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: June 30, 2022
Item 1. Reports to Stockholders
(a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) |
Clearwater International Fund
Actual returns | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During the Period January 1, 2022 through June 30, 2022* |
Core Equity Fund | $1,000.00 | $806.10 | $1.12 |
Select Equity Fund | $1,000.00 | $746.50 | $3.94 |
Tax-Exempt Bond Fund | $1,000.00 | $879.20 | $1.26 |
International Fund | $1,000.00 | $770.10 | $2.72 |
Hypothetical 5% return (before expenses) | |||
Core Equity Fund | $1,000.00 | $1,023.55 | $1.25 |
Select Equity Fund | $1,000.00 | $1,020.28 | $4.56 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.46 | $1.35 |
International Fund | $1,000.00 | $1,021.72 | $3.11 |
* | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 | 0.25% |
Select Equity Fund | 0.91% |
Tax-Exempt Bond Fund | 0.27% |
International Fund | 0.62% |
Quarterly Portfolio Schedule of Investments
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Assets | ||||||||
Investments in securities, at fair value (including securities on loan of: $0, $1,549,978, $0 and $7,432,264, respectively); (identified cost: $417,286,833, $432,821,648, $728,924,692 and $718,714,004, respectively) | $ | 703,487,903 | 361,919,601 | 659,235,173 | 822,830,035 | |||
Foreign currencies, at value (cost: $0, $18,786, $0 and $5,622,800, respectively) | - | 17,500 | - | 5,557,513 | ||||
Cash (restricted: $0, $0, $3,705,500 and $0, respectively) | - | - | 7,175,422 | - | ||||
Receivable for securities sold | 57,978 | 1,655,550 | 3,187,027 | 59,351,789 | ||||
Receivable for shares of beneficial interest sold | 6,500 | - | 84,500 | 62,400 | ||||
Accrued dividend and interest receivable | 600,289 | 149,292 | 6,349,954 | 1,408,331 | ||||
Foreign tax reclaim receivable | 2,785 | 775 | - | 1,714,260 | ||||
Unrealized appreciation on forward foreign currency exchange contracts | - | - | - | 125,207 | ||||
Total assets | 704,155,455 | 363,742,718 | 676,032,076 | 891,049,535 | ||||
Liabilities | ||||||||
Payables for investment securities purchased | - | 394,610 | 8,749,955 | 46,129,111 | ||||
Payable for fund shares redeemed | 64,500 | 78,300 | - | - | ||||
Accrued investment advisory fee | 498,146 | 933,889 | 454,815 | 1,475,907 | ||||
Payables for when-issued securities purchased | - | - | 478,179 | - | ||||
Payable for dividend distribution | - | - | 200,507 | - | ||||
Payable for variation margin on futures contracts | - | - | 1,943,297 | - | ||||
Payable upon return of securities loaned | - | 1,642,430 | - | 8,172,384 | ||||
Unrealized depreciation on forward foreign currency exchange contracts | - | - | - | 33,579 | ||||
Deferred foreign capital gains taxes payable | - | - | - | 341,186 | ||||
Short-term financing | 150,538 | - | - | - | ||||
Total liabilities | 713,184 | 3,049,229 | 11,826,753 | 56,152,167 | ||||
Net assets | $ | 703,442,271 | 360,693,489 | 664,205,323 | 834,897,368 | |||
Capital | ||||||||
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,832,756, 24,461,362, 75,677,082 and 51,289,864 shares outstanding, respectively) | $ | 410,028,677 | 424,307,422 | 739,084,459 | 725,370,901 | |||
Distributable earnings | 293,413,594 | (63,613,933) | (74,879,136) | 109,526,467 | ||||
Net assets | $ | 703,442,271 | 360,693,489 | 664,205,323 | 834,897,368 | |||
Net asset value per share of outstanding capital stock | $ | 54.82 | 14.75 | 8.78 | 16.28 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $5,066, $12,597, $0 and $1,656,231, respectively) | $ | 6,831,958 | 2,145,997 | 948,271 | 14,539,833 | |||
Non cash dividends | - | - | - | 1,504,626 | ||||
Interest | - | - | 12,507,924 | - | ||||
Net income from securities loaned | - | 56,581 | - | 151,189 | ||||
Total income | 6,831,958 | 2,202,578 | 13,456,195 | 16,195,648 | ||||
Expenses: | ||||||||
Investment advisory fee | 3,559,014 | 2,975,528 | 2,066,815 | 4,760,063 | ||||
Other expenses | - | - | - | 185 | ||||
Total expenses | 3,559,014 | 2,975,528 | 2,066,815 | 4,760,248 | ||||
Less: waivers of investment advisory fee or other expense reimbursements | (2,551,239) | (973,713) | (1,136,746) | (1,790,488) | ||||
Net expenses | 1,007,775 | 2,001,815 | 930,069 | 2,969,760 | ||||
Net investment income | 5,824,183 | 200,763 | 12,526,126 | 13,225,888 | ||||
Net realized gain (loss) on: | ||||||||
Security transactions | 1,792,203 | 1,883,368 | (10,346,067) | 2,011,560 | ||||
Forward foreign currency exchange contracts | - | - | - | 91,627 | ||||
Foreign currency transactions | - | (2,884) | - | (363,743) | ||||
Futures contracts | - | - | 8,824,716 | - | ||||
Net increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $833,714, respectively) | (177,843,855) | (131,742,557) | (99,795,684) | (264,761,380) | ||||
Forward foreign currency exchange contracts | - | - | - | 75,453 | ||||
Futures contracts | - | - | (1,173,981) | - | ||||
Translation of other assets and liabilities denominated in foreign currencies | - | (1,589) | - | (208,989) | ||||
Net gain (loss) on investments | (176,051,652) | (129,863,662) | (102,491,016) | (263,155,472) | ||||
Net increase (decrease) in net assets resulting from operations | $ | (170,227,469) | (129,662,899) | (89,964,890) | (249,929,584) |
Core Equity Fund | Select Equity Fund | |||||||
06/30/2022 | 12/31/2021 | 06/30/2022 | 12/31/2021 | |||||
Operations: | ||||||||
Net investment income | $ | 5,824,183 | 8,651,556 | 200,763 | 1,365,399 | |||
Net realized gain | 1,792,203 | 45,136,206 | 1,880,484 | 81,317,020 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | (177,843,855) | 125,180,850 | (131,744,146) | (30,522,814) | ||||
Net increase (decrease) in net assets resulting from operations | (170,227,469) | 178,968,612 | (129,662,899) | 52,159,605 | ||||
Distributions to shareholders | - | (27,383,854) | - | (62,531,441) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 29,436,684 | 120,841,621 | 39,730,315 | 100,015,489 | ||||
Reinvestment of distributions from net investment income and net realized gain | - | 27,383,854 | - | 62,531,441 | ||||
Payments for shares redeemed | (35,355,892) | (37,205,688) | (83,440,900) | (74,082,432) | ||||
Net increase (decrease) in net assets from capital share transactions | (5,919,208) | 111,019,787 | (43,710,585) | 88,464,498 | ||||
Total increase (decrease) in net assets | (176,146,677) | 262,604,545 | (173,373,484) | 78,092,662 | ||||
Net assets: | ||||||||
At the beginning of the period | 879,588,948 | 616,984,403 | 534,066,973 | 455,974,311 | ||||
At the end of the period | $ | 703,442,271 | 879,588,948 | 360,693,489 | 534,066,973 |
Tax-Exempt Bond Fund | International Fund | |||||||
06/30/2022 | 12/31/2021 | 06/30/2022 | 12/31/2021 | |||||
Operations: | ||||||||
Net investment income | $ | 12,526,126 | 23,626,723 | 13,225,888 | 16,216,510 | |||
Net realized gain (loss) | (1,521,351) | 1,900,353 | 1,739,444 | 78,530,828 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | (100,969,665) | (655,871) | (264,894,916) | 39,867,569 | ||||
Net increase (decrease) in net assets resulting from operations | (89,964,890) | 24,871,205 | (249,929,584) | 134,614,907 | ||||
Distributions to shareholders | (12,520,162) | (23,625,740) | - | (97,585,574) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 37,162,683 | 125,620,400 | 32,228,271 | 143,097,632 | ||||
Reinvestment of distributions from net investment income and net realized gain | 12,531,573 | 23,532,024 | - | 97,585,574 | ||||
Payments for shares redeemed | (15,497,774) | (34,742,864) | (38,346,731) | (54,551,359) | ||||
Net increase (decrease) in net assets from capital share transactions | 34,196,482 | 114,409,560 | (6,118,460) | 186,131,847 | ||||
Total increase (decrease) in net assets | (68,288,570) | 115,655,025 | (256,048,044) | 223,161,180 | ||||
Net assets: | ||||||||
At the beginning of the period | 732,493,893 | 616,838,868 | 1,090,945,412 | 867,784,232 | ||||
At the end of the period | $ | 664,205,323 | 732,493,893 | 834,897,368 | 1,090,945,412 |
June 30, | Year ended December 31, | ||||||||||||||
Core Equity Fund | 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||
Net asset value, beginning of period | $ | 68.01 | 55.11 | 48.14 | 37.97 | 43.21 | 37.43 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.45 | 0.72 | 0.71 | 0.72 | 0.68 | 0.64 | |||||||||
Net realized and unrealized gains (losses) | (13.64) | 14.36 | 7.22 | 10.32 | (3.46) | 8.03 | |||||||||
Total from investment operations | (13.19) | 15.08 | 7.93 | 11.04 | (2.78) | 8.67 | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | (0.69) | (0.71) | (0.66) | (0.67) | (0.65) | |||||||||
Net realized gain | - | (1.49) | (0.25) | (0.21) | (1.79) | (2.24) | |||||||||
Total distributions to shareholders: | - | (2.18) | (0.96) | (0.87) | (2.46) | (2.89) | |||||||||
Net asset value, end of period | $ | 54.82 | 68.01 | 55.11 | 48.14 | 37.97 | 43.21 | ||||||||
Total return (a) | (19.39)% | 27.44 % | 16.54 % | 29.11 % | (6.61)% | 23.26 % | |||||||||
Net assets, end of period (000s omitted) | $ | 703,442 | 879,589 | 616,984 | 543,171 | 456,874 | 538,392 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.25 % | 0.29 % | 0.31 % | 0.35 % | 0.38 % | 0.39 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.90 % | 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), (j) | 1.48 % | 1.13 % | 1.49 % | 1.54 % | 1.47 % | 1.51 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j) | 0.83 % | 0.52 % | 0.90 % | 0.99 % | 0.95 % | 1.00 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 30.84 % | 33.97 % | 37.16 % | 33.73 % | 34.64 % | 31.13 % |
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
(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) | Annualized for periods less than one year. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.26%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.64%. |
(e) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.65%. |
(f) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.30%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.60%. |
(g) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.31%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.59%. |
(h) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.35%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.55%. |
(i) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.38%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.52%. |
(j) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.37%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.53%. |
June 30, | Year ended December 31, | ||||||||||||||
Select Equity Fund | 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||
Net asset value, beginning of period | $ | 19.76 | 20.09 | 18.45 | 14.90 | 18.92 | 19.79 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.01 | 0.07 | 0.11 | 0.14 | 0.07 | 0.02 | |||||||||
Net realized and unrealized gains (losses) | (5.02) | 2.20 | 1.95 | 3.79 | (2.37) | 2.58 | |||||||||
Total from investment operations | (5.01) | 2.27 | 2.06 | 3.93 | (2.30) | 2.60 | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | (0.06) | (0.11) | (0.11) | (0.07) | (0.03) | |||||||||
Net realized gain | - | (2.54) | (0.31) | (0.27) | (1.65) | (3.44) | |||||||||
Total distributions to shareholders: | - | (2.60) | (0.42) | (0.38) | (1.72) | (3.47) | |||||||||
Net asset value, end of period | $ | 14.75 | 19.76 | 20.09 | 18.45 | 14.90 | 18.92 | ||||||||
Total return (a) | (25.35)% | 11.77 % | 11.25 % | 26.40 % | (12.49)% | 13.46 % | |||||||||
Net assets, end of period (000s omitted) | $ | 360,693 | 534,067 | 455,974 | 373,425 | 305,921 | 369,720 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 0.91 % | 0.88 % | 0.94 % | 0.98 % | 1.03 % | 0.99 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 1.35 % | 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), (j), (k) | 0.09 % | 0.26 % | 0.70 % | 0.64 % | 0.33 % | 0.11 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k) | (0.35)% | (0.21)% | 0.29 % | 0.27 % | 0.01 % | (0.25)% | |||||||||
Portfolio turnover rate (excluding short-term securities) | 23.66 % | 109.01 % | 102.30 % | 64.32 % | 63.08 % | 113.85 % |
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
(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) | Annualized for periods less than one year. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.93%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.42%. |
(e) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%. |
(f) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%. |
(g) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.91%. Also effective October 1, 2020, the Adviser increased the voluntary waiver to 0.44%. |
(h) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.95%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.40%. |
(i) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.98%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.37%. |
(j) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
(k) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.96%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.39%. |
June 30, | Year ended December 31, | ||||||||||||||
Tax-Exempt Bond Fund | 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||
Net asset value, beginning of period | $ | 10.17 | 10.14 | 10.13 | 9.82 | 10.21 | 9.93 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.17 | 0.36 | 0.39 | 0.40 | 0.42 | 0.45 | |||||||||
Net realized and unrealized gains (losses) | (1.39) | 0.03 | 0.03 | 0.34 | (0.26) | 0.38 | |||||||||
Total from investment operations | (1.22) | 0.39 | 0.42 | 0.74 | 0.16 | 0.83 | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | (0.17) | (0.36) | (0.41) | (0.43) | (0.45) | (0.49) | |||||||||
Net realized gain | - | - | - | - | (0.10) | (0.06) | |||||||||
Total distributions to shareholders: | (0.17) | (0.36) | (0.41) | (0.43) | (0.55) | (0.55) | |||||||||
Net asset value, end of period | $ | 8.78 | 10.17 | 10.14 | 10.13 | 9.82 | 10.21 | ||||||||
Total return (a) | (12.08)% | 3.89 % | 4.26 % | 7.69 % | 1.59 % | 8.54 % | |||||||||
Net assets, end of period (000s omitted) | $ | 664,205 | 732,494 | 616,839 | 603,277 | 529,485 | 525,156 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f) | 0.27 % | 0.28 % | 0.29 % | 0.32 % | 0.34 % | 0.34 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % | |||||||||
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f) | 3.64 % | 3.52 % | 3.85 % | 4.05 % | 4.22 % | 4.35 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f) | 3.31 % | 3.20 % | 3.54 % | 3.77 % | 3.96 % | 4.09 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 13.79 % | 16.91 % | 17.21 % | 12.53 % | 11.36 % | 13.28 % |
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
(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) | Annualized for periods less than one year. |
(d) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(e) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.29%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.31%. |
(f) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.32%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.28%. |
June 30, | Year ended December 31, | ||||||||||||||
International Fund | 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||
Net asset value, beginning of period | $ | 21.14 | 20.16 | 17.28 | 14.08 | 17.23 | 14.04 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.26 | 0.36 | 0.20 | 0.29 | 0.30 | 0.27 | |||||||||
Net realized and unrealized gains (losses) | (5.12) | 2.68 | 3.07 | 3.43 | (2.70) | 3.44 | |||||||||
Total from investment operations | (4.86) | 3.04 | 3.27 | 3.72 | (2.40) | 3.71 | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | (0.42) | (0.17) | (0.30) | (0.29) | (0.30) | |||||||||
Net realized gain | - | (1.64) | (0.22) | (0.22) | (0.46) | (0.22) | |||||||||
Total distributions to shareholders: | - | (2.06) | (0.39) | (0.52) | (0.75) | (0.52) | |||||||||
Net asset value, end of period | $ | 16.28 | 21.14 | 20.16 | 17.28 | 14.08 | 17.23 | ||||||||
Total return (a) | (22.99)% | 15.39 % | 19.02 % | 26.47 % | (14.01)% | 26.54 % | |||||||||
Net assets, end of period (000s omitted) | $ | 834,897 | 1,090,945 | 867,784 | 711,851 | 524,708 | 624,642 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.62 % | 0.65 % | 0.66 % | 0.68 % | 0.68 % | 0.67 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 1.00 % | 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) | 2.78 % | 1.61 % | 1.17 % | 1.88 % | 1.79 % | 1.67 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j) | 2.40 % | 1.26 % | 0.83 % | 1.56 % | 1.47 % | 1.34 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 42.47 % | 39.50 % | 39.61 % | 49.69 % | 19.57 % | 36.17 % |
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
(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) | Annualized for periods less than one year. |
(d) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.65%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.35%. |
(e) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%. |
(f) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(g) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective October 1, 2020, the Adviser decreased the voluntary waiver to 0.32%. |
(h) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.35%. |
(i) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
(j) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.35%. |
11 | (Continued) |
12 | (Continued) |
13 | (Continued) |
14 | (Continued) |
15 | (Continued) |
16 | (Continued) |
Tax-Exempt | Ordinary Income* | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Core Equity Fund | $ — | $ — | $ 8,635,604 | $ 7,801,407 | |||
Select Equity Fund | — | — | 20,817,295 | 2,530,143 | |||
Tax-Exempt Bond Fund | 23,486,921 | 24,459,185 | 44,388 | 131,738 | |||
International Fund | — | — | 28,115,277 | 8,365,704 | |||
Long-Term Capital Gains** | |||
2021 | 2020 | ||
Core Equity Fund | $ 18,748,250 | $ 2,728,041 | |
Select Equity Fund | 41,714,145 | 6,877,368 | |
Tax-Exempt Bond Fund | — | — | |
International Fund | 69,470,296 | 8,082,763 | |
* | In addition to the ordinary income distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts: |
17 | (Continued) |
Core Equity Fund | $ 55,561 |
Select Equity Fund | $ 1,173,832 |
** | In addition to the long-term capital gain distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts: |
Core Equity Fund | $ 131,722 |
Select Equity Fund | $ 2,366,650 |
International Fund | $ 2,992,293 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Undistributed ordinary income | $ — | $ 3,608,039 | $ — | $ 757,847 | |||
Undistributed tax-exempt income | — | — | 375,134 | — | |||
Undistributed capital gain | 902,394 | 4,507,720 | — | 3,017,654 | |||
Accumulated capital losses and other | — | — | (2,732,188) | (1,748,052) | |||
Unrealized appreciation/depreciation | 462,738,669 | 57,933,207 | 29,962,970 | 357,428,602 | |||
Total | $ 463,641,063 | $ 66,048,966 | $ 27,605,916 | $ 359,456,051 |
18 | (Continued) |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Distributable earnings | $ (11,313,832) | $ (17,913,242) | $ — | $ (12,994,280) | |||
Additional paid-in capital | 11,313,832 | 17,913,242 | — | 12,994,280 |
19 | (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 | $ 700,235,141 | $ — | $ — | $ 700,235,141 |
Short-Term Investments | 3,252,762 | — | — | 3,252,762 |
Total | $ 703,487,903 | $ — | $ — | $ 703,487,903 |
20 | (Continued) |
Select Equity Fund (b) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $ 348,443,533 | $ — | $ — | $ 348,443,533 |
Warrants | — | — | —* | —* |
Short-Term Investments | 13,476,068 | — | — | 13,476,068 |
Total | $ 361,919,601 | $ — | $ — | $ 361,919,601 |
* 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 | $ 34,172,450 | $ — | $ — | $ 34,172,450 |
Municipal Bonds | ||||
Alabama | — | 1,162,541 | — | 1,162,541 |
Alaska | — | 7,000 | — | 7,000 |
Arizona | — | 8,573,455 | — | 8,573,455 |
Arkansas | — | 1,715,215 | — | 1,715,215 |
California | — | 37,730,602 | — | 37,730,602 |
Colorado | — | 31,707,401 | — | 31,707,401 |
Connecticut | — | 4,182,686 | — | 4,182,686 |
District of Columbia | — | 10,557,443 | — | 10,557,443 |
Florida | — | 90,744,967 | — | 90,744,967 |
Georgia | — | 11,112,338 | — | 11,112,338 |
Idaho | — | 2,735,937 | — | 2,735,937 |
Illinois | — | 30,181,726 | — | 30,181,726 |
Indiana | — | 10,536,664 | — | 10,536,664 |
Iowa | — | 6,131,964 | — | 6,131,964 |
Kansas | — | 4,336,027 | — | 4,336,027 |
Kentucky | — | 304,939 | — | 304,939 |
Louisiana | — | 12,125,560 | — | 12,125,560 |
Maine | — | 917,202 | — | 917,202 |
Maryland | — | 5,546,117 | — | 5,546,117 |
Massachusetts | — | 15,981,780 | — | 15,981,780 |
Michigan | — | 21,330,312 | — | 21,330,312 |
Minnesota | — | 12,070,024 | — | 12,070,024 |
21 | (Continued) |
Tax-Exempt Bond Fund (c) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Mississippi | $ — | $ 2,915,567 | $ — | $ 2,915,567 |
Missouri | — | 7,973,422 | — | 7,973,422 |
Montana | — | 4,179,581 | — | 4,179,581 |
Nebraska | — | 1,928,596 | — | 1,928,596 |
Nevada | — | 3,832,787 | — | 3,832,787 |
New Hampshire | — | 1,432,029 | — | 1,432,029 |
New Jersey | — | 14,110,849 | — | 14,110,849 |
New Mexico | — | 12,356,486 | — | 12,356,486 |
New York | — | 35,683,048 | — | 35,683,048 |
North Carolina | — | 7,968,451 | — | 7,968,451 |
North Dakota | — | 3,030,363 | — | 3,030,363 |
Ohio | — | 19,814,623 | — | 19,814,623 |
Oklahoma | — | 1,944,318 | — | 1,944,318 |
Oregon | — | 11,212,859 | — | 11,212,859 |
Pennsylvania | — | 15,524,895 | — | 15,524,895 |
Rhode Island | — | 2,476,249 | — | 2,476,249 |
South Carolina | — | 7,118,383 | — | 7,118,383 |
South Dakota | — | 1,564,362 | — | 1,564,362 |
Tennessee | — | 15,193,434 | — | 15,193,434 |
Texas | — | 47,498,221 | — | 47,498,221 |
Utah | — | 8,005,484 | — | 8,005,484 |
Vermont | — | 1,312,312 | — | 1,312,312 |
Virginia | — | 6,174,464 | — | 6,174,464 |
Washington | — | 13,319,721 | — | 13,319,721 |
West Virginia | — | 3,456,945 | — | 3,456,945 |
Wisconsin | — | 18,662,593 | — | 18,662,593 |
Wyoming | — | 1,612,312 | — | 1,612,312 |
Short-Term Investments | 35,068,469 | — | — | 35,068,469 |
Total | $ 69,240,919 | $ 589,994,254 | $ — | $ 659,235,173 |
22 | (Continued) |
Tax-Exempt Bond Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||
Assets | ||||||||
Futures contracts | $ 24,078 | $ — | $ — | $ 24,078 | ||||
Liabilities | ||||||||
Futures contracts | (2,038,678) | — | — | (2,038,678) | ||||
Net Other Financial Instruments | $ (2,014,600) | $ — | $ — | $ (2,014,600) |
International Fund (d) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Australia | $ 32,400,818 | $ — | $ —* | $ 32,400,818 |
All other countries | 757,624,047 | — | — | 757,624,047 |
Participatory Notes | 2,431,621 | — | — | 2,431,621 |
Preferred Stocks | 5,234,745 | — | — | 5,234,745 |
Short-Term Investments | 25,138,804 | — | — | 25,138,804 |
Total | $ 822,830,035 | $ — | $ — | $ 822,830,035 |
* Security has been deemed worthless and is a Level 3 investment. |
23 | (Continued) |
International Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||
Assets | ||||||||
Forward foreign currency exchange contracts | $ — | $ 125,207 | $ — | $ 125,207 | ||||
Liabilities | ||||||||
Forward foreign currency exchange contracts | — | (33,579) | — | (33,579) | ||||
Net Other Financial Instruments | $ — | $ 91,628 | $ — | $ 91,628 |
Purchases | Sales | ||
Core Equity Fund | $ 245,969,934 | $ 246,648,691 | |
Select Equity Fund | 102,905,897 | 143,243,368 | |
Tax-Exempt Bond Fund | 128,972,723 | 91,383,747 | |
International Fund | 397,713,828 | 403,581,651 | |
24 | (Continued) |
Funds | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Cost Basis of Investments | ||||
Core Equity Fund | $ 293,945,689 | $ (10,060,337) | $ 283,885,352 | $ 419,602,551 | ||||
Select Equity Fund | 22,487,178 | (96,910,988) | (74,423,810) | 436,343,411 | ||||
Tax-Exempt Bond Fund | 7,519,533 | (77,354,261) | (69,834,728) | 729,067,886 | ||||
International Fund | 177,706,067 | (84,402,742) | 93,303,325 | 729,618,343 | ||||
Core Equity Fund | Select Equity Fund | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Sold | 486,166 | 1,900,566 | 2,308,105 | 4,425,359 | |||
Issued for reinvestment of distributions | — | 411,726 | — | 3,275,613 | |||
Redeemed | (587,132) | (573,574) | (4,878,201) | (3,368,880) | |||
Net Increase (decrease) | (100,966) | 1,738,718 | (2,570,096) | 4,332,092 |
Tax-Exempt Bond Fund | International Fund | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Sold | 3,951,009 | 12,325,152 | 1,780,816 | 6,394,897 | |||
Issued for reinvestment of distributions | 1,352,563 | 2,316,277 | — | 4,762,595 | |||
Redeemed | (1,685,949) | (3,432,088) | (2,104,439) | (2,579,497) | |||
Net Increase (decrease) | 3,617,623 | 11,209,341 | (323,623) | 8,577,995 |
25 | (Continued) |
Short-Term | Long-Term | Late-year Gain/Loss | Total | |
Tax-Exempt Bond Fund | $ 2,244,674 | $ 275,598 | $ — | $ 2,520,272 |
Management Fees Voluntary Waivers | |||
Voluntary Waiver % Prior to April 1, 2022 | Voluntary Waiver % Effective from April 1, 2022 | ||
Core Equity Fund | (0.65) | (0.64) | |
Select Equity Fund | (0.46) | (0.42) | |
Tax-Exempt Bond Fund | (0.33) | (0.33) | |
International Fund | (0.38) | (0.35) |
26 | (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 | $ 24,078* | Unrealized depreciation on futures contracts | 2,038,678* | RBC Trust | |
International Fund | Forward foreign currency exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 125,207 | Unrealized depreciation on forward foreign currency exchange contracts | 33,579 | Northern Trust |
* | Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statement of Assets and Liabilities for futures contracts. |
27 | (Continued) |
Name of Fund | Derivative Type | Statements of Operations Location | Value | Name of Fund | Derivative Type | Statements of Operations Location | Value | |
Tax-Exempt Bond Fund | Futures contracts | Net realized gain (loss) on futures contracts | $ 8,824,716 | Tax-Exempt Bond Fund | Futures contracts | Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts | $ (1,173,981) | |
International Fund | Forward foreign currency exchange contracts | Net realized gain (loss) on forward foreign currency exchange contracts | $ 91,627 | International Fund | Forward foreign currency exchange contracts | Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts | $ 75,453 | |
Tax-Exempt Bond Fund | |
Future Contracts | |
Number of Transactions | Weighted Average Notional Amount |
2,127 | $ 85,988,778 |
International Fund | |
Forward Foreign Currency Exchange Contracts | |
Number of Transactions | Weighted Average Notional Amount |
6 | $ 1,226,688 |
28 | (Continued) |
Average Amount Oustanding for Days in Use | Days Used | ||
Core Equity Fund | $ 7,208 | 80 | |
Select Equity Fund | 59,078 | 75 | |
International Fund | 27,250 | 76 | |
29 | (Continued) |
Gross Amounts of Securities Loaned in Statement of Assets and Liabilities | % of Net Assets | Cash Collateral Received | |
Select Equity Fund | $ 1,549,978 | 0.43 % | $ 1,642,430 |
International Fund | 7,432,264 | 0.89 % | 8,172,384 |
30 | (Continued) |
31 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
5,903 | ACTIVISION BLIZZARD, INC. | $ 119,703 | 459,608 | |||||
7,696 | ALPHABET, INC., CLASS A(b) | 8,546,322 | 16,771,585 | |||||
3,224 | ALPHABET, INC., CLASS C(b) | 1,739,348 | 7,052,339 | |||||
139,066 | AT&T, INC. | 2,370,069 | 2,914,823 | |||||
300 | CABLE ONE, INC. | 113,966 | 386,796 | |||||
229 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 114,915 | 107,293 | |||||
3,718 | CINEMARK HOLDINGS, INC.(b) | 43,220 | 55,844 | |||||
57,795 | COMCAST CORP., CLASS A | 632,884 | 2,267,876 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 31,652 | |||||
11,266 | ELECTRONIC ARTS, INC. | 280,102 | 1,370,509 | |||||
55,088 | INTERPUBLIC GROUP OF (THE) COS., INC. | 1,857,737 | 1,516,573 | |||||
787 | LIBERTY BROADBAND CORP., CLASS C(b) | 51,002 | 91,009 | |||||
3,857 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 29,803 | 81,190 | |||||
10,228 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 185,262 | 225,937 | |||||
1,700 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS A(b) | 92,069 | 98,549 | |||||
2,300 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 72,270 | 145,981 | |||||
224,922 | LUMEN TECHNOLOGIES, INC. | 2,402,178 | 2,453,899 | |||||
1,749 | MATCH GROUP, INC.(b) | 57,853 | 121,888 | |||||
36,406 | META PLATFORMS, INC., CLASS A(b) | 2,688,795 | 5,870,467 | |||||
1,774 | NETFLIX, INC.(b) | 297,230 | 310,219 | |||||
4,475 | NEWS CORP., CLASS A | 51,049 | 69,721 | |||||
700 | NEXSTAR MEDIA GROUP, INC., CLASS A | 44,492 | 114,016 | |||||
20,139 | OMNICOM GROUP, INC. | 1,477,718 | 1,281,042 | |||||
1 | PARAMOUNT GLOBAL, CLASS B | 30 | 25 | |||||
31,280 | PLAYTIKA HOLDING CORP.(b)(c) | 440,795 | 414,147 | |||||
9,000 | ROKU, INC.(b) | 824,720 | 739,260 | |||||
17,050 | SIRIUS XM HOLDINGS, INC. | 101,708 | 104,516 | |||||
10,237 | T-MOBILE U.S., INC.(b) | 444,022 | 1,377,286 | |||||
9,100 | TWITTER, INC.(b) | 211,377 | 340,249 | |||||
90,875 | VERIZON COMMUNICATIONS, INC. | 4,222,288 | 4,611,906 | |||||
24,418 | WALT DISNEY (THE) CO.(b) | 477,704 | 2,305,059 | |||||
12,646 | WARNER BROS. DISCOVERY, INC.(b) | 273,614 | 169,709 | |||||
1,800 | WORLD WRESTLING ENTERTAINMENT, INC., CLASS A | 94,946 | 112,482 | |||||
30,380,241 | 53,973,455 | 7.67% | ||||||
Consumer Discretionary: | ||||||||
11,607 | ADT, INC. | 43,924 | 71,383 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,557 | 259,635 | |||||
120,420 | AMAZON.COM, INC.(b) | 8,259,617 | 12,789,808 | |||||
2,400 | ARAMARK | 47,393 | 73,512 | |||||
1,100 | AUTOLIV, INC.(c) | 13,982 | 78,727 | |||||
11,747 | AUTONATION, INC.(b) | 416,726 | 1,312,845 | |||||
1,992 | AUTOZONE, INC.(b) | 2,902,314 | 4,281,047 | |||||
19,007 | BATH & BODY WORKS, INC. | 802,831 | 511,668 | |||||
10,519 | BEST BUY CO., INC. | 456,135 | 685,734 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 29,358 | |||||
488 | BOOKING HOLDINGS, INC.(b) | 580,189 | 853,507 | |||||
7,742 | BORGWARNER, INC. | 164,658 | 258,351 | |||||
428 | BURLINGTON STORES, INC.(b) | 35,662 | 58,306 | |||||
1,568 | CARMAX, INC.(b) | 22,540 | 141,873 | |||||
3,928 | D.R. HORTON, INC. | 18,835 | 259,994 | |||||
1,200 | DARDEN RESTAURANTS, INC. | 42,285 | 135,744 | |||||
602 | DICK'S SPORTING GOODS, INC. | 58,483 | 45,373 | |||||
4,189 | DOLLAR GENERAL CORP. | 412,982 | 1,028,148 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 814,160 | |||||
7,354 | DOMINO'S PIZZA, INC. | 2,513,850 | 2,865,927 | |||||
18,679 | EBAY, INC. | 458,220 | 778,354 | |||||
632 | EXPEDIA GROUP, INC.(b) | 48,603 | 59,933 | |||||
1,059 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 36,370 | 66,675 | |||||
13,642 | FOOT LOCKER, INC. | 312,798 | 344,461 | |||||
306,843 | FORD MOTOR CO. | 4,412,454 | 3,415,163 | |||||
700 | GAMESTOP CORP., CLASS A(b) | 90,524 | 85,610 | |||||
5,273 | GARMIN LTD.(c) | 188,068 | 518,072 | |||||
15,000 | GENTEX CORP. | 106,860 | 419,550 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 458,850 |
See accompanying notes to financial statements. | 33 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
7,022 | HANESBRANDS, INC. | $ 55,219 | 72,256 | |||||
926 | HASBRO, INC. | 59,748 | 75,821 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC. | 115,613 | 178,304 | |||||
25,066 | HOME DEPOT (THE), INC. | 5,123,385 | 6,874,852 | |||||
23,218 | INTERNATIONAL GAME TECHNOLOGY PLC | 116,689 | 430,926 | |||||
5,396 | KOHL'S CORP. | 101,830 | 192,583 | |||||
2,535 | LAS VEGAS SANDS CORP.(b) | 21,685 | 85,151 | |||||
2,900 | LENNAR CORP., CLASS A | 37,613 | 204,653 | |||||
58 | LENNAR CORP., CLASS B | 652 | 3,405 | |||||
25,612 | LKQ CORP. | 853,148 | 1,257,293 | |||||
2,061 | LOWE'S COS., INC. | 369,301 | 359,995 | |||||
4,767 | LULULEMON ATHLETICA, INC.(b)(c) | 606,562 | 1,299,532 | |||||
2,938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61,838 | 399,597 | |||||
426 | MARRIOTT VACATIONS WORLDWIDE CORP. | 59,705 | 49,501 | |||||
14,020 | MCDONALD'S CORP. | 1,267,397 | 3,461,258 | |||||
37,838 | MGM RESORTS INTERNATIONAL | 1,422,478 | 1,095,410 | |||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 74,454 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 93,582 | |||||
9,967 | NIKE, INC., CLASS B | 218,900 | 1,018,627 | |||||
4,273 | NORDSTROM, INC. | 44,949 | 90,288 | |||||
244 | NVR, INC.(b) | 738,017 | 977,010 | |||||
2,492 | O'REILLY AUTOMOTIVE, INC.(b) | 1,100,178 | 1,574,346 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 492,776 | |||||
1,283 | PLANET FITNESS, INC., CLASS A(b) | 75,858 | 87,257 | |||||
370 | POOL CORP. | 34,226 | 129,955 | |||||
30,208 | PULTEGROUP, INC. | 1,378,298 | 1,197,143 | |||||
2,342 | PVH CORP. | 101,514 | 133,260 | |||||
141,606 | QURATE RETAIL, INC., CLASS A | 548,498 | 406,409 | |||||
1,500 | RALPH LAUREN CORP. | 31,320 | 134,475 | |||||
4,643 | ROSS STORES, INC. | 240,184 | 326,078 | |||||
22,087 | ROYAL CARIBBEAN CRUISES LTD.(b) | 860,666 | 771,057 | |||||
3,108 | SIX FLAGS ENTERTAINMENT CORP.(b) | 46,765 | 67,444 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 1,795,165 | |||||
25,148 | TAPESTRY, INC. | 878,681 | 767,517 | |||||
12,424 | TARGET CORP. | 1,256,093 | 1,754,642 | |||||
15,094 | TESLA, INC.(b) | 7,115,367 | 10,164,601 | |||||
571 | THOR INDUSTRIES, INC. | 6,706 | 42,671 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,127,500 | |||||
7,359 | TOLL BROTHERS, INC. | 346,095 | 328,211 | |||||
500 | TRACTOR SUPPLY CO. | 90,114 | 96,925 | |||||
23,166 | TRAVEL + LEISURE CO. | 477,832 | 899,304 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 269,836 | |||||
6,800 | VF CORP. | 81,950 | 300,356 | |||||
3,000 | WENDY'S (THE) CO. | 43,280 | 56,640 | |||||
6,441 | WHIRLPOOL CORP. | 632,036 | 997,518 | |||||
10,650 | WILLIAMS-SONOMA, INC. | 1,501,598 | 1,181,617 | |||||
1,400 | WYNDHAM HOTELS & RESORTS, INC. | 46,408 | 92,008 | |||||
1,554 | WYNN RESORTS LTD.(b) | 31,066 | 88,547 | |||||
51,624,972 | 76,279,524 | 10.84% | ||||||
Consumer Staples: | ||||||||
1,582 | ALBERTSONS COS., INC., CLASS A | 48,379 | 42,271 | |||||
46,392 | ALTRIA GROUP, INC. | 2,263,482 | 1,937,794 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 799,280 | |||||
887 | BELLRING BRANDS, INC.(b) | 13,799 | 22,077 | |||||
1,614 | BUNGE LTD. | 146,274 | 146,374 | |||||
25,647 | CHURCH & DWIGHT CO., INC. | 1,762,225 | 2,376,451 | |||||
800 | CLOROX (THE) CO. | 105,256 | 112,784 | |||||
73,370 | COCA-COLA (THE) CO. | 1,841,967 | 4,615,707 | |||||
1,280 | COLGATE-PALMOLIVE CO. | 36,019 | 102,579 | |||||
2,600 | CONAGRA BRANDS, INC. | 49,390 | 89,024 | |||||
1,823 | CONSTELLATION BRANDS, INC., CLASS A | 251,171 | 424,868 | |||||
5,960 | COSTCO WHOLESALE CORP. | 1,218,930 | 2,856,509 | |||||
1,500 | DARLING INGREDIENTS, INC.(b) | 95,773 | 89,700 | |||||
2,294 | ESTEE LAUDER (THE) COS., INC., CLASS A | 454,430 | 584,213 | |||||
12,400 | GENERAL MILLS, INC. | 277,056 | 935,580 | |||||
8,331 | HERBALIFE NUTRITION LTD.(b) | 102,081 | 170,369 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 353,293 |
See accompanying notes to financial statements. | 34 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
4,800 | HORMEL FOODS CORP. | $ 43,206 | 227,328 | |||||
1,700 | INGREDION, INC. | 48,104 | 149,872 | |||||
1,300 | J M SMUCKER (THE) CO. | 60,305 | 166,413 | |||||
4,616 | KEURIG DR. PEPPER, INC. | 75,370 | 163,360 | |||||
1,550 | KIMBERLY-CLARK CORP. | 69,760 | 209,483 | |||||
3,905 | KRAFT HEINZ (THE) CO. | 33,329 | 148,937 | |||||
58,184 | KROGER (THE) CO. | 1,032,117 | 2,753,849 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 130,986 | |||||
1,400 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 116,550 | |||||
3,338 | MOLSON COORS BEVERAGE CO., CLASS B | 135,736 | 181,954 | |||||
8,369 | MONDELEZ INTERNATIONAL, INC., CLASS A | 181,629 | 519,631 | |||||
5,090 | MONSTER BEVERAGE CORP.(b) | 220,817 | 471,843 | |||||
48,317 | PEPSICO, INC. | 5,767,201 | 8,052,511 | |||||
23,933 | PHILIP MORRIS INTERNATIONAL, INC. | 1,851,349 | 2,363,144 | |||||
1,433 | PILGRIM'S PRIDE CORP.(b) | 46,625 | 44,753 | |||||
700 | POST HOLDINGS, INC.(b) | 29,613 | 57,645 | |||||
44,896 | PROCTER & GAMBLE (THE) CO. | 2,642,903 | 6,455,596 | |||||
7,500 | SYSCO CORP. | 115,506 | 635,325 | |||||
47,868 | TYSON FOODS, INC., CLASS A | 3,285,437 | 4,119,520 | |||||
2,700 | US FOODS HOLDING CORP.(b) | 45,757 | 82,836 | |||||
16,150 | WALGREENS BOOTS ALLIANCE, INC. | 185,200 | 612,085 | |||||
37,009 | WALMART, INC. | 4,053,325 | 4,499,554 | |||||
28,933,591 | 47,822,048 | 6.80% | ||||||
Energy: | ||||||||
11,201 | ANTERO MIDSTREAM CORP. | 97,676 | 101,369 | |||||
95,069 | APA CORP. | 3,207,550 | 3,317,908 | |||||
26,361 | BAKER HUGHES CO. | 763,605 | 761,042 | |||||
2,700 | CHENIERE ENERGY, INC. | 117,368 | 359,181 | |||||
41,420 | CHEVRON CORP. | 2,699,709 | 5,996,788 | |||||
41,563 | CONOCOPHILLIPS | 1,416,282 | 3,732,773 | |||||
2,000 | CONTINENTAL RESOURCES, INC. | 20,765 | 130,700 | |||||
53,578 | COTERRA ENERGY, INC. | 849,563 | 1,381,777 | |||||
46,088 | DEVON ENERGY CORP. | 2,016,168 | 2,539,910 | |||||
10,965 | DT MIDSTREAM, INC. | 496,443 | 537,504 | |||||
9,794 | ENBRIDGE, INC.(c) | 137,797 | 413,894 | |||||
17,553 | EOG RESOURCES, INC. | 1,096,357 | 1,938,553 | |||||
88,867 | EXXON MOBIL CORP. | 5,817,038 | 7,610,570 | |||||
6,700 | HALLIBURTON CO. | 139,465 | 210,112 | |||||
3,100 | HELMERICH & PAYNE, INC. | 39,003 | 133,486 | |||||
2,600 | HESS CORP. | 90,342 | 275,444 | |||||
25,676 | HF SINCLAIR CORP. | 843,492 | 1,159,528 | |||||
40,683 | KINDER MORGAN, INC. | 546,731 | 681,847 | |||||
9,400 | MARATHON OIL CORP. | 110,346 | 211,312 | |||||
7,485 | MARATHON PETROLEUM CORP. | 476,111 | 615,342 | |||||
1,472 | NOV, INC. | 19,701 | 24,892 | |||||
7,631 | OCCIDENTAL PETROLEUM CORP. | 130,874 | 449,313 | |||||
5,200 | ONEOK, INC. | 105,707 | 288,600 | |||||
25,265 | OVINTIV, INC. | 1,309,778 | 1,116,460 | |||||
6,900 | PBF ENERGY, INC., CLASS A(b) | 45,787 | 200,238 | |||||
4,300 | PHILLIPS 66 | 276,944 | 352,557 | |||||
3,156 | PIONEER NATURAL RESOURCES CO. | 417,339 | 704,041 | |||||
15,084 | SCHLUMBERGER N.V. | 285,866 | 539,404 | |||||
2,600 | TARGA RESOURCES CORP. | 110,451 | 155,142 | |||||
8,779 | VALERO ENERGY CORP. | 304,690 | 933,032 | |||||
11,600 | WILLIAMS (THE) COS., INC. | 130,479 | 362,036 | |||||
24,119,427 | 37,234,755 | 5.29% | ||||||
Financials: | ||||||||
7,879 | AFLAC, INC. | 432,184 | 435,945 | |||||
56 | ALLEGHANY CORP.(b) | 15,448 | 46,654 | |||||
8,300 | ALLSTATE (THE) CORP. | 197,623 | 1,051,859 | |||||
3,633 | AMERICAN EXPRESS CO. | 111,938 | 503,606 | |||||
2,208 | AMERICAN FINANCIAL GROUP, INC. | 135,743 | 306,492 | |||||
76,562 | AMERICAN INTERNATIONAL GROUP, INC. | 4,277,513 | 3,914,615 | |||||
8,036 | AMERIPRISE FINANCIAL, INC. | 717,450 | 1,909,996 | |||||
13,600 | ANNALY CAPITAL MANAGEMENT, INC. | 71,511 | 80,376 | |||||
2,548 | AON PLC, CLASS A | 406,718 | 687,145 | |||||
15,811 | ARCH CAPITAL GROUP LTD.(b)(c) | 307,170 | 719,242 |
See accompanying notes to financial statements. | 35 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
2,300 | ARTHUR J. GALLAGHER & CO. | $ 80,002 | 374,992 | |||||
5,000 | ASSURANT, INC. | 234,043 | 864,250 | |||||
1,000 | AXIS CAPITAL HOLDINGS LTD.(c) | 28,371 | 57,090 | |||||
156,529 | BANK OF AMERICA CORP. | 2,573,675 | 4,872,748 | |||||
45,950 | BANK OF NEW YORK MELLON (THE) CORP. | 2,123,580 | 1,916,575 | |||||
1,207 | BANK OZK | 50,164 | 45,299 | |||||
34,851 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 5,971,369 | 9,515,020 | |||||
2,000 | BRIGHTHOUSE FINANCIAL, INC.(b) | 48,875 | 82,040 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 99,178 | |||||
14,384 | CAPITAL ONE FINANCIAL CORP. | 1,152,486 | 1,498,669 | |||||
17,908 | CHARLES SCHWAB (THE) CORP. | 189,651 | 1,131,427 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 1,019,267 | |||||
3,292 | CINCINNATI FINANCIAL CORP. | 397,109 | 391,682 | |||||
123,147 | CITIGROUP, INC. | 6,729,909 | 5,663,531 | |||||
2,726 | CME GROUP, INC. | 393,979 | 558,012 | |||||
1,700 | COMERICA, INC. | 120,365 | 124,746 | |||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 236,705 | |||||
2,515 | DISCOVER FINANCIAL SERVICES | 274,446 | 237,869 | |||||
12,742 | EQUITABLE HOLDINGS, INC. | 377,949 | 332,184 | |||||
1,203 | EVEREST RE GROUP LTD.(c) | 301,576 | 337,177 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 248,146 | |||||
2,163 | FIDELITY NATIONAL FINANCIAL, INC. | 29,212 | 79,944 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 354,984 | |||||
30,500 | FIRST HORIZON CORP. | 193,065 | 666,730 | |||||
14,747 | FRANKLIN RESOURCES, INC. | 364,035 | 343,753 | |||||
7,610 | GOLDMAN SACHS GROUP (THE), INC. | 814,108 | 2,260,322 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 438,750 | |||||
3,700 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 62,228 | 242,091 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,603 | 527,467 | |||||
805 | INTERCONTINENTAL EXCHANGE, INC. | 46,145 | 75,702 | |||||
15,903 | JANUS HENDERSON GROUP PLC(c) | 222,792 | 373,880 | |||||
59,792 | JPMORGAN CHASE & CO. | 3,140,512 | 6,733,177 | |||||
61,371 | KEYCORP | 1,178,677 | 1,057,422 | |||||
1,000 | LPL FINANCIAL HOLDINGS, INC. | 143,680 | 184,480 | |||||
1,299 | M&T BANK CORP. | 184,651 | 207,048 | |||||
200 | MARKEL CORP.(b) | 67,789 | 258,650 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 882,441 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 57,590 | |||||
6,031 | METLIFE, INC. | 219,579 | 378,687 | |||||
34,252 | MORGAN STANLEY | 792,479 | 2,605,207 | |||||
5,800 | NASDAQ, INC. | 237,807 | 884,732 | |||||
2,326 | ONEMAIN HOLDINGS, INC. | 40,168 | 86,946 | |||||
4,029 | PACWEST BANCORP | 78,740 | 107,413 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,122,376 | |||||
16,451 | POPULAR, INC. | 555,797 | 1,265,575 | |||||
1,800 | PRINCIPAL FINANCIAL GROUP, INC. | 37,586 | 120,222 | |||||
14,736 | PROGRESSIVE (THE) CORP. | 949,794 | 1,713,355 | |||||
9,286 | PRUDENTIAL FINANCIAL, INC. | 582,046 | 888,484 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 93,881 | |||||
11,139 | REGIONS FINANCIAL CORP. | 66,543 | 208,856 | |||||
1,500 | RENAISSANCERE HOLDINGS LTD.(c) | 179,702 | 234,555 | |||||
435 | S&P GLOBAL, INC. | 137,116 | 146,621 | |||||
7,500 | SEI INVESTMENTS CO. | 108,537 | 405,150 | |||||
8,252 | SLM CORP. | 56,805 | 131,537 | |||||
735 | STATE STREET CORP. | 42,077 | 45,313 | |||||
48,997 | SYNCHRONY FINANCIAL | 1,089,720 | 1,353,297 | |||||
2,157 | SYNOVUS FINANCIAL CORP. | 30,472 | 77,760 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 403,202 | |||||
2,620 | TRAVELERS (THE) COS., INC. | 93,128 | 443,121 | |||||
12,994 | TRUIST FINANCIAL CORP. | 242,181 | 616,305 | |||||
16,200 | TWO HARBORS INVESTMENT CORP. | 62,304 | 80,676 | |||||
10,504 | UNUM GROUP | 307,328 | 357,346 | |||||
17,585 | US BANCORP | 318,503 | 809,262 | |||||
11,782 | W R BERKLEY CORP. | 230,551 | 804,239 | |||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 54,036 | |||||
69,991 | WELLS FARGO & CO. | 1,718,149 | 2,741,547 | |||||
2,568 | WESTERN ALLIANCE BANCORP | 59,789 | 181,301 |
See accompanying notes to financial statements. | 36 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
2,600 | ZIONS BANCORP N.A. | $ 49,361 | 132,340 | |||||
44,642,529 | 72,500,310 | 10.31% | ||||||
Health Care: | ||||||||
18,734 | ABBOTT LABORATORIES | 926,152 | 2,035,449 | |||||
35,567 | ABBVIE, INC. | 3,061,544 | 5,447,442 | |||||
400 | ABIOMED, INC.(b) | 75,744 | 99,004 | |||||
1,457 | AGILENT TECHNOLOGIES, INC. | 63,335 | 173,048 | |||||
1,578 | ALIGN TECHNOLOGY, INC.(b) | 265,755 | 373,465 | |||||
5,700 | AMERISOURCEBERGEN CORP. | 95,209 | 806,436 | |||||
19,907 | AMGEN, INC. | 3,925,044 | 4,843,373 | |||||
2,786 | ASTRAZENECA PLC ADR(c)(d) | 236,518 | 184,071 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 5,277 | |||||
3,700 | AVANTOR, INC.(b) | 41,168 | 115,070 | |||||
3,565 | BECTON DICKINSON AND CO. | 413,594 | 878,880 | |||||
4,380 | BIOGEN, INC.(b) | 926,333 | 893,257 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,222,456 | |||||
64,164 | BRISTOL-MYERS SQUIBB CO. | 3,493,902 | 4,940,628 | |||||
2,145 | BRUKER CORP. | 43,219 | 134,620 | |||||
2,312 | CARDINAL HEALTH, INC. | 88,307 | 120,848 | |||||
1,500 | CATALENT, INC.(b) | 72,507 | 160,935 | |||||
9,743 | CENTENE CORP.(b) | 557,413 | 824,355 | |||||
4,900 | CERTARA, INC.(b) | 93,080 | 105,154 | |||||
241 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 31,337 | 51,567 | |||||
3,929 | CIGNA CORP. | 362,422 | 1,035,370 | |||||
200 | COOPER (THE) COS., INC. | 50,902 | 62,624 | |||||
23,230 | CVS HEALTH CORP. | 1,312,838 | 2,152,492 | |||||
9,229 | DANAHER CORP. | 272,153 | 2,339,736 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 190,512 | |||||
6,000 | DEXCOM, INC.(b) | 87,311 | 447,180 | |||||
11,720 | EDWARDS LIFESCIENCES CORP.(b) | 161,444 | 1,114,455 | |||||
4,731 | ELANCO ANIMAL HEALTH, INC.(b) | 94,047 | 92,870 | |||||
10,728 | ELEVANCE HEALTH, INC. | 2,785,821 | 5,177,118 | |||||
16,824 | ELI LILLY & CO. | 2,450,745 | 5,454,846 | |||||
713 | EMBECTA CORP.(b) | 10,622 | 18,043 | |||||
17,117 | GILEAD SCIENCES, INC. | 144,409 | 1,058,002 | |||||
2,340 | HCA HEALTHCARE, INC. | 386,547 | 393,260 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 291,612 | |||||
59,036 | HOLOGIC, INC.(b) | 3,877,690 | 4,091,195 | |||||
6,925 | HORIZON THERAPEUTICS PLC(b) | 168,428 | 552,338 | |||||
1,859 | HUMANA, INC. | 685,141 | 870,142 | |||||
4,153 | IDEXX LABORATORIES, INC.(b) | 847,522 | 1,456,582 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 424,028 | |||||
2,271 | INCYTE CORP.(b) | 145,007 | 172,528 | |||||
4,386 | INTUITIVE SURGICAL, INC.(b) | 560,949 | 880,314 | |||||
3,900 | IONIS PHARMACEUTICALS, INC.(b) | 107,793 | 144,378 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,222,522 | |||||
47,344 | JOHNSON & JOHNSON | 5,714,366 | 8,404,034 | |||||
5,653 | LABORATORY CORP. OF AMERICA HOLDINGS | 1,365,199 | 1,324,837 | |||||
1,508 | MARAVAI LIFESCIENCES HOLDINGS, INC., CLASS A(b) | 48,762 | 42,842 | |||||
700 | MASIMO CORP.(b) | 82,789 | 91,469 | |||||
10,966 | MCKESSON CORP. | 1,767,786 | 3,577,219 | |||||
5,800 | MEDTRONIC PLC(c) | 479,128 | 520,550 | |||||
44,278 | MERCK & CO., INC. | 1,498,860 | 4,036,825 | |||||
1,117 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 109,592 | 1,283,176 | |||||
13,158 | MODERNA, INC.(b) | 1,938,463 | 1,879,620 | |||||
1,172 | MOLINA HEALTHCARE, INC.(b) | 198,227 | 327,703 | |||||
1,200 | NEUROCRINE BIOSCIENCES, INC.(b) | 95,915 | 116,976 | |||||
7,649 | ORGANON & CO. | 160,606 | 258,154 | |||||
500 | PENUMBRA, INC.(b) | 81,187 | 62,260 | |||||
129,186 | PFIZER, INC. | 4,690,231 | 6,773,222 | |||||
2,000 | QIAGEN N.V. (NEW YORK EXCHANGE)(b)(c) | 83,380 | 94,400 | |||||
8,993 | QUEST DIAGNOSTICS, INC. | 1,291,267 | 1,195,889 | |||||
11,453 | QUIDELORTHO CORP.(b) | 1,081,992 | 1,113,003 | |||||
1,178 | REGENERON PHARMACEUTICALS, INC.(b) | 601,280 | 696,351 | |||||
518 | REPLIGEN CORP.(b) | 65,422 | 84,123 | |||||
4,791 | RESMED, INC. | 129,046 | 1,004,337 | |||||
2,700 | ROYALTY PHARMA PLC, CLASS A | 100,269 | 113,508 |
See accompanying notes to financial statements. | 37 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
400 | STERIS PLC | $ 80,548 | 82,460 | |||||
1,300 | TELEFLEX, INC. | 66,613 | 319,605 | |||||
5,920 | THERMO FISHER SCIENTIFIC, INC. | 2,187,073 | 3,216,218 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,441,646 | |||||
22,151 | UNITEDHEALTH GROUP, INC. | 5,647,954 | 11,377,418 | |||||
12,123 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 1,265,148 | 1,220,907 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 40,213 | |||||
1,800 | VEEVA SYSTEMS, INC., CLASS A(b) | 249,624 | 356,472 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 439,107 | 845,370 | |||||
65,777 | VIATRIS, INC. | 738,668 | 688,685 | |||||
4,498 | WATERS CORP.(b) | 417,656 | 1,488,748 | |||||
300 | WEST PHARMACEUTICAL SERVICES, INC. | 68,922 | 90,711 | |||||
3,374 | ZIMMER BIOMET HOLDINGS, INC. | 135,863 | 354,472 | |||||
337 | ZIMVIE, INC.(b) | 4,179 | 5,395 | |||||
1,147 | ZOETIS, INC. | 123,318 | 197,158 | |||||
63,619,498 | 107,783,458 | 15.32% | ||||||
Industrials: | ||||||||
9,273 | 3M CO. | 870,036 | 1,200,019 | |||||
923 | ACCO BRANDS CORP. | 3,137 | 6,027 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 514,185 | |||||
5,973 | AGCO CORP. | 421,122 | 589,535 | |||||
8,255 | AIR LEASE CORP. | 219,583 | 275,965 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 150,081 | |||||
35,626 | ALLISON TRANSMISSION HOLDINGS, INC. | 1,462,711 | 1,369,820 | |||||
5,175 | AMETEK, INC. | 73,221 | 568,681 | |||||
2,387 | BOEING (THE) CO.(b) | 68,217 | 326,351 | |||||
16,045 | BOOZ ALLEN HAMILTON HOLDING CORP. | 868,225 | 1,449,826 | |||||
16,194 | BUILDERS FIRSTSOURCE, INC.(b) | 955,848 | 869,618 | |||||
1,200 | BWX TECHNOLOGIES, INC. | 54,215 | 66,108 | |||||
1,200 | C.H. ROBINSON WORLDWIDE, INC. | 108,946 | 121,644 | |||||
1,436 | CACI INTERNATIONAL, INC., CLASS A(b) | 305,354 | 404,636 | |||||
865 | CANADIAN PACIFIC RAILWAY LTD.(c) | 60,221 | 60,412 | |||||
796 | CARLISLE COS., INC. | 69,242 | 189,934 | |||||
10,640 | CARRIER GLOBAL CORP. | 57,007 | 379,422 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 1,877,695 | |||||
6,900 | CHARGEPOINT HOLDINGS, INC.(b) | 93,052 | 94,461 | |||||
4,200 | CINTAS CORP. | 616,293 | 1,568,826 | |||||
2,000 | COPART, INC.(b) | 143,195 | 217,320 | |||||
21,972 | CSX CORP. | 382,113 | 638,506 | |||||
10,994 | CUMMINS, INC. | 1,839,041 | 2,127,669 | |||||
5,993 | DEERE & CO. | 168,293 | 1,794,724 | |||||
1,940 | DELTA AIR LINES, INC.(b) | 27,308 | 56,202 | |||||
1,525 | DOVER CORP. | 32,899 | 185,013 | |||||
16,254 | EATON CORP. PLC | 472,195 | 2,047,841 | |||||
2,373 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 180,258 | 231,273 | |||||
2,924 | FEDEX CORP. | 343,996 | 662,900 | |||||
10,014 | FORTIVE CORP. | 403,477 | 544,561 | |||||
1,400 | GATX CORP. | 24,276 | 131,824 | |||||
4,492 | GENERAL DYNAMICS CORP. | 889,203 | 993,855 | |||||
10,564 | GENERAL ELECTRIC CO. | 799,254 | 672,610 | |||||
20,900 | GRAFTECH INTERNATIONAL LTD. | 154,560 | 147,763 | |||||
875 | HEICO CORP. | 61,334 | 114,730 | |||||
2,156 | HEICO CORP., CLASS A | 109,365 | 227,199 | |||||
11,935 | HONEYWELL INTERNATIONAL, INC. | 896,739 | 2,074,422 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 787,476 | |||||
1,200 | HUBBELL, INC. | 43,310 | 214,296 | |||||
535 | HUNTINGTON INGALLS INDUSTRIES, INC. | 18,067 | 116,534 | |||||
2,200 | IAA, INC.(b) | 77,369 | 72,094 | |||||
2,271 | IDEX CORP. | 140,770 | 412,482 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 879,174 | |||||
2,382 | INGERSOLL RAND, INC. | 18,866 | 100,235 | |||||
1,468 | JACOBS ENGINEERING GROUP, INC. | 29,713 | 186,627 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 330,687 | |||||
7,951 | JOHNSON CONTROLS INTERNATIONAL PLC | 225,327 | 380,694 | |||||
1,800 | KIRBY CORP.(b) | 101,589 | 109,512 | |||||
1,803 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 76,148 | 83,461 | |||||
4,996 | L3HARRIS TECHNOLOGIES, INC. | 430,655 | 1,207,533 |
See accompanying notes to financial statements. | 38 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
588 | LEIDOS HOLDINGS, INC. | $ 24,832 | 59,217 | |||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 172,704 | |||||
4,734 | LOCKHEED MARTIN CORP. | 1,851,932 | 2,035,431 | |||||
1,200 | MANITOWOC (THE) CO., INC.(b) | 10,053 | 12,636 | |||||
6,187 | MANPOWERGROUP, INC. | 413,004 | 472,749 | |||||
44,890 | MASCO CORP. | 1,900,049 | 2,271,434 | |||||
2,295 | MERCURY SYSTEMS, INC.(b) | 107,397 | 147,637 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 228,259 | |||||
677 | NORFOLK SOUTHERN CORP. | 12,958 | 153,875 | |||||
11,226 | NORTHROP GRUMMAN CORP. | 2,985,752 | 5,372,427 | |||||
2,519 | NVENT ELECTRIC PLC(c) | 24,113 | 78,920 | |||||
7,709 | OLD DOMINION FREIGHT LINE, INC. | 1,888,420 | 1,975,662 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 375,964 | |||||
4,224 | OWENS CORNING | 319,404 | 313,885 | |||||
389 | PACCAR, INC. | 9,819 | 32,030 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,138,719 | |||||
2,519 | PENTAIR PLC(c) | 49,295 | 115,295 | |||||
550 | QUANTA SERVICES, INC. | 29,376 | 68,937 | |||||
24,828 | RAYTHEON TECHNOLOGIES CORP. | 1,288,502 | 2,386,219 | |||||
12,257 | REPUBLIC SERVICES, INC. | 732,074 | 1,604,074 | |||||
23,901 | ROBERT HALF INTERNATIONAL, INC. | 2,720,555 | 1,789,946 | |||||
9,420 | ROLLINS, INC. | 221,629 | 328,946 | |||||
700 | SNAP-ON, INC. | 17,991 | 137,921 | |||||
7,500 | SOUTHWEST AIRLINES CO.(b) | 64,131 | 270,900 | |||||
2,436 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 63,991 | 71,375 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 268,127 | |||||
600 | STERICYCLE, INC.(b) | 18,858 | 26,310 | |||||
737 | TEXTRON, INC. | 49,633 | 45,009 | |||||
11,246 | TIMKEN (THE) CO. | 499,847 | 596,600 | |||||
1,596 | TORO (THE) CO. | 76,510 | 120,961 | |||||
10,505 | TRANE TECHNOLOGIES PLC(c) | 490,333 | 1,364,284 | |||||
200 | TRANSDIGM GROUP, INC.(b) | 62,989 | 107,334 | |||||
16,186 | UNION PACIFIC CORP. | 3,026,296 | 3,452,150 | |||||
2,328 | UNITED AIRLINES HOLDINGS, INC.(b) | 55,736 | 82,458 | |||||
7,827 | UNITED PARCEL SERVICE, INC., CLASS B | 945,274 | 1,428,741 | |||||
3,660 | UNITED RENTALS, INC.(b) | 357,777 | 889,051 | |||||
1,494 | VERISK ANALYTICS, INC. | 255,892 | 258,596 | |||||
1 | VERITIV CORP.(b) | 8 | 109 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 318,101 | |||||
975 | WASTE CONNECTIONS, INC. | 42,575 | 120,861 | |||||
17,554 | WASTE MANAGEMENT, INC. | 879,219 | 2,685,411 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 98,496 | |||||
882 | XPO LOGISTICS, INC.(b) | 49,701 | 42,477 | |||||
1,600 | XYLEM, INC. | 30,618 | 125,088 | |||||
37,928,929 | 63,477,789 | 9.03% | ||||||
Information Technology: | ||||||||
10,236 | ACCENTURE PLC, CLASS A(c) | 1,780,103 | 2,842,025 | |||||
7,474 | ADOBE, INC.(b) | 1,125,179 | 2,735,932 | |||||
35,810 | ADVANCED MICRO DEVICES, INC.(b) | 1,545,239 | 2,738,391 | |||||
12,626 | AKAMAI TECHNOLOGIES, INC.(b) | 715,662 | 1,153,133 | |||||
8,222 | AMDOCS LTD. | 556,415 | 684,975 | |||||
4,449 | ANALOG DEVICES, INC. | 90,940 | 649,954 | |||||
281,990 | APPLE, INC. | 11,365,295 | 38,553,673 | |||||
5,742 | APPLIED MATERIALS, INC. | 117,084 | 522,407 | |||||
1,200 | ARISTA NETWORKS, INC.(b) | 106,419 | 112,488 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 888,313 | |||||
294 | ASPEN TECHNOLOGY, INC.(b) | 53,552 | 54,002 | |||||
1,800 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 206,508 | 337,320 | |||||
1,786 | AUTODESK, INC.(b) | 150,579 | 307,121 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,421,131 | |||||
7,045 | BLACK KNIGHT, INC.(b) | 269,467 | 460,673 | |||||
3,000 | BLOCK, INC.(b) | 111,050 | 184,380 | |||||
2,050 | BREAD FINANCIAL HOLDINGS, INC. | 91,794 | 75,973 | |||||
7,558 | BROADCOM, INC. | 2,738,112 | 3,671,752 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 486,523 | |||||
9,300 | CADENCE DESIGN SYSTEMS, INC.(b) | 391,107 | 1,395,279 | |||||
1,522 | CDK GLOBAL, INC. | 19,712 | 83,360 |
See accompanying notes to financial statements. | 39 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
7,000 | CDW CORP. | $ 292,424 | 1,102,920 | |||||
88,966 | CISCO SYSTEMS, INC. | 2,551,692 | 3,793,510 | |||||
1,400 | CITRIX SYSTEMS, INC. | 112,250 | 136,038 | |||||
2,237 | CLOUDFLARE, INC., CLASS A(b) | 83,016 | 97,869 | |||||
1,200 | COGNEX CORP. | 60,629 | 51,024 | |||||
26,398 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 2,168,329 | 1,781,601 | |||||
14,900 | COMMSCOPE HOLDING CO., INC.(b) | 94,248 | 91,188 | |||||
4,830 | CONCENTRIX CORP. | 290,324 | 655,141 | |||||
15,600 | CORNING, INC. | 85,176 | 491,556 | |||||
1,018 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 102,626 | 171,594 | |||||
2,130 | DATADOG, INC., CLASS A(b) | 183,088 | 202,861 | |||||
79,665 | DELL TECHNOLOGIES, INC., CLASS C | 3,673,145 | 3,681,320 | |||||
1,200 | DOCUSIGN, INC.(b) | 90,709 | 68,856 | |||||
2,000 | DOLBY LABORATORIES, INC., CLASS A | 43,420 | 143,120 | |||||
3,900 | DROPBOX, INC., CLASS A(b) | 77,092 | 81,861 | |||||
1,700 | ENPHASE ENERGY, INC.(b) | 274,645 | 331,908 | |||||
1,154 | EPAM SYSTEMS, INC.(b) | 219,417 | 340,176 | |||||
300 | EURONET WORLDWIDE, INC.(b) | 25,458 | 30,177 | |||||
1,300 | F5, INC.(b) | 30,063 | 198,952 | |||||
5,845 | FAIR ISAAC CORP.(b) | 2,713,193 | 2,343,260 | |||||
7,147 | FASTLY, INC., CLASS A(b) | 92,879 | 82,977 | |||||
12,900 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 533,669 | 1,182,543 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 870,482 | |||||
300 | FLEETCOR TECHNOLOGIES, INC.(b) | 55,532 | 63,033 | |||||
27,615 | FORTINET, INC.(b) | 393,491 | 1,562,457 | |||||
14,190 | GARTNER, INC.(b) | 3,650,384 | 3,431,568 | |||||
2,200 | GENPACT LTD. | 90,194 | 93,192 | |||||
3,012 | GLOBAL PAYMENTS, INC. | 213,105 | 333,248 | |||||
1,173 | GODADDY, INC., CLASS A(b) | 65,131 | 81,594 | |||||
18,800 | HEWLETT PACKARD ENTERPRISE CO. | 102,062 | 249,288 | |||||
198,206 | HP, INC. | 5,690,436 | 6,497,193 | |||||
53,766 | INTEL CORP. | 1,751,010 | 2,011,386 | |||||
8,323 | INTERNATIONAL BUSINESS MACHINES CORP. | 775,594 | 1,175,124 | |||||
3,500 | INTUIT, INC. | 75,843 | 1,349,040 | |||||
13,175 | JABIL, INC. | 259,881 | 674,692 | |||||
5,549 | JACK HENRY & ASSOCIATES, INC. | 1,023,185 | 998,931 | |||||
16,976 | JUNIPER NETWORKS, INC. | 574,736 | 483,816 | |||||
1,915 | KEYSIGHT TECHNOLOGIES, INC.(b) | 254,268 | 263,983 | |||||
1,401 | KLA CORP. | 441,295 | 447,031 | |||||
5,109 | LAM RESEARCH CORP. | 355,823 | 2,177,200 | |||||
6,400 | MANDIANT, INC.(b) | 88,994 | 139,648 | |||||
2,857 | MARVELL TECHNOLOGY, INC. | 128,674 | 124,365 | |||||
12,878 | MASTERCARD, INC., CLASS A | 3,222,671 | 4,062,751 | |||||
8,368 | MICROCHIP TECHNOLOGY, INC. | 38,707 | 486,013 | |||||
53,034 | MICRON TECHNOLOGY, INC. | 1,915,160 | 2,931,720 | |||||
142,734 | MICROSOFT CORP. | 13,607,526 | 36,658,373 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 51,315 | |||||
10,161 | MOTOROLA SOLUTIONS, INC. | 2,361,778 | 2,129,746 | |||||
18,150 | NCR CORP.(b) | 623,062 | 564,646 | |||||
1,500 | NEW RELIC, INC.(b) | 79,392 | 75,075 | |||||
22,781 | NORTONLIFELOCK, INC. | 207,695 | 500,271 | |||||
52,633 | NVIDIA CORP. | 4,465,817 | 7,978,636 | |||||
3,825 | NXP SEMICONDUCTORS N.V.(c) | 327,712 | 566,215 | |||||
997 | OKTA, INC.(b) | 105,293 | 90,129 | |||||
20,047 | ON SEMICONDUCTOR CORP.(b) | 836,835 | 1,008,565 | |||||
41,745 | ORACLE CORP. | 2,197,353 | 2,916,723 | |||||
27,057 | PAYCHEX, INC. | 3,256,738 | 3,080,981 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 435,026 | |||||
1,561 | PAYPAL HOLDINGS, INC.(b) | 64,709 | 109,020 | |||||
2,400 | PTC, INC.(b) | 82,674 | 255,216 | |||||
4,500 | PURE STORAGE, INC., CLASS A(b) | 85,978 | 115,695 | |||||
2,403 | QORVO, INC.(b) | 185,625 | 226,651 | |||||
9,703 | QUALCOMM, INC. | 1,088,206 | 1,239,461 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,317 | 276,255 | |||||
11,490 | SALESFORCE, INC.(b) | 692,034 | 1,896,310 | |||||
25,071 | SEAGATE TECHNOLOGY HOLDINGS PLC | 760,816 | 1,791,072 | |||||
2,047 | SERVICENOW, INC.(b) | 266,183 | 973,389 |
See accompanying notes to financial statements. | 40 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
2,862 | SKYWORKS SOLUTIONS, INC. | $ 253,187 | 265,136 | |||||
825 | SPLUNK, INC.(b) | 82,327 | 72,980 | |||||
88,945 | STONECO LTD., CLASS A(b)(c) | 863,178 | 684,876 | |||||
5,300 | SYNOPSYS, INC.(b) | 438,338 | 1,609,610 | |||||
4,757 | TD SYNNEX CORP. | 144,301 | 433,363 | |||||
24,516 | TERADATA CORP.(b) | 958,428 | 907,337 | |||||
4,600 | TERADYNE, INC. | 82,730 | 411,930 | |||||
27,872 | TEXAS INSTRUMENTS, INC. | 942,644 | 4,282,533 | |||||
7,049 | TRIMBLE, INC.(b) | 94,849 | 410,463 | |||||
2,100 | UBIQUITI, INC. | 357,603 | 521,241 | |||||
476 | VERISIGN, INC.(b) | 82,801 | 79,649 | |||||
22,737 | VISA, INC., CLASS A | 2,519,410 | 4,476,688 | |||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 138,996 | |||||
2,396 | VMWARE, INC., CLASS A | 37,645 | 273,096 | |||||
5,845 | WESTERN DIGITAL CORP.(b) | 90,457 | 262,031 | |||||
908 | WORKDAY, INC., CLASS A(b) | 124,632 | 126,739 | |||||
2,685 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 397,763 | 789,256 | |||||
96,681,005 | 185,611,706 | 26.39% | ||||||
Materials: | ||||||||
1,694 | AIR PRODUCTS AND CHEMICALS, INC. | 191,918 | 407,373 | |||||
1,500 | ALBEMARLE CORP. | 65,889 | 313,470 | |||||
13,770 | AMCOR PLC(c) | 60,200 | 171,161 | |||||
700 | ASHLAND GLOBAL HOLDINGS, INC. | 12,006 | 72,135 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 512,319 | |||||
1,532 | CABOT CORP. | 54,496 | 97,726 | |||||
17,185 | CELANESE CORP. | 1,298,467 | 2,021,128 | |||||
11,399 | CF INDUSTRIES HOLDINGS, INC. | 1,037,902 | 977,236 | |||||
22,612 | CHEMOURS (THE) CO. | 681,629 | 724,036 | |||||
9,186 | CLEVELAND-CLIFFS, INC.(b) | 214,126 | 141,189 | |||||
8,562 | CORTEVA, INC. | 200,802 | 463,547 | |||||
1,800 | CROWN HOLDINGS, INC. | 57,831 | 165,906 | |||||
25,939 | DOW, INC. | 1,295,962 | 1,338,712 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 403,622 | |||||
3,588 | EASTMAN CHEMICAL CO. | 99,135 | 322,095 | |||||
3,191 | ECOLAB, INC. | 114,294 | 490,648 | |||||
25,494 | FREEPORT-MCMORAN, INC. | 532,115 | 745,954 | |||||
15,846 | HUNTSMAN CORP. | 249,978 | 449,234 | |||||
621 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 58,621 | 73,974 | |||||
38,587 | INTERNATIONAL PAPER CO. | 1,231,421 | 1,614,094 | |||||
6,665 | LINDE PLC(c) | 1,525,683 | 1,916,387 | |||||
15,524 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 1,029,726 | 1,357,729 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 209,468 | |||||
7,500 | NEWMONT CORP. | 142,887 | 447,525 | |||||
14,367 | NUCOR CORP. | 1,111,612 | 1,500,058 | |||||
27,133 | OLIN CORP. | 1,409,791 | 1,255,715 | |||||
840 | PACKAGING CORP. OF AMERICA | 68,658 | 115,500 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 591,367 | |||||
9,559 | RELIANCE STEEL & ALUMINUM CO. | 1,020,986 | 1,623,692 | |||||
600 | ROYAL GOLD, INC. | 22,314 | 64,068 | |||||
1,968 | SCOTTS MIRACLE-GRO (THE) CO. | 168,404 | 155,452 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 80,808 | |||||
2,509 | SILGAN HOLDINGS, INC. | 89,461 | 103,747 | |||||
3,600 | SONOCO PRODUCTS CO. | 74,519 | 205,344 | |||||
81 | SOUTHERN COPPER CORP.(c) | 963 | 4,035 | |||||
16,620 | STEEL DYNAMICS, INC. | 1,015,332 | 1,099,413 | |||||
482 | SYLVAMO CORP. | 16,515 | 15,752 | |||||
16,467 | UNITED STATES STEEL CORP. | 392,852 | 294,924 | |||||
1,922 | VALVOLINE, INC. | 12,533 | 55,411 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 298,410 | |||||
6,581 | WESTLAKE CORP. | 676,547 | 645,070 | |||||
2,242 | WESTROCK CO. | 24,357 | 89,321 | |||||
16,920,455 | 23,634,755 | 3.36% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,363 | 308,769 | |||||
2,537 | AMERICAN HOMES 4 RENT, CLASS A | 78,566 | 89,911 | |||||
4,475 | AMERICAN TOWER CORP. | 545,240 | 1,143,765 | |||||
3,700 | AMERICOLD REALTY TRUST, INC. | 97,926 | 111,148 |
See accompanying notes to financial statements. | 41 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
3,708 | APARTMENT INCOME REIT CORP. | $ 136,847 | 154,253 | |||||
834 | AVALONBAY COMMUNITIES, INC. | 47,526 | 162,005 | |||||
3,388 | BOSTON PROPERTIES, INC. | 165,793 | 301,464 | |||||
46,503 | BRIXMOR PROPERTY GROUP, INC. | 406,335 | 939,826 | |||||
2,153 | CAMDEN PROPERTY TRUST | 123,455 | 289,535 | |||||
4,700 | CROWN CASTLE INTERNATIONAL CORP. | 172,478 | 791,386 | |||||
2,027 | CUBESMART | 52,679 | 86,593 | |||||
3,057 | DIGITAL REALTY TRUST, INC. | 341,316 | 396,890 | |||||
5,200 | DOUGLAS EMMETT, INC. | 40,636 | 116,376 | |||||
3,300 | DUKE REALTY CORP. | 107,361 | 181,335 | |||||
315 | EPR PROPERTIES | 6,839 | 14,783 | |||||
952 | EQUINIX, INC. | 131,626 | 625,483 | |||||
1,600 | EQUITY LIFESTYLE PROPERTIES, INC. | 26,661 | 112,752 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 391,144 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 176,519 | |||||
600 | EXTRA SPACE STORAGE, INC. | 98,202 | 102,072 | |||||
900 | FEDERAL REALTY OP L.P. | 47,642 | 86,166 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,177 | 27,813 | |||||
2,070 | GAMING AND LEISURE PROPERTIES, INC. | 56,535 | 94,930 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 65,888 | 181,370 | |||||
30,533 | HOST HOTELS & RESORTS, INC. | 403,151 | 478,757 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 46,138 | |||||
2,100 | IRON MOUNTAIN, INC. | 93,991 | 102,249 | |||||
400 | JBG SMITH PROPERTIES | 6,941 | 9,456 | |||||
6,972 | KIMCO REALTY CORP. | 66,618 | 137,836 | |||||
778 | LAMAR ADVERTISING CO., CLASS A | 28,754 | 68,441 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 314,406 | |||||
3,700 | OUTFRONT MEDIA, INC. | 47,754 | 62,715 | |||||
10,911 | PROLOGIS, INC. | 280,831 | 1,283,679 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 542,483 | |||||
6,972 | RAYONIER, INC. | 74,591 | 260,613 | |||||
4,002 | REALTY INCOME CORP. | 86,978 | 273,177 | |||||
20,965 | REGENCY CENTERS CORP. | 1,229,351 | 1,243,434 | |||||
1,780 | REXFORD INDUSTRIAL REALTY, INC. | 87,624 | 102,510 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 672,105 | |||||
5,465 | SIMON PROPERTY GROUP, INC. | 587,869 | 518,738 | |||||
1,133 | SUN COMMUNITIES, INC. | 86,422 | 180,555 | |||||
4,100 | UDR, INC. | 63,318 | 188,764 | |||||
1,600 | VENTAS, INC. | 74,899 | 82,288 | |||||
4,265 | VICI PROPERTIES, INC. | 53,467 | 127,054 | |||||
4,500 | WELLTOWER, INC. | 351,432 | 370,575 | |||||
109,723 | WEYERHAEUSER CO. | 3,914,783 | 3,634,026 | |||||
1,800 | WP CAREY, INC. | 137,154 | 149,148 | |||||
10,394 | ZILLOW GROUP, INC., CLASS C(b) | 377,605 | 330,010 | |||||
11,763,603 | 18,065,445 | 2.57% | ||||||
Utilities: | ||||||||
4,100 | AES (THE) CORP. | 59,629 | 86,141 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 117,220 | |||||
1,700 | AMEREN CORP. | 48,382 | 153,612 | |||||
5,900 | AMERICAN ELECTRIC POWER CO., INC. | 372,550 | 566,046 | |||||
13,200 | AVANGRID, INC. | 502,113 | 608,784 | |||||
2,900 | BROOKFIELD RENEWABLE CORP., CLASS A | 99,026 | 103,269 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 171,564 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 897,750 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 473,122 | |||||
3,500 | CONSTELLATION ENERGY CORP. | 137,851 | 200,410 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 963,546 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 291,525 | |||||
9,151 | DUKE ENERGY CORP. | 418,500 | 981,079 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 273,513 | |||||
464 | ENTERGY CORP. | 12,179 | 52,265 | |||||
1,935 | ESSENTIAL UTILITIES, INC. | 32,475 | 88,720 | |||||
2,974 | EVERGY, INC. | 67,407 | 194,053 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 419,056 | |||||
10,500 | EXELON CORP. | 342,581 | 475,860 | |||||
5,500 | FIRSTENERGY CORP. | 159,532 | 211,145 | |||||
900 | NATIONAL FUEL GAS CO. | 20,790 | 59,445 |
See accompanying notes to financial statements. | 42 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
16,354 | NEXTERA ENERGY, INC. | $ 192,414 | 1,266,781 | |||||
6,900 | NISOURCE, INC. | 43,973 | 203,481 | |||||
35,832 | NRG ENERGY, INC. | 1,170,134 | 1,367,707 | |||||
2,600 | OGE ENERGY CORP. | 23,478 | 100,256 | |||||
17,700 | PG&E CORP.(b) | 176,562 | 176,646 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 957,872 | |||||
3,100 | PPL CORP. | 79,758 | 84,103 | |||||
4,800 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 273,898 | 303,744 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 555,999 | |||||
10,000 | SOUTHERN (THE) CO. | 264,782 | 713,100 | |||||
4,650 | UGI CORP. | 51,203 | 179,536 | |||||
5,856 | VISTRA CORP. | 96,088 | 133,810 | |||||
3,500 | WEC ENERGY GROUP, INC. | 263,727 | 352,240 | |||||
968 | XCEL ENERGY, INC. | 36,241 | 68,496 | |||||
7,419,821 | 13,851,896 | 1.97% | ||||||
Sub-total Common Stocks: | 414,034,071 | 700,235,141 | 99.55% | |||||
Short-Term Investments: | ||||||||
3,252,762 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 1.11%(e) | 3,252,762 | 3,252,762 | |||||
Sub-total Short-Term Investments: | 3,252,762 | 3,252,762 | 0.46% | |||||
Grand total | $ 417,286,833 | 703,487,903 | 100.01% |
Notes to Schedule of Investments: | |
(a) | Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of June 30, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.15% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.03% of net assets as of June 30, 2022. |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $2,396,931 with net purchases of $855,831 during the six months ended June 30, 2022. |
See accompanying notes to financial statements. | 43 | (Continued) |
See accompanying notes to financial statements. | 44 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
5,100 | CINEMARK HOLDINGS, INC.(b) | $ 80,917 | 76,602 | |||||
1,152 | COGENT COMMUNICATIONS HOLDINGS, INC. | 66,084 | 69,995 | |||||
3,841 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 20,535 | 26,887 | |||||
6,459 | EW SCRIPPS (THE) CO., CLASS A(b) | 112,227 | 80,544 | |||||
2,400 | GOGO, INC.(b) | 45,881 | 38,856 | |||||
17,629 | LIBERTY BROADBAND CORP., CLASS C(b) | 2,493,018 | 2,038,617 | |||||
3,042 | LOYALTY VENTURES, INC.(b) | 12,797 | 10,860 | |||||
161,175 | NEW YORK TIMES (THE) CO., CLASS A | 6,938,594 | 4,496,782 | |||||
54,727 | OOMA, INC.(b) | 1,057,893 | 647,968 | |||||
11,369 | QUINSTREET, INC.(b) | 179,787 | 114,372 | |||||
2,541 | TECHTARGET, INC.(b) | 173,878 | 166,994 | |||||
297,402 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 1,101,679 | 843,317 | |||||
33,558 | VERTICALSCOPE HOLDINGS, INC.(b)(c) | 825,902 | 318,061 | |||||
206,351 | VIMEO, INC.(b) | 5,427,101 | 1,242,233 | |||||
64,447 | WARNER MUSIC GROUP CORP., CLASS A | 2,049,648 | 1,569,929 | |||||
24,592 | YOUGOV PLC(c) | 431,483 | 254,455 | |||||
21,017,424 | 11,996,472 | 3.32% | ||||||
Consumer Discretionary: | ||||||||
31,727 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 961,928 | 301,724 | |||||
1,300 | ACADEMY SPORTS & OUTDOORS, INC. | 50,422 | 46,202 | |||||
400 | ADTALEM GLOBAL EDUCATION, INC.(b) | 11,532 | 14,388 | |||||
62,710 | ALLBIRDS, INC., CLASS A(b) | 958,191 | 246,450 | |||||
141,520 | AMERICAN EAGLE OUTFITTERS, INC. | 2,927,063 | 1,582,194 | |||||
33,353 | AMERICAN OUTDOOR BRANDS, INC.(b) | 814,682 | 317,187 | |||||
1,500 | AMERICA'S CAR-MART, INC.(b) | 124,108 | 150,900 | |||||
200 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 34,756 | 33,868 | |||||
973 | BLOOMIN' BRANDS, INC. | 17,430 | 16,171 | |||||
2,358 | BOOT BARN HOLDINGS, INC.(b) | 203,949 | 162,490 | |||||
4,600 | BRINKER INTERNATIONAL, INC.(b) | 166,225 | 101,338 | |||||
729 | CAVCO INDUSTRIES, INC.(b) | 171,591 | 142,877 | |||||
99,794 | CENTURY CASINOS, INC.(b) | 1,418,206 | 718,517 | |||||
400 | CHEESECAKE FACTORY (THE), INC. | 14,838 | 10,568 | |||||
4,700 | CHICO'S FAS, INC.(b) | 20,662 | 23,359 | |||||
153 | CHILDREN'S PLACE (THE), INC.(b) | 9,094 | 5,955 | |||||
13,602 | CLARUS CORP. | 340,835 | 258,302 | |||||
164,088 | DANA, INC. | 2,289,365 | 2,308,718 | |||||
15,487 | DENNY'S CORP.(b) | 249,246 | 134,427 | |||||
3,695 | DESIGNER BRANDS, INC., CLASS A | 47,945 | 48,257 | |||||
1,263 | DINE BRANDS GLOBAL, INC. | 88,168 | 82,196 | |||||
68 | DORMAN PRODUCTS, INC.(b) | 5,023 | 7,460 | |||||
71,588 | DREAM FINDERS HOMES, INC., CLASS A(b)(d) | 1,383,403 | 761,696 | |||||
131,220 | FARFETCH LTD., CLASS A(b)(c) | 3,522,840 | 939,535 | |||||
124,131 | FULL HOUSE RESORTS, INC.(b) | 1,057,730 | 754,716 | |||||
131,006 | GAP (THE), INC. | 2,032,485 | 1,079,489 | |||||
950 | GENESCO, INC.(b) | 52,234 | 47,415 | |||||
55,320 | GENTEX CORP. | 1,701,473 | 1,547,300 | |||||
2,387 | G-III APPAREL GROUP LTD.(b) | 50,972 | 48,289 | |||||
91,198 | GILDAN ACTIVEWEAR, INC.(c) | 1,930,994 | 2,624,678 | |||||
300 | GOLDEN ENTERTAINMENT, INC.(b) | 14,745 | 11,865 | |||||
385 | GROUP 1 AUTOMOTIVE, INC. | 61,064 | 65,373 | |||||
208,820 | GYM GROUP (THE) PLC(b)(c)(e) | 838,485 | 483,482 | |||||
160,430 | HANESBRANDS, INC. | 2,363,954 | 1,650,825 | |||||
21,500 | HELEN OF TROY LTD.(b) | 3,500,941 | 3,491,815 | |||||
2,900 | HIBBETT, INC. | 130,607 | 126,759 | |||||
53,638 | HOOKER FURNISHINGS CORP. | 1,242,839 | 834,071 | |||||
743 | INSTALLED BUILDING PRODUCTS, INC. | 61,425 | 61,788 | |||||
220 | JACK IN THE BOX, INC. | 12,584 | 12,333 | |||||
1,295 | KONTOOR BRANDS, INC. | 52,537 | 43,214 | |||||
2,000 | LGI HOMES, INC.(b) | 192,935 | 173,800 | |||||
18,063 | LOVESAC (THE) CO.(b) | 1,101,389 | 496,732 | |||||
4,621 | MACY'S, INC. | 86,346 | 84,657 | |||||
33,790 | MALIBU BOATS, INC., CLASS A(b) | 1,714,943 | 1,781,071 | |||||
3,005 | MARINEMAX, INC.(b) | 109,640 | 108,541 | |||||
1,004 | MDC HOLDINGS, INC. | 34,198 | 32,439 | |||||
394 | MONRO, INC. | 17,340 | 16,895 | |||||
75,406 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,392,574 | 989,327 |
See accompanying notes to financial statements. | 45 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
1,135 | NATIONAL VISION HOLDINGS, INC.(b) | $ 33,323 | 31,213 | |||||
94,007 | NOODLES & CO.(b) | 884,211 | 441,833 | |||||
15,955 | OVERSTOCK.COM, INC.(b) | 721,384 | 399,035 | |||||
500 | OXFORD INDUSTRIES, INC. | 40,480 | 44,370 | |||||
22,588 | PAPA JOHN'S INTERNATIONAL, INC. | 1,940,518 | 1,886,550 | |||||
13,871 | PATRICK INDUSTRIES, INC. | 1,037,177 | 719,073 | |||||
67,367 | PELOTON INTERACTIVE, INC., CLASS A(b) | 2,071,074 | 618,429 | |||||
24,522 | PVH CORP. | 1,823,261 | 1,395,302 | |||||
47 | RENT-A-CENTER, INC. | 1,251 | 914 | |||||
200 | RUTH'S HOSPITALITY GROUP, INC. | 4,002 | 3,252 | |||||
1,375 | SHAKE SHACK, INC., CLASS A(b) | 68,664 | 54,285 | |||||
11,346 | SHUTTERSTOCK, INC. | 906,386 | 650,239 | |||||
1,261 | SIGNET JEWELERS LTD. | 76,595 | 67,413 | |||||
24,192 | SKYLINE CHAMPION CORP.(b) | 1,478,936 | 1,147,185 | |||||
9,830 | SLEEP NUMBER CORP.(b) | 793,863 | 304,239 | |||||
1,323 | SONIC AUTOMOTIVE, INC., CLASS A | 50,187 | 48,461 | |||||
3,400 | SONOS, INC.(b) | 79,001 | 61,336 | |||||
1,354 | STEVEN MADDEN LTD. | 50,527 | 43,612 | |||||
104,350 | STONERIDGE, INC.(b) | 2,270,046 | 1,789,602 | |||||
7,114 | STRATEGIC EDUCATION, INC. | 433,995 | 502,106 | |||||
51,018 | STRIDE, INC.(b) | 1,805,700 | 2,081,024 | |||||
456 | STURM RUGER & CO., INC. | 29,827 | 29,024 | |||||
1,272 | UNIFI, INC.(b) | 18,074 | 17,884 | |||||
622 | URBAN OUTFITTERS, INC.(b) | 12,515 | 11,607 | |||||
792 | VISTA OUTDOOR, INC.(b) | 26,160 | 22,097 | |||||
69,818 | WINNEBAGO INDUSTRIES, INC. | 2,844,475 | 3,390,362 | |||||
3,839 | WOLVERINE WORLD WIDE, INC. | 84,060 | 77,394 | |||||
9,200 | WW INTERNATIONAL, INC.(b) | 93,062 | 58,788 | |||||
28,636 | WYNDHAM HOTELS & RESORTS, INC. | 1,391,708 | 1,881,958 | |||||
1,479 | XPEL, INC.(b) | 63,622 | 67,930 | |||||
56,720,020 | 42,828,170 | 11.87% | ||||||
Consumer Staples: | ||||||||
2,890 | B&G FOODS, INC. | 72,981 | 68,724 | |||||
1,420 | CALAVO GROWERS, INC. | 54,238 | 59,242 | |||||
781 | CAL-MAINE FOODS, INC. | 27,098 | 38,589 | |||||
21,623 | CHEFS' WAREHOUSE (THE), INC.(b) | 661,558 | 840,919 | |||||
6,293 | FRESHPET, INC.(b) | 764,152 | 326,544 | |||||
99,741 | GROCERY OUTLET HOLDING CORP.(b) | 3,242,893 | 4,251,959 | |||||
2,126 | HOSTESS BRANDS, INC.(b) | 43,386 | 45,092 | |||||
11,260 | INGREDION, INC. | 1,012,523 | 992,682 | |||||
804 | INTER PARFUMS, INC. | 58,483 | 58,740 | |||||
6,853 | MEDIFAST, INC. | 1,523,731 | 1,237,035 | |||||
100 | MGP INGREDIENTS, INC. | 7,643 | 10,009 | |||||
5,529 | SIMPLY GOOD FOODS (THE) CO.(b) | 182,592 | 208,830 | |||||
1,556 | SPARTANNASH CO. | 28,799 | 46,945 | |||||
20,230 | SPECTRUM BRANDS HOLDINGS, INC. | 1,230,060 | 1,659,265 | |||||
314 | TREEHOUSE FOODS, INC.(b) | 12,704 | 13,132 | |||||
2,336 | UNITED NATURAL FOODS, INC.(b) | 81,719 | 92,038 | |||||
37,630 | UNIVERSAL CORP. | 1,973,526 | 2,276,615 | |||||
27,244 | USANA HEALTH SCIENCES, INC.(b) | 2,589,814 | 1,971,376 | |||||
65 | WD-40 CO. | 12,826 | 13,088 | |||||
13,694 | WINFARM SAS(b)(c) | 562,437 | 247,548 | |||||
14,143,163 | 14,458,372 | 4.01% | ||||||
Energy: | ||||||||
600 | CALLON PETROLEUM CO.(b) | 30,058 | 23,520 | |||||
700 | CIVITAS RESOURCES, INC. | 37,009 | 36,603 | |||||
92,131 | DMC GLOBAL, INC.(b) | 3,432,183 | 1,661,122 | |||||
201,490 | EVOLUTION PETROLEUM CORP. | 1,052,119 | 1,100,135 | |||||
6,236 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 20,130 | 19,332 | |||||
100 | LAREDO PETROLEUM, INC.(b) | 6,914 | 6,894 | |||||
2,742 | MATADOR RESOURCES CO. | 105,945 | 127,750 | |||||
400 | NABORS INDUSTRIES LTD.(b) | 33,268 | 53,560 | |||||
66,944 | NEW STRATUS ENERGY, INC.(b)(c) | 36,478 | 40,046 | |||||
44,958 | NEXTIER OILFIELD SOLUTIONS, INC.(b) | 160,794 | 427,551 | |||||
106,032 | NOV, INC. | 1,241,978 | 1,793,001 | |||||
4,366 | PAR PACIFIC HOLDINGS, INC.(b) | 46,222 | 68,066 | |||||
8,825 | PATTERSON-UTI ENERGY, INC. | 62,133 | 139,082 |
See accompanying notes to financial statements. | 46 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
4,300 | PBF ENERGY, INC., CLASS A(b) | $ 63,534 | 124,786 | |||||
864 | PDC ENERGY, INC. | 36,482 | 53,231 | |||||
400 | PROPETRO HOLDING CORP.(b) | 4,160 | 4,000 | |||||
258 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 21,878 | |||||
2,503 | SM ENERGY CO. | 44,568 | 85,578 | |||||
32,722 | SOUTHWESTERN ENERGY CO.(b) | 113,616 | 204,512 | |||||
241,626 | TECHNIPFMC PLC(b)(c) | 1,679,045 | 1,626,143 | |||||
264,635 | YANGARRA RESOURCES LTD.(b)(c) | 516,505 | 596,210 | |||||
8,740,099 | 8,213,000 | 2.28% | ||||||
Financials: | ||||||||
49,531 | AFC GAMMA, INC. | 1,074,774 | 759,310 | |||||
24,796 | A-MARK PRECIOUS METALS, INC. | 708,992 | 799,671 | |||||
59,041 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 1,675,667 | 2,159,129 | |||||
317 | AMERIS BANCORP | 12,949 | 12,737 | |||||
43,791 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 1,983,028 | 1,614,136 | |||||
140,896 | ASSOCIATED BANC-CORP | 2,346,674 | 2,572,761 | |||||
60,167 | AXIS CAPITAL HOLDINGS LTD.(c) | 3,082,533 | 3,434,934 | |||||
28,320 | AXOS FINANCIAL, INC.(b) | 1,463,586 | 1,015,272 | |||||
2,475 | BANNER CORP. | 98,086 | 139,120 | |||||
3,236 | BERKSHIRE HILLS BANCORP, INC. | 75,451 | 80,156 | |||||
6,227 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 102,507 | 112,148 | |||||
1,264 | BROOKLINE BANCORP, INC. | 17,065 | 16,824 | |||||
32,483 | CALIFORNIA BANCORP(b) | 694,693 | 617,502 | |||||
131,020 | CNO FINANCIAL GROUP, INC. | 2,362,044 | 2,370,152 | |||||
3,823 | COLUMBIA BANKING SYSTEM, INC. | 101,333 | 109,529 | |||||
18,165 | COMMERCE BANCSHARES, INC. | 784,351 | 1,192,532 | |||||
2,756 | COMMUNITY BANK SYSTEM, INC. | 152,076 | 174,400 | |||||
2,076 | CUSTOMERS BANCORP, INC.(b) | 80,145 | 70,376 | |||||
2,289 | DIME COMMUNITY BANCSHARES, INC. | 63,542 | 67,869 | |||||
60,819 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2,902,952 | 1,781,388 | |||||
584 | ENCORE CAPITAL GROUP, INC.(b) | 25,620 | 33,738 | |||||
2,168 | ENOVA INTERNATIONAL, INC.(b) | 67,552 | 62,482 | |||||
33,836 | ESQUIRE FINANCIAL HOLDINGS, INC. | 1,012,285 | 1,126,739 | |||||
81,070 | ESSENT GROUP LTD. | 2,923,564 | 3,153,623 | |||||
153,933 | EZCORP, INC., CLASS A(b) | 1,141,615 | 1,156,037 | |||||
900 | FB FINANCIAL CORP. | 35,766 | 35,298 | |||||
18,184 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2,389,087 | 1,775,668 | |||||
148,538 | FIDUCIAN GROUP LTD.(c) | 881,708 | 747,432 | |||||
37,857 | FINWISE BANCORP(b) | 425,138 | 353,206 | |||||
14,275 | FIRST COMMONWEALTH FINANCIAL CORP. | 186,365 | 191,570 | |||||
1,000 | FIRST HAWAIIAN, INC. | 22,261 | 22,710 | |||||
38,000 | FIRSTCASH HOLDINGS, INC. | 2,403,294 | 2,641,380 | |||||
1,899 | FLAGSTAR BANCORP, INC. | 55,987 | 67,320 | |||||
7,668 | GENWORTH FINANCIAL, INC., CLASS A(b) | 25,688 | 27,068 | |||||
56,400 | GLACIER BANCORP, INC. | 2,341,032 | 2,674,488 | |||||
6,000 | GREEN DOT CORP., CLASS A(b) | 164,615 | 150,660 | |||||
125,486 | HOPE BANCORP, INC. | 1,342,677 | 1,736,726 | |||||
39,407 | HUNTINGTON BANCSHARES, INC. | 428,948 | 474,066 | |||||
64,281 | JDC GROUP A.G.(b)(c) | 1,473,361 | 1,259,693 | |||||
1,468 | KKR REAL ESTATE FINANCE TRUST, INC. | 22,900 | 25,617 | |||||
158,042 | LENDINGCLUB CORP.(b) | 2,496,021 | 1,847,511 | |||||
256 | LENDINGTREE, INC.(b) | 12,142 | 11,218 | |||||
12,518 | LPL FINANCIAL HOLDINGS, INC. | 2,428,984 | 2,309,321 | |||||
8,361 | MARKETAXESS HOLDINGS, INC. | 2,814,390 | 2,140,500 | |||||
77,479 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,420,206 | 848,837 | |||||
3,129 | MR COOPER GROUP, INC.(b) | 68,647 | 114,959 | |||||
5,537 | NATIONAL BANK HOLDINGS CORP., CLASS A | 200,360 | 211,901 | |||||
5,879 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,629,614 | 1,191,673 | |||||
6,000 | NBT BANCORP, INC. | 207,755 | 225,540 | |||||
2,724 | NMI HOLDINGS, INC., CLASS A(b) | 39,406 | 45,355 | |||||
941 | NORTHWEST BANCSHARES, INC. | 12,071 | 12,045 | |||||
895 | OFG BANCORP | 20,334 | 22,733 | |||||
168,503 | OLD NATIONAL BANCORP | 2,625,448 | 2,492,159 | |||||
34,156 | OPEN LENDING CORP., CLASS A(b) | 1,118,127 | 349,416 | |||||
214 | PARK NATIONAL CORP. | 25,702 | 25,947 | |||||
276 | PIPER SANDLER COS. | 29,080 | 31,287 | |||||
1,118 | PRA GROUP, INC.(b) | 42,363 | 40,650 |
See accompanying notes to financial statements. | 47 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
413 | PREFERRED BANK | $ 20,848 | 28,092 | |||||
3,936 | PROASSURANCE CORP. | 81,765 | 93,008 | |||||
13,290 | RENAISSANCERE HOLDINGS LTD.(c) | 1,919,487 | 2,078,157 | |||||
2,873 | RENASANT CORP. | 76,728 | 82,771 | |||||
4,115 | SEACOAST BANKING CORP. OF FLORIDA | 126,521 | 135,960 | |||||
12,700 | SELECTIVE INSURANCE GROUP, INC. | 710,202 | 1,104,138 | |||||
62 | SERVISFIRST BANCSHARES, INC. | 4,034 | 4,893 | |||||
5,100 | SOUTHSIDE BANCSHARES, INC. | 188,730 | 190,842 | |||||
138,141 | STERLING BANCORP, INC.(b) | 863,484 | 787,404 | |||||
1,426 | STONEX GROUP, INC.(b) | 86,232 | 111,328 | |||||
267,832 | UMPQUA HOLDINGS CORP. | 3,770,133 | 4,491,543 | |||||
358 | UNITED COMMUNITY BANKS, INC. | 9,708 | 10,808 | |||||
66,726 | UNIVEST FINANCIAL CORP. | 1,531,925 | 1,697,509 | |||||
81,373 | VELOCITY FINANCIAL, INC.(b) | 1,043,315 | 894,289 | |||||
5,000 | VERITEX HOLDINGS, INC. | 167,380 | 146,300 | |||||
200 | VIRTUS INVESTMENT PARTNERS, INC. | 36,802 | 34,204 | |||||
1,719 | WALKER & DUNLOP, INC. | 180,035 | 165,608 | |||||
50,457 | WEBSTER FINANCIAL CORP. | 2,111,257 | 2,126,763 | |||||
109,957 | WSFS FINANCIAL CORP. | 4,839,759 | 4,408,176 | |||||
70,110,906 | 67,328,312 | 18.67% | ||||||
Health Care: | ||||||||
8,593 | ABIOMED, INC.(b) | 2,352,986 | 2,126,853 | |||||
14,027 | ACADIA PHARMACEUTICALS, INC.(b) | 184,519 | 197,640 | |||||
12,799 | ADDUS HOMECARE CORP.(b) | 1,070,172 | 1,065,901 | |||||
95,088 | AERIE PHARMACEUTICALS, INC.(b) | 1,095,306 | 713,160 | |||||
33,268 | ALBIREO PHARMA, INC.(b) | 973,225 | 660,702 | |||||
400 | ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b) | 7,408 | 5,932 | |||||
40,710 | AMICUS THERAPEUTICS, INC.(b) | 279,276 | 437,225 | |||||
2,400 | AMN HEALTHCARE SERVICES, INC.(b) | 193,049 | 263,304 | |||||
200 | APOLLO MEDICAL HOLDINGS, INC.(b) | 7,643 | 7,718 | |||||
300 | ARCUS BIOSCIENCES, INC.(b) | 7,467 | 7,602 | |||||
1,500 | ARTIVION, INC.(b) | 27,703 | 28,320 | |||||
709 | AVANOS MEDICAL, INC.(b) | 22,709 | 19,384 | |||||
9,200 | AVID BIOSERVICES, INC.(b) | 129,771 | 140,392 | |||||
45,163 | AZENTA, INC. | 4,146,886 | 3,256,252 | |||||
10,241 | BIO-TECHNE CORP. | 2,476,042 | 3,549,940 | |||||
64,347 | BIOVENTUS, INC., CLASS A(b) | 830,262 | 438,847 | |||||
111,638 | BRAINSWAY LTD. ADR(b)(c)(f) | 901,955 | 554,841 | |||||
3,784 | CARA THERAPEUTICS, INC.(b) | 39,140 | 34,548 | |||||
5,300 | CARDIOVASCULAR SYSTEMS, INC.(b) | 104,335 | 76,108 | |||||
5,267 | CASTLE BIOSCIENCES, INC.(b) | 291,825 | 115,611 | |||||
17,244 | CATALENT, INC.(b) | 1,900,535 | 1,850,109 | |||||
7,996 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 1,863,978 | 1,710,904 | |||||
4,894 | COHERUS BIOSCIENCES, INC.(b) | 36,000 | 35,433 | |||||
17,768 | COLLEGIUM PHARMACEUTICAL, INC.(b) | 360,212 | 314,849 | |||||
4,221 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 17,121 | 15,829 | |||||
17,787 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 646,205 | 568,650 | |||||
508,156 | CONFORMIS, INC.(b) | 622,256 | 179,786 | |||||
474 | CONMED CORP. | 64,652 | 45,390 | |||||
5,451 | CORCEPT THERAPEUTICS, INC.(b) | 96,592 | 129,625 | |||||
938 | COVETRUS, INC.(b) | 17,874 | 19,464 | |||||
1,900 | CROSS COUNTRY HEALTHCARE, INC.(b) | 38,319 | 39,577 | |||||
1,690 | CYTOKINETICS, INC.(b) | 31,505 | 66,400 | |||||
1,861 | ENANTA PHARMACEUTICALS, INC.(b) | 85,316 | 87,969 | |||||
26,233 | ENOVIS CORP.(b) | 1,164,395 | 1,442,815 | |||||
1,125 | ENSIGN GROUP (THE), INC. | 81,809 | 82,654 | |||||
44,842 | ERGOMED PLC(b)(c) | 696,328 | 548,045 | |||||
6,961 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 506,350 | 378,539 | |||||
7,846 | FATE THERAPEUTICS, INC.(b) | 140,653 | 194,424 | |||||
500 | FULGENT GENETICS, INC.(b) | 28,188 | 27,265 | |||||
3,900 | GLAUKOS CORP.(b) | 179,127 | 177,138 | |||||
5,992 | GLOBAL BLOOD THERAPEUTICS, INC.(b) | 200,052 | 191,444 | |||||
356 | HANGER, INC.(b) | 6,232 | 5,098 | |||||
82,209 | HARROW HEALTH, INC.(b) | 721,959 | 598,482 | |||||
610 | HEALTHSTREAM, INC.(b) | 13,121 | 13,243 | |||||
207 | HESKA CORP.(b) | 18,826 | 19,564 | |||||
80,610 | INFUSYSTEM HOLDINGS, INC.(b) | 907,693 | 776,274 |
See accompanying notes to financial statements. | 48 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
17,319 | INMODE LTD.(b)(c) | $ 954,090 | 388,119 | |||||
67,900 | INOTIV, INC.(b) | 1,562,635 | 651,840 | |||||
7,111 | INSMED, INC.(b) | 127,319 | 140,229 | |||||
112,631 | INSTEM PLC(b)(c) | 1,321,919 | 1,021,438 | |||||
993 | INTEGER HOLDINGS CORP.(b) | 68,457 | 70,165 | |||||
42,390 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,378,171 | 2,290,332 | |||||
63,196 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 631,202 | 697,684 | |||||
2,600 | JOINT (THE) CORP.(b) | 82,644 | 39,806 | |||||
76,998 | KARYOPHARM THERAPEUTICS, INC.(b) | 649,402 | 347,261 | |||||
56,228 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 786,087 | 544,849 | |||||
35,563 | LEMAITRE VASCULAR, INC. | 1,860,783 | 1,619,895 | |||||
13,141 | LIGAND PHARMACEUTICALS, INC.(b) | 2,159,603 | 1,172,440 | |||||
2,475 | MERIDIAN BIOSCIENCE, INC.(b) | 38,496 | 75,289 | |||||
1,643 | MERIT MEDICAL SYSTEMS, INC.(b) | 72,739 | 89,166 | |||||
124 | MESA LABORATORIES, INC. | 27,072 | 25,289 | |||||
1,300 | MODIVCARE, INC.(b) | 139,840 | 109,850 | |||||
11,600 | NEOGENOMICS, INC.(b) | 113,163 | 94,540 | |||||
12,393 | NEXUS A.G.(c) | 1,086,065 | 649,362 | |||||
64,227 | OCUPHIRE PHARMA, INC.(b) | 184,565 | 123,316 | |||||
10,937 | OPTIMIZERX CORP.(b) | 791,456 | 299,564 | |||||
70,357 | OPTINOSE, INC.(b) | 190,596 | 257,507 | |||||
5,800 | ORGANOGENESIS HOLDINGS, INC.(b) | 38,949 | 28,304 | |||||
1,025 | ORTHOFIX MEDICAL, INC.(b) | 31,385 | 24,128 | |||||
16,454 | ORTHOPEDIATRICS CORP.(b) | 1,079,451 | 709,990 | |||||
3,394 | OWENS & MINOR, INC. | 118,741 | 106,741 | |||||
408,860 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 6,600,199 | 1,807,161 | |||||
8,299 | PACIRA BIOSCIENCES, INC.(b) | 493,696 | 483,832 | |||||
3,800 | PENNANT GROUP (THE), INC.(b) | 62,686 | 48,678 | |||||
65,760 | PERRIGO CO. PLC(c) | 2,648,423 | 2,667,883 | |||||
26,402 | PETIQ, INC.(b) | 592,503 | 443,290 | |||||
71,713 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,765,216 | 1,371,870 | |||||
4,068 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 191,977 | 239,198 | |||||
44,373 | PROVENTION BIO, INC.(b) | 293,568 | 177,492 | |||||
46,854 | PUMA BIOTECHNOLOGY, INC.(b) | 183,213 | 133,534 | |||||
61,585 | REVANCE THERAPEUTICS, INC.(b) | 858,277 | 851,105 | |||||
31,182 | RHYTHM PHARMACEUTICALS, INC.(b) | 383,439 | 129,405 | |||||
9,401 | SCHOLAR ROCK HOLDING CORP.(b) | 288,155 | 51,611 | |||||
88,154 | SHARPS COMPLIANCE CORP.(b) | 461,121 | 257,410 | |||||
1,400 | SIMULATIONS PLUS, INC. | 67,966 | 69,062 | |||||
53,778 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,794,287 | 1,555,260 | |||||
623 | SURMODICS, INC.(b) | 26,247 | 23,194 | |||||
34,780 | SYNEOS HEALTH, INC.(b) | 1,661,379 | 2,493,030 | |||||
20,079 | TRAVERE THERAPEUTICS, INC.(b) | 601,833 | 486,514 | |||||
46,625 | TWIST BIOSCIENCE CORP.(b) | 4,732,413 | 1,630,010 | |||||
21,672 | UROGEN PHARMA LTD.(b)(d) | 408,483 | 177,494 | |||||
675 | US PHYSICAL THERAPY, INC. | 56,776 | 73,710 | |||||
15,716 | UTAH MEDICAL PRODUCTS, INC. | 1,802,857 | 1,350,004 | |||||
121,969 | VAREX IMAGING CORP.(b) | 2,907,982 | 2,608,917 | |||||
4,900 | VERICEL CORP.(b) | 153,939 | 123,382 | |||||
160,057 | VIEMED HEALTHCARE, INC.(b) | 821,819 | 861,107 | |||||
7,500 | VIR BIOTECHNOLOGY, INC.(b) | 162,043 | 191,025 | |||||
18,183 | Y-MABS THERAPEUTICS, INC.(b) | 405,812 | 275,109 | |||||
20,087 | ZYNEX, INC. | 218,717 | 160,294 | |||||
72,726,833 | 55,536,935 | 15.40% | ||||||
Industrials: | ||||||||
1,258 | AAON, INC. | 69,579 | 68,888 | |||||
1,704 | AAR CORP.(b) | 54,796 | 71,295 | |||||
3,624 | ABM INDUSTRIES, INC. | 147,513 | 157,354 | |||||
8,960 | ACUITY BRANDS, INC. | 1,214,128 | 1,380,198 | |||||
2,756 | AEROJET ROCKETDYNE HOLDINGS, INC.(b) | 102,568 | 111,894 | |||||
1,600 | AEROVIRONMENT, INC.(b) | 130,765 | 131,520 | |||||
59,820 | AIR LEASE CORP. | 1,927,964 | 1,999,783 | |||||
619 | ALAMO GROUP, INC. | 62,402 | 72,070 | |||||
657 | ALBANY INTERNATIONAL CORP., CLASS A | 51,618 | 51,765 | |||||
548 | ALLEGIANT TRAVEL CO.(b) | 58,650 | 61,973 | |||||
82,401 | AMERICAN WOODMARK CORP.(b) | 6,125,419 | 3,708,869 | |||||
1,785 | APOGEE ENTERPRISES, INC. | 72,116 | 70,008 |
See accompanying notes to financial statements. | 49 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
1,826 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | $ 125,036 | 175,606 | |||||
2,026 | ARCBEST CORP. | 119,194 | 142,570 | |||||
22,670 | ARMSTRONG WORLD INDUSTRIES, INC. | 2,019,989 | 1,699,343 | |||||
809 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 54,573 | 49,923 | |||||
2,315 | BOISE CASCADE CO. | 113,072 | 137,719 | |||||
61,733 | BOWMAN CONSULTING GROUP LTD.(b) | 848,606 | 761,785 | |||||
100,160 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,514,099 | 1,201,920 | |||||
38,426 | BWX TECHNOLOGIES, INC. | 2,101,349 | 2,116,888 | |||||
42 | CHART INDUSTRIES, INC.(b) | 5,552 | 7,030 | |||||
1,300 | COMFORT SYSTEMS U.S.A, INC. | 108,792 | 108,095 | |||||
37,660 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 1,201,238 | 788,600 | |||||
30,063 | CREEK & RIVER CO. LTD.(c) | 514,917 | 454,003 | |||||
14,131 | CSW INDUSTRIALS, INC. | 1,991,496 | 1,455,917 | |||||
543 | DXP ENTERPRISES, INC.(b) | 12,076 | 16,632 | |||||
1,000 | ENCORE WIRE CORP. | 107,076 | 103,920 | |||||
175,698 | ENERPAC TOOL GROUP CORP. | 3,910,704 | 3,341,776 | |||||
41,603 | ESAB CORP. | 1,553,818 | 1,820,131 | |||||
1,082 | EXPONENT, INC. | 86,295 | 98,971 | |||||
1,016 | FEDERAL SIGNAL CORP. | 29,318 | 36,170 | |||||
33,958 | FRANKLIN COVEY CO.(b) | 1,578,598 | 1,568,180 | |||||
120,940 | GATES INDUSTRIAL CORP. PLC(b) | 1,736,882 | 1,307,361 | |||||
25,177 | GLOBAL INDUSTRIAL CO. | 925,128 | 850,227 | |||||
37,830 | GMS, INC.(b) | 1,757,019 | 1,683,435 | |||||
23,050 | GORMAN-RUPP (THE) CO. | 733,143 | 652,315 | |||||
43,170 | GRACO, INC. | 2,659,190 | 2,564,730 | |||||
1,626 | GRANITE CONSTRUCTION, INC. | 29,417 | 47,382 | |||||
200 | GREENBRIER (THE) COS., INC. | 7,762 | 7,198 | |||||
501 | GRIFFON CORP. | 11,285 | 14,043 | |||||
29,641 | HARDWOODS DISTRIBUTION, INC.(c) | 864,287 | 650,757 | |||||
4,923 | HILLENBRAND, INC. | 201,198 | 201,646 | |||||
3,500 | HNI CORP. | 129,835 | 121,415 | |||||
3,704 | HUB GROUP, INC., CLASS A(b) | 216,286 | 262,762 | |||||
6,290 | HUNTINGTON INGALLS INDUSTRIES, INC. | 1,119,255 | 1,370,088 | |||||
80,390 | IAA, INC.(b) | 3,922,869 | 2,634,380 | |||||
9,648 | ICF INTERNATIONAL, INC. | 840,005 | 916,560 | |||||
400 | INSTEEL INDUSTRIES, INC. | 17,160 | 13,468 | |||||
166,594 | JELD-WEN HOLDING, INC.(b) | 3,537,737 | 2,430,607 | |||||
5,664 | JOHN BEAN TECHNOLOGIES CORP. | 845,362 | 625,419 | |||||
490,761 | JOHNSON SERVICE GROUP PLC(b)(c) | 996,316 | 595,014 | |||||
4,384 | KADANT, INC. | 942,948 | 799,422 | |||||
40,114 | KARAT PACKAGING, INC.(b) | 894,756 | 684,345 | |||||
324,723 | KNIGHTS GROUP HOLDINGS PLC(c) | 633,216 | 339,945 | |||||
6,338 | KORNIT DIGITAL LTD.(b)(c) | 937,597 | 200,915 | |||||
600 | LINDSAY CORP. | 82,128 | 79,692 | |||||
69,137 | LYFT, INC., CLASS A(b) | 1,867,849 | 918,139 | |||||
18,083 | MASONITE INTERNATIONAL CORP.(b) | 2,183,703 | 1,389,317 | |||||
10,480 | MASTEC, INC.(b) | 529,486 | 750,997 | |||||
442 | MERITOR, INC.(b) | 8,413 | 16,058 | |||||
10,233 | MOOG, INC., CLASS A | 537,632 | 812,398 | |||||
163,729 | MRC GLOBAL, INC.(b) | 1,430,526 | 1,630,741 | |||||
700 | MYR GROUP, INC.(b) | 63,868 | 61,691 | |||||
213,917 | PGT INNOVATIONS, INC.(b) | 3,702,968 | 3,559,579 | |||||
134,494 | RADIANT LOGISTICS, INC.(b) | 869,206 | 997,946 | |||||
26,395 | RED VIOLET, INC.(b) | 769,721 | 502,561 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 1,514,082 | |||||
41,820 | RUSH ENTERPRISES, INC., CLASS A | 1,223,670 | 2,015,724 | |||||
15,023 | RYDER SYSTEM, INC. | 620,362 | 1,067,534 | |||||
1,334 | STANDEX INTERNATIONAL CORP. | 122,936 | 113,097 | |||||
466,698 | STEELCASE, INC., CLASS A | 5,929,211 | 5,007,670 | |||||
39,302 | STERLING INFRASTRUCTURE, INC.(b) | 852,449 | 861,500 | |||||
60,274 | TEREX CORP. | 1,929,563 | 1,649,699 | |||||
816 | TRIUMPH GROUP, INC.(b) | 14,354 | 10,845 | |||||
68,543 | TRUEBLUE, INC.(b) | 1,173,842 | 1,226,920 | |||||
3,700 | UFP INDUSTRIES, INC. | 292,693 | 252,118 | |||||
368 | UNIFIRST CORP. | 62,958 | 63,362 | |||||
135,011 | UPWORK, INC.(b) | 5,917,313 | 2,792,028 | |||||
40,054 | VA-Q-TEC A.G.(b)(c)(d) | 1,267,735 | 510,411 |
See accompanying notes to financial statements. | 50 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
43,314 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | $ 4,059,517 | 3,555,213 | |||||
36,119 | WILLDAN GROUP, INC.(b) | 1,459,945 | 996,162 | |||||
23,860 | WOODWARD, INC. | 2,081,009 | 2,206,811 | |||||
92,505,864 | 77,506,525 | 21.49% | ||||||
Information Technology: | ||||||||
1,900 | ADTRAN, INC. | 34,974 | 33,307 | |||||
1,342 | ADVANCED ENERGY INDUSTRIES, INC. | 90,367 | 97,939 | |||||
172,721 | AGILETHOUGHT, INC.(b) | 1,132,025 | 892,968 | |||||
1,100 | AGILYSYS, INC.(b) | 40,655 | 51,997 | |||||
1,650 | ALARM.COM HOLDINGS, INC.(b) | 94,821 | 102,069 | |||||
101,878 | ARLO TECHNOLOGIES, INC.(b) | 896,146 | 638,775 | |||||
10,537 | ASPEN TECHNOLOGY, INC.(b) | 1,919,309 | 1,935,436 | |||||
61,386 | AVNET, INC. | 2,189,189 | 2,632,232 | |||||
2,901 | AXCELIS TECHNOLOGIES, INC.(b) | 164,520 | 159,091 | |||||
937 | BADGER METER, INC. | 59,401 | 75,794 | |||||
60,599 | BELDEN, INC. | 2,197,952 | 3,228,109 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 56,490 | |||||
1,900 | CALAMP CORP.(b) | 10,541 | 7,923 | |||||
54,730 | CAMBIUM NETWORKS CORP.(b) | 1,346,334 | 801,794 | |||||
234,015 | CELESTICA, INC.(b)(c) | 1,834,653 | 2,274,626 | |||||
400 | CERENCE, INC.(b) | 12,035 | 10,092 | |||||
25,755 | CEVA, INC.(b) | 1,184,601 | 864,338 | |||||
46,454 | CODA OCTOPUS GROUP, INC.(b) | 375,695 | 232,270 | |||||
11,432 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 522,824 | 499,350 | |||||
27,966 | COUPA SOFTWARE, INC.(b) | 4,019,234 | 1,596,859 | |||||
1,639 | CSG SYSTEMS INTERNATIONAL, INC. | 64,966 | 97,815 | |||||
3,300 | CTS CORP. | 98,658 | 112,365 | |||||
40,770 | DIGI INTERNATIONAL, INC.(b) | 848,016 | 987,449 | |||||
56,378 | DIGITAL TURBINE, INC.(b) | 1,071,900 | 984,924 | |||||
48,505 | DOLBY LABORATORIES, INC., CLASS A | 4,175,855 | 3,471,018 | |||||
23,931 | EBIX, INC. | 801,833 | 404,434 | |||||
40,049 | ELASTIC N.V.(b) | 4,508,160 | 2,710,116 | |||||
1,772 | EVERTEC, INC. | 52,025 | 65,351 | |||||
2,042 | EXLSERVICE HOLDINGS, INC.(b) | 279,750 | 300,848 | |||||
7,800 | EXTREME NETWORKS, INC.(b) | 76,718 | 69,576 | |||||
5,667 | FABRINET(b)(c) | 581,762 | 459,594 | |||||
11,089 | FARO TECHNOLOGIES, INC.(b) | 730,513 | 341,874 | |||||
4,843 | FORMFACTOR, INC.(b) | 172,943 | 187,569 | |||||
29,590 | GRID DYNAMICS HOLDINGS, INC.(b) | 893,923 | 497,704 | |||||
3,535 | HARMONIC, INC.(b) | 19,482 | 30,648 | |||||
33,422 | I3 VERTICALS, INC., CLASS A(b) | 772,548 | 836,218 | |||||
17,058 | IMPINJ, INC.(b) | 924,911 | 1,000,793 | |||||
48,195 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,277,707 | 1,180,296 | |||||
134,634 | KALEYRA, INC.(b)(c)(d) | 1,294,132 | 274,653 | |||||
444 | LIVERAMP HOLDINGS, INC.(b) | 12,148 | 11,460 | |||||
99,142 | LUNA INNOVATIONS, INC.(b) | 869,502 | 577,998 | |||||
2,420 | MAXLINEAR, INC.(b) | 66,304 | 82,232 | |||||
20,760 | MKS INSTRUMENTS, INC. | 2,613,578 | 2,130,599 | |||||
51,461 | NAPCO SECURITY TECHNOLOGIES, INC.(b) | 1,103,175 | 1,059,582 | |||||
15,433 | ONTO INNOVATION, INC.(b) | 674,739 | 1,076,297 | |||||
214,973 | PARK CITY GROUP, INC.(b) | 1,185,108 | 945,881 | |||||
1,069 | PERFICIENT, INC.(b) | 88,125 | 98,017 | |||||
233,588 | PIVOTREE, INC.(b)(c)(d) | 756,723 | 598,850 | |||||
37,638 | PLEXUS CORP.(b) | 2,798,098 | 2,954,583 | |||||
842 | POWER INTEGRATIONS, INC. | 61,926 | 63,158 | |||||
19,358 | PROGRESS SOFTWARE CORP. | 867,982 | 876,917 | |||||
29,730 | RACKSPACE TECHNOLOGY, INC.(b) | 282,867 | 213,164 | |||||
63,116 | RADWARE LTD.(b)(c) | 2,129,717 | 1,367,724 | |||||
339 | ROGERS CORP.(b) | 64,334 | 88,848 | |||||
3,248 | SANMINA CORP.(b) | 119,288 | 132,291 | |||||
64,643 | SCANSOURCE, INC.(b) | 2,476,155 | 2,012,983 | |||||
10,348 | SHOTSPOTTER, INC.(b) | 373,994 | 278,465 | |||||
9,982 | SILICON MOTION TECHNOLOGY CORP. ADR(c)(f) | 696,151 | 835,493 | |||||
3,873 | SITIME CORP.(b) | 839,350 | 631,415 | |||||
3,500 | SMART GLOBAL HOLDINGS, INC.(b) | 81,047 | 57,295 | |||||
2,583 | SPS COMMERCE, INC.(b) | 211,089 | 292,008 | |||||
36,994 | SUPER MICRO COMPUTER, INC.(b) | 1,050,212 | 1,492,708 |
See accompanying notes to financial statements. | 51 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
5,905 | TTM TECHNOLOGIES, INC.(b) | $ 68,078 | 73,812 | |||||
9,874 | TUCOWS, INC., CLASS A(b)(c)(d) | 759,716 | 439,492 | |||||
45 | ULTRA CLEAN HOLDINGS, INC.(b) | 1,157 | 1,340 | |||||
6,574 | UPLAND SOFTWARE, INC.(b) | 170,604 | 95,454 | |||||
41,254 | VEECO INSTRUMENTS, INC.(b) | 887,018 | 800,328 | |||||
8,414 | VIA OPTRONICS A.G.(b)(c)(f) | 56,063 | 17,838 | |||||
9,526 | VIAVI SOLUTIONS, INC.(b) | 143,959 | 126,029 | |||||
12,414 | VONAGE HOLDINGS CORP.(b) | 148,402 | 233,880 | |||||
51,981 | WIX.COM LTD.(b)(c) | 8,724,412 | 3,407,355 | |||||
5,100 | XPERI HOLDING CORP. | 57,871 | 73,593 | |||||
67,260,413 | 53,351,793 | 14.79% | ||||||
Materials: | ||||||||
935 | ADVANSIX, INC. | 29,809 | 31,266 | |||||
5,907 | ALLEGHENY TECHNOLOGIES, INC.(b) | 150,172 | 134,148 | |||||
2,000 | ARCONIC CORP.(b) | 32,527 | 56,100 | |||||
71,493 | AXALTA COATING SYSTEMS LTD.(b) | 1,746,406 | 1,580,710 | |||||
1,400 | CARPENTER TECHNOLOGY CORP. | 40,636 | 39,074 | |||||
2,843 | CENTURY ALUMINUM CO.(b) | 23,030 | 20,953 | |||||
394 | CLEARWATER PAPER CORP.(b) | 13,061 | 13,250 | |||||
30,110 | H.B. FULLER CO. | 1,645,885 | 1,812,923 | |||||
25,804 | HAYNES INTERNATIONAL, INC. | 1,062,257 | 845,597 | |||||
3,232 | INNOSPEC, INC. | 280,480 | 309,593 | |||||
165 | KAISER ALUMINUM CORP. | 13,350 | 13,050 | |||||
2,590 | KOPPERS HOLDINGS, INC. | 65,373 | 58,638 | |||||
8,359 | LIVENT CORP.(b) | 180,194 | 189,666 | |||||
400 | MATERION CORP. | 34,719 | 29,492 | |||||
71,033 | NEO PERFORMANCE MATERIALS, INC.(c) | 905,252 | 685,939 | |||||
8,300 | O-I GLASS, INC.(b) | 104,643 | 116,200 | |||||
48,683 | OLIN CORP. | 839,737 | 2,253,049 | |||||
149,039 | ORION ENGINEERED CARBONS S.A.(c) | 2,025,655 | 2,314,576 | |||||
8,703 | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | 287,809 | 218,619 | |||||
8,099 | SMITH-MIDLAND CORP.(b) | 182,191 | 113,386 | |||||
1,154 | STEPAN CO. | 110,503 | 116,958 | |||||
1,800 | SYLVAMO CORP. | 78,780 | 58,824 | |||||
1,206,000 | TALON METALS CORP.(b)(c) | 571,449 | 477,828 | |||||
72,352 | TRIMAS CORP. | 1,934,694 | 2,003,427 | |||||
2,731 | WARRIOR MET COAL, INC. | 40,793 | 83,596 | |||||
12,399,405 | 13,576,862 | 3.76% | ||||||
Real Estate: | ||||||||
900 | AGREE REALTY CORP. | 58,428 | 64,917 | |||||
422 | ALEXANDER & BALDWIN, INC. | 8,502 | 7,575 | |||||
3,000 | AMERICAN ASSETS TRUST, INC. | 105,458 | 89,100 | |||||
9,103 | BRANDYWINE REALTY TRUST | 92,099 | 87,753 | |||||
3,546 | CARETRUST REIT, INC. | 59,918 | 65,388 | |||||
900 | CENTERSPACE | 88,254 | 73,395 | |||||
145,880 | DIAMONDROCK HOSPITALITY CO.(b) | 1,152,753 | 1,197,675 | |||||
7,106 | DIVERSIFIED HEALTHCARE TRUST | 13,258 | 12,933 | |||||
9,141 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 215,438 | 196,440 | |||||
3,731 | FOUR CORNERS PROPERTY TRUST, INC. | 104,085 | 99,207 | |||||
4,000 | HERSHA HOSPITALITY TRUST(b) | 41,505 | 39,240 | |||||
7,318 | INDEPENDENCE REALTY TRUST, INC. | 135,128 | 151,702 | |||||
3,481 | INDUSTRIAL LOGISTICS PROPERTIES TRUST | 71,070 | 49,012 | |||||
7,050 | ISTAR, INC. | 128,052 | 96,655 | |||||
9,509 | LXP INDUSTRIAL TRUST | 115,903 | 102,127 | |||||
91 | MARCUS & MILLICHAP, INC. | 2,538 | 3,366 | |||||
2,631 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 47,243 | 41,517 | |||||
12,207 | RPT REALTY | 144,799 | 119,995 | |||||
2,700 | SAFEHOLD, INC. | 123,274 | 95,499 | |||||
10,385 | SERVICE PROPERTIES TRUST | 64,144 | 54,314 | |||||
15,493 | UNITI GROUP, INC. | 163,782 | 145,944 | |||||
1,200 | UNIVERSAL HEALTH REALTY INCOME TRUST | 71,453 | 63,852 | |||||
3,957 | VERIS RESIDENTIAL, INC.(b) | 66,981 | 52,391 | |||||
7,244 | WASHINGTON REAL ESTATE INVESTMENT TRUST | 157,298 | 154,370 | |||||
3,231,363 | 3,064,367 | 0.85% | ||||||
Utilities: | ||||||||
2,270 | AMERICAN STATES WATER CO. | 176,622 | 185,028 |
See accompanying notes to financial statements. | 52 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
687 | AVISTA CORP. | $ 29,108 | 29,891 | |||||
2,247 | CALIFORNIA WATER SERVICE GROUP | 113,396 | 124,821 | |||||
744 | CHESAPEAKE UTILITIES CORP. | 66,089 | 96,385 | |||||
769 | NORTHWEST NATURAL HOLDING CO. | 35,202 | 40,834 | |||||
3,098 | SOUTH JERSEY INDUSTRIES, INC. | 69,473 | 105,766 | |||||
489,890 | 582,725 | 0.16% | ||||||
Sub-total Common Stocks: | 419,345,380 | 348,443,533 | 96.60% | |||||
Warrants: | ||||||||
Health Care: | ||||||||
19,977 | NANOVIBRONIX, INC.(b)(g) | 200 | - | |||||
200 | - | 0.00% | ||||||
Sub-total Warrants: | 200 | - | 0.00% | |||||
Short-Term Investments: | ||||||||
1,642,430 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(d) | 1,642,430 | 1,642,430 | |||||
11,833,638 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 1.11%(h) | 11,833,638 | 11,833,638 | |||||
Sub-total Short-Term Investments: | 13,476,068 | 13,476,068 | 3.74% | |||||
Grand total | $ 432,821,648 | 361,919,601 | 100.34% |
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 June 30, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 11.44% of net assets. |
(d) | Investment relates to cash collateral received from portfolio securities loaned. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of this security is determined by valuations supplied by a pricing service or broker, or, if not available, in accordance with procedures established by the Board of Trustees. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.39% of net assets as of June 30, 2022. |
(g) | Security has been deemed worthless and is a Level 3 investment. |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,636,090 with net sales of $4,802,452 during the six months ended June 30, 2022. |
See accompanying notes to financial statements. | 53 | (Continued) |
See accompanying notes to financial statements. | 54 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
160,152 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 1,559,490 | 1,774,484 | |||||||||
91,834 | BLACKROCK MUNICIPAL INCOME FUND INC | 1,105,339 | 1,093,743 | |||||||||
44,180 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 598,353 | 547,390 | |||||||||
114,491 | BLACKROCK MUNIHOLDINGS FUND INC | 1,771,610 | 1,452,891 | |||||||||
46,838 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 651,076 | 617,793 | |||||||||
93,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,189,521 | 1,035,626 | |||||||||
157,958 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 2,064,776 | 2,077,148 | |||||||||
51,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 729,423 | 652,971 | |||||||||
101,396 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,299,428 | 1,161,998 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,381,383 | |||||||||
12,559 | BLACKROCK MUNIYIELD QUALITY FUND INC | 173,142 | 159,374 | |||||||||
52,628 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 382,238 | 327,346 | |||||||||
183,432 | DWS MUNICIPAL INCOME TRUST | 2,072,953 | 1,724,261 | |||||||||
176,750 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,960,269 | 1,668,520 | |||||||||
159,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,939,405 | 1,646,654 | |||||||||
111,237 | INVESCO MUNICIPAL TRUST | 1,372,374 | 1,130,168 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,280 | 576,210 | |||||||||
190,374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,324,574 | 1,943,718 | |||||||||
70,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 898,029 | 738,922 | |||||||||
96,437 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,468,281 | 1,241,144 | |||||||||
83,434 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1,215,971 | 1,093,820 | |||||||||
345,957 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 4,713,175 | 4,064,995 | |||||||||
81,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,258,443 | 1,032,355 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 1,027,202 | |||||||||
320,957 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 4,690,416 | 4,002,334 | |||||||||
Sub-total Closed-End Funds: | 38,947,732 | 34,172,450 | 5.14% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
500,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 500,000 | 397,615 | �� | ||||||
965,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 965,000 | 764,926 | |||||||
1,465,000 | 1,162,541 | 0.17% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 7,000 | |||||||
350,000 | 7,000 | 0.00% | ||||||||||
Arizona | ||||||||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2030 | 6.75 | 1,239,270 | 1,316,088 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2050 | 7.75 | 1,237,716 | 1,360,825 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2051 | 6.00 | 400,000 | 374,044 | |||||||
700,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2036 | 5.00 | 719,807 | 659,541 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 555,318 | 401,774 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 907,683 | 932,185 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 514,556 | 522,665 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 987,651 | 1,020,754 | |||||||
600,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 12/1/2026 | 5.25 | 600,000 | 603,770 | |||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 8,194 | 10,039 | |||||||
500,000 | TEMPE AZ | 1/1/2029 | 5.00 | 507,888 | 507,328 | |||||||
395,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 394,572 | 386,127 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 501,973 | 478,315 | |||||||
8,574,628 | 8,573,455 | 1.29% | ||||||||||
Arkansas | ||||||||||||
985,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | 985,000 | 728,385 | |||||||
1,000,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 974,630 | 986,830 | |||||||
1,959,630 | 1,715,215 | 0.26% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | 8/1/2039 | 0.00 | 2,056,117 | 2,508,236 |
See accompanying notes to financial statements. | 55 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
California (Cont'd): | ||||||||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | $ 1,004,170 | 1,038,014 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | 8/1/2046 | 0.00 | 747,941 | 1,054,173 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | 650,000 | 594,470 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2051 | 5.00 | 525,196 | 463,068 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2056 | 5.00 | 522,145 | 455,837 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,488,206 | 1,702,996 | |||||||
750,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | 10/1/2042 | 6.00 | 752,963 | 758,272 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 996,552 | 1,227,618 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,355 | 1,139,380 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,103,057 | 1,336,529 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,415 | 752,811 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(d) | 8/1/2035 | 0.00 | 993,815 | 1,280,760 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,560 | 1,427,929 | |||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(d) | 8/1/2034 | 0.00 | 1,491,162 | 1,758,090 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(d) | 8/1/2037 | 0.00 | 3,482,008 | 3,659,882 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 998,155 | 1,204,220 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,005,386 | 1,132,257 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,768 | 812,707 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,999,228 | 2,537,519 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,291 | 1,160,700 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,004,414 | 1,053,708 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | 6/1/2039 | 1.63 | 350,000 | 310,307 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 500,711 | |||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST | 8/1/2039 | 5.35 | 1,494,521 | 1,504,418 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,007,845 | 1,022,782 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 501,574 | |||||||
2,110,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 2,108,711 | 2,360,371 | |||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,485,786 | 1,498,049 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | 8/1/2041 | 0.00 | 788,816 | 973,214 | |||||||
33,696,583 | 37,730,602 | 5.68% | ||||||||||
Colorado | ||||||||||||
1,000,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 976,226 | 857,661 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,015,124 | 893,017 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,243 | 632,105 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 875,427 | 716,570 | |||||||
1,400,000 | COLLIERS HILL MET DIST #2 CO | 12/15/2047 | 6.00 | 1,400,000 | 1,198,660 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,626 | 1,001,483 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 5/15/2030 | 3.50 | 600,000 | 546,449 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2048 | 5.00 | 1,299,012 | 1,273,198 | |||||||
735,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 5/15/2049 | 5.00 | 779,624 | 625,365 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2050 | 4.00 | 1,047,764 | 851,149 | |||||||
1,670,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 5/15/2058 | 5.00 | 1,722,984 | 1,358,528 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 990,734 | 1,014,253 |
See accompanying notes to financial statements. | 56 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | $ 777,555 | 691,227 | |||||||
1,500,000 | CROSSROADS MET DIST #1 CO | 12/1/2051 | 6.50 | 1,475,841 | 1,406,014 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,117,958 | |||||||
1,000,000 | DIATC MET DIST CO(b) | 12/1/2049 | 5.00 | 1,047,357 | 934,949 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,000,826 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 965,819 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 515,880 | 475,723 | |||||||
1,000,000 | JOHNSTOWN PLAZA MET DIST CO | 12/1/2046 | 4.25 | 945,412 | 836,725 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 590,225 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 376,966 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(d) | 12/1/2051 | 0.00 | 1,652,413 | 1,300,674 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,665 | 985,318 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 784,730 | 673,773 | |||||||
583,045 | MOUNT CARBON CO MET DIST REVENUE (Step to 0.00% on 6/1/2033)(d) | 6/1/2043 | 7.00 | 583,045 | 505,298 | |||||||
200,000 | MOUNT CARBON CO MET DIST REVENUE(c) | 6/1/2043 | 8.00 | - | 44,000 | |||||||
650,000 | PEAK MET DIST #1 CO(b) | 12/1/2051 | 5.00 | 675,209 | 568,748 | |||||||
550,000 | RAINDANCE MET DIST #2 CO | 12/1/2039 | 5.00 | 588,154 | 526,304 | |||||||
1,400,000 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,347,851 | 1,037,697 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 533,172 | 432,705 | |||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2049 | 5.00 | 1,044,795 | 939,377 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,042,574 | 929,590 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,601 | 970,843 | |||||||
1,000,000 | TREE FARM MET DIST CO(b) | 12/1/2041 | 4.50 | 1,000,000 | 828,328 | |||||||
1,000,000 | WESTGATE MET DIST CO | 12/1/2051 | 5.13 | 1,000,000 | 837,256 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 778,570 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,067,764 | 984,050 | |||||||
36,100,922 | 31,707,401 | 4.77% | ||||||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2027 | 3.25 | 500,000 | 483,132 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2055 | 5.00 | 512,707 | 488,225 | |||||||
180,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 180,000 | 178,064 | |||||||
500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 500,000 | 498,220 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,029,609 | 1,878,437 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 590,622 | 129,808 | |||||||
650,000 | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE(b) | 4/1/2051 | 4.00 | 660,835 | 526,800 | |||||||
4,973,773 | 4,182,686 | 0.63% | ||||||||||
District of Columbia | ||||||||||||
1,500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE | 6/15/2031 | 4.45 | 1,506,224 | 1,519,626 | |||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 500,690 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,002,622 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,000,828 | |||||||
665,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 628,314 | 645,864 | |||||||
1,000,000 | DIST OF COLUMBIA REVENUE | 2/28/2029 | 5.00 | 1,089,045 | 1,071,194 | |||||||
1,250,000 | DIST OF COLUMBIA REVENUE | 7/1/2042 | 5.00 | 1,101,607 | 1,171,890 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 2,654,850 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 989,879 | |||||||
11,325,190 | 10,557,443 | 1.59% |
See accompanying notes to financial statements. | 57 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida | ||||||||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | $ 1,025,568 | 1,035,183 | |||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 578,841 | 448,429 | |||||||
385,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 385,000 | 387,638 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE | 5/1/2052 | 4.00 | 1,017,062 | 815,195 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 989,851 | 1,033,872 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 515,221 | |||||||
175,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 175,000 | 179,361 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,426,248 | |||||||
525,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 561,002 | 387,263 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 516,207 | 431,506 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 1,524,603 | 1,247,838 | |||||||
445,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | 471,929 | 321,551 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(c) | 4/1/2035 | 7.00 | 750,000 | 465,000 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 12/1/2035 | 6.75 | 1,745,953 | 525,000 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 7/1/2037 | 6.75 | 750,000 | 217,500 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(b) | 5/1/2032 | 5.00 | 713,010 | 715,604 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 517,305 | 409,575 | |||||||
1,100,000 | COBBLESTONE CDD FL SPL ASSMNT REVENUE(b) | 5/1/2053 | 4.30 | 1,085,095 | 941,819 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2026 | 7.25 | 750,000 | 480,000 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2044 | 8.13 | 1,913,765 | 1,120,000 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,003,185 | 1,031,591 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,022,431 | 815,310 | |||||||
1,000,000 | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2032 | 4.40 | 1,000,000 | 956,811 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 840,406 | 652,011 | |||||||
475,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 475,000 | 470,617 | |||||||
605,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 605,000 | 618,381 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,293,336 | 1,348,264 | |||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/1/2040 | 5.00 | 944,922 | 875,013 | |||||||
460,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(g) | 7/1/2042 | 478,179 | 434,230 | ||||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2027 | 2.38 | 500,000 | 453,684 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 11/15/2030 | 5.00 | 1,000,000 | 910,351 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2050 | 5.25 | 2,036,028 | 1,912,516 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | 6/1/2051 | 5.00 | 1,485,776 | 1,102,408 | |||||||
285,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 285,000 | 282,304 | |||||||
135,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 135,000 | 135,552 | |||||||
785,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 785,000 | 794,680 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 1,000,000 | 851,132 | |||||||
595,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 595,000 | 593,859 |
See accompanying notes to financial statements. | 58 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
2,375,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | $ 2,375,000 | 1,673,271 | |||||||
1,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1,500,000 | 1,522,193 | |||||||
1,000,000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1,044,404 | 841,305 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 959,450 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,036 | 563,359 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,867 | 550,458 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 703,863 | |||||||
1,000,000 | HOLLYWOOD BEACH FL CMNTY DEV DIST REVENUE | 10/1/2045 | 4.00 | 1,091,923 | 897,852 | |||||||
1,000,000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 991,344 | 811,352 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,351 | 655,302 | |||||||
1,000,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978,140 | 905,915 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 596,217 | 514,260 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,708 | 459,657 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | 383,743 | 337,851 | |||||||
235,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 234,811 | 235,871 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 709,348 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,002,751 | |||||||
1,100,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,100,000 | 1,099,309 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,331 | 746,066 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,153 | 748,720 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 689,636 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,000,487 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 575,839 | 475,867 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 831,662 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 520,298 | |||||||
340,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 335,296 | 305,215 | |||||||
940,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 925,979 | 773,402 | |||||||
1,445,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,523,634 | 1,177,113 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,109,344 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 11/15/2049 | 5.00 | 971,250 | 991,101 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 10/1/2052 | 5.25 | 1,020,079 | 938,122 | |||||||
180,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 180,000 | 182,098 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 505,015 | 440,299 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 741,745 | 731,837 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,445 | 304,702 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 517,697 | 407,306 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 516,006 | 505,417 | |||||||
210,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 210,000 | 217,261 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
1,120,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 1,120,000 | 1,023,929 |
See accompanying notes to financial statements. | 59 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | $ 500,000 | 511,383 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,403,069 | 1,419,818 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 506,699 | 505,333 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,016,403 | 1,030,903 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 765,437 | 782,912 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,041,649 | 1,057,833 | |||||||
5,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 5,000 | 4,962 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,262,871 | 1,192,814 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,027,881 | 827,070 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,864,493 | 2,176,622 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2055 | 5.00 | 512,019 | 482,008 | |||||||
1,000,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2042 | 5.00 | 996,193 | 988,775 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 732,883 | 571,544 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,327 | 418,486 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,341 | 409,340 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 542,152 | 504,398 | |||||||
595,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 590,277 | 598,944 | |||||||
535,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 533,363 | 477,054 | |||||||
490,000 | ROLLING HILLS FL CDD CAPITAL IMPT REVENUE | 5/1/2032 | 3.65 | 490,000 | 421,990 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 1,995,573 | 1,902,056 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 720,116 | 594,894 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,538 | 890,551 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,196,914 | 1,920,553 | |||||||
830,000 | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(b) | 6/15/2051 | 4.00 | 917,568 | 654,713 | |||||||
1,000,000 | SEMINOLE FL IMPT DIST UTILS REVENUE | 10/1/2037 | 5.30 | 1,000,000 | 999,910 | |||||||
145,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 142,545 | 149,281 | |||||||
600,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 631,320 | 498,277 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 76,971 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 465,010 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | 5/1/2040 | 0.00 | 97,159 | 90,807 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,427,610 | 1,449,998 | |||||||
1,500,000 | TOLOMATO FL CDD | 5/1/2040 | 4.00 | 1,698,497 | 1,423,719 | |||||||
125,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,058,715 | 814,611 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 701,359 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 388,945 | 339,323 | |||||||
1,005,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2052 | 5.50 | 999,111 | 988,099 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,817 | 506,066 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,320,967 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 785,231 | 609,356 |
See accompanying notes to financial statements. | 60 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
910,000 | WINDWARD AT LAKEWOOD RANCH CDD FL CAPITAL IMPT | 5/1/2052 | 4.25 | $ 915,049 | 774,807 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 651,950 | 661,877 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,727 | 790,073 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2052 | 5.25 | 995,453 | 943,933 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,812 | 742,407 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 147,392 | |||||||
103,684,558 | 90,744,967 | 13.66% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 502,964 | 508,977 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH(b) | 12/1/2039 | 5.00 | 1,410,600 | 1,222,934 | |||||||
1,155,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 1,155,000 | 1,155,926 | |||||||
190,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 190,000 | 189,013 | |||||||
1,365,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 1,365,000 | 1,351,045 | |||||||
990,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 990,440 | 989,268 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2042 | 3.85 | 1,000,000 | 947,308 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,936,843 | 1,916,058 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 892,212 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,433,172 | |||||||
500,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE(b) | 5/1/2042 | 5.40 | 500,000 | 506,425 | |||||||
11,695,847 | 11,112,338 | 1.67% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 121,246 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 496,372 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 639,061 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,028,446 | 762,735 | |||||||
1,000,000 | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(b) | 9/1/2051 | 3.75 | 1,000,000 | 716,523 | |||||||
3,472,811 | 2,735,937 | 0.41% | ||||||||||
Illinois | ||||||||||||
1,495,000 | BOLINGBROOK IL SPL SVC AREA SPL TAX | 3/1/2030 | 4.00 | 1,530,137 | 1,555,254 | |||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,256,505 | 1,269,940 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,013,092 | 1,065,756 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,030,296 | 1,017,839 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,192 | 1,011,743 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,032,389 | 1,028,049 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 768,063 | 708,356 | |||||||
637,000 | CORTLAND IL SPL TAX REVENUE(c) | 3/1/2017 | 5.50 | 633,881 | 9,555 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 503,970 | 522,205 | |||||||
830,000 | EVANSTON ILL EDL FAC REVENUE(b) | 4/1/2041 | 4.38 | 828,396 | 658,738 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2030 | 4.00 | 1,495,093 | 1,517,476 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 510,467 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,019,510 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 677,004 | 688,327 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,858 | 494,553 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2037 | 5.25 | 497,423 | 488,860 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 759,844 | 778,313 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 507,652 | 436,508 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,412,594 | 1,213,895 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2042 | 5.38 | 498,466 | 488,332 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,547,799 | 1,434,932 |
See accompanying notes to financial statements. | 61 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Illinois (Cont'd): | ||||||||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2044 | 3.15 | $ 1,000,000 | 837,669 | |||||||
2,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2061 | 3.00 | 2,000,000 | 1,448,235 | |||||||
5,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2041 | 3.88 | 5,000 | 5,000 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,052,511 | 1,057,683 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,531,806 | 1,564,945 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 511,005 | 538,534 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(b) | 1/1/2041 | 4.82 | 1,000,000 | 825,422 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,006,209 | 1,051,225 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,089,306 | 1,085,355 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 350,000 | |||||||
500,000 | MET PIER & EXPOSITION AUTH IL REVENUE | 6/15/2057 | 5.00 | 513,920 | 503,014 | |||||||
500,000 | RICHTON PARK IL PUBLIC LIBRARY DIST | 12/15/2032 | 4.50 | 504,509 | 505,861 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 751,372 | |||||||
325,000 | S WSTRN IL DEV AUTH(c) | 10/1/2022 | 7.00 | 325,000 | 48,750 | |||||||
180,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2022 | 4.00 | 179,852 | 179,708 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 766,202 | 726,861 | |||||||
685,000 | WESTMONT IL PARK DIST(h) | 12/1/2031 | 0.00 | 394,744 | 417,488 | |||||||
685,000 | WESTMONT IL PARK DIST(h) | 12/1/2033 | 0.00 | 345,345 | 365,996 | |||||||
32,967,853 | 30,181,726 | 4.54% | ||||||||||
Indiana | ||||||||||||
1,000,000 | EAST CHICAGO IN SAN DIST REVENUE | 7/15/2035 | 4.00 | 993,270 | 1,012,134 | |||||||
1,500,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 7/1/2047 | 5.00 | 1,539,169 | 1,529,711 | |||||||
700,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 6/1/2051 | 5.00 | 771,366 | 633,679 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 990,055 | 1,059,599 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,719,722 | 1,257,602 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 509,049 | 524,521 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,020,694 | 1,007,676 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,332,020 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 533,446 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,872 | 622,980 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,001,563 | 1,023,296 | |||||||
11,258,760 | 10,536,664 | 1.59% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,578,588 | 1,491,017 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2048 | 5.00 | 1,677,591 | 1,395,103 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,106,594 | 741,609 | |||||||
1,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2042 | 4.05 | 1,000,000 | 974,803 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 516,914 | 498,283 | |||||||
1,000,000 | IOWA ST HGR EDU LOAN AUTH REVENUE | 10/1/2052 | 5.38 | 1,021,580 | 1,031,149 | |||||||
6,901,267 | 6,131,964 | 0.92% | ||||||||||
Kansas | ||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,020,299 | 1,075,801 | |||||||
1,000,000 | MANHATTAN KS SALES TAX SPL OBLG REVENUE | 6/1/2027 | 4.00 | 998,641 | 985,651 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 930,004 | 837,784 | |||||||
1,500,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE(b) | 9/1/2035 | 5.25 | 1,485,123 | 1,436,791 | |||||||
4,434,067 | 4,336,027 | 0.65% | ||||||||||
Kentucky | ||||||||||||
305,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 302,571 | 304,939 | |||||||
302,571 | 304,939 | 0.05% |
See accompanying notes to financial statements. | 62 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana | ||||||||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2031 | 4.00 | $ 604,770 | 541,476 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1,063,434 | 823,376 | |||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,002,653 | 1,031,486 | |||||||
1,000,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2042 | 4.05 | 1,000,000 | 974,443 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 922,092 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 671,744 | 651,861 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,007,530 | 1,015,379 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 700,000 | 722,817 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,051,763 | 868,402 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 611,162 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 900,000 | 722,650 | |||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | 750,000 | 657,755 | |||||||
1,250,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,250,000 | 963,951 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 517,133 | 515,932 | |||||||
350,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 1.65 | 350,000 | 346,873 | |||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 754,130 | 755,905 | |||||||
13,473,157 | 12,125,560 | 1.83% | ||||||||||
Maine | ||||||||||||
925,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 925,000 | 917,202 | |||||||
925,000 | 917,202 | 0.14% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 500,606 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | 1,000,000 | 729,604 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2052 | 5.00 | 1,054,054 | 1,058,997 | |||||||
1,000,000 | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE | 11/12/2028 | 5.00 | 1,055,102 | 1,052,266 | |||||||
1,250,000 | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE | 7/1/2048 | 4.00 | 1,223,062 | 1,149,270 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 521,144 | |||||||
545,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 545,000 | 534,230 | |||||||
5,877,218 | 5,546,117 | 0.83% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 3,104,754 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(b) | 10/1/2047 | 5.00 | 736,051 | 737,051 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,513,537 | 1,622,080 |
See accompanying notes to financial statements. | 63 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Massachusetts (Cont'd): | ||||||||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2033 | 3.50 | $ 955,378 | 990,563 | |||||||
400,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 403,356 | 392,413 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 880,802 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,446,719 | 1,263,432 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,709,336 | 1,207,623 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 268,294 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 273,540 | |||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,012,582 | |||||||
2,210,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,210,000 | 2,202,447 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2046 | 2.80 | 2,000,000 | 1,525,266 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 500,933 | |||||||
18,009,377 | 15,981,780 | 2.41% | ||||||||||
Michigan | ||||||||||||
95,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 93,926 | 95,096 | |||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 527,789 | 459,860 | |||||||
775,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 769,329 | 650,438 | |||||||
650,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 653,107 | 523,305 | |||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 746,402 | 720,031 | |||||||
500,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2042 | 5.00 | 503,581 | 504,179 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2035 | 4.10 | 1,850,000 | 1,858,370 | |||||||
600,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2042 | 3.75 | 600,000 | 568,261 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2043 | 4.00 | 1,650,000 | 1,587,701 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2044 | 3.25 | 1,430,625 | 1,287,730 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,053,651 | 845,175 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,314,507 | 1,916,811 | |||||||
405,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 405,000 | 386,917 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,877,798 | 3,686,422 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 4,399,453 | |||||||
375,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 375,000 | 375,278 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 761,804 | 787,249 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 831,218 | 678,036 | |||||||
25,943,737 | 21,330,312 | 3.21% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,279 | 580,481 | |||||||
1,000,000 | APPLE VY MN SENIOR HSG REVENUE | 9/1/2058 | 5.00 | 980,000 | 933,645 | |||||||
1,000,000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 991,440 | 997,132 | |||||||
2,000,000 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2047 | 5.00 | 2,075,143 | 2,086,459 | |||||||
5,000,000 | MINNESOTA ST HSG FIN AGY(e)(i) | 1/1/2041 | 0.90 | 5,000,000 | 5,000,000 | |||||||
1,000,000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 804,534 | 752,915 | |||||||
2,015,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 1,915,379 | 1,719,392 | |||||||
12,696,775 | 12,070,024 | 1.82% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 500,000 | 411,803 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 931,714 |
See accompanying notes to financial statements. | 64 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Mississippi (Cont'd): | ||||||||||||
2,000,000 | MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 6/1/2042 | 2.55 | $ 2,000,000 | 1,572,050 | |||||||
3,500,000 | 2,915,567 | 0.44% | ||||||||||
Missouri | ||||||||||||
450,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 445,716 | 384,442 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 396,877 | 14,653 | |||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | 897,957 | 544,568 | |||||||
1,000,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2037 | 5.25 | 1,012,810 | 962,007 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 912,472 | 1,011,590 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,063,041 | 1,647,846 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 3.25 | 1,000,000 | 851,527 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.40 | 1,000,000 | 1,025,748 | |||||||
560,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 560,000 | 553,123 | |||||||
330,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 330,000 | 290,410 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 750,560 | 687,508 | |||||||
9,369,433 | 7,973,422 | 1.20% | ||||||||||
Montana | ||||||||||||
715,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 715,000 | 704,408 | |||||||
340,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 340,000 | 341,682 | |||||||
475,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 475,000 | 479,027 | |||||||
560,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 560,000 | 561,412 | |||||||
275,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 275,373 | 277,259 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1,000,000 | 800,473 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 6/1/2052 | 4.55 | 1,000,000 | 1,015,320 | |||||||
4,365,373 | 4,179,581 | 0.63% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
1,750,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2040 | 4.35 | 1,750,000 | 1,759,205 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 162,751 | |||||||
2,075,000 | 1,928,596 | 0.29% | ||||||||||
Nevada | ||||||||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2044 | 3.25 | 1,000,000 | 850,749 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 921,279 | |||||||
455,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 455,000 | 451,176 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 1,095,600 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2037 | 5.00 | 505,709 | 513,983 | |||||||
4,690,709 | 3,832,787 | 0.58% | ||||||||||
New Hampshire | ||||||||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,432,029 | |||||||
1,500,000 | 1,432,029 | 0.22% | ||||||||||
New Jersey | ||||||||||||
1,000,000 | CAMDEN CNTY NJ IMPT AUTH CHRT SCH REVENUE(b) | 7/15/2042 | 5.00 | 1,047,766 | 1,007,340 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 526,290 | 520,063 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 782,846 | 758,334 | |||||||
2,500,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,493,517 | 2,390,990 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2041 | 4.00 | 967,140 | 956,281 |
See accompanying notes to financial statements. | 65 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Jersey (Cont'd): | ||||||||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | $ 988,599 | 918,778 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 1,002,104 | |||||||
2,765,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,765,000 | 2,721,808 | |||||||
1,250,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,250,000 | 876,157 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,777 | 822,559 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 504,484 | 515,287 | |||||||
1,000,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2046 | 4.00 | 1,111,373 | 921,181 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 703,529 | 699,967 | |||||||
15,017,321 | 14,110,849 | 2.12% | ||||||||||
New Mexico | ||||||||||||
1,085,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,085,000 | 1,072,791 | |||||||
600,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 600,000 | 591,373 | |||||||
2,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 2,000,000 | 1,861,327 | |||||||
500,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 500,000 | 494,882 | |||||||
655,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 655,941 | 640,582 | |||||||
1,500,000 | NEW MEXICO ST MTGE FIN AUTH | 1/1/2049 | 4.00 | 1,515,478 | 1,521,108 | |||||||
745,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 745,000 | 641,990 | |||||||
685,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 685,000 | 679,917 | |||||||
1,420,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,453,794 | 1,158,262 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990,000 | 717,090 | |||||||
2,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 2,000,000 | 1,500,458 | |||||||
2,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 2.80 | 2,000,000 | 1,476,706 | |||||||
14,230,213 | 12,356,486 | 1.86% | ||||||||||
New York | ||||||||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 751,087 | 758,682 | |||||||
500,000 | MET TRANSPRTN AUTH NY REVENUE | 11/15/2027 | 5.00 | 508,148 | 506,092 | |||||||
660,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 600,943 | 600,272 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2039 | 4.30 | 1,000,000 | 1,001,163 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 600,983 | 568,457 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 2,802,148 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 886,318 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 925,464 | |||||||
2,250,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,250,000 | 1,500,485 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 1,376,312 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,028,521 | 2,043,240 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2041 | 4.10 | 1,000,000 | 986,124 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 967,727 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 934,534 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,466,764 | |||||||
600,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2056 | 2.95 | 600,000 | 421,191 | |||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,455,176 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 506,490 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 3,803,413 | |||||||
1,005,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 1,005,000 | 806,173 | |||||||
300,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 300,000 | 299,169 | |||||||
1,700,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | 1,606,007 | 1,206,958 |
See accompanying notes to financial statements. | 66 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
980,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | $ 975,277 | 693,062 | |||||||
3,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2047 | 3.30 | 3,500,000 | 2,936,091 | |||||||
1,095,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,095,000 | 1,071,011 | |||||||
1,875,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,875,000 | 1,413,417 | |||||||
1,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,435,000 | 986,124 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,624 | 1,213,132 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | 7/1/2029 | 3.60 | 650,000 | 590,100 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2046 | 5.00 | 682,245 | 563,449 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | 494,374 | 394,310 | |||||||
41,041,959 | 35,683,048 | 5.37% | ||||||||||
North Carolina | ||||||||||||
1,000,000 | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE | 7/1/2052 | 5.50 | 1,067,311 | 1,090,729 | |||||||
1,750,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,750,000 | 1,753,088 | |||||||
260,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 257,461 | 236,985 | |||||||
610,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 615,002 | 605,224 | |||||||
2,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2042 | 3.50 | 2,500,000 | 2,278,120 | |||||||
355,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 355,000 | 359,179 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,061,893 | 1,052,397 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,669 | 592,729 | |||||||
8,203,336 | 7,968,451 | 1.20% | ||||||||||
North Dakota | ||||||||||||
455,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 456,081 | 389,812 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 985,000 | 870,698 | |||||||
980,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 980,000 | 755,592 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2053 | 4.00 | 1,050,888 | 1,014,261 | |||||||
3,471,969 | 3,030,363 | 0.46% | ||||||||||
Ohio | ||||||||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.50 | 500,000 | 414,029 | |||||||
950,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 969,489 | 731,943 | |||||||
1,500,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,578,199 | 1,479,892 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,042,958 | 1,776,126 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(f) | 12/1/2037 | 6.50 | 750,000 | 240,000 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,532,266 | 1,547,825 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,033,057 | 1,511,026 | |||||||
535,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 485,865 | 523,539 | |||||||
4,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2046 | 2.85 | 4,000,000 | 3,136,093 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 4.55 | 1,000,000 | 1,010,505 | |||||||
520,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 520,000 | 515,841 | |||||||
660,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 660,000 | 650,080 |
See accompanying notes to financial statements. | 67 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Ohio (Cont'd): | ||||||||||||
3,725,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | $ 3,750,949 | 2,732,845 | |||||||
2,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 2,000,000 | 1,485,719 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGEREVENUE | 3/1/2052 | 5.00 | 1,055,416 | 1,059,123 | |||||||
1,000,000 | REVERE OH LOCAL SCH DIST | 12/1/2043 | 4.00 | 1,000,000 | 1,000,037 | |||||||
23,878,199 | 19,814,623 | 2.98% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,181,474 | 1,944,318 | |||||||
2,181,474 | 1,944,318 | 0.29% | ||||||||||
Oregon | ||||||||||||
1,000,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2047 | 5.00 | 970,850 | 950,331 | |||||||
500,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2055 | 5.38 | 501,708 | 476,541 | |||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,007,831 | 1,013,020 | |||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | 502,051 | 500,753 | |||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | 2,000,000 | 2,004,603 | |||||||
505,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 505,000 | 504,824 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2042 | 3.70 | 1,000,000 | 929,096 | |||||||
2,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,811,811 | 1,467,750 | |||||||
785,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 785,000 | 772,290 | |||||||
1,240,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2035 | 5.13 | 1,251,247 | 1,187,245 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,291 | 872,333 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 735,703 | 534,073 | |||||||
12,036,492 | 11,212,859 | 1.69% | ||||||||||
Pennsylvania | ||||||||||||
375,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 2.23 | 375,000 | 357,282 | |||||||
200,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(b) | 10/15/2022 | 4.00 | 199,969 | 200,069 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 516,827 | 521,227 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,259,749 | 1,295,964 | |||||||
900,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 901,593 | 754,570 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,276,635 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,031,753 | 936,106 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 2.18 | 500,000 | 433,490 | |||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,685,000 | 1,685,793 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,037,561 | 819,195 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 857,437 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,392,835 | |||||||
750,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 3.00 | 746,632 | 738,598 | |||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2037 | 4.60 | 1,496,653 | 1,554,355 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2042 | 3.00 | 1,044,611 | 796,260 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2045 | 5.00 | 1,044,064 | 1,034,667 |
See accompanying notes to financial statements. | 68 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Pennsylvania (Cont'd): | ||||||||||||
100,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | $ 100,000 | 102,811 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 740,988 | 767,601 | |||||||
17,380,400 | 15,524,895 | 2.34% | ||||||||||
Rhode Island | ||||||||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | 750,000 | 749,954 | |||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | 4/1/2045 | 2.80 | 1,019,778 | 775,286 | |||||||
995,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 986,286 | 951,009 | |||||||
2,756,064 | 2,476,249 | 0.37% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,522 | 614,631 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(b) | 7/1/2025 | 8.75 | 750,000 | 746,674 | |||||||
1,000,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2037 | 3.20 | 1,000,000 | 927,957 | |||||||
1,155,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,155,000 | 957,571 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 687,474 | 496,818 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 880,037 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,018,891 | 1,020,151 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,416,089 | 1,474,544 | |||||||
7,674,976 | 7,118,383 | 1.07% | ||||||||||
South Dakota | ||||||||||||
2,000,000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2,000,000 | 1,564,362 | |||||||
2,000,000 | 1,564,362 | 0.24% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(f) | 6/1/2027 | 6.50 | 1,000,000 | 270,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 611,751 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,467 | 1,297,573 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2019 | 5.35 | 134,965 | 2 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 5.55 | 556,862 | 6 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2029 | 6.00 | - | 1 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 4.25 | 1,000,000 | 968,788 | |||||||
480,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2031 | 3.60 | 480,612 | 480,088 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.50 | 3,000,000 | 2,741,384 | |||||||
545,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 545,000 | 534,469 | |||||||
480,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 480,000 | 472,053 | |||||||
1,300,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 1,306,846 | 1,296,603 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 2,869,366 | 2,179,100 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.55 | 1,000,000 | 758,976 | |||||||
665,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 665,000 | 655,239 | |||||||
1,160,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,160,000 | 1,166,976 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | 2,000,000 | 1,483,222 |
See accompanying notes to financial statements. | 69 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Tennessee (Cont'd): | ||||||||||||
280,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | $ 280,000 | 277,203 | |||||||
18,421,118 | 15,193,434 | 2.29% | ||||||||||
Texas | ||||||||||||
1,250,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,202,715 | 841,034 | |||||||
650,000 | ARLINGTON TX SPL TAX REVENUE | 2/15/2041 | 5.00 | 674,217 | 671,228 | |||||||
755,000 | BEXAR CNTY TX HSG FIN CORP(j) | 2/1/2035 | 3.75 | 755,000 | 757,895 | |||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,002,627 | 2,008,450 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,427 | 772,585 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 639,927 | 641,290 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,002,038 | 1,024,502 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,353,480 | 1,350,065 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 352,787 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,304 | 509,357 | |||||||
1,500,000 | EL PASO CNTY TX HOSP DIST | 8/15/2043 | 5.00 | 1,532,921 | 1,524,061 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,013,932 | 1,059,236 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(d) | 10/1/2035 | 0.00 | 1,399,489 | 1,586,717 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,142,564 | 1,509,221 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,006,231 | 1,045,632 | |||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,501,240 | 1,509,569 | |||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 747,657 | 751,970 | |||||||
1,000,000 | MEADOWHILL TX REGL MUNI UTILITY DIST | 10/1/2034 | 4.00 | 1,006,507 | 1,004,812 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP(c) | 2/15/2025 | 5.38 | 273,000 | 180,180 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,645 | 1,099,636 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2027 | 5.50 | 1,486,935 | 1,487,280 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2033 | 6.50 | 1,500,000 | 1,499,835 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,004,775 | 950,672 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 755,549 | 711,682 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 506,929 | 456,170 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,116,768 | 843,939 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,142,693 | 853,688 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE(e)(k) | 11/15/2061 | 2.00 | 1,000,000 | 541,378 | |||||||
670,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2049 | 5.00 | 683,513 | 645,880 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(b)(h) | 12/1/2025 | 0.00 | 1,000,000 | 1,076,523 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 636,038 | 354,750 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,114,324 | 1,127,257 | |||||||
2,000,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2051 | 5.00 | 1,990,000 | 1,941,510 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,937 | 836,904 | |||||||
550,000 | SAN ANTONIO TX EDU FACS CORP REVENUE | 10/1/2041 | 5.00 | 579,962 | 483,682 |
See accompanying notes to financial statements. | 70 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | $ 1,010,105 | 1,013,855 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,011,484 | 1,028,547 | |||||||
390,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 397,308 | 393,165 | |||||||
1,875,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 1,907,689 | 1,728,333 | |||||||
715,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 724,264 | 719,350 | |||||||
2,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.50 | 2,703,677 | 2,713,166 | |||||||
490,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 494,423 | 361,153 | |||||||
6,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2052 | 3.13 | 6,123,667 | 4,726,921 | |||||||
1,000,000 | TEXAS ST MUNI PWR AGY REVENUE | 9/1/2046 | 3.00 | 1,032,068 | 802,354 | |||||||
52,035,029 | 47,498,221 | 7.15% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,108 | 773,302 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,774 | 673,330 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,032,764 | 1,453,575 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 401,614 | |||||||
1,000,000 | UTAH CNTY UT HOSP REVENUE | 5/15/2045 | 5.00 | 1,026,792 | 1,027,873 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2027 | 4.25 | 900,000 | 859,717 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 12/15/2031 | 3.50 | 896,404 | 759,849 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2032 | 5.25 | 1,000,000 | 1,010,316 | |||||||
45,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 45,000 | 45,059 | |||||||
1,000,000 | UTAH ST INFRASTRUCTURE AGY TELECOMMUNICATIONS FRANCHISE & SA | 10/15/2042 | 4.25 | 1,007,623 | 1,000,849 | |||||||
9,294,465 | 8,005,484 | 1.21% | ||||||||||
Vermont | ||||||||||||
1,000,000 | VERMONT ST ECON DEV AUTH MTGE REVENUE | 5/1/2045 | 4.00 | 1,067,963 | 784,392 | |||||||
545,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 540,499 | 527,920 | |||||||
1,608,462 | 1,312,312 | 0.20% | ||||||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 500,738 | |||||||
1,000,000 | HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 10/1/2047 | 5.00 | 1,094,875 | 1,025,022 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(h) | 9/1/2041 | 0.00 | 173,930 | 22,112 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(c) | 9/1/2041 | 5.63 | 373,459 | 157,470 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,001,962 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 6/1/2042 | 4.00 | 1,000,000 | 988,046 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 1,013,254 | 1,011,186 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 676,962 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 3/1/2052 | 3.25 | 1,000,000 | 790,966 | |||||||
7,155,518 | 6,174,464 | 0.93% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 687,593 | 748,663 | |||||||
350,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 350,000 | 365,440 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,470,111 | 1,327,892 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,034,159 | 880,578 |
See accompanying notes to financial statements. | 71 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Washington (Cont'd): | ||||||||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | $ 1,030,359 | 1,018,281 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 485,750 | 330,266 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 772,660 | 806,572 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 506,497 | 496,482 | |||||||
940,000 | VANCOUVER WA HSG AUTH | 8/1/2034 | 3.75 | 926,508 | 917,579 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,215 | 1,305,270 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 12/1/2051 | 3.30 | 1,500,000 | 1,185,959 | |||||||
430,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 431,156 | 441,558 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2031 | 5.00 | 1,000,969 | 987,755 | |||||||
750,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2031 | 5.00 | 777,983 | 739,861 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2035 | 5.75 | 675,000 | 678,093 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2036 | 5.00 | 620,167 | 569,301 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 528,756 | 520,171 | |||||||
14,293,883 | 13,319,721 | 2.01% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2032 | 3.75 | 1,500,000 | 1,507,306 | |||||||
500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2042 | 4.00 | 500,000 | 494,616 | |||||||
2,000,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 2,000,000 | 1,455,023 | |||||||
4,000,000 | 3,456,945 | 0.52% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2046 | 0.00 | 1,730 | 390 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2047 | 0.00 | 1,847 | 406 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2048 | 0.00 | 1,756 | 383 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2049 | 0.00 | 1,690 | 363 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2050 | 0.00 | 1,614 | 336 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2051 | 0.00 | 1,702 | 350 | |||||||
446,245 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(e)(f)(k) | 7/1/2051 | 3.75 | 443,916 | 225,542 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2052 | 0.00 | 1,683 | 336 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2053 | 0.00 | 1,614 | 318 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2054 | 0.00 | 1,556 | 300 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2055 | 0.00 | 1,492 | 283 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2056 | 0.00 | 1,432 | 269 | |||||||
106,459 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f) | 7/1/2056 | 5.50 | 104,505 | 63,610 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2057 | 0.00 | 2,189 | 257 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2058 | 0.00 | 1,333 | 243 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2059 | 0.00 | 1,289 | 231 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2060 | 0.00 | 1,247 | 217 |
See accompanying notes to financial statements. | 72 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2061 | 0.00 | $ 1,200 | 204 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2062 | 0.00 | 1,161 | 193 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2063 | 0.00 | 1,117 | 182 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2064 | 0.00 | 1,082 | 174 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2065 | 0.00 | 1,050 | 164 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2066 | 0.00 | 1,020 | 152 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(h) | 1/1/2067 | 0.00 | 12,060 | 1,792 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 524,622 | 489,927 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1,056,847 | 1,010,631 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1,000,000 | 972,098 | |||||||
195,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 195,495 | 199,602 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE | 6/1/2028 | 3.00 | 1,250,000 | 1,116,961 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b)(f) | 11/1/2028 | 6.25 | 1,250,000 | 1,071,121 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 990,394 | 615,000 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(f) | 12/1/2048 | 5.50 | 13,694 | 6,847 | |||||||
1,695,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,724,200 | 1,366,756 | |||||||
695,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 694,220 | 700,631 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 528,949 | 463,301 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 727,744 | 684,851 | |||||||
1,410,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2041 | 5.00 | 1,417,032 | 1,356,549 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,413,196 | 1,449,907 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 672,258 | 605,003 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,473,438 | 1,375,556 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 4/1/2057 | 5.13 | 1,500,000 | 1,227,432 | |||||||
500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2035 | 3.88 | 500,000 | 491,705 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2040 | 4.00 | 1,000,000 | 989,827 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2051 | 2.85 | 1,000,000 | 751,850 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 5/1/2055 | 4.15 | 1,500,000 | 1,420,343 | |||||||
21,023,374 | 18,662,593 | 2.81% | ||||||||||
Wyoming | ||||||||||||
1,615,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,615,000 | 1,612,312 | |||||||
1,615,000 | 1,612,312 | 0.24% | ||||||||||
Sub-total Municipal Bonds: | 654,908,491 | 589,994,254 | 88.83% | |||||||||
Short-Term Investments: | ||||||||||||
35,068,469 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 1.11%(l) | 35,068,469 | 35,068,469 | |||||||||
Sub-total Short-Term Investments: | 35,068,469 | 35,068,469 | 5.28% | |||||||||
Grand total | $ 728,924,692 | 659,235,173 | 99.25% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(c) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
See accompanying notes to financial statements. | 73 | (Continued) |
(d) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(e) | Variable rate security. Rate as of June 30, 2022 is disclosed. |
(f) | Restricted security that has been deemed illiquid. At June 30, 2022, the value of these restricted illiquid securities amounted to $4,227,164 or 0.64% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/35 | 12/2/15-1/21/16 | $1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/37 | 6/28/17 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/26 | 12/16/13 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/15/44 | 6/27/17-4/12/18 | 1,961,290 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/27 | 5/24/17 | 1,000,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/37 | 10/27/17 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 5.50%, 1/1/46 - 1/1/67 | 3/26/18-3/8/22 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 6.25%, 11/1/28 - 12/1/48 | 4/3/17-3/26/19 | 13,694 - 1,250,000 |
(g) | When-Issued Security. Coupon rate is not in effect at June 30, 2022. |
(h) | Zero coupon bond. |
(i) | 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. |
(j) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
(k) | 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. |
(l) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $28,762,724 with net purchases of $6,305,745 for the six months ended June 30, 2022. |
Geographical Diversification | Percent | |
Florida | 14.52% | |
Illinois | 10.44 | |
Texas | 7.60 | |
California | 6.04 | |
New York | 5.71 | |
Colorado | 5.07 | |
Michigan | 3.41 | |
Ohio | 3.17 | |
Wisconsin | 2.99 | |
Massachusetts | 2.56 | |
Other | 38.49 | |
100.00% |
See accompanying notes to financial statements. | 74 | (Continued) |
Type | Number of Contracts | Notional Amount (000s) | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) (000s) | |||||
10-Year U.S. Treasury Note | 999 | $(118,413) | Short | 9/22 | $(1,220) | |||||
U.S. Treasury Long Bond | 186 | (25,784) | Short | 9/22 | (556) | |||||
2-Year U.S. Treasury Note | 338 | (70,985) | Short | 10/22 | 24 | |||||
5-Year U.S. Treasury Note | 604 | (67,799) | Short | 10/22 | (263) | |||||
$(2,015) |
See accompanying notes to financial statements. | 75 | (Continued) |
See accompanying notes to financial statements. | 76 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD.(b) | $ 331,893 | 362,791 | |||||
68,309 | AGL ENERGY LTD. | 300,168 | 388,990 | |||||
89,441 | APA GROUP | 554,557 | 695,772 | |||||
2,554 | ASX LTD. | 51,631 | 144,046 | |||||
14,312 | ATLASSIAN CORP. PLC, CLASS A(c) | 4,935,807 | 2,682,069 | |||||
224,900 | AURIZON HOLDINGS LTD. | 585,735 | 589,901 | |||||
19,807 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 188,757 | 301,189 | |||||
445,000 | BEACH ENERGY LTD. | 647,241 | 529,853 | |||||
179,910 | BGP HOLDINGS PLC(c)(d) | - | - | |||||
31,271 | BHP GROUP LTD. | 760,539 | 890,373 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 412,659 | |||||
17,400 | BRAMBLES LTD. | 64,294 | 128,631 | |||||
100,800 | CEDAR WOODS PROPERTIES LTD. | 386,207 | 256,044 | |||||
971 | COCHLEAR LTD. | 35,894 | 133,175 | |||||
19,339 | COLES GROUP LTD. | 154,507 | 237,741 | |||||
11,157 | COMMONWEALTH BANK OF AUSTRALIA | 235,177 | 696,027 | |||||
10,780 | COMPUTERSHARE LTD. | 137,330 | 183,344 | |||||
39,505 | CSL LTD. | 2,898,613 | 7,336,816 | |||||
14,184 | DEXUS | 62,970 | 86,940 | |||||
649,200 | EMECO HOLDINGS LTD. | 351,482 | 291,272 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,175,886 | |||||
22,072 | GOODMAN GROUP | 76,819 | 271,796 | |||||
1,039,600 | GRANGE RESOURCES LTD. | 584,855 | 907,744 | |||||
132,948 | HUB24 LTD. | 2,152,522 | 1,860,124 | |||||
193,100 | INGHAMS GROUP LTD. | 550,899 | 343,881 | |||||
26,295 | INSURANCE AUSTRALIA GROUP LTD. | 61,991 | 79,135 | |||||
3,157 | LENDLEASE CORP. LTD. | 10,919 | 19,852 | |||||
30,856 | LOTTERY (THE) CORP. LTD.(c) | 66,314 | 96,269 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 887,871 | |||||
174,400 | METCASH LTD. | 556,523 | 510,410 | |||||
573,700 | MOUNT GIBSON IRON LTD. | 260,031 | 213,838 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,215 | 846,457 | |||||
403,300 | NEW HOPE CORP. LTD. | 712,713 | 963,187 | |||||
6,630 | NEWCREST MINING LTD. | 50,227 | 95,600 | |||||
8,784 | ORICA LTD. | 76,517 | 95,616 | |||||
32,142 | ORIGIN ENERGY LTD. | 104,076 | 127,126 | |||||
378,300 | PACT GROUP HOLDINGS LTD. | 787,238 | 471,324 | |||||
85,475 | PEXA GROUP LTD.(c) | 1,060,475 | 819,498 | |||||
163,644 | QANTAS AIRWAYS LTD.(c) | 344,934 | 504,910 | |||||
2,805 | RAMSAY HEALTH CARE LTD. | 60,296 | 141,804 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,288,118 | |||||
166,442 | SANTOS LTD. | 487,263 | 852,459 | |||||
186,510 | SCENTRE GROUP | 296,462 | 333,433 | |||||
22,739 | SEEK LTD. | 233,310 | 329,608 | |||||
47,700 | SMARTGROUP CORP. LTD. | 210,386 | 201,171 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 907,305 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 157,352 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 444,205 | |||||
30,856 | TABCORP HOLDINGS LTD. | 13,522 | 22,683 | |||||
13,099 | TRANSURBAN GROUP | 36,728 | 130,018 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 96,057 | |||||
462,400 | VICINITY CENTRES | 579,585 | 585,680 | |||||
418 | WESFARMERS LTD. | 9,952 | 12,092 | |||||
11,861 | WOODSIDE ENERGY GROUP LTD. | 219,429 | 260,676 | |||||
25,171,952 | 32,400,818 | 3.88% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(c)(e) | 600,064 | 660,745 | |||||
1,821 | ERSTE GROUP BANK A.G. | 28,050 | 46,181 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 13,301 | |||||
57,900 | TELEKOM AUSTRIA A.G.(c) | 422,512 | 385,295 | |||||
631 | UBM DEVELOPMENT A.G. | 28,973 | 22,681 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 497,891 |
See accompanying notes to financial statements. | 77 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Austria (Cont'd): | ||||||||
23,500 | WIENERBERGER A.G. | $ 561,499 | 504,357 | |||||
2,242,522 | 2,130,451 | 0.26% | ||||||
Belgium: | ||||||||
7,478 | AGEAS S.A./N.V. | 117,910 | 328,979 | |||||
10,113 | ANHEUSER-BUSCH INBEV S.A./N.V. | 285,546 | 544,309 | |||||
19,000 | BPOST S.A. | 195,697 | 112,199 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 359,466 | |||||
623 | ELIA GROUP S.A./N.V. | 70,644 | 88,268 | |||||
46,826 | GROUPE BRUXELLES LAMBERT S.A. | 4,140,880 | 3,910,002 | |||||
4,347 | KBC GROUP N.V. | 101,356 | 243,898 | |||||
21,394 | ONTEX GROUP N.V.(c) | 501,601 | 167,476 | |||||
13,300 | TELENET GROUP HOLDING N.V. | 551,801 | 276,107 | |||||
14,300 | TESSENDERLO GROUP S.A.(c) | 622,327 | 452,568 | |||||
1,080 | UCB S.A. | 30,239 | 91,267 | |||||
1,502 | UMICORE S.A. | 44,422 | 52,446 | |||||
7,043,624 | 6,626,985 | 0.79% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(c) | 274,164 | 242,547 | |||||
184,550 | CI&T, INC., CLASS A(c) | 2,442,433 | 1,862,110 | |||||
704,397 | EMPREENDIMENTOS PAGUE MENOS S/A(c) | 1,018,233 | 585,489 | |||||
323,208 | GRUPO SBF S.A. | 1,440,334 | 1,169,081 | |||||
2,149,741 | MAGAZINE LUIZA S.A.(c) | 2,133,244 | 961,200 | |||||
178,462 | TELEFONICA BRASIL S.A. ADR(b)(f) | 1,952,442 | 1,616,866 | |||||
106,600 | VIBRA ENERGIA S.A. | 500,792 | 340,366 | |||||
9,761,642 | 6,777,659 | 0.81% | ||||||
Canada: | ||||||||
2,027 | AGNICO EAGLE MINES LTD. | 57,973 | 92,756 | |||||
219,076 | ALIMENTATION COUCHE-TARD, INC. | 6,701,109 | 8,545,530 | |||||
120,200 | ARTIS REAL ESTATE INVESTMENT TRUST | 1,113,282 | 1,098,160 | |||||
163,600 | B2GOLD CORP. | 818,860 | 554,145 | |||||
785 | BANK OF MONTREAL | 34,168 | 75,494 | |||||
2,936 | BANK OF NOVA SCOTIA (THE) | 67,574 | 173,841 | |||||
25,029 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 1,198,326 | 1,113,040 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 676,989 | |||||
61,670 | CAE, INC.(c) | 1,329,985 | 1,519,711 | |||||
13,814 | CANADIAN NATIONAL RAILWAY CO. (TORONTO EXCHANGE) | 1,658,930 | 1,553,661 | |||||
15,000 | CANADIAN NATURAL RESOURCES LTD. | 749,037 | 805,200 | |||||
137,321 | CANADIAN PACIFIC RAILWAY LTD. | 5,244,219 | 9,590,499 | |||||
5,809 | CANADIAN TIRE CORP. LTD., CLASS A | 625,049 | 732,894 | |||||
15,999 | CARGOJET, INC. | 1,508,326 | 1,771,300 | |||||
47,300 | CASCADES, INC. | 494,913 | 372,241 | |||||
1 | CENOVUS ENERGY, INC. | 7 | 19 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 305,876 | |||||
57,700 | CI FINANCIAL CORP. | 896,767 | 612,771 | |||||
167 | CONSTELLATION SOFTWARE, INC. | 49,226 | 247,914 | |||||
151,400 | CORUS ENTERTAINMENT, INC., CLASS B | 490,897 | 415,197 | |||||
25,827 | DESCARTES SYSTEMS GROUP (THE), INC.(c) | 1,108,188 | 1,604,958 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 379,007 | |||||
7,455 | ECN CAPITAL CORP. | 17,223 | 31,912 | |||||
8,813 | ENBRIDGE, INC. | 284,963 | 372,437 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 952,782 | |||||
211 | FAIRFAX FINANCIAL HOLDINGS LTD. | 52,589 | 111,811 | |||||
13,948 | FIRSTSERVICE CORP. | 1,449,726 | 1,691,921 | |||||
1,025 | FORTIS, INC. | 32,011 | 48,455 | |||||
703 | GEORGE WESTON LTD. | 53,025 | 82,124 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 969,849 | |||||
415 | INTACT FINANCIAL CORP. | 33,776 | 58,536 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(c) | 2,833 | 10,742 | |||||
2,779 | LOBLAW COS. LTD. | 108,870 | 250,633 | |||||
18,358 | LULULEMON ATHLETICA, INC.(c) | 3,738,766 | 5,004,574 | |||||
2,482 | MAGNA INTERNATIONAL, INC. | 142,554 | 136,262 | |||||
3,590 | MANULIFE FINANCIAL CORP. | 39,610 | 62,215 | |||||
3,233 | METRO, INC. | 64,330 | 173,530 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,268,362 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 462,516 |
See accompanying notes to financial statements. | 78 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
27,894 | RIOCAN REAL ESTATE INVESTMENT TRUST | $ 306,276 | 433,839 | |||||
23,678 | ROYAL BANK OF CANADA | 2,571,177 | 2,292,504 | |||||
62,284 | SHOPIFY, INC., CLASS A(c) | 1,360,730 | 1,945,752 | |||||
10,500 | STELCO HOLDINGS, INC. | 316,173 | 262,500 | |||||
81,563 | SUNCOR ENERGY, INC. | 1,268,462 | 2,861,548 | |||||
712 | TC ENERGY CORP. | 40,329 | 36,883 | |||||
2,955 | TC ENERGY CORP. | 78,434 | 153,099 | |||||
8,000 | TECK RESOURCES LTD., CLASS B | 247,903 | 244,560 | |||||
9,096 | TELUS CORP. | 187,043 | 202,597 | |||||
35,641 | TORONTO-DOMINION BANK (THE) | 2,593,850 | 2,337,337 | |||||
20,400 | TOURMALINE OIL CORP. | 380,470 | 1,060,730 | |||||
416 | TRISURA GROUP LTD.(c) | 490 | 10,772 | |||||
31,500 | WAJAX CORP. | 462,770 | 492,126 | |||||
43,122,537 | 56,264,111 | 6.74% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 179,549 | |||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 133,257 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 271,063 | |||||
1,199,876 | 583,869 | 0.07% | ||||||
China: | ||||||||
290,000 | AGILE GROUP HOLDINGS LTD.(b) | 352,847 | 116,047 | |||||
47,579 | AIRTAC INTERNATIONAL GROUP | 1,027,589 | 1,585,780 | |||||
393,576 | ALIBABA GROUP HOLDING LTD.(c) | 7,290,036 | 5,612,626 | |||||
266,199 | ANGEL YEAST CO. LTD., CLASS A | 1,832,828 | 1,939,052 | |||||
427,500 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,281,430 | 1,852,347 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 159,740 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 188,938 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 636,428 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 607,127 | |||||
479,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 3,265,027 | 2,251,819 | |||||
436,500 | LI NING CO. LTD. | 5,288,687 | 4,044,139 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 403,349 | |||||
223,900 | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | 4,324,991 | 2,712,150 | |||||
191,300 | TRIP.COM GROUP LTD.(c) | 4,817,374 | 5,402,467 | |||||
49,267 | XIAMEN FARATRONIC CO. LTD., CLASS A | 1,382,606 | 1,510,279 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H(c) | 352,186 | 380,140 | |||||
33,983,928 | 29,402,428 | 3.52% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 483,407 | |||||
402,293 | 483,407 | 0.06% | ||||||
Denmark: | ||||||||
115,158 | ALK-ABELLO A/S(c) | 1,620,932 | 1,998,924 | |||||
44 | AP MOLLER - MAERSK A/S, CLASS A | 35,560 | 101,359 | |||||
65 | AP MOLLER - MAERSK A/S, CLASS B | 52,319 | 151,612 | |||||
1,537 | CARLSBERG A/S, CLASS B | 70,497 | 195,764 | |||||
905 | CHR HANSEN HOLDING A/S | 50,981 | 65,871 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 170,848 | |||||
22,200 | D/S NORDEN A/S | 318,702 | 769,449 | |||||
6,700 | DANSKE BANK A/S | 54,825 | 94,682 | |||||
4,348 | DEMANT A/S(c) | 81,241 | 163,137 | |||||
19,547 | DSV A/S | 1,649,374 | 2,729,813 | |||||
8,040 | GENMAB A/S ADR(c)(f) | 100,710 | 261,220 | |||||
6,944 | ISS A/S(c) | 96,080 | 109,479 | |||||
94,456 | NOVO NORDISK A/S, CLASS B | 8,268,317 | 10,476,258 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 147,651 | |||||
864 | ORSTED A/S(e) | 68,168 | 90,313 | |||||
2,600 | PANDORA A/S | 18,150 | 163,563 | |||||
12,200 | PER AARSLEFF HOLDING A/S | 552,758 | 364,407 | |||||
29,672 | ROYAL UNIBREW A/S | 2,331,694 | 2,627,088 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 367,141 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 169,150 |
See accompanying notes to financial statements. | 79 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Denmark (Cont'd): | ||||||||
16,810 | VESTAS WIND SYSTEMS A/S | $ 160,514 | 355,027 | |||||
15,899,637 | 21,572,756 | 2.58% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 177,127 | |||||
244,707 | 177,127 | 0.02% | ||||||
Finland: | ||||||||
2,770 | ELISA OYJ | 86,574 | 155,649 | |||||
47,160 | HARVIA OYJ(b) | 2,352,147 | 1,337,341 | |||||
27,200 | KEMIRA OYJ | 447,150 | 332,359 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 131,723 | |||||
4,902 | KONE OYJ, CLASS B | 86,493 | 233,017 | |||||
21,225 | NESTE OYJ | 67,704 | 939,533 | |||||
197,641 | NOKIA OYJ | 959,912 | 919,500 | |||||
492,683 | NOKIA OYJ ADR(f) | 2,140,633 | 2,271,269 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 87,500 | |||||
21,319 | QT GROUP OYJ(c) | 1,682,682 | 1,572,824 | |||||
18,590 | STORA ENSO OYJ (REGISTERED) | 105,291 | 291,539 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 362,806 | |||||
38,449 | VALMET OYJ | 999,027 | 943,250 | |||||
9,107,808 | 9,578,310 | 1.15% | ||||||
France: | ||||||||
1 | AIR LIQUIDE S.A. | 134 | 121 | |||||
11,027 | AIRBUS S.E. | 366,293 | 1,068,329 | |||||
4,707 | ARKEMA S.A. | 419,345 | 418,885 | |||||
27,762 | AXA S.A. | 358,341 | 630,158 | |||||
3,062 | CAPGEMINI S.E. | 111,713 | 524,482 | |||||
19,252 | CIE DE SAINT-GOBAIN | 430,348 | 826,071 | |||||
12,940 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 167,080 | 352,233 | |||||
37,390 | COFACE S.A. | 449,179 | 390,457 | |||||
16,517 | CREDIT AGRICOLE S.A. | 122,492 | 151,125 | |||||
164,756 | DANONE S.A. | 10,362,369 | 9,195,661 | |||||
1,736 | EDENRED | 25,484 | 81,811 | |||||
234 | EIFFAGE S.A. | 17,813 | 21,060 | |||||
4,785 | ENGIE S.A. | 49,329 | 54,988 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 88,256 | |||||
2,901 | EURAZEO S.E. | 76,265 | 179,670 | |||||
858 | EUROAPI S.A.(c) | 11,312 | 13,536 | |||||
23,657 | FAURECIA S.E.(b)(c) | 505,176 | 468,928 | |||||
24,216 | GAZTRANSPORT ET TECHNIGAZ S.A. | 3,241,849 | 3,032,570 | |||||
564 | GECINA S.A. | 51,331 | 52,603 | |||||
9,197 | GETLINK S.E. | 70,409 | 162,208 | |||||
3,399 | INFOTEL S.A. | 145,404 | 174,537 | |||||
8,900 | IPSEN S.A. | 736,413 | 839,874 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 258,844 | |||||
1,026 | KERING S.A. | 174,510 | 526,954 | |||||
4,545 | KLEPIERRE S.A.(c) | 71,744 | 87,447 | |||||
4,848 | LEGRAND S.A. | 109,851 | 357,969 | |||||
6,263 | L'OREAL S.A. | 660,831 | 2,161,298 | |||||
14,108 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 2,921,258 | 8,600,131 | |||||
58,600 | MERCIALYS S.A. | 617,151 | 473,470 | |||||
14,296 | MERSEN S.A. | 465,081 | 426,224 | |||||
14,900 | NEXITY S.A. | 742,412 | 398,169 | |||||
24,887 | PERNOD RICARD S.A. | 3,957,015 | 4,571,882 | |||||
23,074 | RENAULT S.A.(c) | 423,958 | 575,252 | |||||
22,900 | REXEL S.A.(c) | 437,632 | 352,171 | |||||
14,200 | ROTHSCHILD & CO. | 637,550 | 479,909 | |||||
53,172 | SAFRAN S.A. | 5,922,653 | 5,249,532 | |||||
20,445 | SANOFI | 1,262,675 | 2,064,117 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 32,711 | |||||
35,096 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 4,565,573 | 4,152,333 | |||||
1,813 | SCOR S.E. | 36,441 | 38,949 | |||||
7,067 | SES S.A. | 53,499 | 61,780 | |||||
13,970 | SOCIETE GENERALE S.A. | 192,352 | 305,827 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 154,473 | |||||
7,150 | SODEXO S.A.(c) | 647,363 | 502,470 |
See accompanying notes to financial statements. | 80 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
4,719 | SODEXO S.A.(c) | $ 415,153 | 331,630 | |||||
42,088 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,645,411 | 2,957,756 | |||||
14,411 | SOITEC(c) | 1,697,641 | 2,046,322 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 366,687 | |||||
1,413 | THALES S.A. | 81,763 | 173,322 | |||||
21,031 | TOTALENERGIES S.E. | 752,228 | 1,110,126 | |||||
3,859 | VALEO | 69,545 | 74,511 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A.(c) | 143,775 | 329,833 | |||||
10,500 | VICAT S.A. | 406,419 | 289,391 | |||||
8,049 | VINCI S.A. | 335,026 | 716,633 | |||||
637 | VIVENDI S.E. | - | 6,473 | |||||
1,345 | WENDEL S.E. | 91,561 | 112,407 | |||||
50,248,216 | 59,074,566 | 7.08% | ||||||
Georgia: | ||||||||
26,000 | BANK OF GEORGIA GROUP PLC | 447,200 | 413,346 | |||||
447,200 | 413,346 | 0.05% | ||||||
Germany: | ||||||||
3,987 | ADIDAS A.G. | 192,171 | 705,109 | |||||
8,277 | ALLIANZ S.E. (REGISTERED) | 727,077 | 1,579,687 | |||||
6,098 | AURUBIS A.G. | 286,000 | 413,842 | |||||
12,246 | BASF S.E. | 402,406 | 532,898 | |||||
8,303 | BAYER A.G. (REGISTERED) | 388,868 | 493,528 | |||||
8,787 | BAYERISCHE MOTOREN WERKE A.G. | 501,991 | 676,444 | |||||
828 | BEIERSDORF A.G. | 35,556 | 84,584 | |||||
1,188 | BRENNTAG S.E. | 43,546 | 77,312 | |||||
1,716 | CONTINENTAL A.G. | 94,939 | 119,586 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 316,753 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,151 | 756,819 | |||||
12,068 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(c) | 79,151 | 70,366 | |||||
54,300 | DEUTSCHE PFANDBRIEFBANK A.G.(e) | 673,490 | 488,234 | |||||
18,572 | DEUTSCHE POST A.G. (REGISTERED) | 230,768 | 695,591 | |||||
33,147 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 373,793 | 658,116 | |||||
9,361 | E.ON S.E. | 69,356 | 78,557 | |||||
50,101 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 2,308,329 | 1,912,172 | |||||
23,600 | FREENET A.G. | 557,311 | 585,397 | |||||
60,185 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 4,457,936 | 3,004,066 | |||||
5,544 | FRESENIUS S.E. & CO. KGAA | 99,810 | 167,904 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 251,752 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 325,987 | |||||
3,671 | HEIDELBERGCEMENT A.G. | 131,196 | 176,348 | |||||
1,550 | HOCHTIEF A.G. | 59,506 | 75,450 | |||||
21,681 | INFINEON TECHNOLOGIES A.G. | 131,828 | 524,619 | |||||
6,898 | JOST WERKE A.G.(e) | 220,852 | 257,344 | |||||
12,094 | MENSCH UND MASCHINE SOFTWARE S.E. | 834,492 | 603,278 | |||||
2,159 | MERCK KGAA | 96,589 | 364,266 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 726,232 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 176,293 | |||||
7,700 | PUBLITY A.G.(b)(c) | 286,657 | 205,765 | |||||
6,900 | RHEINMETALL A.G. | 824,004 | 1,592,957 | |||||
4,035 | RWE A.G. | 88,431 | 148,335 | |||||
18,219 | SAP S.E. | 788,359 | 1,659,720 | |||||
42,281 | SCOUT24 S.E.(e) | 2,738,207 | 2,170,667 | |||||
13,219 | SIEMENS A.G. (REGISTERED) | 805,393 | 1,344,973 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 267,479 | |||||
15,242 | STEICO S.E. | 1,791,506 | 1,078,168 | |||||
188,717 | TELEFONICA DEUTSCHLAND HOLDING A.G. | 459,389 | 541,879 | |||||
3,068 | TUI A.G.(b)(c) | 5,025 | 4,947 | |||||
4,171 | UNIPER S.E. | 46,925 | 61,937 | |||||
17,300 | UNITED INTERNET A.G. (REGISTERED) | 656,976 | 493,667 |
See accompanying notes to financial statements. | 81 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
404 | VOLKSWAGEN A.G. | $ 40,235 | 73,624 | |||||
23,610,150 | 26,542,652 | 3.18% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 117,141 | |||||
54,075 | 117,141 | 0.01% | ||||||
Hong Kong: | ||||||||
885,400 | AIA GROUP LTD. | 6,186,008 | 9,596,685 | |||||
73,500 | BOC HONG KONG HOLDINGS LTD. | 143,171 | 290,373 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 484,427 | |||||
52,544 | CK ASSET HOLDINGS LTD. | 147,485 | 371,641 | |||||
24,544 | CK HUTCHISON HOLDINGS LTD. | 120,441 | 165,935 | |||||
26,000 | CLP HOLDINGS LTD. | 173,831 | 215,706 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 386,644 | |||||
18,000 | GALAXY ENTERTAINMENT GROUP LTD. | 39,054 | 107,356 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 201,595 | |||||
15,300 | HANG SENG BANK LTD. | 175,457 | 270,053 | |||||
25,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 45,544 | 94,909 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 580,466 | |||||
134,000 | KINGBOARD HOLDINGS LTD. | 630,206 | 507,188 | |||||
40,500 | LINK REIT | 84,196 | 330,326 | |||||
30,500 | MTR CORP. LTD. | 88,703 | 159,364 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 302,121 | |||||
172,123 | PCCW LTD. | 70,484 | 91,032 | |||||
185,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 343,057 | 182,010 | |||||
1,024,000 | SSY GROUP LTD. | 465,746 | 546,791 | |||||
8,000 | SUN HUNG KAI PROPERTIES LTD. | 65,036 | 94,510 | |||||
7,000 | TECHTRONIC INDUSTRIES CO. LTD. | 44,938 | 73,017 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 355,559 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 177,532 | |||||
626,000 | VSTECS HOLDINGS LTD. | 568,355 | 501,004 | |||||
64,189 | WH GROUP LTD.(e) | 35,014 | 49,572 | |||||
21,000 | WHARF HOLDINGS (THE) LTD. | 43,463 | 76,541 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 1,002,544 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 206,675 | |||||
12,741,911 | 17,421,576 | 2.09% | ||||||
India: | ||||||||
511,000 | CESC LTD. | 527,922 | 460,707 | |||||
38,375 | COMPUTER AGE MANAGEMENT SERVICES LTD. | 843,212 | 1,097,105 | |||||
43,900 | CYIENT LTD. | 314,004 | 420,614 | |||||
183,300 | FIRSTSOURCE SOLUTIONS LTD. | 97,782 | 238,837 | |||||
249,400 | GUJARAT STATE FERTILIZERS & CHEMICALS LTD. | 419,138 | 416,864 | |||||
461,934 | HCL TECHNOLOGIES LTD. | 3,827,609 | 5,692,833 | |||||
136,800 | HINDUSTAN PETROLEUM CORP. LTD. | 526,789 | 376,244 | |||||
557,636 | INDUS TOWERS LTD. | 2,246,580 | 1,476,485 | |||||
40,400 | JUBILANT INGREVIA LTD. | 36,087 | 248,547 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 175,827 | |||||
122,400 | KRBL LTD. | 353,421 | 337,647 | |||||
52,500 | LG BALAKRISHNAN & BROS. LTD. | 457,964 | 396,447 | |||||
574,300 | MARKSANS PHARMA LTD. | 378,564 | 317,066 | |||||
495,100 | NAVA BHARAT VENTURES LTD. | 815,180 | 1,112,482 | |||||
454,600 | NMDC LTD. | 770,292 | 622,846 | |||||
349,800 | PCBL LTD. /INDIA | 562,279 | 463,979 | |||||
460,200 | REDINGTON INDIA LTD. | 919,384 | 731,623 | |||||
1,107,100 | SJVN LTD. | 377,345 | 377,106 | |||||
256,595 | SYNGENE INTERNATIONAL LTD.(e) | 1,251,085 | 1,802,476 | |||||
23,183 | WNS HOLDINGS LTD. ADR(c)(f) | 1,436,845 | 1,730,379 | |||||
16,440,112 | 18,496,114 | 2.22% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY INDONESIA TBK PT | 470,816 | 786,536 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 288,795 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 518,049 | |||||
1,324,000 | MATAHARI DEPARTMENT STORE TBK PT | 151,981 | 443,481 | |||||
1,456,280 | 2,036,861 | 0.24% | ||||||
Ireland: | ||||||||
23,399 | ACCENTURE PLC, CLASS A | 3,511,159 | 6,496,732 |
See accompanying notes to financial statements. | 82 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Ireland (Cont'd): | ||||||||
71,809 | CRH PLC | $ 2,138,058 | 2,483,324 | |||||
33,200 | DALATA HOTEL GROUP PLC(c) | 187,047 | 120,902 | |||||
186,120 | EXPERIAN PLC | 3,708,661 | 5,451,127 | |||||
628 | FLUTTER ENTERTAINMENT PLC - CDI(c) | 48,119 | 63,495 | |||||
27,257 | ICON PLC(c) | 4,273,029 | 5,906,592 | |||||
11,485 | JAMES HARDIE INDUSTRIES PLC - CDI | 103,360 | 251,857 | |||||
3,255 | KERRY GROUP PLC, CLASS A | 214,084 | 311,568 | |||||
506 | KINGSPAN GROUP PLC | 35,061 | 30,437 | |||||
2,117 | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | 208,533 | 127,165 | |||||
17,539 | RYANAIR HOLDINGS PLC(c) | 235,787 | 207,235 | |||||
1,812 | SMURFIT KAPPA GROUP PLC | 50,441 | 60,916 | |||||
14,713,339 | 21,511,350 | 2.58% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 406,067 | |||||
35,900 | HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. | 422,925 | 349,652 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 1,046,066 | |||||
99,813 | MAYTRONICS LTD. | 2,189,968 | 1,404,489 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 960,387 | |||||
3,072 | NICE LTD. ADR(c)(f) | 169,095 | 591,206 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 414,458 | |||||
4,346,412 | 5,172,325 | 0.62% | ||||||
Italy: | ||||||||
416,800 | A2A S.P.A. | 806,512 | 529,384 | |||||
158,998 | ARISTON HOLDING N.V. | 1,674,419 | 1,302,151 | |||||
18,874 | ASSICURAZIONI GENERALI S.P.A.(b) | 228,503 | 301,135 | |||||
33,941 | ATLANTIA S.P.A. | 448,114 | 796,022 | |||||
42,000 | BANCA IFIS S.P.A. | 804,497 | 594,628 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 166,265 | |||||
81,915 | ENEL S.P.A. | 280,368 | 448,100 | |||||
4,500 | ENI S.P.A. | 39,200 | 53,420 | |||||
31,805 | FERRARI N.V. | 5,174,934 | 5,839,425 | |||||
41,805 | INTERPUMP GROUP S.P.A. | 956,699 | 1,593,791 | |||||
26,311 | INTESA SANPAOLO S.P.A. | 41,384 | 49,079 | |||||
375,900 | IREN S.P.A. | 999,472 | 820,938 | |||||
38,521 | IVECO GROUP N.V.(c) | 246,785 | 203,536 | |||||
77,659 | LEONARDO S.P.A. | 617,417 | 787,622 | |||||
183,355 | PIAGGIO & C S.P.A. | 456,847 | 429,256 | |||||
70,149 | SNAM S.P.A. | 252,658 | 367,490 | |||||
146,419 | STEVANATO GROUP S.P.A. | 2,830,595 | 2,314,884 | |||||
284,209 | TECHNOPROBE S.P.A.(c) | 1,913,270 | 2,004,442 | |||||
1,422 | TENARIS S.A. | 15,961 | 18,285 | |||||
39,609 | TERNA - RETE ELETTRICA NAZIONALE | 160,166 | 310,814 | |||||
17,988 | UNICREDIT S.P.A. | 153,134 | 170,880 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 325,712 | |||||
95,230 | UNIPOLSAI ASSICURAZIONI S.P.A. | 153,826 | 227,935 | |||||
18,718,927 | 19,655,194 | 2.35% | ||||||
Japan: | ||||||||
30,600 | ADEKA CORP. | 390,224 | 528,418 | |||||
4,700 | AEON CO. LTD. | 52,433 | 81,543 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 677,034 | |||||
2,300 | AISIN CORP. | 37,584 | 71,197 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 364,829 | |||||
2,500 | ALFRESA HOLDINGS CORP. | 24,420 | 33,627 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 339,203 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD.(b) | 83,346 | 180,185 | |||||
31,000 | ASAHI KASEI CORP. | 147,138 | 236,704 | |||||
22,100 | ASAHI YUKIZAI CORP | 276,792 | 325,441 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 576,761 | |||||
3,400 | ASTENA HOLDINGS CO. LTD. | 15,426 | 11,176 | |||||
1,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 105,900 | |||||
12,400 | BAYCURRENT CONSULTING, INC. | 2,388,720 | 3,299,233 | |||||
13,800 | BRIDGESTONE CORP.(b) | 205,726 | 503,464 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 564,258 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 356,008 |
See accompanying notes to financial statements. | 83 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
2,100 | CENTRAL JAPAN RAILWAY CO. | $ 170,472 | 242,302 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 345,261 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 326,324 | |||||
27,500 | CRESCO LTD. | 342,183 | 381,044 | |||||
4,000 | DAI NIPPON PRINTING CO. LTD. | 70,827 | 86,262 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 737,151 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 721,366 | |||||
19,000 | DAITRON CO. LTD. | 328,045 | 249,123 | |||||
10,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 103,706 | 233,048 | |||||
17,500 | DAIWA SECURITIES GROUP, INC. | 60,410 | 78,162 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 365,065 | |||||
8,200 | DENSO CORP. | 185,234 | 435,625 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 99,112 | |||||
17,800 | ECO'S CO. LTD. | 285,796 | 287,571 | |||||
1,500 | EISAI CO. LTD. | 42,776 | 63,292 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 262,392 | |||||
20,400 | EXEDY CORP. | 319,517 | 258,759 | |||||
2,600 | FANUC CORP. | 182,941 | 407,016 | |||||
1,300 | FAST RETAILING CO. LTD. | 188,734 | 681,044 | |||||
50,120 | FEED ONE CO. LTD. | 432,664 | 251,930 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 269,708 | |||||
31,700 | FUJI CORP. | 564,353 | 467,276 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 194,679 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 251,167 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 466,676 | |||||
2,300 | FUJITSU LTD. | 106,202 | 287,585 | |||||
41,400 | FUKUOKA FINANCIAL GROUP, INC. | 523,630 | 745,737 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 266,495 | |||||
25,300 | GMO PAYMENT GATEWAY, INC. | 1,991,717 | 1,780,771 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 441,480 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 116,524 | |||||
55,300 | HASEKO CORP. | 721,604 | 647,639 | |||||
241 | HIROSE ELECTRIC CO. LTD. | 19,295 | 31,990 | |||||
19,000 | HITACHI LTD. | 295,895 | 901,548 | |||||
7,000 | HITACHI METALS LTD.(c) | 55,542 | 105,918 | |||||
5,300 | HOYA CORP. | 112,594 | 452,539 | |||||
26,100 | INNOTECH CORP. | 231,054 | 250,458 | |||||
18,200 | ITOCHU CORP. | 192,005 | 491,888 | |||||
108,600 | ITOHAM YONEKYU HOLDINGS, INC. | 686,193 | 553,085 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 541,528 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 457,748 | |||||
144,900 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 1,724,833 | 1,507,951 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 101,017 | |||||
56,400 | JEOL LTD. | 3,065,113 | 2,174,027 | |||||
18,900 | KAGA ELECTRONICS CO. LTD. | 477,103 | 422,074 | |||||
3,500 | KAJIMA CORP. | 15,004 | 40,164 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 381,652 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 357,280 | |||||
12,300 | KANEKA CORP. | 387,968 | 302,786 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 25,501 | |||||
10,000 | KAO CORP.(b) | 208,279 | 403,302 | |||||
29,762 | KDDI CORP. | 238,488 | 940,811 | |||||
1,000 | KEIO CORP. | 28,322 | 35,783 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 66,156 | |||||
16,724 | KEYENCE CORP. | 2,375,652 | 5,716,827 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 318,396 | |||||
9,900 | KIRIN HOLDINGS CO. LTD.(b) | 101,976 | 155,964 | |||||
67,600 | KITZ CORP. | 466,295 | 315,380 | |||||
93,900 | KOBE BUSSAN CO. LTD. | 2,157,529 | 2,301,131 | |||||
22,200 | KOHNAN SHOJI CO. LTD. | 670,131 | 598,850 | |||||
2,300 | KONAMI HOLDINGS CORP. | 50,313 | 127,307 | |||||
21,000 | KUBOTA CORP.(b) | 129,773 | 313,731 | |||||
6,900 | KUREHA CORP. | 316,117 | 486,682 | |||||
4,000 | KYOCERA CORP. | 133,049 | 213,915 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 112,397 | |||||
31,800 | LASERTEC CORP. | 5,130,427 | 3,785,156 | |||||
13,100 | LINTEC CORP. | 259,789 | 221,970 |
See accompanying notes to financial statements. | 84 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
4,800 | M3, INC. | $ 51,468 | 137,901 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 113,779 | |||||
7,700 | MAZDA MOTOR CORP. | 38,348 | 62,994 | |||||
396,100 | MEBUKI FINANCIAL GROUP, INC. | 843,829 | 779,472 | |||||
2,400 | MEIJI HOLDINGS CO. LTD. | 38,749 | 117,807 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 325,943 | |||||
41,300 | MICRONICS JAPAN CO. LTD. | 432,221 | 377,143 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 148,121 | |||||
597 | MIRAI CORP. | 328,940 | 219,563 | |||||
24,800 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 102,094 | 134,711 | |||||
17,500 | MITSUBISHI CORP. | 230,376 | 520,692 | |||||
32,000 | MITSUBISHI ELECTRIC CORP. | 244,114 | 342,217 | |||||
11,000 | MITSUBISHI ESTATE CO. LTD. | 122,703 | 159,633 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 122,476 | |||||
26,600 | MITSUBISHI HC CAPITAL, INC. | 82,462 | 122,727 | |||||
19,100 | MITSUBISHI SHOKUHIN CO. LTD. | 466,049 | 535,639 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 432,925 | |||||
14,000 | MITSUI & CO. LTD. | 128,045 | 308,984 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 157,621 | |||||
200 | MITSUI OSK LINES LTD. | 4,834 | 4,577 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 509,788 | |||||
44,100 | MONEY FORWARD, INC.(c) | 2,295,219 | 1,098,600 | |||||
6,080 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 125,874 | 186,325 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 133,965 | |||||
10,800 | MURATA MANUFACTURING CO. LTD. | 162,615 | 588,715 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 296,271 | |||||
3,800 | NGK SPARK PLUG CO. LTD. | 38,830 | 68,981 | |||||
2,900 | NH FOODS LTD. | 69,814 | 90,732 | |||||
16,700 | NICHIAS CORP. | 297,341 | 277,677 | |||||
7,800 | NIDEC CORP. | 129,234 | 481,751 | |||||
237,700 | NIHON M&A CENTER HOLDINGS, INC. | 3,429,815 | 2,528,015 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 263,168 | |||||
7,500 | NINTENDO CO. LTD. | 2,518,305 | 3,243,662 | |||||
1,700 | NIPPON EXPRESS HOLDINGS, INC. | 60,747 | 92,342 | |||||
16,000 | NIPPON SYSTEMWARE CO. LTD. | 308,868 | 274,646 | |||||
30,400 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 872,925 | |||||
3,100 | NIPPON YUSEN K.K. | 39,009 | 211,800 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 336,638 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 230,321 | |||||
2,970 | NISSHIN SEIFUN GROUP, INC. | 25,263 | 34,761 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 82,871 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 256,607 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 207,075 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 241,966 | |||||
32,900 | NOMURA REAL ESTATE HOLDINGS, INC. | 674,503 | 806,254 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 260,772 | |||||
8,300 | NTT DATA CORP. | 48,334 | 114,761 | |||||
12,000 | OBAYASHI CORP. | 48,665 | 87,117 | |||||
51,100 | OKAMURA CORP. | 721,626 | 456,465 | |||||
35,800 | OKI ELECTRIC INDUSTRY CO. LTD. | 358,218 | 195,517 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 667,157 | |||||
1,100 | OMRON CORP. | 31,828 | 55,867 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 128,317 | |||||
4,800 | ORIENTAL LAND CO. LTD. | 113,097 | 669,340 | |||||
21,600 | PANASONIC HOLDINGS CORP. | 133,086 | 174,561 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 74,518 | |||||
180,300 | RAKUS CO. LTD. | 2,634,214 | 2,124,850 | |||||
2,400 | RECRUIT HOLDINGS CO. LTD. | 31,274 | 70,666 | |||||
184,100 | RESONA HOLDINGS, INC. | 558,258 | 689,425 | |||||
1,200 | RINNAI CORP. | 52,047 | 82,518 | |||||
16,700 | RION CO. LTD. | 361,264 | 295,893 | |||||
400 | ROHM CO. LTD. | 13,823 | 27,889 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 391,698 | |||||
2,500 | SANTEN PHARMACEUTICAL CO. LTD. | 14,009 | 19,605 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 266,518 | |||||
3,400 | SECOM CO. LTD. | 133,812 | 210,069 | |||||
7,100 | SEGA SAMMY HOLDINGS, INC. | 66,480 | 113,973 |
See accompanying notes to financial statements. | 85 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | $ 333,527 | 296,007 | |||||
12,700 | SEKISUI CHEMICAL CO. LTD. | 64,585 | 173,820 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 105,093 | |||||
67,500 | SEVEN & I HOLDINGS CO. LTD. | 2,357,538 | 2,620,301 | |||||
15,400 | SHIFT, INC.(c) | 2,595,331 | 2,004,452 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 126,474 | |||||
1,500 | SHIMANO, INC. | 58,204 | 253,390 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,037,441 | |||||
36,500 | SHINOKEN GROUP CO. LTD. | 314,113 | 262,828 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 202,093 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 232,804 | |||||
20,200 | SK-ELECTRONICS CO. LTD. | 355,639 | 136,820 | |||||
900 | SMC CORP. | 106,941 | 401,113 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,419,870 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 251,349 | |||||
23,400 | SONY GROUP CORP. | 534,651 | 1,913,495 | |||||
2,700 | STANLEY ELECTRIC CO. LTD. | 30,745 | 44,337 | |||||
5,700 | SUBARU CORP. | 26,572 | 101,309 | |||||
7,800 | SUMITOMO CORP. | 67,035 | 106,756 | |||||
5,600 | SUMITOMO ELECTRIC INDUSTRIES LTD. | 44,717 | 61,869 | |||||
42,800 | SUMITOMO HEAVY INDUSTRIES LTD. | 1,162,007 | 944,767 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 182,276 | |||||
22,900 | SWCC SHOWA HOLDINGS CO. LTD. | 440,910 | 287,600 | |||||
2,600 | SYSMEX CORP. | 51,707 | 156,483 | |||||
20,100 | T RAD CO. LTD. | 425,712 | 387,986 | |||||
2,200 | TAISEI CORP. | 19,821 | 68,507 | |||||
67,900 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 299,490 | 229,703 | |||||
3,300 | TDK CORP. | 52,815 | 101,909 | |||||
11,600 | TERUMO CORP. | 117,165 | 349,505 | |||||
2,000 | THK CO. LTD. | 29,290 | 37,544 | |||||
1,500 | TOHO CO. LTD. | 25,533 | 54,227 | |||||
14,400 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 838,762 | |||||
29,500 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(c) | 78,305 | 123,279 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 1,077,462 | |||||
23,900 | TOKYO SEIMITSU CO. LTD. | 999,876 | 785,628 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 564,528 | |||||
12,500 | TOKYU CORP. | 103,448 | 147,221 | |||||
20,000 | TOKYU FUDOSAN HOLDINGS CORP. | 69,576 | 105,248 | |||||
3,800 | TOPPAN, INC. | 54,628 | 63,492 | |||||
3,000 | TOTO LTD. | 30,029 | 99,057 | |||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 116,966 | |||||
33,300 | TOYOTA BOSHOKU CORP. | 638,507 | 494,542 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 247,641 | |||||
233,310 | TOYOTA MOTOR CORP. | 1,594,403 | 3,611,078 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 55,506 | |||||
32,900 | TPR CO. LTD. | 424,011 | 291,464 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 562,511 | |||||
900 | TREND MICRO, INC. | 26,540 | 43,912 | |||||
50,900 | TSUGAMI CORP. | 536,991 | 423,166 | |||||
19,200 | UBE CORP. | 387,205 | 285,425 | |||||
7,700 | UNICHARM CORP. | 67,055 | 257,650 | |||||
4,900 | USS CO. LTD. | 56,003 | 84,833 | |||||
7,200 | V TECHNOLOGY CO. LTD. | 262,608 | 148,213 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 255,565 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 75,022 | |||||
83,700 | YAMAGUCHI FINANCIAL GROUP, INC. | 555,179 | 458,968 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 84,284 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 161,041 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 249,746 | |||||
19,000 | Z HOLDINGS CORP. | 44,430 | 55,510 | |||||
80,089,959 | 97,953,604 | 11.73% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,380 | 402,278 | |||||
274,300 | RHB BANK BHD. | 377,864 | 356,606 | |||||
715,244 | 758,884 | 0.09% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(e) | 360,810 | 403,311 |
See accompanying notes to financial statements. | 86 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Mexico (Cont'd): | ||||||||
177,394 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(c)(f) | $ 2,577,006 | 1,821,836 | |||||
144,981 | GRUMA S.A.B. DE C.V., CLASS B | 1,661,592 | 1,604,492 | |||||
378,529 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 1,814,883 | 1,741,540 | |||||
6,414,291 | 5,571,179 | 0.67% | ||||||
Netherlands: | ||||||||
2,957 | ADYEN N.V.(c)(e) | 4,827,962 | 4,301,118 | |||||
266,723 | AEGON N.V. | 664,548 | 1,153,827 | |||||
2,925 | AKZO NOBEL N.V. | 135,104 | 191,946 | |||||
13,683 | ASM INTERNATIONAL N.V. | 4,207,335 | 3,421,309 | |||||
4,367 | ASML HOLDING N.V. | 2,299,235 | 2,086,151 | |||||
13,462 | ASML HOLDING N.V. (REGISTERED) | 3,515,760 | 6,406,297 | |||||
21,600 | ASR NEDERLAND N.V. | 788,307 | 873,060 | |||||
23,723 | BE SEMICONDUCTOR INDUSTRIES N.V. | 1,796,298 | 1,140,352 | |||||
30,400 | EUROCOMMERCIAL PROPERTIES N.V. | 737,193 | 654,357 | |||||
3,610 | EXOR N.V. | 90,616 | 225,019 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 143,559 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 71,324 | |||||
3,662 | HEINEKEN N.V. | 128,663 | 333,871 | |||||
526,726 | ING GROEP N.V. | 4,585,149 | 5,205,747 | |||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203,381 | 459,975 | |||||
3,368 | KONINKLIJKE DSM N.V. | 132,647 | 483,894 | |||||
54,361 | KONINKLIJKE KPN N.V. | 115,004 | 193,747 | |||||
197,088 | KONINKLIJKE PHILIPS N.V. | 4,893,874 | 4,245,396 | |||||
117,200 | ORDINA N.V. | 366,521 | 584,622 | |||||
18,124 | PROSUS N.V.(c) | 771,541 | 1,186,685 | |||||
8,117 | QIAGEN N.V.(c) | 119,394 | 380,228 | |||||
3,238 | RANDSTAD N.V. | 99,928 | 156,769 | |||||
23,800 | SIGNIFY N.V.(e) | 640,632 | 788,890 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 616,833 | |||||
84,886 | UNIVERSAL MUSIC GROUP N.V. | 2,286,186 | 1,702,089 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 600,710 | |||||
34,057,254 | 37,607,775 | 4.50% | ||||||
New Zealand: | ||||||||
15,712 | AUCKLAND INTERNATIONAL AIRPORT LTD.(c) | 47,473 | 70,457 | |||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 106,407 | |||||
163,352 | 176,864 | 0.02% | ||||||
Norway: | ||||||||
30,373 | ADEVINTA ASA(c) | 183,792 | 219,402 | |||||
30,934 | AKER BP ASA | 1,041,810 | 1,074,416 | |||||
32,200 | ATEA ASA(c) | 360,833 | 334,759 | |||||
798,303 | AUTOSTORE HOLDINGS LTD.(c)(e) | 1,491,973 | 1,134,678 | |||||
9,200 | DNB BANK ASA | 37,422 | 164,905 | |||||
14,374 | EQUINOR ASA | 343,027 | 499,895 | |||||
65,300 | EUROPRIS ASA(e) | 420,002 | 304,698 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 134,152 | |||||
57,040 | STOREBRAND ASA | 364,067 | 405,952 | |||||
2,793 | YARA INTERNATIONAL ASA | 67,399 | 116,714 | |||||
4,358,653 | 4,389,571 | 0.53% | ||||||
Poland: | ||||||||
24,000 | ASSECO POLAND S.A. | 487,128 | 404,338 | |||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 177,567 | |||||
746,738 | 581,905 | 0.07% | ||||||
Portugal: | ||||||||
20,567 | EDP - ENERGIAS DE PORTUGAL S.A. | 48,529 | 95,955 | |||||
10,091 | GALP ENERGIA SGPS S.A. | 100,386 | 118,280 | |||||
531 | GREENVOLT-ENERGIAS RENOVAVEIS S.A.(c) | 2,912 | 4,090 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 204,673 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 495,658 | |||||
565,502 | 918,656 | 0.11% | ||||||
Russia: | ||||||||
152,020 | CIAN PLC ADR(c)(d)(f) | 2,339,655 | - | |||||
3,168 | GLOBALTRANS INVESTMENT PLC GDR (REGISTERED)(d) | 21,771 | - | |||||
24,310 | HEADHUNTER GROUP PLC ADR(d)(f) | 515,030 | - |
See accompanying notes to financial statements. | 87 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Russia (Cont'd): | ||||||||
25,740,000 | RUSHYDRO PJSC(d) | $ 218,665 | - | |||||
3,095,121 | - | 0.00% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 902,021 | |||||
358,000 | AZTECH GLOBAL LTD. | 218,411 | 210,012 | |||||
33,516 | CAPITALAND INTEGRATED COMMERCIAL TRUST | 31,789 | 52,350 | |||||
19,500 | CAPITALAND INVESTMENT LTD. | 42,854 | 53,617 | |||||
1,940 | CDL HOSPITALITY TRUSTS | 1,919 | 1,773 | |||||
12,200 | CITY DEVELOPMENTS LTD. | 51,846 | 71,569 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 602,445 | |||||
3,000 | JARDINE CYCLE & CARRIAGE LTD. | 41,532 | 61,088 | |||||
35,300 | KEPPEL CORP. LTD. | 110,064 | 164,901 | |||||
5,640 | KEPPEL REIT | 1,183 | 4,425 | |||||
6,000 | OVERSEA-CHINESE BANKING CORP. LTD. | 32,488 | 49,190 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 88,519 | |||||
86,153 | TDCX, INC. ADR(c)(f) | 1,401,567 | 796,915 | |||||
4,600 | UNITED OVERSEAS BANK LTD. | 26,071 | 86,914 | |||||
15,000 | UOL GROUP LTD. | 49,917 | 79,465 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 576,957 | |||||
35,400 | WILMAR INTERNATIONAL LTD. | 68,955 | 102,941 | |||||
3,102,171 | 3,905,102 | 0.47% | ||||||
South Africa: | ||||||||
134,900 | ADCOCK INGRAM HOLDINGS LTD. | 394,451 | 411,779 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 441,342 | |||||
42,500 | BARLOWORLD LTD. | 289,872 | 234,460 | |||||
104,700 | INVESTEC PLC | 635,225 | 566,904 | |||||
117,469 | METAIR INVESTMENTS LTD. | 184,301 | 176,903 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 187,642 | |||||
83,378 | TELKOM S.A. SOC LTD.(c) | 425,343 | 187,371 | |||||
5,284 | THUNGELA RESOURCES LTD. | 1,910 | 74,871 | |||||
2,538,668 | 2,281,272 | 0.27% | ||||||
South Korea: | ||||||||
17,700 | APTC CO. LTD. | 390,846 | 223,567 | |||||
25,000 | DAESANG CORP. | 545,401 | 394,717 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 788,220 | |||||
4,784 | DL E&C CO. LTD. | 210,584 | 152,724 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 104,133 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 319,097 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 245,327 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 483,865 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 276,730 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 225,212 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 258,572 | |||||
223,200 | KOREA REAL ESTATE INVESTMENT & TRUST CO. LTD. | 478,487 | 293,096 | |||||
25,300 | KT CORP. | 539,161 | 710,247 | |||||
64,100 | LG UPLUS CORP. | 723,972 | 629,448 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 513,699 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,764 | 212,933 | |||||
17,916 | NAVER CORP. | 2,387,012 | 3,311,645 | |||||
164,834 | SAMSUNG ELECTRONICS CO. LTD. | 5,968,058 | 7,236,243 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 367,141 | |||||
10,200 | VIEWORKS CO. LTD. | 234,573 | 276,132 | |||||
15,440,460 | 17,022,748 | 2.04% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 231,733 | |||||
82,526 | AMADEUS IT GROUP S.A.(c) | 5,734,452 | 4,597,443 | |||||
256,570 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 764,978 | 1,164,353 | |||||
385,386 | BANCO SANTANDER S.A. | 691,255 | 1,085,590 | |||||
754,443 | CAIXABANK S.A. | 2,847,897 | 2,622,482 | |||||
24,100 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 458,757 | 471,269 | |||||
2,531 | ENAGAS S.A. | 38,143 | 55,885 | |||||
140,872 | FAES FARMA S.A. | 588,215 | 572,792 | |||||
3,769 | FERROVIAL S.A. | 60,154 | 95,544 | |||||
65,922 | FLUIDRA S.A.(b) | 2,167,030 | 1,336,064 | |||||
3,636 | GRIFOLS S.A. | 52,706 | 68,720 | |||||
62,918 | IBERDROLA S.A. | 352,342 | 652,492 |
See accompanying notes to financial statements. | 88 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Spain (Cont'd): | ||||||||
2,120 | INDUSTRIA DE DISENO TEXTIL S.A. | $ 14,078 | 47,966 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(c) | 475,447 | 357,575 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 377,094 | |||||
16,093 | NATURGY ENERGY GROUP S.A. | 256,441 | 463,272 | |||||
93,900 | PROSEGUR CIA DE SEGURIDAD S.A. | 216,845 | 165,710 | |||||
26,230 | RED ELECTRICA CORP. S.A.(b) | 359,845 | 495,466 | |||||
50,694 | REPSOL S.A. | 476,727 | 746,403 | |||||
2,773 | SIEMENS GAMESA RENEWABLE ENERGY S.A.(c) | 40,458 | 52,046 | |||||
16,061,373 | 15,659,899 | 1.88% | ||||||
Sweden: | ||||||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 471,572 | |||||
290,533 | ATLAS COPCO AB, CLASS A | 1,861,105 | 2,714,264 | |||||
15,920 | ATLAS COPCO AB, CLASS B | 22,691 | 133,121 | |||||
52,823 | AVANZA BANK HOLDING AB | 712,734 | 886,343 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 499,652 | |||||
32,900 | BOLIDEN AB | 800,179 | 1,046,361 | |||||
49,300 | BYGGMAX GROUP AB | 309,558 | 255,904 | |||||
37,238 | CARY GROUP AB(c) | 302,146 | 230,605 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 400,360 | |||||
7,456 | ELECTROLUX AB, CLASS B | 78,488 | 100,334 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16,773 | 40,329 | |||||
10,554 | EPIROC AB, CLASS A | 27,811 | 162,956 | |||||
4,533 | EPIROC AB, CLASS B | 12,252 | 61,239 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 224,547 | |||||
53,054 | EVOLUTION AB(e) | 7,041,064 | 4,823,727 | |||||
131,090 | HEMNET GROUP AB | 1,974,149 | 1,610,793 | |||||
25,557 | HEXAGON AB, CLASS B | 56,077 | 265,445 | |||||
80,300 | HUMANA AB(c) | 413,356 | 350,095 | |||||
112,921 | HUSQVARNA AB, CLASS B | 834,690 | 830,536 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 183,917 | |||||
44,840 | INVESTOR AB, CLASS B | 160,645 | 737,182 | |||||
49,100 | INWIDO AB | 276,126 | 541,409 | |||||
55,400 | KINDRED GROUP PLC SDR | 287,801 | 460,649 | |||||
7,801 | KNOW IT AB | 144,666 | 217,793 | |||||
14,800 | LOOMIS AB | 372,004 | 359,954 | |||||
29,428 | LUNDIN ENERGY AB(b) | 485,724 | 20,108 | |||||
44,500 | MEKONOMEN AB | 323,086 | 478,506 | |||||
77,913 | NOBIA AB | 452,973 | 208,687 | |||||
134,847 | NORDNET AB PUBL | 1,669,148 | 1,762,413 | |||||
77,000 | RESURS HOLDING AB(e) | 417,550 | 152,724 | |||||
11,007 | SANDVIK AB | 70,729 | 178,451 | |||||
55,634 | SDIPTECH AB, CLASS B(c) | 1,485,815 | 1,286,738 | |||||
7,625 | SECURITAS AB, CLASS B | 57,997 | 65,682 | |||||
63,171 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 322,937 | 619,993 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 40,374 | |||||
7,700 | SOLID FORSAKRING AB(c) | 32,293 | 30,048 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 128,457 | |||||
11,864 | SVENSKA HANDELSBANKEN AB, CLASS A | 54,195 | 101,386 | |||||
19,340 | SWEDBANK AB, CLASS A | 215,676 | 244,450 | |||||
209,936 | SWEDENCARE AB | 2,210,468 | 1,781,729 | |||||
57,948 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 297,409 | 432,043 | |||||
35,506 | TETHYS OIL AB(c) | 259,465 | 220,399 | |||||
51,761 | THULE GROUP AB(e) | 1,358,197 | 1,271,540 | |||||
18,500 | TRELLEBORG AB, CLASS B | 265,238 | 372,722 | |||||
31,219 | VITEC SOFTWARE GROUP AB, CLASS B | 667,165 | 1,353,162 | |||||
25,964 | VOLVO AB, CLASS B | 175,483 | 401,982 | |||||
27,997,831 | 28,760,681 | 3.44% | ||||||
Switzerland: | ||||||||
218,601 | ABB LTD. (REGISTERED) | 4,675,204 | 5,829,971 | |||||
41,343 | ABB LTD. ADR(f) | 560,773 | 1,105,098 | |||||
2,440 | ADECCO GROUP A.G. (REGISTERED) | 72,700 | 82,914 | |||||
89,758 | ALCON, INC. | 5,105,354 | 6,269,380 | |||||
29,963 | BACHEM HOLDING A.G., CLASS B (REGISTERED) | 2,788,358 | 2,082,486 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 79,040 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 345,823 |
See accompanying notes to financial statements. | 89 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | $ 75,352 | 314,566 | |||||
36,561 | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | 2,430,852 | 3,892,972 | |||||
190,681 | CREDIT SUISSE GROUP A.G. (REGISTERED) | 2,092,109 | 1,082,586 | |||||
1,842 | DUFRY A.G. (REGISTERED)(c) | 46,550 | 59,545 | |||||
54,800 | EFG INTERNATIONAL A.G.(c) | 442,650 | 402,971 | |||||
40,724 | GARMIN LTD. | 4,426,513 | 4,001,133 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 475,789 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 492,306 | |||||
46,435 | GLENCORE PLC(c) | 201,242 | 251,594 | |||||
219,097 | GLOBAL BLUE GROUP HOLDING A.G.(b)(c) | 2,218,321 | 1,077,957 | |||||
6,900 | HELVETIA HOLDING A.G. (REGISTERED) | 678,020 | 807,343 | |||||
102,674 | HOLCIM A.G.(c) | 5,184,477 | 4,393,477 | |||||
1,807 | IDORSIA LTD.(c) | 18,603 | 25,837 | |||||
18,059 | JULIUS BAER GROUP LTD. | 558,057 | 833,099 | |||||
6,496 | LONZA GROUP A.G. (REGISTERED) | 3,200,331 | 3,463,535 | |||||
116,556 | MEDMIX A.G.(e) | 4,491,168 | 2,581,044 | |||||
101,236 | NESTLE S.A. (REGISTERED) | 5,094,452 | 11,817,671 | |||||
128,133 | NOVARTIS A.G. (REGISTERED) | 8,815,378 | 10,851,677 | |||||
34,160 | POLYPEPTIDE GROUP A.G.(c)(e) | 2,692,442 | 2,333,035 | |||||
11,952 | ROCHE HOLDING A.G. | 1,552,784 | 3,988,173 | |||||
1,378 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 108,140 | 251,307 | |||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 105,874 | |||||
120 | SGS S.A. (REGISTERED) | 129,434 | 274,656 | |||||
3,167 | SIEGFRIED HOLDING A.G. (REGISTERED)(c) | 2,833,797 | 2,023,642 | |||||
26,363 | SIKA A.G. (REGISTERED) | 3,736,685 | 6,075,378 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 416,521 | |||||
32,211 | STMICROELECTRONICS N.V. | 517,002 | 1,012,666 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 39,444 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 361,908 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,414 | 107,176 | |||||
240,834 | UBS GROUP A.G. (REGISTERED) | 3,041,878 | 3,882,507 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 676,719 | |||||
5,000 | VETROPACK HOLDING A.G. (REGISTERED) | 256,087 | 206,882 | |||||
938 | VIFOR PHARMA A.G.(c) | 126,146 | 162,614 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 618,530 | |||||
59,991 | WIZZ AIR HOLDINGS PLC(c)(e) | 2,130,148 | 1,280,895 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 461,635 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,513 | 1,830,594 | |||||
73,348,897 | 88,729,970 | 10.63% | ||||||
Taiwan: | ||||||||
305,000 | ASIA CEMENT CORP. | 434,632 | 449,291 | |||||
19,500 | ASPEED TECHNOLOGY, INC. | 1,174,531 | 1,246,069 | |||||
50,000 | BIOTEQUE CORP. | 216,137 | 181,613 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 162,485 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP.(c) | 286,157 | 291,180 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,604 | 520,694 | |||||
71,400 | CORETRONIC CORP.(c) | 141,541 | 120,547 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 299,427 | |||||
383,000 | KINDOM DEVELOPMENT CO. LTD. | 503,834 | 419,924 | |||||
334,000 | POU CHEN CORP. | 370,948 | 331,377 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 262,734 | |||||
220,000 | SIGURD MICROELECTRONICS CORP.(c) | 403,537 | 384,011 | |||||
220,000 | SINBON ELECTRONICS CO. LTD. | 1,958,822 | 1,879,362 | |||||
1,260,000 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 711,924 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 575,866 | |||||
37,698 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(f) | 1,009,129 | 3,081,811 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 380,581 | |||||
209,000 | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | 1,832,441 | 2,003,296 | |||||
142,000 | USERJOY TECHNOLOGY CO. LTD. | 374,944 | 362,958 | |||||
644,000 | WISTRON CORP. | 522,109 | 578,297 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 311,769 | |||||
12,049,218 | 14,555,216 | 1.74% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 319,807 |
See accompanying notes to financial statements. | 90 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Thailand (Cont'd): | ||||||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | $ 233,658 | 160,105 | |||||
1,424,300 | SUPALAI PCL (REGISTERED) | 958,380 | 749,314 | |||||
301,200 | THAI VEGETABLE OIL PCL (REGISTERED) | 265,122 | 268,358 | |||||
1,833,949 | 1,497,584 | 0.18% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 504,245 | |||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 416,444 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 262,830 | |||||
1,590,429 | 1,183,519 | 0.14% | ||||||
United Kingdom: | ||||||||
26,524 | 3I GROUP PLC | 99,606 | 357,909 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 77,414 | |||||
540,200 | AIRTEL AFRICA PLC(e) | 753,867 | 889,056 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 1,889,463 | |||||
117,438 | ASSOCIATED BRITISH FOODS PLC | 2,896,286 | 2,255,866 | |||||
37,613 | ASTRAZENECA PLC | 4,787,722 | 4,944,921 | |||||
52,750 | ASTRAZENECA PLC ADR(f) | 983,695 | 3,485,192 | |||||
13,643 | AUTO TRADER GROUP PLC(e) | 65,400 | 92,172 | |||||
12,115 | AVIVA PLC | 45,427 | 59,182 | |||||
19,513 | BAE SYSTEMS PLC | 93,862 | 197,199 | |||||
113,471 | BAKKAVOR GROUP PLC(e)(g) | 166,389 | 128,736 | |||||
851,168 | BALTIC CLASSIFIEDS GROUP PLC(c) | 2,077,151 | 1,351,109 | |||||
14,400 | BELLWAY PLC | 632,327 | 376,175 | |||||
42,408 | BERKELEY GROUP HOLDINGS PLC(c) | 2,556,518 | 1,922,450 | |||||
123,037 | BP PLC | 415,058 | 581,568 | |||||
23,251 | BRITISH AMERICAN TOBACCO PLC | 623,015 | 996,140 | |||||
93,984 | BRITISH LAND (THE) CO. PLC | 402,942 | 511,513 | |||||
5,069 | BUNZL PLC | 39,524 | 167,776 | |||||
8,193 | BURBERRY GROUP PLC | 40,501 | 163,663 | |||||
44,000 | CARETECH HOLDINGS PLC(c) | 283,989 | 396,889 | |||||
29,188 | CENTRAL ASIA METALS PLC | 87,781 | 78,700 | |||||
177,247 | CNH INDUSTRIAL N.V. | 1,588,336 | 2,046,921 | |||||
425,455 | COMPASS GROUP PLC | 4,980,743 | 8,700,828 | |||||
2,457 | CRODA INTERNATIONAL PLC | 92,898 | 193,571 | |||||
1 | DIAGEO PLC | 12 | 43 | |||||
10,391 | DIAGEO PLC ADR(f) | 506,948 | 1,809,281 | |||||
60,720 | DIPLOMA PLC | 2,041,550 | 1,646,814 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 543,850 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 846,125 | |||||
23,110 | ENDAVA PLC ADR(c)(f) | 2,882,367 | 2,039,920 | |||||
8,963 | ENTAIN PLC(c) | 96,395 | 135,838 | |||||
33,713 | FERGUSON PLC | 4,348,532 | 3,770,649 | |||||
149,540 | GSK PLC | 2,701,151 | 3,214,011 | |||||
226,607 | HSBC HOLDINGS PLC | 1,155,143 | 1,477,446 | |||||
78,960 | INCHCAPE PLC | 585,822 | 668,501 | |||||
21,041 | INFORMA PLC(c) | 99,674 | 135,443 | |||||
301,600 | J SAINSBURY PLC | 799,323 | 748,961 | |||||
2,128 | JOHNSON MATTHEY PLC | 33,879 | 49,878 | |||||
234,700 | JUPITER FUND MANAGEMENT PLC | 895,723 | 423,122 | |||||
295,800 | KINGFISHER PLC | 764,284 | 879,669 | |||||
58,758 | LAND SECURITIES GROUP PLC | 385,246 | 474,933 | |||||
75,603 | LIBERTY GLOBAL PLC, CLASS A(c) | 2,158,219 | 1,591,443 | |||||
57,550 | LIBERTY GLOBAL PLC, CLASS C(c) | 1,685,769 | 1,271,279 | |||||
6,864,200 | LLOYDS BANKING GROUP PLC | 4,638,278 | 3,535,335 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 560,213 | |||||
370,300 | MAN GROUP PLC | 651,704 | 1,126,014 | |||||
300,659 | MARSTON'S PLC(c) | 477,602 | 188,486 | |||||
7,217 | MEGGITT PLC(c) | 16,687 | 69,316 | |||||
61,248 | MELROSE INDUSTRIES PLC | 95,942 | 111,612 | |||||
83,900 | MICRO FOCUS INTERNATIONAL PLC | 515,126 | 285,764 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 486,186 | |||||
21,031 | NATIONAL GRID PLC | 124,099 | 269,323 | |||||
320,113 | NATWEST GROUP PLC | 420,567 | 850,657 | |||||
2,141 | NEXT PLC | 36,699 | 152,726 | |||||
14,397 | NINETY ONE PLC | 41,643 | 34,648 | |||||
123,700 | OSB GROUP PLC | 637,568 | 723,085 | |||||
9,509 | PEARSON PLC | 75,214 | 86,792 |
See accompanying notes to financial statements. | 91 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
11,450 | RECKITT BENCKISER GROUP PLC | $ 466,936 | 859,980 | |||||
151,700 | REDDE NORTHGATE PLC | 615,982 | 622,319 | |||||
57,235 | REDROW PLC | 447,916 | 341,254 | |||||
384,600 | REGIONAL REI.T LTD.(e) | 487,088 | 338,490 | |||||
24,891 | RELX PLC | 180,592 | 673,502 | |||||
244,435 | RELX PLC (LONDON EXCHANGE) | 3,834,717 | 6,623,480 | |||||
38,892 | RIO TINTO PLC ADR(f) | 1,187,028 | 2,372,412 | |||||
27,049 | ROLLS-ROYCE HOLDINGS PLC(c) | 19,223 | 27,313 | |||||
77,712 | ROYAL MAIL PLC | 220,280 | 255,133 | |||||
20,657 | SAGE GROUP (THE) PLC | 74,323 | 159,625 | |||||
16,135 | SEGRO PLC | 67,053 | 191,855 | |||||
13,084 | SEVERN TRENT PLC | 276,407 | 433,059 | |||||
192,741 | SHELL PLC | 3,057,682 | 5,006,869 | |||||
14,030 | SMITH & NEPHEW PLC | 98,533 | 195,978 | |||||
3,071 | SMITHS GROUP PLC | 37,103 | 52,318 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 218,468 | |||||
82,413 | STHREE PLC | 315,585 | 357,646 | |||||
144,800 | SYNTHOMER PLC | 719,407 | 396,596 | |||||
66,514 | TATE & LYLE PLC | 713,983 | 606,770 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 202,320 | |||||
126,800 | TYMAN PLC | 343,290 | 368,133 | |||||
10,104 | UNILEVER PLC | 218,729 | 457,668 | |||||
14,323 | UNILEVER PLC ADR(f) | 310,061 | 656,423 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 101,033 | |||||
994 | WHITBREAD PLC | 10,069 | 29,984 | |||||
23,951 | WILLIS TOWERS WATSON PLC | 5,408,719 | 4,727,688 | |||||
94,600 | WINCANTON PLC | 471,523 | 399,593 | |||||
64,102 | WPP PLC | 434,931 | 643,447 | |||||
75,507,058 | 89,391,132 | 10.71% | ||||||
United States: | ||||||||
24,021 | AON PLC, CLASS A | 5,603,001 | 6,477,983 | |||||
194,715 | ARCH CAPITAL GROUP LTD.(c) | 3,937,733 | 8,857,586 | |||||
6,182 | DIVERSIFIED ENERGY CO. PLC | 7,756 | 8,383 | |||||
10,860 | EPAM SYSTEMS, INC.(c) | 4,613,157 | 3,201,311 | |||||
3,017 | METTLER-TOLEDO INTERNATIONAL, INC.(c) | 2,005,417 | 3,465,839 | |||||
3,157 | NEWMONT CORP. | 101,845 | 187,870 | |||||
26,170 | RESMED, INC. | 3,148,208 | 5,486,017 | |||||
75,236 | SENSATA TECHNOLOGIES HOLDING PLC | 4,154,980 | 3,107,999 | |||||
25,748 | STERIS PLC | 4,372,780 | 5,307,950 | |||||
705 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 734,206 | 878,522 | |||||
28,679,083 | 36,979,460 | 4.43% | ||||||
Uruguay: | ||||||||
62,989 | DLOCAL LTD.(c) | 1,411,452 | 1,653,461 | |||||
11,302 | GLOBANT S.A.(c) | 1,942,675 | 1,966,548 | |||||
3,354,127 | 3,620,009 | 0.43% | ||||||
Vietnam: | ||||||||
550,800 | FPT CORP. | 1,936,656 | 2,040,789 | |||||
1,936,656 | 2,040,789 | 0.24% | ||||||
Sub-total Common Stocks: | 684,603,182 | 790,024,865 | 94.62% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANEAMENTO DO PARANA, 0.32%(h) | 350,151 | 188,738 | |||||
179,200 | CIA ENERGETICA DE MINAS GERAIS, 2.21%(h) | 357,186 | 355,424 | |||||
707,337 | 544,162 | 0.07% | ||||||
Chile: | ||||||||
223,300 | EMBOTELLADORA ANDINA S.A., CLASS B, 5.84%(h) | 477,638 | 398,492 | |||||
477,638 | 398,492 | 0.05% | ||||||
Germany: | ||||||||
1,739 | BAYERISCHE MOTOREN WERKE A.G., 8.62%(h) | 59,403 | 123,193 | |||||
3,800 | DRAEGERWERK A.G. & CO. KGAA, 0.39%(h) | 311,648 | 197,717 | |||||
18,800 | JUNGHEINRICH A.G., 3.28%(h) | 455,924 | 409,790 | |||||
312 | SARTORIUS A.G., 0.38%(h) | 56,342 | 109,009 |
See accompanying notes to financial statements. | 92 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
2,800 | STO S.E. & CO. KGAA, 0.23%(h) | $ 304,841 | 409,036 | |||||
1,188,158 | 1,248,745 | 0.15% | ||||||
South Korea: | ||||||||
75,990 | SAMSUNG ELECTRONICS CO. LTD., 2.78%(h) | 3,174,697 | 3,043,346 | |||||
3,174,697 | 3,043,346 | 0.36% | ||||||
Sub-total Preferred Stocks: | 5,547,830 | 5,234,745 | 0.63% | |||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
206,289 | RYANAIR HOLDINGS PLC, ISSUED BY HSBC BANK PLC, EXPIRES 10/31/22(c) | 3,424,188 | 2,431,621 | |||||
3,424,188 | 2,431,621 | 0.29% | ||||||
Sub-total Participatory Notes: | 3,424,188 | 2,431,621 | 0.29% | |||||
Short-Term Investments: | ||||||||
8,172,385 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(i) | 8,172,385 | 8,172,385 | |||||
16,966,419 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 1.11%(j) | 16,966,419 | 16,966,419 | |||||
Sub-total Short-Term Investments: | 25,138,804 | 25,138,804 | 3.01% | |||||
Grand total | $ 718,714,004 | 822,830,035 | 98.55% |
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) | Security has been deemed worthless and is a Level 3 investment. |
(e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.83% of net assets as of June 30,2022. |
(g) | Restricted security that has been deemed illiquid. At June 30, 2022, the value of these restricted illiquid securities amounted to $128,736 or 0.02% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Bakkavor Group PLC, 0.07%, | 9/18/2019 | $166,389 |
(h) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(i) | Investment relates to cash collateral received from portfolio securities loaned. |
(j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $18,467,837 with net sales of $1,501,418 for the six months ended June 30, 2022. |
See accompanying notes to financial statements. | 93 | (Continued) |
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.23% | |
Consumer Discretionary | 12.74 | |
Consumer Staples | 9.40 | |
Energy | 3.06 | |
Financials | 14.27 | |
Health Care | 15.21 | |
Industrials | 15.76 | |
Information Technology | 16.35 | |
Materials | 5.84 | |
Real Estate | 1.85 | |
Utilities | 1.29 | |
100.00% |
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 21.98% | |
United States Dollar | 16.39 | |
Japanese Yen | 12.28 | |
Swiss Franc | 10.03 | |
British Pound | 9.62 | |
Hong Kong Dollar | 5.22 | |
Other currencies | 24.48 | |
100.00% |
Contract Settlement Date | Contract Amount | Unrealized Appreciation (Depreciation) | ||||||||
Counterparty | Deliver | Receive | ||||||||
Northern Trust | 10/20/2022 | JPY | 316,028,523 | USD | 2,475,816 | $125,207 | ||||
Northern Trust | 10/20/2022 | USD | 2,384,188 | JPY | 316,028,523 | $ (33,579) | ||||
$ 91,628 |
See accompanying notes to financial statements. | 94 | (Continued) |
See accompanying notes to financial statements. | 95 |
Item 1. Reports to Stockholders (cont.).
(b) | Not applicable. |
Item 2. Code of Ethics
Not applicable to this filing.
Item 3. Audit Committee Financial Expert
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable to this filing.
Item 6. Investments
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable (the Trust is an open-end management investment company).
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.
Item 11. Controls and Procedures
(a) | The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective based on the principal executive officer and principal financial officer’s evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, as of a date within 90 days of the filing date of this document. |
(b) | There have been no significant changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 13. Exhibits |
(a)(1) | Not applicable to this filing. | |||
(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: August 25, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Clearwater Investment Trust | ||
By | /s/ Justin H. Weyerhaeuser | |
Justin H. Weyerhaeuser | ||
President (Principal Executive Officer) | ||
Date: August 25, 2022 | ||
Clearwater Investment Trust | ||
By | /s/ Justin H. Weyerhaeuser | |
Justin H. Weyerhaeuser | ||
Treasurer (Principal Financial Officer) | ||
Date: August 25, 2022 |