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, 2023
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, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During the Period July 1, 2023 through December 31, 2023* |
Core Equity Fund | $1,000.00 | $1,087.60 | $1.32 |
Select Equity Fund | $1,000.00 | $1,106.60 | $5.10 |
Tax-Exempt Bond Fund | $1,000.00 | $1,034.50 | $1.54 |
International Fund | $1,000.00 | $1,066.60 | $3.70 |
Hypothetical 5% return (before expenses) | |||
Core Equity Fund | $1,000.00 | $1,023.95 | $1.28 |
Select Equity Fund | $1,000.00 | $1,020.37 | $4.89 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.69 | $1.53 |
International Fund | $1,000.00 | $1,021.63 | $3.62 |
* | 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 | 0.26% |
Select Equity Fund | 0.96% |
Tax-Exempt Bond Fund | 0.30% |
International Fund | 0.71% |
Quarterly Portfolio Schedule of Investments
Trustee | Shares Voted for All | Shares Voted Withhold All | Shares Voted for all Except | Shares Voted to Abstain | % of Total Shares Voted for All | |||||
Dylan Ambauen | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Sara G. Dent | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Julia LW Heidmann | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Charles W. Rasmussen | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Laura E. Rasmussen | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Lindsay R. Shack | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
David M. Weyerhaeuser | 163,120,395 | 0 | 0 | 0 | 98.69% | |||||
Justin H. Weyerhaeuser | 163,120,395 | 0 | 0 | 0 | 98.69% |
Fund Name | Shares Outstanding | Shares Voted for Proposal | Shares Voted Against Proposal | Shares Voted to Abstain | % of Total Shares Voted for Proposal | |||||
Core Equity Fund | 12,568,572 | 12,501,448 | 0 | 0 | 99.47% | |||||
Select Equity Fund | 23,927,208 | 23,596,906 | 0 | 0 | 98.62% | |||||
Tax-Exempt Bond Fund | 77,503,234 | 76,429,960 | 0 | 0 | 98.62% | |||||
International Fund | 51,281,885 | 50,592,081 | 0 | 0 | 98.65% |
(As of February 2024)
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 (57) 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 (65) 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 | Woods Hole Oceanographic Institution (non-profit, 2022-Present) |
Laura E. Rasmussen1 (60) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Trustee: Tenure: 2000 - Present Term: Indefinite | Business Owner, 3 Kittens Needle Arts (textile sales, 2006- Present) | 4 | None |
Lindsay R. Schack (46) 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 (65) 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 | R.D. Merill Company Inc. (private company, 1992 - Present) |
Dylan Ambauen (41) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, Chair of the Audit Committee | As Trustee: Tenure: 2022 - Present Term: Indefinite As Chair of the Audit Committee: Tenure: 2023 – Present Term: Indefinite | CEO, Seattle Pottery LLC (2019-Present), Vice President, Sunrise Pest Management (2008- 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 |
Julia LW Heidmann 2(65) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee | Tenure: 2022 - Present Term: Indefinite | Docent (2006-Present), San Francisco Zoo | 4 | Member of the Board of Directors, Conservation & Education Committee, San Francisco Zoo (non-profit, 2016-Present) |
Justin H. Weyerhaeuser 3(50) 30 East 7th Street Saint Paul, Minnesota 55101 | Trustee, President and Treasurer | As Trustee: Tenure: 2008 – Present Term: Indefinite As President and Treasurer Tenure: 2013 - Present Term: Reappointed Annually | Private Investor (February 2013 - Present) | 4 | None |
Jason K. Mitchell (47) 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 (55) 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) | N/A | N/A |
(unaudited)
Ex-Date | Ordinary Income | Return of Capital | |||
Core Equity Fund | 12/15/2023 | 0.985677 | 0.005950 | ||
Select Equity Fund | 12/15/2023 | 0.075014 | 0.005181 |
February 22, 2024
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, $568,323, $0 and $7,192,387, respectively); (identified cost: $447,747,890, $378,672,243, $751,806,495 and $758,729,344, respectively) | $ | 872,195,335 | 427,884,119 | 693,874,010 | 1,025,725,047 | |||
Foreign currencies, at value (cost: $0, $13,975, $0 and $2,690,532, respectively) | - | 13,275 | - | 2,316,196 | ||||
Cash (restricted: $0, $0, $2,376,575 and $0, respectively) | - | 1,190 | 2,976,274 | - | ||||
Receivable for securities sold | - | 2,071,877 | 6,985 | 28,444 | ||||
Receivable for variation margin on futures contracts | - | - | 28,125 | - | ||||
Receivable for shares of beneficial interest sold | 26,600 | 245,700 | 349,500 | 173,700 | ||||
Accrued dividend and interest receivable | 807,473 | 267,784 | 8,065,345 | 1,348,375 | ||||
Foreign tax reclaim receivable | 3,137 | 311 | - | 2,349,222 | ||||
Total assets | 873,032,545 | 430,484,256 | 705,300,239 | 1,031,940,984 | ||||
Liabilities | ||||||||
Payables for investment securities purchased | - | 1,730,923 | 3,986,764 | 5,705,672 | ||||
Payable for fund shares redeemed | 43,016 | - | - | - | ||||
Accrued investment advisory fee | 514,472 | 902,587 | 515,986 | 1,705,466 | ||||
Payable for dividend distribution | - | - | 288,013 | - | ||||
Payable for variation margin on futures contracts | - | - | 45,727 | - | ||||
Payable upon return of securities loaned | - | 581,616 | - | 8,061,365 | ||||
Deferred foreign capital gains taxes payable | - | - | - | 1,086,698 | ||||
Short-term financing | 506,319 | 205,500 | - | - | ||||
Total liabilities | 1,063,807 | 3,420,626 | 4,836,490 | 16,559,201 | ||||
Net assets | $ | 871,968,738 | 427,063,630 | 700,463,749 | 1,015,381,783 | |||
Capital | ||||||||
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,580,630, 23,713,642, 80,004,703 and 51,697,285 shares outstanding, respectively) | $ | 472,391,162 | 433,873,904 | 778,322,064 | 759,034,745 | |||
Distributable earnings | 399,577,576 | (6,810,274) | (77,858,315) | 256,347,038 | ||||
Net assets | $ | 871,968,738 | 427,063,630 | 700,463,749 | 1,015,381,783 | |||
Net asset value per share of outstanding capital stock | $ | 69.31 | 18.01 | 8.76 | 19.64 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $3,852, $25,020, $0 and $2,106,201, respectively) | $ | 13,843,611 | 4,672,224 | 1,997,890 | 22,143,066 | |||
Interest | - | - | 28,664,311 | - | ||||
Tax reclaims | - | - | - | 1,223,516 | ||||
Net income from securities loaned | - | 50,785 | - | 90,170 | ||||
Total income | 13,843,611 | 4,723,009 | 30,662,201 | 23,456,752 | ||||
Expenses: | ||||||||
Investment advisory fee | 7,053,473 | 5,164,035 | 3,872,498 | 9,466,123 | ||||
Other expenses | - | - | 185 | - | ||||
Total expenses | 7,053,473 | 5,164,035 | 3,872,683 | 9,466,123 | ||||
Less: waivers of investment advisory fee or other expense reimbursements | (5,039,496) | (1,482,390) | (1,967,504) | (2,769,462) | ||||
Net expenses | 2,013,977 | 3,681,645 | 1,905,179 | 6,696,661 | ||||
Net investment income | 11,829,634 | 1,041,364 | 28,757,022 | 16,760,091 | ||||
Net realized gain (loss) on: | ||||||||
Security transactions | 10,666,582 | (13,085,251) | (16,864,926) | 24,173,277 | ||||
Foreign currency transactions | - | 965 | - | (269,519) | ||||
Futures contracts | - | - | 6,075,622 | - | ||||
Net increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $(526,441), respectively) | 158,649,433 | 84,147,902 | 28,927,857 | 128,877,629 | ||||
Futures contracts | - | - | (5,572,877) | - | ||||
Translation of other assets and liabilities denominated in foreign currencies | - | 694 | - | 185,196 | ||||
Net gain (loss) on investments | 169,316,015 | 71,064,310 | 12,565,676 | 152,966,583 | ||||
Net increase (decrease) in net assets resulting from operations | $ | 181,145,649 | 72,105,674 | 41,322,698 | 169,726,674 |
Core Equity Fund | Select Equity Fund | |||||||
12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||
Operations: | ||||||||
Net investment income | $ | 11,829,634 | 11,379,906 | 1,041,364 | 680,794 | |||
Net realized gain (loss) | 10,666,582 | 37,472,242 | (13,084,286) | (15,549,580) | ||||
Net increase (decrease) in unrealized appreciation/depreciation | 158,649,433 | (198,246,913) | 84,148,596 | (95,778,035) | ||||
Net increase (decrease) in net assets resulting from operations | 181,145,649 | (149,394,765) | 72,105,674 | (110,646,821) | ||||
Distributions to shareholders | (12,352,174) | (10,752,052) | (1,896,867) | (8,125,618) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 68,918,661 | 182,656,902 | 19,158,752 | 101,322,691 | ||||
Reinvestment of distributions from net investment income and net realized gain | 12,351,716 | 10,752,052 | 1,896,564 | 8,125,618 | ||||
Payments for shares redeemed | (96,265,333) | (194,680,866) | (29,147,108) | (159,796,228) | ||||
Net decrease in net assets from capital share transactions | (14,994,956) | (1,271,912) | (8,091,792) | (50,347,919) | ||||
Total increase (decrease) in net assets | 153,798,519 | (161,418,729) | 62,117,015 | (169,120,358) | ||||
Net assets: | ||||||||
At the beginning of the year | 718,170,219 | 879,588,948 | 364,946,615 | 534,066,973 | ||||
At the end of the year | $ | 871,968,738 | 718,170,219 | 427,063,630 | 364,946,615 |
Tax-Exempt Bond Fund | International Fund | |||||||
12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||
Operations: | ||||||||
Net investment income | $ | 28,757,022 | 24,660,929 | 16,760,091 | 17,843,079 | |||
Net realized gain (loss) | (10,789,304) | 3,263,503 | 23,903,758 | 10,433,826 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | 23,354,980 | (114,954,989) | 129,062,825 | (231,476,926) | ||||
Net increase (decrease) in net assets resulting from operations | 41,322,698 | (87,030,557) | 169,726,674 | (203,200,021) | ||||
Distributions to shareholders | (28,876,661) | (30,033,721) | (23,498,478) | (11,587,443) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 250,097,392 | 248,834,683 | 44,485,551 | 149,605,328 | ||||
Reinvestment of distributions from net investment income and net realized gain | 28,845,923 | 29,988,685 | 23,498,478 | 11,587,443 | ||||
Payments for shares redeemed | (156,560,083) | (328,618,503) | (76,876,505) | (159,304,656) | ||||
Net increase (decrease) in net assets from capital share transactions | 122,383,232 | (49,795,135) | (8,892,476) | 1,888,115 | ||||
Total increase (decrease) in net assets | 134,829,269 | (166,859,413) | 137,335,720 | (212,899,349) | ||||
Net assets: | ||||||||
At the beginning of the year | 565,634,480 | 732,493,893 | 878,046,063 | 1,090,945,412 | ||||
At the end of the year | $ | 700,463,749 | 565,634,480 | 1,015,381,783 | 878,046,063 |
Year ended December 31, | |||||||||||||
Core Equity Fund | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||
Net asset value, beginning of year | $ | 55.93 | 68.01 | 55.11 | 48.14 | 37.97 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.97 | 0.81 | 0.72 | 0.71 | 0.72 | ||||||||
Net realized and unrealized gains (losses) | 13.40 | (12.06) | 14.36 | 7.22 | 10.32 | ||||||||
Total from investment operations | 14.37 | (11.25) | 15.08 | 7.93 | 11.04 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.99) | (0.76) | (0.69) | (0.71) | (0.66) | ||||||||
Net realized gain | - | (0.07) | (1.49) | (0.25) | (0.21) | ||||||||
Total distributions to shareholders: | (0.99) | (0.83) | (2.18) | (0.96) | (0.87) | ||||||||
Net asset value, end of year | $ | 69.31 | 55.93 | 68.01 | 55.11 | 48.14 | |||||||
Total return (a) | 25.71 % | (16.58)% | 27.44 % | 16.54 % | 29.11 % | ||||||||
Net assets, end of year (000s omitted) | $ | 871,969 | 718,170 | 879,589 | 616,984 | 543,171 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 0.26 % | 0.26 % | 0.29 % | 0.31 % | 0.35 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 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), (i) | 1.51 % | 1.50 % | 1.13 % | 1.49 % | 1.54 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | 0.87 % | 0.86 % | 0.52 % | 0.90 % | 0.99 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 67.52 % | 62.80 % | 33.97 % | 37.16 % | 33.73 % |
(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 April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.65%. |
(d) | Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.62%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
(i) | 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%. |
Year ended December 31, | |||||||||||||
Select Equity Fund | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||
Net asset value, beginning of year | $ | 15.08 | 19.76 | 20.09 | 18.45 | 14.90 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.05 | 0.03 | 0.07 | 0.11 | 0.14 | ||||||||
Net realized and unrealized gains (losses) | 2.96 | (4.37) | 2.20 | 1.95 | 3.79 | ||||||||
Total from investment operations | 3.01 | (4.34) | 2.27 | 2.06 | 3.93 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.08) | - | (0.06) | (0.11) | (0.11) | ||||||||
Net realized gain | - | (0.34) | (2.54) | (0.31) | (0.27) | ||||||||
Total distributions to shareholders: | (0.08) | (0.34) | (2.60) | (0.42) | (0.38) | ||||||||
Net asset value, end of year | $ | 18.01 | 15.08 | 19.76 | 20.09 | 18.45 | |||||||
Total return (a) | 19.97 % | (22.01)% | 11.77 % | 11.25 % | 26.40 % | ||||||||
Net assets, end of year (000s omitted) | $ | 427,064 | 364,947 | 534,067 | 455,974 | 373,425 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | 0.96 % | 0.94 % | 0.88 % | 0.94 % | 0.98 % | ||||||||
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) | 0.27 % | 0.16 % | 0.26 % | 0.70 % | 0.64 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | (0.12)% | (0.25)% | (0.21)% | 0.29 % | 0.27 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 50.13 % | 55.76 % | 109.01 % | 102.30 % | 64.32 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective October 1, 2023, the Adviser increased the voluntary waiver to 0.41%. |
(d) | 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%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
(i) | 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%. |
Year ended December 31, | |||||||||||||
Tax-Exempt Bond Fund | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||
Net asset value, beginning of year | $ | 8.59 | 10.17 | 10.14 | 10.13 | 9.82 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.38 | 0.34 | 0.36 | 0.39 | 0.40 | ||||||||
Net realized and unrealized gains (losses) | 0.17 | (1.50) | 0.03 | 0.03 | 0.34 | ||||||||
Total from investment operations | 0.55 | (1.16) | 0.39 | 0.42 | 0.74 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.38) | (0.35) | (0.36) | (0.41) | (0.43) | ||||||||
Net realized gain | - | (0.07) | - | - | - | ||||||||
Total distributions to shareholders: | (0.38) | (0.42) | (0.36) | (0.41) | (0.43) | ||||||||
Net asset value, end of year | $ | 8.76 | 8.59 | 10.17 | 10.14 | 10.13 | |||||||
Total return (a) | 6.64 % | (11.39)% | 3.89 % | 4.26 % | 7.69 % | ||||||||
Net assets, end of year (000s omitted) | $ | 700,464 | 565,634 | 732,494 | 616,839 | 603,277 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g) | 0.30 % | 0.27 % | 0.28 % | 0.29 % | 0.32 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g) | 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), (g) | 4.45 % | 3.79 % | 3.52 % | 3.85 % | 4.05 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g) | 4.15 % | 3.46 % | 3.20 % | 3.54 % | 3.77 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 47.10 % | 29.22 % | 16.91 % | 17.21 % | 12.53 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.31%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.29%. |
(d) | Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.29%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.31%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
Year ended December 31, | |||||||||||||
International Fund | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||
Net asset value, beginning of year | $ | 16.81 | 21.14 | 20.16 | 17.28 | 14.08 | |||||||
Income (loss) from investment operations: | |||||||||||||
Net investment income | 0.33 | 0.34 | 0.36 | 0.20 | 0.29 | ||||||||
Net realized and unrealized gains (losses) | 2.96 | (4.45) | 2.68 | 3.07 | 3.43 | ||||||||
Total from investment operations | 3.29 | (4.11) | 3.04 | 3.27 | 3.72 | ||||||||
Less distributions to shareholders from: | |||||||||||||
Net investment income | (0.46) | (0.16) | (0.42) | (0.17) | (0.30) | ||||||||
Net realized gain | - | (0.06) | (1.64) | (0.22) | (0.22) | ||||||||
Total distributions to shareholders: | (0.46) | (0.22) | (2.06) | (0.39) | (0.52) | ||||||||
Net asset value, end of year | $ | 19.64 | 16.81 | 21.14 | 20.16 | 17.28 | |||||||
Total return (a) | 19.66 % | (19.45)% | 15.39 % | 19.02 % | 26.47 % | ||||||||
Net assets, end of year (000s omitted) | $ | 1,015,382 | 878,046 | 1,090,945 | 867,784 | 711,851 | |||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 0.71 % | 0.66 % | 0.65 % | 0.66 % | 0.68 % | ||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 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), (i), (j), (k) | 1.77 % | 1.99 % | 1.61 % | 1.17 % | 1.88 % | ||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k) | 1.48 % | 1.65 % | 1.26 % | 0.83 % | 1.56 % | ||||||||
Portfolio turnover rate (excluding short-term securities) | 29.09 % | 73.81 % | 39.50 % | 39.61 % | 49.69 % |
(a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
(b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
(c) | Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.72%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.28%. |
(d) | Effective April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.30%. |
(e) | Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.71%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.29%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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%. |
(i) | 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%. |
(j) | 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%. |
(k) | 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%. |
28 | (Continued) |
29 | (Continued) |
30 | (Continued) |
31 | (Continued) |
32 | (Continued) |
33 | (Continued) |
Tax-Exempt | Ordinary Income | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Core Equity Fund | $ — | $ — | $ 12,223,108 | $ 9,858,156 | |||
Select Equity Fund | — | — | 1,761,996 | 3,612,091 | |||
Tax-Exempt Bond Fund | 27,234,076 | 24,829,757 | 1,611,581 | 398,516 | |||
International Fund | — | — | 23,498,478 | 8,561,325 | |||
Long-Term Capital Gains | Tax Return of Capital | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Core Equity Fund | $ — | $ 893,896 | $ 129,066 | $ — | |||
Select Equity Fund | — | 4,513,527 | 134,871 | — | |||
Tax-Exempt Bond Fund | — | 4,760,355 | — | — | |||
International Fund | — | 3,026,118 | — | — | |||
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Undistributed ordinary income | $ — | $ — | $ — | $ 2,118,924 | |||
Undistributed tax-exempt income | — | — | 229,215 | — | |||
Accumulated capital losses and other | (22,084,993) | (53,102,319) | (19,462,085) | (1,881,157) | |||
Unrealized appreciation/depreciation | 421,662,569 | 46,292,045 | (58,337,431) | 256,109,271 | |||
Other temporary differences | — | — | (288,014) | — | |||
Total | $ 399,577,576 | $ (6,810,274) | $ (77,858,315) | $ 256,347,038 |
34 | (Continued) |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Distributable earnings | $ (27,714,265) | $ (2,993,556) | $ — | $ (11,225,680) | |||
Additional paid-in capital | 27,714,265 | 2,993,556 | — | 11,225,680 |
35 | (Continued) |
• | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
• | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
Core Equity Fund (a) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 867,037,507 | $ — | $ — | $ 867,037,507 |
Escrows | — | — | —* | — |
Rights | — | — | —* | — |
Short-Term Investments | 5,157,828 | — | — | 5,157,828 |
Total | $ 872,195,335 | $ — | $ — | $ 872,195,335 |
* Security has been deemed worthless and is a Level 3 investment. |
36 | (Continued) |
Select Equity Fund (b) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 418,351,721 | $ — | $ —* | $ 418,351,721 |
Escrows | — | — | —* | — |
Short-Term Investments | 9,532,398 | — | — | 9,532,398 |
Total | $ 427,884,119 | $ — | $ — | $ 427,884,119 |
* 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 | $ 24,958,207 | $ — | $ — | $ 24,958,207 |
Municipal Bonds | ||||
Alabama | — | 1,561,804 | — | 1,561,804 |
Alaska | — | 385 | — | 385 |
Arizona | — | 8,936,063 | — | 8,936,063 |
Arkansas | — | 2,722,071 | — | 2,722,071 |
California | — | 34,866,144 | — | 34,866,144 |
Colorado | — | 24,192,196 | — | 24,192,196 |
Connecticut | — | 2,795,400 | — | 2,795,400 |
District of Columbia | — | 7,142,632 | — | 7,142,632 |
Florida | — | 91,526,267 | — | 91,526,267 |
Georgia | — | 5,931,623 | — | 5,931,623 |
Idaho | — | 6,575,119 | — | 6,575,119 |
Illinois | — | 29,186,066 | — | 29,186,066 |
Indiana | — | 11,154,078 | — | 11,154,078 |
Iowa | — | 8,511,591 | — | 8,511,591 |
Kansas | — | 2,281,502 | — | 2,281,502 |
Kentucky | — | 5,426,958 | — | 5,426,958 |
Louisiana | — | 13,873,537 | — | 13,873,537 |
Maine | — | 2,534,046 | — | 2,534,046 |
Maryland | — | 5,920,306 | — | 5,920,306 |
Massachusetts | — | 16,444,655 | — | 16,444,655 |
Michigan | — | 26,014,214 | — | 26,014,214 |
Minnesota | — | 12,392,557 | — | 12,392,557 |
37 | (Continued) |
Tax-Exempt Bond Fund (c) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Mississippi | $ — | $ 1,264,268 | $ — | $ 1,264,268 |
Missouri | — | 12,234,345 | — | 12,234,345 |
Montana | — | 3,132,074 | — | 3,132,074 |
Nebraska | — | 3,531,859 | — | 3,531,859 |
Nevada | — | 4,733,699 | — | 4,733,699 |
New Hampshire | — | 2,666,484 | — | 2,666,484 |
New Jersey | — | 19,634,294 | — | 19,634,294 |
New Mexico | — | 12,778,266 | — | 12,778,266 |
New York | — | 41,439,127 | — | 41,439,127 |
North Carolina | — | 10,468,727 | — | 10,468,727 |
North Dakota | — | 5,901,744 | — | 5,901,744 |
Ohio | — | 24,896,301 | — | 24,896,301 |
Oklahoma | — | 6,168,043 | — | 6,168,043 |
Oregon | — | 5,478,372 | — | 5,478,372 |
Pennsylvania | — | 14,026,778 | — | 14,026,778 |
Puerto Rico | — | 1,507,278 | — | 1,507,278 |
Rhode Island | — | 918,672 | — | 918,672 |
South Carolina | — | 8,787,495 | — | 8,787,495 |
South Dakota | — | 1,579,503 | — | 1,579,503 |
Tennessee | — | 15,243,288 | — | 15,243,288 |
Texas | — | 57,970,182 | — | 57,970,182 |
Utah | — | 39,289,120 | — | 39,289,120 |
Vermont | — | 359,605 | — | 359,605 |
Virgin Islands, U.S. | — | 495,460 | — | 495,460 |
Virginia | — | 10,468,470 | — | 10,468,470 |
Washington | — | 8,682,171 | — | 8,682,171 |
West Virginia | — | 4,367,858 | — | 4,367,858 |
Wisconsin | — | 10,794,750 | — | 10,794,750 |
Short-Term Investments | 20,108,356 | — | — | 20,108,356 |
Total | $ 45,066,563 | $ 648,807,447 | $ — | $ 693,874,010 |
38 | (Continued) |
Tax-Exempt Bond Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||
Liabilities | ||||||||
Futures Contracts | $ (4,401,978) | $ — | $ — | $ (4,401,978) |
International Fund (d) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Brazil | $ 2,112,003 | $ 5,601,133 | $ — | $ 7,713,136 |
Egypt | — | 724,032 | — | 724,032 |
Israel | — | 2,742,692 | — | 2,742,692 |
Russia | — | — | —* | — |
Saudi Arabia | — | 3,673,945 | — | 3,673,945 |
South Korea | — | 26,502,862 | — | 26,502,862 |
Thailand | — | 1,077,373 | — | 1,077,373 |
All other countries | 925,458,838 | — | — | 925,458,838 |
Participatory Notes | 4,749,764 | — | — | 4,749,764 |
Preferred Stocks | 2,333,750 | 4,592,653 | — | 6,926,403 |
Warrants | — | — | —* | — |
Short-Term Investments | 46,156,002 | — | — | 46,156,002 |
Total | $ 980,810,357 | $ 44,914,690 | $ — | $1,025,725,047 |
* Security has been deemed worthless and is a Level 3 investment. |
39 | (Continued) |
Purchases | Sales | |||
Core Equity Fund | $ 526,763,335 | $ 542,040,746 | ||
Select Equity Fund | 186,809,622 | 192,567,189 | ||
Tax-Exempt Bond Fund | 413,134,298 | 286,244,891 | ||
International Fund | 265,022,064 | 290,822,736 | ||
Funds | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Cost Basis of Investments | ||||
Core Equity Fund | $ 422,449,757 | $ (787,185) | $ 421,662,572 | $ 450,532,763 | ||||
Select Equity Fund | 77,635,274 | (31,343,229) | 46,292,045 | 381,591,387 | ||||
Tax-Exempt Bond Fund | 12,125,011 | (70,462,443) | (58,337,432) | 747,809,464 | ||||
International Fund | 294,175,319 | (37,238,169) | 256,937,150 | 768,787,897 | ||||
Core Equity Fund | Select Equity Fund | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Sold | 1,102,343 | 3,253,680 | 1,179,421 | 6,428,117 | |||
Issued for reinvestment of distributions | 180,238 | 185,284 | 107,698 | 529,356 | |||
Redeemed | (1,543,257) | (3,531,380) | (1,776,719) | (9,785,689) | |||
Net increase (decrease) | (260,676) | (92,416) | (489,600) | (2,828,216) |
40 | (Continued) |
Tax-Exempt Bond Fund | International Fund | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Sold | 28,837,453 | 28,665,852 | 2,413,778 | 9,105,670 | |||
Issued for reinvestment of distributions | 3,371,399 | 3,372,319 | 1,225,155 | 678,819 | |||
Redeemed | (18,032,068) | (38,269,711) | (4,162,141) | (9,177,483) | |||
Net increase (decrease) | 14,176,784 | (6,231,540) | (523,208) | 607,006 |
Short-Term | Long-Term | Total | |
Core Equity Fund | $ 22,084,993 | $ — | $ 22,084,993 |
Select Equity Fund | 34,001,571 | 19,076,488 | 53,078,059 |
Tax-Exempt Bond Fund | 2,162,268 | 17,299,817 | 19,462,085 |
International Fund | 1,881,157 | — | 1,881,157 |
41 | (Continued) |
Management Fees Voluntary Waivers | |||||
Voluntary Waiver % Prior to April 1, 2023 | Voluntary Waiver % Effective from April 1, 2023 to October 1, 2023 | Voluntary Waiver % Effective October 1, 2023 | |||
Core Equity Fund | (0.62) | (0.65) | (0.65) | ||
Select Equity Fund | (0.38) | (0.38) | (0.41) | ||
Tax-Exempt Bond Fund | (0.31) | (0.31) | (0.29) | ||
International Fund | (0.29) | (0.30) | (0.28) |
42 | (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 | $ — | Unrealized depreciation on futures contracts | $4,401,978* | RBC Capital Markets, LLC/J.P. Morgan Securities, LLC |
* | Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statements 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 | $ 6,075,622 | Tax-Exempt Bond Fund | Futures contracts | Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts | $ (5,572,877) | |
Tax-Exempt Bond Fund | |
Future Contracts | |
Number of Transactions | Weighted Average Notional Amount |
1,155 | $ 13,572,707 |
43 | (Continued) |
Average Amount Oustanding for Days in Use | Days Used | ||
Core Equity Fund | $ 9,745 | 155 | |
Select Equity Fund | 11,799 | 56 | |
International Fund | 23,197 | 112 | |
44 | (Continued) |
Gross Amounts of Securities Loaned in Statements of Assets and Liabilities | % of Net Assets | Cash Collateral Received | |
Select Equity Fund | $ 568,323 | 0.13 % | $ 581,616 |
International Fund | 7,192,387 | 0.71 % | 8,061,365 |
45 | (Continued) |
46 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
132,892 | ALPHABET, INC., CLASS A(b) | $ 5,325,209 | 18,563,684 | |||||
78,260 | ALPHABET, INC., CLASS C(b) | 3,696,186 | 11,029,182 | |||||
83,117 | AT&T, INC. | 1,151,568 | 1,394,703 | |||||
1,429 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 491,189 | 555,424 | |||||
67,600 | COMCAST CORP., CLASS A | 1,026,668 | 2,964,260 | |||||
8,300 | ELECTRONIC ARTS, INC. | 116,945 | 1,135,523 | |||||
3,500 | FOX CORP., CLASS A | 108,355 | 103,845 | |||||
1,800 | FOX CORP., CLASS B | 51,499 | 49,770 | |||||
3,574 | INTERPUBLIC GROUP OF (THE) COS., INC. | 55,609 | 116,655 | |||||
183 | LIBERTY GLOBAL LTD., CLASS A(b) | 1,707 | 3,252 | |||||
1,900 | LIVE NATION ENTERTAINMENT, INC.(b) | 130,374 | 177,840 | |||||
1,138 | MATCH GROUP, INC.(b) | 33,597 | 41,537 | |||||
54,851 | META PLATFORMS, INC., CLASS A(b) | 6,723,514 | 19,415,060 | |||||
5,874 | NETFLIX, INC.(b) | 1,261,830 | 2,859,933 | |||||
2,675 | NEWS CORP., CLASS A | 12,252 | 65,671 | |||||
2,595 | OMNICOM GROUP, INC. | 81,950 | 224,494 | |||||
6,200 | PARAMOUNT GLOBAL, CLASS B | 66,996 | 91,698 | |||||
11,646 | PLAYTIKA HOLDING CORP.(b)(c) | 106,636 | 101,553 | |||||
2,000 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 216,815 | 321,900 | |||||
13,937 | T-MOBILE U.S., INC. | 1,097,267 | 2,234,519 | |||||
37,983 | VERIZON COMMUNICATIONS, INC. | 1,170,308 | 1,431,959 | |||||
24,518 | WALT DISNEY (THE) CO. | 486,137 | 2,213,730 | |||||
8,502 | WARNER BROS. DISCOVERY, INC.(b) | 79,548 | 96,753 | |||||
23,492,159 | 65,192,945 | 7.48% | ||||||
Consumer Discretionary: | ||||||||
5,800 | AIRBNB, INC., CLASS A(b) | 786,456 | 789,612 | |||||
158,111 | AMAZON.COM, INC.(b) | 11,994,063 | 24,023,385 | |||||
14,300 | APTIV PLC(b)(c) | 1,242,313 | 1,282,996 | |||||
23,316 | AUTONATION, INC.(b) | 2,768,302 | 3,501,597 | |||||
1,319 | AUTOZONE, INC.(b) | 1,572,143 | 3,410,420 | |||||
3,400 | BATH & BODY WORKS, INC. | 107,274 | 146,744 | |||||
10,519 | BEST BUY CO., INC. | 456,135 | 823,427 | |||||
1,289 | BOOKING HOLDINGS, INC.(b) | 2,757,890 | 4,572,367 | |||||
24,600 | BORGWARNER, INC. | 794,298 | 881,910 | |||||
2,900 | CAESARS ENTERTAINMENT, INC.(b) | 114,937 | 135,952 | |||||
2,168 | CARMAX, INC.(b) | 58,264 | 166,372 | |||||
13,300 | CARNIVAL CORP.(b) | 118,105 | 246,582 | |||||
400 | CHIPOTLE MEXICAN GRILL, INC.(b) | 558,552 | 914,784 | |||||
4,400 | D.R. HORTON, INC. | 453,043 | 668,712 | |||||
1,700 | DARDEN RESTAURANTS, INC. | 112,210 | 279,310 | |||||
5,900 | EBAY, INC. | 115,326 | 257,358 | |||||
1,700 | ETSY, INC.(b) | 103,136 | 137,785 | |||||
12,508 | EXPEDIA GROUP, INC.(b) | 1,162,573 | 1,898,589 | |||||
22,163 | FORD MOTOR CO. | 72,512 | 270,167 | |||||
13,928 | GAP (THE), INC. | 139,153 | 291,235 | |||||
2,200 | GARMIN LTD.(c) | 40,557 | 282,788 | |||||
75,170 | GENERAL MOTORS CO. | 2,454,030 | 2,700,106 | |||||
3,450 | GENUINE PARTS CO. | 102,425 | 477,825 | |||||
10,855 | H&R BLOCK, INC. | 368,543 | 525,056 | |||||
526 | HASBRO, INC. | 17,206 | 26,858 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC. | 115,613 | 291,344 | |||||
20,826 | HOME DEPOT (THE), INC. | 4,023,383 | 7,217,250 | |||||
2,535 | LAS VEGAS SANDS CORP. | 21,685 | 124,747 | |||||
13,949 | LENNAR CORP., CLASS A | 1,527,131 | 2,078,959 | |||||
15,160 | LKQ CORP. | 410,648 | 724,496 | |||||
8,246 | LOWE'S COS., INC. | 1,537,267 | 1,835,147 | |||||
1,600 | LULULEMON ATHLETICA, INC.(b)(c) | 633,744 | 818,064 | |||||
137,990 | MACY'S, INC. | 1,552,160 | 2,776,359 | |||||
2,938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61,838 | 662,548 | |||||
4,802 | MCDONALD'S CORP. | 92,470 | 1,423,841 | |||||
3,506 | MGM RESORTS INTERNATIONAL(b) | 139,053 | 156,648 | |||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 62,100 | |||||
16,567 | NIKE, INC., CLASS B | 987,686 | 1,798,679 | |||||
390 | NVR, INC.(b) | 1,376,867 | 2,730,176 | |||||
8,786 | PENSKE AUTOMOTIVE GROUP, INC. | 1,159,421 | 1,410,241 | |||||
40 | PHINIA, INC. | 880 | 1,212 |
47 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
870 | POOL CORP. | $ 187,171 | 346,878 | |||||
48,773 | PULTEGROUP, INC. | 3,140,928 | 5,034,349 | |||||
3,341 | PVH CORP. | 247,023 | 408,003 | |||||
4,443 | ROSS STORES, INC. | 455,544 | 614,867 | |||||
3,708 | ROYAL CARIBBEAN CRUISES LTD.(b) | 148,859 | 480,149 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,256,235 | |||||
5,800 | TAPESTRY, INC. | 163,077 | 213,498 | |||||
36,728 | TESLA, INC.(b) | 7,655,072 | 9,126,174 | |||||
11,583 | TJX (THE) COS., INC. | 300,825 | 1,086,601 | |||||
47,360 | TOLL BROTHERS, INC. | 2,759,279 | 4,868,134 | |||||
500 | TRACTOR SUPPLY CO. | 90,114 | 107,515 | |||||
9,857 | TRAVEL + LEISURE CO. | 360,177 | 385,310 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 342,993 | |||||
6,925 | VF CORP. | 83,617 | 130,190 | |||||
15,254 | WILLIAMS-SONOMA, INC. | 1,830,184 | 3,077,952 | |||||
1,554 | WYNN RESORTS LTD. | 31,066 | 141,585 | |||||
3,600 | YUM! BRANDS, INC. | 428,099 | 470,376 | |||||
60,415,766 | 101,914,557 | 11.69% | ||||||
Consumer Staples: | ||||||||
56,264 | ALTRIA GROUP, INC. | 2,446,204 | 2,269,690 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 743,866 | |||||
10,068 | CHURCH & DWIGHT CO., INC. | 241,887 | 952,030 | |||||
1,700 | CLOROX (THE) CO. | 210,031 | 242,403 | |||||
69,073 | COCA-COLA (THE) CO. | 1,562,344 | 4,070,472 | |||||
11,480 | COLGATE-PALMOLIVE CO. | 780,184 | 915,071 | |||||
1,900 | CONAGRA BRANDS, INC. | 26,153 | 54,454 | |||||
1,823 | CONSTELLATION BRANDS, INC., CLASS A | 251,171 | 440,710 | |||||
4,852 | COSTCO WHOLESALE CORP. | 909,621 | 3,202,708 | |||||
2,900 | DOLLAR GENERAL CORP. | 337,464 | 394,255 | |||||
2,024 | DOLLAR TREE, INC.(b) | 34,800 | 287,509 | |||||
3,400 | ESTEE LAUDER (THE) COS., INC., CLASS A | 359,046 | 497,250 | |||||
22,700 | GENERAL MILLS, INC. | 935,900 | 1,478,678 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 306,134 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 154,128 | |||||
1,300 | J M SMUCKER (THE) CO. | 60,305 | 164,294 | |||||
3,048 | KEURIG DR. PEPPER, INC. | 19,052 | 101,559 | |||||
4,450 | KIMBERLY-CLARK CORP. | 417,244 | 540,720 | |||||
3,705 | KRAFT HEINZ (THE) CO. | 26,475 | 137,011 | |||||
61,326 | KROGER (THE) CO. | 1,479,051 | 2,803,211 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 198,129 | |||||
1,400 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 95,788 | |||||
38,917 | MOLSON COORS BEVERAGE CO., CLASS B | 2,292,148 | 2,382,110 | |||||
17,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 803,237 | 1,301,495 | |||||
2,272 | MONSTER BEVERAGE CORP.(b) | 64,265 | 130,890 | |||||
21,513 | PEPSICO, INC. | 2,301,389 | 3,653,768 | |||||
16,212 | PHILIP MORRIS INTERNATIONAL, INC. | 1,313,114 | 1,525,225 | |||||
29,726 | PROCTER & GAMBLE (THE) CO. | 1,297,936 | 4,356,048 | |||||
222 | SEABOARD CORP. | 803,150 | 792,562 | |||||
7,100 | SYSCO CORP. | 110,707 | 519,223 | |||||
4,367 | TARGET CORP. | 377,406 | 621,948 | |||||
5,367 | TYSON FOODS, INC., CLASS A | 167,122 | 288,476 | |||||
29,450 | WALGREENS BOOTS ALLIANCE, INC. | 466,301 | 768,940 | |||||
45,743 | WALMART, INC. | 5,379,202 | 7,211,384 | |||||
25,860,185 | 43,602,139 | 5.00% | ||||||
Energy: | ||||||||
4,100 | APA CORP. | 160,622 | 147,108 | |||||
12,293 | BAKER HUGHES CO. | 275,534 | 420,175 | |||||
978 | CHENIERE ENERGY, INC. | 147,347 | 166,954 | |||||
42,376 | CHEVRON CORP. | 2,817,664 | 6,320,804 | |||||
22,923 | CONOCOPHILLIPS | 557,203 | 2,660,673 | |||||
10,000 | COTERRA ENERGY, INC. | 213,988 | 255,200 | |||||
15,326 | DEVON ENERGY CORP. | 590,311 | 694,268 | |||||
2,300 | DIAMONDBACK ENERGY, INC. | 359,557 | 356,684 | |||||
11,899 | EOG RESOURCES, INC. | 797,033 | 1,439,184 | |||||
200 | EQT CORP. | 7,794 | 7,732 | |||||
69,655 | EXXON MOBIL CORP. | 4,331,281 | 6,964,107 | |||||
1,100 | HALLIBURTON CO. | 42,613 | 39,765 |
48 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
4,762 | HESS CORP. | $ 402,564 | 686,490 | |||||
66,777 | HF SINCLAIR CORP. | 2,982,246 | 3,710,798 | |||||
49,812 | KINDER MORGAN, INC. | 676,557 | 878,684 | |||||
9,400 | MARATHON OIL CORP. | 110,345 | 227,104 | |||||
22,974 | MARATHON PETROLEUM CORP. | 2,170,626 | 3,408,423 | |||||
7,335 | OCCIDENTAL PETROLEUM CORP. | 106,521 | 437,973 | |||||
7,700 | ONEOK, INC. | 271,699 | 540,694 | |||||
7,468 | PHILLIPS 66 | 544,052 | 994,289 | |||||
3,856 | PIONEER NATURAL RESOURCES CO. | 582,280 | 867,137 | |||||
19,733 | SCHLUMBERGER N.V. | 697,128 | 1,026,905 | |||||
2,900 | TARGA RESOURCES CORP. | 189,675 | 251,923 | |||||
33,793 | VALERO ENERGY CORP. | 3,211,310 | 4,393,090 | |||||
11,500 | WILLIAMS (THE) COS., INC. | 123,340 | 400,545 | |||||
22,369,290 | 37,296,709 | 4.28% | ||||||
Financials: | ||||||||
4,579 | AFLAC, INC. | 225,517 | 377,768 | |||||
8,300 | ALLSTATE (THE) CORP. | 197,623 | 1,161,834 | |||||
7,933 | AMERICAN EXPRESS CO. | 715,083 | 1,486,168 | |||||
36,540 | AMERICAN INTERNATIONAL GROUP, INC. | 1,839,014 | 2,475,585 | |||||
1,418 | AMERIPRISE FINANCIAL, INC. | 201,942 | 538,599 | |||||
2,548 | AON PLC, CLASS A | 406,718 | 741,519 | |||||
3,211 | ARCH CAPITAL GROUP LTD.(b) | 104,134 | 238,481 | |||||
700 | ARTHUR J. GALLAGHER & CO. | 45,962 | 157,416 | |||||
4,900 | ASSURANT, INC. | 218,575 | 825,601 | |||||
59,283 | AXIS CAPITAL HOLDINGS LTD. | 3,362,766 | 3,282,500 | |||||
93,602 | BANK OF AMERICA CORP. | 689,814 | 3,151,579 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 520,500 | |||||
40,366 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 7,928,396 | 14,396,938 | |||||
1,700 | BLACKROCK, INC. | 1,093,208 | 1,380,060 | |||||
6,700 | BLACKSTONE, INC. | 670,538 | 877,164 | |||||
8,148 | BRIGHTHOUSE FINANCIAL, INC.(b) | 346,933 | 431,192 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 120,887 | |||||
7,747 | CAPITAL ONE FINANCIAL CORP. | 241,908 | 1,015,787 | |||||
19,408 | CHARLES SCHWAB (THE) CORP. | 268,271 | 1,335,270 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 1,171,810 | |||||
200 | CINCINNATI FINANCIAL CORP. | 20,055 | 20,692 | |||||
100,321 | CITIGROUP, INC. | 4,054,666 | 5,160,512 | |||||
4,794 | CME GROUP, INC. | 685,657 | 1,009,616 | |||||
5,836 | CNA FINANCIAL CORP. | 247,377 | 246,921 | |||||
2,000 | COMERICA, INC. | 80,100 | 111,620 | |||||
79,228 | COREBRIDGE FINANCIAL, INC. | 1,588,177 | 1,716,078 | |||||
1,087 | EURONET WORLDWIDE, INC.(b) | 97,942 | 110,320 | |||||
10,061 | EVEREST RE GROUP LTD. | 3,866,253 | 3,557,368 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 431,837 | |||||
7,803 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 135,503 | 468,726 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 364,387 | |||||
266 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 382,120 | 377,446 | |||||
5,632 | FISERV, INC.(b) | 123,748 | 748,155 | |||||
300 | FLEETCOR TECHNOLOGIES, INC.(b) | 52,039 | 84,783 | |||||
9,651 | GLOBAL PAYMENTS, INC. | 999,951 | 1,225,677 | |||||
100 | GLOBE LIFE, INC. | 11,345 | 12,172 | |||||
7,579 | GOLDMAN SACHS GROUP (THE), INC. | 807,418 | 2,923,751 | |||||
1,200 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 26,940 | 96,456 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,602 | 557,721 | |||||
7,140 | INTERCONTINENTAL EXCHANGE, INC. | 634,550 | 916,990 | |||||
6,200 | INVESCO LTD. | 87,258 | 110,608 | |||||
50,092 | JPMORGAN CHASE & CO. | 2,064,862 | 8,520,649 | |||||
20,104 | KEYCORP | 178,289 | 289,498 | |||||
32,300 | LINCOLN NATIONAL CORP. | 703,014 | 871,131 | |||||
7,377 | MARSH & MCLENNAN COS., INC. | 675,052 | 1,397,720 | |||||
17,381 | MASTERCARD, INC., CLASS A | 4,572,414 | 7,413,170 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 48,503 | |||||
5,731 | METLIFE, INC. | 201,149 | 378,991 | |||||
84,222 | MGIC INVESTMENT CORP. | 1,181,306 | 1,624,642 | |||||
2,100 | MOODY'S CORP. | 584,216 | 820,176 | |||||
1,000 | MSCI, INC. | 462,200 | 565,650 | |||||
5,100 | NASDAQ, INC. | 42,534 | 296,514 |
49 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
29,237 | NCR ATLEOS CORP.(b) | $ 515,725 | 710,167 | |||||
90,602 | NEW YORK COMMUNITY BANCORP, INC. | 870,265 | 926,858 | |||||
15,387 | OLD REPUBLIC INTERNATIONAL CORP. | 449,681 | 452,378 | |||||
16,168 | PAYPAL HOLDINGS, INC.(b) | 831,528 | 992,877 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,101,603 | |||||
10,575 | POPULAR, INC. | 728,404 | 867,890 | |||||
1,800 | PRINCIPAL FINANCIAL GROUP, INC. | 37,586 | 141,606 | |||||
7,588 | PROGRESSIVE (THE) CORP. | 837,867 | 1,208,617 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,566 | 611,889 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 117,075 | |||||
6,699 | REGIONS FINANCIAL CORP. | 27,215 | 129,827 | |||||
9,764 | REINSURANCE GROUP OF AMERICA, INC. | 1,439,746 | 1,579,620 | |||||
9,024 | RENAISSANCERE HOLDINGS LTD. | 1,840,829 | 1,768,704 | |||||
4,500 | S&P GLOBAL, INC. | 1,430,397 | 1,982,340 | |||||
1,200 | STATE STREET CORP. | 76,367 | 92,952 | |||||
97,904 | SYNCHRONY FINANCIAL | 2,491,860 | 3,738,954 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 382,192 | |||||
2,620 | TRAVELERS (THE) COS., INC. | 93,128 | 499,084 | |||||
51,594 | TRUIST FINANCIAL CORP. | 1,332,829 | 1,904,850 | |||||
50,945 | UNUM GROUP | 2,011,582 | 2,303,733 | |||||
20,785 | US BANCORP | 423,741 | 899,575 | |||||
27,637 | VISA, INC., CLASS A | 5,298,811 | 7,195,293 | |||||
11,782 | W R BERKLEY CORP. | 230,551 | 833,223 | |||||
51,027 | WELLS FARGO & CO. | 729,863 | 2,511,549 | |||||
353,918 | WESTERN UNION (THE) CO. | 3,985,059 | 4,218,703 | |||||
1,300 | WILLIS TOWERS WATSON PLC(c) | 274,247 | 313,560 | |||||
2,700 | ZIONS BANCORP N.A. | 52,466 | 118,449 | |||||
71,143,805 | 115,768,706 | 13.28% | ||||||
Health Care: | ||||||||
12,534 | ABBOTT LABORATORIES | 251,106 | 1,379,617 | |||||
28,733 | ABBVIE, INC. | 1,965,926 | 4,452,753 | |||||
13,870 | AGILENT TECHNOLOGIES, INC. | 1,392,858 | 1,928,346 | |||||
136 | ALIGN TECHNOLOGY, INC.(b) | 25,361 | 37,264 | |||||
5,700 | AMERISOURCEBERGEN CORP. | 95,209 | 1,170,666 | |||||
18,057 | AMGEN, INC. | 3,517,325 | 5,200,777 | |||||
38 | AVANOS MEDICAL, INC.(b) | 563 | 852 | |||||
11,500 | BAXTER INTERNATIONAL, INC. | 425,181 | 444,590 | |||||
3,909 | BECTON, DICKINSON AND CO. | 611,824 | 953,131 | |||||
300 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 83,253 | 96,867 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,896,168 | |||||
25,280 | BRISTOL-MYERS SQUIBB CO. | 811,175 | 1,297,117 | |||||
17,065 | CARDINAL HEALTH, INC. | 1,525,564 | 1,720,152 | |||||
11,143 | CENTENE CORP.(b) | 641,692 | 826,922 | |||||
11,337 | CIGNA GROUP (THE) | 2,397,193 | 3,394,865 | |||||
700 | COOPER (THE) COS., INC. | 219,407 | 264,908 | |||||
24,630 | CVS HEALTH CORP. | 1,296,339 | 1,944,785 | |||||
7,360 | DANAHER CORP. | 177,000 | 1,702,662 | |||||
5,632 | DENTSPLY SIRONA, INC. | 150,673 | 200,443 | |||||
6,100 | DEXCOM, INC.(b) | 96,726 | 756,949 | |||||
2,556 | ELEVANCE HEALTH, INC. | 775,579 | 1,205,307 | |||||
11,700 | ELI LILLY & CO. | 1,707,276 | 6,820,164 | |||||
32,791 | EXELIXIS, INC.(b) | 544,681 | 786,656 | |||||
4,382 | GE HEALTHCARE TECHNOLOGIES, INC. | 212,654 | 338,816 | |||||
53,092 | GILEAD SCIENCES, INC. | 2,891,922 | 4,300,983 | |||||
100 | HCA HEALTHCARE, INC. | 21,749 | 27,068 | |||||
12,808 | HOLOGIC, INC.(b) | 601,798 | 915,132 | |||||
3,858 | HUMANA, INC. | 1,681,836 | 1,766,231 | |||||
3,400 | IDEXX LABORATORIES, INC.(b) | 1,206,584 | 1,887,170 | |||||
2,500 | ILLUMINA, INC.(b) | 120,185 | 348,100 | |||||
1,700 | INSULET CORP.(b) | 278,321 | 368,866 | |||||
4,800 | INTUITIVE SURGICAL, INC.(b) | 899,342 | 1,619,328 | |||||
100 | IONIS PHARMACEUTICALS, INC.(b) | 3,269 | 5,059 | |||||
3,773 | IQVIA HOLDINGS, INC.(b) | 448,528 | 872,997 | |||||
22,561 | JOHNSON & JOHNSON | 1,310,615 | 3,536,211 | |||||
500 | LABORATORY CORP. OF AMERICA HOLDINGS | 10,088 | 113,645 | |||||
5,365 | MCKESSON CORP. | 1,200,461 | 2,483,888 | |||||
39,478 | MERCK & CO., INC. | 1,057,231 | 4,303,892 |
50 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
400 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | $ 426,640 | 485,184 | |||||
4,415 | MODERNA, INC.(b) | 446,112 | 439,072 | |||||
4,100 | MOLINA HEALTHCARE, INC.(b) | 997,794 | 1,481,371 | |||||
3,547 | ORGANON & CO. | 39,446 | 51,148 | |||||
79,966 | PFIZER, INC. | 1,572,685 | 2,302,221 | |||||
1,400 | QUEST DIAGNOSTICS, INC. | 174,774 | 193,032 | |||||
1,608 | REGENERON PHARMACEUTICALS, INC.(b) | 923,531 | 1,412,290 | |||||
4,000 | RESMED, INC. | 81,990 | 688,080 | |||||
1,200 | STERIS PLC | 207,009 | 263,820 | |||||
2,500 | STRYKER CORP. | 638,016 | 748,650 | |||||
3,822 | THERMO FISHER SCIENTIFIC, INC. | 1,362,457 | 2,028,679 | |||||
10,440 | UNITED THERAPEUTICS CORP.(b) | 2,340,103 | 2,295,652 | |||||
14,097 | UNITEDHEALTH GROUP, INC. | 3,696,141 | 7,421,648 | |||||
2,838 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 257,448 | 432,625 | |||||
7,705 | VERTEX PHARMACEUTICALS, INC.(b) | 2,020,274 | 3,135,087 | |||||
139,532 | VIATRIS, INC. | 1,284,136 | 1,511,132 | |||||
700 | WATERS CORP.(b) | 16,422 | 230,461 | |||||
1,100 | WEST PHARMACEUTICAL SERVICES, INC. | 356,129 | 387,332 | |||||
11,574 | ZIMMER BIOMET HOLDINGS, INC. | 997,483 | 1,408,556 | |||||
6,047 | ZOETIS, INC. | 858,592 | 1,193,496 | |||||
49,535,836 | 89,478,883 | 10.26% | ||||||
Industrials: | ||||||||
12,787 | 3M CO. | 942,469 | 1,397,875 | |||||
1,400 | A O SMITH CORP. | 72,742 | 115,416 | |||||
18,995 | ACUITY BRANDS, INC. | 3,090,908 | 3,890,746 | |||||
11,316 | AGCO CORP. | 1,301,240 | 1,373,876 | |||||
100 | ALLEGION PLC(c) | 10,618 | 12,669 | |||||
73,822 | ALLISON TRANSMISSION HOLDINGS, INC. | 3,185,889 | 4,292,749 | |||||
8,800 | AMERICAN AIRLINES GROUP, INC.(b) | 126,329 | 120,912 | |||||
5,175 | AMETEK, INC. | 73,221 | 853,306 | |||||
6,866 | AUTOMATIC DATA PROCESSING, INC. | 382,249 | 1,599,572 | |||||
500 | AXON ENTERPRISE, INC.(b) | 94,810 | 129,165 | |||||
7,387 | BOEING (THE) CO.(b) | 989,117 | 1,925,495 | |||||
2,213 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 89,066 | 455,325 | |||||
27,796 | BUILDERS FIRSTSOURCE, INC.(b) | 2,108,800 | 4,640,264 | |||||
14,740 | CARRIER GLOBAL CORP. | 258,135 | 846,813 | |||||
14,635 | CATERPILLAR, INC. | 1,167,890 | 4,327,130 | |||||
2,200 | CERIDIAN HCM HOLDING, INC.(b) | 127,379 | 147,664 | |||||
4,300 | CINTAS CORP. | 667,194 | 2,591,438 | |||||
8,943 | CONCENTRIX CORP. | 861,626 | 878,292 | |||||
11,500 | COPART, INC.(b) | 296,588 | 563,500 | |||||
2,452 | CRANE CO. | 257,108 | 289,679 | |||||
36,272 | CSX CORP. | 810,618 | 1,257,550 | |||||
300 | CUMMINS, INC. | 9,224 | 71,871 | |||||
3,593 | DEERE & CO. | 249,608 | 1,436,733 | |||||
1,940 | DELTA AIR LINES, INC. | 27,009 | 78,046 | |||||
225 | DOVER CORP. | 26,143 | 34,607 | |||||
11,904 | EATON CORP. PLC | 223,705 | 2,866,721 | |||||
3,561 | EMCOR GROUP, INC. | 649,186 | 767,146 | |||||
900 | EQUIFAX, INC. | 149,184 | 222,561 | |||||
2,900 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 275,171 | 368,880 | |||||
300 | FASTENAL CO. | 15,808 | 19,431 | |||||
2,856 | FEDEX CORP. | 262,842 | 722,482 | |||||
7,076 | FORTIVE CORP. | 372,199 | 521,006 | |||||
112,174 | GATES INDUSTRIAL CORP. PLC(b) | 1,259,261 | 1,505,375 | |||||
900 | GENERAC HOLDINGS, INC.(b) | 111,312 | 116,316 | |||||
4,751 | GENERAL DYNAMICS CORP. | 962,857 | 1,233,692 | |||||
53,235 | GENERAL ELECTRIC CO. | 5,390,451 | 6,794,383 | |||||
13,888 | HONEYWELL INTERNATIONAL, INC. | 1,142,851 | 2,912,453 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 1,355,111 | |||||
8,071 | HUBBELL, INC. | 1,883,912 | 2,654,794 | |||||
1,800 | HUNTINGTON INGALLS INDUSTRIES, INC. | 381,786 | 467,352 | |||||
1,371 | IDEX CORP. | 119,804 | 297,658 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 1,263,599 | |||||
4,000 | INGERSOLL RAND, INC. | 219,892 | 309,360 | |||||
100 | JB HUNT TRANSPORT SERVICES, INC. | 18,983 | 19,974 | |||||
1,359 | JOHNSON CONTROLS INTERNATIONAL PLC | 41,734 | 78,333 |
51 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
1,352 | L3HARRIS TECHNOLOGIES, INC. | $ 46,888 | 284,758 | |||||
3,369 | LOCKHEED MARTIN CORP. | 1,271,213 | 1,526,966 | |||||
5,346 | MANPOWERGROUP, INC. | 373,362 | 424,847 | |||||
4,963 | MASCO CORP. | 206,868 | 332,422 | |||||
16,140 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 1,342,700 | 1,634,336 | |||||
2,477 | NORFOLK SOUTHERN CORP. | 379,182 | 585,513 | |||||
4,671 | NORTHROP GRUMMAN CORP. | 1,057,684 | 2,186,682 | |||||
3,900 | OLD DOMINION FREIGHT LINE, INC. | 666,126 | 1,580,787 | |||||
8,522 | OSHKOSH CORP. | 744,636 | 923,870 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 475,980 | |||||
28,767 | OWENS CORNING | 2,660,172 | 4,264,132 | |||||
45,465 | PACCAR, INC. | 3,288,062 | 4,439,657 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 2,132,120 | |||||
4,185 | PAYCHEX, INC. | 426,655 | 498,475 | |||||
4,187 | PAYCOM SOFTWARE, INC. | 632,884 | 865,537 | |||||
2,719 | PENTAIR PLC(c) | 57,667 | 197,699 | |||||
200 | QUANTA SERVICES, INC. | 29,452 | 43,160 | |||||
22,328 | RAYTHEON TECHNOLOGIES CORP. | 983,016 | 1,878,678 | |||||
682 | RB GLOBAL, INC. | 35,812 | 45,619 | |||||
3,217 | REPUBLIC SERVICES, INC. | 303,852 | 530,515 | |||||
1,400 | ROBERT HALF INTERNATIONAL, INC. | 100,238 | 123,088 | |||||
1,400 | ROCKWELL AUTOMATION, INC. | 373,784 | 434,672 | |||||
9,734 | ROLLINS, INC. | 233,074 | 425,084 | |||||
17,901 | RYDER SYSTEM, INC. | 1,534,307 | 2,059,689 | |||||
11,916 | SCHNEIDER NATIONAL, INC., CLASS B | 313,365 | 303,262 | |||||
8,400 | SOUTHWEST AIRLINES CO. | 223,146 | 242,592 | |||||
2,157 | STANLEY BLACK & DECKER, INC. | 66,841 | 211,602 | |||||
14,290 | TEXTRON, INC. | 991,624 | 1,149,202 | |||||
10,805 | TRANE TECHNOLOGIES PLC(c) | 554,386 | 2,635,340 | |||||
600 | TRANSDIGM GROUP, INC. | 296,945 | 606,960 | |||||
15,900 | UBER TECHNOLOGIES, INC.(b) | 964,897 | 978,963 | |||||
5,902 | UNION PACIFIC CORP. | 369,465 | 1,449,649 | |||||
4,400 | UNITED AIRLINES HOLDINGS, INC.(b) | 175,501 | 181,544 | |||||
3,640 | UNITED PARCEL SERVICE, INC., CLASS B | 177,964 | 572,317 | |||||
4,560 | UNITED RENTALS, INC. | 773,617 | 2,614,795 | |||||
2,121 | VERALTO CORP. | 14,727 | 174,473 | |||||
494 | VERISK ANALYTICS, INC. | 83,738 | 117,997 | |||||
2,626 | VERTIV HOLDINGS CO., CLASS A | 117,276 | 126,127 | |||||
8,650 | WASTE MANAGEMENT, INC. | 135,675 | 1,549,215 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 152,280 | |||||
3,200 | XYLEM, INC. | 174,704 | �� | 365,952 | ||||
53,807,033 | 99,153,876 | 11.37% | ||||||
Information Technology: | ||||||||
13,372 | ACCENTURE PLC, CLASS A(c) | 2,608,625 | 4,692,369 | |||||
16,570 | ADOBE, INC.(b) | 4,058,639 | 9,885,662 | |||||
24,373 | ADVANCED MICRO DEVICES, INC.(b) | 272,579 | 3,592,824 | |||||
100 | AKAMAI TECHNOLOGIES, INC.(b) | 10,626 | 11,835 | |||||
6,700 | AMPHENOL CORP., CLASS A | 490,412 | 664,171 | |||||
4,449 | ANALOG DEVICES, INC. | 96,633 | 883,393 | |||||
400 | ANSYS, INC.(b) | 88,560 | 145,152 | |||||
293,487 | APPLE, INC. | 19,668,556 | 56,505,052 | |||||
21,259 | APPLIED MATERIALS, INC. | 2,082,643 | 3,445,446 | |||||
47,075 | APPLOVIN CORP., CLASS A(b) | 620,345 | 1,875,939 | |||||
3,800 | ARISTA NETWORKS, INC.(b) | 451,504 | 894,938 | |||||
25,853 | ARROW ELECTRONICS, INC.(b) | 2,957,278 | 3,160,529 | |||||
5,955 | AUTODESK, INC.(b) | 953,618 | 1,449,923 | |||||
25,946 | AVNET, INC. | 1,082,080 | 1,307,678 | |||||
9,415 | BROADCOM, INC. | 4,501,532 | 10,509,494 | |||||
10,400 | CADENCE DESIGN SYSTEMS, INC.(b) | 653,073 | 2,832,648 | |||||
7,000 | CDW CORP. | 292,424 | 1,591,240 | |||||
138,519 | CISCO SYSTEMS, INC. | 4,809,995 | 6,997,980 | |||||
8,451 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 386,009 | 638,304 | |||||
15,600 | CORNING, INC. | 85,176 | 475,020 | |||||
33,850 | DXC TECHNOLOGY CO.(b) | 797,345 | 774,150 | |||||
2,400 | ENPHASE ENERGY, INC.(b) | 184,897 | 317,136 | |||||
1,054 | EPAM SYSTEMS, INC.(b) | 184,809 | 313,396 | |||||
100 | F5, INC.(b) | 14,240 | 17,898 |
52 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
3,581 | FAIR ISAAC CORP.(b) | $ 1,606,592 | 4,168,320 | |||||
27,615 | FORTINET, INC.(b) | 393,491 | 1,616,306 | |||||
357 | GARTNER, INC.(b) | 91,624 | 161,046 | |||||
22,781 | GEN DIGITAL, INC. | 207,695 | 519,862 | |||||
373 | GODADDY, INC., CLASS A(b) | 26,125 | 39,598 | |||||
210,060 | HEWLETT PACKARD ENTERPRISE CO. | 2,677,255 | 3,566,819 | |||||
39,925 | HP, INC. | 881,267 | 1,201,343 | |||||
66,750 | INTEL CORP. | 1,612,200 | 3,354,187 | |||||
11,723 | INTERNATIONAL BUSINESS MACHINES CORP. | 1,192,830 | 1,917,297 | |||||
3,680 | INTUIT, INC. | 523,934 | 2,300,110 | |||||
24,332 | JABIL, INC. | 1,916,929 | 3,099,897 | |||||
400 | KEYSIGHT TECHNOLOGIES, INC.(b) | 32,788 | 63,636 | |||||
5,476 | KLA CORP. | 1,781,428 | 3,183,199 | |||||
4,493 | LAM RESEARCH CORP. | 421,510 | 3,519,187 | |||||
8,368 | MICROCHIP TECHNOLOGY, INC. | 38,920 | 754,626 | |||||
30,599 | MICRON TECHNOLOGY, INC. | 583,167 | 2,611,319 | |||||
149,578 | MICROSOFT CORP. | 17,086,218 | 56,247,311 | |||||
600 | MONOLITHIC POWER SYSTEMS, INC. | 229,398 | 378,468 | |||||
1,900 | MOTOROLA SOLUTIONS, INC. | 402,783 | 594,871 | |||||
158,676 | NCR CORP.(b) | 2,347,767 | 2,683,211 | |||||
50,685 | NVIDIA CORP. | 5,762,194 | 25,100,226 | |||||
3,825 | NXP SEMICONDUCTORS N.V.(c) | 327,712 | 878,526 | |||||
5,010 | ON SEMICONDUCTOR CORP.(b) | 212,913 | 418,485 | |||||
19,877 | ORACLE CORP. | 1,256,311 | 2,095,632 | |||||
1,200 | PALO ALTO NETWORKS, INC.(b) | 366,707 | 353,856 | |||||
2,400 | PTC, INC.(b) | 82,674 | 419,904 | |||||
20,802 | QUALCOMM, INC. | 2,221,108 | 3,008,593 | |||||
9,989 | RINGCENTRAL, INC., CLASS A(b) | 319,207 | 339,127 | |||||
900 | ROPER TECHNOLOGIES, INC. | 194,232 | 490,653 | |||||
16,319 | SALESFORCE, INC.(b) | 1,674,560 | 4,294,182 | |||||
5,500 | SEAGATE TECHNOLOGY HOLDINGS PLC | 51,728 | 469,535 | |||||
2,655 | SERVICENOW, INC.(b) | 534,127 | 1,875,731 | |||||
14,580 | SKYWORKS SOLUTIONS, INC. | 1,266,263 | 1,639,084 | |||||
2,400 | SOLAREDGE TECHNOLOGIES, INC.(b)(c) | 187,238 | 224,640 | |||||
5,300 | SYNOPSYS, INC.(b) | 438,338 | 2,729,023 | |||||
7,524 | TD SYNNEX CORP. | 672,396 | 809,658 | |||||
800 | TE CONNECTIVITY LTD. | 98,296 | 112,400 | |||||
600 | TELEDYNE TECHNOLOGIES, INC.(b) | 226,008 | 267,774 | |||||
18,339 | TERADATA CORP.(b) | 689,130 | 797,930 | |||||
4,600 | TERADYNE, INC. | 82,730 | 499,192 | |||||
27,783 | TEXAS INSTRUMENTS, INC. | 936,448 | 4,735,890 | |||||
7,049 | TRIMBLE, INC.(b) | 94,849 | 375,007 | |||||
500 | TYLER TECHNOLOGIES, INC.(b) | 190,425 | 209,060 | |||||
1,176 | VERISIGN, INC.(b) | 200,718 | 242,209 | |||||
5,145 | WESTERN DIGITAL CORP.(b) | 87,708 | 269,444 | |||||
400 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 43,396 | 109,332 | |||||
17,519 | ZOOM VIDEO COMMUNICATIONS, INC., CLASS A(b) | 1,140,704 | 1,259,791 | |||||
100,763,639 | 258,987,674 | 29.70% | ||||||
Materials: | ||||||||
3,094 | AIR PRODUCTS AND CHEMICALS, INC. | 525,323 | 847,137 | |||||
2,300 | ALBEMARLE CORP. | 199,861 | 332,304 | |||||
32,570 | AMCOR PLC(c) | 224,047 | 313,975 | |||||
4,165 | AVERY DENNISON CORP. | 371,149 | 841,996 | |||||
11,110 | BERRY GLOBAL GROUP, INC. | 614,155 | 748,703 | |||||
1,200 | CELANESE CORP. | 115,535 | 186,444 | |||||
30,337 | CF INDUSTRIES HOLDINGS, INC. | 2,117,573 | 2,411,791 | |||||
8,562 | CORTEVA, INC. | 200,802 | 410,291 | |||||
8,062 | DOW, INC. | 185,436 | 442,120 | |||||
7,362 | DUPONT DE NEMOURS, INC. | 218,512 | 566,359 | |||||
4,261 | EASTMAN CHEMICAL CO. | 318,699 | 382,723 | |||||
3,991 | ECOLAB, INC. | 236,070 | 791,615 | |||||
1,500 | FMC CORP. | 75,028 | 94,575 | |||||
18,800 | FREEPORT-MCMORAN, INC. | 279,545 | 800,316 | |||||
14,771 | HUNTSMAN CORP. | 356,079 | 371,195 | |||||
3,421 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 222,567 | 276,998 | |||||
9,341 | INTERNATIONAL PAPER CO. | 310,484 | 337,677 | |||||
6,465 | LINDE PLC | 1,521,181 | 2,655,240 |
53 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
20,732 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | $ 1,355,517 | 1,971,199 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 349,237 | |||||
46,711 | MOSAIC (THE) CO. | 1,522,307 | 1,668,984 | |||||
278 | NEWMARKET CORP. | 149,378 | 151,741 | |||||
7,400 | NEWMONT CORP. | 136,530 | 306,286 | |||||
9,103 | NUCOR CORP. | 1,252,497 | 1,584,286 | |||||
1,000 | PACKAGING CORP. OF AMERICA | 114,697 | 162,910 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 773,473 | |||||
10,609 | RELIANCE STEEL & ALUMINUM CO. | 2,557,143 | 2,967,125 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 51,128 | |||||
12,860 | STEEL DYNAMICS, INC. | 1,363,296 | 1,518,766 | |||||
37,980 | UNITED STATES STEEL CORP. | 1,235,387 | 1,847,727 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 476,721 | |||||
8,135 | WESTLAKE CORP. | 856,316 | 1,138,575 | |||||
3,358 | WESTROCK CO. | 99,509 | 139,424 | |||||
18,974,445 | 27,919,041 | 3.20% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,363 | 269,893 | |||||
6,280 | AMERICAN TOWER CORP. | 786,190 | 1,355,726 | |||||
1,934 | AVALONBAY COMMUNITIES, INC. | 225,956 | 362,084 | |||||
3,388 | BOSTON PROPERTIES, INC. | 169,359 | 237,736 | |||||
900 | CAMDEN PROPERTY TRUST | 21,980 | 89,361 | |||||
15,300 | CROWN CASTLE, INC. | 1,126,465 | 1,762,407 | |||||
2,357 | DIGITAL REALTY TRUST, INC. | 262,628 | 317,205 | |||||
916 | EQUINIX, INC. | 128,836 | 737,737 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 331,243 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 167,360 | |||||
3,200 | EXTRA SPACE STORAGE, INC. | 340,075 | 513,056 | |||||
1,000 | FEDERAL REALTY INVESTMENT TRUST | 55,846 | 103,050 | |||||
70 | GAMING AND LEISURE PROPERTIES, INC. | 2,761 | 3,455 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 63,668 | 138,600 | |||||
10,322 | HOST HOTELS & RESORTS, INC. | 73,056 | 200,969 | |||||
7,700 | INVITATION HOMES, INC. | 228,811 | 262,647 | |||||
2,300 | IRON MOUNTAIN, INC. | 103,917 | 160,954 | |||||
6,872 | KIMCO REALTY CORP. | 64,575 | 146,442 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 242,028 | |||||
11,718 | PROLOGIS, INC. | 308,464 | 1,562,009 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 529,175 | |||||
4,002 | REALTY INCOME CORP. | 82,345 | 229,795 | |||||
3,900 | REGENCY CENTERS CORP. | 85,344 | 261,300 | |||||
3,800 | SBA COMMUNICATIONS CORP. | 554,353 | 964,022 | |||||
7,934 | SIMON PROPERTY GROUP, INC. | 704,821 | 1,131,706 | |||||
33 | SUN COMMUNITIES, INC. | 3,122 | 4,411 | |||||
4,100 | UDR, INC. | 63,318 | 156,989 | |||||
100 | VENTAS, INC. | 4,045 | 4,984 | |||||
13,565 | VICI PROPERTIES, INC. | 322,828 | 432,452 | |||||
6,400 | WELLTOWER, INC. | 403,819 | 577,088 | |||||
4,916 | WEYERHAEUSER CO. | 62,194 | 170,929 | |||||
6,966,447 | 13,426,813 | 1.54% | ||||||
Utilities: | ||||||||
3,000 | AES (THE) CORP. | 32,870 | 57,750 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 102,600 | |||||
1,700 | AMEREN CORP. | 48,382 | 122,978 | |||||
3,000 | AMERICAN ELECTRIC POWER CO., INC. | 134,395 | 243,660 | |||||
2,600 | AMERICAN WATER WORKS CO., INC. | 308,898 | 343,174 | |||||
400 | ATMOS ENERGY CORP. | 43,880 | 46,360 | |||||
6,000 | CENTERPOINT ENERGY, INC. | 71,768 | 171,420 | |||||
10,200 | CMS ENERGY CORP. | 115,866 | 592,314 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 452,576 | |||||
3,500 | CONSTELLATION ENERGY CORP. | 137,851 | 409,115 | |||||
15,373 | DOMINION ENERGY, INC. | 546,490 | 722,531 | |||||
8,900 | DTE ENERGY CO. | 709,034 | 981,314 | |||||
7,151 | DUKE ENERGY CORP. | 220,926 | 693,933 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 309,194 | |||||
2,864 | ENTERGY CORP. | 233,541 | 289,808 | |||||
22,374 | EVERGY, INC. | 1,024,899 | 1,167,923 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 306,193 |
54 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
10,500 | EXELON CORP. | $ 342,581 | 376,950 | |||||
6,800 | FIRSTENERGY CORP. | 186,942 | 249,288 | |||||
114,955 | HAWAIIAN ELECTRIC INDUSTRIES, INC. | 1,512,824 | 1,631,211 | |||||
30,654 | NEXTERA ENERGY, INC. | 1,028,039 | 1,861,924 | |||||
7,100 | NISOURCE, INC. | 49,003 | 188,505 | |||||
10,300 | PG&E CORP. | 139,468 | 185,709 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 941,104 | |||||
9,600 | PPL CORP. | 221,808 | 260,160 | |||||
1,200 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 51,552 | 73,380 | |||||
7,400 | SEMPRA ENERGY | 239,277 | 553,002 | |||||
11,800 | SOUTHERN (THE) CO. | 382,948 | 827,416 | |||||
1,600 | WEC ENERGY GROUP, INC. | 91,440 | 134,672 | |||||
9,261,457 | 14,296,164 | 1.64% | ||||||
Sub-total Common Stocks: | 442,590,062 | 867,037,507 | 99.44% | |||||
Escrows: | ||||||||
Communication Services: | ||||||||
1,360 | GCI LIBERTY, INC., CLASS A(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Rights: | ||||||||
Health Care: | ||||||||
300 | ABIOMED, INC. (CONTINGENT VALUE RIGHTS)(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
5,157,828 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 5.24%(e) | 5,157,828 | 5,157,828 | |||||
Sub-total Short-Term Investments: | 5,157,828 | 5,157,828 | 0.59% | |||||
Grand total | $ 447,747,890 | 872,195,335 | 100.03% |
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, 2023, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 1.53% 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, 2022, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,611,528 with net purchases of $546,300 during the fiscal year ended December 31, 2023. |
55 | (Continued) |
56 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
6,100 | AMC NETWORKS, INC., CLASS A(b) | $ 75,828 | 114,619 | |||||
3,500 | CARS.COM, INC.(b) | 42,390 | 66,395 | |||||
2,400 | COGENT COMMUNICATIONS HOLDINGS, INC. | 128,057 | 182,544 | |||||
46,000 | DISH NETWORK CORP., CLASS A(b) | 168,135 | 265,420 | |||||
98,945 | EVENTBRITE, INC., CLASS A(b) | 803,944 | 827,180 | |||||
2,200 | EW SCRIPPS (THE) CO., CLASS A(b) | 16,362 | 17,578 | |||||
15,200 | GOGO, INC.(b) | 169,547 | 153,976 | |||||
300 | MADISON SQUARE GARDEN SPORTS CORP.(b) | 52,237 | 54,549 | |||||
94,904 | NEW YORK TIMES (THE) CO., CLASS A | 3,923,515 | 4,649,347 | |||||
1,900 | QUINSTREET, INC.(b) | 20,972 | 24,358 | |||||
16,405 | SCHOLASTIC CORP. | 632,408 | 618,469 | |||||
600 | SHENANDOAH TELECOMMUNICATIONS CO. | 11,024 | 12,972 | |||||
15,523 | SHUTTERSTOCK, INC. | 1,069,364 | 749,450 | |||||
16,195 | TECHTARGET, INC.(b) | 622,203 | 564,558 | |||||
7,800 | THRYV HOLDINGS, INC.(b) | 144,188 | 158,730 | |||||
151,687 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 536,158 | 265,585 | |||||
81,402 | WARNER MUSIC GROUP CORP., CLASS A | 2,466,155 | 2,913,378 | |||||
3,804 | YELP, INC.(b) | 111,139 | 180,081 | |||||
10,993,626 | 11,819,189 | 2.77% | ||||||
Consumer Discretionary: | ||||||||
26,412 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 843,160 | 284,721 | |||||
3,958 | ABERCROMBIE & FITCH CO., CLASS A(b) | 241,057 | 349,175 | |||||
3,746 | ACADEMY SPORTS & OUTDOORS, INC. | 164,776 | 247,236 | |||||
67,428 | ADIENT PLC(b) | 2,434,321 | 2,451,682 | |||||
30,600 | ADVANCE AUTO PARTS, INC. | 2,088,753 | 1,867,518 | |||||
122,110 | AMERICAN EAGLE OUTFITTERS, INC. | 2,036,201 | 2,583,848 | |||||
400 | AMERICA'S CAR-MART, INC.(b) | 24,862 | 30,308 | |||||
64,221 | ARHAUS, INC.(b) | 565,017 | 761,019 | |||||
500 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 84,891 | 112,485 | |||||
16,947 | BEYOND, INC.(b) | 387,686 | 469,262 | |||||
8,963 | BLOOMIN' BRANDS, INC. | 192,078 | 252,308 | |||||
1,295 | BOOT BARN HOLDINGS, INC.(b) | 77,565 | 99,404 | |||||
1,900 | BRINKER INTERNATIONAL, INC.(b) | 49,107 | 82,042 | |||||
200 | BUCKLE (THE), INC. | 6,390 | 9,504 | |||||
143,518 | CARPARTS.COM, INC.(b) | 686,861 | 453,517 | |||||
83,077 | CENTURY CASINOS, INC.(b) | 1,201,087 | 405,416 | |||||
1,929 | CENTURY COMMUNITIES, INC. | 86,775 | 175,809 | |||||
5,608 | CHUY'S HOLDINGS, INC.(b) | 117,797 | 214,394 | |||||
3,000 | CRACKER BARREL OLD COUNTRY STORE, INC. | 197,270 | 231,240 | |||||
131,462 | DANA, INC. | 1,573,541 | 1,920,660 | |||||
12,893 | DENNY'S CORP.(b) | 207,499 | 140,276 | |||||
64,538 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,076,513 | 2,293,035 | |||||
300 | ETHAN ALLEN INTERIORS, INC. | 6,708 | 9,576 | |||||
7,800 | FOOT LOCKER, INC. | 132,332 | 242,970 | |||||
4,500 | FRONTDOOR, INC.(b) | 94,527 | 158,490 | |||||
70,102 | FULL HOUSE RESORTS, INC.(b) | 574,991 | 376,448 | |||||
86,237 | GAP (THE), INC. | 1,191,533 | 1,803,216 | |||||
64,672 | GEN RESTAURANT GROUP, INC.(b) | 784,555 | 506,382 | |||||
28,735 | GENESCO, INC.(b) | 848,158 | 1,011,759 | |||||
60,299 | GENTEX CORP. | 1,737,195 | 1,969,365 | |||||
987 | G-III APPAREL GROUP LTD.(b) | 14,210 | 33,538 | |||||
90,428 | GILDAN ACTIVEWEAR, INC.(c) | 2,171,785 | 2,989,550 | |||||
1,300 | GREEN BRICK PARTNERS, INC.(b) | 28,259 | 67,522 | |||||
900 | GROUP 1 AUTOMOTIVE, INC. | 129,981 | 274,266 | |||||
1,100 | GUESS?, INC. | 16,379 | 25,366 | |||||
208,430 | HANESBRANDS, INC.(b) | 2,442,906 | 929,598 | |||||
21,980 | HASBRO, INC. | 953,393 | 1,122,299 | |||||
800 | HAVERTY FURNITURE COS., INC. | 20,316 | 28,400 | |||||
27,031 | HELEN OF TROY LTD.(b) | 4,124,213 | 3,265,615 | |||||
47,911 | HOOKER FURNISHINGS CORP. | 1,123,840 | 1,249,519 | |||||
1,901 | INSTALLED BUILDING PRODUCTS, INC. | 234,460 | 347,541 | |||||
900 | KOHL'S CORP. | 18,585 | 25,812 | |||||
2,100 | KONTOOR BRANDS, INC. | 72,197 | 131,082 | |||||
600 | LA-Z-BOY, INC. | 13,860 | 22,152 | |||||
700 | LGI HOMES, INC.(b) | 57,078 | 93,212 | |||||
1,500 | M/I HOMES, INC.(b) | 57,345 | 206,610 |
See accompanying notes to financial statements. | 57 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
38,500 | MALIBU BOATS, INC., CLASS A(b) | $ 2,133,292 | 2,110,570 | |||||
575 | MARINEMAX, INC.(b) | 13,007 | 22,367 | |||||
3,500 | MDC HOLDINGS, INC. | 99,518 | 193,375 | |||||
1,348 | MERITAGE HOMES CORP. | 96,515 | 234,822 | |||||
300 | MONARCH CASINO & RESORT, INC. | 18,189 | 20,745 | |||||
171,284 | NEWELL BRANDS, INC. | 1,581,436 | 1,486,745 | |||||
2,300 | ODP (THE) CORP.(b) | 82,462 | 129,490 | |||||
800 | OXFORD INDUSTRIES, INC. | 67,825 | 80,000 | |||||
6,433 | PATRICK INDUSTRIES, INC. | 476,724 | 645,552 | |||||
154,471 | PELOTON INTERACTIVE, INC., CLASS A(b) | 2,866,204 | 940,728 | |||||
3,600 | PERDOCEO EDUCATION CORP. | 37,564 | 63,216 | |||||
21,629 | PVH CORP. | 1,050,702 | 2,641,333 | |||||
1,400 | SHAKE SHACK, INC., CLASS A(b) | 65,264 | 103,768 | |||||
28,469 | SHOE CARNIVAL, INC. | 717,622 | 860,048 | |||||
2,100 | SIGNET JEWELERS LTD. | 118,747 | 225,246 | |||||
4,000 | SIX FLAGS ENTERTAINMENT CORP.(b) | 73,577 | 100,320 | |||||
28,885 | SKYLINE CHAMPION CORP.(b) | 1,767,337 | 2,145,000 | |||||
7,587 | SLEEP NUMBER CORP.(b) | 662,541 | 112,515 | |||||
823 | SONIC AUTOMOTIVE, INC., CLASS A | 28,187 | 46,261 | |||||
100 | STANDARD MOTOR PRODUCTS, INC. | 3,250 | 3,981 | |||||
1,777 | STEVEN MADDEN LTD. | 50,250 | 74,634 | |||||
72,800 | STONERIDGE, INC.(b) | 1,522,075 | 1,424,696 | |||||
1,200 | STRATEGIC EDUCATION, INC. | 69,846 | 110,844 | |||||
39,408 | STRIDE, INC.(b) | 1,394,783 | 2,339,653 | |||||
5,500 | TRI POINTE HOMES, INC.(b) | 86,442 | 194,700 | |||||
2,100 | UPBOUND GROUP, INC. | 46,462 | 71,337 | |||||
622 | URBAN OUTFITTERS, INC.(b) | 13,851 | 22,199 | |||||
72,578 | VF CORP. | 1,475,450 | 1,364,466 | |||||
2,000 | VISTA OUTDOOR, INC.(b) | 48,955 | 59,140 | |||||
57,468 | WINNEBAGO INDUSTRIES, INC. | 2,623,516 | 4,188,268 | |||||
3,600 | WOLVERINE WORLD WIDE, INC. | 27,599 | 32,004 | |||||
45,511 | WYNDHAM HOTELS & RESORTS, INC. | 2,595,020 | 3,659,540 | |||||
53,106,225 | 58,032,710 | 13.59% | ||||||
Consumer Staples: | ||||||||
1,800 | ANDERSONS (THE), INC. | 56,519 | 103,572 | |||||
1,800 | B&G FOODS, INC. | 14,360 | 18,900 | |||||
32,739 | BRC, INC., CLASS A(b)(d) | 135,843 | 118,843 | |||||
400 | CENTRAL GARDEN & PET CO., CLASS A(b) | 13,784 | 17,616 | |||||
35,182 | CHEFS' WAREHOUSE (THE), INC.(b) | 983,185 | 1,035,406 | |||||
4,733 | EDGEWELL PERSONAL CARE CO. | 162,686 | 173,370 | |||||
809 | ELF BEAUTY, INC.(b) | 63,176 | 116,771 | |||||
54,900 | FLOWERS FOODS, INC. | 1,456,895 | 1,235,799 | |||||
1,100 | FRESH DEL MONTE PRODUCE, INC. | 25,905 | 28,875 | |||||
119,186 | GROCERY OUTLET HOLDING CORP.(b) | 3,504,266 | 3,213,255 | |||||
15,800 | HAIN CELESTIAL GROUP (THE), INC.(b) | 173,149 | 173,010 | |||||
23,200 | HALOWS CO. LTD.(c) | 550,683 | 705,872 | |||||
84,322 | HILTON FOOD GROUP PLC(c) | 600,587 | 859,848 | |||||
13,130 | INGREDION, INC. | 1,203,344 | 1,424,999 | |||||
900 | INTER PARFUMS, INC. | 68,995 | 129,609 | |||||
700 | J & J SNACK FOODS CORP. | 91,908 | 116,998 | |||||
63 | J M SMUCKER (THE) CO. | 6,960 | 7,962 | |||||
744 | JOHN B. SANFILIPPO & SON, INC. | 55,342 | 76,662 | |||||
226,568 | MAMAMANCINI'S HOLDINGS, INC.(b) | 720,048 | 1,112,449 | |||||
600 | MEDIFAST, INC. | 39,462 | 40,332 | |||||
1,000 | NATIONAL BEVERAGE CORP.(b) | 39,795 | 49,720 | |||||
9,800 | NU SKIN ENTERPRISES, INC., CLASS A | 182,027 | 190,316 | |||||
1,300 | PRICESMART, INC. | 76,855 | 98,514 | |||||
4,357 | SIMPLY GOOD FOODS (THE) CO.(b) | 146,160 | 172,537 | |||||
27,924 | SPECTRUM BRANDS HOLDINGS, INC. | 1,804,599 | 2,227,497 | |||||
314 | TREEHOUSE FOODS, INC.(b) | 12,704 | 13,015 | |||||
10,900 | UNITED NATURAL FOODS, INC.(b) | 165,304 | 176,907 | |||||
45,602 | UNIVERSAL CORP. | 2,437,199 | 3,069,927 | |||||
27,734 | USANA HEALTH SCIENCES, INC.(b) | 2,564,985 | 1,486,542 | |||||
5,100 | VECTOR GROUP LTD. | 45,813 | 57,528 | |||||
300 | WD-40 CO. | 59,193 | 71,721 | |||||
17,461,731 | 18,324,372 | 4.29% |
See accompanying notes to financial statements. | 58 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy: | ||||||||
7,300 | ARCHROCK, INC. | $ 46,991 | 112,420 | |||||
7,490 | BAYTEX ENERGY CORP.(c) | 23,594 | 24,867 | |||||
5,800 | CALIFORNIA RESOURCES CORP. | 299,314 | 317,144 | |||||
3,400 | CALLON PETROLEUM CO.(b) | 111,610 | 110,160 | |||||
362 | CHEVRON CORP. | 35,198 | 53,996 | |||||
2,000 | CIVITAS RESOURCES, INC. | 114,995 | 136,760 | |||||
2,417 | CONSOL ENERGY, INC. | 199,557 | 242,981 | |||||
900 | CORE LABORATORIES, INC. | 14,787 | 15,894 | |||||
1,061 | CVR ENERGY, INC. | 28,107 | 32,148 | |||||
85,051 | DMC GLOBAL, INC.(b) | 3,183,962 | 1,600,660 | |||||
1,700 | DORIAN LPG LTD. | 24,290 | 74,579 | |||||
1,900 | DRIL-QUIP, INC.(b) | 39,103 | 44,213 | |||||
8,300 | GREEN PLAINS, INC.(b) | 206,735 | 209,326 | |||||
3,180 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 19,514 | 32,690 | |||||
44,364 | HIGHPEAK ENERGY, INC.(d) | 508,366 | 631,743 | |||||
3,300 | NORTHERN OIL AND GAS, INC. | 103,014 | 122,331 | |||||
134,834 | NOV, INC. | 1,634,007 | 2,734,434 | |||||
3,994 | OCEANEERING INTERNATIONAL, INC.(b) | 50,619 | 84,992 | |||||
1,100 | OIL STATES INTERNATIONAL, INC.(b) | 5,060 | 7,469 | |||||
900 | PAR PACIFIC HOLDINGS, INC.(b) | 17,127 | 32,733 | |||||
4,662 | PATTERSON-UTI ENERGY, INC. | 50,004 | 50,350 | |||||
580 | PBF ENERGY, INC., CLASS A | 19,990 | 25,497 | |||||
3,446 | PROPETRO HOLDING CORP.(b) | 24,164 | 28,877 | |||||
774 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 36,610 | |||||
3,209 | SM ENERGY CO. | 87,806 | 124,253 | |||||
1,300 | TALOS ENERGY, INC.(b) | 17,956 | 18,499 | |||||
740 | VITAL ENERGY, INC.(b) | 34,720 | 33,663 | |||||
1,700 | WORLD KINECT CORP. | 35,884 | 38,726 | |||||
6,953,432 | 6,978,015 | 1.63% | ||||||
Financials: | ||||||||
56,948 | AFC GAMMA, INC. | 955,695 | 685,084 | |||||
19,143 | A-MARK PRECIOUS METALS, INC. | 549,851 | 579,076 | |||||
12,802 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.(b) | 369,328 | 714,352 | |||||
1,100 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 9,266 | 12,914 | |||||
3,300 | ARBOR REALTY TRUST, INC. | 40,942 | 50,094 | |||||
2,900 | ARTISAN PARTNERS ASSET MANAGEMENT, INC., CLASS A | 97,923 | 128,122 | |||||
119,510 | ASSOCIATED BANC-CORP | 2,084,499 | 2,556,319 | |||||
300 | ASSURED GUARANTY LTD. | 14,439 | 22,449 | |||||
49,287 | AXIS CAPITAL HOLDINGS LTD. | 2,539,237 | 2,729,021 | |||||
19,812 | AXOS FINANCIAL, INC.(b) | 899,206 | 1,081,735 | |||||
13,532 | BANC OF CALIFORNIA, INC. | 160,944 | 181,735 | |||||
1,000 | BANCFIRST CORP. | 86,100 | 97,330 | |||||
2,400 | BANCORP (THE), INC.(b) | 53,353 | 92,544 | |||||
3,900 | BANK OF HAWAII CORP. | 184,962 | 282,594 | |||||
8,000 | BERKSHIRE HILLS BANCORP, INC. | 167,165 | 198,640 | |||||
27,399 | BREAD FINANCIAL HOLDINGS, INC. | 820,363 | 902,523 | |||||
8,500 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 148,663 | 162,860 | |||||
30,735 | CALIFORNIA BANCORP(b) | 595,916 | 760,999 | |||||
25,400 | CAPITOL FEDERAL FINANCIAL, INC. | 118,242 | 163,830 | |||||
600 | CITY HOLDING CO. | 53,184 | 66,156 | |||||
142,239 | CNO FINANCIAL GROUP, INC. | 2,639,568 | 3,968,468 | |||||
168,038 | COLUMBIA BANKING SYSTEM, INC. | 3,928,832 | 4,483,254 | |||||
48,697 | COMMERCE BANCSHARES, INC. | 2,163,977 | 2,600,901 | |||||
600 | COMMUNITY BANK SYSTEM, INC. | 25,494 | 31,266 | |||||
3,352 | CUSTOMERS BANCORP, INC.(b) | 58,243 | 193,142 | |||||
39,505 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 1,833,026 | 2,463,927 | |||||
6,600 | EAGLE BANCORP, INC. | 153,548 | 198,924 | |||||
700 | ELLINGTON FINANCIAL, INC. | 7,644 | 8,897 | |||||
400 | EMPLOYERS HOLDINGS, INC. | 13,746 | 15,760 | |||||
3,000 | ENCORE CAPITAL GROUP, INC.(b) | 132,681 | 152,250 | |||||
1,800 | ENOVA INTERNATIONAL, INC.(b) | 54,842 | 99,648 | |||||
21,255 | ESQUIRE FINANCIAL HOLDINGS, INC. | 635,894 | 1,061,900 | |||||
50,710 | ESSENT GROUP LTD. | 1,910,505 | 2,674,445 | |||||
2,259 | EVERTEC, INC. | 68,287 | 92,483 | |||||
140,645 | EZCORP, INC., CLASS A(b) | 1,072,289 | 1,229,237 | |||||
13,690 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 1,793,029 | 2,617,802 | |||||
60,458 | FIDUCIAN GROUP LTD.(c) | 328,653 | 255,022 |
See accompanying notes to financial statements. | 59 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
13,275 | FIRST HAWAIIAN, INC. | $ 251,449 | 303,467 | |||||
31,235 | FIRST WESTERN FINANCIAL, INC.(b) | 579,196 | 619,390 | |||||
11,733 | FIRSTCASH HOLDINGS, INC. | 713,810 | 1,271,740 | |||||
2,200 | FRANKLIN BSP REALTY TRUST, INC. | 24,406 | 29,722 | |||||
19,868 | GENWORTH FINANCIAL, INC., CLASS A(b) | 71,184 | 132,718 | |||||
83,474 | GLACIER BANCORP, INC. | 3,322,985 | 3,449,146 | |||||
1,000 | HANMI FINANCIAL CORP. | 16,390 | 19,400 | |||||
18,506 | HCI GROUP, INC. | 1,006,322 | 1,617,424 | |||||
2,500 | HILLTOP HOLDINGS, INC. | 66,017 | 88,025 | |||||
4,200 | HOPE BANCORP, INC. | 38,242 | 50,736 | |||||
909 | HUNTINGTON BANCSHARES, INC. | 9,494 | 11,562 | |||||
200 | INDEPENDENT BANK CORP. | 9,914 | 13,162 | |||||
5,000 | INDEPENDENT BANK GROUP, INC. | 188,792 | 254,400 | |||||
52,230 | JDC GROUP A.G.(b)(c) | 1,191,985 | 1,124,357 | |||||
80,242 | KINGSWAY FINANCIAL SERVICES, INC.(b) | 693,718 | 674,033 | |||||
10,600 | KKR REAL ESTATE FINANCE TRUST, INC. | 125,701 | 140,238 | |||||
3,400 | LAKELAND FINANCIAL CORP. | 190,694 | 221,544 | |||||
245,732 | LENDINGCLUB CORP.(b) | 3,271,372 | 2,147,698 | |||||
5,700 | LINCOLN NATIONAL CORP. | 135,815 | 153,729 | |||||
4,680 | LPL FINANCIAL HOLDINGS, INC. | 883,224 | 1,065,262 | |||||
12,405 | MARKETAXESS HOLDINGS, INC. | 3,144,540 | 3,632,804 | |||||
2,100 | MERCURY GENERAL CORP. | 60,597 | 78,351 | |||||
100,448 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,219,053 | 1,049,896 | |||||
2,600 | MR COOPER GROUP, INC.(b) | 103,966 | 169,312 | |||||
9,200 | NCR ATLEOS CORP.(b) | 209,072 | 223,468 | |||||
3,590 | NEW YORK COMMUNITY BANCORP, INC. | 28,581 | 36,726 | |||||
14,300 | NEW YORK MORTGAGE TRUST, INC. | 118,511 | 121,979 | |||||
2,724 | NMI HOLDINGS, INC., CLASS A(b) | 39,406 | 80,848 | |||||
8,300 | NORTHWEST BANCSHARES, INC. | 85,461 | 103,584 | |||||
995 | OFG BANCORP | 22,845 | 37,293 | |||||
157,249 | OLD NATIONAL BANCORP | 2,300,391 | 2,655,936 | |||||
8,430 | PACIFIC PREMIER BANCORP, INC. | 180,370 | 245,397 | |||||
1,700 | PALOMAR HOLDINGS, INC.(b) | 85,371 | 94,350 | |||||
1,100 | PATHWARD FINANCIAL, INC. | 36,415 | 58,223 | |||||
39,100 | PAYONEER GLOBAL, INC.(b) | 185,622 | 203,711 | |||||
70,797 | PERELLA WEINBERG PARTNERS | 795,165 | 865,847 | |||||
500 | PIPER SANDLER COS. | 52,300 | 87,435 | |||||
8,500 | PRA GROUP, INC.(b) | 160,118 | 222,700 | |||||
2,100 | PROG HOLDINGS, INC.(b) | 33,764 | 64,911 | |||||
4,100 | RADIAN GROUP, INC. | 99,409 | 117,055 | |||||
3,700 | READY CAPITAL CORP. | 34,581 | 37,925 | |||||
2,300 | REDWOOD TRUST, INC. | 13,410 | 17,043 | |||||
12,160 | RENAISSANCERE HOLDINGS LTD. | 2,025,587 | 2,383,360 | |||||
40,849 | RYAN SPECIALTY HOLDINGS, INC.(b) | 1,629,866 | 1,757,324 | |||||
3,300 | SEACOAST BANKING CORP. OF FLORIDA | 70,378 | 93,918 | |||||
5,000 | SERVISFIRST BANCSHARES, INC. | 235,081 | 333,150 | |||||
1,310 | SIMMONS FIRST NATIONAL CORP., CLASS A | 21,676 | 25,990 | |||||
25,612 | SKYWARD SPECIALTY INSURANCE GROUP, INC.(b) | 562,557 | 867,735 | |||||
31,210 | STEWART INFORMATION SERVICES CORP. | 1,311,025 | 1,833,587 | |||||
1,773 | STONEX GROUP, INC.(b) | 72,388 | 130,901 | |||||
30,910 | SYNOVUS FINANCIAL CORP. | 857,377 | 1,163,762 | |||||
2,800 | TOMPKINS FINANCIAL CORP. | 136,519 | 168,644 | |||||
800 | TRIUMPH FINANCIAL, INC.(b) | 46,438 | 64,144 | |||||
1,000 | TRUPANION, INC.(b) | 26,610 | 30,510 | |||||
11,400 | UNITED COMMUNITY BANKS, INC. | 276,626 | 333,564 | |||||
500 | UNIVERSAL INSURANCE HOLDINGS, INC. | 4,870 | 7,990 | |||||
57,749 | UNIVEST FINANCIAL CORP. | 1,067,701 | 1,272,210 | |||||
200 | VIRTUS INVESTMENT PARTNERS, INC. | 32,442 | 48,352 | |||||
1,978 | WALKER & DUNLOP, INC. | 160,362 | 219,578 | |||||
50,457 | WEBSTER FINANCIAL CORP. | 2,111,257 | 2,561,197 | |||||
6,000 | WISDOMTREE, INC. | 28,964 | 41,580 | |||||
82,359 | WSFS FINANCIAL CORP. | 3,633,834 | 3,782,749 | |||||
62,880,752 | 74,328,495 | 17.41% | ||||||
Health Care: | ||||||||
11,255 | ADDUS HOMECARE CORP.(b) | 943,675 | 1,045,027 | |||||
16,700 | AGILITI, INC.(b) | 134,177 | 132,264 | |||||
25,147 | AMICUS THERAPEUTICS, INC.(b) | 167,175 | 356,836 |
See accompanying notes to financial statements. | 60 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
3,600 | AMN HEALTHCARE SERVICES, INC.(b) | $ 241,223 | 269,568 | |||||
2,100 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 60,514 | 129,885 | |||||
700 | ANI PHARMACEUTICALS, INC.(b) | 22,511 | 38,598 | |||||
99,937 | BIOCRYST PHARMACEUTICALS, INC.(b) | 791,857 | 598,623 | |||||
88,914 | BIOMERICA, INC.(b) | 277,205 | 111,142 | |||||
104,321 | BIOTE CORP., CLASS A(b) | 370,875 | 515,346 | |||||
43,666 | BIO-TECHNE CORP. | 2,702,016 | 3,369,269 | |||||
10,219 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 2,143,604 | 2,415,772 | |||||
4,289 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 10,209 | 13,425 | |||||
14,158 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 523,913 | 158,570 | |||||
1,100 | CONMED CORP. | 90,438 | 120,461 | |||||
3,494 | CORCEPT THERAPEUTICS, INC.(b) | 69,996 | 113,485 | |||||
400 | CORVEL CORP.(b) | 55,868 | 98,884 | |||||
39,581 | CROSS COUNTRY HEALTHCARE, INC.(b) | 934,568 | 896,114 | |||||
3,700 | CYTOKINETICS, INC.(b) | 178,589 | 308,913 | |||||
76,640 | DENTSPLY SIRONA, INC. | 2,419,631 | 2,727,618 | |||||
1,200 | DYNAVAX TECHNOLOGIES CORP.(b) | 13,631 | 16,776 | |||||
1,800 | ENHABIT, INC.(b) | 14,594 | 18,630 | |||||
2,225 | ENSIGN GROUP (THE), INC. | 171,080 | 249,667 | |||||
42,772 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 1,771,985 | 1,107,367 | |||||
64,026 | EVOLUS, INC.(b) | 554,733 | 674,194 | |||||
5,400 | FULGENT GENETICS, INC.(b) | 147,668 | 156,114 | |||||
441 | GLAUKOS CORP.(b) | 21,574 | 35,055 | |||||
72,085 | HARROW HEALTH, INC.(b) | 931,164 | 807,352 | |||||
300 | HEALTHSTREAM, INC. | 6,462 | 8,109 | |||||
2,500 | ICU MEDICAL, INC.(b) | 222,292 | 249,350 | |||||
84,719 | INFUSYSTEM HOLDINGS, INC.(b) | 871,159 | 892,938 | |||||
22,169 | INMODE LTD.(b)(c) | 834,684 | 493,039 | |||||
25,062 | INOTIV, INC.(b) | 707,095 | 91,977 | |||||
7,111 | INSMED, INC.(b) | 127,319 | 220,370 | |||||
27,945 | INTEGER HOLDINGS CORP.(b) | 2,186,526 | 2,768,791 | |||||
46,430 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,421,730 | 2,022,026 | |||||
63,999 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 639,150 | 520,312 | |||||
47,116 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 655,380 | 826,415 | |||||
34,884 | LEMAITRE VASCULAR, INC. | 1,823,586 | 1,980,016 | |||||
13,507 | LIGAND PHARMACEUTICALS, INC.(b) | 1,363,484 | 964,670 | |||||
22,257 | MASIMO CORP.(b) | 3,236,774 | 2,608,743 | |||||
3,012 | MERIT MEDICAL SYSTEMS, INC.(b) | 176,915 | 228,791 | |||||
9,340 | MIRUM PHARMACEUTICALS, INC.(b) | 207,001 | 275,717 | |||||
4,724 | MOLINA HEALTHCARE, INC.(b) | 1,359,113 | 1,706,828 | |||||
3,800 | MYRIAD GENETICS, INC.(b) | 74,960 | 72,732 | |||||
5,700 | NEOGENOMICS, INC.(b) | 54,524 | 92,226 | |||||
13,977 | NEXUS A.G.(c) | 1,125,566 | 898,021 | |||||
128,451 | OCUPHIRE PHARMA, INC.(b) | 293,364 | 386,637 | |||||
5,286 | OMNIAB, INC.(b)(e) | - | - | |||||
5,286 | OMNIAB, INC. (EARNOUT SHARES)(b)(e) | - | - | |||||
184,095 | OMNIAB, INC. (NASDAQ GLOBAL MARKET EXCHANGE)(b) | 1,133,819 | 1,135,866 | |||||
63,852 | OPTIMIZERX CORP.(b) | 1,613,338 | 913,722 | |||||
126,067 | OPTINOSE, INC.(b) | 256,243 | 162,626 | |||||
2,400 | ORASURE TECHNOLOGIES, INC.(b) | 9,502 | 19,680 | |||||
25,800 | ORGANON & CO. | 299,822 | 372,036 | |||||
23,921 | ORTHOPEDIATRICS CORP.(b) | 1,178,133 | 777,672 | |||||
500 | OWENS & MINOR, INC.(b) | 7,800 | 9,635 | |||||
256,847 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 2,794,795 | 2,519,669 | |||||
43,127 | PACIRA BIOSCIENCES, INC.(b) | 1,714,175 | 1,455,105 | |||||
1,600 | PEDIATRIX MEDICAL GROUP, INC.(b) | 14,765 | 14,880 | |||||
65,940 | PENNANT GROUP (THE), INC.(b) | 845,402 | 917,885 | |||||
60,620 | PERRIGO CO. PLC(c) | 2,344,376 | 1,950,752 | |||||
62,055 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,583,227 | 718,597 | |||||
12,300 | PREMIER, INC., CLASS A | 260,096 | 275,028 | |||||
2,500 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 110,887 | 153,050 | |||||
11,700 | PRIVIA HEALTH GROUP, INC.(b) | 263,646 | 269,451 | |||||
24,703 | PUMA BIOTECHNOLOGY, INC.(b) | 96,596 | 106,964 | |||||
8,400 | REGENXBIO, INC.(b) | 138,731 | 150,780 | |||||
25,005 | REVANCE THERAPEUTICS, INC.(b) | 341,973 | 219,794 | |||||
17,381 | RHYTHM PHARMACEUTICALS, INC.(b) | 205,913 | 799,005 | |||||
15,354 | ROCKET PHARMACEUTICALS, INC.(b) | 302,659 | 460,159 |
See accompanying notes to financial statements. | 61 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
7,826 | SCHOLAR ROCK HOLDING CORP.(b) | $ 241,813 | 147,129 | |||||
14,392 | SCPHARMACEUTICALS, INC.(b) | 150,839 | 90,238 | |||||
3,800 | SELECT MEDICAL HOLDINGS CORP. | 86,664 | 89,300 | |||||
8,210 | SHOCKWAVE MEDICAL, INC.(b) | 1,467,664 | 1,564,498 | |||||
49,295 | STAAR SURGICAL CO.(b) | 2,522,947 | 1,538,497 | |||||
33,509 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,136,508 | 969,750 | |||||
12,948 | TRAVERE THERAPEUTICS, INC.(b) | 387,837 | 116,402 | |||||
12,390 | UROGEN PHARMA LTD.(b) | 233,788 | 185,850 | |||||
418 | US PHYSICAL THERAPY, INC. | 32,458 | 38,932 | |||||
13,083 | UTAH MEDICAL PRODUCTS, INC. | 1,515,866 | 1,101,850 | |||||
148,734 | VAREX IMAGING CORP.(b) | 3,338,564 | 3,049,047 | |||||
2,500 | VERICEL CORP.(b) | 60,043 | 89,025 | |||||
20,263 | VERONA PHARMA PLC ADR(b)(c)(f) | 305,616 | 402,828 | |||||
110,353 | VIEMED HEALTHCARE, INC.(b) | 575,900 | 866,271 | |||||
9,017 | VIR BIOTECHNOLOGY, INC.(b) | 82,704 | 90,711 | |||||
3,600 | XENCOR, INC.(b) | 68,020 | 76,428 | |||||
15,137 | Y-MABS THERAPEUTICS, INC.(b) | 338,168 | 103,234 | |||||
62,212,854 | 57,715,009 | 13.52% | ||||||
Industrials: | ||||||||
2,550 | AAON, INC. | 92,592 | 188,367 | |||||
500 | AAR CORP.(b) | 18,655 | 31,200 | |||||
8,700 | ACUITY BRANDS, INC. | 1,293,694 | 1,782,021 | |||||
39,603 | ADENTRA, INC.(c) | 950,130 | 955,517 | |||||
69,301 | AIR LEASE CORP. | 2,469,830 | 2,906,484 | |||||
310 | ALAMO GROUP, INC. | 40,969 | 65,159 | |||||
700 | ALBANY INTERNATIONAL CORP., CLASS A | 55,495 | 68,754 | |||||
600 | ALLEGIANT TRAVEL CO. | 44,820 | 49,566 | |||||
20,818 | ALLIED MOTION TECHNOLOGIES, INC. | 674,690 | 628,912 | |||||
52,121 | AMERICAN WOODMARK CORP.(b) | 3,847,354 | 4,839,435 | |||||
33,450 | API GROUP CORP.(b) | 709,230 | 1,157,370 | |||||
200 | APOGEE ENTERPRISES, INC. | 7,740 | 10,682 | |||||
1,460 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 152,746 | 252,127 | |||||
1,766 | ARCBEST CORP. | 104,075 | 212,291 | |||||
1,800 | ARCOSA, INC. | 108,698 | 148,752 | |||||
71,570 | ARIS WATER SOLUTIONS, INC., CLASS A | 959,848 | 600,472 | |||||
19,480 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,763,195 | 1,915,274 | |||||
700 | AZZ, INC. | 25,907 | 40,663 | |||||
1,177 | BOISE CASCADE CO. | 67,222 | 152,257 | |||||
26,426 | BOWMAN CONSULTING GROUP LTD.(b) | 353,893 | 938,652 | |||||
2,600 | BRADY CORP., CLASS A | 111,195 | 152,594 | |||||
118,890 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,410,582 | 1,001,054 | |||||
22,166 | BWX TECHNOLOGIES, INC. | 1,194,217 | 1,700,797 | |||||
16,648 | CLEAN HARBORS, INC.(b) | 2,276,955 | 2,905,242 | |||||
1,100 | COMFORT SYSTEMS U.S.A., INC. | 105,717 | 226,237 | |||||
20,398 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 543,711 | 887,721 | |||||
4,555 | CRA INTERNATIONAL, INC. | 434,152 | 450,262 | |||||
1,639 | CSG SYSTEMS INTERNATIONAL, INC. | 64,966 | 87,211 | |||||
11,793 | DUCOMMUN, INC.(b) | 549,001 | 613,944 | |||||
843 | DXP ENTERPRISES, INC.(b) | 19,189 | 28,409 | |||||
1,500 | DYCOM INDUSTRIES, INC.(b) | 152,532 | 172,635 | |||||
800 | ENCORE WIRE CORP. | 91,748 | 170,880 | |||||
79,205 | ENERPAC TOOL GROUP CORP. | 1,643,152 | 2,462,483 | |||||
900 | ENPRO, INC. | 77,086 | 141,066 | |||||
4,400 | ENVIRI CORP.(b) | 19,868 | 39,600 | |||||
26,623 | ESAB CORP. | 1,031,392 | 2,306,084 | |||||
1,000 | ESCO TECHNOLOGIES, INC. | 74,760 | 117,030 | |||||
3,316 | FEDERAL SIGNAL CORP. | 119,424 | 254,470 | |||||
3,400 | FORWARD AIR CORP. | 220,322 | 213,758 | |||||
43,554 | FRANKLIN COVEY CO.(b) | 1,963,024 | 1,895,906 | |||||
169,940 | GATES INDUSTRIAL CORP. PLC(b) | 2,363,036 | 2,280,595 | |||||
1,400 | GIBRALTAR INDUSTRIES, INC.(b) | 56,403 | 110,572 | |||||
22,345 | GLOBAL INDUSTRIAL CO. | 762,142 | 867,880 | |||||
26,805 | GMS, INC.(b) | 1,226,640 | 2,209,536 | |||||
25,840 | GORMAN-RUPP (THE) CO. | 792,796 | 918,095 | |||||
34,842 | GRACO, INC. | 2,134,929 | 3,022,892 | |||||
32,846 | GRAHAM CORP.(b) | 350,705 | 623,089 | |||||
15,355 | GRANITE CONSTRUCTION, INC. | 651,195 | 780,955 |
See accompanying notes to financial statements. | 62 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
800 | GRIFFON CORP. | $ 49,360 | 48,760 | |||||
27,983 | HEXCEL CORP. | 2,012,617 | 2,063,746 | |||||
809 | HILLENBRAND, INC. | 27,576 | 38,711 | |||||
41,534 | HOWMET AEROSPACE, INC. | 1,391,048 | 2,247,820 | |||||
1,973 | HUB GROUP, INC., CLASS A(b) | 129,965 | 181,398 | |||||
7,555 | ICF INTERNATIONAL, INC. | 657,778 | 1,013,050 | |||||
131,145 | INTERFACE, INC. | 1,042,609 | 1,655,050 | |||||
144,146 | JELD-WEN HOLDING, INC.(b) | 1,344,786 | 2,721,476 | |||||
45,300 | JETBLUE AIRWAYS CORP.(b) | 208,674 | 251,415 | |||||
9,339 | JOHN BEAN TECHNOLOGIES CORP. | 1,148,023 | 928,764 | |||||
458,899 | JOHNSON SERVICE GROUP PLC(c) | 867,423 | 828,269 | |||||
2,755 | KADANT, INC. | 592,569 | 772,254 | |||||
33,721 | KARAT PACKAGING, INC. | 658,747 | 837,967 | |||||
1,900 | KELLY SERVICES, INC., CLASS A | 26,974 | 41,078 | |||||
561,410 | KNIGHTS GROUP HOLDINGS PLC(c) | 710,556 | 797,895 | |||||
29,939 | KORN FERRY | 1,445,663 | 1,776,880 | |||||
2,047 | LIQUIDITY SERVICES, INC.(b) | 35,414 | 35,229 | |||||
36,117 | MASONITE INTERNATIONAL CORP.(b) | 3,440,655 | 3,057,665 | |||||
99,843 | MASTERBRAND, INC.(b) | 883,434 | 1,482,669 | |||||
1,500 | MATSON, INC. | 98,158 | 164,400 | |||||
2,100 | MATTHEWS INTERNATIONAL CORP., CLASS A | 48,981 | 76,965 | |||||
2,400 | MILLERKNOLL, INC. | 35,057 | 64,032 | |||||
1,500 | MOOG, INC., CLASS A | 111,928 | 217,170 | |||||
246,161 | MRC GLOBAL, INC.(b) | 2,220,436 | 2,710,233 | |||||
600 | MYR GROUP, INC.(b) | 57,948 | 86,778 | |||||
1,800 | NV5 GLOBAL, INC.(b) | 177,456 | 200,016 | |||||
8,200 | OPENLANE, INC.(b) | 102,236 | 121,442 | |||||
88,793 | PGT INNOVATIONS, INC.(b) | 1,485,593 | 3,613,875 | |||||
3,800 | PITNEY BOWES, INC. | 9,567 | 16,720 | |||||
400 | QUANEX BUILDING PRODUCTS CORP. | 7,672 | 12,228 | |||||
106,201 | RADIANT LOGISTICS, INC.(b) | 682,740 | 705,175 | |||||
145,459 | RESIDEO TECHNOLOGIES, INC.(b) | 2,531,090 | 2,737,538 | |||||
97,206 | REV GROUP, INC. | 1,019,163 | 1,766,233 | |||||
42,945 | RUSH ENTERPRISES, INC., CLASS A | 814,245 | 2,160,133 | |||||
14,458 | RXO, INC.(b) | 230,373 | 336,293 | |||||
22,020 | SITEONE LANDSCAPE SUPPLY, INC.(b) | 2,817,776 | 3,578,250 | |||||
404 | SKYWEST, INC.(b) | 7,102 | 21,089 | |||||
1,600 | SPX TECHNOLOGIES, INC.(b) | 88,269 | 161,616 | |||||
600 | STANDEX INTERNATIONAL CORP. | 52,056 | 95,028 | |||||
382,017 | STEELCASE, INC., CLASS A | 4,671,535 | 5,164,870 | |||||
12,394 | STERLING INFRASTRUCTURE, INC.(b) | 279,384 | 1,089,804 | |||||
1,100 | SUN COUNTRY AIRLINES HOLDINGS, INC.(b) | 15,521 | 17,303 | |||||
30,700 | SUNPOWER CORP.(b) | 129,099 | 148,281 | |||||
47,710 | TECNOGLASS, INC. | 1,994,513 | 2,180,824 | |||||
124 | TENNANT CO. | 7,135 | 11,494 | |||||
4,708 | TEREX CORP. | 141,611 | 270,522 | |||||
3,000 | TRINITY INDUSTRIES, INC. | 65,630 | 79,770 | |||||
112,956 | TRUEBLUE, INC.(b) | 1,774,269 | 1,732,745 | |||||
2,300 | TTEC HOLDINGS, INC. | 41,463 | 49,841 | |||||
700 | UNIFIRST CORP. | 124,775 | 128,037 | |||||
4,100 | VICOR CORP.(b) | 154,368 | 184,254 | |||||
17,127 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 1,539,488 | 2,173,416 | |||||
23,015 | WILLDAN GROUP, INC.(b) | 926,598 | 494,822 | |||||
21,380 | WOODWARD, INC. | 1,947,193 | 2,910,459 | |||||
77,265,921 | 99,846,704 | 23.38% | ||||||
Information Technology: | ||||||||
13,600 | A10 NETWORKS, INC. | 166,129 | 179,112 | |||||
800 | ADEIA, INC. | 6,456 | 9,912 | |||||
1,442 | ADVANCED ENERGY INDUSTRIES, INC. | 112,976 | 157,063 | |||||
900 | AGILYSYS, INC.(b) | 47,400 | 76,338 | |||||
700 | ALARM.COM HOLDINGS, INC.(b) | 34,067 | 45,234 | |||||
6,500 | ALPHA & OMEGA SEMICONDUCTOR LTD.(b) | 142,394 | 169,390 | |||||
200,394 | ARLO TECHNOLOGIES, INC.(b) | 1,272,690 | 1,907,751 | |||||
12,230 | ARROW ELECTRONICS, INC.(b) | 1,209,867 | 1,495,118 | |||||
15,398 | ASPEN TECHNOLOGY, INC.(b) | 2,871,880 | 3,389,870 | |||||
47,056 | AVNET, INC. | 1,794,449 | 2,371,622 | |||||
11,560 | AXCELIS TECHNOLOGIES, INC.(b) | 1,545,988 | 1,499,216 |
See accompanying notes to financial statements. | 63 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,636 | BADGER METER, INC. | $ 165,863 | 252,549 | |||||
27,798 | BELDEN, INC. | 1,129,794 | 2,147,395 | �� | ||||
96,475 | BIGCOMMERCE HOLDINGS, INC., CLASS 1(b) | 857,490 | 938,702 | |||||
28,450 | BILL HOLDINGS, INC.(b) | 2,099,645 | 2,321,235 | |||||
6,790 | CAMBIUM NETWORKS CORP.(b) | 110,627 | 40,740 | |||||
1,917 | CERENCE, INC.(b) | 31,514 | 37,688 | |||||
21,681 | CEVA, INC.(b) | 981,297 | 492,376 | |||||
11,173 | CLIMB GLOBAL SOLUTIONS, INC. | 525,299 | 612,616 | |||||
41,496 | CODA OCTOPUS GROUP, INC.(b) | 338,237 | 248,976 | |||||
2,000 | COHU, INC.(b) | 53,244 | 70,780 | |||||
12,371 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 539,463 | 324,244 | |||||
39,337 | DIGI INTERNATIONAL, INC.(b) | 976,465 | 1,022,762 | |||||
76,121 | DIGITAL TURBINE, INC.(b) | 1,315,485 | 522,190 | |||||
4,300 | DIODES, INC.(b) | 290,459 | 346,236 | |||||
712 | DOLBY LABORATORIES, INC., CLASS A | 48,539 | 61,360 | |||||
2,100 | DOUBLEVERIFY HOLDINGS, INC.(b) | 75,071 | 77,238 | |||||
2,200 | DXC TECHNOLOGY CO.(b) | 45,974 | 50,314 | |||||
19,239 | ELASTIC N.V.(b) | 1,789,115 | 2,168,235 | |||||
20,191 | ENTEGRIS, INC. | 1,888,828 | 2,419,286 | |||||
5,900 | ENVESTNET, INC.(b) | 224,296 | 292,168 | |||||
6,700 | EXTREME NETWORKS, INC.(b) | 89,336 | 118,188 | |||||
200 | FABRINET(b)(c) | 32,165 | 38,066 | |||||
29,254 | FD TECHNOLOGIES PLC(b)(c) | 664,314 | 428,819 | |||||
105,093 | GRID DYNAMICS HOLDINGS, INC.(b) | 1,485,511 | 1,400,890 | |||||
76,321 | HARMONIC, INC.(b) | 971,870 | 995,226 | |||||
3,900 | ICHOR HOLDINGS LTD.(b) | 102,746 | 131,157 | |||||
11,352 | IMPINJ, INC.(b) | 611,557 | 1,022,021 | |||||
2,200 | INSIGHT ENTERPRISES, INC.(b) | 232,325 | 389,818 | |||||
1,700 | INTERDIGITAL, INC. | 73,063 | 184,518 | |||||
4,100 | ITRON, INC.(b) | 232,581 | 309,591 | |||||
44,431 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,181,251 | 1,210,300 | |||||
19,851 | KIMBALL ELECTRONICS, INC.(b) | 472,939 | 534,984 | |||||
5,500 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 245,069 | 300,960 | |||||
168,510 | LANTRONIX, INC.(b) | 877,638 | 987,469 | |||||
19,991 | LATTICE SEMICONDUCTOR CORP.(b) | 1,255,888 | 1,379,179 | |||||
2,600 | LIVERAMP HOLDINGS, INC.(b) | 48,085 | 98,488 | |||||
124,755 | LUNA INNOVATIONS, INC.(b) | 870,150 | 829,621 | |||||
8,900 | MAXLINEAR, INC.(b) | 187,062 | 211,553 | |||||
20,520 | MKS INSTRUMENTS, INC. | 1,864,761 | 2,110,892 | |||||
900 | N-ABLE, INC.(b) | 10,980 | 11,925 | |||||
24,384 | NAPCO SECURITY TECHNOLOGIES, INC. | 529,971 | 835,152 | |||||
23,811 | OKTA, INC.(b) | 1,404,983 | 2,155,610 | |||||
1,700 | ONESPAN, INC.(b) | 15,193 | 18,224 | |||||
1,879 | ONTO INNOVATION, INC.(b) | 132,741 | 287,299 | |||||
800 | OSI SYSTEMS, INC.(b) | 59,840 | 103,240 | |||||
1,000 | PDF SOLUTIONS, INC.(b) | 24,850 | 32,140 | |||||
3,800 | PERFICIENT, INC.(b) | 234,066 | 250,116 | |||||
3,700 | PHOTRONICS, INC.(b) | 80,912 | 116,069 | |||||
140 | POWER INTEGRATIONS, INC. | 8,400 | 11,495 | |||||
12,654 | PROGRESS SOFTWARE CORP. | 566,039 | 687,112 | |||||
52,543 | RADWARE LTD.(b)(c) | 1,773,335 | 876,417 | |||||
1,800 | RAMBUS, INC.(b) | 46,397 | 122,850 | |||||
20,410 | RAPID7, INC.(b) | 770,620 | 1,165,411 | |||||
39,896 | RED VIOLET, INC.(b) | 1,059,826 | 796,723 | |||||
214,973 | REPOSITRAK, INC. | 1,185,108 | 2,151,880 | |||||
2,900 | SANMINA CORP.(b) | 151,429 | 148,973 | |||||
73,232 | SCANSOURCE, INC.(b) | 2,744,147 | 2,900,720 | |||||
10,112 | SITIME CORP.(b) | 1,259,111 | 1,234,473 | |||||
6,223 | SOLARWINDS CORP.(b) | 52,445 | 77,725 | |||||
25,154 | SOUNDTHINKING, INC.(b) | 728,600 | 642,433 | |||||
1,168 | SPS COMMERCE, INC.(b) | 143,291 | 226,405 | |||||
13,700 | TTM TECHNOLOGIES, INC.(b) | 219,685 | 216,597 | |||||
145 | ULTRA CLEAN HOLDINGS, INC.(b) | 3,816 | 4,950 | |||||
71,610 | UPLAND SOFTWARE, INC.(b) | 824,683 | 302,910 | |||||
43,226 | VEECO INSTRUMENTS, INC.(b) | 975,514 | 1,341,303 | |||||
27,000 | VIAVI SOLUTIONS, INC.(b) | 222,530 | 271,890 | |||||
58,654 | WALKME LTD.(b)(c) | 543,164 | 625,838 |
See accompanying notes to financial statements. | 64 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
109,531 | WEAVE COMMUNICATIONS, INC.(b) | $ 616,181 | 1,256,321 | |||||
30,330 | WIX.COM LTD.(b)(c) | 3,915,169 | 3,731,197 | |||||
700 | XEROX HOLDINGS CORP. | 13,013 | 12,831 | |||||
54,505,351 | 61,045,685 | 14.29% | ||||||
Materials: | ||||||||
1,000 | ALPHA METALLURGICAL RESOURCES, INC. | 263,150 | 338,920 | |||||
123,523 | ASPEN AEROGELS, INC.(b) | 896,805 | 1,949,193 | |||||
5,585 | ATI, INC.(b) | 163,313 | 253,950 | |||||
50,716 | AXALTA COATING SYSTEMS LTD.(b) | 1,234,484 | 1,722,823 | |||||
62 | BALCHEM CORP. | 7,550 | 9,223 | |||||
1,800 | CARPENTER TECHNOLOGY CORP. | 58,388 | 127,440 | |||||
24,073 | CLEARWATER PAPER CORP.(b) | 870,902 | 869,517 | |||||
33,558 | FMC CORP. | 3,969,694 | 2,115,832 | |||||
137,680 | FORAN MINING CORP.(b)(c) | 383,954 | 405,231 | |||||
7,150 | H.B. FULLER CO. | 357,419 | 582,081 | |||||
13,703 | HAYNES INTERNATIONAL, INC. | 533,388 | 781,756 | |||||
14,172 | INGEVITY CORP.(b) | 706,904 | 669,202 | |||||
1,387 | INNOSPEC, INC. | 121,931 | 170,934 | |||||
2,900 | KAISER ALUMINUM CORP. | 173,657 | 206,451 | |||||
22,680 | KOPPERS HOLDINGS, INC. | 523,575 | 1,161,670 | |||||
19,700 | LIVENT CORP.(b) | 269,409 | 354,206 | |||||
700 | MATERION CORP. | 55,545 | 91,091 | |||||
1,700 | MINERALS TECHNOLOGIES, INC. | 86,510 | 121,227 | |||||
396 | O-I GLASS, INC.(b) | 6,082 | 6,486 | |||||
51,753 | OLIN CORP. | 1,062,872 | 2,792,074 | |||||
112,779 | ORION S.A. | 1,312,689 | 3,127,362 | |||||
1,000 | QUAKER CHEMICAL CORP. | 149,993 | 213,420 | |||||
8,599 | SMITH-MIDLAND CORP.(b) | 194,143 | 339,660 | |||||
7,900 | SUNCOKE ENERGY, INC. | 48,142 | 84,846 | |||||
2,092 | SYLVAMO CORP. | 94,999 | 102,738 | |||||
1,500 | TIMKENSTEEL CORP.(b) | 22,828 | 35,175 | |||||
106,137 | TRIMAS CORP. | 2,926,058 | 2,688,450 | |||||
1,900 | WARRIOR MET COAL, INC. | 55,153 | 115,843 | |||||
16,549,537 | 21,436,801 | 5.02% | ||||||
Real Estate: | ||||||||
3,900 | ACADIA REALTY TRUST | 49,022 | 66,261 | |||||
11,200 | ALEXANDER & BALDWIN, INC. | 184,669 | 213,024 | |||||
300 | AMERICAN ASSETS TRUST, INC. | 5,417 | 6,753 | |||||
5,000 | ARMADA HOFFLER PROPERTIES, INC. | 49,599 | 61,850 | |||||
5,346 | CARETRUST REIT, INC. | 91,157 | 119,643 | |||||
3,100 | CENTERSPACE | 165,666 | 180,420 | |||||
5,800 | COMMUNITY HEALTHCARE TRUST, INC. | 153,787 | 154,512 | |||||
23,200 | CUSHMAN & WAKEFIELD PLC(b) | 195,001 | 250,560 | |||||
146,871 | DIAMONDROCK HOSPITALITY CO. | 1,117,573 | 1,379,119 | |||||
13,929 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 302,827 | 356,025 | |||||
3,900 | EXP WORLD HOLDINGS, INC. | 53,832 | 60,528 | |||||
10,300 | FOUR CORNERS PROPERTY TRUST, INC. | 233,984 | 260,590 | |||||
24,300 | GLOBAL NET LEASE, INC. | 220,758 | 241,785 | |||||
5,200 | HIGHWOODS PROPERTIES, INC. | 93,891 | 119,392 | |||||
22,500 | HUDSON PACIFIC PROPERTIES, INC. | 118,703 | 209,475 | |||||
3,034 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 222,878 | 305,888 | |||||
16,700 | KENNEDY-WILSON HOLDINGS, INC. | 189,299 | 206,746 | |||||
30,700 | LXP INDUSTRIAL TRUST | 267,374 | 304,544 | |||||
5,038 | MARCUS & MILLICHAP, INC. | 164,238 | 220,060 | |||||
5,066 | NEXPOINT RESIDENTIAL TRUST, INC. | 161,291 | 174,421 | |||||
12,100 | OUTFRONT MEDIA, INC. | 122,828 | 168,916 | |||||
2,800 | PEBBLEBROOK HOTEL TRUST | 38,433 | 44,744 | |||||
555 | REGENCY CENTERS CORP. | 24,356 | 37,185 | |||||
16,721 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 201,193 | 234,596 | |||||
40,897 | RMR GROUP (THE), INC., CLASS A | 1,003,876 | 1,154,522 | |||||
7,900 | RPT REALTY | 56,742 | 101,357 | |||||
8,600 | SAFEHOLD, INC. | 149,582 | 201,240 | |||||
6,800 | SITE CENTERS CORP. | 72,391 | 92,684 | |||||
3,100 | SL GREEN REALTY CORP. | 92,873 | 140,027 | |||||
1,800 | ST. JOE (THE) CO. | 57,905 | 108,324 | |||||
5,600 | TANGER, INC. | 77,646 | 155,232 | |||||
44,800 | UNITI GROUP, INC. | 148,965 | 258,944 |
See accompanying notes to financial statements. | 65 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
4,600 | URBAN EDGE PROPERTIES | $ 60,500 | 84,180 | |||||
2,500 | WHITESTONE REIT | 21,843 | 30,725 | |||||
6,170,099 | 7,704,272 | 1.80% | ||||||
Utilities: | ||||||||
3,655 | AMERICAN STATES WATER CO. | 290,717 | 293,935 | |||||
8,000 | AVISTA CORP. | 260,863 | 285,920 | |||||
2,544 | CHESAPEAKE UTILITIES CORP. | 230,336 | 268,723 | |||||
2,800 | MIDDLESEX WATER CO. | 180,479 | 183,736 | |||||
300 | NORTHWEST NATURAL HOLDING CO. | 11,322 | 11,682 | |||||
900 | OTTER TAIL CORP. | 66,600 | 76,473 | |||||
1,040,317 | 1,120,469 | 0.26% | ||||||
Sub-total Common Stocks: | 369,139,845 | 418,351,721 | 97.96% | |||||
Escrows: | ||||||||
Communication Services: | ||||||||
39,067 | GCI LIBERTY, INC., CLASS A(b)(e) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
581,616 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(g) | 581,616 | 581,616 | |||||
8,950,782 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 5.24%(h) | 8,950,782 | 8,950,782 | |||||
Sub-total Short-Term Investments: | 9,532,398 | 9,532,398 | 2.23% | |||||
Grand total | $ 378,672,243 | 427,884,119 | 100.19% |
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, 2023, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.23% of net assets. |
(d) | Security is either wholly or partially on loan. |
(e) | Security has been deemed worthless and is a Level 3 investment. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.09% of net assets as of December 31, 2023. |
(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, 2022, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $12,324,435 with net sales of $3,373,653 during the fiscal year ended December 31, 2023. |
See accompanying notes to financial statements. | 66 | (Continued) |
See accompanying notes to financial statements. | 67 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
105,231 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 947,393 | 1,076,513 | |||||||||
54,667 | BLACKROCK MUNICIPAL INCOME FUND INC | 605,200 | 636,324 | |||||||||
14,351 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 192,771 | 160,875 | |||||||||
88,691 | BLACKROCK MUNIHOLDINGS FUND INC | 1,357,256 | 1,056,310 | |||||||||
27,182 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 368,005 | 310,147 | |||||||||
82,054 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,027,819 | 822,181 | |||||||||
128,111 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1,643,186 | 1,455,341 | |||||||||
48,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 681,140 | 566,381 | |||||||||
66,132 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 791,016 | 684,466 | |||||||||
96,091 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,260,393 | 1,118,499 | |||||||||
48,128 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 344,865 | 274,811 | |||||||||
177,771 | DWS MUNICIPAL INCOME TRUST | 2,003,096 | 1,580,384 | |||||||||
167,452 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,842,369 | 1,414,969 | |||||||||
158,905 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,926,111 | 1,527,077 | |||||||||
108,737 | INVESCO MUNICIPAL TRUST | 1,334,350 | 1,036,264 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 735,915 | 550,870 | |||||||||
190,374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,318,517 | 1,810,457 | |||||||||
70,073 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 893,781 | 693,022 | |||||||||
81,582 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,232,582 | 956,957 | |||||||||
56,334 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 795,858 | 665,868 | |||||||||
212,362 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 2,802,706 | 2,335,982 | |||||||||
71,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,101,444 | 848,136 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 975,800 | |||||||||
209,657 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 2,955,449 | 2,400,573 | |||||||||
Sub-total Closed-End Funds: | 30,358,923 | 24,958,207 | 3.56% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
400,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 400,000 | 352,537 | |||||||
915,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 915,000 | 748,612 | |||||||
500,000 | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE(b) | 5/1/2044 | 5.25 | 458,995 | 460,655 | |||||||
1,773,995 | 1,561,804 | 0.22% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 385 | |||||||
350,000 | 385 | 0.00% | ||||||||||
Arizona | ||||||||||||
2,000,000 | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE | 6/1/2046 | 5.00 | 2,046,500 | 2,063,659 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2030 | 6.75 | 1,239,818 | 75,000 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2050 | 7.75 | 1,237,783 | 75,000 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2051 | 6.00 | 400,000 | 24,000 | |||||||
1,000,000 | ARIZONA ST INDL DEV AUTH MF HSG REVENUE(e) | 1/1/2042 | 5.00 | 1,035,961 | 1,043,066 | |||||||
155,000 | ARIZONA ST INDL DEV AUTH REVENUE(b)(f)(g) | 10/1/2028 | 4.70 | 155,000 | 137,339 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 553,620 | 403,244 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 508,433 | 511,896 | |||||||
2,000,000 | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE | 7/1/2039 | 5.00 | 2,067,800 | 2,079,535 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 988,588 | 1,003,126 | |||||||
650,000 | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE(b) | 11/15/2035 | 6.25 | 650,000 | 667,280 | |||||||
500,000 | TEMPE AZ | 1/1/2029 | 5.00 | 500,000 | 500,702 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 501,468 | 352,216 | |||||||
11,884,971 | 8,936,063 | 1.28% | ||||||||||
Arkansas | ||||||||||||
1,000,000 | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE(b) | 9/1/2049 | 4.50 | 891,706 | 992,420 | |||||||
1,000,000 | BENTONVILLE AR SALES & USE TAX | 11/1/2046 | 4.13 | 993,366 | 1,012,478 |
See accompanying notes to financial statements. | 68 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Arkansas (Cont'd): | ||||||||||||
925,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | $ 925,000 | 717,173 | |||||||
2,810,072 | 2,722,071 | 0.39% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(h) | 8/1/2039 | 0.00 | 2,263,446 | 2,673,884 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(h) | 8/1/2046 | 0.00 | 833,115 | 1,161,460 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | 650,000 | 639,714 | |||||||
930,000 | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE(b) | 7/1/2033 | 5.00 | 969,896 | 987,388 | |||||||
500,000 | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE | 8/15/2053 | 5.25 | 519,860 | 526,092 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,485,701 | 1,641,594 | |||||||
250,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE | 9/2/2033 | 4.75 | 248,084 | 257,038 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 995,347 | 1,215,694 | |||||||
1,000,000 | CENTRL CA UNIF SCH DIST | 8/1/2043 | 5.00 | 1,036,446 | 1,043,144 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,108 | 1,082,212 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,102,333 | 1,273,498 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,966 | 751,904 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 998,603 | 1,320,116 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,152,877 | 1,437,685 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 997,538 | 1,197,925 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,004,478 | 1,064,462 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,101 | 764,400 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,997,814 | 2,490,538 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 995,393 | 1,101,383 | |||||||
750,000 | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX | 9/1/2052 | 5.25 | 809,432 | 825,139 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, 3M CME Term SOFR + 0.57%)(f) | 6/1/2039 | 4.35 | 350,000 | 302,674 | |||||||
960,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE(i) | 10/15/2042 | 5.30 | 965,695 | 964,340 | |||||||
1,000,000 | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE | 7/1/2038 | 5.25 | 1,026,250 | 1,129,936 | |||||||
1,000,000 | SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV | 5/1/2033 | 5.00 | 1,025,469 | 1,146,360 | |||||||
1,250,000 | SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV | 5/1/2039 | 5.00 | 1,251,808 | 1,251,260 | |||||||
2,000,000 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV | 1/15/2049 | 5.25 | 2,024,726 | 2,007,593 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,000,000 | 1,001,316 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 501,200 | |||||||
1,910,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 1,909,092 | 2,044,655 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(h) | 8/1/2041 | 0.00 | 866,643 | 1,061,540 | |||||||
31,470,221 | 34,866,144 | 4.98% | ||||||||||
Colorado | ||||||||||||
1,000,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 968,628 | 906,627 | |||||||
1,400,000 | COLLIERS HILL MET DIST #2 CO(j) | 12/15/2047 | 5.75 | 1,400,000 | 1,344,078 | |||||||
1,040,000 | COLORADO EDUCTNL & CULTURAL AUTH REVENUE(b) | 7/1/2043 | 6.00 | 1,040,000 | 1,040,548 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 996,027 | 1,002,092 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2030 | 3.50 | 600,000 | 543,464 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 991,581 | 1,000,030 | |||||||
735,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2049 | 5.00 | 774,374 | 473,234 | |||||||
1,670,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2058 | 5.00 | 1,718,249 | 1,021,533 |
See accompanying notes to financial statements. | 69 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
1,480,000 | COLORADO ST HSG & FIN AUTH | 11/1/2052 | 6.00 | $ 1,561,485 | 1,597,589 | |||||||
1,500,000 | CROSSROADS MET DIST #1 CO | 12/1/2051 | 6.50 | 1,476,269 | 1,468,706 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,113,419 | |||||||
870,000 | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE | 12/1/2030 | 5.00 | 892,735 | 897,661 | |||||||
965,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 965,000 | 965,987 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 998,059 | |||||||
1,000,000 | JOHNSTOWN PLAZA MET DIST CO | 12/1/2046 | 4.25 | 947,302 | 823,110 | |||||||
648,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 639,140 | 637,670 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(h) | 12/1/2051 | 0.00 | 1,775,623 | 1,373,906 | |||||||
184,432 | MOUNT CARBON CO MET DIST REVENUE(c) | 6/1/2043 | 8.00 | - | 184,432 | |||||||
1,344,536 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,296,633 | 1,016,878 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 526,550 | 437,705 | |||||||
1,000,000 | RUDOLPH FARMS MET DIST #6 CO REVENUE SUPPORTED | 6/1/2052 | 6.50 | 1,000,000 | 993,513 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,021,826 | 855,769 | |||||||
1,000,000 | TREE FARM MET DIST CO(b) | 12/1/2041 | 4.50 | 1,000,000 | 903,861 | |||||||
1,000,000 | WESTGATE MET DIST CO | 12/1/2051 | 5.13 | 1,000,000 | 873,113 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 703,555 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,058,380 | 1,015,657 | |||||||
27,149,802 | 24,192,196 | 3.45% | ||||||||||
Connecticut | ||||||||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,005,998 | 1,957,431 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 585,141 | 129,808 | |||||||
650,000 | STAMFORD CT HSG AUTH(b) | 12/1/2027 | 11.00 | 650,000 | 708,161 | |||||||
3,241,139 | 2,795,400 | 0.40% | ||||||||||
District of Columbia | ||||||||||||
1,485,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE | 6/15/2031 | 4.45 | 1,485,000 | 1,486,128 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,000,895 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 2,696,138 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 957,439 | |||||||
1,000,000 | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE | 10/1/2034 | 5.00 | 997,500 | 1,002,032 | |||||||
7,982,500 | 7,142,632 | 1.02% | ||||||||||
Florida | ||||||||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 574,509 | 429,266 | |||||||
385,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 385,000 | 388,142 | |||||||
250,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE(b) | 5/1/2033 | 4.50 | 249,041 | 248,605 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE | 5/1/2052 | 4.00 | 1,014,846 | 782,256 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE(b) | 5/1/2053 | 5.50 | 998,459 | 993,747 | |||||||
495,000 | BLACKBURN CREEK CMNTY DEV DIST FL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 495,000 | 512,178 | |||||||
170,000 | BLACKBURN CREEK CMNTY DEV DIST FL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 170,000 | 174,072 | |||||||
1,500,000 | BROWARD CNTY FL ARPT SYS REVENUE | 10/1/2038 | 5.00 | 1,569,974 | 1,594,370 | |||||||
525,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 555,676 | 384,444 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 510,948 | 421,213 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 1,510,015 | 1,196,151 |
See accompanying notes to financial statements. | 70 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
445,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | $ 467,961 | 315,952 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(c) | 4/1/2035 | 7.00 | 750,000 | 592,500 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d) | 12/1/2035 | 6.75 | 1,745,953 | 573,125 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d) | 7/1/2037 | 6.75 | 750,000 | 165,000 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 514,728 | 396,844 | |||||||
1,100,000 | COBBLESTONE CDD FL SPL ASSMNT REVENUE(b) | 5/1/2053 | 4.30 | 1,085,508 | 912,030 | |||||||
1,000,000 | COLLIER CNTY FL EDUCTNL FACS AUTH REVENUE | 6/1/2038 | 5.25 | 1,018,528 | 1,046,783 | |||||||
559,270 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(b)(c)(d) | 5/15/2026 | 7.25 | 559,270 | 17,897 | |||||||
1,304,964 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(b)(c)(d) | 5/15/2044 | 8.13 | 1,414,997 | 41,759 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,019,111 | 792,628 | |||||||
1,000,000 | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2032 | 4.40 | 1,000,000 | 972,747 | |||||||
500,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE | 5/1/2043 | 5.60 | 500,000 | 511,936 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 835,066 | 640,381 | |||||||
1,000,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b)(f)(g) | 1/1/2049 | 6.25 | 1,000,000 | 999,888 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,294,389 | 1,357,919 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b)(k) | 4/23/2058 | 6.25 | 1,986,894 | 1,982,372 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 11/15/2030 | 5.00 | 1,000,000 | 914,261 | |||||||
590,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 590,000 | 592,325 | |||||||
965,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 965,000 | 838,939 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2048 | 4.55 | 1,000,000 | 1,009,290 | |||||||
2,265,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,265,000 | 1,569,937 | |||||||
1,495,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1,495,000 | 1,504,849 | |||||||
1,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2054 | 6.25 | 1,593,990 | 1,690,127 | |||||||
1,000,000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1,038,677 | 807,539 | |||||||
965,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 965,000 | 908,381 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,091 | 575,799 | |||||||
1,000,000 | HACIENDA NORTH CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 6.50 | 1,000,000 | 1,057,160 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 646,006 | 534,493 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 714,838 | |||||||
1,000,000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 991,577 | 788,295 | |||||||
1,000,000 | JULINGTON CREEK PLANTATION FLCDD | 5/1/2043 | 5.50 | 1,099,484 | 1,120,779 | |||||||
1,000,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978,140 | 872,259 | |||||||
1,750,000 | LAKELAND FL HOSP SYS REVENUE | 11/15/2045 | 5.00 | 1,746,500 | 1,758,563 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 497,309 | 483,097 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,896 | 486,250 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | 383,812 | 341,453 | |||||||
135,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 134,947 | 134,973 | |||||||
900,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 900,000 | 929,974 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,000,000 | 1,007,289 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,662 | 754,513 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,421 | 754,461 |
See accompanying notes to financial statements. | 71 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | $ 700,000 | 703,996 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,013,915 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 576,095 | 482,715 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 848,911 | |||||||
1,250,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2043 | 6.13 | 1,250,000 | 1,301,207 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 511,845 | |||||||
225,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 221,980 | 198,696 | |||||||
940,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 926,401 | 755,933 | |||||||
1,440,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,506,560 | 1,137,638 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST UTILITY REVENUE | 10/1/2053 | 5.25 | 1,066,715 | 1,106,427 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,119,332 | |||||||
1,000,000 | LEE CNTY FL HSG FIN AUTH MF MTGE | 1/1/2040 | 4.55 | 1,000,000 | 1,019,343 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 11/15/2049 | 5.00 | 971,250 | 959,320 | |||||||
90,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV | 5/1/2024 | 5.63 | 90,000 | 90,285 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 738,280 | 738,179 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,545 | 299,705 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 515,061 | 393,800 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 506,033 | 503,634 | |||||||
1,000,000 | MIAMI-DADE CNTY FL AVIATION REVENUE | 10/1/2033 | 5.00 | 1,005,568 | 1,004,426 | |||||||
160,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 160,000 | 164,096 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
720,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 720,000 | 675,945 | |||||||
2,000,000 | NORTH RIVER RANCH IMPT STEWARDSHIP DIST FL SPL ASSMNT REVENU | 5/1/2033 | 5.75 | 2,000,000 | 2,017,752 | |||||||
750,000 | NORTH RIVER RANCH IMPT STEWARDSHIP DIST FL SPL ASSMNT REVENU | 5/1/2035 | 6.80 | 750,000 | 750,172 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 512,719 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,400,889 | 1,405,404 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 504,883 | 501,759 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,004,738 | 1,005,491 | |||||||
1,250,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2040 | 5.00 | 1,242,750 | 1,259,223 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE(b) | 7/1/2027 | 11.50 | 1,000,000 | 1,133,690 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,026,042 | 825,415 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,852,293 | 1,806,057 | |||||||
1,000,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2042 | 5.00 | 996,369 | 960,492 | |||||||
560,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2043 | 5.40 | 560,000 | 562,854 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 727,957 | 551,807 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,377 | 372,893 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 502,776 | 394,919 |
See accompanying notes to financial statements. | 72 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | $ 533,990 | 501,904 | |||||||
580,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 576,134 | 594,583 | |||||||
1,000,000 | POITRAS EAST CDD FL SPL ASSMNT REVENUE | 5/1/2052 | 5.25 | 996,990 | 991,183 | |||||||
315,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 314,120 | 291,684 | |||||||
490,000 | ROLLING HILLS FL CDD CAPITAL IMPT REVENUE | 5/1/2032 | 3.65 | 490,000 | 450,398 | |||||||
1,000,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 1,039,612 | 837,249 | |||||||
725,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 715,462 | 618,525 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,997 | 792,867 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,198,185 | 1,689,532 | |||||||
145,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 142,623 | 147,461 | |||||||
400,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 418,118 | 327,183 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 66,993 | |||||||
650,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.20 | 650,000 | 639,395 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(h) | 5/1/2040 | 0.00 | 107,336 | 108,855 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,430,729 | 1,467,184 | |||||||
125,000 | TOLOMATO FL CDD(c) | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,049,869 | 787,658 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 707,497 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 388,365 | 330,938 | |||||||
1,005,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2052 | 5.50 | 999,241 | 998,315 | |||||||
450,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 449,021 | 460,928 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,303,752 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 779,953 | 569,300 | |||||||
700,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2054 | 5.50 | 693,813 | 699,941 | |||||||
1,000,000 | VILLAGE CDD #15 SPL ASSMNT REVENUE(b) | 5/1/2028 | 4.25 | 1,000,000 | 1,000,497 | |||||||
1,000,000 | VILLAGE CDD #15 SPL ASSMNT REVENUE(b) | 5/1/2038 | 4.85 | 1,000,000 | 997,500 | |||||||
500,000 | WATERSET SOUTH CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 6.10 | 500,000 | 511,927 | |||||||
900,000 | WINDWARD AT LAKEWOOD RANCH CDD FL CAPITAL IMPT | 5/1/2052 | 4.25 | 904,356 | 740,999 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 652,206 | 660,245 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 986,165 | 777,913 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2052 | 5.25 | 995,552 | 964,934 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 746,148 | 750,837 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 54,044 | |||||||
104,054,316 | 91,526,267 | 13.07% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 500,000 | 500,293 | |||||||
1,250,000 | GAINESVILLE & HALL CNTY GA DEV AUTH EDUCTNL FACS REVENUE(b) | 9/1/2044 | 6.25 | 1,214,711 | 1,139,377 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,936,000 | 1,918,249 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 858,777 |
See accompanying notes to financial statements. | 73 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Georgia (Cont'd): | ||||||||||||
1,000,000 | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE (Floating, U.S. SOFR + 1.70%)(f) | 12/1/2053 | 5.31 | $ 1,000,000 | 1,009,959 | |||||||
500,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.40 | 500,000 | 504,968 | |||||||
6,045,711 | 5,931,623 | 0.85% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 121,035 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 481,529 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 612,884 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,026,902 | 692,153 | |||||||
2,500,000 | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE | 1/1/2048 | 4.75 | 2,500,000 | 2,579,368 | |||||||
2,000,000 | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE | 7/1/2048 | 4.75 | 2,000,000 | 2,088,150 | |||||||
6,971,267 | 6,575,119 | 0.94% | ||||||||||
Illinois | ||||||||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,253,515 | 1,248,841 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,000 | 1,001,682 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2043 | 5.75 | 1,041,242 | 1,147,436 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2046 | 5.00 | 1,007,942 | 1,006,229 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2053 | 5.50 | 1,056,947 | 1,079,066 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT SPL FAC REVENUE | 7/1/2048 | 5.00 | 990,000 | 1,007,789 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 764,830 | 750,621 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 500,406 | 501,368 | |||||||
830,000 | EVANSTON ILL EDL FAC REV(b) | 4/1/2041 | 4.38 | 828,482 | 626,668 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2039 | 5.00 | 1,501,107 | 1,500,740 | |||||||
1,500,000 | ILLINOIS ST | 5/1/2047 | 5.50 | 1,603,237 | 1,647,865 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,004,549 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 675,111 | 675,323 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,544 | 226,250 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 755,703 | 758,852 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,414,304 | 1,250,895 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,523,461 | 1,179,567 | |||||||
1,000,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1,018,723 | 1,013,595 | |||||||
300,000 | ILLINOIS ST FIN AUTH REVENUE(f)(l) | 7/15/2055 | 4.50 | 300,000 | 300,000 | |||||||
1,250,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 10/1/2048 | 4.75 | 1,250,000 | 1,286,305 | |||||||
2,455,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2053 | 5.25 | 2,601,620 | 2,624,764 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,040,407 | 1,048,685 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,507,601 | 1,510,895 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 506,363 | 515,206 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(b) | 1/1/2041 | 4.82 | 1,000,000 | 931,352 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,080,000 | 1,080,203 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 250,000 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 750,343 | |||||||
325,000 | S WSTRN IL DEV AUTH REV(c) | 10/1/2022 | 7.00 | 325,000 | 260,000 | |||||||
1,000,000 | UNIV OF ILLINOIS IL REVENUES | 4/1/2044 | 5.00 | 1,001,405 | 1,000,977 | |||||||
30,797,950 | 29,186,066 | 4.17% | ||||||||||
Indiana | ||||||||||||
1,500,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 7/1/2047 | 5.00 | 1,534,383 | 1,530,197 | |||||||
700,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 6/1/2051 | 5.00 | 760,894 | 566,397 | |||||||
500,000 | INDIANA ST FIN AUTH HOSP REVENUE | 12/1/2040 | 5.00 | 505,407 | 509,791 | |||||||
565,000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 565,000 | 567,925 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,683,414 | 1,325,695 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,014,059 | 1,002,305 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,430,058 |
See accompanying notes to financial statements. | 74 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Indiana (Cont'd): | ||||||||||||
1,000,000 | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE | 7/1/2053 | 5.75 | $ 1,087,981 | 1,070,984 | |||||||
2,000,000 | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK | 1/1/2031 | 5.00 | 2,000,000 | 2,007,563 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 527,246 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 614,266 | 615,917 | |||||||
11,865,404 | 11,154,078 | 1.59% | ||||||||||
Iowa | ||||||||||||
1,415,000 | DES MOINES IA | 6/1/2038 | 1.75 | 870,570 | 1,023,247 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2038 | 7.25 | 1,500,000 | 1,557,596 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2048 | 5.00 | 1,615,970 | 1,144,325 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,088,949 | 615,352 | |||||||
1,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2042 | 4.05 | 1,000,000 | 995,973 | |||||||
2,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2053 | 5.50 | 2,109,233 | 2,136,866 | |||||||
1,000,000 | IOWA ST HGR EDU LOAN AUTH REVENUE | 10/1/2052 | 5.38 | 1,018,311 | 1,038,232 | |||||||
9,203,033 | 8,511,591 | 1.22% | ||||||||||
Kansas | ||||||||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 930,572 | 869,694 | |||||||
1,435,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE(b) | 9/1/2035 | 5.25 | 1,421,938 | 1,411,808 | |||||||
2,352,510 | 2,281,502 | 0.33% | ||||||||||
Kentucky | ||||||||||||
250,000 | ASHLAND KY MED CENTER REVENUE | 2/1/2040 | 5.00 | 239,841 | 253,544 | |||||||
1,000,000 | CHRISTIAN CNTY KY SCH DIST FIN CORP | 10/1/2041 | 5.00 | 1,056,072 | 1,118,265 | |||||||
1,500,000 | KENTUCKY ST ECON DEV FIN AUTH | 1/1/2045 | 5.00 | 1,488,210 | 1,506,481 | |||||||
1,500,000 | KENTUCKY ST HSG CORP SF MTGE | 7/1/2043 | 4.70 | 1,500,000 | 1,548,553 | |||||||
1,000,000 | WSTRN KY UNIV | 9/1/2033 | 4.75 | 1,002,303 | 1,000,115 | |||||||
5,286,426 | 5,426,958 | 0.77% | ||||||||||
Louisiana | ||||||||||||
1,000,000 | CAPITAL AREA FIN AUTH LA SF MTGE REVENUE | 10/1/2053 | 5.50 | 1,020,322 | 1,062,345 | |||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2031 | 4.00 | 595,592 | 534,930 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1,055,425 | 799,466 | |||||||
1,000,000 | LOUISIANA ST HSG CORP MF HSG REVENUE | 7/1/2026 | 5.00 | 1,032,179 | 1,032,744 | |||||||
975,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2042 | 4.05 | 975,000 | 961,138 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 912,704 | |||||||
1,000,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 6/1/2054 | 5.75 | 1,069,369 | 1,092,860 | |||||||
345,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.50 | 344,655 | 343,648 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,004,354 | 1,001,309 | |||||||
500,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 500,000 | 527,993 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,041,886 | 854,879 | |||||||
500,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2039 | 5.50 | 500,000 | 521,006 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2044 | 4.00 | 900,000 | 787,479 | |||||||
645,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2044 | 4.40 | 645,000 | 609,601 |
See accompanying notes to financial statements. | 75 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana (Cont'd): | ||||||||||||
1,150,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2046 | 4.00 | $ 1,150,000 | 998,673 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 508,807 | 508,023 | |||||||
335,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, 3M CME Term SOFR + 0.70%)(f) | 2/15/2036 | 4.48 | 335,000 | 314,093 | |||||||
1,000,000 | NEW ORLEANS LA AVIATION BRD | 1/1/2048 | 5.00 | 1,011,021 | 1,010,646 | |||||||
14,938,610 | 13,873,537 | 1.98% | ||||||||||
Maine | ||||||||||||
2,500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2053 | 4.70 | 2,500,000 | 2,534,046 | |||||||
2,500,000 | 2,534,046 | 0.36% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 500,747 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | 1,000,000 | 767,159 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 3/1/2047 | 5.05 | 1,000,000 | 1,037,904 | |||||||
975,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2052 | 5.00 | 1,019,726 | 1,012,015 | |||||||
1,500,000 | MARYLAND ST STADIUM AUTH REVENUE | 5/1/2036 | 5.00 | 1,554,015 | 1,564,741 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 508,632 | |||||||
545,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE | 7/1/2038 | 4.00 | 545,000 | 529,108 | |||||||
6,118,741 | 5,920,306 | 0.85% | ||||||||||
Massachusetts | ||||||||||||
1,000,000 | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE(m) | 7/1/2031 | 0.00 | 748,816 | 760,722 | |||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 2,825,115 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,510,892 | 1,621,017 | |||||||
810,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2033 | 3.50 | 777,940 | 782,471 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 877,681 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,448,538 | 1,247,040 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,707,945 | 1,197,781 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 265,197 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 270,192 | |||||||
310,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310,000 | 310,150 | |||||||
2,025,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,025,000 | 2,024,975 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2048 | 4.90 | 2,000,000 | 2,052,273 | |||||||
1,000,000 | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE | 8/15/2037 | 5.00 | 1,022,647 | 1,026,558 | |||||||
1,500,000 | SOMERVILLE MA | 10/15/2038 | 2.00 | 1,007,841 | 1,183,483 | |||||||
18,094,619 | 16,444,655 | 2.35% | ||||||||||
Michigan | ||||||||||||
655,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 650,882 | 565,966 | |||||||
545,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 546,940 | 430,934 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH MF REVENUE(n) | 2/1/2026 | 5.00 | 1,009,828 | 1,012,834 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2048 | 5.00 | 1,500,000 | 1,616,969 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,041,481 | 836,770 |
See accompanying notes to financial statements. | 76 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Michigan (Cont'd): | ||||||||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2040 | 5.20 | $ 1,000,000 | 1,072,832 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2048 | 4.90 | 1,000,000 | 1,026,136 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2048 | 4.95 | 1,500,000 | 1,546,556 | |||||||
205,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 205,000 | 191,391 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,881,973 | 3,657,866 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 4,454,698 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2053 | 4.95 | 5,000,000 | 5,091,765 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2054 | 5.75 | 1,585,047 | 1,624,666 | |||||||
285,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c) | 11/1/2028 | 6.35 | 285,000 | 285,241 | |||||||
1,000,000 | MICHIGAN ST TRUNK LINE | 11/15/2044 | 5.50 | 1,112,660 | 1,185,636 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 752,205 | 754,389 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 818,326 | 659,565 | |||||||
29,389,342 | 26,014,214 | 3.71% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,911 | 556,751 | |||||||
1,585,000 | ELK RIVER MN INDEP SCH DIST #728 | 2/1/2039 | 2.50 | 1,270,851 | 1,315,489 | |||||||
1,000,000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 991,907 | 940,176 | |||||||
2,000,000 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2047 | 5.00 | 2,063,409 | 2,105,214 | |||||||
995,000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 806,414 | 698,072 | |||||||
4,940,000 | MINNESOTA ST HSG FIN AGY | 1/1/2053 | 6.00 | 5,229,397 | 5,326,811 | |||||||
1,615,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 1,540,967 | 1,450,044 | |||||||
12,833,856 | 12,392,557 | 1.77% | ||||||||||
Mississippi | ||||||||||||
400,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 400,000 | 364,324 | |||||||
900,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 900,000 | 899,944 | |||||||
1,300,000 | 1,264,268 | 0.18% | ||||||||||
Missouri | ||||||||||||
360,000 | JOPLIN MO INDL DEV AUTH SALES TAX REV | 11/1/2040 | 3.50 | 356,778 | 331,098 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 396,462 | 14,327 | |||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | 889,141 | 486,978 | |||||||
1,025,000 | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE | 12/1/2036 | 5.00 | 1,037,366 | 1,043,387 | |||||||
1,000,000 | MISSOURI ST ENVRNMNTL IMPT & ENERGY RESOURCES AUTH | 9/1/2033 | 2.90 | 947,179 | 948,872 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,049,896 | 1,609,025 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE | 11/15/2038 | 5.00 | 1,000,000 | 1,000,747 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2043 | 4.75 | 1,007,475 | 1,036,475 | |||||||
975,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 3.25 | 975,000 | 839,167 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 4.55 | 1,000,000 | 1,004,803 | |||||||
2,500,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2053 | 5.15 | 2,541,694 | 2,616,342 | |||||||
500,000 | SAINT LOUIS CNTY MO PATTONVILLE SCH DIST #R-3 | 3/1/2043 | 5.25 | 545,082 | 559,948 | |||||||
1,000,000 | WENTZVILLE MO SCH DIST #R-4 | 3/1/2039 | 1.88 | 715,538 | 743,176 | |||||||
13,461,611 | 12,234,345 | 1.75% | ||||||||||
Montana | ||||||||||||
1,000,000 | FORSYTH MT POLL CONTROL REVENUE | 7/1/2028 | 3.88 | 1,000,000 | 1,020,814 |
See accompanying notes to financial statements. | 77 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Montana (Cont'd): | ||||||||||||
310,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | $ 310,000 | 308,264 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1,000,000 | 797,351 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 6/1/2052 | 4.55 | 1,000,000 | 1,005,645 | |||||||
3,310,000 | 3,132,074 | 0.45% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
1,745,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2040 | 4.35 | 1,745,000 | 1,809,189 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 143,143 | |||||||
1,000,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2048 | 4.65 | 1,000,000 | 1,013,219 | |||||||
545,000 | OMAHA NE PUBLIC PWR DIST SEPARATE ELEC REVENUE | 2/1/2046 | 5.00 | 551,866 | 559,668 | |||||||
3,621,866 | 3,531,859 | 0.50% | ||||||||||
Nevada | ||||||||||||
700,000 | LAS VEGAS NV SPL ASSMNT DIST #817 | 6/1/2048 | 6.00 | 696,443 | 727,492 | |||||||
1,000,000 | LAS VEGAS VLY NV WTR DIST | 6/1/2046 | 5.00 | 1,025,574 | 1,028,799 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 924,397 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 1,048,276 | |||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2053 | 4.55 | 1,000,000 | 1,004,735 | |||||||
5,452,017 | 4,733,699 | 0.68% | ||||||||||
New Hampshire | ||||||||||||
1,000,000 | NATIONAL FIN AUTH LEASE REVENUE | 6/1/2051 | 5.25 | 1,072,870 | 1,108,322 | |||||||
1,500,000 | NEW HAMPSHIRE ST BUSINESS FIN AUTH WTR FAC REVENUE | 4/1/2048 | 5.00 | 1,500,000 | 1,558,162 | |||||||
2,572,870 | 2,666,484 | 0.38% | ||||||||||
New Jersey | ||||||||||||
1,000,000 | CAMDEN CNTY NJ IMPT AUTH CHRT SCH REVENUE(b) | 7/15/2042 | 5.00 | 1,040,041 | 1,023,791 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 519,596 | 522,568 | |||||||
1,765,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 1,760,718 | 1,704,077 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2041 | 4.00 | 968,838 | 987,510 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,918 | 927,853 | |||||||
2,675,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,675,000 | 2,661,105 | |||||||
3,950,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2042 | 4.50 | 3,950,000 | 4,037,238 | |||||||
1,220,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,220,000 | 840,019 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,351 | 829,174 | |||||||
4,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 4.80 | 4,000,000 | 4,076,176 | |||||||
1,455,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 5.00 | 1,523,817 | 1,515,205 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 502,285 | 509,578 | |||||||
20,025,564 | 19,634,294 | 2.80% | ||||||||||
New Mexico | ||||||||||||
980,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 980,000 | 957,710 | |||||||
650,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 2.70 | 488,495 | 498,962 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 1,975,000 | 1,910,646 | |||||||
485,000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 489,239 | 479,824 | |||||||
425,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 425,000 | 404,662 | |||||||
590,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 590,634 | 567,890 | |||||||
690,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 690,000 | 604,709 | |||||||
605,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 605,000 | 575,150 | |||||||
1,370,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,395,530 | 1,209,632 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990,000 | 730,466 | |||||||
1,210,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 1,210,000 | 873,387 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 2.80 | 1,975,000 | 1,466,848 |
See accompanying notes to financial statements. | 78 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Mexico (Cont'd): | ||||||||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | $ 1,000,000 | 985,522 | |||||||
1,500,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2053 | 4.70 | 1,500,000 | 1,512,858 | |||||||
14,313,898 | 12,778,266 | 1.82% | ||||||||||
New York | ||||||||||||
1,000,000 | DUTCHESS CNTY NY LOCAL DEV CORP MF | 10/1/2040 | 5.00 | 1,000,000 | 1,096,841 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 750,000 | 750,621 | |||||||
1,830,000 | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE | 9/1/2044 | 5.00 | 1,844,814 | 1,840,914 | |||||||
610,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 564,641 | 559,125 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 600,588 | 588,000 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 2,874,360 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 900,189 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 926,287 | |||||||
2,250,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,250,000 | 1,475,701 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP REVENUE | 8/1/2040 | 2.40 | 720,227 | 773,758 | |||||||
2,000,000 | NEW YORK ST CONVENTION CENTER DEV CORP REVENUE | 11/15/2040 | 5.00 | 2,025,884 | 2,032,672 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 1,001,898 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,480,947 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 500,280 | |||||||
2,930,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 2,930,000 | 2,918,613 | |||||||
1,700,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | 1,606,007 | 1,236,000 | |||||||
980,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 975,493 | 708,830 | |||||||
3,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2047 | 3.30 | 3,435,000 | 3,016,284 | |||||||
960,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 960,000 | 904,534 | |||||||
5,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 4.80 | 5,000,000 | 5,110,171 | |||||||
1,875,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,875,000 | 1,481,434 | |||||||
1,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,435,000 | 1,043,932 | |||||||
2,030,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2053 | 4.65 | 2,030,000 | 2,052,729 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,246,317 | 1,227,150 | |||||||
1,000,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 4/1/2035 | 6.00 | 1,023,510 | 1,113,996 | |||||||
1,500,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 7/1/2041 | 5.00 | 1,494,660 | 1,501,531 | |||||||
700,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 6/30/2044 | 5.50 | 735,010 | 772,070 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2029 | 3.60 | 650,000 | 622,585 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2046 | 5.00 | 680,518 | 547,042 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | 494,666 | 380,633 | |||||||
44,666,085 | 41,439,127 | 5.92% | ||||||||||
North Carolina | ||||||||||||
1,000,000 | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE | 7/1/2052 | 5.50 | 1,059,078 | 1,094,652 | |||||||
1,625,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,625,000 | 1,628,757 | |||||||
60,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 59,454 | 56,842 |
See accompanying notes to financial statements. | 79 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
North Carolina (Cont'd): | ||||||||||||
2,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2042 | 3.50 | $ 2,500,000 | 2,221,275 | |||||||
2,000,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2046 | 4.40 | 2,000,000 | 2,028,798 | |||||||
1,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2046 | 5.00 | 1,501,974 | 1,580,286 | |||||||
750,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2055 | 6.25 | 800,156 | 829,962 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,041,478 | 1,028,155 | |||||||
10,587,140 | 10,468,727 | 1.49% | ||||||||||
North Dakota | ||||||||||||
795,000 | GRAND FORKS ND HLTH CARE SYS REVENUE | 12/1/2035 | 5.00 | 840,807 | 918,150 | |||||||
410,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 410,766 | 355,463 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 985,000 | 835,724 | |||||||
920,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 920,000 | 699,067 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2048 | 5.10 | 1,000,000 | 1,034,615 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2053 | 4.00 | 1,028,229 | 986,745 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2053 | 5.75 | 1,084,850 | 1,071,980 | |||||||
6,269,652 | 5,901,744 | 0.84% | ||||||||||
Ohio | ||||||||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REV(b) | 12/1/2055 | 4.50 | 500,000 | 424,501 | |||||||
1,500,000 | CLOVERLEAF OH LOCAL SCH DIST COPS | 12/1/2047 | 5.75 | 1,559,067 | 1,627,989 | |||||||
830,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 844,584 | 640,558 | |||||||
1,400,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,458,351 | 1,315,438 | |||||||
585,000 | DAYTON OH ARPT REVENUE | 12/1/2025 | 5.00 | 585,000 | 585,235 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,042,282 | 1,552,702 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(d) | 12/1/2037 | 6.50 | 750,000 | 217,500 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,518,298 | 1,536,262 | |||||||
400,000 | OHIO ST HGR EDUCTNL FAC COMMISSION(f)(l) | 1/1/2043 | 4.50 | 400,000 | 400,000 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,026,999 | 1,502,078 | |||||||
1,000,000 | OHIO ST HSG FIN AGY MF HSG REVENUE(b) | 3/1/2026 | 6.25 | 1,000,000 | 1,010,698 | |||||||
505,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 461,518 | 465,894 | |||||||
3,950,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2046 | 2.85 | 3,950,000 | 2,987,388 | |||||||
950,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 4.55 | 950,000 | 960,511 | |||||||
2,395,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 5.10 | 2,395,000 | 2,529,344 | |||||||
495,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 495,000 | 475,073 | |||||||
1,150,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.50 | 1,151,290 | 1,158,299 | |||||||
625,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 625,000 | 599,976 | |||||||
3,615,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 3,635,594 | 2,505,079 | |||||||
1,950,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 1,950,000 | 1,406,386 | |||||||
960,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2052 | 5.00 | 1,005,821 | 995,390 | |||||||
29,303,804 | 24,896,301 | 3.55% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,146,696 | 1,958,403 | |||||||
1,000,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2043 | 4.50 | 1,001,298 | 1,022,487 |
See accompanying notes to financial statements. | 80 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Oklahoma (Cont'd): | ||||||||||||
1,000,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2047 | 5.05 | $ 1,000,000 | 1,039,783 | |||||||
1,975,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2053 | 6.25 | 2,107,174 | 2,147,370 | |||||||
6,255,168 | 6,168,043 | 0.88% | ||||||||||
Oregon | ||||||||||||
425,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 425,000 | 408,389 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2042 | 3.70 | 1,000,000 | 969,545 | |||||||
2,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,820,872 | 1,438,595 | |||||||
1,050,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2046 | 4.70 | 1,050,000 | 1,081,948 | |||||||
785,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 785,000 | 724,283 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,898 | 855,612 | |||||||
6,046,770 | 5,478,372 | 0.78% | ||||||||||
Pennsylvania | ||||||||||||
370,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(f) | 10/1/2034 | 4.46 | 370,000 | 339,776 | |||||||
1,500,000 | COATESVILLE PA AREA SCH DIST | 11/15/2037 | 5.25 | 1,559,511 | 1,667,574 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 511,386 | 515,991 | |||||||
785,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 786,147 | 699,232 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,310,576 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,026,282 | 993,464 | |||||||
1,000,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE | 10/1/2034 | 5.00 | 1,028,243 | 1,034,495 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, 3M CME Term SOFR + 0.65%)(f) | 7/1/2039 | 4.40 | 500,000 | 429,731 | |||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,685,000 | 1,586,158 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,029,026 | 774,612 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 853,336 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,416,643 | |||||||
640,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 3.00 | 637,126 | 625,172 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2045 | 5.00 | 1,021,914 | 1,013,756 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 741,643 | 766,262 | |||||||
15,596,278 | 14,026,778 | 2.00% | ||||||||||
Puerto Rico | ||||||||||||
1,500,000 | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE | 7/1/2040 | 4.55 | 1,462,680 | 1,507,278 | |||||||
1,462,680 | 1,507,278 | 0.22% | ||||||||||
Rhode Island | ||||||||||||
960,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 952,219 | 918,672 | |||||||
952,219 | 918,672 | 0.13% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,661 | 573,922 | |||||||
1,000,000 | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE (Floating, U.S. SOFR + 1.90%)(f) | 2/1/2054 | 5.52 | 1,000,000 | 1,011,351 | |||||||
1,000,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH | 11/15/2053 | 7.50 | 1,000,000 | 1,030,766 | |||||||
960,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2037 | 3.20 | 960,000 | 878,965 |
See accompanying notes to financial statements. | 81 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
South Carolina (Cont'd): | ||||||||||||
1,100,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | $ 1,100,000 | 918,450 | |||||||
1,000,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2048 | 4.90 | 1,000,000 | 1,026,017 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 686,505 | 489,180 | |||||||
950,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE(b) | 6/15/2043 | 7.00 | 939,995 | 971,668 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 884,590 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,003,871 | 1,002,586 | |||||||
9,338,032 | 8,787,495 | 1.25% | ||||||||||
South Dakota | ||||||||||||
2,000,000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2,000,000 | 1,579,503 | |||||||
2,000,000 | 1,579,503 | 0.23% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(d) | 6/1/2027 | 6.50 | 1,000,000 | 110,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 609,311 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2019 | 5.35 | 134,966 | 1 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 5.55 | 556,863 | 6 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 6.00 | - | 1 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 3.50 | 3,000,000 | 2,794,917 | |||||||
495,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 3.85 | 495,000 | 486,995 | |||||||
430,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 3.90 | 430,000 | 425,843 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 4.25 | 1,000,000 | 1,010,151 | |||||||
2,980,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2046 | 2.38 | 2,855,170 | 2,094,458 | |||||||
800,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2046 | 2.55 | 800,000 | 585,955 | |||||||
500,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2048 | 4.70 | 500,000 | 511,332 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2048 | 5.35 | 1,000,000 | 1,060,353 | |||||||
605,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 1/1/2049 | 3.95 | 605,000 | 572,500 | |||||||
1,990,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2051 | 2.50 | 1,990,000 | 1,320,837 | |||||||
1,975,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2053 | 4.70 | 1,973,781 | 2,001,924 | |||||||
1,500,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 1/1/2054 | 6.25 | 1,581,351 | 1,658,704 | |||||||
18,522,131 | 15,243,288 | 2.18% | ||||||||||
Texas | ||||||||||||
1,000,000 | ALAMITO TX PUBLIC FACS CORP MF HSG REVENUE(o) | 8/1/2044 | 5.00 | 1,027,742 | 1,032,368 | |||||||
1,000,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE(b) | 6/1/2053 | 6.00 | 980,980 | 1,008,252 | |||||||
2,000,000 | AUSTIN TX ARPT SYS REVENUE | 11/15/2044 | 5.00 | 2,008,379 | 2,005,063 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REV | 4/1/2040 | 3.00 | 1,002,822 | 856,727 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 632,462 | 634,618 | |||||||
2,000,000 | CRANDALL TX INDEP SCH DIST | 8/15/2036 | 5.00 | 2,069,434 | 2,071,666 | |||||||
1,000,000 | CYPRESS-FAIRBANKS TX INDEP SCH DIST | 2/15/2041 | 2.25 | 707,375 | 754,466 | |||||||
1,000,000 | DALLAS TX INDEP SCH DIST | 2/15/2042 | 2.00 | 651,542 | 710,909 | |||||||
750,000 | DALLAS TX SPL TAX REVENUE(b)(p) | 8/15/2053 | 6.25 | 751,925 | 761,521 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 366,831 |
See accompanying notes to financial statements. | 82 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | $ 690,702 | 515,393 | |||||||
1,500,000 | FORT WORTH TX | 3/1/2040 | 2.00 | 1,058,604 | 1,113,234 | |||||||
1,000,000 | GEORGETOWN TX INDEP SCH DIST | 8/15/2035 | 2.50 | 871,007 | 912,305 | |||||||
1,000,000 | GEORGETOWN TX INDEP SCH DIST | 8/15/2035 | 5.00 | 1,026,276 | 1,030,247 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2035 | 5.50 | 1,496,702 | 1,678,010 | |||||||
1,125,000 | GTR TEXOMA TX UTILITY AUTH CONTRACT REVENUE | 10/1/2032 | 5.00 | 1,286,682 | 1,327,461 | |||||||
2,000,000 | HOUSTON TX ARPT SYS REVENUE | 7/1/2048 | 5.25 | 2,137,181 | 2,175,255 | |||||||
1,000,000 | HSG SYNERGY PFC TX MF HSG REVENUE(q) | 2/1/2027 | 5.00 | 1,023,389 | 1,030,222 | |||||||
1,000,000 | MATAGORDA CNTY TX NAV DIST #1 | 11/1/2029 | 2.60 | 890,144 | 917,390 | |||||||
1,000,000 | MATAGORDA CNTY TX NAV DIST #1 | 5/1/2030 | 4.25 | 1,000,000 | 1,001,190 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP(c) | 2/15/2025 | 5.38 | 273,000 | 150,150 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,299 | 1,031,350 | |||||||
2,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2027 | 5.50 | 1,969,773 | 1,941,329 | |||||||
470,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2029 | 4.00 | 434,076 | 426,351 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2033 | 6.50 | 1,500,000 | 1,477,531 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,003,755 | 923,786 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 506,429 | 399,714 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,093,354 | 854,509 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,138,726 | 782,784 | |||||||
1,039,746 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE(f)(g) | 11/15/2061 | 2.00 | 1,039,746 | 391,073 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(b) | 12/1/2028 | 12.00 | 1,000,000 | 1,059,104 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 638,869 | 290,250 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV | 4/1/2046 | 5.00 | 1,102,098 | 1,100,415 | |||||||
700,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2039 | 5.00 | 694,750 | 703,922 | |||||||
2,000,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2051 | 5.00 | 1,990,000 | 1,909,041 | |||||||
250,000 | NORTHWEST TX INDEP SCH DIST | 2/15/2040 | 5.00 | 274,450 | 282,782 | |||||||
250,000 | NORTHWEST TX INDEP SCH DIST | 2/15/2041 | 5.00 | 273,163 | 281,824 | |||||||
1,000,000 | PECOS BARSTOW TOYAH TX INDEP SCH DIST | 2/15/2042 | 5.00 | 1,018,699 | 1,024,694 | |||||||
1,000,000 | SAN ANTONIO TX WTR REVENUE | 5/15/2039 | 5.00 | 1,021,510 | 1,019,439 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,000,000 | 1,001,006 | |||||||
1,000,000 | TEXAS ST | 10/1/2036 | 5.00 | 1,019,769 | 1,027,488 | |||||||
3,500,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2053 | 4.88 | 3,584,490 | 3,568,792 | |||||||
635,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 641,004 | 630,790 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 3/1/2050 | 3.00 | 721,446 | 788,937 | |||||||
1,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.25 | 1,537,925 | 1,585,595 | |||||||
2,445,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.50 | 2,622,820 | 2,612,758 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2053 | 5.25 | 1,031,522 | 1,058,526 | |||||||
3,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2048 | 5.13 | 3,556,342 | 3,726,755 | |||||||
485,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 488,563 | 341,638 |
See accompanying notes to financial statements. | 83 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
4,750,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2052 | 3.13 | $ 4,832,292 | 3,674,721 | |||||||
60,740,218 | 57,970,182 | 8.28% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,084 | 755,270 | |||||||
2,000,000 | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE | 7/1/2043 | 5.25 | 2,216,535 | 2,293,698 | |||||||
1,000,000 | JORDAN VLY UT WTR CONSERVANCY DIST WTR REVENUE | 10/1/2046 | 5.00 | 1,025,729 | 1,036,839 | |||||||
1,000,000 | JORDANELLE RIDGE PUBLIC INFRASTRUCTURE DIST #2 UT(b) | 3/1/2054 | 7.75 | 1,000,000 | 1,015,179 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,680 | 683,447 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,029,926 | 1,479,293 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 399,289 | |||||||
1,000,000 | SALT LAKE CITY UT ARPT REVENUE | 7/1/2039 | 5.25 | 1,057,545 | 1,119,941 | |||||||
1,000,000 | UTAH CNTY UT HOSP REVENUE | 5/15/2045 | 5.00 | 1,005,110 | 1,003,668 | |||||||
1,000,000 | UTAH HSG CORP SF MTGE REVENUE | 1/1/2054 | 5.00 | 1,000,000 | 1,032,522 | |||||||
1,000,000 | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE | 10/15/2033 | 5.50 | 1,032,844 | 1,094,902 | |||||||
2,000,000 | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE | 10/15/2037 | 5.00 | 2,013,576 | 2,021,804 | |||||||
825,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2027 | 4.25 | 825,000 | 788,235 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 12/15/2031 | 3.50 | 896,898 | 764,469 | |||||||
915,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2032 | 5.25 | 915,000 | 916,956 | |||||||
5,134,161 | UTAH ST HSG CORP | 12/21/2052 | 6.00 | 5,320,938 | 5,521,895 | |||||||
2,417,834 | UTAH ST HSG CORP | 1/21/2053 | 6.50 | 2,518,324 | 2,668,346 | |||||||
3,865,635 | UTAH ST HSG CORP | 4/21/2053 | 5.50 | 3,952,965 | 3,970,830 | |||||||
2,975,509 | UTAH ST HSG CORP | 5/21/2053 | 6.50 | 3,095,069 | 3,308,855 | |||||||
4,001,273 | UTAH ST HSG CORP | 6/21/2053 | 6.00 | 4,096,903 | 4,305,435 | |||||||
2,749,158 | UTAH ST HSG CORP | 9/21/2053 | 6.50 | 2,834,576 | 3,088,217 | |||||||
20,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 20,000 | 20,030 | |||||||
39,242,702 | 39,289,120 | 5.61% | ||||||||||
Vermont | ||||||||||||
375,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 372,170 | 359,605 | |||||||
372,170 | 359,605 | 0.05% | ||||||||||
Virgin Islands, U.S. | ||||||||||||
500,000 | VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE(b) | 10/1/2024 | 5.00 | 494,743 | 495,460 | |||||||
494,743 | 495,460 | 0.07% | ||||||||||
Virginia | ||||||||||||
1,500,000 | BOTETOURT CNTY VA RSDL CARE FAC REVENUE | 7/1/2044 | 6.00 | 1,505,412 | 1,501,356 | |||||||
3,000,000 | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE | 7/1/2041 | 5.00 | 3,074,250 | 3,103,879 | |||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,245 | |||||||
1,000,000 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 12/1/2058 | 6.88 | 1,005,610 | 1,059,211 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(m) | 9/1/2041 | 0.00 | 187,783 | 1,155 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(c) | 9/1/2041 | 5.63 | 373,459 | 122,150 | |||||||
850,000 | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE | 9/1/2030 | 6.25 | 850,000 | 871,417 | |||||||
500,000 | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE | 9/1/2043 | 6.50 | 501,004 | 532,411 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 1,000,000 | 1,000,942 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 691,345 |
See accompanying notes to financial statements. | 84 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Virginia (Cont'd): | ||||||||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 11/1/2048 | 5.25 | $ 1,000,000 | 1,083,359 | |||||||
10,997,518 | 10,468,470 | 1.49% | ||||||||||
Washington | ||||||||||||
1,500,000 | FRANKLIN CNTY WA SCH DIST #1 PASCO | 12/1/2040 | 5.50 | 1,725,814 | 1,774,674 | |||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 688,396 | 722,809 | |||||||
295,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 295,000 | 299,389 | |||||||
1,000,000 | KING CNTY WA SWR REVENUE | 7/1/2036 | 5.00 | 1,042,382 | 1,048,572 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,017,521 | 1,012,962 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 486,438 | 317,941 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,500 | 1,309,453 | |||||||
515,000 | WALLA WALLA CNTY WA SCH DIST #300 TOUCHET | 12/1/2029 | 4.00 | 515,000 | 515,045 | |||||||
1,000,000 | WASHINGTON ST HLTH CARE FACS AUTH | 10/1/2025 | 5.00 | 1,000,000 | 1,000,523 | |||||||
230,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 230,323 | 235,110 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 521,017 | 445,693 | |||||||
9,018,391 | 8,682,171 | 1.24% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2048 | 4.55 | 1,500,000 | 1,514,480 | |||||||
1,885,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1,885,000 | 1,352,295 | |||||||
1,470,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2053 | 4.85 | 1,470,000 | 1,501,083 | |||||||
4,855,000 | 4,367,858 | 0.62% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2046 | 0.00 | 2,228 | 413 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2047 | 0.00 | 2,371 | 425 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2048 | 0.00 | 2,246 | 394 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2049 | 0.00 | 2,154 | 368 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2050 | 0.00 | 2,050 | 336 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2051 | 0.00 | 2,154 | 345 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d)(f)(g) | 7/1/2051 | 3.75 | 443,916 | 252,619 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2052 | 0.00 | 2,124 | 327 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2053 | 0.00 | 2,029 | 306 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2054 | 0.00 | 1,949 | 285 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2055 | 0.00 | 1,864 | 265 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2056 | 0.00 | 1,781 | 248 | |||||||
106,459 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d) | 7/1/2056 | 5.50 | 104,505 | 58,432 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2057 | 0.00 | 2,526 | 236 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2058 | 0.00 | 1,646 | 219 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2059 | 0.00 | 1,586 | 206 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2060 | 0.00 | 1,529 | 192 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2061 | 0.00 | 1,466 | 178 |
See accompanying notes to financial statements. | 85 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2062 | 0.00 | $ 1,414 | 166 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2063 | 0.00 | 1,355 | 155 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2064 | 0.00 | 1,309 | 147 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2065 | 0.00 | 1,265 | 137 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2066 | 0.00 | 1,225 | 126 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(m) | 1/1/2067 | 0.00 | 14,272 | 1,466 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 522,966 | 466,905 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1,049,391 | 1,017,546 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1,000,000 | 1,027,982 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 6/1/2028 | 3.00 | 1,250,000 | 1,162,413 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b)(c)(d) | 11/1/2028 | 6.25 | 1,250,000 | 687,500 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b)(d) | 1/1/2033 | 6.13 | 991,417 | 450,000 | |||||||
250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 10/1/2034 | 5.00 | 246,588 | 255,614 | |||||||
1,695,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,716,235 | 1,244,746 | |||||||
245,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 244,895 | 248,149 | |||||||
80,000 | RACINE CNTY WI | 3/1/2026 | 4.00 | 80,021 | 80,072 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 519,010 | 425,892 | |||||||
330,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 3/15/2033 | 4.50 | 334,952 | 339,984 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 724,381 | 655,072 | |||||||
1,410,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2041 | 5.00 | 1,415,384 | 1,258,879 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 4/1/2057 | 5.13 | 1,500,000 | 1,156,005 | |||||||
13,446,204 | 10,794,750 | 1.54% | ||||||||||
Sub-total Municipal Bonds: | 701,339,216 | 648,807,447 | 92.63% | |||||||||
Short-Term Investments: | ||||||||||||
20,108,356 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 5.24%(r) | 20,108,356 | 20,108,356 | |||||||||
Sub-total Short-Term Investments: | 20,108,356 | 20,108,356 | 2.87% | |||||||||
Grand total | $ 751,806,495 | 693,874,010 | 99.06% |
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 of Clearwater Investment Trust. |
(c) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
(d) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to $2,754,772 or 0.39% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
ARIZONA ST INDL DEV AUTH ECON DEV REVENUE, 7.75%, 7/1/2030 - 7/1/2051 | 8/12/2020-6/4/2021 | $400,000 - 1,237,500 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/2035 | 12/2/2015-1/21/2016 | 1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/2037 | 6/28/2017 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV, 7.25%, 5/15/2026 | 12/16/2013 | 585,483 |
See accompanying notes to financial statements. | 86 | (Continued) |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV, 8.13%, 5/15/2044 | 6/27/2017-4/12/2018 | $1,531,071 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/2027 | 5/24/2017 | 1,000,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/2037 | 10/27/2017 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 5.50%, 1/1/2046 - 1/1/2067 | 3/26/2018-3/8/2022 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 6.25%, 11/1/2028 - 1/1/2033 | 4/3/2017-8/16/2018 | 988,170 - 1,250,000 |
(e) | Security has converted to a fixed rate as of December 14, 2023, and will be going forward. |
(f) | Variable or floating rate security. Rate as of December 31, 2023 is disclosed. |
(g) | 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. |
(h) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(i) | Security has converted to a fixed rate as of September 1, 2007, and will be going forward. |
(j) | Security has converted to a fixed rate as of December 16, 2022, and will be going forward. |
(k) | Security has converted to a fixed rate as of April 24, 2023, and will be going forward. |
(l) | 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. |
(m) | Zero coupon bond. |
(n) | Security has converted to a fixed rate as of June 21, 2023, and will be going forward. |
(o) | Security has converted to a fixed rate as of August 3, 2023, and will be going forward. |
(p) | Security has converted to a fixed rate as of November 28, 2023, and will be going forward. |
(q) | Security has converted to a fixed rate as of July 21, 2023, and will be going forward. |
(r) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2022, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $11,705,149 with net purchases of $8,403,207 during the fiscal year ended December 31, 2023. |
Geographical Diversification | Percent | |
Florida | 13.68% | |
Texas | 8.67 | |
Illinois | 7.37 | |
New York | 6.19 | |
Utah | 5.87 | |
California | 5.21 | |
Michigan | 3.89 | |
Ohio | 3.72 | |
Colorado | 3.62 | |
New Jersey | 2.94 | |
Other | 38.84 | |
100.00% |
See accompanying notes to financial statements. | 87 | (Continued) |
Type | Number of Contracts | Notional Amount (000s) | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) (000s) | |||||
10-Year U.S. Treasury Note | 497 | $(56,107) | Short | 3/24 | $(1,896) | |||||
U.S. Treasury Long Bond | 100 | (12,494) | Short | 3/24 | (943) | |||||
Ultra 10-Year U.S. Treasury Note | 100 | (11,802) | Short | 3/24 | (471) | |||||
2-Year U.S. Treasury Note | 163 | (33,564) | Short | 3/24 | (349) | |||||
5-Year U.S. Treasury Note | 295 | (32,088) | Short | 3/24 | (743) | |||||
$(4,402) |
See accompanying notes to financial statements. | 88 | (Continued) |
See accompanying notes to financial statements. | 89 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD.(b) | $ 331,893 | 339,414 | |||||
10,590 | ANZ GROUP HOLDINGS LTD. | 95,677 | 187,053 | |||||
2,554 | ASX LTD. | 51,631 | 109,751 | |||||
40,983 | ATLASSIAN CORP., CLASS A(c) | 9,989,368 | 9,748,216 | |||||
445,000 | BEACH ENERGY LTD. | 647,241 | 485,192 | |||||
45,302 | BHP GROUP LTD. | 1,107,240 | 1,556,210 | |||||
49,300 | BLUESCOPE STEEL LTD. | 459,311 | 786,134 | |||||
17,400 | BRAMBLES LTD. | 64,294 | 161,258 | |||||
151,800 | CEDAR WOODS PROPERTIES LTD. | 545,697 | 516,186 | |||||
971 | COCHLEAR LTD. | 35,893 | 197,626 | |||||
11,330 | COMMONWEALTH BANK OF AUSTRALIA | 245,530 | 863,189 | |||||
9,576 | CSL LTD. | 226,091 | 1,870,553 | |||||
649,200 | EMECO HOLDINGS LTD. | 351,482 | 296,406 | |||||
97,180 | FORTESCUE LTD. | 212,026 | 1,921,801 | |||||
19,923 | GOODMAN GROUP | 57,689 | 343,486 | |||||
1,039,600 | GRANGE RESOURCES LTD. | 584,855 | 329,423 | |||||
208,100 | HELIA GROUP LTD. | 425,619 | 616,872 | |||||
88,434 | HUB24 LTD. | 1,304,410 | 2,168,878 | |||||
47,401 | LENDLEASE CORP. LTD. | 192,448 | 241,292 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 978,428 | |||||
174,400 | METCASH LTD. | 556,523 | 414,769 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,215 | 936,653 | |||||
403,300 | NEW HOPE CORP. LTD.(b) | 712,713 | 1,418,117 | |||||
64,600 | NICK SCALI LTD. | 464,540 | 542,347 | |||||
26,749 | NORTHERN STAR RESOURCES LTD. | 133,395 | 248,814 | |||||
281,600 | OCEANAGOLD CORP. | 576,630 | 539,802 | |||||
378,300 | PACT GROUP HOLDINGS LTD.(c) | 787,238 | 220,413 | |||||
166,000 | QANTAS AIRWAYS LTD.(c) | 569,833 | 607,458 | |||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 88,481 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,679,827 | |||||
20,500 | SANTOS LTD. | 45,732 | 106,170 | |||||
5,884 | SEEK LTD. | 49,598 | 107,178 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 870,502 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 131,295 | |||||
469,503 | STEADFAST GROUP LTD. | 1,876,070 | 1,862,067 | |||||
297,819 | STOCKLAND | 734,663 | 903,122 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 814,582 | |||||
13,099 | TRANSURBAN GROUP | 36,728 | 122,380 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 90,070 | |||||
462,400 | VICINITY LTD. | 579,585 | 642,809 | |||||
10,565 | WASHINGTON H SOUL PATTINSON & CO. LTD. | 183,547 | 235,928 | |||||
8,635 | WESFARMERS LTD. | 249,487 | 335,642 | |||||
11,122 | WOODSIDE ENERGY GROUP LTD. | 204,237 | 235,406 | |||||
27,110,746 | 36,871,200 | 3.63% | ||||||
Austria: | ||||||||
18,200 | BAWAG GROUP A.G.(c)(d) | 714,959 | 964,009 | |||||
1,727 | ERSTE GROUP BANK A.G. | 28,884 | 70,027 | |||||
14,475 | EUROTELESITES A.G.(c) | 59,356 | 58,006 | |||||
3,577 | OMV A.G. | 129,822 | 157,045 | |||||
313 | STRABAG S.E.(c) | 5,505 | 14,305 | |||||
57,900 | TELEKOM AUSTRIA A.G.(c) | 363,157 | 488,978 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 637,577 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 783,992 | |||||
2,459,101 | 3,173,939 | 0.31% | ||||||
Belgium: | ||||||||
7,120 | AGEAS S.A./N.V. | 106,908 | 308,982 | |||||
42,700 | BPOST S.A. | 321,554 | 219,855 | |||||
16,207 | D'IETEREN GROUP | 2,488,037 | 3,165,045 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 291,375 | |||||
38,644 | GROUPE BRUXELLES LAMBERT N.V. | 3,321,966 | 3,038,320 | |||||
3,413 | KBC GROUP N.V. | 77,680 | 221,244 | |||||
10,200 | TESSENDERLO GROUP S.A. | 441,457 | 318,103 | |||||
2,245 | UCB S.A. | 107,034 | 195,543 |
See accompanying notes to financial statements. | 90 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Belgium (Cont'd): | ||||||||
4,564 | WAREHOUSES DE PAUW CVA | $ 120,972 | 143,595 | |||||
7,366,809 | 7,902,062 | 0.78% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(c) | 274,164 | 223,742 | |||||
171,378 | CI&T, INC., CLASS A(c) | 2,244,853 | 901,448 | |||||
353,300 | GPS PARTICIPACOES E EMPREENDIMENTOS S.A.(d) | 1,332,837 | 1,366,393 | |||||
801,308 | GRUPO SBF S.A. | 2,298,374 | 1,925,116 | |||||
235,400 | ODONTOPREV S.A. | 566,205 | 562,906 | |||||
110,654 | TELEFONICA BRASIL S.A. ADR(e) | 1,073,674 | 1,210,555 | |||||
497,059 | VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS S.A. | 1,450,382 | 1,024,553 | |||||
106,600 | VIBRA ENERGIA S.A.(c) | 500,792 | 498,423 | |||||
9,741,281 | 7,713,136 | 0.76% | ||||||
Canada: | ||||||||
3,840 | AGNICO EAGLE MINES LTD. | 146,646 | 210,624 | |||||
109,091 | ALIMENTATION COUCHE-TARD, INC. | 3,155,681 | 6,424,188 | |||||
7,866 | ALTAGAS LTD. | 135,598 | 165,150 | |||||
57,800 | ARTIS REAL ESTATE INVESTMENT TRUST | 534,679 | 289,207 | |||||
163,600 | B2GOLD CORP. | 818,860 | 517,327 | |||||
785 | BANK OF MONTREAL | 34,168 | 77,668 | |||||
2,936 | BANK OF NOVA SCOTIA (THE) | 67,574 | 142,954 | |||||
12,636 | BROOKFIELD CORP. | 405,931 | 506,956 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 787,155 | |||||
4,325 | CAE, INC.(c) | 68,280 | 93,377 | |||||
25,292 | CANADIAN IMPERIAL BANK OF COMMERCE | 945,298 | 1,217,788 | |||||
4,615 | CANADIAN NATURAL RESOURCES LTD. | 252,893 | 302,375 | |||||
66,608 | CANADIAN NATURAL RESOURCES LTD. (TORONTO EXCHANGE) | 4,429,179 | 4,363,790 | |||||
155,521 | CANADIAN PACIFIC KANSAS CITY LTD. | 6,851,130 | 12,295,490 | |||||
9,100 | CANADIAN TIRE CORP. LTD., CLASS A | 967,543 | 966,418 | |||||
24,599 | CARGOJET, INC. | 1,977,581 | 2,212,341 | |||||
47,300 | CASCADES, INC. | 494,913 | 454,420 | |||||
13,725 | CCL INDUSTRIES, INC., CLASS B | 551,253 | 617,239 | |||||
102,961 | CELESTICA, INC.(c) | 2,555,820 | 3,014,698 | |||||
42,208 | CENOVUS ENERGY, INC. | 703,458 | 702,763 | |||||
4,854 | CGI, INC.(c) | 385,356 | 520,397 | |||||
57,700 | CI FINANCIAL CORP. | 896,767 | 647,087 | |||||
307 | CONSTELLATION SOFTWARE, INC. | 271,176 | 761,162 | |||||
18,415 | DESCARTES SYSTEMS GROUP (THE), INC.(c) | 710,356 | 1,547,219 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 474,333 | |||||
14,353 | ENBRIDGE, INC. | 514,690 | 516,995 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 1,105,129 | |||||
54,522 | EXCHANGE INCOME CORP. | 2,177,878 | 1,855,735 | |||||
332 | FAIRFAX FINANCIAL HOLDINGS LTD. | 109,228 | 306,308 | |||||
317 | FIRSTSERVICE CORP. | 37,450 | 51,352 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 1,329,335 | |||||
3,196 | IMPERIAL OIL LTD. | 141,353 | 182,779 | |||||
415 | INTACT FINANCIAL CORP. | 33,776 | 63,848 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(c) | 2,833 | 13,240 | |||||
42,876 | KINROSS GOLD CORP. | 152,204 | 259,400 | |||||
2,635 | LOBLAW COS. LTD. | 101,823 | 255,098 | |||||
921 | LUMINE GROUP, INC.(c) | 9,604 | 20,783 | |||||
7,954 | MAGNA INTERNATIONAL, INC. | 389,994 | 469,922 | |||||
14,440 | MANULIFE FINANCIAL CORP. | 232,014 | 319,124 | |||||
3,000 | METRO, INC. | 54,328 | 155,292 | |||||
73,700 | MULLEN GROUP LTD. | 791,421 | 780,912 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,473,249 | |||||
20,020 | NORTHLAND POWER, INC. | 322,864 | 363,670 | |||||
10,766 | ONEX CORP. | 493,620 | 751,804 | |||||
7,493 | OPEN TEXT CORP. | 205,449 | 314,856 | |||||
7,809 | PARKLAND CORP. | 166,853 | 251,706 | |||||
23,037 | PEMBINA PIPELINE CORP. | 732,001 | 792,934 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 544,342 | |||||
2,253 | POWER CORP. OF CANADA | 51,403 | 64,425 | |||||
148,802 | PRAIRIESKY ROYALTY LTD. | 2,406,917 | 2,605,341 | |||||
41,090 | QUEBECOR, INC., CLASS B | 926,060 | 977,440 | |||||
3,916 | RESTAURANT BRANDS INTERNATIONAL, INC. | 219,594 | 305,957 |
See accompanying notes to financial statements. | 91 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
32,980 | RIOCAN REAL ESTATE INVESTMENT TRUST | $ 459,381 | 463,445 | |||||
3,754 | ROGERS COMMUNICATIONS, INC., CLASS B | 149,916 | 175,725 | |||||
3,338 | ROYAL BANK OF CANADA | 337,599 | 337,572 | |||||
16,691 | SHOPIFY, INC., CLASS A(c) | 464,706 | 1,300,229 | |||||
10,500 | STELCO HOLDINGS, INC. | 316,173 | 397,717 | |||||
126,363 | SUNCOR ENERGY, INC. | 2,605,067 | 4,048,232 | |||||
4,531 | TC ENERGY CORP. | 158,244 | 177,117 | |||||
9,096 | TELUS CORP. | 177,914 | 161,868 | |||||
1,358 | TFI INTERNATIONAL, INC. | 127,516 | 184,722 | |||||
37,221 | THOMSON REUTERS CORP. | 4,124,408 | 5,441,926 | |||||
1,036 | THOMSON REUTERS CORP. (NEW YORK EXCHANGE) | 108,812 | 151,484 | |||||
3,802 | TOURMALINE OIL CORP. | 171,069 | 170,983 | |||||
416 | TRISURA GROUP LTD.(c) | 490 | 10,674 | |||||
31,500 | WAJAX CORP. | 462,770 | 719,599 | |||||
34,100 | WASTE CONNECTIONS, INC. | 4,863,881 | 5,090,107 | |||||
7,242 | WHEATON PRECIOUS METALS CORP. | 227,571 | 357,320 | |||||
1,466 | WSP GLOBAL, INC. | 166,444 | 205,498 | |||||
55,330,388 | 74,837,320 | 7.37% | ||||||
Chile: | ||||||||
318,400 | CENCOSUD S.A. | 432,618 | 598,123 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 233,428 | |||||
760,164 | 831,551 | 0.08% | ||||||
China: | ||||||||
654,000 | 3SBIO, INC.(c)(d) | 426,195 | 629,837 | |||||
470,676 | ALIBABA GROUP HOLDING LTD. | 7,732,305 | 4,556,971 | |||||
362,762 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 1,917,989 | 838,090 | |||||
1,147,000 | AVICHINA INDUSTRY & TECHNOLOGY CO. LTD., CLASS H | 523,500 | 492,086 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 165,502 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 433,174 | |||||
267,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 1,790,483 | 995,181 | |||||
246,574 | HUALI INDUSTRIAL GROUP CO. LTD., CLASS A | 1,665,371 | 1,821,540 | |||||
1,015,500 | LI NING CO. LTD. | 2,788,123 | 2,718,057 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 297,272 | |||||
289,500 | SINOTRUK HONG KONG LTD. | 559,233 | 567,989 | |||||
57,200 | TRIP.COM GROUP LTD.(c) | 1,173,491 | 2,033,517 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,185 | 274,895 | |||||
19,861,869 | 15,824,111 | 1.56% | ||||||
Czech Republic: | ||||||||
516 | PHILIP MORRIS CR A.S. | 296,125 | 360,401 | |||||
296,125 | 360,401 | 0.03% | ||||||
Denmark: | ||||||||
113,555 | ALK-ABELLO A/S(c) | 1,539,811 | 1,701,803 | |||||
44 | AP MOLLER - MAERSK A/S, CLASS A | 35,560 | 78,061 | |||||
65 | AP MOLLER - MAERSK A/S, CLASS B | 52,319 | 116,857 | |||||
1,300 | CARLSBERG A/S, CLASS B | 50,752 | 163,022 | |||||
2,288 | COLOPLAST A/S, CLASS B | 117,799 | 261,575 | |||||
22,200 | D/S NORDEN A/S | 318,702 | 1,055,311 | |||||
12,005 | DANSKE BANK A/S | 141,793 | 320,716 | |||||
3,896 | DEMANT A/S(c) | 70,444 | 170,779 | |||||
2,447 | DSV A/S | 121,246 | 429,594 | |||||
2,834 | GENMAB A/S(c) | 904,871 | 904,419 | |||||
27,000 | MATAS A/S | 379,536 | 461,415 | |||||
1,918 | NOVO NORDISK A/S ADR(e) | 108,060 | 198,417 | |||||
138,123 | NOVO NORDISK A/S, CLASS B | 8,331,300 | 14,279,276 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 135,191 | |||||
2,802 | PANDORA A/S | 27,668 | 387,227 | |||||
12,200 | PER AARSLEFF HOLDING A/S | 552,758 | 582,656 | |||||
245 | ROCKWOOL A/S, CLASS B | 37,155 | 71,693 | |||||
6,562 | SOLAR A/S, CLASS B | 419,879 | 451,868 | |||||
40,800 | SPAR NORD BANK A/S | 620,981 | 644,080 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 155,168 | |||||
16,220 | VESTAS WIND SYSTEMS A/S(c) | 150,564 | 514,749 | |||||
14,053,065 | 23,083,877 | 2.27% | ||||||
Egypt: | ||||||||
159,800 | ABOU KIR FERTILIZERS & CHEMICAL INDUSTRIES | 416,951 | 430,644 |
See accompanying notes to financial statements. | 92 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Egypt (Cont'd): | ||||||||
323,300 | EASTERN CO. S.A.E. | $ 244,707 | 293,388 | |||||
661,658 | 724,032 | 0.07% | ||||||
Finland: | ||||||||
9,600 | CARGOTEC OYJ, CLASS B | 522,724 | 558,510 | |||||
27,200 | KEMIRA OYJ | 447,150 | 504,161 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 110,498 | |||||
3,256 | KONE OYJ, CLASS B | 35,674 | 162,326 | |||||
23,500 | KONECRANES OYJ | 864,459 | 1,057,949 | |||||
21,225 | NESTE OYJ | 67,704 | 754,724 | |||||
356,640 | NOKIA OYJ | 1,440,460 | 1,201,611 | |||||
650,241 | NOKIA OYJ ADR(e) | 2,827,006 | 2,223,824 | |||||
46,541 | NORDEA BANK ABP | 419,121 | 575,507 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 84,970 | |||||
15,829 | STORA ENSO OYJ (REGISTERED) | 75,698 | 218,867 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 448,725 | |||||
38,449 | VALMET OYJ | 999,027 | 1,108,259 | |||||
7,879,218 | 9,009,931 | 0.89% | ||||||
France: | ||||||||
4,611 | AIR LIQUIDE S.A. | 539,629 | 896,506 | |||||
10,358 | AIRBUS S.E. | 325,383 | 1,598,344 | |||||
14,341 | ALTEN S.A. | 2,053,881 | 2,130,953 | |||||
4,199 | ARKEMA S.A. | 378,617 | 477,455 | |||||
21,399 | AXA S.A. | 257,534 | 696,655 | |||||
15,160 | BNP PARIBAS S.A. | 712,479 | 1,047,499 | |||||
23,266 | CAPGEMINI S.E. | 3,625,198 | 4,847,950 | |||||
9,832 | CARREFOUR S.A. | 151,251 | 179,797 | |||||
17,497 | CIE DE SAINT-GOBAIN | 382,786 | 1,287,592 | |||||
8,124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78,557 | 291,117 | |||||
37,390 | COFACE S.A. | 449,179 | 488,716 | |||||
12,299 | COVIVIO S.A. | 523,586 | 660,952 | |||||
43,315 | CREDIT AGRICOLE S.A. | 349,095 | 614,552 | |||||
181,899 | DANONE S.A. | 11,232,535 | 11,783,379 | |||||
4,893 | DASSAULT SYSTEMES S.E. | 167,866 | 238,941 | |||||
3,422 | EDENRED | 102,446 | 204,526 | |||||
26,507 | ENGIE S.A. | 331,812 | 465,799 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 118,273 | |||||
2,068 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 286,293 | 414,587 | |||||
2,901 | EURAZEO S.E. | 76,265 | 230,104 | |||||
17,295 | GAZTRANSPORT ET TECHNIGAZ S.A. | 2,150,908 | 2,289,229 | |||||
9,197 | GETLINK S.E. | 70,409 | 168,185 | |||||
376 | HERMES INTERNATIONAL | 464,612 | 796,466 | |||||
3,399 | INFOTEL S.A. | 145,404 | 198,873 | |||||
8,900 | IPSEN S.A. | 736,413 | 1,060,134 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 315,675 | |||||
1,026 | KERING S.A. | 174,510 | 451,928 | |||||
671 | KLEPIERRE S.A.(c) | 8,398 | 18,282 | |||||
4,848 | LEGRAND S.A. | 109,851 | 503,618 | |||||
18,023 | L'OREAL S.A. | 5,629,103 | 8,966,354 | |||||
11,162 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 1,461,688 | 9,039,632 | |||||
58,600 | MERCIALYS S.A. | 617,151 | 643,357 | |||||
14,296 | MERSEN S.A. | 465,081 | 555,529 | |||||
14,900 | NEXITY S.A. | 742,412 | 277,163 | |||||
25,890 | ORANGE S.A. ADR(e) | 251,572 | 295,923 | |||||
2,734 | PERNOD RICARD S.A. | 171,347 | 482,157 | |||||
3,242 | PUBLICIS GROUPE S.A. | 158,840 | 300,637 | |||||
2,858 | RENAULT S.A. | 56,206 | 116,439 | |||||
37,800 | REXEL S.A. | 752,778 | 1,033,635 | |||||
77,079 | SAFRAN S.A. | 10,523,325 | 13,568,669 | |||||
11,014 | SANOFI S.A. ADR(e) | 429,868 | 547,726 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 55,938 | |||||
29,705 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 3,234,006 | 5,961,082 | |||||
14,443 | SOCIETE GENERALE S.A. | 201,715 | 383,063 | |||||
4,900 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 168,159 | 377,573 | |||||
7,150 | SODEXO S.A.(c) | 647,363 | 786,325 | |||||
4,719 | SODEXO S.A.(c) | 415,153 | 518,974 | |||||
42,944 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,698,178 | 4,722,788 |
See accompanying notes to financial statements. | 93 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
9,709 | SOITEC(c) | $ 835,838 | 1,734,213 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 408,012 | |||||
1,413 | THALES S.A. | 81,763 | 208,946 | |||||
35,335 | TOTALENERGIES S.E. ADR(e) | 1,732,392 | 2,380,872 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 426,080 | |||||
10,500 | VICAT S.A. | 406,419 | 380,780 | |||||
7,810 | VINCI S.A. | 316,569 | 980,304 | |||||
22,858 | VIVENDI S.E. | 196,031 | 244,165 | |||||
60,105,431 | 89,872,423 | 8.85% | ||||||
Georgia: | ||||||||
11,300 | TBC BANK GROUP PLC | 401,480 | 407,620 | |||||
401,480 | 407,620 | 0.04% | ||||||
Germany: | ||||||||
18,537 | ADIDAS A.G. | 1,875,103 | 3,768,636 | |||||
7,853 | ALLIANZ S.E. (REGISTERED) | 680,763 | 2,097,542 | |||||
6,098 | AURUBIS A.G. | 286,000 | 499,910 | |||||
9,733 | BASF S.E. | 392,845 | 524,129 | |||||
66,638 | BAYER A.G. (REGISTERED) | 3,791,039 | 2,473,992 | |||||
3,104 | BAYERISCHE MOTOREN WERKE A.G. | 225,884 | 345,339 | |||||
828 | BEIERSDORF A.G. | 35,556 | 124,039 | |||||
7,674 | BRENNTAG S.E. | 528,393 | 705,016 | |||||
3,380 | COVESTRO A.G.(c)(d) | 99,223 | 196,567 | |||||
35,100 | CROPENERGIES A.G. | 435,527 | 445,609 | |||||
5,205 | DAIMLER TRUCK HOLDING A.G. | 126,102 | 195,481 | |||||
14,087 | DEUTSCHE BANK A.G. (REGISTERED) | 136,469 | 192,277 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,152 | 931,637 | |||||
22,387 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(c) | 128,838 | 198,899 | |||||
54,300 | DEUTSCHE PFANDBRIEFBANK A.G.(b)(d) | 673,490 | 371,356 | |||||
17,828 | DEUTSCHE POST A.G. | 210,542 | 882,801 | |||||
44,230 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 728,220 | 1,062,003 | |||||
80,415 | EVOTEC S.E.(c) | 1,837,518 | 1,889,114 | |||||
23,600 | FREENET A.G. | 557,311 | 660,189 | |||||
49,183 | FRESENIUS MEDICAL CARE A.G. | 3,285,510 | 2,061,060 | |||||
6,137 | FRESENIUS S.E. & CO. KGAA | 142,558 | 190,173 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 536,310 | |||||
4,440 | HEIDELBERG MATERIALS A.G. | 183,098 | 396,730 | |||||
20,563 | INFINEON TECHNOLOGIES A.G. | 112,405 | 858,080 | |||||
6,898 | JOST WERKE S.E.(d) | 220,853 | 336,585 | |||||
1,916 | KION GROUP A.G. | 36,282 | 81,793 | |||||
8,791 | MERCEDES-BENZ GROUP A.G. | 481,778 | 607,037 | |||||
2,159 | MERCK KGAA | 96,589 | 343,452 | |||||
904 | MTU AERO ENGINES A.G. | 139,764 | 194,854 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 1,279,957 | |||||
6,900 | PUBLITY A.G.(b)(c) | 253,482 | 132,540 | |||||
39,372 | PUMA S.E. | 1,826,316 | 2,195,838 | |||||
662 | RHEINMETALL A.G. | 105,250 | 209,744 | |||||
3,230 | RWE A.G. | 68,611 | 146,838 | |||||
5,716 | SAP S.E. | 742,068 | 880,144 | |||||
1,116 | SAP S.E. ADR(e) | 104,801 | 172,522 | |||||
66,355 | SCHOTT PHARMA A.G. & CO. KGAA(c) | 2,042,649 | 2,461,287 | |||||
48,294 | SCOUT24 S.E.(d) | 3,082,535 | 3,420,637 | |||||
12,193 | SIEMENS A.G. (REGISTERED) | 724,684 | 2,287,202 | |||||
17,300 | UNITED INTERNET A.G. (REGISTERED) | 656,976 | 440,026 | |||||
404 | VOLKSWAGEN A.G. | 40,235 | 52,828 | |||||
27,845,563 | 36,850,173 | 3.63% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 96,070 | |||||
54,075 | 96,070 | 0.01% | ||||||
Hong Kong: | ||||||||
220,400 | AIA GROUP LTD. | 733,244 | 1,920,756 | |||||
46,000 | BOC HONG KONG HOLDINGS LTD. | 63,016 | 124,890 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 723,150 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 614,120 | |||||
48,544 | CK ASSET HOLDINGS LTD. | 130,843 | 243,699 | |||||
2,000 | CLP HOLDINGS LTD. | 13,542 | 16,508 |
See accompanying notes to financial statements. | 94 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Hong Kong (Cont'd): | ||||||||
998,000 | FIRST PACIFIC CO. LTD. | $ 376,906 | 397,487 | |||||
18,000 | GALAXY ENTERTAINMENT GROUP LTD. | 39,054 | 100,852 | |||||
608,500 | GRAND PHARMACEUTICAL GROUP LTD. | 389,449 | 318,725 | |||||
25,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 45,544 | 78,019 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 404,995 | |||||
134,000 | KINGBOARD HOLDINGS LTD. | 630,206 | 320,563 | |||||
40,500 | LINK REIT | 84,196 | 227,435 | |||||
16,500 | MTR CORP. LTD. | 38,268 | 64,026 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 300,621 | |||||
2,786,000 | SINOFERT HOLDINGS LTD.(c) | 377,076 | 324,680 | |||||
1,024,000 | SSY GROUP LTD. | 465,746 | 647,827 | |||||
49,500 | SWIRE PACIFIC LTD., CLASS A | 316,208 | 419,024 | |||||
7,000 | TECHTRONIC INDUSTRIES CO. LTD. | 44,938 | 83,415 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 538,644 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 211,806 | |||||
626,000 | VSTECS HOLDINGS LTD. | 568,356 | 352,744 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 468,935 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 194,852 | |||||
7,271,049 | 9,097,773 | 0.90% | ||||||
Hungary: | ||||||||
67,212 | WIZZ AIR HOLDINGS PLC(c)(d) | 1,897,819 | 1,894,203 | |||||
1,897,819 | 1,894,203 | 0.19% | ||||||
India: | ||||||||
93,900 | AMARA RAJA ENERGY & MOBILITY LTD. | 730,323 | 920,790 | |||||
511,000 | CESC LTD. | 527,922 | 813,658 | |||||
266,600 | FIRSTSOURCE SOLUTIONS LTD. | 267,193 | 592,222 | |||||
295,800 | GUJARAT STATE FERTILIZERS & CHEMICALS LTD. | 528,092 | 858,105 | |||||
478,371 | HCL TECHNOLOGIES LTD. | 4,024,070 | 8,428,171 | |||||
241,084 | ICICI BANK LTD. ADR(e) | 5,388,431 | 5,747,442 | |||||
361,262 | INDUS TOWERS LTD.(c) | 1,198,293 | 864,150 | |||||
20,200 | JUBILANT PHARMOVA LTD. | 134,435 | 132,407 | |||||
142,600 | KARNATAKA BANK (THE) LTD. | 387,774 | 401,082 | |||||
52,500 | LG BALAKRISHNAN & BROS. LTD. | 457,964 | 793,837 | |||||
108,100 | LIC HOUSING FINANCE LTD. | 554,741 | 696,428 | |||||
44,300 | MAHARASHTRA SEAMLESS LTD. | 407,595 | 492,623 | |||||
345,400 | MARKSANS PHARMA LTD. | 218,954 | 668,687 | |||||
451,872 | MUTHOOT MICROFIN LTD.(c) | 1,575,748 | 1,363,809 | |||||
342,300 | NAVA LTD. | 535,317 | 1,802,743 | |||||
454,600 | NMDC LTD. | 552,018 | 1,145,326 | |||||
454,600 | NMDC STEEL LTD.(c) | 218,274 | 280,800 | |||||
182,100 | OIL INDIA LTD. | 563,046 | 814,391 | |||||
199,800 | PETRONET LNG LTD. | 538,925 | 534,593 | |||||
460,200 | REDINGTON LTD. | 919,384 | 977,763 | |||||
164,578 | UPL LTD. | 1,497,243 | 1,161,448 | |||||
21,225,742 | 29,490,475 | 2.90% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY INDONESIA TBK PT | 470,816 | 633,296 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 226,734 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 458,584 | |||||
1,324,000 | MATAHARI DEPARTMENT STORE TBK PT | 151,981 | 171,982 | |||||
1,456,280 | 1,490,596 | 0.15% | ||||||
Ireland: | ||||||||
15,389 | ACCENTURE PLC, CLASS A | 1,757,998 | 5,400,154 | |||||
1,876 | AERCAP HOLDINGS N.V.(c) | 87,898 | 139,424 | |||||
90,100 | DALATA HOTEL GROUP PLC | 399,713 | 459,532 | |||||
3,568 | DCC PLC | 188,706 | 262,781 | |||||
139,342 | EXPERIAN PLC | 2,536,011 | 5,687,146 | |||||
2,158 | FLUTTER ENTERTAINMENT PLC - CDI(c) | 240,212 | 381,172 | |||||
35,712 | ICON PLC(c) | 6,358,868 | 10,108,996 | |||||
920 | KERRY GROUP PLC, CLASS A | 50,283 | 79,890 | |||||
17,539 | RYANAIR HOLDINGS PLC(c) | 235,787 | 369,333 | |||||
11,855,476 | 22,888,428 | 2.25% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 435,841 |
See accompanying notes to financial statements. | 95 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Israel (Cont'd): | ||||||||
35,900 | HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. | $ 422,925 | 280,994 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 580,303 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 1,122,811 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 322,743 | |||||
1,987,349 | 2,742,692 | 0.27% | ||||||
Italy: | ||||||||
416,800 | A2A S.P.A. | 806,512 | 855,375 | |||||
42,000 | BANCA IFIS S.P.A. | 804,497 | 727,945 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 238,090 | |||||
51,325 | ENEL S.P.A. | 241,364 | 381,324 | |||||
1 | ENI S.P.A. | - | 17 | |||||
21,534 | ENI S.P.A. ADR(e) | 477,488 | 732,371 | |||||
30,086 | FERRARI N.V. | 4,760,627 | 10,136,742 | |||||
375,900 | IREN S.P.A. | 999,472 | 818,745 | |||||
2,133 | IVECO GROUP N.V.(c) | 4,835 | 19,182 | |||||
75,670 | LEONARDO S.P.A. | 606,153 | 1,247,609 | |||||
44,692 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 349,727 | 552,829 | |||||
121,800 | MFE-MEDIAFOREUROPE N.V., CLASS A | 475,447 | 317,059 | |||||
910 | MONCLER S.P.A. | 37,687 | 55,956 | |||||
244,500 | PIAGGIO & C S.P.A. | 596,766 | 803,809 | |||||
104,200 | PIRELLI & C S.P.A.(d) | 506,260 | 566,761 | |||||
4,902 | PRYSMIAN S.P.A. | 148,153 | 222,794 | |||||
234,481 | TECHNOPROBE S.P.A.(c) | 1,553,658 | 2,237,804 | |||||
5,562 | TENARIS S.A. | 72,215 | 96,677 | |||||
34,652 | TERNA - RETE ELETTRICA NAZIONALE | 130,368 | 288,971 | |||||
63,644 | UNICREDIT S.P.A. | 671,591 | 1,725,932 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 408,481 | |||||
13,706,986 | 22,434,473 | 2.21% | ||||||
Japan: | ||||||||
30,600 | ADEKA CORP. | 390,224 | 622,851 | |||||
136,000 | ADVANTEST CORP. | 4,678,703 | 4,626,894 | |||||
4,700 | AEON CO. LTD. | 52,433 | 105,033 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 601,702 | |||||
2,300 | AISIN CORP. | 37,584 | 80,467 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 578,723 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 453,801 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD. | 83,346 | 205,099 | |||||
13,000 | ASAHI KASEI CORP. | 46,220 | 95,794 | |||||
22,100 | ASAHI YUKIZAI CORP | 276,792 | 594,819 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 442,426 | |||||
4,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 90,207 | |||||
66,800 | BAYCURRENT CONSULTING, INC. | 1,310,812 | 2,345,580 | |||||
13,800 | BRIDGESTONE CORP. | 205,726 | 571,574 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 512,348 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 481,254 | |||||
32,500 | CHIBA BANK (THE) LTD. | 178,628 | 234,761 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 511,468 | |||||
55,900 | CONCORDIA FINANCIAL GROUP LTD. | 180,730 | 255,554 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 523,587 | |||||
27,500 | CRESCO LTD. | 342,183 | 374,273 | |||||
10,600 | DAI-ICHI LIFE HOLDINGS, INC. | 182,119 | 224,931 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 799,115 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 733,564 | |||||
29,500 | DAITRON CO. LTD.(b) | 489,565 | 586,025 | |||||
7,400 | DAIWA HOUSE INDUSTRY CO. LTD. | 74,451 | 224,204 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 613,021 | |||||
32,800 | DENSO CORP. | 185,234 | 494,791 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 84,677 | |||||
3,100 | EISAI CO. LTD. | 127,178 | 155,044 | |||||
40,800 | ELEMATEC CORP. | 418,802 | 507,251 | |||||
20,400 | EXEDY CORP. | 319,517 | 375,302 | |||||
13,000 | FANUC CORP. | 182,941 | 382,348 | |||||
3,900 | FAST RETAILING CO. LTD. | 188,734 | 967,809 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 270,932 | |||||
31,700 | FUJI CORP. | 564,353 | 545,195 |
See accompanying notes to financial statements. | 96 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
4,700 | FUJI ELECTRIC CO. LTD. | $ 61,631 | 202,300 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 445,233 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 522,802 | |||||
2,400 | FUJITSU LTD. | 131,326 | 362,128 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 470,732 | |||||
34,900 | GMO PAYMENT GATEWAY, INC. | 2,345,139 | 2,425,179 | |||||
28,100 | GUNGHO ONLINE ENTERTAINMENT, INC. | 437,266 | 468,632 | |||||
109,800 | GUNMA BANK (THE) LTD. | 500,229 | 537,319 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 123,404 | |||||
141 | HIROSE ELECTRIC CO. LTD. | 11,109 | 15,965 | |||||
19,000 | HITACHI LTD. | 295,895 | 1,370,426 | |||||
45,600 | HONDA MOTOR CO. LTD. | 370,123 | 474,111 | |||||
10,500 | HORIBA LTD. | 551,352 | 821,383 | |||||
5,300 | HOYA CORP. | 112,594 | 662,500 | |||||
72,100 | IDOM, INC. | 435,748 | 496,007 | |||||
40,800 | INNOTECH CORP. | 377,287 | 486,417 | |||||
15,200 | INPEX CORP. | 144,096 | 205,308 | |||||
141,600 | INTEGRAL CORP.(c) | 2,195,461 | 2,671,319 | |||||
18,200 | ITOCHU CORP. | 192,005 | 744,393 | |||||
21,720 | ITOHAM YONEKYU HOLDINGS, INC. | 686,193 | 593,834 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 806,106 | |||||
85,000 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 913,228 | 1,409,433 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 148,092 | |||||
52,800 | JAPAN LIFELINE CO. LTD. | 391,231 | 472,953 | |||||
15,900 | JAPAN PETROLEUM EXPLORATION CO. LTD. | 536,302 | 590,894 | |||||
14,300 | JAPAN TOBACCO, INC.(b) | 255,669 | 369,670 | |||||
61,100 | JEOL LTD. | 2,950,084 | 2,682,333 | |||||
18,900 | KAGA ELECTRONICS CO. LTD. | 477,103 | 821,681 | |||||
3,500 | KAJIMA CORP. | 15,004 | 58,495 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 558,223 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 559,996 | |||||
12,300 | KANEKA CORP. | 387,968 | 312,472 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 34,170 | |||||
9,000 | KAO CORP. | 183,106 | 370,213 | |||||
29,762 | KDDI CORP. | 238,488 | 946,896 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 113,430 | |||||
16,524 | KEYENCE CORP. | 2,207,423 | 7,279,935 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 367,404 | |||||
67,600 | KITZ CORP. | 466,295 | 578,196 | |||||
54,500 | KOBE BUSSAN CO. LTD. | 1,140,657 | 1,610,262 | |||||
10,100 | KOMATSU LTD. | 197,184 | 264,176 | |||||
22,400 | KOMERI CO. LTD. | 432,959 | 490,894 | |||||
2,300 | KONAMI GROUP CORP. | 50,313 | 120,432 | |||||
21,000 | KUBOTA CORP. | 129,773 | 316,117 | |||||
20,700 | KUREHA CORP. | 316,117 | 422,809 | |||||
1,600 | KYOCERA CORP. | 11,033 | 23,353 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 84,043 | |||||
96,400 | M&A RESEARCH INSTITUTE HOLDINGS, INC.(b)(c) | 2,278,412 | 3,059,504 | |||||
4,800 | M3, INC. | 51,468 | 79,421 | |||||
19,100 | MARUBENI CORP. | 186,544 | 301,875 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 109,002 | |||||
7,700 | MAZDA MOTOR CORP. | 38,348 | 83,198 | |||||
396,100 | MEBUKI FINANCIAL GROUP, INC. | 843,829 | 1,204,874 | |||||
4,800 | MEIJI HOLDINGS CO. LTD. | 38,749 | 114,009 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 312,738 | |||||
30,300 | MICRONICS JAPAN CO. LTD. | 291,217 | 788,660 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 178,844 | |||||
597 | MIRAI CORP. | 328,940 | 183,969 | |||||
48,300 | MIRAIT ONE CORP | 598,489 | 636,806 | |||||
4,500 | MITSUBISHI CHEMICAL GROUP CORP. | 14,284 | 27,574 | |||||
52,500 | MITSUBISHI CORP. | 230,376 | 839,069 | |||||
19,400 | MITSUBISHI ELECTRIC CORP. | 185,711 | 275,040 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 135,970 | |||||
12,900 | MITSUBISHI HC CAPITAL, INC. | 33,945 | 86,622 | |||||
1,200 | MITSUBISHI HEAVY INDUSTRIES LTD. | 45,240 | 70,136 | |||||
21,200 | MITSUBISHI SHOKUHIN CO. LTD. | 523,817 | 723,206 | |||||
127,100 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 634,731 | 1,092,068 |
See accompanying notes to financial statements. | 97 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
16,600 | MITSUI & CO. LTD. | $ 187,177 | 623,736 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 219,481 | |||||
4,800 | MITSUI OSK LINES LTD. | 108,940 | 153,770 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 800,851 | |||||
26,000 | MIZUHO FINANCIAL GROUP, INC. | 302,862 | 444,858 | |||||
20,400 | MUGEN ESTATE CO. LTD. | 117,733 | 156,545 | |||||
32,400 | MURATA MANUFACTURING CO. LTD. | 162,615 | 687,753 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 349,704 | |||||
4,500 | NEC CORP. | 151,340 | 266,489 | |||||
16,700 | NICHIAS CORP. | 297,341 | 401,511 | |||||
6,800 | NIDEC CORP. | 96,057 | 274,652 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 362,610 | |||||
69,900 | NINTENDO CO. LTD. | 2,300,273 | 3,648,185 | |||||
11,300 | NIPPON EXPRESS HOLDINGS, INC. | 569,619 | 642,257 | |||||
760,000 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 928,709 | |||||
9,300 | NIPPON YUSEN K.K. | 39,009 | 288,300 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 704,453 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 195,248 | |||||
42,500 | NISSAN MOTOR CO. LTD. | 138,126 | 167,046 | |||||
3,600 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 125,643 | |||||
3,000 | NITERRA CO. LTD. | 28,359 | 71,255 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 361,532 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 239,433 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 239,291 | |||||
26,000 | NITTO KOGYO CORP. | 446,429 | 663,830 | |||||
24,800 | NOMURA REAL ESTATE HOLDINGS, INC. | 548,769 | 652,363 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 285,063 | |||||
16,000 | NSW, INC. | 308,868 | 322,837 | |||||
7,000 | NTT DATA GROUP CORP. | 36,519 | 99,241 | |||||
27,100 | OBAYASHI CORP. | 184,757 | 234,482 | |||||
51,100 | OKAMURA CORP. | 721,626 | 790,057 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 480,458 | |||||
1,100 | OMRON CORP. | 31,828 | 51,357 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 89,220 | |||||
24,000 | ORIENTAL LAND CO. LTD. | 113,097 | 893,787 | |||||
24,900 | PANASONIC HOLDINGS CORP. | 190,748 | 246,616 | |||||
41,000 | PERSOL HOLDINGS CO. LTD. | 37,131 | 70,398 | |||||
123,100 | PLUS ALPHA CONSULTING CO. LTD. | 2,503,023 | 2,476,842 | |||||
121,000 | RAKUS CO. LTD. | 1,645,963 | 2,241,933 | |||||
2,400 | RECRUIT HOLDINGS CO. LTD. | 31,274 | 101,498 | |||||
45,300 | RESONA HOLDINGS, INC. | 172,185 | 230,195 | |||||
3,600 | RINNAI CORP. | 52,047 | 83,438 | |||||
26,600 | RION CO. LTD. | 502,380 | 460,123 | |||||
1,600 | ROHM CO. LTD. | 13,823 | 30,667 | |||||
24,300 | S FOODS, INC. | 538,392 | 567,862 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 306,402 | |||||
1,200 | SECOM CO. LTD. | 44,072 | 86,426 | |||||
12,700 | SEKISUI CHEMICAL CO. LTD. | 64,585 | 183,069 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 133,277 | |||||
73,300 | SEVEN & I HOLDINGS CO. LTD. | 2,598,954 | 2,908,606 | |||||
15,600 | SHIBAURA MECHATRONICS CORP. | 411,582 | 657,191 | |||||
10,700 | SHIFT, INC.(c) | 1,405,130 | 2,718,255 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 111,830 | |||||
1,500 | SHIMANO, INC. | 58,204 | 232,287 | |||||
46,000 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,930,369 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 192,851 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 174,905 | |||||
28,900 | SHIZUOKA FINANCIAL GROUP, INC. | 174,482 | 244,933 | |||||
900 | SMC CORP. | 106,941 | 483,574 | |||||
21,000 | SOFTBANK CORP. | 210,925 | 262,053 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,642,428 | |||||
33,400 | SOJITZ CORP. | 711,933 | 754,461 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 278,774 | |||||
12,300 | SONY GROUP CORP. | 861,111 | 1,169,809 | |||||
5,700 | SUBARU CORP. | 26,572 | 104,540 | |||||
17,900 | SUMITOMO CORP. | 237,245 | 390,499 | |||||
40,400 | SUMITOMO HEAVY INDUSTRIES LTD.(b) | 1,122,628 | 1,018,596 |
See accompanying notes to financial statements. | 98 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
10,200 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | $ 308,888 | 497,702 | |||||
1,600 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 36,088 | 47,591 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 248,166 | |||||
34,100 | SWCC CORP. | 593,339 | 691,432 | |||||
2,600 | SYSMEX CORP. | 51,707 | 144,899 | |||||
20,100 | T RAD CO. LTD. | 425,712 | 439,777 | |||||
2,200 | TAISEI CORP. | 19,821 | 75,237 | |||||
3,600 | TDK CORP. | 62,321 | 171,498 | |||||
11,600 | TERUMO CORP. | 117,165 | 380,250 | |||||
51,400 | TOAGOSEI CO. LTD. | 437,472 | 500,148 | |||||
1,000 | TOHO CO. LTD. | 13,412 | 33,823 | |||||
43,200 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 1,081,226 | |||||
32,700 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(c) | 107,478 | 171,269 | |||||
9,900 | TOKYO ELECTRON LTD. | 135,391 | 1,773,223 | |||||
8,200 | TOKYO GAS CO. LTD. | 148,002 | 188,309 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 627,835 | |||||
3,000 | TOTO LTD. | 30,029 | 79,000 | |||||
1,000 | TOYO SUISAN KAISHA LTD. | 25,714 | 51,631 | |||||
33,300 | TOYOTA BOSHOKU CORP. | 638,507 | 528,431 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 326,241 | |||||
90,500 | TOYOTA MOTOR CORP. | 1,282,111 | 1,662,697 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 100,167 | |||||
32,900 | TPR CO. LTD. | 424,011 | 397,600 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 468,287 | |||||
900 | TREND MICRO, INC. | 26,539 | 48,179 | |||||
50,900 | TSUGAMI CORP. | 536,991 | 438,606 | |||||
7,700 | UNICHARM CORP. | 67,055 | 278,401 | |||||
800 | USS CO. LTD. | 3,505 | 16,091 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 328,929 | |||||
25,500 | VISIONAL, INC.(c) | 1,210,269 | 1,624,043 | |||||
23,000 | WARABEYA NICHIYO HOLDINGS CO. LTD. | 372,710 | 558,688 | |||||
2,600 | YAKULT HONSHA CO. LTD. | 22,252 | 58,399 | |||||
83,700 | YAMAGUCHI FINANCIAL GROUP, INC. | 555,179 | 750,035 | |||||
13,800 | YAMAHA MOTOR CO. LTD. | 46,377 | 123,270 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 208,865 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 339,532 | |||||
79,014,636 | 122,357,270 | 12.05% | ||||||
Jordan: | ||||||||
60,416 | HIKMA PHARMACEUTICALS PLC | 1,331,049 | 1,377,696 | |||||
1,331,049 | 1,377,696 | 0.14% | ||||||
Lithuania: | ||||||||
969,678 | BALTIC CLASSIFIEDS GROUP PLC | 2,166,176 | 2,923,140 | |||||
2,166,176 | 2,923,140 | 0.29% | ||||||
Macau: | ||||||||
4,800 | SANDS CHINA LTD.(c) | 9,373 | 14,046 | |||||
9,373 | 14,046 | 0.00% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,380 | 515,041 | |||||
274,300 | RHB BANK BHD. | 377,864 | 325,339 | |||||
715,244 | 840,380 | 0.08% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(d) | 360,811 | 672,997 | |||||
216,217 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(c)(e) | 1,744,166 | 2,028,115 | |||||
107,949 | GRUMA S.A.B. DE C.V., CLASS B | 1,224,860 | 1,977,931 | |||||
212,771 | GRUPO AEROPORTUARIO DEL CENTRO NORTE S.A.B. DE C.V. | 1,987,240 | 2,252,383 | |||||
186,700 | MEGACABLE HOLDINGS S.A.B. DE C.V. - CPO | 409,781 | 416,917 | |||||
295,176 | PROLOGIS PROPERTY MEXICO S.A. DE C.V.(b) | 979,507 | 1,403,655 | |||||
39,900 | PROMOTORA Y OPERADORA DE INFRAESTRUCTURA S.A.B. DE C.V. | 362,988 | 431,684 | |||||
177,029 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 862,306 | 1,788,743 |
See accompanying notes to financial statements. | 99 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Mexico (Cont'd): | ||||||||
196,500 | REGIONAL S.A.B. DE C.V. | $ 1,565,400 | 1,877,749 | |||||
9,497,059 | 12,850,174 | 1.26% | ||||||
Netherlands: | ||||||||
6,726 | ADYEN N.V.(c)(d) | 9,001,577 | 8,662,201 | |||||
143,900 | AEGON LTD. | 363,250 | 833,689 | |||||
459 | AKZO NOBEL N.V. | 18,664 | 37,912 | |||||
13,927 | ASM INTERNATIONAL N.V. | 4,198,520 | 7,225,346 | |||||
3,454 | ASML HOLDING N.V. | 2,010,380 | 2,599,352 | |||||
13,826 | ASML HOLDING N.V. (REGISTERED) | 3,767,967 | 10,465,176 | |||||
21,600 | ASR NEDERLAND N.V. | 788,307 | 1,018,195 | |||||
30,400 | EUROCOMMERCIAL PROPERTIES N.V. | 737,194 | 745,034 | |||||
3,610 | EXOR N.V. | 90,616 | 360,666 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 135,311 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 82,871 | |||||
2,822 | HEINEKEN N.V. | 79,167 | 286,425 | |||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203,381 | 507,067 | |||||
65,970 | KONINKLIJKE KPN N.V. | 190,999 | 227,076 | |||||
285,101 | KONINKLIJKE PHILIPS N.V.(c) | 5,971,047 | 6,636,235 | |||||
15,956 | KONINKLIJKE PHILIPS N.V. (REGISTERED)(c) | 244,727 | 372,254 | |||||
2,587 | PROSUS N.V.(c) | 61,381 | 77,067 | |||||
8,117 | QIAGEN N.V.(c) | 119,394 | 353,054 | |||||
209 | RANDSTAD N.V. | 4,033 | 13,087 | |||||
23,800 | SIGNIFY N.V.(d) | 640,632 | 796,628 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 1,165,466 | |||||
97,212 | UNIVERSAL MUSIC GROUP N.V. | 2,511,442 | 2,769,857 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 879,891 | |||||
31,654,654 | 46,249,860 | 4.55% | ||||||
New Zealand: | ||||||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 102,386 | |||||
115,879 | 102,386 | 0.01% | ||||||
Norway: | ||||||||
6,359 | ADEVINTA ASA(c) | 37,714 | 70,350 | |||||
30,933 | AKER BP ASA | 1,041,758 | 899,684 | |||||
32,200 | ATEA ASA(c) | 360,833 | 409,477 | |||||
829,647 | AUTOSTORE HOLDINGS LTD.(c)(d) | 1,109,965 | 1,631,546 | |||||
40,966 | BAKKAFROST P/F | 2,065,305 | 2,145,091 | |||||
12,068 | DNB BANK ASA | 82,736 | 256,566 | |||||
1,416 | EQUINOR ASA ADR(e) | 34,019 | 44,802 | |||||
65,300 | EUROPRIS ASA(d) | 420,002 | 493,290 | |||||
62,974 | KONGSBERG GRUPPEN ASA | 2,565,924 | 2,884,684 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 161,274 | |||||
35,300 | SPAREBANK 1 SR-BANK ASA | 380,636 | 447,856 | |||||
2,400 | YARA INTERNATIONAL ASA | 55,523 | 85,324 | |||||
8,202,743 | 9,529,944 | 0.94% | ||||||
Poland: | ||||||||
24,000 | ASSECO POLAND S.A. | 487,128 | 445,873 | |||||
18,905 | CYFROWY POLSAT S.A.(c) | 130,878 | 59,241 | |||||
281,626 | ORANGE POLSKA S.A. | 506,882 | 582,613 | |||||
1,124,888 | 1,087,727 | 0.11% | ||||||
Portugal: | ||||||||
20,567 | EDP - ENERGIAS DE PORTUGAL S.A. | 48,529 | 103,421 | |||||
14,452 | GALP ENERGIA SGPS S.A. | 143,129 | 212,830 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,677 | 239,522 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 482,943 | |||||
365,400 | SONAE SGPS S.A. | 405,827 | 364,860 | |||||
1,011,161 | 1,403,576 | 0.14% | ||||||
Russia: | ||||||||
152,020 | CIAN PLC ADR(c)(e)(f) | 2,339,655 | - | |||||
3,168 | GLOBALTRANS INVESTMENT PLC GDR (REGISTERED)(c)(f) | 21,771 | - | |||||
25,740,000 | RUSHYDRO PJSC(b)(f) | 218,665 | - | |||||
2,580,091 | - | 0.00% | ||||||
Saudi Arabia: | ||||||||
49,721 | ALDREES PETROLEUM AND TRANSPORT SERVICES CO. | 1,681,515 | 2,344,622 |
See accompanying notes to financial statements. | 100 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Saudi Arabia (Cont'd): | ||||||||
23,384 | BUPA ARABIA FOR COOPERATIVE INSURANCE CO. | $ 1,170,021 | 1,329,323 | |||||
2,851,536 | 3,673,945 | 0.36% | ||||||
Singapore: | ||||||||
779,800 | AZTECH GLOBAL LTD. | 481,808 | 549,509 | |||||
5,000 | CITY DEVELOPMENTS LTD. | 23,356 | 25,194 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 713,894 | |||||
39,200 | KEPPEL CORP. LTD. | 150,880 | 209,997 | |||||
13,480 | KEPPEL REIT | 5,756 | 9,499 | |||||
5,200 | OVERSEA-CHINESE BANKING CORP. LTD. | 43,484 | 51,222 | |||||
401,033 | SEATRIUM LTD.(c) | 39,737 | 35,857 | |||||
51,700 | SINGAPORE AIRLINES LTD. | 194,072 | 256,982 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 96,829 | |||||
4,600 | UNITED OVERSEAS BANK LTD. | 26,071 | 99,163 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 497,065 | |||||
1,722,770 | 2,545,211 | 0.25% | ||||||
South Africa: | ||||||||
134,900 | ADCOCK INGRAM HOLDINGS LTD. | 394,451 | 443,214 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 367,265 | |||||
45,442 | ASTRAL FOODS LTD. | 337,713 | 364,107 | |||||
42,500 | BARLOWORLD LTD. | 242,391 | 183,545 | |||||
132,200 | INVESTEC PLC | 773,831 | 896,130 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 265,025 | |||||
22,787 | TELKOM S.A. SOC LTD.(c) | 116,245 | 37,047 | |||||
5,284 | THUNGELA RESOURCES LTD. | 1,910 | 42,998 | |||||
63,900 | TIGER BRANDS LTD. | 577,274 | 703,153 | |||||
42,500 | ZEDA LTD.(c) | 47,481 | 29,623 | |||||
3,098,862 | 3,332,107 | 0.33% | ||||||
South Korea: | ||||||||
25,000 | DAESANG CORP. | 545,401 | 402,247 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 927,872 | |||||
4,784 | DL E&C CO. LTD. | 210,584 | 133,525 | |||||
31,100 | DOOSAN BOBCAT, INC. | 908,313 | 1,212,146 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 314,001 | |||||
42,027 | HANA MATERIALS, INC. | 1,526,442 | 1,629,701 | |||||
34,354 | HPSP CO. LTD. | 854,366 | 1,160,941 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 270,061 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 519,030 | |||||
15,994 | HYUNDAI GREEN FOOD/NEW(c) | 265,187 | 142,444 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 232,317 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 385,005 | |||||
138,222 | KOREA REAL ESTATE INVESTMENT & TRUST CO. LTD. | 296,250 | 126,079 | |||||
25,300 | KT CORP. | 539,161 | 674,600 | |||||
64,100 | LG UPLUS CORP. | 723,972 | 508,874 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 457,524 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,763 | 152,732 | |||||
17,812 | NAVER CORP. | 2,195,643 | 3,082,738 | |||||
58,100 | PARTRON CO. LTD. | 410,901 | 366,639 | |||||
202,165 | SAMSUNG ELECTRONICS CO. LTD. | 7,725,882 | 12,295,658 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 424,887 | |||||
14,900 | VIEWORKS CO. LTD. | 386,364 | 312,462 | |||||
39,900 | YOUNG POONG PRECISION CORP. | 405,022 | 393,741 | |||||
10,700 | YOUNGONE CORP. | 365,651 | 377,638 | |||||
20,715,201 | 26,502,862 | 2.61% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 185,417 | |||||
9,041 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 206,316 | 400,829 | |||||
1,333 | AENA SME S.A.(d) | 146,281 | 241,484 | |||||
6,379 | AMADEUS IT GROUP S.A. | 179,436 | 456,891 | |||||
17,442 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. ADR(e) | 84,304 | 158,897 | |||||
51,052 | BANCO SANTANDER S.A. | 144,309 | 213,008 | |||||
58,923 | BANCO SANTANDER S.A. ADR(e) | 194,636 | 243,941 | |||||
60,498 | CAIXABANK S.A. | 164,673 | 248,848 | |||||
31,300 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 607,086 | 845,873 | |||||
140,872 | FAES FARMA S.A. | 588,215 | 491,429 | |||||
39 | FERROVIAL S.E. | 588 | 1,422 | |||||
69,814 | IBERDROLA S.A. | 430,525 | 914,835 |
See accompanying notes to financial statements. | 101 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Spain (Cont'd): | ||||||||
38,700 | INDRA SISTEMAS S.A. | $ 579,171 | 598,120 | |||||
12,493 | INDUSTRIA DE DISENO TEXTIL S.A. | 239,195 | 543,805 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 359,965 | |||||
10,622 | NATURGY ENERGY GROUP S.A. | 164,427 | 316,606 | |||||
3,948 | REDEIA CORP. S.A. | 37,712 | 64,984 | |||||
31,112 | REPSOL S.A. | 268,381 | 461,955 | |||||
21,125 | TELEFONICA S.A. ADR(e) | 69,434 | 82,388 | |||||
4,570,292 | 6,830,697 | 0.67% | ||||||
Sweden: | ||||||||
2,065 | ALLEIMA AB | 1,539 | 15,687 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 638,968 | |||||
284,824 | ATLAS COPCO AB, CLASS A | 1,803,725 | 4,900,948 | |||||
15,920 | ATLAS COPCO AB, CLASS B | 22,691 | 235,816 | |||||
182,649 | BEIJER REF AB | 1,826,161 | 2,442,914 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 463,077 | |||||
18,000 | BOLIDEN AB | 418,169 | 561,270 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 354,919 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16,773 | 40,903 | |||||
9,604 | EPIROC AB, CLASS A | 18,146 | 192,536 | |||||
4,000 | EPIROC AB, CLASS B | 7,248 | 69,958 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 213,166 | |||||
55,005 | EVOLUTION AB(d) | 7,020,959 | 6,556,284 | |||||
369,216 | FORTNOX AB | 1,932,513 | 2,206,646 | |||||
10,131 | H & M HENNES & MAURITZ AB, CLASS B(b) | 98,015 | 177,407 | |||||
25,557 | HEXAGON AB, CLASS B | 56,077 | 306,475 | |||||
130,200 | HUMANA AB(c) | 538,994 | 363,386 | |||||
17,500 | HUSQVARNA AB, CLASS B | 64,201 | 143,976 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 269,188 | |||||
43,812 | INVESTOR AB, CLASS B | 150,033 | 1,014,282 | |||||
49,100 | INWIDO AB | 276,126 | 658,168 | |||||
36,400 | KINDRED GROUP PLC SDR | 177,628 | 336,642 | |||||
7,801 | KNOW IT AB | 144,666 | 121,121 | |||||
14,800 | LOOMIS AB | 372,004 | 392,669 | |||||
44,500 | MEKO AB | 323,086 | 482,677 | |||||
158,618 | MUNTERS GROUP AB(d) | 1,825,811 | 2,571,278 | |||||
303,554 | NCAB GROUP AB | 1,816,371 | 2,204,563 | |||||
111,669 | NORDNET AB PUBL | 1,288,217 | 1,893,248 | |||||
29,428 | ORRON ENERGY AB(c) | 485,724 | 23,225 | |||||
77,000 | RESURS HOLDING AB(d) | 417,550 | 182,307 | |||||
45,280 | SAAB AB, CLASS B | 2,278,707 | 2,727,741 | |||||
16,008 | SANDVIK AB | 135,894 | 346,156 | |||||
84,900 | SECURITAS AB, CLASS B | 649,198 | 829,804 | |||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 484,903 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 47,621 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 128,837 | |||||
12,497 | SVENSKA HANDELSBANKEN AB, CLASS A | 60,798 | 135,613 | |||||
12,741 | SWEDBANK AB, CLASS A | 176,972 | 256,815 | |||||
35,506 | TETHYS OIL AB | 259,465 | 152,975 | |||||
53,514 | THULE GROUP AB(d) | 1,241,344 | 1,456,427 | |||||
24,387 | VOLVO AB, CLASS B | 156,616 | 632,763 | |||||
27,673,114 | 37,233,359 | 3.67% | ||||||
Switzerland: | ||||||||
217,551 | ABB LTD. (REGISTERED) | 4,365,749 | 9,648,240 | |||||
4,727 | ALCON, INC. | 75,580 | 368,920 | |||||
384 | AVOLTA A.G.(c) | 8,927 | 15,103 | |||||
19,923 | BACHEM HOLDING A.G. | 1,371,228 | 1,539,736 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 75,847 | |||||
54 | BARRY CALLEBAUT A.G. (REGISTERED) | 86,515 | 91,108 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 407,895 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 363,831 | |||||
42,234 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 2,994,717 | 5,812,479 | |||||
1,200 | DORMAKABA HOLDING A.G. | 436,003 | 647,762 | |||||
22,925 | DSM-FIRMENICH A.G. | 1,731,031 | 2,328,341 | |||||
54,800 | EFG INTERNATIONAL A.G.(c) | 442,650 | 703,692 | |||||
44,301 | GARMIN LTD. | 4,741,247 | 5,694,450 |
See accompanying notes to financial statements. | 102 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
990 | GEBERIT A.G. (REGISTERED) | $ 85,632 | 634,457 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 579,942 | |||||
235,567 | GLOBAL BLUE GROUP HOLDING A.G.(c) | 2,097,127 | 1,114,232 | |||||
5,640 | HELVETIA HOLDING A.G. (REGISTERED) | 533,016 | 777,214 | |||||
70,081 | HOLCIM A.G.(c) | 3,377,641 | 5,501,156 | |||||
3,711 | JULIUS BAER GROUP LTD. | 74,659 | 208,042 | |||||
897 | LONZA GROUP A.G. (REGISTERED) | 50,452 | 377,229 | |||||
117,259 | MEDMIX A.G.(d) | 4,422,551 | 2,648,976 | |||||
100,497 | NESTLE S.A. (REGISTERED) | 5,000,489 | 11,651,462 | |||||
121,636 | NOVARTIS A.G. (REGISTERED) | 9,025,991 | 12,274,237 | |||||
3,868 | NOVARTIS A.G. ADR(e) | 295,798 | 390,552 | |||||
11,952 | ROCHE HOLDING A.G. | 1,552,784 | 3,474,543 | |||||
31,985 | SANDOZ GROUP A.G.(c) | 720,213 | 1,029,088 | |||||
773 | SANDOZ GROUP A.G. ADR(c)(e) | 16,416 | 24,744 | |||||
755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34,888 | 188,784 | |||||
3,000 | SGS S.A. (REGISTERED) | 129,434 | 258,748 | |||||
3,517 | SIKA A.G. (REGISTERED) | 117,252 | 1,144,525 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 426,747 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 64,855 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 515,917 | |||||
967 | SWISS RE A.G. | 77,541 | 108,721 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,415 | 116,716 | |||||
589,759 | UBS GROUP A.G. (REGISTERED) | 11,506,694 | 18,301,777 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 873,408 | |||||
8,800 | VETROPACK HOLDING A.G. (REGISTERED) | 405,746 | 409,108 | |||||
6,700 | ZEHNDER GROUP A.G. (REGISTERED) | 261,335 | 426,193 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,513 | 2,199,960 | |||||
58,064,613 | 93,418,737 | 9.20% | ||||||
Taiwan: | ||||||||
140,406 | ASIA VITAL COMPONENTS CO. LTD. | 526,616 | 1,539,454 | |||||
219,000 | CHICONY ELECTRONICS CO. LTD. | 585,753 | 1,248,758 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 343,944 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,603 | 576,815 | |||||
57,537 | INNODISK CORP. | 327,828 | 584,922 | |||||
102,000 | INSYDE SOFTWARE CORP. | 407,878 | 862,449 | |||||
383,000 | KINDOM DEVELOPMENT CO. LTD. | 503,834 | 484,826 | |||||
660,000 | POU CHEN CORP. | 670,549 | 664,505 | |||||
220,000 | RADIANT OPTO-ELECTRONICS CORP. | 841,929 | 953,390 | |||||
105,000 | SERCOMM CORP. | 398,506 | 460,159 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 467,376 | |||||
146,000 | SINO-AMERICAN SILICON PRODUCTS, INC. | 723,315 | 932,406 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 916,407 | |||||
157,000 | TAIWAN SURFACE MOUNTING TECHNOLOGY CORP. | 456,051 | 490,585 | |||||
84,369 | TOPCO SCIENTIFIC CO. LTD. | 263,727 | 501,697 | |||||
57,000 | UNITED INTEGRATED SERVICES CO. LTD. | 402,404 | 491,243 | |||||
149,100 | USERJOY TECHNOLOGY CO. LTD. | 374,944 | 378,938 | |||||
187,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 694,432 | 664,147 | |||||
8,739,646 | 12,562,021 | 1.24% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 148,042 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 153,180 | |||||
1,424,300 | SUPALAI PCL (REGISTERED) | 958,379 | 776,151 | |||||
1,568,826 | 1,077,373 | 0.11% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 1,062,416 | |||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 959,386 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 515,525 | |||||
1,590,429 | 2,537,327 | 0.25% | ||||||
United Kingdom: | ||||||||
27,355 | 3I GROUP PLC | 109,603 | 844,156 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 96,956 | |||||
540,200 | AIRTEL AFRICA PLC(d) | 753,867 | 896,513 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 1,327,475 | |||||
6,588 | ASHTEAD GROUP PLC | 294,400 | 458,666 | |||||
136,091 | ASSOCIATED BRITISH FOODS PLC | 3,192,429 | 4,105,997 | |||||
67,917 | ASTRAZENECA PLC | 8,490,006 | 9,176,464 |
See accompanying notes to financial statements. | 103 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
559,882 | BAE SYSTEMS PLC | $ 6,618,185 | 7,925,124 | |||||
113,471 | BAKKAVOR GROUP PLC(d) | 166,389 | 117,155 | |||||
26,000 | BANK OF GEORGIA GROUP PLC | 447,200 | 1,317,351 | |||||
14,400 | BELLWAY PLC | 632,327 | 471,355 | |||||
62,893 | BERKELEY GROUP HOLDINGS PLC | 3,336,564 | 3,758,209 | |||||
101,626 | BP PLC | 527,172 | 603,839 | |||||
5,069 | BUNZL PLC | 39,524 | 206,112 | |||||
8,193 | BURBERRY GROUP PLC | 40,501 | 147,876 | |||||
279,516 | BYTES TECHNOLOGY GROUP PLC | 1,849,273 | 2,180,465 | |||||
157,500 | CENTRAL ASIA METALS PLC | 465,909 | 362,969 | |||||
206,696 | CNH INDUSTRIAL N.V. | 1,938,431 | 2,528,257 | |||||
405,182 | COMPASS GROUP PLC | 6,293,881 | 11,083,345 | |||||
30,300 | COMPUTACENTER PLC | 956,431 | 1,078,323 | |||||
2,276 | CRODA INTERNATIONAL PLC | 82,787 | 146,506 | |||||
41,855 | DIPLOMA PLC | 1,308,881 | 1,911,014 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 674,756 | |||||
40,217 | FERGUSON PLC | 5,275,167 | 7,732,964 | |||||
41,500 | FRASERS GROUP PLC(c) | 437,788 | 481,636 | |||||
14,578 | GAMES WORKSHOP GROUP PLC | 1,215,545 | 1,834,029 | |||||
80,331 | GSK PLC | 1,296,250 | 1,484,917 | |||||
23,259 | HALEON PLC ADR(e) | 141,587 | 191,422 | |||||
47,273 | HSBC HOLDINGS PLC ADR(e) | 1,366,273 | 1,916,447 | |||||
13,311 | INCHCAPE PLC | 79,317 | 121,398 | |||||
25,000 | INFORMA PLC | 150,330 | 248,939 | |||||
6,095 | INTERTEK GROUP PLC | 263,505 | 329,871 | |||||
518,146 | J SAINSBURY PLC | 1,239,535 | 1,998,536 | |||||
29,785 | JOHNSON MATTHEY PLC | 563,804 | 644,464 | |||||
234,700 | JUPITER FUND MANAGEMENT PLC | 895,723 | 279,416 | |||||
317,088 | KINGFISHER PLC | 820,444 | 983,361 | |||||
6,008 | LAND SECURITIES GROUP PLC | 44,636 | 53,974 | |||||
7,455,949 | LLOYDS BANKING GROUP PLC | 4,944,762 | 4,534,228 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 712,813 | |||||
278,852 | M&G PLC | 497,048 | 790,496 | |||||
370,300 | MAN GROUP PLC/JERSEY | 651,704 | 1,097,879 | |||||
27,190 | MELROSE INDUSTRIES PLC | 78,639 | 196,648 | |||||
456,400 | MITIE GROUP PLC | 439,408 | 577,678 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 523,900 | |||||
87,608 | NATIONAL GRID PLC | 1,075,428 | 1,181,464 | |||||
1,518 | NATIONAL GRID PLC ADR(e) | 85,245 | 103,209 | |||||
1 | NATWEST GROUP PLC | - | 3 | |||||
148,623 | NATWEST GROUP PLC ADR(e) | 420,566 | 836,747 | |||||
2,141 | NEXT PLC | 36,699 | 221,542 | |||||
123,700 | OSB GROUP PLC | 637,568 | 732,554 | |||||
199,288 | PEARSON PLC | 2,080,268 | 2,449,285 | |||||
79,693 | PHOENIX GROUP HOLDINGS PLC | 448,649 | 543,660 | |||||
217,800 | QINETIQ GROUP PLC | 947,859 | 857,842 | |||||
8,289 | RECKITT BENCKISER GROUP PLC | 303,157 | 572,654 | |||||
151,700 | REDDE NORTHGATE PLC | 615,982 | 702,880 | |||||
57,235 | REDROW PLC | 447,916 | 449,036 | |||||
384,600 | REGIONAL REIT LTD.(d)(g) | 487,088 | 172,561 | |||||
21,616 | RELX PLC | 156,210 | 854,772 | |||||
183,813 | RELX PLC (LONDON EXCHANGE) | 2,548,998 | 7,286,645 | |||||
120,868 | ROLLS-ROYCE HOLDINGS PLC(c) | 107,369 | 461,731 | |||||
241,240 | RS GROUP PLC | 2,656,948 | 2,520,242 | |||||
24,928 | SAGE GROUP (THE) PLC | 108,477 | 372,556 | |||||
73,436 | SEGRO PLC | 593,626 | 829,717 | |||||
251,400 | SERCO GROUP PLC | 450,433 | 519,445 | |||||
4,954 | SEVERN TRENT PLC | 76,220 | 162,854 | |||||
1 | SHELL PLC | - | 33 | |||||
28,480 | SHELL PLC ADR(e) | 1,380,420 | 1,873,984 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 173,615 | |||||
108,800 | STANDARD CHARTERED PLC | 699,097 | 924,454 | |||||
82,413 | STHREE PLC | 315,585 | 439,100 | |||||
12,700 | STOLT-NIELSEN LTD. | 390,340 | 389,379 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 368,430 | |||||
126,800 | TYMAN PLC | 343,290 | 508,313 | |||||
138,197 | UNILEVER PLC | 7,111,058 | 6,693,807 |
See accompanying notes to financial statements. | 104 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
3,192 | UNILEVER PLC ADR(e) | $ 117,253 | 154,748 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 109,889 | |||||
2,756 | WHITBREAD PLC | 54,937 | 128,433 | |||||
27,611 | WILLIS TOWERS WATSON PLC | 6,143,025 | 6,659,773 | |||||
94,600 | WINCANTON PLC | 471,523 | 376,215 | |||||
261,904 | WISE PLC, CLASS A(c) | 2,149,173 | 2,917,726 | |||||
2 | WPP PLC | 15 | 19 | |||||
3,418 | WPP PLC ADR(e) | 138,696 | 162,594 | |||||
93,835,118 | 121,865,810 | 12.00% | ||||||
United States: | ||||||||
23,592 | AON PLC, CLASS A | 5,455,711 | 6,865,744 | |||||
210,924 | ARCH CAPITAL GROUP LTD.(c) | 7,067,151 | 15,665,325 | |||||
40,000 | BROOKFIELD RENEWABLE CORP., CLASS A | 934,625 | 1,151,600 | |||||
22,056 | ELASTIC N.V.(c) | 1,687,305 | 2,485,711 | |||||
12,420 | EPAM SYSTEMS, INC.(c) | 5,205,464 | 3,692,963 | |||||
80,708 | LIBERTY GLOBAL LTD., CLASS A(c) | 2,249,780 | 1,434,181 | |||||
57,550 | LIBERTY GLOBAL LTD., CLASS C(c) | 1,685,769 | 1,072,732 | |||||
11,569 | LINDE PLC | 3,845,830 | 4,751,504 | |||||
57,621 | SENSATA TECHNOLOGIES HOLDING PLC | 3,138,865 | 2,164,821 | |||||
25,289 | STERIS PLC | 4,244,379 | 5,559,787 | |||||
35,514,879 | 44,844,368 | 4.42% | ||||||
Uruguay: | ||||||||
13,063 | GLOBANT S.A.(c) | 2,204,343 | 3,108,733 | |||||
6,181 | MERCADOLIBRE, INC.(c) | 8,659,048 | 9,713,689 | |||||
10,863,391 | 12,822,422 | 1.26% | ||||||
Vietnam: | ||||||||
584,195 | FPT CORP. | 1,773,579 | 2,313,954 | |||||
1,773,579 | 2,313,954 | 0.23% | ||||||
Sub-total Common Stocks: | 703,332,883 | 967,892,878 | 95.32% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANENA DO PARANA(c) | 350,151 | 318,870 | |||||
179,200 | CIA ENERGETICA DE MINAS GERAIS, 0.51%(h) | 357,186 | 422,548 | |||||
707,337 | 741,418 | 0.07% | ||||||
Chile: | ||||||||
223,300 | EMBOTELLADORA ANDINA S.A., CLASS B, 5.66%(h) | 477,638 | 555,075 | |||||
477,638 | 555,075 | 0.05% | ||||||
Germany: | ||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G., 9.80%(h) | 49,612 | 151,036 | |||||
27,400 | JUNGHEINRICH A.G., 2.28%(h) | 758,041 | 1,004,846 | |||||
1,772 | PORSCHE AUTOMOBIL HOLDING S.E., 5.70%(h) | 82,185 | 90,611 | |||||
272 | SARTORIUS A.G., 0.49%(h) | 45,992 | 100,052 | |||||
2,800 | STO S.E. & CO. KGAA, 0.25%(h) | 304,841 | 432,130 | |||||
1,240,671 | 1,778,675 | 0.18% | ||||||
South Korea: | ||||||||
79,865 | SAMSUNG ELECTRONICS CO. LTD., 2.50%(h) | 3,317,974 | 3,851,235 | |||||
3,317,974 | 3,851,235 | 0.38% | ||||||
Sub-total Preferred Stocks: | 5,743,620 | 6,926,403 | 0.68% | |||||
Warrants: | ||||||||
Canada: | ||||||||
307 | CONSTELLATION SOFTWARE, INC.(c)(f) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Warrants: | - | - | 0.00% | |||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
225,415 | RYANAIR HOLDINGS PLC, ISSUED BY HSBC BANK PLC, EXPIRES 10/31/24(c) | 3,496,839 | 4,749,764 | |||||
3,496,839 | 4,749,764 | 0.47% | ||||||
Sub-total Participatory Notes: | 3,496,839 | 4,749,764 | 0.47% | |||||
Short-Term Investments: | ||||||||
8,061,365 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(i) | 8,061,365 | 8,061,365 |
See accompanying notes to financial statements. | 105 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Short-Term Investments: | ||||||||
38,094,637 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 5.24%(j) | $ 38,094,637 | 38,094,637 | |||||
Sub-total Short-Term Investments: | 46,156,002 | 46,156,002 | 4.55% | |||||
Grand total | $ 758,729,344 | 1,025,725,047 | 101.02% |
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 of Clearwater Investment Trust. |
(e) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.14% of net assets as of December 31, 2023. |
(f) | Security has been deemed worthless and is a Level 3 investment. |
(g) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to $172,561 or 0.02% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Regional REIT Ltd. | 1/7/22 | $ 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, 2022, the value of the Clearwater International Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $22,771,623 with net purchases of $15,323,014 during the year ended December 31, 2023. |
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 3.74% | |
Consumer Discretionary | 13.12 | |
Consumer Staples | 8.28 | |
Energy | 3.49 | |
Financials | 17.12 | |
Health Care | 10.67 | |
Industrials | 20.18 | |
Information Technology | 15.91 | |
Materials | 5.06 | |
Real Estate | 1.32 | |
Utilities | 1.11 | |
100.00% |
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 21.88% | |
United States Dollar | 16.68 | |
Japanese Yen | 12.49 |
See accompanying notes to financial statements. | 106 | (Continued) |
Concentration by Currency | Percent of Long-Term Investments | |
British Pound | 12.22 | |
Swiss Franc | 8.56 | |
Other currencies | 28.17 | |
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, 2023, 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, 2023, 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 eight members, six 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
2023 | 2022 | |||||||||
(a) Audit Fees | $ | 129,400 | $ | 125,435 | ||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||||
(c) Tax Fees1 | $ | 69,973 | $ | 41,633 | ||||||
(d) All Other Fees | $ | 0 | $ | 0 |
1 | Tax 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. |
2023=$18,050 | 2022= $17,190 |
(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. Recovery of Erroneously Awarded Compensation
(a) | Not applicable. |
(b) | Not applicable. |
Item 14. Exhibits
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is incorporated by reference to Exhibit 12(a)(1) to the report filed on Form N-CSR on March 5, 2015 (Accession Number 0000897101-15-000283). | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act. | |
(a)(3) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Clearwater Investment Trust | ||
By | /s/ Justin H. Weyerhaeuser | |
Justin H. Weyerhaeuser | ||
President (Principal Executive Officer) and | ||
Treasurer (Principal Financial Officer) | ||
Date: | March 1, 2024 |
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 1, 2024 | |
Clearwater Investment Trust | ||
By | /s/ Justin H. Weyerhaeuser | |
Justin H. Weyerhaeuser | ||
Treasurer (Principal Financial Officer) | ||
Date: | March 1, 2024 |