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, 2023
Item 1. Reports to Stockholders
(a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) |
Clearwater International Fund
Actual returns | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period January 1, 2023 through June 30, 2023* |
Core Equity Fund | $1,000.00 | $1,155.90 | $1.39 |
Select Equity Fund | $1,000.00 | $1,084.20 | $5.01 |
Tax-Exempt Bond Fund | $1,000.00 | $1,030.70 | $1.46 |
International Fund | $1,000.00 | $1,121.90 | $3.68 |
Hypothetical 5% return (before expenses) | |||
Core Equity Fund | $1,000.00 | $1,023.51 | $1.30 |
Select Equity Fund | $1,000.00 | $1,019.98 | $4.86 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.36 | $1.45 |
International Fund | $1,000.00 | $1,021.32 | $3.51 |
* | 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 | 0.26% |
Select Equity Fund | 0.97% |
Tax-Exempt Bond Fund | 0.29% |
International Fund | 0.70% |
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, $150,360, $0 and $11,499,949, respectively); (identified cost: $446,482,098, $384,638,543, $751,037,071 and $751,552,254, respectively) | $ | 812,685,630 | 392,362,867 | 678,448,025 | 975,245,344 | |||
Foreign currencies, at value (cost: $0, $44,126, $0 and $4,014,357, respectively) | - | 43,378 | - | 4,029,812 | ||||
Cash (restricted: $0, $0, $1,753,900 and $0, respectively) | - | - | 4,792,913 | 6,318 | ||||
Receivable for securities sold | - | 1,442,841 | 6,697 | 1,050,328 | ||||
Receivable for variation margin on futures contracts | - | - | 4,500 | - | ||||
Receivable for shares of beneficial interest sold | - | - | 69,400 | - | ||||
Accrued dividend and interest receivable | 527,046 | 195,847 | 7,480,486 | 1,582,880 | ||||
Foreign tax reclaim receivable | 2,816 | 624 | - | 2,585,934 | ||||
Total assets | 813,215,492 | 394,045,557 | 690,802,021 | 984,500,616 | ||||
Liabilities | ||||||||
Payables for investment securities purchased | - | 1,733,994 | 19,060,378 | 1,871,402 | ||||
Payable for fund shares redeemed | 189,300 | 14,300 | - | 231,701 | ||||
Accrued investment advisory fee | 476,692 | 898,270 | 477,309 | 1,673,803 | ||||
Payable for dividend distribution | - | - | 228,843 | - | ||||
Payable for variation margin on futures contracts | - | - | 118,734 | - | ||||
Payable upon return of securities loaned | - | 154,000 | - | 12,851,786 | ||||
Deferred foreign capital gains taxes payable | - | - | - | 547,323 | ||||
Total liabilities | 665,992 | 2,800,564 | 19,885,264 | 17,176,015 | ||||
Net assets | $ | 812,549,500 | 391,244,993 | 670,916,757 | 967,324,601 | |||
Capital | ||||||||
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,568,572, 23,927,209, 77,503,234 and 51,281,886 shares outstanding, respectively) | $ | 443,521,838 | 434,471,004 | 756,725,428 | 739,634,657 | |||
Distributable earnings | 369,027,662 | (43,226,011) | (85,808,671) | 227,689,944 | ||||
Net assets | $ | 812,549,500 | 391,244,993 | 670,916,757 | 967,324,601 | |||
Net asset value per share of outstanding capital stock | $ | 64.65 | 16.35 | 8.66 | 18.86 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | |||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $2,472, $12,114, $0 and $1,307,483, respectively) | $ | 7,190,674 | 2,251,706 | 573,349 | 14,021,091 | |||
Interest | - | - | 14,254,634 | - | ||||
Tax reclaims | - | - | - | 1,042,838 | ||||
Net income from securities loaned | - | 39,978 | - | 45,594 | ||||
Total income | 7,190,674 | 2,291,684 | 14,827,983 | 15,109,523 | ||||
Expenses: | ||||||||
Investment advisory fee | 3,356,581 | 2,535,318 | 1,866,267 | 4,690,938 | ||||
Other expenses | - | - | 185 | - | ||||
Total expenses | 3,356,581 | 2,535,318 | 1,866,452 | 4,690,938 | ||||
Less: waivers of investment advisory fee or other expense reimbursements | (2,369,516) | (713,648) | (964,241) | (1,384,283) | ||||
Net expenses | 987,065 | 1,821,670 | 902,211 | 3,306,655 | ||||
Net investment income | 6,203,609 | 470,014 | 13,925,772 | 11,802,868 | ||||
Net realized gain (loss) on: | ||||||||
Security transactions | 3,920,167 | (12,331,424) | (10,826,178) | 8,495,390 | ||||
Foreign currency transactions | - | (52) | - | (74,873) | ||||
Futures contracts | - | - | 425,425 | - | ||||
Net increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $12,934, respectively) | 100,405,520 | 42,660,350 | 14,271,296 | 86,114,391 | ||||
Futures contracts | - | - | 665,719 | - | ||||
Translation of other assets and liabilities denominated in foreign currencies | - | 626 | - | 7,646 | ||||
Net gain (loss) on investments | 104,325,687 | 30,329,500 | 4,536,262 | 94,542,554 | ||||
Net increase (decrease) in net assets resulting from operations | $ | 110,529,296 | 30,799,514 | 18,462,034 | 106,345,422 |
Core Equity Fund | Select Equity Fund | |||||||
06/30/2023 | 12/31/2022 | 06/30/2023 | 12/31/2022 | |||||
Operations: | ||||||||
Net investment income | $ | 6,203,609 | 11,379,906 | 470,014 | 680,794 | |||
Net realized gain (loss) | 3,920,167 | 37,472,242 | (12,331,476) | (15,549,580) | ||||
Net increase (decrease) in unrealized appreciation/depreciation | 100,405,520 | (198,246,913) | 42,660,976 | (95,778,035) | ||||
Net increase (decrease) in net assets resulting from operations | 110,529,296 | (149,394,765) | 30,799,514 | (110,646,821) | ||||
Distributions to shareholders | - | (10,752,052) | - | (8,125,618) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 34,499,550 | 182,656,902 | 9,294,374 | 101,322,691 | ||||
Reinvestment of distributions from net investment income and net realized gain | - | 10,752,052 | - | 8,125,618 | ||||
Payments for shares redeemed | (50,649,565) | (194,680,866) | (13,795,510) | (159,796,228) | ||||
Net decrease in net assets from capital share transactions | (16,150,015) | (1,271,912) | (4,501,136) | (50,347,919) | ||||
Total increase (decrease) in net assets | 94,379,281 | (161,418,729) | 26,298,378 | (169,120,358) | ||||
Net assets: | ||||||||
At the beginning of the period | 718,170,219 | 879,588,948 | 364,946,615 | 534,066,973 | ||||
At the end of the period | $ | 812,549,500 | 718,170,219 | 391,244,993 | 364,946,615 |
Tax-Exempt Bond Fund | International Fund | |||||||
06/30/2023 | 12/31/2022 | 06/30/2023 | 12/31/2022 | |||||
Operations: | ||||||||
Net investment income | $ | 13,925,772 | 24,660,929 | 11,802,868 | 17,843,079 | |||
Net realized gain (loss) | (10,400,753) | 3,263,503 | 8,420,517 | 10,433,826 | ||||
Net increase (decrease) in unrealized appreciation/depreciation | 14,937,015 | (114,954,989) | 86,122,037 | (231,476,926) | ||||
Net increase (decrease) in net assets resulting from operations | 18,462,034 | (87,030,557) | 106,345,422 | (203,200,021) | ||||
Distributions to shareholders | (13,966,353) | (30,033,721) | - | (11,587,443) | ||||
Capital share transactions: | ||||||||
Proceeds from shares sold | 217,890,347 | 248,834,683 | 23,438,588 | 149,605,328 | ||||
Reinvestment of distributions from net investment income and net realized gain | 13,994,785 | 29,988,685 | - | 11,587,443 | ||||
Payments for shares redeemed | (131,098,536) | (328,618,503) | (40,505,472) | (159,304,656) | ||||
Net increase (decrease) in net assets from capital share transactions | 100,786,596 | (49,795,135) | (17,066,884) | 1,888,115 | ||||
Total increase (decrease) in net assets | 105,282,277 | (166,859,413) | 89,278,538 | (212,899,349) | ||||
Net assets: | ||||||||
At the beginning of the period | 565,634,480 | 732,493,893 | 878,046,063 | 1,090,945,412 | ||||
At the end of the period | $ | 670,916,757 | 565,634,480 | 967,324,601 | 878,046,063 |
June 30, | Year ended December 31, | ||||||||||||||
Core Equity Fund | 2023 (Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||
Net asset value, beginning of period | $ | 55.93 | 68.01 | 55.11 | 48.14 | 37.97 | 43.21 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.48 | 0.81 | 0.72 | 0.71 | 0.72 | 0.68 | |||||||||
Net realized and unrealized gains (losses) | 8.24 | (12.06) | 14.36 | 7.22 | 10.32 | (3.46) | |||||||||
Total from investment operations | 8.72 | (11.25) | 15.08 | 7.93 | 11.04 | (2.78) | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | (0.76) | (0.69) | (0.71) | (0.66) | (0.67) | |||||||||
Net realized gain | - | (0.07) | (1.49) | (0.25) | (0.21) | (1.79) | |||||||||
Total distributions to shareholders: | - | (0.83) | (2.18) | (0.96) | (0.87) | (2.46) | |||||||||
Net asset value, end of period | $ | 64.65 | 55.93 | 68.01 | 55.11 | 48.14 | 37.97 | ||||||||
Total return (a) | 15.59 % | (16.58)% | 27.44 % | 16.54 % | 29.11 % | (6.61)% | |||||||||
Net assets, end of period (000s omitted) | $ | 812,550 | 718,170 | 879,589 | 616,984 | 543,171 | 456,874 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 0.26 % | 0.26 % | 0.29 % | 0.31 % | 0.35 % | 0.38 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 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), (k) | 1.67 % | 1.50 % | 1.13 % | 1.49 % | 1.54 % | 1.47 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k) | 1.03 % | 0.86 % | 0.52 % | 0.90 % | 0.99 % | 0.95 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 47.71 % | 62.80 % | 33.97 % | 37.16 % | 33.73 % | 34.64 % |
(a) | Total return figures are based on the change in net asset value of a share during the 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, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.65%. |
(e) | Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.62%. |
(f) | Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.27%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.63%. |
(g) | 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%. |
(h) | 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%. |
(i) | 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%. |
(j) | 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%. |
(k) | 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%. |
June 30, | Year ended December 31, | ||||||||||||||
Select Equity Fund | 2023 (Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||
Net asset value, beginning of period | $ | 15.08 | 19.76 | 20.09 | 18.45 | 14.90 | 18.92 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.02 | 0.03 | 0.07 | 0.11 | 0.14 | 0.07 | |||||||||
Net realized and unrealized gains (losses) | 1.25 | (4.37) | 2.20 | 1.95 | 3.79 | (2.37) | |||||||||
Total from investment operations | 1.27 | (4.34) | 2.27 | 2.06 | 3.93 | (2.30) | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | - | (0.06) | (0.11) | (0.11) | (0.07) | |||||||||
Net realized gain | - | (0.34) | (2.54) | (0.31) | (0.27) | (1.65) | |||||||||
Total distributions to shareholders: | - | (0.34) | (2.60) | (0.42) | (0.38) | (1.72) | |||||||||
Net asset value, end of period | $ | 16.35 | 15.08 | 19.76 | 20.09 | 18.45 | 14.90 | ||||||||
Total return (a) | 8.42 % | (22.01)% | 11.77 % | 11.25 % | 26.40 % | (12.49)% | |||||||||
Net assets, end of period (000s omitted) | $ | 391,245 | 364,947 | 534,067 | 455,974 | 373,425 | 305,921 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.97 % | 0.94 % | 0.88 % | 0.94 % | 0.98 % | 1.03 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 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) | 0.25 % | 0.16 % | 0.26 % | 0.70 % | 0.64 % | 0.33 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j) | (0.13)% | (0.25)% | (0.21)% | 0.29 % | 0.27 % | 0.01 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 21.98 % | 55.76 % | 109.01 % | 102.30 % | 64.32 % | 63.08 % |
(a) | Total return figures are based on the change in net asset value of a share during the 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 July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.97%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.38%. |
(e) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.93%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.42%. |
(f) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%. |
(g) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%. |
(h) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.91%. Also effective October 1, 2020, the Adviser increased the voluntary waiver to 0.44%. |
(i) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.95%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.40%. |
(j) | 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%. |
June 30, | Year ended December 31, | ||||||||||||||
Tax-Exempt Bond Fund | 2023 (Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||
Net asset value, beginning of period | $ | 8.59 | 10.17 | 10.14 | 10.13 | 9.82 | 10.21 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.19 | 0.34 | 0.36 | 0.39 | 0.40 | 0.42 | |||||||||
Net realized and unrealized gains (losses) | 0.07 | (1.50) | 0.03 | 0.03 | 0.34 | (0.26) | |||||||||
Total from investment operations | 0.26 | (1.16) | 0.39 | 0.42 | 0.74 | 0.16 | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | (0.19) | (0.35) | (0.36) | (0.41) | (0.43) | (0.45) | |||||||||
Net realized gain | - | (0.07) | - | - | - | (0.10) | |||||||||
Total distributions to shareholders: | (0.19) | (0.42) | (0.36) | (0.41) | (0.43) | (0.55) | |||||||||
Net asset value, end of period | $ | 8.66 | 8.59 | 10.17 | 10.14 | 10.13 | 9.82 | ||||||||
Total return (a) | 3.07 % | (11.39)% | 3.89 % | 4.26 % | 7.69 % | 1.59 % | |||||||||
Net assets, end of period (000s omitted) | $ | 670,917 | 565,634 | 732,494 | 616,839 | 603,277 | 529,485 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 0.29 % | 0.27 % | 0.28 % | 0.29 % | 0.32 % | 0.34 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | 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), (g), (h) | 4.48 % | 3.79 % | 3.52 % | 3.85 % | 4.05 % | 4.22 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | 4.17 % | 3.46 % | 3.20 % | 3.54 % | 3.77 % | 3.96 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 38.21 % | 29.22 % | 16.91 % | 17.21 % | 12.53 % | 11.36 % |
(a) | Total return figures are based on the change in net asset value of a share during the 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 January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.29%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.31%. |
(e) | Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.32%. |
(f) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(g) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.29%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.31%. |
(h) | 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 | 2023 (Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||
Net asset value, beginning of period | $ | 16.81 | 21.14 | 20.16 | 17.28 | 14.08 | 17.23 | ||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income | 0.27 | 0.34 | 0.36 | 0.20 | 0.29 | 0.30 | |||||||||
Net realized and unrealized gains (losses) | 1.78 | (4.45) | 2.68 | 3.07 | 3.43 | (2.70) | |||||||||
Total from investment operations | 2.05 | (4.11) | 3.04 | 3.27 | 3.72 | (2.40) | |||||||||
Less distributions to shareholders from: | |||||||||||||||
Net investment income | - | (0.16) | (0.42) | (0.17) | (0.30) | (0.29) | |||||||||
Net realized gain | - | (0.06) | (1.64) | (0.22) | (0.22) | (0.46) | |||||||||
Total distributions to shareholders: | - | (0.22) | (2.06) | (0.39) | (0.52) | (0.75) | |||||||||
Net asset value, end of period | $ | 18.86 | 16.81 | 21.14 | 20.16 | 17.28 | 14.08 | ||||||||
Total return (a) | 12.19 % | (19.45)% | 15.39 % | 19.02 % | 26.47 % | (14.01)% | |||||||||
Net assets, end of period (000s omitted) | $ | 967,325 | 878,046 | 1,090,945 | 867,784 | 711,851 | 524,708 | ||||||||
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 0.70 % | 0.66 % | 0.65 % | 0.66 % | 0.68 % | 0.68 % | |||||||||
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k) | 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), (k) | 2.52 % | 1.99 % | 1.61 % | 1.17 % | 1.88 % | 1.79 % | |||||||||
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k) | 2.22 % | 1.65 % | 1.26 % | 0.83 % | 1.56 % | 1.47 % | |||||||||
Portfolio turnover rate (excluding short-term securities) | 11.38 % | 73.81 % | 39.50 % | 39.61 % | 49.69 % | 19.57 % |
(a) | Total return figures are based on the change in net asset value of a share during the 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, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.30%. |
(e) | Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.71%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.29%. |
(f) | Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.70%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.30%. |
(g) | Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.65%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.35%. |
(h) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%. |
(i) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
(j) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective October 1, 2020, the Adviser decreased the voluntary waiver to 0.32%. |
(k) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.35%. |
13 | (Continued) |
14 | (Continued) |
15 | (Continued) |
16 | (Continued) |
17 | (Continued) |
18 | (Continued) |
Tax-Exempt | Ordinary Income* | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Core Equity Fund | $ — | $ — | $ 9,858,156 | $ 8,635,604 | |||
Select Equity Fund | — | — | 3,612,091 | 20,817,295 | |||
Tax-Exempt Bond Fund | 24,829,757 | 23,486,921 | 398,516 | 44,388 | |||
International Fund | — | — | 8,561,325 | 28,115,277 | |||
Long-Term Capital Gains** | |||
2022 | 2021 | ||
Core Equity Fund | $ 893,896 | $ 18,748,250 | |
Select Equity Fund | 4,513,527 | 41,714,145 | |
Tax-Exempt Bond Fund | 4,760,355 | — | |
International Fund | 3,026,118 | 69,470,296 | |
* | In addition to the ordinary income distributions, during 2022 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts: |
Core Equity Fund | $ 261,777 |
Select Equity Fund | $ 2,310 |
International Fund | $ 1,709,406 |
** | In addition to the long-term capital gain distributions, during 2022 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts: |
19 | (Continued) |
Tax-Exempt Bond Fund | $ 989,083 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Undistributed ordinary income | $ 1,277,871 | $ 674,059 | $ — | $ 2,015,876 | |||
Accumulated capital losses and other | (8,577,516) | (39,762,181) | (3,009,914) | (17,776,353) | |||
Unrealized appreciation/depreciation | 265,798,011 | (34,937,403) | (87,037,428) | 137,104,999 | |||
Other temporary differences | — | — | (257,010) | — | |||
Total | $ 258,498,366 | $ (74,025,525) | $ (90,304,352) | $ 121,344,522 |
Core Equity Fund | Select Equity Fund | Tax-Exempt Bond Fund | International Fund | ||||
Distributable earnings | $ (44,995,880) | $ (21,302,052) | $ (845,990) | $ (23,324,065) | |||
Additional paid-in capital | 44,995,880 | 21,302,052 | 845,990 | 23,324,065 |
20 | (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. |
21 | (Continued) |
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
Core Equity Fund (a) | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $ 807,737,393 | $ — | $ — | $ 807,737,393 | |||
Escrows | — | — | —* | — | |||
Rights | — | — | —* | — | |||
Short-Term Investments | 4,948,237 | — | — | 4,948,237 | |||
Total | $ 812,685,630 | $ — | $ — | $ 812,685,630 |
* Security has been deemed worthless and is a Level 3 investment. |
Select Equity Fund (b) | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $ 380,374,431 | $ — | $ —* | $ 380,374,431 | |||
Escrows | — | — | —* | — | |||
Short-Term Investments | 11,988,436 | — | — | 11,988,436 | |||
Total | $ 392,362,867 | $ — | $ — | $ 392,362,867 |
* Security has been deemed worthless and is a Level 3 investment. |
Tax-Exempt Bond Fund (c) | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Closed-End Funds | $ 24,503,427 | $ — | $ — | $ 24,503,427 | |||
Municipal Bonds | |||||||
Alabama | — | 1,083,948 | — | 1,083,948 |
22 | (Continued) |
Tax-Exempt Bond Fund (c) | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Alaska | $ — | $ 910 | $ — | $ 910 | |||
Arizona | — | 10,956,159 | — | 10,956,159 | |||
Arkansas | — | 711,135 | — | 711,135 | |||
California | — | 32,527,487 | — | 32,527,487 | |||
Colorado | — | 29,892,143 | — | 29,892,143 | |||
Connecticut | — | 2,651,874 | — | 2,651,874 | |||
District of Columbia | — | 10,056,860 | — | 10,056,860 | |||
Florida | — | 89,894,925 | — | 89,894,925 | |||
Georgia | — | 5,896,572 | — | 5,896,572 | |||
Idaho | — | 5,200,275 | — | 5,200,275 | |||
Illinois | — | 30,171,049 | — | 30,171,049 | |||
Indiana | — | 14,417,480 | — | 14,417,480 | |||
Iowa | — | 6,813,633 | — | 6,813,633 | |||
Kansas | — | 2,242,573 | — | 2,242,573 | |||
Kentucky | — | 1,500,229 | — | 1,500,229 | |||
Louisiana | — | 13,127,384 | — | 13,127,384 | |||
Maine | — | 2,479,894 | — | 2,479,894 | |||
Maryland | — | 5,902,309 | — | 5,902,309 | |||
Massachusetts | — | 14,403,510 | — | 14,403,510 | |||
Michigan | — | 21,389,201 | — | 21,389,201 | |||
Minnesota | — | 12,364,982 | — | 12,364,982 | |||
Mississippi | — | 3,031,824 | — | 3,031,824 | |||
Missouri | — | 7,401,886 | — | 7,401,886 | |||
Montana | — | 3,033,211 | — | 3,033,211 | |||
Nebraska | — | 2,888,699 | — | 2,888,699 | |||
Nevada | — | 4,848,495 | — | 4,848,495 | |||
New Hampshire | — | 3,950,015 | — | 3,950,015 | |||
New Jersey | — | 20,559,620 | — | 20,559,620 | |||
New Mexico | — | 11,018,435 | — | 11,018,435 | |||
New York | — | 39,142,305 | — | 39,142,305 | |||
North Carolina | — | 8,093,665 | — | 8,093,665 | |||
North Dakota | — | 3,952,542 | — | 3,952,542 | |||
Ohio | — | 27,786,202 | — | 27,786,202 | |||
Oklahoma | — | 5,101,367 | — | 5,101,367 | |||
Oregon | — | 5,907,882 | — | 5,907,882 | |||
Pennsylvania | — | 11,229,264 | — | 11,229,264 | |||
Rhode Island | — | 897,107 | — | 897,107 | |||
South Carolina | — | 6,537,130 | — | 6,537,130 | |||
South Dakota | — | 1,509,355 | — | 1,509,355 | |||
Tennessee | — | 14,291,954 | — | 14,291,954 | |||
Texas | — | 56,174,683 | — | 56,174,683 | |||
Utah | — | 29,200,680 | — | 29,200,680 | |||
Vermont | — | 394,920 | — | 394,920 | |||
Virginia | — | 6,844,574 | — | 6,844,574 | |||
Washington | — | 7,647,351 | — | 7,647,351 | |||
West Virginia | — | 4,365,111 | — | 4,365,111 | |||
Wisconsin | — | 14,526,950 | — | 14,526,950 | |||
Short-Term Investments | 31,934,300 | 7,990,539 | — | 39,924,839 | |||
Total | $ 56,437,727 | $ 622,010,298 | $ — | $ 678,448,025 |
23 | (Continued) |
Tax-Exempt Bond Fund Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | |
Assets | |||||
Futures Contracts | $1,836,618 | $ — | $ — | $ 1,836,618 |
International Fund (d) | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | |||||||
Indonesia | $ — | $ 1,707,796 | $ — | $ 1,707,796 | |||
Israel | — | 2,624,393 | — | 2,624,393 | |||
Russia | — | — | —* | — | |||
Thailand | — | 1,159,765 | — | 1,159,765 | |||
Turkey | — | 1,608,411 | — | 1,608,411 | |||
All other countries | 907,541,694 | — | — | 907,541,694 | |||
Participatory Notes | 4,593,539 | — | — | 4,593,539 | |||
Preferred Stocks | 6,671,816 | — | — | 6,671,816 | |||
Rights | 2,472 | — | — | 2,472 | |||
Short-Term Investments | 49,335,458 | — | — | 49,335,458 | |||
Total | $ 968,144,979 | $ 7,100,365 | $ — | $ 975,245,344 |
* Security has been deemed worthless and is a Level 3 investment. |
24 | (Continued) |
Purchases | Sales | |||
Core Equity Fund | $ 358,538,061 | $ 368,360,038 | ||
Select Equity Fund | 80,854,842 | 84,018,348 | ||
Tax-Exempt Bond Fund | 318,109,683 | 222,582,684 | ||
International Fund | 102,933,071 | 123,248,590 | ||
Funds | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Cost Basis of Investments | ||||
Core Equity Fund | $ 364,197,125 | $ (1,920,334) | $ 362,276,791 | $ 450,408,839 | ||||
Select Equity Fund | 52,052,154 | (47,260,225) | 4,791,929 | 387,570,938 | ||||
Tax-Exempt Bond Fund | 7,466,764 | (78,396,278) | (70,929,514) | 751,214,157 | ||||
International Fund | 265,954,762 | (49,916,639) | 216,038,123 | 759,207,221 | ||||
Core Equity Fund | Select Equity Fund | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Sold | 581,559 | 3,253,680 | 581,810 | 6,428,117 | |||
Issued for reinvestment of distributions | — | 185,284 | — | 529,356 | |||
Redeemed | (854,293) | (3,531,380) | (857,843) | (9,785,689) | |||
Net increase (decrease) | (272,734) | (92,416) | (276,033) | (2,828,216) |
25 | (Continued) |
Tax-Exempt Bond Fund | International Fund | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Sold | 25,041,614 | 28,665,852 | 1,289,079 | 9,105,670 | |||
Issued for reinvestment of distributions | 1,619,604 | 3,372,319 | — | 678,819 | |||
Redeemed | (14,985,903) | (38,269,711) | (2,227,686) | (9,177,483) | |||
Net increase (decrease) | 11,675,315 | (6,231,540) | (938,607) | 607,006 |
Short-Term | Long-Term | Total | |
Core Equity Fund | $ 5,962,900 | $ — | $ 5,962,900 |
Select Equity Fund | 30,078,156 | 5,527,357 | 35,605,513 |
International Fund | 13,325,523 | — | 13,325,523 |
26 | (Continued) |
Management Fees Voluntary Waivers | |||
Voluntary Waiver % Prior to April 1, 2023 | Voluntary Waiver % Effective April 1, 2023 | ||
Core Equity Fund | (0.62) | (0.65) | |
Select Equity Fund | (0.38) | (0.38) | |
Tax-Exempt Bond Fund | (0.31) | (0.31) | |
International Fund | (0.29) | (0.30) |
27 | (Continued) |
ASSETS | LIABILITIES | ||||||
Name of Fund | Derivative Type | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | Counterparty | |
Tax-Exempt Bond Fund | Futures contracts | Unrealized appreciation on futures contracts | $1,836,618* | Unrealized depreciation on futures contracts | $ — | RBC Capital Markets, LLC |
* | Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statements of Assets and Liabilities for futures contracts. |
Name of Fund | Derivative Type | Statements of Operations Location | Value | Name of Fund | Derivative Type | Statements of Operations Location | Value | |
Tax-Exempt Bond Fund | Futures contracts | Net realized gain (loss) on futures contracts | $ 425,425 | Tax-Exempt Bond Fund | Futures contracts | Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts | $ 665,719 | |
Tax-Exempt Bond Fund | |
Future Contracts | |
Number of Transactions | Weighted Average Notional Amount |
2,099 | $ 24,770,626 |
28 | (Continued) |
Average Amount Oustanding for Days in Use | Days Used | ||
Core Equity Fund | $ 10,879 | 77 | |
International Fund | 28,438 | 55 | |
29 | (Continued) |
Gross Amounts of Securities Loaned in Statement of Assets and Liabilities | % of Net Assets | Cash Collateral Received | |
Select Equity Fund | $ 150,360 | 0.04 % | $ 154,000 |
International Fund | 11,499,949 | 1.19 % | 12,851,786 |
30 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
10,603 | ACTIVISION BLIZZARD, INC.(b) | $ 471,997 | 893,833 | |||||
130,692 | ALPHABET, INC., CLASS A(b) | 5,031,789 | 15,643,832 | |||||
84,721 | ALPHABET, INC., CLASS C(b) | 3,743,298 | 10,248,699 | |||||
93,617 | AT&T, INC. | 1,461,042 | 1,493,191 | |||||
1,429 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 491,189 | 524,972 | |||||
3,318 | CINEMARK HOLDINGS, INC.(b) | 38,609 | 54,747 | |||||
67,600 | COMCAST CORP., CLASS A | 1,026,668 | 2,808,780 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 28,438 | |||||
8,300 | ELECTRONIC ARTS, INC. | 116,945 | 1,076,510 | |||||
8,774 | INTERPUBLIC GROUP OF (THE) COS., INC. | 210,912 | 338,501 | |||||
183 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 1,707 | 3,085 | |||||
200 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 9,058 | 15,056 | |||||
1,900 | LIVE NATION ENTERTAINMENT, INC.(b) | 130,374 | 173,109 | |||||
17,000 | LUMEN TECHNOLOGIES, INC. | 166,982 | 38,420 | |||||
4,549 | MATCH GROUP, INC.(b) | 167,548 | 190,376 | |||||
48,955 | META PLATFORMS, INC., CLASS A(b) | 4,873,957 | 14,049,106 | |||||
5,874 | NETFLIX, INC.(b) | 1,261,830 | 2,587,438 | |||||
2,675 | NEWS CORP., CLASS A | 12,252 | 52,163 | |||||
2,595 | OMNICOM GROUP, INC. | 81,950 | 246,914 | |||||
6,900 | PARAMOUNT GLOBAL, CLASS B | 121,966 | 109,779 | |||||
59,796 | PLAYTIKA HOLDING CORP.(b)(c) | 548,886 | 693,634 | |||||
2,000 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 216,815 | 294,320 | |||||
9,937 | T-MOBILE U.S., INC.(b) | 535,402 | 1,380,249 | |||||
58,383 | VERIZON COMMUNICATIONS, INC. | 1,928,333 | 2,171,264 | |||||
24,418 | WALT DISNEY (THE) CO.(b) | 477,665 | 2,180,039 | |||||
28,702 | WARNER BROS. DISCOVERY, INC.(b) | 341,298 | 359,923 | |||||
23,489,522 | 57,656,378 | 7.10% | ||||||
Consumer Discretionary: | ||||||||
9,498 | ADT, INC. | 36,940 | 57,273 | |||||
143,577 | AMAZON.COM, INC.(b) | 9,799,159 | 18,716,698 | |||||
3,400 | APTIV PLC(b)(c) | 303,982 | 347,106 | |||||
26,009 | AUTONATION, INC.(b) | 3,121,479 | 4,281,341 | |||||
1,324 | AUTOZONE, INC.(b) | 1,581,870 | 3,301,209 | |||||
31,097 | BATH & BODY WORKS, INC. | 844,151 | 1,166,137 | |||||
22,983 | BEST BUY CO., INC. | 1,428,185 | 1,883,457 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 12,362 | |||||
1,289 | BOOKING HOLDINGS, INC.(b) | 2,757,890 | 3,480,725 | |||||
26,163 | BORGWARNER, INC. | 1,043,497 | 1,279,632 | |||||
1,674 | BRUNSWICK CORP. | 133,766 | 145,035 | |||||
7,135 | CAPRI HOLDINGS LTD.(b)(c) | 300,896 | 256,075 | |||||
2,168 | CARMAX, INC.(b) | 58,264 | 181,462 | |||||
12,700 | CARNIVAL CORP.(b) | 108,018 | 239,141 | |||||
400 | CHIPOTLE MEXICAN GRILL, INC.(b) | 558,552 | 855,600 | |||||
1,500 | D.R. HORTON, INC. | 141,608 | 182,535 | |||||
1,700 | DARDEN RESTAURANTS, INC. | 112,210 | 284,036 | |||||
2,114 | DICK'S SPORTING GOODS, INC. | 269,782 | 279,450 | |||||
9,400 | EBAY, INC. | 268,054 | 420,086 | |||||
1,700 | ETSY, INC.(b) | 171,182 | 143,837 | |||||
12,508 | EXPEDIA GROUP, INC.(b) | 1,162,573 | 1,368,250 | |||||
22,163 | FORD MOTOR CO. | 72,511 | 335,326 | |||||
2,200 | GARMIN LTD.(c) | 40,557 | 229,438 | |||||
102,322 | GENERAL MOTORS CO. | 3,376,160 | 3,945,536 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 583,844 | |||||
82,005 | H&R BLOCK, INC. | 2,820,077 | 2,613,499 | |||||
1,600 | HANESBRANDS, INC. | 7,886 | 7,264 | |||||
426 | HASBRO, INC. | 12,602 | 27,592 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC. | 115,613 | 232,880 | |||||
21,226 | HOME DEPOT (THE), INC. | 4,153,939 | 6,593,645 | |||||
2,535 | LAS VEGAS SANDS CORP.(b) | 21,685 | 147,030 | |||||
945 | LEAR CORP. | 129,908 | 135,655 | |||||
8,488 | LENNAR CORP., CLASS A | 853,459 | 1,063,631 | |||||
18,920 | LKQ CORP. | 587,037 | 1,102,468 | |||||
13,685 | LOWE'S COS., INC. | 2,611,185 | 3,088,704 | |||||
109,599 | MACY'S, INC. | 2,032,932 | 1,759,064 | |||||
2,938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61,838 | 539,681 |
See accompanying notes to financial statements. | 32 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
7,902 | MCDONALD'S CORP. | $ 949,776 | 2,358,036 | |||||
6 | MGM RESORTS INTERNATIONAL | 186 | 264 | |||||
700 | MOHAWK INDUSTRIES, INC.(b) | 36,477 | 72,212 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 42,761 | |||||
16,667 | NIKE, INC., CLASS B | 999,736 | 1,839,537 | |||||
10,787 | NORDSTROM, INC. | 166,660 | 220,810 | |||||
518 | NVR, INC.(b) | 2,038,923 | 3,289,621 | |||||
4,266 | PENN ENTERTAINMENT, INC.(b) | 106,516 | 102,512 | |||||
8,786 | PENSKE AUTOMOTIVE GROUP, INC. | 1,159,420 | 1,464,011 | |||||
600 | PLANET FITNESS, INC., CLASS A(b) | 30,204 | 40,464 | |||||
870 | POOL CORP. | 187,171 | 325,937 | |||||
28,033 | PULTEGROUP, INC. | 1,342,401 | 2,177,603 | |||||
1,110 | PVH CORP. | 81,249 | 94,317 | |||||
2,443 | ROSS STORES, INC. | 224,440 | 273,934 | |||||
22,087 | ROYAL CARIBBEAN CRUISES LTD.(b) | 860,666 | 2,291,305 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,327,910 | |||||
17,306 | TAPESTRY, INC. | 564,920 | 740,697 | |||||
40,892 | TESLA, INC.(b) | 8,550,928 | 10,704,299 | |||||
3,202 | THOR INDUSTRIES, INC. | 252,565 | 331,407 | |||||
20,088 | TJX (THE) COS., INC. | 85,607 | 1,703,262 | |||||
56,932 | TOLL BROTHERS, INC. | 3,272,633 | 4,501,613 | |||||
600 | TRACTOR SUPPLY CO. | 111,014 | 132,660 | |||||
34,547 | TRAVEL + LEISURE CO. | 1,262,960 | 1,393,626 | |||||
1,951 | ULTA BEAUTY, INC.(b) | 884,877 | 918,131 | |||||
6,793 | VF CORP. | 81,861 | 129,678 | |||||
2,000 | WENDY'S (THE) CO. | 28,853 | 43,500 | |||||
15,254 | WILLIAMS-SONOMA, INC. | 1,830,184 | 1,908,886 | |||||
1,554 | WYNN RESORTS LTD. | 31,066 | 164,118 | |||||
66,565,409 | 100,879,815 | 12.41% | ||||||
Consumer Staples: | ||||||||
60,492 | ALTRIA GROUP, INC. | 2,719,384 | 2,740,288 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 778,268 | |||||
100 | BROWN-FORMAN CORP., CLASS B | 6,370 | 6,678 | |||||
10,068 | CHURCH & DWIGHT CO., INC. | 241,887 | 1,009,116 | |||||
69,073 | COCA-COLA (THE) CO. | 1,562,344 | 4,159,576 | |||||
9,380 | COLGATE-PALMOLIVE CO. | 630,848 | 722,635 | |||||
2,300 | CONAGRA BRANDS, INC. | 40,014 | 77,556 | |||||
1,823 | CONSTELLATION BRANDS, INC., CLASS A | 251,171 | 448,695 | |||||
4,853 | COSTCO WHOLESALE CORP. | 910,130 | 2,612,758 | |||||
4,189 | DOLLAR GENERAL CORP. | 412,982 | 711,208 | |||||
1,924 | DOLLAR TREE, INC.(b) | 23,650 | 276,094 | |||||
3,000 | ESTEE LAUDER (THE) COS., INC., CLASS A | 618,050 | 589,140 | |||||
12,400 | GENERAL MILLS, INC. | 277,055 | 951,080 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 410,007 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 193,056 | |||||
1,300 | J M SMUCKER (THE) CO. | 60,305 | 191,971 | |||||
5,171 | KEURIG DR. PEPPER, INC. | 92,976 | 161,697 | |||||
3,750 | KIMBERLY-CLARK CORP. | 334,238 | 517,725 | |||||
3,905 | KRAFT HEINZ (THE) CO. | 34,111 | 138,627 | |||||
78,178 | KROGER (THE) CO. | 2,289,741 | 3,674,366 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 210,703 | |||||
1,400 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 122,122 | |||||
6,920 | MOLSON COORS BEVERAGE CO., CLASS B | 310,610 | 455,613 | |||||
17,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 803,237 | 1,310,659 | |||||
2,272 | MONSTER BEVERAGE CORP.(b) | 64,265 | 130,504 | |||||
21,713 | PEPSICO, INC. | 2,335,657 | 4,021,682 | |||||
19,402 | PHILIP MORRIS INTERNATIONAL, INC. | 1,528,804 | 1,894,023 | |||||
400 | POST HOLDINGS, INC.(b) | 21,172 | 34,660 | |||||
32,468 | PROCTER & GAMBLE (THE) CO. | 1,714,570 | 4,926,694 | |||||
116 | SEABOARD CORP. | 447,309 | 413,044 | |||||
7,100 | SYSCO CORP. | 110,707 | 526,820 | |||||
7,013 | TARGET CORP. | 787,066 | 925,015 | |||||
5,580 | TYSON FOODS, INC., CLASS A | 176,361 | 284,803 | |||||
32,318 | WALGREENS BOOTS ALLIANCE, INC. | 714,528 | 920,740 | |||||
45,743 | WALMART, INC. | 5,379,202 | 7,189,885 | |||||
25,286,020 | 43,737,508 | 5.38% |
See accompanying notes to financial statements. | 33 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy: | ||||||||
6,800 | BAKER HUGHES CO. | $ 83,252 | 214,948 | |||||
300 | CHENIERE ENERGY, INC. | 26,442 | 45,708 | |||||
41,820 | CHEVRON CORP. | 2,764,533 | 6,580,377 | |||||
22,923 | CONOCOPHILLIPS | 557,203 | 2,375,052 | |||||
5,100 | COTERRA ENERGY, INC. | 81,268 | 129,030 | |||||
8,826 | DEVON ENERGY CORP. | 299,937 | 426,649 | |||||
10,099 | EOG RESOURCES, INC. | 567,987 | 1,155,730 | |||||
97,193 | EXXON MOBIL CORP. | 7,442,956 | 10,423,949 | |||||
2,600 | HESS CORP. | 90,342 | 353,470 | |||||
74,104 | HF SINCLAIR CORP. | 3,309,925 | 3,305,779 | |||||
17,112 | KINDER MORGAN, INC. | 150,868 | 294,669 | |||||
9,400 | MARATHON OIL CORP. | 110,346 | 216,388 | |||||
19,600 | MARATHON PETROLEUM CORP. | 1,708,444 | 2,285,360 | |||||
6,935 | OCCIDENTAL PETROLEUM CORP. | 82,433 | 407,778 | |||||
5,800 | ONEOK, INC. | 148,297 | 357,976 | |||||
8,374 | PDC ENERGY, INC. | 450,731 | 595,726 | |||||
6,438 | PHILLIPS 66 | 440,133 | 614,056 | |||||
3,156 | PIONEER NATURAL RESOURCES CO. | 417,339 | 653,860 | |||||
9,633 | SCHLUMBERGER N.V. | 108,848 | 473,173 | |||||
2,900 | TARGA RESOURCES CORP. | 189,675 | 220,690 | |||||
27,152 | VALERO ENERGY CORP. | 2,456,099 | 3,184,930 | |||||
43,181 | VITESSE ENERGY, INC. | 754,193 | 967,254 | |||||
11,500 | WILLIAMS (THE) COS., INC. | 124,134 | 375,245 | |||||
22,365,385 | 35,657,797 | 4.39% | ||||||
Financials: | ||||||||
4,579 | AFLAC, INC. | 225,517 | 319,614 | |||||
8,300 | ALLSTATE (THE) CORP. | 197,623 | 905,032 | |||||
7,933 | AMERICAN EXPRESS CO. | 715,083 | 1,381,929 | |||||
34,540 | AMERICAN INTERNATIONAL GROUP, INC. | 1,716,479 | 1,987,432 | |||||
3,596 | AMERIPRISE FINANCIAL, INC. | 287,239 | 1,194,447 | |||||
2,548 | AON PLC, CLASS A | 406,718 | 879,570 | |||||
3,211 | ARCH CAPITAL GROUP LTD.(b) | 104,134 | 240,343 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 505,011 | |||||
4,900 | ASSURANT, INC. | 218,575 | 616,028 | |||||
100 | AXIS CAPITAL HOLDINGS LTD. | 4,980 | 5,383 | |||||
93,602 | BANK OF AMERICA CORP. | 689,814 | 2,685,441 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 445,200 | |||||
40,366 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 7,928,396 | 13,764,806 | |||||
1,600 | BLACKROCK, INC. | 1,020,493 | 1,105,824 | |||||
8,148 | BRIGHTHOUSE FINANCIAL, INC.(b) | 346,933 | 385,808 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 117,028 | |||||
7,747 | CAPITAL ONE FINANCIAL CORP. | 241,908 | 847,289 | |||||
17,908 | CHARLES SCHWAB (THE) CORP. | 189,651 | 1,015,026 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 998,424 | |||||
200 | CINCINNATI FINANCIAL CORP. | 20,055 | 19,464 | |||||
99,503 | CITIGROUP, INC. | 4,248,955 | 4,581,118 | |||||
4,794 | CME GROUP, INC. | 685,657 | 888,280 | |||||
400 | EVEREST RE GROUP LTD. | 101,540 | 136,744 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 351,234 | |||||
7,900 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 142,948 | 432,130 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 276,909 | |||||
933 | FIRST AMERICAN FINANCIAL CORP. | 42,460 | 53,200 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 1,234,252 | |||||
300 | FLEETCOR TECHNOLOGIES, INC.(b) | 52,039 | 75,324 | |||||
4,743 | GLOBAL PAYMENTS, INC. | 413,168 | 467,280 | |||||
100 | GLOBE LIFE, INC. | 11,345 | 10,962 | |||||
7,579 | GOLDMAN SACHS GROUP (THE), INC. | 807,418 | 2,444,531 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 339,090 | |||||
1,200 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 26,940 | 86,424 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,602 | 472,660 | |||||
7,005 | INTERCONTINENTAL EXCHANGE, INC. | 618,916 | 792,125 | |||||
50,092 | JPMORGAN CHASE & CO. | 2,064,862 | 7,285,381 | |||||
5,904 | KEYCORP | 30,107 | 54,553 | |||||
32,300 | LINCOLN NATIONAL CORP. | 703,014 | 832,048 | |||||
100 | MARKETAXESS HOLDINGS, INC. | 23,831 | 26,142 | |||||
7,377 | MARSH & MCLENNAN COS., INC. | 675,052 | 1,387,466 | |||||
17,433 | MASTERCARD, INC., CLASS A | 4,589,692 | 6,856,399 |
See accompanying notes to financial statements. | 34 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
1,300 | MERCURY GENERAL CORP. | $ 38,019 | 39,351 | |||||
5,731 | METLIFE, INC. | 201,149 | 323,973 | |||||
58,970 | MGIC INVESTMENT CORP. | 738,906 | 931,136 | |||||
2,100 | MOODY'S CORP. | 584,215 | 730,212 | |||||
1,000 | MSCI, INC. | 462,200 | 469,290 | |||||
5,100 | NASDAQ, INC. | 42,534 | 254,235 | |||||
2,700 | NORTHERN TRUST CORP. | 230,167 | 200,178 | |||||
4,061 | PAYPAL HOLDINGS, INC.(b) | 223,727 | 270,991 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 896,008 | |||||
3,673 | PRINCIPAL FINANCIAL GROUP, INC. | 172,479 | 278,560 | |||||
7,588 | PROGRESSIVE (THE) CORP. | 837,867 | 1,004,424 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,566 | 520,498 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 108,959 | |||||
6,699 | REGIONS FINANCIAL CORP. | 27,215 | 119,376 | |||||
4,500 | S&P GLOBAL, INC. | 1,430,397 | 1,804,005 | |||||
1,200 | STATE STREET CORP. | 76,367 | 87,816 | |||||
5,920 | STIFEL FINANCIAL CORP. | 350,271 | 353,246 | |||||
4,496 | STONECO LTD., CLASS A(b)(c) | 37,028 | 57,279 | |||||
64,034 | SYNCHRONY FINANCIAL | 1,539,789 | 2,172,033 | |||||
11,149 | T. ROWE PRICE GROUP, INC. | 947,961 | 1,248,911 | |||||
2,620 | TRAVELERS (THE) COS., INC. | 93,128 | 454,989 | |||||
12,994 | TRUIST FINANCIAL CORP. | 242,181 | 394,368 | |||||
51,719 | UNUM GROUP | 2,034,228 | 2,466,996 | |||||
17,585 | US BANCORP | 318,503 | 581,008 | |||||
29,861 | VISA, INC., CLASS A | 5,759,145 | 7,091,390 | |||||
11,782 | W R BERKLEY CORP. | 230,551 | 701,736 | |||||
51,127 | WELLS FARGO & CO. | 734,571 | 2,182,100 | |||||
278,903 | WESTERN UNION (THE) CO. | 3,098,238 | 3,271,532 | |||||
1,400 | WILLIS TOWERS WATSON PLC(c) | 296,717 | 329,700 | |||||
2,700 | ZIONS BANCORP N.A. | 52,466 | 72,522 | |||||
52,686,720 | 87,920,173 | 10.82% | ||||||
Health Care: | ||||||||
32,234 | ABBOTT LABORATORIES | 2,223,601 | 3,514,151 | |||||
39,933 | ABBVIE, INC. | 3,671,317 | 5,380,173 | |||||
4,735 | AGILENT TECHNOLOGIES, INC. | 594,497 | 569,384 | |||||
1,653 | ALIGN TECHNOLOGY, INC.(b) | 406,026 | 584,567 | |||||
5,700 | AMERISOURCEBERGEN CORP. | 95,209 | 1,096,851 | |||||
19,236 | AMGEN, INC. | 3,798,072 | 4,270,777 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 4,933 | |||||
3,809 | BECTON, DICKINSON AND CO. | 586,445 | 1,005,614 | |||||
3,585 | BIOGEN, INC.(b) | 971,325 | 1,021,187 | |||||
200 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 85,088 | 75,824 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,774,152 | |||||
71,540 | BRISTOL-MYERS SQUIBB CO. | 4,031,483 | 4,574,983 | |||||
2,312 | CARDINAL HEALTH, INC. | 88,307 | 218,646 | |||||
2,500 | CATALENT, INC.(b) | 134,342 | 108,400 | |||||
11,043 | CENTENE CORP.(b) | 634,692 | 744,850 | |||||
11,337 | CIGNA GROUP (THE) | 2,397,193 | 3,181,162 | |||||
25,530 | CVS HEALTH CORP. | 1,484,100 | 1,764,889 | |||||
10,860 | DANAHER CORP. | 1,071,927 | 2,606,400 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 213,387 | |||||
6,000 | DEXCOM, INC.(b) | 87,312 | 771,060 | |||||
2,556 | ELEVANCE HEALTH, INC. | 775,579 | 1,135,605 | |||||
13,651 | ELI LILLY & CO. | 1,771,513 | 6,402,046 | |||||
32,791 | EXELIXIS, INC.(b) | 544,681 | 626,636 | |||||
3,782 | GE HEALTHCARE TECHNOLOGIES, INC. | 169,994 | 307,250 | |||||
51,468 | GILEAD SCIENCES, INC. | 3,012,572 | 3,966,639 | |||||
200 | HCA HEALTHCARE, INC. | 47,486 | 60,696 | |||||
5,008 | HOLOGIC, INC.(b) | 81,572 | 405,498 | |||||
3,827 | HUMANA, INC. | 1,660,003 | 1,711,167 | |||||
1,000 | IDEXX LABORATORIES, INC.(b) | 257,727 | 502,230 | |||||
2,400 | ILLUMINA, INC.(b) | 120,437 | 449,976 | |||||
6,834 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 259,002 | 281,082 | |||||
4,700 | INTUITIVE SURGICAL, INC.(b) | 872,295 | 1,607,118 | |||||
1,000 | IONIS PHARMACEUTICALS, INC.(b) | 28,025 | 41,030 | |||||
3,773 | IQVIA HOLDINGS, INC.(b) | 448,528 | 848,057 | |||||
23,261 | JOHNSON & JOHNSON | 1,422,482 | 3,850,161 |
See accompanying notes to financial statements. | 35 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
500 | LABORATORY CORP. OF AMERICA HOLDINGS | $ 11,742 | 120,665 | |||||
300 | MASIMO CORP.(b) | 35,481 | 49,365 | |||||
9,286 | MCKESSON CORP. | 1,334,109 | 3,968,001 | |||||
28,500 | MEDTRONIC PLC(c) | 2,349,138 | 2,510,850 | |||||
43,946 | MERCK & CO., INC. | 1,549,057 | 5,070,929 | |||||
3,361 | MODERNA, INC.(b) | 372,015 | 408,361 | |||||
4,100 | MOLINA HEALTHCARE, INC.(b) | 997,794 | 1,235,084 | |||||
300 | NEUROCRINE BIOSCIENCES, INC.(b) | 23,979 | 28,290 | |||||
3,547 | ORGANON & CO. | 39,446 | 73,813 | |||||
60,066 | PFIZER, INC. | 1,062,577 | 2,203,221 | |||||
1,306 | REGENERON PHARMACEUTICALS, INC.(b) | 680,617 | 938,413 | |||||
18 | REPLIGEN CORP.(b) | 2,766 | 2,546 | |||||
4,000 | RESMED, INC. | 81,990 | 874,000 | |||||
800 | ROYALTY PHARMA PLC, CLASS A | 29,710 | 24,592 | |||||
1,200 | STERIS PLC | 207,491 | 269,976 | |||||
1,800 | STRYKER CORP. | 439,036 | 549,162 | |||||
29,152 | SYNEOS HEALTH, INC.(b) | 1,042,423 | 1,228,465 | |||||
500 | TELEFLEX, INC. | 103,815 | 121,015 | |||||
6,422 | THERMO FISHER SCIENTIFIC, INC. | 2,702,286 | 3,350,678 | |||||
12,825 | UNITED THERAPEUTICS CORP.(b) | 2,879,445 | 2,831,119 | |||||
13,997 | UNITEDHEALTH GROUP, INC. | 3,643,489 | 6,727,518 | |||||
2,838 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 257,448 | 447,751 | |||||
7,305 | VERTEX PHARMACEUTICALS, INC.(b) | 1,872,538 | 2,570,703 | |||||
138,367 | VIATRIS, INC. | 1,296,683 | 1,380,903 | |||||
700 | WATERS CORP.(b) | 16,422 | 186,578 | |||||
3,374 | ZIMMER BIOMET HOLDINGS, INC. | 135,863 | 491,254 | |||||
6,047 | ZOETIS, INC. | 858,592 | 1,041,354 | |||||
58,185,264 | 94,381,187 | 11.62% | ||||||
Industrials: | ||||||||
22,373 | 3M CO. | 2,067,180 | 2,239,314 | |||||
1,400 | A O SMITH CORP. | 72,742 | 101,892 | |||||
6,307 | ACUITY BRANDS, INC. | 951,446 | 1,028,546 | |||||
20,924 | AGCO CORP. | 2,485,517 | 2,749,832 | |||||
75,058 | ALLISON TRANSMISSION HOLDINGS, INC. | 3,185,798 | 4,237,775 | |||||
8,800 | AMERICAN AIRLINES GROUP, INC.(b) | 126,329 | 157,872 | |||||
5,175 | AMETEK, INC. | 73,221 | 837,729 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,487,099 | |||||
1,502 | AVIS BUDGET GROUP, INC.(b) | 231,247 | 343,462 | |||||
7,587 | BOEING (THE) CO.(b) | 1,073,468 | 1,602,071 | |||||
500 | BOOZ ALLEN HAMILTON HOLDING CORP. | 37,428 | 55,800 | |||||
2,213 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 89,066 | 366,539 | |||||
31,787 | BUILDERS FIRSTSOURCE, INC.(b) | 2,355,488 | 4,323,032 | |||||
800 | BWX TECHNOLOGIES, INC. | 36,143 | 57,256 | |||||
10,898 | C.H. ROBINSON WORLDWIDE, INC. | 1,041,257 | 1,028,226 | |||||
10,840 | CARRIER GLOBAL CORP. | 64,437 | 538,856 | |||||
14,635 | CATERPILLAR, INC. | 1,167,890 | 3,600,942 | |||||
2,100 | CERIDIAN HCM HOLDING, INC.(b) | 121,209 | 140,637 | |||||
4,200 | CINTAS CORP. | 616,293 | 2,087,736 | |||||
1,251 | COPA HOLDINGS S.A., CLASS A | 105,296 | 138,336 | |||||
4,000 | COPART, INC.(b) | 143,195 | 364,840 | |||||
12,472 | CRANE NXT CO. | 589,041 | 703,920 | |||||
36,272 | CSX CORP. | 810,618 | 1,236,875 | |||||
1,600 | CUMMINS, INC. | 317,297 | 392,256 | |||||
3,193 | DEERE & CO. | 101,416 | 1,293,772 | |||||
11,440 | DELTA AIR LINES, INC.(b) | 343,866 | 543,858 | |||||
16,778 | DONALDSON CO., INC. | 1,048,827 | 1,048,793 | |||||
125 | DOVER CORP. | 13,234 | 18,456 | |||||
11,904 | EATON CORP. PLC | 223,705 | 2,393,894 | |||||
900 | EQUIFAX, INC. | 149,184 | 211,770 | |||||
15,761 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 1,617,887 | 1,909,130 | |||||
200 | FASTENAL CO. | 9,916 | 11,798 | |||||
2,856 | FEDEX CORP. | 262,842 | 708,002 | |||||
7,076 | FORTIVE CORP. | 372,199 | 529,073 | |||||
1,500 | FORTUNE BRANDS INNOVATIONS, INC. | 75,143 | 107,925 | |||||
29,175 | GATES INDUSTRIAL CORP. PLC(b) | 359,863 | 393,279 | |||||
4,928 | GENERAL DYNAMICS CORP. | 984,665 | 1,060,259 | |||||
11,346 | GENERAL ELECTRIC CO. | 603,905 | 1,246,358 |
See accompanying notes to financial statements. | 36 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
800 | GENPACT LTD. | $ 32,798 | 30,056 | |||||
9,288 | HONEYWELL INTERNATIONAL, INC. | 284,831 | 1,927,260 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 1,240,933 | |||||
8,007 | HUBBELL, INC. | 1,849,446 | 2,654,801 | |||||
1,371 | IDEX CORP. | 119,804 | 295,121 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 1,206,772 | |||||
2,100 | INGERSOLL RAND, INC. | 102,096 | 137,256 | |||||
1,359 | JOHNSON CONTROLS INTERNATIONAL PLC | 41,734 | 92,602 | |||||
803 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 34,320 | 44,615 | |||||
1,352 | L3HARRIS TECHNOLOGIES, INC. | 46,888 | 264,681 | |||||
3,593 | LANDSTAR SYSTEM, INC. | 632,676 | 691,796 | |||||
5,752 | LOCKHEED MARTIN CORP. | 2,421,259 | 2,648,106 | |||||
11,762 | MANPOWERGROUP, INC. | 914,601 | 933,903 | |||||
2,098 | MASCO CORP. | 55,830 | 120,383 | |||||
164,263 | MASTERBRAND, INC.(b) | 1,304,335 | 1,910,379 | |||||
19,179 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 1,532,629 | 1,827,375 | |||||
677 | NORFOLK SOUTHERN CORP. | 12,958 | 153,517 | |||||
2,971 | NORTHROP GRUMMAN CORP. | 269,441 | 1,354,182 | |||||
3,900 | OLD DOMINION FREIGHT LINE, INC. | 666,125 | 1,442,025 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 473,533 | |||||
32,202 | OWENS CORNING | 2,954,362 | 4,202,361 | |||||
32,355 | PACCAR, INC. | 2,218,315 | 2,706,496 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,805,105 | |||||
3,285 | PAYCHEX, INC. | 328,672 | 367,493 | |||||
1,553 | PAYCOM SOFTWARE, INC. | 217,948 | 498,886 | |||||
2,719 | PENTAIR PLC(c) | 57,667 | 175,647 | |||||
200 | QUANTA SERVICES, INC. | 29,452 | 39,290 | |||||
22,028 | RAYTHEON TECHNOLOGIES CORP. | 1,080,344 | 2,157,863 | |||||
682 | RB GLOBAL, INC.(c) | 35,812 | 40,920 | |||||
1,617 | REPUBLIC SERVICES, INC. | 65,855 | 247,676 | |||||
1,852 | ROBERT HALF INTERNATIONAL, INC. | 137,123 | 139,307 | |||||
9,649 | ROLLINS, INC. | 229,841 | 413,267 | |||||
17,901 | RYDER SYSTEM, INC. | 1,534,307 | 1,517,826 | |||||
65,686 | SCHNEIDER NATIONAL, INC., CLASS B | 1,652,438 | 1,886,502 | |||||
2,057 | STANLEY BLACK & DECKER, INC. | 58,948 | 192,761 | |||||
14,448 | TEXTRON, INC. | 984,516 | 977,118 | |||||
21,414 | TIMKEN (THE) CO. | 1,648,657 | 1,960,023 | |||||
10,505 | TRANE TECHNOLOGIES PLC(c) | 490,333 | 2,009,186 | |||||
600 | TRANSDIGM GROUP, INC. | 296,945 | 536,502 | |||||
5,902 | UNION PACIFIC CORP. | 369,465 | 1,207,667 | |||||
2,500 | UNITED AIRLINES HOLDINGS, INC.(b) | 106,363 | 137,175 | |||||
9,857 | UNITED PARCEL SERVICE, INC., CLASS B | 1,198,141 | 1,766,867 | |||||
3,660 | UNITED RENTALS, INC. | 357,777 | 1,630,054 | |||||
32,323 | UNIVAR SOLUTIONS, INC.(b) | 1,124,805 | 1,158,456 | |||||
924 | VALMONT INDUSTRIES, INC. | 274,328 | 268,930 | |||||
494 | VERISK ANALYTICS, INC. | 83,738 | 111,659 | |||||
8,650 | WASTE MANAGEMENT, INC. | 135,675 | 1,500,083 | |||||
899 | WESCO INTERNATIONAL, INC. | 129,785 | 160,975 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 131,604 | |||||
2,300 | XYLEM, INC. | 89,663 | 259,026 | |||||
53,421,125 | 90,953,231 | 11.19% | ||||||
Information Technology: | ||||||||
13,372 | ACCENTURE PLC, CLASS A(c) | 2,608,625 | 4,126,332 | |||||
17,231 | ADOBE, INC.(b) | 4,236,843 | 8,425,787 | |||||
24,373 | ADVANCED MICRO DEVICES, INC.(b) | 272,579 | 2,776,328 | |||||
907 | AMDOCS LTD. | 78,265 | 89,657 | |||||
6,700 | AMPHENOL CORP., CLASS A | 490,411 | 569,165 | |||||
7,269 | ANALOG DEVICES, INC. | 611,421 | 1,416,074 | |||||
400 | ANSYS, INC.(b) | 88,560 | 132,108 | |||||
296,022 | APPLE, INC. | 19,329,753 | 57,419,387 | |||||
9,314 | APPLIED MATERIALS, INC. | 484,392 | 1,346,246 | |||||
47,075 | APPLOVIN CORP., CLASS A(b) | 620,345 | 1,211,240 | |||||
3,300 | ARISTA NETWORKS, INC.(b) | 346,079 | 534,798 | |||||
28,589 | ARROW ELECTRONICS, INC.(b) | 3,304,262 | 4,094,802 | |||||
5,855 | AUTODESK, INC.(b) | 933,451 | 1,197,991 | |||||
27,682 | AVNET, INC. | 1,154,480 | 1,396,557 | |||||
645 | BLACK KNIGHT, INC.(b) | 25,292 | 38,526 |
See accompanying notes to financial statements. | 37 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
9,365 | BROADCOM, INC. | $ 3,801,441 | 8,123,482 | |||||
9,400 | CADENCE DESIGN SYSTEMS, INC.(b) | 407,205 | 2,204,488 | |||||
7,000 | CDW CORP. | 292,424 | 1,284,500 | |||||
24,139 | CIRRUS LOGIC, INC.(b) | 2,154,146 | 1,955,500 | |||||
156,946 | CISCO SYSTEMS, INC. | 5,709,275 | 8,120,386 | |||||
6,894 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 276,484 | 450,040 | |||||
15,800 | CORNING, INC. | 91,656 | 553,632 | |||||
300 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 29,640 | 44,061 | |||||
50,572 | DELL TECHNOLOGIES, INC., CLASS C | 1,814,590 | 2,736,451 | |||||
16,858 | DOCUSIGN, INC.(b) | 882,795 | 861,275 | |||||
6,515 | DXC TECHNOLOGY CO.(b) | 158,784 | 174,081 | |||||
1,700 | ENPHASE ENERGY, INC.(b) | 274,645 | 284,716 | |||||
1,254 | EPAM SYSTEMS, INC.(b) | 247,994 | 281,836 | |||||
100 | F5, INC.(b) | 14,240 | 14,626 | |||||
3,851 | FAIR ISAAC CORP.(b) | 1,733,363 | 3,116,268 | |||||
27,615 | FORTINET, INC.(b) | 393,491 | 2,087,418 | |||||
357 | GARTNER, INC.(b) | 91,624 | 125,061 | |||||
22,781 | GEN DIGITAL, INC. | 207,695 | 422,587 | |||||
573 | GODADDY, INC., CLASS A(b) | 36,199 | 43,049 | |||||
182,554 | HEWLETT PACKARD ENTERPRISE CO. | 2,255,206 | 3,066,907 | |||||
44,411 | HP, INC. | 1,011,384 | 1,363,862 | |||||
43,950 | INTEL CORP. | 761,698 | 1,469,688 | |||||
11,723 | INTERNATIONAL BUSINESS MACHINES CORP. | 1,192,830 | 1,568,655 | |||||
4,700 | INTUIT, INC. | 548,617 | 2,153,493 | |||||
24,332 | JABIL, INC. | 1,916,929 | 2,626,153 | |||||
4,300 | JUNIPER NETWORKS, INC. | 128,253 | 134,719 | |||||
600 | KEYSIGHT TECHNOLOGIES, INC.(b) | 62,572 | 100,470 | |||||
5,476 | KLA CORP. | 1,781,428 | 2,655,969 | |||||
5,283 | LAM RESEARCH CORP. | 439,662 | 3,396,229 | |||||
32,216 | MICROCHIP TECHNOLOGY, INC. | 1,950,391 | 2,886,231 | |||||
33,760 | MICRON TECHNOLOGY, INC. | 669,074 | 2,130,594 | |||||
151,358 | MICROSOFT CORP. | 15,791,235 | 51,543,453 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 54,050 | |||||
500 | MONOLITHIC POWER SYSTEMS, INC. | 180,141 | 270,115 | |||||
1,900 | MOTOROLA SOLUTIONS, INC. | 402,783 | 557,232 | |||||
76,914 | NCR CORP.(b) | 1,729,518 | 1,938,233 | |||||
46,178 | NVIDIA CORP. | 3,812,203 | 19,534,218 | |||||
3,825 | NXP SEMICONDUCTORS N.V.(c) | 327,712 | 782,901 | |||||
25,247 | ON SEMICONDUCTOR CORP.(b) | 1,808,033 | 2,387,861 | |||||
19,877 | ORACLE CORP. | 1,256,311 | 2,367,152 | |||||
2,400 | PTC, INC.(b) | 82,674 | 341,520 | |||||
15,115 | QUALCOMM, INC. | 1,660,657 | 1,799,290 | |||||
19,275 | RINGCENTRAL, INC., CLASS A(b) | 662,222 | 630,871 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,318 | 336,560 | |||||
15,549 | SALESFORCE, INC.(b) | 1,417,889 | 3,284,882 | |||||
5,500 | SEAGATE TECHNOLOGY HOLDINGS PLC | 51,728 | 340,285 | |||||
2,647 | SERVICENOW, INC.(b) | 529,253 | 1,487,535 | |||||
16,060 | SKYWORKS SOLUTIONS, INC. | 1,683,611 | 1,777,681 | |||||
700 | SOLAREDGE TECHNOLOGIES, INC.(b)(c) | 147,917 | 188,335 | |||||
5,300 | SYNOPSYS, INC.(b) | 438,338 | 2,307,673 | |||||
10,359 | TD SYNNEX CORP. | 926,664 | 973,746 | |||||
600 | TELEDYNE TECHNOLOGIES, INC.(b) | 226,008 | 246,666 | |||||
20,053 | TERADATA CORP.(b) | 740,204 | 1,071,031 | |||||
4,600 | TERADYNE, INC. | 82,730 | 512,118 | |||||
27,783 | TEXAS INSTRUMENTS, INC. | 936,448 | 5,001,496 | |||||
7,049 | TRIMBLE, INC.(b) | 94,849 | 373,174 | |||||
100 | UBIQUITI, INC. | 17,029 | 17,575 | |||||
876 | VERISIGN, INC.(b) | 140,628 | 197,950 | |||||
5,145 | WESTERN DIGITAL CORP.(b) | 87,708 | 195,150 | |||||
208 | WORKDAY, INC., CLASS A(b) | 28,550 | 46,985 | |||||
400 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 43,396 | 118,332 | |||||
20,693 | ZOOM VIDEO COMMUNICATIONS, INC., CLASS A(b) | 1,366,017 | 1,404,641 | |||||
102,719,577 | 243,300,136 | 29.94% | ||||||
Materials: | ||||||||
3,094 | AIR PRODUCTS AND CHEMICALS, INC. | 525,323 | 926,746 | |||||
1,300 | ALBEMARLE CORP. | 61,404 | 290,017 | |||||
19,470 | AMCOR PLC(c) | 124,188 | 194,311 |
See accompanying notes to financial statements. | 38 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
4,165 | AVERY DENNISON CORP. | $ 371,149 | 715,547 | |||||
4,200 | BALL CORP. | 214,268 | 244,482 | |||||
11,110 | BERRY GLOBAL GROUP, INC. | 614,155 | 714,817 | |||||
1,200 | CELANESE CORP. | 115,535 | 138,960 | |||||
12,098 | CF INDUSTRIES HOLDINGS, INC. | 1,069,574 | 839,843 | |||||
1,904 | CHEMOURS (THE) CO. | 56,827 | 70,239 | |||||
8,562 | CORTEVA, INC. | 200,802 | 490,603 | |||||
8,062 | DOW, INC. | 185,436 | 429,382 | |||||
7,362 | DUPONT DE NEMOURS, INC. | 218,512 | 525,941 | |||||
1,190 | EASTMAN CHEMICAL CO. | 89,105 | 99,627 | |||||
3,991 | ECOLAB, INC. | 236,070 | 745,080 | |||||
100 | FMC CORP. | 12,448 | 10,434 | |||||
18,800 | FREEPORT-MCMORAN, INC. | 279,545 | 752,000 | |||||
16,733 | HUNTSMAN CORP. | 403,376 | 452,126 | |||||
3,321 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 281,946 | 264,318 | |||||
18,927 | INTERNATIONAL PAPER CO. | 649,000 | 602,068 | |||||
6,465 | LINDE PLC | 1,521,181 | 2,463,682 | |||||
6,607 | LOUISIANA-PACIFIC CORP. | 378,476 | 495,393 | |||||
24,701 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 1,763,043 | 2,268,293 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 323,183 | |||||
40,637 | MOSAIC (THE) CO. | 1,794,253 | 1,422,295 | |||||
12,700 | NEWMONT CORP. | 389,957 | 541,782 | |||||
9,103 | NUCOR CORP. | 1,252,497 | 1,492,710 | |||||
32,049 | OLIN CORP. | 1,641,741 | 1,646,998 | |||||
1,000 | PACKAGING CORP. OF AMERICA | 114,697 | 132,160 | �� | ||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 767,008 | |||||
10,609 | RELIANCE STEEL & ALUMINUM CO. | 2,557,143 | 2,881,298 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 56,000 | |||||
27,311 | STEEL DYNAMICS, INC. | 2,878,857 | 2,974,987 | |||||
72,501 | UNITED STATES STEEL CORP. | 1,795,446 | 1,813,250 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 473,424 | |||||
8,135 | WESTLAKE CORP. | 856,316 | 971,888 | |||||
3,358 | WESTROCK CO. | 99,509 | 97,617 | |||||
22,991,601 | 29,328,509 | 3.61% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,363 | 241,620 | |||||
1,252 | AMERICAN HOMES 4 RENT, CLASS A | 37,569 | 44,383 | |||||
8,580 | AMERICAN TOWER CORP. | 1,336,344 | 1,664,005 | |||||
1,934 | AVALONBAY COMMUNITIES, INC. | 225,956 | 366,048 | |||||
3,388 | BOSTON PROPERTIES, INC. | 169,359 | 195,115 | |||||
900 | CAMDEN PROPERTY TRUST | 24,015 | 97,983 | |||||
4,300 | CBRE GROUP, INC., CLASS A(b) | 306,058 | 347,053 | |||||
5,900 | CROWN CASTLE, INC. | 318,035 | 672,246 | |||||
457 | DIGITAL REALTY TRUST, INC. | 20,856 | 52,039 | |||||
952 | EQUINIX, INC. | 131,626 | 746,311 | |||||
5,516 | EQUITY RESIDENTIAL | 179,921 | 363,891 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 158,153 | |||||
1,800 | EXTRA SPACE STORAGE, INC. | 280,613 | 267,930 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 47,642 | 87,093 | |||||
70 | GAMING AND LEISURE PROPERTIES, INC. | 2,718 | 3,392 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 64,871 | 140,700 | |||||
10,022 | HOST HOTELS & RESORTS, INC. | 68,301 | 168,670 | |||||
7,700 | INVITATION HOMES, INC. | 228,811 | 264,880 | |||||
2,300 | IRON MOUNTAIN, INC. | 103,977 | 130,686 | |||||
6,972 | KIMCO REALTY CORP. | 66,465 | 137,488 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 273,348 | |||||
2,500 | OUTFRONT MEDIA, INC. | 32,266 | 39,300 | |||||
13,218 | PROLOGIS, INC. | 485,293 | 1,620,923 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 506,412 | |||||
6,002 | REALTY INCOME CORP. | 209,453 | 358,860 | |||||
3,900 | REGENCY CENTERS CORP. | 85,344 | 240,903 | |||||
680 | REXFORD INDUSTRIAL REALTY, INC. | 33,593 | 35,510 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 486,696 | |||||
4,134 | SIMON PROPERTY GROUP, INC. | 304,125 | 477,394 | |||||
133 | SUN COMMUNITIES, INC. | 12,239 | 17,351 | |||||
4,100 | UDR, INC. | 63,318 | 176,136 | |||||
4,700 | VENTAS, INC. | 206,398 | 222,169 |
See accompanying notes to financial statements. | 39 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
12,565 | VICI PROPERTIES, INC. | $ 323,201 | 394,918 | |||||
6,400 | WELLTOWER, INC. | 407,634 | 517,696 | |||||
4,916 | WEYERHAEUSER CO. | 22,140 | 164,735 | |||||
6,555,819 | 11,682,037 | 1.44% | ||||||
Utilities: | ||||||||
3,100 | AES (THE) CORP. | 35,303 | 64,263 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 104,960 | |||||
2,900 | AMEREN CORP. | 143,805 | 236,843 | |||||
5,900 | AMERICAN ELECTRIC POWER CO., INC. | 372,550 | 496,780 | |||||
8,500 | AMERICAN WATER WORKS CO., INC. | 1,183,417 | 1,213,375 | |||||
900 | AVANGRID, INC. | 34,235 | 33,912 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 169,070 | |||||
10,200 | CMS ENERGY CORP. | 135,756 | 599,250 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 449,740 | |||||
3,500 | CONSTELLATION ENERGY CORP. | 137,851 | 320,425 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 625,261 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 253,046 | |||||
9,251 | DUKE ENERGY CORP. | 427,582 | 830,185 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 300,371 | |||||
464 | ENTERGY CORP. | 10,276 | 45,180 | |||||
2,974 | EVERGY, INC. | 67,407 | 173,741 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 351,834 | |||||
10,500 | EXELON CORP. | 342,581 | 427,770 | |||||
5,500 | FIRSTENERGY CORP. | 150,952 | 213,840 | |||||
20,654 | NEXTERA ENERGY, INC. | 524,785 | 1,532,527 | |||||
6,900 | NISOURCE, INC. | 43,973 | 188,715 | |||||
10,300 | PG&E CORP.(b) | 139,468 | 177,984 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 1,067,126 | |||||
700 | PPL CORP. | 10,384 | 18,522 | |||||
1,200 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 51,552 | 75,132 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 538,683 | |||||
13,300 | SOUTHERN (THE) CO. | 486,970 | 934,325 | |||||
150 | UGI CORP. | 2,603 | 4,045 | |||||
1,656 | VISTRA CORP. | 28,906 | 43,470 | |||||
3,500 | WEC ENERGY GROUP, INC. | 263,727 | 308,840 | |||||
7,100 | XCEL ENERGY, INC. | 458,496 | 441,407 | |||||
7,267,419 | 12,240,622 | 1.51% | ||||||
Sub-total Common Stocks: | 441,533,861 | 807,737,393 | 99.41% | |||||
Escrows: | ||||||||
Communication Services: | ||||||||
1,360 | GCI LIBERTY, INC., CLASS A(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Rights: | ||||||||
Financials: | ||||||||
300 | ABIOMED, INC. (CONTINGENT VALUE RIGHTS)(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
4,948,237 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.98%(e) | 4,948,237 | 4,948,237 | |||||
Sub-total Short-Term Investments: | 4,948,237 | 4,948,237 | 0.61% | |||||
Grand total | $ 446,482,098 | 812,685,630 | 100.02% |
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, 2023, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 1.64% of net assets. |
(d) | Security has been deemed worthless and is a Level 3 investment. |
See accompanying notes to financial statements. | 40 | (Continued) |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2022, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,611,528 with net purchases of $336,709 during the six months ended June 30, 2023. |
See accompanying notes to financial statements. | 41 | (Continued) |
See accompanying notes to financial statements. | 42 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
6,100 | AMC NETWORKS, INC., CLASS A(b) | $ 75,828 | 72,895 | |||||
3,500 | CARS.COM, INC.(b) | 42,390 | 69,370 | |||||
3,100 | CINEMARK HOLDINGS, INC.(b) | 51,108 | 51,150 | |||||
2,400 | COGENT COMMUNICATIONS HOLDINGS, INC. | 128,057 | 161,496 | |||||
2,900 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 10,721 | 11,107 | |||||
72,198 | EVENTBRITE, INC., CLASS A(b) | 549,978 | 689,491 | |||||
2,200 | EW SCRIPPS (THE) CO., CLASS A(b) | 19,094 | 20,130 | |||||
3,500 | GANNETT CO., INC.(b) | 5,809 | 7,875 | |||||
3,600 | GOGO, INC.(b) | 44,268 | 61,236 | |||||
143,714 | NEW YORK TIMES (THE) CO., CLASS A | 6,045,844 | 5,659,457 | |||||
34,891 | OOMA, INC.(b) | 616,629 | 522,318 | |||||
1,200 | SCHOLASTIC CORP. | 36,379 | 46,668 | |||||
600 | SHENANDOAH TELECOMMUNICATIONS CO. | 11,024 | 11,658 | |||||
14,931 | SHUTTERSTOCK, INC. | 1,084,312 | 726,692 | |||||
5,708 | TECHTARGET, INC.(b) | 323,048 | 177,690 | |||||
177,257 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 631,966 | 470,990 | |||||
88,477 | WARNER MUSIC GROUP CORP., CLASS A | 2,713,038 | 2,308,365 | |||||
3,804 | YELP, INC.(b) | 111,139 | 138,504 | |||||
12,500,632 | 11,207,092 | 2.86% | ||||||
Consumer Discretionary: | ||||||||
31,727 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 961,928 | 247,471 | |||||
2,800 | ABERCROMBIE & FITCH CO., CLASS A(b) | 44,959 | 105,504 | |||||
2,046 | ACADEMY SPORTS & OUTDOORS, INC. | 82,840 | 110,586 | |||||
42,873 | ADIENT PLC(b) | 1,550,900 | 1,642,893 | |||||
837 | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | 5,969 | 6,922 | |||||
158,620 | AMERICAN EAGLE OUTFITTERS, INC. | 3,040,698 | 1,871,716 | |||||
400 | AMERICA'S CAR-MART, INC.(b) | 24,862 | 39,912 | |||||
500 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 84,891 | 120,210 | |||||
300 | BJ'S RESTAURANTS, INC.(b) | 7,176 | 9,540 | |||||
4,763 | BLOOMIN' BRANDS, INC. | 93,604 | 128,077 | |||||
1,295 | BOOT BARN HOLDINGS, INC.(b) | 77,565 | 109,674 | |||||
1,900 | BRINKER INTERNATIONAL, INC.(b) | 49,106 | 69,540 | |||||
200 | BUCKLE (THE), INC. | 6,390 | 6,920 | |||||
1,000 | CALERES, INC. | 23,330 | 23,930 | |||||
72,663 | CARPARTS.COM, INC.(b) | 404,880 | 308,818 | |||||
99,794 | CENTURY CASINOS, INC.(b) | 1,418,206 | 708,537 | |||||
1,929 | CENTURY COMMUNITIES, INC. | 86,775 | 147,800 | |||||
2,000 | CHEESECAKE FACTORY (THE), INC. | 62,600 | 69,160 | |||||
1,300 | CHICO'S FAS, INC.(b) | 6,993 | 6,955 | |||||
8,400 | CHUY'S HOLDINGS, INC.(b) | 176,041 | 342,888 | |||||
141,329 | DANA, INC. | 1,770,255 | 2,402,593 | |||||
15,487 | DENNY'S CORP.(b) | 249,246 | 190,800 | |||||
163 | DINE BRANDS GLOBAL, INC. | 9,595 | 9,459 | |||||
924 | DORMAN PRODUCTS, INC.(b) | 78,401 | 72,839 | |||||
79,438 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,418,716 | 1,953,380 | |||||
800 | EL POLLO LOCO HOLDINGS, INC. | 7,080 | 7,016 | |||||
300 | ETHAN ALLEN INTERIORS, INC. | 6,708 | 8,484 | |||||
4,500 | FRONTDOOR, INC.(b) | 94,527 | 143,550 | |||||
103,115 | FULL HOUSE RESORTS, INC.(b) | 871,209 | 690,871 | |||||
161,948 | GAP (THE), INC. | 2,324,714 | 1,446,196 | |||||
39,952 | GEN RESTAURANT GROUP, INC.(b) | 488,732 | 678,785 | |||||
79,519 | GENTEX CORP. | 2,347,052 | 2,326,726 | |||||
1,300 | GENTHERM, INC.(b) | 65,622 | 73,463 | |||||
987 | G-III APPAREL GROUP LTD.(b) | 14,210 | 19,020 | |||||
83,038 | GILDAN ACTIVEWEAR, INC.(c) | 1,957,816 | 2,677,145 | |||||
406 | GOLDEN ENTERTAINMENT, INC.(b) | 14,316 | 16,971 | |||||
1,300 | GREEN BRICK PARTNERS, INC.(b) | 28,259 | 73,840 | |||||
900 | GROUP 1 AUTOMOTIVE, INC. | 129,981 | 232,290 | |||||
1,900 | GUESS?, INC. | 28,931 | 36,955 | |||||
259,230 | HANESBRANDS, INC. | 2,705,599 | 1,176,904 | |||||
800 | HAVERTY FURNITURE COS., INC. | 20,316 | 24,176 | |||||
27,031 | HELEN OF TROY LTD.(b) | 4,124,213 | 2,919,889 | |||||
47,911 | HOOKER FURNISHINGS CORP. | 1,123,840 | 894,019 | |||||
601 | INSTALLED BUILDING PRODUCTS, INC. | 45,818 | 84,236 | |||||
2,100 | KONTOOR BRANDS, INC. | 72,197 | 88,410 | |||||
600 | LA-Z-BOY, INC. | 13,860 | 17,184 |
See accompanying notes to financial statements. | 43 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
700 | LCI INDUSTRIES | $ 79,807 | 88,452 | |||||
5,200 | LESLIE'S, INC.(b) | 55,179 | 48,828 | |||||
700 | LGI HOMES, INC.(b) | 57,078 | 94,423 | |||||
17,082 | LOVESAC (THE) CO.(b) | 888,342 | 460,360 | |||||
1,500 | M/I HOMES, INC.(b) | 57,345 | 130,785 | |||||
28,390 | MALIBU BOATS, INC., CLASS A(b) | 1,661,726 | 1,665,357 | |||||
575 | MARINEMAX, INC.(b) | 13,007 | 19,642 | |||||
3,500 | MDC HOLDINGS, INC. | 99,518 | 163,695 | |||||
1,348 | MERITAGE HOMES CORP. | 96,515 | 191,780 | |||||
800 | MISTER CAR WASH, INC.(b) | 6,880 | 7,720 | |||||
300 | MONARCH CASINO & RESORT, INC. | 18,189 | 21,135 | |||||
865 | NATIONAL VISION HOLDINGS, INC.(b) | 20,961 | 21,011 | |||||
32,575 | NEOGAMES S.A.(b)(c) | 490,303 | 850,859 | |||||
92,435 | NEWELL BRANDS, INC. | 774,787 | 804,185 | |||||
141,458 | NOODLES & CO.(b) | 1,059,283 | 478,128 | |||||
2,300 | ODP (THE) CORP.(b) | 82,462 | 107,686 | |||||
36,344 | OVERSTOCK.COM, INC.(b) | 1,190,529 | 1,183,724 | |||||
800 | OXFORD INDUSTRIES, INC. | 67,825 | 78,736 | |||||
18,044 | PAPA JOHN'S INTERNATIONAL, INC. | 1,507,305 | 1,332,189 | |||||
9,598 | PATRICK INDUSTRIES, INC. | 723,451 | 767,840 | |||||
154,471 | PELOTON INTERACTIVE, INC., CLASS A(b) | 2,866,204 | 1,187,882 | |||||
3,600 | PERDOCEO EDUCATION CORP.(b) | 37,564 | 44,172 | |||||
21,629 | PVH CORP. | 1,050,702 | 1,837,816 | |||||
1,400 | SHAKE SHACK, INC., CLASS A(b) | 65,264 | 108,808 | |||||
16,909 | SHOE CARNIVAL, INC. | 458,684 | 397,023 | |||||
2,500 | SIGNET JEWELERS LTD. | 142,451 | 163,150 | |||||
4,000 | SIX FLAGS ENTERTAINMENT CORP.(b) | 73,577 | 103,920 | |||||
28,885 | SKYLINE CHAMPION CORP.(b) | 1,767,337 | 1,890,523 | |||||
10,414 | SLEEP NUMBER CORP.(b) | 781,027 | 284,094 | |||||
823 | SONIC AUTOMOTIVE, INC., CLASS A | 28,187 | 39,232 | |||||
4,500 | SONOS, INC.(b) | 63,840 | 73,485 | |||||
100 | STANDARD MOTOR PRODUCTS, INC. | 3,250 | 3,752 | |||||
1,777 | STEVEN MADDEN LTD. | 50,250 | 58,090 | |||||
83,405 | STONERIDGE, INC.(b) | 1,705,555 | 1,572,184 | |||||
1,200 | STRATEGIC EDUCATION, INC. | 69,846 | 81,408 | |||||
48,216 | STRIDE, INC.(b) | 1,706,528 | 1,795,082 | |||||
5,500 | TRI POINTE HOMES, INC.(b) | 86,442 | 180,730 | |||||
2,100 | UPBOUND GROUP, INC. | 46,461 | 65,373 | |||||
822 | URBAN OUTFITTERS, INC.(b) | 17,875 | 27,233 | |||||
2,000 | VISTA OUTDOOR, INC.(b) | 48,955 | 55,340 | |||||
39,246 | VISTRY GROUP PLC(c) | 412,704 | 329,209 | |||||
60,018 | WINNEBAGO INDUSTRIES, INC. | 2,790,426 | 4,002,600 | |||||
600 | WOLVERINE WORLD WIDE, INC. | 8,730 | 8,814 | |||||
45,511 | WYNDHAM HOTELS & RESORTS, INC. | 2,595,020 | 3,120,689 | |||||
700 | XPEL, INC.(b) | 44,646 | 58,954 | |||||
54,092,943 | 50,348,352 | 12.87% | ||||||
Consumer Staples: | ||||||||
1,800 | ANDERSONS (THE), INC. | 56,519 | 83,070 | |||||
1,500 | B&G FOODS, INC. | 18,208 | 20,880 | |||||
700 | CALAVO GROWERS, INC. | 21,525 | 20,314 | |||||
554 | CAL-MAINE FOODS, INC. | 26,321 | 24,930 | |||||
400 | CENTRAL GARDEN & PET CO., CLASS A(b) | 13,784 | 14,584 | |||||
30,000 | CHEFS' WAREHOUSE (THE), INC.(b) | 924,322 | 1,072,800 | |||||
733 | EDGEWELL PERSONAL CARE CO. | 28,284 | 30,280 | |||||
1,900 | ELF BEAUTY, INC.(b) | 71,656 | 217,037 | |||||
52,750 | FLOWERS FOODS, INC. | 1,400,003 | 1,312,420 | |||||
1,300 | FRESH DEL MONTE PRODUCE, INC. | 30,767 | 33,423 | |||||
127,299 | GROCERY OUTLET HOLDING CORP.(b) | 3,804,387 | 3,896,622 | |||||
25,100 | HALOWS CO. LTD.(c) | 596,755 | 676,662 | |||||
85,434 | HILTON FOOD GROUP PLC(c) | 602,006 | 677,048 | |||||
2,126 | HOSTESS BRANDS, INC.(b) | 43,386 | 53,830 | |||||
13,130 | INGREDION, INC. | 1,203,344 | 1,391,124 | |||||
900 | INTER PARFUMS, INC. | 68,995 | 121,707 | |||||
700 | J & J SNACK FOODS CORP. | 91,908 | 110,852 | |||||
744 | JOHN B. SANFILIPPO & SON, INC. | 55,342 | 87,249 | |||||
101,917 | MAMAMANCINI'S HOLDINGS, INC.(b) | 254,792 | 307,789 | |||||
1,000 | NATIONAL BEVERAGE CORP.(b) | 39,795 | 48,350 |
See accompanying notes to financial statements. | 44 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
1,300 | PRICESMART, INC. | $ 76,855 | 96,278 | |||||
4,357 | SIMPLY GOOD FOODS (THE) CO.(b) | 146,160 | 159,423 | |||||
27,924 | SPECTRUM BRANDS HOLDINGS, INC. | 1,804,599 | 2,179,468 | |||||
721 | TOOTSIE ROLL INDUSTRIES, INC. | 23,698 | 25,531 | |||||
1,814 | TREEHOUSE FOODS, INC.(b) | 75,897 | 91,389 | |||||
2,557 | UNITED NATURAL FOODS, INC.(b) | 55,642 | 49,989 | |||||
37,922 | UNIVERSAL CORP. | 2,059,185 | 1,893,825 | |||||
29,334 | USANA HEALTH SCIENCES, INC.(b) | 2,658,674 | 1,849,215 | |||||
5,100 | VECTOR GROUP LTD. | 45,813 | 65,331 | |||||
500 | WD-40 CO. | 98,655 | 94,325 | |||||
14,710 | WINFARM SAS(b)(c) | 584,598 | 255,220 | |||||
16,981,875 | 16,960,965 | 4.33% | ||||||
Energy: | ||||||||
7,300 | ARCHROCK, INC. | 48,772 | 74,825 | |||||
7,490 | BAYTEX ENERGY CORP.(b)(c) | 23,594 | 24,417 | |||||
2,100 | CALLON PETROLEUM CO.(b) | 72,871 | 73,647 | |||||
2,000 | CIVITAS RESOURCES, INC. | 114,995 | 138,740 | |||||
1,017 | CONSOL ENERGY, INC. | 57,529 | 68,963 | |||||
1,800 | CORE LABORATORIES, INC. | 33,948 | 41,850 | |||||
1,061 | CVR ENERGY, INC. | 28,107 | 31,788 | |||||
84,867 | DMC GLOBAL, INC.(b) | 3,138,304 | 1,507,238 | |||||
1,700 | DORIAN LPG LTD. | 24,290 | 43,605 | |||||
1,900 | DRIL-QUIP, INC.(b) | 39,103 | 44,213 | |||||
2,200 | GREEN PLAINS, INC.(b) | 64,124 | 70,928 | |||||
3,180 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 19,514 | 23,468 | |||||
332 | NABORS INDUSTRIES LTD.(b) | 37,057 | 30,886 | |||||
6,200 | NEXTIER OILFIELD SOLUTIONS, INC.(b) | 50,008 | 55,428 | |||||
3,300 | NORTHERN OIL AND GAS, INC. | 103,014 | 113,256 | |||||
134,834 | NOV, INC. | 1,634,007 | 2,162,737 | |||||
3,994 | OCEANEERING INTERNATIONAL, INC.(b) | 50,619 | 74,688 | |||||
1,100 | OIL STATES INTERNATIONAL, INC.(b) | 5,060 | 8,217 | |||||
2,902 | PAR PACIFIC HOLDINGS, INC.(b) | 45,626 | 77,222 | |||||
17,300 | PATTERSON-UTI ENERGY, INC. | 200,425 | 207,081 | |||||
680 | PBF ENERGY, INC., CLASS A | 23,437 | 27,839 | |||||
782 | PDC ENERGY, INC. | 35,265 | 55,632 | |||||
3,446 | PROPETRO HOLDING CORP.(b) | 24,164 | 28,395 | |||||
774 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 26,943 | |||||
2,600 | RPC, INC. | 20,213 | 18,590 | |||||
3,209 | SM ENERGY CO. | 87,806 | 101,501 | |||||
1,300 | TALOS ENERGY, INC.(b) | 17,956 | 18,031 | |||||
2,900 | US SILICA HOLDINGS, INC.(b) | 35,632 | 35,177 | |||||
840 | VITAL ENERGY, INC.(b) | 39,440 | 37,926 | |||||
2,200 | WORLD KINECT CORP. | 52,816 | 45,496 | |||||
6,144,654 | 5,268,727 | 1.35% | ||||||
Financials: | ||||||||
28,717 | AFC GAMMA, INC. | 616,672 | 357,527 | |||||
15,930 | A-MARK PRECIOUS METALS, INC. | 455,486 | 596,340 | |||||
800 | AMBAC FINANCIAL GROUP, INC.(b) | 10,196 | 11,392 | |||||
44,624 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 1,310,076 | 2,325,357 | |||||
400 | AMERISAFE, INC. | 18,734 | 21,328 | |||||
1,100 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 9,512 | 12,452 | |||||
40,958 | ARGO GROUP INTERNATIONAL HOLDINGS LTD. | 1,320,700 | 1,212,766 | |||||
2,900 | ARMOUR RESIDENTIAL REIT, INC. | 14,004 | 15,457 | |||||
119,510 | ASSOCIATED BANC-CORP | 2,084,499 | 1,939,647 | |||||
300 | ASSURED GUARANTY LTD. | 14,439 | 16,740 | |||||
1,800 | AVANTAX, INC.(b) | 34,988 | 40,284 | |||||
49,287 | AXIS CAPITAL HOLDINGS LTD. | 2,539,237 | 2,653,119 | |||||
37,067 | AXOS FINANCIAL, INC.(b) | 1,792,368 | 1,461,922 | |||||
700 | B RILEY FINANCIAL, INC. | 26,474 | 32,186 | |||||
2,400 | BANCORP (THE), INC.(b) | 53,352 | 78,360 | |||||
3,900 | BANK OF HAWAII CORP. | 184,962 | 160,797 | |||||
5,300 | BANKUNITED, INC. | 123,415 | 114,215 | |||||
3,236 | BERKSHIRE HILLS BANCORP, INC. | 75,451 | 67,082 | |||||
24,762 | BREAD FINANCIAL HOLDINGS, INC. | 738,754 | 777,279 | |||||
800 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 12,484 | 16,760 | |||||
12,200 | BROOKLINE BANCORP, INC. | 124,872 | 106,628 | |||||
25,788 | CALIFORNIA BANCORP(b) | 501,686 | 386,820 |
See accompanying notes to financial statements. | 45 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
4,900 | CAPITOL FEDERAL FINANCIAL, INC. | $ 32,223 | 30,233 | |||||
700 | CITY HOLDING CO. | 62,117 | 62,993 | |||||
147,339 | CNO FINANCIAL GROUP, INC. | 2,726,779 | 3,487,514 | |||||
168,038 | COLUMBIA BANKING SYSTEM, INC. | 3,928,832 | 3,407,811 | |||||
16,038 | COMMERCE BANCSHARES, INC. | 708,999 | 781,051 | |||||
2,156 | COMMUNITY BANK SYSTEM, INC. | 117,902 | 101,073 | |||||
8,000 | CUSTOMERS BANCORP, INC.(b) | 139,005 | 242,080 | |||||
51,382 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2,427,372 | 2,339,422 | |||||
6,200 | EAGLE BANCORP, INC. | 144,992 | 131,192 | |||||
700 | ELLINGTON FINANCIAL, INC. | 8,085 | 9,660 | |||||
400 | EMPLOYERS HOLDINGS, INC. | 13,746 | 14,964 | |||||
500 | ENCORE CAPITAL GROUP, INC.(b) | 22,889 | 24,310 | |||||
1,800 | ENOVA INTERNATIONAL, INC.(b) | 54,842 | 95,616 | |||||
30,313 | ESQUIRE FINANCIAL HOLDINGS, INC. | 906,886 | 1,386,517 | |||||
68,040 | ESSENT GROUP LTD. | 2,710,133 | 3,184,272 | |||||
2,259 | EVERTEC, INC. | 68,287 | 83,199 | |||||
101,205 | EZCORP, INC., CLASS A(b) | 740,270 | 848,098 | |||||
300 | FB FINANCIAL CORP. | 8,979 | 8,415 | |||||
16,501 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2,165,863 | 2,371,854 | |||||
148,538 | FIDUCIAN GROUP LTD.(c) | 881,708 | 575,881 | |||||
7,000 | FIRST BANCORP | 95,800 | 85,540 | |||||
2,700 | FIRST COMMONWEALTH FINANCIAL CORP. | 35,101 | 34,155 | |||||
800 | FIRST FINANCIAL BANCORP | 17,244 | 16,352 | |||||
4,775 | FIRST HAWAIIAN, INC. | 94,710 | 85,998 | |||||
7,799 | FIRST WESTERN FINANCIAL, INC.(b) | 138,118 | 145,061 | |||||
11,921 | FIRSTCASH HOLDINGS, INC. | 724,918 | 1,112,587 | |||||
2,200 | FRANKLIN BSP REALTY TRUST, INC. | 24,406 | 31,152 | |||||
19,868 | GENWORTH FINANCIAL, INC., CLASS A(b) | 71,184 | 99,340 | |||||
65,544 | GLACIER BANCORP, INC. | 2,789,663 | 2,043,006 | |||||
2,100 | GREEN DOT CORP., CLASS A(b) | 37,070 | 39,354 | |||||
500 | HANMI FINANCIAL CORP. | 8,390 | 7,465 | |||||
18,722 | HCI GROUP, INC. | 1,016,670 | 1,156,645 | |||||
4,121 | HERITAGE FINANCIAL CORP. | 71,163 | 66,637 | |||||
2,500 | HILLTOP HOLDINGS, INC. | 66,017 | 78,650 | |||||
96,480 | HOPE BANCORP, INC. | 981,059 | 812,362 | |||||
909 | HUNTINGTON BANCSHARES, INC. | 9,494 | 9,799 | |||||
26,076 | I3 VERTICALS, INC., CLASS A(b) | 590,459 | 596,097 | |||||
200 | INDEPENDENT BANK GROUP, INC. | 8,184 | 6,906 | |||||
2,762 | INVESCO MORTGAGE CAPITAL, INC. | 29,579 | 31,680 | |||||
300 | JAMES RIVER GROUP HOLDINGS LTD. | 5,853 | 5,478 | |||||
52,230 | JDC GROUP A.G.(b)(c) | 1,191,985 | 1,034,430 | |||||
67,875 | KINGSWAY FINANCIAL SERVICES, INC.(b) | 606,551 | 553,181 | |||||
2,300 | KKR REAL ESTATE FINANCE TRUST, INC. | 27,801 | 27,991 | |||||
1,000 | LAKELAND FINANCIAL CORP. | 55,510 | 48,520 | |||||
193,941 | LENDINGCLUB CORP.(b) | 2,847,953 | 1,890,925 | |||||
3,535 | LENDINGTREE, INC.(b) | 84,733 | 78,159 | |||||
8,638 | LPL FINANCIAL HOLDINGS, INC. | 1,660,201 | 1,878,160 | |||||
4,142 | MARKETAXESS HOLDINGS, INC. | 1,292,285 | 1,082,802 | |||||
1,000 | MERCURY GENERAL CORP. | 29,170 | 30,270 | |||||
99,504 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,373,859 | 745,584 | |||||
2,600 | MR COOPER GROUP, INC.(b) | 103,966 | 131,664 | |||||
5,537 | NATIONAL BANK HOLDINGS CORP., CLASS A | 200,360 | 160,794 | |||||
3,119 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 898,112 | 1,296,132 | |||||
1,400 | NBT BANCORP, INC. | 50,589 | 44,590 | |||||
7,625 | NEW YORK COMMUNITY BANCORP, INC. | 55,990 | 85,705 | |||||
2,000 | NEW YORK MORTGAGE TRUST, INC. | 19,354 | 19,840 | |||||
2,724 | NMI HOLDINGS, INC., CLASS A(b) | 39,406 | 70,334 | |||||
600 | NORTHWEST BANCSHARES, INC. | 6,954 | 6,360 | |||||
995 | OFG BANCORP | 22,845 | 25,950 | |||||
157,249 | OLD NATIONAL BANCORP | 2,477,908 | 2,192,051 | |||||
330 | PACIFIC PREMIER BANCORP, INC. | 7,633 | 6,824 | |||||
2,400 | PALOMAR HOLDINGS, INC.(b) | 121,784 | 139,296 | |||||
615 | PARK NATIONAL CORP. | 67,167 | 62,927 | |||||
1,100 | PATHWARD FINANCIAL, INC. | 36,415 | 50,996 | |||||
20,100 | PAYONEER GLOBAL, INC.(b) | 89,952 | 96,681 | |||||
4,900 | PENNYMAC MORTGAGE INVESTMENT TRUST | 60,419 | 66,052 | |||||
500 | PIPER SANDLER COS. | 52,300 | 64,630 |
See accompanying notes to financial statements. | 46 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
2,100 | PROG HOLDINGS, INC.(b) | $ 33,764 | 67,452 | |||||
2,100 | RADIAN GROUP, INC. | 49,134 | 53,088 | |||||
4,100 | READY CAPITAL CORP. | 40,357 | 46,248 | |||||
2,300 | REDWOOD TRUST, INC. | 13,958 | 14,651 | |||||
8,010 | RENAISSANCERE HOLDINGS LTD. | 1,210,689 | 1,494,025 | |||||
2,873 | RENASANT CORP. | 76,728 | 75,071 | |||||
40,849 | RYAN SPECIALTY HOLDINGS, INC.(b) | 1,629,866 | 1,833,712 | |||||
100 | S&T BANCORP, INC. | 3,050 | 2,719 | |||||
500 | SAFETY INSURANCE GROUP, INC. | 37,195 | 35,860 | |||||
3,210 | SIMMONS FIRST NATIONAL CORP., CLASS A | 53,114 | 55,372 | |||||
1,903 | SIRIUSPOINT LTD.(b)(c) | 10,615 | 17,184 | |||||
17,049 | SKYWARD SPECIALTY INSURANCE GROUP, INC.(b) | 342,267 | 433,045 | |||||
1,100 | SOUTHSIDE BANCSHARES, INC. | 31,900 | 28,776 | |||||
400 | STELLAR BANCORP, INC. | 9,052 | 9,156 | |||||
89,913 | STERLING BANCORP, INC.(b) | 543,731 | 491,824 | |||||
22,730 | STEWART INFORMATION SERVICES CORP. | 941,362 | 935,112 | |||||
1,182 | STONEX GROUP, INC.(b) | 72,388 | 98,201 | |||||
20,661 | SYNOVUS FINANCIAL CORP. | 575,415 | 624,995 | |||||
200 | TOMPKINS FINANCIAL CORP. | 11,892 | 11,140 | |||||
800 | TRIUMPH FINANCIAL, INC.(b) | 46,438 | 48,576 | |||||
1,100 | TRUSTCO BANK CORP. NY | 35,111 | 31,471 | |||||
2,300 | TRUSTMARK CORP. | 53,112 | 48,576 | |||||
4,650 | TWO HARBORS INVESTMENT CORP. | 65,333 | 64,542 | |||||
4,377 | UNITED COMMUNITY BANKS, INC. | 118,243 | 109,381 | |||||
500 | UNIVERSAL INSURANCE HOLDINGS, INC. | 4,870 | 7,715 | |||||
57,749 | UNIVEST FINANCIAL CORP. | 1,401,497 | 1,044,102 | |||||
2,000 | VERITEX HOLDINGS, INC. | 41,635 | 35,860 | |||||
200 | VIRTUS INVESTMENT PARTNERS, INC. | 32,442 | 39,494 | |||||
78 | WALKER & DUNLOP, INC. | 5,251 | 6,169 | |||||
400 | WASHINGTON FEDERAL, INC. | 11,584 | 10,608 | |||||
50,457 | WEBSTER FINANCIAL CORP. | 2,111,257 | 1,904,752 | |||||
6,000 | WISDOMTREE, INC. | 28,964 | 41,160 | |||||
92,039 | WSFS FINANCIAL CORP. | 4,106,886 | 3,471,711 | |||||
63,977,654 | 63,137,473 | 16.14% | ||||||
Health Care: | ||||||||
14,027 | ACADIA PHARMACEUTICALS, INC.(b) | 184,519 | 335,947 | |||||
3,000 | ADAPTHEALTH CORP.(b) | 31,250 | 36,510 | |||||
9,103 | ADDUS HOMECARE CORP.(b) | 757,749 | 843,848 | |||||
25,147 | AMICUS THERAPEUTICS, INC.(b) | 167,175 | 315,846 | |||||
2,400 | AMN HEALTHCARE SERVICES, INC.(b) | 193,049 | 261,888 | |||||
2,100 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 60,513 | 120,687 | |||||
800 | ANGIODYNAMICS, INC.(b) | 8,000 | 8,344 | |||||
700 | ANI PHARMACEUTICALS, INC.(b) | 22,511 | 37,681 | |||||
600 | ANIKA THERAPEUTICS, INC.(b) | 14,418 | 15,588 | |||||
2,100 | ARCUS BIOSCIENCES, INC.(b) | 41,801 | 42,651 | |||||
900 | AVANOS MEDICAL, INC.(b) | 20,565 | 23,004 | |||||
32,711 | BIOATLA, INC.(b) | 206,263 | 98,133 | |||||
90,632 | BIOCRYST PHARMACEUTICALS, INC.(b) | 720,091 | 638,049 | |||||
88,914 | BIOMERICA, INC.(b) | 277,205 | 120,923 | |||||
113,272 | BIOTE CORP., CLASS A(b) | 418,992 | 765,719 | |||||
32,801 | BIO-TECHNE CORP. | 1,980,770 | 2,677,546 | |||||
15,900 | CARA THERAPEUTICS, INC.(b) | 51,919 | 44,997 | |||||
800 | CATALYST PHARMACEUTICALS, INC.(b) | 10,165 | 10,752 | |||||
14,190 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 3,144,293 | 2,983,448 | |||||
4,289 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 10,209 | 18,872 | |||||
17,007 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 628,404 | 419,903 | |||||
1,100 | CONMED CORP. | 90,438 | 149,479 | |||||
3,494 | CORCEPT THERAPEUTICS, INC.(b) | 69,996 | 77,742 | |||||
400 | CORVEL CORP.(b) | 55,868 | 77,400 | |||||
200 | CROSS COUNTRY HEALTHCARE, INC.(b) | 4,736 | 5,616 | |||||
3,000 | CYTEK BIOSCIENCES, INC.(b) | 24,065 | 25,620 | |||||
3,400 | CYTOKINETICS, INC.(b) | 130,047 | 110,908 | |||||
44,420 | DENTSPLY SIRONA, INC. | 1,319,638 | 1,777,688 | |||||
1,200 | DYNAVAX TECHNOLOGIES CORP.(b) | 13,631 | 15,504 | |||||
500 | EAGLE PHARMACEUTICALS, INC.(b) | 9,435 | 9,720 | |||||
1,835 | EMBECTA CORP. | 50,373 | 39,636 | |||||
780 | ENHABIT, INC.(b) | 10,143 | 8,970 |
See accompanying notes to financial statements. | 47 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
2,225 | ENSIGN GROUP (THE), INC. | $ 171,080 | 212,399 | |||||
54,622 | ERGOMED PLC(b)(c) | 751,272 | 676,357 | |||||
14,923 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 1,061,477 | 1,023,867 | |||||
93,616 | EVOLUS, INC.(b) | 849,867 | 680,588 | |||||
4,800 | FULGENT GENETICS, INC.(b) | 144,749 | 177,744 | |||||
941 | GLAUKOS CORP.(b) | 55,709 | 67,009 | |||||
500 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 16,923 | 17,595 | |||||
31,910 | HARROW HEALTH, INC.(b) | 228,920 | 607,566 | |||||
300 | HEALTHSTREAM, INC. | 6,462 | 7,368 | |||||
65,993 | INFUSYSTEM HOLDINGS, INC.(b) | 679,886 | 635,513 | |||||
22,366 | INMODE LTD.(b)(c) | 906,303 | 835,370 | |||||
4,800 | INOGEN, INC.(b) | 51,293 | 55,440 | |||||
102,765 | INOTIV, INC.(b) | 2,041,441 | 490,189 | |||||
7,111 | INSMED, INC.(b) | 127,319 | 150,042 | |||||
107,949 | INSTEM PLC(b)(c) | 1,268,530 | 856,845 | |||||
19,295 | INTEGER HOLDINGS CORP.(b) | 1,487,725 | 1,709,730 | |||||
45,500 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,381,775 | 1,871,415 | |||||
76,877 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 723,488 | 541,214 | |||||
7,300 | IRONWOOD PHARMACEUTICALS, INC.(b) | 76,425 | 77,672 | |||||
47,116 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 655,380 | 663,393 | |||||
8,184 | KYMERA THERAPEUTICS, INC.(b) | 248,066 | 188,150 | |||||
35,399 | LEMAITRE VASCULAR, INC. | 1,851,798 | 2,381,645 | |||||
16,507 | LIGAND PHARMACEUTICALS, INC.(b) | 1,575,241 | 1,190,155 | |||||
3,046 | MASIMO CORP.(b) | 502,157 | 501,219 | |||||
3,012 | MERIT MEDICAL SYSTEMS, INC.(b) | 176,915 | 251,924 | |||||
200 | MESA LABORATORIES, INC. | 28,850 | 25,700 | |||||
20,399 | MIRUM PHARMACEUTICALS, INC.(b) | 506,367 | 527,722 | |||||
900 | MODIVCARE, INC.(b) | 45,765 | 40,689 | |||||
7,677 | MOLINA HEALTHCARE, INC.(b) | 2,215,295 | 2,312,619 | |||||
3,100 | MYRIAD GENETICS, INC.(b) | 69,677 | 71,858 | |||||
5,500 | NEOGENOMICS, INC.(b) | 49,412 | 88,385 | |||||
12,135 | NEXUS A.G.(c) | 1,029,221 | 748,157 | |||||
16,022 | NURIX THERAPEUTICS, INC.(b) | 163,711 | 160,060 | |||||
164,103 | OCUPHIRE PHARMA, INC.(b) | 426,845 | 712,207 | |||||
5,286 | OMNIAB, INC.(b)(d) | - | - | |||||
5,286 | OMNIAB, INC.(b)(d) | - | - | |||||
184,095 | OMNIAB, INC. (NASDAQ GLOBAL MARKET EXCHANGE)(b) | 1,133,819 | 925,998 | |||||
119,938 | OPTIMIZERX CORP.(b) | 2,569,669 | 1,713,914 | |||||
106,688 | OPTINOSE, INC.(b) | 234,849 | 131,226 | |||||
3,300 | ORASURE TECHNOLOGIES, INC.(b) | 14,380 | 16,533 | |||||
18,128 | ORTHOPEDIATRICS CORP.(b) | 1,001,801 | 794,913 | |||||
2,900 | OWENS & MINOR, INC.(b) | 59,009 | 55,216 | |||||
189,004 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 2,343,549 | 2,513,753 | |||||
35,632 | PACIRA BIOSCIENCES, INC.(b) | 1,485,502 | 1,427,774 | |||||
800 | PEDIATRIX MEDICAL GROUP, INC.(b) | 11,608 | 11,368 | |||||
51,187 | PENNANT GROUP (THE), INC.(b) | 647,278 | 628,576 | |||||
61,840 | PERRIGO CO. PLC(c) | 2,383,707 | 2,099,468 | |||||
63,155 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,597,817 | 865,224 | |||||
2,500 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 110,887 | 148,575 | |||||
34,117 | PUMA BIOTECHNOLOGY, INC.(b) | 133,408 | 120,433 | |||||
300 | REGENXBIO, INC.(b) | 6,075 | 5,997 | |||||
21,040 | REVANCE THERAPEUTICS, INC.(b) | 292,881 | 532,522 | |||||
31,189 | RHYTHM PHARMACEUTICALS, INC.(b) | 358,270 | 514,307 | |||||
15,354 | ROCKET PHARMACEUTICALS, INC.(b) | 302,659 | 305,084 | |||||
9,401 | SCHOLAR ROCK HOLDING CORP.(b) | 288,155 | 70,884 | |||||
15,579 | SCPHARMACEUTICALS, INC.(b) | 162,761 | 158,750 | |||||
4,000 | SELECT MEDICAL HOLDINGS CORP. | 91,586 | 127,440 | |||||
9,552 | SEMLER SCIENTIFIC, INC.(b) | 325,139 | 250,644 | |||||
30,625 | STAAR SURGICAL CO.(b) | 1,566,557 | 1,609,956 | |||||
43,052 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,457,554 | 1,294,143 | |||||
15,554 | TRAVERE THERAPEUTICS, INC.(b) | 465,890 | 238,909 | |||||
14,883 | UROGEN PHARMA LTD.(b)(e) | 280,381 | 154,039 | |||||
418 | US PHYSICAL THERAPY, INC. | 32,458 | 50,741 | |||||
15,716 | UTAH MEDICAL PRODUCTS, INC. | 1,802,857 | 1,464,731 | |||||
11,943 | VANDA PHARMACEUTICALS, INC.(b) | 79,125 | 78,704 | |||||
121,134 | VAREX IMAGING CORP.(b) | 2,809,593 | 2,855,128 | |||||
1,100 | VERADIGM, INC.(b) | 13,571 | 13,860 |
See accompanying notes to financial statements. | 48 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
2,500 | VERICEL CORP.(b) | $ 60,043 | 93,925 | |||||
102,797 | VIEMED HEALTHCARE, INC.(b) | 514,713 | 1,005,355 | |||||
10,551 | VIKING THERAPEUTICS, INC.(b) | 150,482 | 171,032 | |||||
7,017 | VIR BIOTECHNOLOGY, INC.(b) | 151,607 | 172,127 | |||||
2,200 | XENCOR, INC.(b) | 56,273 | 54,934 | |||||
18,183 | Y-MABS THERAPEUTICS, INC.(b) | 405,812 | 123,463 | |||||
7,073 | ZYNEX, INC.(b) | 62,301 | 67,830 | |||||
58,767,601 | 55,543,901 | 14.20% | ||||||
Industrials: | ||||||||
4,700 | 3D SYSTEMS CORP.(b) | 39,603 | 46,671 | |||||
1,700 | AAON, INC. | 92,593 | 161,177 | |||||
500 | AAR CORP.(b) | 18,655 | 28,880 | |||||
3,624 | ABM INDUSTRIES, INC. | 147,513 | 154,564 | |||||
8,700 | ACUITY BRANDS, INC. | 1,293,694 | 1,418,796 | |||||
33,019 | ADENTRA, INC.(c) | 852,847 | 810,053 | |||||
2,800 | AEROJET ROCKETDYNE HOLDINGS, INC.(b) | 111,235 | 153,636 | |||||
62,451 | AIR LEASE CORP. | 2,224,521 | 2,613,574 | |||||
310 | ALAMO GROUP, INC. | 40,969 | 57,012 | |||||
700 | ALBANY INTERNATIONAL CORP., CLASS A | 55,495 | 65,296 | |||||
600 | ALLEGIANT TRAVEL CO.(b) | 44,820 | 75,768 | |||||
17,551 | ALLIED MOTION TECHNOLOGIES, INC. | 580,569 | 700,987 | |||||
67,591 | AMERICAN WOODMARK CORP.(b) | 5,069,164 | 5,161,925 | |||||
34,470 | API GROUP CORP.(b) | 731,709 | 939,652 | |||||
200 | APOGEE ENTERPRISES, INC. | 7,740 | 9,494 | |||||
1,460 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 152,746 | 211,452 | |||||
1,766 | ARCBEST CORP. | 104,075 | 174,481 | |||||
1,800 | ARCOSA, INC. | 108,698 | 136,386 | |||||
15,594 | ARGAN, INC. | 585,081 | 614,560 | |||||
51,303 | ARIS WATER SOLUTIONS, INC., CLASS A | 777,431 | 529,447 | |||||
18,970 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,726,196 | 1,393,536 | |||||
1,100 | ASTEC INDUSTRIES, INC. | 35,388 | 49,984 | |||||
700 | AZZ, INC. | 25,907 | 30,422 | |||||
2,800 | BARNES GROUP, INC. | 88,428 | 118,132 | |||||
1,177 | BOISE CASCADE CO. | 67,222 | 106,342 | |||||
30,596 | BOWMAN CONSULTING GROUP LTD.(b) | 408,046 | 975,400 | |||||
2,600 | BRADY CORP., CLASS A | 111,195 | 123,682 | |||||
128,850 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,569,211 | 925,143 | |||||
26,266 | BWX TECHNOLOGIES, INC. | 1,429,518 | 1,879,858 | |||||
700 | CIRCOR INTERNATIONAL, INC.(b) | 11,638 | 39,515 | |||||
19,799 | CLEAN HARBORS, INC.(b) | 2,725,027 | 3,255,550 | |||||
1,100 | COMFORT SYSTEMS U.S.A., INC. | 105,717 | 180,620 | |||||
37,696 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 1,110,193 | 1,183,277 | |||||
800 | CORECIVIC, INC.(b) | 7,368 | 7,528 | |||||
1,639 | CSG SYSTEMS INTERNATIONAL, INC. | 64,966 | 86,441 | |||||
9,871 | CSW INDUSTRIALS, INC. | 1,385,829 | 1,640,461 | |||||
843 | DXP ENTERPRISES, INC.(b) | 19,189 | 30,694 | |||||
700 | DYCOM INDUSTRIES, INC.(b) | 63,595 | 79,555 | |||||
800 | ENCORE WIRE CORP. | 91,748 | 148,744 | |||||
76,268 | ENERPAC TOOL GROUP CORP. | 1,550,011 | 2,059,236 | |||||
900 | ENPRO INDUSTRIES, INC. | 77,086 | 120,177 | |||||
4,400 | ENVIRI CORP.(b) | 19,868 | 43,428 | |||||
34,234 | ESAB CORP. | 1,358,363 | 2,277,930 | |||||
1,000 | ESCO TECHNOLOGIES, INC. | 74,760 | 103,630 | |||||
588 | EXPONENT, INC. | 52,207 | 54,872 | |||||
3,316 | FEDERAL SIGNAL CORP. | 119,424 | 212,323 | |||||
400 | FORWARD AIR CORP. | 39,396 | 42,444 | |||||
33,958 | FRANKLIN COVEY CO.(b) | 1,578,598 | 1,483,285 | |||||
113,200 | GATES INDUSTRIAL CORP. PLC(b) | 1,666,446 | 1,525,936 | |||||
1,400 | GIBRALTAR INDUSTRIES, INC.(b) | 56,403 | 88,088 | |||||
24,010 | GLOBAL INDUSTRIAL CO. | 823,990 | 666,758 | |||||
26,805 | GMS, INC.(b) | 1,226,640 | 1,854,906 | |||||
25,840 | GORMAN-RUPP (THE) CO. | 792,796 | 744,967 | |||||
38,356 | GRACO, INC. | 2,346,514 | 3,312,041 | |||||
51,934 | GRAHAM CORP.(b) | 538,228 | 689,684 | |||||
2,431 | GRANITE CONSTRUCTION, INC. | 64,987 | 96,705 | |||||
2,600 | GREENBRIER (THE) COS., INC. | 70,680 | 112,060 | |||||
2,000 | HAWAIIAN HOLDINGS, INC.(b) | 18,055 | 21,540 |
See accompanying notes to financial statements. | 49 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
3,200 | HEALTHCARE SERVICES GROUP, INC. | $ 38,963 | 47,776 | |||||
2,234 | HEARTLAND EXPRESS, INC. | 32,725 | 36,660 | |||||
228 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 6,013 | 6,035 | |||||
27,983 | HEXCEL CORP. | 2,012,617 | 2,127,268 | |||||
3,809 | HILLENBRAND, INC. | 146,006 | 195,326 | |||||
57,582 | HOWMET AEROSPACE, INC. | 1,961,847 | 2,853,764 | |||||
1,973 | HUB GROUP, INC., CLASS A(b) | 129,965 | 158,471 | |||||
9,707 | ICF INTERNATIONAL, INC. | 855,829 | 1,207,454 | |||||
92,509 | INTERFACE, INC. | 673,382 | 813,154 | |||||
149,609 | JELD-WEN HOLDING, INC.(b) | 1,390,475 | 2,624,142 | |||||
6,857 | JOHN BEAN TECHNOLOGIES CORP. | 881,355 | 831,754 | |||||
412,772 | JOHNSON SERVICE GROUP PLC(c) | 782,509 | 540,996 | |||||
2,979 | KADANT, INC. | 640,748 | 661,636 | |||||
45,424 | KARAT PACKAGING, INC. | 959,748 | 828,988 | |||||
1,900 | KELLY SERVICES, INC., CLASS A | 26,974 | 33,459 | |||||
524,109 | KNIGHTS GROUP HOLDINGS PLC(c) | 728,065 | 424,665 | |||||
2,000 | KORN FERRY | 95,335 | 99,080 | |||||
1,800 | MARTEN TRANSPORT LTD. | 37,418 | 38,700 | |||||
44,208 | MASONITE INTERNATIONAL CORP.(b) | 4,207,008 | 4,528,667 | |||||
99,843 | MASTERBRAND, INC.(b) | 883,434 | 1,161,174 | |||||
1,500 | MATSON, INC. | 98,157 | 116,595 | |||||
2,100 | MATTHEWS INTERNATIONAL CORP., CLASS A | 48,981 | 89,502 | |||||
2,400 | MILLERKNOLL, INC. | 35,057 | 35,472 | |||||
1,500 | MOOG, INC., CLASS A | 111,927 | 162,645 | |||||
263,961 | MRC GLOBAL, INC.(b) | 2,355,962 | 2,658,087 | |||||
214 | MUELLER INDUSTRIES, INC. | 17,871 | 18,678 | |||||
600 | MYR GROUP, INC.(b) | 57,948 | 83,004 | |||||
700 | NOW, INC.(b) | 7,119 | 7,252 | |||||
100 | NV5 GLOBAL, INC.(b) | 9,537 | 11,077 | |||||
6,300 | OPENLANE, INC.(b) | 74,444 | 95,886 | |||||
111,183 | PGT INNOVATIONS, INC.(b) | 1,805,647 | 3,240,984 | |||||
3,800 | PITNEY BOWES, INC. | 9,567 | 13,452 | |||||
200 | PROTO LABS, INC.(b) | 5,776 | 6,992 | |||||
400 | QUANEX BUILDING PRODUCTS CORP. | 7,672 | 10,740 | |||||
98,053 | RADIANT LOGISTICS, INC.(b) | 633,746 | 658,916 | |||||
37,774 | RB GLOBAL, INC.(c) | 2,641,876 | 2,266,440 | |||||
146,970 | RESIDEO TECHNOLOGIES, INC.(b) | 2,560,870 | 2,595,490 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 1,846,985 | |||||
28,630 | RUSH ENTERPRISES, INC., CLASS A | 814,245 | 1,738,986 | |||||
14,458 | RXO, INC.(b) | 230,373 | 327,763 | |||||
15,311 | SITEONE LANDSCAPE SUPPLY, INC.(b) | 1,891,034 | 2,562,449 | |||||
2,700 | SKYWEST, INC.(b) | 45,446 | 109,944 | |||||
1,600 | SPX TECHNOLOGIES, INC.(b) | 88,269 | 135,952 | |||||
600 | STANDEX INTERNATIONAL CORP. | 52,056 | 84,882 | |||||
422,719 | STEELCASE, INC., CLASS A | 5,350,886 | 3,259,163 | |||||
24,164 | STERLING INFRASTRUCTURE, INC.(b) | 525,259 | 1,348,351 | |||||
1,700 | SUN COUNTRY AIRLINES HOLDINGS, INC.(b) | 24,689 | 38,216 | |||||
124 | TENNANT CO. | 7,135 | 10,058 | |||||
29,372 | TEREX CORP. | 847,888 | 1,757,327 | |||||
3,200 | TRINITY INDUSTRIES, INC. | 70,370 | 82,272 | |||||
640 | TRIUMPH GROUP, INC.(b) | 5,788 | 7,917 | |||||
98,358 | TRUEBLUE, INC.(b) | 1,732,504 | 1,741,920 | |||||
500 | UNIFIRST CORP. | 83,870 | 77,505 | |||||
5,015 | VERITIV CORP. | 650,534 | 629,934 | |||||
2,100 | WABASH NATIONAL CORP. | 33,108 | 53,844 | |||||
22,511 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 2,043,210 | 2,468,781 | |||||
30,654 | WILLDAN GROUP, INC.(b) | 1,234,626 | 587,331 | |||||
23,490 | WOODWARD, INC. | 2,155,663 | 2,793,196 | |||||
82,900,355 | 94,781,862 | 24.22% | ||||||
Information Technology: | ||||||||
4,433 | 8X8, INC.(b) | 16,283 | 18,752 | |||||
3,600 | A10 NETWORKS, INC. | 52,187 | 52,524 | |||||
800 | ADEIA, INC. | 6,456 | 8,808 | |||||
7,544 | ADTRAN HOLDINGS, INC. | 71,334 | 79,438 | |||||
1,342 | ADVANCED ENERGY INDUSTRIES, INC. | 101,891 | 149,566 | |||||
83,178 | AGILETHOUGHT, INC.(b) | 522,145 | 62,384 | |||||
900 | AGILYSYS, INC.(b) | 47,400 | 61,776 |
See accompanying notes to financial statements. | 50 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
700 | ALARM.COM HOLDINGS, INC.(b) | $ 34,067 | 36,176 | |||||
800 | ALPHA & OMEGA SEMICONDUCTOR LTD.(b) | 22,666 | 26,240 | |||||
225,710 | ARLO TECHNOLOGIES, INC.(b) | 1,416,127 | 2,462,496 | |||||
11,800 | ARROW ELECTRONICS, INC.(b) | 1,118,685 | 1,690,114 | |||||
16,242 | ASPEN TECHNOLOGY, INC.(b) | 3,097,227 | 2,722,322 | |||||
1,312 | AVID TECHNOLOGY, INC.(b) | 29,931 | 33,456 | |||||
51,756 | AVNET, INC. | 1,933,626 | 2,611,090 | |||||
1,946 | AXCELIS TECHNOLOGIES, INC.(b) | 110,370 | 356,760 | |||||
1,636 | BADGER METER, INC. | 154,127 | 241,408 | |||||
22,568 | BELDEN, INC. | 769,805 | 2,158,629 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 64,678 | |||||
71,606 | BIGCOMMERCE HOLDINGS, INC., CLASS 1(b) | 624,270 | 712,480 | |||||
14,633 | BILL HOLDINGS, INC.(b) | 1,119,998 | 1,709,866 | |||||
57,693 | CAMBIUM NETWORKS CORP.(b) | 1,391,192 | 878,087 | |||||
183,107 | CELESTICA, INC.(b)(c) | 1,357,785 | 2,655,051 | |||||
1,917 | CERENCE, INC.(b) | 31,514 | 56,034 | |||||
24,581 | CEVA, INC.(b) | 1,141,528 | 628,045 | |||||
500 | CLEARFIELD, INC.(b) | 22,191 | 23,675 | |||||
49,846 | CODA OCTOPUS GROUP, INC.(b) | 396,328 | 409,236 | |||||
2,700 | COHU, INC.(b) | 73,544 | 112,212 | |||||
15,760 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 655,940 | 488,560 | |||||
1,900 | CORSAIR GAMING, INC.(b) | 22,922 | 33,706 | |||||
3,300 | CTS CORP. | 98,659 | 140,679 | |||||
25,309 | DIGI INTERNATIONAL, INC.(b) | 573,802 | 996,922 | |||||
80,921 | DIGITAL TURBINE, INC.(b) | 1,467,052 | 750,947 | |||||
1,800 | DIODES, INC.(b) | 121,086 | 166,482 | |||||
17,721 | DOLBY LABORATORIES, INC., CLASS A | 1,363,572 | 1,482,893 | |||||
1,100 | DOUBLEVERIFY HOLDINGS, INC.(b) | 32,341 | 42,812 | |||||
1,487 | EBIX, INC. | 25,752 | 37,472 | |||||
41,219 | ELASTIC N.V.(b) | 4,263,571 | 2,642,962 | |||||
1,000 | EPLUS, INC.(b) | 41,490 | 56,300 | |||||
6,749 | EXTREME NETWORKS, INC.(b) | 89,817 | 175,811 | |||||
31,166 | FD TECHNOLOGIES PLC(b)(c) | 710,057 | 758,369 | |||||
2,000 | FORMFACTOR, INC.(b) | 62,555 | 68,440 | |||||
83,226 | GRID DYNAMICS HOLDINGS, INC.(b) | 1,577,515 | 769,840 | |||||
57,675 | HARMONIC, INC.(b) | 813,628 | 932,605 | |||||
1,500 | ICHOR HOLDINGS LTD.(b) | 40,593 | 56,250 | |||||
15,589 | IMPINJ, INC.(b) | 986,892 | 1,397,554 | |||||
1,700 | INSIGHT ENTERPRISES, INC.(b) | 143,345 | 248,778 | |||||
1,700 | INTERDIGITAL, INC. | 73,063 | 164,135 | |||||
2,500 | ITRON, INC.(b) | 110,377 | 180,250 | |||||
50,206 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,326,514 | 1,171,808 | |||||
32,764 | KIMBALL ELECTRONICS, INC.(b) | 790,878 | 905,269 | |||||
5,000 | KNOWLES CORP.(b) | 64,124 | 90,300 | |||||
3,100 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 123,108 | 184,295 | |||||
116,647 | LANTRONIX, INC.(b) | 629,297 | 491,084 | |||||
21,239 | LATTICE SEMICONDUCTOR CORP.(b) | 1,370,205 | 2,040,431 | |||||
15,300 | LIVEPERSON, INC.(b) | 54,397 | 69,156 | |||||
2,600 | LIVERAMP HOLDINGS, INC.(b) | 48,085 | 74,256 | |||||
61,472 | LUNA INNOVATIONS, INC.(b) | 455,136 | 560,625 | |||||
5,920 | MAXLINEAR, INC.(b) | 162,336 | 186,835 | |||||
16,080 | MKS INSTRUMENTS, INC. | 1,602,423 | 1,738,248 | |||||
600 | N-ABLE, INC.(b) | 7,926 | 8,646 | |||||
21,700 | NAPCO SECURITY TECHNOLOGIES, INC. | 461,548 | 751,905 | |||||
200 | NETSCOUT SYSTEMS, INC.(b) | 6,028 | 6,190 | |||||
23,811 | OKTA, INC.(b) | 1,404,983 | 1,651,293 | |||||
1,700 | ONESPAN, INC.(b) | 15,193 | 25,228 | |||||
10,569 | ONTO INNOVATION, INC.(b) | 659,506 | 1,230,971 | |||||
800 | OSI SYSTEMS, INC.(b) | 59,840 | 94,264 | |||||
214,973 | PARK CITY GROUP, INC. | 1,185,108 | 2,169,078 | |||||
1,000 | PDF SOLUTIONS, INC.(b) | 24,850 | 45,100 | |||||
1,420 | PERFICIENT, INC.(b) | 104,779 | 118,329 | |||||
2,200 | PHOTRONICS, INC.(b) | 32,884 | 56,738 | |||||
224,308 | PIVOTREE, INC.(b)(c) | 716,770 | 419,916 | |||||
140 | POWER INTEGRATIONS, INC. | 8,400 | 13,254 | |||||
14,434 | PROGRESS SOFTWARE CORP. | 647,628 | 838,615 | |||||
63,116 | RADWARE LTD.(b)(c) | 2,129,717 | 1,223,819 |
See accompanying notes to financial statements. | 51 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
2,100 | RAMBUS, INC.(b) | $ 61,190 | 134,757 | |||||
17,551 | RAPID7, INC.(b) | 647,651 | 794,709 | |||||
39,279 | RED VIOLET, INC.(b) | 1,047,151 | 807,969 | |||||
533 | ROGERS CORP.(b) | 84,732 | 86,309 | |||||
3,248 | SANMINA CORP.(b) | 119,288 | 195,757 | |||||
65,727 | SCANSOURCE, INC.(b) | 2,507,420 | 1,942,890 | |||||
935 | SILICON MOTION TECHNOLOGY CORP. ADR(c)(f) | 65,207 | 67,189 | |||||
10,737 | SITIME CORP.(b) | 1,394,560 | 1,266,644 | |||||
6,223 | SOLARWINDS CORP.(b) | 52,445 | 63,848 | |||||
21,340 | SOUNDTHINKING, INC.(b) | 642,400 | 466,492 | |||||
1,168 | SPS COMMERCE, INC.(b) | 143,291 | 224,326 | |||||
5,905 | TTM TECHNOLOGIES, INC.(b) | 68,078 | 82,080 | |||||
2,445 | ULTRA CLEAN HOLDINGS, INC.(b) | 71,061 | 94,035 | |||||
86,020 | UPLAND SOFTWARE, INC.(b) | 936,635 | 309,672 | |||||
30,764 | VEECO INSTRUMENTS, INC.(b) | 652,829 | 790,020 | |||||
2,900 | VIASAT, INC.(b) | 103,724 | 119,654 | |||||
58,654 | WALKME LTD.(b)(c) | 543,164 | 563,078 | |||||
93,040 | WEAVE COMMUNICATIONS, INC.(b) | 432,040 | 1,033,674 | |||||
36,596 | WIX.COM LTD.(b)(c) | 5,537,073 | 2,863,271 | |||||
13,500 | XPERI, INC.(b) | 143,172 | 177,525 | |||||
58,331,923 | 59,862,622 | 15.30% | ||||||
Materials: | ||||||||
1,535 | ADVANSIX, INC. | 49,217 | 53,694 | |||||
5,123 | ARCONIC CORP.(b) | 93,459 | 151,538 | |||||
25,071 | ASPEN AEROGELS, INC.(b) | 185,747 | 197,810 | |||||
4,785 | ATI, INC.(b) | 128,941 | 211,641 | |||||
50,716 | AXALTA COATING SYSTEMS LTD.(b) | 1,234,484 | 1,663,992 | |||||
162 | BALCHEM CORP. | 20,268 | 21,839 | |||||
1,800 | CARPENTER TECHNOLOGY CORP. | 58,388 | 101,034 | |||||
3,110 | CENTURY ALUMINUM CO.(b) | 21,499 | 27,119 | |||||
33,558 | FMC CORP. | 3,969,694 | 3,501,442 | |||||
128,251 | FORAN MINING CORP.(b)(c) | 361,527 | 340,776 | |||||
1,800 | FUTUREFUEL CORP. | 10,948 | 15,930 | |||||
19,380 | H.B. FULLER CO. | 1,036,521 | 1,385,864 | |||||
15,616 | HAYNES INTERNATIONAL, INC. | 609,978 | 793,605 | |||||
6,831 | INGEVITY CORP.(b) | 335,964 | 397,291 | |||||
1,387 | INNOSPEC, INC. | 121,931 | 139,310 | |||||
900 | KAISER ALUMINUM CORP. | 59,411 | 64,476 | |||||
22,680 | KOPPERS HOLDINGS, INC. | 523,575 | 773,388 | |||||
7,000 | LIVENT CORP.(b) | 163,574 | 192,010 | |||||
700 | MATERION CORP. | 55,545 | 79,940 | |||||
1,600 | MERCER INTERNATIONAL, INC.(c) | 14,557 | 12,912 | |||||
1,700 | MINERALS TECHNOLOGIES, INC. | 86,510 | 98,073 | |||||
2,096 | O-I GLASS, INC.(b) | 42,748 | 44,708 | |||||
46,595 | OLIN CORP. | 804,577 | 2,394,517 | |||||
112,040 | ORION S.A. | 1,296,857 | 2,377,489 | |||||
700 | QUAKER CHEMICAL CORP. | 105,692 | 136,430 | |||||
8,599 | SMITH-MIDLAND CORP.(b) | 194,143 | 204,226 | |||||
1,154 | STEPAN CO. | 110,503 | 110,276 | |||||
7,900 | SUNCOKE ENERGY, INC. | 48,141 | 62,173 | |||||
792 | SYLVAMO CORP. | 32,642 | 32,037 | |||||
1,500 | TIMKENSTEEL CORP.(b) | 22,827 | 32,355 | |||||
102,401 | TRIMAS CORP. | 2,829,304 | 2,815,004 | |||||
1,900 | WARRIOR MET COAL, INC. | 55,152 | 74,005 | |||||
14,684,324 | 18,506,904 | 4.73% | ||||||
Real Estate: | ||||||||
3,900 | ACADIA REALTY TRUST | 49,022 | 56,121 | |||||
3,176 | AGREE REALTY CORP. | 207,957 | 207,679 | |||||
3,000 | ALEXANDER & BALDWIN, INC. | 49,804 | 55,740 | |||||
300 | AMERICAN ASSETS TRUST, INC. | 5,121 | 5,760 | |||||
1,900 | ANYWHERE REAL ESTATE, INC.(b) | 11,826 | 12,692 | |||||
5,000 | ARMADA HOFFLER PROPERTIES, INC. | 50,699 | 58,400 | |||||
5,346 | CARETRUST REIT, INC. | 90,552 | 106,171 | |||||
1,100 | CHATHAM LODGING TRUST | 10,811 | 10,296 | |||||
1,100 | COMMUNITY HEALTHCARE TRUST, INC. | 35,499 | 36,322 | |||||
147,571 | DIAMONDROCK HOSPITALITY CO. | 1,155,833 | 1,182,044 | |||||
3,400 | ELME COMMUNITIES | 58,699 | 55,896 |
See accompanying notes to financial statements. | 52 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
5,029 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | $ 93,408 | 118,383 | |||||
4,500 | FOUR CORNERS PROPERTY TRUST, INC. | 108,117 | 114,300 | |||||
8,000 | GETTY REALTY CORP. | 220,374 | 270,560 | |||||
3,900 | GLOBAL NET LEASE, INC. | 39,242 | 40,092 | |||||
22,500 | HUDSON PACIFIC PROPERTIES, INC. | 117,599 | 94,950 | |||||
934 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 65,305 | 68,191 | |||||
15,100 | LXP INDUSTRIAL TRUST | 139,151 | 147,225 | |||||
191 | MARCUS & MILLICHAP, INC. | 5,730 | 6,018 | |||||
1,000 | ORION OFFICE REIT, INC. | 6,430 | 6,610 | |||||
5,300 | OUTFRONT MEDIA, INC. | 80,750 | 83,316 | |||||
400 | PEBBLEBROOK HOTEL TRUST | 5,828 | 5,576 | |||||
521 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 7,344 | 7,039 | |||||
7,900 | RPT REALTY | 58,155 | 82,555 | |||||
500 | SAUL CENTERS, INC. | 18,357 | 18,415 | |||||
3,112 | SERVICE PROPERTIES TRUST | 27,637 | 27,043 | |||||
6,800 | SITE CENTERS CORP. | 72,391 | 89,896 | |||||
2,400 | SL GREEN REALTY CORP. | 60,029 | 72,120 | |||||
1,800 | ST. JOE (THE) CO. | 57,905 | 87,012 | |||||
3,900 | SUMMIT HOTEL PROPERTIES, INC. | 25,999 | 25,389 | |||||
7,800 | SUNSTONE HOTEL INVESTORS, INC. | 73,754 | 78,936 | |||||
5,600 | TANGER FACTORY OUTLET CENTERS, INC. | 78,338 | 123,592 | |||||
44,800 | UNITI GROUP, INC. | 148,965 | 206,976 | |||||
800 | UNIVERSAL HEALTH REALTY INCOME TRUST | 33,943 | 38,064 | |||||
4,600 | URBAN EDGE PROPERTIES | 60,501 | 70,978 | |||||
1,600 | URSTADT BIDDLE PROPERTIES, INC., CLASS A | 24,365 | 34,016 | |||||
2,500 | WHITESTONE REIT | 21,804 | 24,250 | |||||
900 | XENIA HOTELS & RESORTS, INC. | 11,523 | 11,079 | |||||
3,388,767 | 3,739,702 | 0.96% | ||||||
Utilities: | ||||||||
1,755 | AMERICAN STATES WATER CO. | 136,143 | 152,685 | |||||
4,000 | AVISTA CORP. | 153,806 | 157,080 | |||||
1,277 | CALIFORNIA WATER SERVICE GROUP | 66,689 | 65,932 | |||||
744 | CHESAPEAKE UTILITIES CORP. | 66,090 | 88,536 | |||||
14,373 | CONSOLIDATED WATER CO. LTD. | 258,588 | 348,258 | |||||
300 | MIDDLESEX WATER CO. | 23,667 | 24,198 | |||||
1,408 | NORTHWEST NATURAL HOLDING CO. | 62,964 | 60,614 | |||||
1,000 | OTTER TAIL CORP. | 74,000 | 78,960 | |||||
800 | UNITIL CORP. | 37,432 | 40,568 | |||||
879,379 | 1,016,831 | 0.26% | ||||||
Sub-total Common Stocks: | 372,650,107 | 380,374,431 | 97.22% | |||||
Escrows: | ||||||||
Communication Services: | ||||||||
39,067 | GCI LIBERTY, INC., CLASS A(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Consumer Staples: | ||||||||
23,253 | FRESH MARKET (THE), INC.(b)(d) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Short-Term Investments: | ||||||||
154,000 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(g) | 154,000 | 154,000 | |||||
11,834,436 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.98%(h) | 11,834,436 | 11,834,436 | |||||
Sub-total Short-Term Investments: | 11,988,436 | 11,988,436 | 3.07% | |||||
Grand total | $ 384,638,543 | 392,362,867 | 100.29% |
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, 2023, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 7.38% of net assets. |
(d) | Security has been deemed worthless and is a Level 3 investment. |
See accompanying notes to financial statements. | 53 | (Continued) |
(e) | Security is either wholly or partially on loan. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.02% of net assets as of June 30, 2023. |
(g) | Investment relates to cash collateral received from portfolio securities loaned. |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2022, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $12,324,435 with net sales of $489,999 during the six months ended June 30, 2023. |
See accompanying notes to financial statements. | 54 | (Continued) |
See accompanying notes to financial statements. | 55 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
105,231 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 962,380 | 1,017,584 | |||||||||
54,667 | BLACKROCK MUNICIPAL INCOME FUND INC | 606,170 | 625,390 | |||||||||
14,351 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 190,922 | 161,449 | |||||||||
88,691 | BLACKROCK MUNIHOLDINGS FUND INC | 1,351,205 | 1,031,476 | |||||||||
27,182 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 370,587 | 303,623 | |||||||||
82,054 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,031,620 | 796,744 | |||||||||
128,111 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1,650,396 | 1,415,627 | |||||||||
48,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 684,813 | 569,303 | |||||||||
66,132 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 793,094 | 665,288 | |||||||||
96,091 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,260,856 | 1,051,236 | |||||||||
48,128 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 344,865 | 274,330 | |||||||||
177,771 | DWS MUNICIPAL INCOME TRUST | 2,003,096 | 1,530,608 | |||||||||
167,452 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,848,233 | 1,408,271 | |||||||||
158,905 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,932,487 | 1,503,241 | |||||||||
108,737 | INVESCO MUNICIPAL TRUST | 1,338,021 | 1,025,390 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,279 | 543,158 | |||||||||
190,374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,321,500 | 1,819,975 | |||||||||
70,073 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 896,688 | 680,409 | |||||||||
81,582 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,234,553 | 964,299 | |||||||||
56,334 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 792,918 | 659,108 | |||||||||
212,362 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 2,802,706 | 2,321,117 | |||||||||
71,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,101,444 | 825,817 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 947,150 | |||||||||
209,657 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 2,955,001 | 2,362,834 | |||||||||
Sub-total Closed-End Funds: | 30,410,535 | 24,503,427 | 3.65% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
400,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 400,000 | 349,964 | |||||||
915,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 915,000 | 733,984 | |||||||
1,315,000 | 1,083,948 | 0.16% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 910 | |||||||
350,000 | 910 | 0.00% | ||||||||||
Arizona | ||||||||||||
2,000,000 | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE | 6/1/2046 | 5.00 | 2,055,634 | 2,054,135 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2030 | 6.75 | 1,239,818 | 687,500 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2050 | 7.75 | 1,237,783 | 687,500 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b)(c)(d) | 7/1/2051 | 6.00 | 400,000 | 220,000 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 554,202 | 391,808 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 902,173 | 885,337 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 510,528 | 516,215 | |||||||
2,000,000 | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE | 7/1/2039 | 5.00 | 2,080,655 | 2,080,916 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 988,267 | 1,004,800 | |||||||
650,000 | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE(b) | 11/15/2035 | 6.25 | 650,000 | 654,972 | |||||||
650,000 | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE(b) | 11/15/2057 | 7.00 | 650,000 | 654,796 | |||||||
500,000 | TEMPE AZ | 1/1/2029 | 5.00 | 500,000 | 506,613 | |||||||
270,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 269,834 | 256,786 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 501,642 | 354,781 | |||||||
12,540,536 | 10,956,159 | 1.63% | ||||||||||
Arkansas | ||||||||||||
950,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | 950,000 | 711,135 | |||||||
950,000 | 711,135 | 0.11% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(e) | 8/1/2039 | 0.00 | 2,192,143 | 2,536,422 |
See accompanying notes to financial statements. | 56 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
California (Cont'd): | ||||||||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(e) | 8/1/2046 | 0.00 | $ 803,708 | 1,108,187 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | 650,000 | 610,779 | |||||||
930,000 | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE(b) | 7/1/2033 | 5.00 | 971,060 | 976,549 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,486,560 | 1,652,393 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 995,760 | 1,211,142 | |||||||
1,000,000 | CENTRL CA UNIF SCH DIST | 8/1/2043 | 5.00 | 1,043,870 | 1,043,299 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,192 | 1,084,513 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,102,582 | 1,277,401 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,777 | 751,757 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 998,828 | 1,288,517 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,111 | 1,417,259 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 997,750 | 1,193,621 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,004,552 | 1,073,322 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,330 | 774,616 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,998,301 | 2,466,597 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 995,702 | 1,105,131 | |||||||
750,000 | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX | 9/1/2052 | 5.25 | 812,319 | 825,414 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,001,019 | 1,007,942 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(f) | 6/1/2039 | 4.25 | 350,000 | 312,892 | |||||||
970,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE(g) | 10/15/2042 | 5.30 | 977,284 | 975,646 | |||||||
1,250,000 | SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV | 5/1/2039 | 5.00 | 1,254,486 | 1,255,952 | |||||||
2,000,000 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV | 1/15/2049 | 5.25 | 2,037,268 | 2,036,178 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,000,000 | 1,001,715 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 501,603 | |||||||
1,910,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 1,909,136 | 2,060,979 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(e) | 8/1/2041 | 0.00 | 839,883 | 977,661 | |||||||
29,565,621 | 32,527,487 | 4.85% | ||||||||||
Colorado | ||||||||||||
1,000,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 971,212 | 887,958 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,014,276 | 861,467 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 870,824 | 701,547 | |||||||
1,400,000 | COLLIERS HILL MET DIST #2 CO(h) | 12/15/2047 | 5.75 | 1,400,000 | 1,319,476 | |||||||
1,040,000 | COLORADO EDUCTNL & CULTURAL AUTH REVENUE(b) | 7/1/2043 | 6.00 | 1,040,000 | 1,031,626 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,890 | 1,001,749 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2030 | 3.50 | 600,000 | 527,122 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 991,288 | 1,007,652 | |||||||
735,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2049 | 5.00 | 776,165 | 559,664 | |||||||
1,670,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2058 | 5.00 | 1,719,866 | 1,217,644 | |||||||
1,500,000 | COLORADO ST HSG & FIN AUTH | 11/1/2052 | 6.00 | 1,586,841 | 1,623,229 | |||||||
1,500,000 | CROSSROADS MET DIST #1 CO | 12/1/2051 | 6.50 | 1,476,121 | 1,442,692 | |||||||
1,000,000 | DENVER CO CITY & CNTY DEDICATED TAX REVENUE | 8/1/2042 | 5.00 | 1,039,332 | 1,036,805 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,066,341 | |||||||
870,000 | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE | 12/1/2030 | 5.00 | 896,394 | 896,165 | |||||||
980,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 980,000 | 980,782 |
See accompanying notes to financial statements. | 57 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
775,000 | GARFIELD/PITKIN/EAGLE CO SCH DIST #RE-1 ROARING FORK | 12/15/2043 | 5.00 | $ 818,704 | 820,238 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 959,952 | |||||||
1,000,000 | JOHNSTOWN PLAZA MET DIST CO | 12/1/2046 | 4.25 | 946,655 | 828,477 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 595,403 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 359,949 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(e) | 12/1/2051 | 0.00 | 1,733,566 | 1,301,710 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,739 | 981,254 | |||||||
184,432 | MOUNT CARBON CO MET DIST REVENUE(c) | 6/1/2043 | 8.00 | - | 184,432 | |||||||
1,373,686 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,323,985 | 1,012,148 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 528,808 | 428,737 | |||||||
1,000,000 | RUDOLPH FARMS MET DIST #6 CO REVENUE SUPPORTED | 6/1/2052 | 6.50 | 1,000,000 | 975,757 | |||||||
500,000 | SKY RANCH CMNTY AUTH BRD CO | 12/1/2052 | 5.75 | 500,000 | 469,702 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,091 | 896,609 | |||||||
1,000,000 | TREE FARM MET DIST CO(b) | 12/1/2041 | 4.50 | 1,000,000 | 887,236 | |||||||
500,000 | VERVE MET DIST #1 CO | 12/1/2033 | 5.75 | 480,962 | 476,642 | |||||||
1,000,000 | WESTGATE MET DIST CO | 12/1/2051 | 5.13 | 1,000,000 | 855,504 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 688,182 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,061,606 | 1,008,292 | |||||||
33,417,465 | 29,892,143 | 4.46% | ||||||||||
Connecticut | ||||||||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,014,002 | 1,843,359 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 586,985 | 129,808 | |||||||
650,000 | STAMFORD CT HSG AUTH(b) | 12/1/2027 | 11.00 | 650,000 | 678,707 | |||||||
3,250,987 | 2,651,874 | 0.40% | ||||||||||
District of Columbia | ||||||||||||
3,400,000 | DIST OF COLUMBIA | 6/1/2038 | 5.00 | 3,437,604 | 3,435,640 | |||||||
1,500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE | 6/15/2031 | 4.45 | 1,500,000 | 1,500,578 | |||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 500,760 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,000,778 | |||||||
105,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 100,250 | 101,126 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 2,579,803 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 938,175 | |||||||
11,037,854 | 10,056,860 | 1.50% | ||||||||||
Florida | ||||||||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 575,980 | 428,162 | |||||||
385,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 385,000 | 388,796 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE | 5/1/2052 | 4.00 | 1,015,600 | 779,650 | |||||||
495,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 495,000 | 513,109 | |||||||
170,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 170,000 | 174,149 | |||||||
1,500,000 | BROWARD CNTY FL ARPT SYS REVENUE | 10/1/2038 | 5.00 | 1,575,356 | 1,580,634 | |||||||
525,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 557,479 | 384,013 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 512,734 | 423,293 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 1,514,993 | 1,181,203 | |||||||
445,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | 469,305 | 315,806 |
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): | ||||||||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(c) | 4/1/2035 | 7.00 | $ 750,000 | 577,500 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d) | 12/1/2035 | 6.75 | 1,745,953 | 573,125 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(d) | 7/1/2037 | 6.75 | 750,000 | 165,000 | |||||||
655,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE | 5/1/2032 | 5.00 | 657,254 | 665,971 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 515,604 | 391,479 | |||||||
1,100,000 | COBBLESTONE CDD FL SPL ASSMNT REVENUE(b) | 5/1/2053 | 4.30 | 1,085,386 | 905,180 | |||||||
1,000,000 | COLLIER CNTY FL EDUCTNL FACS AUTH REVENUE | 6/1/2038 | 5.25 | 1,019,295 | 1,021,159 | |||||||
585,484 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(d) | 5/15/2026 | 7.25 | 585,484 | 64,403 | |||||||
1,366,128 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(d) | 5/15/2044 | 8.13 | 1,483,546 | 150,274 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,020,241 | 783,340 | |||||||
1,000,000 | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2032 | 4.40 | 1,000,000 | 965,861 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 836,881 | 622,512 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,294,025 | 1,336,506 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP(b)(i) | 7/1/2057 | 7.25 | 980,110 | 1,017,091 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b)(j) | 4/23/2058 | 6.25 | 1,986,840 | 1,969,124 | |||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2027 | 2.38 | 500,000 | 479,625 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 11/15/2030 | 5.00 | 1,000,000 | 910,526 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2051 | 5.00 | 1,471,041 | 1,067,501 | |||||||
250,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 250,000 | 246,560 | |||||||
30,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 30,000 | 30,000 | |||||||
590,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 590,000 | 578,778 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 1,000,000 | 828,497 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2048 | 4.55 | 1,000,000 | 1,006,810 | |||||||
510,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 510,000 | 491,939 | |||||||
2,265,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,265,000 | 1,608,460 | |||||||
1,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1,500,000 | 1,467,776 | |||||||
1,000,000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1,040,619 | 801,026 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 976,254 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,072 | 566,739 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,958 | 530,308 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 713,620 | |||||||
2,500,000 | HILLSBOROUGH CNTY FL CMNTY INVESTMENT TAX REVENUE | 11/1/2023 | 5.00 | 2,504,014 | 2,503,095 | |||||||
1,000,000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 991,498 | 778,476 | |||||||
1,000,000 | JULINGTON CREEK PLANTATION FLCDD | 5/1/2043 | 5.50 | 1,103,818 | 1,107,059 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,329 | 625,333 | |||||||
1,000,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978,140 | 865,855 | |||||||
1,750,000 | LAKELAND FL HOSP SYS REVENUE | 11/15/2045 | 5.00 | 1,746,500 | 1,756,245 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 497,152 | 478,351 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,832 | 483,020 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | 383,788 | 338,629 | |||||||
135,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 134,928 | 134,802 | |||||||
900,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 900,000 | 927,776 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,000,000 | 1,006,649 |
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): | ||||||||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | $ 745,549 | 753,571 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,329 | 753,676 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 702,019 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,011,009 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 576,008 | 472,884 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 832,069 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 504,768 | |||||||
245,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 241,677 | 213,620 | |||||||
940,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 926,257 | 743,073 | |||||||
1,445,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,515,825 | 1,129,601 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST UTILITY REVENUE | 10/1/2053 | 5.25 | 1,069,300 | 1,070,158 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,149,939 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 11/15/2049 | 5.00 | 971,250 | 942,702 | |||||||
90,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 90,000 | 90,743 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 504,455 | 432,209 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 739,465 | 738,311 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,511 | 293,916 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 515,958 | 389,481 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 509,423 | 502,209 | |||||||
1,000,000 | MIAMI-DADE CNTY FL AVIATION REVENUE | 10/1/2033 | 5.00 | 1,009,246 | 1,009,044 | |||||||
160,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 160,000 | 165,069 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
1,025,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 1,025,000 | 953,278 | |||||||
2,000,000 | NORTH RIVER RANCH IMPT STEWARDSHIP DIST FL SPL ASSMNT REVENU | 5/1/2033 | 5.75 | 2,000,000 | 1,995,363 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 513,903 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,401,634 | 1,409,378 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 505,504 | 501,254 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,008,714 | 1,003,233 | |||||||
1,250,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2040 | 5.00 | 1,242,750 | 1,246,075 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE(b) | 7/1/2027 | 11.50 | 1,000,000 | 967,095 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,026,668 | 785,063 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,856,412 | 1,723,993 | |||||||
1,000,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2042 | 5.00 | 996,309 | 969,238 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 729,630 | 544,815 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,360 | 401,311 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 502,968 | 391,670 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 536,759 | 502,565 |
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): | ||||||||||||
580,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | $ 575,881 | 595,347 | |||||||
1,000,000 | POITRAS EAST CDD FL SPL ASSMNT REVENUE | 5/1/2052 | 5.25 | 996,967 | 985,310 | |||||||
420,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 418,788 | 384,722 | |||||||
490,000 | ROLLING HILLS FL CDD CAPITAL IMPT REVENUE | 5/1/2032 | 3.65 | 490,000 | 444,229 | |||||||
1,000,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 1,043,237 | 813,683 | |||||||
725,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 715,367 | 567,921 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,841 | 851,378 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,197,751 | 1,784,570 | |||||||
145,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 142,596 | 148,137 | |||||||
400,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 419,056 | 319,910 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 72,695 | |||||||
650,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.20 | 650,000 | 633,955 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(e) | 5/1/2040 | 0.00 | 103,830 | 105,208 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,429,666 | 1,421,497 | |||||||
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 | 1,052,872 | 778,476 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 706,472 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 388,563 | 326,849 | |||||||
1,005,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2052 | 5.50 | 999,199 | 989,737 | |||||||
475,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 473,936 | 486,234 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,264,378 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 781,746 | 583,272 | |||||||
700,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2054 | 5.50 | 693,777 | 691,743 | |||||||
1,000,000 | VILLAGE CDD NO 15 SPL ASSMNT REVENUE(b) | 5/1/2028 | 4.25 | 1,000,000 | 1,001,804 | |||||||
1,000,000 | VILLAGE CDD NO 15 SPL ASSMNT REVENUE(b) | 5/1/2038 | 4.85 | 1,000,000 | 1,007,665 | |||||||
500,000 | WATERSET SOUTH CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 6.10 | 500,000 | 509,703 | |||||||
905,000 | WINDWARD AT LAKEWOOD RANCH CDD FL CAPITAL IMPT | 5/1/2052 | 4.25 | 909,599 | 736,873 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 652,118 | 661,919 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 986,016 | 763,357 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2052 | 5.25 | 995,518 | 959,676 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 746,033 | 748,805 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 54,044 | |||||||
103,979,457 | 89,894,925 | 13.40% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 500,000 | 500,141 | |||||||
1,250,000 | GAINESVILLE & HALL CNTY GA DEV AUTH EDUCTNL FACS REVENUE(b) | 9/1/2044 | 6.25 | 1,214,304 | 1,135,675 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,936,000 | 1,878,003 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 881,558 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.55 | 1,000,000 | 997,397 |
See accompanying notes to financial statements. | 61 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Georgia (Cont'd): | ||||||||||||
500,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.40 | $ 500,000 | 503,798 | |||||||
6,045,304 | 5,896,572 | 0.88% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 120,391 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 481,458 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 614,336 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,027,429 | 702,183 | |||||||
2,500,000 | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE | 1/1/2048 | 4.75 | 2,500,000 | 2,524,194 | |||||||
1,000,000 | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(b) | 9/1/2051 | 3.75 | 1,000,000 | 757,713 | |||||||
5,971,794 | 5,200,275 | 0.78% | ||||||||||
Illinois | ||||||||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,254,535 | 1,244,555 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,003,967 | 1,013,687 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,000 | 1,001,133 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2032 | 5.25 | 1,003,683 | 1,002,866 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2046 | 5.00 | 1,011,792 | 1,010,431 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2053 | 5.50 | 1,060,370 | 1,081,457 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,010,946 | 1,006,613 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 765,927 | 721,743 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 501,626 | 504,988 | |||||||
830,000 | EVANSTON ILL EDL FAC REVENUE(b) | 4/1/2041 | 4.38 | 828,453 | 622,225 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2039 | 5.00 | 1,507,619 | 1,504,647 | |||||||
1,500,000 | ILLINOIS ST | 5/1/2047 | 5.50 | 1,609,385 | 1,628,723 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,009,123 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 675,761 | 677,634 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,652 | 422,849 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 757,120 | 760,232 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,413,718 | 1,237,026 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,531,743 | 1,125,839 | |||||||
1,000,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1,023,512 | 1,006,979 | |||||||
900,000 | ILLINOIS ST FIN AUTH REVENUE(f)(k) | 7/15/2055 | 3.97 | 900,000 | 900,000 | |||||||
2,500,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2053 | 5.25 | 2,656,274 | 2,641,731 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,044,537 | 1,050,507 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,515,864 | 1,519,943 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 507,949 | 515,425 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(b) | 1/1/2041 | 4.82 | 1,000,000 | 915,185 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,082,793 | 1,080,643 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 250,000 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 750,320 | |||||||
325,000 | S WSTRN IL DEV AUTH(c) | 10/1/2022 | 7.00 | 325,000 | 260,000 | |||||||
1,000,000 | UNIV OF ILLINOIS IL REVENUES | 4/1/2044 | 5.00 | 1,006,988 | 1,002,152 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 765,872 | 702,393 | |||||||
32,016,086 | 30,171,049 | 4.50% | ||||||||||
Indiana | ||||||||||||
1,500,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 7/1/2047 | 5.00 | 1,536,015 | 1,509,275 | |||||||
700,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 6/1/2051 | 5.00 | 764,461 | 583,490 | |||||||
625,000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 625,000 | 628,234 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 990,664 | 1,008,470 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,695,666 | 1,206,075 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 502,510 | 504,052 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,016,326 | 943,448 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,347,862 |
See accompanying notes to financial statements. | 62 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Indiana (Cont'd): | ||||||||||||
2,500,000 | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE | 7/1/2053 | 4.70 | $ 2,500,000 | 2,480,128 | |||||||
1,000,000 | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE | 7/1/2053 | 5.75 | 1,092,194 | 1,064,700 | |||||||
2,000,000 | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK | 1/1/2031 | 5.00 | 2,011,174 | 2,008,180 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 517,818 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 614,132 | 615,748 | |||||||
15,448,142 | 14,417,480 | 2.15% | ||||||||||
Iowa | ||||||||||||
1,500,000 | DES MOINES IA | 6/1/2040 | 1.88 | 1,023,092 | 1,025,855 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2048 | 5.00 | 1,632,377 | 1,094,609 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,094,917 | 587,391 | |||||||
1,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2042 | 4.05 | 1,000,000 | 943,270 | |||||||
2,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2053 | 5.50 | 2,113,448 | 2,129,392 | |||||||
1,000,000 | IOWA ST HGR EDU LOAN AUTH REVENUE | 10/1/2052 | 5.38 | 1,019,444 | 1,033,116 | |||||||
7,883,278 | 6,813,633 | 1.02% | ||||||||||
Kansas | ||||||||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 930,377 | 802,827 | |||||||
1,485,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE(b) | 9/1/2035 | 5.25 | 1,471,066 | 1,439,746 | |||||||
2,401,443 | 2,242,573 | 0.33% | ||||||||||
Kentucky | ||||||||||||
1,500,000 | KENTUCKY ST ECON DEV FIN AUTH | 1/1/2045 | 5.00 | 1,488,210 | 1,500,229 | |||||||
1,488,210 | 1,500,229 | 0.22% | ||||||||||
Louisiana | ||||||||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2031 | 4.00 | 598,706 | 531,793 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1,058,160 | 789,688 | |||||||
980,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2042 | 4.05 | 980,000 | 926,036 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 890,916 | |||||||
1,000,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2053 | 4.85 | 1,000,000 | 1,010,774 | |||||||
1,000,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 6/1/2054 | 5.75 | 1,072,057 | 1,082,136 | |||||||
500,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.50 | 499,500 | 497,781 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,005,445 | 1,002,087 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 600,000 | 632,102 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,045,246 | 845,156 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 628,365 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 900,000 | 810,074 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | 650,000 | 619,669 | |||||||
1,150,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,150,000 | 1,014,307 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 511,634 | 508,900 | |||||||
335,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(f) | 2/15/2036 | 4.27 | 335,000 | 324,435 |
See accompanying notes to financial statements. | 63 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana (Cont'd): | ||||||||||||
1,000,000 | NEW ORLEANS LA AVIATION BRD | 1/1/2048 | 5.00 | $ 1,012,716 | 1,013,165 | |||||||
14,268,464 | 13,127,384 | 1.96% | ||||||||||
Maine | ||||||||||||
2,500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2053 | 4.70 | 2,500,000 | 2,479,894 | |||||||
2,500,000 | 2,479,894 | 0.37% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 500,648 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | 1,000,000 | 730,444 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 3/1/2047 | 5.05 | 1,000,000 | 1,027,171 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2052 | 5.00 | 1,048,607 | 1,030,336 | |||||||
1,500,000 | MARYLAND ST STADIUM AUTH REVENUE | 5/1/2036 | 5.00 | 1,565,094 | 1,565,397 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 520,162 | |||||||
545,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 545,000 | 528,151 | |||||||
6,158,701 | 5,902,309 | 0.88% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 2,764,267 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,511,794 | 1,613,679 | |||||||
810,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2033 | 3.50 | 776,552 | 788,341 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 843,351 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,447,920 | 1,245,929 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,708,416 | 1,147,698 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 265,178 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 270,154 | |||||||
310,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310,000 | 310,170 | |||||||
2,025,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,025,000 | 2,015,230 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2048 | 4.90 | 2,000,000 | 2,030,617 | |||||||
1,500,000 | WALTHAM MA | 10/15/2039 | 2.13 | 1,098,915 | 1,108,896 | |||||||
16,413,597 | 14,403,510 | 2.15% | ||||||||||
Michigan | ||||||||||||
770,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 764,889 | 638,120 | |||||||
650,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 652,585 | 507,064 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH MF REVENUE(l) | 2/1/2026 | 5.00 | 1,014,230 | 1,014,490 | |||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2048 | 5.00 | 1,500,000 | 1,542,689 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,045,601 | 792,927 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2040 | 5.20 | 1,000,000 | 1,052,269 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2048 | 4.90 | 1,000,000 | 1,014,581 | |||||||
205,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 205,000 | 191,646 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,880,556 | 3,559,748 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 4,262,326 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2053 | 4.95 | 5,000,000 | 5,071,730 |
See accompanying notes to financial statements. | 64 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Michigan (Cont'd): | ||||||||||||
330,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | $ 330,000 | 330,195 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 755,478 | 759,804 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 822,695 | 651,612 | |||||||
25,471,034 | 21,389,201 | 3.19% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,695 | 591,418 | |||||||
1,585,000 | ELK RIVER MN INDEP SCH DIST #728 | 2/1/2039 | 2.50 | 1,263,374 | 1,236,511 | |||||||
1,000,000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 991,746 | 938,031 | |||||||
2,000,000 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2047 | 5.00 | 2,067,421 | 2,094,534 | |||||||
995,000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 804,412 | 706,087 | |||||||
4,965,000 | MINNESOTA ST HSG FIN AGY | 1/1/2053 | 6.00 | 5,270,440 | 5,339,606 | |||||||
1,615,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 1,538,995 | 1,458,795 | |||||||
12,867,083 | 12,364,982 | 1.84% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 500,000 | 452,284 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 995,381 | |||||||
2,000,000 | MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 6/1/2042 | 2.55 | 2,000,000 | 1,584,159 | |||||||
3,500,000 | 3,031,824 | 0.45% | ||||||||||
Missouri | ||||||||||||
395,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 391,388 | 358,920 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 396,462 | 14,443 | |||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | 892,132 | 506,567 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,054,361 | 1,533,710 | |||||||
980,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 3.25 | 980,000 | 800,722 | |||||||
1,495,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.30 | 1,495,000 | 1,469,664 | |||||||
995,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.40 | 995,000 | 1,008,468 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 4.55 | 1,000,000 | 1,002,310 | |||||||
1,000,000 | WENTZVILLE MO SCH DIST #R-4 | 3/1/2039 | 1.88 | 708,946 | 707,082 | |||||||
8,913,289 | 7,401,886 | 1.10% | ||||||||||
Montana | ||||||||||||
1,000,000 | FORSYTH MT POLL CONTROL REVENUE | 7/1/2028 | 3.88 | 1,000,000 | 1,003,145 | |||||||
315,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 315,000 | 314,973 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1,000,000 | 744,289 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 6/1/2052 | 4.55 | 1,000,000 | 970,804 | |||||||
3,315,000 | 3,033,211 | 0.45% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
1,745,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2040 | 4.35 | 1,745,000 | 1,724,689 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 151,284 | |||||||
1,000,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2048 | 4.65 | 1,000,000 | 1,006,086 | |||||||
3,070,000 | 2,888,699 | 0.43% | ||||||||||
Nevada | ||||||||||||
1,000,000 | LAS VEGAS VLY NV WTR DIST | 6/1/2046 | 5.00 | 1,030,605 | 1,030,667 | |||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2044 | 3.25 | 1,000,000 | 829,296 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 922,194 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 1,112,206 |
See accompanying notes to financial statements. | 65 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Nevada (Cont'd): | ||||||||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2053 | 4.55 | $ 1,000,000 | 954,132 | |||||||
5,760,605 | 4,848,495 | 0.72% | ||||||||||
New Hampshire | ||||||||||||
1,000,000 | NATIONAL FIN AUTH LEASE REVENUE | 6/1/2051 | 5.25 | 1,076,000 | 1,078,350 | |||||||
1,500,000 | NEW HAMPSHIRE ST BUSINESS FIN AUTH WTR FAC REVENUE | 4/1/2048 | 5.00 | 1,500,000 | 1,533,968 | |||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,337,697 | |||||||
4,076,000 | 3,950,015 | 0.59% | ||||||||||
New Jersey | ||||||||||||
1,000,000 | CAMDEN CNTY NJ IMPT AUTH CHRT SCH REVENUE(b) | 7/15/2042 | 5.00 | 1,042,673 | 1,004,844 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 521,879 | 516,105 | |||||||
2,005,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,000,022 | 1,901,495 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2041 | 4.00 | 968,258 | 989,320 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,809 | 907,541 | |||||||
2,675,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,675,000 | 2,582,880 | |||||||
3,950,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2042 | 4.50 | 3,950,000 | 3,950,425 | |||||||
1,220,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,220,000 | 857,778 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,496 | 810,350 | |||||||
4,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 4.80 | 4,000,000 | 4,042,426 | |||||||
1,485,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 5.00 | 1,558,865 | 1,535,222 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 503,039 | 508,811 | |||||||
1,000,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2046 | 4.00 | 1,100,867 | 952,423 | |||||||
21,405,908 | 20,559,620 | 3.06% | ||||||||||
New Mexico | ||||||||||||
980,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 980,000 | 952,915 | |||||||
650,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 2.70 | 486,550 | 488,689 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 1,975,000 | 1,790,470 | |||||||
550,000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 555,525 | 538,908 | |||||||
435,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 435,000 | 427,368 | |||||||
590,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 590,707 | 554,743 | |||||||
690,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 690,000 | 618,266 | |||||||
605,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 605,000 | 591,223 | |||||||
1,370,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,397,687 | 1,118,476 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990,000 | 707,295 | |||||||
1,210,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 1,210,000 | 867,624 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 2.80 | 1,975,000 | 1,431,087 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | 1,000,000 | 931,371 | |||||||
12,890,469 | 11,018,435 | 1.64% | ||||||||||
New York | ||||||||||||
1,000,000 | BUILD NYC RESOURCE CORP NY REVENUE | 7/1/2057 | 5.25 | 1,020,111 | 1,015,749 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 750,161 | 750,990 | |||||||
875,000 | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE(f)(m) | 12/1/2029 | 3.66 | 869,531 | 868,569 | |||||||
1,830,000 | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE | 9/1/2044 | 5.00 | 1,855,794 | 1,856,085 | |||||||
610,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 561,484 | 553,782 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 600,722 | 550,174 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 2,794,121 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 855,989 |
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): | ||||||||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | $ 1,000,000 | 897,591 | |||||||
2,250,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,250,000 | 1,391,170 | |||||||
2,000,000 | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE | 3/15/2041 | 5.00 | 2,019,508 | 2,017,890 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 971,718 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,393,334 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 500,264 | |||||||
2,930,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 2,930,000 | 2,687,071 | |||||||
965,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 965,000 | 755,952 | |||||||
1,700,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | 1,606,007 | 1,168,081 | |||||||
980,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 975,420 | 677,191 | |||||||
3,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2047 | 3.30 | 3,435,000 | 2,767,443 | |||||||
985,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 985,000 | 932,082 | |||||||
5,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 4.80 | 5,000,000 | 5,046,877 | |||||||
1,875,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,875,000 | 1,465,269 | |||||||
1,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,435,000 | 950,851 | |||||||
2,030,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2053 | 4.65 | 2,030,000 | 2,029,875 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,246,080 | 1,246,109 | |||||||
1,500,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 7/1/2041 | 5.00 | 1,494,660 | 1,499,215 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2029 | 3.60 | 650,000 | 587,969 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2046 | 5.00 | 681,107 | 533,797 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | 494,566 | 377,097 | |||||||
44,068,901 | 39,142,305 | 5.83% | ||||||||||
North Carolina | ||||||||||||
1,000,000 | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE | 7/1/2052 | 5.50 | 1,061,886 | 1,085,094 | |||||||
1,670,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,670,000 | 1,673,104 | |||||||
130,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 128,788 | 121,668 | |||||||
2,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2042 | 3.50 | 2,500,000 | 2,198,442 | |||||||
2,000,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2046 | 4.40 | 2,000,000 | 1,994,530 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,048,416 | 1,020,827 | |||||||
8,409,090 | 8,093,665 | 1.21% | ||||||||||
North Dakota | ||||||||||||
410,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 410,836 | 334,039 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 985,000 | 852,863 | |||||||
920,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 920,000 | 711,064 | |||||||
995,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2053 | 4.00 | 1,041,028 | 988,973 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2053 | 5.75 | 1,088,905 | 1,065,603 | |||||||
4,445,769 | 3,952,542 | 0.59% | ||||||||||
Ohio | ||||||||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.50 | 500,000 | 439,059 | |||||||
1,500,000 | CLOVERLEAF OH LOCAL SCH DIST COPS | 12/1/2047 | 5.75 | 1,564,362 | 1,625,349 | |||||||
865,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 881,061 | 668,209 |
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): | ||||||||||||
1,435,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | $ 1,499,898 | 1,331,632 | |||||||
585,000 | DAYTON OH ARPT REVENUE | 12/1/2025 | 5.00 | 585,000 | 585,358 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,042,511 | 1,509,024 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(d) | 12/1/2037 | 6.50 | 750,000 | 217,500 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,523,065 | 1,533,548 | |||||||
4,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION(f)(k) | 1/1/2043 | 3.97 | 4,000,000 | 4,000,000 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,029,061 | 1,487,336 | |||||||
505,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 460,528 | 485,836 | |||||||
3,985,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2046 | 2.85 | 3,985,000 | 2,942,523 | |||||||
970,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 4.55 | 970,000 | 956,791 | |||||||
2,475,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 5.10 | 2,475,000 | 2,581,427 | |||||||
495,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 495,000 | 488,380 | |||||||
1,250,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.50 | 1,251,538 | 1,252,562 | |||||||
625,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 625,000 | 611,970 | |||||||
3,640,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 3,662,302 | 2,640,562 | |||||||
1,955,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 1,955,000 | 1,414,055 | |||||||
985,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2052 | 5.00 | 1,034,604 | 1,015,081 | |||||||
32,288,930 | 27,786,202 | 4.14% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,158,514 | 1,922,064 | |||||||
1,000,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2043 | 4.50 | 1,001,360 | 1,008,487 | |||||||
2,000,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2053 | 6.25 | 2,140,939 | 2,170,816 | |||||||
5,300,813 | 5,101,367 | 0.76% | ||||||||||
Oregon | ||||||||||||
425,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 425,000 | 418,109 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2042 | 3.70 | 1,000,000 | 924,320 | |||||||
2,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,817,808 | 1,470,029 | |||||||
1,050,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2046 | 4.70 | 1,050,000 | 1,056,191 | |||||||
785,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 785,000 | 767,830 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,690 | 789,123 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 726,160 | 482,280 | |||||||
6,769,658 | 5,907,882 | 0.88% | ||||||||||
Pennsylvania | ||||||||||||
370,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(f) | 10/1/2034 | 4.41 | 370,000 | 353,136 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 513,240 | 505,669 | |||||||
830,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 831,300 | 702,263 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,274,742 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,028,144 | 958,934 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(f) | 7/1/2039 | 4.36 | 500,000 | 447,914 |
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): | ||||||||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | $ 1,685,000 | 1,596,616 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,031,915 | 753,077 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 813,370 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,362,407 | |||||||
695,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 3.00 | 691,880 | 673,035 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2045 | 5.00 | 1,029,449 | 1,020,867 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 741,418 | 767,234 | |||||||
13,122,346 | 11,229,264 | 1.67% | ||||||||||
Rhode Island | ||||||||||||
960,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 952,006 | 897,107 | |||||||
952,006 | 897,107 | 0.13% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,614 | 561,254 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(b) | 7/1/2025 | 8.75 | 750,000 | 825,198 | |||||||
985,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2037 | 3.20 | 985,000 | 910,765 | |||||||
1,110,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,110,000 | 889,484 | |||||||
1,000,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2048 | 4.90 | 1,000,000 | 1,016,930 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 686,835 | 452,199 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 875,862 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,008,471 | 1,005,438 | |||||||
7,187,920 | 6,537,130 | 0.97% | ||||||||||
South Dakota | ||||||||||||
2,000,000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2,000,000 | 1,509,355 | |||||||
2,000,000 | 1,509,355 | 0.23% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(d) | 6/1/2027 | 6.50 | 1,000,000 | 220,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 608,668 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2019 | 5.35 | 134,966 | 1 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 5.55 | 556,862 | 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 | 993,888 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2048 | 4.70 | 3,000,000 | 3,018,099 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2053 | 4.70 | 1,000,000 | 999,941 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.50 | 3,000,000 | 2,691,619 | |||||||
495,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 495,000 | 488,663 | |||||||
430,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 430,000 | 421,448 | |||||||
2,980,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 2,853,208 | 2,220,215 | |||||||
810,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.55 | 810,000 | 566,906 | |||||||
605,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 605,000 | 586,471 |
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): | ||||||||||||
1,990,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | $ 1,990,000 | 1,476,028 | |||||||
17,475,036 | 14,291,954 | 2.13% | ||||||||||
Texas | ||||||||||||
1,250,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,203,825 | 786,926 | |||||||
2,000,000 | AUSTIN TX ARPT SYS REVENUE | 11/15/2044 | 5.00 | 2,013,057 | 1,998,079 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,027 | 756,285 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 635,011 | 630,248 | |||||||
2,000,000 | CRANDALL TX INDEP SCH DIST | 8/15/2036 | 5.00 | 2,085,167 | 2,077,564 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,000,523 | 1,003,283 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,350,000 | 1,254,916 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 361,739 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,567 | 518,592 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,001,586 | 1,004,246 | |||||||
1,500,000 | FORT WORTH TX | 3/1/2040 | 2.00 | 1,049,399 | 1,051,639 | |||||||
1,000,000 | GEORGETOWN TX INDEP SCH DIST | 8/15/2035 | 2.50 | 866,632 | 867,759 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(e) | 10/1/2035 | 0.00 | 1,476,996 | 1,635,669 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,127,563 | 1,518,189 | |||||||
1,125,000 | GTR TEXOMA TX UTILITY AUTH CONTRACT REVENUE | 10/1/2032 | 5.00 | 1,294,279 | 1,296,883 | |||||||
2,000,000 | HOUSTON TX ARPT SYS REVENUE | 7/1/2048 | 5.25 | 2,142,400 | 2,144,553 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP(c) | 2/15/2025 | 5.38 | 273,000 | 150,150 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,418 | 1,043,978 | |||||||
2,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2027 | 5.50 | 1,966,220 | 1,943,234 | |||||||
470,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2029 | 4.00 | 431,015 | 411,719 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2033 | 6.50 | 1,500,000 | 1,459,464 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,004,105 | 923,625 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 506,600 | 401,565 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,101,263 | 783,291 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,140,079 | 765,464 | |||||||
1,029,449 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE(f)(m) | 11/15/2061 | 2.00 | 1,029,449 | 409,954 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(b) | 12/1/2028 | 12.00 | 1,000,000 | 1,000,588 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 638,869 | 322,500 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,106,274 | 1,101,426 | |||||||
700,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2039 | 5.00 | 694,750 | 694,898 | |||||||
2,000,000 | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(b) | 8/15/2051 | 5.00 | 1,990,000 | 1,898,392 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 747,093 | 792,233 | |||||||
1,000,000 | SAN ANTONIO TX WTR REVENUE | 5/15/2039 | 5.00 | 1,029,134 | 1,024,464 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,000,000 | 1,000,812 | |||||||
3,500,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2053 | 4.88 | 3,588,199 | 3,519,891 |
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): | ||||||||||||
1,650,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | $ 1,674,489 | 1,519,209 | |||||||
635,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 641,764 | 629,455 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 3/1/2050 | 3.00 | 718,814 | 740,139 | |||||||
1,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.25 | 1,539,812 | 1,568,199 | |||||||
2,480,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.50 | 2,667,792 | 2,629,033 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2053 | 5.25 | 1,032,900 | 1,040,416 | |||||||
2,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2039 | 3.80 | 1,982,500 | 1,916,755 | |||||||
3,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2048 | 5.13 | 3,558,990 | 3,632,151 | |||||||
485,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 488,838 | 354,709 | |||||||
4,750,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2052 | 3.13 | 4,837,570 | 3,590,399 | |||||||
61,247,969 | 56,174,683 | 8.37% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,093 | 757,924 | |||||||
1,000,000 | JORDAN VLY UT WTR CONSERVANCY DIST WTR REVENUE | 10/1/2046 | 5.00 | 1,030,140 | 1,030,383 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,712 | 680,928 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,030,893 | 1,480,216 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 391,227 | |||||||
1,000,000 | UTAH CNTY UT HOSP REVENUE | 5/15/2045 | 5.00 | 1,011,912 | 1,007,136 | |||||||
2,000,000 | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE | 10/15/2037 | 5.00 | 2,015,202 | 2,011,683 | |||||||
825,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2027 | 4.25 | 825,000 | 778,796 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 12/15/2031 | 3.50 | 896,730 | 751,544 | |||||||
915,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2032 | 5.25 | 915,000 | 897,712 | |||||||
5,310,980 | UTAH ST HSG CORP | 12/21/2052 | 6.00 | 5,505,475 | 5,499,994 | |||||||
2,489,279 | UTAH ST HSG CORP | 1/21/2053 | 6.50 | 2,593,366 | 2,587,037 | |||||||
3,992,162 | UTAH ST HSG CORP | 4/21/2053 | 5.50 | 4,082,980 | 4,040,347 | |||||||
2,991,526 | UTAH ST HSG CORP | 5/21/2053 | 6.50 | 3,112,439 | 3,109,116 | |||||||
4,023,542 | UTAH ST HSG CORP | 6/21/2053 | 6.00 | 4,120,312 | 4,146,595 | |||||||
30,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 30,000 | 30,042 | |||||||
30,555,254 | 29,200,680 | 4.35% | ||||||||||
Vermont | ||||||||||||
415,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 411,767 | 394,920 | |||||||
411,767 | 394,920 | 0.06% | ||||||||||
Virginia | ||||||||||||
1,500,000 | BOTETOURT CNTY VA RSDL CARE FAC REVENUE | 7/1/2044 | 6.00 | 1,510,685 | 1,487,618 | |||||||
3,000,000 | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE | 7/1/2041 | 5.00 | 3,088,791 | 3,085,062 | |||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,142 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(n) | 9/1/2041 | 0.00 | 183,024 | 1,155 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(c) | 9/1/2041 | 5.63 | 373,459 | 104,700 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 1,000,000 | 1,000,915 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 663,982 | |||||||
7,655,959 | 6,844,574 | 1.02% |
See accompanying notes to financial statements. | 71 | (Continued) |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Washington | ||||||||||||
1,500,000 | FRANKLIN CNTY WA SCH DIST #1 PASCO | 12/1/2040 | 5.50 | $ 1,735,868 | 1,740,081 | |||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 688,121 | 718,763 | |||||||
295,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 295,000 | 299,728 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,021,902 | 1,011,633 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 486,292 | 309,950 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,404 | 1,283,091 | |||||||
515,000 | WALLA WALLA CNTY WA SCH DIST #300 TOUCHET | 12/1/2029 | 4.00 | 515,000 | 515,110 | |||||||
1,000,000 | WASHINGTON ST HLTH CARE FACS AUTH | 10/1/2025 | 5.00 | 1,001,634 | 1,000,792 | |||||||
325,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 325,599 | 331,965 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 523,645 | 436,238 | |||||||
8,089,465 | 7,647,351 | 1.14% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2048 | 4.55 | 1,500,000 | 1,493,840 | |||||||
1,885,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1,885,000 | 1,371,365 | |||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2053 | 4.85 | 1,500,000 | 1,499,906 | |||||||
4,885,000 | 4,365,111 | 0.65% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2046 | 0.00 | 2,058 | 391 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2047 | 0.00 | 2,192 | 402 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2048 | 0.00 | 2,079 | 375 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2049 | 0.00 | 1,995 | 351 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2050 | 0.00 | 1,902 | 322 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2051 | 0.00 | 2,000 | 332 | |||||||
446,245 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d)(f)(m) | 7/1/2051 | 3.75 | 443,916 | 255,877 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2052 | 0.00 | 1,973 | 315 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2053 | 0.00 | 1,888 | 296 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2054 | 0.00 | 1,815 | 276 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2055 | 0.00 | 1,737 | 258 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2056 | 0.00 | 1,662 | 242 | |||||||
106,459 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(d) | 7/1/2056 | 5.50 | 104,505 | 59,107 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2057 | 0.00 | 2,412 | 230 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2058 | 0.00 | 1,540 | 214 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2059 | 0.00 | 1,484 | 202 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2060 | 0.00 | 1,433 | 188 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2061 | 0.00 | 1,375 | 175 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2062 | 0.00 | 1,328 | 164 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2063 | 0.00 | 1,275 | 154 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2064 | 0.00 | 1,232 | 146 |
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): | ||||||||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2065 | 0.00 | $ 1,192 | 136 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2066 | 0.00 | 1,155 | 125 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(d)(n) | 1/1/2067 | 0.00 | 13,519 | 1,460 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 523,533 | 460,721 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1,051,934 | 994,507 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1,000,000 | 1,015,333 | |||||||
120,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 120,199 | 120,092 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 6/1/2028 | 3.00 | 1,250,000 | 1,151,623 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b)(c)(d) | 11/1/2028 | 6.25 | 1,250,000 | 750,000 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 991,065 | 615,000 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(d) | 12/1/2048 | 5.50 | 13,694 | 4,245 | |||||||
1,695,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,718,945 | 1,224,079 | |||||||
475,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 474,684 | 481,638 | |||||||
1,000,000 | RACINE CNTY WI | 3/1/2026 | 4.00 | 1,001,063 | 1,000,636 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 522,387 | 435,778 | |||||||
330,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 3/15/2033 | 4.50 | 335,170 | 335,874 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 725,531 | 637,646 | |||||||
1,410,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2041 | 5.00 | 1,416,801 | 1,240,958 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,402,306 | 1,404,279 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 671,671 | 525,238 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 4/1/2057 | 5.13 | 1,500,000 | 1,104,342 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2051 | 2.85 | 1,000,000 | 703,223 | |||||||
17,566,650 | 14,526,950 | 2.17% | ||||||||||
Sub-total Municipal Bonds: | 680,703,860 | 614,019,759 | 91.52% | |||||||||
Short-Term Investments: | ||||||||||||
31,934,300 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.98%(o) | 31,934,300 | 31,934,300 | |||||||||
4,000,000 | U.S. TREASURY BILL, 4.34%, 7/5/2023(p) | 3,997,820 | 3,998,910 | |||||||||
4,000,000 | U.S. TREASURY BILL, 4.62%, 7/18/2023(p) | 3,990,556 | 3,991,629 | |||||||||
Sub-total Short-Term Investments: | 39,922,676 | 39,924,839 | 5.95% | |||||||||
Grand total | $ 751,037,071 | 678,448,025 | 101.12% |
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. |
(d) | Restricted security that has been deemed illiquid. At June 30, 2023, the value of these restricted illiquid securities amounted to $4,061,284 or 0.61% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
ARIZONA ST INDL DEV AUTH ECON DEV REVENUE, 7.75%, 7/1/2030 - 7/1/2051 | 8/12/2020-6/4/2021 | $400,000 - 1,237,500 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/2035 | 12/2/2015-1/21/2016 | 1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/2037 | 6/28/2017 | 750,000 |
See accompanying notes to financial statements. | 73 | (Continued) |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/2026 | 12/16/2013 | $585,483 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/15/2044 | 6/27/2017-4/12/2018 | 1,531,071 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/2027 | 5/24/2017 | 1,000,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/2037 | 10/27/2017 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 5.50%, 1/1/2046 - 1/1/2067 | 3/26/2018-3/8/2022 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 6.25%, 11/1/2028 - 12/1/2048 | 4/3/2017-3/26/2019 | 13,694 - 1,250,000 |
(e) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(f) | Variable rate security. Rate as of June 30, 2023 is disclosed. |
(g) | Security has converted to a fixed rate as of September 1, 2007, and will be going forward. |
(h) | Security has converted to a fixed rate as of December 16, 2022, and will be going forward. |
(i) | Security has converted to a fixed rate as of August 25, 2022, and will be going forward. |
(j) | Security has converted to a fixed rate as of April 24, 2023, and will be going forward. |
(k) | 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. |
(l) | Security has converted to a fixed rate as of June 21, 2023, and will be going forward. |
(m) | 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. |
(n) | Zero coupon bond. |
(o) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2022, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $11,705,149 with net purchases of $20,229,151 during the six months ended June 30, 2023. |
(p) | Discount rate at the time of purchase. |
Geographical Diversification | Percent | |
Florida | 13.75% | |
Illinois | 10.72 | |
Texas | 8.59 | |
New York | 5.99 | |
California | 4.97 | |
Colorado | 4.57 | |
Utah | 4.47 | |
Ohio | 4.25 | |
Michigan | 3.27 | |
New Jersey | 3.14 | |
Other | 36.28 | |
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 | 423 | $(47,488) | Short | 9/23 | $ 840 | |||||
U.S. Treasury Long Bond | 79 | (10,026) | Short | 9/23 | 9 | |||||
2-Year U.S. Treasury Note | 144 | (29,282) | Short | 9/23 | 429 | |||||
5-Year U.S. Treasury Note | 263 | (28,166) | Short | 9/23 | 559 | |||||
$1,837 |
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. | $ 331,893 | 289,632 | |||||
29,184 | ANZ GROUP HOLDINGS LTD. | 380,372 | 460,944 | |||||
16,849 | APA GROUP | 112,443 | 108,760 | |||||
2,554 | ASX LTD. | 51,631 | 107,185 | |||||
36,024 | ATLASSIAN CORP., CLASS A(b) | 9,058,049 | 6,045,187 | |||||
300,837 | AURIZON HOLDINGS LTD. | 766,110 | 785,578 | |||||
445,000 | BEACH ENERGY LTD. | 647,241 | 400,190 | |||||
45,302 | BHP GROUP LTD. | 1,107,240 | 1,357,705 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 514,721 | |||||
18,654 | BRAMBLES LTD. | 73,901 | 179,064 | |||||
151,800 | CEDAR WOODS PROPERTIES LTD. | 545,697 | 508,642 | |||||
971 | COCHLEAR LTD. | 35,893 | 148,170 | |||||
21,681 | COMMONWEALTH BANK OF AUSTRALIA | 891,314 | 1,448,179 | |||||
36,785 | CSL LTD. | 2,387,993 | 6,797,010 | |||||
34,742 | DEXUS | 176,794 | 180,518 | |||||
649,200 | EMECO HOLDINGS LTD. | 351,482 | 281,102 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,435,855 | |||||
19,923 | GOODMAN GROUP | 57,689 | 266,363 | |||||
68,716 | GPT GROUP (THE) | 176,591 | 189,509 | |||||
1,039,600 | GRANGE RESOURCES LTD. | 584,855 | 370,503 | |||||
208,100 | HELIA GROUP LTD. | 425,619 | 479,645 | |||||
127,407 | HUB24 LTD. | 1,988,538 | 2,159,997 | |||||
53,966 | INGHAMS GROUP LTD. | 152,714 | 94,188 | |||||
142,054 | LOVISA HOLDINGS LTD. | 1,894,783 | 1,826,345 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 925,156 | |||||
174,400 | METCASH LTD. | 556,523 | 436,824 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,215 | 786,482 | |||||
403,300 | NEW HOPE CORP. LTD.(c) | 712,713 | 1,302,993 | |||||
17,785 | NEWCREST MINING LTD. | 171,926 | 313,010 | |||||
64,600 | NICK SCALI LTD. | 464,540 | 392,033 | |||||
26,749 | NORTHERN STAR RESOURCES LTD. | 133,395 | 215,252 | |||||
99,400 | OCEANAGOLD CORP. | 207,409 | 195,836 | |||||
378,300 | PACT GROUP HOLDINGS LTD. | 787,238 | 166,323 | |||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 92,544 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,388,278 | |||||
20,500 | SANTOS LTD. | 45,732 | 102,694 | |||||
123,143 | SCENTRE GROUP | 212,496 | 217,384 | |||||
10,274 | SEEK LTD. | 106,072 | 148,652 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 943,533 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 144,921 | |||||
407,814 | STEADFAST GROUP LTD. | 1,632,958 | 1,629,992 | |||||
297,819 | STOCKLAND | 734,663 | 799,520 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 577,148 | |||||
26,284 | TRANSURBAN GROUP | 146,611 | 249,504 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 91,723 | |||||
462,400 | VICINITY LTD. | 579,585 | 568,311 | |||||
10,565 | WASHINGTON H SOUL PATTINSON & CO. LTD. | 183,547 | 223,664 | |||||
8,635 | WESFARMERS LTD. | 249,487 | 283,814 | |||||
41,271 | WESTPAC BANKING CORP. | 580,062 | 586,694 | |||||
25,548 | WOODSIDE ENERGY GROUP LTD. | 510,437 | 586,128 | |||||
9,073 | WOOLWORTHS GROUP LTD. | 201,073 | 240,127 | |||||
33,350,238 | 40,043,532 | 4.14% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(b)(d) | 600,064 | 723,306 | |||||
1,727 | ERSTE GROUP BANK A.G. | 28,884 | 60,474 | |||||
3,577 | OMV A.G. | 129,822 | 151,601 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 12,723 | |||||
57,900 | TELEKOM AUSTRIA A.G.(b) | 422,512 | 428,364 | |||||
1,255 | VERBUND A.G. | 101,844 | 100,586 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 569,570 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 719,035 | |||||
2,446,049 | 2,765,659 | 0.29% | ||||||
Belgium: | ||||||||
7,120 | AGEAS S.A./N.V. | 106,907 | 288,320 | |||||
19,000 | BPOST S.A. | 195,697 | 83,429 |
See accompanying notes to financial statements. | 77 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Belgium (Cont'd): | ||||||||
17,722 | D'IETEREN GROUP | $ 2,791,469 | 3,130,863 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 297,536 | |||||
434 | ELIA GROUP S.A./N.V. | 51,795 | 55,078 | |||||
41,290 | GROUPE BRUXELLES LAMBERT N.V. | 3,590,834 | 3,251,216 | |||||
3,576 | KBC GROUP N.V. | 87,957 | 249,424 | |||||
217 | SOFINA S.A. | 37,602 | 44,919 | |||||
13,300 | TELENET GROUP HOLDING N.V. | 551,801 | 299,257 | |||||
14,300 | TESSENDERLO GROUP S.A. | 622,327 | 468,125 | |||||
2,245 | UCB S.A. | 107,034 | 198,919 | |||||
8,524,624 | 8,367,086 | 0.86% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(b) | 274,164 | 190,205 | |||||
184,550 | CI&T, INC., CLASS A(b) | 2,442,433 | 1,157,128 | |||||
742,608 | GRUPO SBF S.A. | 2,598,725 | 2,061,163 | |||||
235,400 | ODONTOPREV S.A. | 566,205 | 616,990 | |||||
178,462 | TELEFONICA BRASIL S.A. ADR(e) | 1,952,442 | 1,629,358 | |||||
513,159 | VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS S.A. | 1,500,198 | 1,297,848 | |||||
106,600 | VIBRA ENERGIA S.A.(b) | 500,792 | 401,848 | |||||
9,834,959 | 7,354,540 | 0.76% | ||||||
Canada: | ||||||||
3,840 | AGNICO EAGLE MINES LTD. | 146,646 | 191,923 | |||||
5,359 | AIR CANADA(b) | 65,966 | 101,092 | |||||
85,000 | ALGONQUIN POWER & UTILITIES CORP.(c) | 624,625 | 702,100 | |||||
109,091 | ALIMENTATION COUCHE-TARD, INC. | 3,155,681 | 5,593,925 | |||||
7,866 | ALTAGAS LTD. | 135,598 | 141,318 | |||||
120,200 | ARTIS REAL ESTATE INVESTMENT TRUST | 1,120,762 | 656,008 | |||||
163,600 | B2GOLD CORP. | 818,860 | 582,896 | |||||
6,372 | BANK OF MONTREAL | 529,066 | 575,455 | |||||
8,810 | BANK OF NOVA SCOTIA (THE) | 350,953 | 440,852 | |||||
21,552 | BARRICK GOLD CORP. | 329,659 | 364,875 | |||||
527 | BROOKFIELD ASSET MANAGEMENT LTD., CLASS A | 15,811 | 17,196 | |||||
11,605 | BRP, INC. (SUB VOTING) | 468,941 | 981,048 | |||||
6,515 | CAE, INC.(b) | 109,270 | 145,806 | |||||
5,652 | CANADIAN APARTMENT PROPERTIES REIT | 174,890 | 216,992 | |||||
13,110 | CANADIAN NATIONAL RAILWAY CO. | 1,571,141 | 1,587,228 | |||||
4,615 | CANADIAN NATURAL RESOURCES LTD. | 252,893 | 259,640 | |||||
140,321 | CANADIAN PACIFIC KANSAS CITY LTD. | 5,485,375 | 11,333,727 | |||||
7,173 | CANADIAN TIRE CORP. LTD., CLASS A | 783,882 | 980,694 | |||||
18,853 | CANADIAN UTILITIES LTD., CLASS A | 501,070 | 488,278 | |||||
29,199 | CARGOJET, INC. | 2,563,133 | 2,120,798 | |||||
47,300 | CASCADES, INC. | 494,913 | 417,390 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 270,311 | |||||
4,854 | CGI, INC.(b) | 385,356 | 511,757 | |||||
57,700 | CI FINANCIAL CORP.(c) | 896,767 | 655,073 | |||||
307 | CONSTELLATION SOFTWARE, INC. | 271,176 | 636,076 | |||||
151,400 | CORUS ENTERTAINMENT, INC., CLASS B | 490,896 | 149,714 | |||||
19,027 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 734,526 | 1,524,171 | |||||
10,000 | DESCARTES SYSTEMS GROUP (THE), INC. (NASDAQ GLOBAL SELECT EXCHANGE)(b) | 743,876 | 801,100 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 445,772 | |||||
6,399 | EMERA, INC. | 261,745 | 263,544 | |||||
12,911 | ENBRIDGE, INC. | 488,757 | 479,644 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 1,044,967 | |||||
48,222 | EXCHANGE INCOME CORP. | 1,946,122 | 1,907,768 | |||||
332 | FAIRFAX FINANCIAL HOLDINGS LTD. | 109,228 | 248,681 | |||||
317 | FIRSTSERVICE CORP. | 37,450 | 48,820 | |||||
18,308 | FORTIS, INC. | 727,467 | 788,982 | |||||
1,786 | FRANCO-NEVADA CORP. | 212,062 | 254,684 | |||||
2,479 | GFL ENVIRONMENTAL, INC. (SUB VOTING) | 63,803 | 96,259 | |||||
2,184 | GFL ENVIRONMENTAL, INC. (SUB VOTING) (NEW YORK EXCHANGE) | 59,481 | 84,739 | |||||
2,549 | GILDAN ACTIVEWEAR, INC. | 73,352 | 82,180 | |||||
6,138 | HYDRO ONE LTD.(d) | 154,425 | 175,371 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 1,328,458 | |||||
1,503 | IGM FINANCIAL, INC. | 37,289 | 45,757 | |||||
3,196 | IMPERIAL OIL LTD. | 141,353 | 163,507 |
See accompanying notes to financial statements. | 78 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
415 | INTACT FINANCIAL CORP. | $ 33,776 | 64,076 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(b) | 2,833 | 9,016 | |||||
42,876 | KINROSS GOLD CORP. | 152,204 | 204,519 | |||||
2,635 | LOBLAW COS. LTD. | 101,823 | 241,233 | |||||
921 | LUMINE GROUP, INC.(b) | 9,604 | 12,632 | |||||
634 | MAGNA INTERNATIONAL, INC. | 32,119 | 35,783 | |||||
14,440 | MANULIFE FINANCIAL CORP. | 232,014 | 273,060 | |||||
3,331 | METRO, INC. | 71,587 | 188,130 | |||||
73,700 | MULLEN GROUP LTD. | 791,421 | 844,511 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,440,025 | |||||
10,766 | ONEX CORP. | 493,620 | 594,639 | |||||
7,493 | OPEN TEXT CORP. | 205,449 | 311,334 | |||||
7,809 | PARKLAND CORP. | 166,853 | 194,525 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 547,794 | |||||
2,253 | POWER CORP. OF CANADA | 51,403 | 60,647 | |||||
178,379 | PRAIRIESKY ROYALTY LTD. | 2,897,630 | 3,118,519 | |||||
41,090 | QUEBECOR, INC., CLASS B | 926,060 | 1,012,711 | |||||
3,916 | RESTAURANT BRANDS INTERNATIONAL, INC. | 219,594 | 303,568 | |||||
19,784 | RIOCAN REAL ESTATE INVESTMENT TRUST | 262,184 | 287,930 | |||||
11,072 | ROYAL BANK OF CANADA | 1,017,596 | 1,057,487 | |||||
16,691 | SHOPIFY, INC., CLASS A(b) | 464,706 | 1,078,239 | |||||
10,500 | STELCO HOLDINGS, INC. | 316,173 | 342,563 | |||||
126,363 | SUNCOR ENERGY, INC. | 2,605,067 | 3,706,712 | |||||
4,441 | TC ENERGY CORP. | 140,932 | 179,461 | |||||
10,940 | TELUS CORP. | 224,373 | 212,895 | |||||
1,358 | TFI INTERNATIONAL, INC. | 127,516 | 154,718 | |||||
34,584 | THOMSON REUTERS CORP. | 3,771,504 | 4,669,329 | |||||
1,036 | THOMSON REUTERS CORP. (NEW YORK EXCHANGE) | 108,812 | 139,798 | |||||
416 | TRISURA GROUP LTD.(b) | 490 | 11,798 | |||||
31,500 | WAJAX CORP. | 462,770 | 593,025 | |||||
28,985 | WASTE CONNECTIONS, INC. | 4,147,908 | 4,142,826 | |||||
537 | WEST FRASER TIMBER CO. LTD. | 38,544 | 46,134 | |||||
1,244 | WEST FRASER TIMBER CO. LTD. (NEW YORK EXCHANGE) | 94,866 | 106,959 | |||||
7,242 | WHEATON PRECIOUS METALS CORP. | 227,571 | 312,999 | |||||
1,466 | WSP GLOBAL, INC. | 166,444 | 193,681 | |||||
50,810,520 | 66,599,852 | 6.88% | ||||||
Chile: | ||||||||
318,400 | CENCOSUD S.A. | 432,618 | 617,098 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 230,749 | |||||
760,164 | 847,847 | 0.09% | ||||||
China: | ||||||||
654,000 | 3SBIO, INC.(b)(d) | 426,195 | 656,838 | |||||
452,076 | ALIBABA GROUP HOLDING LTD.(b) | 7,546,380 | 4,684,606 | |||||
429,000 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,286,150 | 1,138,744 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 143,964 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 147,341 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 427,094 | |||||
301,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 2,031,504 | 1,269,717 | |||||
246,474 | HUALI INDUSTRIAL GROUP CO. LTD., CLASS A | 1,668,394 | 1,652,472 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 352,699 | |||||
75,550 | TRIP.COM GROUP LTD.(b) | 1,601,961 | 2,628,245 | |||||
65,567 | XIAMEN FARATRONIC CO. LTD., CLASS A | 1,832,871 | 1,238,322 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,185 | 312,838 | |||||
19,041,026 | 14,652,880 | 1.51% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 538,002 | |||||
402,293 | 538,002 | 0.06% | ||||||
Denmark: | ||||||||
135,031 | ALK-ABELLO A/S(b) | 1,906,779 | 1,473,299 | |||||
68 | AP MOLLER - MAERSK A/S, CLASS A | 78,187 | 118,391 | |||||
70 | AP MOLLER - MAERSK A/S, CLASS B | 61,056 | 122,847 | |||||
1,300 | CARLSBERG A/S, CLASS B | 50,752 | 207,760 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 187,558 | |||||
22,200 | D/S NORDEN A/S | 318,701 | 1,107,479 | |||||
12,005 | DANSKE BANK A/S(b) | 141,793 | 292,054 | |||||
3,896 | DEMANT A/S(b) | 70,444 | 164,724 |
See accompanying notes to financial statements. | 79 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Denmark (Cont'd): | ||||||||
30,780 | DSV A/S | $ 3,689,862 | 6,464,093 | |||||
19,067 | NOVO NORDISK A/S ADR(e) | 1,795,203 | 3,085,613 | |||||
62,833 | NOVO NORDISK A/S, CLASS B | 7,155,748 | 10,123,632 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 114,609 | |||||
2,787 | ORSTED A/S(d) | 248,326 | 263,363 | |||||
2,802 | PANDORA A/S | 27,668 | 250,162 | |||||
12,200 | PER AARSLEFF HOLDING A/S | 552,758 | 599,853 | |||||
245 | ROCKWOOL A/S, CLASS B | 37,155 | 63,301 | |||||
20,079 | ROYAL UNIBREW A/S | 1,329,935 | 1,795,001 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 318,238 | |||||
40,800 | SPAR NORD BANK A/S | 620,980 | 637,995 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 159,654 | |||||
16,220 | VESTAS WIND SYSTEMS A/S(b) | 150,564 | 431,345 | |||||
18,604,726 | 27,980,971 | 2.89% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 223,276 | |||||
244,707 | 223,276 | 0.02% | ||||||
Finland: | ||||||||
9,600 | CARGOTEC OYJ, CLASS B | 522,724 | 527,443 | |||||
27,200 | KEMIRA OYJ | 447,150 | 433,041 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 105,109 | |||||
3,256 | KONE OYJ, CLASS B | 35,674 | 169,937 | |||||
10,356 | KONECRANES OYJ | 395,576 | 416,422 | |||||
21,225 | NESTE OYJ | 67,704 | 816,647 | |||||
158,808 | NOKIA OYJ | 714,104 | 664,659 | |||||
577,214 | NOKIA OYJ ADR(e) | 2,533,613 | 2,401,210 | |||||
46,541 | NORDEA BANK ABP | 419,121 | 506,174 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 81,315 | |||||
15,829 | STORA ENSO OYJ (REGISTERED) | 75,698 | 183,521 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 355,120 | |||||
38,449 | VALMET OYJ | 999,027 | 1,069,028 | |||||
6,390,586 | 7,729,626 | 0.80% | ||||||
France: | ||||||||
4,611 | AIR LIQUIDE S.A. | 539,629 | 826,176 | |||||
10,358 | AIRBUS S.E. | 325,383 | 1,496,019 | |||||
6,173 | ALSTOM S.A. | 108,951 | 184,027 | |||||
4,199 | ARKEMA S.A. | 378,617 | 395,422 | |||||
21,399 | AXA S.A. | 257,534 | 631,050 | |||||
15,160 | BNP PARIBAS S.A. | 712,479 | 954,838 | |||||
3,062 | CAPGEMINI S.E. | 111,713 | 579,875 | |||||
9,832 | CARREFOUR S.A. | 151,252 | 186,196 | |||||
17,497 | CIE DE SAINT-GOBAIN | 382,786 | 1,064,038 | |||||
8,124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78,557 | 239,884 | |||||
37,390 | COFACE S.A. | 449,179 | 514,896 | |||||
852 | COVIVIO S.A. | 39,755 | 40,145 | |||||
43,315 | CREDIT AGRICOLE S.A. | 349,095 | 513,869 | |||||
183,034 | DANONE S.A. | 11,286,354 | 11,212,658 | |||||
4,893 | DASSAULT SYSTEMES S.E. | 167,866 | 216,907 | |||||
3,422 | EDENRED | 102,446 | 229,049 | |||||
26,507 | ENGIE S.A. | 331,812 | 440,461 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 111,271 | |||||
2,180 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 301,642 | 410,584 | |||||
2,901 | EURAZEO S.E. | 76,265 | 204,021 | |||||
858 | EUROAPI S.A.(b) | 11,312 | 9,826 | |||||
23,617 | GAZTRANSPORT ET TECHNIGAZ S.A. | 2,996,270 | 2,403,134 | |||||
9,197 | GETLINK S.E. | 70,409 | 156,357 | |||||
376 | HERMES INTERNATIONAL | 464,612 | 816,480 | |||||
3,399 | INFOTEL S.A. | 145,404 | 213,638 | |||||
8,900 | IPSEN S.A. | 736,413 | 1,070,227 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 280,929 | |||||
1,026 | KERING S.A. | 174,510 | 566,055 | |||||
671 | KLEPIERRE S.A. | 8,398 | 16,635 | |||||
4,848 | LEGRAND S.A. | 109,851 | 480,345 | |||||
6,263 | L'OREAL S.A. | 660,831 | 2,918,881 | |||||
11,270 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 1,479,252 | 10,613,023 | |||||
58,600 | MERCIALYS S.A. | 617,151 | 528,500 |
See accompanying notes to financial statements. | 80 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
14,296 | MERSEN S.A. | $ 465,081 | 647,392 | |||||
14,900 | NEXITY S.A. | 742,412 | 300,789 | |||||
25,890 | ORANGE S.A. | 251,572 | 302,344 | |||||
24,753 | PERNOD RICARD S.A. | 3,913,860 | 5,466,920 | |||||
3,242 | PUBLICIS GROUPE S.A. | 158,840 | 260,019 | |||||
4,530 | RENAULT S.A. | 108,733 | 190,706 | |||||
22,900 | REXEL S.A. | 437,632 | 564,990 | |||||
53,557 | SAFRAN S.A. | 5,879,225 | 8,384,004 | |||||
28,716 | SANOFI ADR(e) | 1,121,725 | 1,547,792 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 50,590 | |||||
48,983 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 6,347,485 | 8,897,329 | |||||
14,443 | SOCIETE GENERALE S.A. | 201,715 | 375,093 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 217,559 | |||||
7,150 | SODEXO S.A.(b) | 647,363 | 786,840 | |||||
4,719 | SODEXO S.A.(b) | 415,153 | 519,314 | |||||
42,944 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,698,178 | 4,725,881 | |||||
12,048 | SOITEC(b) | 1,139,979 | 2,037,093 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 355,820 | |||||
1,413 | THALES S.A. | 81,763 | 211,544 | |||||
35,335 | TOTALENERGIES S.E. | 1,732,392 | 2,026,200 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 426,911 | |||||
10,500 | VICAT S.A. | 406,419 | 333,416 | |||||
7,810 | VINCI S.A. | 316,569 | 906,599 | |||||
22,858 | VIVENDI S.E. | 184,128 | 209,668 | |||||
537 | WENDEL S.E. | 37,844 | 55,082 | |||||
53,049,637 | 80,325,311 | 8.30% | ||||||
Germany: | ||||||||
20,972 | ADIDAS A.G. | 2,195,450 | 4,068,433 | |||||
7,853 | ALLIANZ S.E. (REGISTERED) | 680,763 | 1,826,952 | |||||
6,098 | AURUBIS A.G. | 286,000 | 522,616 | |||||
10,508 | BASF S.E. | 428,412 | 509,908 | |||||
76,113 | BAYER A.G. (REGISTERED) | 4,310,975 | 4,208,372 | |||||
3,104 | BAYERISCHE MOTOREN WERKE A.G. | 225,884 | 381,115 | |||||
828 | BEIERSDORF A.G. | 35,556 | 109,551 | |||||
6,788 | BRENNTAG S.E. | 462,928 | 528,865 | |||||
3,380 | COVESTRO A.G.(b)(d) | 99,223 | 175,487 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 260,225 | |||||
5,205 | DAIMLER TRUCK HOLDING A.G. | 126,102 | 187,430 | |||||
14,087 | DEUTSCHE BANK A.G. (REGISTERED) | 136,468 | 147,845 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,151 | 834,962 | |||||
22,387 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) | 128,838 | 229,117 | |||||
54,300 | DEUTSCHE PFANDBRIEFBANK A.G.(d) | 673,490 | 396,990 | |||||
17,828 | DEUTSCHE POST A.G. | 210,542 | 870,174 | |||||
44,230 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 728,220 | 964,117 | |||||
2,880 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 84,488 | 114,330 | |||||
23,600 | FREENET A.G. | 557,311 | 591,788 | |||||
49,183 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 3,285,510 | 2,349,070 | |||||
6,137 | FRESENIUS S.E. & CO. KGAA | 142,558 | 169,895 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 220,587 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 476,320 | |||||
4,440 | HEIDELBERG MATERIALS A.G. | 183,098 | 364,339 | |||||
66,212 | HENSOLDT A.G. | 2,163,744 | 2,173,296 | |||||
20,563 | INFINEON TECHNOLOGIES A.G. | 112,405 | 847,833 | |||||
6,898 | JOST WERKE S.E.(d) | 220,852 | 373,344 | |||||
1,916 | KION GROUP A.G. | 36,282 | 77,065 | |||||
9,952 | MERCEDES-BENZ GROUP A.G. | 550,799 | 800,029 | |||||
2,159 | MERCK KGAA | 96,589 | 357,037 | |||||
904 | MTU AERO ENGINES A.G. | 139,764 | 234,182 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 1,158,928 | |||||
6,900 | PUBLITY A.G.(b)(c) | 253,482 | 160,374 | |||||
43,555 | PUMA S.E. | 1,980,988 | 2,619,700 | |||||
2,462 | RHEINMETALL A.G. | 290,379 | 673,783 | |||||
6,238 | RWE A.G. | 186,468 | 271,391 | |||||
3,657 | SAP S.E. ADR(e) | 311,122 | 500,314 |
See accompanying notes to financial statements. | 81 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
40,258 | SCOUT24 S.E.(d) | $ 2,500,884 | 2,551,427 | |||||
12,193 | SIEMENS A.G. (REGISTERED) | 724,684 | 2,029,545 | |||||
2,953 | SIEMENS HEALTHINEERS A.G.(d) | 135,447 | 167,109 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 274,982 | |||||
1,829 | SYMRISE A.G. | 181,019 | 191,637 | |||||
17,300 | UNITED INTERNET A.G. (REGISTERED) | 656,976 | 243,523 | |||||
717 | VOLKSWAGEN A.G. | 93,858 | 119,628 | |||||
5,487 | ZALANDO S.E.(b)(d) | 107,697 | 157,828 | |||||
27,520,847 | 36,491,443 | 3.77% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 115,645 | |||||
54,075 | 115,645 | 0.01% | ||||||
Hong Kong: | ||||||||
647,000 | AIA GROUP LTD. | 3,644,805 | 6,531,100 | |||||
46,000 | BOC HONG KONG HOLDINGS LTD. | 63,016 | 140,595 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 664,380 | |||||
1,550,000 | CHINA OVERSEAS PROPERTY HOLDINGS LTD. | 2,021,886 | 1,560,681 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 559,724 | |||||
48,544 | CK ASSET HOLDINGS LTD. | 130,843 | 268,863 | |||||
20,500 | CK HUTCHISON HOLDINGS LTD. | 118,979 | 125,182 | |||||
2,000 | CLP HOLDINGS LTD. | 13,542 | 15,544 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 345,148 | |||||
988 | FUTU HOLDINGS LTD. ADR(b)(e) | 35,968 | 39,263 | |||||
23,000 | GALAXY ENTERTAINMENT GROUP LTD.(b) | 67,134 | 145,878 | |||||
608,500 | GRAND PHARMACEUTICAL GROUP LTD. | 389,449 | 343,232 | |||||
58,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 147,476 | 173,445 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 444,533 | |||||
134,000 | KINGBOARD HOLDINGS LTD. | 630,206 | 365,097 | |||||
40,500 | LINK REIT | 84,196 | 224,828 | |||||
46,500 | MTR CORP. LTD. | 172,190 | 213,629 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 294,119 | |||||
18,000 | POWER ASSETS HOLDINGS LTD. | 96,954 | 94,296 | |||||
37,517 | PRUDENTIAL PLC | 383,673 | 528,162 | |||||
2,786,000 | SINOFERT HOLDINGS LTD.(b) | 377,076 | 337,762 | |||||
1,024,000 | SSY GROUP LTD. | 465,746 | 653,395 | |||||
15,000 | SUN HUNG KAI PROPERTIES LTD. | 177,504 | 188,936 | |||||
11,500 | TECHTRONIC INDUSTRIES CO. LTD. | 93,938 | 124,965 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 500,766 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 187,586 | |||||
626,000 | VSTECS HOLDINGS LTD. | 568,355 | 321,947 | |||||
30,000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 145,316 | 149,885 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 650,791 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 177,264 | |||||
13,159,615 | 16,370,996 | 1.69% | ||||||
India: | ||||||||
383,430 | CAMPUS ACTIVEWEAR LTD.(b) | 1,610,912 | 1,448,912 | |||||
511,000 | CESC LTD. | 527,922 | 448,173 | |||||
183,300 | FIRSTSOURCE SOLUTIONS LTD. | 97,782 | 284,436 | |||||
249,400 | GUJARAT STATE FERTILIZERS & CHEMICALS LTD. | 419,138 | 498,276 | |||||
478,371 | HCL TECHNOLOGIES LTD. | 4,024,070 | 6,927,192 | |||||
136,800 | HINDUSTAN PETROLEUM CORP. LTD. | 526,789 | 456,660 | |||||
244,636 | ICICI BANK LTD. ADR(e) | 5,471,811 | 5,646,199 | |||||
586,935 | INDUS TOWERS LTD. | 2,316,471 | 1,175,140 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 196,272 | |||||
52,500 | LG BALAKRISHNAN & BROS. LTD. | 457,964 | 731,219 | |||||
378,900 | LT FOODS LTD. | 428,668 | 608,282 | |||||
574,300 | MARKSANS PHARMA LTD. | 378,564 | 638,451 | |||||
342,300 | NAVA LTD. | 535,317 | 1,277,216 | |||||
454,600 | NMDC LTD. | 552,018 | 579,913 | |||||
454,600 | NMDC STEEL LTD.(b) | 218,274 | 241,053 | |||||
182,100 | OIL INDIA LTD. | 563,046 | 543,728 | |||||
349,800 | PCBL LTD. /INDIA | 562,279 | 693,961 | |||||
199,800 | PETRONET LNG LTD. | 538,925 | 542,388 | |||||
460,200 | REDINGTON LTD. | 919,384 | 1,043,407 |
See accompanying notes to financial statements. | 82 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
India (Cont'd): | ||||||||
168,924 | UPL LTD. | $ 1,537,562 | 1,415,761 | |||||
21,965,526 | 25,396,639 | 2.63% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY INDONESIA TBK PT | 470,816 | 611,449 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 261,685 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 536,319 | |||||
1,324,000 | MATAHARI DEPARTMENT STORE TBK PT | 151,981 | 298,343 | |||||
1,456,280 | 1,707,796 | 0.18% | ||||||
Ireland: | ||||||||
15,616 | ACCENTURE PLC, CLASS A | 1,784,172 | 4,818,785 | |||||
2,899 | AERCAP HOLDINGS N.V.(b) | 131,933 | 184,145 | |||||
52,972 | CRH PLC | 1,742,808 | 2,919,054 | |||||
1,181 | CRH PLC ADR(e) | 30,028 | 65,817 | |||||
3,568 | DCC PLC | 188,706 | 199,289 | |||||
141,210 | EXPERIAN PLC | 2,590,097 | 5,412,382 | |||||
2,158 | FLUTTER ENTERTAINMENT PLC - CDI(b) | 240,212 | 433,874 | |||||
27,177 | ICON PLC(b) | 4,214,094 | 6,799,686 | |||||
920 | KERRY GROUP PLC, CLASS A | 50,283 | 89,729 | |||||
17,539 | RYANAIR HOLDINGS PLC(b) | 235,787 | 329,470 | |||||
11,208,120 | 21,252,231 | 2.20% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 398,924 | |||||
35,900 | HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. | 422,925 | 280,379 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 631,313 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 970,627 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 343,150 | |||||
1,987,349 | 2,624,393 | 0.27% | ||||||
Italy: | ||||||||
416,800 | A2A S.P.A. | 806,512 | 760,901 | |||||
178,951 | ARISTON HOLDING N.V. | 1,689,932 | 1,890,227 | |||||
42,000 | BANCA IFIS S.P.A. | 804,497 | 671,874 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 228,391 | |||||
51,325 | ENEL S.P.A. | 241,364 | 345,444 | |||||
43,069 | ENI S.P.A. | 477,488 | 619,513 | |||||
31,633 | FERRARI N.V. | 5,097,875 | 10,338,121 | |||||
375,900 | IREN S.P.A.(c) | 999,472 | 697,720 | |||||
2,133 | IVECO GROUP N.V.(b) | 4,835 | 19,207 | |||||
75,670 | LEONARDO S.P.A. | 606,153 | 858,327 | |||||
44,692 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 349,727 | 534,496 | |||||
609,000 | MFE-MEDIAFOREUROPE N.V., CLASS A | 475,447 | 339,580 | |||||
910 | MONCLER S.P.A. | 37,687 | 62,896 | |||||
244,500 | PIAGGIO & C S.P.A. | 596,766 | 1,013,834 | |||||
104,200 | PIRELLI & C S.P.A.(b)(d) | 506,260 | 514,393 | |||||
4,902 | PRYSMIAN S.P.A. | 148,153 | 204,762 | |||||
66,046 | STEVANATO GROUP S.P.A. | 1,164,256 | 2,138,569 | |||||
303,468 | TECHNOPROBE S.P.A.(b) | 2,053,175 | 2,397,485 | |||||
6,336 | TENARIS S.A. | 83,304 | 94,823 | |||||
34,652 | TERNA - RETE ELETTRICA NAZIONALE | 130,368 | 295,162 | |||||
63,644 | UNICREDIT S.P.A. | 671,591 | 1,476,819 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 382,566 | |||||
17,409,028 | 25,885,110 | 2.68% | ||||||
Japan: | ||||||||
30,600 | ADEKA CORP. | 390,224 | 580,105 | |||||
10,500 | ADVANTEST CORP. | 1,368,048 | 1,393,499 | |||||
4,700 | AEON CO. LTD. | 52,433 | 95,827 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 646,176 | |||||
2,300 | AISIN CORP. | 37,584 | 70,564 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 595,031 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 391,795 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD.(c) | 83,346 | 212,461 | |||||
13,000 | ASAHI KASEI CORP. | 46,220 | 87,571 | |||||
22,100 | ASAHI YUKIZAI CORP | 276,792 | 668,537 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 551,045 | |||||
4,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 103,569 |
See accompanying notes to financial statements. | 83 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
51,200 | BAYCURRENT CONSULTING, INC. | $ 776,069 | 1,904,720 | |||||
13,800 | BRIDGESTONE CORP.(c) | 205,726 | 563,496 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 467,057 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 371,314 | |||||
1,900 | CANON, INC. | 42,134 | 49,905 | |||||
900 | CENTRAL JAPAN RAILWAY CO. | 103,827 | 112,644 | |||||
32,500 | CHIBA BANK (THE) LTD. | 178,628 | 196,831 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD.(c) | 82,278 | 382,279 | |||||
55,900 | CONCORDIA FINANCIAL GROUP LTD. | 180,730 | 217,952 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 433,888 | |||||
27,500 | CRESCO LTD. | 342,183 | 402,509 | |||||
10,600 | DAI-ICHI LIFE HOLDINGS, INC. | 182,119 | 201,135 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 917,599 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 912,662 | |||||
29,500 | DAITRON CO. LTD. | 489,565 | 619,460 | |||||
7,400 | DAIWA HOUSE INDUSTRY CO. LTD. | 74,451 | 194,468 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 538,577 | |||||
8,200 | DENSO CORP. | 185,234 | 548,106 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 107,785 | |||||
3,400 | EAST JAPAN RAILWAY CO. | 181,974 | 188,196 | |||||
3,100 | EISAI CO. LTD. | 127,178 | 208,908 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 357,145 | |||||
34,800 | ENEOS HOLDINGS, INC. | 122,810 | 119,236 | |||||
20,400 | EXEDY CORP. | 319,517 | 341,850 | |||||
13,000 | FANUC CORP. | 182,941 | 453,349 | |||||
3,900 | FAST RETAILING CO. LTD. | 188,734 | 992,467 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 238,674 | |||||
31,700 | FUJI CORP. | 564,353 | 558,339 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 204,879 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 290,962 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 514,964 | |||||
2,400 | FUJITSU LTD. | 131,326 | 309,283 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 263,485 | |||||
21,600 | GMO PAYMENT GATEWAY, INC. | 1,720,093 | 1,676,565 | |||||
28,100 | GUNGHO ONLINE ENTERTAINMENT, INC. | 437,266 | 550,140 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 518,404 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 146,076 | |||||
141 | HIROSE ELECTRIC CO. LTD. | 11,109 | 18,639 | |||||
19,000 | HITACHI LTD. | 295,895 | 1,171,378 | |||||
15,200 | HONDA MOTOR CO. LTD. | 370,123 | 457,280 | |||||
5,300 | HOYA CORP. | 112,594 | 627,170 | |||||
72,100 | IDOM, INC. | 435,748 | 437,712 | |||||
40,800 | INNOTECH CORP. | 377,287 | 460,041 | |||||
15,200 | INPEX CORP. | 144,096 | 168,333 | |||||
18,200 | ITOCHU CORP. | 192,005 | 717,304 | |||||
108,600 | ITOHAM YONEKYU HOLDINGS, INC. | 686,193 | 544,900 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 761,898 | |||||
13,900 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 207,584 | 288,991 | |||||
87,400 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 943,824 | 1,139,328 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 121,667 | |||||
14,300 | JAPAN TOBACCO, INC.(c) | 255,669 | 312,470 | |||||
56,900 | JEOL LTD. | 3,057,952 | 2,008,722 | |||||
18,900 | KAGA ELECTRONICS CO. LTD. | 477,103 | 834,353 | |||||
3,500 | KAJIMA CORP. | 15,004 | 52,635 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 408,641 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 459,448 | |||||
12,300 | KANEKA CORP. | 387,968 | 342,758 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 29,308 | |||||
9,000 | KAO CORP.(c) | 183,106 | 325,209 | |||||
29,762 | KDDI CORP. | 238,488 | 917,848 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 99,064 | |||||
16,724 | KEYENCE CORP. | 2,326,255 | 7,863,914 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 340,636 | |||||
67,600 | KITZ CORP.(c) | 466,295 | 508,306 | |||||
57,500 | KOBE BUSSAN CO. LTD. | 1,218,055 | 1,484,771 | |||||
22,200 | KOHNAN SHOJI CO. LTD. | 670,131 | 538,480 | |||||
10,100 | KOMATSU LTD. | 197,184 | 271,653 |
See accompanying notes to financial statements. | 84 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
22,400 | KOMERI CO. LTD. | $ 432,959 | 455,467 | |||||
2,300 | KONAMI GROUP CORP. | 50,313 | 119,882 | |||||
21,000 | KUBOTA CORP.(c) | 129,773 | 305,478 | |||||
6,900 | KUREHA CORP. | 316,117 | 392,592 | |||||
400 | KYOCERA CORP. | 11,033 | 21,597 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 92,311 | |||||
13,100 | LINTEC CORP. | 259,789 | 206,176 | |||||
28,700 | M&A RESEARCH INSTITUTE HOLDINGS, INC.(b)(c) | 1,999,890 | 2,251,526 | |||||
4,800 | M3, INC. | 51,468 | 103,421 | |||||
19,100 | MARUBENI CORP. | 186,544 | 322,977 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 112,977 | |||||
7,700 | MAZDA MOTOR CORP. | 38,348 | 74,361 | |||||
396,100 | MEBUKI FINANCIAL GROUP, INC. | 843,829 | 937,716 | |||||
4,800 | MEIJI HOLDINGS CO. LTD. | 38,749 | 107,047 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 282,089 | |||||
61,200 | MICRONICS JAPAN CO. LTD. | 625,569 | 848,262 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 163,093 | |||||
597 | MIRAI CORP. | 328,940 | 191,146 | |||||
48,300 | MIRAIT ONE CORP | 598,489 | 606,030 | |||||
4,500 | MITSUBISHI CHEMICAL GROUP CORP. | 14,284 | 26,920 | |||||
17,500 | MITSUBISHI CORP. | 230,376 | 840,466 | |||||
19,400 | MITSUBISHI ELECTRIC CORP. | 185,711 | 272,524 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 123,145 | |||||
12,900 | MITSUBISHI HC CAPITAL, INC. | 33,945 | 76,392 | |||||
1,200 | MITSUBISHI HEAVY INDUSTRIES LTD. | 45,240 | 55,811 | |||||
21,200 | MITSUBISHI SHOKUHIN CO. LTD. | 523,817 | 544,343 | |||||
127,100 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 634,731 | 938,089 | |||||
16,600 | MITSUI & CO. LTD. | 187,177 | 622,493 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 216,879 | |||||
4,800 | MITSUI OSK LINES LTD. | 108,940 | 114,965 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 581,309 | |||||
26,000 | MIZUHO FINANCIAL GROUP, INC. | 302,862 | 396,230 | |||||
20,400 | MUGEN ESTATE CO. LTD. | 117,733 | 98,823 | |||||
10,800 | MURATA MANUFACTURING CO. LTD. | 162,615 | 616,437 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 340,878 | |||||
4,500 | NEC CORP. | 151,340 | 217,211 | |||||
6,900 | NEXON CO. LTD. | 122,522 | 131,358 | |||||
16,700 | NICHIAS CORP. | 297,341 | 346,048 | |||||
7,800 | NIDEC CORP. | 129,234 | 424,069 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 329,883 | |||||
69,900 | NINTENDO CO. LTD. | 2,300,273 | 3,169,104 | |||||
400 | NIPPON EXPRESS HOLDINGS, INC. | 11,192 | 22,465 | |||||
760,000 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 898,021 | |||||
9,300 | NIPPON YUSEN K.K. | 39,009 | 205,600 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 538,116 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 213,764 | |||||
42,500 | NISSAN MOTOR CO. LTD. | 138,126 | 173,246 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 99,047 | |||||
3,000 | NITERRA CO. LTD. | 28,359 | 59,940 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 301,351 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 235,739 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 227,035 | |||||
26,000 | NITTO KOGYO CORP. | 446,429 | 640,563 | |||||
24,800 | NOMURA REAL ESTATE HOLDINGS, INC. | 548,769 | 586,765 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 269,044 | |||||
16,000 | NSW, INC. | 308,868 | 270,002 | |||||
7,000 | NTT DATA CORP. | 36,520 | 97,363 | |||||
27,100 | OBAYASHI CORP. | 184,757 | 233,635 | |||||
46,900 | OJI HOLDINGS CORP. | 180,969 | 174,735 | |||||
51,100 | OKAMURA CORP. | 721,626 | 674,628 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 521,371 | |||||
1,100 | OMRON CORP. | 31,828 | 66,841 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 90,301 | |||||
24,000 | ORIENTAL LAND CO. LTD. | 113,097 | 931,592 | |||||
24,900 | PANASONIC HOLDINGS CORP. | 190,748 | 302,590 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 73,564 | |||||
96,000 | RAKUS CO. LTD. | 1,257,770 | 1,616,355 |
See accompanying notes to financial statements. | 85 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
2,700 | RECRUIT HOLDINGS CO. LTD. | $ 40,141 | 85,381 | |||||
9,300 | RENESAS ELECTRONICS CORP.(b) | 125,942 | 174,115 | |||||
45,300 | RESONA HOLDINGS, INC. | 172,185 | 216,713 | |||||
3,600 | RINNAI CORP. | 52,047 | 78,115 | |||||
26,600 | RION CO. LTD. | 502,380 | 359,472 | |||||
400 | ROHM CO. LTD. | 13,823 | 37,479 | |||||
17,000 | S FOODS, INC. | 381,610 | 369,937 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 261,319 | |||||
1,200 | SECOM CO. LTD. | 44,072 | 80,992 | |||||
24,800 | SEIKITOKYU KOGYO CO. LTD. | 164,731 | 243,540 | |||||
12,700 | SEKISUI CHEMICAL CO. LTD. | 64,585 | 182,365 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 120,815 | |||||
73,300 | SEVEN & I HOLDINGS CO. LTD. | 2,598,954 | 3,152,060 | |||||
5,200 | SHIBAURA MECHATRONICS CORP. | 411,582 | 801,109 | |||||
13,500 | SHIFT, INC.(b) | 1,773,852 | 2,450,761 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 122,749 | |||||
1,500 | SHIMANO, INC.(c) | 58,204 | 249,073 | |||||
46,000 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,519,997 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 168,266 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 260,989 | |||||
28,900 | SHIZUOKA FINANCIAL GROUP, INC. | 174,482 | 208,095 | |||||
900 | SMC CORP. | 106,941 | 495,734 | |||||
27,600 | SOFTBANK CORP. | 277,319 | 294,563 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,727,339 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 255,146 | |||||
17,200 | SONY GROUP CORP. | 1,207,916 | 1,545,431 | |||||
2,800 | SQUARE ENIX HOLDINGS CO. LTD. | 122,801 | 129,779 | |||||
5,700 | SUBARU CORP. | 26,572 | 106,775 | |||||
17,900 | SUMITOMO CORP. | 237,245 | 377,240 | |||||
40,400 | SUMITOMO HEAVY INDUSTRIES LTD.(c) | 1,122,628 | 962,578 | |||||
10,200 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 308,888 | 435,371 | |||||
1,600 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 36,088 | 39,397 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 209,056 | |||||
34,100 | SWCC CORP. | 593,339 | 451,374 | |||||
2,600 | SYSMEX CORP. | 51,707 | 176,619 | |||||
20,100 | T RAD CO. LTD. | 425,712 | 256,865 | |||||
2,200 | TAISEI CORP. | 19,821 | 76,553 | |||||
14,200 | TAKEDA PHARMACEUTICAL CO. LTD. | 375,360 | 445,500 | |||||
3,600 | TDK CORP. | 62,321 | 138,890 | |||||
80,700 | TECHNOPRO HOLDINGS, INC.(c) | 2,171,979 | 1,735,418 | |||||
11,600 | TERUMO CORP. | 117,165 | 366,743 | |||||
51,400 | TOAGOSEI CO. LTD.(c) | 437,472 | 458,805 | |||||
1,000 | TOHO CO. LTD. | 13,412 | 37,915 | |||||
43,200 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 992,467 | |||||
32,700 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | 107,478 | 119,451 | |||||
9,900 | TOKYO ELECTRON LTD. | 135,391 | 1,410,610 | |||||
8,200 | TOKYO GAS CO. LTD. | 148,002 | 178,611 | |||||
23,900 | TOKYO SEIMITSU CO. LTD. | 999,876 | 1,313,469 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 481,857 | |||||
3,000 | TOTO LTD. | 30,029 | 89,920 | |||||
1,000 | TOYO SUISAN KAISHA LTD. | 25,714 | 45,067 | |||||
33,300 | TOYOTA BOSHOKU CORP. | 638,507 | 592,059 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 284,279 | |||||
90,500 | TOYOTA MOTOR CORP. | 1,282,111 | 1,447,862 | |||||
4,230 | TOYOTA MOTOR CORP. ADR(e) | 341,425 | 679,973 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 84,108 | |||||
32,900 | TPR CO. LTD. | 424,011 | 386,013 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 541,069 | |||||
900 | TREND MICRO, INC. | 26,540 | 43,318 | |||||
50,900 | TSUGAMI CORP. | 536,991 | 486,442 | |||||
7,700 | UNICHARM CORP. | 67,055 | 285,011 | |||||
800 | USS CO. LTD. | 3,505 | 13,184 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 262,691 | |||||
35,400 | VISIONAL, INC.(b) | 1,735,180 | 1,947,926 | |||||
23,000 | WARABEYA NICHIYO HOLDINGS CO. LTD. | 372,710 | 353,221 | |||||
3,900 | WEST JAPAN RAILWAY CO. | 155,776 | 161,898 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 82,030 |
See accompanying notes to financial statements. | 86 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
83,700 | YAMAGUCHI FINANCIAL GROUP, INC. | $ 555,179 | 560,572 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 131,406 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 228,109 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 306,930 | |||||
74,459,766 | 109,161,530 | 11.28% | ||||||
Jordan: | ||||||||
29,800 | HIKMA PHARMACEUTICALS PLC | 629,055 | 715,479 | |||||
629,055 | 715,479 | 0.07% | ||||||
Macau: | ||||||||
45,200 | SANDS CHINA LTD.(b) | 104,151 | 154,012 | |||||
104,151 | 154,012 | 0.02% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,379 | 335,071 | |||||
274,300 | RHB BANK BHD. | 377,864 | 319,111 | |||||
715,243 | 654,182 | 0.07% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(d) | 360,811 | 611,464 | |||||
137,276 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(b)(e) | 1,292,981 | 1,915,000 | |||||
126,204 | GRUMA S.A.B. DE C.V., CLASS B | 1,434,319 | 2,025,959 | |||||
181,857 | GRUPO AEROPORTUARIO DEL CENTRO NORTE S.A.B. DE C.V. | 1,739,215 | 1,932,357 | |||||
186,700 | MEGACABLE HOLDINGS S.A.B. DE C.V. - CPO | 409,781 | 430,620 | |||||
409,576 | PROLOGIS PROPERTY MEXICO S.A. DE C.V. | 1,359,129 | 1,521,822 | |||||
247,229 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 1,200,599 | 1,834,610 | |||||
228,900 | REGIONAL S.A.B. DE C.V. | 1,836,028 | 1,658,478 | |||||
9,632,863 | 11,930,310 | 1.23% | ||||||
Netherlands: | ||||||||
5,372 | ADYEN N.V.(b)(d) | 8,210,255 | 9,295,844 | |||||
143,900 | AEGON N.V. | 363,250 | 727,020 | |||||
122,823 | AEGON N.V. (REGISTERED) | 301,298 | 622,713 | |||||
459 | AKZO NOBEL N.V. | 18,664 | 37,424 | |||||
14,126 | ASM INTERNATIONAL N.V. | 4,271,530 | 5,986,141 | |||||
13,954 | ASML HOLDING N.V. (REGISTERED) | 3,790,212 | 10,113,161 | |||||
21,600 | ASR NEDERLAND N.V. | 788,307 | 972,024 | |||||
30,400 | EUROCOMMERCIAL PROPERTIES N.V. | 737,194 | 704,583 | |||||
3,610 | EXOR N.V. | 90,616 | 321,756 | |||||
39 | FERROVIAL S.E. | 588 | 1,233 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 154,541 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 85,176 | |||||
2,822 | HEINEKEN N.V. | 79,167 | 290,015 | |||||
31,004 | ING GROEP N.V. ADR(e) | 261,928 | 417,624 | |||||
4,634 | JUST EAT TAKEAWAY.COM N.V.(b)(d) | 71,044 | 70,975 | |||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203,381 | 602,262 | |||||
65,970 | KONINKLIJKE KPN N.V. | 190,999 | 235,324 | |||||
318,397 | KONINKLIJKE PHILIPS N.V.(b) | 6,613,831 | 6,881,989 | |||||
11,126 | PROSUS N.V.(b) | 599,758 | 814,762 | |||||
8,117 | QIAGEN N.V.(b) | 119,394 | 364,388 | |||||
209 | RANDSTAD N.V. | 4,033 | 11,018 | |||||
23,800 | SIGNIFY N.V.(d) | 640,632 | 666,664 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 876,396 | |||||
97,212 | UNIVERSAL MUSIC GROUP N.V. | 2,511,442 | 2,158,682 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 785,932 | |||||
30,519,499 | 43,197,647 | 4.47% | ||||||
New Zealand: | ||||||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 117,366 | |||||
115,879 | 117,366 | 0.01% | ||||||
Norway: | ||||||||
6,359 | ADEVINTA ASA(b) | 37,714 | 41,708 | |||||
30,933 | AKER BP ASA | 1,041,758 | 725,659 | |||||
32,200 | ATEA ASA(b) | 360,833 | 467,988 | |||||
1,166,602 | AUTOSTORE HOLDINGS LTD.(b)(d) | 1,616,828 | 2,548,709 | |||||
31,134 | BAKKAFROST P/F | 1,474,054 | 1,862,192 | |||||
12,068 | DNB BANK ASA | 82,736 | 225,651 | |||||
9,616 | EQUINOR ASA ADR(e) | 174,189 | 280,883 |
See accompanying notes to financial statements. | 87 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Norway (Cont'd): | ||||||||
65,300 | EUROPRIS ASA(d) | $ 420,002 | 435,593 | |||||
55,644 | KONGSBERG GRUPPEN ASA | 2,254,482 | 2,530,875 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 142,387 | |||||
35,300 | SPAREBANK 1 SR-BANK ASA | 380,636 | 427,865 | |||||
2,400 | YARA INTERNATIONAL ASA | 55,523 | 84,743 | |||||
7,947,083 | 9,774,253 | 1.01% | ||||||
Poland: | ||||||||
24,000 | ASSECO POLAND S.A. | 487,128 | 473,690 | |||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 152,271 | |||||
84,238 | ORANGE POLSKA S.A. | 148,554 | 144,735 | |||||
895,292 | 770,696 | 0.08% | ||||||
Portugal: | ||||||||
28,336 | EDP - ENERGIAS DE PORTUGAL S.A. | 83,675 | 138,399 | |||||
14,452 | GALP ENERGIA SGPS S.A. | 143,129 | 169,055 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 259,362 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 417,627 | |||||
365,400 | SONAE SGPS S.A. | 405,827 | 359,251 | |||||
1,046,306 | 1,343,694 | 0.14% | ||||||
Russia: | ||||||||
152,020 | CIAN PLC ADR(b)(e)(f) | 2,339,655 | - | |||||
3,168 | GLOBALTRANS INVESTMENT PLC GDR (REGISTERED)(b)(f) | 21,771 | - | |||||
24,310 | HEADHUNTER GROUP PLC ADR(b)(e)(f) | 515,030 | - | |||||
25,740,000 | RUSHYDRO PJSC(c)(f) | 218,665 | - | |||||
3,095,121 | - | 0.00% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 830,388 | |||||
779,800 | AZTECH GLOBAL LTD. | 481,808 | 415,155 | |||||
147,000 | CAPITALAND ASCENDAS REIT | 291,464 | 295,652 | |||||
5,000 | CITY DEVELOPMENTS LTD. | 26,102 | 24,845 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 657,041 | |||||
39,200 | KEPPEL CORP. LTD. | 150,880 | 194,493 | |||||
5,640 | KEPPEL REIT | 1,183 | 3,753 | |||||
16,500 | OVERSEA-CHINESE BANKING CORP. LTD. | 141,635 | 149,823 | |||||
4,931 | SEA LTD. ADR(b)(e) | 269,692 | 286,195 | |||||
748,133 | SEATRIUM LTD.(b) | 74,131 | 69,149 | |||||
51,700 | SINGAPORE AIRLINES LTD. | 194,072 | 273,333 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 92,376 | |||||
9,500 | UNITED OVERSEAS BANK LTD. | 119,702 | 196,687 | |||||
45,500 | UOL GROUP LTD. | 221,846 | 215,994 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 524,269 | |||||
2,996,090 | 4,229,153 | 0.44% | ||||||
South Africa: | ||||||||
134,900 | ADCOCK INGRAM HOLDINGS LTD. | 394,451 | 403,526 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,095 | 355,181 | |||||
45,442 | ASTRAL FOODS LTD. | 337,713 | 369,982 | |||||
42,500 | BARLOWORLD LTD. | 242,391 | 193,044 | |||||
132,200 | INVESTEC PLC | 773,831 | 740,077 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 256,960 | |||||
57,537 | TELKOM S.A. SOC LTD.(b) | 293,518 | 96,877 | |||||
5,284 | THUNGELA RESOURCES LTD. | 1,910 | 40,814 | |||||
31,373 | TIGER BRANDS LTD. | 305,535 | 278,754 | |||||
42,500 | ZEDA LTD.(b) | 47,481 | 24,094 | |||||
3,004,395 | 2,759,309 | 0.28% | ||||||
South Korea: | ||||||||
25,000 | DAESANG CORP. | 545,401 | 325,769 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 981,183 | |||||
4,784 | DL E&C CO. LTD. | 210,584 | 126,167 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 59,772 | |||||
31,100 | DOOSAN BOBCAT, INC. | 908,313 | 1,385,474 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 275,365 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 217,982 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 525,140 | |||||
15,994 | HYUNDAI GREEN FOOD/NEW(b) | 265,187 | 154,884 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 236,952 |
See accompanying notes to financial statements. | 88 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
South Korea (Cont'd): | ||||||||
18,600 | KC TECH CO. LTD. | $ 295,116 | 299,966 | |||||
223,200 | KOREA REAL ESTATE INVESTMENT & TRUST CO. LTD. | 478,487 | 233,762 | |||||
25,300 | KT CORP. | 539,161 | 572,185 | |||||
64,100 | LG UPLUS CORP. | 723,972 | 521,985 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 536,334 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,763 | 160,719 | |||||
17,812 | NAVER CORP. | 2,195,643 | 2,471,092 | |||||
58,100 | PARTRON CO. LTD. | 410,902 | 403,898 | |||||
202,165 | SAMSUNG ELECTRONICS CO. LTD. | 7,725,882 | 11,077,534 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 389,357 | |||||
14,900 | VIEWORKS CO. LTD. | 386,364 | 411,612 | |||||
39,900 | YOUNG POONG PRECISION CORP. | 405,022 | 408,493 | |||||
10,700 | YOUNGONE CORP. | 365,651 | 523,773 | |||||
18,657,503 | 22,299,398 | 2.31% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 213,661 | |||||
8,611 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 192,446 | 302,280 | |||||
1,333 | AENA SME S.A.(d) | 146,281 | 215,276 | |||||
6,379 | AMADEUS IT GROUP S.A.(b) | 179,436 | 485,165 | |||||
90,991 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. ADR(e) | 434,563 | 698,811 | |||||
51,052 | BANCO SANTANDER S.A. | 144,309 | 188,571 | |||||
74,980 | BANCO SANTANDER S.A. ADR(e) | 211,946 | 278,176 | |||||
60,498 | CAIXABANK S.A. | 164,674 | 250,000 | |||||
4,781 | CELLNEX TELECOM S.A.(b)(d) | 151,731 | 192,978 | |||||
31,300 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 607,086 | 842,935 | |||||
10,898 | ENAGAS S.A. | 184,898 | 214,054 | |||||
140,872 | FAES FARMA S.A. | 588,215 | 488,828 | |||||
69,814 | IBERDROLA S.A. | 430,525 | 910,364 | |||||
12,493 | INDUSTRIA DE DISENO TEXTIL S.A. | 239,195 | 483,404 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 347,955 | |||||
10,622 | NATURGY ENERGY GROUP S.A. | 164,427 | 315,963 | |||||
93,900 | PROSEGUR CIA DE SEGURIDAD S.A. | 216,845 | 166,811 | |||||
11,393 | REDEIA CORP. S.A. | 163,842 | 191,267 | |||||
31,112 | REPSOL S.A. | 268,381 | 452,546 | |||||
71,500 | TELEFONICA S.A. | 252,344 | 289,925 | |||||
5,206,747 | 7,528,970 | 0.78% | ||||||
Sweden: | ||||||||
2,065 | ALLEIMA AB | 1,539 | 9,393 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 533,112 | |||||
288,454 | ATLAS COPCO AB, CLASS A | 1,842,587 | 4,156,170 | |||||
15,920 | ATLAS COPCO AB, CLASS B | 22,691 | 198,163 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 361,628 | |||||
32,900 | BOLIDEN AB | 800,179 | 950,363 | |||||
80,252 | BYGGMAX GROUP AB(b) | 455,011 | 215,189 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 355,278 | |||||
3,608 | ELECTROLUX AB, CLASS B | 30,334 | 49,242 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16,773 | 40,686 | |||||
9,604 | EPIROC AB, CLASS A | 18,146 | 181,566 | |||||
4,000 | EPIROC AB, CLASS B | 7,248 | 64,643 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 228,927 | |||||
55,778 | EVOLUTION AB(d) | 7,152,688 | 7,063,433 | |||||
10,131 | H & M HENNES & MAURITZ AB, CLASS B | 98,015 | 173,945 | |||||
118,862 | HEMNET GROUP AB | 1,583,831 | 2,080,706 | |||||
25,557 | HEXAGON AB, CLASS B | 56,077 | 314,565 | |||||
80,300 | HUMANA AB(b) | 413,356 | 165,285 | |||||
17,500 | HUSQVARNA AB, CLASS B | 64,201 | 158,428 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 227,887 | |||||
43,812 | INVESTOR AB, CLASS B | 150,033 | 876,008 | |||||
49,100 | INWIDO AB | 276,126 | 446,825 | |||||
36,400 | KINDRED GROUP PLC SDR | 177,628 | 387,613 | |||||
7,801 | KNOW IT AB | 144,666 | 126,143 | |||||
14,800 | LOOMIS AB | 372,004 | 431,704 | |||||
44,500 | MEKO AB | 323,086 | 459,633 | |||||
256,964 | NCAB GROUP AB | 1,564,851 | 2,002,515 | |||||
4,231 | NIBE INDUSTRIER AB, CLASS B | 36,599 | 40,171 | |||||
127,439 | NORDNET AB PUBL | 1,491,488 | 1,705,039 | |||||
29,428 | ORRON ENERGY AB(b) | 485,724 | 30,928 |
See accompanying notes to financial statements. | 89 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Sweden (Cont'd): | ||||||||
77,000 | RESURS HOLDING AB(d) | $ 417,550 | 143,072 | |||||
16,008 | SANDVIK AB | 135,894 | 311,986 | |||||
55,935 | SDIPTECH AB, CLASS B(b) | 1,488,011 | 1,385,753 | |||||
84,900 | SECURITAS AB, CLASS B(c) | 649,198 | 696,338 | |||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 389,266 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 36,914 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 109,600 | |||||
13,823 | SVENSKA HANDELSBANKEN AB, CLASS A | 72,323 | 115,784 | |||||
12,741 | SWEDBANK AB, CLASS A | 176,972 | 214,824 | |||||
35,506 | TETHYS OIL AB(b) | 259,465 | 160,488 | |||||
69,674 | THULE GROUP AB(d) | 1,668,892 | 2,048,485 | |||||
31,733 | VITEC SOFTWARE GROUP AB, CLASS B | 691,388 | 1,594,690 | |||||
24,387 | VOLVO AB, CLASS B | 156,616 | 504,230 | |||||
24,912,883 | 31,746,618 | 3.28% | ||||||
Switzerland: | ||||||||
225,748 | ABB LTD. (REGISTERED) | 4,650,183 | 8,873,040 | |||||
4,727 | ALCON, INC. | 75,580 | 391,342 | |||||
16,580 | BACHEM HOLDING A.G. | 1,056,591 | 1,444,880 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 71,055 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 426,971 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 372,046 | |||||
42,234 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 2,994,717 | 7,155,786 | |||||
1,200 | DORMAKABA HOLDING A.G. | 436,003 | 538,964 | |||||
3,281 | DSM-FIRMENICH A.G. | 122,903 | 353,082 | |||||
384 | DUFRY A.G. (REGISTERED)(b) | 8,927 | 17,487 | |||||
54,800 | EFG INTERNATIONAL A.G.(b) | 442,650 | 555,929 | |||||
44,301 | GARMIN LTD. | 4,741,247 | 4,620,151 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 517,758 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 463,773 | |||||
260,193 | GLOBAL BLUE GROUP HOLDING A.G.(b) | 2,399,460 | 1,269,742 | |||||
6,900 | HELVETIA HOLDING A.G. (REGISTERED) | 678,020 | 932,797 | |||||
103,959 | HOLCIM A.G.(b) | 5,205,813 | 6,992,159 | |||||
3,711 | JULIUS BAER GROUP LTD. | 74,659 | 233,593 | |||||
6,478 | LONZA GROUP A.G. (REGISTERED) | 3,186,289 | 3,860,528 | |||||
117,259 | MEDMIX A.G.(d) | 4,422,551 | 3,098,347 | |||||
101,207 | NESTLE S.A. (REGISTERED) | 5,090,750 | 12,166,776 | |||||
119,660 | NOVARTIS A.G. (REGISTERED) | 9,261,329 | 12,032,177 | |||||
3,868 | NOVARTIS A.G. ADR(e) | 312,227 | 390,320 | |||||
11,952 | ROCHE HOLDING A.G. | 1,552,784 | 3,652,167 | |||||
755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34,888 | 176,888 | |||||
3,000 | SGS S.A. (REGISTERED) | 129,434 | 283,425 | |||||
1,719 | SIEGFRIED HOLDING A.G. (REGISTERED)(b) | 1,406,487 | 1,419,296 | |||||
26,307 | SIKA A.G. (REGISTERED) | 3,648,746 | 7,515,446 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 348,098 | |||||
1,500 | STMICROELECTRONICS N.V. (REGISTERED) | 29,620 | 74,985 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 54,557 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 434,153 | |||||
967 | SWISS RE A.G. | 77,541 | 97,278 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,414 | 120,902 | |||||
465,083 | UBS GROUP A.G. (REGISTERED) | 7,479,266 | 9,402,466 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 801,788 | |||||
8,800 | VETROPACK HOLDING A.G. (REGISTERED) | 405,746 | 408,022 | |||||
32,665 | WIZZ AIR HOLDINGS PLC(b)(d) | 935,350 | 1,134,603 | |||||
6,700 | ZEHNDER GROUP A.G. (REGISTERED) | 261,335 | 541,959 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,513 | 1,998,105 | |||||
63,232,034 | 95,242,841 | 9.85% | ||||||
Taiwan: | ||||||||
140,406 | ASIA VITAL COMPONENTS CO. LTD. | 526,616 | 1,221,725 | |||||
219,000 | CHICONY ELECTRONICS CO. LTD. | 585,753 | 689,111 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 295,802 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,603 | 491,050 | |||||
185,000 | E INK HOLDINGS, INC. | 1,072,396 | 1,336,512 | |||||
77,000 | INNODISK CORP. | 450,307 | 801,040 | |||||
102,000 | INSYDE SOFTWARE CORP. | 407,878 | 368,444 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 351,041 |
See accompanying notes to financial statements. | 90 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Taiwan (Cont'd): | ||||||||
383,000 | KINDOM DEVELOPMENT CO. LTD. | $ 503,834 | 370,155 | |||||
660,000 | POU CHEN CORP. | 670,550 | 667,534 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 317,873 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 390,631 | |||||
159,000 | SINBON ELECTRONICS CO. LTD. | 1,340,044 | 1,886,385 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 762,173 | |||||
157,000 | TAIWAN SURFACE MOUNTING TECHNOLOGY CORP. | 456,051 | 506,622 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 480,502 | |||||
142,000 | USERJOY TECHNOLOGY CO. LTD. | 374,944 | 412,625 | |||||
187,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 694,432 | 630,448 | |||||
9,586,576 | 11,979,673 | 1.24% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 194,730 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 153,560 | |||||
1,424,300 | SUPALAI PCL (REGISTERED) | 958,379 | 811,475 | |||||
1,568,826 | 1,159,765 | 0.12% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 683,420 | |||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 546,429 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 378,562 | |||||
1,590,429 | 1,608,411 | 0.17% | ||||||
United Kingdom: | ||||||||
27,355 | 3I GROUP PLC | 109,603 | 676,926 | |||||
105,740 | ABCAM PLC ADR(b)(e) | 1,961,738 | 2,587,458 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 74,935 | |||||
540,200 | AIRTEL AFRICA PLC(d) | 753,867 | 739,566 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 1,498,750 | |||||
6,588 | ASHTEAD GROUP PLC | 294,400 | 455,486 | |||||
136,091 | ASSOCIATED BRITISH FOODS PLC | 3,192,429 | 3,441,157 | |||||
66,527 | ASTRAZENECA PLC | 8,204,231 | 9,527,013 | |||||
251,830 | AUTO TRADER GROUP PLC(d) | 1,869,143 | 1,952,207 | |||||
405,894 | BAE SYSTEMS PLC | 4,601,139 | 4,778,550 | |||||
113,471 | BAKKAVOR GROUP PLC(d)(g) | 166,389 | 136,903 | |||||
1,013,661 | BALTIC CLASSIFIEDS GROUP PLC | 2,293,447 | 2,368,723 | |||||
26,000 | BANK OF GEORGIA GROUP PLC | 447,200 | 965,835 | |||||
186,343 | BARCLAYS PLC | 357,496 | 362,982 | |||||
14,400 | BELLWAY PLC | 632,327 | 363,565 | |||||
62,893 | BERKELEY GROUP HOLDINGS PLC | 3,336,564 | 3,133,462 | |||||
115,735 | BP PLC | 603,532 | 673,699 | |||||
5,069 | BUNZL PLC | 39,524 | 193,065 | |||||
8,744 | BURBERRY GROUP PLC | 51,148 | 235,423 | |||||
284,443 | BYTES TECHNOLOGY GROUP PLC | 1,882,605 | 1,905,555 | |||||
157,500 | CENTRAL ASIA METALS PLC | 465,910 | 360,445 | |||||
209,855 | CNH INDUSTRIAL N.V. | 1,975,096 | 3,023,863 | |||||
502,408 | COMPASS GROUP PLC | 7,739,722 | 14,050,042 | |||||
18,300 | COMPUTACENTER PLC | 578,995 | 532,219 | |||||
2,276 | CRODA INTERNATIONAL PLC | 82,788 | 162,621 | |||||
20,544 | DIAGEO PLC | 873,928 | 881,611 | |||||
61,438 | DIPLOMA PLC | 2,006,361 | 2,328,304 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 306,465 | |||||
27,190 | DOWLAIS GROUP PLC(b) | 31,892 | 43,855 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 796,265 | |||||
11,278 | ENTAIN PLC | 146,379 | 182,189 | |||||
40,749 | FERGUSON PLC | 5,356,492 | 6,422,328 | |||||
15,306 | GAMES WORKSHOP GROUP PLC | 1,279,886 | 2,122,698 | |||||
50,906 | GSK PLC | 747,876 | 897,868 | |||||
46,518 | HALEON PLC | 141,587 | 190,378 | |||||
1,707 | HALMA PLC | 38,256 | 49,363 | |||||
4,854 | HARGREAVES LANSDOWN PLC | 45,104 | 50,278 | |||||
242,382 | HSBC HOLDINGS PLC | 1,401,351 | 1,913,749 | |||||
10,605 | IMPERIAL BRANDS PLC | 227,928 | 234,147 | |||||
51,080 | INCHCAPE PLC | 363,679 | 504,377 | |||||
25,000 | INFORMA PLC | 150,330 | 230,505 | |||||
3,162 | INTERCONTINENTAL HOTELS GROUP PLC ADR(e) | 155,759 | 222,763 | |||||
77,712 | INTERNATIONAL DISTRIBUTIONS SERVICES PLC | 220,280 | 218,016 | |||||
4,528 | INTERTEK GROUP PLC | 190,215 | 245,261 |
See accompanying notes to financial statements. | 91 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
518,146 | J SAINSBURY PLC | $ 1,239,535 | 1,770,142 | |||||
234,700 | JUPITER FUND MANAGEMENT PLC | 895,723 | 320,722 | |||||
295,800 | KINGFISHER PLC | 764,284 | 870,418 | |||||
92,531 | LEGAL & GENERAL GROUP PLC | 219,999 | 267,110 | |||||
80,708 | LIBERTY GLOBAL PLC, CLASS A(b) | 2,249,780 | 1,360,737 | |||||
57,550 | LIBERTY GLOBAL PLC, CLASS C(b) | 1,685,769 | 1,022,664 | |||||
6,927,018 | LLOYDS BANKING GROUP PLC | 4,668,034 | 3,834,749 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 640,677 | |||||
278,852 | M&G PLC | 497,048 | 677,828 | |||||
370,300 | MAN GROUP PLC/JERSEY | 651,704 | 1,027,564 | |||||
82,685 | MARSTON'S PLC(b) | 131,346 | 30,873 | |||||
27,190 | MELROSE INDUSTRIES PLC | 78,639 | 174,797 | |||||
456,400 | MITIE GROUP PLC | 439,408 | 558,761 | |||||
7,231 | MONDI PLC | 114,215 | 110,109 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 506,311 | |||||
4 | NATIONAL GRID PLC | 29 | 53 | |||||
5,018 | NATIONAL GRID PLC ADR(e) | 179,541 | 337,862 | |||||
297,247 | NATWEST GROUP PLC | 420,566 | 909,029 | |||||
2,141 | NEXT PLC | 36,699 | 187,616 | |||||
123,700 | OSB GROUP PLC | 637,568 | 754,075 | |||||
109,310 | PEARSON PLC | 1,123,383 | 1,141,131 | |||||
10,230 | PHOENIX GROUP HOLDINGS PLC | 58,370 | 69,092 | |||||
216,041 | QINETIQ GROUP PLC | 940,203 | 970,728 | |||||
9,159 | RECKITT BENCKISER GROUP PLC | 360,759 | 687,680 | |||||
151,700 | REDDE NORTHGATE PLC | 615,982 | 722,471 | |||||
57,235 | REDROW PLC | 447,916 | 320,556 | |||||
384,600 | REGIONAL REIT LTD.(d)(g) | 487,088 | 228,102 | |||||
21,616 | RELX PLC | 156,210 | 720,359 | |||||
183,813 | RELX PLC (LONDON EXCHANGE) | 2,548,998 | 6,118,529 | |||||
4,365 | RIO TINTO PLC ADR(e) | 117,353 | 278,662 | |||||
120,868 | ROLLS-ROYCE HOLDINGS PLC(b) | 107,369 | 231,865 | |||||
224,082 | RS GROUP PLC | 2,589,543 | 2,163,409 | |||||
24,928 | SAGE GROUP (THE) PLC | 108,477 | 292,778 | |||||
9,979 | SCHRODERS PLC | 43,138 | 55,420 | |||||
16,135 | SEGRO PLC | 67,053 | 146,883 | |||||
4,954 | SEVERN TRENT PLC | 76,220 | 161,442 | |||||
1 | SHELL PLC | - | 30 | |||||
37,737 | SHELL PLC ADR(e) | 1,633,346 | 2,278,560 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 189,807 | |||||
1,007 | SPIRAX-SARCO ENGINEERING PLC | 115,138 | 132,557 | |||||
7,418 | ST. JAMES'S PLACE PLC | 82,237 | 102,452 | |||||
108,800 | STANDARD CHARTERED PLC | 699,097 | 943,742 | |||||
82,413 | STHREE PLC | 315,585 | 357,429 | |||||
12,700 | STOLT-NIELSEN LTD. | 390,340 | 323,014 | |||||
144,800 | SYNTHOMER PLC(b) | 719,407 | 134,060 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 284,196 | |||||
126,800 | TYMAN PLC | 343,290 | 413,057 | |||||
82,460 | UNILEVER PLC | 4,137,038 | 4,291,075 | |||||
3,811 | UNILEVER PLC ADR(e) | 146,515 | 198,667 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 99,372 | |||||
2,756 | WHITBREAD PLC | 54,937 | 118,514 | |||||
26,206 | WILLIS TOWERS WATSON PLC | 5,866,542 | 6,171,513 | |||||
94,600 | WINCANTON PLC | 471,523 | 302,157 | |||||
2 | WPP PLC | 15 | 21 | |||||
6,965 | WPP PLC ADR(e) | 266,228 | 364,130 | |||||
97,921,478 | 118,416,427 | 12.24% | ||||||
United States: | ||||||||
23,940 | AON PLC, CLASS A | 5,562,070 | 8,264,088 | |||||
210,328 | ARCH CAPITAL GROUP LTD.(b) | 6,642,077 | 15,743,051 | |||||
12,603 | EPAM SYSTEMS, INC.(b) | 5,311,399 | 2,832,524 | |||||
11,739 | LINDE PLC | 3,904,341 | 4,473,498 | |||||
3,048 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 2,042,261 | 3,997,879 | |||||
16,583 | RESMED, INC. | 1,686,273 | 3,623,386 | |||||
72,259 | SENSATA TECHNOLOGIES HOLDING PLC | 3,970,992 | 3,250,932 |
See accompanying notes to financial statements. | 92 | (Continued) |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United States (Cont'd): | ||||||||
25,661 | STERIS PLC | $ 4,342,348 | 5,773,212 | |||||
33,461,761 | 47,958,570 | 4.96% | ||||||
Uruguay: | ||||||||
13,593 | GLOBANT S.A.(b) | 2,203,453 | 2,442,934 | |||||
2,203,453 | 2,442,934 | 0.25% | ||||||
Vietnam: | ||||||||
597,300 | FPT CORP. | 2,104,948 | 2,177,986 | |||||
2,104,948 | 2,177,986 | 0.22% | ||||||
Sub-total Common Stocks: | 693,827,750 | 914,642,059 | 94.55% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANEAMENTO DO PARANA(b) | 350,151 | 242,595 | |||||
179,200 | CIA ENERGETICA DE MINAS GERAIS, 0.44%(h) | 357,186 | 481,290 | |||||
707,337 | 723,885 | 0.08% | ||||||
Chile: | ||||||||
223,300 | EMBOTELLADORA ANDINA S.A., CLASS B, 7.85%(h) | 477,638 | 585,158 | |||||
477,638 | 585,158 | 0.06% | ||||||
Germany: | ||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G., 8.22%(h) | 49,612 | 172,942 | |||||
23,495 | JUNGHEINRICH A.G., 2.03%(h) | 613,254 | 859,890 | |||||
330 | SARTORIUS A.G., 0.46%(h) | 63,895 | 114,187 | |||||
2,800 | STO S.E. & CO. KGAA, 0.20%(h) | 304,841 | 469,303 | |||||
1,044 | VOLKSWAGEN A.G., 7.13%(h) | 131,516 | 140,055 | |||||
1,163,118 | 1,756,377 | 0.18% | ||||||
South Korea: | ||||||||
79,865 | SAMSUNG ELECTRONICS CO. LTD., 2.43%(h) | 3,317,974 | 3,606,396 | |||||
3,317,974 | 3,606,396 | 0.37% | ||||||
Sub-total Preferred Stocks: | 5,666,067 | 6,671,816 | 0.69% | |||||
Rights: | ||||||||
Taiwan: | ||||||||
2,369 | TOPCO SCIENTIFIC CO. LTD.(b) | - | 2,472 | |||||
- | 2,472 | 0.00% | ||||||
Sub-total Rights: | - | 2,472 | 0.00% | |||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
244,577 | RYANAIR HOLDINGS PLC, ISSUED BY HSBC BANK PLC, EXPIRES 10/31/23(b) | 2,722,979 | 4,593,539 | |||||
2,722,979 | 4,593,539 | 0.48% | ||||||
Sub-total Participatory Notes: | 2,722,979 | 4,593,539 | 0.48% | |||||
Short-Term Investments: | ||||||||
12,851,786 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(i) | 12,851,786 | 12,851,786 | |||||
36,483,672 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.98%(j) | 36,483,672 | 36,483,672 | |||||
Sub-total Short-Term Investments: | 49,335,458 | 49,335,458 | 5.10% | |||||
Grand total | $ 751,552,254 | 975,245,344 | 100.82% |
Notes to Schedule of Investments: | |
(a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) | Non-income producing assets. |
(c) | Security is either wholly or partially on loan. |
(d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
(e) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.70% of net assets as of June 30, 2023. |
(f) | Security has been deemed worthless and is a Level 3 investment. |
See accompanying notes to financial statements. | 93 | (Continued) |
(g) | Restricted security that has been deemed illiquid. At June 30, 2023, the value of these restricted illiquid securities amounted to $365,005 or 0.04% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Bakkavor Group PLC | 9/18/2019 | $ 166,389 |
Regional REIT Ltd. | 1/7/2022 | 487,088 |
(h) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(i) | Investment relates to cash collateral received from portfolio securities loaned. |
(j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2022, the value of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $22,771,623 with net purchases of $13,712,049 for the six months ended June 30, 2023. |
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.17% | |
Consumer Discretionary | 13.87 | |
Consumer Staples | 8.46 | |
Energy | 2.76 | |
Financials | 16.33 | |
Health Care | 12.68 | |
Industrials | 19.64 | |
Information Technology | 13.24 | |
Materials | 6.11 | |
Real Estate | 1.52 | |
Utilities | 1.22 | |
100.00% |
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 22.05% | |
United States Dollar | 16.60 | |
Japanese Yen | 11.72 | |
British Pound | 11.70 | |
Swiss Franc | 9.44 | |
Other currencies | 28.49 | |
100.00% |
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) |
(a)(3) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. |
(a)(4) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
President (Principal Executive Officer) and | ||||||
Treasurer (Principal Financial Officer) | ||||||
Date: August 25, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
President (Principal Executive Officer) | ||||||
Date: August 25, 2023 | ||||||
Clearwater Investment Trust | ||||||
By | /s/ Justin H. Weyerhaeuser | |||||
Justin H. Weyerhaeuser | ||||||
Treasurer (Principal Financial Officer) | ||||||
Date: August 25, 2023 |