 | SYNOVUS FINANCIAL CORP. | 49,372 | 175,061 | |||||
8,137 | T. ROWE PRICE GROUP, INC. | 959,037 | 1,600,060 | |||||
20,045 | TRAVELERS (THE) COS., INC. | 2,082,710 | 3,135,639 | |||||
13,994 | TRUIST FINANCIAL CORP. | 299,281 | 819,349 | |||||
16,200 | TWO HARBORS INVESTMENT CORP. | 62,304 | 93,474 | |||||
700 | UPSTART HOLDINGS, INC.(b) | 93,226 | 105,910 | |||||
17,585 | US BANCORP | 318,503 | 987,750 | |||||
25,900 | UWM HOLDINGS CORP. | 179,103 | 153,328 | |||||
41,567 | VIRTU FINANCIAL, INC., CLASS A | 982,453 | 1,198,377 | |||||
7,855 | W R BERKLEY CORP. | 230,563 | 647,173 | |||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 60,084 | |||||
54,087 | WELLS FARGO & CO. | 923,766 | 2,595,094 | |||||
3,668 | WESTERN ALLIANCE BANCORP | 163,779 | 394,860 | |||||
1,509 | WILLIS TOWERS WATSON PLC(c) | 356,438 | 358,372 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 164,216 | |||||
50,159,186 | 97,632,805 | 11.10% | ||||||
Health Care: | ||||||||
20,634 | ABBOTT LABORATORIES | 1,163,464 | 2,904,029 | |||||
21,141 | ABBVIE, INC. | 841,581 | 2,862,491 | |||||
500 | ABIOMED, INC.(b) | 107,418 | 179,585 | |||||
2,894 | AGILENT TECHNOLOGIES, INC. | 277,362 | 462,027 | |||||
4,700 | AGILON HEALTH, INC.(b) | 105,214 | 126,900 | |||||
1,200 | AGIOS PHARMACEUTICALS, INC.(b) | 44,843 | 39,444 | |||||
2,178 | ALIGN TECHNOLOGY, INC.(b) | 646,282 | 1,431,338 |
See accompanying notes to financial statements. | 55 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
1,294 | ALNYLAM PHARMACEUTICALS, INC.(b) | $ 199,504 | 219,437 | |||||
6,300 | AMERISOURCEBERGEN CORP. | 103,513 | 837,207 | |||||
26,643 | AMGEN, INC. | 5,606,225 | 5,993,876 | |||||
7,454 | ANTHEM, INC. | 1,295,966 | 3,455,227 | |||||
5,327 | ASTRAZENECA PLC ADR(c)(d) | 290,152 | 310,298 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 6,691 | |||||
3,700 | AVANTOR, INC.(b) | 41,168 | 155,918 | |||||
14,390 | BAXTER INTERNATIONAL, INC. | 873,922 | 1,235,238 | |||||
3,565 | BECTON DICKINSON AND CO. | 424,225 | 896,526 | |||||
6,790 | BIOGEN, INC.(b) | 1,854,965 | 1,629,057 | |||||
1,027 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 601,814 | 775,970 | |||||
2,183 | BIO-TECHNE CORP. | 881,435 | 1,129,353 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,393,344 | |||||
45,278 | BRISTOL-MYERS SQUIBB CO. | 2,138,756 | 2,823,083 | |||||
2,145 | BRUKER CORP. | 43,219 | 179,987 | |||||
2,312 | CARDINAL HEALTH, INC. | 88,307 | 119,045 | |||||
1,800 | CATALENT, INC.(b) | 103,746 | 230,454 | |||||
9,743 | CENTENE CORP.(b) | 557,413 | 802,823 | |||||
3,600 | CERNER CORP. | 40,604 | 334,332 | |||||
241 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 31,337 | 90,804 | |||||
6,065 | CIGNA CORP. | 880,583 | 1,392,706 | |||||
200 | COOPER (THE) COS., INC. | 50,902 | 83,788 | |||||
7,356 | CUREVAC N.V.(b)(c) | 272,184 | 252,384 | |||||
23,230 | CVS HEALTH CORP. | 1,312,838 | 2,396,407 | |||||
9,229 | DANAHER CORP. | 272,153 | 3,036,433 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 297,472 | |||||
1,500 | DEXCOM, INC.(b) | 87,312 | 805,425 | |||||
11,820 | EDWARDS LIFESCIENCES CORP.(b) | 166,620 | 1,531,281 | |||||
3,800 | ELANCO ANIMAL HEALTH, INC.(b) | 74,580 | 107,844 | |||||
12,924 | ELI LILLY & CO. | 1,231,113 | 3,569,867 | |||||
2,884 | FIGS, INC., CLASS A(b) | 94,470 | 79,483 | |||||
17,217 | GILEAD SCIENCES, INC. | 149,584 | 1,250,126 | |||||
1,100 | GUARDANT HEALTH, INC.(b) | 97,591 | 110,022 | |||||
7,588 | HCA HEALTHCARE, INC. | 1,233,343 | 1,949,509 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 294,614 | |||||
54,176 | HOLOGIC, INC.(b) | 3,568,384 | 4,147,715 | |||||
9,325 | HORIZON THERAPEUTICS PLC(b) | 411,966 | 1,004,862 | |||||
1,959 | HUMANA, INC. | 723,238 | 908,702 | |||||
6,784 | IDEXX LABORATORIES, INC.(b) | 2,082,530 | 4,466,993 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 875,012 | |||||
2,271 | INCYTE CORP.(b) | 145,007 | 166,691 | |||||
700 | INSULET CORP.(b) | 196,922 | 186,249 | |||||
4,686 | INTUITIVE SURGICAL, INC.(b) | 650,350 | 1,683,680 | |||||
3,800 | IONIS PHARMACEUTICALS, INC.(b) | 104,524 | 115,634 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,589,577 | |||||
42,730 | JOHNSON & JOHNSON | 4,453,726 | 7,309,821 | |||||
6,474 | LABORATORY CORP. OF AMERICA HOLDINGS(b) | 1,616,566 | 2,034,196 | |||||
2,493 | MARAVAI LIFESCIENCES HOLDINGS, INC., CLASS A(b) | 104,524 | 104,457 | |||||
500 | MASIMO CORP.(b) | 110,177 | 146,390 | |||||
6,061 | MCKESSON CORP. | 254,847 | 1,506,583 | |||||
5,800 | MEDTRONIC PLC(c) | 479,128 | 600,010 | |||||
39,478 | MERCK & CO., INC. | 1,057,231 | 3,025,594 | |||||
1,117 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 109,592 | 1,895,784 | |||||
5,228 | MODERNA, INC.(b) | 1,104,636 | 1,327,807 | |||||
1,172 | MOLINA HEALTHCARE, INC.(b) | 198,227 | 372,790 | |||||
600 | NOVAVAX, INC.(b) | 85,122 | 85,842 | |||||
5,000 | NOVOCURE LTD.(b)(c) | 416,530 | 375,400 | |||||
3,500 | OAK STREET HEALTH, INC.(b) | 105,442 | 115,990 | |||||
12,541 | ORGANON & CO. | 311,861 | 381,874 | |||||
400 | PENUMBRA, INC.(b) | 63,679 | 114,928 | |||||
2,822 | PERKINELMER, INC. | 476,336 | 567,391 | |||||
72,467 | PFIZER, INC. | 1,669,780 | 4,279,176 | |||||
2,000 | QIAGEN N.V.(b)(c) | 83,380 | 111,160 | |||||
12,540 | QUEST DIAGNOSTICS, INC. | 1,879,318 | 2,169,545 | |||||
767 | QUIDEL CORP.(b) | 85,254 | 103,537 | |||||
1,178 | REGENERON PHARMACEUTICALS, INC.(b) | 601,280 | 743,931 | |||||
418 | REPLIGEN CORP.(b) | 51,483 | 110,703 |
See accompanying notes to financial statements. | 56 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
4,791 | RESMED, INC. | $ 129,046 | 1,247,960 | |||||
2,700 | ROYALTY PHARMA PLC, CLASS A | 100,269 | 107,595 | |||||
2,700 | SAGE THERAPEUTICS, INC.(b) | 101,241 | 114,858 | |||||
1,464 | SAREPTA THERAPEUTICS, INC.(b) | 114,915 | 131,833 | |||||
667 | SEAGEN, INC.(b) | 107,862 | 103,118 | |||||
7,400 | SIGNIFY HEALTH, INC., CLASS A(b) | 106,824 | 105,228 | |||||
400 | STERIS PLC | 80,548 | 97,364 | |||||
3,700 | STRYKER CORP. | 924,061 | 989,454 | |||||
1,000 | TANDEM DIABETES CARE, INC.(b) | 110,252 | 150,520 | |||||
1,800 | TELEFLEX, INC. | 195,858 | 591,264 | |||||
4,920 | THERMO FISHER SCIENTIFIC, INC. | 1,674,174 | 3,282,821 | |||||
1,277 | ULTRAGENYX PHARMACEUTICAL, INC.(b) | 104,278 | 107,383 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,321,977 | |||||
17,091 | UNITEDHEALTH GROUP, INC. | 2,997,601 | 8,582,075 | |||||
2,036 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 38,822 | 263,988 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 59,314 | |||||
1,800 | VEEVA SYSTEMS, INC., CLASS A(b) | 318,742 | 459,864 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 439,107 | 658,800 | |||||
14,143 | VIATRIS, INC. | 137,259 | 191,355 | |||||
7,995 | WATERS CORP.(b) | 1,474,404 | 2,978,937 | |||||
300 | WEST PHARMACEUTICAL SERVICES, INC. | 68,922 | 140,703 | |||||
3,374 | ZIMMER BIOMET HOLDINGS, INC. | 140,047 | 428,633 | |||||
5,047 | ZOETIS, INC. | 802,332 | 1,231,619 | |||||
59,342,418 | 113,756,532 | 12.93% | ||||||
Industrials: | ||||||||
11,273 | 3M CO. | 1,233,111 | 2,002,423 | |||||
923 | ACCO BRANDS CORP. | 3,137 | 7,624 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 706,721 | |||||
11,607 | ADT, INC. | 43,924 | 97,615 | |||||
5,973 | AGCO CORP. | 421,122 | 692,987 | |||||
8,255 | AIR LEASE CORP. | 219,583 | 365,119 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 203,031 | |||||
1,555 | AMERCO | 1,119,556 | 1,129,288 | |||||
6,100 | AMERICAN AIRLINES GROUP, INC.(b) | 109,408 | 109,556 | |||||
5,175 | AMETEK, INC. | 73,221 | 760,932 | |||||
6,387 | BOEING (THE) CO.(b) | 846,544 | 1,285,831 | |||||
9,993 | BOOZ ALLEN HAMILTON HOLDING CORP. | 331,898 | 847,306 | |||||
2,400 | BUILDERS FIRSTSOURCE, INC.(b) | 113,609 | 205,704 | |||||
1,200 | BWX TECHNOLOGIES, INC. | 54,215 | 57,456 | |||||
1,200 | C.H. ROBINSON WORLDWIDE, INC. | 108,946 | 129,156 | |||||
1,436 | CACI INTERNATIONAL, INC., CLASS A(b) | 305,354 | 386,586 | |||||
865 | CANADIAN PACIFIC RAILWAY LTD.(c) | 60,235 | 62,242 | |||||
1,396 | CARLISLE COS., INC. | 85,166 | 346,376 | |||||
10,640 | CARRIER GLOBAL CORP. | 57,007 | 577,114 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 2,171,597 | |||||
4,600 | CHARGEPOINT HOLDINGS, INC.(b) | 95,432 | 87,630 | |||||
4,200 | CINTAS CORP. | 616,293 | 1,861,314 | |||||
3,100 | COPART, INC.(b) | 271,982 | 470,022 | |||||
1,220 | COSTAR GROUP, INC.(b) | 104,250 | 96,417 | |||||
3,948 | CRANE CO. | 66,572 | 401,630 | |||||
37,872 | CSX CORP. | 901,045 | 1,423,987 | |||||
8,796 | CUMMINS, INC. | 1,327,709 | 1,918,759 | |||||
5,993 | DEERE & CO. | 168,293 | 2,054,940 | |||||
10,940 | DELTA AIR LINES, INC.(b) | 161,058 | 427,535 | |||||
1,525 | DOVER CORP. | 32,899 | 276,940 | |||||
5,900 | DUN & BRADSTREET HOLDINGS, INC.(b) | 99,096 | 120,891 | |||||
21,321 | EATON CORP. PLC | 1,164,891 | 3,684,695 | |||||
1,100 | EMERSON ELECTRIC CO. | 106,666 | 102,267 | |||||
1,100 | EQUIFAX, INC. | 264,414 | 322,069 | |||||
2,373 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 180,258 | 318,670 | |||||
2,400 | FASTENAL CO. | 128,397 | 153,744 | |||||
3,724 | FEDEX CORP. | 514,222 | 963,175 | |||||
3,325 | FORTIVE CORP. | 36,012 | 253,664 | |||||
4,300 | FORTUNE BRANDS HOME & SECURITY, INC. | 33,889 | 459,670 | |||||
1,400 | GATX CORP. | 24,276 | 145,866 | |||||
2,926 | GENERAL DYNAMICS CORP. | 537,949 | 609,983 | |||||
10,764 | GENERAL ELECTRIC CO. | 819,355 | 1,016,875 |
See accompanying notes to financial statements. | 57 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
20,900 | GRAFTECH INTERNATIONAL LTD. | $ 154,560 | 247,247 | |||||
1,200 | GXO LOGISTICS, INC.(b) | 83,487 | 108,996 | |||||
875 | HEICO CORP. | 61,334 | 126,193 | |||||
2,156 | HEICO CORP., CLASS A | 109,365 | 277,089 | |||||
360 | HERC HOLDINGS, INC. | 5,808 | 56,358 | |||||
11,935 | HONEYWELL INTERNATIONAL, INC. | 896,739 | 2,488,567 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 796,991 | |||||
1,200 | HUBBELL, INC. | 43,310 | 249,924 | |||||
857 | HUNTINGTON INGALLS INDUSTRIES, INC. | 65,800 | 160,036 | |||||
1,500 | IAA, INC.(b) | 45,883 | 75,930 | |||||
2,271 | IDEX CORP. | 140,770 | 536,683 | |||||
5,833 | IHS MARKIT LTD.(c) | 623,794 | 775,322 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 1,190,563 | |||||
2,382 | INGERSOLL RAND, INC. | 18,866 | 147,374 | |||||
1,468 | JACOBS ENGINEERING GROUP, INC. | 29,713 | 204,390 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 429,240 | |||||
7,342 | JETBLUE AIRWAYS CORP.(b) | 103,546 | 104,550 | |||||
14,987 | JOHNSON CONTROLS INTERNATIONAL PLC | 412,675 | 1,218,593 | |||||
1,800 | KIRBY CORP.(b) | 101,589 | 106,956 | |||||
3,118 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 134,794 | 190,011 | |||||
16,327 | L3HARRIS TECHNOLOGIES, INC. | 2,701,530 | 3,481,569 | |||||
1,184 | LANDSTAR SYSTEM, INC. | 194,024 | 211,960 | |||||
1,047 | LEIDOS HOLDINGS, INC. | 45,558 | 93,078 | |||||
600 | LENNOX INTERNATIONAL, INC. | 17,874 | 194,616 | |||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 195,258 | |||||
1,700 | LOCKHEED MARTIN CORP. | 555,629 | 604,197 | |||||
3,300 | LYFT, INC., CLASS A(b) | 116,995 | 141,009 | |||||
1,200 | MANITOWOC (THE) CO., INC.(b) | 10,053 | 22,308 | |||||
2,475 | MANPOWERGROUP, INC. | 81,958 | 240,892 | |||||
40,193 | MASCO CORP. | 1,633,595 | 2,822,352 | |||||
2,295 | MERCURY SYSTEMS, INC.(b) | 107,397 | 126,363 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 255,458 | |||||
710 | NORDSON CORP. | 91,107 | 181,242 | |||||
777 | NORFOLK SOUTHERN CORP. | 19,427 | 231,321 | |||||
9,195 | NORTHROP GRUMMAN CORP. | 2,158,862 | 3,559,109 | |||||
2,519 | NVENT ELECTRIC PLC(c) | 24,113 | 95,722 | |||||
5,625 | OLD DOMINION FREIGHT LINE, INC. | 1,251,149 | 2,015,888 | |||||
3,500 | OSHKOSH CORP. | 60,585 | 394,485 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 463,212 | |||||
1,100 | OWENS CORNING | 22,578 | 99,550 | |||||
1,056 | PACCAR, INC. | 46,858 | 93,203 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,472,259 | |||||
10,935 | PENTAIR PLC(c) | 662,192 | 798,583 | |||||
6,000 | PLUG POWER, INC.(b) | 155,609 | 169,380 | |||||
21,936 | QUANTA SERVICES, INC. | 1,639,893 | 2,515,182 | |||||
15,828 | RAYTHEON TECHNOLOGIES CORP. | 461,980 | 1,362,158 | |||||
12,257 | REPUBLIC SERVICES, INC. | 732,074 | 1,709,239 | |||||
13,610 | ROBERT HALF INTERNATIONAL, INC. | 1,513,611 | 1,517,787 | |||||
300 | ROCKWELL AUTOMATION, INC. | 91,248 | 104,655 | |||||
9,420 | ROLLINS, INC. | 221,629 | 322,258 | |||||
1,615 | ROPER TECHNOLOGIES, INC. | 526,489 | 794,354 | |||||
3,802 | RYDER SYSTEM, INC. | 283,586 | 313,399 | |||||
30,155 | SCHNEIDER NATIONAL, INC., CLASS B | 727,733 | 811,471 | |||||
3,800 | SHOALS TECHNOLOGIES GROUP, INC., CLASS A(b) | 104,714 | 92,340 | |||||
5,763 | SNAP-ON, INC. | 1,203,018 | 1,241,235 | |||||
7,600 | SOUTHWEST AIRLINES CO.(b) | 68,868 | 325,584 | |||||
2,436 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 63,991 | 104,967 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 482,301 | |||||
600 | STERICYCLE, INC.(b) | 18,858 | 35,784 | |||||
3,121 | TEXTRON, INC. | 215,695 | 240,941 | |||||
11,246 | TIMKEN (THE) CO. | 499,847 | 779,235 | |||||
1,596 | TORO (THE) CO. | 76,510 | 159,456 | |||||
14,507 | TRANE TECHNOLOGIES PLC(c) | 1,235,170 | 2,930,849 | |||||
607 | TRANSDIGM GROUP, INC.(b) | 317,685 | 386,222 | |||||
800 | TRANSUNION | 84,920 | 94,864 | |||||
11,000 | UBER TECHNOLOGIES, INC.(b) | 307,924 | 461,230 | |||||
9,499 | UNION PACIFIC CORP. | 1,264,514 | 2,393,083 |
See accompanying notes to financial statements. | 58 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
4,828 | UNITED AIRLINES HOLDINGS, INC.(b) | $ 165,727 | 211,370 | |||||
11,327 | UNITED PARCEL SERVICE, INC., CLASS B | 1,599,061 | 2,427,829 | |||||
6,227 | UNITED RENTALS, INC.(b) | 625,502 | 2,069,170 | |||||
1,494 | VERISK ANALYTICS, INC. | 255,892 | 341,723 | |||||
33 | VERITIV CORP.(b) | 510 | 4,045 | |||||
4,400 | VERTIV HOLDINGS CO. | 100,611 | 109,868 | |||||
7,100 | VIRGIN GALACTIC HOLDINGS, INC.(b) | 103,985 | 94,998 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 362,768 | |||||
975 | WASTE CONNECTIONS, INC. | 42,575 | 132,863 | |||||
17,554 | WASTE MANAGEMENT, INC. | 879,219 | 2,929,763 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 110,532 | |||||
1,600 | XYLEM, INC. | 30,618 | 191,872 | |||||
43,250,413 | 84,934,829 | 9.66% | ||||||
Information Technology: | ||||||||
9,136 | ACCENTURE PLC, CLASS A(c) | 1,585,578 | 3,787,329 | |||||
7,930 | ADOBE, INC.(b) | 1,365,060 | 4,496,786 | |||||
26,131 | ADVANCED MICRO DEVICES, INC.(b) | 2,034,655 | 3,760,251 | |||||
12,626 | AKAMAI TECHNOLOGIES, INC.(b) | 715,662 | 1,477,747 | |||||
1,154 | ALLIANCE DATA SYSTEMS CORP. | 41,444 | 76,822 | |||||
4,065 | AMDOCS LTD. | 200,086 | 304,225 | |||||
2,700 | AMPHENOL CORP., CLASS A | 195,804 | 236,142 | |||||
7,449 | ANALOG DEVICES, INC. | 615,770 | 1,309,311 | |||||
1,600 | ANAPLAN, INC.(b) | 59,144 | 73,360 | |||||
1,200 | ANSYS, INC.(b) | 30,630 | 481,344 | |||||
256,137 | APPLE, INC. | 7,444,240 | 45,482,247 | |||||
10,472 | APPLIED MATERIALS, INC. | 772,815 | 1,647,874 | |||||
1,200 | ARISTA NETWORKS, INC.(b) | 106,419 | 172,500 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 1,064,090 | |||||
1,800 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 206,508 | 686,322 | |||||
2,586 | AUTODESK, INC.(b) | 163,995 | 727,157 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,668,360 | |||||
941 | AZENTA, INC. | 103,642 | 97,026 | |||||
1,018 | BILL.COM HOLDINGS, INC.(b) | 185,234 | 253,635 | |||||
7,371 | BLACK KNIGHT, INC.(b) | 272,636 | 610,982 | |||||
5,100 | BLOCK, INC.(b) | 596,614 | 823,701 | |||||
5,936 | BROADCOM, INC. | 1,773,436 | 3,949,874 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 623,965 | |||||
19,100 | C3.AI, INC., CLASS A(b) | 577,875 | 596,875 | |||||
13,500 | CADENCE DESIGN SYSTEMS, INC.(b) | 415,110 | 2,515,725 | |||||
1,522 | CDK GLOBAL, INC. | 19,712 | 63,528 | |||||
7,000 | CDW CORP. | 292,424 | 1,433,460 | |||||
8,331 | CERENCE, INC.(b) | 197,675 | 638,488 | |||||
1,000 | CERIDIAN HCM HOLDING, INC.(b) | 98,750 | 104,460 | |||||
63,494 | CISCO SYSTEMS, INC. | 1,422,806 | 4,023,615 | |||||
6,317 | CITRIX SYSTEMS, INC. | 616,606 | 597,525 | |||||
2,937 | CLOUDFLARE, INC., CLASS A(b) | 169,667 | 386,215 | |||||
1,200 | COGNEX CORP. | 60,629 | 93,312 | |||||
6,194 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 277,756 | 549,532 | |||||
10,000 | COMMSCOPE HOLDING CO., INC.(b) | 102,255 | 110,400 | |||||
5,430 | CONCENTRIX CORP. | 390,758 | 969,907 | |||||
15,600 | CORNING, INC. | 85,176 | 580,788 | |||||
589 | COUPA SOFTWARE, INC.(b) | 93,271 | 93,091 | |||||
1,618 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 230,162 | 331,285 | |||||
2,730 | DATADOG, INC., CLASS A(b) | 265,847 | 486,240 | |||||
68,124 | DELL TECHNOLOGIES, INC., CLASS C(b) | 2,990,987 | 3,826,525 | |||||
700 | DOCUSIGN, INC.(b) | 29,771 | 106,617 | |||||
2,000 | DOLBY LABORATORIES, INC., CLASS A | 43,420 | 190,440 | |||||
2,300 | DROPBOX, INC., CLASS A(b) | 42,360 | 56,442 | |||||
3,600 | DUCK CREEK TECHNOLOGIES, INC.(b) | 105,863 | 108,396 | |||||
1,500 | DYNATRACE, INC.(b) | 97,468 | 90,525 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 43,214 | |||||
2,900 | ENPHASE ENERGY, INC.(b) | 433,158 | 530,526 | |||||
2,542 | EPAM SYSTEMS, INC.(b) | 1,031,607 | 1,699,200 | |||||
300 | EURONET WORLDWIDE, INC.(b) | 25,458 | 35,751 | |||||
1,300 | F5, INC.(b) | 30,063 | 318,123 | |||||
300 | FAIR ISAAC CORP.(b) | 80,682 | 130,101 | |||||
12,900 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 533,669 | 1,408,035 |
See accompanying notes to financial statements. | 59 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,046 | FIRST SOLAR, INC.(b) | $ 95,845 | 91,169 | |||||
9,830 | FISERV, INC.(b) | 177,231 | 1,020,256 | |||||
885 | FIVE9, INC.(b) | 107,070 | 121,528 | |||||
200 | FLEETCOR TECHNOLOGIES, INC.(b) | 33,618 | 44,768 | |||||
12,590 | FORTINET, INC.(b) | 1,590,284 | 4,524,846 | |||||
17,683 | GARTNER, INC.(b) | 4,816,356 | 5,911,781 | |||||
3,381 | GLOBAL PAYMENTS, INC. | 233,571 | 457,044 | |||||
1,373 | GODADDY, INC., CLASS A(b) | 79,177 | 116,513 | |||||
800 | GUIDEWIRE SOFTWARE, INC.(b) | 84,696 | 90,824 | |||||
19,136 | HEWLETT PACKARD ENTERPRISE CO. | 106,964 | 301,775 | |||||
175,781 | HP, INC. | 4,846,884 | 6,621,670 | |||||
507 | HUBSPOT, INC.(b) | 289,713 | 334,189 | |||||
81,338 | INTEL CORP. | 3,646,162 | 4,188,907 | |||||
22,045 | INTERNATIONAL BUSINESS MACHINES CORP. | 2,399,435 | 2,946,535 | |||||
4,280 | INTUIT, INC. | 565,100 | 2,752,982 | |||||
13,175 | JABIL, INC. | 259,881 | 926,861 | |||||
3,300 | JUNIPER NETWORKS, INC. | 91,234 | 117,843 | |||||
3,052 | KEYSIGHT TECHNOLOGIES, INC.(b) | 542,898 | 630,269 | |||||
1,316 | KLA CORP. | 451,148 | 566,025 | |||||
5,409 | LAM RESEARCH CORP. | 497,320 | 3,889,882 | |||||
3,900 | MANDIANT, INC.(b) | 44,602 | 68,406 | |||||
9,631 | MARVELL TECHNOLOGY, INC. | 339,502 | 842,616 | |||||
7,778 | MASTERCARD, INC., CLASS A | 1,626,748 | 2,794,791 | |||||
8,468 | MICROCHIP TECHNOLOGY, INC. | 43,884 | 737,224 | |||||
32,060 | MICRON TECHNOLOGY, INC. | 581,201 | 2,986,389 | |||||
130,599 | MICROSOFT CORP. | 10,726,147 | 43,923,056 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 87,085 | |||||
528 | MONGODB, INC.(b) | 170,723 | 279,497 | |||||
526 | MONOLITHIC POWER SYSTEMS, INC. | 267,167 | 259,492 | |||||
13,639 | MOTOROLA SOLUTIONS, INC. | 3,211,679 | 3,705,716 | |||||
1,100 | NETAPP, INC. | 87,384 | 101,189 | |||||
900 | NEW RELIC, INC.(b) | 42,264 | 98,964 | |||||
22,781 | NORTONLIFELOCK, INC. | 207,695 | 591,850 | |||||
1,600 | NUANCE COMMUNICATIONS, INC.(b) | 87,341 | 88,512 | |||||
2,500 | NUTANIX, INC., CLASS A(b) | 86,793 | 79,650 | |||||
43,233 | NVIDIA CORP. | 3,239,281 | 12,715,258 | |||||
3,925 | NXP SEMICONDUCTORS N.V.(c) | 338,948 | 894,036 | |||||
3,297 | OKTA, INC.(b) | 513,168 | 739,088 | |||||
17,801 | ON SEMICONDUCTOR CORP.(b) | 694,371 | 1,209,044 | |||||
106,973 | ORACLE CORP. | 6,463,245 | 9,329,115 | |||||
18,473 | PALANTIR TECHNOLOGIES, INC., CLASS A(b) | 385,589 | 336,393 | |||||
4,328 | PALO ALTO NETWORKS, INC.(b) | 704,819 | 2,409,657 | |||||
13,354 | PAYCHEX, INC. | 1,521,073 | 1,822,821 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 644,790 | |||||
9,661 | PAYPAL HOLDINGS, INC.(b) | 957,404 | 1,821,871 | |||||
6,152 | PTC, INC.(b) | 621,090 | 745,315 | |||||
4,600 | PURE STORAGE, INC., CLASS A(b) | 88,600 | 149,730 | |||||
2,403 | QORVO, INC.(b) | 185,625 | 375,805 | |||||
7,200 | QUALCOMM, INC. | 816,902 | 1,316,664 | |||||
1,500 | RINGCENTRAL, INC., CLASS A(b) | 152,618 | 281,025 | |||||
10,890 | SALESFORCE.COM, INC.(b) | 767,817 | 2,767,476 | |||||
32,496 | SEAGATE TECHNOLOGY HOLDINGS PLC | 1,025,774 | 3,671,398 | |||||
2,247 | SERVICENOW, INC.(b) | 363,905 | 1,458,550 | |||||
2,662 | SKYWORKS SOLUTIONS, INC. | 238,153 | 412,983 | |||||
900 | SMARTSHEET, INC., CLASS A(b) | 39,015 | 69,705 | |||||
2,973 | SNOWFLAKE, INC., CLASS A(b) | 865,913 | 1,007,104 | |||||
1,225 | SPLUNK, INC.(b) | 133,627 | 141,757 | |||||
1,938 | SS&C TECHNOLOGIES HOLDINGS, INC. | 86,602 | 158,877 | |||||
4,400 | SYNOPSYS, INC.(b) | 172,415 | 1,621,400 | |||||
4,757 | TD SYNNEX CORP. | 144,301 | 544,011 | |||||
200 | TELEDYNE TECHNOLOGIES, INC.(b) | 86,702 | 87,378 | |||||
6,553 | TERADYNE, INC. | 323,100 | 1,071,612 | |||||
27,872 | TEXAS INSTRUMENTS, INC. | 942,644 | 5,253,036 | |||||
1,200 | TRADE DESK (THE), INC., CLASS A(b) | 75,898 | 109,968 | |||||
19,538 | TRIMBLE, INC.(b) | 996,229 | 1,703,518 | |||||
1,057 | TWILIO, INC., CLASS A(b) | 233,341 | 278,350 | |||||
2,100 | UBIQUITI, INC. | 357,603 | 644,070 |
See accompanying notes to financial statements. | 60 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,748 | UNITY SOFTWARE, INC.(b) | $ 192,076 | 249,947 | |||||
476 | VERISIGN, INC.(b) | 83,127 | 120,818 | |||||
12,337 | VISA, INC., CLASS A | 536,073 | 2,673,551 | |||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 170,586 | |||||
4,927 | VMWARE, INC., CLASS A | 222,035 | 570,941 | |||||
5,845 | WESTERN DIGITAL CORP.(b) | 90,457 | 381,152 | |||||
1,421 | WIX.COM LTD.(b)(c) | 258,691 | 224,220 | |||||
1,453 | WOLFSPEED, INC.(b) | 126,251 | 162,402 | |||||
2,208 | WORKDAY, INC., CLASS A(b) | 422,004 | 603,181 | |||||
15,800 | XEROX HOLDINGS CORP. | 323,510 | 357,712 | |||||
7,695 | XILINX, INC. | 186,834 | 1,631,571 | |||||
5,848 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 1,634,548 | 3,480,730 | |||||
1,298 | ZENDESK, INC.(b) | 79,093 | 135,368 | |||||
900 | ZSCALER, INC.(b) | 190,420 | 289,197 | |||||
96,820,414 | 255,072,676 | 29.00% | ||||||
Materials: | ||||||||
1,475 | AIR PRODUCTS AND CHEMICALS, INC. | 150,489 | 448,783 | |||||
1,300 | ALBEMARLE CORP. | 29,152 | 303,901 | |||||
18,070 | AMCOR PLC(c) | 111,228 | 217,021 | |||||
900 | APTARGROUP, INC. | 108,918 | 110,232 | |||||
700 | ASHLAND GLOBAL HOLDINGS, INC. | 12,006 | 75,362 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 685,444 | |||||
3,600 | BALL CORP. | 296,693 | 346,572 | |||||
1,532 | CABOT CORP. | 54,496 | 86,098 | |||||
16,337 | CELANESE CORP. | 1,176,262 | 2,745,596 | |||||
2,605 | CHEMOURS (THE) CO. | 28,384 | 87,424 | |||||
6,162 | CORTEVA, INC. | 77,857 | 291,339 | |||||
1,800 | CROWN HOLDINGS, INC. | 57,831 | 199,116 | |||||
7,262 | DOW, INC. | 147,036 | 411,901 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 586,624 | |||||
17,374 | EASTMAN CHEMICAL CO. | 1,189,961 | 2,100,690 | |||||
3,291 | ECOLAB, INC. | 136,685 | 772,036 | |||||
33,516 | FREEPORT-MCMORAN, INC. | 754,117 | 1,398,623 | |||||
5,000 | GRAPHIC PACKAGING HOLDING CO. | 98,480 | 97,500 | |||||
15,846 | HUNTSMAN CORP. | 249,978 | 552,708 | |||||
1,121 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 134,316 | 168,879 | |||||
49,731 | INTERNATIONAL PAPER CO. | 1,762,433 | 2,336,362 | |||||
4,565 | LINDE PLC(c) | 902,324 | 1,581,453 | |||||
10,626 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 528,867 | 980,036 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 308,364 | |||||
725 | NEWMARKET CORP. | 240,848 | 248,472 | |||||
7,400 | NEWMONT CORP. | 136,530 | 458,948 | |||||
6,656 | NUCOR CORP. | 186,064 | 759,782 | |||||
1,500 | PACKAGING CORP. OF AMERICA | 135,745 | 204,225 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 891,860 | |||||
13,348 | RELIANCE STEEL & ALUMINUM CO. | 1,419,220 | 2,165,313 | |||||
600 | ROYAL GOLD, INC. | 22,314 | 63,126 | |||||
2,400 | RPM INTERNATIONAL, INC. | 24,657 | 242,400 | |||||
500 | SCOTTS MIRACLE-GRO (THE) CO. | 37,765 | 80,500 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 94,458 | |||||
400 | SHERWIN-WILLIAMS (THE) CO. | 111,978 | 140,864 | |||||
2,509 | SILGAN HOLDINGS, INC. | 89,461 | 107,486 | |||||
9,044 | SONOCO PRODUCTS CO. | 395,430 | 523,557 | |||||
3,034 | SOUTHERN COPPER CORP.(c) | 36,068 | 187,228 | |||||
11,265 | STEEL DYNAMICS, INC. | 166,293 | 699,219 | |||||
1,193 | SYLVAMO CORP.(b) | 20,829 | 33,273 | |||||
4,392 | VALVOLINE, INC. | 24,184 | 163,778 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 435,918 | |||||
2,242 | WESTROCK CO. | 24,357 | 99,455 | |||||
11,739,779 | 24,491,926 | 2.78% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,363 | 474,682 | |||||
3,152 | AMERICAN HOMES 4 RENT, CLASS A | 102,424 | 137,459 | |||||
5,475 | AMERICAN TOWER CORP. | 818,988 | 1,601,437 | |||||
3,200 | AMERICOLD REALTY TRUST | 105,621 | 104,928 | |||||
3,708 | APARTMENT INCOME REIT CORP. | 136,847 | 202,716 | |||||
1,134 | AVALONBAY COMMUNITIES, INC. | 112,326 | 286,437 |
See accompanying notes to financial statements. | 61 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
10,278 | BOSTON PROPERTIES, INC. | $ 825,970 | 1,183,820 | |||||
46,503 | BRIXMOR PROPERTY GROUP, INC. | 406,335 | 1,181,641 | |||||
2,153 | CAMDEN PROPERTY TRUST | 123,455 | 384,698 | |||||
5,547 | CBRE GROUP, INC., CLASS A(b) | 528,124 | 601,905 | |||||
4,700 | CROWN CASTLE INTERNATIONAL CORP. | 172,478 | 981,078 | |||||
2,027 | CUBESMART | 52,679 | 115,357 | |||||
1,142 | CYRUSONE, INC. | 61,632 | 102,460 | |||||
3,357 | DIGITAL REALTY TRUST, INC. | 386,206 | 593,753 | |||||
24,200 | DIGITALBRIDGE GROUP, INC.(b) | 45,138 | 201,586 | |||||
5,200 | DOUGLAS EMMETT, INC. | 40,636 | 174,200 | |||||
3,200 | DUKE REALTY CORP. | 101,873 | 210,048 | |||||
315 | EPR PROPERTIES | 6,839 | 14,959 | |||||
952 | EQUINIX, INC. | 131,626 | 805,240 | |||||
1,600 | EQUITY LIFESTYLE PROPERTIES, INC. | 26,661 | 140,256 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 490,148 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 237,755 | |||||
600 | EXTRA SPACE STORAGE, INC. | 98,202 | 136,038 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 47,642 | 122,688 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,177 | 30,763 | |||||
2,070 | GAMING AND LEISURE PROPERTIES, INC. | 56,535 | 100,726 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 65,888 | 252,630 | |||||
10,022 | HOST HOTELS & RESORTS, INC.(b) | 68,301 | 174,283 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 69,007 | |||||
6,000 | INVITATION HOMES, INC. | 224,375 | 272,040 | |||||
400 | JBG SMITH PROPERTIES | 6,941 | 11,484 | |||||
700 | JONES LANG LASALLE, INC.(b) | 39,951 | 188,538 | |||||
7,171 | KIMCO REALTY CORP. | 71,156 | 176,770 | |||||
2,478 | LAMAR ADVERTISING CO., CLASS A | 58,081 | 300,581 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 412,992 | |||||
3,600 | OMEGA HEALTHCARE INVESTORS, INC. | 103,019 | 106,524 | |||||
3,700 | OUTFRONT MEDIA, INC. | 47,753 | 99,234 | |||||
10,911 | PROLOGIS, INC. | 280,831 | 1,836,976 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 649,862 | |||||
6,972 | RAYONIER, INC. | 74,591 | 281,390 | |||||
6,002 | REALTY INCOME CORP. | 228,807 | 429,683 | |||||
20,965 | REGENCY CENTERS CORP. | 1,229,351 | 1,579,713 | |||||
1,780 | REXFORD INDUSTRIAL REALTY, INC. | 87,624 | 144,376 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 816,942 | |||||
9,817 | SIMON PROPERTY GROUP, INC. | 1,166,718 | 1,568,462 | |||||
1,468 | SL GREEN REALTY CORP. | 106,152 | 105,256 | |||||
1,133 | SUN COMMUNITIES, INC. | 86,422 | 237,896 | |||||
4,100 | UDR, INC. | 63,318 | 245,959 | |||||
2,100 | VENTAS, INC. | 103,583 | 107,352 | |||||
47,317 | VICI PROPERTIES, INC. | 1,405,523 | 1,424,715 | |||||
2,400 | VORNADO REALTY TRUST | 100,937 | 100,464 | |||||
4,500 | WELLTOWER, INC. | 351,432 | 385,965 | |||||
75,975 | WEYERHAEUSER CO. | 2,570,739 | 3,128,650 | |||||
1,800 | WP CAREY, INC. | 137,154 | 147,690 | |||||
14,027,403 | 25,872,212 | 2.94% | ||||||
Utilities: | ||||||||
6,300 | AES (THE) CORP. | 113,148 | 153,090 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 122,940 | |||||
1,700 | AMEREN CORP. | 48,382 | 151,317 | |||||
5,900 | AMERICAN ELECTRIC POWER CO., INC. | 372,550 | 524,923 | |||||
800 | AMERICAN WATER WORKS CO., INC. | 129,472 | 151,088 | |||||
13,200 | AVANGRID, INC. | 502,113 | 658,416 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 161,878 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 865,165 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 424,467 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 948,455 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 274,942 | |||||
9,151 | DUKE ENERGY CORP. | 418,500 | 959,940 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 295,181 | |||||
464 | ENTERGY CORP. | 12,179 | 52,270 | |||||
1,935 | ESSENTIAL UTILITIES, INC. | 32,475 | 103,890 | |||||
2,974 | EVERGY, INC. | 67,407 | 204,046 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 451,352 |
See accompanying notes to financial statements. | 62 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
10,500 | EXELON CORP. | $ 480,432 | 606,480 | |||||
5,500 | FIRSTENERGY CORP. | 159,533 | 228,745 | |||||
487 | IDACORP, INC. | 51,414 | 55,182 | |||||
900 | NATIONAL FUEL GAS CO. | 20,790 | 57,546 | |||||
19,254 | NEXTERA ENERGY, INC. | 425,854 | 1,797,553 | |||||
6,900 | NISOURCE, INC. | 43,973 | 190,509 | |||||
38,432 | NRG ENERGY, INC. | 1,268,718 | 1,655,651 | |||||
4,800 | OGE ENERGY CORP. | 43,344 | 184,224 | |||||
18,100 | PG&E CORP.(b) | 180,874 | 219,734 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 924,729 | |||||
8,500 | PPL CORP. | 236,326 | 255,510 | |||||
17,961 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 886,484 | 1,198,537 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 489,436 | |||||
10,000 | SOUTHERN (THE) CO. | 264,782 | 685,800 | |||||
4,650 | UGI CORP. | 51,203 | 213,481 | |||||
5,856 | VISTRA CORP. | 96,088 | 133,341 | |||||
3,500 | WEC ENERGY GROUP, INC. | 263,727 | 339,745 | |||||
968 | XCEL ENERGY, INC. | 36,241 | 65,534 | |||||
8,680,557 | 15,805,097 | 1.80% | ||||||
Sub-total Common Stocks: | 412,906,403 | 876,928,932 | 99.70% | |||||
Preferred Stocks: | ||||||||
Consumer Discretionary: | ||||||||
355 | QURATE RETAIL, INC., 8.00% | 14,247 | 36,643 | |||||
14,247 | 36,643 | 0.00% | ||||||
Sub-total Preferred Stocks: | 14,247 | 36,643 | 0.00% | |||||
Short-Term Investments: | ||||||||
2,396,931 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(e) | 2,396,931 | 2,396,931 | |||||
Sub-total Short-Term Investments: | 2,396,931 | 2,396,931 | 0.27% | |||||
Grand total | $ 415,317,581 | 879,362,506 | 99.97% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of December 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.59% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.04% of net assets as of December 31, 2021. |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $7,392,427 with net sales of $4,995,496 during the year ended December 31, 2021. |
See accompanying notes to financial statements. | 63 | (Continued) |
See accompanying notes to financial statements. | 64 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
4,800 | AMC NETWORKS, INC., CLASS A(b) | $ 191,090 | 165,312 | |||||
3,500 | CARS.COM, INC.(b) | 56,828 | 56,315 | |||||
9,874 | CINEMARK HOLDINGS, INC.(b) | 170,379 | 159,169 | |||||
1,152 | COGENT COMMUNICATIONS HOLDINGS, INC. | 66,084 | 84,303 | |||||
3,841 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 20,535 | 28,731 | |||||
11,159 | EW SCRIPPS (THE) CO., CLASS A | 193,891 | 215,927 | |||||
34,140 | LIBERTY BROADBAND CORP., CLASS C(b) | 5,074,136 | 5,499,954 | |||||
167,741 | NEW YORK TIMES (THE) CO., CLASS A | 7,274,022 | 8,101,890 | |||||
54,727 | OOMA, INC.(b) | 1,057,893 | 1,118,620 | |||||
15,860 | QUINSTREET, INC.(b) | 251,130 | 288,493 | |||||
200 | SHENANDOAH TELECOMMUNICATIONS CO. | 5,182 | 5,100 | |||||
841 | TECHTARGET, INC.(b) | 50,351 | 80,450 | |||||
274,973 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 1,040,191 | 952,118 | |||||
40,826 | VERTICALSCOPE HOLDINGS, INC.(b)(c) | 1,013,976 | 985,027 | |||||
146,493 | VIMEO, INC.(b) | 5,002,729 | 2,631,014 | |||||
51,564 | YOUGOV PLC(c) | 904,725 | 1,095,773 | |||||
22,373,142 | 21,468,196 | 4.02% | ||||||
Consumer Discretionary: | ||||||||
26,810 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 841,419 | 626,550 | |||||
800 | AARON'S (THE) CO., INC. | 19,840 | 19,720 | |||||
200 | ADTALEM GLOBAL EDUCATION, INC.(b) | 5,834 | 5,912 | |||||
62,086 | ALLBIRDS, INC., CLASS A(b)(d) | 954,682 | 936,257 | |||||
2,500 | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | 23,567 | 23,325 | |||||
122,470 | AMERICAN EAGLE OUTFITTERS, INC. | 2,506,891 | 3,100,940 | |||||
57,558 | AMERICAN OUTDOOR BRANDS, INC.(b) | 1,421,682 | 1,147,131 | |||||
4,800 | AMERICAN PUBLIC EDUCATION, INC.(b) | 106,637 | 106,800 | |||||
830 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 71,164 | 143,366 | |||||
3,985 | BED BATH & BEYOND, INC.(b) | 40,889 | 58,101 | |||||
4,975 | BJ'S RESTAURANTS, INC.(b) | 166,245 | 171,886 | |||||
4,373 | BLOOMIN' BRANDS, INC.(b) | 90,416 | 91,746 | |||||
2,158 | BOOT BARN HOLDINGS, INC.(b) | 161,941 | 265,542 | |||||
6,200 | BRINKER INTERNATIONAL, INC.(b) | 224,042 | 226,858 | |||||
929 | CAVCO INDUSTRIES, INC.(b) | 187,556 | 295,097 | |||||
99,794 | CENTURY CASINOS, INC.(b) | 1,418,206 | 1,215,491 | |||||
662 | CENTURY COMMUNITIES, INC. | 41,995 | 54,145 | |||||
600 | CHEESECAKE FACTORY (THE), INC.(b) | 23,544 | 23,490 | |||||
653 | CHILDREN'S PLACE (THE), INC.(b) | 48,678 | 51,776 | |||||
26,743 | CLARUS CORP. | 707,925 | 741,316 | |||||
147,482 | DANA, INC. | 1,658,062 | 3,365,539 | |||||
15,487 | DENNY'S CORP.(b) | 249,246 | 247,792 | |||||
3,695 | DESIGNER BRANDS, INC., CLASS A(b) | 47,945 | 52,506 | |||||
1,363 | DINE BRANDS GLOBAL, INC. | 95,408 | 103,329 | |||||
1,768 | DORMAN PRODUCTS, INC.(b) | 157,232 | 199,802 | |||||
92,058 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,853,848 | 1,790,528 | |||||
112,873 | FARFETCH LTD., CLASS A(b)(c) | 3,881,405 | 3,773,344 | |||||
113,918 | FULL HOUSE RESORTS, INC.(b) | 987,617 | 1,379,547 | |||||
46,942 | GAP (THE), INC. | 779,785 | 828,526 | |||||
950 | GENESCO, INC.(b) | 52,234 | 60,962 | |||||
1,776 | GENTHERM, INC.(b) | 122,914 | 154,334 | |||||
987 | G-III APPAREL GROUP LTD.(b) | 14,210 | 27,281 | |||||
93,388 | GILDAN ACTIVEWEAR, INC.(c) | 1,990,222 | 3,958,717 | |||||
1,285 | GROUP 1 AUTOMOTIVE, INC. | 195,676 | 250,858 | |||||
9,581 | GUESS?, INC. | 193,396 | 226,878 | |||||
245,000 | GYM GROUP (THE) PLC(b)(c)(e) | 985,708 | 843,972 | |||||
118,030 | HANESBRANDS, INC. | 1,796,990 | 1,973,462 | |||||
21,500 | HELEN OF TROY LTD.(b) | 3,500,941 | 5,256,105 | |||||
58,638 | HOOKER FURNISHINGS CORP. | 1,347,057 | 1,365,093 | |||||
2,643 | INSTALLED BUILDING PRODUCTS, INC. | 276,966 | 369,280 | |||||
107,470 | IPOWER, INC.(b) | 474,000 | 255,779 | |||||
100 | IROBOT CORP.(b) | 6,744 | 6,588 | |||||
1,595 | KONTOOR BRANDS, INC. | 68,026 | 81,744 | |||||
7,288 | LA-Z-BOY, INC. | 241,347 | 264,627 | |||||
2,200 | LCI INDUSTRIES | 282,332 | 342,914 | |||||
100 | LGI HOMES, INC.(b) | 15,130 | 15,448 | |||||
1,246 | LL FLOORING HOLDINGS, INC.(b) | 17,493 | 21,269 | |||||
12,676 | LOVESAC (THE) CO.(b) | 889,377 | 839,912 |
See accompanying notes to financial statements. | 65 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
14,121 | MACY'S, INC. | $ 263,958 | 369,688 | |||||
31,240 | MALIBU BOATS, INC., CLASS A(b) | 1,560,435 | 2,147,125 | |||||
605 | MARINEMAX, INC.(b) | 14,501 | 35,719 | |||||
1,704 | MDC HOLDINGS, INC. | 64,096 | 95,134 | |||||
2,631 | MERITAGE HOMES CORP.(b) | 250,609 | 321,140 | |||||
4,094 | MONRO, INC. | 217,354 | 238,557 | |||||
79,706 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,466,568 | 1,360,581 | |||||
83,605 | NOODLES & CO.(b) | 1,011,466 | 758,297 | |||||
2,062 | ODP (THE) CORP.(b) | 49,226 | 80,995 | |||||
20,014 | PAPA JOHN'S INTERNATIONAL, INC. | 1,725,141 | 2,671,269 | |||||
16,396 | PATRICK INDUSTRIES, INC. | 1,260,646 | 1,322,993 | |||||
19,392 | PERDOCEO EDUCATION CORP.(b) | 207,114 | 228,050 | |||||
6,500 | PETMED EXPRESS, INC. | 173,327 | 164,190 | |||||
87,662 | POINTS INTERNATIONAL LTD.(b)(c) | 1,470,405 | 1,357,008 | |||||
27,548 | PVH CORP. | 1,964,170 | 2,937,994 | |||||
1,447 | RENT-A-CENTER, INC. | 38,500 | 69,514 | |||||
5,836 | SALLY BEAUTY HOLDINGS, INC.(b) | 110,639 | 107,733 | |||||
1,575 | SHAKE SHACK, INC., CLASS A(b) | 83,618 | 113,652 | |||||
6,123 | SHUTTERSTOCK, INC. | 654,052 | 678,918 | |||||
2,461 | SIGNET JEWELERS LTD. | 160,021 | 214,181 | |||||
26,721 | SKYLINE CHAMPION CORP.(b) | 1,653,277 | 2,110,425 | |||||
9,068 | SLEEP NUMBER CORP.(b) | 759,839 | 694,609 | |||||
1,323 | SONIC AUTOMOTIVE, INC., CLASS A | 50,187 | 65,422 | |||||
1,180 | STANDARD MOTOR PRODUCTS, INC. | 56,000 | 61,820 | |||||
4,154 | STEVEN MADDEN LTD. | 113,882 | 193,036 | |||||
132,040 | STITCH FIX, INC., CLASS A(b) | 5,185,741 | 2,498,197 | |||||
94,390 | STONERIDGE, INC.(b) | 2,108,590 | 1,863,259 | |||||
7,745 | STRATEGIC EDUCATION, INC. | 472,872 | 447,971 | |||||
72,476 | STRIDE, INC.(b) | 2,565,172 | 2,415,625 | |||||
456 | STURM RUGER & CO., INC. | 29,827 | 31,017 | |||||
2,500 | TUPPERWARE BRANDS CORP.(b) | 38,017 | 38,225 | |||||
1,272 | UNIFI, INC.(b) | 18,074 | 29,447 | |||||
14,600 | VERA BRADLEY, INC.(b) | 143,555 | 124,246 | |||||
3,092 | VISTA OUTDOOR, INC.(b) | 63,148 | 142,448 | |||||
127,496 | VROOM, INC.(b) | 4,130,052 | 1,375,682 | |||||
67,738 | WINNEBAGO INDUSTRIES, INC. | 2,724,225 | 5,074,931 | |||||
3,939 | WOLVERINE WORLD WIDE, INC. | 91,566 | 113,483 | |||||
50,339 | WYNDHAM HOTELS & RESORTS, INC. | 2,585,984 | 4,512,891 | |||||
4,538 | ZUMIEZ, INC.(b) | 182,210 | 217,779 | |||||
66,962,528 | 74,644,836 | 13.98% | ||||||
Consumer Staples: | ||||||||
5,538 | ANDERSONS (THE), INC. | 155,682 | 214,376 | |||||
2,890 | B&G FOODS, INC. | 72,981 | 88,810 | |||||
4,920 | CALAVO GROWERS, INC. | 187,924 | 208,608 | |||||
907 | CAL-MAINE FOODS, INC. | 31,424 | 33,550 | |||||
3,786 | CELSIUS HOLDINGS, INC.(b) | 237,760 | 282,322 | |||||
3,400 | CENTRAL GARDEN & PET CO.(b) | 166,106 | 178,942 | |||||
33,776 | CHEFS' WAREHOUSE (THE), INC.(b) | 1,067,466 | 1,124,741 | |||||
4,300 | EDGEWELL PERSONAL CARE CO. | 186,216 | 196,553 | |||||
3,902 | FRESHPET, INC.(b) | 593,143 | 371,743 | |||||
202,184 | GROCERY OUTLET HOLDING CORP.(b) | 7,248,167 | 5,717,763 | |||||
11,260 | INGREDION, INC. | 1,012,523 | 1,088,166 | |||||
2,804 | INTER PARFUMS, INC. | 201,755 | 299,748 | |||||
3,207 | INTERCOS S.P.A.(b)(c) | 46,341 | 51,335 | |||||
286 | J & J SNACK FOODS CORP. | 38,864 | 45,176 | |||||
2,429 | JOHN B. SANFILIPPO & SON, INC. | 182,099 | 218,999 | |||||
6,755 | MEDIFAST, INC. | 1,506,202 | 1,414,700 | |||||
4,058 | NATIONAL BEVERAGE CORP. | 173,874 | 183,949 | |||||
4,161 | SIMPLY GOOD FOODS (THE) CO.(b) | 133,455 | 172,973 | |||||
1,556 | SPARTANNASH CO. | 28,799 | 40,082 | |||||
23,115 | SPECTRUM BRANDS HOLDINGS, INC. | 1,368,430 | 2,351,258 | |||||
5,736 | UNITED NATURAL FOODS, INC.(b) | 192,988 | 281,523 | |||||
48,930 | UNIVERSAL CORP. | 2,468,871 | 2,687,236 | |||||
15,345 | USANA HEALTH SCIENCES, INC.(b) | 1,486,776 | 1,552,914 | |||||
425 | WD-40 CO. | 87,202 | 103,972 | |||||
13,694 | WINFARM SAS(b)(c) | 562,437 | 472,474 | |||||
19,437,485 | 19,381,913 | 3.63% |
See accompanying notes to financial statements. | 66 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy: | ||||||||
16,064 | ARCHROCK, INC. | $ 111,792 | 120,159 | |||||
1,386 | BRISTOW GROUP, INC.(b) | 33,470 | 43,895 | |||||
300 | CALLON PETROLEUM CO.(b) | 15,186 | 14,175 | |||||
2,400 | CORE LABORATORIES N.V.(c) | 54,977 | 53,544 | |||||
68,891 | DMC GLOBAL, INC.(b) | 2,702,918 | 2,728,772 | |||||
179,023 | EVOLUTION PETROLEUM CORP. | 918,014 | 904,066 | |||||
4,031 | GREEN PLAINS, INC.(b) | 129,673 | 140,118 | |||||
6,236 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 20,130 | 19,456 | |||||
2,442 | MATADOR RESOURCES CO. | 92,367 | 90,159 | |||||
60,827 | MURPHY OIL CORP. | 455,099 | 1,588,193 | |||||
400 | NABORS INDUSTRIES LTD.(b) | 33,268 | 32,436 | |||||
383,206 | NEXTIER OILFIELD SOLUTIONS, INC.(b) | 1,031,968 | 1,360,381 | |||||
115,661 | NOV, INC. | 1,184,635 | 1,567,207 | |||||
4,300 | OCEANEERING INTERNATIONAL, INC.(b) | 49,477 | 48,633 | |||||
5,266 | PAR PACIFIC HOLDINGS, INC.(b) | 59,034 | 86,836 | |||||
28,225 | PATTERSON-UTI ENERGY, INC. | 187,236 | 238,501 | |||||
5,000 | PBF ENERGY, INC., CLASS A(b) | 66,480 | 64,850 | |||||
8,734 | PDC ENERGY, INC. | 282,116 | 426,045 | |||||
600 | PROPETRO HOLDING CORP.(b) | 4,920 | 4,860 | |||||
21,074 | RANGE RESOURCES CORP.(b) | 223,829 | 375,749 | |||||
258 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 24,768 | |||||
11,659 | SM ENERGY CO. | 188,347 | 343,707 | |||||
58,522 | SOUTHWESTERN ENERGY CO.(b) | 216,175 | 272,713 | |||||
183,349 | TECHNIPFMC PLC(c) | 1,287,155 | 1,085,426 | |||||
600 | US SILICA HOLDINGS, INC.(b) | 5,592 | 5,640 | |||||
3,300 | WORLD FUEL SERVICES CORP. | 88,363 | 87,351 | |||||
9,459,179 | 11,727,640 | 2.19% | ||||||
Financials: | ||||||||
44,025 | AFC GAMMA, INC. | 967,167 | 1,002,009 | |||||
657 | ALLEGIANCE BANCSHARES, INC. | 17,513 | 27,732 | |||||
14,316 | A-MARK PRECIOUS METALS, INC. | 823,418 | 874,708 | |||||
99,025 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 2,586,067 | 3,854,053 | |||||
42,333 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 1,830,452 | 2,459,971 | |||||
3,448 | ARMOUR RESIDENTIAL REIT, INC. | 25,055 | 33,825 | |||||
160,064 | ASSOCIATED BANC-CORP | 2,574,089 | 3,615,846 | |||||
1,706 | ASSURED GUARANTY LTD.(c) | 47,864 | 85,641 | |||||
82,346 | AXIS CAPITAL HOLDINGS LTD.(c) | 4,084,913 | 4,485,387 | |||||
30,140 | AXOS FINANCIAL, INC.(b) | 1,585,356 | 1,685,127 | |||||
3,575 | BANCFIRST CORP. | 186,491 | 252,252 | |||||
3,114 | BANKUNITED, INC. | 72,389 | 131,753 | |||||
2,475 | BANNER CORP. | 98,086 | 150,158 | |||||
3,236 | BERKSHIRE HILLS BANCORP, INC. | 75,451 | 92,000 | |||||
9,027 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 174,033 | 231,091 | |||||
9,764 | BROOKLINE BANCORP, INC. | 131,767 | 158,079 | |||||
6,554 | CALIFORNIA BANCORP(b) | 124,934 | 131,342 | |||||
14,232 | CAPITOL FEDERAL FINANCIAL, INC. | 160,232 | 161,249 | |||||
162,258 | CNO FINANCIAL GROUP, INC. | 2,799,201 | 3,868,231 | |||||
3,823 | COLUMBIA BANKING SYSTEM, INC. | 101,333 | 125,089 | |||||
24,855 | COMMERCE BANCSHARES, INC. | 1,162,429 | 1,708,574 | |||||
2,756 | COMMUNITY BANK SYSTEM, INC. | 152,076 | 205,267 | |||||
4,576 | CUSTOMERS BANCORP, INC.(b) | 176,659 | 299,133 | |||||
13,672 | CVB FINANCIAL CORP. | 270,593 | 292,718 | |||||
5,089 | DIME COMMUNITY BANCSHARES, INC. | 154,812 | 178,929 | |||||
54,858 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2,738,198 | 2,586,006 | |||||
3,184 | ENCORE CAPITAL GROUP, INC.(b) | 144,641 | 197,758 | |||||
2,168 | ENOVA INTERNATIONAL, INC.(b) | 67,552 | 88,801 | |||||
52,000 | ESQUIRE FINANCIAL HOLDINGS, INC.(b) | 1,555,705 | 1,644,240 | |||||
74,380 | ESSENT GROUP LTD. | 2,645,444 | 3,386,521 | |||||
153,033 | EZCORP, INC., CLASS A(b) | 1,136,260 | 1,127,853 | |||||
5,617 | FB FINANCIAL CORP. | 206,954 | 246,137 | |||||
18,184 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2,389,087 | 2,253,543 | |||||
144,821 | FIDUCIAN GROUP LTD.(c) | 859,955 | 888,223 | |||||
46,198 | FINWISE BANCORP(b) | 537,753 | 637,070 | |||||
14,275 | FIRST COMMONWEALTH FINANCIAL CORP. | 186,365 | 229,685 | |||||
1,800 | FIRST HAWAIIAN, INC. | 41,133 | 49,194 | |||||
195,858 | FIRST MIDWEST BANCORP, INC. | 3,208,315 | 4,011,172 | |||||
38,980 | FIRSTCASH HOLDINGS, INC. | 2,480,951 | 2,916,094 |
See accompanying notes to financial statements. | 67 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
1,899 | FLAGSTAR BANCORP, INC. | $ 55,987 | 91,038 | |||||
49,068 | GENWORTH FINANCIAL, INC., CLASS A(b) | 170,313 | 198,725 | |||||
56,400 | GLACIER BANCORP, INC. | 2,341,032 | 3,197,880 | |||||
3,000 | GREEN DOT CORP., CLASS A(b) | 106,880 | 108,720 | |||||
2,200 | HILLTOP HOLDINGS, INC. | 72,528 | 77,308 | |||||
177,041 | HOPE BANCORP, INC. | 1,814,537 | 2,604,273 | |||||
1,373 | HORACE MANN EDUCATORS CORP. | 48,818 | 53,135 | |||||
144,753 | HUNTINGTON BANCSHARES, INC. | 1,248,845 | 2,232,091 | |||||
3,250 | INDEPENDENT BANK CORP. | 263,886 | 264,973 | |||||
653 | INDEPENDENT BANK GROUP, INC. | 24,950 | 47,114 | |||||
4,500 | JAMES RIVER GROUP HOLDINGS LTD.(c) | 116,533 | 129,645 | |||||
83,128 | JDC GROUP A.G.(b)(c) | 1,913,415 | 2,328,174 | |||||
1,468 | KKR REAL ESTATE FINANCE TRUST, INC. | 22,900 | 30,578 | |||||
140,058 | LENDINGCLUB CORP.(b) | 2,187,233 | 3,386,602 | |||||
2,057 | META FINANCIAL GROUP, INC. | 102,339 | 122,721 | |||||
77,479 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,420,206 | 1,520,640 | |||||
3,329 | MR COOPER GROUP, INC.(b) | 72,942 | 138,520 | |||||
5,537 | NATIONAL BANK HOLDINGS CORP., CLASS A | 200,360 | 243,296 | |||||
5,879 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,629,614 | 1,260,693 | |||||
6,000 | NBT BANCORP, INC. | 207,755 | 231,120 | |||||
1,600 | NEW YORK MORTGAGE TRUST, INC. | 6,045 | 5,952 | |||||
4,124 | NMI HOLDINGS, INC., CLASS A(b) | 69,882 | 90,109 | |||||
17,041 | NORTHWEST BANCSHARES, INC. | 205,445 | 241,301 | |||||
8,295 | OFG BANCORP | 168,644 | 220,315 | |||||
18,912 | OLD NATIONAL BANCORP | 283,854 | 342,685 | |||||
25,676 | OPEN LENDING CORP., CLASS A(b) | 987,363 | 577,197 | |||||
1,614 | PARK NATIONAL CORP. | 168,433 | 221,618 | |||||
300 | PENNYMAC MORTGAGE INVESTMENT TRUST | 5,343 | 5,199 | |||||
1,376 | PIPER SANDLER COS. | 170,087 | 245,630 | |||||
6,281 | PRA GROUP, INC.(b) | 248,410 | 315,369 | |||||
413 | PREFERRED BANK | 20,848 | 29,649 | |||||
9,736 | PROASSURANCE CORP. | 201,914 | 246,321 | |||||
9,400 | REDWOOD TRUST, INC. | 101,948 | 123,986 | |||||
13,070 | RENAISSANCERE HOLDINGS LTD.(c) | 1,887,617 | 2,213,143 | |||||
5,373 | RENASANT CORP. | 162,246 | 203,905 | |||||
7,161 | S&T BANCORP, INC. | 206,049 | 225,715 | |||||
7,015 | SEACOAST BANKING CORP. OF FLORIDA | 181,540 | 248,261 | |||||
25,800 | SELECTIVE INSURANCE GROUP, INC. | 1,545,260 | 2,114,052 | |||||
6,600 | SELECTQUOTE, INC.(b) | 58,712 | 59,796 | |||||
962 | SERVISFIRST BANCSHARES, INC. | 63,536 | 81,712 | |||||
600 | SIRIUSPOINT LTD.(b)(c) | 4,950 | 4,878 | |||||
14,436 | SOUND FINANCIAL BANCORP, INC. | 664,690 | 635,184 | |||||
5,100 | SOUTHSIDE BANCSHARES, INC. | 188,730 | 213,282 | |||||
2,865 | STEWART INFORMATION SERVICES CORP. | 178,272 | 228,426 | |||||
1,426 | STONEX GROUP, INC.(b) | 86,232 | 87,343 | |||||
1,100 | TRUPANION, INC.(b) | 145,012 | 145,233 | |||||
35,891 | TWO HARBORS INVESTMENT CORP. | 218,407 | 207,091 | |||||
287,222 | UMPQUA HOLDINGS CORP. | 4,121,992 | 5,526,151 | |||||
9,658 | UNITED COMMUNITY BANKS, INC. | 231,977 | 347,109 | |||||
6,700 | UNITED FIRE GROUP, INC. | 155,754 | 155,373 | |||||
300 | UNIVERSAL INSURANCE HOLDINGS, INC. | 5,052 | 5,100 | |||||
81,632 | UNIVEST FINANCIAL CORP. | 1,745,102 | 2,442,429 | |||||
84,139 | VELOCITY FINANCIAL, INC.(b) | 1,080,158 | 1,152,704 | |||||
388 | VIRTUS INVESTMENT PARTNERS, INC. | 49,590 | 115,275 | |||||
1,719 | WALKER & DUNLOP, INC. | 180,035 | 259,363 | |||||
66,669 | WEBSTER FINANCIAL CORP. | 2,501,602 | 3,722,797 | |||||
100 | WORLD ACCEPTANCE CORP.(b) | 25,111 | 24,543 | |||||
104,706 | WSFS FINANCIAL CORP. | 4,622,649 | 5,247,865 | |||||
75,550,257 | 92,971,768 | 17.41% | ||||||
Health Care: | ||||||||
8,562 | ABIOMED, INC.(b) | 2,343,148 | 3,075,214 | |||||
12,844 | ADDUS HOMECARE CORP.(b) | 1,092,251 | 1,201,042 | |||||
84,978 | AERIE PHARMACEUTICALS, INC.(b) | 1,021,610 | 596,546 | |||||
103,765 | AKEBIA THERAPEUTICS, INC.(b) | 297,034 | 234,509 | |||||
33,268 | ALBIREO PHARMA, INC.(b) | 973,225 | 774,812 | |||||
400 | ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b) | 7,408 | 7,380 | |||||
2,400 | AMN HEALTHCARE SERVICES, INC.(b) | 193,049 | 293,592 |
See accompanying notes to financial statements. | 68 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
758 | ANIKA THERAPEUTICS, INC.(b) | $ 27,364 | 27,159 | |||||
1,100 | APOLLO MEDICAL HOLDINGS, INC.(b) | 81,532 | 80,828 | |||||
7,609 | AVANOS MEDICAL, INC.(b) | 243,712 | 263,804 | |||||
100 | AVID BIOSERVICES, INC.(b) | 3,032 | 2,918 | |||||
199,035 | BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) | 780,334 | 617,009 | |||||
11,670 | BIO-TECHNE CORP. | 2,822,849 | 6,037,358 | |||||
107,470 | BRAINSWAY LTD. ADR(b)(c)(f) | 869,278 | 826,444 | |||||
1,600 | CARDIOVASCULAR SYSTEMS, INC.(b) | 31,213 | 30,048 | |||||
5,267 | CASTLE BIOSCIENCES, INC.(b) | 291,825 | 225,796 | |||||
51,135 | COLLEGIUM PHARMACEUTICAL, INC.(b) | 1,042,006 | 955,202 | |||||
18,932 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 185,756 | 251,985 | |||||
17,787 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 646,205 | 521,159 | |||||
320,048 | CONFORMIS, INC.(b) | 488,969 | 243,685 | |||||
674 | CONMED CORP. | 96,892 | 95,546 | |||||
5,151 | CORCEPT THERAPEUTICS, INC.(b) | 91,306 | 101,990 | |||||
6 | CORVEL CORP.(b) | 439 | 1,248 | |||||
14,438 | COVETRUS, INC.(b) | 275,119 | 288,327 | |||||
1,500 | CRYOLIFE, INC.(b) | 27,703 | 30,525 | |||||
8,990 | CYTOKINETICS, INC.(b) | 177,859 | 409,764 | |||||
5,700 | EMERGENT BIOSOLUTIONS, INC.(b) | 239,376 | 247,779 | |||||
1,861 | ENANTA PHARMACEUTICALS, INC.(b) | 85,316 | 139,166 | |||||
40,806 | ENDO INTERNATIONAL PLC(b)(c) | 169,487 | 153,431 | |||||
1,925 | ENSIGN GROUP (THE), INC. | 106,007 | 161,623 | |||||
6,961 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 506,350 | 470,494 | |||||
1,100 | FULGENT GENETICS, INC.(b) | 107,932 | 110,649 | |||||
5,700 | GLAUKOS CORP.(b) | 236,298 | 253,308 | |||||
12,745 | GLOBAL BLOOD THERAPEUTICS, INC.(b) | 425,511 | 373,046 | |||||
9,456 | HANGER, INC.(b) | 163,385 | 171,437 | |||||
200 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 8,672 | 8,528 | |||||
57,313 | HARROW HEALTH, INC.(b) | 560,025 | 495,184 | |||||
878 | HEALTHSTREAM, INC.(b) | 19,242 | 23,144 | |||||
207 | HESKA CORP.(b) | 18,826 | 37,775 | |||||
62,247 | INFUSYSTEM HOLDINGS, INC.(b) | 873,827 | 1,060,066 | |||||
8,333 | INMODE LTD.(b)(c) | 622,636 | 588,143 | |||||
5,100 | INOGEN, INC.(b) | 161,395 | 173,400 | |||||
97,480 | INSTEM PLC(b)(c) | 1,173,038 | 1,167,705 | |||||
993 | INTEGER HOLDINGS CORP.(b) | 68,457 | 84,991 | |||||
42,390 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,378,171 | 2,839,706 | |||||
5,278 | IRADIMED CORP.(b) | 201,046 | 243,896 | |||||
7,330 | JOINT (THE) CORP.(b) | 711,346 | 481,508 | |||||
76,998 | KARYOPHARM THERAPEUTICS, INC.(b) | 649,402 | 495,097 | |||||
54,409 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 763,763 | 640,394 | |||||
200 | LANTHEUS HOLDINGS, INC.(b) | 5,986 | 5,778 | |||||
35,563 | LEMAITRE VASCULAR, INC. | 1,860,782 | 1,786,330 | |||||
13,941 | LIGAND PHARMACEUTICALS, INC.(b) | 2,270,979 | 2,153,327 | |||||
231 | MAGELLAN HEALTH, INC.(b) | 14,264 | 21,943 | |||||
4,269 | MEDNAX, INC.(b) | 106,539 | 116,160 | |||||
56,140 | MEI PHARMA, INC.(b) | 141,030 | 149,894 | |||||
2,275 | MERIDIAN BIOSCIENCE, INC.(b) | 34,164 | 46,410 | |||||
3,431 | MERIT MEDICAL SYSTEMS, INC.(b) | 182,422 | 213,751 | |||||
824 | MESA LABORATORIES, INC. | 215,988 | 270,346 | |||||
100 | MODIVCARE, INC.(b) | 15,023 | 14,829 | |||||
3,311 | MYRIAD GENETICS, INC.(b) | 38,296 | 91,384 | |||||
6,300 | NEKTAR THERAPEUTICS(b) | 89,497 | 85,113 | |||||
4,223 | NEOGENOMICS, INC.(b) | 149,552 | 144,089 | |||||
46,302 | NEVRO CORP.(b) | 6,370,064 | 3,753,703 | |||||
12,393 | NEXUS A.G.(c) | 1,086,065 | 1,010,235 | |||||
27,438 | OCUPHIRE PHARMA, INC.(b) | 107,381 | 102,344 | |||||
17,852 | OMNICELL, INC.(b) | 2,995,184 | 3,221,215 | |||||
15,977 | OPTIMIZERX CORP.(b) | 1,261,565 | 992,331 | |||||
70,357 | OPTINOSE, INC.(b) | 190,596 | 113,978 | |||||
600 | ORASURE TECHNOLOGIES, INC.(b) | 5,286 | 5,214 | |||||
600 | ORGANOGENESIS HOLDINGS, INC.(b) | 5,520 | 5,544 | |||||
1,025 | ORTHOFIX MEDICAL, INC.(b) | 31,385 | 31,867 | |||||
14,961 | ORTHOPEDIATRICS CORP.(b) | 1,002,280 | 895,565 | |||||
3,394 | OWENS & MINOR, INC. | 118,741 | 147,639 | |||||
275,319 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 4,843,760 | 5,633,027 |
See accompanying notes to financial statements. | 69 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
6,299 | PACIRA BIOSCIENCES, INC.(b) | $ 370,681 | 379,011 | |||||
7,500 | PENNANT GROUP (THE), INC.(b) | 154,693 | 173,100 | |||||
69,970 | PERRIGO CO. PLC(c) | 2,829,270 | 2,721,833 | |||||
33,415 | PETIQ, INC.(b) | 818,285 | 758,855 | |||||
73,447 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,803,271 | 1,499,788 | |||||
4,068 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 191,977 | 246,724 | |||||
44,373 | PROVENTION BIO, INC.(b) | 293,568 | 249,376 | |||||
46,854 | PUMA BIOTECHNOLOGY, INC.(b) | 183,213 | 142,436 | |||||
3,817 | REGENXBIO, INC.(b) | 130,578 | 124,816 | |||||
61,585 | REVANCE THERAPEUTICS, INC.(b) | 858,277 | 1,005,067 | |||||
27,498 | RHYTHM PHARMACEUTICALS, INC.(b) | 367,700 | 274,430 | |||||
33,536 | SANGAMO THERAPEUTICS, INC.(b) | 320,116 | 251,520 | |||||
9,401 | SCHOLAR ROCK HOLDING CORP.(b) | 288,155 | 233,521 | |||||
400 | SELECT MEDICAL HOLDINGS CORP. | 11,644 | 11,760 | |||||
4,007 | SIMULATIONS PLUS, INC. | 184,626 | 189,531 | |||||
58,078 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,895,536 | 1,693,555 | |||||
623 | SURMODICS, INC.(b) | 26,247 | 29,997 | |||||
28,380 | SYNEOS HEALTH, INC.(b) | 1,175,766 | 2,914,058 | |||||
400 | TABULA RASA HEALTHCARE, INC.(b) | 5,528 | 6,000 | |||||
48,363 | TANDEM DIABETES CARE, INC.(b) | 4,573,740 | 7,279,599 | |||||
2,165 | TIVITY HEALTH, INC.(b) | 27,633 | 57,243 | |||||
20,079 | TRAVERE THERAPEUTICS, INC.(b) | 601,833 | 623,252 | |||||
33,812 | TRIPLE-S MANAGEMENT CORP.(b) | 752,063 | 1,206,412 | |||||
33,737 | TWIST BIOSCIENCE CORP.(b) | 3,931,779 | 2,610,906 | |||||
21,672 | UROGEN PHARMA LTD.(b) | 408,483 | 206,101 | |||||
475 | US PHYSICAL THERAPY, INC. | 37,734 | 45,386 | |||||
15,716 | UTAH MEDICAL PRODUCTS, INC. | 1,802,857 | 1,571,600 | |||||
103,389 | VAREX IMAGING CORP.(b) | 2,481,759 | 3,261,923 | |||||
300 | VERICEL CORP.(b) | 12,291 | 11,790 | |||||
4,800 | XENCOR, INC.(b) | 147,437 | 192,576 | |||||
18,183 | Y-MABS THERAPEUTICS, INC.(b) | 405,812 | 294,746 | |||||
50,964 | ZOGENIX, INC.(b) | 812,555 | 828,165 | |||||
11,898 | ZYNEX, INC.(b) | 168,707 | 118,623 | |||||
75,576,789 | 79,840,076 | 14.95% | ||||||
Industrials: | ||||||||
2,658 | AAON, INC. | 157,173 | 211,125 | |||||
6,204 | AAR CORP.(b) | 144,149 | 242,142 | |||||
324 | ABM INDUSTRIES, INC. | 13,148 | 13,235 | |||||
4,240 | ACUITY BRANDS, INC. | 461,825 | 897,693 | |||||
2,756 | AEROJET ROCKETDYNE HOLDINGS, INC. | 102,568 | 128,871 | |||||
100 | AEROVIRONMENT, INC.(b) | 6,186 | 6,203 | |||||
59,820 | AIR LEASE CORP. | 1,950,575 | 2,645,839 | |||||
555 | ALAMO GROUP, INC. | 55,130 | 81,685 | |||||
657 | ALBANY INTERNATIONAL CORP., CLASS A | 51,618 | 58,112 | |||||
548 | ALLEGIANT TRAVEL CO.(b) | 58,650 | 102,498 | |||||
81,651 | AMERICAN WOODMARK CORP.(b) | 6,085,332 | 5,323,645 | |||||
4,985 | APOGEE ENTERPRISES, INC. | 198,377 | 240,028 | |||||
2,626 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 173,658 | 269,690 | |||||
2,026 | ARCBEST CORP. | 119,194 | 242,816 | |||||
3,078 | ARCOSA, INC. | 158,607 | 162,211 | |||||
17,730 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,585,806 | 2,058,808 | |||||
1,206 | ASTEC INDUSTRIES, INC. | 53,461 | 83,540 | |||||
1,309 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 88,301 | 123,203 | |||||
1,902 | AZZ, INC. | 61,509 | 105,162 | |||||
4,400 | BARNES GROUP, INC. | 179,283 | 204,996 | |||||
4,715 | BOISE CASCADE CO. | 221,896 | 335,708 | |||||
66,837 | BOWMAN CONSULTING GROUP LTD.(b) | 921,082 | 1,419,952 | |||||
200 | BRADY CORP., CLASS A | 11,004 | 10,780 | |||||
100,160 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,514,099 | 1,410,253 | |||||
46,856 | BWX TECHNOLOGIES, INC. | 2,612,184 | 2,243,465 | |||||
2,476 | CHART INDUSTRIES, INC.(b) | 257,847 | 394,897 | |||||
1,067 | CIRCOR INTERNATIONAL, INC.(b) | 25,949 | 29,001 | |||||
70,700 | COLFAX CORP.(b) | 1,706,876 | 3,250,079 | |||||
1,000 | COMFORT SYSTEMS U.S.A, INC. | 82,846 | 98,940 | |||||
33,742 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 1,098,996 | 992,352 | |||||
5,072 | CORECIVIC, INC.(b) | 32,724 | 50,568 | |||||
58,100 | CREEK & RIVER CO. LTD.(c) | 1,009,128 | 1,028,859 |
See accompanying notes to financial statements. | 70 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
14,131 | CSW INDUSTRIALS, INC. | $ 1,991,496 | 1,707,873 | |||||
1,443 | DXP ENTERPRISES, INC.(b) | 28,742 | 37,042 | |||||
192,398 | ENERPAC TOOL GROUP CORP. | 4,311,479 | 3,901,831 | |||||
4,482 | EXPONENT, INC. | 385,464 | 523,184 | |||||
3,416 | FEDERAL SIGNAL CORP. | 122,131 | 148,049 | |||||
33,958 | FRANKLIN COVEY CO.(b) | 1,578,598 | 1,574,293 | |||||
2,045 | FRANKLIN ELECTRIC CO., INC. | 101,427 | 193,375 | |||||
85,640 | GATES INDUSTRIAL CORP. PLC(b) | 1,235,338 | 1,362,532 | |||||
924 | GIBRALTAR INDUSTRIES, INC.(b) | 43,216 | 61,612 | |||||
25,402 | GLOBAL INDUSTRIAL CO. | 945,775 | 1,038,942 | |||||
2,806 | GMS, INC.(b) | 118,213 | 168,669 | |||||
14,620 | GORMAN-RUPP (THE) CO. | 440,052 | 651,321 | |||||
43,020 | GRACO, INC. | 2,648,901 | 3,468,272 | |||||
2,026 | GRANITE CONSTRUCTION, INC. | 44,873 | 78,406 | |||||
8,801 | GRIFFON CORP. | 198,243 | 250,652 | |||||
27,527 | HARDWOODS DISTRIBUTION, INC.(c) | 815,996 | 974,908 | |||||
4,300 | HARSCO CORP.(b) | 74,761 | 71,853 | |||||
4,500 | HAWAIIAN HOLDINGS, INC.(b) | 83,772 | 82,665 | |||||
200 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 8,854 | 8,746 | |||||
6,523 | HILLENBRAND, INC. | 269,673 | 339,131 | |||||
6,200 | HNI CORP. | 229,994 | 260,710 | |||||
4,004 | HUB GROUP, INC., CLASS A(b) | 236,332 | 337,297 | |||||
6,180 | HUNTINGTON INGALLS INDUSTRIES, INC. | 1,099,403 | 1,154,053 | |||||
3,947 | HURON CONSULTING GROUP, INC.(b) | 207,217 | 196,955 | |||||
74,610 | IAA, INC.(b) | 3,715,652 | 3,776,758 | |||||
11,655 | ICF INTERNATIONAL, INC. | 1,014,865 | 1,195,220 | |||||
166,594 | JELD-WEN HOLDING, INC.(b) | 3,537,737 | 4,391,418 | |||||
8,965 | JOHN BEAN TECHNOLOGIES CORP. | 1,321,082 | 1,376,665 | |||||
478,466 | JOHNSON SERVICE GROUP PLC(b)(c) | 1,000,440 | 955,899 | |||||
4,384 | KADANT, INC. | 942,948 | 1,010,424 | |||||
4,500 | KAMAN CORP. | 188,802 | 194,175 | |||||
11,800 | KAR AUCTION SERVICES, INC.(b) | 190,398 | 184,316 | |||||
34,986 | KARAT PACKAGING, INC.(b) | 798,063 | 707,067 | |||||
1,406 | KORN FERRY | 98,653 | 106,476 | |||||
6,338 | KORNIT DIGITAL LTD.(b)(c) | 937,597 | 964,960 | |||||
579 | LINDSAY CORP. | 54,200 | 88,008 | |||||
165,041 | LYFT, INC., CLASS A(b) | 6,078,402 | 7,052,202 | |||||
18,083 | MASONITE INTERNATIONAL CORP.(b) | 2,183,703 | 2,132,890 | |||||
18,112 | MASTEC, INC.(b) | 980,012 | 1,671,375 | |||||
16,100 | MATRIX SERVICE CO.(b) | 140,076 | 121,072 | |||||
3,230 | MATSON, INC. | 204,043 | 290,797 | |||||
8,542 | MERITOR, INC.(b) | 181,931 | 211,671 | |||||
28,348 | MOOG, INC., CLASS A | 1,735,699 | 2,295,338 | |||||
145,111 | MRC GLOBAL, INC.(b) | 1,287,007 | 998,364 | |||||
3,400 | NOW, INC.(b) | 25,012 | 29,036 | |||||
400 | NV5 GLOBAL, INC.(b) | 55,104 | 55,248 | |||||
212,617 | PGT INNOVATIONS, INC.(b) | 3,680,552 | 4,781,756 | |||||
1,084 | PITNEY BOWES, INC. | 2,695 | 7,187 | |||||
2,151 | PROTO LABS, INC.(b) | 113,198 | 110,454 | |||||
144,946 | RADIANT LOGISTICS, INC.(b) | 937,282 | 1,056,656 | |||||
34,388 | RED VIOLET, INC.(b) | 1,008,716 | 1,364,860 | |||||
1,915 | RESOURCES CONNECTION, INC. | 22,152 | 34,164 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 1,970,953 | |||||
41,820 | RUSH ENTERPRISES, INC., CLASS A | 1,223,670 | 2,326,865 | |||||
15,023 | RYDER SYSTEM, INC. | 620,362 | 1,238,346 | |||||
4,527 | SKYWEST, INC.(b) | 179,285 | 177,911 | |||||
597 | SPX FLOW, INC. | 38,775 | 51,629 | |||||
1,334 | STANDEX INTERNATIONAL CORP. | 122,936 | 147,620 | |||||
433,598 | STEELCASE, INC., CLASS A | 5,532,881 | 5,081,769 | |||||
47,585 | STERLING CONSTRUCTION CO., INC.(b) | 1,032,104 | 1,251,485 | |||||
60,274 | TEREX CORP. | 1,929,563 | 2,649,042 | |||||
600 | TITAN INTERNATIONAL, INC.(b) | 6,564 | 6,576 | |||||
2,416 | TRIUMPH GROUP, INC.(b) | 18,378 | 44,768 | |||||
76,777 | TRUEBLUE, INC.(b) | 1,290,720 | 2,124,420 | |||||
3,091 | UFP INDUSTRIES, INC. | 217,315 | 284,403 | |||||
568 | UNIFIRST CORP. | 97,176 | 119,507 | |||||
117,741 | UPWORK, INC.(b) | 5,563,395 | 4,022,033 |
See accompanying notes to financial statements. | 71 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
6,632 | US ECOLOGY, INC.(b) | $ 207,487 | 211,826 | |||||
30,047 | VA-Q-TEC A.G.(b)(c)(d) | 1,062,449 | 863,765 | |||||
100 | VERITIV CORP.(b) | 12,140 | 12,257 | |||||
2,098 | VICOR CORP.(b) | 177,681 | 266,404 | |||||
2,433 | WATTS WATER TECHNOLOGIES, INC., CLASS A | 320,143 | 472,416 | |||||
36,119 | WILLDAN GROUP, INC.(b) | 1,459,945 | 1,271,389 | |||||
25,870 | WOODWARD, INC. | 2,369,738 | 2,831,730 | |||||
95,818,697 | 107,650,297 | 20.16% | ||||||
Information Technology: | ||||||||
1,753 | 3D SYSTEMS CORP.(b) | 38,529 | 37,760 | |||||
1,342 | ADVANCED ENERGY INDUSTRIES, INC. | 90,367 | 122,203 | |||||
147,827 | AGILETHOUGHT, INC.(b)(d) | 1,034,789 | 697,743 | |||||
1,650 | ALARM.COM HOLDINGS, INC.(b) | 94,821 | 139,936 | |||||
56,819 | ARLO TECHNOLOGIES, INC.(b) | 498,095 | 596,031 | |||||
52,400 | AVANT CORP.(c) | 729,577 | 546,184 | |||||
73,031 | AVNET, INC. | 2,486,530 | 3,011,068 | |||||
3,016 | AXCELIS TECHNOLOGIES, INC.(b) | 118,006 | 224,873 | |||||
5,492 | AZENTA, INC. | 550,979 | 566,280 | |||||
937 | BADGER METER, INC. | 59,401 | 99,847 | |||||
65,602 | BELDEN, INC. | 2,349,358 | 4,312,019 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 67,858 | |||||
4,999 | BOTTOMLINE TECHNOLOGIES DE, INC.(b) | 189,616 | 282,294 | |||||
34,416 | CAMBIUM NETWORKS CORP.(b) | 969,733 | 882,082 | |||||
338,760 | CELESTICA, INC.(b)(c) | 2,443,169 | 3,770,399 | |||||
25,755 | CEVA, INC.(b) | 1,184,601 | 1,113,646 | |||||
46,454 | CODA OCTOPUS GROUP, INC.(b) | 375,695 | 371,632 | |||||
3,200 | COHU, INC.(b) | 98,099 | 121,888 | |||||
100 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 5,820 | 5,787 | |||||
17,761 | COUPA SOFTWARE, INC.(b) | 2,742,643 | 2,807,126 | |||||
3,939 | CSG SYSTEMS INTERNATIONAL, INC. | 170,471 | 226,965 | |||||
6,300 | CTS CORP. | 193,088 | 231,336 | |||||
8,231 | DAKTRONICS, INC.(b) | 33,876 | 41,567 | |||||
43,489 | DIGI INTERNATIONAL, INC.(b) | 915,306 | 1,068,525 | |||||
4,205 | DIODES, INC.(b) | 324,283 | 461,751 | |||||
62,538 | DOLBY LABORATORIES, INC., CLASS A | 5,467,068 | 5,954,868 | |||||
27,378 | EBIX, INC. | 918,765 | 832,291 | |||||
41,797 | ELASTIC N.V.(b) | 4,786,928 | 5,144,793 | |||||
4,322 | EPLUS, INC.(b) | 174,881 | 232,869 | |||||
1,972 | EVERTEC, INC. | 57,500 | 98,561 | |||||
2,042 | EXLSERVICE HOLDINGS, INC.(b) | 201,021 | 295,620 | |||||
400 | EXTREME NETWORKS, INC.(b) | 6,628 | 6,280 | |||||
11,114 | FABRINET(b)(c) | 1,071,911 | 1,316,676 | |||||
13,213 | FARO TECHNOLOGIES, INC.(b) | 858,890 | 925,174 | |||||
8,343 | FORMFACTOR, INC.(b) | 230,038 | 381,442 | |||||
29,590 | GRID DYNAMICS HOLDINGS, INC.(b) | 893,923 | 1,123,532 | |||||
165,809 | GTY TECHNOLOGY HOLDINGS, INC.(b) | 1,270,326 | 1,110,920 | |||||
20,135 | HARMONIC, INC.(b) | 114,723 | 236,788 | |||||
46,824 | I3 VERTICALS, INC., CLASS A(b) | 1,098,519 | 1,067,119 | |||||
3,000 | ICHOR HOLDINGS LTD.(b) | 114,740 | 138,090 | |||||
15,282 | IMPINJ, INC.(b) | 862,682 | 1,355,513 | |||||
95,924 | INTELLICHECK, INC.(b) | 849,003 | 443,169 | |||||
48,195 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,277,707 | 1,285,361 | |||||
117,832 | KALEYRA, INC.(b)(c)(d) | 1,290,434 | 1,183,033 | |||||
11,434 | KNOWLES CORP.(b) | 197,221 | 266,984 | |||||
2,600 | LIVEPERSON, INC.(b) | 93,384 | 92,872 | |||||
90,371 | LUNA INNOVATIONS, INC.(b) | 850,107 | 762,731 | |||||
2,220 | MAXLINEAR, INC.(b) | 56,270 | 167,366 | |||||
12,435 | MGI DIGITAL GRAPHIC TECHNOLOGY(b)(c) | 580,278 | 520,987 | |||||
72 | MICROSTRATEGY, INC., CLASS A(b) | 27,976 | 39,203 | |||||
16,319 | MIX TELEMATICS LTD. ADR(c)(f) | 200,397 | 205,783 | |||||
10,610 | MKS INSTRUMENTS, INC. | 1,366,114 | 1,847,944 | |||||
30,336 | NAPCO SECURITY TECHNOLOGIES, INC.(b) | 1,304,757 | 1,516,193 | |||||
5,400 | NETGEAR, INC.(b) | 155,822 | 157,734 | |||||
5,926 | NOVA LTD.(b)(c) | 617,454 | 868,159 | |||||
16,573 | ONTO INNOVATION, INC.(b) | 589,183 | 1,677,685 | |||||
2,718 | OSI SYSTEMS, INC.(b) | 196,905 | 253,318 | |||||
214,973 | PARK CITY GROUP, INC.(b) | 1,185,108 | 1,251,143 |
See accompanying notes to financial statements. | 72 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,100 | PC CONNECTION, INC. | $ 47,310 | 47,443 | |||||
1,969 | PERFICIENT, INC.(b) | 152,739 | 254,572 | |||||
187,090 | PIVOTREE, INC.(b)(c)(d) | 582,370 | 650,774 | |||||
2,300 | PLANTRONICS, INC.(b) | 68,717 | 67,482 | |||||
30,388 | PLEXUS CORP.(b) | 2,224,733 | 2,913,905 | |||||
3,242 | POWER INTEGRATIONS, INC. | 205,924 | 301,149 | |||||
2,189 | PROGRESS SOFTWARE CORP. | 87,023 | 105,663 | |||||
63,116 | RADWARE LTD.(b)(c) | 2,129,717 | 2,628,150 | |||||
873 | RAMBUS, INC.(b) | 12,795 | 25,657 | |||||
639 | ROGERS CORP.(b) | 120,708 | 174,447 | |||||
58,242 | SAILPOINT TECHNOLOGIES HOLDINGS, INC.(b) | 2,208,378 | 2,815,418 | |||||
3,448 | SANMINA CORP.(b) | 124,765 | 142,954 | |||||
67,923 | SCANSOURCE, INC.(b) | 2,571,753 | 2,382,739 | |||||
10,348 | SHOTSPOTTER, INC.(b) | 373,994 | 305,473 | |||||
18,568 | SILICON MOTION TECHNOLOGY CORP. ADR(c)(f) | 1,294,943 | 1,764,517 | |||||
4,101 | SITIME CORP.(b) | 888,762 | 1,199,707 | |||||
2,583 | SPS COMMERCE, INC.(b) | 211,089 | 367,690 | |||||
58,096 | SUPER MICRO COMPUTER, INC.(b) | 1,500,024 | 2,553,319 | |||||
50,989 | TRANSACT TECHNOLOGIES, INC.(b) | 736,291 | 555,780 | |||||
5,905 | TTM TECHNOLOGIES, INC.(b) | 68,078 | 87,985 | |||||
11,990 | TUCOWS, INC., CLASS A(b)(c)(d) | 934,541 | 1,005,002 | |||||
3,745 | ULTRA CLEAN HOLDINGS, INC.(b) | 148,144 | 214,813 | |||||
6,836 | UNISYS CORP.(b) | 70,493 | 140,617 | |||||
6,574 | UPLAND SOFTWARE, INC.(b) | 170,604 | 117,938 | |||||
53,821 | VEECO INSTRUMENTS, INC.(b) | 1,190,591 | 1,532,284 | |||||
50,997 | VIA OPTRONICS A.G.(b)(c)(f) | 356,034 | 374,828 | |||||
12,726 | VIAVI SOLUTIONS, INC.(b) | 193,859 | 224,232 | |||||
14,514 | VONAGE HOLDINGS CORP.(b) | 175,819 | 301,746 | |||||
30,154 | WIX.COM LTD.(b)(c) | 6,670,096 | 4,758,000 | |||||
5,100 | XPERI HOLDING CORP. | 57,871 | 96,441 | |||||
72,292,123 | 82,677,726 | 15.48% | ||||||
Materials: | ||||||||
2,335 | ADVANSIX, INC. | 68,546 | 110,329 | |||||
16,922 | ALLEGHENY TECHNOLOGIES, INC.(b) | 252,902 | 269,568 | |||||
2,843 | ARCONIC CORP.(b) | 60,985 | 93,847 | |||||
2,941 | BALCHEM CORP. | 374,706 | 495,853 | |||||
5,200 | CARPENTER TECHNOLOGY CORP. | 150,935 | 151,788 | |||||
2,543 | CENTURY ALUMINUM CO.(b) | 18,338 | 42,112 | |||||
9,560 | GLATFELTER CORP. | 132,699 | 164,432 | |||||
30,763 | H.B. FULLER CO. | 1,647,975 | 2,491,803 | |||||
1,166 | HAWKINS, INC. | 25,673 | 45,999 | |||||
3,232 | INNOSPEC, INC. | 280,480 | 291,979 | |||||
5,190 | KOPPERS HOLDINGS, INC.(b) | 145,859 | 162,447 | |||||
14,859 | LIVENT CORP.(b) | 282,355 | 362,262 | |||||
36,536 | NEO PERFORMANCE MATERIALS, INC.(c) | 498,872 | 585,754 | |||||
2,700 | O-I GLASS, INC.(b) | 31,474 | 32,481 | |||||
66,943 | OLIN CORP. | 1,101,953 | 3,850,561 | |||||
400 | OLYMPIC STEEL, INC. | 9,280 | 9,400 | |||||
149,039 | ORION ENGINEERED CARBONS S.A.(b)(c) | 2,025,655 | 2,736,356 | |||||
922 | QUAKER CHEMICAL CORP. | 181,683 | 212,779 | |||||
15,350 | RELIANCE STEEL & ALUMINUM CO. | 1,432,641 | 2,490,077 | |||||
78,262 | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | 2,964,146 | 2,340,034 | |||||
7,489 | SMITH-MIDLAND CORP.(b) | 171,312 | 351,983 | |||||
1,154 | STEPAN CO. | 110,503 | 143,431 | |||||
100 | SYLVAMO CORP.(b) | 2,879 | 2,789 | |||||
1,184,000 | TALON METALS CORP.(b)(c) | 564,683 | 570,963 | |||||
72,352 | TRIMAS CORP. | 1,934,694 | 2,677,024 | |||||
1,300 | TRINSEO PLC | 68,417 | 68,198 | |||||
2,731 | WARRIOR MET COAL, INC. | 40,792 | 70,214 | |||||
14,580,437 | 20,824,463 | 3.90% | ||||||
Real Estate: | ||||||||
5,605 | ACADIA REALTY TRUST | 71,378 | 122,357 | |||||
10,722 | ALEXANDER & BALDWIN, INC. | 206,296 | 269,015 | |||||
3,000 | AMERICAN ASSETS TRUST, INC. | 105,458 | 112,590 | |||||
9,103 | BRANDYWINE REALTY TRUST | 92,099 | 122,162 | |||||
4,446 | CARETRUST REIT, INC. | 77,239 | 101,502 | |||||
182,750 | DIAMONDROCK HOSPITALITY CO.(b) | 1,295,005 | 1,756,227 |
See accompanying notes to financial statements. | 73 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
3,141 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | $ 63,363 | 90,555 | |||||
3,731 | FOUR CORNERS PROPERTY TRUST, INC. | 104,085 | 109,729 | |||||
5,000 | GEO GROUP (THE), INC. | 38,530 | 38,750 | |||||
13,018 | INDEPENDENCE REALTY TRUST, INC. | 240,380 | 336,255 | |||||
3,481 | INDUSTRIAL LOGISTICS PROPERTIES TRUST | 71,070 | 87,199 | |||||
2,020 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 374,959 | 531,078 | |||||
4,950 | ISTAR, INC. | 91,226 | 127,858 | |||||
6,457 | LTC PROPERTIES, INC. | 218,084 | 220,442 | |||||
27,709 | LXP INDUSTRIAL TRUST | 340,146 | 432,815 | |||||
891 | MARCUS & MILLICHAP, INC.(b) | 25,083 | 45,851 | |||||
7,500 | OFFICE PROPERTIES INCOME TRUST | 194,068 | 186,300 | |||||
200 | ORION OFFICE REIT, INC.(b) | 3,750 | 3,734 | |||||
580 | RE/MAX HOLDINGS, INC., CLASS A | 17,502 | 17,684 | |||||
4,260 | REALOGY HOLDINGS CORP.(b) | 31,719 | 71,611 | |||||
6,031 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 65,628 | 118,208 | |||||
12,207 | RPT REALTY | 144,799 | 163,330 | |||||
690 | SAUL CENTERS, INC. | 20,011 | 36,584 | |||||
600 | SERVICE PROPERTIES TRUST | 5,334 | 5,274 | |||||
7,941 | SITE CENTERS CORP. | 59,761 | 125,706 | |||||
500 | TANGER FACTORY OUTLET CENTERS, INC. | 9,760 | 9,640 | |||||
25,793 | UNITI GROUP, INC. | 262,817 | 361,360 | |||||
2,800 | UNIVERSAL HEALTH REALTY INCOME TRUST | 167,339 | 166,516 | |||||
12,657 | VERIS RESIDENTIAL, INC.(b) | 195,205 | 232,636 | |||||
7,244 | WASHINGTON REAL ESTATE INVESTMENT TRUST | 157,298 | 187,257 | |||||
10,693 | WHITESTONE REIT | 88,026 | 108,320 | |||||
4,837,418 | 6,298,545 | 1.18% | ||||||
Utilities: | ||||||||
2,370 | AMERICAN STATES WATER CO. | 184,750 | 245,153 | |||||
687 | AVISTA CORP. | 29,108 | 29,190 | |||||
4,547 | CALIFORNIA WATER SERVICE GROUP | 243,090 | 326,747 | |||||
744 | CHESAPEAKE UTILITIES CORP. | 66,090 | 108,483 | |||||
1,069 | NORTHWEST NATURAL HOLDING CO. | 49,002 | 52,146 | |||||
13,998 | SOUTH JERSEY INDUSTRIES, INC. | 313,908 | 365,628 | |||||
300 | UNITIL CORP. | 13,329 | 13,797 | |||||
899,277 | 1,141,144 | 0.21% | ||||||
Sub-total Common Stocks: | 457,787,332 | 518,626,604 | 97.11% | |||||
Rights: | ||||||||
Communication Services: | ||||||||
55,700 | MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)(g) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Warrants: | ||||||||
Health Care: | ||||||||
19,977 | NANOVIBRONIX, INC.(b)(g) | 200 | - | |||||
200 | - | 0.00% | ||||||
Industrials: | ||||||||
25,323 | ADS-TEC ENERGY PLC(b) | 28,696 | 30,134 | |||||
28,696 | 30,134 | 0.00% | ||||||
Sub-total Warrants: | 28,896 | 30,134 | 0.00% | |||||
Short-Term Investments: | ||||||||
2,907,145 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(h) | 2,907,145 | 2,907,145 | |||||
16,636,090 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(i) | 16,636,090 | 16,636,090 | |||||
Sub-total Short-Term Investments: | 19,543,235 | 19,543,235 | 3.66% | |||||
Grand total | $ 477,359,463 | 538,199,973 | 100.77% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Non-income producing assets. |
See accompanying notes to financial statements. | 74 | (Continued) |
(c) | Foreign security values are stated in U.S. dollars. As of December 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 12.21% of net assets. |
(d) | Security is either wholly or partially on loan. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of this security is determined by valuations supplied by a pricing service or broker, or, if not available, in accordance with procedures established by the Board of Trustees. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.59% of net assets as of December 31, 2021. |
(g) | Security has been deemed worthless and is a Level 3 investment. |
(h) | Investment relates to cash collateral received from portfolio securities loaned. |
(i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,222,989 with net purchases of $413,101 during the year ended December 31, 2021. |
See accompanying notes to financial statements. | 75 | (Continued) |
See accompanying notes to financial statements. | 76 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
160,624 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 1,564,828 | 2,409,360 | |||||||||
44,180 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 598,353 | 689,650 | |||||||||
114,491 | BLACKROCK MUNIHOLDINGS FUND INC | 1,771,610 | 1,918,869 | |||||||||
97,827 | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | 1,105,342 | 1,453,709 | |||||||||
46,838 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 651,076 | 742,851 | |||||||||
83,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,060,121 | 1,177,358 | |||||||||
157,958 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 2,064,776 | 2,423,076 | |||||||||
51,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 729,423 | 865,458 | |||||||||
101,396 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,299,428 | 1,470,242 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,755,755 | |||||||||
12,559 | BLACKROCK MUNIYIELD QUALITY FUND INC | 173,142 | 202,702 | |||||||||
52,628 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 382,238 | 439,444 | |||||||||
183,432 | DWS MUNICIPAL INCOME TRUST | 2,072,953 | 2,168,166 | |||||||||
176,750 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,960,269 | 2,152,815 | |||||||||
149,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,835,905 | 2,063,283 | |||||||||
101,614 | INVESCO MUNICIPAL TRUST | 1,265,029 | 1,364,676 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,279 | 769,565 | |||||||||
178,132 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,176,122 | 2,420,814 | |||||||||
60,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 770,286 | 840,617 | |||||||||
86,437 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,315,777 | 1,472,887 | |||||||||
83,434 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1,215,972 | 1,495,972 | |||||||||
345,957 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 4,713,175 | 5,396,929 | |||||||||
71,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,115,111 | 1,107,329 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 1,255,563 | |||||||||
320,957 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 4,690,416 | 5,170,617 | |||||||||
Sub-total Closed-End Funds: | 38,040,797 | 43,227,707 | 5.90% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
500,000 | MOBILE CNTY AL LTD OBLG | 11/1/2045 | 4.00 | 500,000 | 541,154 | |||||||
1,000,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 1,000,000 | 1,004,632 | |||||||
1,500,000 | 1,545,786 | 0.21% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(b) | 12/1/2010 | 5.40 | 350,000 | 14,437 | |||||||
350,000 | 14,437 | 0.00% | ||||||||||
Arizona | ||||||||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | 7/1/2030 | 6.75 | 1,238,773 | 1,446,798 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | 7/1/2050 | 7.75 | 1,237,655 | 1,509,230 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | 7/1/2051 | 6.00 | 400,000 | 442,238 | |||||||
700,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2036 | 5.00 | 720,612 | 750,958 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 555,855 | 535,079 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | 7/1/2052 | 6.00 | 910,334 | 1,031,369 | |||||||
500,000 | NAVAJO NATION AZ(c) | 12/1/2030 | 5.50 | 516,491 | 556,922 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(c) | 7/1/2036 | 5.13 | 987,355 | 1,114,473 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(c) | 9/1/2045 | 5.00 | 1,040,598 | 1,123,078 | |||||||
2,500,000 | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | 6/1/2034 | 5.25 | 2,502,532 | 2,548,854 | |||||||
600,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | 12/1/2026 | 5.25 | 600,000 | 641,769 | |||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 8,131 | 10,146 | |||||||
1,370,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | 6/15/2035 | 5.38 | 1,427,844 | 1,505,485 | |||||||
750,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | 6/15/2037 | 4.75 | 737,895 | 764,929 | |||||||
690,000 | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | 5/1/2025 | 9.75 | 690,000 | 699,111 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(c) | 10/1/2024 | 4.70 | 499,347 | 500,335 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(c) | 10/1/2037 | 6.00 | 502,130 | 552,702 | |||||||
14,575,552 | 15,733,476 | 2.15% |
See accompanying notes to financial statements. | 77 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Arkansas | ||||||||||||
1,000,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | $ 1,000,000 | 1,003,172 | |||||||
525,000 | SHERIDAN AR SCH DIST #37 | 2/1/2047 | 4.00 | 525,302 | 526,506 | |||||||
1,000,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 974,172 | 1,039,431 | |||||||
2,499,474 | 2,569,109 | 0.35% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | 8/1/2039 | 0.00 | 1,991,259 | 2,773,581 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,006,014 | 1,079,220 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | 8/1/2046 | 0.00 | 721,510 | 1,348,903 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | 5/15/2029 | 3.13 | 650,000 | 658,409 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | 11/15/2051 | 5.00 | 526,056 | 572,546 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | 11/15/2056 | 5.00 | 522,830 | 571,036 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,488,994 | 1,852,747 | |||||||
750,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | 10/1/2042 | 6.00 | 758,715 | 781,952 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 996,930 | 1,382,463 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,433 | 1,238,667 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,103,282 | 1,468,541 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,242 | 753,568 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(d) | 8/1/2035 | 0.00 | 961,533 | 1,449,714 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,774 | 1,626,218 | |||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(d) | 8/1/2034 | 0.00 | 1,440,848 | 1,879,015 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(d) | 8/1/2037 | 0.00 | 3,404,108 | 3,916,878 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 998,348 | 1,356,147 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,005,810 | 1,218,095 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,978 | 861,064 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,999,668 | 2,906,770 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,572 | 1,249,436 | |||||||
750,000 | REEF-SUNSET CA UNIF SCH DIST | 8/1/2038 | 4.85 | 749,724 | 861,800 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,006,029 | 1,102,056 | |||||||
1,500,000 | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | 10/1/2030 | 5.00 | 1,552,059 | 1,658,315 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | 6/1/2039 | 0.68 | 350,000 | 345,561 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 501,359 | |||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST | 8/1/2039 | 5.35 | 1,494,919 | 1,542,413 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,011,969 | 1,066,369 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 504,621 | |||||||
2,110,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 2,108,690 | 2,548,832 | |||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,485,482 | 1,578,587 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | 8/1/2041 | 0.00 | 764,459 | 1,129,973 | |||||||
35,740,235 | 43,784,856 | 5.98% | ||||||||||
Colorado | ||||||||||||
500,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 531,997 | 532,527 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,015,531 | 1,088,621 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,366 | 693,107 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 877,643 | 868,350 | |||||||
500,000 | CLEAR CREEK TRANSIT MET DIST #2 CO | 12/1/2050 | 5.00 | 520,897 | 542,863 |
See accompanying notes to financial statements. | 78 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
650,000 | COLORADO EDUCTNL & CULTURAL AUTH REVENUE | 10/1/2061 | 4.00 | $ 676,507 | 682,632 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,500 | 1,003,779 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 5/15/2030 | 3.50 | 600,000 | 602,048 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2048 | 5.00 | 1,301,433 | 1,452,719 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2050 | 4.00 | 1,049,231 | 1,138,952 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 5/15/2058 | 5.00 | 1,018,673 | 1,040,913 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 990,474 | 1,063,239 | |||||||
1,000,000 | COLORADO ST HSG & FIN AUTH | 10/1/2041 | 2.40 | 1,006,247 | 1,003,399 | |||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | 778,431 | 809,619 | |||||||
750,000 | CRYSTAL CO CROSSING MET DIST | 12/1/2040 | 5.25 | 750,000 | 809,964 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,500,626 | |||||||
1,000,000 | DIATC MET DIST CO(c) | 12/1/2049 | 5.00 | 1,051,124 | 1,072,785 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,002,088 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 1,100,676 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 516,049 | 540,010 | |||||||
500,000 | HUNTERS OVERLOOK METRO DIST #5 CO | 12/1/2049 | 5.00 | 523,136 | 541,498 | |||||||
500,000 | JOHNSTOWN VLG MET DIST #2 CO | 12/1/2050 | 5.00 | 503,503 | 540,630 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 620,771 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 442,549 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(d) | 12/1/2051 | 0.00 | 1,613,270 | 1,686,723 | |||||||
500,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2051 | 5.00 | 527,973 | 539,175 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,630 | 1,021,496 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 786,863 | 802,559 | |||||||
583,045 | MOUNT CARBON CO MET DIST REVENUE (Step to 0.00% on 6/1/2033)(d) | 6/1/2043 | 7.00 | 583,045 | 583,147 | |||||||
200,000 | MOUNT CARBON CO MET DIST REVENUE(b) | 6/1/2043 | 8.00 | - | 44,000 | |||||||
650,000 | PEAK MET DIST #1 CO(c) | 12/1/2051 | 5.00 | 675,912 | 707,204 | |||||||
650,000 | PRONGHORN VLY MET DIST CO | 12/1/2051 | 4.00 | 650,000 | 661,572 | |||||||
550,000 | RAINDANCE MET DIST #2 CO | 12/1/2039 | 5.00 | 592,400 | 593,213 | |||||||
1,400,000 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,347,129 | 1,389,208 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 535,278 | 534,185 | |||||||
500,000 | ST VRAIN LAKES MET DIST #2 | 12/1/2037 | 5.00 | 500,000 | 525,951 | |||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2049 | 5.00 | 1,047,654 | 1,083,670 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,045,296 | 1,072,518 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,845 | 1,115,495 | |||||||
750,000 | TRANSPORT MET DIST #3 CO | 12/1/2051 | 5.00 | 754,464 | 828,516 | |||||||
1,000,000 | TREE FARM MET DIST CO(c) | 12/1/2041 | 4.50 | 1,000,000 | 1,013,253 | |||||||
670,000 | VAUXMONT MET DIST CO | 12/15/2050 | 3.25 | 670,000 | 723,451 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 998,608 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,070,702 | 1,133,051 | |||||||
36,423,343 | 37,751,360 | 5.15% | ||||||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(c) | 1/1/2027 | 3.25 | 500,000 | 507,589 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(c) | 1/1/2055 | 5.00 | 513,059 | 550,820 | |||||||
180,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 180,000 | 181,207 | |||||||
500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 500,000 | 516,851 |
See accompanying notes to financial statements. | 79 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Connecticut (Cont'd): | ||||||||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | $ 2,037,205 | 2,054,934 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 592,401 | 128,350 | |||||||
650,000 | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE(c) | 4/1/2051 | 4.00 | 661,428 | 680,468 | |||||||
4,984,093 | 4,620,219 | 0.63% | ||||||||||
District of Columbia | ||||||||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 501,359 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,002,733 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,001,705 | |||||||
665,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 625,137 | 703,278 | |||||||
1,250,000 | DIST OF COLUMBIA REVENUE | 7/1/2042 | 5.00 | 1,099,667 | 1,336,241 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 3,495,016 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 1,119,615 | |||||||
8,724,804 | 9,159,947 | 1.25% | ||||||||||
Florida | ||||||||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | 1,036,327 | 1,075,577 | |||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(c) | 5/1/2052 | 4.00 | 580,229 | 580,667 | |||||||
390,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 390,000 | 416,791 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 989,319 | 1,085,754 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 565,207 | |||||||
180,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 180,000 | 201,989 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,437,719 | |||||||
1,025,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | 7/1/2051 | 4.00 | 1,104,197 | 1,109,118 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 517,894 | 538,864 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | 6/1/2056 | 5.00 | 1,529,238 | 1,563,058 | |||||||
945,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | 7/1/2056 | 4.00 | 1,010,401 | 1,014,469 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b) | 4/1/2035 | 7.00 | 750,000 | 412,500 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 12/1/2035 | 6.75 | 1,745,953 | 560,000 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 7/1/2037 | 6.75 | 750,000 | 228,750 | |||||||
500,000 | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(c) | 12/1/2043 | 5.25 | 512,192 | 575,431 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(c) | 5/1/2032 | 5.00 | 713,281 | 792,452 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 518,129 | 523,376 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2026 | 7.25 | 750,000 | 510,000 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2044 | 8.13 | 1,913,765 | 1,190,000 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,005,217 | 1,070,687 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,023,490 | 1,041,877 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(c) | 5/1/2052 | 4.00 | 842,116 | 844,606 | |||||||
530,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 530,000 | 552,692 | |||||||
615,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 615,000 | 655,742 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(c) | 1/1/2049 | 7.38 | 1,293,011 | 1,473,575 |
See accompanying notes to financial statements. | 80 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(c) | 6/1/2040 | 5.00 | $ 946,208 | 1,022,021 | |||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(c) | 6/1/2027 | 2.38 | 500,000 | 501,409 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(c) | 6/1/2050 | 5.25 | 2,036,979 | 2,327,909 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | 6/1/2051 | 5.00 | 1,492,905 | 1,535,509 | |||||||
380,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 380,000 | 391,136 | |||||||
205,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 205,000 | 207,760 | |||||||
1,055,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 1,055,000 | 1,115,663 | |||||||
705,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 705,000 | 724,307 | |||||||
2,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,500,000 | 2,489,505 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 1,077,979 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,019 | 718,849 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,822 | 698,366 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 812,399 | |||||||
1,500,000 | HILLSBOROUGH CNTY FL UTILITY REFUNDING REVENUE | 8/1/2051 | 2.50 | 1,496,250 | 1,502,592 | |||||||
1,000,000 | HOLLYWOOD BEACH FL CMNTY DEV DIST REVENUE | 10/1/2045 | 4.00 | 1,096,201 | 1,149,041 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,361 | 803,201 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 596,040 | 609,141 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,648 | 511,059 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | 383,721 | 394,426 | |||||||
235,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 234,780 | 244,795 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 733,080 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,146,668 | |||||||
1,200,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,200,000 | 1,308,961 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | 5/1/2037 | 5.00 | 745,227 | 832,639 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,069 | 834,292 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 782,770 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,153,752 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | 5/1/2040 | 3.63 | 575,757 | 607,384 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | 5/1/2040 | 3.75 | 1,000,000 | 1,054,858 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 666,886 | |||||||
375,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 369,764 | 410,282 | |||||||
1,440,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 1,435,778 | 1,521,125 | |||||||
1,445,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,527,423 | 1,532,735 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,298,920 | |||||||
265,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 265,000 | 274,221 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 505,285 | 534,435 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 742,840 | 778,600 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,413 | 405,019 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 518,540 | 527,057 |
See accompanying notes to financial statements. | 81 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | $ 519,198 | 556,014 | |||||||
245,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 245,000 | 268,192 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(b) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
1,120,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 1,120,000 | 1,166,285 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 556,914 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,403,760 | 1,504,981 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 507,275 | 569,969 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,020,120 | 1,099,061 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 767,748 | 851,704 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,046,843 | 1,087,672 | |||||||
55,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 55,000 | 55,277 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2034 | 7.25 | 500,000 | 523,936 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,270,352 | 1,350,230 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,028,270 | 1,042,051 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2049 | 7.50 | 1,012,020 | 1,048,890 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,868,451 | 3,166,737 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2055 | 5.00 | 512,249 | 540,930 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 734,460 | 734,439 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,311 | 529,258 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,521 | 525,650 | |||||||
1,000,000 | PINELLAS CNTY FL HSG FIN AUTH SF HSG REVENUE | 3/1/2052 | 3.00 | 1,085,661 | 1,077,072 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 544,776 | 579,732 | |||||||
700,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 694,165 | 767,686 | |||||||
560,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 558,240 | 574,730 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 2,002,110 | 2,134,509 | |||||||
880,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2031 | 3.88 | 880,000 | 896,194 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 720,027 | 743,067 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,392 | 1,081,578 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,196,511 | 2,418,358 | |||||||
830,000 | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(c) | 6/15/2051 | 4.00 | 921,341 | 919,434 | |||||||
150,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 147,436 | 164,424 | |||||||
600,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 632,646 | 633,449 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(b) | 11/1/2010 | 5.50 | 142,538 | 85,523 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 552,549 | |||||||
50,000 | TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(d) | 5/1/2040 | 0.00 | 53,549 | 49,956 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | 5/1/2040 | 0.00 | 93,986 | 91,047 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,426,617 | 1,641,789 | |||||||
310,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | 185,991 | 185,525 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,061,552 | 1,054,114 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 785,502 |
See accompanying notes to financial statements. | 82 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | $ 389,130 | 405,899 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,787 | 577,445 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,650,696 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 786,921 | 789,970 | |||||||
4,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 5.35 | 4,000 | 4,004 | |||||||
75,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 6.60 | 74,450 | 75,326 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 651,869 | 709,494 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,588 | 1,043,005 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,705 | 794,905 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(b) | 5/1/2013 | 5.25 | 351,276 | 147,392 | |||||||
93,169,201 | 95,074,217 | 12.98% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 504,457 | 532,194 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH(c) | 12/1/2039 | 5.00 | 1,412,624 | 1,475,359 | |||||||
2,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 2,500,000 | 2,540,830 | |||||||
1,175,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 4.00 | 1,175,000 | 1,177,021 | |||||||
515,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 515,000 | 539,643 | |||||||
1,365,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 1,365,000 | 1,416,947 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 1,000,964 | 1,015,227 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,937,827 | 1,978,685 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 932,541 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,853,820 | |||||||
13,055,872 | 13,462,267 | 1.84% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 130,188 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 572,010 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 752,987 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,028,934 | 1,003,883 | |||||||
1,000,000 | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(c) | 9/1/2051 | 3.75 | 1,000,000 | 1,004,740 | |||||||
3,473,299 | 3,463,808 | 0.47% | ||||||||||
Illinois | ||||||||||||
1,195,000 | BELLWOOD IL | 12/1/2027 | 5.88 | 1,189,404 | 1,256,504 | |||||||
1,495,000 | BOLINGBROOK IL SPL SVC AREA SPL TAX | 3/1/2030 | 4.00 | 1,533,541 | 1,705,336 | |||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(c) | 9/1/2035 | 6.00 | 1,257,453 | 1,363,095 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,017,439 | 1,119,076 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,034,403 | 1,115,499 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,379 | 1,046,709 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,042,890 | 1,082,718 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 769,103 | 864,529 | |||||||
637,000 | CORTLAND IL SPL TAX REVENUE(b) | 3/1/2017 | 5.50 | 633,881 | 12,740 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 505,092 | 545,877 | |||||||
830,000 | EVANSTON ILL EDL FAC REVENUE(c) | 4/1/2041 | 4.38 | 828,369 | 841,013 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2030 | 4.00 | 1,494,820 | 1,707,882 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 536,095 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,104,150 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 677,597 | 718,091 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,957 | 563,042 |
See accompanying notes to financial statements. | 83 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Illinois (Cont'd): | ||||||||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | $ 761,152 | 840,312 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 507,889 | 530,135 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,412,056 | 1,521,553 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,555,569 | 1,633,897 | |||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2044 | 3.15 | 1,000,000 | 1,062,559 | |||||||
2,500,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2061 | 3.00 | 2,500,000 | 2,549,039 | |||||||
340,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2041 | 3.88 | 340,000 | 349,054 | |||||||
1,500,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 10/1/2042 | 2.38 | 1,500,000 | 1,503,047 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,056,358 | 1,209,122 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,539,492 | 1,634,159 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 512,475 | 578,408 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(c) | 1/1/2041 | 4.82 | 1,000,000 | 1,004,231 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,008,283 | 1,098,993 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,092,456 | 1,148,844 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(b) | 12/30/2025 | 5.75 | 1,000,000 | 350,000 | |||||||
500,000 | MET PIER & EXPOSITION AUTH IL REVENUE | 6/15/2057 | 5.00 | 515,031 | 581,913 | |||||||
500,000 | RICHTON PARK IL PUBLIC LIBRARY DIST | 12/15/2032 | 4.50 | 509,364 | 518,254 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 752,008 | |||||||
350,000 | S WSTRN IL DEV AUTH(b) | 10/1/2022 | 7.00 | 350,000 | 203,000 | |||||||
180,000 | UPPER IL RIVER VLY DEV AUTH(c) | 12/1/2022 | 4.00 | 179,679 | 182,618 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(c) | 12/1/2037 | 5.25 | 766,360 | 808,052 | |||||||
465,000 | UPPER IL RIVER VLY DEV AUTH(c) | 1/1/2045 | 5.00 | 489,320 | 491,452 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2031 | 0.00 | 383,395 | 425,459 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2033 | 0.00 | 335,172 | 372,985 | |||||||
36,048,169 | 36,931,450 | 5.04% | ||||||||||
Indiana | ||||||||||||
1,000,000 | EAST CHICAGO IN SAN DIST REVENUE | 7/15/2035 | 4.00 | 993,270 | 1,062,050 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 989,766 | 1,109,901 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 3/1/2041 | 5.00 | 1,001,608 | 1,007,630 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,731,514 | 1,736,155 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 512,197 | 551,435 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 6.00 | 988,472 | 1,104,596 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,022,794 | 1,150,238 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,542,993 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 624,281 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,747 | 641,407 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,002,970 | 1,058,483 | |||||||
10,956,338 | 11,589,169 | 1.58% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,587,940 | 1,689,752 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,112,298 | 1,078,538 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 517,069 | 561,931 | |||||||
3,217,307 | 3,330,221 | 0.45% | ||||||||||
Kansas | ||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,023,240 | 1,154,531 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 929,828 | 950,303 | |||||||
1,953,068 | 2,104,834 | 0.29% | ||||||||||
Kentucky | ||||||||||||
310,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 307,350 | 313,970 | |||||||
307,350 | 313,970 | 0.04% | ||||||||||
Louisiana | ||||||||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(c) | 6/1/2031 | 4.00 | 607,720 | 607,927 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(c) | 6/1/2051 | 5.00 | 1,065,974 | 1,061,611 |
See accompanying notes to financial statements. | 84 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana (Cont'd): | ||||||||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | $ 1,004,039 | 1,069,030 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 1,266,199 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 674,708 | 688,613 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,008,525 | 1,104,410 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(c) | 11/1/2037 | 5.65 | 700,000 | 833,666 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(c) | 7/1/2039 | 5.00 | 1,054,923 | 1,061,521 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | 11/1/2039 | 5.50 | 600,000 | 684,512 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | 11/1/2044 | 4.00 | 900,000 | 972,763 | |||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | 11/1/2044 | 4.40 | 750,000 | 824,544 | |||||||
1,250,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | 11/1/2046 | 4.00 | 1,250,000 | 1,360,408 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 519,806 | 567,960 | |||||||
370,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 0.81 | 370,000 | 368,830 | |||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 754,936 | 806,422 | |||||||
12,510,631 | 13,278,416 | 1.81% | ||||||||||
Maine | ||||||||||||
925,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 925,000 | 959,200 | |||||||
925,000 | 959,200 | 0.13% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 501,250 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | 1,000,000 | 1,006,153 | |||||||
1,250,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2056 | 2.95 | 1,250,000 | 1,268,717 | |||||||
1,250,000 | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE | 7/1/2048 | 4.00 | 1,222,775 | 1,437,734 | |||||||
2,500,000 | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REVENUE | 1/1/2051 | 2.85 | 2,500,000 | 2,528,379 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 504,025 | |||||||
555,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 555,000 | 562,640 | |||||||
7,527,775 | 7,808,898 | 1.07% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 3,984,207 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(c) | 10/1/2047 | 5.00 | 738,092 | 755,647 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,514,379 | 1,717,200 | |||||||
725,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 731,535 | 756,937 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 999,486 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,446,136 | 1,569,545 |
See accompanying notes to financial statements. | 85 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Massachusetts (Cont'd): | ||||||||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | $ 1,709,787 | 1,713,812 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 276,624 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 282,022 | |||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,042,107 | |||||||
2,545,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,545,000 | 2,568,589 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2046 | 2.80 | 2,000,000 | 2,053,573 | |||||||
500,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2063 | 2.80 | 500,000 | 506,009 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 501,480 | |||||||
18,219,929 | 18,727,238 | 2.56% | ||||||||||
Michigan | ||||||||||||
95,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 92,383 | 95,199 | |||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 528,953 | 564,380 | |||||||
775,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 769,073 | 770,382 | |||||||
650,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 653,359 | 660,166 | |||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 746,310 | 809,115 | |||||||
500,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2042 | 5.00 | 508,308 | 518,739 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2035 | 4.10 | 1,850,000 | 1,970,338 | |||||||
600,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2042 | 3.75 | 600,000 | 647,856 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2043 | 4.00 | 1,650,000 | 1,809,055 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,057,571 | 1,059,068 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,319,192 | 2,400,335 | |||||||
1,750,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2056 | 2.70 | 1,750,000 | 1,765,003 | |||||||
300,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2036 | 3.70 | 300,000 | 306,670 | |||||||
305,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2049 | 4.00 | 305,847 | 322,925 | |||||||
905,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 905,000 | 943,416 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,876,457 | 5,136,510 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 6,378,008 | |||||||
375,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 375,000 | 375,833 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 764,856 | 824,927 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 835,371 | 831,773 | |||||||
27,387,680 | 28,189,698 | 3.85% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,080 | 734,554 | |||||||
1,000,000 | APPLE VY MN SENIOR HSG REVENUE | 9/1/2058 | 5.00 | 980,000 | 1,042,302 | |||||||
5,000,000 | MINNESOTA ST HSG FIN AGY(h) | 1/1/2041 | 0.10 | 5,000,000 | 5,000,000 | |||||||
2,210,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 2,098,182 | 2,258,755 | |||||||
9,008,262 | 9,035,611 | 1.23% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(c) | 11/1/2036 | 3.63 | 500,000 | 496,861 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(c) | 11/1/2039 | 4.55 | 1,000,000 | 1,117,879 | |||||||
1,500,000 | 1,614,740 | 0.22% | ||||||||||
Missouri | ||||||||||||
480,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 475,343 | 483,760 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 398,563 | 15,292 |
See accompanying notes to financial statements. | 86 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Missouri (Cont'd): | ||||||||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | $ 900,789 | 679,750 | |||||||
1,000,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2037 | 5.25 | 1,013,956 | 1,118,032 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 911,273 | 1,105,169 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,067,259 | 2,233,260 | |||||||
605,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 605,000 | 651,360 | |||||||
380,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 380,000 | 403,934 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 752,179 | 764,921 | |||||||
7,504,362 | 7,455,478 | 1.02% | ||||||||||
Montana | ||||||||||||
720,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 720,000 | 725,865 | |||||||
380,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 380,000 | 396,316 | |||||||
600,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 600,000 | 644,626 | |||||||
620,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 620,000 | 674,265 | |||||||
295,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 295,463 | 304,339 | |||||||
2,615,463 | 2,745,411 | 0.38% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(b) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 168,895 | |||||||
325,000 | 175,535 | 0.02% | ||||||||||
Nevada | ||||||||||||
560,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2039 | 3.85 | 560,000 | 568,879 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 1,258,864 | |||||||
455,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 455,000 | 467,308 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 1,487,000 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(c) | 12/1/2037 | 5.00 | 505,765 | 574,130 | |||||||
4,250,765 | 4,356,181 | 0.60% | ||||||||||
New Hampshire | ||||||||||||
1,350,000 | NATIONAL FIN AUTH NH SENIOR LIVING REVENUE | 1/1/2041 | 4.00 | 1,462,759 | 1,471,291 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2051 | 2.60 | 1,000,000 | 1,004,350 | |||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,619,639 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2061 | 2.85 | 1,000,000 | 1,011,471 | |||||||
4,962,759 | 5,106,751 | 0.70% | ||||||||||
New Jersey | ||||||||||||
750,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2037 | 5.00 | 773,047 | 916,261 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 528,419 | 595,146 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 785,756 | 857,006 | |||||||
2,500,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,493,384 | 2,652,016 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,498 | 1,051,356 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 1,026,696 | |||||||
2,935,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,935,000 | 3,157,360 | |||||||
1,250,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,250,000 | 1,224,720 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,913 | 946,938 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 12/15/2039 | 4.00 | 523,949 | 576,891 |
See accompanying notes to financial statements. | 87 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Jersey (Cont'd): | ||||||||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | $ 505,176 | 570,639 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 703,781 | 815,176 | |||||||
13,363,923 | 14,390,205 | 1.96% | ||||||||||
New Mexico | ||||||||||||
470,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 3.90 | 470,000 | 471,194 | |||||||
595,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 4.13 | 595,000 | 596,722 | |||||||
1,250,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,250,000 | 1,311,393 | |||||||
640,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 640,000 | 665,913 | |||||||
585,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 585,000 | 630,433 | |||||||
765,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 766,188 | 829,246 | |||||||
875,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 875,000 | 922,693 | |||||||
780,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 780,000 | 827,885 | |||||||
1,530,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,570,380 | 1,592,873 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 1,000,000 | 1,002,337 | |||||||
2,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 2,000,000 | 2,021,710 | |||||||
10,531,568 | 10,872,399 | 1.48% | ||||||||||
New York | ||||||||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 751,528 | 798,581 | |||||||
500,000 | MET TRANSPRTN AUTH NY REVENUE | 11/15/2027 | 5.00 | 519,016 | 519,450 | |||||||
705,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 638,551 | 773,193 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2037 | 3.80 | 1,000,000 | 1,005,490 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2039 | 4.30 | 1,000,000 | 1,033,703 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 601,109 | 647,403 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 3,111,855 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 1,054,376 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 1,087,319 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2055 | 3.00 | 1,000,000 | 1,030,276 | |||||||
2,500,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,500,000 | 2,477,552 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 2,017,990 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,042,978 | 2,129,680 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2041 | 4.10 | 1,000,000 | 1,081,110 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 1,075,608 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 1,087,311 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 2,031,784 | |||||||
5,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2056 | 2.75 | 5,000,000 | 5,014,898 | |||||||
1,250,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2056 | 2.88 | 1,250,000 | 1,260,234 | |||||||
600,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2056 | 2.95 | 600,000 | 609,828 | |||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,564,448 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 521,679 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 4,024,938 | |||||||
1,250,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 1,250,000 | 1,257,900 | |||||||
905,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 905,000 | 945,813 | |||||||
210,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2042 | 3.75 | 210,000 | 210,793 | |||||||
1,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 995,109 | 991,049 | |||||||
1,215,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,215,000 | 1,278,027 | |||||||
1,945,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,945,000 | 1,991,494 |
See accompanying notes to financial statements. | 88 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
1,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | $ 1,500,000 | 1,485,788 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,404 | 1,459,606 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | 7/1/2029 | 3.60 | 650,000 | 655,914 | |||||||
550,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | 1/1/2034 | 5.00 | 554,958 | 569,542 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(c) | 7/1/2046 | 5.00 | 682,795 | 698,180 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(c) | 12/1/2041 | 4.13 | 494,282 | 507,194 | |||||||
46,389,480 | 48,010,006 | 6.55% | ||||||||||
North Carolina | ||||||||||||
1,750,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,750,000 | 1,755,458 | |||||||
340,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 336,606 | 345,246 | |||||||
730,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 736,591 | 773,848 | |||||||
695,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 695,000 | 737,667 | |||||||
2,000,000 | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE | 7/1/2044 | 2.40 | 2,000,000 | 1,989,506 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,068,425 | 1,154,966 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,604 | 664,372 | |||||||
7,183,226 | 7,421,063 | 1.01% | ||||||||||
North Dakota | ||||||||||||
1,040,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 1,040,000 | 1,083,890 | |||||||
1,500,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.35 | 1,500,000 | 1,494,684 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 1,000,000 | 1,015,958 | |||||||
3,540,000 | 3,594,532 | 0.49% | ||||||||||
Ohio | ||||||||||||
750,000 | BUTLER CNTY OH PORT AUTH PUBLIC INFRASTRUCTURE REVENUE | 12/1/2041 | 5.00 | 750,000 | 751,910 | |||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(c) | 12/1/2055 | 4.00 | 508,699 | 525,599 | |||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(c) | 12/1/2055 | 4.50 | 500,000 | 531,424 | |||||||
965,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 985,713 | 1,001,562 | |||||||
1,500,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,583,239 | 1,680,914 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,043,175 | 2,230,701 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(f) | 12/1/2037 | 6.50 | 750,000 | 262,500 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,536,698 | 1,643,637 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,034,989 | 2,085,181 | |||||||
590,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 534,745 | 617,424 | |||||||
645,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 645,000 | 678,391 | |||||||
775,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 775,000 | 799,396 | |||||||
630,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2049 | 3.35 | 630,000 | 666,790 | |||||||
3,980,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 4,009,348 | 3,922,394 | |||||||
2,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 2,000,000 | 2,034,062 | |||||||
1,000,000 | REVERE OH LOCAL SCH DIST | 12/1/2043 | 4.00 | 1,010,305 | 1,011,845 |
See accompanying notes to financial statements. | 89 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Ohio (Cont'd): | ||||||||||||
650,000 | TOLEDO-LUCAS CNTY OH PORT AUTH PARKING SYS REVENUE | 1/1/2046 | 4.00 | $ 705,886 | 721,162 | |||||||
21,002,797 | 21,164,892 | 2.89% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,192,624 | 2,331,722 | |||||||
2,192,624 | 2,331,722 | 0.32% | ||||||||||
Oregon | ||||||||||||
1,000,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2047 | 5.00 | 970,850 | 1,092,941 | |||||||
500,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2055 | 5.38 | 501,844 | 550,367 | |||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,010,819 | 1,054,972 | |||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | 504,445 | 514,205 | |||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | 2,000,000 | 2,069,827 | |||||||
600,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 600,000 | 606,671 | |||||||
910,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 910,000 | 959,307 | |||||||
2,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2024 | 4.00 | 2,000,000 | 2,000,000 | |||||||
1,240,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2035 | 5.13 | 1,252,986 | 1,286,674 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,099 | 1,037,989 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 740,344 | 749,942 | |||||||
11,456,387 | 11,922,895 | 1.63% | ||||||||||
Pennsylvania | ||||||||||||
375,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 0.84 | 375,000 | 368,899 | |||||||
650,000 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REVENUE | 6/1/2039 | 4.00 | 647,155 | 742,314 | |||||||
200,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(c) | 10/15/2022 | 4.00 | 199,918 | 203,658 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 518,558 | 587,431 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,260,736 | 1,462,139 | |||||||
965,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 966,804 | 972,755 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,706,295 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,033,497 | 1,160,789 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 0.79 | 500,000 | 461,699 | |||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,685,000 | 1,738,797 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,040,312 | 1,033,405 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 1,055,776 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,996,021 | |||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2037 | 4.60 | 1,496,580 | 1,724,950 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2042 | 3.00 | 1,046,691 | 1,062,807 | |||||||
200,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 200,000 | 209,529 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 740,782 | 837,638 | |||||||
16,411,033 | 17,324,902 | 2.37% |
See accompanying notes to financial statements. | 90 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Puerto Rico | ||||||||||||
1,500,000 | PUERTO RICO CMWLTH | 7/1/2035 | 5.00 | $ 1,500,000 | 1,510,602 | |||||||
1,500,000 | 1,510,602 | 0.21% | ||||||||||
Rhode Island | ||||||||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | 750,000 | 761,115 | |||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | 4/1/2045 | 2.80 | 1,021,005 | 1,013,032 | |||||||
1,205,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 1,194,196 | 1,255,429 | |||||||
2,965,201 | 3,029,576 | 0.41% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,478 | 725,943 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(c) | 7/1/2025 | 8.75 | 750,000 | 775,158 | |||||||
60,000 | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | 10/1/2029 | 5.10 | 59,620 | 60,008 | |||||||
1,215,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,215,000 | 1,274,591 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 687,782 | 718,895 | |||||||
1,250,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE | 12/1/2044 | 4.00 | 1,293,331 | 1,447,779 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(c) | 6/1/2031 | 6.00 | 1,000,000 | 1,027,984 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,021,631 | 1,104,311 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,421,469 | 1,544,280 | |||||||
8,096,311 | 8,678,949 | 1.19% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(f) | 6/1/2027 | 6.50 | 1,000,000 | 270,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(c) | 6/1/2036 | 5.13 | 600,000 | 683,944 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,338 | 1,458,282 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2019 | 5.35 | 134,966 | 375 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(b) | 1/1/2029 | 5.55 | 556,863 | 1,562 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2029 | 6.00 | - | 1 | |||||||
505,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2031 | 3.60 | 506,277 | 514,447 | |||||||
650,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 650,000 | 691,332 | |||||||
630,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 630,000 | 677,038 | |||||||
1,545,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 1,553,733 | 1,611,543 | |||||||
1,500,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 1,500,000 | 1,498,920 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.55 | 1,000,000 | 1,008,114 | |||||||
765,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 765,000 | 797,219 | |||||||
1,405,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,405,000 | 1,503,780 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | 2,000,000 | 2,001,596 | |||||||
330,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 330,000 | 340,288 | |||||||
13,974,177 | 13,058,441 | 1.78% | ||||||||||
Texas | ||||||||||||
1,900,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,835,233 | 1,814,856 | |||||||
650,000 | ARLINGTON TX SPL TAX REVENUE | 2/15/2041 | 5.00 | 678,568 | 716,804 | |||||||
775,000 | BEXAR CNTY TX HSG FIN CORP(i) | 2/1/2035 | 3.75 | 775,000 | 791,588 | |||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,013,024 | 2,059,484 |
See accompanying notes to financial statements. | 91 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | $ 1,003,621 | 968,883 | |||||||
1,000,000 | CENTRL TX REGL MOBILITY AUTH REVENUE | 1/1/2045 | 4.00 | 1,087,423 | 1,138,116 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 642,296 | 696,195 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,002,763 | 1,084,765 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,367,291 | 1,371,123 | |||||||
1,000,000 | EAST DOWNTOWN TX REDEV AUTH | 9/1/2040 | 3.00 | 1,048,802 | 1,060,583 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 419,643 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,177 | 689,035 | |||||||
1,500,000 | EL PASO CNTY TX HOSP DIST | 8/15/2043 | 5.00 | 1,547,153 | 1,601,487 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,019,815 | 1,108,991 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(d) | 10/1/2035 | 0.00 | 1,362,259 | 1,756,967 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,149,887 | 2,126,570 | |||||||
800,000 | HALE CENTER TX EDU FACS CORP REVENUE | 3/1/2035 | 5.00 | 802,134 | 801,942 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,008,316 | 1,092,547 | |||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,504,820 | 1,551,508 | |||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 747,145 | 763,672 | |||||||
1,000,000 | MEADOWHILL TX REGL MUNI UTILITY DIST | 10/1/2034 | 4.00 | 1,019,278 | 1,024,184 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP | 2/15/2025 | 5.38 | 273,000 | 191,100 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,754 | 1,170,908 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,005,095 | 1,092,205 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 756,576 | 787,682 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 507,086 | 544,139 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,124,351 | 1,122,525 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,143,956 | 1,144,721 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/15/2061 | 2.00 | 1,000,000 | 673,629 | |||||||
670,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(c) | 8/15/2049 | 5.00 | 686,519 | 709,665 | |||||||
650,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX LEASE REVENUE | 6/1/2032 | 4.00 | 659,036 | 658,909 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(c) | 12/1/2025 | 10.00 | 1,000,000 | 1,105,731 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 634,657 | 607,995 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,118,193 | 1,198,077 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,863 | 892,342 | |||||||
550,000 | SAN ANTONIO TX EDU FACS CORP REVENUE | 10/1/2041 | 5.00 | 581,260 | 597,683 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,018,017 | 1,049,605 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,017,879 | 1,064,312 | |||||||
220,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2024 | 5.63 | 220,000 | 220,424 | |||||||
485,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 494,677 | 501,713 |
See accompanying notes to financial statements. | 92 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
2,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | $ 2,037,370 | 2,152,388 | |||||||
845,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 856,884 | 907,205 | |||||||
1,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2051 | 2.35 | 1,503,340 | 1,456,277 | |||||||
500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 504,787 | 506,549 | |||||||
1,000,000 | TEXAS ST MUNI PWR AGY REVENUE | 9/1/2046 | 3.00 | 1,035,683 | 1,052,052 | |||||||
44,648,988 | 46,046,779 | 6.29% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(c) | 3/1/2051 | 4.00 | 1,010,116 | 1,021,182 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,803 | 856,661 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,033,667 | 1,961,299 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(c) | 2/1/2041 | 4.13 | 500,000 | 519,106 | |||||||
500,000 | ROAM PUBLIC INFRASTRUCTURE DIST #1(c) | 3/1/2051 | 4.25 | 500,000 | 501,204 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(c) | 12/15/2031 | 3.50 | 896,246 | 896,243 | |||||||
50,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 50,000 | 50,110 | |||||||
1,500,000 | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | 2/1/2039 | 5.00 | 1,603,878 | 1,759,227 | |||||||
7,469,710 | 7,565,032 | 1.03% | ||||||||||
Vermont | ||||||||||||
1,000,000 | VERMONT ST ECON DEV AUTH MTGE REVENUE | 5/1/2045 | 4.00 | 1,070,886 | 1,074,044 | |||||||
45,000 | VERMONT ST HSG FIN AGY | 5/1/2032 | 4.88 | 44,852 | 46,313 | |||||||
1,000,000 | VERMONT ST HSG FIN AGY MULTI FAMILY | 8/15/2041 | 2.50 | 1,000,000 | 1,004,325 | |||||||
660,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 654,399 | 674,964 | |||||||
2,770,137 | 2,799,646 | 0.38% | ||||||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,420 | |||||||
650,000 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 6/1/2047 | 4.00 | 696,573 | 700,482 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(g) | 9/1/2041 | 0.00 | 169,602 | 28,401 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE | 9/1/2041 | 5.63 | 373,459 | 166,378 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,025,236 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 994,410 | |||||||
3,739,634 | 3,416,327 | 0.47% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(c) | 1/1/2038 | 5.25 | 687,340 | 826,844 | |||||||
400,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 400,000 | 404,752 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,469,470 | 1,608,706 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,036,047 | 1,052,845 | |||||||
1,300,000 | KING CNTY WA HSG AUTH | 12/1/2041 | 2.25 | 1,249,249 | 1,263,926 | |||||||
1,000,000 | KING CNTY WA HSG AUTH WORKFORCE HSG PRESERVATION POOLED REVENUE | 10/1/2041 | 2.38 | 989,854 | 991,939 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,034,436 | 1,082,159 | |||||||
1,000,000 | SEATTLE WA HSG AUTH | 6/1/2052 | 3.00 | 1,022,413 | 1,027,011 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 485,869 | 495,650 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 773,703 | 841,492 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 506,912 | 552,859 | |||||||
1,000,000 | VANCOUVER WA HSG AUTH | 8/1/2034 | 3.75 | 985,186 | 1,091,996 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,124 | 1,595,343 |
See accompanying notes to financial statements. | 93 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Washington (Cont'd): | ||||||||||||
1,500,000 | VANCOUVER WA HSG AUTH | 12/1/2051 | 3.30 | $ 1,500,000 | 1,597,865 | |||||||
430,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 7/1/2025 | 6.00 | 431,330 | 476,072 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 1/1/2031 | 5.00 | 1,001,064 | 1,102,142 | |||||||
750,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 7/1/2031 | 5.00 | 781,071 | 803,250 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 1/1/2035 | 5.75 | 675,000 | 724,331 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 7/1/2036 | 5.00 | 622,466 | 652,969 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 1/1/2038 | 5.00 | 531,241 | 570,878 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | 1/1/2044 | 5.00 | 1,072,755 | 1,121,904 | |||||||
18,751,530 | 19,884,933 | 2.72% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2032 | 3.75 | 1,500,000 | 1,576,989 | |||||||
2,000,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 2,000,000 | 2,016,561 | |||||||
3,500,000 | 3,593,550 | 0.49% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2046 | 0.00 | 1,572 | 557 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2047 | 0.00 | 1,681 | 592 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2048 | 0.00 | 1,601 | 570 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2049 | 0.00 | 1,542 | 553 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2050 | 0.00 | 1,475 | 522 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2051 | 0.00 | 1,558 | 555 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f)(j) | 7/1/2051 | 3.75 | 443,916 | 291,361 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2052 | 0.00 | 1,543 | 544 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2053 | 0.00 | 1,482 | 526 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2054 | 0.00 | 1,430 | 507 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2055 | 0.00 | 1,374 | 488 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2056 | 0.00 | 1,320 | 473 | |||||||
100,837 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f) | 7/1/2056 | 5.50 | 100,665 | 75,870 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2057 | 0.00 | 2,081 | 462 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2058 | 0.00 | 1,233 | 445 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2059 | 0.00 | 1,194 | 432 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2060 | 0.00 | 1,157 | 415 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2061 | 0.00 | 1,114 | 397 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2062 | 0.00 | 1,080 | 383 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2063 | 0.00 | 1,040 | 370 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2064 | 0.00 | 1,009 | 360 |
See accompanying notes to financial statements. | 94 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2065 | 0.00 | $ 981 | 345 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2066 | 0.00 | 954 | 327 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | 1/1/2067 | 0.00 | 11,352 | 3,930 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(c) | 6/15/2049 | 5.00 | 525,144 | 569,111 | |||||||
500,000 | PUBLIC FIN AUTH WI HLTHCARE FACS REVENUE | 7/1/2046 | 4.00 | 545,327 | 578,851 | |||||||
305,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 305,903 | 325,887 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE | 6/1/2028 | 3.00 | 1,250,000 | 1,264,553 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(c) | 11/1/2028 | 6.25 | 1,250,000 | 1,272,366 | |||||||
600,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2032 | 5.50 | 600,000 | 606,474 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(c) | 1/1/2033 | 6.13 | 990,074 | 825,907 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(f) | 12/1/2048 | 5.50 | 13,694 | 6,847 | |||||||
1,500,000 | PUBLIC FIN AUTH WI REVENUE(c) | 11/15/2053 | 4.75 | 1,548,831 | 1,588,110 | |||||||
695,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(c) | 11/15/2024 | 5.00 | 694,068 | 731,828 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 532,137 | 533,433 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 728,808 | 767,605 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2040 | 5.00 | 506,991 | 539,188 | |||||||
1,840,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2043 | 5.00 | 1,864,291 | 1,979,460 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,418,423 | 1,509,726 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 672,540 | 723,293 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,473,205 | 1,552,736 | |||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2051 | 4.00 | 1,028,614 | 1,043,464 | |||||||
500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2035 | 3.88 | 500,000 | 531,435 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2040 | 4.00 | 1,000,000 | 1,062,783 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2042 | 3.90 | 1,002,975 | 1,080,780 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2051 | 2.85 | 1,000,000 | 1,003,280 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 5/1/2055 | 4.15 | 1,500,000 | 1,623,902 | |||||||
2,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2056 | 2.70 | 2,500,000 | 2,520,520 | |||||||
24,035,379 | 24,622,523 | 3.36% | ||||||||||
Wyoming | ||||||||||||
1,615,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,615,000 | 1,630,834 | |||||||
1,615,000 | 1,630,834 | 0.22% | ||||||||||
Sub-total Municipal Bonds: | 628,852,836 | 653,772,091 | 89.25% | |||||||||
Short-Term Investments: | ||||||||||||
28,762,724 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(k) | 28,762,724 | 28,762,724 | |||||||||
Sub-total Short-Term Investments: | 28,762,724 | 28,762,724 | 3.93% | |||||||||
Grand total | $ 695,656,357 | 725,762,522 | 99.08% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(d) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(e) | Variable rate security. Rate as of December 31, 2021 is disclosed. |
See accompanying notes to financial statements. | 95 | (Continued) |
(f) | Restricted security that has been deemed illiquid. At December 31, 2021, the value of these restricted illiquid securities amounted to $3,409,081 or 0.47% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | AQUISITION DATE | ACQUISITION COST |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/35 | 12/2/15-1/21/16 | $1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/37 | 6/28/17 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/26 | 12/16/13 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/15/44 | 6/27/17-4/12/18 | 1,961,290 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/27 | 5/24/17 | 1,000,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/37 | 10/27/17 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 5.50%, 1/1/46 - 1/1/67 | 3/26/18-8/26/20 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 5.50%, 12/1/48 | 3/26/19 | 13,694 |
(g) | Zero coupon bond. |
(h) | Rate is determined by a remarketing agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount. |
(i) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
(j) | These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. |
(k) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $14,385,751 with net purchases of $14,376,973 during the year ended December 31, 2021. |
Geographical Diversification | Percent | |
Florida | 13.93% | |
Illinois | 9.62 | |
New York | 7.03 | |
Texas | 6.75 | |
California | 6.41 | |
Colorado | 5.53 | |
Michigan | 4.13 | |
Wisconsin | 3.61 | |
Ohio | 3.10 | |
Washington | 2.91 | |
Other | 36.98 | |
100.00% |
See accompanying notes to financial statements. | 96 | (Continued) |
Type | Number of Contracts | Notional Amount (000s) | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) (000s) | |||||
10-Year U.S. Treasury Note | 319 | $(41,620) | Short | 3/22 | $(485) | |||||
U.S. Treasury Long Bond | 99 | (15,883) | Short | 3/22 | (223) | |||||
2-Year U.S. Treasury Note | 348 | (75,924) | Short | 4/22 | 33 | |||||
5-Year U.S. Treasury Note | 282 | (34,115) | Short | 4/22 | (166) | |||||
$(841) |
See accompanying notes to financial statements. | 97 | (Continued) |
See accompanying notes to financial statements. | 98 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD. | $ 331,893 | 802,831 | |||||
68,309 | AGL ENERGY LTD. | 300,168 | 305,147 | |||||
102,780 | ALLIANCE AVIATION SERVICES LTD.(b) | 167,434 | 306,588 | |||||
89,441 | APA GROUP | 554,557 | 654,632 | |||||
8,662 | ARISTOCRAT LEISURE LTD. | 215,198 | 274,580 | |||||
3,594 | ASX LTD. | 116,818 | 242,916 | |||||
11,589 | ATLASSIAN CORP. PLC, CLASS A(b) | 4,386,341 | 4,418,770 | |||||
20,807 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 209,151 | 416,450 | |||||
195,700 | AVENTUS GROUP | 351,688 | 512,574 | |||||
250,708 | BEACH ENERGY LTD. | 466,720 | 229,827 | |||||
179,910 | BGP HOLDINGS PLC(b)(c) | - | - | |||||
34,185 | BHP GROUP LTD.(d) | 843,438 | 1,032,159 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 571,738 | |||||
28,885 | BRAMBLES LTD. | 150,170 | 223,392 | |||||
49,542 | CEDAR WOODS PROPERTIES LTD. | 234,956 | 195,720 | |||||
2,087 | COCHLEAR LTD. | 206,534 | 328,156 | |||||
27,284 | COLES GROUP LTD. | 255,514 | 356,118 | |||||
16,774 | COMMONWEALTH BANK OF AUSTRALIA | 631,635 | 1,232,596 | |||||
11,525 | COMPUTERSHARE LTD. | 147,680 | 167,700 | |||||
23,449 | CROWN RESORTS LTD.(b) | 150,432 | 204,041 | |||||
41,289 | CSL LTD. | 2,745,761 | 8,733,175 | |||||
14,184 | DEXUS | 62,970 | 114,754 | |||||
21,495 | ENDEAVOUR GROUP LTD. | 106,011 | 105,405 | |||||
29,035 | EVOLUTION MINING LTD. | 81,521 | 85,765 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,358,211 | |||||
23,925 | GOODMAN GROUP | 106,665 | 461,276 | |||||
35,107 | GPT GROUP (THE) | 96,585 | 138,438 | |||||
3,131 | IDP EDUCATION LTD. | 78,571 | 78,931 | |||||
193,100 | INGHAMS GROUP LTD. | 550,899 | 491,715 | |||||
26,295 | INSURANCE AUSTRALIA GROUP LTD. | 61,991 | 81,498 | |||||
11,146 | LENDLEASE CORP. LTD. | 75,225 | 86,688 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 1,168,462 | |||||
55,174 | MEDIBANK PVT LTD. | 132,315 | 134,475 | |||||
25,670 | MINERAL RESOURCES LTD. | 246,214 | 1,045,868 | |||||
573,700 | MOUNT GIBSON IRON LTD. | 260,031 | 177,393 | |||||
65,974 | NATIONAL AUSTRALIA BANK LTD. | 978,710 | 1,384,302 | |||||
16,117 | NEWCREST MINING LTD. | 209,242 | 287,051 | |||||
21,876 | NORTHERN STAR RESOURCES LTD. | 139,109 | 149,768 | |||||
8,784 | ORICA LTD. | 76,517 | 87,490 | |||||
38,563 | ORIGIN ENERGY LTD. | 127,461 | 147,016 | |||||
128,100 | PACT GROUP HOLDINGS LTD. | 339,625 | 235,794 | |||||
137,598 | PEXA GROUP LTD.(b)(d) | 1,790,772 | 1,992,178 | |||||
256,036 | QANTAS AIRWAYS LTD.(b) | 746,678 | 933,258 | |||||
41,996 | QBE INSURANCE GROUP LTD. | 361,235 | 346,790 | |||||
3,308 | RAMSAY HEALTH CARE LTD. | 85,585 | 172,082 | |||||
657 | REA GROUP LTD. | 75,184 | 80,132 | |||||
4,544 | REECE LTD. | 77,109 | 89,361 | |||||
169,500 | REGIS RESOURCES LTD. | 501,445 | 240,473 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,323,485 | |||||
270,900 | RURAL FUNDS GROUP | 404,461 | 624,786 | |||||
166,442 | SANTOS LTD. | 487,262 | 764,109 | |||||
186,510 | SCENTRE GROUP | 296,462 | 428,797 | |||||
22,739 | SEEK LTD. | 233,310 | 542,304 | |||||
102,600 | SMARTGROUP CORP. LTD. | 452,529 | 578,511 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 1,350,920 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 168,802 | |||||
33,184 | STOCKLAND | 95,300 | 102,366 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 687,148 | |||||
26,236 | SYDNEY AIRPORT(b) | 157,503 | 165,684 | |||||
30,856 | TABCORP HOLDINGS LTD. | 79,836 | 112,695 | |||||
35,589 | TELSTRA CORP. LTD. | 100,418 | 108,232 | |||||
60,497 | TPG TELECOM LTD. | 232,968 | 259,246 | |||||
61,518 | TRANSURBAN GROUP | 537,076 | 618,548 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 110,436 | |||||
19,261 | WESFARMERS LTD. | 785,725 | 830,991 | |||||
38,203 | WESTPAC BANKING CORP. | 452,674 | 593,415 |
See accompanying notes to financial statements. | 99 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Australia (Cont'd): | ||||||||
3,652 | WISETECH GLOBAL LTD. | $ 92,660 | 155,648 | |||||
4,945 | WOODSIDE PETROLEUM LTD. | 77,259 | 78,898 | |||||
25,545 | WOOLWORTHS GROUP LTD. | 826,476 | 706,426 | |||||
27,479,626 | 43,195,131 | 3.96% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(b)(e) | 600,064 | 968,795 | |||||
1,821 | ERSTE GROUP BANK A.G. | 28,050 | 85,727 | |||||
93 | IMMOFINANZ A.G.(b) | - | 2,387 | |||||
2,586 | OMV A.G. | 142,269 | 147,061 | |||||
32,264 | RAIFFEISEN BANK INTERNATIONAL A.G. | 563,262 | 950,639 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 13,060 | |||||
57,900 | TELEKOM AUSTRIA A.G.(b) | 422,512 | 502,304 | |||||
631 | UBM DEVELOPMENT A.G. | 28,973 | 31,106 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 617,830 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 865,249 | |||||
2,948,053 | 4,184,158 | 0.38% | ||||||
Belgium: | ||||||||
7,478 | AGEAS S.A./N.V. | 117,910 | 387,799 | |||||
28,756 | ANHEUSER-BUSCH INBEV S.A./N.V. | 1,351,426 | 1,740,717 | |||||
19,000 | BPOST S.A.(b) | 195,697 | 165,914 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 426,188 | |||||
623 | ELIA GROUP S.A./N.V. | 70,644 | 82,064 | |||||
1,542 | ETABLISSEMENTS FRANZ COLRUYT N.V. | 74,632 | 65,412 | |||||
53,170 | GROUPE BRUXELLES LAMBERT S.A. | 4,818,348 | 5,942,022 | |||||
5,546 | KBC GROUP N.V. | 200,944 | 476,464 | |||||
21,394 | ONTEX GROUP N.V.(b) | 501,600 | 170,256 | |||||
14,669 | TELENET GROUP HOLDING N.V. | 602,718 | 535,423 | |||||
14,300 | TESSENDERLO GROUP S.A.(b) | 622,327 | 542,956 | |||||
2,441 | UCB S.A. | 170,278 | 278,881 | |||||
1,520 | UMICORE S.A. | 45,482 | 61,866 | |||||
9,153,207 | 10,875,962 | 1.00% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(b) | 274,164 | 263,558 | |||||
205,172 | CI&T, INC., CLASS A(b) | 2,977,769 | 2,439,495 | |||||
670,446 | EMPREENDIMENTOS PAGUE MENOS S/A(b) | 1,067,378 | 1,125,435 | |||||
393,900 | GRUPO SBF S.A.(b) | 1,991,433 | 1,591,865 | |||||
2,788,300 | MAGAZINE LUIZA S.A.(b) | 3,080,913 | 3,614,278 | |||||
292,780 | TELEFONICA BRASIL S.A. ADR(d)(f) | 3,543,112 | 2,532,547 | |||||
106,600 | VIBRA ENERGIA S.A. | 500,792 | 409,558 | |||||
13,435,561 | 11,976,736 | 1.10% | ||||||
Canada: | ||||||||
4,822 | AGNICO EAGLE MINES LTD. | 199,594 | 256,129 | |||||
4,547 | AIR CANADA(b) | 78,171 | 75,954 | |||||
12,139 | ALGONQUIN POWER & UTILITIES CORP. | 183,975 | 175,327 | |||||
207,500 | ALIMENTATION COUCHE-TARD, INC. | 6,231,269 | 8,694,020 | |||||
38,960 | ARTIS REAL ESTATE INVESTMENT TRUST | 349,138 | 367,748 | |||||
163,600 | B2GOLD CORP. | 818,860 | 644,079 | |||||
10,519 | BANK OF MONTREAL | 1,058,949 | 1,132,521 | |||||
18,568 | BANK OF NOVA SCOTIA (THE) | 1,109,901 | 1,314,490 | |||||
22,399 | BARRICK GOLD CORP. | 177,482 | 425,581 | |||||
13,792 | BCE, INC. | 704,130 | 717,539 | |||||
12,501 | BLACKBERRY LTD.(b) | 128,886 | 116,812 | |||||
27,148 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 174,133 | 1,639,196 | |||||
180 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A (TORONTO EXCHANGE) | 10,610 | 10,870 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 963,516 | |||||
83,023 | CAE, INC.(b) | 1,962,093 | 2,094,363 | |||||
1,750 | CAMECO CORP. | 35,170 | 38,168 | |||||
9,825 | CANADIAN IMPERIAL BANK OF COMMERCE | 430,649 | 1,145,202 | |||||
15,994 | CANADIAN NATIONAL RAILWAY CO. | 292,557 | 1,965,023 | |||||
84 | CANADIAN NATIONAL RAILWAY CO. (TORONTO EXCHANGE) | 10,301 | 10,318 | |||||
10,458 | CANADIAN NATURAL RESOURCES LTD. | 344,106 | 441,851 | |||||
116,492 | CANADIAN PACIFIC RAILWAY LTD. | 2,570,874 | 8,380,435 | |||||
5,809 | CANADIAN TIRE CORP. LTD., CLASS A | 625,049 | 833,223 |
See accompanying notes to financial statements. | 100 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
49,524 | CANOPY GROWTH CORP.(b)(d) | $ 648,496 | 432,227 | |||||
14,500 | CARGOJET, INC. | 1,441,786 | 1,909,376 | |||||
47,300 | CASCADES, INC. | 494,913 | 522,377 | |||||
1 | CENOVUS ENERGY, INC. | 7 | 12 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 347,622 | |||||
928 | CGI, INC.(b) | 8,375 | 82,128 | |||||
57,700 | CI FINANCIAL CORP. | 896,767 | 1,206,046 | |||||
52,600 | COMINAR REAL ESTATE INVESTMENT TRUST | 407,770 | 486,101 | |||||
395 | CONSTELLATION SOFTWARE, INC. | 393,628 | 732,868 | |||||
112,500 | CORUS ENTERTAINMENT, INC., CLASS B | 343,872 | 423,337 | |||||
29,500 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 1,263,087 | 2,439,851 | |||||
22,929 | DOCEBO, INC.(b) | 1,284,359 | 1,538,388 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 329,425 | |||||
25,600 | DOREL INDUSTRIES, INC., CLASS B(b) | 175,448 | 414,676 | |||||
7,455 | ECN CAPITAL CORP. | 17,223 | 31,471 | |||||
3,030 | EMERA, INC. | 140,733 | 151,434 | |||||
3,392 | EMPIRE CO. LTD., CLASS A | 104,466 | 103,346 | |||||
36,709 | ENBRIDGE, INC. | 1,392,673 | 1,433,884 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 760,357 | |||||
519 | FAIRFAX FINANCIAL HOLDINGS LTD. | 196,445 | 255,301 | |||||
4,042 | FIRST QUANTUM MINERALS LTD. | 77,355 | 96,724 | |||||
13,325 | FIRSTSERVICE CORP. | 1,346,223 | 2,618,756 | |||||
1,721 | FORTIS, INC. | 64,186 | 83,033 | |||||
794 | GEORGE WESTON LTD. | 63,112 | 92,057 | |||||
1,979 | GFL ENVIRONMENTAL, INC. | 75,251 | 74,830 | |||||
6,104 | GILDAN ACTIVEWEAR, INC. | 33,435 | 258,749 | |||||
2,516 | GREAT-WEST LIFECO, INC. | 76,522 | 75,503 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 1,115,783 | |||||
82,045 | IMPERIAL OIL LTD. | 1,573,370 | 2,958,926 | |||||
1,701 | INTACT FINANCIAL CORP. | 211,772 | 221,098 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(b) | 2,833 | 6,087 | |||||
21,600 | INTERTAPE POLYMER GROUP, INC. | 497,186 | 449,434 | |||||
32,480 | KINROSS GOLD CORP. | 61,298 | 188,709 | |||||
3,125 | KIRKLAND LAKE GOLD LTD. | 123,389 | 130,959 | |||||
3,403 | LOBLAW COS. LTD. | 155,368 | 278,815 | |||||
14,753 | LULULEMON ATHLETICA, INC.(b) | 2,673,652 | 5,775,062 | |||||
277 | MAGNA INTERNATIONAL, INC. | 9,643 | 22,420 | |||||
24,186 | MANULIFE FINANCIAL CORP. | 449,406 | 460,986 | |||||
7,874 | METRO, INC. | 287,459 | 419,050 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,473,570 | |||||
4,250 | NUTRIEN LTD. | 71,440 | 319,600 | |||||
888 | NUVEI CORP.(b)(e) | 73,926 | 57,564 | |||||
2,768 | PARKLAND CORP. | 77,280 | 76,085 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 465,615 | |||||
2,913 | POWER CORP. OF CANADA | 95,681 | 96,259 | |||||
3,496 | RESTAURANT BRANDS INTERNATIONAL, INC. | 209,995 | 211,979 | |||||
27,894 | RIOCAN REAL ESTATE INVESTMENT TRUST | 306,277 | 505,861 | |||||
2,680 | ROYAL BANK OF CANADA | 65,099 | 284,455 | |||||
2,268 | SHOPIFY, INC., CLASS A(b) | 1,565,725 | 3,122,774 | |||||
4,695 | SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b) | 796,479 | 6,466,846 | |||||
200 | SUN LIFE FINANCIAL, INC. | 2,787 | 11,138 | |||||
169,463 | SUNCOR ENERGY, INC. | 3,579,565 | 4,240,092 | |||||
24,355 | SUNCOR ENERGY, INC. (NEW YORK EXCHANGE) | 513,659 | 609,606 | |||||
3,874 | TC ENERGY CORP. | 114,260 | 180,171 | |||||
1,217 | TECK RESOURCES LTD., CLASS B | 4,184 | 35,074 | |||||
13,122 | TELUS CORP. | 150,732 | 309,028 | |||||
1,102 | TFI INTERNATIONAL, INC. | 121,812 | 123,594 | |||||
6,622 | TORONTO-DOMINION BANK (THE) | 104,884 | 507,775 | |||||
31,200 | TOURMALINE OIL CORP. | 584,707 | 1,007,319 | |||||
416 | TRISURA GROUP LTD.(b) | 490 | 15,684 | |||||
16,800 | WAJAX CORP. | 206,860 | 322,334 | |||||
1,844 | WEST FRASER TIMBER CO. LTD. | 128,613 | 175,923 | |||||
26,600 | WESTSHORE TERMINALS INVESTMENT CORP. | 397,133 | 563,984 | |||||
296 | WHEATON PRECIOUS METALS CORP. | 3,631 | 12,707 | |||||
2,517 | WSP GLOBAL, INC. | 284,375 | 365,387 |
See accompanying notes to financial statements. | 101 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
25,967 | YAMANA GOLD, INC. | $ 47,753 | 109,581 | |||||
47,136,070 | 82,039,578 | 7.52% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 203,010 | |||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 206,123 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 304,744 | |||||
1,199,876 | 713,877 | 0.07% | ||||||
China: | ||||||||
290,000 | AGILE GROUP HOLDINGS LTD. | 352,847 | 157,319 | |||||
62,579 | AIRTAC INTERNATIONAL GROUP | 1,346,042 | 2,307,102 | |||||
292,876 | ALIBABA GROUP HOLDING LTD.(b) | 6,435,969 | 4,465,884 | |||||
221,199 | ANGEL YEAST CO. LTD., CLASS A | 1,515,633 | 2,100,129 | |||||
405,000 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,164,383 | 2,023,039 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 186,170 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 182,560 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 681,260 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 928,661 | |||||
454,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 3,135,999 | 2,340,245 | |||||
350,000 | LI NING CO. LTD. | 4,494,260 | 3,831,011 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 440,523 | |||||
179,500 | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | 3,751,153 | 3,450,706 | |||||
113,600 | TRIP.COM GROUP LTD.(b) | 3,174,672 | 2,779,704 | |||||
319,318 | WUXI BIOLOGICS CAYMAN, INC.(b)(e) | 3,210,617 | 3,790,021 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,185 | 367,218 | |||||
31,702,087 | 30,031,552 | 2.75% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 516,542 | |||||
402,293 | 516,542 | 0.05% | ||||||
Denmark: | ||||||||
6,207 | ALK-ABELLO A/S(b) | 1,881,996 | 3,259,315 | |||||
5,639 | AMBU A/S, CLASS B | 146,734 | 149,348 | |||||
48 | AP MOLLER - MAERSK A/S, CLASS A | 45,328 | 160,048 | |||||
111 | AP MOLLER - MAERSK A/S, CLASS B | 176,267 | 398,489 | |||||
1,537 | CARLSBERG A/S, CLASS B | 70,497 | 265,773 | |||||
1,178 | CHR HANSEN HOLDING A/S | 71,480 | 92,948 | |||||
3,053 | COLOPLAST A/S, CLASS B | 282,757 | 537,963 | |||||
22,200 | D/S NORDEN A/S | 318,702 | 565,531 | |||||
16,105 | DANSKE BANK A/S | 219,857 | 278,482 | |||||
4,348 | DEMANT A/S(b) | 81,241 | 223,056 | |||||
34,414 | DSV A/S | 3,283,435 | 8,047,609 | |||||
804 | GENMAB A/S(b) | 100,710 | 323,714 | |||||
4,376 | GN STORE NORD A/S | 251,886 | 275,541 | |||||
6,944 | ISS A/S(b) | 96,080 | 132,883 | |||||
70,909 | NOVO NORDISK A/S, CLASS B | 5,546,239 | 7,978,830 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 202,312 | |||||
864 | ORSTED A/S(e) | 68,168 | 110,473 | |||||
2,600 | PANDORA A/S | 18,150 | 324,560 | |||||
8,700 | PER AARSLEFF HOLDING A/S | 387,339 | 406,894 | |||||
176 | ROCKWOOL INTERNATIONAL A/S, CLASS B | 76,521 | 77,060 | |||||
24,298 | ROYAL UNIBREW A/S | 1,959,047 | 2,742,246 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 523,342 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 182,600 | |||||
7,214 | TRYG A/S | 172,132 | 178,361 | |||||
16,810 | VESTAS WIND SYSTEMS A/S | 160,514 | 514,693 | |||||
15,756,229 | 27,952,071 | 2.56% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 220,610 | |||||
244,707 | 220,610 | 0.02% | ||||||
Finland: | ||||||||
40,000 | CITYCON OYJ | 360,857 | 318,780 | |||||
2,770 | ELISA OYJ | 86,574 | 170,675 | |||||
31,643 | HARVIA OYJ | 1,987,209 | 2,114,700 | |||||
27,200 | KEMIRA OYJ | 447,150 | 412,793 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 186,526 | |||||
14,202 | KONE OYJ, CLASS B | 716,359 | 1,019,292 |
See accompanying notes to financial statements. | 102 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Finland (Cont'd): | ||||||||
21,225 | NESTE OYJ | $ 67,704 | 1,047,780 | |||||
183,367 | NOKIA OYJ(b) | 880,809 | 1,163,647 | |||||
434,779 | NOKIA OYJ ADR(b)(f) | 1,820,558 | 2,704,325 | |||||
2,767 | NOKIAN RENKAAT OYJ | 44,372 | 104,903 | |||||
58,231 | NORDEA BANK ABP | 688,880 | 712,083 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 81,493 | |||||
12,411 | QT GROUP OYJ(b) | 865,350 | 1,887,758 | |||||
1,522 | SAMPO OYJ, CLASS A | 75,971 | 76,347 | |||||
18,590 | STORA ENSO OYJ (REGISTERED) | 105,291 | 341,598 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 454,616 | |||||
1,849 | VALMET OYJ | 14,444 | 79,404 | |||||
8,341,723 | 12,876,720 | 1.18% | ||||||
France: | ||||||||
623 | AEROPORTS DE PARIS(b) | 73,144 | 80,362 | |||||
3,997 | AIR LIQUIDE S.A. | 688,454 | 697,696 | |||||
11,117 | AIRBUS S.E.(b) | 377,031 | 1,422,107 | |||||
6,357 | ALSTOM S.A. | 233,091 | 225,953 | |||||
4,707 | ARKEMA S.A. | 419,345 | 663,702 | |||||
35,306 | AXA S.A. | 554,775 | 1,052,529 | |||||
18,023 | BNP PARIBAS S.A. | 1,177,568 | 1,246,951 | |||||
3,062 | CAPGEMINI S.E. | 111,713 | 751,252 | |||||
4,138 | CARREFOUR S.A. | 71,969 | 75,872 | |||||
19,252 | CIE DE SAINT-GOBAIN | 430,348 | 1,356,092 | |||||
3,235 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 167,080 | 530,911 | |||||
37,390 | COFACE S.A. | 449,179 | 533,383 | |||||
7,706 | COVIVIO | 482,654 | 633,431 | |||||
30,765 | CREDIT AGRICOLE S.A. | 278,668 | 439,576 | |||||
128,018 | DANONE S.A. | 8,218,013 | 7,956,410 | |||||
11,220 | DASSAULT SYSTEMES S.E. | 518,528 | 668,206 | |||||
1,736 | EDENRED | 25,484 | 80,184 | |||||
752 | EIFFAGE S.A. | 68,363 | 77,448 | |||||
9,250 | ELECTRICITE DE FRANCE S.A. | 135,443 | 108,787 | |||||
82,466 | ENGIE S.A. | 1,144,853 | 1,221,852 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 124,478 | |||||
5,258 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 966,434 | 1,120,862 | |||||
2,901 | EURAZEO S.E. | 76,265 | 253,654 | |||||
3,561 | EUROFINS SCIENTIFIC S.E. | 313,124 | 441,097 | |||||
986 | GECINA S.A. | 110,924 | 137,963 | |||||
9,197 | GETLINK S.E. | 70,409 | 152,455 | |||||
765 | HERMES INTERNATIONAL | 1,114,689 | 1,337,783 | |||||
3,399 | INFOTEL S.A. | 145,404 | 217,481 | |||||
6,762 | IPSEN S.A. | 538,954 | 619,732 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 399,642 | |||||
2,716 | KERING S.A. | 1,463,295 | 2,185,852 | |||||
4,545 | KLEPIERRE S.A.(b) | 71,744 | 107,888 | |||||
4,848 | LEGRAND S.A. | 109,851 | 567,951 | |||||
6,737 | L'OREAL S.A. | 874,269 | 3,198,038 | |||||
13,360 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 2,641,076 | 11,057,932 | |||||
14,296 | MERSEN S.A. | 465,081 | 600,584 | |||||
14,900 | NEXITY S.A. | 742,412 | 701,277 | |||||
10,677 | ORANGE S.A. | 120,089 | 114,422 | |||||
21,949 | PERNOD RICARD S.A. | 3,450,777 | 5,285,160 | |||||
1,168 | PUBLICIS GROUPE S.A. | 78,752 | 78,722 | |||||
23,074 | RENAULT S.A.(b) | 423,958 | 802,409 | |||||
11,900 | ROTHSCHILD & CO. | 528,677 | 546,668 | |||||
40,229 | SAFRAN S.A. | 4,554,708 | 4,930,905 | |||||
21,396 | SANOFI | 1,347,942 | 2,157,751 | |||||
630 | SARTORIUS STEDIM BIOTECH | 286,388 | 346,004 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 54,736 | |||||
8,998 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 561,880 | 1,766,719 | |||||
7,738 | SCOR S.E. | 227,469 | 241,739 | |||||
1,275 | SEB S.A. | 203,081 | 198,722 | |||||
7,067 | SES S.A. | 53,499 | 56,095 | |||||
15,656 | SOCIETE GENERALE S.A. | 245,695 | 538,385 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 202,985 | |||||
7,150 | SODEXO S.A.(b) | 647,363 | 627,290 |
See accompanying notes to financial statements. | 103 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
4,719 | SODEXO S.A.(b) | $ 415,153 | 414,011 | |||||
38,689 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,358,690 | 3,394,295 | |||||
10,066 | SOITEC(b) | 998,858 | 2,466,222 | |||||
801 | TELEPERFORMANCE | 315,346 | 357,480 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 514,551 | |||||
1,413 | THALES S.A. | 81,763 | 120,331 | |||||
35,783 | TOTALENERGIES S.E. | 1,476,282 | 1,818,179 | |||||
1,857 | UBISOFT ENTERTAINMENT S.A.(b) | 88,666 | 91,058 | |||||
2,499 | UNIBAIL-RODAMCO-WESTFIELD(b) | 178,200 | 175,316 | |||||
3,269 | VALEO | 58,895 | 98,924 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 496,342 | |||||
10,500 | VICAT S.A. | 406,419 | 430,353 | |||||
8,179 | VINCI S.A. | 345,228 | 865,159 | |||||
21,072 | VIVENDI S.E. | 383,221 | 285,247 | |||||
6,004 | WENDEL S.E. | 462,932 | 720,467 | |||||
6,295 | WORLDLINE S.A./FRANCE(b)(e) | 352,703 | 351,248 | |||||
48,118,109 | 73,595,268 | 6.75% | ||||||
Georgia: | ||||||||
21,875 | BANK OF GEORGIA GROUP PLC | 355,261 | 493,877 | |||||
355,261 | 493,877 | 0.04% | ||||||
Germany: | ||||||||
3,994 | ADIDAS A.G. | 192,837 | 1,151,343 | |||||
11,525 | ALLIANZ S.E. (REGISTERED) | 1,427,351 | 2,724,620 | |||||
38,556 | AROUNDTOWN S.A. | 192,935 | 233,527 | |||||
6,098 | AURUBIS A.G. | 286,000 | 611,363 | |||||
13,539 | BASF S.E. | 453,717 | 952,286 | |||||
9,247 | BAYER A.G. (REGISTERED) | 437,916 | 494,802 | |||||
8,787 | BAYERISCHE MOTOREN WERKE A.G. | 501,991 | 885,254 | |||||
1,582 | BECHTLE A.G. | 104,116 | 113,362 | |||||
2,299 | BEIERSDORF A.G. | 157,065 | 236,562 | |||||
1,188 | BRENNTAG S.E. | 43,546 | 107,635 | |||||
413 | CARL ZEISS MEDITEC A.G. (BEARER) | 77,141 | 86,917 | |||||
15,078 | COMMERZBANK A.G.(b) | 111,177 | 114,825 | |||||
1,042 | CONTINENTAL A.G.(b) | 51,317 | 110,458 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 332,201 | |||||
17,087 | DAIMLER A.G. (REGISTERED) | 1,573,457 | 1,314,865 | |||||
8,544 | DAIMLER TRUCK HOLDING A.G.(b) | 270,747 | 314,078 | |||||
3,246 | DELIVERY HERO S.E.(b)(e) | 255,760 | 362,166 | |||||
47,394 | DEUTSCHE BANK A.G. (REGISTERED)(b) | 608,303 | 594,510 | |||||
4,584 | DEUTSCHE BOERSE A.G. | 283,067 | 767,698 | |||||
12,068 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) | 79,151 | 84,910 | |||||
37,890 | DEUTSCHE PFANDBRIEFBANK A.G.(e) | 469,871 | 455,966 | |||||
18,572 | DEUTSCHE POST A.G. (REGISTERED) | 230,768 | 1,195,494 | |||||
41,147 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 518,426 | 763,587 | |||||
82,454 | E.ON S.E. | 724,674 | 1,144,510 | |||||
26,190 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 974,896 | 2,805,809 | |||||
15,992 | EVONIK INDUSTRIES A.G. | 522,103 | 518,350 | |||||
23,600 | FREENET A.G. | 557,311 | 625,232 | |||||
74,123 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 5,573,671 | 4,821,990 | |||||
5,544 | FRESENIUS S.E. & CO. KGAA | 99,810 | 223,439 | |||||
1,537 | GEA GROUP A.G. | 63,629 | 84,151 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 416,538 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 427,414 | |||||
3,806 | HEIDELBERGCEMENT A.G. | 141,320 | 257,908 | |||||
16,571 | HELLA GMBH & CO. KGAA | 746,243 | 1,124,419 | |||||
2,653 | HELLOFRESH S.E.(b) | 235,664 | 204,001 | |||||
2,623 | HOCHTIEF A.G. | 110,564 | 212,026 | |||||
2,272 | HYPOPORT S.E.(b) | 830,659 | 1,321,789 | |||||
25,960 | INFINEON TECHNOLOGIES A.G. | 317,409 | 1,204,681 | |||||
6,898 | JOST WERKE A.G.(e) | 220,852 | 388,742 | |||||
674 | KION GROUP A.G. | 75,978 | 74,034 | |||||
752 | KNORR-BREMSE A.G. | 76,361 | 74,400 | |||||
532 | LEG IMMOBILIEN S.E. | 78,250 | 74,317 | |||||
18,425 | MENSCH UND MASCHINE SOFTWARE S.E. | 1,299,783 | 1,394,961 | |||||
2,431 | MERCK KGAA | 158,345 | 628,266 | |||||
1,070 | MTU AERO ENGINES A.G. | 207,703 | 218,544 |
See accompanying notes to financial statements. | 104 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
3,177 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | $ 403,285 | 942,232 | |||||
776 | NEMETSCHEK S.E. | 74,899 | 99,656 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 304,573 | |||||
7,700 | PUBLITY A.G.(b)(d) | 286,657 | 195,054 | |||||
1,615 | PUMA S.E. | 185,338 | 197,658 | |||||
81 | RATIONAL A.G. | 78,233 | 83,034 | |||||
6,900 | RHEINMETALL A.G. | 824,004 | 652,490 | |||||
11,873 | RWE A.G. | 378,729 | 482,842 | |||||
17,433 | SAP S.E. | 729,818 | 2,478,949 | |||||
15,326 | SIEMENS A.G. (REGISTERED) | 1,160,098 | 2,664,060 | |||||
20,090 | SIEMENS ENERGY A.G.(b) | 540,025 | 514,402 | |||||
5,117 | SIEMENS HEALTHINEERS A.G.(e) | 297,765 | 383,448 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 576,263 | |||||
12,096 | STEICO S.E. | 1,566,753 | 1,547,894 | |||||
2,557 | SYMRISE A.G. | 348,766 | 379,322 | |||||
188,717 | TELEFONICA DEUTSCHLAND HOLDING A.G. | 459,389 | 524,459 | |||||
141,527 | TUI A.G.(b) | 292,424 | 443,279 | |||||
4,171 | UNIPER S.E. | 46,925 | 198,495 | |||||
404 | VOLKSWAGEN A.G. | 40,235 | 118,852 | |||||
11,484 | VONOVIA S.E. | 565,109 | 634,115 | |||||
4,453 | ZALANDO S.E.(b)(e) | 336,391 | 360,661 | |||||
31,382,835 | 46,035,688 | 4.22% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 124,844 | |||||
54,075 | 124,844 | 0.01% | ||||||
Hong Kong: | ||||||||
774,200 | AIA GROUP LTD. | 4,977,253 | 7,804,005 | |||||
73,500 | BOC HONG KONG HOLDINGS LTD. | 143,171 | 240,835 | |||||
40,000 | CHOW TAI FOOK JEWELLERY GROUP LTD.(b) | 74,430 | 71,920 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 493,111 | |||||
54,044 | CK ASSET HOLDINGS LTD. | 156,712 | 340,654 | |||||
53,544 | CK HUTCHISON HOLDINGS LTD. | 316,935 | 345,399 | |||||
37,500 | CLP HOLDINGS LTD. | 264,277 | 378,725 | |||||
39,600 | ESR CAYMAN LTD.(b)(e) | 124,599 | 133,819 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 367,328 | |||||
47,000 | GALAXY ENTERTAINMENT GROUP LTD.(b) | 189,631 | 243,512 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 237,157 | |||||
15,900 | HANG SENG BANK LTD. | 185,656 | 290,980 | |||||
30,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 65,397 | 129,142 | |||||
208,950 | HONG KONG & CHINA GAS CO. LTD. | 302,882 | 325,314 | |||||
22,700 | HONG KONG EXCHANGES & CLEARING LTD. | 861,578 | 1,325,747 | |||||
17,200 | HONGKONG LAND HOLDINGS LTD. | 81,506 | 89,440 | |||||
1,300 | JARDINE MATHESON HOLDINGS LTD. | 71,070 | 71,513 | |||||
46,100 | LINK REIT | 133,041 | 405,867 | |||||
51,500 | MTR CORP. LTD. | 202,949 | 276,404 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 274,671 | |||||
172,123 | PCCW LTD. | 70,484 | 87,192 | |||||
41,500 | POWER ASSETS HOLDINGS LTD. | 222,413 | 258,658 | |||||
185,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 343,057 | 192,176 | |||||
84,000 | SUN HUNG KAI PROPERTIES LTD. | 1,048,074 | 1,019,089 | |||||
40,000 | SWIRE PACIFIC LTD., CLASS A | 207,758 | 227,507 | |||||
30,000 | TECHTRONIC INDUSTRIES CO. LTD. | 425,702 | 597,111 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 335,490 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 189,998 | |||||
64,189 | WH GROUP LTD.(e) | 35,014 | 40,254 | |||||
21,000 | WHARF HOLDINGS (THE) LTD. | 43,463 | 64,501 | |||||
35,000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 168,339 | 177,748 | |||||
447,000 | XINYI GLASS HOLDINGS LTD. | 557,152 | 1,117,851 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 212,113 | |||||
13,859,273 | 18,365,231 | 1.68% | ||||||
India: | ||||||||
511,000 | CESC LTD. | 527,922 | 601,495 | |||||
45,684 | COMPUTER AGE MANAGEMENT SERVICES LTD. | 938,180 | 1,638,489 | |||||
59,400 | CYIENT LTD. | 429,128 | 817,457 |
See accompanying notes to financial statements. | 105 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
India (Cont'd): | ||||||||
344,400 | FIRSTSOURCE SOLUTIONS LTD. | $ 185,643 | 848,310 | |||||
445,981 | HCL TECHNOLOGIES LTD. | 3,535,882 | 7,914,016 | |||||
114,700 | HINDUSTAN PETROLEUM CORP. LTD. | 431,628 | 451,096 | |||||
565,323 | INDIAN ENERGY EXCHANGE LTD.(e) | 465,455 | 1,922,545 | |||||
574,431 | INDUS TOWERS LTD. | 2,335,706 | 1,918,746 | |||||
40,400 | JUBILANT INGREVIA LTD. | 36,087 | 311,795 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 318,806 | |||||
162,019 | NAVA BHARAT VENTURES LTD. | 247,486 | 240,078 | |||||
322,000 | NMDC LTD. | 521,633 | 577,416 | |||||
352,100 | REDINGTON INDIA LTD. | 703,005 | 686,100 | |||||
1,107,100 | SJVN LTD. | 377,345 | 456,478 | |||||
233,686 | SYNGENE INTERNATIONAL LTD.(b)(e) | 1,043,375 | 1,948,755 | |||||
26,884 | WNS HOLDINGS LTD. ADR(b)(f) | 1,678,193 | 2,371,706 | |||||
13,735,298 | 23,023,288 | 2.11% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY TBK PT | 470,816 | 646,781 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 344,988 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 485,808 | |||||
2,022,800 | MATAHARI DEPARTMENT STORE TBK PT | 317,587 | 588,993 | |||||
1,621,886 | 2,066,570 | 0.19% | ||||||
Ireland: | ||||||||
18,823 | ACCENTURE PLC, CLASS A | 2,162,199 | 7,803,075 | |||||
68,062 | CRH PLC | 1,997,995 | 3,604,769 | |||||
53,200 | DALATA HOTEL GROUP PLC(b) | 299,929 | 225,314 | |||||
2,266 | DCC PLC | 168,449 | 185,562 | |||||
165,705 | EXPERIAN PLC | 3,173,095 | 8,146,214 | |||||
3,338 | FLUTTER ENTERTAINMENT PLC - CDI(b) | 436,611 | 528,243 | |||||
21,905 | ICON PLC(b) | 3,054,924 | 6,783,978 | |||||
11,485 | JAMES HARDIE INDUSTRIES PLC - CDI | 103,360 | 462,082 | |||||
3,255 | KERRY GROUP PLC, CLASS A | 214,084 | 419,684 | |||||
724 | KINGSPAN GROUP PLC | 50,166 | 86,549 | |||||
2,117 | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | 208,533 | 257,892 | |||||
17,539 | RYANAIR HOLDINGS PLC(b) | 235,787 | 304,514 | |||||
1,812 | SMURFIT KAPPA GROUP PLC | 50,442 | 99,930 | |||||
12,155,574 | 28,907,806 | 2.65% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 502,220 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 1,112,965 | |||||
69,000 | MAYTRONICS LTD. | 1,673,402 | 1,704,498 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 1,121,047 | |||||
53,488 | NEOGAMES S.A.(b) | 2,355,870 | 1,485,897 | |||||
3,072 | NICE LTD.(b) | 169,095 | 940,389 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 435,240 | |||||
5,762,791 | 7,302,256 | 0.67% | ||||||
Italy: | ||||||||
285,200 | A2A S.P.A. | 555,842 | 558,484 | |||||
21,958 | ASSICURAZIONI GENERALI S.P.A. | 291,689 | 465,735 | |||||
33,941 | ATLANTIA S.P.A.(b) | 448,114 | 674,493 | |||||
27,900 | BANCA IFIS S.P.A. | 525,021 | 542,214 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 249,742 | |||||
8,879 | DAVIDE CAMPARI-MILANO N.V. | 120,451 | 129,948 | |||||
84,847 | ENEL S.P.A. | 298,823 | 680,632 | |||||
48,741 | ENI S.P.A. | 574,969 | 678,108 | |||||
28,036 | FERRARI N.V. | 4,461,996 | 7,261,569 | |||||
3,831 | FINECOBANK BANCA FINECO S.P.A. | 65,128 | 67,321 | |||||
6,830 | INFRASTRUTTURE WIRELESS ITALIANE S.P.A.(e) | 77,446 | 83,047 | |||||
33,867 | INTERPUMP GROUP S.P.A. | 527,748 | 2,485,036 | |||||
30,581 | INTESA SANPAOLO S.P.A. | 53,392 | 79,173 | |||||
375,900 | IREN S.P.A. | 999,472 | 1,135,812 | |||||
28,600 | LA DORIA S.P.A. | 361,264 | 535,956 | |||||
77,659 | LEONARDO S.P.A.(b) | 617,417 | 557,013 | |||||
14,266 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 130,639 | 164,205 | |||||
4,080 | MONCLER S.P.A. | 285,259 | 297,378 | |||||
3,687 | PRYSMIAN S.P.A. | 133,903 | 138,984 | |||||
2,078 | RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. | 122,005 | 133,668 |
See accompanying notes to financial statements. | 106 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Italy (Cont'd): | ||||||||
128,788 | SNAM S.P.A. | $ 586,273 | 777,113 | |||||
150,699 | STEVANATO GROUP S.P.A.(b) | 3,164,679 | 3,383,193 | |||||
235,980 | TENARIS S.A. | 2,108,936 | 2,474,388 | |||||
40,944 | TERNA - RETE ELETTRICA NAZIONALE | 170,294 | 331,617 | |||||
42,701 | UNICREDIT S.P.A. | 479,566 | 658,443 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 390,009 | |||||
95,230 | UNIPOLSAI ASSICURAZIONI S.P.A. | 153,826 | 268,880 | |||||
17,778,318 | 25,202,161 | 2.31% | ||||||
Japan: | ||||||||
1,500 | ABC-MART, INC. | 56,540 | 64,288 | |||||
30,600 | ADEKA CORP. | 390,224 | 682,867 | |||||
2,700 | ADVANTEST CORP. | 242,061 | 255,846 | |||||
4,700 | AEON CO. LTD. | 52,433 | 110,687 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 840,303 | |||||
1,400 | AGC, INC. | 61,586 | 66,817 | |||||
2,300 | AISIN CORP. | 37,584 | 88,177 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 456,011 | |||||
2,500 | ALFRESA HOLDINGS CORP. | 24,420 | 33,317 | |||||
3,600 | ANA HOLDINGS, INC.(b) | 79,016 | 75,252 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 426,489 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD.(d) | 83,346 | 213,918 | |||||
33,500 | ASAHI KASEI CORP. | 167,713 | 314,818 | |||||
22,100 | ASAHI YUKIZAI CORP. | 276,792 | 331,798 | |||||
9,300 | ASANUMA CORP. | 324,412 | 444,667 | |||||
37,500 | ASTELLAS PHARMA, INC. | 244,631 | 609,787 | |||||
63,100 | ASTENA HOLDINGS CO. LTD. | 295,237 | 266,048 | |||||
1,700 | AZBIL CORP. | 70,197 | 77,441 | |||||
4,300 | BANDAI NAMCO HOLDINGS, INC. | 213,809 | 336,210 | |||||
6,200 | BAYCURRENT CONSULTING, INC. | 542,610 | 2,398,505 | |||||
13,800 | BRIDGESTONE CORP.(d) | 205,726 | 593,725 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 616,996 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 451,896 | |||||
23,400 | CANON, INC.(d) | 556,789 | 569,794 | |||||
1,100 | CAPCOM CO. LTD. | 29,399 | 25,896 | |||||
2,800 | CENTRAL JAPAN RAILWAY CO. | 243,930 | 373,520 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 438,342 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 298,493 | |||||
27,500 | CRESCO LTD. | 342,183 | 499,891 | |||||
4,000 | DAI NIPPON PRINTING CO. LTD. | 70,827 | 100,600 | |||||
1,800 | DAIFUKU CO. LTD. | 155,471 | 147,092 | |||||
17,600 | DAI-ICHI LIFE HOLDINGS, INC. | 356,355 | 355,810 | |||||
35,100 | DAIICHI SANKYO CO. LTD. | 294,763 | 892,528 | |||||
4,600 | DAIKIN INDUSTRIES LTD. | 136,302 | 1,043,328 | |||||
600 | DAITO TRUST CONSTRUCTION CO. LTD. | 72,842 | 68,695 | |||||
19,000 | DAITRON CO. LTD. | 328,045 | 354,464 | |||||
10,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 103,706 | 287,577 | |||||
17,500 | DAIWA SECURITIES GROUP, INC. | 60,410 | 98,689 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 447,883 | |||||
8,200 | DENSO CORP. | 185,234 | 679,282 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 117,621 | |||||
6,300 | EAST JAPAN RAILWAY CO. | 363,637 | 387,376 | |||||
17,800 | ECO'S CO. LTD. | 285,796 | 294,784 | |||||
4,700 | EISAI CO. LTD. | 191,775 | 266,850 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 265,705 | |||||
20,500 | ENEOS HOLDINGS, INC. | 76,331 | 76,686 | |||||
20,400 | EXEDY CORP. | 319,517 | 295,280 | |||||
3,700 | FANUC CORP. | 411,581 | 784,195 | |||||
1,300 | FAST RETAILING CO. LTD. | 188,734 | 738,094 | |||||
50,120 | FEED ONE CO. LTD. | 432,664 | 305,434 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 299,692 | |||||
23,700 | FREEE K.K.(b) | 1,058,936 | 1,310,371 | |||||
31,700 | FUJI CORP. | 564,353 | 711,548 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 256,594 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 322,305 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 644,842 | |||||
3,800 | FUJITSU LTD. | 363,816 | 651,778 | |||||
41,400 | FUKUOKA FINANCIAL GROUP, INC. | 523,630 | 709,375 |
See accompanying notes to financial statements. | 107 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
35,800 | FURUNO ELECTRIC CO. LTD. | $ 322,070 | 376,891 | |||||
7,100 | GMO FINANCIAL GATE, INC. | 1,442,759 | 1,731,331 | |||||
900 | GMO PAYMENT GATEWAY, INC. | 98,340 | 112,275 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 409,297 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 191,428 | |||||
2,200 | HANKYU HANSHIN HOLDINGS, INC. | 51,221 | 62,445 | |||||
55,300 | HASEKO CORP. | 721,604 | 685,541 | |||||
8,900 | HINO MOTORS LTD. | 70,088 | 73,348 | |||||
341 | HIROSE ELECTRIC CO. LTD. | 29,327 | 57,332 | |||||
19,300 | HITACHI LTD. | 313,074 | 1,045,284 | |||||
7,000 | HITACHI METALS LTD.(b) | 55,542 | 129,679 | |||||
11,100 | HONDA MOTOR CO. LTD. | 332,802 | 311,684 | |||||
7,100 | HOYA CORP. | 362,248 | 1,056,081 | |||||
5,700 | HULIC CO. LTD. | 48,487 | 54,111 | |||||
13,900 | IDEMITSU KOSAN CO. LTD. | 334,248 | 354,901 | |||||
26,100 | INNOTECH CORP. | 231,054 | 341,027 | |||||
36,800 | ITOCHU CORP. | 716,670 | 1,125,466 | |||||
2,100 | ITOCHU TECHNO-SOLUTIONS CORP. | 64,301 | 67,548 | |||||
78,400 | ITOHAM YONEKYU HOLDINGS, INC. | 531,480 | 448,467 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 563,921 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 526,179 | |||||
53,600 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 574,239 | 1,000,894 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 153,230 | |||||
83 | JAPAN METROPOLITAN FUND INVEST | 76,232 | 71,506 | |||||
26,100 | JAPAN POST HOLDINGS CO. LTD.(b) | 204,082 | 203,482 | |||||
11 | JAPAN REAL ESTATE INVESTMENT CORP. | 68,697 | 62,445 | |||||
58,400 | JAPAN TOBACCO, INC.(d) | 1,165,606 | 1,179,119 | |||||
46,000 | JEOL LTD. | 2,712,920 | 3,675,041 | |||||
2,300 | JSR CORP. | 66,413 | 87,477 | |||||
4,500 | KAJIMA CORP. | 25,084 | 51,678 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 563,583 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 426,898 | |||||
12,300 | KANEKA CORP. | 387,968 | 403,656 | |||||
3,500 | KANSAI PAINT CO. LTD. | 45,161 | 76,067 | |||||
10,000 | KAO CORP.(d) | 208,279 | 523,255 | |||||
31,162 | KDDI CORP. | 281,794 | 910,777 | |||||
1,600 | KEIO CORP. | 56,475 | 70,521 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 64,887 | |||||
14,424 | KEYENCE CORP. | 1,526,494 | 9,063,433 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 504,390 | |||||
9,900 | KIRIN HOLDINGS CO. LTD. | 101,976 | 158,961 | |||||
67,600 | KITZ CORP. | 466,295 | 418,423 | |||||
1,000 | KOBAYASHI PHARMACEUTICAL CO. LTD. | 76,739 | 78,588 | |||||
68,300 | KOBE BUSSAN CO. LTD. | 1,461,866 | 2,645,193 | |||||
1,800 | KOEI TECMO HOLDINGS CO. LTD. | 75,186 | 70,808 | |||||
17,800 | KOMATSU LTD. | 439,290 | 416,798 | |||||
2,300 | KONAMI HOLDINGS CORP. | 50,313 | 110,371 | |||||
600 | KOSE CORP. | 72,850 | 68,069 | |||||
22,800 | KUBOTA CORP.(d) | 160,350 | 506,127 | |||||
6,900 | KUREHA CORP. | 316,117 | 493,071 | |||||
1,400 | KURITA WATER INDUSTRIES LTD. | 66,953 | 66,452 | |||||
4,000 | KYOCERA CORP. | 133,049 | 249,917 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 136,269 | |||||
14,900 | KYUSHU RAILWAY CO. | 317,651 | 309,839 | |||||
26,900 | LASERTEC CORP. | 4,459,164 | 8,252,638 | |||||
13,100 | LINTEC CORP. | 259,789 | 300,083 | |||||
2,500 | LIXIL CORP. | 65,962 | 66,613 | |||||
5,100 | M3, INC. | 59,204 | 256,840 | |||||
2,900 | MAKITA CORP. | 92,361 | 123,104 | |||||
7,100 | MARUI GROUP CO. LTD. | 41,710 | 133,630 | |||||
7,700 | MAZDA MOTOR CORP.(b) | 38,348 | 59,241 | |||||
298,700 | MEBUKI FINANCIAL GROUP, INC. | 635,970 | 615,421 | |||||
2,500 | MEIJI HOLDINGS CO. LTD. | 44,976 | 149,092 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 452,891 | |||||
6,200 | MERCARI, INC.(b) | 176,315 | 315,848 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 246,940 | |||||
597 | MIRAI CORP. | 328,940 | 256,643 |
See accompanying notes to financial statements. | 108 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
7,600 | MISUMI GROUP, INC. | $ 252,212 | 311,849 | |||||
24,900 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 102,543 | 184,428 | |||||
29,000 | MITSUBISHI CORP. | 544,828 | 920,699 | |||||
41,400 | MITSUBISHI ELECTRIC CORP. | 341,734 | 524,923 | |||||
23,500 | MITSUBISHI ESTATE CO. LTD. | 303,254 | 325,748 | |||||
9,200 | MITSUBISHI GAS CHEMICAL CO., INC. | 84,078 | 155,799 | |||||
26,600 | MITSUBISHI HC CAPITAL, INC. | 82,462 | 131,578 | |||||
236,000 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 1,322,697 | 1,282,069 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 389,853 | |||||
30,200 | MITSUI & CO. LTD. | 502,194 | 715,028 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 198,783 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 518,682 | |||||
6,400 | MIZUHO FINANCIAL GROUP, INC. | 85,879 | 81,398 | |||||
29,700 | MONEY FORWARD, INC.(b) | 1,795,367 | 1,786,699 | |||||
7,600 | MONOTARO CO. LTD. | 113,793 | 136,963 | |||||
6,380 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 134,923 | 196,841 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 156,389 | |||||
11,300 | MURATA MANUFACTURING CO. LTD. | 194,637 | 899,540 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 340,852 | |||||
4,400 | NEC CORP. | 207,656 | 203,112 | |||||
186,300 | NET PROTECTIONS HOLDINGS, INC.(b) | 2,380,464 | 2,516,823 | |||||
12,300 | NEXON CO. LTD. | 201,476 | 237,809 | |||||
3,800 | NGK SPARK PLUG CO. LTD. | 38,830 | 66,169 | |||||
2,900 | NH FOODS LTD. | 69,814 | 104,373 | |||||
16,700 | NICHIAS CORP. | 297,341 | 402,728 | |||||
7,900 | NIDEC CORP. | 140,350 | 928,523 | |||||
2,600 | NIHON M&A CENTER HOLDINGS, INC. | 63,143 | 63,763 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 312,576 | |||||
4,400 | NINTENDO CO. LTD. | 1,057,121 | 2,052,160 | |||||
32 | NIPPON BUILDING FUND, INC. | 154,544 | 186,386 | |||||
1,700 | NIPPON EXPRESS CO. LTD. | 60,747 | 102,121 | |||||
15,000 | NIPPON PAINT HOLDINGS CO. LTD. | 163,226 | 163,523 | |||||
26 | NIPPON PROLOGIS REIT, INC. | 54,492 | 91,993 | |||||
16,000 | NIPPON SYSTEMWARE CO. LTD. | 308,869 | 319,638 | |||||
30,700 | NIPPON TELEGRAPH & TELEPHONE CORP. | 351,243 | 840,694 | |||||
3,100 | NIPPON YUSEN K.K. | 39,009 | 236,078 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 393,894 | |||||
5,300 | NISSAN CHEMICAL CORP. | 61,593 | 307,781 | |||||
46,200 | NISSAN MOTOR CO. LTD.(b) | 237,460 | 223,228 | |||||
3,670 | NISSHIN SEIFUN GROUP, INC. | 31,991 | 52,898 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 87,525 | |||||
2,800 | NITORI HOLDINGS CO. LTD. | 102,246 | 419,282 | |||||
13,700 | NITTO DENKO CORP. | 881,440 | 1,058,793 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 231,244 | |||||
115,600 | NOMURA HOLDINGS, INC. | 418,073 | 504,186 | |||||
32,900 | NOMURA REAL ESTATE HOLDINGS, INC. | 674,503 | 757,075 | |||||
52 | NOMURA REAL ESTATE MASTER FUND, INC. | 77,969 | 73,143 | |||||
10,301 | NOMURA RESEARCH INSTITUTE LTD. | 53,983 | 441,932 | |||||
26,700 | NSK LTD. | 183,160 | 171,300 | |||||
16,700 | NTT DATA CORP. | 180,781 | 358,013 | |||||
13,300 | OBAYASHI CORP. | 58,485 | 102,904 | |||||
1,600 | OBIC CO. LTD. | 293,197 | 300,443 | |||||
15,500 | OJI HOLDINGS CORP. | 77,242 | 75,054 | |||||
36,300 | OKAMURA CORP. | 555,648 | 405,823 | |||||
35,800 | OKI ELECTRIC INDUSTRY CO. LTD. | 358,218 | 281,346 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 764,700 | |||||
4,300 | OMRON CORP. | 279,424 | 428,393 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 124,142 | |||||
6,400 | ORIENTAL LAND CO. LTD. | 364,044 | 1,079,092 | |||||
7,800 | ORIX CORP. | 148,985 | 159,180 | |||||
5,500 | OTSUKA HOLDINGS CO. LTD.(d) | 158,190 | 199,335 | |||||
36,900 | PANASONIC CORP. | 306,718 | 405,794 | |||||
3,500 | PEPTIDREAM, INC.(b) | 81,641 | 77,436 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 119,047 | |||||
67,200 | PLAID, INC.(b)(d) | 1,132,820 | 1,247,257 | |||||
18,100 | RAKUTEN GROUP, INC. | 138,189 | 181,582 | |||||
26,200 | RECRUIT HOLDINGS CO. LTD. | 1,230,138 | 1,587,989 |
See accompanying notes to financial statements. | 109 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
22,900 | RENESAS ELECTRONICS CORP.(b) | $ 246,018 | 283,289 | |||||
184,100 | RESONA HOLDINGS, INC. | 558,258 | 716,042 | |||||
1,200 | RINNAI CORP. | 52,047 | 108,285 | |||||
16,700 | RION CO. LTD. | 361,265 | 342,043 | |||||
600 | ROHM CO. LTD. | 24,642 | 54,612 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 432,838 | |||||
13,000 | SANTEN PHARMACEUTICAL CO. LTD. | 85,886 | 159,011 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 371,196 | |||||
3,600 | SCSK CORP. | 68,449 | 71,637 | |||||
3,400 | SECOM CO. LTD. | 133,812 | 236,046 | |||||
7,100 | SEGA SAMMY HOLDINGS, INC. | 66,480 | 111,534 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 348,716 | |||||
12,800 | SEKISUI CHEMICAL CO. LTD. | 65,116 | 213,871 | |||||
6,600 | SEKISUI HOUSE LTD. | 53,502 | 141,662 | |||||
68,200 | SEVEN & I HOLDINGS CO. LTD. | 2,364,461 | 2,997,646 | |||||
10,100 | SHIFT, INC.(b) | 2,224,252 | 2,094,984 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 168,826 | |||||
1,500 | SHIMANO, INC. | 58,204 | 399,809 | |||||
10,900 | SHIN-ETSU CHEMICAL CO. LTD. | 759,391 | 1,887,577 | |||||
36,500 | SHINOKEN GROUP CO. LTD. | 314,113 | 294,145 | |||||
5,700 | SHIONOGI & CO. LTD. | 157,216 | 402,612 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 323,404 | |||||
20,200 | SK-ELECTRONICS CO. LTD. | 355,639 | 174,904 | |||||
1,300 | SMC CORP. | 300,071 | 876,876 | |||||
114,500 | SOFTBANK CORP. | 1,517,591 | 1,447,798 | |||||
37,200 | SOFTBANK GROUP CORP. | 425,837 | 1,757,322 | |||||
7,300 | SOMPO HOLDINGS, INC. | 175,746 | 308,360 | |||||
25,100 | SONY GROUP CORP. | 708,581 | 3,158,502 | |||||
1,600 | SQUARE ENIX HOLDINGS CO. LTD. | 83,000 | 82,066 | |||||
3,300 | STANLEY ELECTRIC CO. LTD. | 41,403 | 82,593 | |||||
6,200 | SUBARU CORP. | 36,437 | 110,870 | |||||
6,600 | SUMCO CORP. | 127,037 | 134,777 | |||||
23,100 | SUMITOMO CORP. | 286,410 | 341,490 | |||||
12,300 | SUMITOMO ELECTRIC INDUSTRIES LTD. | 136,807 | 160,339 | |||||
17,100 | SUMITOMO HEAVY INDUSTRIES LTD. | 494,606 | 414,604 | |||||
4,900 | SUMITOMO METAL MINING CO. LTD. | 194,487 | 185,299 | |||||
13,200 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 452,280 | 452,470 | |||||
2,400 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 74,367 | 70,583 | |||||
6,000 | SUZUKI MOTOR CORP. | 112,908 | 231,018 | |||||
22,900 | SWCC SHOWA HOLDINGS CO. LTD. | 440,911 | 331,068 | |||||
2,600 | SYSMEX CORP. | 51,707 | 351,474 | |||||
13,700 | T RAD CO. LTD. | 264,171 | 333,836 | |||||
78,100 | T&D HOLDINGS, INC. | 786,738 | 999,419 | |||||
2,400 | TAISEI CORP. | 26,618 | 72,920 | |||||
1,200 | TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. | 68,449 | 55,186 | |||||
27,300 | TAKEDA PHARMACEUTICAL CO. LTD. | 758,077 | 744,502 | |||||
67,900 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 299,490 | 282,154 | |||||
29,600 | TDK CORP. | 1,001,459 | 1,155,386 | |||||
13,200 | TERUMO CORP. | 181,972 | 557,698 | |||||
2,000 | THK CO. LTD. | 29,290 | 48,214 | |||||
3,800 | TIS, INC. | 95,685 | 113,144 | |||||
1,500 | TOHO CO. LTD. | 25,533 | 64,222 | |||||
3,400 | TOHO GAS CO. LTD. | 81,221 | 86,574 | |||||
14,700 | TOKIO MARINE HOLDINGS, INC. | 373,679 | 816,851 | |||||
29,500 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | 78,305 | 76,167 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 1,901,452 | |||||
4,700 | TOKYO GAS CO. LTD. | 81,162 | 84,251 | |||||
18,800 | TOKYO SEIMITSU CO. LTD. | 774,564 | 833,522 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 612,904 | |||||
12,500 | TOKYU CORP. | 103,448 | 166,044 | |||||
20,000 | TOKYU FUDOSAN HOLDINGS CORP. | 69,576 | 111,797 | |||||
3,800 | TOPPAN, INC. | 54,628 | 71,223 | |||||
4,500 | TOSHIBA CORP. | 188,190 | 185,039 | |||||
3,000 | TOTO LTD. | 30,029 | 137,964 | |||||
75,200 | TOYO CONSTRUCTION CO. LTD. | 312,593 | 379,824 | |||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 127,141 | |||||
24,000 | TOYOTA BOSHOKU CORP. | 444,826 | 470,695 |
See accompanying notes to financial statements. | 110 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
4,000 | TOYOTA INDUSTRIES CORP. | $ 101,266 | 319,569 | |||||
233,310 | TOYOTA MOTOR CORP. | 1,594,403 | 4,270,488 | |||||
1,900 | TOYOTA TSUSHO CORP. | 22,805 | 87,542 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 624,463 | |||||
1,500 | TREND MICRO, INC. | 57,273 | 83,326 | |||||
19,200 | UBE INDUSTRIES LTD. | 387,205 | 333,492 | |||||
7,700 | UNICHARM CORP. | 67,055 | 334,628 | |||||
5,500 | USS CO. LTD. | 64,763 | 85,873 | |||||
7,200 | V TECHNOLOGY CO. LTD. | 262,608 | 225,020 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 354,464 | |||||
3,200 | WELCIA HOLDINGS CO. LTD. | 60,941 | 99,870 | |||||
4,500 | WEST JAPAN RAILWAY CO. | 153,502 | 188,168 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 67,808 | |||||
19,500 | YAMADA HOLDINGS CO. LTD. | 68,909 | 66,622 | |||||
46,400 | YAMAGUCHI FINANCIAL GROUP, INC. | 326,523 | 271,470 | |||||
1,300 | YAMAHA CORP. | 71,423 | 64,079 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 110,331 | |||||
4,000 | YAMAZAKI BAKING CO. LTD. | 44,679 | 53,134 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 245,153 | |||||
4,500 | YOKOGAWA ELECTRIC CORP. | 61,249 | 81,135 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 261,566 | |||||
55,100 | Z HOLDINGS CORP. | 211,506 | 319,688 | |||||
90,331,710 | 143,225,339 | 13.13% | ||||||
Jordan: | ||||||||
5,550 | HIKMA PHARMACEUTICALS PLC | 167,466 | 166,696 | |||||
167,466 | 166,696 | 0.02% | ||||||
Macau: | ||||||||
48,000 | SANDS CHINA LTD.(b) | 110,554 | 111,789 | |||||
110,554 | 111,789 | 0.01% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,380 | 736,046 | |||||
274,300 | RHB BANK BHD. | 377,864 | 353,574 | |||||
715,244 | 1,089,620 | 0.10% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(e) | 360,811 | 361,611 | |||||
129,031 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(b)(f) | 2,310,387 | 2,318,687 | |||||
123,066 | GRUMA S.A.B. DE C.V., CLASS B | 1,394,295 | 1,577,851 | |||||
76,900 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 281,555 | 390,180 | |||||
4,347,048 | 4,648,329 | 0.43% | ||||||
Netherlands: | ||||||||
8,559 | ABN AMRO BANK N.V. - C.V.A.(e) | 104,623 | 125,859 | |||||
2,116 | ADYEN N.V.(b)(e) | 3,969,633 | 5,568,556 | |||||
266,723 | AEGON N.V. | 664,548 | 1,333,997 | |||||
2,925 | AKZO NOBEL N.V. | 135,104 | 321,356 | |||||
606 | ARGENX S.E.(b) | 174,538 | 217,535 | |||||
692 | ASM INTERNATIONAL N.V. | 283,153 | 306,234 | |||||
1,838 | ASML HOLDING N.V. | 1,426,996 | 1,478,814 | |||||
15,874 | ASML HOLDING N.V. (REGISTERED) | 1,818,788 | 12,637,926 | |||||
18,100 | ASR NEDERLAND N.V. | 622,451 | 834,577 | |||||
33,674 | BE SEMICONDUCTOR INDUSTRIES N.V. | 2,813,079 | 2,876,105 | |||||
20,000 | EUROCOMMERCIAL PROPERTIES N.V. | 519,032 | 434,588 | |||||
3,610 | EXOR N.V. | 90,616 | 324,524 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 236,583 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 90,542 | |||||
3,877 | HEINEKEN N.V. | 151,910 | 436,365 | |||||
620,680 | ING GROEP N.V. | 5,707,169 | 8,650,738 | |||||
19,595 | INTERTRUST N.V.(b)(e) | 321,331 | 437,255 | |||||
18,645 | KONINKLIJKE AHOLD DELHAIZE N.V. | 236,078 | 639,686 | |||||
3,368 | KONINKLIJKE DSM N.V. | 132,647 | 759,225 | |||||
54,361 | KONINKLIJKE KPN N.V. | 115,004 | 168,960 | |||||
20,502 | KONINKLIJKE PHILIPS N.V. | 343,630 | 764,785 | |||||
1,681 | NN GROUP N.V. | 87,063 | 91,117 | |||||
117,200 | ORDINA N.V. | 366,521 | 547,072 | |||||
18,634 | PROSUS N.V.(b) | 1,534,081 | 1,559,925 | |||||
8,117 | QIAGEN N.V.(b) | 119,394 | 452,727 |
See accompanying notes to financial statements. | 111 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Netherlands (Cont'd): | ||||||||
3,238 | RANDSTAD N.V. | $ 99,928 | 221,335 | |||||
109,878 | ROYAL DUTCH SHELL PLC, CLASS A | 1,592,066 | 2,412,028 | |||||
87,469 | ROYAL DUTCH SHELL PLC, CLASS B | 1,560,095 | 1,920,819 | |||||
23,800 | SIGNIFY N.V.(e) | 640,632 | 1,104,987 | |||||
49,916 | STELLANTIS N.V.(d) | 203,470 | 948,255 | |||||
310 | TOPICUS.COM, INC.(b) | 15,379 | 28,453 | |||||
78,731 | UNIVERSAL MUSIC GROUP N.V. | 2,331,676 | 2,221,161 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 730,456 | |||||
28,629,141 | 50,882,545 | 4.66% | ||||||
New Zealand: | ||||||||
36,477 | AUCKLAND INTERNATIONAL AIRPORT LTD.(b) | 160,540 | 192,370 | |||||
11,551 | FISHER & PAYKEL HEALTHCARE CORP. LTD. | 244,293 | 259,173 | |||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 150,395 | |||||
8,483 | MERIDIAN ENERGY LTD. | 29,980 | 28,178 | |||||
4,012 | XERO LTD.(b) | 412,091 | 412,854 | |||||
962,783 | 1,042,970 | 0.10% | ||||||
Norway: | ||||||||
10,748 | ADEVINTA ASA(b) | 149,244 | 143,159 | |||||
2,949 | AKER BP ASA | 36,352 | 90,949 | |||||
26,144 | DNB BANK ASA | 420,837 | 599,677 | |||||
12,011 | EQUINOR ASA | 237,782 | 321,737 | |||||
65,300 | EUROPRIS ASA(e) | 420,002 | 522,753 | |||||
4,722 | GJENSIDIGE FORSIKRING ASA | 107,989 | 114,745 | |||||
229,300 | KITRON ASA | 329,744 | 614,484 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 189,104 | |||||
14,930 | ORKLA ASA | 112,764 | 149,799 | |||||
57,040 | STOREBRAND ASA | 364,067 | 573,344 | |||||
3,400 | YARA INTERNATIONAL ASA | 97,926 | 171,804 | |||||
2,325,035 | 3,491,555 | 0.32% | ||||||
Philippines: | ||||||||
9,000 | GLOBE TELECOM, INC. | 319,161 | 586,322 | |||||
319,161 | 586,322 | 0.05% | ||||||
Poland: | ||||||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 323,145 | |||||
104,727 | INPOST S.A.(b) | 1,972,496 | 1,263,618 | |||||
2,232,106 | 1,586,763 | 0.15% | ||||||
Portugal: | ||||||||
53,609 | EDP - ENERGIAS DE PORTUGAL S.A. | 231,782 | 294,916 | |||||
10,091 | GALP ENERGIA SGPS S.A. | 100,386 | 97,883 | |||||
531 | GREENVOLT-ENERGIAS RENOVAVEIS S.A.(b) | 2,912 | 3,839 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 215,497 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 470,263 | |||||
748,755 | 1,082,398 | 0.10% | ||||||
Russia: | ||||||||
139,401 | CIAN PLC ADR(b)(f) | 2,230,416 | 1,718,814 | |||||
29,278 | HEADHUNTER GROUP PLC ADR(f) | 698,846 | 1,495,813 | |||||
257,400 | RUSHYDRO PJSC ADR(d)(f) | 218,665 | 257,400 | |||||
3,147,927 | 3,472,027 | 0.32% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 1,181,509 | |||||
70,500 | ASCENDAS REAL ESTATE INVESTMENT TRUST | 160,184 | 154,330 | |||||
44,916 | CAPITALAND INTEGRATED COMMERCIAL TRUST | 49,995 | 67,994 | |||||
19,500 | CAPITALAND INVESTMENT LTD.(b) | 42,854 | 49,343 | |||||
16,200 | CITY DEVELOPMENTS LTD. | 74,570 | 81,866 | |||||
35,800 | DBS GROUP HOLDINGS LTD. | 328,169 | 867,637 | |||||
3,000 | JARDINE CYCLE & CARRIAGE LTD. | 41,532 | 45,859 | |||||
57,300 | KEPPEL CORP. LTD. | 196,954 | 217,703 | |||||
5,640 | KEPPEL REIT | 1,183 | 4,729 | |||||
54,600 | MAPLETREE COMMERCIAL TRUST | 87,503 | 81,033 | |||||
23,000 | OVERSEA-CHINESE BANKING CORP. LTD. | 177,982 | 194,568 | |||||
16,100 | SINGAPORE EXCHANGE LTD. | 61,749 | 111,109 | |||||
108,000 | SINGAPORE TECHNOLOGIES ENGINEERING LTD. | 310,572 | 301,336 | |||||
190,600 | SINGAPORE TELECOMMUNICATIONS LTD. | 331,732 | 328,133 | |||||
126,300 | TDCX, INC. ADR(b)(f) | 2,328,310 | 2,418,645 | |||||
29,600 | UNITED OVERSEAS BANK LTD. | 465,994 | 590,858 |
See accompanying notes to financial statements. | 112 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Singapore (Cont'd): | ||||||||
16,900 | UOL GROUP LTD. | $ 59,751 | 88,914 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 654,899 | |||||
50,100 | WILMAR INTERNATIONAL LTD. | 108,613 | 153,914 | |||||
5,652,467 | 7,594,379 | 0.70% | ||||||
South Africa: | ||||||||
92,000 | ADCOCK INGRAM HOLDINGS LTD. | 249,383 | 291,271 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 487,412 | |||||
42,500 | BARLOWORLD LTD. | 289,872 | 401,050 | |||||
79,610 | INVESTEC PLC | 490,976 | 433,719 | |||||
117,469 | METAIR INVESTMENTS LTD. | 184,301 | 202,723 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 239,099 | |||||
83,378 | TELKOM S.A. SOC LTD.(b) | 425,342 | 282,967 | |||||
5,284 | THUNGELA RESOURCES LTD.(b) | 1,910 | 27,328 | |||||
2,249,350 | 2,365,569 | 0.22% | ||||||
South Korea: | ||||||||
17,700 | APTC CO. LTD. | 390,846 | 329,804 | |||||
15,700 | DAESANG CORP. | 366,086 | 307,727 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 1,253,039 | |||||
2,392 | DL E&C CO. LTD.(b) | 210,584 | 239,452 | |||||
1,907 | DL HOLDINGS CO. LTD.(b) | 140,872 | 97,696 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 325,628 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 364,145 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 494,637 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 332,520 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 271,466 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 376,303 | |||||
18,400 | KT CORP. | 365,564 | 473,640 | |||||
30,770 | LG UPLUS CORP. | 348,896 | 352,027 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 642,461 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,764 | 275,956 | |||||
16,996 | NAVER CORP. | 2,131,515 | 5,411,555 | |||||
137,903 | SAMSUNG ELECTRONICS CO. LTD. | 4,451,573 | 9,083,327 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 538,271 | |||||
10,200 | VIEWORKS CO. LTD. | 234,573 | 359,520 | |||||
12,462,003 | 21,529,174 | 1.97% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 241,141 | |||||
2,420 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 53,419 | 64,939 | |||||
69,346 | AMADEUS IT GROUP S.A.(b) | 4,970,345 | 4,708,603 | |||||
256,570 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 764,978 | 1,533,551 | |||||
385,386 | BANCO SANTANDER S.A. | 691,255 | 1,290,180 | |||||
719,612 | CAIXABANK S.A. | 2,746,304 | 1,977,738 | |||||
8,655 | CELLNEX TELECOM S.A.(b)(e) | 535,462 | 504,313 | |||||
24,100 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 458,757 | 480,985 | |||||
3,073 | EDP RENOVAVEIS S.A. | 71,707 | 76,620 | |||||
2,531 | ENAGAS S.A. | 38,143 | 58,783 | |||||
41,053 | ENDESA S.A. | 941,098 | 944,125 | |||||
78,949 | FAES FARMA S.A. | 345,683 | 312,615 | |||||
4,043 | FERROVIAL S.A. | 69,115 | 126,857 | |||||
59,808 | FLUIDRA S.A. | 2,142,888 | 2,396,818 | |||||
15,282 | GRIFOLS S.A. | 273,863 | 293,601 | |||||
62,918 | IBERDROLA S.A. | 352,342 | 745,691 | |||||
11,931 | INDUSTRIA DE DISENO TEXTIL S.A. | 342,861 | 387,536 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(b) | 475,447 | 407,093 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 412,829 | |||||
16,093 | NATURGY ENERGY GROUP S.A. | 256,441 | 524,555 | |||||
165,300 | PROSEGUR CIA DE SEGURIDAD S.A. | 415,152 | 434,728 | |||||
26,230 | RED ELECTRICA CORP. S.A. | 359,845 | 568,141 | |||||
50,694 | REPSOL S.A. | 476,727 | 602,315 | |||||
2,773 | SIEMENS GAMESA RENEWABLE ENERGY S.A.(b) | 40,458 | 66,519 | |||||
17,287,893 | 19,160,276 | 1.76% | ||||||
Sweden: | ||||||||
3,215 | ALFA LAVAL AB | 121,045 | 129,650 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 678,564 | |||||
94,727 | ATLAS COPCO AB, CLASS A | 2,623,343 | 6,560,297 | |||||
7,490 | ATLAS COPCO AB, CLASS B | 208,281 | 441,134 |
See accompanying notes to financial statements. | 113 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Sweden (Cont'd): | ||||||||
29,441 | AVANZA BANK HOLDING AB | $ 244,878 | 1,082,347 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 615,186 | |||||
35,047 | BOLIDEN AB | 875,987 | 1,357,479 | |||||
232,526 | CARY GROUP AB(b) | 2,019,590 | 2,758,547 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 566,552 | |||||
181,775 | DOMETIC GROUP AB(e) | 2,961,437 | 2,392,835 | |||||
7,501 | ELECTROLUX AB, CLASS B | 79,015 | 182,208 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B(b) | 16,773 | 52,089 | |||||
16,258 | EMBRACER GROUP AB(b) | 163,872 | 173,642 | |||||
14,982 | EPIROC AB, CLASS A | 125,453 | 380,013 | |||||
7,531 | EPIROC AB, CLASS B | 69,049 | 159,768 | |||||
4,973 | EQT AB | 190,327 | 271,319 | |||||
9,650 | ESSITY AB, CLASS B | 95,958 | 315,466 | |||||
42,680 | EVOLUTION AB(e) | 6,053,989 | 6,075,011 | |||||
4,238 | H & M HENNES & MAURITZ AB, CLASS B | 83,013 | 83,520 | |||||
105,006 | HEMNET GROUP AB(b) | 1,647,827 | 1,944,125 | |||||
26,505 | HEXAGON AB, CLASS B | 71,092 | 421,354 | |||||
80,300 | HUMANA AB(b) | 413,356 | 646,047 | |||||
38,321 | HUSQVARNA AB, CLASS B | 174,072 | 614,284 | |||||
2,507 | INDUSTRIVARDEN AB, CLASS A | 77,919 | 80,014 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 260,010 | |||||
3,074 | INVESTOR AB, CLASS A | 77,884 | 81,169 | |||||
44,840 | INVESTOR AB, CLASS B | 160,645 | 1,130,155 | |||||
56,909 | INWIDO AB | 320,042 | 1,178,965 | |||||
55,400 | KINDRED GROUP PLC SDR | 287,801 | 660,297 | |||||
4,852 | KINNEVIK AB, CLASS B(b) | 116,898 | 173,301 | |||||
7,801 | KNOW IT AB | 144,666 | 324,171 | |||||
14,800 | LOOMIS AB | 372,004 | 394,232 | |||||
29,428 | LUNDIN ENERGY AB | 485,724 | 1,056,792 | |||||
44,500 | MEKONOMEN AB(b) | 323,086 | 773,660 | |||||
21,471 | NIBE INDUSTRIER AB, CLASS B | 245,387 | 324,933 | |||||
77,913 | NOBIA AB | 452,973 | 469,916 | |||||
62,300 | NOBINA AB(e) | 428,072 | 737,711 | |||||
84,791 | NORDNET AB PUBL | 958,869 | 1,628,972 | |||||
77,000 | RESURS HOLDING AB(e) | 417,550 | 323,979 | |||||
22,617 | SANDVIK AB | 325,999 | 632,241 | |||||
41,298 | SDIPTECH AB, CLASS B(b) | 1,152,771 | 2,154,889 | |||||
79,628 | SECTRA AB, CLASS B(b) | 656,812 | 1,764,185 | |||||
14,236 | SECURITAS AB, CLASS B | 116,133 | 196,379 | |||||
63,171 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 322,937 | 879,802 | |||||
3,217 | SKANSKA AB, CLASS B | 36,642 | 83,378 | |||||
7,658 | SKF AB, CLASS B | 184,675 | 181,784 | |||||
7,700 | SOLID FORSAKRING AB(b) | 32,293 | 50,063 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 152,990 | |||||
13,818 | SVENSKA HANDELSBANKEN AB, CLASS A | 75,213 | 149,646 | |||||
40,373 | SWEDBANK AB, CLASS A | 450,232 | 813,608 | |||||
135,814 | SWEDENCARE AB | 1,612,728 | 2,313,116 | |||||
59,340 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 307,816 | 655,313 | |||||
52,844 | TELIA CO. AB | 210,795 | 207,050 | |||||
35,506 | TETHYS OIL AB | 259,465 | 244,796 | |||||
29,300 | TRELLEBORG AB, CLASS B | 420,080 | 771,070 | |||||
42,717 | VITEC SOFTWARE GROUP AB, CLASS B | 723,361 | 2,633,117 | |||||
3,867 | VOLVO AB, CLASS A | 87,834 | 90,981 | |||||
28,419 | VOLVO AB, CLASS B | 224,676 | 659,353 | |||||
31,695,947 | 52,133,475 | 4.78% | ||||||
Switzerland: | ||||||||
254,535 | ABB LTD. (REGISTERED) | 4,909,891 | 9,748,981 | |||||
3,073 | ADECCO GROUP A.G. (REGISTERED) | 102,486 | 157,157 | |||||
76,911 | ALCON, INC. | 4,184,756 | 6,814,963 | |||||
2,000 | AUTONEUM HOLDING A.G.(b) | 387,554 | 372,476 | |||||
673 | BALOISE HOLDING A.G. (REGISTERED) | 55,292 | 110,123 | |||||
38 | BARRY CALLEBAUT A.G. (REGISTERED) | 89,009 | 92,414 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 471,269 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 402,327 |
See accompanying notes to financial statements. | 114 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
42,912 | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | $ 3,255,200 | 6,449,515 | |||||
362,187 | CREDIT SUISSE GROUP A.G. (REGISTERED)(d) | 3,870,889 | 3,526,474 | |||||
1,842 | DUFRY A.G. (REGISTERED)(b) | 46,550 | 91,271 | |||||
54,800 | EFG INTERNATIONAL A.G.(b) | 442,650 | 417,976 | |||||
140 | EMS-CHEMIE HOLDING A.G. (REGISTERED) | 138,601 | 156,870 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 809,644 | |||||
303 | GIVAUDAN S.A. (REGISTERED) | 851,040 | 1,593,477 | |||||
191,354 | GLENCORE PLC(b) | 908,180 | 971,148 | |||||
204,979 | GLOBAL BLUE GROUP HOLDING A.G.(b)(d) | 2,166,771 | 1,310,841 | |||||
6,000 | HELVETIA HOLDING A.G. (REGISTERED) | 567,039 | 707,199 | |||||
102,485 | HOLCIM LTD.(b) | 5,162,010 | 5,231,099 | |||||
1,807 | IDORSIA LTD.(b) | 18,603 | 36,965 | |||||
18,059 | JULIUS BAER GROUP LTD. | 558,057 | 1,212,522 | |||||
2,220 | LOGITECH INTERNATIONAL S.A. (REGISTERED) | 180,513 | 187,306 | |||||
8,677 | LONZA GROUP A.G. (REGISTERED) | 4,663,540 | 7,252,418 | |||||
59,524 | MEDMIX A.G.(b)(e) | 2,857,923 | 2,950,070 | |||||
102,853 | NESTLE S.A. (REGISTERED) | 5,320,121 | 14,384,972 | |||||
134,622 | NOVARTIS A.G. (REGISTERED) | 9,289,723 | 11,860,683 | |||||
192 | PARTNERS GROUP HOLDING A.G. | 293,638 | 318,701 | |||||
35,206 | POLYPEPTIDE GROUP A.G.(b)(e) | 3,212,956 | 5,293,264 | |||||
12,900 | ROCHE HOLDING A.G. | 1,912,913 | 5,366,978 | |||||
2,428 | ROCHE HOLDING A.G. (BEARER) | 1,021,740 | 1,089,296 | |||||
1,419 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 118,446 | 382,314 | |||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 157,980 | |||||
123 | SGS S.A. (REGISTERED) | 138,733 | 411,305 | |||||
2,549 | SIEGFRIED HOLDING A.G. (REGISTERED)(b) | 2,471,266 | 2,488,296 | |||||
21,887 | SIKA A.G. (REGISTERED) | 2,606,723 | 9,132,394 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 513,611 | |||||
32,211 | STMICROELECTRONICS N.V. | 517,002 | 1,590,474 | |||||
153 | STRAUMANN HOLDING A.G. (REGISTERED) | 239,388 | 325,243 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 62,615 | |||||
763 | SWISS LIFE HOLDING A.G. (REGISTERED) | 111,390 | 468,083 | |||||
2,321 | SWISS RE A.G. | 220,490 | 229,909 | |||||
374 | SWISSCOM A.G. (REGISTERED) | 155,603 | 211,216 | |||||
4,075 | TECAN GROUP A.G. (REGISTERED) | 1,013,094 | 2,484,265 | |||||
387,481 | UBS GROUP A.G. (REGISTERED) | 5,306,656 | 6,982,482 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 771,521 | |||||
5,000 | VETROPACK HOLDING A.G. (REGISTERED) | 256,087 | 316,067 | |||||
938 | VIFOR PHARMA A.G. | 126,146 | 167,022 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 771,642 | |||||
43,997 | WIZZ AIR HOLDINGS PLC(b)(e) | 1,817,598 | 2,494,044 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 796,949 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,512 | 1,849,521 | |||||
74,435,952 | 121,995,352 | 11.18% | ||||||
Taiwan: | ||||||||
305,000 | ASIA CEMENT CORP. | 434,632 | 488,362 | |||||
20,000 | ASPEED TECHNOLOGY, INC. | 1,310,522 | 2,577,077 | |||||
50,000 | BIOTEQUE CORP. | 216,137 | 206,925 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 171,911 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 351,979 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,604 | 736,018 | |||||
388,000 | CORETRONIC CORP. | 769,157 | 1,295,811 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 329,653 | |||||
334,000 | POU CHEN CORP. | 370,948 | 400,191 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 328,550 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 467,561 | |||||
229,000 | SINBON ELECTRONICS CO. LTD. | 2,091,271 | 2,350,670 | |||||
1,260,000 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 735,497 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 582,282 | |||||
66,854 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(f) | 1,026,155 | 8,043,205 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 468,283 | |||||
214,000 | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | 1,905,750 | 2,188,962 | |||||
644,000 | WISTRON CORP. | 522,109 | 678,519 |
See accompanying notes to financial statements. | 115 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Taiwan (Cont'd): | ||||||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | $ 335,681 | 326,924 | |||||
12,156,831 | 22,728,380 | 2.08% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 356,448 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 168,157 | |||||
301,200 | THAI VEGETABLE OIL PCL (REGISTERED) | 265,122 | 279,515 | |||||
875,569 | 804,120 | 0.07% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 482,374 | |||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 360,117 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 377,880 | |||||
1,590,429 | 1,220,371 | 0.11% | ||||||
United Kingdom: | ||||||||
26,524 | 3I GROUP PLC | 99,606 | 520,214 | |||||
3,461 | ADMIRAL GROUP PLC | 54,777 | 147,894 | |||||
444,800 | AIRTEL AFRICA PLC(e) | 576,142 | 804,953 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 2,157,459 | |||||
8,350 | ASHTEAD GROUP PLC | 608,070 | 671,573 | |||||
79,271 | ASSOCIATED BRITISH FOODS PLC | 2,025,589 | 2,154,529 | |||||
28,599 | ASTRAZENECA PLC | 1,243,566 | 3,359,269 | |||||
14,692 | AUTO TRADER GROUP PLC(e) | 75,709 | 147,159 | |||||
78,363 | AVIVA PLC | 310,781 | 435,304 | |||||
73,500 | BABCOCK INTERNATIONAL GROUP PLC(b) | 428,762 | 316,962 | |||||
51,473 | BAE SYSTEMS PLC | 335,182 | 383,053 | |||||
113,471 | BAKKAVOR GROUP PLC(e) | 166,389 | 193,829 | |||||
328,163 | BARCLAYS PLC | 814,665 | 830,626 | |||||
9,400 | BELLWAY PLC | 411,711 | 424,452 | |||||
32,120 | BERKELEY GROUP HOLDINGS PLC | 2,020,606 | 2,075,980 | |||||
264,016 | BP PLC | 1,050,759 | 1,181,071 | |||||
29,711 | BRITISH AMERICAN TOBACCO PLC | 844,969 | 1,099,286 | |||||
93,984 | BRITISH LAND (THE) CO. PLC | 402,942 | 675,496 | |||||
128,281 | BT GROUP PLC | 255,877 | 294,398 | |||||
6,704 | BUNZL PLC | 96,487 | 261,791 | |||||
8,989 | BURBERRY GROUP PLC | 60,776 | 221,136 | |||||
53,800 | CARETECH HOLDINGS PLC | 347,241 | 419,449 | |||||
157,347 | CNH INDUSTRIAL N.V. | 1,503,224 | 3,057,912 | |||||
454,059 | COMPASS GROUP PLC(b) | 5,554,729 | 10,146,908 | |||||
2,457 | CRODA INTERNATIONAL PLC | 92,898 | 336,558 | |||||
61,773 | DIAGEO PLC | 1,513,085 | 3,374,615 | |||||
50,446 | DIPLOMA PLC | 1,767,441 | 2,303,807 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 670,312 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 885,229 | |||||
17,589 | ENDAVA PLC ADR(b)(f) | 2,439,491 | 2,953,545 | |||||
8,963 | ENTAIN PLC(b) | 96,395 | 204,179 | |||||
4,442 | FERGUSON PLC | 128,860 | 787,934 | |||||
139,554 | GLAXOSMITHKLINE PLC | 2,488,413 | 3,034,760 | |||||
7,339 | HALMA PLC | 284,447 | 317,879 | |||||
489,063 | HSBC HOLDINGS PLC | 2,613,891 | 2,969,934 | |||||
3,593 | IMPERIAL BRANDS PLC | 75,683 | 78,615 | |||||
49,160 | INCHCAPE PLC | 301,540 | 605,186 | |||||
21,041 | INFORMA PLC(b) | 99,674 | 147,128 | |||||
230,699 | INTEGRAFIN HOLDINGS PLC | 1,489,959 | 1,750,232 | |||||
2,757 | INTERCONTINENTAL HOTELS GROUP PLC(b) | 160,545 | 178,414 | |||||
32,745 | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI(b) | 60,221 | 63,525 | |||||
3,234 | INTERTEK GROUP PLC | 245,291 | 246,447 | |||||
423,658 | J SAINSBURY PLC | 1,107,817 | 1,581,554 | |||||
49,805 | JD SPORTS FASHION PLC | 105,904 | 146,827 | |||||
2,742 | JOHNSON MATTHEY PLC | 56,846 | 75,936 | |||||
201,300 | JUPITER FUND MANAGEMENT PLC | 774,594 | 698,612 | |||||
323,974 | KINGFISHER PLC | 863,159 | 1,483,496 | |||||
58,758 | LAND SECURITIES GROUP PLC | 385,246 | 617,486 | |||||
119,603 | LEGAL & GENERAL GROUP PLC | 464,607 | 481,619 | |||||
63,685 | LIBERTY GLOBAL PLC, CLASS A(b) | 1,835,496 | 1,766,622 | |||||
57,550 | LIBERTY GLOBAL PLC, CLASS C(b) | 1,685,769 | 1,616,580 | |||||
6,504,446 | LLOYDS BANKING GROUP PLC | 4,378,790 | 4,208,357 |
See accompanying notes to financial statements. | 116 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
6,590 | LONDON STOCK EXCHANGE GROUP PLC | $ 119,847 | 618,149 | |||||
52,086 | M&G PLC | 137,953 | 140,650 | |||||
370,300 | MAN GROUP PLC | 651,704 | 1,139,773 | |||||
300,659 | MARSTON'S PLC(b) | 477,602 | 313,357 | |||||
7,217 | MEGGITT PLC(b) | 16,687 | 72,092 | |||||
134,094 | MELROSE INDUSTRIES PLC | 244,840 | 290,223 | |||||
83,900 | MICRO FOCUS INTERNATIONAL PLC | 515,126 | 474,579 | |||||
9,652 | MONDI PLC | 242,051 | 238,557 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 704,750 | |||||
47,031 | NATIONAL GRID PLC | 435,356 | 674,656 | |||||
320,113 | NATWEST GROUP PLC | 420,567 | 977,933 | |||||
6,959 | NEXT PLC | 416,496 | 767,677 | |||||
103,083 | OSB GROUP PLC | 483,067 | 773,683 | |||||
9,509 | PEARSON PLC | 75,214 | 78,924 | |||||
1,996 | PERSIMMON PLC | 74,926 | 77,160 | |||||
13,015 | PHOENIX GROUP HOLDINGS PLC | 116,841 | 115,071 | |||||
24,229 | RECKITT BENCKISER GROUP PLC | 1,419,417 | 2,079,869 | |||||
109,800 | REDDE NORTHGATE PLC | 378,816 | 648,725 | |||||
57,235 | REDROW PLC | 447,916 | 542,913 | |||||
32,367 | RELX PLC | 319,327 | 1,050,957 | |||||
255,654 | RELX PLC (LONDON EXCHANGE) | 4,127,211 | 8,311,893 | |||||
23,058 | RENTOKIL INITIAL PLC | 117,249 | 182,267 | |||||
38,892 | RIO TINTO PLC | 1,187,028 | 2,575,260 | |||||
80,405 | ROLLS-ROYCE HOLDINGS PLC(b) | 100,478 | 133,733 | |||||
77,712 | ROYAL MAIL PLC | 220,280 | 532,247 | |||||
21,729 | SAGE GROUP (THE) PLC | 84,580 | 250,761 | |||||
2,490 | SCHRODERS PLC | 115,983 | 119,984 | |||||
23,121 | SEGRO PLC | 182,226 | 449,559 | |||||
13,084 | SEVERN TRENT PLC | 276,407 | 521,909 | |||||
27,247 | SMITH & NEPHEW PLC | 271,349 | 477,045 | |||||
3,814 | SMITHS GROUP PLC | 52,367 | 81,541 | |||||
75,362 | SOFTCAT PLC | 965,956 | 1,840,193 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 355,274 | |||||
1,528 | SPIRAX-SARCO ENGINEERING PLC | 283,272 | 331,950 | |||||
20,751 | SSE PLC | 449,133 | 463,163 | |||||
10,814 | ST. JAMES'S PLACE PLC | 227,878 | 246,419 | |||||
82,413 | STHREE PLC | 315,585 | 517,593 | |||||
77,600 | TATE & LYLE PLC | 713,986 | 694,705 | |||||
34,361 | TAYLOR WIMPEY PLC | 76,778 | 81,624 | |||||
161,238 | TEAM17 GROUP PLC(b) | 1,330,259 | 1,702,301 | |||||
189,887 | TESCO PLC | 629,598 | 745,106 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 305,897 | |||||
126,800 | TYMAN PLC | 343,290 | 685,662 | |||||
38,874 | UNILEVER PLC | 1,289,248 | 2,076,040 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 119,941 | |||||
3,053 | WHITBREAD PLC(b) | 80,283 | 123,765 | |||||
13,429 | WILLIS TOWERS WATSON PLC | 3,086,441 | 3,189,253 | |||||
64,102 | WPP PLC | 434,931 | 971,337 | |||||
71,560,951 | 105,432,211 | 9.66% | ||||||
United States: | ||||||||
14,102 | AON PLC, CLASS A | 2,775,252 | 4,238,497 | |||||
204,030 | ARCH CAPITAL GROUP LTD.(b) | 4,297,977 | 9,069,133 | |||||
248,400 | DIVERSIFIED ENERGY CO. PLC | 347,000 | 351,016 | |||||
8,762 | EPAM SYSTEMS, INC.(b) | 3,880,850 | 5,856,959 | |||||
490 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 41,483 | 53,484 | |||||
1,262 | JACKSON FINANCIAL, INC., CLASS A | 31,550 | 52,840 | |||||
3,732 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 2,152,475 | 6,333,988 | |||||
3,157 | NEWMONT CORP. | 101,845 | 195,767 | |||||
28,069 | RESMED, INC. | 2,973,010 | 7,311,413 | |||||
20,684 | STERIS PLC | 3,295,572 | 5,034,692 | |||||
22,527 | TENARIS S.A. ADR(f) | 482,262 | 469,913 |
See accompanying notes to financial statements. | 117 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United States (Cont'd): | ||||||||
597 | WHITE MOUNTAINS INSURANCE GROUP LTD. | $ 632,885 | 605,298 | |||||
21,012,161 | 39,573,000 | 3.63% | ||||||
Vietnam: | ||||||||
459,000 | FPT CORP. | 1,936,656 | 1,873,058 | |||||
1,936,656 | 1,873,058 | 0.17% | ||||||
Sub-total Common Stocks: | 689,575,991 | 1,057,495,644 | 96.94% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANEAMENTO DO PARANA(b) | 350,151 | 183,009 | |||||
350,151 | 183,009 | 0.01% | ||||||
Germany: | ||||||||
1,739 | BAYERISCHE MOTOREN WERKE A.G., 2.35%(g) | 59,403 | 145,123 | |||||
3,800 | DRAEGERWERK A.G. & CO. KGAA, 0.37%(g) | 311,648 | 239,028 | |||||
1,764 | FUCHS PETROLUB S.E., 2.52%(g) | 86,072 | 80,172 | |||||
8,797 | JUNGHEINRICH A.G., 1.01%(g) | 218,510 | 449,490 | |||||
441 | SARTORIUS A.G., 0.14%(g) | 118,147 | 298,837 | |||||
2,800 | STO S.E. & CO. KGAA, 0.13%(g) | 304,841 | 704,504 | |||||
3,406 | VOLKSWAGEN A.G., 2.57%(g) | 710,300 | 688,220 | |||||
1,808,921 | 2,605,374 | 0.24% | ||||||
South Korea: | ||||||||
72,295 | SAMSUNG ELECTRONICS CO. LTD., 1.99%(g) | 3,016,399 | 4,330,098 | |||||
3,016,399 | 4,330,098 | 0.40% | ||||||
Sub-total Preferred Stocks: | 5,175,471 | 7,118,481 | 0.65% | |||||
Warrants: | ||||||||
United States: | ||||||||
1 | CENOVUS ENERGY, INC.(b) | 3 | 7 | |||||
3 | 7 | 0.00% | ||||||
Sub-total Warrants: | 3 | 7 | 0.00% | |||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
121,179 | HSBC BANK PLC(b) | 2,253,065 | 2,101,523 | |||||
2,253,065 | 2,101,523 | 0.19% | ||||||
Sub-total Participatory Notes: | 2,253,065 | 2,101,523 | 0.19% | |||||
Short-Term Investments: | ||||||||
12,829,681 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(h) | 12,829,681 | 12,829,681 | |||||
18,467,837 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(i) | 18,467,837 | 18,467,837 | |||||
Sub-total Short-Term Investments: | 31,297,518 | 31,297,518 | 2.87% | |||||
Grand total | $ 728,302,048 | 1,098,013,173 | 100.65% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Non-income producing assets. |
(c) | Security has been deemed worthless and is a Level 3 investment. |
(d) | Security is either wholly or partially on���loan. |
(e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.50% of net assets as of December 31, 2021. |
(g) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(h) | Investment relates to cash collateral received from portfolio securities loaned. |
(i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $25,824,393 with net sales of $7,356,556 during the year ended December 31, 2021. |
See accompanying notes to financial statements. | 118 | (Continued) |
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.13% | |
Consumer Discretionary | 12.85 | |
Consumer Staples | 8.50 | |
Energy | 2.90 | |
Financials | 14.11 | |
Health Care | 14.13 | |
Industrials | 15.47 | |
Information Technology | 18.17 | |
Materials | 6.03 | |
Real Estate | 2.01 | |
Utilities | 1.70 | |
100.00% |
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 22.02% | |
United States Dollar | 13.47 | |
Japanese Yen | 13.43 | |
Swiss Franc | 10.84 | |
British Pound | 10.29 | |
Canadian Dollar | 5.02 | |
Other currencies | 24.93 | |
100.00% |
Contract Amount | ||||||||||||
Counterparty | Contract Settlement Date | Contract Settlement Date | Deliver | Receive | Unrealized Appreciation (Depreciation) | |||||||
Northern Trust | 04/21/2022 | 04/21/2022 | JPY | 235,364,679 | USD | 2,064,711 | $16,175 |
See accompanying notes to financial statements. | 119 | (Continued) |
See accompanying notes to financial statements. | 120 | (Continued) |
Item 1. Reports to Stockholders (cont.).
(b) | Not applicable. |
Item 2. Code of Ethics
As of December 31, 2021, the Board of Trustees of Clearwater Investment Trust (the “Trust”) has adopted a code of ethics that applies to the Trust’s President/Principal Executive Officer and Treasurer/Principal Financial Officer (“Code of Ethics”). For the fiscal year ended December 31, 2021, there were no amendments to any provision of the Code of Ethics, nor were there any waivers granted from a provision of the Code of Ethics.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the Trust consists of seven members, five of whom are Independent Trustees as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Trustees does not include an “audit committee financial expert” (as defined in Item 3 of Form N-CSR). Given the restrictive nature of the definition of an “audit committee financial expert,” the Board of Trustees has determined that no current member of the Board of Trustees of the Trust qualifies as an “audit committee financial expert.” Furthermore, the Board of Trustees has determined that given the nature of investment company financial statements in general and the investment policies of the Trust’s fund offerings in particular that the independent trustees possess the necessary skills and experience to perform the functions of the audit committee.
Item 4. Principal Accountant Fees and Services
2021 | 2020 | |||||||
(a) | Audit Fees | $120,040 | $113,800 | |||||
(b) | Audit-Related Fees | $0 | $0 | |||||
(c) | Tax Fees1 | $32,245 | $33,314 | |||||
(d) | All Other Fees | $0 | $0 |
1Tax Fees are the aggregate amount billed by the Trust’s principal accountant for tax compliance, tax advice, international tax reclaim filings and tax planning during the fiscal year.
(e)
1. | The audit committee has adopted pre-approval policies and procedures regarding the provision of audit or non-audit services to the Trust, as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The policies and procedures provide that, if pre-approval of non-audit services is requested other than at a regularly scheduled Audit Committee Meeting, Fund management shall present such request to the Audit Committee Chair, or committee member if a Chair is not designated, for review of the proposal and determination if a special session of the Audit Committee is required. If the Chair or member determines the request requires a special session, the Audit Committee Chair will call a session per standard protocols and invite non-members as required. If the request is deemed in adherence to the independence of the auditor and to the benefit of the Fund, the Chair or designee may grant the pre-approval without a special session.
The Chair, designee or Audit Committee shall review the purpose, terms and risks of the
request in addition to assurances of maintaining auditor independence and adherence to Regulation S-X, paragraph (c)(7) of Rule 2-01. If the pre-approval request is approved, the request will be presented at the next regularly scheduled Audit Committee for ratification.
2. | No services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser. |
2021= $17,575 2020= $16,050
(h) | For the most recent fiscal year, the Audit Committee has determined that the provision of non-audit services to Clearwater Management Company and its affiliates was compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants
Not applicable (the Funds are not listed issuers).
Item 6. Investments
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable (the Trust is an open-end management investment company).
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.
Item 11. Controls and Procedures
(a) | The Trust’s principal executive officer and principal financial officer have concluded that the Trust’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 based on the principal executive officer and principal financial officer’s evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, as of a date within 90 days of the filing date of this document. |
(b) | There have been no significant changes in the Trust’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 have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 13. Exhibits
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is incorporated by reference to Exhibit 12(a)(1) to the report filed on Form N-CSR on March 5, 2015 (Accession Number 0000897101-15-000283). | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act. | |
(a)(3) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act. |
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.
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
President (Principal Executive Officer) and | ||||||
Treasurer (Principal Financial Officer) | ||||||
Date: March 4, 2022 |
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.
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
President (Principal Executive Officer) | ||||||
Date: March 4, 2022 | ||||||
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
Treasurer (Principal Financial Officer) | ||||||
Date: March 4, 2022 |