(a)
|
|
(1)
|
Core Market Neutral: Employs approximately 20 industry-focused, differentiated strategies and aims to generate performance through security price dispersion instead of market direction.
|
|
(2)
|
Growth: A pro-cyclical strategy typically offering exposure to the US equity markets.
|
|
(3)
|
Defensive: Income-generating strategy created to provide high liquidity and capital preservation, typically offering exposure to US treasuries and corporate credit.
|
One Year
|
Five Year
|
Since Inception(1)(2)
|
|
Class K
|
1.20%
|
1.82%
|
2.48%
|
Bloomberg U.S. Corporate Bond Index(3)
|
2.77%
|
0.85%
|
1.44%
|
Investor Class
|
0.85%
|
1.46%
|
1.95%
|
Bloomberg U.S. Corporate Bond Index(3)
|
2.77%
|
0.85%
|
0.78%
|
(1)
|
Inception Date of Class K was December 1, 2015.
|
(2)
|
Inception Date of Investor Class was February 28, 2017.
|
(3)
|
The Bloomberg Barclays U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and
non-U.S. industrial, utility and financial issuers. The securities that comprise the Bloomberg U.S. Corporate Bond Index may differ substantially from the securities in the Fund’s portfolio. It is not possible to directly invest in an index.
|
Expenses Paid
|
||||
Annualized Net
|
Beginning
|
Ending
|
During Period(1)
|
|
Expense Ratio
|
Account Value
|
Account Value
|
(05/01/2023 to
|
|
(10/31/2023)
|
(05/01/2023)
|
(10/31/2023)
|
10/31/2023)
|
|
Class K Actual(2)(3)
|
3.70%
|
$1,000.00
|
$ 960.50
|
$18.28
|
Class K Hypothetical
|
||||
(5% annual return before expenses)(4)
|
3.70%
|
$1,000.00
|
$1,006.55
|
$18.71
|
Investor Class Actual(2)(3)
|
4.05%
|
$1,000.00
|
$ 959.70
|
$20.01
|
Investor Class Hypothetical
|
||||
(5% annual return before expenses)(4)
|
4.05%
|
$1,000.00
|
$1,004.79
|
$20.47
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the period multiplied by the average account value over the period, multiplied by 184/365 to reflect its six-month period.
|
(2)
|
Based on the actual returns for the period from May 1, 2023 through October 31, 2023, of -3.95% and -4.03% for Class K and Investor Class, respectively.
|
(3)
|
Excluding dividends on short positions and borrowing expense, your actual cost of investing in Class K and Investor Class would be $7.41 and $9.14, respectively.
|
(4)
|
Excluding dividends on short positions and borrowing expense, your hypothetical cost of investing in Class K and Investor Class would be $7.63 and $9.40, respectively.
|
(1)
|
Data expressed as a percentage of common stocks, exchange traded funds, warrants, purchased options, money market fund, long swap contracts, and long futures contracts as of October 31, 2023.
Data expressed excludes securities sold short, written options, short swap contracts, short futures contracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule of
Open Swap Contracts, and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.
|
(2)
|
The value of option, swap and futures contracts are expressed as notional and not market value.
|
(3)
|
Data expressed as a percentage of short common stocks, short exchange traded funds, written options, short preferred stocks and short swap contracts, as of October 31, 2023. Data expressed
excludes long investments, long swap contracts, long futures contracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule of Open Swap Contracts and Schedule of Open
Futures Contracts for more details on the Fund’s individual holdings.
|
(4)
|
The value of option and swap contracts are expressed as notional and not market value.
|
Shares
|
Value
|
|||||||
COMMON STOCKS – 54.03%
|
||||||||
Aerospace & Defense – 0.38%
|
||||||||
Boeing Co. (a)
|
1,745
|
$
|
326,001
|
|||||
HEICO Corp. – Class A
|
586
|
74,498
|
||||||
L3Harris Technologies, Inc.
|
1,113
|
199,683
|
||||||
Lockheed Martin Corp.
|
306
|
139,120
|
||||||
TransDigm Group, Inc. (a)
|
97
|
80,325
|
||||||
819,627
|
||||||||
Air Freight & Logistics – 0.55%
|
||||||||
C.H. Robinson Worldwide, Inc.
|
129
|
10,556
|
||||||
DSV A/S (b)
|
1,499
|
224,012
|
||||||
FedEx Corp.
|
1,813
|
435,302
|
||||||
Forward Air Corp.
|
1,999
|
128,756
|
||||||
GXO Logistics, Inc. (a)
|
6,819
|
344,428
|
||||||
United Parcel Service, Inc. – Class B
|
360
|
50,850
|
||||||
1,193,904
|
||||||||
Automobile Components – 0.14%
|
||||||||
Autoliv, Inc.
|
2,290
|
209,879
|
||||||
Goodyear Tire & Rubber Co. (a)
|
8,126
|
96,699
|
||||||
306,578
|
||||||||
Banks – 2.39%
|
||||||||
Banc of California, Inc.
|
25,051
|
280,822
|
||||||
Bank of America Corp.
|
22,462
|
591,650
|
||||||
Bank OZK
|
1,276
|
45,694
|
||||||
Banner Corp.
|
3,439
|
145,160
|
||||||
Citizens Financial Group, Inc.
|
12,219
|
286,291
|
||||||
Columbia Banking System, Inc.
|
7,450
|
146,541
|
||||||
Comerica, Inc.
|
2,430
|
95,742
|
||||||
ConnectOne Bancorp, Inc.
|
1,991
|
32,433
|
||||||
East West Bancorp, Inc.
|
1,755
|
94,103
|
||||||
Fifth Third Bancorp
|
7,946
|
188,400
|
||||||
First BanCorp (b)
|
4,741
|
63,292
|
||||||
First Citizens BancShares, Inc. – Class A
|
254
|
350,708
|
||||||
First Horizon Corp.
|
3,149
|
33,852
|
||||||
Independent Bank Group, Inc.
|
1,484
|
52,459
|
||||||
Pacific Premier Bancorp, Inc.
|
6,007
|
114,133
|
||||||
Pinnacle Financial Partners, Inc.
|
2,218
|
138,314
|
||||||
Popular, Inc. (b)
|
1,055
|
68,618
|
||||||
Regions Financial Corp.
|
9,482
|
137,773
|
||||||
Truist Financial Corp.
|
28,361
|
804,319
|
Shares
|
Value
|
|||||||
Banks – 2.39% (Continued)
|
||||||||
UniCredit SpA (b)
|
10,434
|
$
|
261,576
|
|||||
Valley National Bancorp
|
40,043
|
311,535
|
||||||
Webster Financial Corp.
|
8,942
|
339,528
|
||||||
Wells Fargo & Co.
|
4,898
|
194,793
|
||||||
Western Alliance Bancorp
|
6,031
|
247,874
|
||||||
Wintrust Financial Corp.
|
2,447
|
182,766
|
||||||
5,208,376
|
||||||||
Beverages – 0.98%
|
||||||||
Coca-Cola Co.
|
6,604
|
373,060
|
||||||
Coca-Cola Europacific Partners plc (b)
|
9,312
|
544,845
|
||||||
Keurig Dr. Pepper, Inc. (c)
|
37,731
|
1,144,381
|
||||||
Molson Coors Brewing Co. – Class B
|
1,260
|
72,790
|
||||||
2,135,076
|
||||||||
Biotechnology – 0.99%
|
||||||||
89bio, Inc. (a)
|
2,364
|
17,494
|
||||||
AbbVie, Inc.
|
134
|
18,918
|
||||||
Alnylam Pharmaceuticals, Inc. (a)
|
31
|
4,706
|
||||||
Argenx S.E. – ADR (a)(b)
|
457
|
214,594
|
||||||
Biogen, Inc. (a)
|
1,101
|
261,531
|
||||||
Biohaven Ltd. (a)
|
918
|
24,336
|
||||||
BioMarin Pharmaceutical, Inc. (a)
|
49
|
3,991
|
||||||
Cytokinetics, Inc. (a)
|
1,583
|
55,183
|
||||||
Dynavax Technologies Corp. (a)
|
671
|
9,535
|
||||||
Exact Sciences Corp. (a)
|
639
|
39,356
|
||||||
Exelixis, Inc. (a)
|
1,997
|
41,118
|
||||||
Heron Therapeutics, Inc. (a)
|
3,943
|
2,511
|
||||||
Immunovant, Inc. (a)
|
3,108
|
102,719
|
||||||
Incyte Corp. (a)
|
376
|
20,278
|
||||||
Insmed, Inc. (a)
|
843
|
21,126
|
||||||
Karuna Therapeutics, Inc. (a)
|
320
|
53,315
|
||||||
Karyopharm Therapeutics, Inc. (a)
|
976
|
849
|
||||||
Madrigal Pharmaceuticals, Inc. (a)
|
584
|
76,726
|
||||||
Merus N.V. (a)(b)
|
384
|
7,722
|
||||||
MoonLake Immunotherapeutics (a)(b)
|
1,129
|
58,493
|
||||||
Morphic Holding, Inc. (a)
|
2,665
|
53,167
|
||||||
Natera, Inc. (a)
|
3,227
|
127,370
|
||||||
Point Biopharma Global, Inc. (a)
|
11,207
|
141,881
|
||||||
Regeneron Pharmaceuticals, Inc. (a)
|
18
|
14,038
|
||||||
Rigel Pharmaceuticals, Inc. (a)
|
3,654
|
2,950
|
||||||
Roivant Sciences Ltd. (a)
|
9,308
|
80,421
|
Shares
|
Value
|
|||||||
Biotechnology – 0.99% (Continued)
|
||||||||
Sage Therapeutics, Inc. (a)
|
86
|
$
|
1,611
|
|||||
Sarepta Therapeutics, Inc. (a)
|
921
|
61,993
|
||||||
TG Therapeutics, Inc. (a)
|
1,299
|
10,041
|
||||||
United Therapeutics Corp. (a)
|
158
|
35,212
|
||||||
Vera Therapeutics, Inc. (a)
|
1,386
|
14,442
|
||||||
Vertex Pharmaceuticals, Inc. (a)
|
1,316
|
476,536
|
||||||
Viking Therapeutics, Inc. (a)
|
5,195
|
50,963
|
||||||
Viridian Therapeutics, Inc. (a)
|
3,210
|
40,125
|
||||||
Xenon Pharmaceuticals, Inc. (a)(b)
|
34
|
1,054
|
||||||
2,146,305
|
||||||||
Broadline Retail – 0.69%
|
||||||||
Alibaba Group Holding Ltd. – ADR (a)(b)
|
371
|
30,622
|
||||||
Amazon.com, Inc. (a)(d)
|
10,884
|
1,448,551
|
||||||
Savers Value Village, Inc. (a)
|
1,127
|
16,871
|
||||||
1,496,044
|
||||||||
Building Products – 0.16%
|
||||||||
Armstrong World Industries, Inc.
|
856
|
64,962
|
||||||
Carlisle Cos., Inc.
|
192
|
48,785
|
||||||
Johnson Controls International plc (b)
|
638
|
31,275
|
||||||
Masco Corp.
|
1,659
|
86,417
|
||||||
Owens Corning
|
732
|
82,987
|
||||||
Trane Technologies plc (b)
|
125
|
23,789
|
||||||
338,215
|
||||||||
Capital Markets – 2.95%
|
||||||||
Affiliated Managers Group, Inc.
|
2,169
|
266,266
|
||||||
Allfunds Group plc (b)
|
11,454
|
58,623
|
||||||
AllianceBernstein Holding LP
|
31,137
|
894,566
|
||||||
Bank of New York Mellon Corp.
|
11,330
|
481,525
|
||||||
BGC Group, Inc.
|
109,595
|
643,324
|
||||||
Blue Owl Capital, Inc. – Class A
|
7,953
|
98,060
|
||||||
Brightsphere Investment Group, Inc.
|
5,847
|
91,564
|
||||||
Brookfield Asset Management Ltd. – Class A (b)
|
4,336
|
124,313
|
||||||
CBOE Holdings, Inc.
|
1,079
|
176,837
|
||||||
Charles Schwab Corp.
|
4,397
|
228,820
|
||||||
EQT AB (b)
|
4,160
|
76,002
|
||||||
Federated Hermes, Inc.
|
6,888
|
218,350
|
||||||
Franklin Resources, Inc.
|
4,293
|
97,837
|
||||||
Goldman Sachs Group, Inc.
|
1,102
|
334,578
|
||||||
Interactive Brokers Group, Inc. – Class A
|
1,788
|
143,165
|
Shares
|
Value
|
|||||||
Capital Markets – 2.95% (Continued)
|
||||||||
Intercontinental Exchange, Inc.
|
510
|
$
|
54,794
|
|||||
KKR & Co., Inc.
|
8,409
|
465,859
|
||||||
Lazard Ltd. – Class A
|
35,430
|
983,891
|
||||||
LPL Financial Holdings, Inc.
|
1,851
|
415,587
|
||||||
Nasdaq, Inc.
|
4,770
|
236,592
|
||||||
Tradeweb Markets, Inc. – Class A
|
2,153
|
193,792
|
||||||
Virtu Financial, Inc. – Class A
|
2,632
|
48,666
|
||||||
Virtus Investment Partners, Inc.
|
405
|
74,613
|
||||||
6,407,624
|
||||||||
Chemicals – 0.65%
|
||||||||
Ashland, Inc.
|
3,989
|
305,676
|
||||||
Chemours Co.
|
14,918
|
359,672
|
||||||
HB Fuller Co.
|
957
|
63,306
|
||||||
PureCycle Technologies, Inc. (a)(d)
|
66,548
|
296,139
|
||||||
RPM International, Inc.
|
869
|
79,314
|
||||||
Sherwin-Williams Co.
|
455
|
108,386
|
||||||
Tronox Holdings plc (b)
|
18,203
|
194,590
|
||||||
1,407,083
|
||||||||
Commercial Services & Supplies – 0.02%
|
||||||||
GEO Group, Inc. (a)
|
4,134
|
36,131
|
||||||
Communications Equipment – 0.78%
|
||||||||
ADTRAN Holdings, Inc.
|
41,705
|
274,002
|
||||||
Calix, Inc. (a)
|
10,335
|
342,295
|
||||||
Ciena Corp. (a)
|
10,335
|
436,137
|
||||||
Cisco Systems, Inc.
|
2,392
|
124,695
|
||||||
CommScope Holding Co., Inc. (a)
|
270,861
|
400,874
|
||||||
Lumentum Holdings, Inc. (a)
|
3,190
|
125,080
|
||||||
1,703,083
|
||||||||
Construction & Engineering – 0.25%
|
||||||||
Dycom Industries, Inc. (a)
|
6,377
|
543,193
|
||||||
Construction Materials – 0.10%
|
||||||||
CRH plc (b)
|
2,723
|
145,871
|
||||||
Vulcan Materials Co.
|
351
|
68,968
|
||||||
214,839
|
||||||||
Consumer Finance – 0.27%
|
||||||||
Ally Financial, Inc.
|
8,661
|
209,510
|
||||||
Capital One Financial Corp.
|
1,272
|
128,841
|
Shares
|
Value
|
|||||||
Consumer Finance – 0.27% (Continued)
|
||||||||
FirstCash Holdings, Inc.
|
1,757
|
$
|
191,372
|
|||||
OneMain Holdings, Inc.
|
1,366
|
49,080
|
||||||
578,803
|
||||||||
Consumer Staples Distribution & Retail – 0.71%
|
||||||||
BJ’s Wholesale Club Holdings, Inc. (a)
|
2,321
|
158,107
|
||||||
Casey’s General Stores, Inc.
|
888
|
241,456
|
||||||
Dollar Tree, Inc. (a)
|
177
|
19,663
|
||||||
Maplebear, Inc. (a)
|
1,590
|
39,162
|
||||||
Sysco Corp.
|
3,151
|
209,510
|
||||||
Target Corp.
|
797
|
88,300
|
||||||
Walgreens Boots Alliance, Inc.
|
32
|
675
|
||||||
Wal-Mart Stores, Inc.
|
4,860
|
794,172
|
||||||
1,551,045
|
||||||||
Containers & Packaging – 0.07%
|
||||||||
Crown Holdings, Inc.
|
1,755
|
141,453
|
||||||
Distributors – 0.04%
|
||||||||
Pool Corp.
|
300
|
94,731
|
||||||
Diversified Consumer Services – 0.01%
|
||||||||
WW International, Inc. (a)(d)
|
2,207
|
17,259
|
||||||
Diversified REITs – 0.55%
|
||||||||
Essential Properties Realty Trust, Inc.
|
54,159
|
1,188,790
|
||||||
Diversified Telecommunication Services – 0.19%
|
||||||||
AT&T, Inc.
|
26,998
|
415,769
|
||||||
Electric Utilities – 0.04%
|
||||||||
Kansai Electric Power Co., Inc. (b)
|
6,380
|
81,689
|
||||||
Electrical Equipment – 0.47%
|
||||||||
Acuity Brands, Inc.
|
277
|
44,866
|
||||||
AMETEK, Inc.
|
407
|
57,293
|
||||||
Emerson Electric Co.
|
1,243
|
110,590
|
||||||
Enovix Corp. (a)
|
21,303
|
189,810
|
||||||
Eos Energy Enterprises, Inc. (a)
|
7,026
|
12,366
|
||||||
FREYR Battery S.A. (a)(b)
|
3,150
|
10,112
|
||||||
nVent Electric plc (b)
|
3,641
|
175,241
|
Shares
|
Value
|
|||||||
Electrical Equipment – 0.47% (Continued)
|
||||||||
Regal Rexnord Corp.
|
318
|
$
|
37,654
|
|||||
Vertiv Holdings Co.
|
9,872
|
387,672
|
||||||
1,025,604
|
||||||||
Electronic Equipment, Instruments & Components – 0.10%
|
||||||||
Coherent Corp. (a)
|
5,583
|
165,257
|
||||||
Zebra Technologies Corp. – Class A (a)
|
259
|
54,242
|
||||||
219,499
|
||||||||
Energy Equipment & Services – 1.22%
|
||||||||
Archrock, Inc.
|
207
|
2,623
|
||||||
Baker Hughes Co.
|
7,916
|
272,468
|
||||||
Borr Drilling Ltd. (a)(b)
|
415
|
2,544
|
||||||
Bristow Group, Inc. (a)
|
99
|
2,588
|
||||||
Cactus, Inc.
|
55
|
2,582
|
||||||
ChampionX Corp.
|
4,104
|
126,403
|
||||||
Core Laboratories, Inc.
|
116
|
2,485
|
||||||
Diamond Offshore Drilling, Inc. (a)
|
7,371
|
91,474
|
||||||
Dril-Quip, Inc. (a)
|
968
|
20,967
|
||||||
Expro Group Holdings N.V. (a)(b)
|
10,386
|
163,580
|
||||||
Halliburton Co.
|
1,887
|
74,235
|
||||||
Helix Energy Solutions Group, Inc. (a)
|
12,027
|
117,865
|
||||||
Helmerich & Payne, Inc.
|
65
|
2,572
|
||||||
Liberty Energy, Inc.
|
131
|
2,581
|
||||||
Newpark Resources, Inc. (a)
|
380
|
2,630
|
||||||
Noble Corp. plc (b)
|
2,379
|
111,076
|
||||||
North American Construction Group Ltd. (b)
|
128
|
2,638
|
||||||
NOV, Inc.
|
21,208
|
423,311
|
||||||
Oceaneering International, Inc. (a)
|
17,738
|
390,058
|
||||||
Oil States International, Inc. (a)
|
357
|
2,592
|
||||||
Patterson-UTI Energy, Inc.
|
1,792
|
22,758
|
||||||
Precision Drilling Corp. (a)(b)
|
398
|
23,104
|
||||||
ProPetro Holding Corp. (a)
|
248
|
2,599
|
||||||
Schlumberger N.V. Ltd. (b)
|
4,603
|
256,203
|
||||||
SEACOR Marine Holdings, Inc. (a)
|
194
|
2,689
|
||||||
Seadrill Ltd. (a)(b)
|
66
|
2,608
|
||||||
Select Water Solutions, Inc.
|
3,255
|
24,217
|
||||||
TechnipFMC plc (b)
|
5,923
|
127,463
|
||||||
TETRA Technologies, Inc. (a)
|
4,120
|
19,529
|
||||||
Tidewater, Inc. (a)
|
38
|
2,597
|
||||||
Transocean Ltd. (a)(b)
|
386
|
2,555
|
||||||
U.S. Silica Holdings, Inc. (a)
|
209
|
2,523
|
Shares
|
Value
|
|||||||
Energy Equipment & Services – 1.22% (Continued)
|
||||||||
Valaris Ltd. (a)(b)
|
2,748
|
$
|
181,478
|
|||||
Weatherford International plc (a)(b)
|
1,998
|
185,994
|
||||||
2,673,589
|
||||||||
Entertainment – 0.70%
|
||||||||
AMC Entertainment Holdings, Inc. – Class A (a)
|
507
|
5,415
|
||||||
Cinemark Holdings, Inc. (a)
|
7,053
|
116,304
|
||||||
Cineplex, Inc. (a)(b)
|
5,540
|
33,318
|
||||||
Endeavor Group Holdings, Inc. – Class A (d)
|
8,338
|
189,773
|
||||||
Liberty Media Corp.-Liberty Formula One – Class C (a)
|
1,386
|
89,660
|
||||||
Live Nation Entertainment, Inc. (a)
|
1,467
|
117,389
|
||||||
Take-Two Interactive Software, Inc. (a)
|
6,010
|
803,838
|
||||||
The Madison Square Garden Co. (a)
|
53
|
8,911
|
||||||
TKO Group Holdings, Inc.
|
1,048
|
85,915
|
||||||
Warner Music Group Corp. – Class A
|
2,550
|
79,815
|
||||||
1,530,338
|
||||||||
Financial Services – 0.90%
|
||||||||
Apollo Global Management, Inc.
|
5,272
|
408,265
|
||||||
AvidXchange Holdings, Inc. (a)
|
7,841
|
67,746
|
||||||
Corebridge Financial, Inc.
|
1,889
|
37,780
|
||||||
Equitable Holdings, Inc.
|
2,170
|
57,657
|
||||||
Flywire Corp. (a)
|
2,233
|
60,045
|
||||||
Global Payments, Inc.
|
2,606
|
276,809
|
||||||
I3 Verticals, Inc. – Class A (a)
|
4,799
|
89,981
|
||||||
Jackson Financial, Inc. – Class A
|
1,664
|
61,085
|
||||||
Mr. Cooper Group, Inc. (a)
|
6,714
|
379,543
|
||||||
Payoneer Global, Inc. (a)
|
8,967
|
51,919
|
||||||
PennyMac Financial Services, Inc.
|
2,782
|
186,950
|
||||||
Repay Holdings Corp. (a)
|
3,804
|
22,786
|
||||||
Shift4 Payments, Inc. – Class A (a)
|
3,829
|
170,467
|
||||||
WEX, Inc. (a)
|
542
|
90,232
|
||||||
1,961,265
|
||||||||
Food Products – 1.28%
|
||||||||
Cal-Maine Foods, Inc.
|
5,635
|
255,322
|
||||||
Campbell Soup Co.
|
2,752
|
111,208
|
||||||
Freshpet, Inc. (a)
|
485
|
27,839
|
||||||
Kraft Heinz Co.
|
1,782
|
56,062
|
||||||
Lamb Weston Holdings, Inc.
|
6,672
|
599,146
|
||||||
Mondelez International, Inc. – Class A
|
7,513
|
497,436
|
||||||
Pilgrim’s Pride Corp. (a)
|
34,415
|
877,582
|
Shares
|
Value
|
|||||||
Food Products – 1.28% (Continued)
|
||||||||
Post Holdings, Inc. (a)
|
4,006
|
$
|
321,602
|
|||||
Utz Brands, Inc.
|
4,134
|
50,393
|
||||||
2,796,590
|
||||||||
Ground Transportation – 1.01%
|
||||||||
Canadian National Railway Co. (b)
|
96
|
10,155
|
||||||
Canadian Pacific Kansas City Ltd. (b)
|
765
|
54,292
|
||||||
CSX Corp.
|
1,973
|
58,894
|
||||||
Heartland Express, Inc.
|
993
|
11,578
|
||||||
J.B. Hunt Transport Services, Inc.
|
287
|
49,327
|
||||||
Knight-Swift Transportation Holdings, Inc.
|
3,853
|
188,373
|
||||||
Norfolk Southern Corp.
|
287
|
54,757
|
||||||
Saia, Inc. (a)
|
105
|
37,641
|
||||||
TFI International, Inc. (b)
|
595
|
65,819
|
||||||
Uber Technologies, Inc. (a)(d)
|
3,361
|
145,464
|
||||||
Union Pacific Corp.
|
2,985
|
619,716
|
||||||
Werner Enterprises, Inc.
|
518
|
18,814
|
||||||
XPO Logistics, Inc. (a)
|
11,368
|
861,807
|
||||||
2,176,637
|
||||||||
Health Care Equipment & Supplies – 1.06%
|
||||||||
Abbott Laboratories
|
2,129
|
201,297
|
||||||
Boston Scientific Corp. (a)
|
10,751
|
550,343
|
||||||
CVRx, Inc. (a)
|
359
|
4,803
|
||||||
DexCom, Inc. (a)(d)
|
2,789
|
247,746
|
||||||
Edwards Lifesciences Corp. (a)
|
664
|
42,310
|
||||||
Enovis Corp. (a)
|
5,243
|
240,653
|
||||||
Globus Medical, Inc. – Class A (a)
|
4,105
|
187,640
|
||||||
Haemonetics Corp. (a)
|
963
|
82,076
|
||||||
IDEXX Laboratories, Inc. (a)
|
4
|
1,598
|
||||||
Inari Medical, Inc. (a)
|
1,008
|
61,196
|
||||||
Inspire Medical Systems, Inc. (a)
|
112
|
16,482
|
||||||
Intuitive Surgical, Inc. (a)
|
117
|
30,680
|
||||||
iRhythm Technologies, Inc. (a)
|
96
|
7,538
|
||||||
Masimo Corp. (a)
|
305
|
24,745
|
||||||
Medtronic plc (b)
|
60
|
4,234
|
||||||
Penumbra, Inc. (a)
|
510
|
97,487
|
||||||
RxSight, Inc. (a)
|
297
|
6,576
|
||||||
Shockwave Medical, Inc. (a)
|
36
|
7,425
|
||||||
Silk Road Medical, Inc. (a)
|
258
|
1,938
|
||||||
STAAR Surgical Co. (a)
|
83
|
3,471
|
||||||
Stryker Corp.
|
885
|
239,145
|
Shares
|
Value
|
|||||||
Health Care Equipment & Supplies – 1.06% (Continued)
|
||||||||
Tandem Diabetes Care, Inc. (a)
|
944
|
$
|
16,331
|
|||||
Teleflex, Inc.
|
301
|
55,610
|
||||||
Zimmer Biomet Holdings, Inc.
|
1,683
|
175,722
|
||||||
2,307,046
|
||||||||
Health Care Providers & Services – 0.66%
|
||||||||
Acadia Healthcare Co., Inc. (a)
|
1,977
|
145,329
|
||||||
Amedisys, Inc. (a)
|
160
|
14,638
|
||||||
Centene Corp. (a)
|
388
|
26,764
|
||||||
CVS Health Corp.
|
351
|
24,223
|
||||||
Elevance Health, Inc.
|
32
|
14,403
|
||||||
Guardant Health, Inc. (a)
|
1,690
|
43,737
|
||||||
HealthEquity, Inc. (a)
|
2,209
|
158,341
|
||||||
Humana, Inc.
|
516
|
270,224
|
||||||
Option Care Health, Inc. (a)
|
5,896
|
163,496
|
||||||
Pennant Group, Inc. (a)
|
386
|
4,196
|
||||||
Privia Health Group, Inc. (a)
|
1,197
|
25,161
|
||||||
Progyny, Inc. (a)
|
109
|
3,364
|
||||||
Quest Diagnostics, Inc.
|
122
|
15,872
|
||||||
UnitedHealth Group, Inc.
|
961
|
514,673
|
||||||
Universal Health Services, Inc. – Class B
|
160
|
20,142
|
||||||
1,444,563
|
||||||||
Health Care REITs – 2.00%
|
||||||||
Medical Properties Trust, Inc.
|
51,200
|
244,736
|
||||||
Sabra Health Care REIT, Inc.
|
66,138
|
902,122
|
||||||
Ventas, Inc. (c)
|
75,981
|
3,226,153
|
||||||
4,373,011
|
||||||||
Health Care Technology – 0.13%
|
||||||||
Evolent Health, Inc. – Class A (a)
|
3,589
|
87,679
|
||||||
Phreesia, Inc. (a)
|
15,232
|
208,070
|
||||||
295,749
|
||||||||
Hotels, Restaurants & Leisure – 3.55%
|
||||||||
Aramark
|
6,238
|
167,989
|
||||||
Bloomin’ Brands, Inc.
|
7,975
|
186,137
|
||||||
Bowlero Corp. (a)(d)
|
6,719
|
67,795
|
||||||
Brinker International, Inc. (a)
|
2,004
|
67,976
|
||||||
Chipotle Mexican Grill, Inc. (a)
|
239
|
464,186
|
||||||
Choice Hotels International, Inc.
|
1,122
|
123,981
|
||||||
Churchill Downs, Inc.
|
1,993
|
218,911
|
||||||
Darden Restaurants, Inc.
|
1,318
|
191,809
|
Shares
|
Value
|
|||||||
Hotels, Restaurants & Leisure – 3.55% (Continued)
|
||||||||
Domino’s Pizza, Inc.
|
816
|
$
|
276,616
|
|||||
Expedia Group, Inc. (a)
|
924
|
88,048
|
||||||
Full House Resorts, Inc. (a)
|
789
|
2,959
|
||||||
Hilton Grand Vacations, Inc. (a)
|
2,233
|
80,276
|
||||||
Hilton Worldwide Holdings, Inc.
|
4,136
|
626,728
|
||||||
International Game Technology plc (b)(d)
|
9,759
|
248,073
|
||||||
Las Vegas Sands Corp.
|
2,774
|
131,654
|
||||||
Marriott International, Inc. – Class A
|
922
|
173,852
|
||||||
McDonald’s Corp.
|
763
|
200,036
|
||||||
Papa John’s International, Inc.
|
1,431
|
93,044
|
||||||
Penn National Gaming, Inc. (a)(d)
|
20,701
|
408,431
|
||||||
Planet Fitness, Inc. – Class A (a)
|
3,498
|
193,334
|
||||||
Restaurant Brands International, Inc. (b)
|
8,958
|
601,978
|
||||||
Royal Caribbean Cruises Ltd. (a)(b)
|
13,606
|
1,152,836
|
||||||
Shake Shack, Inc. – Class A (a)
|
2,871
|
160,891
|
||||||
Starbucks Corp.
|
1,751
|
161,512
|
||||||
Sweetgreen, Inc. – Class A (a)
|
270
|
2,789
|
||||||
Vail Resorts, Inc.
|
1,356
|
287,811
|
||||||
Wingstop, Inc.
|
1,402
|
256,244
|
||||||
Wyndham Hotels & Resorts, Inc. (d)
|
1,024
|
74,138
|
||||||
Wynn Resorts Ltd.
|
11,466
|
1,006,485
|
||||||
7,716,519
|
||||||||
Household Durables – 0.08%
|
||||||||
D.R. Horton, Inc.
|
309
|
32,260
|
||||||
Lennar Corp. – Class A
|
302
|
32,217
|
||||||
PulteGroup, Inc.
|
954
|
70,206
|
||||||
TopBuild Corp. (a)
|
147
|
33,628
|
||||||
168,311
|
||||||||
Household Products – 1.06%
|
||||||||
Church & Dwight Co., Inc.
|
900
|
81,846
|
||||||
Clorox Co.
|
9,071
|
1,067,658
|
||||||
Colgate-Palmolive Co. (c)
|
12,778
|
959,883
|
||||||
Spectrum Brands Holdings, Inc.
|
2,413
|
181,747
|
||||||
2,291,134
|
||||||||
Industrial Conglomerates – 0.11%
|
||||||||
Honeywell International, Inc.
|
1,334
|
244,469
|
Shares
|
Value
|
|||||||
Industrial REITs – 3.29%
|
||||||||
Americold Realty Trust (c)
|
119,633
|
$
|
3,136,777
|
|||||
Plymouth Industrial REIT, Inc.
|
36,921
|
736,205
|
||||||
Rexford Industrial Realty, Inc. (c)
|
75,937
|
3,283,516
|
||||||
7,156,498
|
||||||||
Insurance – 1.42%
|
||||||||
Aflac, Inc.
|
699
|
54,599
|
||||||
Allstate Corp.
|
2,492
|
319,300
|
||||||
Arthur J. Gallagher & Co.
|
215
|
50,630
|
||||||
ASR Nederland N.V. (b)
|
1,715
|
64,001
|
||||||
Brown & Brown, Inc.
|
1,502
|
104,269
|
||||||
Chubb Ltd. (b)
|
989
|
212,259
|
||||||
Cincinnati Financial Corp.
|
1,627
|
162,163
|
||||||
Everest Re Group Ltd. (b)
|
1,015
|
401,554
|
||||||
Fidelis Insurance Holdings Ltd. (a)(b)
|
4,170
|
58,964
|
||||||
International General Insurance Holdings Ltd. (b)
|
14,142
|
155,421
|
||||||
MetLife, Inc.
|
2,222
|
133,342
|
||||||
Old Republic International Corp.
|
2,455
|
67,218
|
||||||
Progressive Corp.
|
1,143
|
180,697
|
||||||
Reinsurance Group America, Inc.
|
1,617
|
241,693
|
||||||
RenaissanceRe Holdings Ltd. (b)
|
1,856
|
407,559
|
||||||
Travelers Cos., Inc.
|
2,226
|
372,722
|
||||||
Unum Group
|
2,366
|
115,697
|
||||||
3,102,088
|
||||||||
Interactive Media & Services – 0.60%
|
||||||||
Alphabet, Inc. – Class C (a)
|
3,416
|
428,025
|
||||||
Meta Platforms, Inc. – Class A (a)(d)
|
2,416
|
727,869
|
||||||
Pinterest, Inc. – Class A (a)
|
3,816
|
114,022
|
||||||
QuinStreet, Inc. (a)
|
1,595
|
18,039
|
||||||
Vimeo, Inc. (a)
|
4,134
|
12,733
|
||||||
1,300,688
|
||||||||
IT Services – 0.03%
|
||||||||
Cognizant Technology Solutions Corp. – Class A
|
795
|
51,253
|
||||||
Leisure Products – 0.01%
|
||||||||
Hasbro, Inc.
|
383
|
17,292
|
||||||
Old PSG Wind-Down Ltd. (a)(b)(e)
|
2,127
|
202
|
||||||
17,494
|
Shares
|
Value
|
|||||||
Life Sciences Tools & Services – 0.64%
|
||||||||
Agilent Technologies, Inc.
|
382
|
$
|
39,487
|
|||||
Akoya Biosciences, Inc. (a)
|
1,840
|
6,440
|
||||||
Bruker Corp.
|
2,364
|
134,748
|
||||||
Charles River Laboratories International, Inc. (a)
|
20
|
3,367
|
||||||
Danaher Corp.
|
1,351
|
259,419
|
||||||
Fortrea Holdings, Inc. (a)
|
8,138
|
231,119
|
||||||
Lonza Group AG (b)
|
778
|
272,458
|
||||||
Pacific Biosciences of California, Inc. (a)
|
2,703
|
16,705
|
||||||
Qiagen N.V. (a)(b)
|
3,182
|
118,953
|
||||||
Repligen Corp. (a)
|
96
|
12,918
|
||||||
Standard BioTools, Inc. (a)
|
196
|
390
|
||||||
Thermo Fisher Scientific, Inc.
|
651
|
289,545
|
||||||
1,385,549
|
||||||||
Machinery – 0.59%
|
||||||||
AGCO Corp.
|
228
|
26,142
|
||||||
Deere & Co.
|
91
|
33,248
|
||||||
Flowserve Corp.
|
13,882
|
509,746
|
||||||
Greenbrier Cos., Inc.
|
4,946
|
171,082
|
||||||
IDEX Corp.
|
678
|
129,776
|
||||||
Illinois Tool Works, Inc.
|
287
|
64,322
|
||||||
Oshkosh Corp.
|
705
|
61,850
|
||||||
PACCAR, Inc.
|
1,145
|
94,497
|
||||||
Parker-Hannifin Corp.
|
181
|
66,773
|
||||||
Xylem, Inc.
|
1,350
|
126,279
|
||||||
1,283,715
|
||||||||
Marine Transportation – 0.09%
|
||||||||
AP Moller – Maersk AS – Class B (b)
|
54
|
89,976
|
||||||
Kirby Corp. (a)
|
1,366
|
102,040
|
||||||
192,016
|
||||||||
Media – 0.57%
|
||||||||
comScore, Inc. (a)
|
307,389
|
196,698
|
||||||
Criteo S.A. – ADR (a)(b)
|
18,755
|
530,204
|
||||||
Liberty Media Corp.-Liberty SiriusXM (a)
|
13,854
|
340,116
|
||||||
Nexstar Media Group, Inc.
|
1,281
|
179,442
|
||||||
1,246,460
|
||||||||
Metals & Mining – 2.10%
|
||||||||
Adriatic Metals plc (a)(b)
|
25,617
|
55,230
|
||||||
Algoma Steel Group, Inc. (b)
|
147,601
|
1,034,682
|
||||||
ArcelorMittal S.A. (b)
|
18,862
|
415,340
|
Shares
|
Value
|
|||||||
Metals & Mining – 2.10% (Continued)
|
||||||||
Atlas Lithium Corp. (a)
|
8,676
|
$
|
190,872
|
|||||
BHP Group Ltd. – ADR (b)
|
862
|
49,186
|
||||||
BlueScope Steel Ltd. (b)
|
3,360
|
40,278
|
||||||
Capstone Copper Corp. (a)(b)
|
135,678
|
461,800
|
||||||
Carpenter Technology Corp.
|
589
|
36,942
|
||||||
Century Aluminum Co. (a)
|
3,994
|
26,400
|
||||||
Cleveland-Cliffs, Inc. (a)
|
3,813
|
63,982
|
||||||
Commercial Metals Co.
|
2,564
|
108,432
|
||||||
Filo Corp. (a)(b)
|
46,392
|
604,176
|
||||||
Latin Resources Ltd. (a)(b)
|
584,989
|
92,155
|
||||||
Li-FT Power Ltd. (a)(b)
|
13,888
|
70,103
|
||||||
Lithium Ionic Corp. (a)(b)
|
19,755
|
23,505
|
||||||
Lundin Mining Corp. (b)
|
18,127
|
113,200
|
||||||
NGEx Minerals Ltd. (a)(b)
|
80,943
|
344,376
|
||||||
Norsk Hydro ASA (b)
|
4,297
|
24,505
|
||||||
Northam Platinum Holdings Ltd. (b)
|
38,145
|
230,231
|
||||||
Schnitzer Steel Industries, Inc. – Class A
|
3,704
|
84,118
|
||||||
Sigma Lithium Corp. (a)(b)
|
6,005
|
146,822
|
||||||
United States Steel Corp.
|
2,544
|
86,216
|
||||||
Vale SA – ADR (b)
|
12,760
|
174,940
|
||||||
WA1 Resources Ltd. (a)(b)
|
14,560
|
79,163
|
||||||
4,556,654
|
||||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.08%
|
||||||||
Rithm Capital Corp.
|
18,934
|
176,654
|
||||||
Office REITs – 2.94%
|
||||||||
Boston Properties, Inc. (c)
|
58,836
|
3,151,844
|
||||||
Cousins Properties, Inc.
|
115,983
|
2,072,616
|
||||||
Douglas Emmett, Inc.
|
85,019
|
953,063
|
||||||
Kilroy Realty Corp.
|
7,540
|
215,493
|
||||||
6,393,016
|
||||||||
Oil, Gas & Consumable Fuels – 2.10%
|
||||||||
Alliance Resource Partners LP
|
11,757
|
267,178
|
||||||
Antero Midstream Corp.
|
1,973
|
24,347
|
||||||
Antero Resources Corp. (a)
|
10,608
|
312,299
|
||||||
Calumet Specialty Products Partners LP (a)
|
561
|
7,310
|
||||||
Cameco Corp. (b)
|
68
|
2,782
|
||||||
Cenovus Energy, Inc. (b)
|
134
|
2,557
|
||||||
Chevron Corp. (d)
|
17
|
2,477
|
||||||
Chord Energy Corp.
|
1,787
|
295,427
|
Shares
|
Value
|
|||||||
Oil, Gas & Consumable Fuels – 2.10% (Continued)
|
||||||||
CNX Resources Corp. (a)
|
120
|
$
|
2,606
|
|||||
Comstock Resources, Inc.
|
8,109
|
102,173
|
||||||
DHT Holdings, Inc. (b)
|
247
|
2,747
|
||||||
Diamondback Energy, Inc.
|
1,803
|
289,057
|
||||||
Energy Transfer LP
|
608
|
7,995
|
||||||
Enerplus Corp. (b)
|
153
|
2,587
|
||||||
Enviva, Inc. (a)
|
6,457
|
23,374
|
||||||
Equitrans Midstream Corp.
|
303
|
2,688
|
||||||
Exxon Mobil Corp.
|
24
|
2,540
|
||||||
Genesis Energy LP
|
721
|
7,989
|
||||||
Global Partners LP
|
271
|
8,612
|
||||||
Golar LNG Ltd. (b)
|
31,313
|
702,350
|
||||||
Hallador Energy Co. (a)
|
180
|
2,516
|
||||||
Hess Corp.
|
2,095
|
302,518
|
||||||
Holly Energy Partners LP
|
396
|
8,415
|
||||||
KNOT Offshore Partners LP (b)
|
706
|
3,996
|
||||||
Marathon Oil Corp.
|
11,038
|
301,448
|
||||||
Marathon Petroleum Corp.
|
636
|
96,195
|
||||||
Murphy Oil Corp.
|
6,883
|
308,840
|
||||||
Natural Resource Partners LP
|
124
|
8,184
|
||||||
New Fortress Energy, Inc.
|
7,425
|
224,978
|
||||||
NextDecade Corp. (a)
|
1,653
|
7,257
|
||||||
Northern Oil and Gas, Inc.
|
6,951
|
266,501
|
||||||
Par Pacific Holdings, Inc. (a)
|
84
|
2,757
|
||||||
PBF Energy, Inc. – Class A
|
146
|
6,939
|
||||||
Peabody Energy Corp.
|
582
|
13,729
|
||||||
Permian Basin Royalty Trust
|
684
|
13,577
|
||||||
Pioneer Natural Resources Co.
|
1,398
|
334,121
|
||||||
Range Resources Corp.
|
6,764
|
242,422
|
||||||
REX American Resources Corp. (a)
|
72
|
2,737
|
||||||
Sabine Royalty Trust
|
344
|
19,866
|
||||||
SM Energy Co.
|
7,601
|
306,472
|
||||||
StealthGas, Inc. (a)(b)
|
504
|
2,822
|
||||||
Teekay Corp. (a) (b)
|
384
|
2,700
|
||||||
Valero Energy Corp.
|
21
|
2,667
|
||||||
YPF SA – ADR (a)(b)
|
244
|
2,423
|
||||||
4,553,175
|
||||||||
Paper & Forest Products – 0.03%
|
||||||||
Sylvamo Corp.
|
1,493
|
66,140
|
Shares
|
Value
|
|||||||
Passenger Airlines – 0.01%
|
||||||||
Delta Air Lines, Inc.
|
524
|
$
|
16,375
|
|||||
Personal Care Products – 0.20%
|
||||||||
BellRing Brands, Inc. (a)
|
2,616
|
114,398
|
||||||
Coty, Inc. – Class A (a)
|
14,068
|
131,817
|
||||||
e.l.f. Beauty, Inc. (a)
|
604
|
55,949
|
||||||
Kenvue, Inc. (d)
|
5,295
|
98,487
|
||||||
Oddity Tech Ltd. – Class A (a)(b)
|
512
|
13,082
|
||||||
413,733
|
||||||||
Pharmaceuticals – 1.08%
|
||||||||
Aclaris Therapeutics, Inc. (a)
|
1,546
|
7,699
|
||||||
Amylyx Pharmaceuticals, Inc. (a)
|
431
|
7,030
|
||||||
AstraZeneca plc – ADR (b)
|
182
|
11,508
|
||||||
Bristol-Myers Squibb Co.
|
638
|
32,876
|
||||||
Catalent, Inc. (a)
|
159
|
5,468
|
||||||
Elanco Animal Health, Inc. (a)
|
19,458
|
171,425
|
||||||
Eli Lilly & Co.
|
798
|
442,036
|
||||||
Green Thumb Industries, Inc. (a)
|
16,685
|
138,258
|
||||||
GSK plc – ADR (b)
|
1,320
|
47,124
|
||||||
Intra-Cellular Therapies, Inc. (a)
|
636
|
31,647
|
||||||
Jazz Pharmaceuticals plc (a)
|
746
|
94,757
|
||||||
Johnson & Johnson
|
1,197
|
177,563
|
||||||
Merck & Co., Inc.
|
2,623
|
269,382
|
||||||
Novo Nordisk A/S – ADR (b)
|
1,773
|
171,219
|
||||||
Novo Nordisk A/S – Class B (b)
|
1,322
|
127,542
|
||||||
Pfizer, Inc.
|
6,967
|
212,912
|
||||||
Sanofi SA – ADR (b)
|
1,440
|
65,160
|
||||||
Structure Therapeutics, Inc. (a)
|
1,357
|
100,825
|
||||||
Teva Pharmaceutical Industries Ltd. – ADR (a)(b)
|
20,344
|
174,552
|
||||||
Verano Holdings Corp. (a)
|
11,221
|
37,545
|
||||||
2,326,528
|
||||||||
Professional Services – 0.03%
|
||||||||
Jacobs Solutions, Inc.
|
474
|
63,184
|
||||||
Retail REITs – 2.81%
|
||||||||
Acadia Realty Trust
|
51,545
|
738,124
|
||||||
Agree Realty Corp.
|
31,950
|
1,787,283
|
||||||
Brixmor Property Group, Inc.
|
85,867
|
1,785,175
|
Shares
|
Value
|
|||||||
Retail REITs – 2.81% (Continued)
|
||||||||
Kimco Realty Corp.
|
13,557
|
$
|
243,213
|
|||||
Retail Opportunity Investments Corp.
|
133,916
|
1,572,174
|
||||||
6,125,969
|
||||||||
Semiconductors & Semiconductor Equipment – 1.01%
|
||||||||
Advanced Micro Devices, Inc. (a)(d)
|
4,803
|
473,096
|
||||||
Intel Corp.
|
11,150
|
406,975
|
||||||
Marvell Technology, Inc.
|
1,638
|
77,346
|
||||||
Micron Technology, Inc.
|
5,583
|
373,335
|
||||||
Monolithic Power Systems, Inc.
|
477
|
210,710
|
||||||
NVIDIA Corp.
|
637
|
259,769
|
||||||
Qorvo, Inc. (a)
|
2,711
|
236,996
|
||||||
Synaptics, Inc. (a)
|
1,538
|
128,669
|
||||||
2,166,896
|
||||||||
Software – 2.40%
|
||||||||
Adobe, Inc. (a)
|
213
|
113,329
|
||||||
Alteryx, Inc. – Class A (a)(d)
|
8,286
|
265,235
|
||||||
Applied Digital Corp. (a)(d)
|
8,160
|
39,821
|
||||||
Aspen Technology, Inc. (a)
|
119
|
21,152
|
||||||
Braze, Inc. – Class A (a)
|
3,180
|
135,404
|
||||||
CyberArk Software Ltd. (a)(b)
|
795
|
130,094
|
||||||
Descartes Systems Group, Inc. (a)(b)
|
128
|
9,243
|
||||||
Envestnet, Inc. (a)
|
7,815
|
289,155
|
||||||
Freshworks, Inc. – Class A (a)
|
9,875
|
177,158
|
||||||
Intuit, Inc.
|
957
|
473,667
|
||||||
LiveRamp Holdings, Inc. (a)
|
21,528
|
595,464
|
||||||
Microsoft Corp. (d)
|
5,461
|
1,846,419
|
||||||
NCR Voyix Corp. (a)
|
1,053
|
16,100
|
||||||
Palo Alto Networks, Inc. (a)
|
957
|
232,570
|
||||||
Riot Platforms, Inc. (a)
|
1,755
|
17,164
|
||||||
Riskfield Ltd. – Class A (a)(b)
|
11,000
|
41,030
|
||||||
Roper Technologies, Inc.
|
210
|
102,600
|
||||||
SentinelOne, Inc. – Class A (a)
|
23,850
|
372,776
|
||||||
ServiceNow, Inc. (a)
|
239
|
139,062
|
||||||
Workday, Inc. – Class A (a)
|
479
|
101,409
|
||||||
Zscaler, Inc. (a)
|
797
|
126,476
|
||||||
5,245,328
|
||||||||
Specialized REITs – 2.91%
|
||||||||
CubeSmart (c)
|
67,942
|
2,316,143
|
||||||
SBA Communications Corp.
|
19,136
|
3,992,344
|
||||||
6,308,487
|
Shares
|
Value
|
|||||||
Specialty Retail – 0.52%
|
||||||||
Advance Auto Parts, Inc.
|
1,275
|
$
|
66,338
|
|||||
AutoNation, Inc. (a)
|
369
|
48,000
|
||||||
Bath & Body Works, Inc.
|
3,201
|
94,910
|
||||||
Five Below, Inc. (a)
|
512
|
89,078
|
||||||
Gap, Inc. (d)
|
14
|
179
|
||||||
Home Depot, Inc.
|
1,077
|
306,611
|
||||||
O’Reilly Automotive, Inc. (a)
|
236
|
219,584
|
||||||
RH (a)
|
64
|
13,949
|
||||||
Ross Stores, Inc.
|
1,399
|
162,242
|
||||||
Signet Jewelers Ltd.
|
613
|
42,806
|
||||||
Urban Outfitters, Inc. (a)
|
2,526
|
87,450
|
||||||
1,131,147
|
||||||||
Technology Hardware, Storage & Peripherals – 0.25%
|
||||||||
Pure Storage, Inc. – Class A (a)
|
11,314
|
382,526
|
||||||
Western Digital Corp. (a)
|
3,975
|
159,596
|
||||||
542,122
|
||||||||
Textiles, Apparel & Luxury Goods – 0.11%
|
||||||||
Crocs, Inc. (a)
|
659
|
58,862
|
||||||
Kontoor Brands, Inc.
|
1,320
|
61,314
|
||||||
Skechers U.S.A., Inc. – Class A (a)
|
2,164
|
104,348
|
||||||
224,524
|
||||||||
Trading Companies & Distributors – 0.70%
|
||||||||
AerCap Holdings N.V. (a)(b)
|
15,009
|
932,358
|
||||||
Fastenal Co.
|
1,121
|
65,399
|
||||||
Ferguson plc (b)
|
129
|
19,376
|
||||||
FTAI Aviation Ltd. (b)
|
5,760
|
216,634
|
||||||
MRC Global, Inc. (a)
|
23,107
|
242,854
|
||||||
MSC Industrial Direct Co., Inc. – Class A
|
328
|
31,078
|
||||||
NOW, Inc. (a)
|
984
|
10,844
|
||||||
Russel Metals, Inc. (b)
|
326
|
8,122
|
||||||
1,526,665
|
||||||||
Wireless Telecommunication Services – 0.27%
|
||||||||
NII Holdings, Inc. (a)(e)
|
6,235
|
2,494
|
||||||
Telephone & Data Systems, Inc.
|
2,559
|
46,548
|
||||||
T-Mobile U.S., Inc. (a)
|
3,313
|
476,608
|
||||||
United States Cellular Corp. (a)
|
1,360
|
57,161
|
||||||
582,811
|
||||||||
Total Common Stocks
|
||||||||
(Cost $124,716,587)
|
117,405,110
|
Shares
|
Value
|
|||||||
EXCHANGE TRADED FUNDS – 1.82%
|
||||||||
Commodity – 0.41%
|
||||||||
Sprott Physical Gold Trust (a)(b)
|
1,645
|
$
|
180,498
|
|||||
Sprott Physical Uranium Trust (a)(b)
|
38,937
|
705,036
|
||||||
885,534
|
||||||||
Equity – 1.09%
|
||||||||
Energy Select Sector SPDR Fund
|
1,038
|
88,427
|
||||||
Invesco S&P 500 Equal Weight ETF
|
2,189
|
297,332
|
||||||
iShares MSCI Brazil ETF
|
5,524
|
164,449
|
||||||
iShares Russell 2000 ETF
|
1,916
|
315,220
|
||||||
ProShares VIX Short-Term Futures ETF (a)
|
13,381
|
313,383
|
||||||
SPDR Dow Jones Industrial Average ETF Trust
|
1,796
|
593,542
|
||||||
SPDR S&P 500 ETF Trust
|
1,219
|
509,786
|
||||||
U.S. Global Jets ETF (a)
|
483
|
7,206
|
||||||
United States Oil Fund LP (a)
|
1,002
|
75,170
|
||||||
Utilities Select Sector SPDR Fund
|
97
|
5,790
|
||||||
2,370,305
|
||||||||
Fixed Income – 0.32%
|
||||||||
iShares 20+ Year Treasury Bond ETF (d)
|
7,504
|
627,184
|
||||||
iShares 7-10 Year Treasury Bond ETF
|
714
|
63,967
|
||||||
691,151
|
||||||||
Total Exchange Traded Funds
|
||||||||
(Cost $3,856,898)
|
3,946,990
|
|||||||
PREFERRED STOCKS – 0.11%
|
||||||||
Oil, Gas & Consumable Fuels – 0.11%
|
||||||||
Petroleo Brasileiro SA (b)
|
17,680
|
244,514
|
||||||
Total Preferred Stocks
|
||||||||
(Cost $224,495)
|
244,514
|
Notional
|
||||||||||||
Contracts
|
Amount
|
Value
|
||||||||||
PURCHASED OPTIONS – 0.08%
|
||||||||||||
Calls – 0.06%
|
||||||||||||
Advanced Micro Devices, Inc. (f)
|
||||||||||||
Exercise Price: $100.00, Expiration: 11/03/2023
|
48
|
$
|
472,800
|
$
|
14,519
|
|||||||
Alteryx, Inc. (f)
|
||||||||||||
Exercise Price: $35.00, Expiration: 02/16/2024
|
45
|
144,045
|
15,299
|
|||||||||
Amazon.com, Inc. (f)
|
||||||||||||
Exercise Price: $130.00, Expiration: 11/17/2023
|
19
|
252,871
|
10,830
|
|||||||||
Exercise Price: $135.00, Expiration: 11/17/2023
|
3
|
39,927
|
852
|
|||||||||
Apple, Inc. (f)
|
||||||||||||
Exercise Price: $172.50, Expiration: 11/03/2023
|
16
|
273,232
|
4,168
|
|||||||||
Baxter International, Inc. (f)
|
||||||||||||
Exercise Price: $37.50, Expiration: 11/17/2023
|
1
|
3,243
|
10
|
|||||||||
Caesars Entertainment, Inc. (f)
|
||||||||||||
Exercise Price: $40.00, Expiration: 11/17/2023
|
16
|
63,824
|
3,240
|
|||||||||
Cameco Corp. (f)
|
||||||||||||
Exercise Price: $47.00, Expiration: 11/17/2023
|
26
|
106,366
|
364
|
|||||||||
Cinemark Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $16.00, Expiration: 12/15/2023
|
6
|
9,894
|
930
|
|||||||||
CommScope Holding Co., Inc. (f)
|
||||||||||||
Exercise Price: $5.00, Expiration: 11/17/2023
|
350
|
51,800
|
875
|
|||||||||
Danaher Corp. (f)
|
||||||||||||
Exercise Price: $200.00, Expiration: 11/03/2023
|
8
|
153,616
|
220
|
|||||||||
Endeavor Group Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $22.50, Expiration: 12/15/2023
|
32
|
72,832
|
4,401
|
|||||||||
Enovix Corp. (f)
|
||||||||||||
Exercise Price: $15.00, Expiration: 01/19/2024
|
6
|
5,346
|
150
|
|||||||||
Exercise Price: $20.00, Expiration: 01/19/2024
|
17
|
15,147
|
213
|
|||||||||
Fortrea Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $30.00, Expiration: 11/17/2023
|
17
|
48,280
|
1,105
|
|||||||||
FREYR Battery S.A. (f)
|
||||||||||||
Exercise Price: $10.00, Expiration: 01/19/2024
|
34
|
10,914
|
85
|
|||||||||
General Motors Co. (f)
|
||||||||||||
Exercise Price: $34.00, Expiration: 11/17/2023
|
32
|
90,240
|
80
|
|||||||||
Illinois Tool Works, Inc. (f)
|
||||||||||||
Exercise Price: $240.00, Expiration: 11/17/2023
|
9
|
201,708
|
270
|
|||||||||
International Game Technology plc (f)
|
||||||||||||
Exercise Price: $28.00, Expiration: 11/17/2023
|
16
|
40,672
|
400
|
|||||||||
iShares 20+ Year Treasury Bond ETF (f)
|
||||||||||||
Exercise Price: $94.00, Expiration: 12/15/2023
|
41
|
342,678
|
1,066
|
Notional
|
||||||||||||
Contracts
|
Amount
|
Value
|
||||||||||
Calls – 0.06% (Continued)
|
||||||||||||
Kenvue, Inc. (f)
|
||||||||||||
Exercise Price: $20.00, Expiration: 01/19/2024
|
96
|
$
|
178,560
|
$
|
5,280
|
|||||||
Exercise Price: $22.50, Expiration: 11/17/2023
|
51
|
94,860
|
128
|
|||||||||
Merck & Co., Inc. (f)
|
||||||||||||
Exercise Price: $110.00, Expiration: 11/17/2023
|
32
|
328,640
|
272
|
|||||||||
Microsoft Corp. (f)
|
||||||||||||
Exercise Price: $330.00, Expiration: 01/19/2024
|
3
|
101,433
|
6,705
|
|||||||||
Exercise Price: $340.00, Expiration: 01/19/2024
|
3
|
101,433
|
4,905
|
|||||||||
Monolithic Power Systems, Inc. (f)
|
||||||||||||
Exercise Price: $410.00, Expiration: 11/17/2023
|
2
|
88,348
|
7,860
|
|||||||||
Penn Entertainment, Inc. (f)
|
||||||||||||
Exercise Price: $25.00, Expiration: 01/19/2024
|
29
|
57,217
|
1,929
|
|||||||||
Pfizer, Inc. (f)
|
||||||||||||
Exercise Price: $34.00, Expiration: 11/17/2023
|
64
|
195,584
|
256
|
|||||||||
PureCycle Technologies, Inc. (f)
|
||||||||||||
Exercise Price: $9.00, Expiration: 11/17/2023
|
207
|
92,115
|
1,035
|
|||||||||
Seagen, Inc. (f)
|
||||||||||||
Exercise Price: $230.00, Expiration: 06/21/2024
|
18
|
383,058
|
405
|
|||||||||
Sigma Lithium Corp. (f)
|
||||||||||||
Exercise Price: $30.00, Expiration: 12/15/2023
|
127
|
310,515
|
14,923
|
|||||||||
Exercise Price: $35.00, Expiration: 11/17/2023
|
14
|
34,230
|
280
|
|||||||||
Sirius XM Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $5.00, Expiration: 11/17/2023
|
65
|
27,820
|
715
|
|||||||||
Southwestern Energy Co. (f)
|
||||||||||||
Exercise Price: $7.00, Expiration: 11/17/2023
|
64
|
45,632
|
2,368
|
|||||||||
Exercise Price: $7.50, Expiration: 11/17/2023
|
103
|
73,439
|
1,648
|
|||||||||
Exercise Price: $8.00, Expiration: 11/17/2023
|
76
|
54,188
|
494
|
|||||||||
SPDR S&P 500 ETF (f)
|
||||||||||||
Exercise Price: $422.00, Expiration: 11/03/2023
|
38
|
1,589,160
|
5,415
|
|||||||||
SPDR S&P Biotech ETF (f)
|
||||||||||||
Exercise Price: $66.00, Expiration: 11/03/2023
|
24
|
158,952
|
2,424
|
|||||||||
SPDR S&P Oil & Gas Exploration & Production ETF (f)
|
||||||||||||
Exercise Price: $149.00, Expiration: 11/17/2023
|
10
|
145,220
|
2,230
|
|||||||||
Spirit Airlines, Inc. (f)
|
||||||||||||
Exercise Price: $20.00, Expiration: 12/15/2023
|
20
|
22,960
|
990
|
|||||||||
Exercise Price: $20.00, Expiration: 01/19/2024
|
5
|
5,740
|
538
|
|||||||||
Sprott Uranium Miners ETF (f)
|
||||||||||||
Exercise Price: $55.00, Expiration: 12/15/2023
|
23
|
106,490
|
2,588
|
|||||||||
TETRA Technologies, Inc. (f)
|
||||||||||||
Exercise Price: $5.00, Expiration: 12/15/2023
|
95
|
45,030
|
1,900
|
Notional
|
||||||||||||
Contracts
|
Amount
|
Value
|
||||||||||
Calls – 0.06% (Continued)
|
||||||||||||
Valley National Bancorp (f)
|
||||||||||||
Exercise Price: $10.00, Expiration: 01/19/2024
|
406
|
$
|
315,868
|
$
|
5,075
|
|||||||
Wyndham Hotels & Resorts, Inc. (f)
|
||||||||||||
Exercise Price: $75.00, Expiration: 11/17/2023
|
8
|
57,920
|
680
|
|||||||||
Exercise Price: $80.00, Expiration: 12/15/2023
|
7
|
50,680
|
403
|
|||||||||
130,523
|
||||||||||||
Puts – 0.02%
|
||||||||||||
Advance Auto Parts, Inc. (f)
|
||||||||||||
Exercise Price: $47.50, Expiration: 11/17/2023
|
22
|
114,466
|
4,015
|
|||||||||
Caterpillar, Inc. (f)
|
||||||||||||
Exercise Price: $230.00, Expiration: 11/17/2023
|
3
|
67,815
|
2,228
|
|||||||||
Dexcom, Inc. (f)
|
||||||||||||
Exercise Price: $80.00, Expiration: 11/17/2023
|
1
|
8,883
|
86
|
|||||||||
Ferrari N.V. (f)
|
||||||||||||
Exercise Price: $290.00, Expiration: 11/17/2023
|
3
|
90,492
|
1,065
|
|||||||||
Goodyear Tire & Rubber Co. (f)
|
||||||||||||
Exercise Price: $11.50, Expiration: 11/17/2023
|
48
|
57,120
|
2,400
|
|||||||||
Exercise Price: $11.50, Expiration: 11/03/2023
|
32
|
38,080
|
400
|
|||||||||
GSK plc (f)
|
||||||||||||
Exercise Price: $34.50, Expiration: 11/03/2023
|
32
|
114,240
|
800
|
|||||||||
Health Care Select Sector SPDR Fund (f)
|
||||||||||||
Exercise Price: $123.00, Expiration: 11/03/2023
|
8
|
99,632
|
160
|
|||||||||
Exercise Price: $127.00, Expiration: 11/03/2023
|
8
|
99,632
|
2,244
|
|||||||||
Humana, Inc. (f)
|
||||||||||||
Exercise Price: $510.00, Expiration: 11/03/2023
|
3
|
157,107
|
1,410
|
|||||||||
iShares iBoxx High Yield Corporate Bond ETF (f)
|
||||||||||||
Exercise Price: $67.00, Expiration: 12/15/2023
|
97
|
703,929
|
922
|
|||||||||
iShares Russell 2000 ETF (f)
|
||||||||||||
Exercise Price: $154.00, Expiration: 11/17/2023
|
40
|
658,080
|
2,160
|
|||||||||
Knight-Swift Transportation Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $45.00, Expiration: 11/17/2023
|
38
|
185,782
|
855
|
|||||||||
Liberty Media Corp.-Liberty SiriusXM (f)
|
||||||||||||
Exercise Price: $23.00, Expiration: 11/17/2023
|
64
|
157,120
|
1,760
|
|||||||||
NVIDIA Corp. (f)
|
||||||||||||
Exercise Price: $365.00, Expiration: 11/17/2023
|
3
|
122,340
|
930
|
|||||||||
O’Reilly Automotive, Inc. (f)
|
||||||||||||
Exercise Price: $830.00, Expiration: 11/17/2023
|
2
|
186,088
|
100
|
|||||||||
Pfizer, Inc. (f)
|
||||||||||||
Exercise Price: $29.00, Expiration: 11/03/2023
|
48
|
146,688
|
168
|
Notional
|
||||||||||||
Contracts
|
Amount
|
Value
|
||||||||||
Puts – 0.02% (Continued)
|
||||||||||||
Sanofi SA (f)
|
||||||||||||
Exercise Price: $52.50, Expiration: 11/17/2023
|
19
|
$
|
85,975
|
$
|
13,585
|
|||||||
Sirius XM Holdings, Inc. (f)
|
||||||||||||
Exercise Price: $4.00, Expiration: 11/17/2023
|
65
|
27,820
|
1,528
|
|||||||||
Exercise Price: $4.00, Expiration: 11/03/2023
|
82
|
35,096
|
246
|
|||||||||
Exercise Price: $4.50, Expiration: 11/03/2023
|
35
|
14,980
|
1,138
|
|||||||||
SPDR S&P 500 ETF (f)
|
||||||||||||
Exercise Price: $397.00, Expiration: 11/17/2023
|
32
|
1,338,240
|
3,776
|
|||||||||
Exercise Price: $415.00, Expiration: 11/03/2023
|
8
|
334,560
|
1,620
|
|||||||||
TechnipFMC plc (f)
|
||||||||||||
Exercise Price: $20.00, Expiration: 11/17/2023
|
16
|
34,432
|
360
|
|||||||||
Veeva Systems, Inc. (f)
|
||||||||||||
Exercise Price: $190.00, Expiration: 11/17/2023
|
8
|
154,168
|
3,120
|
|||||||||
47,076
|
||||||||||||
Total Purchased Options
|
||||||||||||
(Cost $274,807)
|
177,599
|
Contracts
|
||||||||
WARRANT – 0.00%
|
||||||||
Biotechnology – 0.00%
|
||||||||
Zealand Pharma A/S (a)(b)(e)
|
||||||||
Exercise Price: $12.00, Expiration: 11/20/2023
|
1,688
|
—
|
||||||
Total Warrant
|
||||||||
(Cost $17)
|
—
|
|||||||
CONTINGENT VALUE RIGHTS – 0.00%
|
||||||||
Novartis AG (a)(e)
|
63
|
—
|
||||||
Kinross Gold Corp. (a)(b)(e)
|
835
|
—
|
||||||
Resolute Forest Products (a)(e)
|
873
|
—
|
||||||
Total Contingent Value Rights
|
||||||||
(Cost $2,357)
|
—
|
Shares
|
Value
|
|||||||
MONEY MARKET FUND – 4.23%
|
||||||||
Fidelity Government Portfolio, Class I, 5.24% (g)
|
9,191,406
|
$
|
9,191,406
|
|||||
Total Money Market Fund
|
||||||||
(Cost $9,191,406)
|
9,191,406
|
|||||||
Total Investments
|
||||||||
(Cost $138,266,567) – 60.27%
|
130,965,619
|
|||||||
Other Assets in Excess of Liabilities – 39.73%
|
86,349,949
|
|||||||
Total Net Assets – 100.00%
|
$
|
217,315,568
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign issued security.
|
(c)
|
All or a portion of security has been committed as collateral for open securities sold short, written option contracts, swap contacts, and futures contracts. The total value of assets committed
as collateral as of October 31, 2023 is $95,322,759.
|
(d)
|
Held in connection with written option contracts. See Schedule of Written Options for further information.
|
(e)
|
Level three security. See Note 2 in the Notes to Financial Statements.
|
(f)
|
100 shares per contract.
|
(g)
|
The rate quoted is the annualized seven-day effective yield as of October 31, 2023.
|
Shares
|
Value
|
|||||||
SHORT COMMON STOCKS (a) – (37.40)%
|
||||||||
Aerospace & Defense – (0.07)%
|
||||||||
HEICO Corp. – Class A
|
(470
|
)
|
$
|
(74,453
|
)
|
|||
MTU Aero Engines AG (b)
|
(479
|
)
|
(90,031
|
)
|
||||
(164,484
|
)
|
|||||||
Air Freight & Logistics – (0.09)%
|
||||||||
C.H. Robinson Worldwide, Inc.
|
(319
|
)
|
(26,104
|
)
|
||||
Expeditors International of Washington, Inc.
|
(954
|
)
|
(104,225
|
)
|
||||
Hub Group, Inc. – Class A
|
(957
|
)
|
(65,794
|
)
|
||||
(196,123
|
)
|
|||||||
Automobiles – (0.28)%
|
||||||||
Ford Motor Co.
|
(4,387
|
)
|
(42,773
|
)
|
||||
General Motors Co.
|
(1,193
|
)
|
(33,643
|
)
|
||||
Lucid Group, Inc.
|
(6,397
|
)
|
(26,356
|
)
|
||||
Stellantis N.V. (b)
|
(12,084
|
)
|
(225,729
|
)
|
||||
Tesla Motors, Inc.
|
(1,382
|
)
|
(277,560
|
)
|
||||
(606,061
|
)
|
|||||||
Banks – (1.85)%
|
||||||||
Associated Banc-Corp.
|
(8,897
|
)
|
(144,220
|
)
|
||||
Cadence Bank
|
(6,498
|
)
|
(137,628
|
)
|
||||
Citigroup, Inc.
|
(11,050
|
)
|
(436,365
|
)
|
||||
First Hawaiian, Inc.
|
(2,548
|
)
|
(45,686
|
)
|
||||
First Horizon Corp.
|
(3,980
|
)
|
(42,785
|
)
|
||||
Hancock Whitney Corp.
|
(5,376
|
)
|
(185,096
|
)
|
||||
JPMorgan Chase & Co.
|
(3,005
|
)
|
(417,875
|
)
|
||||
KeyCorp
|
(32,726
|
)
|
(334,460
|
)
|
||||
M&T Bank Corp.
|
(1,643
|
)
|
(185,248
|
)
|
||||
New York Community Bancorp, Inc.
|
(45,955
|
)
|
(435,653
|
)
|
||||
PNC Financial Services Group, Inc.
|
(2,311
|
)
|
(264,540
|
)
|
||||
Prosperity Bancshares, Inc.
|
(2,050
|
)
|
(111,807
|
)
|
||||
Regions Financial Corp.
|
(19,994
|
)
|
(290,513
|
)
|
||||
Simmons First National Corp. – Class A
|
(6,401
|
)
|
(90,958
|
)
|
||||
Synovus Financial Corp.
|
(3,758
|
)
|
(97,971
|
)
|
||||
U.S. Bancorp
|
(13,933
|
)
|
(444,184
|
)
|
||||
United Bankshares, Inc.
|
(4,090
|
)
|
(116,320
|
)
|
||||
United Community Banks, Inc.
|
(4,145
|
)
|
(91,563
|
)
|
||||
Zions Bancorporation NA
|
(5,329
|
)
|
(164,400
|
)
|
||||
(4,037,272
|
)
|
Shares
|
Value
|
|||||||
Beverages – (0.75)%
|
||||||||
Constellation Brands, Inc. – Class A
|
(243
|
)
|
$
|
(56,899
|
)
|
|||
Monster Beverage Corp.
|
(3,555
|
)
|
(181,661
|
)
|
||||
National Beverage Corp.
|
(1,640
|
)
|
(76,063
|
)
|
||||
PepsiCo, Inc.
|
(8,091
|
)
|
(1,321,098
|
)
|
||||
(1,635,721
|
)
|
|||||||
Biotechnology – (0.86)%
|
||||||||
Akero Therapeutics, Inc.
|
(797
|
)
|
(9,500
|
)
|
||||
Alnylam Pharmaceuticals, Inc.
|
(479
|
)
|
(72,712
|
)
|
||||
Amgen, Inc.
|
(998
|
)
|
(255,189
|
)
|
||||
Arcellx, Inc.
|
(849
|
)
|
(29,927
|
)
|
||||
Arcturus Therapeutics Holdings, Inc.
|
(2,893
|
)
|
(55,256
|
)
|
||||
Arrowhead Pharmaceuticals, Inc.
|
(1,310
|
)
|
(32,213
|
)
|
||||
Beam Therapeutics, Inc.
|
(318
|
)
|
(6,723
|
)
|
||||
BeiGene Ltd. – ADR (b)
|
(655
|
)
|
(122,013
|
)
|
||||
Bicycle Therapeutics plc – ADR (b)
|
(1,341
|
)
|
(20,182
|
)
|
||||
BioMarin Pharmaceutical, Inc.
|
(1,335
|
)
|
(108,736
|
)
|
||||
BioNTech S.E. – ADR (b)
|
(766
|
)
|
(71,652
|
)
|
||||
Bridgebio Pharma, Inc.
|
(3,105
|
)
|
(80,854
|
)
|
||||
Cabaletta Bio, Inc.
|
(1,670
|
)
|
(23,814
|
)
|
||||
Editas Medicine, Inc.
|
(1,841
|
)
|
(12,298
|
)
|
||||
Exact Sciences Corp.
|
(1,433
|
)
|
(88,258
|
)
|
||||
Gilead Sciences, Inc.
|
(4,263
|
)
|
(334,817
|
)
|
||||
Halozyme Therapeutics, Inc.
|
(931
|
)
|
(31,533
|
)
|
||||
IGM Biosciences, Inc.
|
(957
|
)
|
(3,771
|
)
|
||||
Immunocore Holdings plc – ADR (b)
|
(880
|
)
|
(39,072
|
)
|
||||
Intellia Therapeutics, Inc.
|
(1,436
|
)
|
(35,972
|
)
|
||||
Ionis Pharmaceuticals, Inc.
|
(1,211
|
)
|
(53,611
|
)
|
||||
iTeos Therapeutics, Inc.
|
(1,251
|
)
|
(12,585
|
)
|
||||
Krystal Biotech, Inc.
|
(191
|
)
|
(22,322
|
)
|
||||
Moderna, Inc.
|
(1,372
|
)
|
(104,217
|
)
|
||||
Nurix Therapeutics, Inc.
|
(1,244
|
)
|
(6,954
|
)
|
||||
PTC Therapeutics, Inc.
|
(207
|
)
|
(3,881
|
)
|
||||
RAPT Therapeutics, Inc.
|
(2,480
|
)
|
(32,612
|
)
|
||||
Recursion Pharmaceuticals, Inc. – Class A
|
(5,591
|
)
|
(29,520
|
)
|
||||
Revolution Medicines, Inc.
|
(160
|
)
|
(3,168
|
)
|
||||
Rhythm Pharmaceuticals, Inc.
|
(1,167
|
)
|
(26,969
|
)
|
||||
Rocket Pharmaceuticals, Inc.
|
(2,737
|
)
|
(49,540
|
)
|
||||
Scholar Rock Holding Corp.
|
(1,848
|
)
|
(21,732
|
)
|
||||
Seagen, Inc.
|
(218
|
)
|
(46,393
|
)
|
||||
Zealand Pharma A/S (b)
|
(506
|
)
|
(21,019
|
)
|
||||
(1,869,015
|
)
|
Shares
|
Value
|
|||||||
Broadline Retail – (0.02)%
|
||||||||
Etsy, Inc.
|
(281
|
)
|
$
|
(17,506
|
)
|
|||
PDD Holdings, Inc. – ADR (b)
|
(335
|
)
|
(33,975
|
)
|
||||
(51,481
|
)
|
|||||||
Building Products – (0.09)%
|
||||||||
Allegion plc (b)
|
(175
|
)
|
(17,213
|
)
|
||||
Armstrong World Industries, Inc.
|
(513
|
)
|
(38,932
|
)
|
||||
Carrier Global Corp.
|
(1,611
|
)
|
(76,780
|
)
|
||||
Fortune Brands Home & Security, Inc.
|
(1,189
|
)
|
(66,346
|
)
|
||||
(199,271
|
)
|
|||||||
Capital Markets – (2.41)%
|
||||||||
Ameriprise Financial, Inc.
|
(619
|
)
|
(194,719
|
)
|
||||
Ares Management Corp. – Class A
|
(2,862
|
)
|
(282,165
|
)
|
||||
Artisan Partners Asset Management, Inc. – Class A
|
(6,121
|
)
|
(201,993
|
)
|
||||
B Riley Financial, Inc.
|
(300
|
)
|
(10,863
|
)
|
||||
BlackRock, Inc.
|
(1,113
|
)
|
(681,467
|
)
|
||||
Blackstone, Inc.
|
(4,799
|
)
|
(443,188
|
)
|
||||
Brookfield Asset Management Ltd. – Class A (b)
|
(2,242
|
)
|
(64,278
|
)
|
||||
Carlyle Group, Inc.
|
(3,483
|
)
|
(95,922
|
)
|
||||
CME Group, Inc.
|
(2,084
|
)
|
(444,851
|
)
|
||||
Coinbase Global, Inc. – Class A
|
(508
|
)
|
(39,177
|
)
|
||||
Deutsche Bank AG (b)
|
(4,611
|
)
|
(50,742
|
)
|
||||
Evercore, Inc. – Class A
|
(2,617
|
)
|
(340,681
|
)
|
||||
Franklin Resources, Inc.
|
(3,180
|
)
|
(72,472
|
)
|
||||
Hamilton Lane, Inc. – Class A
|
(563
|
)
|
(47,360
|
)
|
||||
Intercontinental Exchange, Inc.
|
(949
|
)
|
(101,961
|
)
|
||||
Invesco Ltd. (b)
|
(25,788
|
)
|
(334,470
|
)
|
||||
Janus Henderson Group plc (b)
|
(6,137
|
)
|
(141,581
|
)
|
||||
Moelis & Co. – Class A
|
(5,105
|
)
|
(212,572
|
)
|
||||
Moody’s Corp.
|
(520
|
)
|
(160,160
|
)
|
||||
Morgan Stanley
|
(4,137
|
)
|
(292,982
|
)
|
||||
Northern Trust Corp.
|
(2,311
|
)
|
(152,318
|
)
|
||||
Raymond James Financial, Inc.
|
(2,308
|
)
|
(220,276
|
)
|
||||
State Street Corp.
|
(4,372
|
)
|
(282,562
|
)
|
||||
T. Rowe Price Group, Inc.
|
(2,962
|
)
|
(268,061
|
)
|
||||
TPG, Inc.
|
(3,513
|
)
|
(97,099
|
)
|
||||
(5,233,920
|
)
|
|||||||
Chemicals – (0.40)%
|
||||||||
Albemarle Corp.
|
(827
|
)
|
(104,847
|
)
|
||||
Dow, Inc.
|
(1,595
|
)
|
(77,102
|
)
|
Shares
|
Value
|
|||||||
Chemicals – (0.40)% (Continued)
|
||||||||
DuPont de Nemours, Inc.
|
(408
|
)
|
$
|
(29,735
|
)
|
|||
LyondellBasell Industries N.V. – Class A (b)
|
(2,011
|
)
|
(181,473
|
)
|
||||
PPG Industries, Inc.
|
(955
|
)
|
(117,245
|
)
|
||||
Scotts Miracle-Gro Co.
|
(368
|
)
|
(16,354
|
)
|
||||
Westlake Corp.
|
(2,918
|
)
|
(336,621
|
)
|
||||
(863,377
|
)
|
|||||||
Commercial Services & Supplies – (0.08)%
|
||||||||
MillerKnoll, Inc.
|
(1,113
|
)
|
(26,156
|
)
|
||||
Tetra Tech, Inc.
|
(700
|
)
|
(105,637
|
)
|
||||
Vestis Corp.
|
(1,594
|
)
|
(24,372
|
)
|
||||
Waste Management, Inc.
|
(122
|
)
|
(20,048
|
)
|
||||
(176,213
|
)
|
|||||||
Communications Equipment – (0.07)%
|
||||||||
NetScout Systems, Inc.
|
(1,600
|
)
|
(34,928
|
)
|
||||
Telefonaktiebolaget LM Ericsson – ADR (b)
|
(13,859
|
)
|
(61,811
|
)
|
||||
ViaSat, Inc.
|
(1,725
|
)
|
(31,809
|
)
|
||||
Viavi Solutions, Inc.
|
(3,195
|
)
|
(24,857
|
)
|
||||
(153,405
|
)
|
|||||||
Construction & Engineering – (0.03)%
|
||||||||
MasTec, Inc.
|
(499
|
)
|
(29,661
|
)
|
||||
WillScot Mobile Mini Holdings Corp.
|
(954
|
)
|
(37,597
|
)
|
||||
(67,258
|
)
|
|||||||
Construction Materials – (0.03)%
|
||||||||
Vulcan Materials Co.
|
(287
|
)
|
(56,393
|
)
|
||||
Consumer Finance – (0.68)%
|
||||||||
American Express Co.
|
(3,694
|
)
|
(539,435
|
)
|
||||
Capital One Financial Corp.
|
(2,811
|
)
|
(284,726
|
)
|
||||
Credit Acceptance Corp.
|
(55
|
)
|
(22,134
|
)
|
||||
Discover Financial Services
|
(3,541
|
)
|
(290,645
|
)
|
||||
SoFi Technologies, Inc.
|
(1,276
|
)
|
(9,634
|
)
|
||||
Synchrony Financial
|
(11,902
|
)
|
(333,851
|
)
|
||||
(1,480,425
|
)
|
|||||||
Consumer Staples Distribution & Retail – (0.45)%
|
||||||||
BJ’s Wholesale Club Holdings, Inc.
|
(1,696
|
)
|
(115,532
|
)
|
||||
Costco Wholesale Corp.
|
(760
|
)
|
(419,855
|
)
|
||||
Dollar General Corp.
|
(411
|
)
|
(48,925
|
)
|
||||
Kroger Co.
|
(2,711
|
)
|
(122,998
|
)
|
Shares
|
Value
|
|||||||
Consumer Staples Distribution & Retail – (0.45)% (Continued)
|
||||||||
US Foods Holding Corp.
|
(4,540
|
)
|
$
|
(176,788
|
)
|
|||
Weis Markets, Inc.
|
(1,574
|
)
|
(102,467
|
)
|
||||
(986,565
|
)
|
|||||||
Diversified REITs – (0.16)%
|
||||||||
Broadstone Net Lease, Inc.
|
(23,808
|
)
|
(336,883
|
)
|
||||
Diversified Telecommunication Services – (0.03)%
|
||||||||
Verizon Communications, Inc.
|
(1,914
|
)
|
(67,239
|
)
|
||||
Electrical Equipment – (0.07)%
|
||||||||
Acuity Brands, Inc.
|
(158
|
)
|
(25,591
|
)
|
||||
Atkore, Inc.
|
(191
|
)
|
(23,737
|
)
|
||||
Hubbell, Inc.
|
(204
|
)
|
(55,100
|
)
|
||||
Rockwell Automation, Inc.
|
(199
|
)
|
(52,299
|
)
|
||||
(156,727
|
)
|
|||||||
Electronic Equipment, Instruments & Components – (0.20)%
|
||||||||
Belden, Inc.
|
(2,385
|
)
|
(169,097
|
)
|
||||
Cognex Corp.
|
(542
|
)
|
(19,507
|
)
|
||||
Keysight Technologies, Inc.
|
(1,605
|
)
|
(195,889
|
)
|
||||
Vishay Intertechnology, Inc.
|
(2,824
|
)
|
(62,806
|
)
|
||||
(447,299
|
)
|
|||||||
Energy Equipment & Services – (0.72)%
|
||||||||
Baker Hughes Co.
|
(18,650
|
)
|
(641,934
|
)
|
||||
Geospace Technologies Corp.
|
(218
|
)
|
(2,614
|
)
|
||||
Helmerich & Payne, Inc.
|
(3,818
|
)
|
(151,078
|
)
|
||||
Kodiak Gas Services, Inc.
|
(153
|
)
|
(2,630
|
)
|
||||
Liberty Energy, Inc.
|
(8,632
|
)
|
(170,051
|
)
|
||||
Nine Energy Service, Inc.
|
(722
|
)
|
(2,541
|
)
|
||||
ProFrac Holding Corp. – Class A
|
(294
|
)
|
(2,769
|
)
|
||||
RPC, Inc.
|
(2,722
|
)
|
(22,647
|
)
|
||||
Schlumberger N.V. Ltd. (b)
|
(2,233
|
)
|
(124,289
|
)
|
||||
TechnipFMC plc (b)
|
(20,263
|
)
|
(436,060
|
)
|
||||
(1,556,613
|
)
|
|||||||
Entertainment – (0.08)%
|
||||||||
Electronic Arts, Inc.
|
(320
|
)
|
(39,613
|
)
|
||||
Liberty Media Corp.-Liberty Formula One – Class C
|
(189
|
)
|
(12,226
|
)
|
||||
Manchester United plc – Class A (b)
|
(60
|
)
|
(1,076
|
)
|
Shares
|
Value
|
|||||||
Entertainment – (0.08)% (Continued)
|
||||||||
Netflix, Inc.
|
(33
|
)
|
$
|
(13,586
|
)
|
|||
Spotify Technology S.A. (b)
|
(609
|
)
|
(100,339
|
)
|
||||
(166,840
|
)
|
|||||||
Financial Services – (0.20)%
|
||||||||
Affirm Holdings, Inc.
|
(2,385
|
)
|
(42,000
|
)
|
||||
Fiserv, Inc.
|
(542
|
)
|
(61,653
|
)
|
||||
Jack Henry & Associates, Inc.
|
(339
|
)
|
(47,796
|
)
|
||||
PayPal Holdings, Inc.
|
(1,743
|
)
|
(90,287
|
)
|
||||
Visa, Inc. – Class A
|
(624
|
)
|
(146,702
|
)
|
||||
Voya Financial, Inc.
|
(638
|
)
|
(42,599
|
)
|
||||
(431,037
|
)
|
|||||||
Food Products – (1.03)%
|
||||||||
Archer-Daniels-Midland Co.
|
(5,866
|
)
|
(419,830
|
)
|
||||
Bunge Ltd. (b)
|
(1,282
|
)
|
(135,866
|
)
|
||||
Flowers Foods, Inc.
|
(3,521
|
)
|
(77,216
|
)
|
||||
General Mills, Inc.
|
(11,714
|
)
|
(764,221
|
)
|
||||
Hain Celestial Group, Inc.
|
(7,727
|
)
|
(85,383
|
)
|
||||
Hershey Co.
|
(552
|
)
|
(103,417
|
)
|
||||
Hormel Foods Corp.
|
(5,460
|
)
|
(177,723
|
)
|
||||
J M Smucker Co.
|
(563
|
)
|
(64,092
|
)
|
||||
Nestle S.A. (b)
|
(1,501
|
)
|
(161,866
|
)
|
||||
Tyson Foods, Inc. – Class A
|
(5,341
|
)
|
(247,555
|
)
|
||||
(2,237,169
|
)
|
|||||||
Ground Transportation – (0.85)%
|
||||||||
ArcBest Corp.
|
(542
|
)
|
(59,013
|
)
|
||||
Canadian Pacific Kansas City Ltd. (b)
|
(236
|
)
|
(16,749
|
)
|
||||
Covenant Logistics Group, Inc.
|
(139
|
)
|
(5,488
|
)
|
||||
Landstar System, Inc.
|
(913
|
)
|
(150,444
|
)
|
||||
Old Dominion Freight Line, Inc.
|
(1,891
|
)
|
(712,264
|
)
|
||||
Ryder System, Inc.
|
(5,556
|
)
|
(541,932
|
)
|
||||
Saia, Inc.
|
(908
|
)
|
(325,509
|
)
|
||||
Schneider National, Inc. – Class B
|
(1,219
|
)
|
(30,877
|
)
|
||||
(1,842,276
|
)
|
|||||||
Health Care Equipment & Supplies – (0.37)%
|
||||||||
Align Technology, Inc.
|
(429
|
)
|
(79,189
|
)
|
||||
Baxter International, Inc.
|
(4,124
|
)
|
(133,741
|
)
|
||||
Becton Dickinson & Co.
|
(176
|
)
|
(44,489
|
)
|
||||
GE HealthCare Technologies, Inc.
|
(1,656
|
)
|
(110,240
|
)
|
||||
IDEXX Laboratories, Inc.
|
(44
|
)
|
(17,577
|
)
|
Shares
|
Value
|
|||||||
Health Care Equipment & Supplies – (0.37)% (Continued)
|
||||||||
Medtronic plc (b)
|
(3,355
|
)
|
$
|
(236,729
|
)
|
|||
ResMed, Inc.
|
(1,173
|
)
|
(165,651
|
)
|
||||
Shockwave Medical, Inc.
|
(87
|
)
|
(17,945
|
)
|
||||
(805,561
|
)
|
|||||||
Health Care Providers & Services – (0.66)%
|
||||||||
Amedisys, Inc.
|
(1,207
|
)
|
(110,428
|
)
|
||||
Centene Corp.
|
(2,349
|
)
|
(162,034
|
)
|
||||
DaVita, Inc.
|
(1,792
|
)
|
(138,396
|
)
|
||||
Elevance Health, Inc.
|
(653
|
)
|
(293,909
|
)
|
||||
Fresenius Medical Care AG & Co. KGaA (b)
|
(2,314
|
)
|
(76,885
|
)
|
||||
HCA Holdings, Inc.
|
(1,170
|
)
|
(264,584
|
)
|
||||
LifeStance Health Group, Inc.
|
(1,426
|
)
|
(8,314
|
)
|
||||
Molina Healthcare, Inc.
|
(476
|
)
|
(158,484
|
)
|
||||
R1 RCM, Inc.
|
(10,217
|
)
|
(120,458
|
)
|
||||
UnitedHealth Group, Inc.
|
(190
|
)
|
(101,756
|
)
|
||||
(1,435,248
|
)
|
|||||||
Health Care REITs – (1.15)%
|
||||||||
Omega Healthcare Investors, Inc.
|
(35,759
|
)
|
(1,183,623
|
)
|
||||
Welltower, Inc.
|
(15,676
|
)
|
(1,310,670
|
)
|
||||
(2,494,293
|
)
|
|||||||
Health Care Technology – (0.06)%
|
||||||||
Doximity, Inc. – Class A
|
(4,721
|
)
|
(96,450
|
)
|
||||
Schrodinger, Inc.
|
(1,657
|
)
|
(35,957
|
)
|
||||
Veeva Systems, Inc. – Class A
|
(21
|
)
|
(4,047
|
)
|
||||
(136,454
|
)
|
|||||||
Hotel & Resort REITs – (0.18)%
|
||||||||
Host Hotels & Resorts, Inc.
|
(16,839
|
)
|
(260,668
|
)
|
||||
Park Hotels & Resorts, Inc.
|
(5,883
|
)
|
(67,831
|
)
|
||||
Pebblebrook Hotel Trust
|
(5,200
|
)
|
(62,036
|
)
|
||||
(390,535
|
)
|
|||||||
Hotels, Restaurants & Leisure – (2.27)%
|
||||||||
Airbnb, Inc. – Class A
|
(1,571
|
)
|
(185,834
|
)
|
||||
Caesars Entertainment, Inc.
|
(1,469
|
)
|
(58,598
|
)
|
||||
Carnival Corp. (b)
|
(45,980
|
)
|
(526,931
|
)
|
||||
Cheesecake Factory, Inc.
|
(5,381
|
)
|
(167,188
|
)
|
||||
Chipotle Mexican Grill, Inc.
|
(7
|
)
|
(13,595
|
)
|
||||
Choice Hotels International, Inc.
|
(962
|
)
|
(106,301
|
)
|
||||
Cracker Barrel Old Country Store, Inc.
|
(2,582
|
)
|
(171,342
|
)
|
Shares
|
Value
|
|||||||
Hotels, Restaurants & Leisure – (2.27)% (Continued)
|
||||||||
Darden Restaurants, Inc.
|
(699
|
)
|
$
|
(101,726
|
)
|
|||
Dave & Buster’s Entertainment, Inc.
|
(2,995
|
)
|
(104,645
|
)
|
||||
DoorDash, Inc. – Class A
|
(4,746
|
)
|
(355,713
|
)
|
||||
Evolution AB(b)
|
(772
|
)
|
(68,789
|
)
|
||||
Expedia Group, Inc.
|
(2,806
|
)
|
(267,384
|
)
|
||||
H World Group Ltd. – ADR (b)
|
(4,080
|
)
|
(153,653
|
)
|
||||
Hyatt Hotels Corp. – Class A
|
(2,999
|
)
|
(307,218
|
)
|
||||
Jack in the Box, Inc.
|
(1,835
|
)
|
(115,935
|
)
|
||||
Las Vegas Sands Corp.
|
(1,649
|
)
|
(78,262
|
)
|
||||
Marriott International, Inc. – Class A
|
(3,086
|
)
|
(581,896
|
)
|
||||
McDonald’s Corp.
|
(1,708
|
)
|
(447,786
|
)
|
||||
MGM Resorts International
|
(11,340
|
)
|
(395,993
|
)
|
||||
Norwegian Cruise Line Holdings Ltd. (b)
|
(23,559
|
)
|
(320,402
|
)
|
||||
Red Rock Resorts, Inc. – Class A
|
(954
|
)
|
(37,731
|
)
|
||||
Restaurant Brands International, Inc. (b)
|
(2,354
|
)
|
(158,189
|
)
|
||||
Texas Roadhouse, Inc.
|
(2,077
|
)
|
(210,899
|
)
|
||||
(4,936,010
|
)
|
|||||||
Household Durables – (0.05)%
|
||||||||
Leggett & Platt, Inc.
|
(404
|
)
|
(9,466
|
)
|
||||
Mohawk Industries, Inc.
|
(236
|
)
|
(18,970
|
)
|
||||
Toll Brothers, Inc.
|
(890
|
)
|
(62,932
|
)
|
||||
Whirlpool Corp.
|
(160
|
)
|
(16,730
|
)
|
||||
(108,098
|
)
|
|||||||
Household Products – (0.57)%
|
||||||||
Central Garden & Pet Co.
|
(281
|
)
|
(12,260
|
)
|
||||
Kimberly-Clark Corp.
|
(1,542
|
)
|
(184,485
|
)
|
||||
Procter & Gamble Co.
|
(6,926
|
)
|
(1,039,108
|
)
|
||||
(1,235,853
|
)
|
|||||||
Industrial Conglomerates – (0.08)%
|
||||||||
3M Company
|
(771
|
)
|
(70,122
|
)
|
||||
General Electric Co.
|
(955
|
)
|
(103,742
|
)
|
||||
(173,864
|
)
|
|||||||
Industrial REITs – (2.43)%
|
||||||||
Prologis, Inc.
|
(31,473
|
)
|
(3,170,905
|
)
|
||||
Terreno Realty Corp.
|
(39,601
|
)
|
(2,109,941
|
)
|
||||
(5,280,846
|
)
|
Shares
|
Value
|
|||||||
Insurance – (0.63)%
|
||||||||
American International Group, Inc.
|
(1,436
|
)
|
$
|
(88,041
|
)
|
|||
Aon plc – Class A (b)
|
(727
|
)
|
(224,934
|
)
|
||||
First American Financial Corp.
|
(5,429
|
)
|
(279,268
|
)
|
||||
Hanover Insurance Group, Inc.
|
(986
|
)
|
(115,569
|
)
|
||||
Lemonade, Inc.
|
(132
|
)
|
(1,444
|
)
|
||||
Lincoln National Corp.
|
(2,988
|
)
|
(65,049
|
)
|
||||
Manulife Financial Corp. (b)
|
(7,991
|
)
|
(139,104
|
)
|
||||
Palomar Holdings, Inc.
|
(1,478
|
)
|
(74,018
|
)
|
||||
Principal Financial Group, Inc.
|
(1,801
|
)
|
(121,892
|
)
|
||||
Prudential Financial, Inc.
|
(303
|
)
|
(27,706
|
)
|
||||
Ryan Specialty Holdings, Inc.
|
(2,074
|
)
|
(89,597
|
)
|
||||
Zurich Insurance Group AG (b)
|
(296
|
)
|
(140,598
|
)
|
||||
(1,367,220
|
)
|
|||||||
Interactive Media & Services – (0.16)%
|
||||||||
Alphabet, Inc. – Class C
|
(234
|
)
|
(29,320
|
)
|
||||
fuboTV, Inc.
|
(40
|
)
|
(97
|
)
|
||||
Meta Platforms, Inc. – Class A
|
(780
|
)
|
(234,991
|
)
|
||||
Snap, Inc. – Class A
|
(8,514
|
)
|
(85,225
|
)
|
||||
(349,633
|
)
|
|||||||
IT Services – (0.27)%
|
||||||||
Accenture plc – Class A (b)
|
(1,595
|
)
|
(473,859
|
)
|
||||
Cognizant Technology Solutions Corp. – Class A
|
(666
|
)
|
(42,937
|
)
|
||||
Shopify, Inc. – Class A (b)
|
(702
|
)
|
(33,127
|
)
|
||||
Snowflake, Inc. – Class A
|
(234
|
)
|
(33,960
|
)
|
||||
(583,883
|
)
|
|||||||
Leisure Products – (0.02)%
|
||||||||
YETI Holdings, Inc.
|
(872
|
)
|
(37,077
|
)
|
||||
Life Sciences Tools & Services – (0.36)%
|
||||||||
10X Genomics, Inc. – Class A
|
(921
|
)
|
(32,493
|
)
|
||||
Avantor, Inc.
|
(9,512
|
)
|
(165,794
|
)
|
||||
Charles River Laboratories International, Inc.
|
(828
|
)
|
(139,402
|
)
|
||||
Evotec S.E. (b)
|
(1,973
|
)
|
(34,113
|
)
|
||||
ICON plc (b)
|
(424
|
)
|
(103,439
|
)
|
||||
IQVIA Holdings, Inc.
|
(966
|
)
|
(174,682
|
)
|
||||
PerkinElmer, Inc.
|
(564
|
)
|
(46,727
|
)
|
||||
Repligen Corp.
|
(687
|
)
|
(92,443
|
)
|
||||
(789,093
|
)
|
Shares
|
Value
|
|||||||
Machinery – (0.64)%
|
||||||||
Caterpillar, Inc.
|
(61
|
)
|
$
|
(13,789
|
)
|
|||
CNH Industrial N.V. (b)
|
(5,606
|
)
|
(61,554
|
)
|
||||
Cummins, Inc.
|
(57
|
)
|
(12,329
|
)
|
||||
Deere & Co.
|
(412
|
)
|
(150,528
|
)
|
||||
Donaldson Co., Inc.
|
(1,863
|
)
|
(107,421
|
)
|
||||
Dover Corp.
|
(1,216
|
)
|
(158,019
|
)
|
||||
Fortive Corp.
|
(1,211
|
)
|
(79,054
|
)
|
||||
Gates Industrial Corp. plc (b)
|
(3,546
|
)
|
(38,722
|
)
|
||||
Illinois Tool Works, Inc.
|
(862
|
)
|
(193,191
|
)
|
||||
Ingersoll Rand, Inc.
|
(266
|
)
|
(16,141
|
)
|
||||
Kennametal, Inc.
|
(1,149
|
)
|
(26,553
|
)
|
||||
Lincoln Electric Holdings, Inc.
|
(1,038
|
)
|
(181,442
|
)
|
||||
Otis Worldwide Corp.
|
(1,259
|
)
|
(97,207
|
)
|
||||
PACCAR, Inc.
|
(128
|
)
|
(10,564
|
)
|
||||
RBC Bearings, Inc.
|
(159
|
)
|
(34,955
|
)
|
||||
Stanley Black & Decker, Inc.
|
(799
|
)
|
(67,955
|
)
|
||||
Terex Corp.
|
(1,793
|
)
|
(82,119
|
)
|
||||
Timken Co.
|
(771
|
)
|
(53,292
|
)
|
||||
(1,384,835
|
)
|
|||||||
Marine Transportation – (0.06)%
|
||||||||
Kuehne + Nagel International AG (b)
|
(445
|
)
|
(120,000
|
)
|
||||
Media – (0.51)%
|
||||||||
Charter Communications, Inc. – Class A
|
(585
|
)
|
(235,638
|
)
|
||||
Comcast Corp. – Class A
|
(11,130
|
)
|
(459,558
|
)
|
||||
Fox Corp. – Class A
|
(2,226
|
)
|
(67,648
|
)
|
||||
Paramount Global – Class B
|
(15,425
|
)
|
(167,824
|
)
|
||||
Sinclair, Inc.
|
(4,745
|
)
|
(51,578
|
)
|
||||
Sirius XM Holdings, Inc.
|
(9,163
|
)
|
(39,218
|
)
|
||||
The New York Times Co. – Class A
|
(2,153
|
)
|
(86,787
|
)
|
||||
(1,108,251
|
)
|
|||||||
Metals & Mining – (0.91)%
|
||||||||
Alumina Ltd. (b)
|
(212,566
|
)
|
(105,631
|
)
|
||||
Constellium SE (b)
|
(11,846
|
)
|
(187,167
|
)
|
||||
Core Lithium Ltd. (b)
|
(159,928
|
)
|
(36,774
|
)
|
||||
Coronado Global Resources, Inc. (b)
|
(32,845
|
)
|
(36,130
|
)
|
||||
First Quantum Minerals Ltd. (b)
|
(1,811
|
)
|
(20,986
|
)
|
||||
Fortescue Metals Group Ltd. (b)
|
(3,365
|
)
|
(47,870
|
)
|
||||
Freeport-McMoRan, Inc.
|
(12,542
|
)
|
(423,668
|
)
|
||||
IGO Ltd. (b)
|
(31,142
|
)
|
(188,576
|
)
|
Shares
|
Value
|
|||||||
Metals & Mining – (0.91)% (Continued)
|
||||||||
Ivanhoe Mines Ltd. – Class A (b)
|
(11,374
|
)
|
$
|
(83,824
|
)
|
|||
Lithium Americas Corp. (b)
|
(8,902
|
)
|
(59,643
|
)
|
||||
MP Materials Corp.
|
(1,919
|
)
|
(31,472
|
)
|
||||
Newmont Corp.
|
(957
|
)
|
(35,859
|
)
|
||||
Nucor Corp.
|
(420
|
)
|
(62,072
|
)
|
||||
Pilbara Minerals Ltd. (b)
|
(63,800
|
)
|
(149,866
|
)
|
||||
Sibanye Stillwater Ltd. – ADR (b)
|
(11,881
|
)
|
(60,355
|
)
|
||||
Southern Copper Corp.
|
(5,523
|
)
|
(391,581
|
)
|
||||
Steel Dynamics, Inc.
|
(34
|
)
|
(3,621
|
)
|
||||
Stelco Holdings, Inc. (b)
|
(1,970
|
)
|
(55,517
|
)
|
||||
(1,980,612
|
)
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) – (0.18)%
|
||||||||
AGNC Investment Corp.
|
(26,327
|
)
|
(194,293
|
)
|
||||
Annaly Capital Management, Inc.
|
(6,239
|
)
|
(97,391
|
)
|
||||
Blackstone Mortgage Trust, Inc. – Class A
|
(4,562
|
)
|
(91,012
|
)
|
||||
(382,696
|
)
|
|||||||
Office REITs – (1.13)%
|
||||||||
Alexandria Real Estate Equities, Inc.
|
(26,394
|
)
|
(2,458,073
|
)
|
||||
Oil, Gas & Consumable Fuels – (1.92)%
|
||||||||
APA Corp.
|
(4,638
|
)
|
(184,221
|
)
|
||||
Berry Petroleum Corp.
|
(315
|
)
|
(2,630
|
)
|
||||
Black Stone Minerals LP
|
(4,161
|
)
|
(74,898
|
)
|
||||
BP plc – ADR (b)
|
(1,932
|
)
|
(70,673
|
)
|
||||
BP Prudhoe Bay Royalty Trust
|
(499
|
)
|
(2,410
|
)
|
||||
Callon Petroleum Co.
|
(3,480
|
)
|
(129,978
|
)
|
||||
Canadian Natural Resources Ltd. (b)
|
(3,465
|
)
|
(220,131
|
)
|
||||
Cenovus Energy, Inc. (b)
|
(9,592
|
)
|
(183,015
|
)
|
||||
Cheniere Energy Partners LP
|
(150
|
)
|
(8,364
|
)
|
||||
Cheniere Energy, Inc.
|
(1,336
|
)
|
(222,337
|
)
|
||||
Chesapeake Energy Corp.
|
(3,336
|
)
|
(287,163
|
)
|
||||
Civitas Resources, Inc.
|
(2,384
|
)
|
(179,825
|
)
|
||||
CNX Resources Corp.
|
(14,026
|
)
|
(304,645
|
)
|
||||
Comstock Resources, Inc.
|
(1,964
|
)
|
(24,746
|
)
|
||||
ConocoPhillips
|
(1,585
|
)
|
(188,298
|
)
|
||||
CONSOL Energy, Inc.
|
(1,479
|
)
|
(135,905
|
)
|
||||
Coterra Energy, Inc.
|
(94
|
)
|
(2,585
|
)
|
||||
CVR Energy, Inc.
|
(85
|
)
|
(2,784
|
)
|
||||
Delek Logistics Partners LP
|
(194
|
)
|
(8,967
|
)
|
||||
Devon Energy Corp.
|
(4,057
|
)
|
(188,934
|
)
|
Shares
|
Value
|
|||||||
Oil, Gas & Consumable Fuels – (1.92)% (Continued)
|
||||||||
Dorchester Minerals LP
|
(286
|
)
|
$
|
(7,979
|
)
|
|||
Earthstone Energy, Inc. – Class A
|
(1,097
|
)
|
(23,224
|
)
|
||||
Ecopetrol SA – ADR (b)
|
(218
|
)
|
(2,575
|
)
|
||||
Encore Energy Corp. (b)
|
(809
|
)
|
(2,670
|
)
|
||||
Energy Fuels, Inc. (b)
|
(3,027
|
)
|
(24,246
|
)
|
||||
Eni SpA – ADR (b)
|
(81
|
)
|
(2,637
|
)
|
||||
EOG Resources, Inc.
|
(1,888
|
)
|
(238,360
|
)
|
||||
EQT Corp.
|
(566
|
)
|
(23,987
|
)
|
||||
Equinor ASA – ADR (b)
|
(3,940
|
)
|
(131,478
|
)
|
||||
Evolution Petroleum Corp.
|
(403
|
)
|
(2,591
|
)
|
||||
Excelerate Energy, Inc. – Class A
|
(176
|
)
|
(2,503
|
)
|
||||
Gran Tierra Energy, Inc. (b)
|
(2,080
|
)
|
(12,730
|
)
|
||||
Granite Ridge Resources, Inc.
|
(426
|
)
|
(2,624
|
)
|
||||
International Seaways, Inc.
|
(56
|
)
|
(2,693
|
)
|
||||
Kimbell Royalty Partners LP
|
(163
|
)
|
(2,628
|
)
|
||||
Kinetik Holdings, Inc.
|
(76
|
)
|
(2,693
|
)
|
||||
Magnolia Oil & Gas Corp. – Class A
|
(117
|
)
|
(2,627
|
)
|
||||
MPLX LP
|
(230
|
)
|
(8,289
|
)
|
||||
New Fortress Energy, Inc.
|
(1,742
|
)
|
(52,783
|
)
|
||||
NexGen Energy Ltd. (b)
|
(4,030
|
)
|
(24,382
|
)
|
||||
NextDecade Corp.
|
(579
|
)
|
(2,542
|
)
|
||||
NuStar Energy LP
|
(482
|
)
|
(8,242
|
)
|
||||
Obsidian Energy Ltd. (b)
|
(319
|
)
|
(2,712
|
)
|
||||
Occidental Petroleum Corp.
|
(3,088
|
)
|
(190,869
|
)
|
||||
ONEOK, Inc.
|
(40
|
)
|
(2,608
|
)
|
||||
OPAL Fuels, Inc. – Class A
|
(2,103
|
)
|
(12,113
|
)
|
||||
Overseas Shipholding Group, Inc. – Class A
|
(555
|
)
|
(2,714
|
)
|
||||
Ovintiv, Inc.
|
(2,056
|
)
|
(98,688
|
)
|
||||
Pembina Pipeline Corp. (b)
|
(778
|
)
|
(23,947
|
)
|
||||
Pioneer Natural Resources Co.
|
(11
|
)
|
(2,629
|
)
|
||||
Plains All American Pipeline LP
|
(4,819
|
)
|
(73,008
|
)
|
||||
Plains GP Holdings LP – Class A
|
(1,484
|
)
|
(23,269
|
)
|
||||
San Juan Basin Royalty Trust
|
(366
|
)
|
(2,738
|
)
|
||||
SandRidge Energy, Inc.
|
(167
|
)
|
(2,647
|
)
|
||||
Scorpio Tankers, Inc. (b)
|
(48
|
)
|
(2,695
|
)
|
||||
SFL Corp. Ltd. (b)
|
(2,200
|
)
|
(23,892
|
)
|
||||
Shell plc – ADR (b)
|
(3,935
|
)
|
(256,327
|
)
|
||||
SM Energy Co.
|
(64
|
)
|
(2,580
|
)
|
||||
Southwestern Energy Co.
|
(373
|
)
|
(2,659
|
)
|
||||
Teekay Corp. – Class A (b)
|
(56
|
)
|
(2,783
|
)
|
||||
TORM plc – Class A (b)
|
(87
|
)
|
(2,640
|
)
|
Shares
|
Value
|
|||||||
Oil, Gas & Consumable Fuels – (1.92)% (Continued)
|
||||||||
TotalEnergies S.E. – ADR (b)
|
(3,454
|
)
|
$
|
(230,036
|
)
|
|||
Transportadora de Gas del Sur SA – ADR (b)
|
(240
|
)
|
(2,450
|
)
|
||||
Ultrapar Participacoes SA – ADR (b)
|
(692
|
)
|
(2,775
|
)
|
||||
Unit Corp.
|
(49
|
)
|
(2,698
|
)
|
||||
Uranium Energy Corp.
|
(4,142
|
)
|
(24,645
|
)
|
||||
Uranium Royalty Corp. (b)
|
(8,477
|
)
|
(24,244
|
)
|
||||
Vermilion Energy, Inc. (b)
|
(181
|
)
|
(2,610
|
)
|
||||
Vertex Energy, Inc.
|
(604
|
)
|
(2,603
|
)
|
||||
Viper Energy Partners LP
|
(283
|
)
|
(8,060
|
)
|
||||
Vital Energy, Inc.
|
(2,256
|
)
|
(112,890
|
)
|
||||
Vitesse Energy, Inc.
|
(769
|
)
|
(18,218
|
)
|
||||
W&T Offshore, Inc.
|
(642
|
)
|
(2,664
|
)
|
||||
(4,172,403
|
)
|
|||||||
Paper & Forest Products – (0.02)%
|
||||||||
Louisiana-Pacific Corp.
|
(882
|
)
|
(45,229
|
)
|
||||
Passenger Airlines – (0.17)%
|
||||||||
American Airlines Group, Inc.
|
(11,416
|
)
|
(127,288
|
)
|
||||
Frontier Group Holdings, Inc.
|
(3,180
|
)
|
(10,780
|
)
|
||||
Southwest Airlines Co.
|
(10,456
|
)
|
(232,437
|
)
|
||||
(370,505
|
)
|
|||||||
Personal Care Products – (0.06)%
|
||||||||
Estee Lauder Cos., Inc. – Class A
|
(771
|
)
|
(99,359
|
)
|
||||
Medifast, Inc.
|
(599
|
)
|
(41,427
|
)
|
||||
(140,786
|
)
|
|||||||
Pharmaceuticals – (0.67)%
|
||||||||
Athira Pharma, Inc.
|
(116
|
)
|
(181
|
)
|
||||
Catalent, Inc.
|
(2,666
|
)
|
(91,684
|
)
|
||||
GSK plc – ADR (b)
|
(3,681
|
)
|
(131,412
|
)
|
||||
H Lundbeck A/S (b)
|
(21,435
|
)
|
(112,042
|
)
|
||||
Merck KGaA (b)
|
(1,137
|
)
|
(171,730
|
)
|
||||
Novartis AG – ADR (b)
|
(2,218
|
)
|
(207,561
|
)
|
||||
Novartis AG (b)
|
(1,302
|
)
|
(121,893
|
)
|
||||
Perrigo Co. plc (b)
|
(5,219
|
)
|
(144,253
|
)
|
||||
Roche Holding AG (b)
|
(608
|
)
|
(156,687
|
)
|
||||
Roche Holding AG – ADR (b)
|
(2,226
|
)
|
(71,967
|
)
|
||||
Royalty Pharma plc – Class A
|
(4,466
|
)
|
(120,001
|
)
|
||||
Sanofi SA – ADR (b)
|
(159
|
)
|
(7,195
|
)
|
||||
Tarsus Pharmaceuticals, Inc.
|
(481
|
)
|
(6,849
|
)
|
||||
Zoetis, Inc.
|
(714
|
)
|
(112,098
|
)
|
||||
(1,455,553
|
)
|
Shares
|
Value
|
|||||||
Professional Services – (0.19)%
|
||||||||
Equifax, Inc.
|
(719
|
)
|
$
|
(121,921
|
)
|
|||
Exponent, Inc.
|
(1,079
|
)
|
(79,080
|
)
|
||||
FTI Consulting, Inc.
|
(439
|
)
|
(93,182
|
)
|
||||
Paychex, Inc.
|
(1,103
|
)
|
(122,488
|
)
|
||||
(416,671
|
)
|
|||||||
Residential REITs – (0.83)%
|
||||||||
Apartment Income REIT Corp.
|
(10,381
|
)
|
(303,229
|
)
|
||||
AvalonBay Communities, Inc.
|
(893
|
)
|
(148,006
|
)
|
||||
Camden Property Trust
|
(5,405
|
)
|
(458,776
|
)
|
||||
Equity Residential
|
(13,376
|
)
|
(740,094
|
)
|
||||
UDR, Inc.
|
(4,800
|
)
|
(152,688
|
)
|
||||
(1,802,793
|
)
|
|||||||
Retail REITs – (3.25)%
|
||||||||
Federal Realty Investment Trust
|
(19,148
|
)
|
(1,746,106
|
)
|
||||
Kite Realty Group Trust
|
(59,436
|
)
|
(1,267,176
|
)
|
||||
NETSTREIT Corp.
|
(13,674
|
)
|
(194,855
|
)
|
||||
Phillips Edison & Co., Inc.
|
(54,252
|
)
|
(1,915,637
|
)
|
||||
Realty Income Corp.
|
(21,211
|
)
|
(1,004,977
|
)
|
||||
Regency Centers Corp.
|
(4,618
|
)
|
(278,281
|
)
|
||||
Simon Property Group, Inc.
|
(323
|
)
|
(35,494
|
)
|
||||
SITE Centers Corp.
|
(6,594
|
)
|
(76,886
|
)
|
||||
Tanger Factory Outlet Centers, Inc.
|
(23,981
|
)
|
(540,772
|
)
|
||||
(7,060,184
|
)
|
|||||||
Semiconductors & Semiconductor Equipment – (0.71)%
|
||||||||
Allegro Microsystems, Inc.
|
(957
|
)
|
(24,844
|
)
|
||||
Ambarella, Inc. (b)
|
(2,769
|
)
|
(124,577
|
)
|
||||
Analog Devices, Inc.
|
(1,487
|
)
|
(233,950
|
)
|
||||
BE Semiconductor Industries N.V. (b)
|
(960
|
)
|
(99,168
|
)
|
||||
Cirrus Logic, Inc.
|
(2
|
)
|
(134
|
)
|
||||
Diodes, Inc.
|
(552
|
)
|
(35,924
|
)
|
||||
GlobalFoundries, Inc.
|
(640
|
)
|
(31,757
|
)
|
||||
NXP Semiconductors N.V. (b)
|
(960
|
)
|
(165,533
|
)
|
||||
ON Semiconductor Corp.
|
(957
|
)
|
(59,947
|
)
|
||||
Power Integrations, Inc.
|
(557
|
)
|
(38,617
|
)
|
||||
Silicon Laboratories, Inc.
|
(633
|
)
|
(58,350
|
)
|
||||
Skyworks Solutions, Inc.
|
(1,600
|
)
|
(138,784
|
)
|
||||
STMicroelectronics N.V. (b)
|
(1,914
|
)
|
(72,694
|
)
|
||||
Texas Instruments, Inc.
|
(3,191
|
)
|
(453,154
|
)
|
||||
(1,537,433
|
)
|
Shares
|
Value
|
|||||||
Software – (0.18)%
|
||||||||
Aurora Innovation, Inc.
|
(41,470
|
)
|
$
|
(72,573
|
)
|
|||
Fortinet, Inc.
|
(1,595
|
)
|
(91,186
|
)
|
||||
HashiCorp, Inc. – Class A
|
(3,199
|
)
|
(62,988
|
)
|
||||
HubSpot, Inc.
|
(140
|
)
|
(59,328
|
)
|
||||
Model N, Inc.
|
(366
|
)
|
(8,821
|
)
|
||||
Oracle Corp.
|
(636
|
)
|
(65,762
|
)
|
||||
Palantir Technologies, Inc. – Class A
|
(1,180
|
)
|
(17,464
|
)
|
||||
UiPath, Inc. – Class A
|
(175
|
)
|
(2,718
|
)
|
||||
(380,840
|
)
|
|||||||
Specialized REITs – (3.67)%
|
||||||||
American Tower Corp.
|
(8,613
|
)
|
(1,534,750
|
)
|
||||
Equinix, Inc.
|
(3,989
|
)
|
(2,910,534
|
)
|
||||
Four Corners Property Trust, Inc.
|
(55,572
|
)
|
(1,183,684
|
)
|
||||
Public Storage
|
(9,651
|
)
|
(2,303,790
|
)
|
||||
Weyerhaeuser Co.
|
(1,282
|
)
|
(36,781
|
)
|
||||
(7,969,539
|
)
|
|||||||
Specialty Retail – (0.63)%
|
||||||||
AutoNation, Inc.
|
(158
|
)
|
(20,553
|
)
|
||||
AutoZone, Inc.
|
(89
|
)
|
(220,465
|
)
|
||||
Best Buy Co., Inc.
|
(1,306
|
)
|
(87,267
|
)
|
||||
Carvana Co.
|
(954
|
)
|
(25,758
|
)
|
||||
Dick’s Sporting Goods, Inc.
|
(997
|
)
|
(106,629
|
)
|
||||
Floor & Decor Holdings, Inc. – Class A
|
(234
|
)
|
(19,282
|
)
|
||||
Foot Locker, Inc.
|
(2,703
|
)
|
(56,736
|
)
|
||||
Gap, Inc.
|
(6,177
|
)
|
(79,066
|
)
|
||||
Home Depot, Inc.
|
(170
|
)
|
(48,397
|
)
|
||||
Lithia Motors, Inc.
|
(235
|
)
|
(56,919
|
)
|
||||
Lowe’s Cos., Inc.
|
(1,420
|
)
|
(270,609
|
)
|
||||
RH
|
(95
|
)
|
(20,706
|
)
|
||||
Tractor Supply Co.
|
(1,547
|
)
|
(297,890
|
)
|
||||
Ulta Beauty, Inc.
|
(127
|
)
|
(48,426
|
)
|
||||
(1,358,703
|
)
|
|||||||
Technology Hardware, Storage & Peripherals – (0.60)%
|
||||||||
Apple, Inc.
|
(7,594
|
)
|
(1,296,827
|
)
|
||||
Textiles, Apparel & Luxury Goods – (0.12)%
|
||||||||
Adidas AG (b)
|
(413
|
)
|
(73,435
|
)
|
||||
Canada Goose Holdings, Inc. (b)
|
(521
|
)
|
(5,783
|
)
|
||||
Levi Strauss & Co. – Class A
|
(5,627
|
)
|
(76,921
|
)
|
Shares
|
Value
|
|||||||
Textiles, Apparel & Luxury Goods – (0.12)% (Continued)
|
||||||||
Ralph Lauren Corp.
|
(512
|
)
|
$
|
(57,615
|
)
|
|||
Under Armour, Inc. – Class A
|
(7,634
|
)
|
(52,293
|
)
|
||||
(266,047
|
)
|
|||||||
Trading Companies & Distributors – (0.19)%
|
||||||||
Air Lease Corp.
|
(4,361
|
)
|
(151,021
|
)
|
||||
Fastenal Co.
|
(810
|
)
|
(47,255
|
)
|
||||
Ferguson plc (b)
|
(221
|
)
|
(33,194
|
)
|
||||
United Rentals, Inc.
|
(80
|
)
|
(32,502
|
)
|
||||
W.W. Grainger, Inc.
|
(45
|
)
|
(32,842
|
)
|
||||
Watsco, Inc.
|
(185
|
)
|
(64,545
|
)
|
||||
WESCO International, Inc.
|
(468
|
)
|
(59,998
|
)
|
||||
(421,357
|
)
|
|||||||
Total Short Common Stocks
|
||||||||
(Proceeds $(84,998,703))
|
(81,272,072
|
)
|
||||||
SHORT EXCHANGE TRADED FUNDS – (10.52)%
|
||||||||
Equity – (10.28)%
|
||||||||
AdvisorShares Pure US Cannabis ETF
|
(11,017
|
)
|
(61,695
|
)
|
||||
ARK Genomic Revolution ETF
|
(120
|
(2,762
|
)
|
|||||
ARK Innovation ETF
|
(966
|
)
|
(33,887
|
)
|
||||
Consumer Staples Select Sector SPDR Fund
|
(20,180
|
)
|
(1,369,415
|
)
|
||||
Energy Select Sector SPDR Fund
|
(6,073
|
)
|
(517,359
|
)
|
||||
ETFMG Alternative Harvest ETF
|
(28,389
|
)
|
(81,760
|
)
|
||||
Financial Select Sector SPDR Fund
|
(7,767
|
)
|
(251,340
|
)
|
||||
Global X Lithium & Battery Tech ETF
|
(4,279
|
)
|
(204,279
|
)
|
||||
Health Care Select Sector SPDR Fund
|
(6,679
|
)
|
(831,803
|
)
|
||||
Industrial Select Sector SPDR Fund
|
(4,488
|
)
|
(441,440
|
)
|
||||
Invesco QQQ Trust Series 1
|
(4,715
|
)
|
(1,654,352
|
)
|
||||
iShares China Large-Cap ETF
|
(10,582
|
)
|
(270,053
|
)
|
||||
iShares Core DAX UCITS ETF(a)
|
(957
|
)
|
(125,461
|
)
|
||||
iShares MSCI Eurozone ETF
|
(751
|
)
|
(30,866
|
)
|
||||
iShares Nasdaq Biotechnology ETF
|
(1,025
|
)
|
(116,522
|
)
|
||||
iShares North American Tech-Software ETF
|
(2,236
|
)
|
(754,538
|
)
|
||||
iShares Russell 2000 ETF
|
(4,179
|
)
|
(687,529
|
)
|
||||
iShares S&P Mid-Cap 400 Growth ETF
|
(1,805
|
)
|
(124,094
|
)
|
||||
iShares Transportation Average ETF
|
(834
|
)
|
(181,679
|
)
|
||||
iShares U.S. Home Construction ETF
|
(2,238
|
)
|
(164,538
|
)
|
||||
Material Select Sector SPDR
|
(1,594
|
)
|
(121,240
|
)
|
||||
SPDR S&P 500 ETF Trust
|
(18,851
|
)
|
(7,883,489
|
)
|
||||
SPDR S&P Biotech ETF
|
(2,689
|
)
|
(178,092
|
)
|
Shares
|
Value
|
|||||||
SHORT EXCHANGE TRADED FUNDS – (10.52)% (Continued)
|
||||||||
SPDR S&P Homebuilders ETF
|
(1,352
|
)
|
$
|
(96,830
|
)
|
|||
SPDR S&P Metals & Mining ETF
|
(4,988
|
)
|
(246,706
|
)
|
||||
SPDR S&P Oil & Gas Exploration & Production ETF
|
(1,369
|
)
|
(198,806
|
)
|
||||
SPDR S&P Regional Banking ETF
|
(7,979
|
)
|
(316,527
|
)
|
||||
SPDR S&P Retail ETF
|
(5,729
|
)
|
(336,235
|
)
|
||||
U.S. Global Jets ETF
|
(18,463
|
)
|
(275,468
|
)
|
||||
Utilities Select Sector SPDR Fund
|
(247
|
)
|
(14,743
|
)
|
||||
VanEck Oil Services ETF
|
(1,523
|
)
|
(494,061
|
)
|
||||
VanEck Vectors Semiconductor ETF
|
(483
|
)
|
(67,113
|
)
|
||||
Vanguard REIT ETF
|
(57,816
|
)
|
(4,215,943
|
)
|
||||
(22,350,625
|
)
|
|||||||
Fixed Income – (0.24)%
|
||||||||
iShares iBoxx High Yield Corporate Bond ETF
|
(7,028
|
)
|
(510,022
|
)
|
||||
Total Short Exchange Traded Funds
|
||||||||
(Proceeds $(23,142,639))
|
(22,860,647
|
)
|
||||||
SHORT PREFERRED STOCKS – (0.06)%
|
||||||||
Life Sciences Tools & Services
|
||||||||
Sartorius AG (b)
|
(560
|
)
|
(140,358
|
)
|
||||
Total Short Preferred Stocks
|
||||||||
(Proceeds $(179,254))
|
(140,358
|
)
|
||||||
Total Securities Sold Short
|
||||||||
(Proceeds $(108,320,596)) – (47.98)%
|
$
|
(104,273,077
|
)
|
(a)
|
Securities sold short are not owned by the Fund and cannot produce income.
|
(b)
|
Foreign security.
|
Contracts
|
Notional Amount
|
Value
|
||||||||||
WRITTEN OPTIONS
|
||||||||||||
Call
|
||||||||||||
Advanced Micro Devices, Inc. (a)
|
||||||||||||
Exercise Price: $106.00, Expiration: 11/03/2023
|
(32
|
)
|
$
|
(315,200
|
)
|
$
|
(3,264
|
)
|
||||
Alteryx, Inc. (a)
|
||||||||||||
Exercise Price: $45.00, Expiration: 02/16/2024
|
(45
|
)
|
(144,045
|
)
|
(2,925
|
)
|
||||||
Amazon.com, Inc. (a)
|
||||||||||||
Exercise Price: $140.00, Expiration: 11/17/2023
|
(19
|
)
|
(252,871
|
)
|
(2,071
|
)
|
||||||
Exercise Price: $145.00, Expiration: 11/17/2023
|
(3
|
)
|
(39,927
|
)
|
(105
|
)
|
||||||
Bowlero Corp. (a)
|
||||||||||||
Exercise Price: $12.50, Expiration: 11/17/2023
|
(8
|
)
|
(8,072
|
)
|
(80
|
)
|
||||||
Caesars Entertainment, Inc. (a)
|
||||||||||||
Exercise Price: $45.00, Expiration: 11/17/2023
|
(16
|
)
|
(63,824
|
)
|
(744
|
)
|
||||||
Endeavor Group Holdings, Inc. (a)
|
||||||||||||
Exercise Price: $22.50, Expiration: 11/17/2023
|
(8
|
)
|
(18,208
|
)
|
(760
|
)
|
||||||
Exercise Price: $24.00, Expiration: 11/17/2023
|
(27
|
)
|
(61,452
|
)
|
(877
|
)
|
||||||
Exercise Price: $25.00, Expiration: 12/15/2023
|
(32
|
)
|
(72,832
|
)
|
(1,360
|
)
|
||||||
Gap, Inc. (a)
|
||||||||||||
Exercise Price: $13.00, Expiration: 11/10/2023
|
(16
|
)
|
(20,480
|
)
|
(560
|
)
|
||||||
International Game Technology plc (a)
|
||||||||||||
Exercise Price: $32.00, Expiration: 11/17/2023
|
(16
|
)
|
(40,672
|
)
|
(128
|
)
|
||||||
iShares 20+ Year Treasury Bond ETF (a)
|
||||||||||||
Exercise Price: $100.00, Expiration: 12/15/2023
|
(41
|
)
|
(342,678
|
)
|
(451
|
)
|
||||||
Kenvue, Inc. (a)
|
||||||||||||
Exercise Price: $20.00, Expiration: 11/17/2023
|
(32
|
)
|
(59,520
|
)
|
(160
|
)
|
||||||
Exercise Price: $21.00, Expiration: 11/17/2023
|
(32
|
)
|
(59,520
|
)
|
(80
|
)
|
||||||
Exercise Price: $25.00, Expiration: 11/17/2023
|
(33
|
)
|
(61,380
|
)
|
(83
|
)
|
||||||
Exercise Price: $20.00, Expiration: 12/01/2023
|
(32
|
)
|
(59,520
|
)
|
(400
|
)
|
||||||
Penn Entertainment, Inc. (a)
|
||||||||||||
Exercise Price: $30.00, Expiration: 01/19/2024
|
(29
|
)
|
(57,217
|
)
|
(667
|
)
|
||||||
PureCycle Technologies, Inc. (a)
|
||||||||||||
Exercise Price: $11.00, Expiration: 11/17/2023
|
(207
|
)
|
(92,115
|
)
|
(5,175
|
)
|
||||||
Spirit Airlines, Inc. (a)
|
||||||||||||
Exercise Price: $30.00, Expiration: 12/15/2023
|
(21
|
)
|
(24,108
|
)
|
(1,050
|
)
|
||||||
Uber Technologies, Inc. (a)
|
||||||||||||
Exercise Price: $44.00, Expiration: 11/03/2023
|
(19
|
)
|
(82,232
|
)
|
(826
|
)
|
||||||
Veeva Systems, Inc. (a)
|
||||||||||||
Exercise Price: $210.00, Expiration: 11/17/2023
|
(1
|
)
|
(19,271
|
)
|
(65
|
)
|
||||||
Wyndham Hotels & Resorts, Inc. (a)
|
||||||||||||
Exercise Price: $80.00, Expiration: 11/17/2023
|
(8
|
)
|
(57,920
|
)
|
(160
|
)
|
||||||
Exercise Price: $85.00, Expiration: 12/15/2023
|
(7
|
)
|
(50,680
|
)
|
(158
|
)
|
||||||
(22,149
|
)
|
Contracts
|
Notional Amount
|
Value
|
||||||||||
Put
|
||||||||||||
Amazon.com, Inc. (a)
|
||||||||||||
Exercise Price: $110.00, Expiration: 11/17/2023
|
(3
|
)
|
$
|
(39,927
|
)
|
$
|
(35
|
)
|
||||
Exercise Price: $130.00, Expiration: 01/19/2024
|
(9
|
)
|
(119,781
|
)
|
(5,310
|
)
|
||||||
Apple, Inc. (a)
|
||||||||||||
Exercise Price: $162.50, Expiration: 11/03/2023
|
(16
|
)
|
(273,232
|
)
|
(1,360
|
)
|
||||||
Applied Digital Corp. (a)
|
||||||||||||
Exercise Price: $5.00, Expiration: 12/15/2023
|
(32
|
)
|
(15,616
|
)
|
(2,400
|
)
|
||||||
Chevron Corp. (a)
|
||||||||||||
Exercise Price: $145.00, Expiration: 11/17/2023
|
(9
|
)
|
(131,157
|
)
|
(2,695
|
)
|
||||||
Dexcom, Inc. (a)
|
||||||||||||
Exercise Price: $75.00, Expiration: 11/17/2023
|
(1
|
)
|
(8,883
|
)
|
(33
|
)
|
||||||
Gap, Inc. (a)
|
||||||||||||
Exercise Price: $13.00, Expiration: 11/03/2023
|
(32
|
)
|
(40,960
|
)
|
(1,152
|
)
|
||||||
Meta Platforms, Inc. (a)
|
||||||||||||
Exercise Price: $250.00, Expiration: 01/19/2024
|
(8
|
)
|
(241,016
|
)
|
(3,080
|
)
|
||||||
Exercise Price: $280.00, Expiration: 01/19/2024
|
(3
|
)
|
(90,381
|
)
|
(3,015
|
)
|
||||||
Microsoft Corp. (a)
|
||||||||||||
Exercise Price: $310.00, Expiration: 01/19/2024
|
(7
|
)
|
(236,677
|
)
|
(4,060
|
)
|
||||||
Phreesia, Inc. (a)
|
||||||||||||
Exercise Price: $12.50, Expiration: 11/17/2023
|
(8
|
)
|
(10,928
|
)
|
(200
|
)
|
||||||
Sirius XM Holdings, Inc. (a)
|
||||||||||||
Exercise Price: $3.50, Expiration: 11/17/2023
|
(65
|
)
|
(27,820
|
)
|
(487
|
)
|
||||||
Veeva Systems, Inc. (a)
|
||||||||||||
Exercise Price: $180.00, Expiration: 11/17/2023
|
(8
|
)
|
(154,168
|
)
|
(1,160
|
)
|
||||||
WW International, Inc. (a)
|
||||||||||||
Exercise Price: $7.50, Expiration: 01/19/2024
|
(65
|
)
|
(50,830
|
)
|
(8,125
|
)
|
||||||
Exercise Price: $10.00, Expiration: 01/19/2024
|
(24
|
)
|
(18,768
|
)
|
(6,900
|
)
|
||||||
(40,012
|
)
|
|||||||||||
TOTAL WRITTEN OPTIONS
|
||||||||||||
(Premiums received $77,748)
|
$
|
(62,161
|
)
|
(a)
|
100 shares per contract.
|
Value and
|
|||||||||||||
Number of
|
Unrealized
|
||||||||||||
Contracts
|
Notional
|
Appreciation
|
|||||||||||
Expiration Date
|
Description
|
Purchased
|
Amount
|
(Depreciation)
|
|||||||||
LONG FUTURES CONTRACTS
|
|||||||||||||
12/27/2023
|
100 Ounce Gold Futures
|
77
|
$
|
15,356,110
|
$
|
194,882
|
|||||||
12/19/2023
|
CBT 10-Year U.S. Treasury Note
|
3
|
286,764
|
755
|
|||||||||
12/29/2023
|
CBT 2-Year U.S. Treasury Note
|
218
|
43,399,849
|
(172,050
|
)
|
||||||||
12/15/2023
|
E-Mini Russell 2000
|
339
|
28,279,380
|
(3,455,840
|
)
|
||||||||
12/15/2023
|
E-Mini S&P 500
|
140
|
29,485,750
|
(2,079,246
|
)
|
||||||||
$
|
(5,511,499
|
)
|
Received by
|
Paid by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
LONG EQUITY SWAP CONTRACTS
|
||||||||||||||||||
Morgan
|
Admiral
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
2,226
|
$
|
54,417
|
$
|
—
|
$
|
(863
|
)
|
|||||
Stanley
|
Group plc
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Axa S.A.
|
EUR
|
4.59%
|
Monthly
|
4/29/25
|
2,712
|
75,945
|
—
|
(1,409
|
)
|
||||||||
Stanley
|
(0.60% + Euro
|
|||||||||||||||||
Short-Term
|
||||||||||||||||||
Rate)
|
||||||||||||||||||
Morgan
|
CaixaBank
|
EUR
|
4.59%
|
Monthly
|
4/29/25
|
53,914
|
207,154
|
—
|
3,673
|
|||||||||
Stanley
|
S.A.
|
(0.60% + Euro
|
||||||||||||||||
Short-Term
|
||||||||||||||||||
Rate)
|
||||||||||||||||||
Morgan
|
Cyclical vs.
|
USD
|
3.59%
|
Monthly
|
4/29/25
|
321
|
39,339
|
—
|
(570
|
)
|
||||||||
Stanley
|
Defensive Basket
|
(0.60% + Euro
|
||||||||||||||||
Short-Term
|
||||||||||||||||||
Rate)
|
||||||||||||||||||
Morgan
|
Entain plc
|
GBP
|
5.79%
|
Monthly
|
6/4/25
|
1,316
|
12,291
|
—
|
(5,158
|
)
|
||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Entain plc
|
GBP
|
5.79%
|
Monthly
|
6/3/25
|
5,321
|
49,698
|
—
|
(2,252
|
)
|
||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Entain plc
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
72,426
|
676,459
|
—
|
(91,873
|
)
|
||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Flutter
|
GBP
|
5.79%
|
Monthly
|
6/3/25
|
408
|
52,791
|
—
|
(629
|
)
|
||||||||
Stanley
|
Entertainment plc
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Growth vs
|
USD
|
0.85%
|
Monthly
|
4/29/25
|
976
|
114,719
|
—
|
(2,502
|
)
|
||||||||
Stanley
|
Value Basket
|
Fixed Rate
|
||||||||||||||||
Morgan
|
GSK plc
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
10,060
|
147,548
|
—
|
3,125
|
|||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Haleon plc
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
5,163
|
17,026
|
—
|
860
|
|||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
Received by
|
Paid by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
LONG EQUITY SWAP CONTRACTS (Continued)
|
||||||||||||||||||
Morgan
|
iShares iBoxx
|
USD
|
5.68%
|
Monthly
|
4/29/25
|
422,760
|
41,925,109
|
$
|
—
|
$
|
(4,346,934
|
)
|
||||||
Stanley
|
$Investment
|
(0.35% + U.S.
|
||||||||||||||||
Grade Corporate
|
Federal Funds
|
|||||||||||||||||
Bond ETF
|
Effective Rate)
|
|||||||||||||||||
Morgan
|
iShares iBoxx
|
USD
|
5.33%
|
Monthly
|
4/29/25
|
585,822
|
42,513,103
|
—
|
(1,356,164
|
)
|
||||||||
Stanley
|
High Yield
|
0.00% + U.S.
|
||||||||||||||||
Corporate
|
(Federal Funds
|
|||||||||||||||||
Bond ETF
|
Effective Rate)
|
|||||||||||||||||
Morgan
|
Lancashire
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
14,239
|
80,878
|
—
|
1,431
|
|||||||||
Stanley
|
Holdings Ltd.
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Man Group
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
18,411
|
40,499
|
—
|
635
|
|||||||||
Stanley
|
plc
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
New Melrose
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
68,886
|
321,698
|
—
|
(990
|
)
|
||||||||
Stanley
|
Industries plc
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Prudential plc
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
2,857
|
24,578
|
—
|
(1,917
|
)
|
||||||||
Stanley
|
(0.60% + Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Rolls-Royce
|
GBP
|
5.79%
|
Monthly
|
4/29/25
|
85,728
|
185,656
|
—
|
(1,640
|
)
|
||||||||
Stanley
|
Holdings plc
|
(0.60% + Sterling
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
Sanofi
|
EUR
|
4.59%
|
Monthly
|
4/29/25
|
2,755
|
236,434
|
—
|
(31,488
|
)
|
||||||||
Stanley
|
(0.60% + Euro
|
|||||||||||||||||
Short-Term
|
||||||||||||||||||
Rate)
|
||||||||||||||||||
Morgan
|
Schneider
|
EUR
|
4.59%
|
Monthly
|
4/29/25
|
542
|
78,812
|
—
|
1,392
|
|||||||||
Stanley
|
S.A.
|
(0.60% + Euro
|
||||||||||||||||
Short-Term
|
||||||||||||||||||
Rate)
|
||||||||||||||||||
Morgan
|
Sector-Neutral
|
USD
|
0.80%
|
Monthly
|
4/29/25
|
68,637
|
5,433,305
|
(a)
|
—
|
(211,233
|
)
|
|||||||
Stanley
|
Dividend
|
Fixed Rate
|
||||||||||||||||
Yield Basket
|
||||||||||||||||||
Morgan
|
U.S. Momentum
|
USD
|
1.15%
|
Monthly
|
4/29/25
|
600
|
70,435
|
—
|
(291
|
)
|
||||||||
Stanley
|
Basket
|
Fixed Rate
|
||||||||||||||||
Morgan
|
U.S. Quality
|
USD
|
0.95%
|
Monthly
|
4/29/25
|
1,610
|
125,918
|
—
|
1,633
|
|||||||||
Stanley
|
Basket
|
Fixed Rate
|
Received by
|
Paid by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
LONG EQUITY SWAP CONTRACTS (Continued)
|
||||||||||||||||||
Morgan
|
U.S. Sector-
|
USD
|
0.85%
|
Monthly
|
4/29/25
|
139
|
11,675
|
$
|
—
|
$
|
1,128
|
|||||||
Stanley
|
Neutral Quality
|
Fixed Rate
|
||||||||||||||||
Basket
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.83%
|
Monthly
|
4/29/25
|
539
|
57,889
|
—
|
(3,364
|
)
|
||||||||
Stanley
|
MSGWARO2
|
(0.50% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.68%
|
Monthly
|
4/29/25
|
840
|
76,961
|
—
|
(6,216
|
)
|
||||||||
Stanley
|
MSGWAUSP
|
(0.35% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.83%
|
Monthly
|
4/29/25
|
390
|
35,276
|
—
|
(178
|
)
|
||||||||
Stanley
|
MSGWDEF
|
(0.50% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.83%
|
Monthly
|
4/29/25
|
3,501
|
360,288
|
—
|
(19,191
|
)
|
||||||||
Stanley
|
MSGWIND
|
(0.50% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.68%
|
Monthly
|
4/29/25
|
1,804
|
203,708
|
—
|
(2,820
|
)
|
||||||||
Stanley
|
MSGWLCT
|
(0.35% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
Weiss –
|
USD
|
5.68%
|
Monthly
|
4/29/25
|
256
|
26,757
|
—
|
(841
|
)
|
||||||||
Stanley
|
MSGWTRNS
|
(0.35% + U.S.
|
||||||||||||||||
Basket
|
Federal Funds
|
|||||||||||||||||
Effective Rate)
|
Paid by
|
Received by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
SHORT EQUITY SWAP CONTRACTS
|
||||||||||||||||||
Morgan
|
3.49% ((0.50)%
|
EUR
|
ABN AMRO
|
Monthly
|
4/29/25
|
(2,356)
|
(29,990
|
)
|
$
|
—
|
$
|
1,517
|
||||||
Stanley
|
+ Euro
|
Bank N.V.
|
||||||||||||||||
Short-Term Rate)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Abrdn plc
|
Monthly
|
4/29/25
|
(57,814)
|
(90,808
|
)
|
—
|
(2,515
|
)
|
|||||||
Stanley
|
+ Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Anglo
|
Monthly
|
4/29/25
|
(5,051)
|
(105,885
|
)
|
—
|
12,102
|
||||||||
Stanley
|
+ Sterling
|
American plc
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Antofagasta plc
|
Monthly
|
4/29/25
|
(15,031)
|
(202,213
|
)
|
—
|
22,411
|
||||||||
Stanley
|
+ Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Ashtead
|
Monthly
|
7/2/25
|
(640)
|
(30,199
|
)
|
—
|
1,246
|
||||||||
Stanley
|
+ Sterling
|
Group plc
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Astrazeneca
|
Monthly
|
4/29/25
|
(954)
|
(98,272
|
)
|
—
|
3,673
|
||||||||
Stanley
|
+ Sterling
|
plc
|
||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
Casual Dining
|
Monthly
|
4/29/25
|
(1,658)
|
(140,416
|
)
|
—
|
(5,185
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
MSGWCASD
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
Casual Dining
|
Monthly
|
8/13/25
|
(3,404)
|
(288,285
|
)
|
—
|
(1,497
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
MSGWCASD
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
(0.65)%
|
USD
|
Cyclical vs.
|
Monthly
|
4/29/25
|
(114)
|
(13,971
|
)
|
—
|
808
|
||||||||
Stanley
|
Fixed Rate
|
Defensive Basket
|
||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Flutter
|
Monthly
|
4/29/25
|
(668)
|
(86,432
|
)
|
—
|
(1,295
|
)
|
|||||||
Stanley
|
+ Sterling
|
Entertainment
|
||||||||||||||||
Overnight
|
plc
|
|||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
Growth
|
Monthly
|
4/29/25
|
(976)
|
(165,081
|
)
|
—
|
(4,575
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
Software
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
3.68% ((0.50)%
|
GBP
|
International
|
Monthly
|
4/29/25
|
(79,750)
|
(115,276
|
)
|
—
|
278
|
||||||||
Stanley
|
+ Sterling
|
Consolidated
|
||||||||||||||||
Overnight
|
Airlines
|
|||||||||||||||||
Index Average)
|
Group S.A.
|
|||||||||||||||||
Morgan
|
4.56% ((0.63)%
|
GBP
|
iShares plc –
|
Monthly
|
6/3/25
|
(19,821)
|
(142,112
|
)
|
—
|
2,065
|
||||||||
Stanley
|
+ Sterling
|
iShares Core
|
||||||||||||||||
Overnight
|
FTSE
|
|||||||||||||||||
Index Average)
|
100 UCIT
|
Paid by
|
Received by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
SHORT EQUITY SWAP CONTRACTS (Continued)
|
||||||||||||||||||
Morgan
|
4.81% ((0.52)%
|
USD
|
MS Consumer
|
Monthly
|
4/29/25
|
(390)
|
(36,325
|
)
|
$
|
—
|
$
|
95
|
||||||
Stanley
|
+ U.S. Federal
|
Discretionary
|
||||||||||||||||
Funds
|
||||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.07% ((0.26)%+
|
USD
|
MS Grow
|
Monthly
|
8/20/25
|
(134)
|
(62,709
|
)
|
—
|
4,361
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.07% ((0.26)%+
|
USD
|
MS Grow
|
Monthly
|
9/2/25
|
(119)
|
(55,690
|
)
|
—
|
1,898
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
MS High
|
Monthly
|
4/29/25
|
(815)
|
(55,004
|
)
|
—
|
3,369
|
||||||||
Stanley
|
U.S. Federal Funds
|
Beta Cyclicals
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
4.98% ((0.35)%+
|
USD
|
MS Leisure
|
Monthly
|
4/29/25
|
(4,862)
|
(299,062
|
)
|
—
|
41,505
|
||||||||
Stanley
|
U.S. Federal Funds
|
Travel
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.03% ((0.30)%+
|
USD
|
MS Technology
|
Monthly
|
4/29/25
|
(2,829)
|
(168,410
|
)
|
—
|
(4,233
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
Hardware
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
MSGWRAIL
|
Monthly
|
4/29/25
|
(325)
|
(29,055
|
)
|
—
|
(595
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
MSGWREIT
|
Monthly
|
4/29/25
|
(677)
|
(58,906
|
)
|
—
|
4,022
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
MSGWTRN4
|
Monthly
|
4/29/25
|
(325)
|
(37,781
|
)
|
—
|
2,440
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.79% ((0.54)%+
|
USD
|
MSGWXRT
|
Monthly
|
4/29/25
|
(5,003)
|
(435,411
|
)
|
—
|
44,489
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.98% ((0.35)%+
|
USD
|
MSGWXSD
|
Monthly
|
4/29/25
|
(6,504)
|
(1,115,436
|
)
|
—
|
42,578
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.93% ((0.40)%+
|
USD
|
MSXXAIB
|
Monthly
|
9/4/25
|
(536)
|
(64,143
|
)
|
—
|
4,987
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.95% ((0.38)%+
|
USD
|
MSXXCCC
|
Monthly
|
4/29/25
|
(210)
|
(18,417
|
)
|
—
|
1,433
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.80% ((0.53)%+
|
USD
|
MSXXONSH
|
Monthly
|
4/29/25
|
(1,028)
|
(95,162
|
)
|
—
|
3,045
|
||||||||
Stanley
|
U.S. Federal Funds
|
Basket
|
||||||||||||||||
Effective Rate)
|
Paid by
|
Received by
|
|||||||||||||||||
the Fund
|
the Fund
|
Unrealized
|
||||||||||||||||
Counter-
|
Financing
|
Financing
|
Payment
|
Maturity
|
Number of
|
Notional
|
Upfront
|
Appreciation
|
||||||||||
party
|
Rate/Security
|
Currency
|
Rate/Security
|
Frequency
|
Date
|
Shares/Units
|
Amount
|
Payment
|
(Depreciation)*
|
|||||||||
SHORT EQUITY SWAP CONTRACTS (Continued)
|
||||||||||||||||||
Morgan
|
3.49% ((0.50)%
|
EUR
|
Rexel
|
Monthly
|
4/29/25
|
(2,255)
|
(43,525
|
)
|
$
|
—
|
$
|
4,979
|
||||||
Stanley
|
+ Euro
|
Promesses
|
||||||||||||||||
Short-Term Rate)
|
||||||||||||||||||
Morgan
|
3.49% ((0.50)%
|
EUR
|
Safran S.A.
|
Monthly
|
5/7/25
|
(96)
|
(14,174
|
)
|
—
|
(76
|
)
|
|||||||
Stanley
|
+ Euro
|
|||||||||||||||||
Short-Term Rate)
|
||||||||||||||||||
Morgan
|
4.69% ((0.50)%
|
GBP
|
Schroders plc
|
Monthly
|
4/29/25
|
(21,494)
|
(79,632
|
)
|
—
|
4,523
|
||||||||
Stanley
|
+ Sterling
|
|||||||||||||||||
Overnight
|
||||||||||||||||||
Index Average)
|
||||||||||||||||||
Morgan
|
4.81% ((0.52)%+
|
USD
|
Unprofitable
|
Monthly
|
4/29/25
|
(1,923)
|
(68,497
|
)
|
—
|
5,735
|
||||||||
Stanley
|
U.S. Federal Funds
|
Technology
|
||||||||||||||||
Effective Rate)
|
Co. Basket
|
|||||||||||||||||
Morgan
|
4.81% ((0.52)%+
|
USD
|
Unprofitable
|
Monthly
|
4/29/25
|
(3,252)
|
(119,056
|
)
|
—
|
29,244
|
||||||||
Stanley
|
U.S. Federal Funds
|
Technology
|
||||||||||||||||
Effective Rate)
|
Co. Basket
|
|||||||||||||||||
Morgan
|
(0.81)%
|
USD
|
U.S. 3 Month
|
Monthly
|
9/9/25
|
(381)
|
(38,313
|
)
|
—
|
(790
|
)
|
|||||||
Stanley
|
Fixed Rate
|
Momentum Basket
|
||||||||||||||||
Morgan
|
0.95%
|
USD
|
U.S. Quality
|
Monthly
|
10/1/25
|
(4,065)
|
(317,924
|
)
|
—
|
(5,557
|
)
|
|||||||
Stanley
|
Fixed Rate
|
Basket
|
||||||||||||||||
Morgan
|
4.98% ((0.35)%+
|
USD
|
U.S. Quality
|
Monthly
|
10/22/25
|
(5,672)
|
(1,144,836
|
)
|
—
|
35,458
|
||||||||
Stanley
|
U.S. Federal Funds
|
Long Basket
|
||||||||||||||||
Effective Rate)
|
||||||||||||||||||
Morgan
|
4.88% ((0.45)%+
|
USD
|
Weiss –
|
Monthly
|
4/29/25
|
(4,862)
|
(722,396
|
)
|
—
|
69,455
|
||||||||
Stanley
|
U.S. Federal Funds
|
Infotech
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
4.98% ((0.35)%+
|
USD
|
Weiss –
|
Monthly
|
4/29/25
|
(682)
|
(57,950
|
)
|
—
|
(4,197
|
)
|
|||||||
Stanley
|
U.S. Federal Funds
|
MSGWAERO
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
Weiss –
|
Monthly
|
4/29/25
|
(721)
|
(49,194
|
)
|
—
|
4,593
|
||||||||
Stanley
|
U.S. Federal Funds
|
MSGWAIR
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
5.08% ((0.25)%+
|
USD
|
Weiss –
|
Monthly
|
4/29/25
|
(51)
|
(3,788
|
)
|
—
|
598
|
||||||||
Stanley
|
U.S. Federal Funds
|
MSGWOFRE
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
Morgan
|
4.96% ((0.37)%+
|
USD
|
Weiss – QQQE
|
Monthly
|
4/29/25
|
(9,755)
|
(877,267
|
)
|
—
|
8,694
|
||||||||
Stanley
|
U.S. Federal Funds
|
MSGWQQQE
|
||||||||||||||||
Effective Rate)
|
Basket
|
|||||||||||||||||
$
|
(5,743,560
|
)
|
*
|
Based on the net swap value held at each counterparty, unrealized appreciation is a receivable and unrealized depreciation is a payable.
|
(a)
|
The components of the Sector-Neutral Dividend Yield Basket are shown below. The fifty largest components of each leg of the basket as of October 31, 2023, are shown below.
|
Shares
|
Value
|
% of basket
|
||||||||||
COMMON STOCKS
|
||||||||||||
Banks
|
||||||||||||
Citigroup, Inc.
|
662
|
$
|
26,149
|
0.48
|
%
|
|||||||
Fifth Third Bancorp
|
1,038
|
24,612
|
0.45
|
%
|
||||||||
Huntington Bancshares, Inc.
|
2,490
|
24,032
|
0.44
|
%
|
||||||||
KeyCorp
|
2,461
|
25,155
|
0.46
|
%
|
||||||||
PNC Financial Services Group, Inc.
|
227
|
26,028
|
0.48
|
%
|
||||||||
Truist Financial Corp.
|
906
|
25,683
|
0.47
|
%
|
||||||||
US Bancorp
|
753
|
24,006
|
0.44
|
%
|
||||||||
Zions Bancorp
|
780
|
24,070
|
0.44
|
%
|
||||||||
199,735
|
||||||||||||
Beverages
|
||||||||||||
Coca-Cola Co.
|
477
|
26,964
|
0.50
|
%
|
||||||||
PepsiCo, Inc.
|
159
|
26,027
|
0.48
|
%
|
||||||||
52,991
|
||||||||||||
Biotechnology
|
||||||||||||
AbbVie, Inc.
|
377
|
53,178
|
0.98
|
%
|
||||||||
Amgen, Inc.
|
245
|
62,655
|
1.15
|
%
|
||||||||
Gilead Sciences, Inc.
|
509
|
39,970
|
0.74
|
%
|
||||||||
Pfizer, Inc.
|
1,760
|
53,790
|
0.99
|
%
|
||||||||
209,593
|
||||||||||||
Capital Markets
|
||||||||||||
Becton Dickinson & Co.
|
123
|
31,213
|
0.57
|
%
|
||||||||
Communications Equipment
|
||||||||||||
Cisco Systems, Inc.
|
1,923
|
100,229
|
1.84
|
%
|
||||||||
Juniper Networks, Inc.
|
938
|
25,262
|
0.46
|
%
|
||||||||
125,491
|
||||||||||||
Consumer Staples Distribution & Retail
|
||||||||||||
Target Corp.
|
227
|
25,190
|
0.46
|
%
|
||||||||
Diversified Telecommunication Services
|
||||||||||||
AT&T, Inc.
|
8,086
|
124,523
|
2.29
|
%
|
||||||||
Verizon Communications Inc
|
3,438
|
120,790
|
2.22
|
%
|
||||||||
245,313
|
||||||||||||
Health Care Equipment & Supplies
|
||||||||||||
Abbott Laboratories
|
418
|
39,531
|
0.73
|
%
|
||||||||
Medtronic plc
|
490
|
34,568
|
0.64
|
%
|
||||||||
74,099
|
Shares
|
Value
|
% of basket
|
||||||||||
Health Care Providers & Services
|
||||||||||||
Cigna Group
|
133
|
$
|
41,232
|
0.76
|
%
|
|||||||
CVS Health Corp.
|
928
|
64,071
|
1.18
|
%
|
||||||||
UnitedHealth Group, Inc.
|
129
|
68,849
|
1.27
|
%
|
||||||||
174,152
|
||||||||||||
Industrials
|
||||||||||||
Dolby Laboratories, Inc.
|
342
|
27,690
|
0.51
|
%
|
||||||||
Insurance
|
||||||||||||
Prudential Financial, Inc.
|
290
|
26,524
|
0.49
|
%
|
||||||||
IT Services
|
||||||||||||
Accenture plc
|
338
|
100,387
|
1.85
|
%
|
||||||||
Cognizant Technology Solutions Corp.
|
1,093
|
70,454
|
1.30
|
%
|
||||||||
International Business Machines Corp.
|
744
|
107,576
|
1.98
|
%
|
||||||||
278,417
|
||||||||||||
Media
|
||||||||||||
Interpublic Group of Cos., Inc.
|
1,856
|
52,696
|
0.97
|
%
|
||||||||
Nexstar Media Group, Inc.
|
192
|
26,955
|
0.50
|
%
|
||||||||
Telephone and Data Systems, Inc.
|
2,004
|
36,450
|
0.67
|
%
|
||||||||
116,101
|
||||||||||||
Pharmaceuticals
|
||||||||||||
Bristol-Myers Squibb Co.
|
1,013
|
52,198
|
0.96
|
%
|
||||||||
Johnson & Johnson
|
386
|
57,249
|
1.05
|
%
|
||||||||
Merck & Co., Inc.
|
573
|
58,883
|
1.08
|
%
|
||||||||
Omnicom Group, Inc.
|
761
|
56,992
|
1.05
|
%
|
||||||||
225,322
|
||||||||||||
Semiconductors & Semiconductor Equipment
|
||||||||||||
Analog Devices, Inc.
|
602
|
94,645
|
1.74
|
%
|
||||||||
Broadcom, Inc.
|
122
|
102,995
|
1.90
|
%
|
||||||||
Intel Corp.
|
3,163
|
115,459
|
2.13
|
%
|
||||||||
Microchip Technology, Inc.
|
1,332
|
94,972
|
1.75
|
%
|
||||||||
QUALCOMM, Inc.
|
964
|
105,100
|
1.93
|
%
|
||||||||
Skyworks Solutions, Inc.
|
433
|
37,573
|
0.69
|
%
|
||||||||
Texas Instruments, Inc.
|
645
|
91,658
|
1.69
|
%
|
||||||||
642,402
|
||||||||||||
Software
|
||||||||||||
Oracle Corp.
|
902
|
93,247
|
1.72
|
%
|
||||||||
Specialty Retail
|
||||||||||||
Gap, Inc.
|
1,956
|
25,036
|
0.46
|
%
|
||||||||
Williams-Sonoma, Inc.
|
158
|
23,781
|
0.44
|
%
|
||||||||
48,817
|
Shares
|
Value
|
% of basket
|
||||||||||
Technology Hardware, Storage & Periperals
|
||||||||||||
Hewlett Packard Enterprise Co.
|
3,325
|
$
|
51,140
|
0.94
|
%
|
|||||||
HP, Inc.
|
1,721
|
45,322
|
0.83
|
%
|
||||||||
NetApp, Inc.
|
577
|
42,001
|
0.77
|
%
|
||||||||
138,463
|
||||||||||||
SHORT COMMON STOCKS
|
||||||||||||
Capital Markets
|
||||||||||||
Intercontinental Exchange, Inc.
|
(232
|
)
|
$
|
(24,906
|
)
|
0.46
|
%
|
|||||
Consumer Finance
|
||||||||||||
American Express Co.
|
(171
|
)
|
(24,918
|
)
|
0.46
|
%
|
||||||
Consumer Staples Distribution & Retail
|
||||||||||||
Costco Wholesale Corp.
|
(53
|
)
|
(29,337
|
)
|
0.54
|
%
|
||||||
Walmart, Inc.
|
(179
|
)
|
(29,192
|
)
|
0.54
|
%
|
||||||
(58,529
|
)
|
|||||||||||
Electronic Equipment, Instruments & Components
|
||||||||||||
Amphenol Corp.
|
(713
|
)
|
(57,393
|
)
|
1.06
|
%
|
||||||
Jabil, Inc.
|
(200
|
)
|
(39,982
|
)
|
0.74
|
%
|
||||||
CDW Corp.
|
(445
|
)
|
(54,652
|
)
|
1.01
|
%
|
||||||
(152,027
|
)
|
|||||||||||
Entertainment
|
||||||||||||
Electronic Arts, Inc.
|
(930
|
)
|
(115,166
|
)
|
2.12
|
%
|
||||||
Financial Services
|
||||||||||||
Marsh & McLennan Cos. Inc.
|
(139
|
)
|
(26,425
|
)
|
0.49
|
%
|
||||||
Mastercard, Inc.
|
(66
|
)
|
(24,851
|
)
|
0.46
|
%
|
||||||
Visa, Inc.
|
(111
|
)
|
(26,095
|
)
|
0.48
|
%
|
||||||
(77,371
|
)
|
|||||||||||
Food Products
|
||||||||||||
Mondelez International, Inc.
|
(402
|
)
|
(26,640
|
)
|
0.49
|
%
|
||||||
Health Care Equipment & Supplies
|
||||||||||||
GE HealthCare Technologies, Inc.
|
(376
|
)
|
(25,032
|
)
|
0.46
|
%
|
||||||
ResMed, Inc.
|
(245
|
)
|
(34,653
|
)
|
0.64
|
%
|
||||||
Stryker Corp.
|
(162
|
)
|
(43,748
|
)
|
0.81
|
%
|
||||||
Teradyne, Inc.
|
(536
|
)
|
(44,592
|
)
|
0.82
|
%
|
||||||
Zimmer Biomet Holdings Inc.
|
(245
|
)
|
(25,533
|
)
|
0.47
|
%
|
||||||
(173,558
|
)
|
Shares
|
Value
|
% of basket
|
||||||||||
Health Care Providers & Services
|
||||||||||||
Elevance Health, Inc.
|
(115
|
)
|
$
|
(51,816
|
)
|
0.95
|
%
|
|||||
HCA Healthcare, Inc.
|
(143
|
)
|
(32,328
|
)
|
0.60
|
%
|
||||||
Humana, Inc.
|
(131
|
)
|
(68,526
|
)
|
1.26
|
%
|
||||||
McKesson Corp.
|
(123
|
)
|
(55,993
|
)
|
1.03
|
%
|
||||||
(208,663
|
)
|
|||||||||||
Household Products
|
||||||||||||
Procter & Gamble Co.
|
(187
|
)
|
(28,047
|
)
|
0.52
|
%
|
||||||
Insurance
|
||||||||||||
Aon plc
|
(82
|
)
|
(25,270
|
)
|
0.47
|
%
|
||||||
Arthur J. Gallagher & Co.
|
(118
|
)
|
(27,880
|
)
|
0.51
|
%
|
||||||
Chubb Ltd.
|
(135
|
)
|
(29,073
|
)
|
0.54
|
%
|
||||||
Progressive Corp.
|
(204
|
)
|
(32,237
|
)
|
0.59
|
%
|
||||||
Willis Towers Watson plc
|
(131
|
)
|
(30,914
|
)
|
0.57
|
%
|
||||||
(145,374
|
)
|
|||||||||||
Life Sciences Tools & Services
|
||||||||||||
Agilent Technologies, Inc.
|
(251
|
)
|
(25,932
|
)
|
0.48
|
%
|
||||||
Thermo Fisher Scientific, Inc
|
(113
|
)
|
(50,160
|
)
|
0.92
|
%
|
||||||
(76,092
|
)
|
|||||||||||
Media
|
||||||||||||
Comcast Corp.
|
(2,522
|
)
|
(104,127
|
)
|
1.92
|
%
|
||||||
Fox Corp.
|
(2,094
|
)
|
(63,644
|
)
|
1.17
|
%
|
||||||
News Corp.
|
(1,289
|
)
|
(26,652
|
)
|
0.49
|
%
|
||||||
New York Times Co.
|
(734
|
)
|
(29,601
|
)
|
0.54
|
%
|
||||||
Paramount Global
|
(5,000
|
)
|
(54,397
|
)
|
1.00
|
%
|
||||||
(278,421
|
)
|
|||||||||||
Pharmaceuticals
|
||||||||||||
Cencora, Inc.
|
(352
|
)
|
(65,135
|
)
|
1.20
|
%
|
||||||
Danaher Corp.
|
(239
|
)
|
(45,824
|
)
|
0.84
|
%
|
||||||
Eli Lilly & Co.
|
(115
|
)
|
(63,725
|
)
|
1.17
|
%
|
||||||
Zoetis, Inc.
|
(250
|
)
|
(39,309
|
)
|
0.72
|
%
|
||||||
(213,993
|
)
|
|||||||||||
Semiconductors & Semiconductor Equipment
|
||||||||||||
Applied Materials, Inc.
|
(722
|
)
|
(95,546
|
)
|
1.76
|
%
|
||||||
Entegris, Inc.
|
(445
|
)
|
(39,159
|
)
|
0.72
|
%
|
||||||
KLA Corp.
|
(219
|
)
|
(102,719
|
)
|
1.89
|
%
|
||||||
Lam Research Corp.
|
(159
|
)
|
(93,369
|
)
|
1.72
|
%
|
||||||
Marvell Technology, Inc.
|
(1,900
|
)
|
(89,741
|
)
|
1.65
|
%
|
||||||
Micron Technology, Inc.
|
(1,600
|
)
|
(107,021
|
)
|
1.97
|
%
|
Shares
|
Value
|
% of basket
|
||||||||||
Semiconductors & Semiconductor
|
||||||||||||
Equipment (Continued)
|
||||||||||||
Monolithic Power Systems, Inc.
|
(200
|
)
|
$
|
(88,290
|
)
|
1.62
|
%
|
|||||
NVIDIA Corp.
|
(221
|
)
|
(90,207
|
)
|
1.66
|
%
|
||||||
(706,052
|
)
|
|||||||||||
Software
|
||||||||||||
Intuit, Inc.
|
(202
|
)
|
(99,775
|
)
|
1.84
|
%
|
||||||
Microsoft Corp.
|
(331
|
)
|
(112,063
|
)
|
2.06
|
%
|
||||||
Roper Technologies, Inc.
|
(116
|
)
|
(56,559
|
)
|
1.04
|
%
|
||||||
(268,397
|
)
|
|||||||||||
Technology Hardware, Storage & Periperals
|
||||||||||||
Apple, Inc.
|
(581
|
)
|
(99,171
|
)
|
1.83
|
%
|
ASSETS:
|
||||
Investments, at value (Cost $138,266,567)
|
$
|
130,965,619
|
||
Cash(1)
|
59,011,651
|
|||
Foreign currency, at value (Cost $8,188,553)
|
8,069,462
|
|||
Deposits at broker for securities sold short and written options
|
101,708,277
|
|||
Collateral for swap contracts
|
23,340,000
|
|||
Deposits for futures
|
4,984,210
|
|||
Dividends and interest receivable
|
703,160
|
|||
Receivable for investments sold
|
29,620,303
|
|||
Variation margin receivable, net
|
320,521
|
|||
Receivable for fund shares sold
|
95,224
|
|||
Prepaid expenses and other receivables
|
14,734
|
|||
Total assets
|
358,833,161
|
|||
LIABILITIES:
|
||||
Securities sold short, at value (proceeds of $108,320,596)
|
104,273,077
|
|||
Written option contracts, at value (premiums received $77,748)
|
62,161
|
|||
Payable for investments purchased
|
29,893,678
|
|||
Payable for swap contracts, net
|
5,743,560
|
|||
Payable to broker for foreign currency (proceeds $274,836)
|
273,913
|
|||
Payable for fund shares redeemed
|
568,566
|
|||
Payable to Adviser, net
|
196,600
|
|||
Dividends and interest payable for securities sold short
|
239,448
|
|||
Payable for fund administration and fund accounting fees
|
81,953
|
|||
Payable for custodian fees
|
70,168
|
|||
Payable for transfer agent fees and expenses
|
26,860
|
|||
Payable for swap interest and dividends, net
|
13,117
|
|||
Payable for compliance fees
|
3,995
|
|||
Distribution and shareholder servicing fees payable
|
270
|
|||
Accrued expenses and other liabilities
|
70,227
|
|||
Total liabilities
|
141,517,593
|
|||
NET ASSETS
|
$
|
217,315,568
|
||
NET ASSETS CONSISTS OF:
|
||||
Paid-in capital
|
$
|
270,043,580
|
||
Total accumulated losses
|
(52,728,012
|
)
|
||
Total net assets
|
$
|
217,315,568
|
Class K
|
Investor
|
|||||||
Shares
|
Class Shares
|
|||||||
Net assets
|
$
|
216,198,165
|
$
|
1,117,403
|
||||
Shares issued and outstanding(2)
|
25,357,743
|
133,912
|
||||||
Net asset value, offering, and redemption price per share
|
$
|
8.53
|
$
|
8.34
|
(1)
|
Includes restricted cash of $58,855,013.
|
(2)
|
Unlimited shares authorized without par value.
|
INVESTMENT INCOME:
|
||||
Dividend income on long positions (net of foreign withholding taxes of $31,292)
|
$
|
2,916,314
|
||
Interest income, including broker interest on short positions
|
7,170,681
|
|||
Total investment income
|
10,086,995
|
|||
EXPENSES:
|
||||
Investment advisory fees (See Note 3)
|
3,551,281
|
|||
Dividends on securities sold short
|
2,842,509
|
|||
Borrowing expense on securities sold short
|
1,445,686
|
|||
Fund administration and fund accounting fees (See Note 3)
|
333,658
|
|||
Custodian fees (See Note 3)
|
237,633
|
|||
Transfer agent fees (See Note 3)
|
108,315
|
|||
Federal and state registration fees
|
42,024
|
|||
Audit fees
|
54,500
|
|||
Legal fees
|
28,855
|
|||
Reports to shareholders
|
30,269
|
|||
Compliance fees (See Note 3)
|
16,662
|
|||
Trustees’ fees (See Note 3)
|
14,008
|
|||
Distribution fees – Investor Class (See Note 3)
|
3,666
|
|||
Shareholder servicing fees – Investor Class (See Note 5)
|
1,466
|
|||
Other
|
21,702
|
|||
Total expense before reimbursement
|
8,732,234
|
|||
Less: Expense reimbursement by Adviser (see Note 3)
|
(887,626
|
)
|
||
Net expenses
|
7,844,608
|
|||
NET INVESTMENT INCOME
|
2,242,387
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||
Realized gain (loss) on:
|
||||
Investments
|
(2,960,647
|
)
|
||
Securities sold short
|
(1,638,134
|
)
|
||
Written option contracts expired or closed
|
1,306,553
|
|||
Swap contracts
|
(9,153,448
|
)
|
||
Future contracts
|
220,617
|
|||
Forward currency exchange contracts
|
(6,507
|
)
|
||
Foreign currency translation
|
35,911
|
|||
Net realized loss
|
(12,195,655
|
)
|
||
Change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
2,842,736
|
|||
Securities sold short
|
4,595,829
|
|||
Written option contracts
|
(390,961
|
)
|
||
Swap contracts
|
4,743,952
|
|||
Future contracts
|
1,203,011
|
|||
Forward currency exchange contracts
|
(2,579
|
)
|
||
Foreign currency translation
|
(93,393
|
)
|
||
Net change in unrealized appreciation (depreciation)
|
12,898,595
|
|||
Net realized and unrealized gain on investments
|
702,940
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
2,945,327
|
Year Ended
|
Year Ended
|
|||||||
October 31, 2023
|
October 31, 2022
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
2,242,387
|
$
|
(1,334,348
|
)
|
|||
Net realized loss on investments, securities sold short,
|
||||||||
written option contracts expired or closed, swap contracts,
|
||||||||
futures contracts, forward currency contracts, and foreign currency transactions
|
(12,195,655
|
)
|
(26,864,866
|
)
|
||||
Change in unrealized appreciation (depreciation) on investments,
|
||||||||
securities sold short, written option contracts, swap contracts,
|
||||||||
futures contracts, forward currency contracts and foreign currency translation
|
12,898,595
|
(29,843,337
|
)
|
|||||
Net increase (decrease) in net assets resulting from operations
|
2,945,327
|
(58,042,551
|
)
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Class K
|
(29,340
|
)
|
(15,007,578
|
)
|
||||
Investor Class
|
—
|
(709,286
|
)
|
|||||
Total distributions to shareholders
|
(29,340
|
)
|
(15,716,864
|
)
|
||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Net increase (decrease) in net assets resulting from capital share transactions(1)
|
(39,326,988
|
)
|
96,793,567
|
|||||
NET INCREASE (DECREASE) IN NET ASSETS
|
(36,411,001
|
)
|
23,034,152
|
|||||
NET ASSETS:
|
||||||||
Beginning of year
|
253,726,569
|
230,692,417
|
||||||
End of year
|
$
|
217,315,568
|
$
|
253,726,569
|
(1)
|
A summary of capital share transactions is as follows:
|
For the Year Ended
|
For the Year Ended
|
|||||||||||||||
October 31, 2023
|
October 31, 2022
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Class K:
|
||||||||||||||||
Issued
|
10,469,048
|
$
|
92,132,665
|
21,436,992
|
$
|
207,598,738
|
||||||||||
Issued to holders in
|
||||||||||||||||
reinvestment of dividends
|
3,311
|
28,602
|
1,434,757
|
14,835,381
|
||||||||||||
Redeemed
|
(14,953,150
|
)
|
(130,311,043
|
)
|
(13,061,945
|
)
|
(121,379,526
|
)
|
||||||||
Net increase (decrease) in Class K
|
(4,480,791
|
)
|
$
|
(38,149,776
|
)
|
9,809,804
|
$
|
101,054,593
|
||||||||
Investor Class:
|
||||||||||||||||
Issued
|
13,103
|
$
|
113,689
|
434,793
|
$
|
4,492,482
|
||||||||||
Issued to holders in
|
||||||||||||||||
reinvestment of dividends
|
—
|
—
|
69,674
|
709,286
|
||||||||||||
Redeemed
|
(150,943
|
)
|
(1,290,901
|
)
|
(1,044,210
|
)
|
(9,462,794
|
)
|
||||||||
Net increase in Investor Class
|
(137,840
|
)
|
$
|
(1,177,211
|
)
|
(539,743
|
)
|
$
|
(4,261,026
|
)
|
||||||
Net increase (decrease)
|
||||||||||||||||
in shares outstanding
|
(4,618,631
|
)
|
$
|
(39,326,988
|
)
|
9,270,061
|
$
|
96,793,567
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||||
Class K
|
||||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
8.43
|
$
|
11.08
|
$
|
10.67
|
$
|
11.25
|
$
|
10.44
|
||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||
Net investment income (loss)(1)
|
0.08
|
(0.05
|
)
|
(0.08
|
)
|
(0.02
|
)
|
0.08
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain (loss) on investments
|
0.02
|
(1.92
|
)
|
1.30
|
0.62
|
1.18
|
||||||||||||||
Total from investment operations
|
0.10
|
(1.97
|
)
|
1.22
|
0.60
|
1.26
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
0.00
|
(2)
|
—
|
(0.02
|
)
|
(0.11
|
)
|
(0.21
|
)
|
|||||||||||
Net realized gains
|
—
|
(0.68
|
)
|
(0.79
|
)
|
(1.07
|
)
|
(0.24
|
)
|
|||||||||||
Total distributions
|
—
|
(0.68
|
)
|
(0.81
|
)
|
(1.18
|
)
|
(0.45
|
)
|
|||||||||||
Redemption fees
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Net asset value, end of year
|
$
|
8.53
|
$
|
8.43
|
$
|
11.08
|
$
|
10.67
|
$
|
11.25
|
||||||||||
TOTAL RETURN
|
1.20
|
%
|
-18.99
|
%
|
11.88
|
%
|
5.79
|
%
|
12.76
|
%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (in thousands)
|
$
|
216,198
|
$
|
251,477
|
$
|
221,827
|
$
|
91,865
|
$
|
89,627
|
||||||||||
Ratio of gross expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement(3)
|
3.69
|
%
|
3.01
|
%
|
3.46
|
%
|
4.07
|
%
|
3.95
|
%
|
||||||||||
After expense reimbursement(3)
|
3.31
|
%
|
2.71
|
%
|
2.79
|
%
|
3.05
|
%
|
3.16
|
%
|
||||||||||
Ratio of dividends, interest, and borrowing expense
|
||||||||||||||||||||
on securities sold short to average net assets(3)
|
1.81
|
%
|
1.21
|
%
|
1.29
|
%
|
1.55
|
%
|
1.66
|
%
|
||||||||||
Ratio of operating expenses to average net assets
|
||||||||||||||||||||
excluding dividends, interest, and borrowing
|
||||||||||||||||||||
expense on securities sold short(3)
|
1.50
|
%
|
1.50
|
%
|
1.50
|
%
|
1.50
|
%
|
1.50
|
%
|
||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||
to average net assets(3)
|
0.95
|
%
|
(0.49
|
)%
|
(0.77
|
)%
|
(0.24
|
)%
|
0.78
|
%
|
||||||||||
Portfolio turnover rate(4)
|
1,160
|
%
|
734
|
%
|
576
|
%
|
738
|
%
|
585
|
%
|
(1)
|
Calculated based on average shares outstanding during the years.
|
(2)
|
Amount per share is less than $0.005.
|
(3)
|
These ratios exclude the impact of expenses of the underlying exchange-traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by
the timing of the declaration of dividends by the underlying exchange-traded funds in which the Fund invests.
|
(4)
|
The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments, short-term
options, swap contracts, futures contracts and short positions). The denominator includes the average fair value of long positions throughout the years ended.
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||||
Investor Class
|
||||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
8.28
|
$
|
10.92
|
$
|
10.56
|
$
|
11.16
|
$
|
10.38
|
||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||
Net investment income (loss)(1)
|
0.04
|
(0.08
|
)
|
(0.12
|
)
|
(0.06
|
)
|
0.05
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain (loss) on investments(2)
|
0.02
|
(1.88
|
)
|
1.28
|
0.61
|
1.18
|
||||||||||||||
Total from investment operations
|
0.06
|
(1.96
|
)
|
1.16
|
0.55
|
1.23
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
—
|
—
|
(0.01
|
)
|
(0.08
|
)
|
(0.21
|
)
|
||||||||||||
Net realized gains
|
—
|
(0.68
|
)
|
(0.79
|
)
|
(1.07
|
)
|
(0.24
|
)
|
|||||||||||
Total distributions
|
—
|
(0.68
|
)
|
(0.80
|
)
|
(1.15
|
)
|
(0.45
|
)
|
|||||||||||
Redemption fees
|
—
|
—
|
—
|
0.00(3
|
)
|
0.00
|
(3)
|
|||||||||||||
Net asset value, end of year
|
$
|
8.34
|
$
|
8.28
|
$
|
10.92
|
$
|
10.56
|
$
|
11.16
|
||||||||||
TOTAL RETURN
|
0.85
|
%
|
-19.26
|
%
|
11.43
|
%
|
5.48
|
%
|
12.36
|
%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (in thousands)
|
$
|
1,117
|
$
|
2,249
|
$
|
8,865
|
$
|
5,905
|
$
|
5,487
|
||||||||||
Ratio of gross expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement(4)
|
4.04
|
%
|
3.36
|
%
|
3.80
|
%
|
4.42
|
%
|
4.30
|
%
|
||||||||||
After expense reimbursement(4)
|
3.66
|
%
|
3.06
|
%
|
3.14
|
%
|
3.40
|
%
|
3.51
|
%
|
||||||||||
Ratio of dividends, interest, and borrowing expense
|
||||||||||||||||||||
on securities sold short to average net assets(4)
|
1.81
|
%
|
1.21
|
%
|
1.29
|
%
|
1.55
|
%
|
1.66
|
%
|
||||||||||
Ratio of operating expenses to average net assets
|
||||||||||||||||||||
excluding dividends, interest, and borrowing
|
||||||||||||||||||||
expense on securities sold short(4)
|
1.85
|
%
|
1.85
|
%
|
1.85
|
%
|
1.85
|
%
|
1.85
|
%
|
||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||
to average net assets(4)
|
0.60
|
%
|
(0.84
|
)%
|
(1.11
|
)%
|
(0.59
|
)%
|
0.43
|
%
|
||||||||||
Portfolio turnover rate(5)
|
1,160
|
%
|
734
|
%
|
576
|
%
|
738
|
%
|
585
|
%
|
(1)
|
Calculated based on average shares outstanding during the years.
|
(2)
|
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with
the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(3)
|
Amount per share is less than $0.005.
|
(4)
|
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by
the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests.
|
(5)
|
The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments, short-term
options, swap contracts, futures contracts and short positions). The denominator includes the average fair value of long positions throughout the years end.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the
identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments at Fair Value
|
||||||||||||||||
Common Stocks
|
||||||||||||||||
Aerospace & Defense
|
$
|
819,627
|
$
|
—
|
$
|
—
|
$
|
819,627
|
||||||||
Air Freight & Logistics
|
969,892
|
224,012
|
—
|
1,193,904
|
||||||||||||
Automobile Components
|
306,578
|
—
|
—
|
306,578
|
||||||||||||
Banks
|
4,946,800
|
261,576
|
—
|
5,208,376
|
||||||||||||
Beverages
|
2,135,076
|
—
|
—
|
2,135,076
|
||||||||||||
Biotechnology
|
2,146,305
|
—
|
—
|
2,146,305
|
||||||||||||
Broadline Retail
|
1,496,044
|
—
|
—
|
1,496,044
|
||||||||||||
Building Products
|
338,215
|
—
|
—
|
338,215
|
||||||||||||
Capital Markets
|
6,272,999
|
134,625
|
—
|
6,407,624
|
||||||||||||
Chemicals
|
1,407,083
|
—
|
—
|
1,407,083
|
||||||||||||
Commercial Services & Supplies
|
36,131
|
—
|
—
|
36,131
|
||||||||||||
Communications Equipment
|
1,703,083
|
—
|
—
|
1,703,083
|
||||||||||||
Construction & Engineering
|
543,193
|
—
|
—
|
543,193
|
||||||||||||
Construction Materials
|
214,839
|
—
|
—
|
214,839
|
||||||||||||
Consumer Finance
|
578,803
|
—
|
—
|
578,803
|
||||||||||||
Consumer Staples Distribution & Retail
|
1,551,045
|
—
|
—
|
1,551,045
|
||||||||||||
Containers & Packaging
|
141,453
|
—
|
—
|
141,453
|
||||||||||||
Distributors
|
94,731
|
—
|
—
|
94,731
|
||||||||||||
Diversified Consumer Services
|
17,259
|
—
|
—
|
17,259
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets – Continued
|
||||||||||||||||
Investments at Fair Value – Continued
|
||||||||||||||||
Diversified REITs
|
$
|
1,188,790
|
$
|
—
|
$
|
—
|
$
|
1,188,790
|
||||||||
Diversified Telecommunication Services
|
415,769
|
—
|
—
|
415,769
|
||||||||||||
Electric Utilities
|
—
|
81,689
|
—
|
81,689
|
||||||||||||
Electrical Equipment
|
1,025,604
|
—
|
—
|
1,025,604
|
||||||||||||
Electronic Equipment, Instruments & Components
|
219,499
|
—
|
—
|
219,499
|
||||||||||||
Energy Equipment & Services
|
2,673,589
|
—
|
—
|
2,673,589
|
||||||||||||
Entertainment
|
1,530,338
|
—
|
—
|
1,530,338
|
||||||||||||
Financial Services
|
1,961,265
|
—
|
—
|
1,961,265
|
||||||||||||
Food Products
|
2,796,590
|
—
|
—
|
2,796,590
|
||||||||||||
Ground Transportation
|
2,176,637
|
—
|
—
|
2,176,637
|
||||||||||||
Health Care Equipment & Supplies
|
2,307,046
|
—
|
—
|
2,307,046
|
||||||||||||
Health Care Providers & Services
|
1,444,563
|
—
|
—
|
1,444,563
|
||||||||||||
Health Care REITs
|
4,373,011
|
—
|
—
|
4,373,011
|
||||||||||||
Health Care Technology
|
295,749
|
—
|
—
|
295,749
|
||||||||||||
Hotels, Restaurants & Leisure
|
7,716,519
|
—
|
—
|
7,716,519
|
||||||||||||
Household Durables
|
168,311
|
—
|
—
|
168,311
|
||||||||||||
Household Products
|
2,291,134
|
—
|
—
|
2,291,134
|
||||||||||||
Industrial Conglomerates
|
244,469
|
—
|
—
|
244,469
|
||||||||||||
Industrial REITs
|
7,156,498
|
—
|
—
|
7,156,498
|
||||||||||||
Insurance
|
3,038,087
|
64,001
|
—
|
3,102,088
|
||||||||||||
Interactive Media & Services
|
1,300,688
|
—
|
—
|
1,300,688
|
||||||||||||
IT Services
|
51,253
|
—
|
—
|
51,253
|
||||||||||||
Leisure Products
|
17,292
|
—
|
202
|
(1)
|
17,494
|
|||||||||||
Life Sciences Tools & Services
|
1,078,655
|
306,894
|
—
|
1,385,549
|
||||||||||||
Machinery
|
1,283,715
|
—
|
—
|
1,283,715
|
||||||||||||
Marine Transportation
|
102,040
|
89,976
|
—
|
192,016
|
||||||||||||
Media
|
1,246,460
|
—
|
—
|
1,246,460
|
||||||||||||
Metals & Mining
|
4,195,221
|
361,433
|
—
|
4,556,654
|
||||||||||||
Mortgage Real Estate Investment Trusts (REITs)
|
176,654
|
–
|
—
|
176,654
|
||||||||||||
Office REITs
|
6,393,016
|
—
|
—
|
6,393,016
|
||||||||||||
Oil, Gas & Consumable Fuels
|
4,553,175
|
—
|
—
|
4,553,175
|
||||||||||||
Paper & Forest Products
|
66,140
|
—
|
—
|
66,140
|
||||||||||||
Passenger Airlines
|
16,375
|
—
|
—
|
16,375
|
||||||||||||
Personal Care Products
|
413,733
|
—
|
—
|
413,733
|
||||||||||||
Pharmaceuticals
|
2,161,441
|
165,087
|
—
|
2,326,528
|
||||||||||||
Professional Services
|
63,184
|
—
|
—
|
63,184
|
||||||||||||
Retail REITs
|
6,125,969
|
—
|
—
|
6,125,969
|
||||||||||||
Semiconductors & Semiconductor Equipment
|
2,166,896
|
—
|
—
|
2,166,896
|
||||||||||||
Software
|
5,245,328
|
—
|
—
|
5,245,328
|
||||||||||||
Specialized REITs
|
6,308,487
|
—
|
—
|
6,308,487
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets – Continued
|
||||||||||||||||
Investments at Fair Value – Continued
|
||||||||||||||||
Specialty Retail
|
$
|
1,131,147
|
$
|
—
|
$
|
—
|
$
|
1,131,147
|
||||||||
Technology Hardware, Storage & Peripherals
|
542,122
|
—
|
—
|
542,123
|
||||||||||||
Textiles, Apparel & Luxury Goods
|
224,524
|
—
|
—
|
224,524
|
||||||||||||
Trading Companies & Distributors
|
1,526,665
|
—
|
—
|
1,526,665
|
||||||||||||
Wireless Telecommunication Services
|
580,317
|
—
|
2,494
|
(1)
|
582,811
|
|||||||||||
Total Common Stocks
|
115,713,121
|
1,689,293
|
2,696
|
117,405,110
|
||||||||||||
Contingent Value Rights
|
—
|
—
|
—
|
(1)(2)
|
—
|
|||||||||||
Exchange Traded Funds(3)
|
3,946,990
|
—
|
—
|
3,946,990
|
||||||||||||
Purchased Options
|
5,040
|
172,559
|
—
|
177,599
|
||||||||||||
Preferred Stocks
|
244,514
|
—
|
—
|
244,514
|
||||||||||||
Warrant(3)
|
—
|
—
|
—
|
(1)(2)
|
—
|
|||||||||||
Money Market Fund
|
9,191,406
|
—
|
—
|
9,191,406
|
||||||||||||
$
|
129,101,071
|
$
|
1,861,852
|
$
|
2,696
|
$
|
130,965,619
|
|||||||||
Liabilities
|
||||||||||||||||
Investments at Fair Value
|
||||||||||||||||
Common Stocks
|
||||||||||||||||
Aerospace & Defense
|
$
|
(74,453
|
)
|
$
|
(90,031
|
)
|
$
|
—
|
$
|
(164,484
|
)
|
|||||
Air Freight & Logistics
|
(196,124
|
)
|
—
|
—
|
(196,124
|
)
|
||||||||||
Automobiles
|
(606,061
|
)
|
—
|
—
|
(606,061
|
)
|
||||||||||
Banks
|
(4,037,272
|
)
|
—
|
—
|
(4,037,272
|
)
|
||||||||||
Beverages
|
(1,635,721
|
)
|
—
|
—
|
(1,635,721
|
)
|
||||||||||
Biotechnology
|
(1,847,996
|
)
|
(21,019
|
)
|
—
|
(1,869,015
|
)
|
|||||||||
Broadline Retail
|
(51,481
|
)
|
—
|
—
|
(51,481
|
)
|
||||||||||
Building Products
|
(199,271
|
)
|
—
|
—
|
(199,271
|
)
|
||||||||||
Capital Markets
|
(5,183,178
|
)
|
(50,742
|
)
|
—
|
(5,233,920
|
)
|
|||||||||
Chemicals
|
(863,377
|
)
|
—
|
—
|
(863,377
|
)
|
||||||||||
Commercial Services & Supplies
|
(176,213
|
)
|
—
|
—
|
(176,213
|
)
|
||||||||||
Communications Equipment
|
(153,405
|
)
|
—
|
—
|
(153,405
|
)
|
||||||||||
Construction & Engineering
|
(67,258
|
)
|
—
|
—
|
(67,258
|
)
|
||||||||||
Construction Materials
|
(56,393
|
)
|
—
|
—
|
(56,393
|
)
|
||||||||||
Consumer Finance
|
(1,480,425
|
)
|
—
|
—
|
(1,480,425
|
)
|
||||||||||
Consumer Staples Distribution & Retail
|
(986,565
|
)
|
—
|
—
|
(986,565
|
)
|
||||||||||
Diversified REITs
|
(336,883
|
)
|
—
|
—
|
(336,883
|
)
|
||||||||||
Diversified Telecommunication Services
|
(67,239
|
)
|
—
|
—
|
(67,239
|
)
|
||||||||||
Electrical Equipment
|
(156,727
|
)
|
—
|
—
|
(156,727
|
)
|
||||||||||
Electronic Equipment, Instruments & Components
|
(447,299
|
)
|
—
|
—
|
(447,299
|
)
|
||||||||||
Energy Equipment & Services
|
(1,556,613
|
)
|
—
|
—
|
(1,556,613
|
)
|
||||||||||
Entertainment
|
(166,840
|
)
|
—
|
—
|
(166,840
|
)
|
||||||||||
Financial Services
|
(431,037
|
)
|
—
|
—
|
(431,037
|
)
|
||||||||||
Food Products
|
(2,075,303
|
)
|
(161,866
|
)
|
—
|
(2,237,169
|
)
|
|||||||||
Ground Transportation
|
(1,842,276
|
)
|
—
|
—
|
(1,842,276
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Liabilities – Continued
|
||||||||||||||||
Investments at Fair Value – Continued
|
||||||||||||||||
Health Care Equipment & Supplies
|
$
|
(805,561
|
)
|
$
|
—
|
$
|
—
|
$
|
(805,561
|
)
|
||||||
Health Care Providers & Services
|
(1,358,363
|
)
|
(76,885
|
)
|
—
|
(1,435,248
|
)
|
|||||||||
Health Care REITs
|
(2,494,293
|
)
|
—
|
—
|
(2,494,293
|
)
|
||||||||||
Health Care Technology
|
(136,454
|
)
|
—
|
—
|
(136,454
|
)
|
||||||||||
Hotel & Resort REITs
|
(390,535
|
)
|
—
|
—
|
(390,535
|
)
|
||||||||||
Hotels, Restaurants & Leisure
|
(4,867,221
|
)
|
(68,789
|
)
|
—
|
(4,936,010
|
)
|
|||||||||
Household Durables
|
(108,098
|
)
|
—
|
—
|
(108,098
|
)
|
||||||||||
Household Products
|
(1,235,853
|
)
|
—
|
—
|
(1,235,853
|
)
|
||||||||||
Industrial Conglomerates
|
(173,864
|
)
|
—
|
—
|
(173,864
|
)
|
||||||||||
Industrial REITs
|
(5,280,846
|
)
|
—
|
—
|
(5,280,846
|
)
|
||||||||||
Insurance
|
(1,226,622
|
)
|
(140,598
|
)
|
—
|
(1,367,220
|
)
|
|||||||||
Interactive Media & Services
|
(349,633
|
)
|
—
|
—
|
(349,633
|
)
|
||||||||||
IT Services
|
(583,883
|
)
|
—
|
—
|
(583,883
|
)
|
||||||||||
Leisure Products
|
(37,077
|
)
|
—
|
—
|
(37,077
|
)
|
||||||||||
Life Sciences Tools & Services
|
(754,980
|
)
|
(34,113
|
)
|
—
|
(789,093
|
)
|
|||||||||
Machinery
|
(1,384,835
|
)
|
—
|
—
|
(1,384,835
|
)
|
||||||||||
Marine Transportation
|
—
|
(120,000
|
)
|
—
|
(120,000
|
)
|
||||||||||
Media
|
(1,108,251
|
)
|
—
|
—
|
(1,108,251
|
)
|
||||||||||
Metals & Mining
|
(1,415,765
|
)
|
(564,847
|
)
|
—
|
(1,980,612
|
)
|
|||||||||
Mortgage Real Estate Investment Trusts (REITs)
|
(382,696
|
)
|
—
|
—
|
(382,696
|
)
|
||||||||||
Office REITs
|
(2,458,073
|
)
|
—
|
—
|
(2,458,073
|
)
|
||||||||||
Oil, Gas & Consumable Fuels
|
(4,172,402
|
)
|
—
|
—
|
(4,172,402
|
)
|
||||||||||
Paper & Forest Products
|
(45,229
|
)
|
—
|
—
|
(45,229
|
)
|
||||||||||
Passenger Airlines
|
(370,505
|
)
|
—
|
—
|
(370,505
|
)
|
||||||||||
Personal Care Products
|
(140,786
|
)
|
—
|
—
|
(140,786
|
)
|
||||||||||
Pharmaceuticals
|
(893,201
|
)
|
(562,352
|
)
|
—
|
(1,455,553
|
)
|
|||||||||
Professional Services
|
(416,671
|
)
|
—
|
—
|
(416,671
|
)
|
||||||||||
Residential REITs
|
(1,802,793
|
)
|
—
|
—
|
(1,802,793
|
)
|
||||||||||
Retail REITs
|
(7,060,184
|
)
|
—
|
—
|
(7,060,184
|
)
|
||||||||||
Semiconductors & Semiconductor Equipment
|
(1,438,265
|
)
|
(99,168
|
)
|
—
|
(1,537,433
|
)
|
|||||||||
Software
|
(380,840
|
)
|
—
|
—
|
(380,840
|
)
|
||||||||||
Specialized REITs
|
(7,969,539
|
)
|
—
|
—
|
(7,969,539
|
)
|
||||||||||
Specialty Retail
|
(1,358,703
|
)
|
—
|
—
|
(1,358,703
|
)
|
||||||||||
Technology Hardware, Storage & Peripherals
|
(1,296,827
|
)
|
—
|
—
|
(1,296,827
|
)
|
||||||||||
Textiles, Apparel & Luxury Goods
|
(192,612
|
)
|
(73,435
|
)
|
—
|
(266,047
|
)
|
|||||||||
Trading Companies & Distributors
|
(421,357
|
)
|
—
|
—
|
(421,357
|
)
|
||||||||||
Total Common Stocks
|
(79,208,227
|
)
|
(2,063,845
|
)
|
—
|
(81,272,072
|
)
|
|||||||||
Exchange Traded Funds(3)
|
(22,860,647
|
)
|
—
|
—
|
(22,860,647
|
)
|
||||||||||
Preferred Stocks
|
—
|
(140,358
|
)
|
—
|
(140,358
|
)
|
||||||||||
$
|
(102,068,874
|
)
|
$
|
(2,204,203
|
)
|
$
|
—
|
$
|
(104,273,077
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Liabilities – Continued
|
||||||||||||||||
Other Instruments
|
||||||||||||||||
Written Options
|
$
|
(5,864
|
)
|
$
|
(56,297
|
)
|
$
|
—
|
$
|
(62,161
|
)
|
|||||
Futures Contracts(4)
|
—
|
(5,511,499
|
)
|
—
|
(5,511,499
|
)
|
||||||||||
Swap Contracts(4)
|
(5,743,560
|
)
|
—
|
(5,743,560
|
)
|
|||||||||||
$
|
(5,864
|
)
|
$
|
(11,311,356
|
)
|
$
|
—
|
$
|
(11,317,220
|
)
|
(1)
|
Management has deemed these Level 3 securities as immaterial and therefore no further disclosure is needed.
|
(2)
|
Amount less than $0.50.
|
(3)
|
See the Schedule of Investments for industry classifications.
|
(4)
|
Swap contracts and future contracts are valued at the net unrealized appreciation (depreciation) on the instrument as presented on the Schedules of Open Swap and Open Futures contracts.
|
Monthly Average
|
Monthly Average
|
|||||||
Quantity
|
Notional Value
|
|||||||
Purchased Option Contracts
|
2,863
|
26,000,298
|
||||||
Written Option Contracts
|
1,536
|
8,247,892
|
||||||
Long Total Return Swap Contracts
|
1,406,854
|
99,506,013
|
||||||
Short Total Return Swap Contracts
|
222,481
|
9,559,504
|
||||||
Long Futures Contracts
|
947
|
125,926,100
|
||||||
Short Futures Contracts
|
1
|
188,236
|
||||||
Long Forward Contracts
|
28,764
|
28,764
|
||||||
Short Forward Contracts
|
198,841
|
28,813
|
Statement of Assets and
|
Fair Value
|
||||||||
Liabilities Location
|
Assets
|
Liabilities
|
|||||||
Purchased Option Contracts
|
|||||||||
Equity
|
Investments, at value
|
$
|
177,599
|
$
|
—
|
||||
Written Option Contracts
|
|||||||||
Equity
|
Written option contracts, at value
|
—
|
62,161
|
||||||
Swap Contracts
|
|||||||||
Equity
|
Payable for swap contracts, net
|
—
|
5,743,560
|
||||||
Futures Contracts
|
|||||||||
Commodity
|
Variation margin receivable, net
|
—
|
87,010
|
||||||
Equity
|
Variation margin receivable, net
|
436,360
|
—
|
||||||
Interest rate
|
Variation margin receivable, net
|
—
|
28,829
|
||||||
Total Futures Contracts
|
436,360
|
115,839
|
|||||||
$
|
613,959
|
$
|
5,921,560
|
Net Realized Gain (Loss) on Derivatives
|
||||||||||||||||||||||||
Forward
|
||||||||||||||||||||||||
Purchased
|
Written
|
Currency
|
||||||||||||||||||||||
Option
|
Option
|
Swap
|
Futures
|
Exchange
|
||||||||||||||||||||
Derivatives
|
Contracts*
|
Contracts
|
Contracts
|
Contracts
|
Contracts
|
Total
|
||||||||||||||||||
Equity Contracts
|
$
|
(1,889,268
|
)
|
$
|
1,306,553
|
$
|
(9,153,448
|
)
|
$
|
3,306,599
|
$
|
—
|
$
|
(6,429,564
|
)
|
|||||||||
Commodity Contracts
|
—
|
—
|
—
|
1,363,889
|
—
|
1,363,889
|
||||||||||||||||||
Interest Rate Contracts
|
—
|
—
|
—
|
(4,468,397
|
)
|
—
|
(4,468,397
|
)
|
||||||||||||||||
Foreign Exchange Contracts
|
—
|
—
|
—
|
18,526
|
(6,507
|
)
|
12,019
|
|||||||||||||||||
Total
|
$
|
(1,889,268
|
)
|
$
|
1,306,553
|
$
|
(9,153,448
|
)
|
$
|
220,617
|
$
|
(6,507
|
)
|
$
|
(9,522,053
|
)
|
||||||||
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
|
||||||||||||||||||||||||
Forward
|
||||||||||||||||||||||||
Purchased
|
Written
|
Currency
|
||||||||||||||||||||||
Option
|
Option
|
Swap
|
Futures
|
Exchange
|
||||||||||||||||||||
Derivatives
|
Contracts**
|
Contracts
|
Contracts
|
Contracts
|
Contracts
|
Total
|
||||||||||||||||||
Equity Contracts
|
$
|
(7,211
|
)
|
$
|
(390,961
|
)
|
$
|
4,743,952
|
$
|
(5,257,037
|
)
|
$
|
—
|
$
|
(911,257
|
)
|
||||||||
Commodity Contracts
|
—
|
—
|
—
|
1,155,168
|
—
|
1,155,168
|
||||||||||||||||||
Interest Rate Contracts
|
—
|
—
|
—
|
5,304,880
|
—
|
5,304,880
|
||||||||||||||||||
Foreign Exchange Contracts
|
—
|
—
|
—
|
—
|
(2,579
|
)
|
(2,579
|
)
|
||||||||||||||||
Total
|
$
|
(7,211
|
)
|
$
|
(390,961
|
)
|
$
|
4,743,952
|
$
|
1,203,011
|
$
|
(2,579
|
)
|
$
|
5,546,212
|
*
|
The amounts disclosed are included in the realized gain (loss) on investments.
|
|
**
|
The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.
|
Expiration
|
Amount
|
|||
November 2023 to October 2024
|
$
|
1,165,912
|
||
November 2024 to October 2025
|
814,144
|
|||
November 2025 to October 2026
|
887,626
|
Tax cost of investments*
|
$
|
22,034,486
|
||
Gross unrealized appreciation
|
$
|
7,605,926
|
||
Gross unrealized depreciation
|
(22,178,808
|
)
|
||
Net unrealized depreciation
|
(14,572,882
|
)
|
||
Undistributed ordinary income
|
3,472,757
|
|||
Undistributed long-term capital gain
|
—
|
|||
Other accumulated losses
|
(41,627,887
|
)
|
||
Total accumulated losses
|
$
|
(52,728,012
|
)
|
*
|
Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to partnership adjustments, wash sales, derivatives and constructive sales.
|
Total
|
|||
Distributable
|
|||
Earnings
|
Paid-in Capital
|
||
$(66,997)
|
$66,997
|
Ordinary Income*
|
Long-Term Capital Gain
|
Total
|
||||||||||||
2023
|
$
|
29,340
|
$
|
—
|
$
|
29,340
|
||||||||
2022
|
12,810,319
|
2,906,545
|
15,716,864
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
Purchases
|
Sales
|
|||||||
U.S. Government
|
$
|
—
|
$
|
—
|
||||
Other
|
1,607,295,329
|
1,641,856,739
|
Gross
|
Gross Amounts not
offset in the Statement
of Assets and Liabilities
|
|||||||||||||||||||||||
Gross
|
Amounts
|
Net Amounts
|
||||||||||||||||||||||
Amounts of
|
Offset in the
|
Presented in
|
||||||||||||||||||||||
Recognized
|
Statement of
|
the Statement
|
Collateral
|
|||||||||||||||||||||
Assets/
|
Assets and
|
of Assets
|
Financial
|
Received/
|
Net
|
|||||||||||||||||||
Liabilities
|
Liabilities
|
and Liabilities
|
Instruments
|
Pledged*
|
Amount
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Description
|
||||||||||||||||||||||||
Futures Contracts
|
$
|
436,484
|
$
|
115,963
|
$
|
320,521
|
$
|
—
|
$
|
—
|
$
|
320,521
|
||||||||||||
Swap Contracts
|
375,478
|
375,478
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
811,962
|
$
|
491,441
|
$
|
320,521
|
$
|
—
|
$
|
—
|
$
|
320,521
|
|||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Description
|
||||||||||||||||||||||||
Futures Contracts
|
$
|
115,963
|
$
|
115,963
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Swap Contracts
|
6,119,038
|
375,478
|
5,743,560
|
—
|
5,743,560
|
—
|
||||||||||||||||||
Written Option Contracts
|
62,161
|
—
|
62,161
|
—
|
62,161
|
—
|
||||||||||||||||||
$
|
6,297,162
|
$
|
491,441
|
$
|
5,805,721
|
$
|
—
|
$
|
5,805,721
|
$
|
—
|
*
|
In some instances, the actual collateral pledged/received may be more than amount shown.
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other
|
||||
Positions
|
Term of Office
|
Complex(2)
|
Directorships
|
||
Name and
|
with
|
and Length of
|
Principal Occupations
|
Overseen
|
Held During
|
Year of Birth
|
the Trust
|
Time Served
|
During Past Five Years
|
by Trustees
|
Past Five Years
|
Independent Trustees of the Trust(1)
|
|||||
Koji Felton
|
Trustee
|
Indefinite Term;
|
Retired.
|
2
|
Independent
|
(born 1961)
|
Since
|
Trustee, Listed
|
|||
September 2015.
|
Funds Trust
|
||||
(15 portfolios)
|
|||||
(Since 2019).
|
|||||
Debra McGinty-Poteet
|
Trustee
|
Indefinite Term;
|
Retired.
|
2
|
Independent
|
(born 1956)
|
Since
|
Trustee, F/m
|
|||
September 2015.
|
Funds Trust
|
||||
(3 portfolios)
|
|||||
(Since May
|
|||||
2015).
|
|||||
Daniel B. Willey
|
Trustee
|
Indefinite Term;
|
Retired. Chief Compliance
|
2
|
None
|
(born 1955)
|
Since
|
Officer, United Nations
|
|||
September 2015.
|
Joint Staff Pension
|
||||
Fund (2009 – 2017).
|
|||||
Interested Trustee
|
|||||
Elaine E. Richards(3)
|
Chair,
|
Indefinite Term;
|
Senior Vice President,
|
2
|
None
|
(born 1968)
|
Trustee
|
Since
|
U.S. Bancorp Fund
|
||
July 2021.
|
Services, LLC (since 2007).
|
||||
Officers of the Trust
|
|||||
Ryan L. Roell
|
President and
|
Indefinite Term;
|
Vice President,
|
Not
|
Not
|
(born 1973)
|
Principal
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
Executive
|
July 2019.
|
Services, LLC (since 2005).
|
|||
Officer
|
|||||
Cullen O. Small(4)
|
Vice
|
Indefinite Term;
|
Vice President,
|
Not
|
Not
|
(born 1987)
|
President,
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
Treasurer and
|
January 2019.
|
Services, LLC (since 2010).
|
|||
Principal
|
|||||
Financial
|
|||||
Officer
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other
|
||||
Positions
|
Term of Office
|
Complex(2)
|
Directorships
|
||
Name and
|
with
|
and Length of
|
Principal Occupations
|
Overseen
|
Held During
|
Year of Birth
|
the Trust
|
Time Served
|
During Past Five Years
|
by Trustees
|
Past Five Years
|
Douglas Schafer(4)
|
Vice
|
Indefinite Term;
|
Assistant Vice President,
|
Not
|
Not
|
(born 1970)
|
President,
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
Treasurer and
|
November 2023.
|
Services, LLC (since 2002).
|
|||
Principal
|
|||||
Financial
|
|||||
Officer
|
|||||
Donna Barrette
|
Vice
|
Indefinite Term;
|
Senior Vice President
|
Not
|
Not
|
(born 1966)
|
President,
|
Since
|
and Compliance Officer,
|
Applicable
|
Applicable
|
Chief
|
November 2019.
|
U.S. Bancorp Fund
|
|||
Compliance
|
Services, LLC (since 2004).
|
||||
Officer and
|
|||||
Anti-Money
|
|||||
Laundering
|
|||||
Officer
|
|||||
Adam W. Smith
|
Secretary
|
Indefinite Term;
|
Vice President,
|
Not
|
Not
|
(born 1981)
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
|
June 2019.
|
Services, LLC (since 2012).
|
||||
Richard E. Grange
|
Assistant
|
Indefinite Term;
|
Officer, U.S. Bank
|
Not
|
Not
|
(born 1982)
|
Treasurer
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
October 2022.
|
Services, LLC (since 2017).
|
||||
Leone Logan
|
Assistant
|
Indefinite Term;
|
Officer, U.S. Bank
|
Not
|
Not
|
(born 1986)
|
Treasurer
|
Since
|
U.S. Bancorp Fund
|
Applicable
|
Applicable
|
November 2023.
|
Services, LLC (since 2022):
|
||||
Senior Financial Reporting
|
|||||
Analyst, BNY Mellon
|
|||||
(2014 – 2022).
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
As of the date September 30, 2023, the Trust was comprised of 19 portfolios (including the Fund) managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund.
The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series within the Trust.
|
(3)
|
Ms. Richards, as a result of her employment with U.S. Bancorp Fund Services, LLC, which acts as transfer agent, administrator, and fund accountant to the Trust, is considered to be an
“interested person” of the Trust, as defined by the 1940 Act.
|
(4)
|
Refer to Note 10 in Notes to the Financial Statements.
|
(b)
|
Not applicable.
|
FYE 10/31/2023
|
FYE 10/31/2022
|
|
(a) Audit Fees
|
$48,000
|
$46,000
|
(b) Audit-Related Fees
|
$0
|
$0
|
(c) Tax Fees
|
$7,000
|
$7,000
|
(d) All Other Fees
|
$0
|
$0
|
FYE 10/31/2023
|
FYE 10/31/2022
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 10/31/2023
|
FYE 10/31/2022
|
Registrant
|
$0
|
$0
|
Registrant’s Investment Adviser
|
$0
|
$0
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
I.
|
HONEST AND ETHICAL CONDUCT
|
II.
|
FINANCIAL RECORDS AND
REPORTING
|
III.
|
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
|
IV.
|
COMPLIANCE WITH THIS CODE OF ETHICS
|
V.
|
AMENDMENT AND WAIVER
|
1.
|
I have reviewed this report on Form N-CSR of Series Portfolios Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 1/08/2024
|
/s/Ryan Roell
Ryan Roell President |
1.
|
I have reviewed this report on Form N-CSR of Series Portfolios Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 1/08/2024
|
/s/Douglas Schafer
Douglas Schafer Treasurer |
/s/Ryan Roell
Ryan Roell
President, Series Portfolios Trust
|
/s/Douglas Schafer
Douglas Schafer
Treasurer, Series Portfolios Trust
|
Dated: 1/08/2024
|
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