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, 2022
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, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period July 1, 2022 through December 31, 2022* |
Core Equity Fund | $1,000.00 | $1,034.90 | $1.38 |
Select Equity Fund | $1,000.00 | $1,044.80 | $5.00 |
Tax-Exempt Bond Fund | $1,000.00 | $1,007.80 | $1.42 |
International Fund | $1,000.00 | $1,045.90 | $3.61 |
Hypothetical 5% return (before expenses) | |||
Core Equity Fund | $1,000.00 | $1,023.84 | $1.38 |
Select Equity Fund | $1,000.00 | $1,020.32 | $4.94 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.79 | $1.43 |
International Fund | $1,000.00 | $1,021.68 | $3.57 |
* | 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 | 0.97% |
Tax-Exempt Bond Fund | 0.28% |
International Fund | 0.70% |
Quarterly Portfolio Schedule of Investments
(As of February 2023)
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 (56) 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 (64) 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 (59) 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 (45) 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 (64) 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. (74) 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 |
Dylan Ambauen (40) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2022- Present Term: Indefinite | CEO, Seattle Pottery LLC (2019-Present), Vice President, Sunrise Pest Management (2008-Present) | 4 | None |
Julia Heidmann2 (64) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2022- Present Term: Indefinite | Member of the Board of Directors, Conservation & Education Committee, and Ocean and Coastal Center Committee, San Francisco Zoo (non-profit, 2016-Present) | 4 | Member of the Board of Directors, Conservation & Education Committee, and Ocean and Coastal Center Committee, San Francisco Zoo (non-profit, 2016-Present) |
Justin H. Weyerhaeuser 3(49) 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 |
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 |
Jason K. Mitchell (46) 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 (54) 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 |
Simona C. Ilies (42) 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 | $ 893,896 |
Select Equity Fund | 4,513,527 |
Tax-Exempt Bond Fund | 4,760,355 |
International Fund | 3,026,118 |
Clearwater Investment Trust:
February 23, 2023
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, $1,201,318, $0 and $3,844,351, respectively); (identified cost: $452,050,540, $401,852,188, $637,579,543 and $741,320,459, respectively) | $ | 717,848,552 | 366,916,162 | 550,719,201 | 878,912,092 | |||
Foreign currencies, at value (cost: $0, $13,937, $0 and $3,109,384, respectively) | - | 12,554 | - | 3,134,019 | ||||
Cash (restricted: $0, $0, $4,317,950 and $0, respectively) | - | - | 10,603,098 | - | ||||
Receivable for securities sold | - | 71,288 | 15,568 | 436,414 | ||||
Receivable for shares of beneficial interest sold | 110,800 | 13,100 | 127,700 | 69,200 | ||||
Accrued dividend and interest receivable | 684,790 | 270,588 | 6,038,443 | 999,948 | ||||
Foreign tax reclaim receivable | 3,967 | 302 | - | 1,613,733 | ||||
Total assets | 718,648,109 | 367,283,994 | 567,504,010 | 885,165,406 | ||||
Liabilities | ||||||||
Payables for investment securities purchased | - | 191,137 | 1,220,970 | 249,098 | ||||
Accrued investment advisory fee | 477,890 | 900,146 | 391,550 | 1,497,537 | ||||
Payable for dividend distribution | - | - | 257,010 | - | ||||
Payable upon return of securities loaned | - | 1,246,096 | - | 4,812,451 | ||||
Deferred foreign capital gains taxes payable | - | - | - | 560,257 | ||||
Total liabilities | 477,890 | 2,337,379 | 1,869,530 | 7,119,343 | ||||
Net assets | $ | 718,170,219 | 364,946,615 | 565,634,480 | 878,046,063 | |||
Capital | ||||||||
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,841,306, 24,203,242, 65,827,919 and 52,220,493 shares outstanding, respectively) | $ | 459,671,853 | 438,972,140 | 655,938,832 | 756,701,541 | |||
Distributable earnings | 258,498,366 | (74,025,525) | (90,304,352) | 121,344,522 | ||||
Net assets | $ | 718,170,219 | 364,946,615 | 565,634,480 | 878,046,063 | |||
Net asset value per share of outstanding capital stock | $ | 55.93 | 15.08 | 8.59 | 16.81 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $6,656, $23,252, $0 and $2,426,378, respectively) | $ | 13,371,094 | 4,403,470 | 1,743,171 | 21,849,507 | |||
Non cash dividends | - | - | - | 1,641,003 | ||||
Interest | - | - | 24,708,828 | - | ||||
Net income from securities loaned | - | 80,142 | - | 276,718 | ||||
Total income | 13,371,094 | 4,483,612 | 26,451,999 | 23,767,228 | ||||
Expenses: | ||||||||
Investment advisory fee | 6,836,462 | 5,482,082 | 3,911,806 | 8,980,356 | ||||
Other expenses | 185 | - | - | 370 | ||||
Total expenses | 6,836,647 | 5,482,082 | 3,911,806 | 8,980,726 | ||||
Less: waivers of investment advisory fee or other expense reimbursements | (4,845,459) | (1,679,264) | (2,120,736) | (3,056,577) | ||||
Net expenses | 1,991,188 | 3,802,818 | 1,791,070 | 5,924,149 | ||||
Net investment income | 11,379,906 | 680,794 | 24,660,929 | 17,843,079 | ||||
Net realized gain (loss) on: | ||||||||
Security transactions | 37,472,242 | (15,548,602) | (15,803,401) | 11,015,929 | ||||
Forward foreign currency exchange contracts | - | - | - | 301,677 | ||||
Foreign currency transactions | - | (978) | - | (883,780) | ||||
Futures contracts | - | - | 19,066,904 | - | ||||
Net increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $614,643, respectively) | (198,246,913) | (95,776,536) | (116,966,507) | (231,504,849) | ||||
Forward foreign currency exchange contracts | - | - | - | (16,175) | ||||
Futures contracts | - | - | 2,011,518 | - | ||||
Translation of other assets and liabilities denominated in foreign currencies | - | (1,499) | - | 44,098 | ||||
Net gain (loss) on investments | (160,774,671) | (111,327,615) | (111,691,486) | (221,043,100) | ||||
Net increase (decrease) in net assets resulting from operations | $ | (149,394,765) | (110,646,821) | (87,030,557) | (203,200,021) |
Core Equity Fund | Select Equity Fund | |||||||
12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 | |||||
Operations: | ||||||||
Net investment income | $ | 11,379,906 | 8,651,556 | 680,794 | 1,365,399 | |||
Net realized gain (loss) | 37,472,242 | 45,136,206 | (15,549,580) | 81,317,020 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | (198,246,913) | 125,180,850 | (95,778,035) | (30,522,814) | ||||
Net increase (decrease) in net assets resulting from operations | (149,394,765) | 178,968,612 | (110,646,821) | 52,159,605 | ||||
Distributions to shareholders | (10,752,052) | (27,383,854) | (8,125,618) | (62,531,441) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 182,656,902 | 120,841,621 | 101,322,691 | 100,015,489 | ||||
Reinvestment of distributions from net investment income and net realized gain | 10,752,052 | 27,383,854 | 8,125,618 | 62,531,441 | ||||
Payments for shares redeemed | (194,680,866) | (37,205,688) | (159,796,228) | (74,082,432) | ||||
Net increase (decrease) in net assets from capital share transactions | (1,271,912) | 111,019,787 | (50,347,919) | 88,464,498 | ||||
Total increase (decrease) in net assets | (161,418,729) | 262,604,545 | (169,120,358) | 78,092,662 | ||||
Net assets: | ||||||||
At the beginning of the year | 879,588,948 | 616,984,403 | 534,066,973 | 455,974,311 | ||||
At the end of the year | $ | 718,170,219 | 879,588,948 | 364,946,615 | 534,066,973 |
Tax-Exempt Bond Fund | International Fund | |||||||
12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 | |||||
Operations: | ||||||||
Net investment income | $ | 24,660,929 | 23,626,723 | 17,843,079 | 16,216,510 | |||
Net realized gain | 3,263,503 | 1,900,353 | 10,433,826 | 78,530,828 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | (114,954,989) | (655,871) | (231,476,926) | 39,867,569 | ||||
Net increase (decrease) in net assets resulting from operations | (87,030,557) | 24,871,205 | (203,200,021) | 134,614,907 | ||||
Distributions to shareholders | (30,033,721) | (23,625,740) | (11,587,443) | (97,585,574) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 248,834,683 | 125,620,400 | 149,605,328 | 143,097,632 | ||||
Reinvestment of distributions from net investment income and net realized gain | 29,988,685 | 23,532,024 | 11,587,443 | 97,585,574 | ||||
Payments for shares redeemed | (328,618,503) | (34,742,864) | (159,304,656) | (54,551,359) | ||||
Net increase (decrease) in net assets from capital share transactions | (49,795,135) | 114,409,560 | 1,888,115 | 186,131,847 | ||||
Total increase (decrease) in net assets | (166,859,413) | 115,655,025 | (212,899,349) | 223,161,180 | ||||
Net assets: | ||||||||
At the beginning of the year | 732,493,893 | 616,838,868 | 1,090,945,412 | 867,784,232 | ||||
At the end of the year | $ | 565,634,480 | 732,493,893 | 878,046,063 | 1,090,945,412 |
Year ended December 31, | |||||||||||||
Core Equity Fund | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of year | $ | 68.01 | 55.11 | 48.14 | 37.97 | 43.21 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.81 | 0.72 | 0.71 | 0.72 | 0.68 | ||||||||
Net realized and unrealized gains (losses) | (12.06) | 14.36 | 7.22 | 10.32 | (3.46) | ||||||||
Total from investment operations | (11.25) | 15.08 | 7.93 | 11.04 | (2.78) | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.76) | (0.69) | (0.71) | (0.66) | (0.67) | ||||||||
Net realized gain | (0.07) | (1.49) | (0.25) | (0.21) | (1.79) | ||||||||
Total distributions to shareholders: | (0.83) | (2.18) | (0.96) | (0.87) | (2.46) | ||||||||
Net asset value, end of year | $ | 55.93 | 68.01 | 55.11 | 48.14 | 37.97 | |||||||
Total return (a) | (16.58)% | 27.44 % | 16.54 % | 29.11 % | (6.61)% | ||||||||
Net assets, end of year (000s omitted) | $ | 718,170 | 879,589 | 616,984 | 543,171 | 456,874 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.26 % | 0.29 % | 0.31 % | 0.35 % | 0.38 % | ||||||||
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) | 1.50 % | 1.13 % | 1.49 % | 1.54 % | 1.47 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | 0.86 % | 0.52 % | 0.90 % | 0.99 % | 0.95 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 62.80 % | 33.97 % | 37.16 % | 33.73 % | 34.64 % |
(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 July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.27%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.63%. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.26%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.64%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
Year ended December 31, | |||||||||||||
Select Equity Fund | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of year | $ | 19.76 | 20.09 | 18.45 | 14.90 | 18.92 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.03 | 0.07 | 0.11 | 0.14 | 0.07 | ||||||||
Net realized and unrealized gains (losses) | (4.37) | 2.20 | 1.95 | 3.79 | (2.37) | ||||||||
Total from investment operations | (4.34) | 2.27 | 2.06 | 3.93 | (2.30) | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | - | (0.06) | (0.11) | (0.11) | (0.07) | ||||||||
Net realized gain | (0.34) | (2.54) | (0.31) | (0.27) | (1.65) | ||||||||
Total distributions to shareholders: | (0.34) | (2.60) | (0.42) | (0.38) | (1.72) | ||||||||
Net asset value, end of year | $ | 15.08 | 19.76 | 20.09 | 18.45 | 14.90 | |||||||
Total return (a) | (22.01)% | 11.77 % | 11.25 % | 26.40 % | (12.49)% | ||||||||
Net assets, end of year (000s omitted) | $ | 364,947 | 534,067 | 455,974 | 373,425 | 305,921 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 0.94 % | 0.88 % | 0.94 % | 0.98 % | 1.03 % | ||||||||
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) | 0.16 % | 0.26 % | 0.70 % | 0.64 % | 0.33 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | (0.25)% | (0.21)% | 0.29 % | 0.27 % | 0.01 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 55.76 % | 109.01 % | 102.30 % | 64.32 % | 63.08 % |
(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 July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.97%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.38%. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.93%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.42%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
(i) | 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%. |
Year ended December 31, | |||||||||||||
Tax-Exempt Bond Fund | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of year | $ | 10.17 | 10.14 | 10.13 | 9.82 | 10.21 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.34 | 0.36 | 0.39 | 0.40 | 0.42 | ||||||||
Net realized and unrealized gains (losses) | (1.50) | 0.03 | 0.03 | 0.34 | (0.26) | ||||||||
Total from investment operations | (1.16) | 0.39 | 0.42 | 0.74 | 0.16 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.35) | (0.36) | (0.41) | (0.43) | (0.45) | ||||||||
Net realized gain | (0.07) | - | - | - | (0.10) | ||||||||
Total distributions to shareholders: | (0.42) | (0.36) | (0.41) | (0.43) | (0.55) | ||||||||
Net asset value, end of year | $ | 8.59 | 10.17 | 10.14 | 10.13 | 9.82 | |||||||
Total return (a) | (11.39)% | 3.89 % | 4.26 % | 7.69 % | 1.59 % | ||||||||
Net assets, end of year (000s omitted) | $ | 565,634 | 732,494 | 616,839 | 603,277 | 529,485 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f) | 0.27 % | 0.28 % | 0.29 % | 0.32 % | 0.34 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f) | 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), (f) | 3.79 % | 3.52 % | 3.85 % | 4.05 % | 4.22 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f) | 3.46 % | 3.20 % | 3.54 % | 3.77 % | 3.96 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 29.22 % | 16.91 % | 17.21 % | 12.53 % | 11.36 % |
(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 July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.32%. |
(d) | 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%. |
(e) | 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%. |
(f) | 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 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of year | $ | 21.14 | 20.16 | 17.28 | 14.08 | 17.23 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.34 | 0.36 | 0.20 | 0.29 | 0.30 | ||||||||
Net realized and unrealized gains (losses) | (4.45) | 2.68 | 3.07 | 3.43 | (2.70) | ||||||||
Total from investment operations | (4.11) | 3.04 | 3.27 | 3.72 | (2.40) | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.16) | (0.42) | (0.17) | (0.30) | (0.29) | ||||||||
Net realized gain | (0.06) | (1.64) | (0.22) | (0.22) | (0.46) | ||||||||
Total distributions to shareholders: | (0.22) | (2.06) | (0.39) | (0.52) | (0.75) | ||||||||
Net asset value, end of year | $ | 16.81 | 21.14 | 20.16 | 17.28 | 14.08 | |||||||
Total return (a) | (19.45)% | 15.39 % | 19.02 % | 26.47 % | (14.01)% | ||||||||
Net assets, end of year (000s omitted) | $ | 878,046 | 1,090,945 | 867,784 | 711,851 | 524,708 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.66 % | 0.65 % | 0.66 % | 0.68 % | 0.68 % | ||||||||
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) | 1.99 % | 1.61 % | 1.17 % | 1.88 % | 1.79 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | 1.65 % | 1.26 % | 0.83 % | 1.56 % | 1.47 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 73.81 % | 39.50 % | 39.61 % | 49.69 % | 19.57 % |
(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 July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.70%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.30%. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.65%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.35%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
25 | (Continued) |
26 | (Continued) |
27 | (Continued) |
28 | (Continued) |
29 | (Continued) |
30 | (Continued) |
Tax-Exempt | Ordinary Income* | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Core Equity Fund | $ — | $ — | $ 9,858,156 | $ 8,635,604 | |||
Select Equity Fund | — | — | 3,612,091 | 20,817,295 | |||
Tax-Exempt Bond Fund | 24,829,757 | 23,486,921 | 398,516 | 44,388 | |||
International Fund | — | — | 8,561,325 | 28,115,277 | |||
Long-Term Capital Gains** | |||
2022 | 2021 | ||
Core Equity Fund | $ 893,896 | $ 18,748,250 | |
Select Equity Fund | 4,513,527 | 41,714,145 | |
Tax-Exempt Bond Fund | 4,760,355 | — | |
International Fund | 3,026,118 | 69,470,296 | |
* | In addition to the ordinary income distributions, during 2022 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: |
Core Equity Fund | $ 261,777 |
Select Equity Fund | $ 2,310 |
International Fund | $ 1,709,406 |
** | In addition to the long-term capital gain distributions, during 2022 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: |
31 | (Continued) |
Tax-Exempt Bond Fund | $ 989,083 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Undistributed ordinary income | $ 1,277,871 | $ 674,059 | $ — | $ 2,015,876 | |||
Accumulated capital losses and other | (8,577,516) | (39,762,181) | (3,009,914) | (17,776,353) | |||
Unrealized appreciation/depreciation | 265,798,011 | (34,937,403) | (87,037,428) | 137,104,999 | |||
Other temporary differences | — | — | (257,010) | — | |||
Total | $ 258,498,366 | $ (74,025,525) | $ (90,304,352) | $ 121,344,522 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Distributable earnings | $ (44,995,880) | $ (21,302,052) | $ (845,990) | $ (23,324,065) | |||
Additional paid-in capital | 44,995,880 | 21,302,052 | 845,990 | 23,324,065 |
32 | (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. |
33 | (Continued) |
• | 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 | $ 713,237,024 | $ — | $ — | $ 713,237,024 |
Rights | — | — | —* | —* |
Short-Term Investments | 4,611,528 | — | — | 4,611,528 |
Total | $ 717,848,552 | $ — | $ — | $ 717,848,552 |
* Security has been deemed worthless and is a Level 3 investment. |
34 | (Continued) |
Select Equity Fund (b) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 353,345,631 | $ — | $ — | $ 353,345,631 |
Escrows | — | — | —* | —* |
Short-Term Investments | 13,570,531 | — | — | 13,570,531 |
Total | $ 366,916,162 | $ — | $ — | $ 366,916,162 |
* 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 | $ 28,236,370 | $ — | $ — | $ 28,236,370 |
Municipal Bonds | ||||
Alabama | — | 1,048,831 | — | 1,048,831 |
Alaska | — | 910 | — | 910 |
Arizona | — | 7,923,267 | — | 7,923,267 |
Arkansas | — | 704,053 | — | 704,053 |
California | — | 28,566,614 | — | 28,566,614 |
Colorado | — | 36,518,074 | — | 36,518,074 |
Connecticut | — | 4,673,852 | — | 4,673,852 |
District of Columbia | — | 7,005,296 | — | 7,005,296 |
Florida | — | 81,698,473 | — | 81,698,473 |
Georgia | — | 8,279,910 | — | 8,279,910 |
Idaho | — | 2,651,362 | — | 2,651,362 |
Illinois | — | 24,865,764 | — | 24,865,764 |
Indiana | — | 8,943,741 | — | 8,943,741 |
Iowa | — | 5,705,791 | — | 5,705,791 |
Kansas | — | 2,265,477 | — | 2,265,477 |
Louisiana | — | 9,523,353 | — | 9,523,353 |
Maine | — | 895,040 | — | 895,040 |
Maryland | — | 4,313,655 | — | 4,313,655 |
Massachusetts | — | 13,850,117 | — | 13,850,117 |
Michigan | — | 17,000,291 | — | 17,000,291 |
Minnesota | — | 11,182,625 | — | 11,182,625 |
Mississippi | — | 2,818,667 | — | 2,818,667 |
35 | (Continued) |
Tax-Exempt Bond Fund (c) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Missouri | $ — | $ 7,539,254 | $ — | $ 7,539,254 |
Montana | — | 2,548,965 | — | 2,548,965 |
Nebraska | — | 1,888,709 | — | 1,888,709 |
Nevada | — | 3,731,925 | — | 3,731,925 |
New Hampshire | — | 1,354,558 | — | 1,354,558 |
New Jersey | — | 17,863,798 | — | 17,863,798 |
New Mexico | — | 10,792,689 | — | 10,792,689 |
New York | — | 30,400,693 | — | 30,400,693 |
North Carolina | — | 6,873,007 | — | 6,873,007 |
North Dakota | — | 2,862,950 | — | 2,862,950 |
Ohio | — | 23,275,294 | — | 23,275,294 |
Oklahoma | — | 4,109,678 | — | 4,109,678 |
Oregon | — | 6,309,336 | — | 6,309,336 |
Pennsylvania | — | 13,286,505 | — | 13,286,505 |
Rhode Island | — | 1,706,708 | — | 1,706,708 |
South Carolina | — | 5,410,502 | — | 5,410,502 |
South Dakota | — | 1,538,504 | — | 1,538,504 |
Tennessee | — | 11,347,394 | — | 11,347,394 |
Texas | — | 33,965,506 | — | 33,965,506 |
Utah | — | 13,427,648 | — | 13,427,648 |
Vermont | — | 1,188,307 | — | 1,188,307 |
Virginia | — | 4,088,649 | — | 4,088,649 |
Washington | — | 8,175,941 | — | 8,175,941 |
West Virginia | — | 1,784,936 | — | 1,784,936 |
Wisconsin | — | 14,506,490 | — | 14,506,490 |
Wyoming | — | 364,573 | — | 364,573 |
Short-Term Investments | 11,705,149 | — | — | 11,705,149 |
Total | $ 39,941,519 | $ 510,777,682 | $ — | $ 550,719,201 |
36 | (Continued) |
Tax-Exempt Bond Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||
Assets | ||||||||
Futures contracts | $ 1,243,283 | $ — | $ — | $ 1,243,283 | ||||
Liabilities | ||||||||
Futures contracts | (72,384) | — | — | (72,384) | ||||
Net Other Financial Instruments | $ 1,170,899 | $ — | $ — | $ 1,170,899 |
International Fund (d) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Brazil | $ 2,475,578 | $ 3,372,332 | $ — | $ 5,847,910 |
Egypt | — | 186,888 | — | 186,888 |
Israel | 107,816 | 3,934,532 | — | 4,042,348 |
Russia | — | — | —* | — |
South Korea | — | 16,452,496 | — | 16,452,496 |
Thailand | — | 1,801,340 | — | 1,801,340 |
All other countries | 813,928,917 | — | — | 813,928,917 |
Participatory Notes | 3,187,113 | — | — | 3,187,113 |
Preferred Stocks | 2,108,902 | 3,772,104 | — | 5,881,006 |
Short-Term Investments | 27,584,074 | — | — | 27,584,074 |
Total | $ 849,392,400 | $ 29,519,692 | $ — | $ 878,912,092 |
* Security has been deemed worthless and is a Level 3 investment. |
37 | (Continued) |
Purchases | Sales | |||
Core Equity Fund | $ 475,957,103 | $ 478,492,350 | ||
Select Equity Fund | 222,549,095 | 276,465,632 | ||
Tax-Exempt Bond Fund | 180,944,868 | 206,424,112 | ||
International Fund | 655,753,484 | 650,566,004 | ||
Funds | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Cost Basis of Investments | ||||
Core Equity Fund | $ 281,333,086 | $ (18,152,068) | $ 263,181,018 | $ 454,667,534 | ||||
Select Equity Fund | 34,840,014 | (73,935,542) | (39,095,528) | 406,010,309 | ||||
Tax-Exempt Bond Fund | 5,064,771 | (92,102,197) | (87,037,426) | 637,756,628 | ||||
International Fund | 204,127,115 | (75,033,612) | 129,093,503 | 749,818,589 | ||||
Core Equity Fund | Select Equity Fund | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Sold | 3,253,680 | 1,900,566 | 6,428,117 | 4,425,359 | |||
Issued for reinvestment of distributions | 185,284 | 411,726 | 529,356 | 3,275,613 | |||
Redeemed | (3,531,380) | (573,574) | (9,785,689) | (3,368,880) | |||
Net increase (decrease) | (92,416) | 1,738,718 | (2,828,216) | 4,332,092 |
38 | (Continued) |
Tax-Exempt Bond Fund | International Fund | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Sold | 28,665,852 | 12,325,152 | 9,105,670 | 6,394,897 | |||
Issued for reinvestment of distributions | 3,372,319 | 2,316,277 | 678,819 | 4,762,595 | |||
Redeemed | (38,269,711) | (3,432,088) | (9,177,483) | (2,579,497) | |||
Net increase (decrease) | (6,231,540) | 11,209,341 | 607,006 | 8,577,995 |
Short-Term | Long-Term | Total | |
Core Equity Fund | $ 5,962,900 | $ — | $ 5,962,900 |
Select Equity Fund | 30,078,156 | 5,527,357 | 35,605,513 |
International Fund | 13,325,523 | — | 13,325,523 |
39 | (Continued) |
Management Fees Voluntary Waivers | |||||
Voluntary Waiver % Prior to April 1, 2022 | Voluntary Waiver % Effective from April 1, 2022 to July 1, 2022 | Voluntary Waiver % Effective July 1, 2022 | |||
Core Equity Fund | (0.65) | (0.64) | (0.63) | ||
Select Equity Fund | (0.46) | (0.42) | (0.38) | ||
Tax-Exempt Bond Fund | (0.33) | (0.33) | (0.32) | ||
International Fund | (0.40) | (0.35) | (0.30) |
40 | (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 | 1,243,283* | Unrealized depreciation on futures contracts | $ 72,384* | RBC Capital Markets, LLC |
* | 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. |
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 | $ 19,066,904 | Tax-Exempt Bond Fund | Futures contracts | Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts | $ 2,011,518 | |
International Fund | Forward foreign currency exchange contracts | Net realized gain (loss) on forward foreign currency exchange contracts | $ 301,677 | International Fund | Forward foreign currency exchange contracts | Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts | $ (16,175) | |
41 | (Continued) |
Tax-Exempt Bond Fund | |
Future Contracts | |
Number of Transactions | Weighted Average Notional Amount |
2,145 | $ 28,246,378 |
International Fund | |
Forward Foreign Currency Exchange Contracts | |
Number of Transactions | Weighted Average Notional Amount |
6 | $ 2,868,724 |
Average Amount Oustanding for Days in Use | Days Used | ||
Core Equity Fund | $ 17,908 | 144 | |
Select Equity Fund | 71,845 | 101 | |
International Fund | 53,683 | 82 | |
42 | (Continued) |
43 | (Continued) |
Gross Amounts of Securities Loaned in Statement of Assets and Liabilities | % of Net Assets | Cash Collateral Received | |
Select Equity Fund | $ 1,201,318 | 0.33 % | $ 1,246,096 |
International Fund | 3,844,351 | 0.44 % | 4,812,451 |
44 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
10,603 | ACTIVISION BLIZZARD, INC. | $ 471,997 | 811,660 | |||||
142,045 | ALPHABET, INC., CLASS A(b) | 6,331,333 | 12,532,630 | |||||
68,780 | ALPHABET, INC., CLASS C(b) | 2,127,450 | 6,102,850 | |||||
225,080 | AT&T, INC. | 3,848,892 | 4,143,723 | |||||
29 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 1,583 | 9,834 | |||||
3,318 | CINEMARK HOLDINGS, INC.(b) | 38,609 | 28,734 | |||||
65,036 | COMCAST CORP., CLASS A | 868,742 | 2,274,309 | |||||
2,700 | DISH NETWORK CORP., CLASS A(b) | 40,762 | 37,908 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 27,355 | |||||
11,266 | ELECTRONIC ARTS, INC. | 280,102 | 1,376,480 | |||||
8,874 | FOX CORP., CLASS A | 276,478 | 269,503 | |||||
60,288 | INTERPUBLIC GROUP OF (THE) COS., INC. | 2,013,040 | 2,008,193 | |||||
2,357 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 19,507 | 44,618 | |||||
16,102 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 369,480 | 312,862 | |||||
400 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 14,110 | 23,912 | |||||
272,609 | LUMEN TECHNOLOGIES, INC. | 2,718,428 | 1,423,019 | |||||
1,749 | MATCH GROUP, INC.(b) | 57,853 | 72,566 | |||||
41,857 | META PLATFORMS, INC., CLASS A(b) | 2,896,640 | 5,037,071 | |||||
5,774 | NETFLIX, INC.(b) | 1,228,626 | 1,702,637 | |||||
2,375 | NEWS CORP., CLASS A | 7,170 | 43,225 | |||||
2,595 | OMNICOM GROUP, INC. | 81,950 | 211,674 | |||||
6,601 | PARAMOUNT GLOBAL, CLASS B | 115,540 | 111,425 | |||||
23,213 | PLAYTIKA HOLDING CORP.(b)(c) | �� | 254,219 | 197,543 | ||||
2,000 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 216,815 | 208,260 | |||||
13,422 | T-MOBILE U.S., INC.(b) | 1,037,307 | 1,879,080 | |||||
53,083 | VERIZON COMMUNICATIONS, INC. | 1,724,357 | 2,091,470 | |||||
31,518 | WALT DISNEY (THE) CO.(b) | 1,184,195 | 2,738,284 | |||||
35,646 | WARNER BROS. DISCOVERY, INC.(b) | 547,020 | 337,924 | |||||
500 | WORLD WRESTLING ENTERTAINMENT, INC., CLASS A | 26,374 | 34,260 | |||||
28,819,629 | 46,093,009 | 6.42% | ||||||
Consumer Discretionary: | ||||||||
9,498 | ADT, INC. | 36,940 | 86,147 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,558 | 220,545 | |||||
139,011 | AMAZON.COM, INC.(b) | 10,340,877 | 11,676,924 | |||||
3,400 | APTIV PLC(b)(c) | 303,982 | 316,642 | |||||
1,200 | ARAMARK | 23,697 | 49,608 | |||||
67 | AUTOLIV, INC.(c) | 852 | 5,131 | |||||
5,713 | AUTONATION, INC.(b) | 632,533 | 613,005 | |||||
1,992 | AUTOZONE, INC.(b) | 2,902,314 | 4,912,631 | |||||
46,771 | BATH & BODY WORKS, INC. | 1,357,823 | 1,970,930 | |||||
10,519 | BEST BUY CO., INC. | 456,135 | 843,729 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 20,580 | |||||
708 | BOOKING HOLDINGS, INC.(b) | 1,305,019 | 1,426,818 | |||||
4,600 | BORGWARNER, INC. | 59,109 | 185,150 | |||||
1,568 | CARMAX, INC.(b) | 22,540 | 95,476 | |||||
12,700 | CARNIVAL CORP.(b) | 108,018 | 102,362 | |||||
400 | CHIPOTLE MEXICAN GRILL, INC.(b) | 558,552 | 554,996 | |||||
100 | D.R. HORTON, INC. | 7,532 | 8,914 | |||||
7,792 | DARDEN RESTAURANTS, INC. | 913,212 | 1,077,867 | |||||
5,089 | DOLLAR GENERAL CORP. | 638,587 | 1,253,166 | |||||
2,024 | DOLLAR TREE, INC.(b) | 39,654 | 286,275 | |||||
3,090 | DOMINO'S PIZZA, INC. | 1,162,865 | 1,070,376 | |||||
5,900 | EBAY, INC. | 115,326 | 244,673 | |||||
1,400 | ETSY, INC.(b) | 138,878 | 167,692 | |||||
3,288 | EXPEDIA GROUP, INC.(b) | 285,337 | 288,029 | |||||
559 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 17,602 | 38,923 | |||||
323,256 | FORD MOTOR CO. | 4,323,022 | 3,759,467 | |||||
2,200 | GARMIN LTD.(c) | 40,557 | 203,038 | |||||
13,500 | GENERAL MOTORS CO. | 492,340 | 454,140 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 598,610 | |||||
5,080 | H&R BLOCK, INC. | 186,920 | 185,471 | |||||
2,000 | HANESBRANDS, INC. | 10,096 | 12,720 | |||||
426 | HASBRO, INC. | 12,602 | 25,990 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC. | 115,613 | 202,176 | |||||
18,626 | HOME DEPOT (THE), INC. | 3,410,494 | 5,883,208 |
45 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
2,535 | LAS VEGAS SANDS CORP.(b) | $ 21,685 | 121,857 | |||||
761 | LENNAR CORP., CLASS A | 29,757 | 68,871 | |||||
18,920 | LKQ CORP. | 587,037 | 1,010,517 | |||||
13,352 | LOWE'S COS., INC. | 2,553,401 | 2,660,253 | |||||
188 | LULULEMON ATHLETICA, INC.(b)(c) | 28,278 | 60,231 | |||||
28,699 | MACY'S, INC. | 516,792 | 592,634 | |||||
2,938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61,838 | 437,439 | |||||
11,198 | MCDONALD'S CORP. | 1,759,109 | 2,951,009 | |||||
29,985 | MGM RESORTS INTERNATIONAL | 1,257,906 | 1,005,397 | |||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 61,332 | |||||
5,215 | NEWELL BRANDS, INC. | 56,948 | 68,212 | |||||
16,567 | NIKE, INC., CLASS B | 987,686 | 1,938,505 | |||||
2,273 | NORDSTROM, INC. | 23,910 | 36,686 | |||||
360 | NVR, INC.(b) | 1,234,067 | 1,660,529 | |||||
1,458 | O'REILLY AUTOMOTIVE, INC.(b) | 980,795 | 1,230,596 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 540,976 | |||||
600 | PLANET FITNESS, INC., CLASS A(b) | 30,204 | 47,280 | |||||
870 | POOL CORP. | 187,171 | 263,027 | |||||
20,406 | PULTEGROUP, INC. | 925,632 | 929,085 | |||||
954 | PVH CORP. | 41,351 | 67,343 | |||||
1,943 | ROSS STORES, INC. | 173,200 | 225,524 | |||||
22,087 | ROYAL CARIBBEAN CRUISES LTD.(b) | 860,666 | 1,091,760 | |||||
2,108 | SIX FLAGS ENTERTAINMENT CORP.(b) | 31,718 | 49,011 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,331,200 | |||||
17,306 | TAPESTRY, INC. | 564,920 | 659,012 | |||||
12,452 | TARGET CORP. | 1,518,658 | 1,855,846 | |||||
43,049 | TESLA, INC.(b) | 8,294,101 | 5,302,776 | |||||
20,088 | TJX (THE) COS., INC. | 85,607 | 1,599,005 | |||||
3,067 | TOLL BROTHERS, INC. | 133,898 | 153,105 | |||||
600 | TRACTOR SUPPLY CO. | 111,014 | 134,982 | |||||
23,166 | TRAVEL + LEISURE CO. | 477,832 | 843,242 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 328,349 | |||||
8,993 | VF CORP. | 143,914 | 248,297 | |||||
2,000 | WENDY'S (THE) CO. | 28,853 | 45,260 | |||||
4,341 | WHIRLPOOL CORP. | 542,526 | 614,078 | |||||
14,497 | WILLIAMS-SONOMA, INC. | 2,010,698 | 1,665,995 | |||||
600 | WYNDHAM HOTELS & RESORTS, INC. | 19,889 | 42,786 | |||||
1,554 | WYNN RESORTS LTD.(b) | 31,066 | 128,158 | |||||
57,119,334 | 71,911,574 | 10.01% | ||||||
Consumer Staples: | ||||||||
74,531 | ALTRIA GROUP, INC. | 3,538,038 | 3,406,812 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 956,355 | |||||
287 | BELLRING BRANDS, INC.(b) | 2,119 | 7,359 | |||||
22,180 | CHURCH & DWIGHT CO., INC. | 1,423,092 | 1,787,930 | |||||
73,170 | COCA-COLA (THE) CO. | 1,830,862 | 4,654,344 | |||||
9,380 | COLGATE-PALMOLIVE CO. | 630,848 | 739,050 | |||||
2,300 | CONAGRA BRANDS, INC. | 40,014 | 89,010 | |||||
1,823 | CONSTELLATION BRANDS, INC., CLASS A | 251,171 | 422,480 | |||||
4,349 | COSTCO WHOLESALE CORP. | 662,735 | 1,985,318 | |||||
3,235 | ESTEE LAUDER (THE) COS., INC., CLASS A | 654,555 | 802,636 | |||||
27,376 | GENERAL MILLS, INC. | 1,471,041 | 2,295,478 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 380,238 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 218,640 | |||||
500 | INGREDION, INC. | 20,438 | 48,965 | |||||
1,300 | J M SMUCKER (THE) CO. | 60,305 | 205,998 | |||||
4,016 | KEURIG DR. PEPPER, INC. | 54,242 | 143,211 | |||||
3,750 | KIMBERLY-CLARK CORP. | 334,238 | 509,062 | |||||
3,905 | KRAFT HEINZ (THE) CO. | 34,111 | 158,973 | |||||
69,810 | KROGER (THE) CO. | 1,954,881 | 3,112,130 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 163,797 | |||||
2,900 | MCCORMICK & CO., INC. (NON VOTING) | 141,535 | 240,381 | |||||
3,289 | MOLSON COORS BEVERAGE CO., CLASS B | 133,148 | 169,449 | |||||
17,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 803,237 | 1,197,634 | |||||
5,090 | MONSTER BEVERAGE CORP.(b) | 220,817 | 516,788 | |||||
48,272 | PEPSICO, INC. | 5,799,595 | 8,720,819 | |||||
19,402 | PHILIP MORRIS INTERNATIONAL, INC. | 1,528,804 | 1,963,676 | |||||
400 | POST HOLDINGS, INC.(b) | 21,172 | 36,104 |
46 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
35,745 | PROCTER & GAMBLE (THE) CO. | $ 2,015,529 | 5,417,512 | |||||
7,100 | SYSCO CORP. | 110,707 | 542,795 | |||||
67,557 | TYSON FOODS, INC., CLASS A | 4,902,802 | 4,205,423 | |||||
1,400 | US FOODS HOLDING CORP.(b) | 23,726 | 47,628 | |||||
72,922 | WALGREENS BOOTS ALLIANCE, INC. | 2,264,006 | 2,724,366 | |||||
31,809 | WALMART, INC. | 3,350,711 | 4,510,198 | |||||
34,644,142 | 52,380,559 | 7.29% | ||||||
Energy: | ||||||||
81,700 | APA CORP. | 2,790,005 | 3,813,756 | |||||
30,413 | BAKER HUGHES CO. | 901,983 | 898,096 | |||||
300 | CHENIERE ENERGY, INC. | 26,442 | 44,988 | |||||
41,420 | CHEVRON CORP. | 2,699,709 | 7,434,476 | |||||
35,863 | CONOCOPHILLIPS | 1,324,659 | 4,231,834 | |||||
39,488 | COTERRA ENERGY, INC. | 733,249 | 970,220 | |||||
28,135 | DEVON ENERGY CORP. | 1,174,862 | 1,730,584 | |||||
100 | DIAMONDBACK ENERGY, INC. | 16,350 | 13,678 | |||||
1,094 | ENBRIDGE, INC.(c) | 16,716 | 42,775 | |||||
15,526 | EOG RESOURCES, INC. | 955,748 | 2,010,927 | |||||
4,000 | EQT CORP. | 176,745 | 135,320 | |||||
92,900 | EXXON MOBIL CORP. | 6,676,932 | 10,246,870 | |||||
11,800 | HALLIBURTON CO. | 466,636 | 464,330 | |||||
2,600 | HESS CORP. | 90,342 | 368,732 | |||||
200 | HF SINCLAIR CORP. | 6,026 | 10,378 | |||||
26,112 | KINDER MORGAN, INC. | 315,168 | 472,105 | |||||
47,062 | MARATHON OIL CORP. | 980,098 | 1,273,968 | |||||
19,712 | MARATHON PETROLEUM CORP. | 1,761,256 | 2,294,280 | |||||
17,213 | OCCIDENTAL PETROLEUM CORP. | 678,152 | 1,084,247 | |||||
5,800 | ONEOK, INC. | 148,297 | 381,060 | |||||
23,023 | OVINTIV, INC. | 1,180,258 | 1,167,496 | |||||
7,708 | PDC ENERGY, INC. | 412,007 | 489,304 | |||||
6,645 | PHILLIPS 66 | 462,345 | 691,612 | |||||
3,756 | PIONEER NATURAL RESOURCES CO. | 572,091 | 857,833 | |||||
18,533 | SCHLUMBERGER LTD. | 596,707 | 990,774 | |||||
2,900 | TARGA RESOURCES CORP. | 189,675 | 213,150 | |||||
21,715 | VALERO ENERGY CORP. | 1,752,496 | 2,754,765 | |||||
16,000 | WILLIAMS (THE) COS., INC. | 276,442 | 526,400 | |||||
27,381,396 | 45,613,958 | 6.35% | ||||||
Financials: | ||||||||
7,579 | AFLAC, INC. | 428,997 | 545,233 | |||||
8,300 | ALLSTATE (THE) CORP. | 197,623 | 1,125,480 | |||||
7,933 | AMERICAN EXPRESS CO. | 715,083 | 1,172,101 | |||||
408 | AMERICAN FINANCIAL GROUP, INC. | 25,156 | 56,010 | |||||
72,704 | AMERICAN INTERNATIONAL GROUP, INC. | 4,024,066 | 4,597,801 | |||||
7,065 | AMERIPRISE FINANCIAL, INC. | 622,526 | 2,199,829 | |||||
3,400 | ANNALY CAPITAL MANAGEMENT, INC. | 70,803 | 71,672 | |||||
2,548 | AON PLC, CLASS A | 406,718 | 764,757 | |||||
3,211 | ARCH CAPITAL GROUP LTD.(b)(c) | 104,134 | 201,587 | |||||
2,400 | ARTHUR J. GALLAGHER & CO. | 99,202 | 452,496 | |||||
4,900 | ASSURANT, INC. | 218,575 | 612,794 | |||||
700 | AXIS CAPITAL HOLDINGS LTD.(c) | 20,574 | 37,919 | |||||
120,261 | BANK OF AMERICA CORP. | 1,335,735 | 3,983,044 | |||||
45,950 | BANK OF NEW YORK MELLON (THE) CORP. | 2,123,580 | 2,091,644 | |||||
30,451 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 4,819,937 | 9,406,314 | |||||
2,000 | BLACKROCK, INC. | 1,291,017 | 1,417,260 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 96,849 | |||||
12,730 | CAPITAL ONE FINANCIAL CORP. | 926,619 | 1,183,381 | |||||
17,908 | CHARLES SCHWAB (THE) CORP. | 189,651 | 1,491,020 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 1,143,811 | |||||
200 | CINCINNATI FINANCIAL CORP. | 20,055 | 20,478 | |||||
114,132 | CITIGROUP, INC. | 6,182,672 | 5,162,190 | |||||
6,600 | CITIZENS FINANCIAL GROUP, INC. | 265,556 | 259,842 | |||||
4,794 | CME GROUP, INC. | 685,657 | 806,159 | |||||
1,700 | COMERICA, INC. | 120,365 | 113,645 | |||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 237,200 | |||||
6,115 | DISCOVER FINANCIAL SERVICES | 638,105 | 598,230 | |||||
52,133 | EQUITABLE HOLDINGS, INC. | 1,589,113 | 1,496,217 | |||||
400 | EVEREST RE GROUP LTD.(c) | 101,540 | 132,508 |
47 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | $ 86,576 | 278,642 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 346,638 | |||||
933 | FIRST AMERICAN FINANCIAL CORP. | 42,460 | 48,833 | |||||
2,400 | FIRST REPUBLIC BANK | 268,649 | 292,536 | |||||
100 | GLOBE LIFE, INC. | 11,345 | 12,055 | |||||
7,610 | GOLDMAN SACHS GROUP (THE), INC. | 814,108 | 2,613,122 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 405,390 | |||||
1,800 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 71,328 | 136,494 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,603 | 618,229 | |||||
7,305 | INTERCONTINENTAL EXCHANGE, INC. | 652,242 | 749,420 | |||||
1,703 | JANUS HENDERSON GROUP PLC(c) | 23,890 | 40,055 | |||||
50,092 | JPMORGAN CHASE & CO. | 2,064,862 | 6,717,337 | |||||
61,371 | KEYCORP | 1,178,677 | 1,069,083 | |||||
4,364 | LINCOLN NATIONAL CORP. | 209,320 | 134,062 | |||||
3,476 | LOEWS CORP. | 201,141 | 202,755 | |||||
4,193 | LPL FINANCIAL HOLDINGS, INC. | 1,038,607 | 906,401 | |||||
1,800 | M&T BANK CORP. | 285,250 | 261,108 | |||||
100 | MARKETAXESS HOLDINGS, INC. | 23,831 | 27,889 | |||||
9,184 | MARSH & MCLENNAN COS., INC. | 791,828 | 1,519,768 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 44,460 | |||||
12,031 | METLIFE, INC. | 663,194 | 870,683 | |||||
1,000 | MOODY'S CORP. | 254,700 | 278,620 | |||||
34,252 | MORGAN STANLEY | 792,479 | 2,912,105 | |||||
1,000 | MSCI, INC. | 462,200 | 465,170 | |||||
7,432 | NASDAQ, INC. | 196,677 | 455,953 | |||||
2,700 | NORTHERN TRUST CORP. | 230,167 | 238,923 | |||||
527 | PACWEST BANCORP | 9,497 | 12,095 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,123,585 | |||||
13,365 | POPULAR, INC. | 470,234 | 886,367 | |||||
8,309 | PRINCIPAL FINANCIAL GROUP, INC. | 588,751 | 697,291 | |||||
13,893 | PROGRESSIVE (THE) CORP. | 1,313,327 | 1,802,061 | |||||
8,503 | PRUDENTIAL FINANCIAL, INC. | 489,667 | 845,708 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 112,192 | |||||
11,339 | REGIONS FINANCIAL CORP. | 71,109 | 244,469 | |||||
4,935 | S&P GLOBAL, INC. | 1,567,514 | 1,652,929 | |||||
700 | SEI INVESTMENTS CO. | 11,200 | 40,810 | |||||
800 | SIGNATURE BANK | 118,712 | 92,176 | |||||
8,252 | SLM CORP. | 56,805 | 136,983 | |||||
1,200 | STATE STREET CORP. | 76,367 | 93,084 | |||||
64,134 | SYNCHRONY FINANCIAL | 1,543,410 | 2,107,443 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 387,054 | |||||
3,620 | TRAVELERS (THE) COS., INC. | 282,948 | 678,714 | |||||
17,394 | TRUIST FINANCIAL CORP. | 435,720 | 748,464 | |||||
18,864 | UNUM GROUP | 738,155 | 773,990 | |||||
17,685 | US BANCORP | 322,716 | 771,243 | |||||
11,782 | W R BERKLEY CORP. | 230,551 | 855,020 | |||||
63,264 | WELLS FARGO & CO. | 1,380,744 | 2,612,171 | |||||
2,187 | WESTERN ALLIANCE BANCORP | 50,918 | 130,258 | |||||
1,400 | WILLIS TOWERS WATSON PLC(c) | 296,717 | 342,412 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 127,816 | |||||
49,529,308 | 80,397,537 | 11.20% | ||||||
Health Care: | ||||||||
23,034 | ABBOTT LABORATORIES | 1,295,914 | 2,528,903 | |||||
40,367 | ABBVIE, INC. | 3,771,950 | 6,523,711 | |||||
5,457 | AGILENT TECHNOLOGIES, INC. | 615,446 | 816,640 | |||||
1,136 | ALIGN TECHNOLOGY, INC.(b) | 289,357 | 239,582 | |||||
5,700 | AMERISOURCEBERGEN CORP. | 95,209 | 944,547 | |||||
19,960 | AMGEN, INC. | 3,971,760 | 5,242,294 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 5,223 | |||||
1,900 | AVANTOR, INC.(b) | 21,140 | 40,071 | |||||
4,300 | BAXTER INTERNATIONAL, INC. | 247,835 | 219,171 | |||||
1,709 | BECTON DICKINSON AND CO. | 76,277 | 434,599 | |||||
1,700 | BIOGEN, INC.(b) | 476,744 | 470,764 | |||||
100 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 37,890 | 42,049 | |||||
800 | BIO-TECHNE CORP. | 61,669 | 66,304 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,517,656 | |||||
73,936 | BRISTOL-MYERS SQUIBB CO. | 4,212,046 | 5,319,695 |
48 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
16,829 | CARDINAL HEALTH, INC. | $ 1,160,219 | 1,293,645 | |||||
1,700 | CATALENT, INC.(b) | 80,806 | 76,517 | |||||
10,343 | CENTENE CORP.(b) | 607,189 | 848,229 | |||||
200 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 44,723 | 43,580 | |||||
4,996 | CIGNA CORP. | 978,289 | 1,655,375 | |||||
30,166 | CVS HEALTH CORP. | 1,988,657 | 2,811,169 | |||||
8,460 | DANAHER CORP. | 478,381 | 2,245,453 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 169,771 | |||||
6,000 | DEXCOM, INC.(b) | 87,312 | 679,440 | |||||
7,000 | EDWARDS LIFESCIENCES CORP.(b) | 607,360 | 522,270 | |||||
7,488 | ELEVANCE HEALTH, INC. | 3,217,030 | 3,841,119 | |||||
10,644 | ELI LILLY & CO. | 711,569 | 3,894,001 | |||||
32,267 | GILEAD SCIENCES, INC. | 1,407,770 | 2,770,122 | |||||
100 | HCA HEALTHCARE, INC. | 21,749 | 23,996 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 303,506 | |||||
15,188 | HOLOGIC, INC.(b) | 681,592 | 1,136,214 | |||||
6,925 | HORIZON THERAPEUTICS PLC(b) | 168,428 | 788,065 | |||||
1,859 | HUMANA, INC. | 681,902 | 952,161 | |||||
1,000 | IDEXX LABORATORIES, INC.(b) | 257,727 | 407,960 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 465,060 | |||||
900 | INCYTE CORP.(b) | 68,319 | 72,288 | |||||
4,700 | INTUITIVE SURGICAL, INC.(b) | 872,294 | 1,247,145 | |||||
1,000 | IONIS PHARMACEUTICALS, INC.(b) | 28,025 | 37,770 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,154,350 | |||||
44,486 | JOHNSON & JOHNSON | 5,151,127 | 7,858,452 | |||||
842 | LABORATORY CORP. OF AMERICA HOLDINGS | 53,269 | 198,274 | |||||
300 | MASIMO CORP.(b) | 35,481 | 44,385 | |||||
13,660 | MCKESSON CORP. | 2,773,559 | 5,124,139 | |||||
17,300 | MEDTRONIC PLC(c) | 1,429,781 | 1,344,556 | |||||
39,478 | MERCK & CO., INC. | 1,057,231 | 4,380,084 | |||||
9,699 | MODERNA, INC.(b) | 1,318,031 | 1,742,134 | |||||
1,172 | MOLINA HEALTHCARE, INC.(b) | 198,227 | 387,018 | |||||
300 | NEUROCRINE BIOSCIENCES, INC.(b) | 23,979 | 35,832 | |||||
3,547 | ORGANON & CO. | 39,446 | 99,068 | |||||
300 | PENUMBRA, INC.(b) | 36,663 | 66,738 | |||||
1,600 | PERKINELMER, INC. | 206,749 | 224,352 | |||||
170,490 | PFIZER, INC. | 6,713,946 | 8,735,908 | |||||
6,324 | QUEST DIAGNOSTICS, INC. | 903,745 | 989,327 | |||||
1,324 | REGENERON PHARMACEUTICALS, INC.(b) | 694,217 | 955,253 | |||||
118 | REPLIGEN CORP.(b) | 18,818 | 19,979 | |||||
4,000 | RESMED, INC. | 81,990 | 832,520 | |||||
1,000 | ROYALTY PHARMA PLC, CLASS A | 37,137 | 39,520 | |||||
1,200 | STERIS PLC | 207,491 | 221,628 | |||||
1,200 | STRYKER CORP. | 271,612 | 293,388 | |||||
1,800 | TELEFLEX, INC. | 170,428 | 449,334 | |||||
5,122 | THERMO FISHER SCIENTIFIC, INC. | 2,002,198 | 2,820,634 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,701,355 | |||||
19,695 | UNITEDHEALTH GROUP, INC. | 5,858,309 | 10,441,895 | |||||
2,838 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 257,448 | 399,846 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 38,164 | |||||
499 | VEEVA SYSTEMS, INC., CLASS A(b) | 19,015 | 80,529 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 439,107 | 866,340 | |||||
179,950 | VIATRIS, INC. | 1,758,649 | 2,002,843 | |||||
4,498 | WATERS CORP.(b) | 417,656 | 1,540,925 | |||||
3,374 | ZIMMER BIOMET HOLDINGS, INC. | 135,863 | 430,185 | |||||
6,047 | ZOETIS, INC. | 858,592 | 886,188 | |||||
64,181,448 | 107,101,208 | 14.91% | ||||||
Industrials: | ||||||||
19,380 | 3M CO. | 1,910,427 | 2,324,050 | |||||
1,400 | A O SMITH CORP. | 72,742 | 80,136 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 552,806 | |||||
5,973 | AGCO CORP. | 421,122 | 828,395 | |||||
4,300 | ALASKA AIR GROUP, INC.(b) | 190,651 | 184,642 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 161,364 | |||||
5,175 | AMETEK, INC. | 73,220 | 723,051 | |||||
3,302 | AVIS BUDGET GROUP, INC.(b) | 504,237 | 541,297 | |||||
5,087 | BOEING (THE) CO.(b) | 553,526 | 969,023 |
49 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
19,039 | BOOZ ALLEN HAMILTON HOLDING CORP. | $ 1,537,140 | 1,989,956 | |||||
12,603 | BUILDERS FIRSTSOURCE, INC.(b) | 757,761 | 817,683 | |||||
800 | BWX TECHNOLOGIES, INC. | 36,143 | 46,464 | |||||
1,200 | C.H. ROBINSON WORLDWIDE, INC. | 108,946 | 109,872 | |||||
796 | CARLISLE COS., INC. | 69,242 | 187,577 | |||||
10,840 | CARRIER GLOBAL CORP. | 64,437 | 447,150 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 2,516,338 | |||||
2,600 | CHARGEPOINT HOLDINGS, INC.(b) | 35,063 | 24,778 | |||||
5,347 | CINTAS CORP. | 1,092,834 | 2,414,812 | |||||
4,000 | COPART, INC.(b) | 143,195 | 243,560 | |||||
5,200 | COSTAR GROUP, INC.(b) | 417,851 | 401,856 | |||||
36,272 | CSX CORP. | 810,618 | 1,123,707 | |||||
1,600 | CUMMINS, INC. | 317,297 | 387,664 | |||||
3,193 | DEERE & CO. | 101,416 | 1,369,031 | |||||
8,440 | DELTA AIR LINES, INC.(b) | 243,886 | 277,338 | |||||
1,625 | DOVER CORP. | 45,656 | 220,041 | |||||
11,904 | EATON CORP. PLC | 223,705 | 1,868,333 | |||||
900 | EQUIFAX, INC. | 149,184 | 174,924 | |||||
2,873 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 230,506 | 298,562 | |||||
200 | FASTENAL CO. | 9,916 | 9,464 | |||||
2,756 | FEDEX CORP. | 179,296 | 477,339 | |||||
9,776 | FORTIVE CORP. | 401,179 | 628,108 | |||||
1,500 | FORTUNE BRANDS INNOVATIONS, INC. | 75,143 | 85,665 | |||||
100 | GENERAC HOLDINGS, INC.(b) | 11,955 | 10,066 | |||||
4,928 | GENERAL DYNAMICS CORP. | 984,665 | 1,222,686 | |||||
11,346 | GENERAL ELECTRIC CO. | 773,898 | 950,681 | |||||
275 | HEICO CORP. | 19,276 | 42,251 | |||||
356 | HEICO CORP., CLASS A | 18,996 | 42,667 | |||||
9,288 | HONEYWELL INTERNATIONAL, INC. | 284,831 | 1,990,418 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 986,787 | |||||
8,994 | HUBBELL, INC. | 2,111,391 | 2,110,712 | |||||
25 | HUNTINGTON INGALLS INDUSTRIES, INC. | 5,066 | 5,767 | |||||
1,300 | IAA, INC.(b) | 39,765 | 52,000 | |||||
2,271 | IDEX CORP. | 140,770 | 518,537 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 1,062,727 | |||||
4,482 | INGERSOLL RAND, INC. | 120,963 | 234,185 | |||||
1,468 | JACOBS SOLUTIONS, INC. | 29,713 | 176,263 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 366,156 | |||||
8,959 | JOHNSON CONTROLS INTERNATIONAL PLC | 529,165 | 573,376 | |||||
803 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 34,320 | 42,085 | |||||
4,542 | L3HARRIS TECHNOLOGIES, INC. | 439,392 | 945,690 | |||||
5,752 | LOCKHEED MARTIN CORP. | 2,421,259 | 2,798,291 | |||||
11,762 | MANPOWERGROUP, INC. | 914,601 | 978,716 | |||||
31,690 | MASCO CORP. | 1,814,315 | 1,478,972 | |||||
1,500 | MASTERBRAND, INC.(b) | 12,784 | 11,325 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 248,286 | |||||
700 | NORDSON CORP. | 155,771 | 166,404 | |||||
2,677 | NORFOLK SOUTHERN CORP. | 457,213 | 659,666 | |||||
8,791 | NORTHROP GRUMMAN CORP. | 2,142,812 | 4,796,458 | |||||
6,148 | OLD DOMINION FREIGHT LINE, INC. | 1,387,501 | 1,744,679 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 416,609 | |||||
2,645 | OWENS CORNING | 216,586 | 225,619 | |||||
2,589 | PACCAR, INC. | 213,995 | 256,233 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,346,748 | |||||
2,719 | PENTAIR PLC(c) | 57,667 | 122,301 | |||||
200 | QUANTA SERVICES, INC. | 29,452 | 28,500 | |||||
22,028 | RAYTHEON TECHNOLOGIES CORP. | 1,080,344 | 2,223,066 | |||||
11,893 | REPUBLIC SERVICES, INC. | 707,276 | 1,534,078 | |||||
15,754 | ROBERT HALF INTERNATIONAL, INC. | 1,570,741 | 1,163,118 | |||||
9,420 | ROLLINS, INC. | 221,629 | 344,207 | |||||
14,035 | RXO, INC.(b) | 277,827 | 241,402 | |||||
22,199 | SCHNEIDER NATIONAL, INC., CLASS B | 484,786 | 519,457 | |||||
8,600 | SOUTHWEST AIRLINES CO.(b) | 103,316 | 289,562 | |||||
1,500 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 25,470 | 44,400 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 192,082 | |||||
400 | STERICYCLE, INC.(b) | 8,456 | 19,956 | |||||
5,028 | TEXTRON, INC. | 318,512 | 355,982 |
50 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
11,246 | TIMKEN (THE) CO. | $ 499,847 | 794,755 | |||||
1,596 | TORO (THE) CO. | 76,510 | 180,667 | |||||
10,505 | TRANE TECHNOLOGIES PLC(c) | 490,333 | 1,765,785 | |||||
600 | TRANSDIGM GROUP, INC. | 296,945 | 377,790 | |||||
13,476 | UNION PACIFIC CORP. | 2,343,182 | 2,790,475 | |||||
2,300 | UNITED AIRLINES HOLDINGS, INC.(b) | 97,667 | 86,710 | |||||
9,857 | UNITED PARCEL SERVICE, INC., CLASS B | 1,198,141 | 1,713,541 | |||||
3,660 | UNITED RENTALS, INC.(b) | 357,777 | 1,300,837 | |||||
494 | VERISK ANALYTICS, INC. | 83,738 | 87,151 | |||||
1 | VERITIV CORP. | 8 | 122 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 389,375 | |||||
15,802 | WASTE MANAGEMENT, INC. | 732,916 | 2,479,018 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 119,772 | |||||
2,300 | XYLEM, INC. | 89,663 | 254,311 | |||||
39,137,211 | 68,364,466 | 9.52% | ||||||
Information Technology: | ||||||||
9,872 | ACCENTURE PLC, CLASS A(c) | 1,628,812 | 2,634,244 | |||||
7,860 | ADOBE, INC.(b) | 1,122,300 | 2,645,126 | |||||
32,364 | ADVANCED MICRO DEVICES, INC.(b) | 1,076,398 | 2,096,216 | |||||
4,257 | AKAMAI TECHNOLOGIES, INC.(b) | 119,970 | 358,865 | |||||
8,102 | AMDOCS LTD. | 618,199 | 736,472 | |||||
6,700 | AMPHENOL CORP., CLASS A | 490,411 | 510,138 | |||||
4,449 | ANALOG DEVICES, INC. | 96,633 | 729,769 | |||||
400 | ANSYS, INC.(b) | 88,560 | 96,636 | |||||
270,158 | APPLE, INC. | 14,179,028 | 35,101,629 | |||||
8,042 | APPLIED MATERIALS, INC. | 335,693 | 783,130 | |||||
4,414 | APPLOVIN CORP., CLASS A(b) | 89,386 | 46,479 | |||||
3,300 | ARISTA NETWORKS, INC.(b) | 346,079 | 400,455 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 828,717 | |||||
100 | ATLASSIAN CORP., CLASS A(b)(c) | 18,028 | 12,868 | |||||
2,886 | AUTODESK, INC.(b) | 354,745 | 539,307 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,616,127 | |||||
645 | BLACK KNIGHT, INC.(b) | 25,292 | 39,829 | |||||
700 | BLOCK, INC.(b) | 25,912 | 43,988 | |||||
7,215 | BROADCOM, INC. | 2,486,974 | 4,034,123 | |||||
2,213 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 89,066 | 296,830 | |||||
9,400 | CADENCE DESIGN SYSTEMS, INC.(b) | 407,205 | 1,510,016 | |||||
7,000 | CDW CORP. | 292,424 | 1,250,060 | |||||
2,100 | CERIDIAN HCM HOLDING, INC.(b) | 121,209 | 134,715 | |||||
92,753 | CISCO SYSTEMS, INC. | 2,707,328 | 4,418,753 | |||||
800 | CLOUDFLARE, INC., CLASS A(b) | 28,768 | 36,168 | |||||
38,745 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 2,830,511 | 2,215,827 | |||||
596 | CONCENTRIX CORP. | 18,010 | 79,363 | |||||
15,800 | CORNING, INC. | 91,656 | 504,652 | |||||
300 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 29,640 | 31,587 | |||||
102,957 | DELL TECHNOLOGIES, INC., CLASS C | 4,617,077 | 4,140,931 | |||||
10,000 | DOCUSIGN, INC.(b) | 519,819 | 554,200 | |||||
31,785 | DXC TECHNOLOGY CO.(b) | 791,869 | 842,303 | |||||
1,700 | ENPHASE ENERGY, INC.(b) | 274,645 | 450,432 | |||||
1,154 | EPAM SYSTEMS, INC.(b) | 219,417 | 378,212 | |||||
1,400 | F5, INC.(b) | 44,303 | 200,914 | |||||
11,069 | FAIR ISAAC CORP.(b) | 5,294,201 | 6,625,682 | |||||
10,800 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 365,507 | 732,780 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 988,869 | |||||
400 | FLEETCOR TECHNOLOGIES, INC.(b) | 73,953 | 73,472 | |||||
27,615 | FORTINET, INC.(b) | 393,491 | 1,350,097 | |||||
3,526 | GARTNER, INC.(b) | 816,353 | 1,185,230 | |||||
22,781 | GEN DIGITAL, INC. | 207,695 | 488,197 | |||||
800 | GENPACT LTD. | 32,798 | 37,056 | |||||
2,743 | GLOBAL PAYMENTS, INC. | 206,493 | 272,435 | |||||
573 | GODADDY, INC., CLASS A(b) | 36,199 | 42,872 | |||||
188,398 | HEWLETT PACKARD ENTERPRISE CO. | 2,339,389 | 3,006,832 | |||||
204,411 | HP, INC. | 5,620,834 | 5,492,524 | |||||
90,435 | INTEL CORP. | 2,591,355 | 2,390,197 | |||||
14,344 | INTERNATIONAL BUSINESS MACHINES CORP. | 1,575,670 | 2,020,926 | |||||
4,700 | INTUIT, INC. | 548,617 | 1,829,334 | |||||
13,175 | JABIL, INC. | 259,881 | 898,535 |
51 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
15,621 | JACK HENRY & ASSOCIATES, INC. | $ 2,968,195 | 2,742,423 | |||||
15,011 | JUNIPER NETWORKS, INC. | 506,930 | 479,752 | |||||
3,415 | KEYSIGHT TECHNOLOGIES, INC.(b) | 517,186 | 584,204 | |||||
5,476 | KLA CORP. | 1,781,428 | 2,064,616 | |||||
5,109 | LAM RESEARCH CORP. | 355,823 | 2,147,313 | |||||
17,433 | MASTERCARD, INC., CLASS A | 4,589,692 | 6,061,977 | |||||
8,368 | MICROCHIP TECHNOLOGY, INC. | 38,920 | 587,852 | |||||
67,906 | MICRON TECHNOLOGY, INC. | 2,797,055 | 3,393,942 | |||||
137,029 | MICROSOFT CORP. | 11,200,191 | 32,862,295 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 42,365 | |||||
500 | MONOLITHIC POWER SYSTEMS, INC. | 180,141 | 176,805 | |||||
1,900 | MOTOROLA SOLUTIONS, INC. | 402,783 | 489,649 | |||||
18,440 | NCR CORP.(b) | 395,628 | 431,680 | |||||
2,400 | NETAPP, INC. | 161,921 | 144,144 | |||||
45,132 | NVIDIA CORP. | 3,130,975 | 6,595,591 | |||||
3,825 | NXP SEMICONDUCTORS N.V.(c) | 327,712 | 604,465 | |||||
12,295 | ON SEMICONDUCTOR CORP.(b) | 487,123 | 766,839 | |||||
32,961 | ORACLE CORP. | 1,901,527 | 2,694,232 | |||||
12,468 | PAYCHEX, INC. | 1,424,078 | 1,440,802 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 481,911 | |||||
14,961 | PAYPAL HOLDINGS, INC.(b) | 1,097,117 | 1,065,522 | |||||
2,400 | PTC, INC.(b) | 82,674 | 288,096 | |||||
1,400 | PURE STORAGE, INC., CLASS A(b) | 26,749 | 37,464 | |||||
17,003 | QUALCOMM, INC. | 1,944,840 | 1,869,310 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,318 | 302,463 | |||||
12,990 | SALESFORCE, INC.(b) | 860,755 | 1,722,344 | |||||
25,071 | SEAGATE TECHNOLOGY HOLDINGS PLC | 760,816 | 1,318,985 | |||||
2,047 | SERVICENOW, INC.(b) | 266,183 | 794,789 | |||||
2,100 | SKYWORKS SOLUTIONS, INC. | 185,341 | 191,373 | |||||
591 | SNOWFLAKE, INC., CLASS A(b) | 95,234 | 84,832 | |||||
700 | SOLAREDGE TECHNOLOGIES, INC.(b)(c) | 147,917 | 198,289 | |||||
4,496 | STONECO LTD., CLASS A(b)(c) | 37,028 | 42,442 | |||||
5,300 | SYNOPSYS, INC.(b) | 438,338 | 1,692,237 | |||||
35 | TD SYNNEX CORP. | 1,062 | 3,315 | |||||
600 | TELEDYNE TECHNOLOGIES, INC.(b) | 226,008 | 239,946 | |||||
12,814 | TERADATA CORP.(b) | 428,423 | 431,319 | |||||
4,600 | TERADYNE, INC. | 82,730 | 401,810 | |||||
27,783 | TEXAS INSTRUMENTS, INC. | 936,448 | 4,590,307 | |||||
7,049 | TRIMBLE, INC.(b) | 94,849 | 356,397 | |||||
100 | UBIQUITI, INC. | 17,029 | 27,353 | |||||
1,176 | VERISIGN, INC.(b) | 204,398 | 241,597 | |||||
25,561 | VISA, INC., CLASS A | 4,820,170 | 5,310,553 | |||||
941 | VMWARE, INC., CLASS A(b) | 47,443 | 115,517 | |||||
21,612 | WESTERN DIGITAL CORP.(b) | 829,083 | 681,859 | |||||
208 | WORKDAY, INC., CLASS A(b) | 28,550 | 34,805 | |||||
400 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 43,396 | 102,564 | |||||
104,779,265 | 184,672,464 | 25.72% | ||||||
Materials: | ||||||||
3,094 | AIR PRODUCTS AND CHEMICALS, INC. | 525,323 | 953,756 | |||||
1,500 | ALBEMARLE CORP. | 65,890 | 325,290 | |||||
19,670 | AMCOR PLC(c) | 126,433 | 234,270 | |||||
4,165 | AVERY DENNISON CORP. | 371,149 | 753,865 | |||||
4,200 | BALL CORP. | 214,268 | 214,788 | |||||
11,758 | CELANESE CORP. | 864,123 | 1,202,138 | |||||
44,620 | CF INDUSTRIES HOLDINGS, INC. | 4,184,573 | 3,801,624 | |||||
12,284 | CHEMOURS (THE) CO. | 389,198 | 376,136 | |||||
8,562 | CORTEVA, INC. | 200,802 | 503,274 | |||||
26,739 | DOW, INC. | 1,334,362 | 1,347,378 | |||||
7,362 | DUPONT DE NEMOURS, INC. | 218,512 | 505,254 | |||||
712 | EASTMAN CHEMICAL CO. | 50,443 | 57,985 | |||||
3,991 | ECOLAB, INC. | 236,070 | 580,930 | |||||
100 | FMC CORP. | 12,448 | 12,480 | |||||
18,800 | FREEPORT-MCMORAN, INC. | 279,545 | 714,400 | |||||
27,960 | HUNTSMAN CORP. | 732,544 | 768,341 | |||||
221 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 4,754 | 23,170 | |||||
30,887 | INTERNATIONAL PAPER CO. | 1,158,255 | 1,069,617 | |||||
6,465 | LINDE PLC(c) | 1,521,181 | 2,108,754 |
52 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
13,107 | LOUISIANA-PACIFIC CORP. | $ 750,822 | 775,934 | |||||
33,222 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 2,526,245 | 2,758,423 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 236,579 | |||||
100 | MOSAIC (THE) CO. | 4,993 | 4,387 | |||||
7,800 | NEWMONT CORP. | 153,062 | 368,160 | |||||
7,303 | NUCOR CORP. | 982,627 | 962,608 | |||||
18,585 | OLIN CORP. | 965,437 | 983,890 | |||||
1,000 | PACKAGING CORP. OF AMERICA | 114,697 | 127,910 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 650,327 | |||||
129 | RELIANCE STEEL & ALUMINUM CO. | 7,700 | 26,115 | |||||
400 | ROYAL GOLD, INC. | 14,876 | 45,088 | |||||
1,600 | SEALED AIR CORP. | 33,908 | 79,808 | |||||
2,300 | SHERWIN-WILLIAMS (THE) CO. | 509,168 | 545,859 | |||||
81 | SOUTHERN COPPER CORP.(c) | 963 | 4,892 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 367,731 | |||||
1,440 | WESTROCK CO. | 57,295 | 50,630 | |||||
18,826,960 | 23,541,791 | 3.28% | ||||||
Real Estate: | ||||||||
2,229 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 124,669 | 324,698 | |||||
1,252 | AMERICAN HOMES 4 RENT, CLASS A | 37,569 | 37,735 | |||||
6,180 | AMERICAN TOWER CORP. | 860,310 | 1,309,295 | |||||
1,008 | APARTMENT INCOME REIT CORP. | 37,201 | 34,585 | |||||
834 | AVALONBAY COMMUNITIES, INC. | 47,526 | 134,708 | |||||
3,488 | BOSTON PROPERTIES, INC. | 176,649 | 235,719 | |||||
900 | CAMDEN PROPERTY TRUST | 24,015 | 100,692 | |||||
4,300 | CBRE GROUP, INC., CLASS A(b) | 306,057 | 330,928 | |||||
5,700 | CROWN CASTLE, INC. | 291,839 | 773,148 | |||||
3,857 | DIGITAL REALTY TRUST, INC. | 352,491 | 386,741 | |||||
2,100 | DOUGLAS EMMETT, INC. | 26,406 | 32,928 | |||||
952 | EQUINIX, INC. | 131,626 | 623,589 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 319,544 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 143,046 | |||||
1,800 | EXTRA SPACE STORAGE, INC. | 280,613 | 264,924 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 47,642 | 90,936 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,017 | 27,123 | |||||
870 | GAMING AND LEISURE PROPERTIES, INC. | 24,276 | 45,318 | |||||
7,300 | HEALTHPEAK PROPERTIES, INC. | 71,774 | 183,011 | |||||
140,624 | HOST HOTELS & RESORTS, INC. | 2,293,190 | 2,257,015 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 51,813 | |||||
7,700 | INVITATION HOMES, INC. | 228,810 | 228,228 | |||||
2,300 | IRON MOUNTAIN, INC. | 103,977 | 114,655 | |||||
400 | JBG SMITH PROPERTIES | 6,941 | 7,592 | |||||
6,972 | KIMCO REALTY CORP. | 66,465 | 147,667 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 282,582 | |||||
2,500 | OUTFRONT MEDIA, INC. | 32,266 | 41,450 | |||||
12,118 | PROLOGIS, INC. | 352,040 | 1,366,062 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 486,130 | |||||
6,002 | REALTY INCOME CORP. | 209,453 | 380,707 | |||||
15,058 | REGENCY CENTERS CORP. | 828,336 | 941,125 | |||||
680 | REXFORD INDUSTRIAL REALTY, INC. | 33,593 | 37,155 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 588,651 | |||||
9,455 | SIMON PROPERTY GROUP, INC. | 934,593 | 1,110,773 | |||||
133 | SUN COMMUNITIES, INC. | 12,239 | 19,019 | |||||
4,100 | UDR, INC. | 63,318 | 158,793 | |||||
100 | VENTAS, INC. | 4,062 | 4,505 | |||||
12,565 | VICI PROPERTIES, INC. | 323,201 | 407,106 | |||||
4,200 | WELLTOWER, INC. | 253,706 | 275,310 | |||||
121,156 | WEYERHAEUSER CO. | 4,256,917 | 3,755,836 | |||||
13,693,766 | 18,060,842 | 2.52% | ||||||
Utilities: | ||||||||
3,100 | AES (THE) CORP. | 35,303 | 89,156 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 110,420 | |||||
2,900 | AMEREN CORP. | 143,805 | 257,868 | |||||
5,900 | AMERICAN ELECTRIC POWER CO., INC. | 372,550 | 560,205 | |||||
8,500 | AMERICAN WATER WORKS CO., INC. | 1,183,417 | 1,295,570 | |||||
900 | AVANGRID, INC. | 34,235 | 38,682 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 173,942 |
53 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
10,200 | CMS ENERGY CORP. | $ 135,756 | 645,966 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 474,167 | |||||
3,500 | CONSTELLATION ENERGY CORP. | 137,851 | 301,735 | |||||
12,173 | DOMINION ENERGY, INC. | 457,691 | 746,448 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 270,319 | |||||
9,251 | DUKE ENERGY CORP. | 427,582 | 952,760 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 275,157 | |||||
464 | ENTERGY CORP. | 10,276 | 52,200 | |||||
735 | ESSENTIAL UTILITIES, INC. | 9,833 | 35,082 | |||||
2,974 | EVERGY, INC. | 67,407 | 187,154 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 415,930 | |||||
10,500 | EXELON CORP. | 342,581 | 453,915 | |||||
5,500 | FIRSTENERGY CORP. | 150,952 | 230,670 | |||||
502 | NATIONAL FUEL GAS CO. | 11,596 | 31,777 | |||||
26,354 | NEXTERA ENERGY, INC. | 977,150 | 2,203,194 | |||||
6,900 | NISOURCE, INC. | 43,973 | 189,198 | |||||
48,171 | NRG ENERGY, INC. | 1,672,929 | 1,532,801 | |||||
10,300 | PG&E CORP.(b) | 139,468 | 167,478 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 996,124 | |||||
700 | PPL CORP. | 10,384 | 20,454 | |||||
1,200 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 51,552 | 73,524 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 571,798 | |||||
11,800 | SOUTHERN (THE) CO. | 382,948 | 842,638 | |||||
1,050 | UGI CORP. | 12,323 | 38,924 | |||||
1,656 | VISTRA CORP. | 28,906 | 38,419 | |||||
3,500 | WEC ENERGY GROUP, INC. | 263,727 | 328,160 | |||||
7,100 | XCEL ENERGY, INC. | 458,496 | 497,781 | |||||
9,326,553 | 15,099,616 | 2.10% | ||||||
Sub-total Common Stocks: | 447,439,012 | 713,237,024 | 99.32% | |||||
Rights: | ||||||||
Financials: | ||||||||
300 | ABIOMED, INC.(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
4,611,528 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.61%(e) | 4,611,528 | 4,611,528 | |||||
Sub-total Short-Term Investments: | 4,611,528 | 4,611,528 | 0.64% | |||||
Grand total | $ 452,050,540 | 717,848,552 | 99.96% |
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, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 1.70% of net assets. |
(d) | Security has been deemed worthless and is a Level 3 investment. |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $2,396,931 with net purchases of $2,214,597 during the fiscal year ended December 31, 2022. |
54 | (Continued) |
55 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
1,600 | AMC NETWORKS, INC., CLASS A(b) | $ 34,234 | 25,072 | |||||
3,500 | CARS.COM, INC.(b) | 42,390 | 48,195 | |||||
2,796 | CINEMARK HOLDINGS, INC.(b) | 35,021 | 24,213 | |||||
2,400 | COGENT COMMUNICATIONS HOLDINGS, INC. | 128,057 | 136,992 | |||||
5,641 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 28,145 | 20,195 | |||||
1,200 | EW SCRIPPS (THE) CO., CLASS A(b) | 14,692 | 15,828 | |||||
3,100 | GANNETT CO., INC.(b) | 4,888 | 6,293 | |||||
3,600 | GOGO, INC.(b) | 44,268 | 53,136 | |||||
1,300 | MARCUS (THE) CORP. | 18,637 | 18,707 | |||||
163,541 | NEW YORK TIMES (THE) CO., CLASS A | 6,920,946 | 5,308,541 | |||||
48,124 | OOMA, INC.(b) | 872,047 | 655,449 | |||||
1,800 | QUINSTREET, INC.(b) | 19,130 | 25,830 | |||||
1,200 | SCHOLASTIC CORP. | 36,379 | 47,352 | |||||
971 | SHENANDOAH TELECOMMUNICATIONS CO. | 18,957 | 15,420 | |||||
15,002 | SHUTTERSTOCK, INC. | 1,087,866 | 790,905 | |||||
5,153 | TECHTARGET, INC.(b) | 305,478 | 227,041 | |||||
297,402 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 1,101,679 | 806,104 | |||||
206,351 | VIMEO, INC.(b) | 5,427,101 | 707,784 | |||||
80,853 | WARNER MUSIC GROUP CORP., CLASS A | 2,446,997 | 2,831,472 | |||||
6,408 | YELP, INC.(b) | 195,031 | 175,195 | |||||
18,781,943 | 11,939,724 | 3.27% | ||||||
Consumer Discretionary: | ||||||||
31,727 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 961,928 | 303,310 | |||||
1,200 | AARON'S (THE) CO., INC. | 12,623 | 14,340 | |||||
2,800 | ABERCROMBIE & FITCH CO., CLASS A(b) | 44,959 | 64,148 | |||||
4,675 | ACADEMY SPORTS & OUTDOORS, INC. | 201,620 | 245,624 | |||||
42,873 | ADIENT PLC(b) | 1,550,900 | 1,487,264 | |||||
740 | ADTALEM GLOBAL EDUCATION, INC.(b) | 27,401 | 26,270 | |||||
4,800 | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | 37,500 | 37,536 | |||||
150,420 | AMERICAN EAGLE OUTFITTERS, INC. | 2,915,104 | 2,099,863 | |||||
400 | AMERICA'S CAR-MART, INC.(b) | 24,862 | 28,904 | |||||
1,200 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 179,724 | 215,100 | |||||
500 | BJ'S RESTAURANTS, INC.(b) | 12,466 | 13,190 | |||||
4,763 | BLOOMIN' BRANDS, INC. | 93,604 | 95,832 | |||||
1,295 | BOOT BARN HOLDINGS, INC.(b) | 77,565 | 80,963 | |||||
1,900 | BRINKER INTERNATIONAL, INC.(b) | 49,107 | 60,629 | |||||
1,700 | BUCKLE (THE), INC. | 56,073 | 77,095 | |||||
1,102 | CALERES, INC. | 27,460 | 24,553 | |||||
79,986 | CARPARTS.COM, INC.(b) | 451,302 | 500,712 | |||||
2,100 | CATO (THE) CORP., CLASS A | 20,464 | 19,593 | |||||
74 | CAVCO INDUSTRIES, INC.(b) | 16,111 | 16,742 | |||||
99,794 | CENTURY CASINOS, INC.(b) | 1,418,206 | 701,552 | |||||
1,929 | CENTURY COMMUNITIES, INC. | 86,775 | 96,469 | |||||
2,600 | CHEESECAKE FACTORY (THE), INC. | 81,576 | 82,446 | |||||
6,800 | CHICO'S FAS, INC.(b) | 36,480 | 33,456 | |||||
800 | CHILDREN'S PLACE (THE), INC.(b) | 27,910 | 29,136 | |||||
8,400 | CHUY'S HOLDINGS, INC.(b) | 176,041 | 237,720 | |||||
11,473 | CLARUS CORP. | 284,477 | 89,948 | |||||
141,329 | DANA, INC. | 1,770,255 | 2,138,308 | |||||
1,800 | DAVE & BUSTER'S ENTERTAINMENT, INC.(b) | 56,907 | 63,792 | |||||
15,487 | DENNY'S CORP.(b) | 249,246 | 142,635 | |||||
1,761 | DESIGNER BRANDS, INC., CLASS A | 22,850 | 17,223 | |||||
163 | DINE BRANDS GLOBAL, INC. | 9,595 | 10,530 | |||||
93 | DORMAN PRODUCTS, INC.(b) | 6,926 | 7,521 | |||||
56,888 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,147,638 | 492,650 | |||||
28,084 | EL POLLO LOCO HOLDINGS, INC. | 299,065 | 279,717 | |||||
300 | ETHAN ALLEN INTERIORS, INC. | 6,708 | 7,926 | |||||
4,500 | FRONTDOOR, INC.(b) | 94,527 | 93,600 | |||||
111,240 | FULL HOUSE RESORTS, INC.(b) | 942,825 | 836,525 | |||||
161,948 | GAP (THE), INC. | 2,324,714 | 1,826,773 | |||||
76,529 | GENTEX CORP. | 2,267,555 | 2,086,946 | |||||
1,300 | GENTHERM, INC.(b) | 65,622 | 84,877 | |||||
1,387 | G-III APPAREL GROUP LTD.(b) | 20,706 | 19,016 | |||||
80,938 | GILDAN ACTIVEWEAR, INC.(c) | 1,895,241 | 2,217,701 | |||||
1,200 | GOLDEN ENTERTAINMENT, INC.(b) | 43,600 | 44,880 | |||||
1,500 | GREEN BRICK PARTNERS, INC.(b) | 32,901 | 36,345 |
56 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
900 | GROUP 1 AUTOMOTIVE, INC. | $ 129,981 | 162,333 | |||||
1,900 | GUESS?, INC. | 28,931 | 39,311 | |||||
187,930 | HANESBRANDS, INC. | 2,328,423 | 1,195,235 | |||||
800 | HAVERTY FURNITURE COS., INC. | 20,316 | 23,920 | |||||
24,151 | HELEN OF TROY LTD.(b) | 3,830,228 | 2,678,587 | |||||
1,469 | HIBBETT, INC. | 67,146 | 100,215 | |||||
47,911 | HOOKER FURNISHINGS CORP. | 1,123,840 | 895,936 | |||||
601 | INSTALLED BUILDING PRODUCTS, INC. | 45,818 | 51,446 | |||||
900 | JACK IN THE BOX, INC. | 67,379 | 61,407 | |||||
2,100 | KONTOOR BRANDS, INC. | 72,197 | 83,979 | |||||
600 | LA-Z-BOY, INC. | 13,860 | 13,692 | |||||
1,200 | LGI HOMES, INC.(b) | 100,995 | 111,120 | |||||
2,238 | LL FLOORING HOLDINGS, INC.(b) | 16,281 | 12,578 | |||||
12,731 | LOVESAC (THE) CO.(b) | 780,751 | 280,209 | |||||
1,500 | M/I HOMES, INC.(b) | 57,345 | 69,270 | |||||
27,290 | MALIBU BOATS, INC., CLASS A(b) | 1,593,334 | 1,454,557 | |||||
1,075 | MARINEMAX, INC.(b) | 28,062 | 33,561 | |||||
3,500 | MDC HOLDINGS, INC. | 99,518 | 110,600 | |||||
1,348 | MERITAGE HOMES CORP.(b) | 96,515 | 124,286 | |||||
4,200 | MISTER CAR WASH, INC.(b) | 38,120 | 38,766 | |||||
300 | MONARCH CASINO & RESORT, INC.(b) | 18,189 | 23,067 | |||||
1,100 | MONRO, INC. | 47,619 | 49,720 | |||||
54,156 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,048,345 | 642,290 | |||||
600 | MOVADO GROUP, INC. | 17,451 | 19,350 | |||||
4,235 | NATIONAL VISION HOLDINGS, INC.(b) | 138,477 | 164,149 | |||||
46,160 | NEOGAMES S.A.(b)(c) | 730,608 | 562,690 | |||||
124,347 | NOODLES & CO.(b) | 997,027 | 682,665 | |||||
2,300 | ODP (THE) CORP.(b) | 82,462 | 104,742 | |||||
32,559 | OVERSTOCK.COM, INC.(b) | 1,121,286 | 630,342 | |||||
800 | OXFORD INDUSTRIES, INC. | 67,825 | 74,544 | |||||
32,804 | PAPA JOHN'S INTERNATIONAL, INC. | 2,840,480 | 2,700,097 | |||||
11,958 | PATRICK INDUSTRIES, INC. | 907,425 | 724,655 | |||||
103,939 | PELOTON INTERACTIVE, INC., CLASS A(b) | 2,381,393 | 825,276 | |||||
3,600 | PERDOCEO EDUCATION CORP.(b) | 37,564 | 50,040 | |||||
1,100 | PETMED EXPRESS, INC. | 21,780 | 19,470 | |||||
21,629 | PVH CORP. | 1,050,702 | 1,526,791 | |||||
2,100 | RENT-A-CENTER, INC. | 46,462 | 47,355 | |||||
1,100 | RUTH'S HOSPITALITY GROUP, INC. | 18,887 | 17,028 | |||||
3,900 | SALLY BEAUTY HOLDINGS, INC.(b) | 50,998 | 48,828 | |||||
1,400 | SHAKE SHACK, INC., CLASS A(b) | 65,264 | 58,142 | |||||
900 | SHOE CARNIVAL, INC. | 19,875 | 21,519 | |||||
2,500 | SIGNET JEWELERS LTD. | 142,451 | 170,000 | |||||
4,000 | SIX FLAGS ENTERTAINMENT CORP.(b) | 73,577 | 93,000 | |||||
23,154 | SKYLINE CHAMPION CORP.(b) | 1,408,597 | 1,192,663 | |||||
9,114 | SLEEP NUMBER CORP.(b) | 754,118 | 236,782 | |||||
823 | SONIC AUTOMOTIVE, INC., CLASS A | 28,187 | 40,549 | |||||
4,200 | SONOS, INC.(b) | 59,041 | 70,980 | |||||
100 | STANDARD MOTOR PRODUCTS, INC. | 3,250 | 3,480 | |||||
1,777 | STEVEN MADDEN LTD. | 50,250 | 56,793 | |||||
68,505 | STONERIDGE, INC.(b) | 1,397,760 | 1,476,968 | |||||
2,311 | STRATEGIC EDUCATION, INC. | 138,134 | 180,997 | |||||
48,216 | STRIDE, INC.(b) | 1,706,528 | 1,508,196 | |||||
800 | STURM RUGER & CO., INC. | 40,950 | 40,496 | |||||
5,500 | TRI POINTE HOMES, INC.(b) | 86,442 | 102,245 | |||||
1,000 | UNIFI, INC.(b) | 9,635 | 8,610 | |||||
622 | URBAN OUTFITTERS, INC.(b) | 12,515 | 14,835 | |||||
2,100 | VISTA OUTDOOR, INC.(b) | 51,523 | 51,177 | |||||
57,718 | WINNEBAGO INDUSTRIES, INC. | 2,641,012 | 3,041,739 | |||||
3,000 | WW INTERNATIONAL, INC.(b) | 12,009 | 11,580 | |||||
28,636 | WYNDHAM HOTELS & RESORTS, INC. | 1,391,708 | 2,042,033 | |||||
700 | XPEL, INC.(b) | 44,646 | 42,042 | |||||
800 | ZUMIEZ, INC.(b) | 17,687 | 17,392 | |||||
52,448,298 | 44,025,685 | 12.06% | ||||||
Consumer Staples: | ||||||||
1,800 | ANDERSONS (THE), INC. | 56,519 | 62,982 | |||||
1,420 | CALAVO GROWERS, INC. | 54,238 | 41,748 | |||||
700 | CAL-MAINE FOODS, INC. | 39,116 | 38,115 |
57 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
400 | CENTRAL GARDEN & PET CO., CLASS A(b) | $ 13,784 | 14,320 | |||||
28,083 | CHEFS' WAREHOUSE (THE), INC.(b) | 873,554 | 934,602 | |||||
2,504 | EDGEWELL PERSONAL CARE CO. | 97,808 | 96,504 | |||||
1,900 | ELF BEAUTY, INC.(b) | 71,656 | 105,070 | |||||
1,300 | FRESH DEL MONTE PRODUCE, INC. | 30,767 | 34,047 | |||||
107,600 | GROCERY OUTLET HOLDING CORP.(b) | 3,276,935 | 3,140,844 | |||||
4,900 | HAIN CELESTIAL GROUP (THE), INC.(b) | 83,231 | 79,282 | |||||
2,126 | HOSTESS BRANDS, INC.(b) | 43,386 | 47,707 | |||||
10,160 | INGREDION, INC. | 913,954 | 994,969 | |||||
900 | INTER PARFUMS, INC. | 68,995 | 86,868 | |||||
700 | J & J SNACK FOODS CORP. | 91,908 | 104,797 | |||||
744 | JOHN B. SANFILIPPO & SON, INC. | 55,342 | 60,502 | |||||
9,685 | MEDIFAST, INC. | 1,926,804 | 1,117,165 | |||||
469 | MGP INGREDIENTS, INC. | 48,776 | 49,892 | |||||
900 | NATIONAL BEVERAGE CORP.(b) | 35,318 | 41,877 | |||||
1,300 | PRICESMART, INC. | 76,855 | 79,014 | |||||
4,600 | SIMPLY GOOD FOODS (THE) CO.(b) | 154,312 | 174,938 | |||||
1,900 | SPARTANNASH CO. | 57,281 | 57,456 | |||||
20,022 | SPECTRUM BRANDS HOLDINGS, INC. | 1,220,084 | 1,219,740 | |||||
700 | TOOTSIE ROLL INDUSTRIES, INC. | 23,698 | 29,799 | |||||
1,888 | TREEHOUSE FOODS, INC.(b) | 79,302 | 93,230 | |||||
3,124 | UNITED NATURAL FOODS, INC.(b) | 109,364 | 120,930 | |||||
18,886 | UNIVERSAL CORP. | 1,063,784 | 997,370 | |||||
24,134 | USANA HEALTH SCIENCES, INC.(b) | 2,345,640 | 1,283,929 | |||||
5,100 | VECTOR GROUP LTD. | 45,813 | 60,486 | |||||
383 | WD-40 CO. | 68,622 | 61,743 | |||||
13,694 | WINFARM SAS(b)(c) | 562,437 | 219,881 | |||||
13,589,283 | 11,449,807 | 3.14% | ||||||
Energy: | ||||||||
7,300 | ARCHROCK, INC. | 48,773 | 65,554 | |||||
3,303 | BRISTOW GROUP, INC.(b) | 84,370 | 89,610 | |||||
1,900 | CALLON PETROLEUM CO.(b) | 66,077 | 70,471 | |||||
2,000 | CIVITAS RESOURCES, INC. | 114,995 | 115,860 | |||||
885 | CONSOL ENERGY, INC. | 52,187 | 57,525 | |||||
900 | CORE LABORATORIES N.V.(c) | 14,787 | 18,243 | |||||
77,897 | DMC GLOBAL, INC.(b) | 2,982,142 | 1,514,318 | |||||
1,700 | DORIAN LPG LTD. | 24,290 | 32,215 | |||||
1,900 | DRIL-QUIP, INC.(b) | 39,103 | 51,623 | |||||
154,314 | EVOLUTION PETROLEUM CORP. | 776,740 | 1,165,071 | |||||
2,200 | GREEN PLAINS, INC.(b) | 64,124 | 67,100 | |||||
3,327 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 20,453 | 24,553 | |||||
4,000 | HELMERICH & PAYNE, INC. | 164,866 | 198,280 | |||||
225 | LAREDO PETROLEUM, INC.(b) | 14,202 | 11,570 | |||||
932 | NABORS INDUSTRIES LTD.(b) | 104,029 | 144,339 | |||||
541,556 | NEW STRATUS ENERGY, INC.(b)(c) | 345,557 | 71,994 | |||||
92,058 | NOV, INC. | 1,016,444 | 1,923,092 | |||||
3,994 | OCEANEERING INTERNATIONAL, INC.(b) | 50,619 | 69,855 | |||||
1,100 | OIL STATES INTERNATIONAL, INC.(b) | 5,060 | 8,206 | |||||
2,902 | PAR PACIFIC HOLDINGS, INC.(b) | 45,626 | 67,472 | |||||
5,792 | PATTERSON-UTI ENERGY, INC. | 102,546 | 97,537 | |||||
680 | PBF ENERGY, INC., CLASS A | 23,437 | 27,730 | |||||
782 | PDC ENERGY, INC. | 35,265 | 49,641 | |||||
2,100 | PROPETRO HOLDING CORP.(b) | 19,636 | 21,777 | |||||
1,000 | RANGER OIL CORP., CLASS A | 34,530 | 40,430 | |||||
774 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 24,660 | |||||
1,500 | RPC, INC. | 11,953 | 13,335 | |||||
2,582 | SM ENERGY CO. | 89,715 | 89,931 | |||||
2,600 | TALOS ENERGY, INC.(b) | 44,097 | 49,088 | |||||
95,395 | TECHNIPFMC PLC(b)(c) | 637,854 | 1,162,865 | |||||
4,000 | US SILICA HOLDINGS, INC.(b) | 45,880 | 50,000 | |||||
3,300 | WORLD FUEL SERVICES CORP. | 81,426 | 90,189 | |||||
259,955 | YANGARRA RESOURCES LTD.(b)(c) | 480,060 | 539,493 | |||||
7,657,801 | 8,023,627 | 2.20% | ||||||
Financials: | ||||||||
55,615 | AFC GAMMA, INC. | 1,175,740 | 874,824 | |||||
15,930 | A-MARK PRECIOUS METALS, INC. | 455,486 | 553,249 | |||||
800 | AMBAC FINANCIAL GROUP, INC.(b) | 10,196 | 13,952 |
58 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
41,053 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | $ 1,192,739 | 1,872,838 | |||||
2,417 | AMERIS BANCORP | 107,297 | 113,937 | |||||
400 | AMERISAFE, INC. | 18,734 | 20,788 | |||||
1,100 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 9,512 | 11,836 | |||||
62,192 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 2,427,355 | 1,607,663 | |||||
1,900 | ARMOUR RESIDENTIAL REIT, INC. | 8,894 | 10,697 | |||||
119,510 | ASSOCIATED BANC-CORP | 2,084,499 | 2,759,486 | |||||
3,300 | ASSURED GUARANTY LTD.(c) | 167,039 | 205,458 | |||||
49,287 | AXIS CAPITAL HOLDINGS LTD.(c) | 2,539,237 | 2,669,877 | |||||
30,055 | AXOS FINANCIAL, INC.(b) | 1,509,497 | 1,148,702 | |||||
2,400 | BANCORP (THE), INC.(b) | 53,352 | 68,112 | |||||
230 | BANKUNITED, INC. | 7,923 | 7,813 | |||||
1,900 | BANNER CORP. | 118,237 | 120,080 | |||||
3,236 | BERKSHIRE HILLS BANCORP, INC. | 75,451 | 96,756 | |||||
2,600 | BLUCORA, INC.(b) | 51,820 | 66,378 | |||||
800 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 12,484 | 16,464 | |||||
2,800 | BROOKLINE BANCORP, INC. | 33,479 | 39,620 | |||||
35,430 | CALIFORNIA BANCORP(b) | 754,839 | 842,525 | |||||
6,200 | CAPITOL FEDERAL FINANCIAL, INC. | 53,163 | 53,630 | |||||
1,100 | CENTRAL PACIFIC FINANCIAL CORP. | 22,385 | 22,308 | |||||
700 | CITY HOLDING CO. | 62,117 | 65,163 | |||||
147,339 | CNO FINANCIAL GROUP, INC. | 2,726,779 | 3,366,696 | |||||
4,300 | COLUMBIA BANKING SYSTEM, INC. | 130,215 | 129,559 | |||||
14,138 | COMMERCE BANCSHARES, INC. | 581,409 | 962,391 | |||||
856 | COMMUNITY BANK SYSTEM, INC. | 46,513 | 53,885 | |||||
271 | CUSTOMERS BANCORP, INC.(b) | 8,299 | 7,680 | |||||
4,900 | CVB FINANCIAL CORP. | 125,028 | 126,175 | |||||
989 | DIME COMMUNITY BANCSHARES, INC. | 21,167 | 31,480 | |||||
56,459 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2,670,380 | 2,182,140 | |||||
1,800 | EAGLE BANCORP, INC. | 81,609 | 79,326 | |||||
700 | ELLINGTON FINANCIAL, INC. | 8,085 | 8,659 | |||||
400 | EMPLOYERS HOLDINGS, INC. | 13,746 | 17,252 | |||||
1,300 | ENCORE CAPITAL GROUP, INC.(b) | 60,699 | 62,322 | |||||
1,800 | ENOVA INTERNATIONAL, INC.(b) | 54,842 | 69,066 | |||||
33,836 | ESQUIRE FINANCIAL HOLDINGS, INC. | 1,012,285 | 1,463,745 | |||||
66,200 | ESSENT GROUP LTD. | 2,635,380 | 2,573,856 | |||||
156,033 | EZCORP, INC., CLASS A(b) | 1,160,095 | 1,271,669 | |||||
18,068 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2,373,701 | 2,036,444 | |||||
148,538 | FIDUCIAN GROUP LTD.(c) | 881,708 | 673,540 | |||||
1,600 | FIRST BANCORP | 58,744 | 68,544 | |||||
7,000 | FIRST BANCORP | 95,800 | 89,040 | |||||
2,700 | FIRST COMMONWEALTH FINANCIAL CORP. | 35,101 | 37,719 | |||||
600 | FIRST FINANCIAL BANCORP | 13,104 | 14,538 | |||||
735 | FIRST HAWAIIAN, INC. | 18,196 | 19,139 | |||||
11,421 | FIRSTCASH HOLDINGS, INC. | 679,200 | 992,599 | |||||
2,200 | FRANKLIN BSP REALTY TRUST, INC. | 24,406 | 28,380 | |||||
19,868 | GENWORTH FINANCIAL, INC., CLASS A(b) | 71,184 | 105,102 | |||||
43,700 | GLACIER BANCORP, INC. | 1,916,754 | 2,159,654 | |||||
2,000 | GRANITE POINT MORTGAGE TRUST, INC. | 14,455 | 10,720 | |||||
2,100 | GREEN DOT CORP., CLASS A(b) | 40,847 | 33,222 | |||||
1,200 | HANMI FINANCIAL CORP. | 28,415 | 29,700 | |||||
300 | HCI GROUP, INC. | 12,162 | 11,877 | |||||
1,500 | HERITAGE FINANCIAL CORP. | 40,526 | 45,960 | |||||
2,500 | HILLTOP HOLDINGS, INC. | 66,017 | 75,025 | |||||
105,380 | HOPE BANCORP, INC. | 1,122,078 | 1,349,918 | |||||
1,600 | HORACE MANN EDUCATORS CORP. | 57,213 | 59,792 | |||||
909 | HUNTINGTON BANCSHARES, INC. | 9,494 | 12,817 | |||||
1,800 | INDEPENDENT BANK CORP. | 136,725 | 151,974 | |||||
1,400 | INDEPENDENT BANK GROUP, INC. | 86,812 | 84,112 | |||||
1,300 | INVESCO MORTGAGE CAPITAL, INC. | 13,942 | 16,549 | |||||
2,000 | JAMES RIVER GROUP HOLDINGS LTD.(c) | 45,908 | 41,820 | |||||
56,330 | JDC GROUP A.G.(b)(c) | 1,287,715 | 1,009,999 | |||||
2,068 | KKR REAL ESTATE FINANCE TRUST, INC. | 32,590 | 28,869 | |||||
1,300 | LAKELAND FINANCIAL CORP. | 96,532 | 94,861 | |||||
158,042 | LENDINGCLUB CORP.(b) | 2,496,021 | 1,390,770 | |||||
3,658 | LENDINGTREE, INC.(b) | 87,871 | 78,025 | |||||
11,506 | LPL FINANCIAL HOLDINGS, INC. | 2,228,326 | 2,487,252 |
59 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
8,945 | MARKETAXESS HOLDINGS, INC. | $ 2,978,418 | 2,494,671 | |||||
1,000 | MERCURY GENERAL CORP. | 29,170 | 34,200 | |||||
79,583 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,233,990 | 509,923 | |||||
2,600 | MR COOPER GROUP, INC.(b) | 103,966 | 104,338 | |||||
5,537 | NATIONAL BANK HOLDINGS CORP., CLASS A | 200,360 | 232,942 | |||||
3,119 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 898,112 | 876,439 | |||||
2,100 | NBT BANCORP, INC. | 83,501 | 91,182 | |||||
8,427 | NEW YORK COMMUNITY BANCORP, INC. | 63,079 | 72,472 | |||||
4,000 | NEW YORK MORTGAGE TRUST, INC. | 9,024 | 10,240 | |||||
2,724 | NMI HOLDINGS, INC., CLASS A(b) | 39,406 | 56,932 | |||||
1,800 | NORTHFIELD BANCORP, INC. | 26,275 | 28,314 | |||||
5,900 | NORTHWEST BANCSHARES, INC. | 81,738 | 82,482 | |||||
995 | OFG BANCORP | 22,845 | 27,422 | |||||
157,249 | OLD NATIONAL BANCORP | 2,477,908 | 2,827,337 | |||||
3,400 | PACIFIC PREMIER BANCORP, INC. | 106,272 | 107,304 | |||||
500 | PARK NATIONAL CORP. | 62,770 | 70,375 | |||||
1,100 | PATHWARD FINANCIAL, INC. | 36,415 | 47,355 | |||||
4,900 | PENNYMAC MORTGAGE INVESTMENT TRUST | 60,419 | 60,711 | |||||
500 | PIPER SANDLER COS. | 52,300 | 65,095 | |||||
1,165 | PRA GROUP, INC.(b) | 38,454 | 39,354 | |||||
500 | PREFERRED BANK | 32,915 | 37,310 | |||||
2,100 | PROASSURANCE CORP. | 39,475 | 36,687 | |||||
2,100 | PROG HOLDINGS, INC.(b) | 33,764 | 35,469 | |||||
2,300 | PROVIDENT FINANCIAL SERVICES, INC. | 45,704 | 49,128 | |||||
4,100 | READY CAPITAL CORP. | 40,201 | 45,674 | |||||
1,500 | REDWOOD TRUST, INC. | 8,830 | 10,140 | |||||
7,330 | RENAISSANCERE HOLDINGS LTD.(c) | 1,003,090 | 1,350,406 | |||||
2,873 | RENASANT CORP. | 76,728 | 107,996 | |||||
100 | S&T BANCORP, INC. | 3,050 | 3,418 | |||||
92 | SAFETY INSURANCE GROUP, INC. | 7,565 | 7,752 | |||||
2,200 | SEACOAST BANKING CORP. OF FLORIDA | 67,028 | 68,618 | |||||
8,720 | SELECTIVE INSURANCE GROUP, INC. | 497,377 | 772,679 | |||||
900 | SIRIUSPOINT LTD.(b)(c) | 4,527 | 5,310 | |||||
233 | SOUTHSIDE BANCSHARES, INC. | 8,344 | 8,386 | |||||
992 | STELLAR BANCORP, INC. | 29,374 | 29,224 | |||||
151,776 | STERLING BANCORP, INC.(b) | 945,380 | 924,316 | |||||
900 | STEWART INFORMATION SERVICES CORP. | 39,366 | 38,457 | |||||
1,182 | STONEX GROUP, INC.(b) | 72,388 | 112,645 | |||||
600 | TOMPKINS FINANCIAL CORP. | 45,348 | 46,548 | |||||
800 | TRIUMPH FINANCIAL, INC.(b) | 43,600 | 39,096 | |||||
1,150 | TRUPANION, INC.(b) | 68,072 | 54,660 | |||||
1,100 | TRUSTCO BANK CORP. NY | 35,112 | 41,349 | |||||
3,300 | TRUSTMARK CORP. | 105,604 | 115,203 | |||||
4,650 | TWO HARBORS INVESTMENT CORP. | 65,333 | 73,331 | |||||
267,832 | UMPQUA HOLDINGS CORP. | 3,770,133 | 4,780,801 | |||||
2,477 | UNITED COMMUNITY BANKS, INC. | 81,312 | 83,723 | |||||
500 | UNIVERSAL INSURANCE HOLDINGS, INC. | 4,870 | 5,295 | |||||
57,749 | UNIVEST FINANCIAL CORP. | 1,401,497 | 1,508,981 | |||||
44,423 | VELOCITY FINANCIAL, INC.(b) | 563,220 | 428,682 | |||||
2,900 | VERITEX HOLDINGS, INC. | 80,872 | 81,432 | |||||
200 | VIRTUS INVESTMENT PARTNERS, INC. | 32,442 | 38,288 | |||||
50,457 | WEBSTER FINANCIAL CORP. | 2,111,257 | 2,388,634 | |||||
900 | WESTAMERICA BANCORP | 47,439 | 53,109 | |||||
6,000 | WISDOMTREE, INC. | 28,964 | 32,700 | |||||
91,939 | WSFS FINANCIAL CORP. | 4,103,136 | 4,168,514 | |||||
62,507,292 | 64,329,067 | 17.63% | ||||||
Health Care: | ||||||||
14,027 | ACADIA PHARMACEUTICALS, INC.(b) | 184,519 | 223,310 | |||||
4,101 | ADAPTHEALTH CORP.(b) | 79,433 | 78,821 | |||||
8,412 | ADDUS HOMECARE CORP.(b) | 706,421 | 836,910 | |||||
33,268 | ALBIREO PHARMA, INC.(b) | 973,225 | 718,921 | |||||
25,147 | AMICUS THERAPEUTICS, INC.(b) | 167,175 | 307,045 | |||||
2,400 | AMN HEALTHCARE SERVICES, INC.(b) | 193,049 | 246,768 | |||||
2,100 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 60,513 | 58,842 | |||||
700 | ANI PHARMACEUTICALS, INC.(b) | 22,511 | 28,161 | |||||
600 | ANIKA THERAPEUTICS, INC.(b) | 14,418 | 17,760 | |||||
301 | APOLLO MEDICAL HOLDINGS, INC.(b) | 11,655 | 8,907 |
60 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
2,300 | ARCUS BIOSCIENCES, INC.(b) | $ 59,424 | 47,564 | |||||
400 | ARTIVION, INC.(b) | 5,152 | 4,848 | |||||
900 | AVANOS MEDICAL, INC.(b) | 20,565 | 24,354 | |||||
45,163 | AZENTA, INC. | 4,146,886 | 2,629,390 | |||||
1,600 | BIOLIFE SOLUTIONS, INC.(b) | 37,851 | 29,120 | |||||
51,474 | BIOMERICA, INC.(b)(d) | 187,349 | 172,438 | |||||
36,647 | BIOTE CORP., CLASS A(b) | 149,421 | 136,693 | |||||
40,964 | BIO-TECHNE CORP. | 2,476,042 | 3,395,096 | |||||
91,372 | BRAINSWAY LTD. ADR(b)(c)(e) | 561,889 | 225,689 | |||||
2,484 | CARA THERAPEUTICS, INC.(b) | 23,514 | 26,678 | |||||
700 | CARDIOVASCULAR SYSTEMS, INC.(b) | 9,805 | 9,534 | |||||
13,222 | CASTLE BIOSCIENCES, INC.(b) | 339,752 | 311,246 | |||||
5,200 | CATALYST PHARMACEUTICALS, INC.(b) | 66,144 | 96,720 | |||||
17,147 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 3,880,160 | 3,736,331 | |||||
4,200 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 9,817 | 18,144 | |||||
17,007 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 628,404 | 462,930 | |||||
1,100 | CONMED CORP. | 90,438 | 97,504 | |||||
1,794 | CORCEPT THERAPEUTICS, INC.(b) | 31,800 | 36,436 | |||||
400 | CORVEL CORP.(b) | 55,868 | 58,132 | |||||
900 | CUTERA, INC.(b) | 42,438 | 39,798 | |||||
2,635 | CYTOKINETICS, INC.(b) | 128,947 | 120,736 | |||||
48,560 | DENTSPLY SIRONA, INC. | 1,437,362 | 1,546,150 | |||||
6,400 | DYNAVAX TECHNOLOGIES CORP.(b) | 68,162 | 68,096 | |||||
200 | EAGLE PHARMACEUTICALS, INC.(b) | 5,266 | 5,846 | |||||
3,200 | EMBECTA CORP. | 94,158 | 80,928 | |||||
535 | ENANTA PHARMACEUTICALS, INC.(b) | 28,050 | 24,888 | |||||
2,700 | ENHABIT, INC.(b) | 39,360 | 35,532 | |||||
24,013 | ENOVIS CORP.(b) | 1,155,524 | 1,285,176 | |||||
2,225 | ENSIGN GROUP (THE), INC. | 171,080 | 210,507 | |||||
23,886 | ERGOMED PLC(b)(c) | 354,938 | 367,315 | |||||
6,961 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 506,350 | 456,990 | |||||
7,846 | FATE THERAPEUTICS, INC.(b) | 140,653 | 79,166 | |||||
1,000 | FULGENT GENETICS, INC.(b) | 38,700 | 29,780 | |||||
287 | GLAUKOS CORP.(b) | 15,365 | 12,536 | |||||
1,700 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 77,102 | 93,670 | |||||
67,502 | HARROW HEALTH, INC.(b) | 576,923 | 996,329 | |||||
300 | HEALTHSTREAM, INC.(b) | 6,462 | 7,452 | |||||
400 | HESKA CORP.(b) | 29,684 | 24,864 | |||||
81,023 | INFUSYSTEM HOLDINGS, INC.(b) | 873,766 | 703,280 | |||||
26,852 | INMODE LTD.(b)(c) | 1,241,625 | 958,616 | |||||
3,500 | INNOVIVA, INC.(b) | 41,912 | 46,375 | |||||
365 | INOGEN, INC.(b) | 8,568 | 7,194 | |||||
102,765 | INOTIV, INC.(b) | 2,041,441 | 507,659 | |||||
7,111 | INSMED, INC.(b) | 127,319 | 142,078 | |||||
110,442 | INSTEM PLC(b)(c) | 1,296,249 | 947,984 | |||||
1,165 | INTEGER HOLDINGS CORP.(b) | 76,895 | 79,756 | |||||
43,680 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,439,090 | 2,449,138 | |||||
76,877 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 723,488 | 491,244 | |||||
7,300 | IRONWOOD PHARMACEUTICALS, INC.(b) | 76,425 | 90,447 | |||||
1,400 | ITEOS THERAPEUTICS, INC.(b) | 26,962 | 27,342 | |||||
2,672 | JOINT (THE) CORP.(b) | 40,443 | 37,355 | |||||
47,116 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 655,380 | 705,798 | |||||
35,399 | LEMAITRE VASCULAR, INC. | 1,851,798 | 1,629,062 | |||||
13,941 | LIGAND PHARMACEUTICALS, INC.(b) | 1,391,034 | 931,259 | |||||
2,300 | MERIDIAN BIOSCIENCE, INC.(b) | 73,427 | 76,383 | |||||
3,012 | MERIT MEDICAL SYSTEMS, INC.(b) | 176,915 | 212,707 | |||||
200 | MESA LABORATORIES, INC. | 28,850 | 33,242 | |||||
600 | MODIVCARE, INC.(b) | 60,774 | 53,838 | |||||
10,100 | NEKTAR THERAPEUTICS(b) | 33,517 | 22,826 | |||||
5,100 | NEOGENOMICS, INC.(b) | 44,444 | 47,124 | |||||
400 | NEXTGEN HEALTHCARE, INC.(b) | 7,310 | 7,512 | |||||
11,424 | NEXUS A.G.(c) | 1,000,775 | 682,368 | |||||
164,103 | OCUPHIRE PHARMA, INC.(b) | 426,845 | 579,284 | |||||
5,286 | OMNIAB, INC.(b)(f) | - | - | |||||
5,286 | OMNIAB, INC.(b)(f) | - | - | |||||
181,158 | OMNIAB, INC.(b) | 1,133,499 | 652,169 | |||||
73,055 | OPTIMIZERX CORP.(b) | 1,732,740 | 1,227,324 |
61 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
70,357 | OPTINOSE, INC.(b) | $ 190,596 | 130,160 | |||||
2,400 | ORASURE TECHNOLOGIES, INC.(b) | 9,502 | 11,568 | |||||
4,485 | ORGANOGENESIS HOLDINGS, INC.(b) | 13,647 | 12,065 | |||||
13,681 | ORTHOPEDIATRICS CORP.(b) | 796,646 | 543,546 | |||||
1,300 | OWENS & MINOR, INC. | 32,395 | 25,389 | |||||
296,214 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 3,948,353 | 2,423,030 | |||||
13,658 | PACIRA BIOSCIENCES, INC.(b) | 652,102 | 527,335 | |||||
4,500 | PEDIATRIX MEDICAL GROUP, INC.(b) | 77,816 | 66,870 | |||||
3,289 | PENNANT GROUP (THE), INC.(b) | 44,380 | 36,113 | |||||
60,040 | PERRIGO CO. PLC(c) | 2,319,090 | 2,046,764 | |||||
63,155 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,597,817 | 846,909 | |||||
2,500 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 110,887 | 156,500 | |||||
37,052 | PROVENTION BIO, INC.(b) | 244,686 | 391,640 | |||||
34,117 | PUMA BIOTECHNOLOGY, INC.(b) | 133,408 | 144,315 | |||||
2,600 | RADNET, INC.(b) | 52,865 | 48,958 | |||||
1,500 | REGENXBIO, INC.(b) | 36,752 | 34,020 | |||||
50,152 | REVANCE THERAPEUTICS, INC.(b) | 698,845 | 925,806 | |||||
31,189 | RHYTHM PHARMACEUTICALS, INC.(b) | 358,270 | 908,224 | |||||
9,401 | SCHOLAR ROCK HOLDING CORP.(b) | 288,155 | 85,079 | |||||
4,000 | SELECT MEDICAL HOLDINGS CORP. | 91,586 | 99,320 | |||||
18,902 | SEMLER SCIENTIFIC, INC.(b) | 731,831 | 623,766 | |||||
43,052 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,457,554 | 1,535,665 | |||||
32,600 | SYNEOS HEALTH, INC.(b) | 1,631,806 | 1,195,768 | |||||
15,554 | TRAVERE THERAPEUTICS, INC.(b) | 465,890 | 327,101 | |||||
28,259 | TWIST BIOSCIENCE CORP.(b) | 2,588,082 | 672,847 | |||||
1,900 | UNIQURE N.V.(b)(c) | 34,721 | 43,073 | |||||
14,883 | UROGEN PHARMA LTD.(b) | 280,381 | 132,012 | |||||
418 | US PHYSICAL THERAPY, INC. | 32,458 | 33,871 | |||||
15,716 | UTAH MEDICAL PRODUCTS, INC. | 1,802,857 | 1,579,929 | |||||
115,904 | VAREX IMAGING CORP.(b) | 2,714,567 | 2,352,851 | |||||
4,500 | VERADIGM, INC.(b) | 69,083 | 79,380 | |||||
2,500 | VERICEL CORP.(b) | 60,043 | 65,850 | |||||
151,588 | VIEMED HEALTHCARE, INC.(b) | 776,277 | 1,146,005 | |||||
7,017 | VIR BIOTECHNOLOGY, INC.(b) | 151,607 | 177,600 | |||||
2,200 | XENCOR, INC.(b) | 56,273 | 57,288 | |||||
18,183 | Y-MABS THERAPEUTICS, INC.(b) | 405,812 | 88,733 | |||||
800 | ZIMVIE, INC.(b) | 8,016 | 7,472 | |||||
37,990 | ZYNEX, INC. | 369,955 | 528,441 | |||||
63,076,226 | 52,990,678 | 14.52% | ||||||
Industrials: | ||||||||
7,000 | 3D SYSTEMS CORP.(b) | 60,687 | 51,800 | |||||
1,700 | AAON, INC. | 92,593 | 128,044 | |||||
1,200 | AAR CORP.(b) | 45,486 | 53,880 | |||||
3,624 | ABM INDUSTRIES, INC. | 147,513 | 160,978 | |||||
7,060 | ACUITY BRANDS, INC. | 1,017,454 | 1,169,207 | |||||
30,599 | ADENTRA, INC.(c) | 869,776 | 640,455 | |||||
2,900 | AEROJET ROCKETDYNE HOLDINGS, INC.(b) | 115,451 | 162,197 | |||||
1,100 | AEROVIRONMENT, INC.(b) | 90,779 | 94,226 | |||||
61,551 | AIR LEASE CORP. | 2,189,805 | 2,364,789 | |||||
610 | ALAMO GROUP, INC. | 70,783 | 86,376 | |||||
1,200 | ALBANY INTERNATIONAL CORP., CLASS A | 95,135 | 118,308 | |||||
600 | ALLEGIANT TRAVEL CO.(b) | 44,820 | 40,794 | |||||
18,660 | ALLIED MOTION TECHNOLOGIES, INC. | 620,892 | 649,555 | |||||
73,301 | AMERICAN WOODMARK CORP.(b) | 5,566,152 | 3,581,487 | |||||
400 | APOGEE ENTERPRISES, INC. | 16,208 | 17,784 | |||||
1,460 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 152,746 | 184,004 | |||||
1,766 | ARCBEST CORP. | 104,075 | 123,691 | |||||
1,800 | ARCOSA, INC. | 101,984 | 97,812 | |||||
7,741 | ARGAN, INC. | 276,361 | 285,488 | |||||
27,343 | ARIS WATER SOLUTION, INC., CLASS A | 421,535 | 394,013 | |||||
18,270 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,669,202 | 1,253,139 | |||||
1,100 | ASTEC INDUSTRIES, INC. | 35,388 | 44,726 | |||||
316 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 30,162 | 31,853 | |||||
1,400 | AZZ, INC. | 53,816 | 56,280 | |||||
2,800 | BARNES GROUP, INC. | 88,428 | 114,380 | |||||
2,177 | BOISE CASCADE CO. | 130,612 | 149,494 | |||||
66,976 | BOWMAN CONSULTING GROUP LTD.(b) | 909,262 | 1,463,426 |
62 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
2,600 | BRADY CORP., CLASS A | $ 111,195 | 122,460 | |||||
108,810 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,451,004 | 749,701 | |||||
30,266 | BWX TECHNOLOGIES, INC. | 1,675,086 | 1,757,849 | |||||
42 | CHART INDUSTRIES, INC.(b) | 5,552 | 4,840 | |||||
700 | CIRCOR INTERNATIONAL, INC.(b) | 11,638 | 16,772 | |||||
1,613 | COMFORT SYSTEMS U.S.A., INC. | 148,217 | 185,624 | |||||
42,685 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 1,273,575 | 1,139,263 | |||||
5,107 | CORECIVIC, INC.(b) | 45,726 | 59,037 | |||||
9,871 | CSW INDUSTRIALS, INC. | 1,385,829 | 1,144,345 | |||||
1,700 | DELUXE CORP. | 29,573 | 28,866 | |||||
843 | DXP ENTERPRISES, INC.(b) | 19,189 | 23,225 | |||||
1,100 | ENCORE WIRE CORP. | 123,392 | 151,316 | |||||
122,126 | ENERPAC TOOL GROUP CORP. | 2,735,145 | 3,108,107 | |||||
900 | ENPRO INDUSTRIES, INC. | 77,086 | 97,821 | |||||
60,154 | ESAB CORP. | 2,399,210 | 2,822,426 | |||||
1,000 | ESCO TECHNOLOGIES, INC. | 74,760 | 87,540 | |||||
2,800 | EXPONENT, INC. | 248,805 | 277,452 | |||||
3,316 | FEDERAL SIGNAL CORP. | 119,424 | 154,094 | |||||
700 | FORRESTER RESEARCH, INC.(b) | 25,421 | 25,032 | |||||
1,500 | FORWARD AIR CORP. | 144,995 | 157,335 | |||||
33,958 | FRANKLIN COVEY CO.(b) | 1,578,598 | 1,588,216 | |||||
109,300 | GATES INDUSTRIAL CORP. PLC(b) | 1,612,368 | 1,247,113 | |||||
6,800 | GEO GROUP (THE), INC.(b) | 54,222 | 74,460 | |||||
1,400 | GIBRALTAR INDUSTRIES, INC.(b) | 56,403 | 64,232 | |||||
18,787 | GLOBAL INDUSTRIAL CO. | 690,682 | 442,058 | |||||
35,465 | GMS, INC.(b) | 1,649,428 | 1,766,157 | |||||
21,900 | GORMAN-RUPP (THE) CO. | 695,075 | 561,078 | |||||
49,111 | GRACO, INC. | 3,056,746 | 3,303,206 | |||||
29,621 | GRAHAM CORP.(b) | 295,821 | 284,954 | |||||
2,431 | GRANITE CONSTRUCTION, INC. | 64,987 | 85,255 | |||||
1,700 | GREENBRIER (THE) COS., INC. | 44,067 | 57,001 | |||||
2,600 | GRIFFON CORP. | 81,318 | 93,054 | |||||
4,400 | HARSCO CORP.(b) | 19,868 | 27,676 | |||||
3,200 | HEALTHCARE SERVICES GROUP, INC. | 38,963 | 38,400 | |||||
2,600 | HEARTLAND EXPRESS, INC. | 38,090 | 39,884 | |||||
500 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 13,605 | 13,985 | |||||
3,809 | HILLENBRAND, INC. | 146,006 | 162,530 | |||||
2,300 | HNI CORP. | 65,590 | 65,389 | |||||
65,716 | HOWMET AEROSPACE, INC. | 2,264,324 | 2,589,867 | |||||
1,973 | HUB GROUP, INC., CLASS A(b) | 129,965 | 156,834 | |||||
62,000 | IAA, INC.(b) | 3,146,049 | 2,480,000 | |||||
9,707 | ICF INTERNATIONAL, INC. | 855,829 | 961,478 | |||||
500 | INTERFACE, INC. | 5,160 | 4,935 | |||||
149,609 | JELD-WEN HOLDING, INC.(b) | 1,390,475 | 1,443,727 | |||||
4,881 | JOHN BEAN TECHNOLOGIES CORP. | 658,304 | 445,782 | |||||
490,761 | JOHNSON SERVICE GROUP PLC(c) | 996,316 | 574,913 | |||||
2,979 | KADANT, INC. | 640,748 | 529,160 | |||||
6,300 | KAR AUCTION SERVICES, INC.(b) | 74,443 | 82,215 | |||||
50,322 | KARAT PACKAGING, INC. | 1,059,192 | 723,127 | |||||
1,900 | KELLY SERVICES, INC., CLASS A | 26,974 | 32,110 | |||||
494,926 | KNIGHTS GROUP HOLDINGS PLC(c) | 715,022 | 640,225 | |||||
2,000 | KORN FERRY | 95,335 | 101,240 | |||||
600 | LINDSAY CORP. | 82,128 | 97,710 | |||||
80,369 | LYFT, INC., CLASS A(b) | 1,711,162 | 885,666 | |||||
44,208 | MASONITE INTERNATIONAL CORP.(b) | 4,207,008 | 3,563,607 | |||||
10,480 | MASTEC, INC.(b) | 529,486 | 894,258 | |||||
5,440 | MATRIX SERVICE CO.(b) | 33,001 | 33,837 | |||||
1,500 | MATSON, INC. | 92,614 | 93,765 | |||||
2,100 | MATTHEWS INTERNATIONAL CORP., CLASS A | 48,981 | 63,924 | |||||
11,733 | MOOG, INC., CLASS A | 649,560 | 1,029,688 | |||||
165,451 | MRC GLOBAL, INC.(b) | 1,466,693 | 1,915,922 | |||||
324 | MUELLER INDUSTRIES, INC. | 19,238 | 19,116 | |||||
6,000 | NOW, INC.(b) | 62,500 | 76,200 | |||||
400 | NV5 GLOBAL, INC.(b) | 48,624 | 52,928 | |||||
137,443 | PGT INNOVATIONS, INC.(b) | 2,309,472 | 2,468,476 | |||||
3,800 | PITNEY BOWES, INC. | 9,567 | 14,440 | |||||
1,800 | QUANEX BUILDING PRODUCTS CORP. | 35,865 | 42,624 |
63 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
120,744 | RADIANT LOGISTICS, INC.(b) | $ 780,405 | 614,587 | |||||
34,326 | RED VIOLET, INC.(b) | 953,201 | 790,184 | |||||
750 | RESIDEO TECHNOLOGIES, INC.(b) | 14,607 | 12,337 | |||||
1,700 | RESOURCES CONNECTION, INC. | 30,531 | 31,246 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 1,757,840 | |||||
31,510 | RUSH ENTERPRISES, INC., CLASS A | 935,093 | 1,647,343 | |||||
14,458 | RXO, INC.(b) | 230,373 | 248,678 | |||||
18,995 | SITEONE LANDSCAPE SUPPLY, INC.(b) | 2,405,484 | 2,228,493 | |||||
2,700 | SKYWEST, INC.(b) | 45,446 | 44,577 | |||||
1,600 | SPX TECHNOLOGIES, INC.(b) | 88,269 | 105,040 | |||||
600 | STANDEX INTERNATIONAL CORP. | 52,056 | 61,446 | |||||
418,119 | STEELCASE, INC., CLASS A | 5,314,939 | 2,956,101 | |||||
30,871 | STERLING INFRASTRUCTURE, INC.(b) | 670,731 | 1,012,569 | |||||
1,700 | SUN COUNTRY AIRLINES HOLDINGS, INC.(b) | 24,689 | 26,962 | |||||
124 | TENNANT CO. | 7,135 | 7,635 | |||||
60,274 | TEREX CORP. | 1,929,563 | 2,574,905 | |||||
2,700 | TITAN INTERNATIONAL, INC.(b) | 34,007 | 41,364 | |||||
3,200 | TRINITY INDUSTRIES, INC. | 70,370 | 94,624 | |||||
3,500 | TRIUMPH GROUP, INC.(b) | 33,835 | 36,820 | |||||
72,658 | TRUEBLUE, INC.(b) | 1,258,689 | 1,422,644 | |||||
2,200 | UFP INDUSTRIES, INC. | 158,460 | 174,350 | |||||
500 | UNIFIRST CORP. | 83,870 | 96,495 | |||||
44,672 | VA-Q-TEC A.G.(b)(c)(d) | 1,243,525 | 1,205,042 | |||||
700 | VERITIV CORP. | 76,538 | 85,197 | |||||
315 | VIAD CORP.(b) | 10,698 | 7,683 | |||||
2,600 | WABASH NATIONAL CORP. | 41,453 | 58,760 | |||||
44,418 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 4,149,033 | 4,433,360 | |||||
30,654 | WILLDAN GROUP, INC.(b) | 1,234,626 | 547,174 | |||||
23,090 | WOODWARD, INC. | 2,115,075 | 2,230,725 | |||||
86,161,338 | 82,117,894 | 22.50% | ||||||
Information Technology: | ||||||||
2,800 | 8X8, INC.(b) | 9,950 | 12,096 | |||||
3,600 | A10 NETWORKS, INC. | 52,187 | 59,868 | |||||
3,900 | ADTRAN HOLDINGS, INC. | 75,421 | 73,281 | |||||
2,042 | ADVANCED ENERGY INDUSTRIES, INC. | 149,027 | 175,163 | |||||
186,283 | AGILETHOUGHT, INC.(b)(d) | 1,192,774 | 782,389 | |||||
900 | AGILYSYS, INC.(b) | 47,400 | 71,226 | |||||
1,650 | ALARM.COM HOLDINGS, INC.(b) | 94,821 | 81,642 | |||||
800 | ALPHA & OMEGA SEMICONDUCTOR LTD.(b) | 25,632 | 22,856 | |||||
206,939 | ARLO TECHNOLOGIES, INC.(b) | 1,436,134 | 726,356 | |||||
13,580 | ARROW ELECTRONICS, INC.(b) | 1,297,094 | 1,420,061 | |||||
13,849 | ASPEN TECHNOLOGY, INC.(b) | 2,590,765 | 2,844,585 | |||||
1,312 | AVID TECHNOLOGY, INC.(b) | 29,931 | 34,886 | |||||
51,756 | AVNET, INC. | 1,933,626 | 2,152,015 | |||||
1,946 | AXCELIS TECHNOLOGIES, INC.(b) | 110,370 | 154,435 | |||||
1,636 | BADGER METER, INC. | 154,127 | 178,373 | |||||
31,723 | BELDEN, INC. | 1,127,343 | 2,280,884 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 66,832 | |||||
57,362 | CAMBIUM NETWORKS CORP.(b) | 1,386,364 | 1,243,035 | |||||
223,715 | CELESTICA, INC.(b)(c) | 1,737,245 | 2,521,268 | |||||
1,900 | CERENCE, INC.(b) | 31,015 | 35,207 | |||||
25,881 | CEVA, INC.(b) | 1,177,910 | 662,036 | |||||
500 | CLEARFIELD, INC.(b) | 49,300 | 47,070 | |||||
48,414 | CODA OCTOPUS GROUP, INC.(b) | 385,833 | 332,120 | |||||
2,700 | COHU, INC.(b) | 73,544 | 86,535 | |||||
1,600 | COMTECH TELECOMMUNICATIONS CORP. | 16,280 | 19,424 | |||||
11,532 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 521,905 | 619,960 | |||||
1,900 | CORSAIR GAMING, INC.(b) | 22,922 | 25,783 | |||||
32,200 | COUPA SOFTWARE, INC.(b) | 4,243,904 | 2,549,274 | |||||
54,405 | CS DISCO, INC.(b) | 657,320 | 343,840 | |||||
1,639 | CSG SYSTEMS INTERNATIONAL, INC. | 64,966 | 93,751 | |||||
3,300 | CTS CORP. | 98,658 | 130,086 | |||||
21,027 | DIGI INTERNATIONAL, INC.(b) | 439,954 | 768,537 | |||||
80,894 | DIGITAL TURBINE, INC.(b) | 1,466,852 | 1,232,825 | |||||
1,800 | DIODES, INC.(b) | 119,281 | 137,052 | |||||
24,299 | DOLBY LABORATORIES, INC., CLASS A | 1,942,927 | 1,714,051 | |||||
36,522 | ELASTIC N.V.(b) | 3,959,740 | 1,880,883 |
64 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,500 | EPLUS, INC.(b) | $ 63,320 | 66,420 | |||||
2,259 | EVERTEC, INC. | 68,287 | 73,146 | |||||
1,236 | EXLSERVICE HOLDINGS, INC.(b) | 180,636 | 209,415 | |||||
6,749 | EXTREME NETWORKS, INC.(b) | 89,817 | 123,574 | |||||
6,741 | FABRINET(b)(c) | 683,455 | 864,331 | |||||
1,000 | FARO TECHNOLOGIES, INC.(b) | 28,104 | 29,410 | |||||
69,654 | GRID DYNAMICS HOLDINGS, INC.(b) | 1,459,550 | 781,518 | |||||
5,700 | HARMONIC, INC.(b) | 73,305 | 74,670 | |||||
28,594 | I3 VERTICALS, INC., CLASS A(b) | 650,427 | 695,978 | |||||
1,500 | ICHOR HOLDINGS LTD.(b) | 40,593 | 40,230 | |||||
14,831 | IMPINJ, INC.(b) | 863,565 | 1,619,249 | |||||
1,700 | INSIGHT ENTERPRISES, INC.(b) | 143,345 | 170,459 | |||||
1,700 | INTERDIGITAL, INC. | 73,063 | 84,116 | |||||
2,500 | ITRON, INC.(b) | 110,376 | 126,625 | |||||
48,195 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,277,707 | 1,018,360 | |||||
24,649 | KIMBALL ELECTRONICS, INC.(b) | 591,080 | 556,821 | |||||
5,000 | KNOWLES CORP.(b) | 64,124 | 82,100 | |||||
3,100 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 123,108 | 137,206 | |||||
127,881 | LANTRONIX, INC.(b) | 736,959 | 552,446 | |||||
22,822 | LATTICE SEMICONDUCTOR CORP.(b) | 1,478,474 | 1,480,691 | |||||
2,900 | LIVEPERSON, INC.(b) | 28,493 | 29,406 | |||||
2,600 | LIVERAMP HOLDINGS, INC.(b) | 48,085 | 60,944 | |||||
98,700 | LUNA INNOVATIONS, INC.(b) | 810,704 | 867,573 | |||||
3,820 | MAXLINEAR, INC.(b) | 114,859 | 129,689 | |||||
1,900 | METHODE ELECTRONICS, INC. | 71,414 | 84,303 | |||||
24,465 | MKS INSTRUMENTS, INC. | 2,860,350 | 2,072,919 | |||||
34,977 | NAPCO SECURITY TECHNOLOGIES, INC.(b) | 745,645 | 961,168 | |||||
1,247 | NETGEAR, INC.(b) | 25,819 | 22,583 | |||||
2,500 | NETSCOUT SYSTEMS, INC.(b) | 78,118 | 81,275 | |||||
17,999 | OKTA, INC.(b) | 964,313 | 1,229,872 | |||||
1,700 | ONESPAN, INC.(b) | 15,193 | 19,023 | |||||
21,609 | ONTO INNOVATION, INC.(b) | 1,169,530 | 1,471,357 | |||||
800 | OSI SYSTEMS, INC.(b) | 59,840 | 63,616 | |||||
214,973 | PARK CITY GROUP, INC. | 1,185,108 | 1,064,116 | |||||
152 | PC CONNECTION, INC. | 6,974 | 7,129 | |||||
1,000 | PDF SOLUTIONS, INC.(b) | 24,850 | 28,520 | |||||
1,800 | PERFICIENT, INC.(b) | 125,978 | 125,694 | |||||
3,300 | PHOTRONICS, INC.(b) | 50,583 | 55,539 | |||||
233,588 | PIVOTREE, INC.(b)(c) | 756,723 | 572,756 | |||||
140 | POWER INTEGRATIONS, INC. | 8,400 | 10,041 | |||||
19,458 | PROGRESS SOFTWARE CORP. | 873,587 | 981,656 | |||||
22,296 | RACKSPACE TECHNOLOGY, INC.(b) | 192,445 | 65,773 | |||||
63,116 | RADWARE LTD.(b)(c) | 2,129,717 | 1,246,541 | |||||
5,900 | RAMBUS, INC.(b) | 156,148 | 211,338 | |||||
17,169 | RAPID7, INC.(b) | 651,068 | 583,403 | |||||
339 | ROGERS CORP.(b) | 64,334 | 40,456 | |||||
3,248 | SANMINA CORP.(b) | 119,288 | 186,078 | |||||
54,827 | SCANSOURCE, INC.(b) | 2,174,540 | 1,602,045 | |||||
8,549 | SEMTECH CORP.(b) | 231,024 | 245,271 | |||||
10,348 | SHOTSPOTTER, INC.(b) | 373,994 | 350,073 | |||||
4,429 | SILICON MOTION TECHNOLOGY CORP. ADR(c)(e) | 308,881 | 287,841 | |||||
6,852 | SITIME CORP.(b) | 1,033,842 | 696,300 | |||||
6,223 | SOLARWINDS CORP.(b) | 52,445 | 58,247 | |||||
668 | SPS COMMERCE, INC.(b) | 67,226 | 85,791 | |||||
600 | TTEC HOLDINGS, INC. | 27,150 | 26,478 | |||||
5,905 | TTM TECHNOLOGIES, INC.(b) | 68,078 | 89,047 | |||||
2,445 | ULTRA CLEAN HOLDINGS, INC.(b) | 71,061 | 81,052 | |||||
86,020 | UPLAND SOFTWARE, INC.(b) | 936,635 | 613,323 | |||||
35,878 | VEECO INSTRUMENTS, INC.(b) | 763,056 | 666,613 | |||||
3,797 | VIAVI SOLUTIONS, INC.(b) | 50,104 | 39,906 | |||||
43,358 | WALKME LTD.(b)(c) | 386,529 | 484,742 | |||||
128,821 | WEAVE COMMUNICATIONS, INC.(b) | 640,798 | 590,000 | |||||
40,015 | WIX.COM LTD.(b)(c) | 6,422,053 | 3,074,352 | |||||
64,517,242 | 55,630,299 | 15.24% | ||||||
Materials: | ||||||||
1,535 | ADVANSIX, INC. | 49,217 | 58,361 | |||||
1,600 | AMERICAN VANGUARD CORP. | 30,694 | 34,736 |
65 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
5,504 | ARCONIC CORP.(b) | $ 101,277 | 116,465 | |||||
4,785 | ATI, INC.(b) | 128,941 | 142,880 | |||||
64,328 | AXALTA COATING SYSTEMS LTD.(b) | 1,577,324 | 1,638,434 | |||||
1,200 | BALCHEM CORP. | 146,135 | 146,532 | |||||
2,700 | CARPENTER TECHNOLOGY CORP. | 89,852 | 99,738 | |||||
3,110 | CENTURY ALUMINUM CO.(b) | 21,499 | 25,440 | |||||
900 | CLEARWATER PAPER CORP.(b) | 34,329 | 34,029 | |||||
1,900 | COMPASS MINERALS INTERNATIONAL, INC. | 71,653 | 77,900 | |||||
147,468 | CRITICAL ELEMENTS LITHIUM CORP.(b)(c) | 256,420 | 225,450 | |||||
19,525 | FMC CORP. | 2,169,130 | 2,436,720 | |||||
1,800 | FUTUREFUEL CORP. | 10,948 | 14,634 | |||||
23,250 | H.B. FULLER CO. | 1,293,981 | 1,665,165 | |||||
1,100 | HAWKINS, INC. | 42,301 | 42,460 | |||||
20,303 | HAYNES INTERNATIONAL, INC. | 819,161 | 927,644 | |||||
1,387 | INNOSPEC, INC. | 121,931 | 142,667 | |||||
900 | KAISER ALUMINUM CORP. | 59,411 | 68,364 | |||||
18,887 | KOPPERS HOLDINGS, INC. | 410,886 | 532,613 | |||||
3,016 | LIVENT CORP.(b) | 69,327 | 59,928 | |||||
700 | MATERION CORP. | 55,545 | 61,257 | |||||
2,200 | MATIV HOLDINGS, INC. | 49,031 | 45,980 | |||||
1,700 | MINERALS TECHNOLOGIES, INC. | 86,510 | 103,224 | |||||
71,033 | NEO PERFORMANCE MATERIALS, INC.(c) | 905,252 | 503,631 | |||||
1,674 | O-I GLASS, INC.(b) | 26,607 | 27,738 | |||||
46,595 | OLIN CORP. | 804,577 | 2,466,739 | |||||
149,039 | ORION ENGINEERED CARBONS S.A.(c) | 2,025,655 | 2,654,385 | |||||
700 | QUAKER CHEMICAL CORP. | 105,692 | 116,830 | |||||
8,599 | SMITH-MIDLAND CORP.(b) | 194,143 | 176,279 | |||||
1,154 | STEPAN CO. | 110,503 | 122,855 | |||||
7,900 | SUNCOKE ENERGY, INC. | 48,142 | 68,177 | |||||
500 | SYLVAMO CORP. | 19,230 | 24,295 | |||||
1,629,572 | TALON METALS CORP.(b)(c) | 737,004 | 595,744 | |||||
2,200 | TIMKENSTEEL CORP.(b) | 34,588 | 39,974 | |||||
3,900 | TREDEGAR CORP. | 38,470 | 39,858 | |||||
78,543 | TRIMAS CORP. | 2,113,483 | 2,178,783 | |||||
1,400 | TRINSEO PLC | 26,295 | 31,794 | |||||
2,700 | WARRIOR MET COAL, INC. | 80,520 | 93,528 | |||||
14,965,664 | 17,841,231 | 4.89% | ||||||
Real Estate: | ||||||||
3,900 | ACADIA REALTY TRUST | 49,022 | 55,965 | |||||
3,466 | AGREE REALTY CORP. | 226,784 | 245,843 | |||||
3,000 | ALEXANDER & BALDWIN, INC. | 49,804 | 56,190 | |||||
2,200 | AMERICAN ASSETS TRUST, INC. | 55,177 | 58,300 | |||||
4,778 | ANYWHERE REAL ESTATE, INC.(b) | 38,690 | 30,531 | |||||
5,000 | ARMADA HOFFLER PROPERTIES, INC. | 50,699 | 57,500 | |||||
6,400 | BRANDYWINE REALTY TRUST | 42,864 | 39,360 | |||||
5,346 | CARETRUST REIT, INC. | 90,552 | 99,329 | |||||
2,300 | CHATHAM LODGING TRUST | 23,075 | 28,221 | |||||
1,100 | COMMUNITY HEALTHCARE TRUST, INC. | 35,499 | 39,380 | |||||
147,571 | DIAMONDROCK HOSPITALITY CO. | 1,155,833 | 1,208,607 | |||||
3,700 | DOUGLAS ELLIMAN, INC. | 15,416 | 15,059 | |||||
3,900 | EASTERLY GOVERNMENT PROPERTIES, INC. | 59,784 | 55,653 | |||||
3,400 | ELME COMMUNITIES | 58,699 | 60,520 | |||||
5,029 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 93,408 | 118,031 | |||||
4,500 | FOUR CORNERS PROPERTY TRUST, INC. | 108,117 | 116,685 | |||||
5,300 | FRANKLIN STREET PROPERTIES CORP. | 13,944 | 14,469 | |||||
8,000 | GETTY REALTY CORP. | 220,374 | 270,800 | |||||
3,900 | GLOBAL NET LEASE, INC. | 39,242 | 49,023 | |||||
4,800 | HUDSON PACIFIC PROPERTIES, INC. | 52,122 | 46,704 | |||||
1,600 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 147,453 | 162,160 | |||||
3,200 | ISTAR, INC. | 28,213 | 24,416 | |||||
15,100 | LXP INDUSTRIAL TRUST | 139,151 | 151,302 | |||||
891 | MARCUS & MILLICHAP, INC. | 28,074 | 30,695 | |||||
1,200 | NEXPOINT RESIDENTIAL TRUST, INC. | 52,391 | 52,224 | |||||
4,500 | OFFICE PROPERTIES INCOME TRUST | 58,482 | 60,075 | |||||
2,500 | ORION OFFICE REIT, INC. | 21,730 | 21,350 | |||||
5,500 | OUTFRONT MEDIA, INC. | 84,028 | 91,190 | |||||
6,531 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 90,708 | 98,161 |
66 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
7,900 | RPT REALTY | $ 58,155 | 79,316 | |||||
844 | SAFEHOLD, INC. | 22,083 | 24,155 | |||||
600 | SAUL CENTERS, INC. | 22,163 | 24,408 | |||||
6,800 | SITE CENTERS CORP. | 72,391 | 92,888 | |||||
1,800 | ST. JOE (THE) CO. | 57,905 | 69,570 | |||||
3,900 | SUMMIT HOTEL PROPERTIES, INC. | 25,999 | 28,158 | |||||
8,300 | SUNSTONE HOTEL INVESTORS, INC. | 78,709 | 80,178 | |||||
5,600 | TANGER FACTORY OUTLET CENTERS, INC. | 78,338 | 100,464 | |||||
8,700 | UNITI GROUP, INC. | 58,338 | 48,111 | |||||
800 | UNIVERSAL HEALTH REALTY INCOME TRUST | 33,943 | 38,184 | |||||
4,600 | URBAN EDGE PROPERTIES | 60,500 | 64,814 | |||||
1,600 | URSTADT BIDDLE PROPERTIES, INC., CLASS A | 24,365 | 30,320 | |||||
2,500 | WHITESTONE REIT | 21,804 | 24,100 | |||||
4,500 | XENIA HOTELS & RESORTS, INC. | 61,871 | 59,310 | |||||
3,805,899 | 4,121,719 | 1.13% | ||||||
Utilities: | ||||||||
1,755 | AMERICAN STATES WATER CO. | 136,143 | 162,425 | |||||
4,000 | AVISTA CORP. | 153,806 | 177,360 | |||||
2,877 | CALIFORNIA WATER SERVICE GROUP | 154,089 | 174,461 | |||||
744 | CHESAPEAKE UTILITIES CORP. | 66,089 | 87,926 | |||||
900 | MIDDLESEX WATER CO. | 71,442 | 70,803 | |||||
1,408 | NORTHWEST NATURAL HOLDING CO. | 62,964 | 67,007 | |||||
2,669 | SOUTH JERSEY INDUSTRIES, INC. | 88,706 | 94,830 | |||||
800 | UNITIL CORP. | 37,432 | 41,088 | |||||
770,671 | 875,900 | 0.24% | ||||||
Sub-total Common Stocks: | 388,281,657 | 353,345,631 | 96.82% | |||||
Escrows: | ||||||||
Consumer Staples: | ||||||||
23,253 | FRESH MARKET (THE), INC.(b)(f) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
1,246,096 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(g) | 1,246,096 | 1,246,096 | |||||
12,324,435 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.61%(h) | 12,324,435 | 12,324,435 | |||||
Sub-total Short-Term Investments: | 13,570,531 | 13,570,531 | 3.72% | |||||
Grand total | $ 401,852,188 | 366,916,162 | 100.54% |
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, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 10.04% of net assets. |
(d) | Security is either wholly or partially on loan. |
(e) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.14% of net assets as of December 31, 2022. |
(f) | Security has been deemed worthless and is a Level 3 investment. |
(g) | Investment relates to cash collateral received from portfolio securities loaned. |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,636,090 with net sales of $4,311,655 during the fiscal year ended December 31, 2022. |
67 | (Continued) |
68 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
142,752 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 1,364,836 | 1,341,869 | |||||||||
91,834 | BLACKROCK MUNICIPAL INCOME FUND INC | 1,105,339 | 1,040,479 | |||||||||
23,837 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 320,833 | 270,550 | |||||||||
0 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | - | - | |||||||||
114,391 | BLACKROCK MUNIHOLDINGS FUND INC | 1,769,966 | 1,388,707 | |||||||||
35,655 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 491,316 | 394,701 | |||||||||
93,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,189,521 | 935,071 | |||||||||
141,394 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1,831,916 | 1,568,059 | |||||||||
48,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 684,813 | 536,187 | |||||||||
72,792 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 882,514 | 743,934 | |||||||||
115,169 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,525,227 | 1,291,044 | |||||||||
48,128 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 344,865 | 278,180 | |||||||||
183,432 | DWS MUNICIPAL INCOME TRUST | 2,072,953 | 1,579,350 | |||||||||
168,890 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,865,560 | 1,450,765 | |||||||||
159,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,939,405 | 1,579,704 | |||||||||
111,237 | INVESCO MUNICIPAL TRUST | 1,372,374 | 1,101,246 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,279 | 539,853 | |||||||||
190,374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,321,500 | 1,793,323 | |||||||||
70,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 898,029 | 705,239 | |||||||||
81,582 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,234,553 | 983,063 | |||||||||
56,334 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 792,918 | 683,895 | |||||||||
270,957 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 3,620,787 | 3,080,781 | |||||||||
81,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,258,443 | 926,577 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 937,881 | |||||||||
261,518 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 3,741,209 | 3,085,912 | |||||||||
Sub-total Closed-End Funds: | 34,565,857 | 28,236,370 | 4.99% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
400,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 400,000 | 295,619 | |||||||
965,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 965,000 | 753,212 | |||||||
1,365,000 | 1,048,831 | 0.19% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c)(d) | 12/1/2010 | 5.40 | 350,000 | 910 | |||||||
350,000 | 910 | 0.00% | ||||||||||
Arizona | ||||||||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2030 | 6.75 | 1,239,783 | 875,000 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2050 | 7.75 | 1,237,779 | 875,000 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2051 | 6.00 | 400,000 | 280,000 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 554,765 | 393,354 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 904,963 | 886,663 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 512,552 | 521,087 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 987,955 | 1,002,685 | |||||||
475,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 12/1/2026 | 5.25 | 475,000 | 475,100 | |||||||
650,000 | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE(b) | 11/15/2035 | 6.25 | 650,000 | 662,877 | |||||||
650,000 | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE(b) | 11/15/2057 | 7.00 | 650,000 | 662,429 | |||||||
500,000 | TEMPE AZ | 1/1/2029 | 5.00 | 500,000 | 506,693 | |||||||
340,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 339,711 | 330,096 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 501,809 | 452,283 | |||||||
8,954,317 | 7,923,267 | 1.40% | ||||||||||
Arkansas | ||||||||||||
970,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | 970,000 | 704,053 | |||||||
970,000 | 704,053 | 0.12% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(e) | 8/1/2039 | 0.00 | 2,123,056 | 2,482,999 |
69 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
California (Cont'd): | ||||||||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(e) | 8/1/2046 | 0.00 | $ 775,328 | 1,058,433 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | 650,000 | 566,743 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2051 | 5.00 | 524,310 | 412,293 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2056 | 5.00 | 521,439 | 403,541 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,487,395 | 1,675,690 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 996,162 | 1,221,702 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,275 | 1,111,114 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,102,823 | 1,302,378 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,593 | 751,875 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 999,046 | 1,272,523 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,339 | 1,413,768 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 997,955 | 1,195,958 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,004,949 | 1,099,530 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,552 | 789,544 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,998,773 | 2,485,860 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,001 | 1,129,750 | |||||||
750,000 | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX | 9/1/2052 | 5.25 | 815,096 | 806,754 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,002,727 | 1,024,448 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(f) | 6/1/2039 | 3.76 | 350,000 | 305,188 | |||||||
495,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 495,000 | 495,673 | |||||||
985,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE(g) | 10/15/2042 | 5.30 | 993,894 | 990,795 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,003,581 | 1,009,624 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 501,548 | |||||||
1,910,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 1,909,127 | 2,107,765 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(e) | 8/1/2041 | 0.00 | 813,949 | 951,118 | |||||||
25,704,370 | 28,566,614 | 5.05% | ||||||||||
Colorado | ||||||||||||
1,000,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 973,724 | 834,802 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,014,702 | 824,374 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,115 | 618,558 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 873,135 | 694,496 | |||||||
1,400,000 | COLLIERS HILL MET DIST #2 CO | 12/15/2047 | 6.00 | 1,400,000 | 1,152,288 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,756 | 1,001,606 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2030 | 3.50 | 600,000 | 529,445 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 991,006 | 1,010,186 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH REVENUE | 12/1/2048 | 5.00 | 1,296,506 | 1,231,673 | |||||||
735,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2049 | 5.00 | 777,905 | 578,996 | |||||||
1,670,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2058 | 5.00 | 1,721,436 | 1,250,030 | |||||||
6,500,000 | COLORADO ST HLTH FACS AUTH���REVENUE(f)(h) | 5/15/2062 | 3.08 | 6,500,000 | 6,500,000 | |||||||
1,500,000 | COLORADO ST HSG & FIN AUTH | 11/1/2052 | 6.00 | 1,590,952 | 1,636,058 | |||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | 776,647 | 664,079 | |||||||
1,500,000 | CROSSROADS MET DIST #1 CO | 12/1/2051 | 6.50 | 1,475,980 | 1,392,570 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,062,396 | |||||||
980,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 980,000 | 980,772 |
70 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | $ 1,000,000 | 930,570 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 515,705 | 461,290 | |||||||
1,000,000 | JOHNSTOWN PLAZA MET DIST CO | 12/1/2046 | 4.25 | 946,030 | 786,072 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 587,647 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 361,160 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(e) | 12/1/2051 | 0.00 | 1,692,504 | 1,219,004 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,702 | 954,800 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 782,524 | 651,850 | |||||||
184,432 | MOUNT CARBON CO MET DIST REVENUE(d) | 6/1/2043 | 8.00 | - | 184,432 | |||||||
550,000 | RAINDANCE MET DIST #2 CO | 12/1/2039 | 5.00 | 583,783 | 511,702 | |||||||
1,373,686 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,323,249 | 980,878 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 530,997 | 413,568 | |||||||
1,000,000 | RUDOLPH FARMS MET DIST #6 CO REVENUE SUPPORTED | 6/1/2052 | 6.50 | 1,000,000 | 945,043 | |||||||
500,000 | SKY RANCH CMNTY AUTH BRD CO | 12/1/2052 | 5.75 | 500,000 | 453,830 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,039,759 | 865,583 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,348 | 868,407 | |||||||
1,000,000 | TREE FARM MET DIST CO(b) | 12/1/2041 | 4.50 | 1,000,000 | 864,252 | |||||||
1,000,000 | WESTGATE MET DIST CO | 12/1/2051 | 5.13 | 1,000,000 | 825,721 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 732,716 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,064,707 | 957,220 | |||||||
41,263,312 | 36,518,074 | 6.46% | ||||||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2027 | 3.25 | 500,000 | 500,016 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2055 | 5.00 | 512,347 | 448,764 | |||||||
180,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 180,000 | 176,447 | |||||||
500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 500,000 | 488,438 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,021,831 | 1,797,104 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 588,796 | 129,808 | |||||||
650,000 | STAMFORD CT HSG AUTH(b) | 12/1/2027 | 11.00 | 650,000 | 653,672 | |||||||
650,000 | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE(b) | 4/1/2051 | 4.00 | 660,221 | 479,603 | |||||||
5,613,195 | 4,673,852 | 0.83% | ||||||||||
District of Columbia | ||||||||||||
1,500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE | 6/15/2031 | 4.45 | 1,502,980 | 1,502,325 | |||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 500,720 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,000,748 | |||||||
565,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 536,600 | 536,387 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 2,494,890 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 970,226 | |||||||
8,039,580 | 7,005,296 | 1.24% | ||||||||||
Florida | ||||||||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 577,414 | 412,887 | |||||||
385,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 385,000 | 387,113 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE | 5/1/2052 | 4.00 | 1,016,334 | 750,704 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 514,407 | |||||||
175,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 175,000 | 177,823 |
71 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | $ 1,370,000 | 1,399,575 | |||||||
525,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 559,254 | 378,547 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 514,473 | 418,973 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 1,519,816 | 1,169,829 | |||||||
445,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | 470,628 | 308,939 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(c)(d) | 4/1/2035 | 7.00 | 750,000 | 571,500 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d)(i) | 12/1/2035 | 6.75 | 1,745,953 | 472,500 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d)(i) | 7/1/2037 | 6.75 | 750,000 | 172,500 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE | 5/1/2032 | 5.00 | 712,729 | 707,857 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 516,457 | 378,066 | |||||||
1,100,000 | COBBLESTONE CDD FL SPL ASSMNT REVENUE(b) | 5/1/2053 | 4.30 | 1,085,268 | 868,864 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(d)(i) | 5/15/2026 | 7.25 | 750,000 | 435,000 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(d)(i) | 5/15/2044 | 8.13 | 1,913,765 | 1,015,000 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,021,340 | 756,132 | |||||||
1,000,000 | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2032 | 4.40 | 1,000,000 | 944,947 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 838,649 | 600,698 | |||||||
420,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 420,000 | 409,139 | |||||||
605,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 605,000 | 609,236 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,293,674 | 1,177,515 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP(b)(g) | 7/1/2057 | 7.25 | 980,201 | 997,020 | |||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/1/2040 | 5.00 | 943,591 | 831,539 | |||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2027 | 2.38 | 500,000 | 445,158 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 11/15/2030 | 5.00 | 1,000,000 | 911,575 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2050 | 5.25 | 2,035,039 | 1,787,049 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | 6/1/2051 | 5.00 | 1,478,426 | 1,077,280 | |||||||
260,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 260,000 | 256,123 | |||||||
100,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 100,000 | 99,624 | |||||||
645,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 645,000 | 624,474 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 1,000,000 | 807,375 | |||||||
530,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 530,000 | 506,187 | |||||||
2,345,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,345,000 | 1,556,012 | |||||||
1,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1,500,000 | 1,440,185 | |||||||
1,000,000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1,042,527 | 775,162 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 940,392 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,054 | 543,974 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,912 | 512,668 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 700,190 | |||||||
1,000,000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 991,421 | 750,704 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,340 | 611,337 | |||||||
1,000,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978,140 | 842,500 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 596,399 | 546,310 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,769 | 460,517 |
72 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | $ 383,766 | 323,290 | |||||||
235,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 234,843 | 233,562 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 703,333 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,008,678 | |||||||
1,100,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,100,000 | 1,092,217 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,439 | 736,458 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,240 | 746,084 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 682,428 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 994,561 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 575,923 | 454,160 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 796,784 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 486,861 | |||||||
300,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 295,890 | 252,216 | |||||||
940,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 926,117 | 721,287 | |||||||
1,445,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,519,740 | 1,083,279 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,116,348 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 11/15/2049 | 5.00 | 971,250 | 971,160 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 10/1/2052 | 5.25 | 1,020,075 | 865,555 | |||||||
180,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 180,000 | 181,117 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 504,736 | 418,339 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 740,612 | 731,961 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,478 | 282,857 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 516,830 | 375,259 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 512,730 | 491,009 | |||||||
210,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 210,000 | 215,226 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c)(d) | 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 | 1,013,249 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 509,586 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,402,357 | 1,411,386 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 506,107 | 490,349 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,012,588 | 1,015,866 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 763,064 | 767,376 | |||||||
5,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 5,000 | 4,916 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE(b) | 7/1/2027 | 11.50 | 1,000,000 | 968,915 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,255,193 | 1,089,650 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,027,276 | 777,018 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,860,458 | 1,953,619 |
73 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
1,000,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2042 | 5.00 | $ 996,250 | 941,010 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 731,261 | 525,723 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,344 | 387,648 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,155 | 378,066 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 539,480 | 478,652 | |||||||
595,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 590,524 | 600,751 | |||||||
475,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 473,588 | 421,248 | |||||||
490,000 | ROLLING HILLS FL CDD CAPITAL IMPT REVENUE | 5/1/2032 | 3.65 | 490,000 | 431,419 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 1,988,895 | 1,646,820 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 720,208 | 551,976 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,688 | 840,053 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,197,330 | 1,765,354 | |||||||
830,000 | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(b) | 6/15/2051 | 4.00 | 913,698 | 610,177 | |||||||
1,000,000 | SEMINOLE FL IMPT DIST UTILS REVENUE | 10/1/2037 | 5.30 | 1,000,000 | 985,359 | |||||||
145,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 142,570 | 148,034 | |||||||
500,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 524,963 | 386,448 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c)(d) | 11/1/2010 | 5.50 | 142,538 | 76,971 | |||||||
650,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.20 | 650,000 | 610,002 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(e) | 5/1/2040 | 0.00 | 100,440 | 101,810 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,428,633 | 1,349,658 | |||||||
125,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,055,801 | 750,519 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 696,394 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 388,755 | 322,187 | |||||||
1,005,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2052 | 5.50 | 999,159 | 963,161 | |||||||
475,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 473,906 | 479,183 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,239,376 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 783,493 | 560,627 | |||||||
500,000 | WATERSET SOUTH CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 6.10 | 500,000 | 500,652 | |||||||
910,000 | WINDWARD AT LAKEWOOD RANCH CDD FL CAPITAL IMPT | 5/1/2052 | 4.25 | 914,838 | 715,119 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 652,033 | 659,583 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,871 | 735,438 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2052 | 5.25 | 995,485 | 926,677 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,922 | 737,919 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c)(d) | 5/1/2013 | 5.25 | 351,276 | 147,392 | |||||||
97,823,959 | 81,698,473 | 14.44% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 501,420 | 501,643 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH REVENUE(b) | 12/1/2039 | 5.00 | 1,408,505 | 1,171,484 | |||||||
1,250,000 | GAINESVILLE & HALL CNTY GA DEV AUTH EDUCTNL FACS REVENUE(b) | 9/1/2044 | 6.25 | 1,213,917 | 1,126,869 |
74 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Georgia (Cont'd): | ||||||||||||
985,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2042 | 3.85 | $ 985,000 | 906,126 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,936,000 | 1,856,534 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 873,447 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,352,089 | |||||||
500,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.40 | 500,000 | 491,718 | |||||||
9,189,842 | 8,279,910 | 1.46% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 119,976 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 482,531 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 617,344 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,027,939 | 715,679 | |||||||
1,000,000 | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(b) | 9/1/2051 | 3.75 | 1,000,000 | 715,832 | |||||||
3,472,304 | 2,651,362 | 0.47% | ||||||||||
Illinois | ||||||||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,255,519 | 1,244,406 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,008,564 | 1,033,017 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,000 | 1,000,896 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2053 | 5.50 | 1,063,718 | 1,049,101 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,021,741 | 1,014,760 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 767,005 | 712,546 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 502,798 | 510,584 | |||||||
830,000 | EVANSTON ILL EDL FAC REVENUE(b) | 4/1/2041 | 4.38 | 828,424 | 615,707 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 501,772 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,010,933 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 676,390 | 680,121 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2027 | 6.00 | 500,000 | 501,239 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,756 | 448,501 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2037 | 5.25 | 497,481 | 468,259 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 758,489 | 761,283 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 507,405 | 442,537 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,413,151 | 1,038,035 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2042 | 5.38 | 498,488 | 463,882 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,539,813 | 1,278,841 | |||||||
1,000,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1,028,175 | 1,001,542 | |||||||
2,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2061 | 3.00 | 2,000,000 | 1,343,718 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,048,539 | 1,035,122 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,523,869 | 1,532,590 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 509,483 | 523,860 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(b) | 1/1/2041 | 4.82 | 1,000,000 | 832,595 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,086,058 | 1,071,557 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c)(d) | 12/30/2025 | 5.75 | 1,000,000 | 250,000 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 750,436 | |||||||
325,000 | S WSTRN IL DEV AUTH(c)(d) | 10/1/2022 | 7.00 | 325,000 | 48,750 | |||||||
1,000,000 | UNIV OF ILLINOIS IL REVENUES | 4/1/2044 | 5.00 | 1,007,083 | 1,004,134 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 766,038 | 695,040 | |||||||
27,882,777 | 24,865,764 | 4.40% | ||||||||||
Indiana | ||||||||||||
1,500,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 7/1/2047 | 5.00 | 1,537,610 | 1,507,408 | |||||||
700,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 6/1/2051 | 5.00 | 767,922 | 573,976 | |||||||
690,000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 690,000 | 693,605 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 990,356 | 1,022,524 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,707,706 | 1,224,063 |
75 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Indiana (Cont'd): | ||||||||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | $ 505,802 | 510,907 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,018,527 | 961,790 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,310,390 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 523,206 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 614,001 | 615,872 | |||||||
9,931,924 | 8,943,741 | 1.58% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,568,991 | 1,362,063 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2048 | 5.00 | 1,648,460 | 1,243,034 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,100,768 | 665,628 | |||||||
1,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2042 | 4.05 | 1,000,000 | 934,492 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 516,753 | 486,713 | |||||||
1,000,000 | IOWA ST HGR EDU LOAN AUTH REVENUE | 10/1/2052 | 5.38 | 1,020,534 | 1,013,861 | |||||||
6,855,506 | 5,705,791 | 1.01% | ||||||||||
Kansas | ||||||||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 930,190 | 850,174 | |||||||
1,500,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE(b) | 9/1/2035 | 5.25 | 1,485,523 | 1,415,303 | |||||||
2,415,713 | 2,265,477 | 0.40% | ||||||||||
Louisiana | ||||||||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2031 | 4.00 | 601,740 | 530,090 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1,060,808 | 776,898 | |||||||
990,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2042 | 4.05 | 990,000 | 924,260 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 866,510 | |||||||
490,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 502,432 | 484,721 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,006,498 | 1,001,472 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 600,000 | 600,535 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,048,538 | 833,593 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 585,173 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 900,000 | 690,666 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | 650,000 | 530,463 | |||||||
1,150,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,150,000 | 840,548 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 514,410 | 514,116 | |||||||
350,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(f) | 2/15/2036 | 3.79 | 350,000 | 344,308 | |||||||
11,224,426 | 9,523,353 | 1.68% | ||||||||||
Maine | ||||||||||||
925,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 925,000 | 895,040 | |||||||
925,000 | 895,040 | 0.16% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 500,627 |
76 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Maryland (Cont'd): | ||||||||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | $ 1,000,000 | 711,146 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 3/1/2047 | 5.05 | 1,000,000 | 1,020,208 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2052 | 5.00 | 1,051,235 | 1,042,045 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 520,127 | |||||||
545,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 545,000 | 519,502 | |||||||
4,596,235 | 4,313,655 | 0.76% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 2,995,306 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(b) | 10/1/2047 | 5.00 | 733,256 | 709,377 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,512,668 | 1,616,836 | |||||||
885,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2033 | 3.50 | 846,968 | 846,059 | |||||||
130,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 131,008 | 125,735 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 828,578 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,447,314 | 1,223,581 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,708,880 | 1,116,854 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 266,566 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 271,425 | |||||||
310,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310,000 | 311,514 | |||||||
2,130,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,130,000 | 2,114,826 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2046 | 2.80 | 2,000,000 | 1,423,460 | |||||||
16,355,094 | 13,850,117 | 2.45% | ||||||||||
Michigan | ||||||||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 526,590 | 428,006 | |||||||
1,000,000 | KENTWOOD MI ECON DEV CORP | 11/15/2037 | 5.00 | 1,006,766 | 990,633 | |||||||
770,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 764,627 | 632,479 | |||||||
650,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 652,847 | 499,589 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2044 | 3.25 | 1,430,625 | 1,199,147 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,049,617 | 775,696 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,309,683 | 1,744,037 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2040 | 5.20 | 1,000,000 | 1,042,247 | |||||||
290,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 290,000 | 268,162 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,879,176 | 3,487,366 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 4,191,839 | |||||||
330,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 330,000 | 330,216 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 758,656 | 768,882 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 826,956 | 641,992 | |||||||
22,325,543 | 17,000,291 | 3.01% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,484 | 553,804 | |||||||
1,000,000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 991,589 | 932,783 |
77 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Minnesota (Cont'd): | ||||||||||||
2,000,000 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2047 | 5.00 | $ 2,071,293 | 2,085,324 | |||||||
995,000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 802,444 | 684,970 | |||||||
5,000,000 | MINNESOTA ST HSG FIN AGY | 1/1/2053 | 6.00 | 5,321,909 | 5,463,589 | |||||||
1,785,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 1,698,868 | 1,462,155 | |||||||
11,816,587 | 11,182,625 | 1.98% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 500,000 | 398,347 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 873,595 | |||||||
2,000,000 | MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 6/1/2042 | 2.55 | 2,000,000 | 1,546,725 | |||||||
3,500,000 | 2,818,667 | 0.50% | ||||||||||
Missouri | ||||||||||||
430,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 425,987 | 358,336 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 396,462 | 14,489 | |||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | 895,055 | 514,383 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 913,712 | 939,094 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,058,726 | 1,540,341 | |||||||
980,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 3.25 | 980,000 | 814,133 | |||||||
1,500,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.30 | 1,500,000 | 1,450,079 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.40 | 1,000,000 | 1,005,717 | |||||||
290,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 290,000 | 254,197 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 750,000 | 648,485 | |||||||
9,209,942 | 7,539,254 | 1.33% | ||||||||||
Montana | ||||||||||||
315,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 315,000 | 314,551 | |||||||
520,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 520,000 | 515,854 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1,000,000 | 758,421 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 6/1/2052 | 4.55 | 1,000,000 | 960,139 | |||||||
2,835,000 | 2,548,965 | 0.45% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c)(d) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
1,750,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2040 | 4.35 | 1,750,000 | 1,725,373 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 156,696 | |||||||
2,075,000 | 1,888,709 | 0.33% | ||||||||||
Nevada | ||||||||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2044 | 3.25 | 1,000,000 | 820,780 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 902,557 | |||||||
455,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 455,000 | 440,672 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 1,062,361 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2037 | 5.00 | 505,651 | 505,555 | |||||||
4,690,651 | 3,731,925 | 0.66% | ||||||||||
New Hampshire | ||||||||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,354,558 | |||||||
1,500,000 | 1,354,558 | 0.24% | ||||||||||
New Jersey | ||||||||||||
1,000,000 | CAMDEN CNTY NJ IMPT AUTH CHRT SCH REVENUE(b) | 7/15/2042 | 5.00 | 1,045,244 | 997,405 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 524,092 | 508,949 |
78 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Jersey (Cont'd): | ||||||||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | $ 779,870 | 752,876 | |||||||
2,115,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,109,632 | 2,036,134 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2041 | 4.00 | 967,697 | 985,169 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,704 | 891,774 | |||||||
2,675,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,675,000 | 2,536,041 | |||||||
4,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2042 | 4.50 | 4,000,000 | 3,917,281 | |||||||
1,220,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,220,000 | 853,131 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,637 | 776,292 | |||||||
1,500,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 5.00 | 1,578,151 | 1,566,616 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 503,766 | 507,062 | |||||||
1,000,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2046 | 4.00 | 1,106,123 | 866,691 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 703,266 | 668,377 | |||||||
19,078,182 | 17,863,798 | 3.16% | ||||||||||
New Mexico | ||||||||||||
995,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 995,000 | 958,002 | |||||||
650,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 2.70 | 484,682 | 474,081 | |||||||
1,980,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 1,980,000 | 1,744,886 | |||||||
585,000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 591,614 | 576,907 | |||||||
435,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 435,000 | 424,203 | |||||||
590,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 590,778 | 548,549 | |||||||
695,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 695,000 | 576,102 | |||||||
615,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 615,000 | 593,400 | |||||||
1,370,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,399,818 | 1,080,489 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990,000 | 669,945 | |||||||
1,210,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 1,210,000 | 842,032 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 2.80 | 1,975,000 | 1,389,127 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | 1,000,000 | 914,966 | |||||||
12,961,892 | 10,792,689 | 1.91% | ||||||||||
New York | ||||||||||||
1,000,000 | BUILD NYC RESOURCE CORP NY REVENUE | 7/1/2057 | 5.25 | 1,020,970 | 1,007,287 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 750,624 | 754,207 | |||||||
660,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 604,181 | 588,648 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 600,853 | 533,885 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 2,606,657 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 812,357 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 844,903 | |||||||
2,250,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,250,000 | 1,334,297 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 1,219,676 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,013,636 | 2,010,643 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 933,469 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 869,234 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,327,493 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 501,838 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 3,606,958 | |||||||
965,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 965,000 | 732,601 | |||||||
290,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 290,000 | 284,590 |
79 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
1,700,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | $ 1,606,007 | 1,156,262 | |||||||
980,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 975,348 | 668,069 | |||||||
3,475,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2047 | 3.30 | 3,475,000 | 2,757,224 | |||||||
1,030,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,030,000 | 957,000 | |||||||
1,875,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,875,000 | 1,299,239 | |||||||
1,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,435,000 | 935,492 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,852 | 1,207,073 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2029 | 3.60 | 650,000 | 570,503 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2046 | 5.00 | 681,683 | 520,140 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | 494,470 | 360,948 | |||||||
37,302,374 | 30,400,693 | 5.37% | ||||||||||
North Carolina | ||||||||||||
1,000,000 | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE | 7/1/2052 | 5.50 | 1,064,630 | 1,056,433 | |||||||
1,710,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.36 | 1,710,000 | 1,713,072 | |||||||
190,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 188,186 | 175,146 | |||||||
2,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2042 | 3.50 | 2,500,000 | 2,145,389 | |||||||
190,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 190,000 | 190,000 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,055,175 | 1,038,634 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,737 | 554,333 | |||||||
7,304,728 | 6,873,007 | 1.21% | ||||||||||
North Dakota | ||||||||||||
420,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 420,928 | 334,304 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 985,000 | 833,238 | |||||||
920,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 920,000 | 693,809 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2053 | 4.00 | 1,048,593 | 1,001,599 | |||||||
3,374,521 | 2,862,950 | 0.51% | ||||||||||
Ohio | ||||||||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.50 | 500,000 | 390,011 | |||||||
1,500,000 | CLOVERLEAF OH LOCAL SCH DIST COPS | 12/1/2047 | 5.75 | 1,569,471 | 1,626,664 | |||||||
900,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 917,589 | 681,104 | |||||||
1,460,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,531,090 | 1,357,827 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,042,737 | 1,635,635 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(d)(i) | 12/1/2037 | 6.50 | 750,000 | 187,500 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,527,689 | 1,537,582 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,031,066 | 1,470,419 | |||||||
505,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 459,575 | 488,392 | |||||||
3,985,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2046 | 2.85 | 3,985,000 | 2,870,514 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 4.55 | 1,000,000 | 981,883 | |||||||
2,500,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 5.10 | 2,500,000 | 2,589,737 |
80 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Ohio (Cont'd): | ||||||||||||
495,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | $ 495,000 | 484,989 | |||||||
1,335,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.50 | 1,336,781 | 1,351,589 | |||||||
625,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 625,000 | 600,435 | |||||||
3,650,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 3,673,887 | 2,595,179 | |||||||
1,970,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 1,970,000 | 1,383,642 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2052 | 5.00 | 1,052,886 | 1,042,192 | |||||||
27,967,771 | 23,275,294 | 4.11% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,170,062 | 1,902,139 | |||||||
2,000,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2053 | 6.25 | 2,147,726 | 2,207,539 | |||||||
4,317,788 | 4,109,678 | 0.73% | ||||||||||
Oregon | ||||||||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,004,727 | 1,006,221 | |||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | 500,000 | 499,988 | |||||||
425,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 425,000 | 412,952 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2042 | 3.70 | 1,000,000 | 900,843 | |||||||
2,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,814,788 | 1,428,605 | |||||||
785,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 785,000 | 761,611 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,488 | 811,504 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 730,948 | 487,612 | |||||||
7,225,951 | 6,309,336 | 1.12% | ||||||||||
Pennsylvania | ||||||||||||
370,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(f) | 10/1/2034 | 3.89 | 370,000 | 343,543 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 515,044 | 502,235 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,258,729 | 1,249,924 | |||||||
870,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 871,451 | 728,714 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,248,068 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,029,951 | 887,682 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(f) | 7/1/2039 | 3.84 | 500,000 | 441,978 | |||||||
895,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 4/1/2039 | 4.00 | 906,817 | 890,897 | |||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,685,000 | 1,596,091 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,034,731 | 729,423 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 789,467 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,282,162 | |||||||
740,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 3.00 | 736,677 | 721,967 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2045 | 5.00 | 1,036,771 | 1,018,580 | |||||||
100,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 100,000 | 101,115 |
81 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Pennsylvania (Cont'd): | ||||||||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | $ 741,201 | 754,659 | |||||||
15,486,372 | 13,286,505 | 2.35% | ||||||||||
Rhode Island | ||||||||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | 4/1/2045 | 2.80 | 1,018,515 | 760,324 | |||||||
995,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 986,500 | 946,384 | |||||||
2,005,015 | 1,706,708 | 0.30% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,568 | 543,398 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(b) | 7/1/2025 | 8.75 | 750,000 | 780,059 | |||||||
1,000,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2037 | 3.20 | 1,000,000 | 915,622 | |||||||
1,135,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,135,000 | 899,669 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 687,155 | 461,240 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 806,772 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,012,927 | 1,003,742 | |||||||
6,232,650 | 5,410,502 | 0.96% | ||||||||||
South Dakota | ||||||||||||
2,000,000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2,000,000 | 1,538,504 | |||||||
2,000,000 | 1,538,504 | 0.27% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(d)(i) | 6/1/2027 | 6.50 | 1,000,000 | 270,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 603,770 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,601 | 1,228,715 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2019 | 5.35 | 134,966 | 2 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)(d) | 1/1/2029 | 5.55 | 556,862 | 6 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2029 | 6.00 | - | 1 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 4.25 | 1,000,000 | 980,390 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.50 | 3,000,000 | 2,645,159 | |||||||
495,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 495,000 | 482,298 | |||||||
430,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 430,000 | 411,138 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 2,871,273 | 2,133,632 | |||||||
845,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.55 | 845,000 | 574,294 | |||||||
605,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 605,000 | 579,154 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | 2,000,000 | 1,438,835 | |||||||
14,880,702 | 11,347,394 | 2.01% | ||||||||||
Texas | ||||||||||||
1,250,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,203,268 | 787,554 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,227 | 758,537 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 637,478 | 633,468 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,001,286 | 1,012,660 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,350,000 | 1,345,703 |
82 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | $ 420,000 | 352,830 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,435 | 501,686 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,007,824 | 1,025,674 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(e) | 10/1/2035 | 0.00 | 1,437,726 | 1,610,485 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,135,041 | 1,470,414 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP(c)(d) | 2/15/2025 | 5.38 | 273,000 | 163,800 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,533 | 1,066,558 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2027 | 5.50 | 1,487,854 | 1,473,526 | |||||||
470,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2029 | 4.00 | 428,040 | 414,940 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2033 | 6.50 | 1,500,000 | 1,471,472 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,004,441 | 902,405 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 506,766 | 417,870 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,109,015 | 758,761 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,141,401 | 804,016 | |||||||
1,019,262 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE(f)(j) | 11/15/2061 | 2.00 | 1,019,262 | 466,211 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 637,450 | 354,750 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,110,308 | 1,104,649 | |||||||
2,000,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2051 | 5.00 | 1,990,000 | 1,820,298 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 747,014 | 811,543 | |||||||
550,000 | SAN ANTONIO TX EDU FACS CORP REVENUE | 10/1/2041 | 5.00 | 578,614 | 468,179 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,001,996 | 1,001,539 | |||||||
1,665,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 1,691,864 | 1,547,667 | |||||||
645,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 652,613 | 636,214 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 3/1/2050 | 3.00 | 716,292 | 725,833 | |||||||
1,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.25 | 1,541,620 | 1,553,470 | |||||||
2,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.50 | 2,696,494 | 2,673,432 | |||||||
485,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 489,109 | 326,435 | |||||||
4,750,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2052 | 3.13 | 4,842,773 | 3,502,927 | |||||||
39,050,744 | 33,965,506 | 6.00% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,100 | 742,393 | |||||||
1,000,000 | DOWNTOWN EAST STREETCAR SWR PUBLIC INFRASTRUCUTRE DIST(b) | 3/1/2042 | 5.75 | 1,000,000 | 990,596 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,743 | 668,312 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,031,832 | 1,437,517 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 380,492 | |||||||
1,000,000 | UTAH CNTY UT HOSP REVENUE | 5/15/2045 | 5.00 | 1,018,547 | 1,016,433 |
83 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Utah (Cont'd): | ||||||||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2027 | 4.25 | $ 900,000 | 846,310 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 12/15/2031 | 3.50 | 896,566 | 745,940 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2032 | 5.25 | 1,000,000 | 981,016 | |||||||
5,340,191 | UTAH ST HSG CORP | 12/21/2052 | 6.00 | 5,537,004 | 5,583,592 | |||||||
35,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 35,000 | 35,047 | |||||||
14,804,792 | 13,427,648 | 2.37% | ||||||||||
Vermont | ||||||||||||
1,000,000 | VERMONT ST ECON DEV AUTH MTGE REVENUE | 5/1/2045 | 4.00 | 1,064,960 | 726,258 | |||||||
475,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 471,188 | 462,049 | |||||||
1,536,148 | 1,188,307 | 0.21% | ||||||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,127 | |||||||
1,000,000 | HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 10/1/2047 | 5.00 | 1,090,945 | 1,038,685 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(k) | 9/1/2041 | 0.00 | 178,470 | 22,072 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(c)(d) | 9/1/2041 | 5.63 | 373,458 | 154,485 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 1,003,874 | 1,003,031 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 630,718 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 3/1/2052 | 3.25 | 1,000,000 | 738,531 | |||||||
5,146,747 | 4,088,649 | 0.72% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 687,854 | 730,788 | |||||||
350,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 350,000 | 364,042 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,470,770 | 1,213,888 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,032,237 | 786,318 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,026,146 | 1,023,684 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 486,150 | 299,994 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 506,066 | 462,301 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,309 | 1,269,924 | |||||||
325,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 325,738 | 336,907 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2035 | 5.75 | 675,000 | 644,621 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2036 | 5.00 | 617,821 | 544,521 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 526,224 | 498,953 | |||||||
9,200,315 | 8,175,941 | 1.45% | ||||||||||
West Virginia | ||||||||||||
500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2042 | 4.00 | 500,000 | 466,734 | |||||||
1,885,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1,885,000 | 1,318,202 | |||||||
2,385,000 | 1,784,936 | 0.32% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2046 | 0.00 | 1,892 | 370 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2047 | 0.00 | 2,017 | 382 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2048 | 0.00 | 1,916 | 357 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2049 | 0.00 | 1,841 | 337 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2050 | 0.00 | 1,756 | 308 |
84 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2051 | 0.00 | $ 1,849 | 320 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d)(f)(i)(j) | 7/1/2051 | 3.75 | 443,916 | 205,954 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2052 | 0.00 | 1,826 | 305 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2053 | 0.00 | 1,749 | 286 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2054 | 0.00 | 1,684 | 268 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2055 | 0.00 | 1,613 | 251 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2056 | 0.00 | 1,546 | 236 | |||||||
106,459 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d)(i) | 7/1/2056 | 5.50 | 104,505 | 59,863 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2057 | 0.00 | 2,300 | 224 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2058 | 0.00 | 1,436 | 210 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2059 | 0.00 | 1,385 | 199 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2060 | 0.00 | 1,339 | 186 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2061 | 0.00 | 1,287 | 172 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2062 | 0.00 | 1,244 | 163 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2063 | 0.00 | 1,194 | 153 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2064 | 0.00 | 1,156 | 145 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2065 | 0.00 | 1,120 | 134 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2066 | 0.00 | 1,087 | 125 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(i)(k) | 1/1/2067 | 0.00 | 12,783 | 1,461 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 524,081 | 460,870 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1,054,410 | 923,163 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1,000,000 | 939,483 | |||||||
195,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 195,409 | 195,439 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 6/1/2028 | 3.00 | 1,250,000 | 1,099,566 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b)(c)(i) | 11/1/2028 | 6.25 | 1,250,000 | 750,000 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 990,725 | 615,000 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(d)(i) | 12/1/2048 | 5.50 | 13,694 | 4,245 | |||||||
1,695,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,721,586 | 1,266,080 | |||||||
475,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 474,575 | 487,488 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 525,687 | 448,118 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 726,643 | 648,348 | |||||||
1,410,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2041 | 5.00 | 1,416,917 | 1,265,665 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,407,754 | 1,418,872 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 671,966 | 535,336 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,473,680 | 1,278,446 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 4/1/2057 | 5.13 | 1,500,000 | 1,174,284 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2051 | 2.85 | 1,000,000 | 723,678 | |||||||
17,791,568 | 14,506,490 | 2.56% |
85 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wyoming | ||||||||||||
370,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | $ 370,000 | 364,573 | |||||||
370,000 | 364,573 | 0.06% | ||||||||||
Sub-total Municipal Bonds: | 591,308,537 | 510,777,682 | 90.30% | |||||||||
Short-Term Investments: | ||||||||||||
11,705,149 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.61%(l) | 11,705,149 | 11,705,149 | |||||||||
Sub-total Short-Term Investments: | 11,705,149 | 11,705,149 | 2.07% | |||||||||
Grand total | $ 637,579,543 | 550,719,201 | 97.36% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | 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. |
(c) | Non-income producing assets. |
(d) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
(e) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(f) | Variable rate security. Rate as of December 31, 2022 is disclosed. |
(g) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
(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) | Restricted security that has been deemed illiquid. At December 31, 2022, the value of these restricted illiquid securities amounted to $3,579,156 or 0.63% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION 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%, 5/14/44 | 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 | 3/26/18-3/8/22 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 6.25%, 11/1/28 - 12/1/48 | 4/3/17-3/26/19 | 13,694 - 1,250,000 |
(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) | Zero coupon bond. |
(l) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $28,762,724 with net sales of $17,057,575 during the fiscal year ended December 31, 2022. |
86 | (Continued) |
Geographical Diversification | Percent | |
Florida | 15.64% | |
Illinois | 7.00 | |
Colorado | 6.99 | |
Texas | 6.50 | |
New York | 5.82 | |
California | 5.47 | |
Ohio | 4.45 | |
New Jersey | 3.42 | |
Michigan | 3.25 | |
Wisconsin | 2.78 | |
Other | 38.68 | |
100.00% |
Type | Number of Contracts | Notional Amount (000s) | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) (000s) | |||||
10-Year U.S. Treasury Note | 1,016 | $(114,094) | Short | 3/23 | $ 787 | |||||
U.S. Treasury Long Bond | 190 | (23,815) | Short | 3/23 | 345 | |||||
2-Year U.S. Treasury Note | 330 | (67,676) | Short | 3/23 | (72) | |||||
5-Year U.S. Treasury Note | 609 | (65,729) | Short | 3/23 | 111 | |||||
$1,171 |
87 | (Continued) |
88 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD.(b) | $ 331,893 | 412,184 | |||||
29,184 | ANZ GROUP HOLDINGS LTD. | 380,372 | 470,123 | |||||
16,849 | APA GROUP | 112,443 | 123,435 | |||||
2,554 | ASX LTD. | 51,631 | 118,279 | |||||
36,589 | ATLASSIAN CORP., CLASS A(c) | 9,218,335 | 4,708,273 | |||||
300,837 | AURIZON HOLDINGS LTD. | 766,111 | 763,997 | |||||
445,000 | BEACH ENERGY LTD. | 647,241 | 483,250 | |||||
45,302 | BHP GROUP LTD. | 1,107,240 | 1,407,406 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 431,103 | |||||
18,654 | BRAMBLES LTD. | 73,901 | 153,296 | |||||
151,800 | CEDAR WOODS PROPERTIES LTD. | 545,697 | 447,519 | |||||
971 | COCHLEAR LTD. | 35,894 | 134,945 | |||||
21,681 | COMMONWEALTH BANK OF AUSTRALIA | 891,314 | 1,514,531 | |||||
8,646 | COMPUTERSHARE LTD. | 140,296 | 154,230 | |||||
39,855 | CSL LTD. | 2,968,100 | 7,808,448 | |||||
34,742 | DEXUS | 176,794 | 183,319 | |||||
649,200 | EMECO HOLDINGS LTD. | 351,482 | 340,346 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,357,044 | |||||
19,923 | GOODMAN GROUP | 57,689 | 235,481 | |||||
68,716 | GPT GROUP (THE) | 176,591 | 196,498 | |||||
1,039,600 | GRANGE RESOURCES LTD. | 584,855 | 598,101 | |||||
148,305 | HUB24 LTD. | 2,365,981 | 2,684,885 | |||||
193,100 | INGHAMS GROUP LTD. | 550,899 | 376,010 | |||||
131,496 | LOVISA HOLDINGS LTD. | 1,774,947 | 2,069,017 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 888,823 | |||||
174,400 | METCASH LTD. | 556,523 | 472,586 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,215 | 916,320 | |||||
403,300 | NEW HOPE CORP. LTD.(b) | 712,713 | 1,746,372 | |||||
17,785 | NEWCREST MINING LTD. | 171,926 | 249,928 | |||||
64,600 | NICK SCALI LTD. | 464,540 | 467,978 | |||||
26,749 | NORTHERN STAR RESOURCES LTD. | 133,395 | 198,694 | |||||
378,300 | PACT GROUP HOLDINGS LTD. | 787,238 | 261,429 | |||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 108,718 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,440,193 | |||||
20,500 | SANTOS LTD. | 45,732 | 99,656 | |||||
123,143 | SCENTRE GROUP | 212,496 | 241,465 | |||||
10,274 | SEEK LTD. | 106,072 | 146,546 | |||||
47,700 | SMARTGROUP CORP. LTD. | 210,386 | 165,630 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 812,530 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 157,573 | |||||
297,819 | STOCKLAND | 734,663 | 736,055 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 552,726 | |||||
26,284 | TRANSURBAN GROUP | 146,611 | 232,283 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 113,615 | |||||
462,400 | VICINITY LTD. | 579,585 | 629,650 | |||||
10,565 | WASHINGTON H SOUL PATTINSON & CO. LTD. | 183,547 | 198,963 | |||||
8,635 | WESFARMERS LTD. | 249,487 | 269,911 | |||||
41,271 | WESTPAC BANKING CORP. | 580,062 | 656,120 | |||||
25,548 | WOODSIDE ENERGY GROUP LTD. | 510,437 | 616,456 | |||||
9,073 | WOOLWORTHS GROUP LTD. | 201,073 | 207,312 | |||||
32,831,121 | 39,759,252 | 4.53% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(c)(d) | 600,063 | 836,942 | |||||
1,727 | ERSTE GROUP BANK A.G. | 28,884 | 55,275 | |||||
3,577 | OMV A.G. | 129,822 | 184,175 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 13,100 | |||||
57,900 | TELEKOM AUSTRIA A.G.(c) | 422,512 | 358,239 | |||||
631 | UBM DEVELOPMENT A.G. | 28,973 | 15,400 | |||||
1,255 | VERBUND A.G. | 101,844 | 105,660 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 521,412 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 567,510 | |||||
2,475,021 | 2,657,713 | 0.30% | ||||||
Belgium: | ||||||||
7,120 | AGEAS S.A./N.V. | 106,907 | 315,687 | |||||
10,113 | ANHEUSER-BUSCH INBEV S.A./N.V. | 285,546 | 609,149 |
See accompanying notes to financial statements. | 89 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Belgium (Cont'd): | ||||||||
19,000 | BPOST S.A. | $ 195,697 | 97,706 | |||||
11,249 | D'IETEREN GROUP | 1,579,901 | 2,157,836 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 313,315 | |||||
434 | ELIA GROUP S.A./N.V. | 51,795 | 61,696 | |||||
44,892 | GROUPE BRUXELLES LAMBERT N.V. | 3,947,823 | 3,583,915 | |||||
3,576 | KBC GROUP N.V. | 87,957 | 229,982 | |||||
21,394 | ONTEX GROUP N.V.(c) | 501,601 | 142,904 | |||||
217 | SOFINA S.A. | 37,602 | 47,758 | |||||
13,300 | TELENET GROUP HOLDING N.V. | 551,801 | 217,114 | |||||
14,300 | TESSENDERLO GROUP S.A.(c) | 622,327 | 510,503 | |||||
2,245 | UCB S.A. | 107,034 | 176,776 | |||||
8,457,192 | 8,464,341 | 0.96% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A. | 274,164 | 202,517 | |||||
184,550 | CI&T, INC., CLASS A(c) | 2,442,433 | 1,199,575 | |||||
599,608 | GRUPO SBF S.A. | 2,261,754 | 1,450,679 | |||||
178,462 | TELEFONICA BRASIL S.A. ADR(e) | 1,952,442 | 1,276,003 | |||||
587,359 | VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS S.A.(c) | 1,734,107 | 1,405,173 | |||||
106,600 | VIBRA ENERGIA S.A. | 500,792 | 313,963 | |||||
9,165,692 | 5,847,910 | 0.67% | ||||||
Canada: | ||||||||
1,202 | AGNICO EAGLE MINES LTD. | 34,378 | 62,492 | |||||
2,638 | AGNICO EAGLE MINES LTD. (TORONTO EXCHANGE) | 112,268 | 137,083 | |||||
5,359 | AIR CANADA(c) | 65,966 | 76,744 | |||||
128,691 | ALIMENTATION COUCHE-TARD, INC. | 3,806,366 | 5,655,181 | |||||
7,866 | ALTAGAS LTD. | 135,598 | 135,825 | |||||
37,507 | ARC RESOURCES LTD. | 454,584 | 505,541 | |||||
120,200 | ARTIS REAL ESTATE INVESTMENT TRUST | 1,120,762 | 799,854 | |||||
163,600 | B2GOLD CORP. | 818,860 | 581,179 | |||||
785 | BANK OF MONTREAL | 34,168 | 71,121 | |||||
5,587 | BANK OF MONTREAL (TORONTO EXCHANGE) | 494,898 | 506,131 | |||||
2,936 | BANK OF NOVA SCOTIA (THE) | 67,574 | 143,805 | |||||
5,874 | BANK OF NOVA SCOTIA (THE) (TORONTO EXCHANGE) | 283,379 | 287,800 | |||||
21,552 | BARRICK GOLD CORP. | 329,659 | 369,440 | |||||
793 | BROOKFIELD ASSET MANAGEMENT LTD., CLASS A(c) | 23,791 | 22,735 | |||||
3,172 | BROOKFIELD CORP. | 104,532 | 99,791 | |||||
11,605 | BRP, INC. (SUB VOTING) | 468,941 | 884,774 | |||||
6,515 | CAE, INC.(c) | 109,270 | 126,018 | |||||
5,652 | CANADIAN APARTMENT PROPERTIES REIT | 174,890 | 178,159 | |||||
14,814 | CANADIAN NATIONAL RAILWAY CO. (TORONTO EXCHANGE) | 1,787,370 | 1,761,088 | |||||
4,615 | CANADIAN NATURAL RESOURCES LTD. | 252,893 | 256,279 | |||||
135,188 | CANADIAN PACIFIC RAILWAY LTD. | 5,073,651 | 10,083,673 | |||||
7,173 | CANADIAN TIRE CORP. LTD., CLASS A | 783,882 | 749,616 | |||||
18,853 | CANADIAN UTILITIES LTD., CLASS A | 501,070 | 510,312 | |||||
18,599 | CARGOJET, INC. | 1,772,510 | 1,598,223 | |||||
47,300 | CASCADES, INC. | 494,913 | 295,538 | |||||
1 | CENOVUS ENERGY, INC. | 7 | 19 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 233,494 | |||||
4,854 | CGI, INC.(c) | 385,356 | 418,398 | |||||
57,700 | CI FINANCIAL CORP. | 896,767 | 575,722 | |||||
307 | CONSTELLATION SOFTWARE, INC. | 271,176 | 479,310 | |||||
151,400 | CORUS ENTERTAINMENT, INC., CLASS B | 490,896 | 241,524 | |||||
19,027 | DESCARTES SYSTEMS GROUP (THE), INC.(c) | 734,526 | 1,326,410 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 384,955 | |||||
6,399 | EMERA, INC. | 261,745 | 244,570 | |||||
7,911 | ENBRIDGE, INC. | 298,682 | 309,195 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 1,272,666 | |||||
332 | FAIRFAX FINANCIAL HOLDINGS LTD. | 109,228 | 196,667 | |||||
317 | FIRSTSERVICE CORP. | 37,450 | 38,820 | |||||
18,308 | FORTIS, INC. | 727,467 | 732,590 | |||||
1,786 | FRANCO-NEVADA CORP. | 212,062 | 243,458 | |||||
2,479 | GFL ENVIRONMENTAL, INC. (SUB VOTING) | 63,803 | 72,393 | |||||
9,305 | GFL ENVIRONMENTAL, INC. (SUB VOTING) (NEW YORK EXCHANGE) | 253,422 | 271,985 | |||||
2,549 | GILDAN ACTIVEWEAR, INC. | 73,352 | 69,806 |
See accompanying notes to financial statements. | 90 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
6,138 | HYDRO ONE LTD.(d) | $ 154,425 | 164,420 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 1,141,629 | |||||
1,503 | IGM FINANCIAL, INC. | 37,289 | 41,960 | |||||
3,196 | IMPERIAL OIL LTD. | 141,353 | 155,669 | |||||
415 | INTACT FINANCIAL CORP. | 33,776 | 59,740 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(c) | 2,833 | 12,323 | |||||
42,876 | KINROSS GOLD CORP. | 152,204 | 174,797 | |||||
2,635 | LOBLAW COS. LTD. | 101,823 | 232,985 | |||||
12,133 | LULULEMON ATHLETICA, INC.(c) | 2,123,456 | 3,887,171 | |||||
1,530 | MAGNA INTERNATIONAL, INC. | 83,581 | 85,955 | |||||
785 | MANULIFE FINANCIAL CORP. | 8,661 | 14,004 | |||||
13,655 | MANULIFE FINANCIAL CORP. (TORONTO EXCHANGE) | 223,352 | 243,551 | |||||
3,331 | METRO, INC. | 71,587 | 184,435 | |||||
12,800 | MULLEN GROUP LTD. | 142,241 | 137,548 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,302,285 | |||||
4,328 | NORTHLAND POWER, INC. | 125,813 | 118,684 | |||||
10,766 | ONEX CORP. | 493,620 | 519,138 | |||||
7,493 | OPEN TEXT CORP. | 205,449 | 222,023 | |||||
7,809 | PARKLAND CORP. | 166,853 | 171,348 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 493,619 | |||||
2,253 | POWER CORP. OF CANADA | 51,403 | 52,997 | |||||
164,771 | PRAIRIESKY ROYALTY LTD. | 2,665,487 | 2,640,717 | |||||
10,190 | QUEBECOR, INC., CLASS B | 206,008 | 227,281 | |||||
1,976 | RESTAURANT BRANDS INTERNATIONAL, INC. | 102,959 | 127,788 | |||||
3,916 | RESTAURANT BRANDS INTERNATIONAL, INC. (TORONTO EXCHANGE) | 219,594 | 253,267 | |||||
19,784 | RIOCAN REAL ESTATE INVESTMENT TRUST | 262,184 | 308,741 | |||||
11,072 | ROYAL BANK OF CANADA | 1,017,596 | 1,040,964 | |||||
8,705 | SHAW COMMUNICATIONS, INC., CLASS B | 218,267 | 250,799 | |||||
5,130 | SHOPIFY, INC., CLASS A(c) | 136,625 | 178,062 | |||||
11,561 | SHOPIFY, INC., CLASS A (TORONTO EXCHANGE)(c) | 328,080 | 401,390 | |||||
10,500 | STELCO HOLDINGS, INC. | 316,173 | 343,460 | |||||
94,063 | SUNCOR ENERGY, INC. | 1,664,427 | 2,983,756 | |||||
2,955 | TC ENERGY CORP. | 78,434 | 117,786 | |||||
12,597 | TC ENERGY CORP. (TORONTO EXCHANGE) | 584,029 | 502,205 | |||||
10,940 | TELUS CORP. | 224,373 | 211,124 | |||||
1,358 | TFI INTERNATIONAL, INC. | 127,516 | 136,011 | |||||
35,765 | THOMSON REUTERS CORP. | 3,897,238 | 4,079,957 | |||||
416 | TRISURA GROUP LTD.(c) | 490 | 13,915 | |||||
31,500 | WAJAX CORP. | 462,770 | 459,007 | |||||
537 | WEST FRASER TIMBER CO. LTD. | 38,544 | 38,776 | |||||
7,242 | WHEATON PRECIOUS METALS CORP. | 227,571 | 282,941 | |||||
1,466 | WSP GLOBAL, INC. | 166,444 | 170,084 | |||||
44,097,448 | 57,194,696 | 6.51% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 257,713 | |||||
318,400 | CENCOSUD S.A. | 432,618 | 523,629 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 250,013 | |||||
1,099,563 | 1,031,355 | 0.12% | ||||||
China: | ||||||||
654,000 | 3SBIO, INC.(d) | 426,195 | 695,437 | |||||
290,000 | AGILE GROUP HOLDINGS LTD.(b)(c) | 352,847 | 85,825 | |||||
403,176 | ALIBABA GROUP HOLDING LTD.(c) | 7,022,557 | 4,455,083 | |||||
429,000 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,286,150 | 1,500,452 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 137,432 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 155,481 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 641,890 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H(b) | 329,834 | 495,904 | |||||
383,000 | HENGAN INTERNATIONAL GROUP CO. LTD. | 2,611,659 | 2,033,880 | |||||
439,500 | LI NING CO. LTD. | 5,312,213 | 3,814,786 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 402,603 | |||||
111,000 | SILERGY CORP. | 2,108,519 | 1,576,402 | |||||
140,000 | TRIP.COM GROUP LTD.(c) | 3,329,549 | 4,907,340 | |||||
65,567 | XIAMEN FARATRONIC CO. LTD., CLASS A | 1,832,871 | 1,514,710 |
See accompanying notes to financial statements. | 91 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
China (Cont'd): | ||||||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | $ 352,186 | 317,230 | |||||
27,403,073 | 22,734,455 | 2.59% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 518,641 | |||||
402,293 | 518,641 | 0.06% | ||||||
Denmark: | ||||||||
116,080 | ALK-ABELLO A/S(c) | 1,637,834 | 1,604,981 | |||||
80 | AP MOLLER - MAERSK A/S, CLASS A | 99,716 | 177,002 | |||||
77 | AP MOLLER - MAERSK A/S, CLASS B | 74,368 | 173,136 | |||||
1,300 | CARLSBERG A/S, CLASS B | 50,752 | 172,764 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 175,333 | |||||
22,200 | D/S NORDEN A/S | 318,701 | 1,335,809 | |||||
12,005 | DANSKE BANK A/S | 141,793 | 237,273 | |||||
3,896 | DEMANT A/S(c) | 70,444 | 107,989 | |||||
19,817 | DSV A/S | 1,687,110 | 3,127,964 | |||||
8,040 | GENMAB A/S ADR(c)(e) | 100,710 | 340,735 | |||||
10,285 | NOVO NORDISK A/S ADR(e) | 854,776 | 1,391,972 | |||||
76,114 | NOVO NORDISK A/S, CLASS B | 8,503,899 | 10,277,384 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 124,615 | |||||
2,787 | ORSTED A/S(d) | 248,326 | 253,272 | |||||
2,802 | PANDORA A/S | 27,668 | 196,876 | |||||
12,200 | PER AARSLEFF HOLDING A/S | 552,758 | 460,126 | |||||
245 | ROCKWOOL A/S, CLASS B | 37,155 | 57,593 | |||||
40,769 | ROYAL UNIBREW A/S | 2,877,668 | 2,906,790 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 383,774 | |||||
21,550 | SPAR NORD BANK A/S | 311,357 | 330,068 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 170,949 | |||||
16,220 | VESTAS WIND SYSTEMS A/S | 150,564 | 471,881 | |||||
18,114,414 | 24,478,286 | 2.79% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 186,888 | |||||
244,707 | 186,888 | 0.02% | ||||||
Finland: | ||||||||
27,200 | KEMIRA OYJ | 447,150 | 417,236 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 123,254 | |||||
3,256 | KONE OYJ, CLASS B | 35,674 | 168,344 | |||||
21,225 | NESTE OYJ | 67,704 | 977,427 | |||||
121,677 | NOKIA OYJ | 534,899 | 563,588 | |||||
540,905 | NOKIA OYJ ADR(e) | 2,364,385 | 2,509,799 | |||||
46,541 | NORDEA BANK ABP | 419,121 | 498,109 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 107,506 | |||||
15,829 | STORA ENSO OYJ (REGISTERED) | 75,698 | 222,816 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 446,222 | |||||
38,449 | VALMET OYJ | 999,027 | 1,035,529 | |||||
5,123,853 | 7,069,830 | 0.81% | ||||||
France: | ||||||||
4,611 | AIR LIQUIDE S.A. | 539,629 | 653,506 | |||||
10,358 | AIRBUS S.E. | 325,383 | 1,230,959 | |||||
6,173 | ALSTOM S.A. | 108,951 | 150,792 | |||||
4,199 | ARKEMA S.A. | 378,617 | 377,025 | |||||
21,399 | AXA S.A. | 257,534 | 596,830 | |||||
15,160 | BNP PARIBAS S.A. | 712,479 | 864,142 | |||||
3,062 | CAPGEMINI S.E. | 111,713 | 511,160 | |||||
9,832 | CARREFOUR S.A. | 151,252 | 164,606 | |||||
17,497 | CIE DE SAINT-GOBAIN | 382,786 | 855,009 | |||||
8,124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78,557 | 225,974 | |||||
37,390 | COFACE S.A. | 449,179 | 485,893 | |||||
852 | COVIVIO | 39,755 | 50,572 | |||||
43,315 | CREDIT AGRICOLE S.A. | 349,095 | 455,830 | |||||
183,034 | DANONE S.A. | 11,286,353 | 9,645,573 | |||||
4,893 | DASSAULT SYSTEMES S.E. | 167,866 | 175,437 | |||||
3,422 | EDENRED | 102,446 | 186,378 | |||||
26,507 | ENGIE S.A. | 331,812 | 379,877 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 106,915 | |||||
2,180 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 301,642 | 394,842 |
See accompanying notes to financial statements. | 92 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
2,901 | EURAZEO S.E. | $ 76,265 | 180,422 | |||||
858 | EUROAPI S.A.(c) | 11,312 | 12,720 | |||||
20,752 | GAZTRANSPORT ET TECHNIGAZ S.A. | 2,681,230 | 2,216,955 | |||||
9,197 | GETLINK S.E. | 70,409 | 147,428 | |||||
376 | HERMES INTERNATIONAL | 464,612 | 581,597 | |||||
3,399 | INFOTEL S.A. | 145,404 | 200,843 | |||||
8,900 | IPSEN S.A. | 736,413 | 957,464 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 279,147 | |||||
1,026 | KERING S.A. | 174,510 | 522,233 | |||||
671 | KLEPIERRE S.A.(c) | 8,398 | 15,464 | |||||
4,848 | LEGRAND S.A. | 109,851 | 388,282 | |||||
6,263 | L'OREAL S.A. | 660,831 | 2,236,531 | |||||
11,384 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 1,498,471 | 8,285,264 | |||||
58,600 | MERCIALYS S.A. | 617,151 | 612,856 | |||||
14,296 | MERSEN S.A. | 465,081 | 577,694 | |||||
14,900 | NEXITY S.A. | 742,412 | 415,649 | |||||
25,890 | ORANGE S.A. | 251,572 | 257,213 | |||||
25,090 | PERNOD RICARD S.A. | 3,988,733 | 4,935,083 | |||||
3,242 | PUBLICIS GROUPE S.A. | 158,840 | 206,211 | |||||
4,530 | RENAULT S.A.(c) | 108,733 | 151,657 | |||||
22,900 | REXEL S.A.(c) | 437,632 | 452,025 | |||||
14,200 | ROTHSCHILD & CO. | 637,550 | 567,735 | |||||
53,557 | SAFRAN S.A. | 5,879,225 | 6,703,035 | |||||
14,358 | SANOFI | 1,121,725 | 1,380,798 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 39,403 | |||||
49,622 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 6,456,483 | 6,943,568 | |||||
14,443 | SOCIETE GENERALE S.A. | 201,715 | 363,013 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 179,568 | |||||
7,150 | SODEXO S.A.(c) | 647,363 | 684,855 | |||||
4,719 | SODEXO S.A.(c) | 415,153 | 452,004 | |||||
42,944 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,698,178 | 4,113,343 | |||||
17,479 | SOITEC(c) | 2,046,916 | 2,859,884 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 396,740 | |||||
1,413 | THALES S.A. | 81,763 | 180,447 | |||||
35,335 | TOTALENERGIES S.E. | 1,732,392 | 2,218,398 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 347,185 | |||||
10,500 | VICAT S.A. | 406,419 | 263,572 | |||||
7,810 | VINCI S.A. | 316,569 | 779,924 | |||||
22,858 | VIVENDI S.E. | 184,128 | 218,111 | |||||
537 | WENDEL S.E. | 37,844 | 50,125 | |||||
54,482,173 | 69,885,766 | 7.96% | ||||||
Georgia: | ||||||||
26,000 | BANK OF GEORGIA GROUP PLC | 447,200 | 818,822 | |||||
447,200 | 818,822 | 0.09% | ||||||
Germany: | ||||||||
25,527 | ADIDAS A.G. | 2,808,791 | 3,482,893 | |||||
7,853 | ALLIANZ S.E. (REGISTERED) | 680,763 | 1,688,814 | |||||
6,098 | AURUBIS A.G. | 286,000 | 498,448 | |||||
10,508 | BASF S.E. | 428,412 | 521,808 | |||||
12,394 | BAYER A.G. (REGISTERED) | 628,360 | 641,135 | |||||
3,104 | BAYERISCHE MOTOREN WERKE A.G. | 225,884 | 277,045 | |||||
828 | BEIERSDORF A.G. | 35,556 | 95,015 | |||||
1,188 | BRENNTAG S.E. | 43,546 | 75,946 | |||||
3,380 | COVESTRO A.G.(d) | 99,223 | 132,242 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 331,707 | |||||
5,205 | DAIMLER TRUCK HOLDING A.G.(c) | 126,102 | 161,273 | |||||
14,087 | DEUTSCHE BANK A.G. (REGISTERED) | 136,469 | 159,661 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,152 | 781,787 | |||||
22,387 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(c) | 128,838 | 186,082 | |||||
54,300 | DEUTSCHE PFANDBRIEFBANK A.G.(d) | 673,490 | 422,572 | |||||
17,828 | DEUTSCHE POST A.G. (REGISTERED) | 210,542 | 671,375 | |||||
44,230 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 728,220 | 882,435 | |||||
43,262 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 1,665,288 | 2,148,775 | |||||
23,600 | FREENET A.G. | 557,311 | 515,863 | |||||
58,962 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 4,079,129 | 1,929,452 |
See accompanying notes to financial statements. | 93 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
6,137 | FRESENIUS S.E. & CO. KGAA | $ 142,558 | 172,445 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 226,679 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 445,985 | |||||
4,440 | HEIDELBERGCEMENT A.G. | 183,098 | 253,229 | |||||
10,060 | HYPOPORT S.E.(c) | 1,924,206 | 1,048,874 | |||||
20,563 | INFINEON TECHNOLOGIES A.G. | 112,405 | 625,792 | |||||
6,898 | JOST WERKE A.G.(d) | 220,853 | 388,397 | |||||
1,916 | KION GROUP A.G. | 36,282 | 54,905 | |||||
3,104 | LEG IMMOBILIEN S.E. | 186,663 | 202,218 | |||||
9,952 | MERCEDES-BENZ GROUP A.G. | 550,799 | 654,101 | |||||
2,159 | MERCK KGAA | 96,589 | 418,078 | |||||
904 | MTU AERO ENGINES A.G. | 139,764 | 195,666 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 1,005,863 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 170,676 | |||||
7,700 | PUBLITY A.G.(b)(c) | 286,657 | 240,680 | |||||
63,733 | PUMA S.E. | 2,933,127 | 3,868,244 | |||||
4,082 | RHEINMETALL A.G. | 476,391 | 812,960 | |||||
6,238 | RWE A.G. | 186,468 | 277,716 | |||||
11,186 | SAP S.E. | 905,937 | 1,154,179 | |||||
1,116 | SAP S.E. ADR(e) | 104,801 | 115,160 | |||||
40,258 | SCOUT24 S.E.(d) | 2,500,884 | 2,022,410 | |||||
12,193 | SIEMENS A.G. (REGISTERED) | 724,684 | 1,692,061 | |||||
2,953 | SIEMENS HEALTHINEERS A.G.(d) | 135,447 | 147,715 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 262,624 | |||||
1,829 | SYMRISE A.G. | 181,019 | 199,016 | |||||
25,394 | UNITED INTERNET A.G. (REGISTERED) | 821,198 | 513,487 | |||||
1,118 | VOLKSWAGEN A.G. | 162,556 | 176,702 | |||||
9,774 | VONOVIA S.E. | 211,893 | 230,386 | |||||
5,487 | ZALANDO S.E.(c)(d) | 107,697 | 194,474 | |||||
28,955,983 | 33,375,050 | 3.80% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 105,358 | |||||
54,075 | 105,358 | 0.01% | ||||||
Hong Kong: | ||||||||
653,600 | AIA GROUP LTD. | 3,713,024 | 7,268,316 | |||||
46,000 | BOC HONG KONG HOLDINGS LTD. | 63,016 | 156,762 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 496,358 | |||||
48,544 | CK ASSET HOLDINGS LTD. | 130,843 | 298,835 | |||||
20,500 | CK HUTCHISON HOLDINGS LTD. | 118,979 | 123,045 | |||||
6,000 | CLP HOLDINGS LTD. | 46,472 | 43,777 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 297,912 | |||||
988 | FUTU HOLDINGS LTD. ADR(c)(e) | 35,968 | 40,162 | |||||
23,000 | GALAXY ENTERTAINMENT GROUP LTD. | 67,134 | 152,048 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 182,683 | |||||
105,000 | HANG LUNG PROPERTIES LTD. | 178,246 | 205,280 | |||||
58,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 147,476 | 203,642 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 509,767 | |||||
134,000 | KINGBOARD HOLDINGS LTD. | 630,206 | 426,612 | |||||
40,500 | LINK REIT | 84,196 | 297,312 | |||||
46,500 | MTR CORP. LTD. | 172,190 | 246,337 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 335,535 | |||||
18,000 | POWER ASSETS HOLDINGS LTD. | 96,954 | 98,585 | |||||
33,000 | SITC INTERNATIONAL HOLDINGS CO. LTD. | 62,383 | 73,395 | |||||
1,024,000 | SSY GROUP LTD. | 465,746 | 565,431 | |||||
15,000 | SUN HUNG KAI PROPERTIES LTD. | 177,504 | 205,241 | |||||
11,500 | TECHTRONIC INDUSTRIES CO. LTD. | 93,938 | 128,327 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 376,660 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 182,392 | |||||
626,000 | VSTECS HOLDINGS LTD. | 568,355 | 360,902 | |||||
30,000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 145,315 | 174,878 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 778,651 |
See accompanying notes to financial statements. | 94 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Hong Kong (Cont'd): | ||||||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | $ 311,883 | 194,928 | |||||
10,269,667 | 14,423,773 | 1.64% | ||||||
India: | ||||||||
511,000 | CESC LTD. | 527,922 | 471,901 | |||||
43,900 | CYIENT LTD. | 314,004 | 430,377 | |||||
183,300 | FIRSTSOURCE SOLUTIONS LTD. | 97,782 | 226,660 | |||||
249,400 | GUJARAT STATE FERTILIZERS & CHEMICALS LTD. | 419,138 | 421,294 | |||||
478,371 | HCL TECHNOLOGIES LTD. | 4,024,070 | 6,009,561 | |||||
136,800 | HINDUSTAN PETROLEUM CORP. LTD. | 526,789 | 388,837 | |||||
228,836 | ICICI BANK LTD. ADR(e) | 5,132,640 | 5,009,220 | |||||
586,935 | INDUS TOWERS LTD. | 2,316,471 | 1,351,164 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 183,004 | |||||
122,400 | KRBL LTD. | 353,421 | 578,711 | |||||
52,500 | LG BALAKRISHNAN & BROS. LTD. | 457,964 | 436,569 | |||||
378,900 | LT FOODS LTD. | 428,668 | 529,214 | |||||
574,300 | MARKSANS PHARMA LTD. | 378,564 | 404,363 | |||||
495,100 | NAVA LTD. | 815,180 | 1,469,800 | |||||
454,600 | NMDC LTD. | 552,018 | 676,158 | |||||
454,600 | NMDC STEEL LTD.(c) | 218,274 | 211,557 | |||||
349,800 | PCBL LTD. /INDIA | 562,279 | 548,188 | |||||
460,200 | REDINGTON LTD. | 919,384 | 1,005,731 | |||||
1,107,100 | SJVN LTD. | 377,345 | 458,337 | |||||
209,994 | SYNGENE INTERNATIONAL LTD.(d) | 922,067 | 1,486,305 | |||||
16,883 | WNS HOLDINGS LTD. ADR(c)(e) | 1,004,346 | 1,350,471 | |||||
20,626,956 | 23,647,422 | 2.69% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY INDONESIA TBK PT | 470,816 | 1,013,229 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 206,353 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 472,899 | |||||
1,324,000 | MATAHARI DEPARTMENT STORE TBK PT | 151,981 | 403,983 | |||||
1,456,280 | 2,096,464 | 0.24% | ||||||
Ireland: | ||||||||
23,709 | ACCENTURE PLC, CLASS A | 3,583,838 | 6,326,509 | |||||
2,899 | AERCAP HOLDINGS N.V.(c) | 131,933 | 169,070 | |||||
72,894 | CRH PLC | 2,173,228 | 2,887,868 | |||||
3,568 | DCC PLC | 188,706 | 175,992 | |||||
200,961 | EXPERIAN PLC | 4,132,531 | 6,834,235 | |||||
2,158 | FLUTTER ENTERTAINMENT PLC - CDI(c) | 240,212 | 295,222 | |||||
27,592 | ICON PLC(c) | 4,332,769 | 5,359,746 | |||||
920 | KERRY GROUP PLC, CLASS A | 50,283 | 82,961 | |||||
506 | KINGSPAN GROUP PLC | 35,061 | 27,396 | |||||
2,117 | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | 208,533 | 114,667 | |||||
17,539 | RYANAIR HOLDINGS PLC(c) | 235,787 | 229,238 | |||||
3,103 | SMURFIT KAPPA GROUP PLC | 108,081 | 114,795 | |||||
15,420,962 | 22,617,699 | 2.58% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 438,807 | |||||
35,900 | HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. | 422,925 | 316,627 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 831,465 | |||||
100,539 | MAYTRONICS LTD. | 2,170,569 | 1,000,815 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 940,888 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 405,930 | |||||
11,822 | TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)(e) | 95,344 | 107,816 | |||||
4,253,262 | 4,042,348 | 0.46% | ||||||
Italy: | ||||||||
416,800 | A2A S.P.A. | 806,512 | 555,474 | |||||
211,847 | ARISTON HOLDING N.V. | 2,059,572 | 2,181,543 | |||||
42,000 | BANCA IFIS S.P.A. | 804,497 | 598,403 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 210,955 | |||||
51,325 | ENEL S.P.A. | 241,364 | 276,352 | |||||
43,069 | ENI S.P.A. | 477,488 | 612,527 | |||||
32,098 | FERRARI N.V. | 5,220,120 | 6,878,733 | |||||
375,900 | IREN S.P.A. | 999,472 | 590,697 | |||||
39,821 | IVECO GROUP N.V.(c) | 253,317 | 236,918 |
See accompanying notes to financial statements. | 95 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Italy (Cont'd): | ||||||||
75,670 | LEONARDO S.P.A. | $ 606,153 | 652,868 | |||||
44,692 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 349,727 | 429,800 | |||||
910 | MONCLER S.P.A. | 37,687 | 48,218 | |||||
244,500 | PIAGGIO & C S.P.A. | 596,766 | 733,877 | |||||
4,902 | PRYSMIAN S.P.A. | 148,153 | 181,873 | |||||
87,873 | STEVANATO GROUP S.P.A. | 1,622,623 | 1,579,078 | |||||
303,468 | TECHNOPROBE S.P.A.(c) | 2,053,175 | 2,176,477 | |||||
6,336 | TENARIS S.A. | 83,305 | 110,451 | |||||
34,652 | TERNA - RETE ELETTRICA NAZIONALE | 130,368 | 255,943 | |||||
63,644 | UNICREDIT S.P.A. | 671,591 | 904,191 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 349,740 | |||||
17,626,056 | 19,564,118 | 2.23% | ||||||
Japan: | ||||||||
30,600 | ADEKA CORP. | 390,224 | 504,560 | |||||
4,700 | AEON CO. LTD. | 52,433 | 99,666 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 706,340 | |||||
2,300 | AISIN CORP. | 37,584 | 61,864 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 460,721 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 384,852 | |||||
47,100 | ARTERIA NETWORKS CORP. | 431,161 | 446,093 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD.(b) | 83,346 | 172,619 | |||||
13,000 | ASAHI KASEI CORP. | 46,220 | 93,251 | |||||
22,100 | ASAHI YUKIZAI CORP | 276,792 | 471,671 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 565,685 | |||||
1,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 95,024 | |||||
95,300 | BAYCURRENT CONSULTING, INC. | 1,600,390 | 2,988,110 | |||||
13,800 | BRIDGESTONE CORP.(b) | 205,726 | 493,263 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 490,892 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 408,619 | |||||
1,900 | CANON, INC. | 42,134 | 41,340 | |||||
900 | CENTRAL JAPAN RAILWAY CO. | 103,827 | 111,128 | |||||
32,500 | CHIBA BANK (THE) LTD. | 178,628 | 238,228 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 346,449 | |||||
55,900 | CONCORDIA FINANCIAL GROUP LTD. | 180,730 | 234,265 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 368,092 | |||||
27,500 | CRESCO LTD. | 342,183 | 365,228 | |||||
10,600 | DAI-ICHI LIFE HOLDINGS, INC. | 182,119 | 241,820 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 942,358 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 692,624 | |||||
29,500 | DAITRON CO. LTD. | 489,565 | 512,946 | |||||
7,400 | DAIWA HOUSE INDUSTRY CO. LTD. | 74,451 | 171,355 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 415,178 | |||||
8,200 | DENSO CORP. | 185,234 | 408,376 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 104,225 | |||||
3,400 | EAST JAPAN RAILWAY CO. | 181,974 | 194,819 | |||||
6,700 | ECO'S CO. LTD. | 100,999 | 96,181 | |||||
3,100 | EISAI CO. LTD. | 127,178 | 205,596 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 333,372 | |||||
34,800 | ENEOS HOLDINGS, INC. | 122,810 | 118,793 | |||||
20,400 | EXEDY CORP. | 319,517 | 251,192 | |||||
2,600 | FANUC CORP. | 182,941 | 392,952 | |||||
1,300 | FAST RETAILING CO. LTD. | 188,734 | 797,691 | |||||
30,520 | FEED ONE CO. LTD. | 251,096 | 166,274 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 250,689 | |||||
31,700 | FUJI CORP. | 564,353 | 466,176 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 180,136 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 281,395 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 439,176 | |||||
2,400 | FUJITSU LTD. | 131,326 | 322,127 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 264,326 | |||||
21,600 | GMO PAYMENT GATEWAY, INC. | 1,720,093 | 1,797,257 | |||||
22,800 | GUNGHO ONLINE ENTERTAINMENT, INC. | 352,400 | 370,387 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 501,144 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 144,468 | |||||
17,800 | HASEKO CORP. | 232,270 | 199,782 | |||||
141 | HIROSE ELECTRIC CO. LTD. | 11,109 | 17,835 | |||||
19,000 | HITACHI LTD. | 295,895 | 968,676 |
See accompanying notes to financial statements. | 96 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
15,200 | HONDA MOTOR CO. LTD. | $ 370,123 | 351,161 | |||||
5,300 | HOYA CORP. | 112,594 | 513,079 | |||||
72,100 | IDOM, INC. | 435,748 | 364,785 | |||||
40,800 | INNOTECH CORP. | 377,287 | 401,347 | |||||
15,200 | INPEX CORP.(b) | 144,096 | 161,682 | |||||
18,200 | ITOCHU CORP. | 192,005 | 574,956 | |||||
108,600 | ITOHAM YONEKYU HOLDINGS, INC. | 686,193 | 580,072 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 688,338 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 488,522 | |||||
127,400 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 1,467,700 | 1,605,605 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 101,208 | |||||
14,300 | JAPAN TOBACCO, INC.(b) | 255,669 | 289,944 | |||||
56,900 | JEOL LTD. | 3,057,952 | 1,556,469 | |||||
18,900 | KAGA ELECTRONICS CO. LTD. | 477,103 | 588,285 | |||||
3,500 | KAJIMA CORP. | 15,004 | 40,963 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 463,843 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 375,917 | |||||
12,300 | KANEKA CORP. | 387,968 | 308,344 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 24,672 | |||||
9,000 | KAO CORP.(b) | 183,106 | 360,370 | |||||
29,762 | KDDI CORP. | 238,488 | 903,020 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 68,668 | |||||
16,924 | KEYENCE CORP. | 2,447,298 | 6,630,845 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 317,281 | |||||
67,600 | KITZ CORP. | 466,295 | 406,404 | |||||
69,800 | KOBE BUSSAN CO. LTD. | 1,533,232 | 2,015,712 | |||||
22,200 | KOHNAN SHOJI CO. LTD. | 670,131 | 578,513 | |||||
10,100 | KOMATSU LTD. | 197,184 | 221,332 | |||||
17,100 | KOMERI CO. LTD. | 325,887 | 356,098 | |||||
2,300 | KONAMI GROUP CORP. | 50,313 | 104,625 | |||||
21,000 | KUBOTA CORP. | 129,773 | 290,742 | |||||
6,900 | KUREHA CORP. | 316,117 | 423,758 | |||||
400 | KYOCERA CORP. | 11,033 | 19,970 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 115,056 | |||||
24,200 | LASERTEC CORP. | 3,623,907 | 4,009,669 | |||||
13,100 | LINTEC CORP. | 259,789 | 214,307 | |||||
4,800 | M3, INC. | 51,468 | 130,863 | |||||
19,100 | MARUBENI CORP. | 186,544 | 220,485 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 108,020 | |||||
7,700 | MAZDA MOTOR CORP. | 38,348 | 58,965 | |||||
396,100 | MEBUKI FINANCIAL GROUP, INC. | 843,829 | 1,008,057 | |||||
2,400 | MEIJI HOLDINGS CO. LTD. | 38,749 | 123,255 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 296,007 | |||||
45,600 | MICRONICS JAPAN CO. LTD. | 470,973 | 452,386 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 130,659 | |||||
597 | MIRAI CORP. | 328,940 | 205,611 | |||||
4,500 | MITSUBISHI CHEMICAL GROUP CORP. | 14,284 | 23,477 | |||||
17,500 | MITSUBISHI CORP. | 230,376 | 571,110 | |||||
19,400 | MITSUBISHI ELECTRIC CORP. | 185,711 | 194,163 | |||||
8,100 | MITSUBISHI ESTATE CO. LTD. | 101,411 | 105,601 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 118,070 | |||||
12,900 | MITSUBISHI HC CAPITAL, INC. | 33,945 | 63,792 | |||||
1,200 | MITSUBISHI HEAVY INDUSTRIES LTD. | 45,240 | 47,857 | |||||
21,200 | MITSUBISHI SHOKUHIN CO. LTD. | 523,817 | 503,993 | |||||
127,100 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 634,731 | 860,956 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 542,030 | |||||
16,600 | MITSUI & CO. LTD. | 187,177 | 487,350 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 167,746 | |||||
4,800 | MITSUI OSK LINES LTD. | 108,940 | 120,329 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 657,422 | |||||
26,000 | MIZUHO FINANCIAL GROUP, INC. | 302,862 | 367,693 | |||||
20,400 | MUGEN ESTATE CO. LTD. | 117,733 | 75,855 | |||||
10,800 | MURATA MANUFACTURING CO. LTD. | 162,615 | 542,140 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 394,488 | |||||
4,500 | NEC CORP. | 151,340 | 158,926 | |||||
6,900 | NEXON CO. LTD. | 122,522 | 155,728 | |||||
3,000 | NGK SPARK PLUG CO. LTD. | 28,359 | 55,753 |
See accompanying notes to financial statements. | 97 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
16,700 | NICHIAS CORP. | $ 297,341 | 300,559 | |||||
7,800 | NIDEC CORP. | 129,234 | 406,463 | |||||
145,700 | NIHON M&A CENTER HOLDINGS, INC. | 1,953,502 | 1,808,483 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 297,495 | |||||
69,900 | NINTENDO CO. LTD. | 2,300,273 | 2,946,410 | |||||
400 | NIPPON EXPRESS HOLDINGS, INC. | 11,192 | 22,981 | |||||
30,400 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 871,417 | |||||
9,300 | NIPPON YUSEN K.K. | 39,009 | 220,383 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 446,866 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 220,207 | |||||
42,500 | NISSAN MOTOR CO. LTD. | 138,126 | 135,395 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 95,276 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 350,770 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 186,529 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 236,018 | |||||
19,700 | NITTO KOGYO CORP. | 334,275 | 353,651 | |||||
24,800 | NOMURA REAL ESTATE HOLDINGS, INC. | 548,769 | 534,776 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 232,628 | |||||
16,000 | NSW, INC. | 308,868 | 247,607 | |||||
7,000 | NTT DATA CORP. | 36,519 | 103,048 | |||||
27,100 | OBAYASHI CORP. | 184,757 | 206,079 | |||||
46,900 | OJI HOLDINGS CORP. | 180,969 | 189,758 | |||||
51,100 | OKAMURA CORP. | 721,626 | 554,064 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 594,989 | |||||
1,100 | OMRON CORP. | 31,828 | 53,684 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 117,457 | |||||
4,800 | ORIENTAL LAND CO. LTD. | 113,097 | 700,762 | |||||
24,900 | PANASONIC HOLDINGS CORP. | 190,748 | 210,694 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 88,348 | |||||
152,800 | RAKUS CO. LTD. | 2,099,899 | 1,844,218 | |||||
2,700 | RECRUIT HOLDINGS CO. LTD. | 40,141 | 85,933 | |||||
45,300 | RESONA HOLDINGS, INC. | 172,185 | 249,626 | |||||
1,200 | RINNAI CORP. | 52,047 | 89,881 | |||||
25,400 | RION CO. LTD. | 486,337 | 356,305 | |||||
400 | ROHM CO. LTD. | 13,823 | 29,046 | |||||
19,000 | SANKI ENGINEERING CO. LTD. | 229,614 | 224,253 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 261,213 | |||||
1,200 | SECOM CO. LTD. | 44,072 | 68,970 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 297,364 | |||||
12,700 | SEKISUI CHEMICAL CO. LTD. | 64,585 | 178,539 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 106,682 | |||||
69,500 | SEVEN & I HOLDINGS CO. LTD. | 2,436,295 | 2,997,333 | |||||
5,200 | SHIBAURA MECHATRONICS CORP. | 411,582 | 395,824 | |||||
17,900 | SHIFT, INC.(c) | 2,401,478 | 3,183,374 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 114,142 | |||||
1,500 | SHIMANO, INC. | 58,204 | 239,104 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,137,382 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 200,732 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 285,978 | |||||
28,900 | SHIZUOKA FINANCIAL GROUP, INC. | 174,482 | 232,319 | |||||
900 | SMC CORP. | 106,941 | 381,149 | |||||
27,600 | SOFTBANK CORP. | 277,319 | 312,929 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,582,591 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 254,511 | |||||
17,200 | SONY GROUP CORP. | 1,207,916 | 1,315,163 | |||||
2,800 | SQUARE ENIX HOLDINGS CO. LTD. | 122,801 | 130,783 | |||||
5,700 | SUBARU CORP. | 26,572 | 88,058 | |||||
33,600 | SUMITOMO CHEMICAL CO. LTD. | 114,616 | 121,353 | |||||
17,900 | SUMITOMO CORP. | 237,245 | 299,515 | |||||
40,400 | SUMITOMO HEAVY INDUSTRIES LTD. | 1,122,628 | 813,910 | |||||
10,200 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 308,888 | 411,606 | |||||
1,600 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 36,088 | 38,049 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 188,752 | |||||
34,100 | SWCC SHOWA HOLDINGS CO. LTD. | 593,339 | 465,354 | |||||
2,600 | SYSMEX CORP. | 51,707 | 158,449 | |||||
20,100 | T RAD CO. LTD. | 425,712 | 396,364 | |||||
2,200 | TAISEI CORP. | 19,821 | 71,244 |
See accompanying notes to financial statements. | 98 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
14,200 | TAKEDA PHARMACEUTICAL CO. LTD. | $ 375,360 | 444,805 | |||||
3,600 | TDK CORP. | 62,321 | 118,912 | |||||
66,300 | TECHNOPRO HOLDINGS, INC. | 1,836,287 | 1,780,764 | |||||
11,600 | TERUMO CORP. | 117,165 | 331,100 | |||||
36,400 | TOAGOSEI CO. LTD. | 307,043 | 308,418 | |||||
1,000 | TOHO CO. LTD. | 13,412 | 38,708 | |||||
43,200 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 930,722 | |||||
32,700 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(c) | 107,478 | 118,601 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 977,629 | |||||
8,200 | TOKYO GAS CO. LTD. | 148,002 | 161,513 | |||||
23,900 | TOKYO SEIMITSU CO. LTD. | 999,876 | 777,606 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 466,199 | |||||
3,000 | TOTO LTD. | 30,029 | 102,865 | |||||
1,000 | TOYO SUISAN KAISHA LTD. | 25,714 | 38,860 | |||||
33,300 | TOYOTA BOSHOKU CORP. | 638,507 | 448,094 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 220,664 | |||||
83,100 | TOYOTA MOTOR CORP. | 1,182,065 | 1,147,659 | |||||
4,230 | TOYOTA MOTOR CORP. ADR(e) | 341,425 | 577,733 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 63,277 | |||||
32,900 | TPR CO. LTD. | 424,011 | 305,837 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 543,161 | |||||
900 | TREND MICRO, INC. | 26,540 | 42,106 | |||||
50,900 | TSUGAMI CORP. | 536,991 | 451,057 | |||||
19,200 | UBE CORP. | 387,205 | 283,523 | |||||
7,700 | UNICHARM CORP. | 67,055 | 297,345 | |||||
800 | USS CO. LTD. | 3,505 | 12,771 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 263,776 | |||||
36,900 | VISIONAL, INC.(c) | 1,817,004 | 2,451,753 | |||||
3,900 | WEST JAPAN RAILWAY CO. | 155,776 | 170,246 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 84,791 | |||||
83,700 | YAMAGUCHI FINANCIAL GROUP, INC. | 555,179 | 549,114 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 105,501 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 160,965 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 278,589 | |||||
79,926,578 | 105,257,094 | 11.99% | ||||||
Macau: | ||||||||
45,200 | SANDS CHINA LTD.(c) | 104,151 | 149,982 | |||||
104,151 | 149,982 | 0.02% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,380 | 355,239 | |||||
274,300 | RHB BANK BHD. | 377,864 | 360,544 | |||||
715,244 | 715,783 | 0.08% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(d) | 360,811 | 635,510 | |||||
260,072 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(c)(e) | 3,270,674 | 2,174,202 | |||||
126,204 | GRUMA S.A.B. DE C.V., CLASS B | 1,434,319 | 1,688,678 | |||||
186,700 | MEGACABLE HOLDINGS S.A.B. DE C.V. - CPO | 409,781 | 496,104 | |||||
428,429 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 2,031,458 | 1,889,032 | |||||
7,507,043 | 6,883,526 | 0.78% | ||||||
Netherlands: | ||||||||
3,898 | ADYEN N.V.(c)(d) | 6,108,941 | 5,375,996 | |||||
143,900 | AEGON N.V. | 363,250 | 729,831 | |||||
122,823 | AEGON N.V. (REGISTERED) | 301,298 | 619,028 | |||||
459 | AKZO NOBEL N.V. | 18,664 | 30,738 | |||||
14,335 | ASM INTERNATIONAL N.V. | 4,348,472 | 3,616,026 | |||||
5,173 | ASML HOLDING N.V. | 2,298,941 | 2,789,761 | |||||
8,915 | ASML HOLDING N.V. (REGISTERED) | 1,514,558 | 4,871,156 | |||||
21,600 | ASR NEDERLAND N.V. | 788,307 | 1,025,448 | |||||
30,400 | EUROCOMMERCIAL PROPERTIES N.V. | 737,194 | 735,442 | |||||
3,610 | EXOR N.V.(c) | 90,616 | 263,933 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 161,250 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 75,584 | |||||
2,822 | HEINEKEN N.V. | 79,167 | 265,469 | |||||
492,516 | ING GROEP N.V. | 4,489,185 | 6,003,911 | |||||
4,634 | JUST EAT TAKEAWAY.COM N.V.(c)(d) | 71,044 | 97,969 |
See accompanying notes to financial statements. | 99 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Netherlands (Cont'd): | ||||||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | $ 203,381 | 507,273 | |||||
3,281 | KONINKLIJKE DSM N.V. | 122,903 | 401,438 | |||||
65,970 | KONINKLIJKE KPN N.V. | 190,999 | 204,085 | |||||
265,520 | KONINKLIJKE PHILIPS N.V. | 5,954,845 | 3,980,300 | |||||
5,254 | NN GROUP N.V. | 212,994 | 214,617 | |||||
117,200 | ORDINA N.V. | 366,521 | 486,145 | |||||
11,126 | PROSUS N.V.(c) | 599,758 | 767,588 | |||||
8,117 | QIAGEN N.V. (NEW YORK EXCHANGE)(c) | 119,394 | 408,463 | |||||
209 | RANDSTAD N.V. | 4,033 | 12,743 | |||||
23,800 | SIGNIFY N.V.(d) | 640,632 | 799,459 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 708,730 | |||||
97,212 | UNIVERSAL MUSIC GROUP N.V. | 2,511,442 | 2,342,404 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 648,080 | |||||
32,788,515 | 38,142,867 | 4.35% | ||||||
New Zealand: | ||||||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 107,577 | |||||
115,879 | 107,577 | 0.01% | ||||||
Norway: | ||||||||
6,359 | ADEVINTA ASA(c) | 37,714 | 42,580 | |||||
30,933 | AKER BP ASA | 1,041,758 | 960,183 | |||||
32,200 | ATEA ASA(c) | 360,833 | 374,694 | |||||
1,533,125 | AUTOSTORE HOLDINGS LTD.(c)(d) | 2,261,306 | 2,805,127 | |||||
43,581 | BAKKAFROST P/F | 2,101,882 | 2,740,272 | |||||
12,068 | DNB BANK ASA | 82,736 | 239,529 | |||||
12,661 | EQUINOR ASA ADR(e) | 278,598 | 453,390 | |||||
65,300 | EUROPRIS ASA(d) | 420,002 | 457,583 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 179,281 | |||||
57,040 | STOREBRAND ASA | 364,067 | 497,225 | |||||
2,400 | YARA INTERNATIONAL ASA | 55,523 | 105,488 | |||||
7,052,747 | 8,855,352 | 1.01% | ||||||
Poland: | ||||||||
24,000 | ASSECO POLAND S.A. | 487,128 | 397,686 | |||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 150,724 | |||||
20,074 | DINO POLSKA S.A.(c)(d) | 1,297,293 | 1,719,509 | |||||
2,044,031 | 2,267,919 | 0.26% | ||||||
Portugal: | ||||||||
28,336 | EDP - ENERGIAS DE PORTUGAL S.A. | 83,675 | 141,227 | |||||
14,452 | GALP ENERGIA SGPS S.A. | 143,129 | 195,079 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 203,423 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 455,881 | |||||
640,479 | 995,610 | 0.11% | ||||||
Russia: | ||||||||
152,020 | CIAN PLC ADR(c)(e)(f) | 2,339,655 | - | |||||
3,168 | GLOBALTRANS INVESTMENT PLC GDR (REGISTERED)(c)(f) | 21,771 | - | |||||
24,310 | HEADHUNTER GROUP PLC ADR(e)(f) | 515,030 | - | |||||
25,740,000 | RUSHYDRO PJSC(b)(f) | 218,665 | - | |||||
3,095,121 | - | 0.00% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 772,909 | |||||
779,800 | AZTECH GLOBAL LTD. | 481,808 | 483,227 | |||||
147,000 | CAPITALAND ASCENDAS REIT | 291,464 | 300,717 | |||||
30,100 | CITY DEVELOPMENTS LTD. | 170,621 | 184,951 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 714,158 | |||||
26,889 | GRAB HOLDINGS LTD., CLASS A(c) | 66,621 | 86,583 | |||||
39,200 | KEPPEL CORP. LTD. | 150,880 | 212,477 | |||||
5,640 | KEPPEL REIT | 1,183 | 3,832 | |||||
16,500 | OVERSEA-CHINESE BANKING CORP. LTD. | 141,635 | 150,045 | |||||
4,931 | SEA LTD. ADR(c)(e) | 269,692 | 256,560 | |||||
51,700 | SINGAPORE AIRLINES LTD. | 194,072 | 213,454 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 86,867 | |||||
9,500 | UNITED OVERSEAS BANK LTD. | 119,702 | 217,747 | |||||
53,000 | UOL GROUP LTD. | 258,414 | 265,910 |
See accompanying notes to financial statements. | 100 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Singapore (Cont'd): | ||||||||
63,000 | VENTURE CORP. LTD. | $ 736,486 | 802,434 | |||||
3,347,302 | 4,751,871 | 0.54% | ||||||
South Africa: | ||||||||
134,900 | ADCOCK INGRAM HOLDINGS LTD. | 394,451 | 400,939 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 569,364 | |||||
42,500 | BARLOWORLD LTD. | 242,391 | 211,984 | |||||
132,200 | INVESTEC PLC | 773,831 | 817,336 | |||||
77,490 | METAIR INVESTMENTS LTD. | 120,958 | 125,416 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 255,525 | |||||
83,378 | TELKOM S.A. SOC LTD.(c) | 425,342 | 147,312 | |||||
5,284 | THUNGELA RESOURCES LTD. | 1,910 | 87,197 | |||||
42,500 | ZEDA LTD.(c) | 47,481 | 34,068 | |||||
2,613,930 | 2,649,141 | 0.30% | ||||||
South Korea: | ||||||||
17,700 | APTC CO. LTD. | 390,846 | 149,825 | |||||
25,000 | DAESANG CORP. | 545,401 | 434,746 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 609,011 | |||||
4,784 | DL E&C CO. LTD.(c) | 210,584 | 128,687 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 89,833 | |||||
1,320 | DOOSAN BOBCAT, INC. | 37,871 | 36,397 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 344,422 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 210,678 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 455,106 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 246,629 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 224,513 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 219,560 | |||||
223,200 | KOREA REAL ESTATE INVESTMENT & TRUST CO. LTD. | 478,487 | 232,128 | |||||
25,300 | KT CORP. | 539,161 | 678,092 | |||||
64,100 | LG UPLUS CORP. | 723,972 | 562,111 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 459,084 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,764 | 200,428 | |||||
18,865 | NAVER CORP. | 2,519,296 | 2,679,373 | |||||
176,380 | SAMSUNG ELECTRONICS CO. LTD. | 6,459,106 | 7,778,020 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 356,775 | |||||
14,900 | VIEWORKS CO. LTD. | 386,364 | 357,078 | |||||
16,253,454 | 16,452,496 | 1.87% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 231,853 | |||||
8,466 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 188,063 | 242,601 | |||||
1,333 | AENA SME S.A.(c)(d) | 146,281 | 167,377 | |||||
6,379 | AMADEUS IT GROUP S.A.(c) | 179,436 | 331,519 | |||||
90,991 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 434,563 | 548,759 | |||||
74,980 | BANCO SANTANDER S.A. | 156,842 | 224,935 | |||||
661,598 | CAIXABANK S.A. | 2,138,872 | 2,600,538 | |||||
4,781 | CELLNEX TELECOM S.A.(c)(d) | 151,731 | 158,243 | |||||
31,300 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 607,086 | 790,720 | |||||
10,898 | ENAGAS S.A. | 184,898 | 181,111 | |||||
140,872 | FAES FARMA S.A. | 588,215 | 529,296 | |||||
39 | FERROVIAL S.A. | 588 | 1,022 | |||||
69,814 | IBERDROLA S.A. | 430,525 | 816,825 | |||||
12,493 | INDUSTRIA DE DISENO TEXTIL S.A. | 239,195 | 332,322 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(c) | 475,447 | 308,630 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 346,672 | |||||
10,622 | NATURGY ENERGY GROUP S.A. | 164,428 | 276,412 | |||||
93,900 | PROSEGUR CIA DE SEGURIDAD S.A. | 216,845 | 178,214 | |||||
11,393 | RED ELECTRICA CORP. S.A. | 163,842 | 198,301 | |||||
31,112 | REPSOL S.A. | 268,382 | 494,562 | |||||
71,500 | TELEFONICA S.A. | 252,344 | 259,078 | |||||
7,453,186 | 9,218,990 | 1.05% | ||||||
Sweden: | ||||||||
2,065 | ALLEIMA AB(c) | 1,539 | 7,603 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 475,919 | |||||
292,277 | ATLAS COPCO AB, CLASS A | 1,883,515 | 3,447,994 | |||||
15,920 | ATLAS COPCO AB, CLASS B | 22,691 | 169,500 | |||||
69,382 | AVANZA BANK HOLDING AB | 961,376 | 1,486,731 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 380,093 |
See accompanying notes to financial statements. | 101 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Sweden (Cont'd): | ||||||||
32,900 | BOLIDEN AB | $ 800,179 | 1,233,571 | |||||
76,450 | BYGGMAX GROUP AB | 435,707 | 364,416 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 390,618 | |||||
3,608 | ELECTROLUX AB, CLASS B | 30,334 | 48,677 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16,773 | 31,500 | |||||
9,604 | EPIROC AB, CLASS A | 18,146 | 174,734 | |||||
4,000 | EPIROC AB, CLASS B | 7,248 | 64,265 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 225,243 | |||||
56,592 | EVOLUTION AB(d) | 7,295,299 | 5,506,885 | |||||
32,687 | FASTIGHETS AB BALDER, CLASS B(c) | 126,215 | 151,988 | |||||
10,131 | H & M HENNES & MAURITZ AB, CLASS B | 98,015 | 108,972 | |||||
133,711 | HEMNET GROUP AB | 1,865,358 | 1,609,424 | |||||
25,557 | HEXAGON AB, CLASS B | 56,077 | 266,962 | |||||
80,300 | HUMANA AB(c) | 413,356 | 296,272 | |||||
92,100 | HUSQVARNA AB, CLASS B | 724,819 | 645,371 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 200,512 | |||||
43,812 | INVESTOR AB, CLASS B | 150,033 | 791,692 | |||||
49,100 | INWIDO AB | 276,126 | 520,886 | |||||
55,400 | KINDRED GROUP PLC SDR | 287,801 | 576,572 | |||||
7,801 | KNOW IT AB | 144,665 | 152,359 | |||||
14,800 | LOOMIS AB | 372,004 | 405,641 | |||||
44,500 | MEKO AB | 323,086 | 480,189 | |||||
4,231 | NIBE INDUSTRIER AB, CLASS B | 36,599 | 39,371 | |||||
165,609 | NORDNET AB PUBL | 1,989,040 | 2,395,691 | |||||
29,428 | ORRON ENERGY AB | 485,724 | 63,341 | |||||
77,000 | RESURS HOLDING AB(d) | 417,550 | 184,109 | |||||
16,008 | SANDVIK AB | 135,894 | 289,023 | |||||
55,935 | SDIPTECH AB, CLASS B(c) | 1,488,011 | 1,211,451 | |||||
84,900 | SECURITAS AB, CLASS B | 649,198 | 707,524 | |||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 405,042 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 41,650 | |||||
13,153 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 76,212 | 166,321 | |||||
20,449 | SVENSKA HANDELSBANKEN AB, CLASS A | 129,911 | 205,963 | |||||
12,741 | SWEDBANK AB, CLASS A | 176,972 | 216,484 | |||||
331,014 | SWEDENCARE AB | 2,825,665 | 975,451 | |||||
43,171 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 267,066 | 251,955 | |||||
35,506 | TETHYS OIL AB | 259,465 | 205,859 | |||||
60,369 | THULE GROUP AB(d) | 1,505,020 | 1,259,465 | |||||
31,733 | VITEC SOFTWARE GROUP AB, CLASS B | 691,388 | 1,271,771 | |||||
24,387 | VOLVO AB, CLASS B | 156,616 | 440,491 | |||||
29,196,471 | 30,545,551 | 3.48% | ||||||
Switzerland: | ||||||||
229,542 | ABB LTD. (REGISTERED) | 4,790,594 | 6,965,823 | |||||
11,476 | ACCELLERON INDUSTRIES A.G.(c) | 173,151 | 237,612 | |||||
90,716 | ALCON, INC. | 5,167,601 | 6,198,493 | |||||
27,806 | BACHEM HOLDING A.G. | 2,048,911 | 2,401,243 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 74,695 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 346,747 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 308,225 | |||||
43,234 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 3,096,119 | 5,606,182 | |||||
1,059 | DORMAKABA HOLDING A.G. | 378,725 | 387,683 | |||||
384 | DUFRY A.G. (REGISTERED)(c) | 8,927 | 15,993 | |||||
54,800 | EFG INTERNATIONAL A.G.(c) | 442,650 | 523,316 | |||||
44,301 | GARMIN LTD. | 4,741,247 | 4,088,539 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 466,279 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 428,941 | |||||
260,193 | GLOBAL BLUE GROUP HOLDING A.G.(b)(c) | 2,399,460 | 1,204,694 | |||||
6,900 | HELVETIA HOLDING A.G. (REGISTERED) | 678,020 | 804,434 | |||||
106,327 | HOLCIM A.G.(c) | 5,337,351 | 5,505,799 | |||||
3,711 | JULIUS BAER GROUP LTD. | 74,659 | 216,162 | |||||
6,564 | LONZA GROUP A.G. (REGISTERED) | 3,239,096 | 3,216,513 | |||||
117,259 | MEDMIX A.G.(d) | 4,422,551 | 2,231,935 | |||||
101,955 | NESTLE S.A. (REGISTERED) | 5,178,789 | 11,813,615 | |||||
140,389 | NOVARTIS A.G. (REGISTERED) | 9,812,414 | 12,691,415 | |||||
45,962 | POLYPEPTIDE GROUP A.G.(c)(d) | 2,586,590 | 1,258,593 |
See accompanying notes to financial statements. | 102 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
11,952 | ROCHE HOLDING A.G. | $ 1,552,784 | 3,754,995 | |||||
755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34,888 | 141,994 | |||||
120 | SGS S.A. (REGISTERED) | 129,434 | 279,024 | |||||
2,496 | SIEGFRIED HOLDING A.G. (REGISTERED)(c) | 2,157,247 | 1,656,082 | |||||
26,656 | SIKA A.G. (REGISTERED) | 3,786,264 | 6,391,213 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 310,219 | |||||
32,211 | STMICROELECTRONICS N.V. (REGISTERED) | 517,002 | 1,145,745 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 49,446 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 383,131 | |||||
967 | SWISS RE A.G. | 77,541 | 90,441 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,414 | 106,289 | |||||
278,409 | UBS GROUP A.G. (REGISTERED) | 3,621,382 | 5,180,368 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 832,747 | |||||
8,800 | VETROPACK HOLDING A.G. (REGISTERED) | 405,746 | 343,568 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 583,399 | |||||
60,560 | WIZZ AIR HOLDINGS PLC(c)(d) | 2,099,408 | 1,394,361 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 470,708 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,513 | 2,013,347 | |||||
72,013,196 | 92,120,008 | 10.49% | ||||||
Taiwan: | ||||||||
132,000 | ASIA VITAL COMPONENTS CO. LTD. | 500,459 | 481,007 | |||||
18,000 | ASPEED TECHNOLOGY, INC. | 1,275,412 | 986,807 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 177,116 | |||||
219,000 | CHICONY ELECTRONICS CO. LTD. | 585,753 | 614,914 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 272,662 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,603 | 456,687 | |||||
288,000 | E INK HOLDINGS, INC. | 1,669,459 | 1,508,614 | |||||
77,000 | INNODISK CORP. | 450,307 | 464,723 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 285,891 | |||||
383,000 | KINDOM DEVELOPMENT CO. LTD. | 503,834 | 363,866 | |||||
660,000 | POU CHEN CORP. | 670,550 | 734,395 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 307,462 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 347,513 | |||||
179,000 | SINBON ELECTRONICS CO. LTD. | 1,528,192 | 1,601,568 | |||||
1,272,600 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 693,532 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 636,886 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 437,540 | |||||
142,000 | USERJOY TECHNOLOGY CO. LTD. | 374,944 | 356,207 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 307,462 | |||||
11,069,059 | 11,034,852 | 1.26% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 364,735 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 164,681 | |||||
1,424,300 | SUPALAI PCL (REGISTERED) | 958,380 | 999,292 | |||||
331,320 | THAI VEGETABLE OIL PCL (REGISTERED) | 265,122 | 272,632 | |||||
1,833,949 | 1,801,340 | 0.21% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 762,010 | |||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 587,989 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 548,485 | |||||
1,590,429 | 1,898,484 | 0.22% | ||||||
United Arab Emirates: | ||||||||
420,176 | NETWORK INTERNATIONAL HOLDINGS PLC(c)(d) | 1,392,871 | 1,513,756 | |||||
1,392,871 | 1,513,756 | 0.17% | ||||||
United Kingdom: | ||||||||
27,355 | 3I GROUP PLC | 109,603 | 443,645 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 73,217 | |||||
540,200 | AIRTEL AFRICA PLC(d) | 753,867 | 730,138 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 2,067,858 | |||||
6,588 | ASHTEAD GROUP PLC | 294,400 | 375,927 | |||||
136,091 | ASSOCIATED BRITISH FOODS PLC | 3,192,429 | 2,592,949 | |||||
67,218 | ASTRAZENECA PLC | 8,296,613 | 9,116,107 | |||||
3,480 | AVEVA GROUP PLC | 123,442 | 135,176 | |||||
40,350 | BAE SYSTEMS PLC | 285,102 | 417,567 | |||||
113,471 | BAKKAVOR GROUP PLC(d) | 166,389 | 131,831 |
See accompanying notes to financial statements. | 103 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
1,013,661 | BALTIC CLASSIFIEDS GROUP PLC | $ 2,293,447 | 1,725,456 | |||||
14,400 | BELLWAY PLC | 632,327 | 332,074 | |||||
61,523 | BERKELEY GROUP HOLDINGS PLC | 3,269,372 | 2,806,291 | |||||
115,735 | BP PLC | 603,532 | 664,470 | |||||
1,096 | BRITISH AMERICAN TOBACCO PLC | 42,691 | 43,480 | |||||
5,069 | BUNZL PLC | 39,524 | 169,076 | |||||
8,744 | BURBERRY GROUP PLC | 51,148 | 214,593 | |||||
157,500 | CENTRAL ASIA METALS PLC | 465,909 | 472,216 | |||||
209,855 | CNH INDUSTRIAL N.V. | 1,975,096 | 3,361,727 | |||||
391,759 | COMPASS GROUP PLC | 4,293,783 | 9,081,608 | |||||
18,300 | COMPUTACENTER PLC | 578,995 | 422,786 | |||||
2,276 | CRODA INTERNATIONAL PLC | 82,788 | 181,714 | |||||
20,544 | DIAGEO PLC | 873,928 | 906,538 | |||||
52,288 | DIPLOMA PLC | 1,725,165 | 1,754,809 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 474,885 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 918,733 | |||||
30,617 | ENDAVA PLC ADR(c)(e) | 3,379,417 | 2,342,200 | |||||
11,278 | ENTAIN PLC | 146,379 | 180,180 | |||||
34,012 | FERGUSON PLC | 4,375,319 | 4,292,804 | |||||
15,306 | GAMES WORKSHOP GROUP PLC | 1,279,886 | 1,584,884 | |||||
50,906 | GSK PLC | 747,876 | 884,739 | |||||
46,518 | HALEON PLC(c) | 141,587 | 184,095 | |||||
1,707 | HALMA PLC | 38,256 | 40,737 | |||||
4,854 | HARGREAVES LANSDOWN PLC | 45,104 | 50,244 | |||||
220,182 | HSBC HOLDINGS PLC | 1,242,604 | 1,372,737 | |||||
10,605 | IMPERIAL BRANDS PLC | 227,928 | 265,521 | |||||
52,399 | INCHCAPE PLC | 371,600 | 519,452 | |||||
25,000 | INFORMA PLC | 150,330 | 187,266 | |||||
3,162 | INTERCONTINENTAL HOTELS GROUP PLC | 155,759 | 181,349 | |||||
77,712 | INTERNATIONAL DISTRIBUTIONS SERVICES PLC | 220,280 | 200,113 | |||||
4,528 | INTERTEK GROUP PLC | 190,215 | 220,826 | |||||
518,146 | J SAINSBURY PLC | 1,239,535 | 1,363,700 | |||||
234,700 | JUPITER FUND MANAGEMENT PLC | 895,723 | 376,808 | |||||
295,800 | KINGFISHER PLC | 764,284 | 844,311 | |||||
92,531 | LEGAL & GENERAL GROUP PLC | 219,999 | 279,104 | |||||
80,708 | LIBERTY GLOBAL PLC, CLASS A(c) | 2,249,780 | 1,527,802 | |||||
57,550 | LIBERTY GLOBAL PLC, CLASS C(c) | 1,685,769 | 1,118,196 | |||||
11,923 | LINDE PLC | 3,967,730 | 3,898,451 | |||||
6,927,018 | LLOYDS BANKING GROUP PLC | 4,668,034 | 3,802,824 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 520,212 | |||||
278,852 | M&G PLC | 497,048 | 633,276 | |||||
370,300 | MAN GROUP PLC/JERSEY | 651,704 | 956,680 | |||||
300,659 | MARSTON'S PLC(c) | 477,602 | 143,866 | |||||
81,570 | MELROSE INDUSTRIES PLC | 110,531 | 132,636 | |||||
456,400 | MITIE GROUP PLC | 439,408 | 411,617 | |||||
10,025 | MONDI PLC | 158,542 | 170,828 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 552,205 | |||||
25,094 | NATIONAL GRID PLC | 179,570 | 302,585 | |||||
297,247 | NATWEST GROUP PLC | 420,566 | 953,014 | |||||
2,141 | NEXT PLC | 36,699 | 150,280 | |||||
9,870 | NINETY ONE PLC | 28,549 | 22,182 | |||||
13,839 | OCADO GROUP PLC(c) | 76,149 | 103,195 | |||||
123,700 | OSB GROUP PLC | 637,568 | 717,527 | |||||
11,636 | PEARSON PLC | 115,255 | 132,120 | |||||
10,230 | PHOENIX GROUP HOLDINGS PLC | 58,370 | 75,269 | |||||
37,517 | PRUDENTIAL PLC | 383,673 | 511,391 | |||||
9,159 | RECKITT BENCKISER GROUP PLC | 360,759 | 637,127 | |||||
151,700 | REDDE NORTHGATE PLC | 615,982 | 755,599 | |||||
57,235 | REDROW PLC | 447,916 | 314,004 | |||||
384,600 | REGIONAL REIT LTD.(d)(g) | 487,088 | 274,328 | |||||
21,616 | RELX PLC | 156,210 | 597,908 | |||||
222,935 | RELX PLC (LONDON EXCHANGE) | 3,233,856 | 6,166,556 | |||||
34,005 | RIO TINTO PLC ADR(e) | 893,598 | 2,421,156 | |||||
120,868 | ROLLS-ROYCE HOLDINGS PLC(c) | 107,369 | 136,187 | |||||
24,928 | SAGE GROUP (THE) PLC | 108,477 | 224,699 | |||||
9,979 | SCHRODERS PLC | 43,138 | 52,600 | |||||
16,135 | SEGRO PLC | 67,053 | 148,951 |
See accompanying notes to financial statements. | 104 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
4,954 | SEVERN TRENT PLC | $ 76,220 | 158,772 | |||||
120,965 | SHELL PLC | 2,219,131 | 3,401,557 | |||||
14,030 | SMITH & NEPHEW PLC | 98,533 | 188,189 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 198,951 | |||||
1,007 | SPIRAX-SARCO ENGINEERING PLC | 115,138 | 129,228 | |||||
7,418 | ST. JAMES'S PLACE PLC | 82,237 | 98,200 | |||||
108,800 | STANDARD CHARTERED PLC | 699,097 | 818,666 | |||||
82,413 | STHREE PLC | 315,585 | 401,522 | |||||
144,800 | SYNTHOMER PLC | 719,407 | 252,431 | |||||
2,014 | TATE & LYLE PLC | 20,041 | 17,316 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 312,223 | |||||
126,800 | TYMAN PLC | 343,290 | 345,680 | |||||
24,877 | UNILEVER PLC | 1,139,759 | 1,257,739 | |||||
3,811 | UNILEVER PLC ADR(e) | 146,515 | 191,884 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 97,526 | |||||
2,756 | WHITBREAD PLC | 54,937 | 85,629 | |||||
26,206 | WILLIS TOWERS WATSON PLC | 5,866,542 | 6,409,463 | |||||
94,600 | WINCANTON PLC | 471,523 | 385,416 | |||||
34,827 | WPP PLC | 266,244 | 345,338 | |||||
84,885,518 | 98,646,942 | 11.24% | ||||||
United States: | ||||||||
24,306 | AON PLC, CLASS A | 5,675,098 | 7,295,203 | |||||
185,933 | ARCH CAPITAL GROUP LTD.(c) | 3,622,129 | 11,672,874 | |||||
10,584 | BAUSCH HEALTH COS., INC.(c) | 70,325 | 66,443 | |||||
2,810 | BROOKFIELD RENEWABLE CORP., CLASS A | 90,747 | 77,348 | |||||
16,016 | EPAM SYSTEMS, INC.(c) | 6,805,939 | 5,249,084 | |||||
3,095 | METTLER-TOLEDO INTERNATIONAL, INC.(c) | 2,098,119 | 4,473,668 | |||||
16,843 | RESMED, INC. | 1,715,063 | 3,505,533 | |||||
72,259 | SENSATA TECHNOLOGIES HOLDING PLC | 3,970,992 | 2,917,818 | |||||
26,054 | STERIS PLC | 4,432,494 | 4,811,913 | |||||
27,134 | WASTE CONNECTIONS, INC. | 3,892,170 | 3,596,883 | |||||
32,373,076 | 43,666,767 | 4.97% | ||||||
Uruguay: | ||||||||
12,580 | GLOBANT S.A.(c) | 2,164,837 | 2,115,453 | |||||
2,164,837 | 2,115,453 | 0.24% | ||||||
Vietnam: | ||||||||
597,300 | FPT CORP. | 2,104,948 | 1,948,351 | |||||
2,104,948 | 1,948,351 | 0.22% | ||||||
Sub-total Common Stocks: | 705,289,005 | 842,259,899 | 95.93% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANEAMENTO DO PARANA, 0.33%(h) | 350,151 | 181,758 | |||||
179,200 | CIA ENERGETICA DE MINAS GERAIS, 2.06%(h) | 357,186 | 376,750 | |||||
707,337 | 558,508 | 0.06% | ||||||
Chile: | ||||||||
223,300 | EMBOTELLADORA ANDINA S.A., CLASS B, 4.6%(h) | 477,638 | 547,529 | |||||
477,638 | 547,529 | 0.06% | ||||||
Germany: | ||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G., 7.32%(h) | 49,612 | 129,520 | |||||
18,800 | JUNGHEINRICH A.G., 2.57%(h) | 455,925 | 534,908 | |||||
330 | SARTORIUS A.G., 0.34%(h) | 63,895 | 130,490 | |||||
2,800 | STO S.E. & CO. KGAA, 0.21%(h) | 304,841 | 450,788 | |||||
2,533 | VOLKSWAGEN A.G., 6.5%(h) | 347,179 | 315,667 | |||||
1,221,452 | 1,561,373 | 0.18% | ||||||
South Korea: | ||||||||
79,865 | SAMSUNG ELECTRONICS CO. LTD., 2.86%(h) | 3,317,974 | 3,213,596 | |||||
3,317,974 | 3,213,596 | 0.37% | ||||||
Sub-total Preferred Stocks: | 5,724,401 | 5,881,006 | 0.67% |
See accompanying notes to financial statements. | 105 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
244,577 | RYANAIR HOLDINGS PLC, ISSUED BY HSBC BANK PLC, EXPIRES 10/31/23(c) | $ 2,722,979 | 3,187,113 | |||||
2,722,979 | 3,187,113 | 0.36% | ||||||
Sub-total Participatory Notes: | 2,722,979 | 3,187,113 | 0.36% | |||||
Short-Term Investments: | ||||||||
4,812,451 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(i) | 4,812,451 | 4,812,451 | |||||
22,771,623 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.61%(j) | 22,771,623 | 22,771,623 | |||||
Sub-total Short-Term Investments: | 27,584,074 | 27,584,074 | 3.14% | |||||
Grand total | $ 741,320,459 | 878,912,092 | 100.10% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Security is either wholly or partially on loan. |
(c) | Non-income producing assets. |
(d) | 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. |
(e) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.34% of net assets as of December 31, 2022. |
(f) | Security has been deemed worthless and is a Level 3 investment. |
(g) | Restricted security that has been deemed illiquid. At December 31, 2022, the value of this restricted illiquid security amounted to $274,328 or 0.03% of net assets. Additional information on this restricted illiquid security is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Regional REIT Ltd. | 1/7/2022 | $487,088 |
(h) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(i) | Investment relates to cash collateral received from portfolio securities loaned. |
(j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $18,467,837 with net purchases of $4,303,787 during the year ended December 31, 2022. |
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.11% | |
Consumer Discretionary | 13.36 | |
Consumer Staples | 8.89 | |
Energy | 3.21 | |
Financials | 15.58 | |
Health Care | 13.40 | |
Industrials | 17.39 | |
Information Technology | 14.88 | |
Materials | 6.38 | |
Real Estate | 1.54 | |
Utilities | 1.26 | |
100.00% |
See accompanying notes to financial statements. | 106 | (Continued) |
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 22.61% | |
United States Dollar | 14.89 | |
Japanese Yen | 12.30 | |
British Pound | 10.39 | |
Swiss Franc | 9.90 | |
Other currencies | 29.91 | |
100.00% |
See accompanying notes to financial statements. | 107 | (Continued) |
See accompanying notes to financial statements. | 108 | (Continued) |
Item 1. Reports to Stockholders (cont.).
(b) | Not applicable. |
Item 2. Code of Ethics
As of December 31, 2022, 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, 2022, 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 nine members, seven 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
2022 | 2021 | |||||||
(a) | Audit Fees | $125,435 | $120,040 | |||||
(b) | Audit-Related Fees | $0 | $0 | |||||
(c) | Tax Fees1 | $41,633 | $32,245 | |||||
(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. |
2022= $17,190 2021= $17,575
(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) |
(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) |
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 3, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Clearwater Investment Trust |
By | /s/ Justin H. Weyerhaeuser | |||
Justin H. Weyerhaeuser | ||||
President (Principal Executive Officer) | ||||
Date: | March 3, 2023 | |||
Clearwater Investment Trust |
By | /s/ Justin H. Weyerhaeuser | |||
Justin H. Weyerhaeuser | ||||
Treasurer (Principal Financial Officer) | ||||
Date: | March 3, 2023 |