Small Company Value Portfolio |
Schedule of Investments |
as of March 31, 2024 (Unaudited) |
COMMON STOCKS - 92.4% | Shares | Value | |||||
Communication Services - 0.7% | |||||||
Bandwidth, Inc. - Class A(a) | 430 | $ | 7,852 | ||||
Bumble, Inc. - Class A(a) | 3,340 | 37,908 | |||||
Cardlytics, Inc.(a) | 1,150 | 16,664 | |||||
DHI Group, Inc.(a) | 1,360 | 3,468 | |||||
Emerald Holding, Inc.(a) | 1,150 | 7,832 | |||||
iHeartMedia, Inc. - Class A(a) | 1,420 | 2,968 | |||||
IMAX Corp.(a) | 452 | 7,309 | |||||
Lions Gate Entertainment Corp. - Class A(a) | 2,820 | 28,059 | |||||
Lions Gate Entertainment Corp. - Class B(a) | 2,119 | 19,728 | |||||
Stagwell, Inc.(a) | 5,070 | 31,535 | |||||
TEGNA, Inc. | 2,170 | 32,420 | |||||
195,743 | |||||||
Consumer Discretionary - 12.1% | |||||||
2U, Inc.(a) | 4,001 | 1,559 | |||||
Abercrombie & Fitch Co. - Class A(a) | 50 | 6,267 | |||||
Accel Entertainment, Inc.(a) | 2,450 | 28,886 | |||||
Adient PLC(a) | 2,003 | 65,939 | |||||
Adtalem Global Education, Inc.(a) | 1,336 | 68,670 | |||||
Advance Auto Parts, Inc. | 260 | 22,123 | |||||
American Eagle Outfitters, Inc. | 1,990 | 51,322 | |||||
Asbury Automotive Group, Inc.(a) | 165 | 38,904 | |||||
Atmus Filtration Technologies, Inc.(a) | 1,550 | 49,988 | |||||
Big Lots, Inc. | 430 | 1,862 | |||||
Bloomin' Brands, Inc. | 1,000 | 28,680 | |||||
Brinker International, Inc.(a) | 550 | 27,324 | |||||
Carter's, Inc. | 240 | 20,323 | |||||
Carvana Co.(a) | 810 | 71,207 | |||||
Century Communities, Inc. | 1,031 | 99,491 | |||||
Cooper-Standard Holdings, Inc.(a) | 201 | 3,329 | |||||
Dave & Buster's Entertainment, Inc.(a) | 400 | 25,040 | |||||
Denny's Corp.(a) | 1,950 | 17,472 | |||||
Designer Brands, Inc. - Class A | 1,370 | 14,974 | |||||
Dine Brands Global, Inc. | 540 | 25,099 | |||||
El Pollo Loco Holdings, Inc.(a) | 1,790 | 17,435 | |||||
Everi Holdings, Inc.(a) | 2,360 | 23,718 | |||||
Figs, Inc. - Class A(a) | 3,610 | 17,978 | |||||
Fox Factory Holding Corp.(a) | 130 | 6,769 | |||||
Frontdoor, Inc.(a) | 1,216 | 39,617 | |||||
Genesco, Inc.(a) | 560 | 15,758 | |||||
G-III Apparel Group Ltd.(a) | 1,770 | 51,348 | |||||
Graham Holdings Co. - Class B | 25 | 19,192 | |||||
Green Brick Partners, Inc.(a) | 1,565 | 94,259 | |||||
Group 1 Automotive, Inc. | 244 | 71,304 | |||||
Hanesbrands, Inc.(a) | 4,150 | 24,070 | |||||
Haverty Furniture Cos., Inc. | 680 | 23,202 | |||||
Hibbett, Inc. | 410 | 31,492 | |||||
Hilton Grand Vacations, Inc.(a) | 610 | 28,798 | |||||
Hooker Furnishings Corp. | 1,403 | 33,686 | |||||
JAKKS Pacific, Inc.(a) | 578 | 14,277 | |||||
Johnson Outdoors, Inc. - Class A | 1,219 | 56,208 | |||||
KB Home | 2,459 | 174,293 | |||||
Kontoor Brands, Inc. | 320 | 19,280 | |||||
Laureate Education, Inc. | 2,469 | 35,973 | |||||
La-Z-Boy, Inc. | 720 | 27,086 | |||||
Leggett & Platt, Inc. | 1,090 | 20,874 | |||||
Leslie's, Inc.(a) | 3,040 | 19,760 | |||||
Lindblad Expeditions Holdings, Inc.(a) | 1,362 | 12,707 | |||||
LL Flooring Holdings, Inc.(a) | 3,425 | 6,268 | |||||
M/I Homes, Inc.(a) | 764 | 104,125 | |||||
MarineMax, Inc.(a) | 760 | 25,278 | |||||
Marriott Vacations Worldwide Corp. | 350 | 37,706 | |||||
MDC Holdings, Inc. | 820 | 51,586 | |||||
Meritage Homes Corp. | 460 | 80,712 | |||||
Monarch Casino & Resort, Inc. | 370 | 27,746 | |||||
OneWater Marine, Inc. - Class A(a) | 1,090 | 30,684 | |||||
Oxford Industries, Inc. | 90 | 10,116 | |||||
Perdoceo Education Corp. | 2,405 | 42,232 | |||||
PetMed Express, Inc. | 3,220 | 15,424 | |||||
Phinia, Inc. | 950 | 36,509 | |||||
Red Rock Resorts, Inc. - Class A | 7,681 | 459,476 | |||||
Revolve Group, Inc.(a)(b) | 640 | 13,549 | |||||
Rocky Brands, Inc. | 2,952 | 80,088 | |||||
Sabre Corp.(a) | 3,733 | 9,034 | |||||
SeaWorld Entertainment, Inc.(a) | 670 | 37,661 | |||||
Signet Jewelers Ltd. | 680 | 68,047 | |||||
Six Flags Entertainment Corp.(a) | 400 | 10,528 | |||||
Skyline Champion Corp.(a) | 70 | 5,951 | |||||
Sleep Number Corp.(a) | 300 | 4,809 | |||||
Sonic Automotive, Inc. - Class A | 600 | 34,164 | |||||
Steven Madden Ltd. | 600 | 25,368 | |||||
Stitch Fix, Inc. - Class A(a) | 4,160 | 10,982 | |||||
Taylor Morrison Home Corp.(a) | 1,196 | 74,355 | |||||
The Aaron's Co., Inc. | 2,568 | 19,260 | |||||
The Cheesecake Factory, Inc. | 335 | 12,110 | |||||
The Goodyear Tire & Rubber Co.(a) | 2,620 | 35,973 | |||||
Travel + Leisure Co. | 680 | 33,293 | |||||
Tri Pointe Homes, Inc.(a) | 2,160 | 83,506 | |||||
Upbound Group, Inc. | 500 | 17,605 | |||||
Urban Outfitters, Inc.(a) | 500 | 21,710 | |||||
Vail Resorts, Inc. | 160 | 35,653 | |||||
Vera Bradley, Inc.(a) | 340 | 2,312 | |||||
Vista Outdoor, Inc.(a) | 1,250 | 40,975 | |||||
Worthington Enterprises, Inc. | 120 | 7,468 | |||||
Xponential Fitness, Inc. - Class A(a) | 2,198 | 36,355 | |||||
Zumiez, Inc.(a) | 400 | 6,076 | |||||
3,202,237 | |||||||
Consumer Staples - 4.4% | |||||||
B&G Foods, Inc. | 2,550 | 29,172 | |||||
Cal-Maine Foods, Inc. | 2,550 | 150,068 | |||||
Central Garden & Pet Co.(a) | 350 | 14,991 | |||||
Edgewell Personal Care Co. | 710 | 27,434 | |||||
Energizer Holdings, Inc. | 810 | 23,846 | |||||
Herbalife Ltd.(a) | 3,910 | 39,296 | |||||
Ingles Markets, Inc. - Class A | 138 | 10,582 | |||||
Inter Parfums, Inc. | 69 | 9,695 | |||||
Lancaster Colony Corp. | 1,122 | 232,960 | |||||
Mama's Creations, Inc.(a) | 8,248 | 41,240 | |||||
Medifast, Inc. | 830 | 31,806 | |||||
Natural Grocers by Vitamin Cottage, Inc. | 1,449 | 26,154 | |||||
Nu Skin Enterprises, Inc. - Class A | 1,355 | 18,740 | |||||
Oil-Dri Corp. of America | 2,305 | 171,861 | |||||
Post Holdings, Inc.(a) | 1,476 | 156,869 | |||||
PriceSmart, Inc. | 440 | 36,960 | |||||
Seaboard Corp. | 11 | 35,463 | |||||
The Andersons, Inc. | 480 | 27,538 | |||||
The Duckhorn Portfolio, Inc.(a) | 3,940 | 36,681 | |||||
The Hain Celestial Group, Inc.(a) | 1,390 | 10,925 | |||||
Universal Corp. | 90 | 4,655 | |||||
Village Super Market, Inc. - Class A | 424 | 12,131 | |||||
WK Kellogg Co. | 1,270 | 23,876 | |||||
1,172,943 | |||||||
Energy - 8.8% | |||||||
Archrock, Inc. | 1,660 | 32,652 | |||||
Baytex Energy Corp. | 10,863 | 39,433 | |||||
Berry Corp. | 4,570 | 36,789 | |||||
Cactus, Inc. - Class A | 790 | 39,571 | |||||
California Resources Corp. | 1,249 | 68,820 | |||||
Callon Petroleum Co.(a) | 1,060 | 37,906 | |||||
Centrus Energy Corp. - Class A(a) | 2,561 | 106,358 | |||||
Chord Energy Corp. | 303 | 54,007 | |||||
Civitas Resources, Inc. | 3,165 | 240,254 | |||||
CONSOL Energy, Inc. | 310 | 25,966 | |||||
Core Laboratories, Inc. | 1,040 | 17,763 | |||||
Crescent Energy Co. - Class A | 2,640 | 31,416 | |||||
DHT Holdings, Inc. | 6,460 | 74,290 | |||||
Dorian LPG Ltd. | 1,394 | 53,613 | |||||
Dril-Quip, Inc.(a) | 1,150 | 25,910 | |||||
Equitrans Midstream Corp. | 8,630 | 107,788 | |||||
Excelerate Energy, Inc. - Class A | 250 | 4,005 | |||||
Expro Group Holdings NV(a) | 1,750 | 34,948 | |||||
Forum Energy Technologies, Inc.(a) | 430 | 8,591 | |||||
Helix Energy Solutions Group, Inc.(a) | 5,048 | 54,720 | |||||
Helmerich & Payne, Inc. | 1,313 | 55,225 | |||||
International Seaways, Inc. | 1,742 | 92,674 | |||||
Kinetik Holdings, Inc. | 510 | 20,334 | |||||
Kosmos Energy Ltd.(a) | 5,600 | 33,376 | |||||
Liberty Energy, Inc. | 1,590 | 32,945 | |||||
Matador Resources Co. | 50 | 3,339 | |||||
Murphy Oil Corp. | 1,696 | 77,507 | |||||
National Energy Services Reunited Corp.(a) | 4,040 | 32,320 | |||||
Newpark Resources, Inc.(a) | 2,620 | 18,916 | |||||
Northern Oil and Gas, Inc. | 960 | 38,093 | |||||
Oceaneering International, Inc.(a) | 462 | 10,811 | |||||
Par Pacific Holdings, Inc.(a) | 720 | 26,683 | |||||
Patterson-UTI Energy, Inc. | 1,684 | 20,107 | |||||
PBF Energy, Inc. - Class A | 954 | 54,922 | |||||
Peabody Energy Corp.(b) | 720 | 17,467 | |||||
Permian Resources Corp. | 2,965 | 52,362 | |||||
Precision Drilling Corp.(a) | 540 | 36,337 | |||||
ProFrac Holding Corp. - Class A(a) | 1,120 | 9,363 | |||||
ProPetro Holding Corp.(a) | 3,360 | 27,149 | |||||
Ranger Energy Services, Inc. | 1,080 | 12,193 | |||||
REX American Resources Corp.(a) | 255 | 14,971 | |||||
Scorpio Tankers, Inc. | 871 | 62,320 | |||||
Select Water Solutions, Inc. | 1,140 | 10,522 | |||||
SFL Corp. Ltd. | 7,091 | 93,459 | |||||
SilverBow Resources, Inc.(a) | 960 | 32,774 | |||||
SM Energy Co. | 1,560 | 77,766 | |||||
Solaris Oilfield Infrastructure, Inc. - Class A | 3,230 | 28,004 | |||||
Talos Energy, Inc.(a) | 2,520 | 35,104 | |||||
Teekay Corp.(a) | 1,090 | 7,935 | |||||
Teekay Tankers Ltd. - Class A | 1,192 | 69,625 | |||||
US Silica Holdings, Inc.(a) | 1,293 | 16,046 | |||||
VAALCO Energy, Inc. | 5,300 | 36,941 | |||||
Vertex Energy, Inc.(a) | 6,460 | 9,044 | |||||
Vital Energy, Inc.(a) | 690 | 36,253 | |||||
World Kinect Corp. | 1,530 | 40,469 | |||||
2,338,156 | |||||||
Financials - 27.2%(c) | |||||||
1st Source Corp. | 900 | 47,178 | |||||
Alerus Financial Corp. | 2,147 | 46,869 | |||||
A-Mark Precious Metals, Inc. | 170 | 5,217 | |||||
Ambac Financial Group, Inc.(a) | 3,411 | 53,314 | |||||
American Equity Investment Life Holding Co.(a) | 1,701 | 95,630 | |||||
Arrow Financial Corp. | 320 | 8,006 | |||||
Artisan Partners Asset Management, Inc. - Class A | 1,640 | 75,063 | |||||
AssetMark Financial Holdings, Inc.(a) | 1,345 | 47,626 | |||||
Associated Banc-Corp. | 1,420 | 30,544 | |||||
Assured Guaranty Ltd. | 365 | 31,846 | |||||
Axis Capital Holdings Ltd. | 540 | 35,111 | |||||
Axos Financial, Inc.(a) | 782 | 42,259 | |||||
Banc of California, Inc. | 4,942 | 75,168 | |||||
BancFirst Corp. | 561 | 49,385 | |||||
Banco Latinoamericano de Comercio Exterior SA | 1,115 | 33,026 | |||||
Bank of Marin Bancorp | 820 | 13,751 | |||||
Bank of NT Butterfield & Son Ltd. | 258 | 8,253 | |||||
Bank OZK | 5,341 | 242,802 | |||||
BankUnited, Inc. | 2,860 | 80,080 | |||||
BayCom Corp. | 500 | 10,305 | |||||
BCB Bancorp, Inc. | 700 | 7,315 | |||||
Berkshire Hills Bancorp, Inc. | 1,512 | 34,655 | |||||
BGC Group, Inc. - Class A | 15,262 | 118,586 | |||||
BOK Financial Corp. | 1,735 | 159,620 | |||||
Bread Financial Holdings, Inc. | 2,168 | 80,736 | |||||
Bridgewater Bancshares, Inc.(a) | 900 | 10,476 | |||||
Brighthouse Financial, Inc.(a) | 520 | 26,801 | |||||
Brookline Bancorp, Inc. | 3,410 | 33,964 | |||||
Cambridge Bancorp | 390 | 26,582 | |||||
Camden National Corp. | 530 | 17,766 | |||||
Capitol Federal Financial, Inc. | 2,610 | 15,556 | |||||
Cathay General Bancorp | 380 | 14,375 | |||||
Central Pacific Financial Corp. | 1,380 | 27,255 | |||||
City Holding Co. | 497 | 51,797 | |||||
Civista Bancshares, Inc. | 510 | 7,844 | |||||
CNB Financial Corp. | 400 | 8,156 | |||||
CNO Financial Group, Inc. | 1,722 | 47,321 | |||||
Columbia Banking System, Inc. | 960 | 18,576 | |||||
Community Bank System, Inc. | 624 | 29,971 | |||||
Community Trust Bancorp, Inc. | 685 | 29,215 | |||||
ConnectOne Bancorp, Inc. | 1,660 | 32,370 | |||||
CrossFirst Bankshares, Inc.(a) | 1,280 | 17,715 | |||||
CVB Financial Corp. | 2,366 | 42,209 | |||||
Diamond Hill Investment Group, Inc. | 120 | 18,500 | |||||
Dime Community Bancshares, Inc. | 1,310 | 25,231 | |||||
Eagle Bancorp, Inc. | 2,430 | 57,081 | |||||
eHealth, Inc.(a) | 1,800 | 10,854 | |||||
Employers Holdings, Inc. | 2,010 | 91,234 | |||||
Enact Holdings, Inc. | 1,240 | 38,663 | |||||
Enstar Group Ltd.(a) | 734 | 228,097 | |||||
Enterprise Financial Services Corp. | 400 | 16,224 | |||||
Esquire Financial Holdings, Inc. | 917 | 43,530 | |||||
Essent Group Ltd. | 2,882 | 171,508 | |||||
Euronet Worldwide, Inc.(a) | 170 | 18,688 | |||||
Evercore, Inc. - Class A | 100 | 19,259 | |||||
FB Financial Corp. | 1,392 | 52,423 | |||||
Federated Hermes, Inc. - Class B | 995 | 35,939 | |||||
Financial Institutions, Inc. | 550 | 10,351 | |||||
First BanCorp/Puerto Rico | 600 | 10,524 | |||||
First Busey Corp. | 350 | 8,418 | |||||
First Business Financial Services, Inc. | 300 | 11,250 | |||||
First Financial Bancorp | 1,196 | 26,814 | |||||
First Financial Corp. | 1,268 | 48,602 | |||||
First Foundation, Inc. | 2,110 | 15,931 | |||||
First Hawaiian, Inc. | 1,570 | 34,477 | |||||
First Internet Bancorp | 620 | 21,539 | |||||
First Interstate BancSystem, Inc. - Class A | 290 | 7,891 | |||||
First Merchants Corp. | 717 | 25,023 | |||||
First Mid Bancshares, Inc. | 250 | 8,170 | |||||
First of Long Island Corp. | 1,420 | 15,748 | |||||
First Western Financial, Inc.(a) | 2,868 | 41,815 | |||||
Flushing Financial Corp. | 1,580 | 19,924 | |||||
FS Bancorp, Inc. | 260 | 9,025 | |||||
Genworth Financial, Inc. - Class A(a) | 7,331 | 47,138 | |||||
Great Southern Bancorp, Inc. | 220 | 12,060 | |||||
Hamilton Lane, Inc. - Class A | 770 | 86,825 | |||||
Hancock Whitney Corp. | 305 | 14,042 | |||||
Hanmi Financial Corp.(b) | 1,950 | 31,044 | |||||
Heartland Financial USA, Inc. | 551 | 19,368 | |||||
Heritage Commerce Corp. | 1,750 | 15,015 | |||||
Heritage Financial Corp. | 910 | 17,645 | |||||
Hilltop Holdings, Inc. | 870 | 27,248 | |||||
Home Bancorp, Inc. | 260 | 9,961 | |||||
Hope Bancorp, Inc. | 2,910 | 33,494 | |||||
Horace Mann Educators Corp. | 960 | 35,510 | |||||
Horizon Bancorp, Inc. | 1,890 | 24,249 | |||||
Independent Bank Corp. | 779 | 40,524 | |||||
Independent Bank Corp. | 690 | 17,492 | |||||
Independent Bank Group, Inc. | 170 | 7,761 | |||||
International Bancshares Corp. | 1,909 | 107,171 | |||||
Investar Holding Corp. | 260 | 4,254 | |||||
Janus Henderson Group PLC | 1,200 | 39,468 | |||||
Kearny Financial Corp. | 2,400 | 15,456 | |||||
Kemper Corp. | 580 | 35,914 | |||||
Lakeland Bancorp, Inc. | 1,770 | 21,417 | |||||
LendingTree, Inc.(a) | 814 | 34,465 | |||||
Lincoln National Corp. | 670 | 21,393 | |||||
Live Oak Bancshares, Inc. | 7,667 | 318,257 | |||||
Mercantile Bank Corp. | 1,157 | 44,533 | |||||
Merchants Bancorp | 2,530 | 109,245 | |||||
Mercury General Corp. | 1,201 | 61,972 | |||||
MGIC Investment Corp. | 1,600 | 35,776 | |||||
MidWestOne Financial Group, Inc. | 370 | 8,673 | |||||
Mr Cooper Group, Inc.(a) | 4,811 | 375,017 | |||||
National Bank Holdings Corp. - Class A | 281 | 10,136 | |||||
Navient Corp. | 2,150 | 37,410 | |||||
NCR Atleos Corp.(a) | 685 | 13,529 | |||||
NMI Holdings, Inc. - Class A(a) | 3,315 | 107,207 | |||||
Northeast Bank | 200 | 11,068 | |||||
Northeast Community Bancorp, Inc. | 700 | 11,011 | |||||
Northfield Bancorp, Inc. | 2,490 | 24,203 | |||||
Northrim BanCorp, Inc. | 300 | 15,153 | |||||
OceanFirst Financial Corp. | 2,200 | 36,102 | |||||
OFG Bancorp | 1,245 | 45,828 | |||||
Pacific Premier Bancorp, Inc. | 700 | 16,800 | |||||
Pagseguro Digital Ltd. - Class A(a) | 570 | 8,140 | |||||
Parke Bancorp, Inc. | 220 | 3,790 | |||||
Pathward Financial, Inc. | 138 | 6,966 | |||||
Paysafe Ltd.(a) | 368 | 5,811 | |||||
PCB Bancorp | 700 | 11,431 | |||||
Peapack-Gladstone Financial Corp. | 590 | 14,355 | |||||
Perella Weinberg Partners | 1,490 | 21,054 | |||||
Popular, Inc. | 450 | 39,641 | |||||
PRA Group, Inc.(a) | 1,190 | 31,035 | |||||
Preferred Bank | 1,965 | 150,853 | |||||
Premier Financial Corp. | 1,260 | 25,578 | |||||
Primis Financial Corp. | 1,040 | 12,657 | |||||
ProAssurance Corp. | 1,130 | 14,532 | |||||
PROG Holdings, Inc. | 1,195 | 41,156 | |||||
Provident Financial Services, Inc. | 4,281 | 62,374 | |||||
Radian Group, Inc. | 4,585 | 153,460 | |||||
RBB Bancorp | 690 | 12,427 | |||||
Repay Holdings Corp.(a) | 1,152 | 12,672 | |||||
S&T Bancorp, Inc. | 725 | 23,258 | |||||
Safety Insurance Group, Inc. | 210 | 17,260 | |||||
Sandy Spring Bancorp, Inc. | 1,520 | 35,234 | |||||
Selective Insurance Group, Inc. | 318 | 34,716 | |||||
ServisFirst Bancshares, Inc. | 1,830 | 121,439 | |||||
Shore Bancshares, Inc. | 782 | 8,993 | |||||
Sierra Bancorp | 500 | 10,100 | |||||
Silvercrest Asset Management Group, Inc. - Class A | 2,451 | 38,750 | |||||
Simmons First National Corp. - Class A | 1,770 | 34,444 | |||||
SiriusPoint Ltd.(a) | 1,370 | 17,413 | |||||
SLM Corp. | 1,690 | 36,825 | |||||
Southern First Bancshares, Inc.(a) | 290 | 9,210 | |||||
Southside Bancshares, Inc. | 410 | 11,984 | |||||
Stellar Bancorp, Inc. | 596 | 14,519 | |||||
Stewart Information Services Corp. | 620 | 40,337 | |||||
StoneCo Ltd. - Class A(a) | 6,189 | 102,799 | |||||
Synovus Financial Corp. | 870 | 34,852 | |||||
Territorial Bancorp, Inc. | 700 | 5,642 | |||||
Texas Capital Bancshares, Inc.(a) | 1,080 | 66,474 | |||||
The Bancorp, Inc.(a) | 1,123 | 37,576 | |||||
The Hanover Insurance Group, Inc. | 170 | 23,149 | |||||
Tompkins Financial Corp. | 300 | 15,087 | |||||
Towne Bank | 290 | 8,137 | |||||
Triumph Financial, Inc.(a) | 3,240 | 256,997 | |||||
TrustCo Bank Corp. NY | 770 | 21,683 | |||||
UMB Financial Corp. | 229 | 19,921 | |||||
United Bankshares, Inc. | 648 | 23,192 | |||||
Universal Insurance Holdings, Inc. | 1,939 | 39,400 | |||||
Univest Financial Corp. | 1,270 | 26,441 | |||||
Valley National Bancorp | 4,092 | 32,572 | |||||
Veritex Holdings, Inc. | 1,240 | 25,408 | |||||
Virtu Financial, Inc. - Class A | 1,970 | 40,424 | |||||
Virtus Investment Partners, Inc. | 200 | 49,596 | |||||
WaFd, Inc. | 1,533 | 44,503 | |||||
Washington Trust Bancorp, Inc. | 920 | 24,730 | |||||
Webster Financial Corp. | 1,074 | 54,527 | |||||
Westamerica BanCorp | 646 | 31,576 | |||||
White Mountains Insurance Group Ltd. | 18 | 32,297 | |||||
World Acceptance Corp.(a) | 290 | 42,044 | |||||
WSFS Financial Corp. | 420 | 18,959 | |||||
Zions Bancorp NA | 770 | 33,418 | |||||
7,227,679 | |||||||
Health Care - 5.8% | |||||||
Accolade, Inc.(a) | 1,030 | 10,794 | |||||
Adaptive Biotechnologies Corp.(a) | 3,468 | 11,132 | |||||
Agenus, Inc.(a) | 6,820 | 3,956 | |||||
Agios Pharmaceuticals, Inc.(a) | 146 | 4,269 | |||||
Allogene Therapeutics, Inc.(a) | 3,130 | 13,991 | |||||
ALX Oncology Holdings, Inc.(a) | 330 | 3,680 | |||||
Arcus Biosciences, Inc.(a) | 280 | 5,286 | |||||
Arvinas, Inc.(a) | 1,070 | 44,170 | |||||
AtriCure, Inc.(a)(b) | 990 | 30,116 | |||||
Avidity Biosciences, Inc.(a) | 1,030 | 26,286 | |||||
Beam Therapeutics, Inc.(a) | 140 | 4,626 | |||||
BioCryst Pharmaceuticals, Inc.(a) | 2,230 | 11,328 | |||||
Brookdale Senior Living, Inc.(a) | 5,446 | 35,998 | |||||
CareDx, Inc.(a) | 2,500 | 26,475 | |||||
Catalyst Pharmaceuticals, Inc.(a) | 409 | 6,519 | |||||
Celldex Therapeutics, Inc.(a) | 130 | 5,456 | |||||
Codexis, Inc.(a) | 1,860 | 6,491 | |||||
Coherus Biosciences, Inc.(a) | 2,930 | 7,003 | |||||
Deciphera Pharmaceuticals, Inc.(a) | 610 | 9,595 | |||||
Eagle Pharmaceuticals, Inc.(a) | 2,380 | 12,471 | |||||
Editas Medicine, Inc.(a) | 4,352 | 32,292 | |||||
Embecta Corp. | 760 | 10,085 | |||||
Emergent BioSolutions, Inc.(a) | 1,706 | 4,316 | |||||
Enanta Pharmaceuticals, Inc.(a) | 570 | 9,952 | |||||
Enovis Corp.(a) | 3,990 | 249,175 | |||||
Generation Bio Co.(a) | 4,700 | 19,129 | |||||
Health Catalyst, Inc.(a) | 1,390 | 10,467 | |||||
Heron Therapeutics, Inc.(a) | 1,700 | 4,709 | |||||
Inmode Ltd.(a) | 1,490 | 32,200 | |||||
Innoviva, Inc.(a) | 1,972 | 30,053 | |||||
Intellia Therapeutics, Inc.(a) | 1,285 | 35,350 | |||||
Iovance Biotherapeutics, Inc.(a) | 2,370 | 35,123 | |||||
Ironwood Pharmaceuticals, Inc.(a) | 890 | 7,752 | |||||
Kezar Life Sciences, Inc.(a) | 1,650 | 1,488 | |||||
Kiniksa Pharmaceuticals Ltd. - Class A(a) | 765 | 15,093 | |||||
Kodiak Sciences, Inc.(a) | 1,759 | 9,252 | |||||
MeiraGTx Holdings PLC(a) | 990 | 6,009 | |||||
Myriad Genetics, Inc.(a) | 515 | 10,980 | |||||
Neogen Corp.(a) | 1,044 | 16,474 | |||||
NeoGenomics, Inc.(a) | 1,762 | 27,699 | |||||
Nurix Therapeutics, Inc.(a) | 1,206 | 17,728 | |||||
OraSure Technologies, Inc.(a) | 4,506 | 27,712 | |||||
Organogenesis Holdings, Inc.(a) | 1,360 | 3,862 | |||||
Pacific Biosciences of California, Inc.(a) | 872 | 3,270 | |||||
PetIQ, Inc.(a) | 706 | 12,906 | |||||
Phibro Animal Health Corp. - Class A | 1,300 | 16,809 | |||||
Prestige Consumer Healthcare, Inc.(a) | 17 | 1,234 | |||||
Protagonist Therapeutics, Inc.(a) | 540 | 15,622 | |||||
PTC Therapeutics, Inc.(a) | 80 | 2,327 | |||||
Quanterix Corp.(a) | 930 | 21,911 | |||||
RAPT Therapeutics, Inc.(a) | 392 | 3,520 | |||||
Relay Therapeutics, Inc.(a) | 4,419 | 36,678 | |||||
Replimune Group, Inc.(a) | 2,280 | 18,628 | |||||
Rigel Pharmaceuticals, Inc.(a) | 4,140 | 6,127 | |||||
Rocket Pharmaceuticals, Inc.(a) | 290 | 7,813 | |||||
Select Medical Holdings Corp. | 958 | 28,884 | |||||
SIGA Technologies, Inc. | 3,000 | 25,680 | |||||
Surgery Partners, Inc.(a) | 612 | 18,256 | |||||
TruBridge, Inc.(a) | 1,430 | 13,185 | |||||
Twist Bioscience Corp.(a) | 982 | 33,692 | |||||
UFP Technologies, Inc.(a) | 873 | 220,171 | |||||
Utah Medical Products, Inc. | 318 | 22,613 | |||||
Vanda Pharmaceuticals, Inc.(a) | 5,448 | 22,391 | |||||
Veracyte, Inc.(a) | 3,506 | 77,693 | |||||
Xencor, Inc.(a) | 470 | 10,401 | |||||
Zynex, Inc.(a) | 1,250 | 15,463 | |||||
1,531,816 | |||||||
Industrials - 18.3% | |||||||
ABM Industries, Inc. | 830 | 37,035 | |||||
ACV Auctions, Inc. - Class A(a) | 190 | 3,566 | |||||
AerSale Corp.(a) | 2,320 | 16,658 | |||||
Alamo Group, Inc. | 100 | 22,833 | |||||
Alaska Air Group, Inc.(a) | 710 | 30,523 | |||||
Albany International Corp. - Class A | 160 | 14,962 | |||||
Allegiant Travel Co. | 3,907 | 293,844 | |||||
Allient, Inc. | 3,925 | 140,043 | |||||
American Woodmark Corp.(a) | 513 | 52,152 | |||||
Apogee Enterprises, Inc. | 180 | 10,656 | |||||
Aris Water Solutions, Inc. - Class A | 860 | 12,169 | |||||
Armstrong World Industries, Inc. | 210 | 26,086 | |||||
AZZ, Inc. | 1,173 | 90,685 | |||||
Babcock & Wilcox Enterprises, Inc.(a) | 5,710 | 6,452 | |||||
Barnes Group, Inc. | 960 | 35,664 | |||||
Beacon Roofing Supply, Inc.(a) | 1,150 | 112,722 | |||||
Blue Bird Corp.(a) | 110 | 4,217 | |||||
Boise Cascade Co. | 50 | 7,669 | |||||
Brady Corp. - Class A | 440 | 26,083 | |||||
Columbus McKinnon Corp. | 670 | 29,902 | |||||
Concentrix Corp. | 370 | 24,501 | |||||
Concrete Pumping Holdings, Inc.(a) | 15,482 | 122,307 | |||||
Costamare, Inc. | 4,800 | 54,480 | |||||
Douglas Dynamics, Inc. | 3,746 | 90,354 | |||||
Ducommun, Inc.(a) | 1,430 | 73,359 | |||||
DXP Enterprises, Inc.(a) | 1,040 | 55,879 | |||||
EMCOR Group, Inc. | 133 | 46,577 | |||||
Energy Recovery, Inc.(a) | 7,453 | 117,682 | |||||
Enerpac Tool Group Corp. | 620 | 22,109 | |||||
Ennis, Inc. | 820 | 16,818 | |||||
Esab Corp. | 642 | 70,986 | |||||
ESCO Technologies, Inc. | 86 | 9,206 | |||||
First Advantage Corp. | 17,086 | 277,134 | |||||
Flowserve Corp. | 790 | 36,087 | |||||
Fluor Corp.(a) | 140 | 5,919 | |||||
FTAI Aviation Ltd. | 3,990 | 268,527 | |||||
Gates Industrial Corp. PLC(a) | 10,131 | 179,420 | |||||
Genco Shipping & Trading Ltd. | 320 | 6,506 | |||||
Gibraltar Industries, Inc.(a) | 70 | 5,637 | |||||
Global Industrial Co. | 289 | 12,941 | |||||
Graham Corp.(a) | 3,604 | 98,317 | |||||
Granite Construction, Inc. | 110 | 6,284 | |||||
Hawaiian Holdings, Inc.(a) | 530 | 7,065 | |||||
Healthcare Services Group, Inc.(a) | 2,300 | 28,704 | |||||
Heartland Express, Inc. | 1,890 | 22,567 | |||||
Heidrick & Struggles International, Inc. | 870 | 29,284 | |||||
Hillenbrand, Inc. | 780 | 39,226 | |||||
Hillman Solutions Corp.(a) | 2,440 | 25,962 | |||||
Hyster-Yale Materials Handling, Inc. | 660 | 42,352 | |||||
Insteel Industries, Inc. | 780 | 29,812 | |||||
Interface, Inc. | 3,130 | 52,647 | |||||
Janus International Group, Inc.(a) | 620 | 9,381 | |||||
JELD-WEN Holding, Inc.(a) | 1,310 | 27,811 | |||||
JetBlue Airways Corp.(a) | 1,670 | 12,391 | |||||
Kelly Services, Inc. - Class A | 1,160 | 29,046 | |||||
Kennametal, Inc. | 280 | 6,983 | |||||
Kforce, Inc. | 400 | 28,208 | |||||
Kirby Corp.(a) | 436 | 41,560 | |||||
Korn Ferry | 610 | 40,114 | |||||
Lindsay Corp. | 130 | 15,296 | |||||
LSI Industries, Inc. | 580 | 8,770 | |||||
ManpowerGroup, Inc. | 470 | 36,491 | |||||
Marten Transport Ltd. | 820 | 15,154 | |||||
Matson, Inc. | 905 | 101,721 | |||||
Maximus, Inc. | 410 | 34,399 | |||||
Miller Industries, Inc. | 1,982 | 99,298 | |||||
MillerKnoll, Inc. | 338 | 8,369 | |||||
Moog, Inc. - Class A | 115 | 18,360 | |||||
MRC Global, Inc.(a) | 800 | 10,056 | |||||
Mueller Industries, Inc. | 1,416 | 76,365 | |||||
Mueller Water Products, Inc. - Class A | 1,580 | 25,422 | |||||
National Presto Industries, Inc. | 225 | 18,855 | |||||
NOW, Inc.(a) | 3,390 | 51,528 | |||||
PAM Transportation Services, Inc.(a) | 338 | 5,479 | |||||
Powell Industries, Inc. | 390 | 55,497 | |||||
Preformed Line Products Co. | 50 | 6,434 | |||||
Primoris Services Corp. | 210 | 8,940 | |||||
Quad/Graphics, Inc. | 1,500 | 7,965 | |||||
Resideo Technologies, Inc.(a) | 2,380 | 53,360 | |||||
Resources Connection, Inc. | 1,860 | 24,478 | |||||
REV Group, Inc. | 1,460 | 32,251 | |||||
Rush Enterprises, Inc. - Class A | 1,571 | 84,080 | |||||
Safe Bulkers, Inc.(b) | 3,173 | 15,738 | |||||
SkyWest, Inc.(a) | 120 | 8,290 | |||||
Steelcase, Inc. - Class A | 7,295 | 95,419 | |||||
Stem, Inc.(a)(b) | 2,330 | 5,103 | |||||
Sterling Infrastructure, Inc.(a) | 100 | 11,031 | |||||
Sun Country Airlines Holdings, Inc.(a) | 2,120 | 31,991 | |||||
Tennant Co. | 150 | 18,242 | |||||
Terex Corp. | 1,062 | 68,393 | |||||
The Brink's Co. | 310 | 28,638 | |||||
The Greenbrier Cos., Inc. | 670 | 34,907 | |||||
Thermon Group Holdings, Inc.(a) | 1,210 | 39,591 | |||||
Titan Machinery, Inc.(a) | 970 | 24,066 | |||||
Trinity Industries, Inc. | 995 | 27,711 | |||||
TrueBlue, Inc.(a) | 2,630 | 32,928 | |||||
TTEC Holdings, Inc. | 1,270 | 13,170 | |||||
Tutor Perini Corp.(a) | 3,630 | 52,490 | |||||
UFP Industries, Inc. | 653 | 80,326 | |||||
UniFirst Corp. | 50 | 8,672 | |||||
V2X, Inc.(a) | 660 | 30,829 | |||||
Verra Mobility Corp.(a) | 800 | 19,976 | |||||
Wabash National Corp. | 2,279 | 68,233 | |||||
WESCO International, Inc. | 421 | 72,109 | |||||
WNS Holdings Ltd.(a) | 4,066 | 205,455 | |||||
Zurn Elkay Water Solutions Corp. | 700 | 23,429 | |||||
4,863,369 | |||||||
Information Technology - 5.3% | |||||||
ACI Worldwide, Inc.(a) | 1,220 | 40,516 | |||||
ACM Research, Inc. - Class A(a) | 610 | 17,775 | |||||
Amkor Technology, Inc. | 164 | 5,287 | |||||
Arlo Technologies, Inc.(a) | 510 | 6,452 | |||||
Aviat Networks, Inc.(a) | 280 | 10,735 | |||||
Avnet, Inc. | 680 | 33,714 | |||||
Axcelis Technologies, Inc.(a) | 240 | 26,765 | |||||
Belden, Inc. | 400 | 37,044 | |||||
Benchmark Electronics, Inc. | 400 | 12,004 | |||||
C3.ai, Inc. - Class A(a)(b) | 215 | 5,820 | |||||
Cirrus Logic, Inc.(a) | 270 | 24,991 | |||||
Coherent Corp.(a) | 350 | 21,217 | |||||
CommVault Systems, Inc.(a) | 100 | 10,143 | |||||
CPI Card Group, Inc.(a) | 460 | 8,216 | |||||
Crane NXT Co. | 590 | 36,521 | |||||
Diodes, Inc.(a) | 480 | 33,840 | |||||
DXC Technology Co.(a) | 1,110 | 23,543 | |||||
ePlus, Inc.(a) | 845 | 66,366 | |||||
FARO Technologies, Inc.(a) | 330 | 7,098 | |||||
InterDigital, Inc. | 60 | 6,388 | |||||
IPG Photonics Corp.(a) | 340 | 30,835 | |||||
Itron, Inc.(a) | 1,200 | 111,024 | |||||
Kimball Electronics, Inc.(a) | 1,130 | 24,465 | |||||
LiveRamp Holdings, Inc.(a) | 885 | 30,533 | |||||
Methode Electronics, Inc. | 1,610 | 19,610 | |||||
N-able, Inc.(a) | 945 | 12,351 | |||||
NVE Corp. | 210 | 18,938 | |||||
Olo, Inc. - Class A(a) | 1,670 | 9,168 | |||||
ON24, Inc. | 1,850 | 13,209 | |||||
OneSpan, Inc.(a) | 2,208 | 25,679 | |||||
OSI Systems, Inc.(a) | 463 | 66,126 | |||||
Photronics, Inc.(a) | 2,660 | 75,331 | |||||
Plexus Corp.(a) | 346 | 32,808 | |||||
Progress Software Corp. | 688 | 36,677 | |||||
Rimini Street, Inc.(a) | 31,071 | 101,291 | |||||
Sanmina Corp.(a) | 1,068 | 66,408 | |||||
ScanSource, Inc.(a) | 560 | 24,662 | |||||
Semtech Corp.(a) | 1,200 | 32,988 | |||||
SMART Global Holdings, Inc.(a) | 1,050 | 27,636 | |||||
SolarWinds Corp.(a) | 480 | 6,058 | |||||
TTM Technologies, Inc.(a) | 3,420 | 53,523 | |||||
Vishay Intertechnology, Inc. | 1,540 | 34,927 | |||||
Vontier Corp. | 780 | 35,381 | |||||
Xerox Holdings Corp. | 5,150 | 92,185 | |||||
1,416,248 | |||||||
Materials - 6.3% | |||||||
AdvanSix, Inc. | 940 | 26,884 | |||||
Alpha Metallurgical Resources, Inc. | 20 | 6,623 | |||||
Alto Ingredients, Inc.(a) | 7,510 | 16,372 | |||||
Ashland, Inc. | 2,996 | 291,721 | |||||
Avient Corp. | 120 | 5,208 | |||||
Cabot Corp. | 205 | 18,901 | |||||
Carpenter Technology Corp. | 857 | 61,207 | |||||
Clearwater Paper Corp.(a) | 212 | 9,271 | |||||
Commercial Metals Co. | 824 | 48,426 | |||||
Compass Minerals International, Inc. | 1,000 | 15,740 | |||||
Core Molding Technologies, Inc.(a) | 2,881 | 54,537 | |||||
Ecovyst, Inc.(a) | 3,305 | 36,851 | |||||
Greif, Inc. - Class A | 395 | 27,275 | |||||
Haynes International, Inc. | 2,616 | 157,274 | |||||
Ingevity Corp.(a) | 700 | 33,390 | |||||
Innospec, Inc. | 577 | 74,398 | |||||
Kaiser Aluminum Corp. | 510 | 45,574 | |||||
Kronos Worldwide, Inc. | 3,100 | 36,580 | |||||
Mativ Holdings, Inc. | 1,150 | 21,563 | |||||
Mercer International, Inc. | 1,960 | 19,502 | |||||
Minerals Technologies, Inc. | 520 | 39,146 | |||||
Myers Industries, Inc. | 900 | 20,853 | |||||
Orion Engineered Carbons SA | 1,664 | 39,137 | |||||
Pactiv Evergreen, Inc. | 1,667 | 23,871 | |||||
Ryerson Holding Corp. | 320 | 10,720 | |||||
Silgan Holdings, Inc. | 390 | 18,938 | |||||
Summit Materials, Inc. - Class A(a) | 410 | 18,274 | |||||
SunCoke Energy, Inc. | 7,056 | 79,521 | |||||
Sylvamo Corp. | 380 | 23,461 | |||||
Taseko Mines Ltd.(a) | 51,038 | 110,752 | |||||
Tredegar Corp. | 4,618 | 30,109 | |||||
TriMas Corp. | 1,000 | 26,730 | |||||
Trinseo PLC | 5,760 | 21,773 | |||||
Tronox Holdings PLC | 1,010 | 17,524 | |||||
United States Lime & Minerals, Inc. | 593 | 176,797 | |||||
Warrior Met Coal, Inc. | 160 | 9,712 | |||||
1,674,615 | |||||||
Real Estate - 1.0% | |||||||
Cushman & Wakefield PLC(a) | 3,370 | 35,250 | |||||
DigitalBridge Group, Inc. | 4,070 | 78,429 | |||||
Forestar Group, Inc.(a) | 1,200 | 48,228 | |||||
Jones Lang LaSalle, Inc.(a) | 153 | 29,849 | |||||
Kennedy-Wilson Holdings, Inc. | 3,740 | 32,089 | |||||
Newmark Group, Inc. - Class A | 930 | 10,314 | |||||
Safehold, Inc. | 1,419 | 29,231 | |||||
Star Holdings(a) | 271 | 3,501 | |||||
The RMR Group, Inc. - Class A | 442 | 10,608 | |||||
277,499 | |||||||
Utilities - 2.5% | |||||||
ALLETE, Inc. | 570 | 33,995 | |||||
Avista Corp. | 980 | 34,320 | |||||
Black Hills Corp. | 920 | 50,232 | |||||
Brookfield Infrastructure Corp. - Class A | 435 | 15,677 | |||||
Northwest Natural Holding Co. | 1,019 | 37,927 | |||||
Northwestern Energy Group, Inc. | 640 | 32,595 | |||||
ONE Gas, Inc. | 1,460 | 94,214 | |||||
Otter Tail Corp. | 1,476 | 127,527 | |||||
PNM Resources, Inc. | 885 | 33,311 | |||||
Portland General Electric Co. | 760 | 31,920 | |||||
Southwest Gas Holdings, Inc. | 530 | 40,349 | |||||
Spire, Inc. | 560 | 34,367 | |||||
UGI Corp. | 3,117 | 76,491 | |||||
642,925 | |||||||
TOTAL COMMON STOCKS (Cost $19,376,400) | 24,543,230 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 6.2% | Shares | Value | |||||
Agree Realty Corp. | 148 | 8,454 | |||||
Alexander & Baldwin, Inc. | 1,010 | 16,635 | |||||
Alexander's, Inc. | 130 | 28,228 | |||||
Apollo Commercial Real Estate Finance, Inc. | 1,580 | 17,601 | |||||
Apple Hospitality REIT, Inc. | 2,857 | 46,798 | |||||
Ares Commercial Real Estate Corp. | 2,170 | 16,167 | |||||
Blackstone Mortgage Trust, Inc. - Class A(b) | 469 | 9,338 | |||||
BrightSpire Capital, Inc. | 2,460 | 16,949 | |||||
City Office REIT, Inc. | 1,240 | 6,460 | |||||
COPT Defense Properties | 475 | 11,481 | |||||
CubeSmart | 588 | 26,589 | |||||
DiamondRock Hospitality Co. | 2,791 | 26,822 | |||||
Douglas Emmett, Inc. | 4,980 | 69,073 | |||||
Empire State Realty Trust, Inc. - Class A | 6,922 | 70,119 | |||||
Essential Properties Realty Trust, Inc. | 2,575 | 68,650 | |||||
Franklin BSP Realty Trust, Inc. | 3,390 | 45,290 | |||||
Granite Point Mortgage Trust, Inc. | 3,270 | 15,598 | |||||
Great Ajax Corp. | 1,313 | 4,989 | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 338 | 9,599 | |||||
Hudson Pacific Properties, Inc. | 3,190 | 20,576 | |||||
Innovative Industrial Properties, Inc. | 1,510 | 156,344 | |||||
Kite Realty Group Trust | 2,370 | 51,382 | |||||
National Health Investors, Inc. | 425 | 26,703 | |||||
NexPoint Residential Trust, Inc. | 172 | 5,537 | |||||
Office Properties Income Trust | 2,760 | 5,630 | |||||
Orion Office REIT, Inc. | 11,360 | 39,874 | |||||
Outfront Media, Inc. | 1,220 | 20,484 | |||||
Park Hotels & Resorts, Inc. | 2,040 | 35,680 | |||||
Pebblebrook Hotel Trust | 2,230 | 34,364 | |||||
PennyMac Mortgage Investment Trust | 1,720 | 25,250 | |||||
Retail Opportunity Investments Corp. | 372 | 4,769 | |||||
RLJ Lodging Trust | 9,080 | 107,325 | |||||
Ryman Hospitality Properties, Inc. | 1,824 | 210,872 | |||||
Sabra Health Care REIT, Inc. | 5,818 | 85,931 | |||||
Seritage Growth Properties - Class A(a) | 3,580 | 34,547 | |||||
SL Green Realty Corp. | 270 | 14,885 | |||||
STAG Industrial, Inc. | 782 | 30,060 | |||||
The Macerich Co. | 2,359 | 40,646 | |||||
TPG RE Finance Trust, Inc. | 6,900 | 53,268 | |||||
Two Harbors Investment Corp. | 392 | 5,190 | |||||
Uniti Group, Inc. | 5,731 | 33,813 | |||||
Urban Edge Properties | 1,417 | 24,472 | |||||
Xenia Hotels & Resorts, Inc. | 4,366 | 65,534 | |||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,451,039) | 1,647,976 | ||||||
TOTAL INVESTMENTS - 98.6% (Cost $20,827,439) | $ | 26,191,206 | |||||
Money Market Deposit Account - 1.4%(d) | 360,204 | ||||||
Other Assets in Excess of Liabilities - 0.0%(e) | 8,776 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 26,560,186 | |||||
Percentages are stated as a percent of net assets. | |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
AMBAC American Municipal Bond Assurance Corporation |
NV - Naamloze Vennootschap |
PLC - Public Limited Company REIT – Real Estate Investment Trust |
SA - Sociedad Anónima |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $126,818 which represented 0.5% of net assets. |
(c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(d) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.28%. |
(e) | Represents less than 0.05% of net assets. |
SMALL COMPANY VALUE PORTFOLIO | |||||||||
NOTES TO SCHEDULE OF INVESTMENTS | |||||||||
March 31, 2024 (Unaudited) | |||||||||
1. Securities Valuation | |||||||||
Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee of Wilshire Advisors LLC (the “Adviser”) it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. | |||||||||
Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security. | |||||||||
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date; ● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and ● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the period ended March 31, 2024, there have been no significant changes to the Portfolio's fair value methodologies. | |||||||||
The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2024: |
Small Company Value Portfolio | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 24,543,230 | – | – | 24,543,230 | ||||||||||||
Real Estate Investment Trusts | 1,647,976 | – | – | 1,647,976 | ||||||||||||
Total Assets | 26,191,206 | – | – | 26,191,206 | ||||||||||||
Refer to the Schedule of Investments for industry classifications. |
Refer to the Portfolio’s Schedule of Investments for a listing of the securities by industry or sector type. Small Company Value Portfolio did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2024.