UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22480
Adviser Managed Trust
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
Timothy D. Barto, Esq.
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-610-676-1000
Date of fiscal year end: July 31, 2024
Date of reporting period: July 31, 2024
Item 1. Reports to Stockholders.
| (a) | A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto. |
Annual Shareholder Report - July 31, 2024
Adviser Managed Trust: DAACX
This annual shareholder report contains important information about Diversified Equity Fund (the "Fund") for the period from August 1, 2023 to July 31, 2024.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Diversified Equity Fund | $55 | 0.50% |
How did the fund perform since inception?
Total Return Based on $10,000 Investment
| Diversified Equity Fund - $11494 | S&P 500® Index - $12453 |
|---|
| Mar/22 | $10000 | $10000 |
| Jul/22 | $8862 | $9021 |
| Jul/23 | $9692 | $10195 |
| Jul/24 | $11494 | $12453 |
How did the Fund perform in the last year?
The Fund underperformed its benchmark, the S&P 500 Index (Gross)—a market-weighted index that tracks the performance of the 500 largest publicly traded U.S. companies and is considered representative of the broad U.S. stock market—for the 12-month period ending July 31, 2024.
While the Fund produced a positive return in the rising equity markets over the reporting period, each of the indexes that its five equity components seek to replicate underperformed relative to the Fund’s benchmark. The S&P 500, Russell 1000, Russell 2000, MSCI EAFE, and MSCI Emerging Markets indexes returned 22.15%, 21.50%, 14.25%, 12.03%, and 6.27%, respectively, for the reporting period.
The Fund’s strategy is implemented by SSGA Funds Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC).
During the reporting period, U.S. equity markets were led by a narrow cohort of mega-cap stocks, while small and mid-cap stocks lagged. This led the Fund’s benchmark, the S&P 500 Index, to rise more than the Fund’s Russell 1000 Index allocation, which was underweight to mega-cap stocks and overweight to mid-cap stocks relative to the S&P 500 Index, as well as for the Fund’s Russell 2000 Index allocation, which has no exposure to mega-cap stocks. Equities in developed non-U.S. markets lagged U.S. stocks, which weighed on the relative performance for the Fund’s MSCI EAFE Index allocation. Emerging-market equities lagged both U.S. and developed non-U.S. stocks, hampering results for the Fund’s MSCI Emerging Markets Index allocation.
Average Annual Total Returns as of July 31, 2024
| Fund/Index Name | 1 Year | Annualized Since Inception |
|---|
| Diversified Equity Fund | 18.60% | 6.13% |
S&P 500® Index | 22.15% | 9.83% |
Since its inception on March 30, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.
Key Fund Statistics as of July 31, 2024
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
|---|
| $347,011 | 1,757 | $118 | 2% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Exchange Traded Fund | 0.1% |
| Derivative Contracts (Net) | 0.5% |
| Cash Equivalent | 1.1% |
| Utilities | 2.0% |
| Real Estate | 2.0% |
| Materials | 2.5% |
| Energy | 3.1% |
| Consumer Staples | 4.9% |
| Communication Services | 7.0% |
| Industrials | 8.4% |
| Consumer Discretionary | 8.5% |
| Health Care | 10.0% |
| Financials | 12.5% |
| Information Technology | 24.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net AssetsFootnote Reference(A) |
|---|
| Apple | | | 5.0% |
| Microsoft Corp | | | 4.8% |
| NVIDIA Corp | | | 4.3% |
| Amazon.com Inc | | | 2.7% |
| Meta Platforms, Cl A | | | 1.6% |
| Alphabet Inc, Cl A | | | 1.6% |
| Alphabet Inc, Cl C | | | 1.3% |
| Berkshire Hathaway Inc, Cl B | | | 1.2% |
| Broadcom Inc | | | 1.1% |
| Eli Lilly | | | 1.1% |
| Footnote | Description |
Footnote(A) | Cash Equivalents are not shown in the top ten chart. |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, visit or call:
Adviser Managed Trust: DAACX
Annual Shareholder Report - July 31, 2024
DAACX-AR-24
Annual Shareholder Report - July 31, 2024
Adviser Managed Trust: AAEYX
This annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period from January 22, 2024 to July 31, 2024.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Core Fixed Income Fund | $18 | 0.33% |
How did the fund perform since inception?
Total Return Based on $10,000 Investment
| Core Fixed Income Fund - $10253 | Bloomberg U.S. Aggregate Bond Index (USD) - $10280 |
|---|
| Jan/24 | $10000 | $10000 |
| Mar/24 | $10010 | $10039 |
| Jun/24 | $10014 | $10046 |
| Jul/24 | $10253 | $10280 |
How did the Fund perform in the last year?
The Fund is managed using a passive approach, and performed in line with its benchmark, the Bloomberg U.S. Aggregate Bond Index—which tracks the performance of fixed-rate, publicly issued, non-investment-grade bonds—for the period beginning on the Fund’s inception date of January 22, 2024 and ending July 31, 2024.
The Fund’s strategy is implemented by SSGA Funds Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC).
The reporting period began with optimism that the Federal Reserve’s (Fed) rate-hiking cycle was near its end as inflation moderated during the fourth quarter of 2023, and financial markets were anticipating roughly six interest rate cuts in 2024. During the first quarter of 2024, inflation proved to be stickier than expected, and six interest-rate cuts were quickly priced out of the market. By the end of the reporting period, inflation moderated again, economic growth slowed, and the unemployment rate inched higher. Consequently, investors were optimistic that the Fed would begin to cut rates in September. Fixed- income spread sectors generated positive excess returns over comparable-duration U.S. Treasury securities during the reporting period. Investment- grade corporate bond spreads tightened as high yields supported demand. Asset-backed securities (ABS) outperformed Treasurys as well, with relatively strong U.S. consumer spending fundamentally supporting the sector, though cracks in the sub-prime segment began to surface. Agency mortgage-backed securities (MBS) slightly outperformed despite the continued reduction in size of the Fed’s balance sheet.
Average Annual Total Returns as of July 31, 2024
| Fund/Index Name | Cumulative Since Inception |
|---|
| Core Fixed Income Fund | 2.53% |
| Bloomberg U.S. Aggregate Bond Index (USD) | 2.80% |
Since its inception on January 22, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.
Key Fund Statistics as of July 31, 2024
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
|---|
| $170,589 | 368 | $49 | 84% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Asset-Backed Securities | 0.4% |
| Real Estate | 0.6% |
| Materials | 0.6% |
| U.S. Government Agency Obligations | 0.9% |
| Consumer Staples | 1.4% |
| Energy | 1.7% |
| Information Technology | 1.8% |
| Industrials | 1.9% |
| Sovereign Debt | 1.9% |
| Consumer Discretionary | 2.0% |
| Communication Services | 2.0% |
| Utilities | 2.1% |
| Health Care | 2.8% |
| Financials | 9.0% |
| Mortgage-Backed Securities | 26.9% |
| U.S. Treasury Obligations | 43.0% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
|---|
| U.S. Treasury Notes | 4.000% | 01/15/27 | 3.5% |
| U.S. Treasury Notes | 4.000% | 01/31/29 | 3.2% |
| U.S. Treasury Notes | 3.750% | 12/31/28 | 3.2% |
| U.S. Treasury Notes | 4.375% | 12/15/26 | 2.9% |
| U.S. Treasury Notes | 4.250% | 12/31/25 | 2.9% |
| U.S. Treasury Notes | 4.000% | 01/31/31 | 2.9% |
| U.S. Treasury Bonds | 4.750% | 11/15/43 | 2.8% |
| U.S. Treasury Notes | 4.250% | 01/31/26 | 2.6% |
| U.S. Treasury Bonds | 4.750% | 11/15/53 | 2.2% |
| U.S. Treasury Bonds | 4.375% | 08/15/43 | 2.1% |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, visit or call:
Adviser Managed Trust: AAEYX
Annual Shareholder Report - July 31, 2024
AAEYX-AR-24
Annual Shareholder Report - July 31, 2024
Enhanced Fixed Income Fund
Adviser Managed Trust: AAEZX
This annual shareholder report contains important information about Enhanced Fixed Income Fund (the "Fund") for the period from August 1, 2023 to July 31, 2024.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Enhanced Fixed Income Fund | $44 | 0.42% |
How did the fund perform since inception?
Total Return Based on $10,000 Investment
| Enhanced Fixed Income Fund - $10893 | Bloomberg Global Aggregate Index (USD) - $10128 | 50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index - $11268 | ICE BofA US High Yield Constrained Index (USD) - $11387 | J.P. Morgan EMBI Global Diversified Index - $11145 |
|---|
| Feb/23 | $10000 | $10000 | $10000 | $10000 | $10000 |
| Jul/23 | $10042 | $9833 | $10232 | $10255 | $10208 |
| Jul/24 | $10893 | $10128 | $11268 | $11387 | $11145 |
How did the Fund perform in the last year?
The Fund is managed using a passive approach, and performed in line with its benchmark, the AMT TOEFI Risk Benchmark,—a 50%/50% blend of the ICE BofA US High Yield Index and the J.P. Morgan EMBI Global Diversified Index—for the 12-month period ending July 31, 2024.
During the first quarter of 2024, inflation proved to be stickier than expected, and the expectations for six interest-rate cuts from the Federal Reserve (Fed) were quickly priced out of the market. By the end of the reporting period, inflation moderated again, economic growth slowed, and the unemployment rate inched higher. Consequently, investors were optimistic that the Fed would begin to cut rates in September. The 10-year U.S. Treasury yield rose 12 basis points (0.12%) to 4.09% over the 12-month reporting period. The U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, returned 11.0% over the reporting period. High-yield spreads tightened from 381 to 325 to basis points during the 12-month period, and the yield to worst on the ICE BofA US High Yield Constrained Index declined to 7.72%. Fundamentals in the asset class have remained generally strong. However, the default rate has moved above 5%, which is higher than the five- and 10-year historical averages.
Hard-currency emerging-market debt, as measured by the J.P. Morgan EMBI Global Diversified Index, gained 9.2% during the reporting period, but lagged the 11.5% return of the global high-yield sector, as represented by the ICE BofA Global High Yield Index. Hard-currency performance was boosted by a generally strong global economy and attractive yields. Given the strength of the U.S. dollar, hard-currency debt outperformed local-currency issues. As the Fed potentially begins to cut interest rates in the U.S., hard- currency emerging-market debt has the potential to benefit from a total return perspective, while emerging-market sovereign bonds continue to be subject to significant geopolitical risk.
Average Annual Total Returns as of July 31, 2024
| Fund/Index Name | 1 Year | Annualized Since Inception |
|---|
| Enhanced Fixed Income Fund | 8.48% | 5.89% |
Bloomberg Global Aggregate Index (USD)Footnote Reference* | 3.00% | 0.85% |
| 50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index | 10.12% | 8.30% |
| ICE BofA US High Yield Constrained Index (USD) | 11.04% | 9.07% |
| J.P. Morgan EMBI Global Diversified Index | 9.18% | 7.52% |
| Footnote | Description |
Footnote* | As of July 31, 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index. |
Since its inception on February 1, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.
Key Fund Statistics as of July 31, 2024
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
|---|
| $43,749 | 3 | $18 | 3% |
What did the Fund invest in?
Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Cash Equivalent | 0.7% |
| Exchange Traded Funds | 98.6% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net AssetsFootnote Reference(A) |
|---|
| SPDR Bloomberg Emerging Markets USD Bond ETF | | | 49.4% |
| SPDR Portfolio High Yield Bond ETF | | | 49.2% |
| Footnote | Description |
Footnote(A) | Cash Equivalents are not shown in the top ten chart. |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, visit or call:
Enhanced Fixed Income Fund
Adviser Managed Trust: AAEZX
Annual Shareholder Report - July 31, 2024
AAEZX-AR-24
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).
Item 4. Principal Accountant Fees and Services.
Fees billed by KPMG LLP (“KPMG”) related to the Registrant.
KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2024 and 2023 as follows:
| | Fiscal Year 2024 | Fiscal Year 2023 |
| | | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $70,000 | $0 | N/A | $42,000 | $0 | N/A |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (d) | All Other Fees(2) | $0 | $357,370 | $0 | $0 | $347,000 | $0 |
Notes:
| (1) | Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. |
| (2) | See Item 4 (g) for a description of the services comprising the fees disclosed in this category. |
(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.
The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.
Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.
Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.
The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.
In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | Fiscal Year 2024 | Fiscal Year 2023 |
Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not Applicable.
(g) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2024 and 2023 were $357,370 and $347,000, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.
(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
| (a) | The Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial Statements and Financial Highlights are filed herein.
July 31, 2024
ANNUAL FINANCIALS AND OTHER INFORMATION
❯ | Enhanced Fixed Income Fund |
TABLE OF CONTENTS
| Financial Statements (Form N-CSR Item 7) | |
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 33 |
| Statements of Operations | 34 |
| Statements of Changes in Net Assets | 35 |
| Financial Highlights | 36 |
| Notes to Financial Statements | 37 |
| Report of Independent Registered Public Accounting Firm | 52 |
| Notice to Shareholders | 53 |
| Board of Trustees’ Considerations in Approving the Advisory and Sub-Advisory Agreements (Form N-CSR Item 11) | 54 |
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission's website at: http://www.sec.gov.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; (ii) on the Trust’s website at https://www.seic.com/mutual-fund-documentation/proxy-voting and (iii) on the Commission’s website at http://www.sec.gov.
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK — 79.0% |
| | | | | | | | | |
Communication Services — 6.7% | | | | |
Alphabet Inc, Cl A | | | 31,649 | | | $ | 5,429 | |
Alphabet Inc, Cl C | | | 26,518 | | | | 4,592 | |
AT&T Inc | | | 38,529 | | | | 742 | |
Charter Communications Inc, Cl A * | | | 514 | | | | 195 | |
Comcast Corp, Cl A | | | 20,896 | | | | 862 | |
Electronic Arts Inc | | | 1,421 | | | | 215 | |
Fox Corp | | | 2,156 | | | | 80 | |
Frontier Communications Parent * | | | 1,469 | | | | 43 | |
IAC * | | | 461 | | | | 24 | |
Interpublic Group of Cos Inc/The | | | 2,087 | | | | 67 | |
Iridium Communications | | | 745 | | | | 21 | |
Liberty Broadband Corp, Cl A * | | | 105 | | | | 7 | |
Liberty Broadband Corp, Cl C * | | | 594 | | | | 40 | |
Liberty Global * | | | 947 | | | | 19 | |
Liberty Global, Cl A * | | | 748 | | | | 15 | |
Liberty Media -Liberty Formula One, Cl A * | | | 126 | | | | 9 | |
Liberty Media -Liberty Formula One, Cl C * | | | 1,050 | | | | 85 | |
Liberty Media -Liberty Live, Cl A * | | | 118 | | | | 5 | |
Liberty Media -Liberty Live, Cl C * | | | 283 | | | | 11 | |
Liberty Media -Liberty SiriusXM * | | | 928 | | | | 21 | |
Liberty Media -Liberty SiriusXM, Cl A * | | | 450 | | | | 10 | |
Live Nation Entertainment Inc * | | | 849 | | | | 82 | |
Madison Square Garden Sports * | | | 112 | | | | 23 | |
Match Group * | | | 1,503 | | | | 57 | |
Meta Platforms, Cl A | | | 11,798 | | | | 5,602 | |
Netflix Inc * | | | 2,301 | | | | 1,446 | |
New York Times, Cl A | | | 864 | | | | 46 | |
News Corp, Cl A | | | 2,047 | | | | 57 | |
News Corp, Cl B | | | 710 | | | | 20 | |
Nexstar Media Group Inc, Cl A | | | 168 | | | | 31 | |
Omnicom Group Inc | | | 1,074 | | | | 105 | |
Paramount Global, Cl A | | | 59 | | | | 1 | |
Paramount Global, Cl B | | | 3,458 | | | | 40 | |
Pinterest, Cl A * | | | 3,194 | | | | 102 | |
Playtika Holding | | | 141 | | | | 1 | |
ROBLOX, Cl A * | | | 2,799 | | | | 116 | |
Roku Inc, Cl A * | | | 665 | | | | 39 | |
Sirius XM Holdings | | | 3,708 | | | | 13 | |
Spotify Technology * | | | 776 | | | | 267 | |
Take-Two Interactive Software Inc * | | | 902 | | | | 136 | |
TKO Group Holdings, Cl A | | | 342 | | | | 37 | |
T-Mobile US Inc | | | 2,591 | | | | 472 | |
Trade Desk Inc/The, Cl A * | | | 2,352 | | | | 211 | |
TripAdvisor Inc * | | | 612 | | | | 11 | |
Trump Media & Technology Group * | | | 321 | | | | 9 | |
Verizon Communications Inc | | | 22,635 | | | | 917 | |
Walt Disney Co/The | | | 9,866 | | | | 924 | |
Warner Bros Discovery * | | | 12,031 | | | | 104 | |
ZoomInfo Technologies, Cl A * | | | 1,580 | | | | 18 | |
| | | | | | | | | |
| | | | | | | | 23,379 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Consumer Discretionary — 8.0% | | | | |
ADT Inc | | | 1,253 | | | $ | 10 | |
Advance Auto Parts Inc | | | 355 | | | | 22 | |
Airbnb, Cl A * | | | 2,293 | | | | 320 | |
Amazon.com Inc * | | | 50,030 | | | | 9,355 | |
Amer Sports * | | | 708 | | | | 8 | |
Aramark | | | 1,410 | | | | 48 | |
AutoNation Inc * | | | 162 | | | | 31 | |
AutoZone Inc * | | | 92 | | | | 288 | |
Bath & Body Works | | | 1,234 | | | | 45 | |
Best Buy Co Inc | | | 1,057 | | | | 91 | |
Booking Holdings Inc | | | 183 | | | | 680 | |
BorgWarner Inc | | | 1,239 | | | | 44 | |
Boyd Gaming Corp | | | 378 | | | | 23 | |
Bright Horizons Family Solutions Inc * | | | 345 | | | | 41 | |
Brunswick Corp/DE | | | 369 | | | | 30 | |
Burlington Stores Inc * | | | 350 | | | | 91 | |
Caesars Entertainment * | | | 1,108 | | | | 44 | |
Capri Holdings Ltd * | | | 655 | | | | 22 | |
CarMax Inc * | | | 853 | | | | 72 | |
Carnival Corp * | | | 5,409 | | | | 90 | |
Carter's Inc | | | 224 | | | | 14 | |
Carvana Co, Cl A * | | | 578 | | | | 77 | |
Cava Group * | | | 415 | | | | 35 | |
Chipotle Mexican Grill, Cl A * | | | 7,307 | | | | 397 | |
Choice Hotels International Inc | | | 173 | | | | 22 | |
Churchill Downs Inc | | | 382 | | | | 55 | |
Columbia Sportswear Co | | | 216 | | | | 18 | |
Crocs * | | | 308 | | | | 41 | |
Darden Restaurants Inc | | | 658 | | | | 96 | |
Deckers Outdoor Corp * | | | 143 | | | | 132 | |
Delphi Automotive PLC * | | | 1,477 | | | | 102 | |
Dick's Sporting Goods Inc | | | 323 | | | | 70 | |
Dillard's Inc, Cl A | | | 17 | | | | 7 | |
Domino's Pizza Inc | | | 190 | | | | 81 | |
DoorDash, Cl A * | | | 1,851 | | | | 205 | |
DR Horton Inc | | | 1,581 | | | | 284 | |
DraftKings, Cl A * | | | 2,272 | | | | 84 | |
Duolingo, Cl A * | | | 199 | | | | 34 | |
Dutch Bros, Cl A * | | | 449 | | | | 17 | |
eBay Inc | | | 2,674 | | | | 149 | |
Etsy Inc * | | | 626 | | | | 41 | |
Expedia Group Inc * | | | 661 | | | | 84 | |
Five Below Inc * | | | 295 | | | | 21 | |
Floor & Decor Holdings Inc, Cl A * | | | 562 | | | | 55 | |
Ford Motor Co | | | 20,949 | | | | 227 | |
GameStop, Cl A * | | | 1,610 | | | | 37 | |
Gap Inc/The | | | 1,166 | | | | 27 | |
Garmin Ltd | | | 837 | | | | 143 | |
General Motors Co | | | 6,213 | | | | 275 | |
Gentex Corp | | | 1,223 | | | | 38 | |
Genuine Parts Co | | | 765 | | | | 113 | |
Grand Canyon Education * | | | 184 | | | | 29 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
H&R Block Inc | | | 777 | | | $ | 45 | |
Harley-Davidson Inc | | | 635 | | | | 24 | |
Hasbro Inc | | | 788 | | | | 51 | |
Hilton Worldwide Holdings Inc | | | 1,311 | | | | 281 | |
Home Depot | | | 5,336 | | | | 1,965 | |
Hyatt Hotels Corp, Cl A | | | 218 | | | | 32 | |
Kohl's Corp | | | 659 | | | | 14 | |
Las Vegas Sands Corp | | | 2,008 | | | | 80 | |
Lear Corp | | | 310 | | | | 38 | |
Leggett & Platt | | | 798 | | | | 11 | |
Lennar Corp, Cl A | | | 1,283 | | | | 227 | |
Lennar Corp, Cl B | | | 44 | | | | 7 | |
Light & Wonder, Cl A * | | | 428 | | | | 46 | |
Lithia Motors, Cl A | | | 145 | | | | 40 | |
LKQ Corp | | | 1,443 | | | | 60 | |
Lowe's | | | 3,073 | | | | 754 | |
Lucid Group * | | | 4,461 | | | | 16 | |
Lululemon Athletica Inc * | | | 611 | | | | 158 | |
Macy's Inc | | | 1,616 | | | | 28 | |
Marriott International Inc/MD, Cl A | | | 1,254 | | | | 285 | |
Marriott Vacations Worldwide Corp | | | 224 | | | | 19 | |
Mattel Inc * | | | 1,697 | | | | 33 | |
McDonald's | | | 3,871 | | | | 1,027 | |
MGM Resorts International * | | | 1,253 | | | | 54 | |
Mohawk Industries Inc * | | | 315 | | | | 51 | |
Murphy USA Inc | | | 104 | | | | 53 | |
Newell Brands | | | 2,264 | | | | 19 | |
NIKE Inc, Cl B | | | 6,549 | | | | 490 | |
Nordstrom Inc | | | 671 | | | | 15 | |
Norwegian Cruise Line Holdings Ltd * | | | 2,508 | | | | 46 | |
NVR Inc * | | | 16 | | | | 138 | |
Ollie's Bargain Outlet Holdings Inc * | | | 328 | | | | 32 | |
O'Reilly Automotive Inc * | | | 313 | | | | 353 | |
Penn Entertainment * | | | 926 | | | | 18 | |
Penske Automotive Group Inc | | | 120 | | | | 21 | |
Planet Fitness, Cl A * | | | 500 | | | | 37 | |
Polaris | | | 330 | | | | 27 | |
Pool Corp | | | 206 | | | | 77 | |
PulteGroup Inc | | | 1,104 | | | | 146 | |
PVH Corp | | | 321 | | | | 33 | |
QuantumScape, Cl A * | | | 1,546 | | | | 10 | |
Ralph Lauren Corp, Cl A | | | 203 | | | | 36 | |
RH * | | | 69 | | | | 20 | |
Rivian Automotive, Cl A * | | | 4,536 | | | | 74 | |
Ross Stores | | | 1,753 | | | | 251 | |
Royal Caribbean Cruises Ltd * | | | 1,281 | | | | 201 | |
Service Corp International/US | | | 758 | | | | 61 | |
SharkNinja | | | 315 | | | | 24 | |
Skechers USA, Cl A * | | | 715 | | | | 47 | |
Starbucks | | | 6,069 | | | | 473 | |
Stellantis | | | 2,888 | | | | 48 | |
Tapestry Inc | | | 1,229 | | | | 49 | |
Tempur Sealy International Inc | | | 895 | | | | 47 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Tesla Inc * | | | 14,961 | | | $ | 3,472 | |
Texas Roadhouse Inc, Cl A | | | 353 | | | | 62 | |
Thor Industries | | | 310 | | | | 33 | |
TJX Cos Inc/The | | | 6,080 | | | | 687 | |
Toll Brothers Inc | | | 579 | | | | 83 | |
TopBuild Corp * | | | 171 | | | | 82 | |
Tractor Supply | | | 599 | | | | 158 | |
Travel + Leisure | | | 418 | | | | 19 | |
Ulta Beauty Inc * | | | 268 | | | | 98 | |
Under Armour Inc, Cl A * | | | 1,130 | | | | 8 | |
Under Armour Inc, Cl C * | | | 1,138 | | | | 8 | |
Vail Resorts Inc | | | 221 | | | | 40 | |
Valvoline Inc * | | | 729 | | | | 34 | |
VF | | | 2,096 | | | | 36 | |
Wayfair Inc, Cl A * | | | 473 | | | | 26 | |
Wendy's Co/The | | | 1,023 | | | | 17 | |
Whirlpool Corp | | | 320 | | | | 33 | |
Williams-Sonoma Inc | | | 706 | | | | 109 | |
Wingstop Inc, Cl A | | | 155 | | | | 58 | |
Wyndham Hotels & Resorts Inc | | | 432 | | | | 33 | |
Wynn Resorts Ltd | | | 560 | | | | 46 | |
YETI Holdings Inc * | | | 517 | | | | 21 | |
Yum! Brands Inc | | | 1,552 | | | | 206 | |
| | | | | | | | | |
| | | | | | | | 27,926 | |
Consumer Staples — 4.5% | | | | |
Albertsons, Cl A | | | 2,240 | | | | 44 | |
Altria Group Inc | | | 9,203 | | | | 451 | |
Archer-Daniels-Midland Co | | | 2,613 | | | | 162 | |
BellRing Brands * | | | 594 | | | | 30 | |
BJ's Wholesale Club Holdings Inc * | | | 714 | | | | 63 | |
Boston Beer Co Inc/The, Cl A * | | | 57 | | | | 16 | |
Brown-Forman Corp, Cl A | | | 273 | | | | 12 | |
Brown-Forman Corp, Cl B | | | 991 | | | | 45 | |
Bunge Global | | | 784 | | | | 83 | |
Campbell Soup Co | | | 1,026 | | | | 48 | |
Casey's General Stores | | | 201 | | | | 78 | |
Celsius Holdings Inc * | | | 966 | | | | 45 | |
Church & Dwight Co Inc | | | 1,334 | | | | 131 | |
Clorox Co/The | | | 673 | | | | 89 | |
Coca-Cola | | | 20,871 | | | | 1,393 | |
Coca-Cola Consolidated Inc | | | 27 | | | | 31 | |
Colgate-Palmolive Co | | | 4,349 | | | | 431 | |
Conagra Brands Inc | | | 2,580 | | | | 78 | |
Constellation Brands Inc, Cl A | | | 847 | | | | 208 | |
Costco Wholesale Corp | | | 2,385 | | | | 1,960 | |
Coty Inc, Cl A * | | | 2,107 | | | | 21 | |
Darling Ingredients Inc * | | | 959 | | | | 38 | |
Dollar General Corp | | | 1,213 | | | | 146 | |
Dollar Tree Inc * | | | 1,141 | | | | 119 | |
elf Beauty Inc * | | | 293 | | | | 51 | |
Estee Lauder Cos Inc/The, Cl A | | | 1,273 | | | | 127 | |
Flowers Foods Inc | | | 1,124 | | | | 25 | |
Freshpet Inc * | | | 273 | | | | 33 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
General Mills Inc | | | 2,999 | | | $ | 201 | |
Grocery Outlet Holding * | | | 529 | | | | 10 | |
Haleon | | | 8,928 | | | | 40 | |
Hershey Co/The | | | 820 | | | | 162 | |
Hormel Foods Corp | | | 1,523 | | | | 49 | |
Ingredion Inc | | | 353 | | | | 44 | |
J M Smucker | | | 557 | | | | 66 | |
Kellanova | | | 1,410 | | | | 82 | |
Kenvue | | | 9,509 | | | | 176 | |
Keurig Dr Pepper Inc | | | 5,818 | | | | 199 | |
Kimberly-Clark | | | 1,792 | | | | 242 | |
Kraft Heinz Co/The | | | 4,397 | | | | 155 | |
Kroger | | | 3,613 | | | | 197 | |
Lamb Weston Holdings Inc | | | 790 | | | | 47 | |
Maplebear * | | | 903 | | | | 31 | |
McCormick & Co Inc/MD | | | 1,367 | | | | 105 | |
Molson Coors Beverage, Cl B | | | 944 | | | | 50 | |
Mondelez International Inc, Cl A | | | 7,172 | | | | 490 | |
Monster Beverage Corp * | | | 4,082 | | | | 210 | |
Nestle SA | | | 3,472 | | | | 352 | |
PepsiCo Inc | | | 7,390 | | | | 1,276 | |
Performance Food Group * | | | 827 | | | | 57 | |
Philip Morris International | | | 8,349 | | | | 962 | |
Pilgrim's Pride Corp * | | | 279 | | | | 12 | |
Post Holdings Inc * | | | 256 | | | | 28 | |
Procter & Gamble Co/The | | | 12,695 | | | | 2,041 | |
Reynolds Consumer Products | | | 326 | | | | 9 | |
Seaboard Corp | | | 2 | | | | 7 | |
Spectrum Brands Holdings Inc | | | 136 | | | | 12 | |
Sysco Corp | | | 2,645 | | | | 203 | |
Target Corp | | | 2,474 | | | | 372 | |
Tyson Foods, Cl A | | | 1,509 | | | | 92 | |
US Foods Holding Corp * | | | 1,293 | | | | 70 | |
Walgreens Boots Alliance Inc | | | 3,894 | | | | 46 | |
Walmart Inc | | | 23,342 | | | | 1,602 | |
| | | | | | | | | |
| | | | | | | | 15,655 | |
Energy — 3.0% | | | | |
Antero Midstream | | | 2,016 | | | | 29 | |
Antero Resources Corp * | | | 1,700 | | | | 49 | |
APA | | | 1,949 | | | | 61 | |
Baker Hughes a GE Co, Cl A | | | 5,299 | | | | 205 | |
BP PLC | | | 21,961 | | | | 129 | |
Cheniere Energy | | | 1,255 | | | | 229 | |
Chesapeake Energy | | | 726 | | | | 55 | |
Chevron Corp | | | 9,264 | | | | 1,487 | |
Chord Energy | | | 341 | | | | 59 | |
Civitas Resources | | | 291 | | | | 20 | |
ConocoPhillips | | | 6,288 | | | | 699 | |
Coterra Energy | | | 4,066 | | | | 105 | |
Devon Energy Corp | | | 3,331 | | | | 157 | |
Diamondback Energy Inc | | | 944 | | | | 191 | |
DT Midstream | | | 486 | | | | 37 | |
EOG Resources | | | 3,078 | | | | 390 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
EQT Corp | | | 2,218 | | | $ | 77 | |
Exxon Mobil Corp | | | 24,153 | | | | 2,864 | |
Halliburton Co | | | 4,668 | | | | 162 | |
Hess Corp | | | 1,524 | | | | 234 | |
HF Sinclair | | | 928 | | | | 48 | |
Kinder Morgan Inc/DE | | | 10,312 | | | | 218 | |
Marathon Oil Corp | | | 2,981 | | | | 84 | |
Marathon Petroleum Corp | | | 1,880 | | | | 333 | |
Matador Resources | | | 330 | | | | 20 | |
New Fortress Energy, Cl A | | | 330 | | | | 7 | |
NOV | | | 2,347 | | | | 49 | |
Occidental Petroleum Corp | | | 3,388 | | | | 206 | |
ONEOK Inc | | | 3,191 | | | | 266 | |
Ovintiv | | | 1,472 | | | | 68 | |
Permian Resources, Cl A | | | 2,524 | | | | 39 | |
Phillips 66 | | | 2,262 | | | | 329 | |
Range Resources Corp | | | 1,194 | | | | 37 | |
Schlumberger Ltd | | | 7,641 | | | | 369 | |
Shell | | | 8,326 | | | | 304 | |
Southwestern Energy * | | | 5,906 | | | | 38 | |
Targa Resources Corp | | | 1,163 | | | | 157 | |
Tenaris | | | 580 | | | | 9 | |
Texas Pacific Land | | | 102 | | | | 86 | |
Valero Energy Corp | | | 1,737 | | | | 281 | |
Viper Energy, Cl A | | | 503 | | | | 21 | |
Weatherford International * | | | 295 | | | | 35 | |
Williams | | | 6,492 | | | | 279 | |
| | | | | | | | | |
| | | | | | | | 10,522 | |
Financials — 10.6% | | | | |
Affiliated Managers Group | | | 156 | | | | 29 | |
Affirm Holdings, Cl A * | | | 1,326 | | | | 38 | |
Aflac Inc | | | 3,051 | | | | 291 | |
AGNC Investment Corp ‡ | | | 4,094 | | | | 41 | |
Allstate Corp/The | | | 1,438 | | | | 246 | |
Ally Financial Inc | | | 1,457 | | | | 66 | |
American Express Co | | | 3,047 | | | | 771 | |
American Financial Group Inc/OH | | | 376 | | | | 49 | |
American International Group Inc | | | 3,592 | | | | 285 | |
Ameriprise Financial Inc | | | 533 | | | | 229 | |
Annaly Capital Management ‡ | | | 2,803 | | | | 56 | |
Aon, Cl A | | | 1,048 | | | | 344 | |
Apollo Global Management | | | 2,787 | | | | 349 | |
Arch Capital Group Ltd * | | | 1,980 | | | | 190 | |
Ares Management, Cl A | | | 932 | | | | 143 | |
Arthur J Gallagher & Co | | | 1,152 | | | | 327 | |
Assurant Inc | | | 284 | | | | 50 | |
Assured Guaranty Ltd | | | 285 | | | | 23 | |
Axis Capital Holdings Ltd | | | 467 | | | | 35 | |
Bank of America Corp | | | 36,497 | | | | 1,471 | |
Bank of New York Mellon Corp/The | | | 3,989 | | | | 260 | |
Bank OZK | | | 561 | | | | 26 | |
Berkshire Hathaway Inc, Cl B * | | | 9,854 | | | | 4,321 | |
BlackRock Inc, Cl A | | | 792 | | | | 694 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Blackstone Group | | | 3,822 | | | $ | 543 | |
Block, Cl A * | | | 2,951 | | | | 183 | |
Blue Owl Capital, Cl A | | | 2,530 | | | | 48 | |
BOK Financial Corp | | | 96 | | | | 10 | |
Brighthouse Financial Inc * | | | 406 | | | | 20 | |
Brown & Brown Inc | | | 1,291 | | | | 128 | |
Capital One Financial Corp | | | 2,021 | | | | 306 | |
Carlyle Group | | | 1,241 | | | | 62 | |
Cboe Global Markets Inc | | | 573 | | | | 105 | |
Charles Schwab Corp/The | | | 7,988 | | | | 521 | |
Chubb | | | 2,169 | | | | 598 | |
Cincinnati Financial Corp | | | 835 | | | | 109 | |
Citigroup | | | 10,282 | | | | 667 | |
Citizens Financial Group Inc | | | 2,527 | | | | 108 | |
CME Group Inc, Cl A | | | 1,923 | | | | 372 | |
CNA Financial Corp | | | 164 | | | | 8 | |
Coinbase Global, Cl A * | | | 1,052 | | | | 236 | |
Columbia Banking System Inc | | | 1,242 | | | | 32 | |
Comerica | | | 783 | | | | 43 | |
Commerce Bancshares Inc/MO | | | 642 | | | | 42 | |
Corebridge Financial | | | 1,386 | | | | 41 | |
Corpay * | | | 363 | | | | 106 | |
Credit Acceptance Corp * | | | 40 | | | | 23 | |
Cullen/Frost Bankers Inc | | | 350 | | | | 41 | |
Discover Financial Services | | | 1,381 | | | | 199 | |
East West Bancorp | | | 757 | | | | 67 | |
Equitable Holdings | | | 1,693 | | | | 74 | |
Euronet Worldwide Inc * | | | 218 | | | | 22 | |
Evercore Inc, Cl A | | | 187 | | | | 47 | |
Everest Group | | | 233 | | | | 92 | |
Eversource Energy | | | 1,899 | | | | 123 | |
FactSet Research Systems Inc | | | 209 | | | | 86 | |
Fidelity National Financial Inc | | | 1,405 | | | | 78 | |
Fidelity National Information Services Inc | | | 2,991 | | | | 230 | |
Fifth Third Bancorp | | | 3,707 | | | | 157 | |
First American Financial | | | 605 | | | | 37 | |
First Citizens BancShares, Cl A | | | 62 | | | | 129 | |
First Hawaiian Inc | | | 766 | | | | 19 | |
First Horizon National Corp | | | 3,173 | | | | 53 | |
Fiserv Inc * | | | 3,120 | | | | 510 | |
FNB Corp/PA | | | 2,146 | | | | 33 | |
Franklin Resources Inc | | | 1,535 | | | | 35 | |
Global Payments | | | 1,344 | | | | 137 | |
Globe Life | | | 474 | | | | 44 | |
Goldman Sachs Group Inc/The | | | 1,693 | | | | 862 | |
Hanover Insurance Group Inc/The | | | 212 | | | | 29 | |
Hartford Financial Services Group Inc/The | | | 1,634 | | | | 181 | |
Houlihan Lokey Inc, Cl A | | | 297 | | | | 45 | |
Huntington Bancshares Inc/OH | | | 7,834 | | | | 117 | |
Interactive Brokers Group, Cl A | | | 559 | | | | 67 | |
Intercontinental Exchange Inc | | | 3,042 | | | | 461 | |
Invesco Ltd | | | 1,930 | | | | 33 | |
Jack Henry & Associates | | | 394 | | | | 68 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Janus Henderson Group | | | 620 | | | $ | 23 | |
Jefferies Financial Group | | | 968 | | | | 57 | |
JPMorgan Chase & Co | | | 15,427 | | | | 3,283 | |
Kemper Corp | | | 381 | | | | 24 | |
KeyCorp | | | 5,048 | | | | 81 | |
Kinsale Capital Group Inc | | | 117 | | | | 53 | |
KKR | | | 3,604 | | | | 445 | |
Lazard, Cl A | | | 655 | | | | 32 | |
Lincoln National | | | 1,017 | | | | 34 | |
Loews | | | 992 | | | | 79 | |
LPL Financial Holdings Inc | | | 410 | | | | 91 | |
M&T Bank Corp | | | 903 | | | | 155 | |
Markel Group * | | | 67 | | | | 110 | |
MarketAxess Holdings Inc | | | 200 | | | | 45 | |
Marsh & McLennan Cos Inc | | | 2,643 | | | | 588 | |
Mastercard Inc, Cl A | | | 4,446 | | | | 2,062 | |
MetLife | | | 3,174 | | | | 244 | |
MGIC Investment Corp | | | 1,437 | | | | 36 | |
Moody's Corp | | | 845 | | | | 386 | |
Morgan Stanley | | | 6,227 | | | | 643 | |
Morningstar Inc | | | 149 | | | | 47 | |
MSCI Inc, Cl A | | | 421 | | | | 228 | |
Nasdaq Inc | | | 1,955 | | | | 132 | |
Northern Trust Corp | | | 1,114 | | | | 99 | |
Old Republic International Corp | | | 1,398 | | | | 48 | |
OneMain Holdings, Cl A | | | 688 | | | | 36 | |
PayPal Holdings * | | | 5,589 | | | | 368 | |
Pinnacle Financial Partners Inc | | | 449 | | | | 43 | |
PNC Financial Services Group Inc/The | | | 2,123 | | | | 384 | |
Primerica Inc | | | 190 | | | | 48 | |
Principal Financial Group Inc | | | 1,317 | | | | 107 | |
Progressive Corp/The | | | 3,136 | | | | 671 | |
Prosperity Bancshares Inc | | | 525 | | | | 38 | |
Prudential Financial Inc | | | 1,914 | | | | 240 | |
Raymond James Financial Inc | | | 1,032 | | | | 120 | |
Regions Financial Corp | | | 5,115 | | | | 114 | |
Reinsurance Group of America Inc, Cl A | | | 359 | | | | 81 | |
Rithm Capital ‡ | | | 2,596 | | | | 30 | |
RLI Corp | | | 240 | | | | 36 | |
Robinhood Markets, Cl A * | | | 3,353 | | | | 69 | |
Rocket, Cl A * | | | 680 | | | | 11 | |
Ryan Specialty Holdings, Cl A | | | 547 | | | | 34 | |
S&P Global Inc | | | 1,680 | | | | 814 | |
Shift4 Payments, Cl A * | | | 303 | | | | 21 | |
SLM Corp | | | 1,296 | | | | 29 | |
SoFi Technologies * | | | 5,492 | | | | 41 | |
Starwood Property Trust Inc ‡ | | | 1,751 | | | | 35 | |
State Street Corp | | | 1,683 | | | | 143 | |
Stifel Financial Corp | | | 529 | | | | 47 | |
Swiss Re AG | | | 388 | | | | 48 | |
Synchrony Financial | | | 2,238 | | | | 114 | |
Synovus Financial Corp | | | 863 | | | | 40 | |
T Rowe Price Group | | | 1,205 | | | | 138 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
TFS Financial Corp | | | 300 | | | $ | 4 | |
Toast, Cl A * | | | 2,506 | | | | 66 | |
TPG, Cl A | | | 383 | | | | 20 | |
Tradeweb Markets, Cl A | | | 620 | | | | 69 | |
Travelers Cos Inc/The | | | 1,251 | | | | 271 | |
Truist Financial | | | 7,283 | | | | 325 | |
Unum Group | | | 1,056 | | | | 61 | |
US Bancorp | | | 8,337 | | | | 374 | |
UWM Holdings | | | 556 | | | | 5 | |
Virtu Financial Inc, Cl A | | | 566 | | | | 15 | |
Visa Inc, Cl A | | | 8,477 | | | | 2,252 | |
Voya Financial Inc | | | 584 | | | | 42 | |
Webster Financial Corp | | | 918 | | | | 46 | |
Wells Fargo & Co | | | 18,830 | | | | 1,117 | |
Western Alliance Bancorp | | | 542 | | | | 44 | |
Western Union Co/The | | | 1,821 | | | | 22 | |
WEX Inc * | | | 241 | | | | 44 | |
White Mountains Insurance Group Ltd | | | 15 | | | | 27 | |
Willis Towers Watson PLC | | | 565 | | | | 159 | |
Wintrust Financial Corp | | | 359 | | | | 39 | |
WR Berkley Corp | | | 1,629 | | | | 90 | |
Zions Bancorp NA | | | 779 | | | | 40 | |
| | | | | | | | | |
| | | | | | | | 36,778 | |
Health Care — 9.4% | | | | |
10X Genomics, Cl A * | | | 552 | | | | 11 | |
Abbott Laboratories | | | 9,291 | | | | 984 | |
AbbVie Inc | | | 9,528 | | | | 1,766 | |
Acadia Healthcare Co Inc * | | | 534 | | | | 35 | |
Agilent Technologies Inc | | | 1,602 | | | | 227 | |
Align Technology Inc * | | | 392 | | | | 91 | |
Alnylam Pharmaceuticals Inc * | | | 694 | | | | 165 | |
Amedisys Inc * | | | 192 | | | | 19 | |
Amgen Inc | | | 2,881 | | | | 958 | |
Apellis Pharmaceuticals Inc * | | | 596 | | | | 24 | |
Avantor * | | | 3,663 | | | | 98 | |
Azenta * | | | 260 | | | | 16 | |
Baxter International Inc | | | 2,756 | | | | 99 | |
Becton Dickinson | | | 1,545 | | | | 372 | |
Biogen Inc * | | | 790 | | | | 168 | |
BioMarin Pharmaceutical Inc * | | | 1,018 | | | | 86 | |
Bio-Rad Laboratories Inc, Cl A * | | | 109 | | | | 37 | |
Bio-Techne Corp | | | 840 | | | | 69 | |
Boston Scientific Corp * | | | 7,877 | | | | 582 | |
Bristol-Myers Squibb | | | 10,862 | | | | 517 | |
Bruker Corp | | | 568 | | | | 39 | |
Cardinal Health | | | 1,348 | | | | 136 | |
Catalent Inc * | | | 966 | | | | 57 | |
Cencora, Cl A | | | 893 | | | | 212 | |
Centene Corp * | | | 2,927 | | | | 225 | |
Cerevel Therapeutics Holdings * | | | 257 | | | | 12 | |
Certara * | | | 697 | | | | 11 | |
Charles River Laboratories International Inc * | | | 274 | | | | 67 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Chemed Corp | | | 79 | | | $ | 45 | |
Cigna Group | | | 1,493 | | | | 521 | |
Cooper | | | 1,060 | | | | 99 | |
CSL | | | 632 | | | | 128 | |
CVS Health | | | 6,749 | | | | 407 | |
Danaher Corp | | | 3,555 | | | | 985 | |
DaVita Inc * | | | 252 | | | | 34 | |
DENTSPLY SIRONA Inc | | | 1,131 | | | | 31 | |
Dexcom * | | | 2,123 | | | | 144 | |
Doximity, Cl A * | | | 670 | | | | 19 | |
Edwards Lifesciences Corp * | | | 3,188 | | | | 201 | |
Elanco Animal Health Inc * | | | 2,670 | | | | 35 | |
Elevance Health | | | 1,247 | | | | 663 | |
Eli Lilly | | | 4,579 | | | | 3,683 | |
Encompass Health Corp | | | 533 | | | | 50 | |
Enovis * | | | 304 | | | | 14 | |
Envista Holdings * | | | 976 | | | | 17 | |
Exact Sciences * | | | 966 | | | | 44 | |
Exelixis Inc * | | | 1,678 | | | | 39 | |
Fortrea Holdings * | | | 531 | | | | 15 | |
GE HealthCare Technologies | | | 2,334 | | | | 198 | |
Gilead Sciences Inc | | | 6,685 | | | | 508 | |
Globus Medical Inc, Cl A * | | | 565 | | | | 41 | |
GRAIL * | | | 144 | | | | 2 | |
GSK | | | 5,392 | | | | 105 | |
HCA Healthcare Inc | | | 1,033 | | | | 375 | |
Henry Schein Inc * | | | 702 | | | | 50 | |
Hologic Inc * | | | 1,209 | | | | 99 | |
Humana | | | 658 | | | | 238 | |
IDEXX Laboratories * | | | 452 | | | | 215 | |
Illumina Inc * | | | 863 | | | | 106 | |
Incyte * | | | 996 | | | | 65 | |
Inspire Medical Systems Inc * | | | 172 | | | | 24 | |
Insulet Corp * | | | 376 | | | | 73 | |
Intra-Cellular Therapies Inc, Cl A * | | | 529 | | | | 42 | |
Intuitive Surgical Inc * | | | 1,897 | | | | 843 | |
Ionis Pharmaceuticals Inc * | | | 847 | | | | 42 | |
IQVIA Holdings Inc * | | | 958 | | | | 236 | |
Jazz Pharmaceuticals PLC * | | | 302 | | | | 33 | |
Johnson & Johnson | | | 12,977 | | | | 2,048 | |
Labcorp Holdings | | | 462 | | | | 100 | |
Masimo * | | | 244 | | | | 26 | |
McKesson Corp | | | 703 | | | | 434 | |
Medpace Holdings * | | | 122 | | | | 47 | |
Medtronic PLC | | | 7,126 | | | | 572 | |
Merck & Co Inc | | | 13,638 | | | | 1,543 | |
Mettler-Toledo International Inc * | | | 112 | | | | 170 | |
Moderna Inc * | | | 1,718 | | | | 205 | |
Molina Healthcare Inc * | | | 315 | | | | 107 | |
Natera * | | | 586 | | | | 60 | |
Neurocrine Biosciences Inc * | | | 524 | | | | 74 | |
Organon | | | 1,524 | | | | 33 | |
Penumbra Inc * | | | 214 | | | | 36 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Perrigo PLC | | | 805 | | | $ | 23 | |
Pfizer Inc | | | 30,451 | | | | 930 | |
Premier Inc, Cl A | | | 706 | | | | 15 | |
QIAGEN | | | 1,503 | | | | 67 | |
Quest Diagnostics Inc | | | 608 | | | | 86 | |
QuidelOrtho * | | | 292 | | | | 11 | |
R1 RCM * | | | 914 | | | | 12 | |
Regeneron Pharmaceuticals Inc * | | | 560 | | | | 604 | |
Repligen Corp * | | | 299 | | | | 50 | |
ResMed | | | 804 | | | | 171 | |
Revvity | | | 672 | | | | 84 | |
Roche Holding | | | 43 | | | | 15 | |
Roche Holding AG | | | 912 | | | | 296 | |
Roivant Sciences * | | | 2,081 | | | | 23 | |
Royalty Pharma, Cl A | | | 2,005 | | | | 56 | |
Sanofi | | | 1,479 | | | | 153 | |
Sarepta Therapeutics * | | | 473 | | | | 67 | |
Solventum * | | | 756 | | | | 44 | |
Sotera Health * | | | 593 | | | | 8 | |
STERIS PLC | | | 541 | | | | 129 | |
Stryker Corp | | | 1,941 | | | | 636 | |
Teleflex Inc | | | 254 | | | | 56 | |
Tenet Healthcare Corp * | | | 522 | | | | 78 | |
Thermo Fisher Scientific | | | 2,052 | | | | 1,259 | |
Ultragenyx Pharmaceutical Inc * | | | 400 | | | | 18 | |
United Therapeutics Corp * | | | 243 | | | | 76 | |
UnitedHealth Group Inc | | | 4,949 | | | | 2,851 | |
Universal Health Services Inc, Cl B | | | 310 | | | | 66 | |
Veeva Systems Inc, Cl A * | | | 793 | | | | 152 | |
Vertex Pharmaceuticals Inc * | | | 1,387 | | | | 688 | |
Viatris, Cl W | | | 6,487 | | | | 78 | |
Viking Therapeutics Inc * | | | 580 | | | | 33 | |
Waters Corp * | | | 317 | | | | 107 | |
West Pharmaceutical Services Inc | | | 382 | | | | 117 | |
Zimmer Biomet Holdings Inc | | | 1,148 | | | | 128 | |
Zoetis Inc, Cl A | | | 2,448 | | | | 441 | |
| | | | | | | | | |
| | | | | | | | 32,635 | |
Industrials — 7.4% | | | | |
3M | | | 3,022 | | | | 385 | |
A O Smith | | | 616 | | | | 52 | |
AAON Inc | | | 311 | | | | 28 | |
Acuity Brands Inc | | | 167 | | | | 42 | |
Advanced Drainage Systems | | | 354 | | | | 63 | |
AECOM | | | 700 | | | | 63 | |
AGCO | | | 372 | | | | 35 | |
Air Lease Corp, Cl A | | | 623 | | | | 31 | |
Alaska Air Group Inc * | | | 750 | | | | 28 | |
Allegion PLC | | | 474 | | | | 65 | |
Allison Transmission Holdings Inc | | | 459 | | | | 41 | |
American Airlines Group Inc * | | | 3,490 | | | | 37 | |
AMETEK Inc | | | 1,261 | | | | 219 | |
API Group * | | | 991 | | | | 38 | |
Armstrong World Industries Inc | | | 234 | | | | 31 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Automatic Data Processing Inc | | | 2,203 | | | $ | 579 | |
Avis Budget Group Inc | | | 122 | | | | 12 | |
Axon Enterprise Inc * | | | 390 | | | | 117 | |
AZEK, Cl A * | | | 744 | | | | 33 | |
Boeing * | | | 3,141 | | | | 599 | |
Booz Allen Hamilton Holding, Cl A | | | 697 | | | | 100 | |
Broadridge Financial Solutions Inc | | | 640 | | | | 137 | |
Builders FirstSource Inc * | | | 671 | | | | 112 | |
BWX Technologies Inc, Cl W | | | 478 | | | | 48 | |
CACI International Inc, Cl A * | | | 125 | | | | 58 | |
Carlisle Cos Inc | | | 263 | | | | 110 | |
Carrier Global | | | 4,573 | | | | 311 | |
Caterpillar Inc | | | 2,626 | | | | 909 | |
CH Robinson Worldwide Inc | | | 619 | | | | 55 | |
Cintas Corp | | | 462 | | | | 353 | |
Clarivate * | | | 2,830 | | | | 19 | |
Clean Harbors Inc * | | | 272 | | | | 65 | |
CNH Industrial | | | 4,439 | | | | 47 | |
Comfort Systems USA Inc | | | 181 | | | | 60 | |
Concentrix | | | 255 | | | | 18 | |
Copart * | | | 4,706 | | | | 246 | |
Core & Main, Cl A * | | | 840 | | | | 45 | |
Crane | | | 282 | | | | 45 | |
CSX Corp | | | 10,445 | | | | 367 | |
Cummins Inc | | | 726 | | | | 212 | |
Curtiss-Wright Corp | | | 205 | | | | 60 | |
Dayforce * | | | 794 | | | | 47 | |
Deere | | | 1,365 | | | | 508 | |
Delta Air Lines Inc | | | 3,552 | | | | 153 | |
Donaldson Co Inc | | | 648 | | | | 48 | |
Dover Corp | | | 761 | | | | 140 | |
Dun & Bradstreet Holdings | | | 1,507 | | | | 16 | |
Eaton Corp PLC | | | 2,142 | | | | 653 | |
EMCOR Group Inc | | | 250 | | | | 94 | |
Emerson Electric | | | 3,054 | | | | 358 | |
Equifax Inc | | | 667 | | | | 186 | |
Esab | | | 340 | | | | 35 | |
Expeditors International of Washington Inc | | | 760 | | | | 95 | |
Experian PLC | | | 1,203 | | | | 57 | |
Fastenal Co | | | 3,131 | | | | 222 | |
FedEx Corp | | | 1,210 | | | | 366 | |
Ferguson | | | 1,076 | | | | 240 | |
Ferrovial | | | 654 | | | | 26 | |
Flowserve Corp | | | 781 | | | | 39 | |
Fortive Corp | | | 1,958 | | | | 141 | |
Fortune Brands Innovations | | | 681 | | | | 55 | |
FTI Consulting Inc * | | | 202 | | | | 44 | |
Gates Industrial Corp PLC * | | | 1,063 | | | | 20 | |
GE Vernova * | | | 1,452 | | | | 259 | |
Generac Holdings * | | | 300 | | | | 47 | |
General Dynamics Corp | | | 1,461 | | | | 436 | |
General Electric | | | 5,847 | | | | 995 | |
Genpact Ltd | | | 1,070 | | | | 37 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Graco Inc | | | 907 | | | $ | 77 | |
GXO Logistics * | | | 683 | | | | 38 | |
Hayward Holdings * | | | 795 | | | | 12 | |
HEICO Corp | | | 235 | | | | 57 | |
HEICO Corp, Cl A | | | 422 | | | | 80 | |
Hexcel Corp | | | 502 | | | | 33 | |
Honeywell International Inc | | | 3,498 | | | | 716 | |
Howmet Aerospace | | | 2,069 | | | | 198 | |
Hubbell Inc, Cl B | | | 281 | | | | 111 | |
Huntington Ingalls Industries Inc | | | 211 | | | | 59 | |
IDEX | | | 411 | | | | 86 | |
Illinois Tool Works Inc | | | 1,605 | | | | 397 | |
Ingersoll Rand | | | 2,145 | | | | 215 | |
ITT Inc | | | 445 | | | | 63 | |
Jacobs Solutions | | | 684 | | | | 100 | |
JB Hunt Transport Services Inc | | | 470 | | | | 81 | |
Johnson Controls International plc | | | 3,728 | | | | 267 | |
KBR Inc | | | 715 | | | | 48 | |
Kirby Corp * | | | 290 | | | | 36 | |
Knight-Swift Transportation Holdings Inc, Cl A | | | 838 | | | | 46 | |
L3Harris Technologies | | | 1,008 | | | | 229 | |
Landstar System Inc | | | 214 | | | | 41 | |
Leidos Holdings Inc | | | 741 | | | | 107 | |
Lennox International Inc | | | 173 | | | | 101 | |
Lincoln Electric Holdings Inc | | | 302 | | | | 62 | |
Lockheed Martin Corp | | | 1,144 | | | | 620 | |
Lyft, Cl A * | | | 1,955 | | | | 24 | |
ManpowerGroup Inc | | | 301 | | | | 23 | |
Masco Corp | | | 1,221 | | | | 95 | |
MasTec * | | | 365 | | | | 40 | |
MDU Resources Group | | | 1,211 | | | | 33 | |
Middleby Corp/The * | | | 284 | | | | 38 | |
MSA Safety Inc | | | 221 | | | | 42 | |
MSC Industrial Direct Co Inc, Cl A | | | 277 | | | | 25 | |
Nordson Corp | | | 310 | | | | 78 | |
Norfolk Southern | | | 1,205 | | | | 301 | |
Northrop Grumman Corp | | | 746 | | | | 361 | |
nVent Electric PLC | | | 886 | | | | 64 | |
Old Dominion Freight Line Inc | | | 1,082 | | | | 227 | |
Oshkosh Corp | | | 338 | | | | 37 | |
Otis Worldwide | | | 2,148 | | | | 203 | |
Owens Corning | | | 480 | | | | 89 | |
PACCAR Inc | | | 2,816 | | | | 278 | |
Parker-Hannifin Corp | | | 684 | | | | 384 | |
Parsons * | | | 252 | | | | 23 | |
Paychex Inc | | | 1,710 | | | | 219 | |
Paycom Software Inc | | | 278 | | | | 46 | |
Paycor HCM * | | | 364 | | | | 4 | |
Paylocity Holding Corp * | | | 241 | | | | 36 | |
Pentair PLC | | | 887 | | | | 78 | |
Quanta Services Inc | | | 796 | | | | 211 | |
RBC Bearings Inc * | | | 144 | | | | 42 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Regal Rexnord | | | 350 | | | $ | 56 | |
Republic Services Inc, Cl A | | | 1,092 | | | | 212 | |
Robert Half | | | 554 | | | | 36 | |
Rockwell Automation Inc | | | 630 | | | | 176 | |
Rollins Inc | | | 1,379 | | | | 66 | |
RTX | | | 7,136 | | | | 838 | |
Ryder System Inc | | | 251 | | | | 35 | |
Saia Inc * | | | 144 | | | | 60 | |
Schneider Electric SE | | | 707 | | | | 170 | |
Schneider National Inc, Cl B | | | 324 | | | | 9 | |
Science Applications International | | | 310 | | | | 39 | |
Sensata Technologies Holding PLC | | | 907 | | | | 35 | |
Simpson Manufacturing Co Inc | | | 150 | | | | 29 | |
SiteOne Landscape Supply * | | | 267 | | | | 39 | |
Snap-on | | | 279 | | | | 80 | |
Southwest Airlines Co | | | 3,236 | | | | 87 | |
Spirit AeroSystems Holdings Inc, Cl A * | | | 626 | | | | 23 | |
SS&C Technologies Holdings | | | 1,178 | | | | 86 | |
Stanley Black & Decker Inc | | | 831 | | | | 88 | |
Stericycle Inc * | | | 550 | | | | 32 | |
Tetra Tech | | | 278 | | | | 59 | |
Textron Inc | | | 1,063 | | | | 99 | |
Timken Co/The | | | 367 | | | | 32 | |
Toro | | | 560 | | | | 54 | |
Trane Technologies | | | 1,211 | | | | 405 | |
TransDigm Group | | | 294 | | | | 380 | |
TransUnion | | | 1,047 | | | | 94 | |
Trex Co Inc * | | | 584 | | | | 49 | |
Uber Technologies * | | | 10,901 | | | | 703 | |
U-Haul Holding * | | | 54 | | | | 4 | |
U-Haul Holding, Cl B | | | 601 | | | | 38 | |
Union Pacific Corp | | | 3,275 | | | | 808 | |
United Continental Holdings Inc * | | | 1,769 | | | | 80 | |
United Parcel Service Inc, Cl B | | | 3,908 | | | | 509 | |
United Rentals Inc | | | 354 | | | | 268 | |
Valmont Industries Inc | | | 107 | | | | 32 | |
Veralto | | | 1,195 | | | | 127 | |
Verisk Analytics, Cl A | | | 782 | | | | 205 | |
Vertiv Holdings, Cl A | | | 1,896 | | | | 149 | |
Vestis | | | 705 | | | | 9 | |
Waste Management Inc | | | 2,148 | | | | 435 | |
Watsco Inc | | | 180 | | | | 88 | |
WESCO International Inc | | | 237 | | | | 41 | |
Westinghouse Air Brake Technologies | | | 973 | | | | 157 | |
WillScot Holdings * | | | 972 | | | | 40 | |
Woodward | | | 320 | | | | 50 | |
WW Grainger Inc | | | 231 | | | | 226 | |
XPO * | | | 613 | | | | 70 | |
Xylem Inc/NY | | | 1,297 | | | | 173 | |
| | | | | | | | | |
| | | | | | | | 25,653 | |
Information Technology — 23.6% | | | | |
Accenture PLC, Cl A | | | 3,372 | | | | 1,115 | |
Adobe Inc * | | | 2,408 | | | | 1,328 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Advanced Micro Devices Inc * | | | 8,654 | | | $ | 1,250 | |
Akamai Technologies Inc * | | | 813 | | | | 80 | |
Amdocs Ltd | | | 633 | | | | 55 | |
Amkor Technology | | | 320 | | | | 10 | |
Amphenol Corp, Cl A | | | 6,320 | | | | 406 | |
Analog Devices Inc | | | 2,657 | | | | 615 | |
ANSYS Inc * | | | 475 | | | | 149 | |
Appfolio, Cl A * | | | 101 | | | | 22 | |
Apple | | | 78,300 | | | | 17,389 | |
Applied Materials Inc | | | 4,469 | | | | 948 | |
AppLovin, Cl A * | | | 1,441 | | | | 111 | |
Arista Networks Inc * | | | 1,391 | | | | 482 | |
Arrow Electronics Inc * | | | 295 | | | | 37 | |
Aspen Technology * | | | 162 | | | | 30 | |
Astera Labs * | | | 180 | | | | 8 | |
Atlassian, Cl A * | | | 850 | | | | 150 | |
Autodesk Inc * | | | 1,180 | | | | 292 | |
Avnet Inc | | | 545 | | | | 29 | |
Bentley Systems, Cl B | | | 698 | | | | 34 | |
BILL Holdings * | | | 593 | | | | 30 | |
Broadcom Inc | | | 24,478 | | | | 3,933 | |
Cadence Design Systems Inc * | | | 1,458 | | | | 390 | |
CCC Intelligent Solutions Holdings * | | | 2,085 | | | | 21 | |
CDW Corp/DE | | | 711 | | | | 155 | |
Ciena Corp * | | | 744 | | | | 39 | |
Cirrus Logic Inc * | | | 269 | | | | 35 | |
Cisco Systems Inc | | | 21,785 | | | | 1,055 | |
Cloudflare, Cl A * | | | 1,652 | | | | 128 | |
Cognex Corp | | | 871 | | | | 43 | |
Cognizant Technology Solutions Corp, Cl A | | | 2,644 | | | | 200 | |
Coherent * | | | 711 | | | | 50 | |
Confluent, Cl A * | | | 1,106 | | | | 28 | |
Corning | | | 4,154 | | | | 166 | |
Crane NXT | | | 282 | | | | 18 | |
Crowdstrike Holdings, Cl A * | | | 1,184 | | | | 275 | |
CyberArk Software * | | | 50 | | | | 13 | |
Datadog, Cl A * | | | 1,560 | | | | 182 | |
Dell Technologies Inc, Cl C | | | 1,351 | | | | 154 | |
DocuSign, Cl A * | | | 1,096 | | | | 61 | |
Dolby Laboratories Inc, Cl A | | | 355 | | | | 28 | |
DoubleVerify Holdings * | | | 748 | | | | 16 | |
Dropbox, Cl A * | | | 1,509 | | | | 36 | |
DXC Technology Co * | | | 977 | | | | 20 | |
Dynatrace * | | | 1,482 | | | | 65 | |
Elastic * | | | 464 | | | | 51 | |
Enphase Energy Inc * | | | 722 | | | | 83 | |
Entegris Inc | | | 813 | | | | 96 | |
EPAM Systems Inc * | | | 302 | | | | 65 | |
F5 * | | | 319 | | | | 65 | |
Fair Isaac Corp * | | | 128 | | | | 205 | |
First Solar * | | | 578 | | | | 125 | |
Five9 * | | | 420 | | | | 19 | |
Fortinet Inc * | | | 3,352 | | | | 195 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Gartner Inc * | | | 400 | | | $ | 200 | |
Gen Digital | | | 3,001 | | | | 78 | |
Gitlab, Cl A * | | | 525 | | | | 27 | |
GLOBALFOUNDRIES * | | | 470 | | | | 24 | |
Globant * | | | 222 | | | | 43 | |
GoDaddy Inc, Cl A * | | | 742 | | | | 108 | |
Guidewire Software Inc * | | | 439 | | | | 66 | |
HashiCorp, Cl A * | | | 555 | | | | 19 | |
Hewlett Packard Enterprise Co | | | 6,854 | | | | 136 | |
HP Inc | | | 5,391 | | | | 195 | |
HubSpot Inc * | | | 260 | | | | 129 | |
Informatica, Cl A * | | | 221 | | | | 5 | |
Intel Corp | | | 22,873 | | | | 703 | |
International Business Machines Corp | | | 4,927 | | | | 947 | |
Intuit Inc | | | 1,467 | | | | 950 | |
IPG Photonics Corp * | | | 175 | | | | 14 | |
Jabil Inc | | | 633 | | | | 71 | |
Juniper Networks Inc | | | 1,722 | | | | 65 | |
Keysight Technologies * | | | 970 | | | | 135 | |
KLA | | | 722 | | | | 594 | |
Kyndryl Holdings * | | | 1,225 | | | | 33 | |
Lam Research Corp | | | 701 | | | | 646 | |
Lattice Semiconductor Corp * | | | 733 | | | | 39 | |
Littelfuse Inc | | | 145 | | | | 39 | |
Lumentum Holdings * | | | 408 | | | | 21 | |
MACOM Technology Solutions Holdings Inc * | | | 189 | | | | 19 | |
Manhattan Associates Inc * | | | 330 | | | | 84 | |
Marvell Technology | | | 4,574 | | | | 306 | |
Microchip Technology Inc | | | 2,825 | | | | 251 | |
Micron Technology Inc | | | 5,914 | | | | 649 | |
Microsoft Corp | | | 40,057 | | | | 16,758 | |
MicroStrategy Inc, Cl A * | | | 86 | | | | 139 | |
MKS Instruments Inc | | | 360 | | | | 45 | |
Monday.com * | | | 37 | | | | 9 | |
MongoDB, Cl A * | | | 378 | | | | 95 | |
Monolithic Power Systems Inc | | | 254 | | | | 219 | |
Motorola Solutions Inc | | | 881 | | | | 351 | |
nCino * | | | 418 | | | | 14 | |
NetApp Inc | | | 1,148 | | | | 146 | |
Nutanix Inc, Cl A * | | | 1,377 | | | | 70 | |
NVIDIA Corp | | | 128,094 | | | | 14,990 | |
Okta, Cl A * | | | 828 | | | | 78 | |
ON Semiconductor Corp * | | | 2,361 | | | | 185 | |
Onto Innovation * | | | 242 | | | | 46 | |
Oracle Corp | | | 8,442 | | | | 1,177 | |
Palantir Technologies, Cl A * | | | 10,739 | | | | 289 | |
Palo Alto Networks Inc * | | | 1,650 | | | | 536 | |
Pegasystems Inc | | | 248 | | | | 17 | |
Procore Technologies * | | | 426 | | | | 30 | |
PTC Inc * | | | 625 | | | | 111 | |
Pure Storage Inc, Cl A * | | | 1,562 | | | | 94 | |
Qorvo Inc * | | | 528 | | | | 63 | |
QUALCOMM Inc | | | 6,001 | | | | 1,086 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
RingCentral, Cl A * | | | 511 | | | $ | 18 | |
Roper Technologies | | | 581 | | | | 317 | |
Salesforce | | | 5,040 | | | | 1,304 | |
SentinelOne, Cl A * | | | 1,330 | | | | 30 | |
ServiceNow Inc * | | | 1,102 | | | | 897 | |
Skyworks Solutions Inc | | | 865 | | | | 98 | |
Smartsheet, Cl A * | | | 762 | | | | 37 | |
Snowflake, Cl A * | | | 1,728 | | | | 225 | |
Super Micro Computer * | | | 273 | | | | 192 | |
Synopsys Inc * | | | 815 | | | | 455 | |
TD SYNNEX | | | 375 | | | | 45 | |
Teledyne Technologies * | | | 254 | | | | 107 | |
Teradata Corp * | | | 614 | | | | 20 | |
Teradyne Inc | | | 838 | | | | 110 | |
Texas Instruments Inc | | | 4,889 | | | | 996 | |
Trimble Inc * | | | 1,334 | | | | 73 | |
Twilio, Cl A * | | | 985 | | | | 58 | |
Tyler Technologies Inc * | | | 227 | | | | 129 | |
Ubiquiti | | | 25 | | | | 5 | |
UiPath, Cl A * | | | 2,260 | | | | 28 | |
Unity Software * | | | 1,718 | | | | 28 | |
Universal Display Corp | | | 267 | | | | 59 | |
VeriSign Inc * | | | 483 | | | | 90 | |
Vontier | | | 762 | | | | 30 | |
Western Digital Corp * | | | 1,765 | | | | 118 | |
Wolfspeed * | | | 738 | | | | 14 | |
Workday Inc, Cl A * | | | 1,103 | | | | 251 | |
Zebra Technologies Corp, Cl A * | | | 275 | | | | 97 | |
Zoom Video Communications, Cl A * | | | 1,384 | | | | 84 | |
Zscaler Inc * | | | 483 | | | | 87 | |
| | | | | | | | | |
| | | | | | | | 81,731 | |
Materials — 2.0% | | | | |
Air Products & Chemicals Inc | | | 1,185 | | | | 313 | |
Albemarle Corp | | | 635 | | | | 60 | |
Alcoa Corp | | | 1,060 | | | | 35 | |
Amcor | | | 7,813 | | | | 82 | |
AptarGroup Inc | | | 351 | | | | 52 | |
Ashland | | | 264 | | | | 26 | |
ATI * | | | 540 | | | | 37 | |
Avery Dennison | | | 439 | | | | 95 | |
Axalta Coating Systems Ltd * | | | 1,186 | | | | 42 | |
Ball | | | 1,676 | | | | 107 | |
Berry Global Group Inc | | | 689 | | | | 45 | |
Celanese Corp, Cl A | | | 536 | | | | 76 | |
CF Industries Holdings Inc | | | 1,045 | | | | 80 | |
Chemours Co/The | | | 883 | | | | 21 | |
Cleveland-Cliffs Inc * | | | 2,676 | | | | 41 | |
Corteva | | | 3,717 | | | | 209 | |
CRH | | | 3,666 | | | | 314 | |
Crown Holdings Inc | | | 571 | | | | 51 | |
Dow Inc | | | 3,739 | | | | 204 | |
DuPont de Nemours | | | 2,218 | | | | 186 | |
Eagle Materials Inc | | | 184 | | | | 50 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Eastman Chemical Co | | | 639 | | | $ | 66 | |
Ecolab Inc | | | 1,364 | | | | 315 | |
Element Solutions Inc | | | 1,352 | | | | 36 | |
FMC Corp | | | 650 | | | | 38 | |
Freeport-McMoRan | | | 7,649 | | | | 347 | |
Graphic Packaging Holding Co | | | 1,630 | | | | 49 | |
Holcim | | | 681 | | | | 64 | |
Huntsman Corp | | | 973 | | | | 23 | |
International Flavors & Fragrances Inc | | | 1,392 | | | | 138 | |
International Paper Co | | | 1,876 | | | | 87 | |
James Hardie Industries PLC * | | | 582 | | | | 21 | |
Linde | | | 2,582 | | | | 1,171 | |
Louisiana-Pacific Corp | | | 366 | | | | 36 | |
LyondellBasell Industries NV, Cl A | | | 1,413 | | | | 141 | |
Martin Marietta Materials | | | 325 | | | | 193 | |
Mosaic Co/The | | | 1,718 | | | | 51 | |
MP Materials * | | | 544 | | | | 7 | |
NewMarket Corp | | | 34 | | | | 19 | |
Newmont | | | 6,159 | | | | 302 | |
Nucor Corp | | | 1,298 | | | | 212 | |
Olin Corp | | | 618 | | | | 28 | |
Packaging Corp of America | | | 480 | | | | 96 | |
PPG Industries Inc | | | 1,286 | | | | 163 | |
Reliance | | | 314 | | | | 96 | |
Royal Gold Inc | | | 334 | | | | 46 | |
RPM International Inc | | | 690 | | | | 84 | |
Scotts Miracle-Gro Co/The, Cl A | | | 242 | | | | 19 | |
Sealed Air Corp | | | 874 | | | | 33 | |
Sherwin-Williams Co/The | | | 1,255 | | | | 440 | |
Silgan Holdings | | | 504 | | | | 26 | |
Smurfit WestRock | | | 1,370 | | | | 61 | |
Sonoco Products Co | | | 583 | | | | 31 | |
Steel Dynamics | | | 779 | | | | 104 | |
United States Steel Corp | | | 1,195 | | | | 49 | |
Vulcan Materials | | | 733 | | | | 201 | |
Westlake | | | 198 | | | | 29 | |
| | | | | | | | | |
| | | | | | | | 6,948 | |
Real Estate — 2.0% | | | | |
Agree Realty Corp ‡ | | | 532 | | | | 37 | |
Alexandria Real Estate Equities Inc ‡ | | | 960 | | | | 113 | |
American Homes 4 Rent, Cl A ‡ | | | 1,801 | | | | 65 | |
American Tower, Cl A ‡ | | | 2,502 | | | | 551 | |
Americold Realty Trust ‡ | | | 1,612 | | | | 48 | |
AvalonBay Communities Inc ‡ | | | 775 | | | | 159 | |
Brixmor Property Group Inc ‡ | | | 1,501 | | | | 38 | |
BXP ‡ | | | 847 | | | | 60 | |
Camden Property Trust ‡ | | | 560 | | | | 62 | |
CBRE Group Inc, Cl A * | | | 1,661 | | | | 187 | |
CoStar Group Inc * | | | 2,238 | | | | 175 | |
Cousins Properties ‡ | | | 906 | | | | 25 | |
Crown Castle ‡ | | | 2,375 | | | | 261 | |
CubeSmart ‡ | | | 1,206 | | | | 57 | |
Digital Realty Trust Inc ‡ | | | 1,733 | | | | 259 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
EastGroup Properties Inc ‡ | | | 247 | | | $ | 46 | |
EPR Properties ‡ | | | 444 | | | | 20 | |
Equinix Inc ‡ | | | 507 | | | | 401 | |
Equity LifeStyle Properties Inc ‡ | | | 961 | | | | 66 | |
Equity Residential ‡ | | | 2,036 | | | | 142 | |
Essex Property Trust Inc ‡ | | | 334 | | | | 93 | |
Extra Space Storage Inc ‡ | | | 1,145 | | | | 183 | |
Federal Realty Investment Trust ‡ | | | 481 | | | | 54 | |
First Industrial Realty Trust Inc ‡ | | | 660 | | | | 36 | |
Gaming and Leisure Properties Inc ‡ | | | 1,464 | | | | 73 | |
Healthcare Realty Trust, Cl A ‡ | | | 2,273 | | | | 40 | |
Healthpeak Properties ‡ | | | 3,818 | | | | 83 | |
Highwoods Properties Inc ‡ | | | 623 | | | | 19 | |
Host Hotels & Resorts Inc ‡ | | | 3,836 | | | | 67 | |
Howard Hughes Holdings * | | | 200 | | | | 15 | |
Invitation Homes Inc ‡ | | | 3,333 | | | | 118 | |
Iron Mountain ‡ | | | 1,578 | | | | 162 | |
Jones Lang LaSalle Inc * | | | 254 | | | | 64 | |
Kilroy Realty Corp ‡ | | | 697 | | | | 26 | |
Kimco Realty ‡ | | | 3,622 | | | | 79 | |
Lamar Advertising Co, Cl A ‡ | | | 467 | | | | 56 | |
Medical Properties Trust Inc ‡ | | | 3,561 | | | | 17 | |
Mid-America Apartment Communities ‡ | | | 631 | | | | 88 | |
National Storage Affiliates Trust ‡ | | | 324 | | | | 14 | |
NNN ‡ | | | 976 | | | | 44 | |
Omega Healthcare Investors Inc ‡ | | | 1,409 | | | | 51 | |
Park Hotels & Resorts ‡ | | | 1,336 | | | | 20 | |
Prologis Inc ‡ | | | 4,955 | | | | 625 | |
Public Storage | | | 860 | | | | 254 | |
Rayonier Inc ‡ | | | 874 | | | | 26 | |
Realty Income Corp ‡ | | | 4,609 | | | | 265 | |
Regency Centers Corp ‡ | | | 976 | | | | 66 | |
Rexford Industrial Realty ‡ | | | 1,172 | | | | 59 | |
SBA Communications Corp, Cl A ‡ | | | 587 | | | | 129 | |
Simon Property Group Inc | | | 1,724 | | | | 265 | |
STAG Industrial Inc ‡ | | | 1,073 | | | | 44 | |
Sun Communities Inc ‡ | | | 668 | | | | 85 | |
UDR Inc ‡ | | | 1,776 | | | | 71 | |
Ventas Inc ‡ | | | 2,177 | | | | 118 | |
VICI Properties Inc, Cl A ‡ | | | 5,663 | | | | 177 | |
Vornado Realty Trust ‡ | | | 1,058 | | | | 32 | |
Welltower ‡ | | | 3,091 | | | | 344 | |
Weyerhaeuser Co ‡ | | | 4,001 | | | | 127 | |
WP Carey Inc ‡ | | | 1,150 | | | | 66 | |
Zillow Group Inc, Cl A * | | | 338 | | | | 16 | |
Zillow Group Inc, Cl C * | | | 829 | | | | 40 | |
| | | | | | | | | |
| | | | | | | | 6,983 | |
Utilities — 1.8% | | | | |
AES Corp/VA | | | 3,610 | | | | 64 | |
Alliant Energy Corp | | | 1,360 | | | | 76 | |
Ameren Corp | | | 1,426 | | | | 113 | |
American Electric Power Co Inc | | | 2,811 | | | | 276 | |
American Water Works | | | 1,065 | | | | 152 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
COMMON STOCK (continued) |
Atmos Energy Corp | | | 788 | | | $ | 101 | |
Avangrid Inc | | | 425 | | | | 15 | |
Brookfield Renewable, Cl A | | | 766 | | | | 22 | |
CenterPoint Energy | | | 3,436 | | | | 95 | |
Clearway Energy Inc, Cl A | | | 208 | | | | 5 | |
Clearway Energy Inc, Cl C | | | 489 | | | | 13 | |
CMS Energy Corp | | | 1,582 | | | | 103 | |
Consolidated Edison Inc | | | 1,900 | | | | 185 | |
Constellation Energy | | | 1,682 | | | | 319 | |
Dominion Energy Inc | | | 4,460 | | | | 238 | |
DTE Energy | | | 1,124 | | | | 136 | |
Duke Energy | | | 4,131 | | | | 451 | |
Edison International | | | 2,066 | | | | 165 | |
Entergy Corp | | | 1,155 | | | | 134 | |
Essential Utilities | | | 1,388 | | | | 56 | |
Evergy Inc | | | 1,203 | | | | 70 | |
Exelon Corp | | | 5,505 | | | | 205 | |
FirstEnergy Corp | | | 2,970 | | | | 124 | |
IDACORP Inc, Cl Rights | | | 302 | | | | 30 | |
National Fuel Gas | | | 526 | | | | 31 | |
NextEra Energy | | | 11,039 | | | | 843 | |
NiSource Inc | | | 2,231 | | | | 70 | |
NRG Energy Inc | | | 1,115 | | | | 84 | |
OGE Energy | | | 1,002 | | | | 39 | |
PG&E | | | 11,162 | | | | 204 | |
Pinnacle West Capital Corp | | | 578 | | | | 49 | |
PPL Corp | | | 4,023 | | | | 120 | |
Public Service Enterprise Group | | | 2,721 | | | | 217 | |
Sempra | | | 3,458 | | | | 277 | |
Southern Co/The | | | 5,865 | | | | 490 | |
UGI Corp | | | 1,255 | | | | 31 | |
Vistra | | | 1,819 | | | | 144 | |
WEC Energy Group | | | 1,725 | | | | 148 | |
Xcel Energy Inc | | | 3,018 | | | | 176 | |
| | | | | | | | | |
| | | | | | | | 6,071 | |
Total Common Stock | | | | | | | | |
(Cost $208,113) ($ Thousands) | | | | | | | 274,281 | |
| | | | | | | | | |
FOREIGN COMMON STOCK — 6.0% |
| | | | | | | | | |
Australia — 0.5% | | | | |
Communication Services — 0.0% | | | | |
CAR Group | | | 446 | | | | 10 | |
REA Group | | | 74 | | | | 10 | |
SEEK Ltd | | | 450 | | | | 6 | |
Telstra Group | | | 5,435 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | 40 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Aristocrat Leisure Ltd | | | 729 | | | | 26 | |
Lottery | | | 2,732 | | | | 9 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Wesfarmers Ltd | | | 1,472 | | | $ | 71 | |
| | | | | | | | | |
| | | | | | | | 106 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Coles Group Ltd | | | 1,744 | | | | 21 | |
Endeavour Group | | | 2,090 | | | | 7 | |
Treasury Wine Estates Ltd | | | 1,111 | | | | 9 | |
Woolworths Group Ltd | | | 1,592 | | | | 36 | |
| | | | | | | | | |
| | | | | | | | 73 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Ampol | | | 293 | | | | 6 | |
Santos Ltd | | | 4,293 | | | | 22 | |
Woodside Energy Group | | | 2,442 | | | | 44 | |
| | | | | | | | | |
| | | | | | | | 72 | |
| | | | | | | | | |
Financials — 0.3% | | | | |
ANZ Group Holdings | | | 3,895 | | | | 74 | |
ASX Ltd | | | 264 | | | | 11 | |
Commonwealth Bank of Australia | | | 2,175 | | | | 195 | |
Insurance Australia Group | | | 3,026 | | | | 15 | |
Macquarie Group Ltd | | | 474 | | | | 65 | |
Medibank Pvt Ltd | | | 3,381 | | | | 9 | |
National Australia Bank Ltd | | | 4,022 | | | | 101 | |
QBE Insurance Group Ltd | | | 1,945 | | | | 23 | |
Suncorp Group Ltd | | | 1,655 | | | | 19 | |
Westpac Banking | | | 4,517 | | | | 88 | |
| | | | | | | | | |
| | | | | | | | 600 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Cochlear Ltd | | | 83 | | | | 19 | |
Pro Medicus | | | 75 | | | | 7 | |
Ramsay Health Care | | | 227 | | | | 7 | |
Sonic Healthcare | | | 561 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 43 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Aurizon Holdings Ltd | | | 2,260 | | | | 5 | |
Brambles Ltd | | | 1,820 | | | | 18 | |
Computershare Ltd | | | 667 | | | | 12 | |
Qantas Airways * | | | 1,135 | | | | 5 | |
Reece | | | 278 | | | | 5 | |
Seven Group Holdings | | | 256 | | | | 7 | |
Transurban Group | | | 3,965 | | | | 34 | |
Washington H Soul Pattinson & Co Ltd | | | 318 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 93 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
WiseTech Global | | | 220 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Materials — 0.2% | | | | |
BHP Group | | | 6,594 | | | | 182 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
BlueScope Steel Ltd | | | 570 | | | $ | 8 | |
Fortescue | | | 2,202 | | | | 27 | |
Glencore PLC | | | 13,491 | | | | 74 | |
Mineral Resources | | | 222 | | | | 8 | |
Northern Star Resources | | | 1,537 | | | | 14 | |
Orica | | | 645 | | | | 8 | |
Pilbara Minerals | | | 3,561 | | | | 7 | |
Rio Tinto Ltd | | | 509 | | | | 39 | |
Rio Tinto PLC | | | 1,449 | | | | 94 | |
South32 | | | 6,053 | | | | 12 | |
| | | | | | | | | |
| | | | | | | | 473 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Dexus ‡ | | | 1,320 | | | | 6 | |
Goodman Group ‡ | | | 2,242 | | | | 51 | |
GPT Group ‡ | | | 2,352 | | | | 7 | |
Mirvac Group ‡ | | | 4,844 | | | | 7 | |
Scentre Group ‡ | | | 6,889 | | | | 16 | |
Stockland ‡ | | | 2,931 | | | | 9 | |
Vicinity ‡ | | | 5,543 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | 104 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
APA Group | | | 1,858 | | | | 10 | |
Origin Energy Ltd | | | 2,297 | | | | 16 | |
| | | | | | | | | |
| | | | | | | | 26 | |
| | | | | | | | | |
| | | | | | | | 1,644 | |
| | | | | | | | | |
Austria — 0.0% | | | | |
Energy — 0.0% | | | | |
OMV | | | 181 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.0% | | | | |
Erste Group Bank AG | | | 422 | | | | 22 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Mondi | | | 542 | | | | 10 | |
voestalpine AG | | | 142 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | 14 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Verbund AG | | | 84 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 50 | |
| | | | | | | | | |
Belgium — 0.1% | | | | |
Consumer Discretionary — 0.0% | | | | |
Ageas | | | 198 | | | | 9 | |
D'ieteren Group | | | 31 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 16 | |
| | | | | | | | | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Consumer Staples — 0.1% | | | | |
Anheuser-Busch InBev SA/NV | | | 1,163 | | | $ | 69 | |
Lotus Bakeries | | | 1 | | | | 11 | |
| | | | | | | | | |
| | | | | | | | 80 | |
| | | | | | | | | |
Financials — 0.0% | | | | |
Groupe Bruxelles Lambert SA | | | 122 | | | | 9 | |
KBC Group NV | | | 322 | | | | 25 | |
Sofina | | | 19 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | 39 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
UCB SA | | | 163 | | | | 27 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Syensqo | | | 91 | | | | 8 | |
Umicore SA | | | 257 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | 12 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Warehouses De Pauw CVA ‡ | | | 219 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Elia Group | | | 41 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 184 | |
| | | | | | | | | |
Bermuda — 0.0% | | | | |
Financials — 0.0% | | | | |
RenaissanceRe Holdings Ltd | | | 295 | | | | 68 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Brazil — 0.1% | | | | |
Financials — 0.1% | | | | |
NU Holdings, Cl A * | | | 17,189 | | | | 208 | |
XP, Cl A | | | 1,732 | | | | 30 | |
| | | | | | | | | |
| | | | | | | | 238 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Yara International ASA | | | 203 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 244 | |
| | | | | | | | | |
Burkina Faso — 0.0% | | | | |
Materials — 0.0% | | | | |
Endeavour Mining | | | 259 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Canada — 0.0% | | | | |
Industrials — 0.0% | | | | |
RB Global | | | 983 | | | $ | 78 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Chile — 0.0% | | | | |
Materials — 0.0% | | | | |
Antofagasta PLC | | | 521 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
China — 0.0% | | | | |
Consumer Discretionary — 0.0% | | | | |
Prosus | | | 1,850 | | | | 64 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Wilmar International Ltd | | | 2,400 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.0% | | | | |
BOC Hong Kong Holdings Ltd | | | 4,500 | | | | 13 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
SITC International Holdings | | | 2,000 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Wharf Holdings Ltd/The | | | 1,555 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 92 | |
| | | | | | | | | |
Denmark — 0.2% | | | | |
Consumer Discretionary — 0.0% | | | | |
Pandora A/S | | | 111 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Carlsberg A/S, Cl B | | | 120 | | | | 15 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.0% | | | | |
Danske Bank A/S | | | 884 | | | | 27 | |
Tryg A/S | | | 442 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 37 | |
| | | | | | | | | |
Health Care — 0.2% | | | | |
Coloplast A/S, Cl B | | | 177 | | | | 23 | |
Demant A/S * | | | 136 | | | | 5 | |
Genmab A/S * | | | 86 | | | | 24 | |
Novo Nordisk, Cl B | | | 4,246 | | | | 562 | |
| | | | | | | | | |
| | | | | | | | 614 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Industrials — 0.0% | | | | |
AP Moller - Maersk A/S, Cl A | | | 4 | | | $ | 6 | |
AP Moller - Maersk A/S, Cl B | | | 6 | | | | 10 | |
DSV | | | 230 | | | | 42 | |
ROCKWOOL, Cl B | | | 11 | | | | 5 | |
Vestas Wind Systems * | | | 1,320 | | | | 33 | |
| | | | | | | | | |
| | | | | | | | 96 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Novonesis (Novozymes) B, Cl B | | | 486 | | | | 31 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Orsted A/S * | | | 250 | | | | 15 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 825 | |
| | | | | | | | | |
Finland — 0.1% | | | | |
Communication Services — 0.0% | | | | |
Elisa | | | 175 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Kesko, Cl B | | | 335 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Neste Oyj | | | 519 | | | | 11 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
Nordea Bank Abp | | | 4,061 | | | | 48 | |
Sampo, Cl A | | | 589 | | | | 26 | |
| | | | | | | | | |
| | | | | | | | 74 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Orion Oyj, Cl B | | | 131 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Kone, Cl B | | | 460 | | | | 24 | |
Metso | | | 814 | | | | 8 | |
Wartsila Abp | | | 652 | | | | 13 | |
| | | | | | | | | |
| | | | | | | | 45 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Nokia | | | 6,928 | | | | 27 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Stora Enso, Cl R | | | 755 | | | | 9 | |
UPM-Kymmene | | | 693 | | | | 23 | |
| | | | | | | | | |
| | | | | | | | 32 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Utilities — 0.0% | | | | |
Fortum | | | 551 | | | $ | 8 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 217 | |
| | | | | | | | | |
France — 0.6% | | | | |
Communication Services — 0.0% | | | | |
Bollore SA | | | 1,087 | | | | 7 | |
Orange SA | | | 2,449 | | | | 27 | |
Publicis Groupe | | | 301 | | | | 31 | |
Vivendi SA | | | 885 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | 74 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Accor SA | | | 259 | | | | 10 | |
Cie Generale des Etablissements Michelin SCA | | | 890 | | | | 35 | |
Hermes International SCA | | | 41 | | | | 90 | |
Kering | | | 97 | | | | 30 | |
Klepierre SA ‡ | | | 264 | | | | 8 | |
La Francaise des Jeux SAEM | | | 129 | | | | 5 | |
Renault SA | | | 256 | | | | 12 | |
SEB SA | | | 31 | | | | 3 | |
Sodexo SA | | | 109 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 203 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Carrefour SA | | | 729 | | | | 11 | |
Danone SA | | | 822 | | | | 53 | |
Pernod Ricard SA | | | 264 | | | | 35 | |
Remy Cointreau SA | | | 29 | | | | 2 | |
| | | | | | | | | |
| | | | | | | | 101 | |
| | | | | | | | | |
Energy — 0.1% | | | | |
TotalEnergies | | | 2,779 | | | | 188 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
Amundi SA | | | 75 | | | | 5 | |
AXA SA | | | 2,344 | | | | 82 | |
BNP Paribas SA | | | 1,364 | | | | 94 | |
Edenred | | | 328 | | | | 14 | |
Eurazeo SE | | | 53 | | | | 4 | |
LVMH Moet Hennessy Louis Vuitton | | | 359 | | | | 254 | |
Societe Generale SA | | | 936 | | | | 24 | |
| | | | | | | | | |
| | | | | | | | 477 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
BioMerieux | | | 51 | | | | 5 | |
EssilorLuxottica SA | | | 389 | | | | 89 | |
Ipsen | | | 46 | | | | 5 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Sartorius Stedim Biotech | | | 38 | | | $ | 8 | |
| | | | | | | | | |
| | | | | | | | 107 | |
| | | | | | | | | |
Industrials — 0.2% | | | | |
Aeroports de Paris | | | 44 | | | | 6 | |
Airbus SE | | | 770 | | | | 117 | |
Alstom SA * | | | 476 | | | | 9 | |
Bouygues SA | | | 276 | | | | 10 | |
Bureau Veritas | | | 401 | | | | 13 | |
Cie de Saint-Gobain | | | 602 | | | | 52 | |
Credit Agricole SA | | | 1,494 | | | | 23 | |
Dassault Aviation | | | 31 | | | | 6 | |
Eiffage SA | | | 102 | | | | 10 | |
Getlink SE | | | 478 | | | | 9 | |
Legrand | | | 340 | | | | 37 | |
Rexel SA | | | 285 | | | | 7 | |
Safran SA | | | 441 | | | | 97 | |
Teleperformance | | | 73 | | | | 9 | |
Thales SA | | | 131 | | | | 21 | |
Vinci SA | | | 661 | | | | 76 | |
| | | | | | | | | |
| | | | | | | | 502 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Capgemini SE | | | 201 | | | | 40 | |
Dassault Systemes | | | 863 | | | | 33 | |
| | | | | | | | | |
| | | | | | | | 73 | |
| | | | | | | | | |
Materials — 0.2% | | | | |
Air Liquide | | | 750 | | | | 137 | |
Arkema SA | | | 74 | | | | 7 | |
L'Oreal SA | | | 312 | | | | 135 | |
| | | | | | | | | |
| | | | | | | | 279 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Covivio ‡ | | | 73 | | | | 4 | |
Gecina SA ‡ | | | 56 | | | | 6 | |
Unibail-Rodamco-Westfield ‡ | | | 158 | | | | 12 | |
| | | | | | | | | |
| | | | | | | | 22 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Engie SA | | | 2,372 | | | | 37 | |
Veolia Environnement SA | | | 871 | | | | 27 | |
| | | | | | | | | |
| | | | | | | | 64 | |
| | | | | | | | | |
| | | | | | | | 2,090 | |
| | | | | | | | | |
Germany — 0.5% | | | | |
Communication Services — 0.1% | | | | |
CTS Eventim & KGaA | | | 81 | | | | 7 | |
Deutsche Telekom AG | | | 4,186 | | | | 109 | |
Scout24 | | | 98 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | 124 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Consumer Discretionary — 0.1% | | | | |
adidas AG | | | 209 | | | $ | 52 | |
Allianz | | | 509 | | | | 144 | |
Bayerische Motoren Werke | | | 417 | | | | 39 | |
Continental AG | | | 135 | | | | 8 | |
Mercedes-Benz Group | | | 1,064 | | | | 70 | |
Puma SE | | | 130 | | | | 6 | |
Volkswagen AG | | | 36 | | | | 4 | |
Zalando * | | | 275 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 330 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Beiersdorf AG | | | 131 | | | | 19 | |
Henkel AG & Co KGaA | | | 128 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 29 | |
| | | | | | | | | |
Financials — 0.1% | | | | |
Commerzbank AG | | | 1,371 | | | | 22 | |
Deutsche Bank AG | | | 2,537 | | | | 40 | |
Deutsche Boerse AG | | | 249 | | | | 51 | |
Hannover Rueck SE | | | 79 | | | | 20 | |
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | | | 177 | | | | 87 | |
Talanx | | | 87 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 227 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Bayer | | | 1,275 | | | | 38 | |
Carl Zeiss Meditec | | | 49 | | | | 3 | |
Fresenius Medical Care AG & Co KGaA | | | 278 | | | | 11 | |
Fresenius SE & Co KGaA * | | | 554 | | | | 20 | |
Merck KGaA | | | 168 | | | | 30 | |
Siemens Healthineers AG | | | 365 | | | | 20 | |
| | | | | | | | | |
| | | | | | | | 122 | |
| | | | | | | | | |
Industrials — 0.1% | | | | |
Brenntag AG | | | 190 | | | | 14 | |
Daimler Truck Holding | | | 703 | | | | 27 | |
Deutsche Lufthansa AG | | | 734 | | | | 5 | |
Deutsche Post | | | 1,281 | | | | 57 | |
GEA Group AG | | | 186 | | | | 8 | |
Knorr-Bremse | | | 89 | | | | 7 | |
MTU Aero Engines AG | | | 70 | | | | 20 | |
Rational | | | 6 | | | | 5 | |
Rheinmetall | | | 57 | | | | 31 | |
Siemens | | | 989 | | | | 181 | |
Siemens Energy * | | | 781 | | | | 23 | |
| | | | | | | | | |
| | | | | | | | 378 | |
| | | | | | | | | |
Information Technology — 0.1% | | | | |
Bechtle | | | 101 | | | | 4 | |
Infineon Technologies | | | 1,700 | | | | 59 | |
Nemetschek | | | 71 | | | | 7 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
SAP SE | | | 1,358 | | | $ | 287 | |
| | | | | | | | | |
| | | | | | | | 357 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
BASF | | | 1,161 | | | | 54 | |
Covestro * | | | 237 | | | | 14 | |
Evonik Industries AG | | | 334 | | | | 7 | |
Heidelberg Materials | | | 178 | | | | 19 | |
Symrise, Cl A | | | 173 | | | | 22 | |
| | | | | | | | | |
| | | | | | | | 116 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
LEG Immobilien | | | 91 | | | | 8 | |
Vonovia SE | | | 954 | | | | 29 | |
| | | | | | | | | |
| | | | | | | | 37 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
E.ON SE | | | 2,878 | | | | 40 | |
RWE AG | | | 823 | | | | 31 | |
| | | | | | | | | |
| | | | | | | | 71 | |
| | | | | | | | | |
| | | | | | | | 1,791 | |
| | | | | | | | | |
Hong Kong — 0.1% | | | | |
Communication Services — 0.0% | | | | |
HKT Trust & HKT Ltd | | | 5,000 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
WH Group Ltd | | | 10,000 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
AIA Group Ltd | | | 14,600 | | | | 98 | |
Futu Holdings ADR * | | | 100 | | | | 6 | |
Hang Seng Bank Ltd | | | 1,000 | | | | 12 | |
Hong Kong Exchanges & Clearing Ltd | | | 1,600 | | | | 48 | |
Prudential PLC | | | 3,585 | | | | 32 | |
| | | | | | | | | |
| | | | | | | | 196 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Jardine Matheson Holdings | | | 200 | | | | 7 | |
MTR Corp Ltd | | | 2,049 | | | | 7 | |
Techtronic Industries Co Ltd | | | 2,000 | | | | 26 | |
| | | | | | | | | |
| | | | | | | | 40 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
CK Asset Holdings Ltd | | | 2,500 | | | | 10 | |
Henderson Land Development Co Ltd | | | 2,000 | | | | 6 | |
Hongkong Land Holdings | | | 1,400 | | | | 4 | |
Link ‡ | | | 3,420 | | | | 14 | |
Sino Land Co Ltd | | | 6,150 | | | | 6 | |
Sun Hung Kai Properties Ltd | | | 2,000 | | | | 17 | |
Swire Pacific Ltd, Cl A | | | 500 | | | | 4 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Swire Properties Ltd | | | 1,400 | | | $ | 2 | |
Wharf Real Estate Investment Co Ltd | | | 2,000 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | 68 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
CK Infrastructure Holdings Ltd | | | 1,000 | | | | 7 | |
CLP Holdings | | | 2,000 | | | | 17 | |
Hong Kong & China Gas | | | 14,000 | | | | 11 | |
Power Assets Holdings | | | 1,500 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 45 | |
| | | | | | | | | |
| | | | | | | | 362 | |
| | | | | | | | | |
Ireland — 0.0% | | | | |
Consumer Staples — 0.0% | | | | |
Kerry Group PLC, Cl A | | | 196 | | | | 18 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.0% | | | | |
AIB Group PLC | | | 2,100 | | | | 12 | |
Bank of Ireland Group PLC | | | 1,314 | | | | 15 | |
| | | | | | | | | |
| | | | | | | | 27 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
AerCap Holdings NV | | | 260 | | | | 25 | |
Kingspan Group PLC | | | 203 | | | | 19 | |
| | | | | | | | | |
| | | | | | | | 44 | |
| | | | | | | | | |
| | | | | | | | 89 | |
| | | | | | | | | |
Israel — 0.1% | | | | |
Consumer Discretionary — 0.0% | | | | |
Global-e Online, Cl E * | | | 132 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.0% | | | | |
Bank Hapoalim BM | | | 1,559 | | | | 14 | |
Bank Leumi Le-Israel | | | 1,895 | | | | 17 | |
Israel Discount Bank, Cl A | | | 1,519 | | | | 8 | |
Mizrahi Tefahot Bank Ltd | | | 189 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 46 | |
| | | | | | | | | |
Health Care — 0.1% | | | | |
Teva Pharmaceutical Industries ADR * | | | 1,500 | | | | 26 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Elbit Systems Ltd | | | 33 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Check Point Software Technologies * | | | 122 | | | | 22 | |
Nice Ltd * | | | 78 | | | | 14 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Wix.com Ltd * | | | 100 | | | $ | 16 | |
| | | | | | | | | |
| | | | | | | | 52 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
ICL Group | | | 1,265 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Azrieli Group | | | 52 | | | | 3 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 143 | |
| | | | | | | | | |
Italy — 0.2% | | | | |
Communication Services — 0.0% | | | | |
Infrastrutture Wireless Italiane | | | 413 | | | | 5 | |
Telecom Italia * | | | 12,233 | | | | 3 | |
| | | | | | | | | |
| | | | | | | | 8 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Ferrari | | | 164 | | | | 68 | |
Moncler SpA | | | 286 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | 85 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Coca-Cola HBC AG | | | 288 | | | | 10 | |
Davide Campari-Milano | | | 785 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 17 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Eni SpA | | | 2,924 | | | | 47 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.2% | | | | |
Banco BPM | | | 1,666 | | | | 12 | |
FinecoBank Banca Fineco | | | 749 | | | | 13 | |
Intesa Sanpaolo SpA | | | 18,896 | | | | 77 | |
Mediobanca Banca di Credito Finanziario | | | 729 | | | | 12 | |
Nexi * | | | 725 | | | | 4 | |
Poste Italiane | | | 641 | | | | 9 | |
UniCredit SpA | | | 1,976 | | | | 81 | |
| | | | | | | | | |
| | | | | | | | 208 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Amplifon | | | 153 | | | | 5 | |
DiaSorin | | | 31 | | | | 3 | |
Recordati Industria Chimica e Farmaceutica | | | 128 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 15 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Assicurazioni Generali SpA | | | 1,364 | | | | 35 | |
Leonardo SpA | | | 504 | | | | 12 | |
Prysmian SpA | | | 339 | | | | 23 | |
| | | | | | | | | |
| | | | | | | | 70 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Utilities — 0.0% | | | | |
Enel SpA | | | 10,534 | | | $ | 75 | |
Snam SpA | | | 2,476 | | | | 12 | |
Terna - Rete Elettrica Nazionale | | | 1,727 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | 101 | |
| | | | | | | | | |
| | | | | | | | 551 | |
| | | | | | | | | |
Japan — 1.5% | | | | |
Communication Services — 0.2% | | | | |
Capcom | | | 500 | | | | 11 | |
Dentsu Group | | | 300 | | | | 8 | |
KDDI Corp | | | 1,900 | | | | 57 | |
Konami Group | | | 100 | | | | 8 | |
LY | | | 3,300 | | | | 8 | |
Nexon Co Ltd | | | 400 | | | | 9 | |
Nintendo Co Ltd | | | 1,400 | | | | 78 | |
Nippon Telegraph & Telephone Corp | | | 38,600 | | | | 41 | |
SoftBank | | | 3,600 | | | | 47 | |
SoftBank Group Corp | | | 1,300 | | | | 79 | |
Toho Co Ltd/Tokyo | | | 100 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | 350 | |
| | | | | | | | | |
Consumer Discretionary — 0.2% | | | | |
Aisin | | | 200 | | | | 7 | |
Asics Corp | | | 800 | | | | 13 | |
Bandai Namco Holdings Inc | | | 800 | | | | 17 | |
Bridgestone Corp | | | 700 | | | | 29 | |
Denso Corp | | | 2,448 | | | | 41 | |
Fast Retailing | | | 253 | | | | 70 | |
Honda Motor Co Ltd | | | 5,900 | | | | 65 | |
Isuzu Motors Ltd | | | 700 | | | | 10 | |
Koito Manufacturing Co Ltd | | | 300 | | | | 4 | |
Mazda Motor | | | 700 | | | | 6 | |
McDonald's Holdings Co Japan Ltd | | | 100 | | | | 4 | |
Nissan Motor Co Ltd | | | 3,100 | | | | 10 | |
Nitori Holdings Co Ltd | | | 100 | | | | 12 | |
Oriental Land Co Ltd/Japan | | | 1,400 | | | | 40 | |
Pan Pacific International Holdings Corp | | | 500 | | | | 13 | |
Panasonic Holdings | | | 3,000 | | | | 25 | |
Rakuten Group * | | | 2,000 | | | | 12 | |
Sekisui Chemical Co Ltd | | | 500 | | | | 8 | |
Sekisui House | | | 800 | | | | 20 | |
Shimano Inc | | | 100 | | | | 18 | |
Sony Group | | | 1,600 | | | | 144 | |
Subaru Corp | | | 800 | | | | 16 | |
Sumitomo Electric Industries | | | 900 | | | | 14 | |
Suzuki Motor Corp | | | 2,000 | | | | 23 | |
Toyota Motor Corp | | | 13,800 | | | | 270 | |
Yamaha Motor Co Ltd | | | 1,200 | | | | 11 | |
Zensho Holdings | | | 100 | | | | 4 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
ZOZO Inc | | | 200 | | | $ | 6 | |
| | | | | | | | | |
| | | | | | | | 912 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Aeon Co Ltd | | | 900 | | | | 21 | |
Ajinomoto Co Inc | | | 600 | | | | 25 | |
Asahi Group Holdings | | | 600 | | | | 22 | |
Japan Tobacco Inc | | | 1,500 | | | | 44 | |
Kao | | | 600 | | | | 26 | |
Kikkoman Corp | | | 1,000 | | | | 13 | |
Kirin Holdings Co Ltd | | | 1,000 | | | | 14 | |
Kobe Bussan | | | 200 | | | | 5 | |
MatsukiyoCocokara | | | 500 | | | | 8 | |
MEIJI Holdings Co Ltd | | | 300 | | | | 8 | |
Nissin Foods Holdings Co Ltd | | | 300 | | | | 9 | |
Seven & i Holdings Co Ltd | | | 2,900 | | | | 35 | |
Shiseido Co Ltd | | | 500 | | | | 16 | |
Suntory Beverage & Food Ltd | | | 200 | | | | 7 | |
Unicharm Corp | | | 500 | | | | 17 | |
Yakult Honsha Co Ltd | | | 400 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | 278 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
ENEOS Holdings | | | 3,700 | | | | 19 | |
Idemitsu Kosan | | | 1,200 | | | | 8 | |
Inpex | | | 1,300 | | | | 20 | |
| | | | | | | | | |
| | | | | | | | 47 | |
| | | | | | | | | |
Financials — 0.3% | | | | |
Chiba Bank Ltd/The | | | 700 | | | | 7 | |
Concordia Financial Group Ltd | | | 1,300 | | | | 8 | |
Dai-ichi Life Holdings Inc | | | 1,200 | | | | 37 | |
Daiwa Securities Group | | | 1,800 | | | | 15 | |
Japan Exchange Group Inc | | | 700 | | | | 16 | |
Japan Post Bank Co Ltd | | | 1,800 | | | | 19 | |
Japan Post Holdings Co Ltd | | | 2,600 | | | | 28 | |
Japan Post Insurance | | | 200 | | | | 4 | |
Mitsubishi HC Capital | | | 1,000 | | | | 7 | |
Mitsubishi UFJ Financial Group Inc | | | 14,400 | | | | 167 | |
Mizuho Financial Group Inc | | | 3,100 | | | | 71 | |
MS&AD Insurance Group Holdings Inc | | | 1,700 | | | | 40 | |
Nomura Holdings Inc | | | 3,900 | | | | 24 | |
ORIX | | | 1,500 | | | | 36 | |
Resona Holdings Inc | | | 2,700 | | | | 20 | |
SBI Holdings Inc/Japan | | | 300 | | | | 8 | |
Shizuoka Financial Group | | | 500 | | | | 5 | |
Sompo Holdings Inc | | | 1,200 | | | | 28 | |
Sumitomo Mitsui Financial Group Inc | | | 1,600 | | | | 116 | |
Sumitomo Mitsui Trust Holdings Inc | | | 900 | | | | 23 | |
T&D Holdings | | | 700 | | | | 13 | |
Tokio Marine Holdings Inc | | | 2,400 | | | | 96 | |
| | | | | | | | | |
| | | | | | | | 788 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Health Care — 0.1% | | | | |
Astellas Pharma Inc | | | 2,300 | | | $ | 27 | |
Chugai Pharmaceutical Co Ltd | | | 900 | | | | 40 | |
Daiichi Sankyo Co Ltd | | | 2,400 | | | | 98 | |
Eisai Co Ltd | | | 300 | | | | 11 | |
Hoya | | | 439 | | | | 55 | |
Kyowa Hakko Kirin Co Ltd | | | 300 | | | | 6 | |
M3 Inc | | | 600 | | | | 6 | |
Olympus Corp | | | 1,500 | | | | 26 | |
Ono Pharmaceutical Co Ltd | | | 500 | | | | 7 | |
Otsuka Holdings | | | 500 | | | | 26 | |
Shionogi & Co Ltd | | | 300 | | | | 13 | |
Sysmex Corp | | | 700 | | | | 11 | |
Takeda Pharmaceutical Co Ltd | | | 2,000 | | | | 57 | |
Terumo Corp | | | 1,800 | | | | 32 | |
| | | | | | | | | |
| | | | | | | | 415 | |
| | | | | | | | | |
Industrials — 0.4% | | | | |
AGC Inc/Japan | | | 200 | | | | 7 | |
ANA Holdings Inc | | | 200 | | | | 4 | |
Central Japan Railway Co | | | 1,000 | | | | 24 | |
Dai Nippon Printing | | | 300 | | | | 10 | |
Daifuku Co Ltd | | | 400 | | | | 7 | |
Daikin Industries Ltd | | | 349 | | | | 51 | |
East Japan Railway Co | | | 1,200 | | | | 23 | |
FANUC | | | 1,200 | | | | 36 | |
Fuji Electric Co Ltd | | | 200 | | | | 11 | |
Hankyu Hanshin Holdings Inc | | | 300 | | | | 9 | |
Hikari Tsushin Inc | | | 39 | | | | 7 | |
Hitachi Construction Machinery Co Ltd | | | 100 | | | | 2 | |
Hitachi Ltd | | | 6,000 | | | | 131 | |
Hoshizaki | | | 100 | | | | 3 | |
ITOCHU Corp | | | 1,500 | | | | 78 | |
Japan Airlines | | | 200 | | | | 3 | |
Kajima Corp | | | 500 | | | | 10 | |
Kawasaki Kisen Kaisha | | | 500 | | | | 8 | |
Keisei Electric Railway Co Ltd | | | 200 | | | | 6 | |
Kintetsu Group Holdings Co Ltd | | | 200 | | | | 5 | |
Komatsu Ltd | | | 1,200 | | | | 35 | |
Kubota | | | 1,300 | | | | 19 | |
Makita Corp | | | 300 | | | | 10 | |
Marubeni Corp | | | 1,900 | | | | 36 | |
MINEBEA MITSUMI Inc | | | 500 | | | | 12 | |
Mitsubishi Corp | | | 4,400 | | | | 92 | |
Mitsubishi Electric Corp | | | 2,500 | | | | 43 | |
Mitsubishi Heavy Industries Ltd | | | 4,200 | | | | 51 | |
Mitsui & Co Ltd | | | 3,400 | | | | 80 | |
Mitsui OSK Lines Ltd | | | 400 | | | | 13 | |
MonotaRO Co Ltd | | | 300 | | | | 4 | |
NIDEC CORP | | | 500 | | | | 22 | |
NIPPON EXPRESS HOLDINGS INC | | | 100 | | | | 5 | |
Nippon Yusen | | | 600 | | | | 20 | |
Obayashi Corp | | | 800 | | | | 11 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Recruit Holdings Co Ltd | | | 1,900 | | | $ | 109 | |
Secom | | | 300 | | | | 19 | |
SG Holdings Co Ltd | | | 400 | | | | 4 | |
SMC Corp/Japan | | | 48 | | | | 24 | |
Sumitomo Corp | | | 1,400 | | | | 35 | |
Taisei | | | 200 | | | | 9 | |
Tokyu Corp | | | 700 | | | | 8 | |
TOPPAN Holdings | | | 300 | | | | 8 | |
TOTO Ltd | | | 200 | | | | 5 | |
Toyota Industries Corp | | | 200 | | | | 17 | |
Toyota Tsusho Corp | | | 900 | | | | 18 | |
West Japan Railway Co | | | 600 | | | | 12 | |
Yamato Holdings Co Ltd | | | 300 | | | | 4 | |
Yaskawa Electric Corp | | | 300 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 1,170 | |
| | | | | | | | | |
Information Technology — 0.2% | | | | |
Advantest | | | 1,000 | | | | 40 | |
Allegro MicroSystems * | | | 397 | | | | 10 | |
Brother Industries Ltd | | | 300 | | | | 6 | |
Canon Inc | | | 1,300 | | | | 41 | |
Disco Corp | | | 110 | | | | 36 | |
FUJIFILM Holdings Corp | | | 1,500 | | | | 36 | |
Fujitsu Ltd | | | 2,300 | | | | 42 | |
Hamamatsu Photonics KK | | | 200 | | | | 6 | |
Ibiden | | | 200 | | | | 8 | |
Keyence Corp | | | 300 | | | | 131 | |
Kyocera Corp | | | 1,600 | | | | 20 | |
Lasertec | | | 100 | | | | 18 | |
Murata Manufacturing Co Ltd | | | 2,200 | | | | 49 | |
NEC Corp | | | 300 | | | | 26 | |
Nomura Research Institute Ltd | | | 500 | | | | 15 | |
NTT Data Group | | | 800 | | | | 13 | |
Obic Co Ltd | | | 100 | | | | 15 | |
Omron Corp | | | 200 | | | | 7 | |
Oracle Corp Japan | | | 100 | | | | 8 | |
Otsuka Corp | | | 300 | | | | 7 | |
Renesas Electronics Corp | | | 1,900 | | | | 33 | |
Ricoh Co Ltd | | | 700 | | | | 7 | |
Rohm Co Ltd | | | 400 | | | | 5 | |
SCREEN Holdings | | | 100 | | | | 9 | |
SCSK | | | 200 | | | | 4 | |
Seiko Epson Corp | | | 400 | | | | 7 | |
Shimadzu Corp | | | 300 | | | | 9 | |
SUMCO Corp | | | 500 | | | | 8 | |
TDK Corp | | | 500 | | | | 35 | |
TIS | | | 300 | | | | 6 | |
Tokyo Electron Ltd | | | 600 | | | | 124 | |
Trend Micro Inc/Japan | | | 200 | | | | 10 | |
Yokogawa Electric Corp | | | 300 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | 799 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Materials — 0.1% | | | | |
Asahi Kasei | | | 1,500 | | | $ | 11 | |
JFE Holdings Inc | | | 739 | | | | 11 | |
Mitsubishi Chemical Group | | | 1,600 | | | | 9 | |
Mitsui Chemicals Inc | | | 200 | | | | 6 | |
Nippon Paint Holdings Co Ltd | | | 1,200 | | | | 8 | |
Nippon Sanso Holdings | | | 200 | | | | 7 | |
Nippon Steel Corp | | | 1,100 | | | | 24 | |
Nissan Chemical | | | 200 | | | | 6 | |
Nitto Denko Corp | | | 200 | | | | 17 | |
Shin-Etsu Chemical | | | 2,300 | | | | 103 | |
Sumitomo Metal Mining Co Ltd | | | 300 | | | | 9 | |
Toray Industries Inc | | | 1,700 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | 220 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Daito Trust Construction Co Ltd | | | 143 | | | | 17 | |
Daiwa House Industry | | | 700 | | | | 20 | |
Hulic Co Ltd | | | 500 | | | | 5 | |
Japan Real Estate Investment ‡ | | | 2 | | | | 7 | |
Mitsubishi Estate Co Ltd | | | 1,500 | | | | 26 | |
Mitsui Fudosan Co Ltd | | | 3,400 | | | | 36 | |
Nippon Building Fund ‡ | | | 2 | | | | 8 | |
Nippon Prologis Inc ‡ | | | 3 | | | | 5 | |
Nomura Real Estate Holdings Inc | | | 200 | | | | 6 | |
Nomura Real Estate Master Fund ‡ | | | 5 | | | | 5 | |
Sumitomo Realty & Development | | | 400 | | | | 13 | |
| | | | | | | | | |
| | | | | | | | 148 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Chubu Electric Power Co Inc | | | 800 | | | | 10 | |
Kansai Electric Power Co Inc/The | | | 900 | | | | 15 | |
Osaka Gas Co Ltd | | | 500 | | | | 11 | |
Tokyo Electric Power Holdings * | | | 1,900 | | | | 9 | |
Tokyo Gas | | | 500 | | | | 11 | |
| | | | | | | | | |
| | | | | | | | 56 | |
| | | | | | | | | |
| | | | | | | | 5,183 | |
| | | | | | | | | |
Jordan — 0.0% | | | | |
Health Care — 0.0% | | | | |
Hikma Pharmaceuticals PLC | | | 203 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Luxembourg — 0.0% | | | | |
Consumer Discretionary — 0.0% | | | | |
Birkenstock Holding * | | | 200 | | | | 12 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Eurofins Scientific | | | 183 | | | | 11 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Materials — 0.0% | | | | |
ArcelorMittal | | | 647 | | | $ | 14 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 37 | |
| | | | | | | | | |
Macao — 0.0% | | | | |
Consumer Discretionary — 0.0% | | | | |
Galaxy Entertainment Group Ltd | | | 3,000 | | | | 13 | |
Sands China Ltd * | | | 3,200 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | 19 | |
| | | | | | | | | |
| | | | | | | | | |
Mexico — 0.0% | | | | |
Materials — 0.0% | | | | |
Southern Copper Corp | | | 479 | | | | 51 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Netherlands — 0.3% | | | | |
Communication Services — 0.0% | | | | |
Koninklijke KPN NV | | | 4,922 | | | | 19 | |
Universal Music Group | | | 1,052 | | | | 25 | |
| | | | | | | | | |
| | | | | | | | 44 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Heineken | | | 370 | | | | 33 | |
Heineken Holding NV | | | 168 | | | | 12 | |
JDE Peet's | | | 123 | | | | 3 | |
Koninklijke Ahold Delhaize | | | 1,227 | | | | 40 | |
| | | | | | | | | |
| | | | | | | | 88 | |
| | | | | | | | | |
Financials — 0.1% | | | | |
ABN AMRO Group NV | | | 599 | | | | 10 | |
Adyen NV * | | | 28 | | | | 34 | |
Aegon | | | 2,034 | | | | 13 | |
ASR Nederland | | | 221 | | | | 11 | |
Euronext | | | 105 | | | | 11 | |
EXOR | | | 133 | | | | 14 | |
ING Groep NV | | | 4,283 | | | | 78 | |
NN Group NV | | | 389 | | | | 19 | |
| | | | | | | | | |
| | | | | | | | 190 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Argenx * | | | 78 | | | | 40 | |
Koninklijke Philips NV * | | | 1,074 | | | | 30 | |
| | | | | | | | | |
| | | | | | | | 70 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
IMCD | | | 70 | | | | 10 | |
InPost * | | | 252 | | | | 4 | |
Randstad NV | | | 147 | | | | 7 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Wolters Kluwer NV | | | 316 | | | $ | 53 | |
| | | | | | | | | |
| | | | | | | | 74 | |
| | | | | | | | | |
Information Technology — 0.2% | | | | |
ASML Holding NV | | | 520 | | | | 479 | |
BE Semiconductor Industries | | | 105 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | 493 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Akzo Nobel NV | | | 223 | | | | 14 | |
ASM International | | | 61 | | | | 42 | |
DSM-Firmenich | | | 239 | | | | 30 | |
OCI | | | 129 | | | | 3 | |
| | | | | | | | | |
| | | | | | | | 89 | |
| | | | | | | | | |
| | | | | | | | 1,048 | |
| | | | | | | | | |
New Zealand — 0.0% | | | | |
Communication Services — 0.0% | | | | |
Spark New Zealand Ltd | | | 2,300 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Fisher & Paykel Healthcare Corp Ltd | | | 803 | | | | 15 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Auckland International Airport Ltd | | | 1,560 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Xero * | | | 192 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Mercury NZ | | | 886 | | | | 4 | |
Meridian Energy Ltd | | | 1,584 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 55 | |
| | | | | | | | | |
Norway — 0.0% | | | | |
Communication Services — 0.0% | | | | |
Telenor ASA | | | 859 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Mowi ASA | | | 616 | | | | 10 | |
Orkla ASA | | | 922 | | | | 8 | |
Salmar | | | 80 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | 23 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Aker BP ASA | | | 388 | | | | 9 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Equinor | | | 1,170 | | | $ | 31 | |
| | | | | | | | | |
| | | | | | | | 40 | |
| | | | | | | | | |
Financials — 0.0% | | | | |
DNB Bank | | | 1,250 | | | | 26 | |
Gjensidige Forsikring ASA | | | 246 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | 30 | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
Kongsberg Gruppen | | | 109 | | | | 11 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Norsk Hydro ASA | | | 1,651 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 123 | |
| | | | | | | | | |
Portugal — 0.0% | | | | |
Consumer Staples — 0.0% | | | | |
Jeronimo Martins SGPS SA | | | 348 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Galp Energia SGPS | | | 615 | | | | 13 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
EDP | | | 4,121 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 36 | |
| | | | | | | | | |
Puerto Rico — 0.0% | | | | |
Financials — 0.0% | | | | |
Popular Inc | | | 422 | | | | 43 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Singapore — 0.1% | | | | |
Communication Services — 0.0% | | | | |
Sea Ltd ADR * | | | 500 | | | | 33 | |
Singapore Telecommunications | | | 10,700 | | | | 25 | |
| | | | | | | | | |
| | | | | | | | 58 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Genting Singapore Ltd | | | 7,400 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
DBS Group Holdings Ltd | | | 2,530 | | | | 69 | |
Oversea-Chinese Banking Corp Ltd | | | 4,700 | | | | 52 | |
Singapore Exchange Ltd | | | 1,100 | | | | 8 | |
United Overseas Bank Ltd | | | 1,600 | | | | 39 | |
| | | | | | | | | |
| | | | | | | | 168 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Industrials — 0.0% | | | | |
Grab Holdings, Cl A * | | | 2,700 | | | $ | 9 | |
Keppel Corp Ltd | | | 1,800 | | | | 9 | |
Singapore Airlines Ltd | | | 2,100 | | | | 11 | |
Singapore Technologies Engineering | | | 1,900 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | 35 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
STMicroelectronics | | | 879 | | | | 29 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
CapitaLand Ascendas ‡ | | | 4,600 | | | | 9 | |
CapitaLand Integrated Commercial Trust ‡ | | | 6,500 | | | | 10 | |
CapitaLand Investment | | | 3,200 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 26 | |
| | | | | | | | | |
Utilities — 0.0% | | | | |
Sembcorp Industries Ltd | | | 1,200 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 325 | |
| | | | | | | | | |
South Africa — 0.0% | | | | |
Materials — 0.0% | | | | |
Anglo American PLC | | | 1,657 | | | | 50 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
South Korea — 0.1% | | | | |
Consumer Discretionary — 0.1% | | | | |
Coupang, Cl A * | | | 6,429 | | | | 133 | |
Delivery Hero, Cl A * | | | 250 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | 139 | |
| | | | | | | | | |
| | | | | | | | | |
Spain — 0.2% | | | | |
Communication Services — 0.0% | | | | |
Cellnex Telecom | | | 664 | | | | 23 | |
Telefonica SA | | | 6,381 | | | | 29 | |
| | | | | | | | | |
| | | | | | | | 52 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Amadeus IT Group SA, Cl A | | | 578 | | | | 38 | |
Industria de Diseno Textil SA | | | 1,407 | | | | 68 | |
| | | | | | | | | |
| | | | | | | | 106 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
Repsol SA | | | 1,691 | | | | 24 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
Banco Bilbao Vizcaya Argentaria SA | | | 7,561 | | | | 79 | |
Banco de Sabadell SA | | | 6,989 | | | | 15 | |
Banco Santander SA | | | 20,618 | | | | 99 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
CaixaBank SA | | | 5,079 | | | $ | 30 | |
| | | | | | | | | |
| | | | | | | | 223 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Grifols * | | | 366 | | | | 4 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Industrials — 0.0% | | | | |
ACS Actividades de Construccion y Servicios | | | 293 | | | | 13 | |
Aena SME SA | | | 92 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | 30 | |
| | | | | | | | | |
Utilities — 0.1% | | | | |
Acciona | | | 30 | | | | 4 | |
EDP Renovaveis | | | 394 | | | | 6 | |
Endesa SA | | | 390 | | | | 8 | |
Iberdrola | | | 8,102 | | | | 107 | |
Redeia | | | 498 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | 134 | |
| | | | | | | | | |
| | | | | | | | 573 | |
| | | | | | | | | |
Sweden — 0.2% | | | | |
Communication Services — 0.0% | | | | |
Tele2 AB, Cl B | | | 697 | | | | 7 | |
Telia Co AB | | | 3,263 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 17 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Evolution | | | 239 | | | | 23 | |
H & M Hennes & Mauritz, Cl B | | | 794 | | | | 12 | |
Volvo Car, Cl B * | | | 1,019 | | | | 3 | |
| | | | | | | | | |
| | | | | | | | 38 | |
| | | | | | | | | |
Consumer Staples — 0.0% | | | | |
Essity AB, Cl B | | | 813 | | | | 23 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
EQT AB | | | 487 | | | | 16 | |
Industrivarden, Cl A | | | 160 | | | | 6 | |
Industrivarden AB, Cl C | | | 189 | | | | 6 | |
Investor, Cl B | | | 2,237 | | | | 63 | |
L E Lundbergforetagen AB, Cl B | | | 93 | | | | 5 | |
Skandinaviska Enskilda Banken AB, Cl A | | | 2,174 | | | | 33 | |
Svenska Handelsbanken AB, Cl A | | | 2,008 | | | | 20 | |
Swedbank AB, Cl A | | | 1,112 | | | | 24 | |
| | | | | | | | | |
| | | | | | | | 173 | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Getinge, Cl B | | | 289 | | | | 6 | |
Swedish Orphan Biovitrum * | | | 246 | | | | 6 | |
| | | | | | | | | |
| | | | | | | | 12 | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Industrials — 0.1% | | | | |
Alfa Laval | | | 380 | | | $ | 17 | |
Assa Abloy AB, Cl B | | | 1,294 | | | | 39 | |
Atlas Copco, Cl A | | | 3,589 | | | | 64 | |
Atlas Copco, Cl B | | | 1,916 | | | | 30 | |
Beijer Ref, Cl B | | | 431 | | | | 7 | |
Epiroc, Cl A | | | 880 | | | | 16 | |
Epiroc, Cl B | | | 479 | | | | 8 | |
Husqvarna, Cl B | | | 515 | | | | 4 | |
Indutrade | | | 335 | | | | 10 | |
Investment Latour, Cl B | | | 182 | | | | 5 | |
Lifco, Cl B | | | 286 | | | | 9 | |
Nibe Industrier, Cl B | | | 1,861 | | | | 8 | |
Saab, Cl B | | | 452 | | | | 10 | |
Securitas AB, Cl B | | | 604 | | | | 7 | |
Skanska AB, Cl B | | | 418 | | | | 8 | |
SKF AB, Cl B | | | 471 | | | | 9 | |
Trelleborg, Cl B | | | 277 | | | | 10 | |
Volvo, Cl A | | | 246 | | | | 6 | |
Volvo AB, Cl B | | | 2,070 | | | | 53 | |
| | | | | | | | | |
| | | | | | | | 320 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Hexagon, Cl B | | | 2,667 | | | | 27 | |
Telefonaktiebolaget LM Ericsson, Cl B | | | 3,583 | | | | 25 | |
| | | | | | | | | |
| | | | | | | | 52 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Boliden | | | 368 | | | | 11 | |
Holmen, Cl B | | | 115 | | | | 5 | |
Sandvik AB | | | 1,379 | | | | 28 | |
Svenska Cellulosa, Cl B | | | 744 | | | | 10 | |
| | | | | | | | | |
| | | | | | | | 54 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Fastighets Balder, Cl B * | | | 775 | | | | 6 | |
Sagax, Cl B | | | 299 | | | | 7 | |
| | | | | | | | | |
| | | | | | | | 13 | |
| | | | | | | | | |
| | | | | | | | 702 | |
| | | | | | | | | |
Switzerland — 0.4% | | | | |
Communication Services — 0.0% | | | | |
Swisscom AG | | | 32 | | | | 19 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Consumer Discretionary — 0.1% | | | | |
Avolta | | | 127 | | | | 5 | |
Cie Financiere Richemont SA, Cl A | | | 700 | | | | 107 | |
Swatch Group | | | 36 | | | | 7 | |
Swatch Group AG/The | | | 65 | | | | 3 | |
| | | | | | | | | |
| | | | | | | | 122 | |
| | | | | | | | | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Continued)
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Consumer Staples — 0.0% | | | | |
Barry Callebaut | | | 5 | | | $ | 8 | |
Chocoladefabriken Lindt & Spruengli AG | | | 2 | | | | 25 | |
| | | | | | | | | |
| | | | | | | | 33 | |
| | | | | | | | | |
Financials — 0.1% | | | | |
Baloise Holding AG | | | 56 | | | | 10 | |
Banque Cantonale Vaudoise | | | 37 | | | | 4 | |
Helvetia Holding | | | 53 | | | | 8 | |
Julius Baer Group Ltd | | | 262 | | | | 14 | |
Partners Group Holding AG | | | 30 | | | | 40 | |
Swiss Life Holding AG | | | 38 | | | | 29 | |
UBS Group | | | 4,275 | | | | 129 | |
Zurich Insurance Group AG | | | 189 | | | | 104 | |
| | | | | | | | | |
| | | | | | | | 338 | |
| | | | | | | | | |
Health Care — 0.1% | | | | |
Alcon Inc | | | 650 | | | | 62 | |
Bachem Holding, Cl B | | | 41 | | | | 4 | |
Lonza Group AG | | | 97 | | | | 65 | |
Novartis AG | | | 2,593 | | | | 290 | |
Sandoz Group | | | 545 | | | | 24 | |
Sonova Holding AG | | | 64 | | | | 20 | |
Straumann Holding | | | 146 | | | | 19 | |
| | | | | | | | | |
| | | | | | | | 484 | |
| | | | | | | | | |
Industrials — 0.1% | | | | |
ABB Ltd | | | 2,075 | | | | 115 | |
Adecco Group AG | | | 225 | | | | 8 | |
Geberit | | | 44 | | | | 28 | |
Kuehne + Nagel International AG | | | 67 | | | | 21 | |
Schindler Holding | | | 79 | | | | 21 | |
SGS | | | 204 | | | | 22 | |
VAT Group | | | 35 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | 232 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Logitech International | | | 213 | | | | 19 | |
Temenos AG | | | 78 | | | | 5 | |
| | | | | | | | | |
| | | | | | | | 24 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Clariant AG | | | 265 | | | | 4 | |
EMS-Chemie Holding AG | | | 9 | | | | 7 | |
Givaudan | | | 12 | | | | 59 | |
SIG Group | | | 375 | | | | 8 | |
Sika AG | | | 198 | | | | 60 | |
| | | | | | | | | |
| | | | | | | | 138 | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Swiss Prime Site AG | | | 130 | | | | 13 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
Utilities — 0.0% | | | | |
BKW | | | 26 | | | $ | 5 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 1,408 | |
| | | | | | | | | |
United Kingdom — 0.7% | | | | |
Communication Services — 0.0% | | | | |
Auto Trader Group PLC | | | 1,144 | | | | 12 | |
BT Group PLC, Cl A | | | 8,534 | | | | 15 | |
Informa PLC | | | 1,750 | | | | 20 | |
Vodafone Group PLC | | | 29,270 | | | | 27 | |
WPP PLC | | | 1,419 | | | | 14 | |
| | | | | | | | | |
| | | | | | | | 88 | |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Barratt Developments PLC | | | 1,230 | | | | 8 | |
Berkeley Group Holdings | | | 133 | | | | 9 | |
Burberry Group PLC | | | 472 | | | | 5 | |
Compass Group PLC | | | 2,212 | | | | 68 | |
Entain PLC | | | 851 | | | | 6 | |
Flutter Entertainment * | | | 231 | | | | 46 | |
InterContinental Hotels Group PLC | | | 215 | | | | 22 | |
JD Sports Fashion | | | 3,166 | | | | 5 | |
Kingfisher PLC | | | 2,398 | | | | 9 | |
Next PLC | | | 159 | | | | 19 | |
Pearson PLC | | | 793 | | | | 11 | |
Persimmon PLC | | | 392 | | | | 8 | |
Taylor Wimpey PLC | | | 4,336 | | | | 9 | |
Whitbread PLC | | | 248 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | 234 | |
| | | | | | | | | |
Consumer Staples — 0.3% | | | | |
Associated British Foods PLC | | | 437 | | | | 14 | |
British American Tobacco PLC | | | 2,615 | | | | 92 | |
Coca-Cola Europacific Partners | | | 300 | | | | 22 | |
Diageo PLC | | | 2,894 | | | | 90 | |
Imperial Brands PLC | | | 1,099 | | | | 30 | |
J Sainsbury PLC | | | 2,159 | | | | 8 | |
Reckitt Benckiser Group PLC | | | 912 | | | | 49 | |
Tesco PLC | | | 9,087 | | | | 39 | |
Unilever PLC | | | 3,258 | | | | 200 | |
| | | | | | | | | |
| | | | | | | | 544 | |
| | | | | | | | | |
Energy — 0.0% | | | | |
TechnipFMC | | | 2,323 | | | | 69 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Financials — 0.1% | | | | |
3i Group PLC | | | 1,266 | | | | 51 | |
Admiral Group PLC | | | 340 | | | | 12 | |
Aviva | | | 3,441 | | | | 22 | |
Barclays PLC | | | 19,465 | | | | 58 | |
Hargreaves Lansdown PLC | | | 437 | | | | 6 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
HSBC Holdings PLC | | | 24,626 | | | $ | 223 | |
Legal & General Group PLC | | | 7,794 | | | | 23 | |
Lloyds Banking Group PLC | | | 82,595 | | | | 63 | |
London Stock Exchange Group PLC | | | 593 | | | | 72 | |
M&G PLC | | | 2,738 | | | | 7 | |
NatWest Group | | | 8,505 | | | | 40 | |
Phoenix Group Holdings PLC | | | 921 | | | | 6 | |
Schroders | | | 1,088 | | | | 6 | |
Standard Chartered PLC | | | 3,021 | | | | 30 | |
Wise, Cl A * | | | 850 | | | | 8 | |
| | | | | | | | | |
| | | | | | | | 627 | |
| | | | | | | | | |
Health Care — 0.1% | | | | |
AstraZeneca PLC | | | 2,018 | | | | 321 | |
Smith & Nephew PLC | | | 1,157 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | 338 | |
| | | | | | | | | |
Industrials — 0.1% | | | | |
Ashtead Group PLC | | | 567 | | | | 41 | |
BAE Systems PLC | | | 3,920 | | | | 65 | |
Bunzl PLC | | | 414 | | | | 17 | |
CK Hutchison Holdings Ltd | | | 3,500 | | | | 18 | |
DCC PLC | | | 121 | | | | 8 | |
Intertek Group PLC | | | 216 | | | | 14 | |
Melrose Industries | | | 1,835 | | | | 14 | |
RELX PLC | | | 2,437 | | | | 115 | |
Rentokil Initial PLC | | | 3,306 | | | | 20 | |
Rolls-Royce Holdings PLC * | | | 10,940 | | | | 63 | |
Smiths Group PLC | | | 435 | | | | 10 | |
Spirax Group | | | 100 | | | | 12 | |
| | | | | | | | | |
| | | | | | | | 397 | |
| | | | | | | | | |
Information Technology — 0.0% | | | | |
Halma PLC | | | 504 | | | | 17 | |
Sage Group PLC/The | | | 1,252 | | | | 17 | |
| | | | | | | | | |
| | | | | | | | 34 | |
| | | | | | | | | |
Materials — 0.0% | | | | |
Croda International PLC | | | 171 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Real Estate — 0.0% | | | | |
Land Securities Group PLC ‡ | | | 865 | | | | 7 | |
Segro PLC ‡ | | | 1,696 | | | | 20 | |
| | | | | | | | | |
| | | | | | | | 27 | |
| | | | | | | | | |
Utilities — 0.1% | | | | |
Centrica PLC | | | 6,674 | | | | 11 | |
National Grid PLC | | | 6,500 | | | | 82 | |
Severn Trent PLC | | | 377 | | | | 12 | |
SSE PLC | | | 1,429 | | | | 35 | |
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
FOREIGN COMMON STOCK (continued) |
United Utilities Group PLC | | | 837 | | | $ | 11 | |
| | | | | | | | | |
| | | | | | | | 151 | |
| | | | | | | | | |
| | | | | | | | | |
Total Foreign Common Stock | | | | | | | | |
(Cost $18,191) ($ Thousands) | | | | | | | 20,763 | |
| | | | | | | | | |
EXCHANGE TRADED FUND — 0.1% |
| | | | | | | | | |
SPDR S&P 500 ETF Trust | | | 359 | | | | 198 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Total Exchange Traded Fund | | | | | | | | |
(Cost $150) ($ Thousands) | | | | | | | 198 | |
| | | | | | | | | |
PREFERRED STOCK — 0.0% |
| | | | | | | | | |
Consumer Discretionary — 0.0% | | | | |
Bayerische Motoren Werke AG (A) | | | 73 | | | | 6 | |
Dr Ing hc F Porsche (A) | | | 153 | | | | 12 | |
Porsche Automobil Holding SE (A) | | | 188 | | | | 8 | |
Volkswagen AG (A) | | | 275 | | | | 31 | |
| | | | | | | | | |
| | | | | | | | 57 | |
Consumer Staples — 0.0% | | | | |
Henkel AG & Co KGaA (A) | | | 219 | | | | 19 | |
| | | | | | | | | |
| | | | | | | | | |
Health Care — 0.0% | | | | |
Sartorius AG (A) | | | 34 | | | | 9 | |
| | | | | | | | | |
| | | | | | | | | |
Total Preferred Stock | | | | | | | | |
(Cost $105) ($ Thousands) | | | | | | | 85 | |
| | | | | | | | | |
CASH EQUIVALENT — 1.1% |
SEI Daily Income Trust, Government Fund, Institutional Class | | | | | | | | |
5.220%**† | | | 3,692,380 | | | | 3,692 | |
Total Cash Equivalent | | | | | | | | |
(Cost $3,692) ($ Thousands) | | | | | | | 3,692 | |
Total Investments in Securities — 86.2% | | | | | | | | |
(Cost $230,251) ($ Thousands) | | $ | 299,019 | |
| | | | | | | | | |
| | | | | | | | | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Diversified Equity Fund (Concluded)
A list of the open futures contracts held by the Fund at July 31, 2024, is as follows: |
| |
Type of Contract | | Number of
Contracts | | | Expiration Date | | | Notional Amount (Thousands) | | | Value
(Thousands) | | | Unrealized Appreciation(Thousands) | |
Long Contracts | | | | | | | | | | | | | | | | | | | | |
MSCI EAFE Index | | | 190 | | | | Sep-2024 | | | $ | 22,291 | | | $ | 22,702 | | | $ | 411 | |
MSCI Emerging Markets | | | 214 | | | | Sep-2024 | | | | 11,594 | | | | 11,732 | | | | 138 | |
Russell 2000 Index E-MINI | | | 109 | | | | Sep-2024 | | | | 11,282 | | | | 12,388 | | | | 1,106 | |
S&P 500 Index E-MINI | | | 17 | | | | Sep-2024 | | | | 4,673 | | | | 4,725 | | | | 52 | |
| | | | | | | | | | | $ | 49,840 | | | $ | 51,547 | | | $ | 1,707 | |
For the year ended July 31, 2024, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
| Percentages are based on a Net Assets of $347,011 ($ Thousands). |
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of July 31, 2024. |
‡ | Real Estate Investment Trust. |
† | Investment in Affiliated Security. |
(A) | There is currently no rate available. |
ADR — American Depositary Receipt |
Cl — Class |
EAFE — Europe, Australasia and Far East |
ETF — Exchange-Traded Fund |
Ltd. — Limited |
MSCI — Morgan Stanley Capital International |
NASDAQ – National Association of Securities Dealers and Automated Quotations |
PLC — Public Limited Company |
S&P— Standard & Poor's |
SPDR — Standard & Poor's Depository Receipt |
As of July 31, 2024, all of the Fund's investments and other financial instruments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP. |
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the Fund’s transactions with affiliates for the year ended July 31, 2024 ($ Thousands): |
| |
Security Description | | Value
7/31/2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value
7/31/2024 | | | Income | | | Capital Gains | |
SEI Daily Income Trust, Government Fund,
Institutional Class | | $ | 2,708 | | | $ | 33,798 | | | $ | (32,814 | ) | | $ | — | | | $ | — | | | $ | 3,692 | | | $ | 176 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amounts designated as “—“ are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SCHEDULE OF INVESTMENTS
July 31, 2024
Enhanced Fixed Income Fund
| | | | | | | |
Description | | Shares | | | Market Value
($ Thousands) | |
EXCHANGE TRADED FUNDS — 98.6% |
United States — 98.6% |
SPDR Bloomberg Emerging Markets USD Bond ETF | | | 889,385 | | | $ | 21,630 | |
SPDR Portfolio High Yield Bond ETF | | | 911,961 | | | | 21,513 | |
| | | | | | | | | |
| | | | | | | | | |
Total Exchange Traded Funds | | | | | | | | |
(Cost $42,357) ($ Thousands) | | | | | | | 43,143 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
CASH EQUIVALENT — 0.7% |
SEI Daily Income Trust, Government Fund, Institutional Class | | | | | | | | |
5.220% **† | | | 296,596 | | | | 297 | |
Total Cash Equivalent | | | | | | | | |
| | | | | | | | | |
(Cost $297) ($ Thousands) | | | | | | | 297 | |
| | | | | | | | | |
| | | | | | | | | |
Total Investments — 99.3% | | | | | | | | |
(Cost $42,654) ($ Thousands) | | $ | 43,440 | |
| | | | | | | | | |
| Percentages are based on a Net Assets of $43,749 ($ Thousands). |
** | Rate shown is the 7-day effective yield as of July 31, 2024. |
† | Investment in Affiliated Security. |
ETF — Exchange-Traded Fund |
SPDR — Standard & Poor's Depository Receipt |
USD — U.S. Dollar |
As of July 31, 2024, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP. |
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the Fund’s transactions with affiliates for the year ended July 31, 2024 ($ Thousands): |
| |
Security Description | | Value
7/31/2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value
7/31/2024 | | | Income | | | Capital Gains | |
SEI Daily Income Trust, Government Fund,
Institutional Class | | $ | 140 | | | $ | 4,308 | | | $ | (4,151 | ) | | $ | — | | | $ | — | | | $ | 297 | | | $ | 16 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amounts designated as “—“ are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SCHEDULE OF INVESTMENTS
July 31, 2024
Core Fixed Income Fund
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
U.S. TREASURY OBLIGATIONS — 43.0% |
U.S. Treasury Bonds | | | | | | | | |
4.750%, 11/15/2043 | | $ | 4,500 | | | $ | 4,700 | |
4.750%, 11/15/2053 | | | 3,450 | | | | 3,682 | |
4.375%, 08/15/2043 | | | 3,600 | | | | 3,582 | |
4.250%, 02/15/2054 | | | 500 | | | | 492 | |
3.875%, 08/15/2040 | | | 1,800 | | | | 1,723 | |
3.625%, 05/15/2053 | | | 100 | | | | 88 | |
3.000%, 08/15/2052 | | | 500 | | | | 389 | |
2.875%, 05/15/2049 | | | 200 | | | | 153 | |
2.875%, 05/15/2052 | | | 200 | | | | 151 | |
2.250%, 02/15/2052 | | | 500 | | | | 329 | |
1.875%, 02/15/2051 | | | 300 | | | | 181 | |
1.875%, 11/15/2051 | | | 200 | | | | 120 | |
1.625%, 11/15/2050 | | | 500 | | | | 283 | |
1.375%, 11/15/2040 | | | 200 | | | | 131 | |
1.375%, 08/15/2050 | | | 300 | | | | 159 | |
1.250%, 05/15/2050 | | | 300 | | | | 154 | |
U.S. Treasury Notes | | | | | | | | |
4.875%, 11/30/2025 | | | 1,400 | | | | 1,405 | |
4.875%, 04/30/2026 | | | 500 | | | | 504 | |
4.625%, 06/30/2026 | | | 2,000 | | | | 2,012 | |
4.625%, 04/30/2029 | | | 400 | | | | 412 | |
4.625%, 04/30/2031 | | | 500 | | | | 519 | |
4.500%, 05/15/2027 | | | 300 | | | | 303 | |
4.500%, 05/31/2029 | | | 800 | | | | 820 | |
4.500%, 11/15/2033 | | | 2,300 | | | | 2,379 | |
4.375%, 07/31/2026 | | | 1,000 | | | | 1,002 | |
4.375%, 12/15/2026 | | | 5,000 | | | | 5,022 | |
4.375%, 07/15/2027 | | | 500 | | | | 504 | |
4.375%, 11/30/2028 | | | 500 | | | | 508 | |
4.375%, 05/15/2034 | | | 800 | | | | 821 | |
4.250%, 12/31/2025 | | | 5,000 | | | | 4,981 | |
4.250%, 01/31/2026 | | | 4,500 | | | | 4,485 | |
4.250%, 02/28/2029 | | | 650 | | | | 659 | |
4.250%, 02/28/2031 | | | 300 | | | | 305 | |
4.250%, 06/30/2031 | | | 1,000 | | | | 1,017 | |
4.125%, 07/31/2028 | | | 500 | | | | 503 | |
4.125%, 03/31/2029 | | | 400 | | | | 403 | |
4.125%, 07/31/2031 | | | 1,700 | | | | 1,717 | |
4.000%, 01/15/2027 | | | 6,000 | | | | 5,977 | |
4.000%, 01/31/2029 | | | 5,500 | | | | 5,511 | |
4.000%, 07/31/2029 | | | 500 | | | | 502 | |
4.000%, 01/31/2031 | | | 4,950 | | | | 4,960 | |
3.875%, 12/31/2029 | | | 500 | | | | 498 | |
3.875%, 08/15/2033 | | | 200 | | | | 197 | |
3.750%, 12/31/2028 | | | 5,500 | | | | 5,454 | |
3.750%, 12/31/2030 | | | 3,250 | | | | 3,211 | |
3.625%, 03/31/2030 | | | 200 | | | | 197 | |
3.500%, 02/15/2033 | | | 300 | | | | 288 | |
| | | | | |
Total U.S. Treasury Obligations | | | | |
(Cost $73,026) ($ Thousands) | | | 73,393 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
MORTGAGE-BACKED SECURITIES — 26.9% |
Agency Mortgage-Backed Obligations — 26.2% | | | | |
FHLMC | | | | | | | | |
6.500%, 02/01/2054 | | $ | 362 | | | $ | 374 | |
6.000%, 11/01/2053 | | | 1,452 | | | | 1,472 | |
5.500%, 03/01/2054 | | | 756 | | | | 757 | |
5.000%, 12/01/2053 | | | 558 | | | | 550 | |
4.500%, 10/01/2052 to 11/01/2052 | | | 2,222 | | | | 2,141 | |
4.000%, 11/01/2052 | | | 739 | | | | 693 | |
3.500%, 07/01/2038 to 09/01/2052 | | | 2,407 | | | | 2,230 | |
3.000%, 04/01/2052 | | | 2,497 | | | | 2,183 | |
2.500%, 12/01/2050 to 04/01/2052 | | | 1,955 | | | | 1,661 | |
2.000%, 09/01/2050 to 09/01/2051 | | | 3,967 | | | | 3,218 | |
FHLMC Multifamily Structured Pass-Through Certificates, Ser 158, Cl A2 | | | | | | | | |
4.050%, 07/25/2033 | | | 350 | | | | 339 | |
FHLMC Multifamily Structured Pass-Through Certificates, Ser K508, Cl A2 | | | | | | | | |
4.740%, 08/25/2028(A) | | | 500 | | | | 505 | |
FHLMC Multifamily Structured Pass-Through Certificates, Ser K511, Cl A2 | | | | | | | | |
4.860%, 10/25/2028 | | | 400 | | | | 405 | |
FNMA | | | | | | | | |
6.500%, 11/01/2053 | | | 816 | | | | 837 | |
5.500%, 07/01/2053 to 09/01/2053 | | | 1,143 | | | | 1,145 | |
5.000%, 10/01/2053 | | | 1,162 | | | | 1,144 | |
4.000%, 08/01/2052 | | | 717 | | | | 673 | |
3.500%, 01/01/2048 to 09/01/2051 | | | 1,196 | | | | 1,101 | |
3.000%, 04/01/2051 | | | 710 | | | | 631 | |
2.500%, 03/01/2037 to 06/01/2052 | | | 5,201 | | | | 4,446 | |
2.000%, 06/01/2036 to 03/01/2052 | | | 6,320 | | | | 5,206 | |
1.500%, 05/01/2037 | | | 1,017 | | | | 888 | |
FNMA TBA | | | | | | | | |
3.000%, 08/01/2042 | | | 700 | | | | 611 | |
GNMA | | | | | | | | |
6.000%, 05/20/2053 | | | 729 | | | | 742 | |
5.500%, 05/20/2054 | | | 751 | | | | 753 | |
5.000%, 05/20/2054 | | | 399 | | | | 394 | |
4.500%, 10/20/2052 | | | 963 | | | | 936 | |
4.000%, 10/20/2052 | | | 997 | | | | 941 | |
3.500%, 06/20/2052 | | | 1,205 | | | | 1,108 | |
3.000%, 09/20/2051 | | | 1,239 | | | | 1,105 | |
2.500%, 08/20/2051 to 04/20/2052 | | | 2,141 | | | | 1,843 | |
2.000%, 12/20/2050 | | | 1,753 | | | | 1,455 | |
GNMA TBA | | | | | | | | |
6.500%, 08/15/2054 | | | 300 | | | | 305 | |
5.000%, 08/01/2033 | | | 300 | | | | 297 | |
3.000%, 08/15/2054 | | | 300 | | | | 268 | |
UMBS TBA | | | | | | | | |
2.500%, 08/15/2054 | | | 500 | | | | 419 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
MORTGAGE-BACKED SECURITIES (continued) |
2.000%, 08/15/2054 | | $ | 1,200 | | | $ | 965 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 44,741 | |
Non-Agency Mortgage-Backed Obligations — 0.7% | | | | |
BANK, Ser 2019-BN21, Cl A5 | | | | | | | | |
2.851%, 10/17/2052 | | | 275 | | | | 246 | |
BBCMS Mortgage Trust, Ser 2024-C24, Cl A5 | | | | | | | | |
5.419%, 02/15/2057 | | | 150 | | | | 155 | |
Benchmark Mortgage Trust, Ser 2020-B19, Cl A5 | | | | | | | | |
1.850%, 09/15/2053 | | | 350 | | | | 288 | |
BMO Mortgage Trust, Ser C8, Cl A5 | | | | | | | | |
5.598%, 03/15/2057(A) | | | 135 | | | | 141 | |
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4 | | | | | | | | |
4.000%, 04/15/2055(A) | | | 350 | | | | 327 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | 1,157 | |
Total Mortgage-Backed Securities | | | | | | | | |
(Cost $45,438) ($ Thousands) | | | | | | | 45,898 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
CORPORATE OBLIGATIONS — 25.9% |
Communication Services — 2.0% | | | | |
AT&T | | | | | | | | |
5.400%, 02/15/2034 | | | 250 | | | | 255 | |
3.650%, 06/01/2051 | | | 375 | | | | 272 | |
Charter Communications Operating | | | | | | | | |
6.150%, 11/10/2026 | | | 250 | | | | 255 | |
5.250%, 04/01/2053 | | | 200 | | | | 162 | |
Comcast | | | | | | | | |
5.350%, 05/15/2053 | | | 250 | | | | 245 | |
4.800%, 05/15/2033 | | | 250 | | | | 249 | |
4.550%, 01/15/2029 | | | 250 | | | | 250 | |
T-Mobile USA | | | | | | | | |
5.500%, 01/15/2055 | | | 250 | | | | 247 | |
4.850%, 01/15/2029 | | | 250 | | | | 251 | |
Verizon Communications | | | | | | | | |
3.400%, 03/22/2041 | | | 350 | | | | 275 | |
2.100%, 03/22/2028 | | | 250 | | | | 229 | |
Walt Disney | | | | | | | | |
7.750%, 12/01/2045 | | | 200 | | | | 260 | |
Warnermedia Holdings | | | | | | | | |
5.050%, 03/15/2042 | | | 250 | | | | 197 | |
3.755%, 03/15/2027 | | | 250 | | | | 238 | |
| | | | | | | | | |
| | | | | | | | 3,385 | |
| | | | | | | | | |
Consumer Discretionary — 2.0% | | | | |
Amazon.com | | | | | | | | |
4.650%, 12/01/2029 | | | 250 | | | | 254 | |
3.300%, 04/13/2027 | | | 250 | | | | 243 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
2.875%, 05/12/2041 | | $ | 150 | | | $ | 114 | |
American Honda Finance MTN | | | | | | | | |
5.050%, 07/10/2031 | | | 100 | | | | 102 | |
4.900%, 07/09/2027 | | | 30 | | | | 30 | |
Ford Motor Credit | | | | | | | | |
6.050%, 03/05/2031 | | | 250 | | | | 254 | |
5.800%, 03/05/2027 | | | 250 | | | | 252 | |
General Motors Financial | | | | | | | | |
5.400%, 04/06/2026 | | | 250 | | | | 251 | |
5.400%, 05/08/2027 | | | 100 | | | | 101 | |
Home Depot | | | | | | | | |
4.950%, 09/30/2026 | | | 250 | | | | 252 | |
4.900%, 04/15/2029 | | | 250 | | | | 255 | |
3.300%, 04/15/2040 | | | 150 | | | | 120 | |
Las Vegas Sands | | | | | | | | |
3.500%, 08/18/2026 | | | 200 | | | | 193 | |
Lowe's | | | | | | | | |
2.800%, 09/15/2041 | | | 150 | | | | 106 | |
McDonald's | | | | | | | | |
5.450%, 08/14/2053 | | | 150 | | | | 148 | |
Starbucks | | | | | | | | |
5.000%, 02/15/2034 | | | 100 | | | | 100 | |
4.850%, 02/08/2027 | | | 100 | | | | 101 | |
Toyota Motor Credit MTN | | | | | | | | |
4.800%, 01/05/2034 | | | 200 | | | | 199 | |
4.650%, 01/05/2029 | | | 250 | | | | 251 | |
| | | | | | | | | |
| | | | | | | | 3,326 | |
| | | | | | | | | |
Consumer Staples — 1.4% | | | | |
Anheuser-Busch InBev Worldwide | | | | | | | | |
4.350%, 06/01/2040 | | | 250 | | | | 227 | |
3.500%, 06/01/2030 | | | 250 | | | | 237 | |
BAT Capital | | | | | | | | |
7.079%, 08/02/2043 | | | 300 | | | | 328 | |
Coca-Cola | | | | | | | | |
2.875%, 05/05/2041 | | | 100 | | | | 75 | |
Constellation Brands | | | | | | | | |
4.800%, 01/15/2029 | | | 250 | | | | 251 | |
General Mills | | | | | | | | |
4.700%, 01/30/2027 | | | 250 | | | | 250 | |
JBS USA Holding Lux Sarl | | | | | | | | |
6.500%, 12/01/2052 | | | 250 | | | | 252 | |
PepsiCo | | | | | | | | |
5.250%, 07/17/2054 | | | 100 | | | | 101 | |
4.500%, 07/17/2029 | | | 100 | | | | 101 | |
Pepsico Singapore Financing I Pte | | | | | | | | |
4.550%, 02/16/2029 | | | 150 | | | | 151 | |
Philip Morris International | | | | | | | | |
5.125%, 02/15/2030 | | | 250 | | | | 254 | |
Walmart | | | | | | | | |
4.500%, 04/15/2053 | | | 200 | | | | 183 | |
| | | | | | | | | |
| | | | | | | | 2,410 | |
| | | | | | | | | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Core Fixed Income Fund (Continued)
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
Energy — 1.7% | | | | |
BP Capital Markets America | | | | | | | | |
4.989%, 04/10/2034 | | $ | 250 | | | $ | 250 | |
4.699%, 04/10/2029 | | | 250 | | | | 251 | |
Enbridge | | | | | | | | |
6.700%, 11/15/2053 | | | 250 | | | | 279 | |
Energy Transfer | | | | | | | | |
5.950%, 05/15/2054 | | | 250 | | | | 247 | |
Enterprise Products Operating | | | | | | | | |
4.850%, 01/31/2034 | | | 200 | | | | 200 | |
4.600%, 01/11/2027 | | | 250 | | | | 250 | |
Exxon Mobil | | | | | | | | |
4.227%, 03/19/2040 | | | 200 | | | | 181 | |
Kinder Morgan | | | | | | | | |
5.000%, 02/01/2029 | | | 200 | | | | 202 | |
MPLX | | | | | | | | |
5.500%, 06/01/2034 | | | 85 | | | | 86 | |
ONEOK | | | | | | | | |
6.625%, 09/01/2053 | | | 250 | | | | 273 | |
Pioneer Natural Resources | | | | | | | | |
5.100%, 03/29/2026 | | | 250 | | | | 251 | |
Shell International Finance BV | | | | | | | | |
3.250%, 04/06/2050 | | | 250 | | | | 179 | |
Williams | | | | | | | | |
4.900%, 03/15/2029 | | | 250 | | | | 251 | |
| | | | | | | | | |
| | | | | | | | 2,900 | |
| | | | | | | | | |
Financials — 9.0% | | | | |
African Development Bank | | | | | | | | |
4.125%, 02/25/2027 | | | 200 | | | | 199 | |
American Express | | | | | | | | |
4.900%, 02/13/2026 | | | 250 | | | | 250 | |
Aon North America | | | | | | | | |
5.150%, 03/01/2029 | | | 100 | | | | 102 | |
Ares Capital | | | | | | | | |
5.875%, 03/01/2029 | | | 200 | | | | 201 | |
Asian Development Bank MTN | | | | | | | | |
4.500%, 08/25/2028 | | | 200 | | | | 203 | |
4.125%, 01/12/2027 | | | 250 | | | | 249 | |
Asian Infrastructure Investment Bank | | | | | | | | |
4.875%, 09/14/2026 | | | 250 | | | | 253 | |
Banco Santander | | | | | | | | |
6.527%, H15T1Y + 1.650%, 11/07/2027 (A) | | | 200 | | | | 206 | |
Bank of America | | | | | | | | |
5.288%, SOFRRATE + 1.910%, 04/25/2034 (A) | | | 200 | | | | 202 | |
5.202%, SOFRRATE + 1.630%, 04/25/2029 (A) | | | 250 | | | | 253 | |
5.080%, SOFRRATE + 1.290%, 01/20/2027 (A) | | | 500 | | | | 500 | |
2.972%, SOFRRATE + 1.560%, 07/21/2052 (A) | | | 100 | | | | 68 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
Bank of America MTN | | | | | | | | |
2.676%, SOFRRATE + 1.930%, 06/19/2041 (A) | | $ | 150 | | | $ | 107 | |
Bank of New York Mellon | | | | | | | | |
4.947%, SOFRRATE + 1.026%, 04/26/2027 (A) | | | 250 | | | | 251 | |
4.890%, SOFRRATE + 0.840%, 07/21/2028 (A) | | | 100 | | | | 100 | |
Barclays | | | | | | | | |
6.496%, SOFRRATE + 1.880%, 09/13/2027 (A) | | | 250 | | | | 257 | |
6.224%, SOFRRATE + 2.980%, 05/09/2034 (A) | | | 250 | | | | 263 | |
Canadian Imperial Bank of Commerce | | | | | | | | |
5.260%, 04/08/2029 | | | 65 | | | | 66 | |
Capital One Financial | | | | | | | | |
7.624%, SOFRRATE + 3.070%, 10/30/2031 (A) | | | 250 | | | | 280 | |
Charles Schwab | | | | | | | | |
5.853%, SOFRRATE + 2.500%, 05/19/2034 (A) | | | 200 | | | | 207 | |
Chubb INA Holdings MTN | | | | | | | | |
5.000%, 03/15/2034 | | | 65 | | | | 66 | |
Citibank | | | | | | | | |
5.803%, 09/29/2028 | | | 250 | | | | 260 | |
5.488%, 12/04/2026 | | | 250 | | | | 254 | |
Citigroup | | | | | | | | |
6.174%, SOFRRATE + 2.661%, 05/25/2034 (A) | | | 100 | | | | 104 | |
2.904%, SOFRRATE + 1.379%, 11/03/2042 (A) | | | 100 | | | | 71 | |
Cooperatieve Rabobank UA | | | | | | | | |
4.850%, 01/09/2026 | | | 250 | | | | 250 | |
Deutsche Bank NY | | | | | | | | |
6.819%, SOFRRATE + 2.510%, 11/20/2029 (A) | | | 200 | | | | 212 | |
5.706%, SOFRRATE + 1.594%, 02/08/2028 (A) | | | 150 | | | | 151 | |
European Investment Bank | | | | | | | | |
4.000%, 02/15/2029 | | | 250 | | | | 250 | |
3.750%, 02/14/2033 | | | 200 | | | | 194 | |
Goldman Sachs Bank USA NY | | | | | | | | |
5.414%, SOFRRATE + 0.750%, 05/21/2027 (A) | | | 65 | | | | 65 | |
Goldman Sachs Group | | | | | | | | |
6.561%, SOFRRATE + 1.950%, 10/24/2034 (A) | | | 100 | | | | 110 | |
6.484%, SOFRRATE + 1.770%, 10/24/2029 (A) | | | 250 | | | | 264 | |
3.436%, SOFRRATE + 1.632%, 02/24/2043 (A) | | | 150 | | | | 117 | |
HSBC Holdings | | | | | | | | |
6.547%, SOFRRATE + 2.980%, 06/20/2034 (A) | | | 200 | | | | 211 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
5.887%, SOFRRATE + 1.570%, 08/14/2027 (A) | | $ | 250 | | | $ | 254 | |
5.546%, SOFRRATE + 1.460%, 03/04/2030 (A) | | | 50 | | | | 51 | |
Inter-American Development Bank | | | | | | | | |
4.375%, 07/17/2034 | | | 100 | | | | 102 | |
Inter-American Development Bank MTN | | | | | | | | |
4.500%, 05/15/2026 | | | 250 | | | | 250 | |
Intercontinental Exchange | | | | | | | | |
5.250%, 06/15/2031 | | | 30 | | | | 31 | |
International Bank for Reconstruction & Development | | | | | | | | |
4.750%, 11/14/2033 | | | 100 | | | | 104 | |
4.000%, 01/10/2031 | | | 200 | | | | 200 | |
3.500%, 07/12/2028 | | | 250 | | | | 245 | |
International Finance MTN | | | | | | | | |
4.250%, 07/02/2029 | | | 160 | | | | 162 | |
JPMorgan Chase | | | | | | | | |
5.336%, SOFRRATE + 1.620%, 01/23/2035 (A) | | | 100 | | | | 102 | |
5.040%, SOFRRATE + 1.190%, 01/23/2028 (A) | | | 250 | | | | 251 | |
5.012%, SOFRRATE + 1.310%, 01/23/2030 (A) | | | 250 | | | | 252 | |
4.979%, SOFRRATE + 0.930%, 07/22/2028 (A) | | | 100 | | | | 101 | |
3.328%, SOFRRATE + 1.580%, 04/22/2052 (A) | | | 150 | | | | 109 | |
3.109%, TSFR3M + 2.460%, 04/22/2041 (A) | | | 150 | | | | 115 | |
KeyCorp | | | | | | | | |
6.401%, SOFRINDX + 2.420%, 03/06/2035 (A) | | | 100 | | | | 104 | |
Kreditanstalt fuer Wiederaufbau | | | | | | | | |
4.125%, 07/15/2033 | | | 150 | | | | 150 | |
4.000%, 03/15/2029 | | | 250 | | | | 250 | |
Lloyds Banking Group | | | | | | | | |
5.462%, H15T1Y + 1.375%, 01/05/2028 (A) | | | 200 | | | | 202 | |
Marsh & McLennan | | | | | | | | |
5.700%, 09/15/2053 | | | 250 | | | | 260 | |
MetLife | | | | | | | | |
5.375%, 07/15/2033 | | | 250 | | | | 258 | |
Mitsubishi UFJ Financial Group | | | | | | | | |
5.441%, H15T1Y + 1.630%, 02/22/2034 (A) | | | 200 | | | | 206 | |
5.422%, H15T1Y + 1.380%, 02/22/2029 (A) | | | 200 | | | | 204 | |
Mizuho Financial Group | | | | | | | | |
5.778%, H15T1Y + 1.650%, 07/06/2029 (A) | | | 200 | | | | 206 | |
Morgan Stanley | | | | | | | | |
5.466%, SOFRRATE + 1.730%, 01/18/2035 (A) | | | 100 | | | | 102 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
5.173%, SOFRRATE + 1.450%, 01/16/2030 (A) | | $ | 250 | | | $ | 253 | |
5.042%, SOFRRATE + 1.215%, 07/19/2030 (A) | | | 100 | | | | 101 | |
3.217%, SOFRRATE + 1.485%, 04/22/2042 (A) | | | 150 | | | | 115 | |
Morgan Stanley MTN | | | | | | | | |
5.942%, H15T5Y + 1.800%, 02/07/2039 (A) | | | 100 | | | | 102 | |
Morgan Stanley Bank | | | | | | | | |
4.952%, SOFRRATE + 1.080%, 01/14/2028 (A) | | | 250 | | | | 251 | |
Nasdaq | | | | | | | | |
5.950%, 08/15/2053 | | | 100 | | | | 104 | |
National Australia Bank | | | | | | | | |
4.750%, 12/10/2025 | | | 250 | | | | 250 | |
Nomura Holdings | | | | | | | | |
6.070%, 07/12/2028 | | | 200 | | | | 208 | |
Oesterreichische Kontrollbank | | | | | | | | |
5.000%, 10/23/2026 | | | 200 | | | | 203 | |
PNC Financial Services Group | | | | | | | | |
6.615%, SOFRINDX + 1.730%, 10/20/2027 (A) | | | 250 | | | | 259 | |
Royal Bank of Canada MTN | | | | | | | | |
4.875%, 01/19/2027 | | | 200 | | | | 201 | |
S&P Global | | | | | | | | |
3.900%, 03/01/2062 | | | 150 | | | | 116 | |
Sumitomo Mitsui Financial Group | | | | | | | | |
5.836%, 07/09/2044 | | | 200 | | | | 208 | |
5.766%, 01/13/2033 | | | 200 | | | | 210 | |
3.050%, 01/14/2042 | | | 200 | | | | 153 | |
Toronto-Dominion Bank MTN | | | | | | | | |
5.523%, 07/17/2028 | | | 200 | | | | 206 | |
Truist Financial MTN | | | | | | | | |
6.047%, SOFRRATE + 2.050%, 06/08/2027 (A) | | | 200 | | | | 203 | |
US Bancorp | | | | | | | | |
5.775%, SOFRRATE + 2.020%, 06/12/2029 (A) | | | 250 | | | | 257 | |
Wells Fargo | | | | | | | | |
3.068%, SOFRRATE + 2.530%, 04/30/2041 (A) | | | 150 | | | | 113 | |
Wells Fargo MTN | | | | | | | | |
5.198%, SOFRRATE + 1.500%, 01/23/2030 (A) | | | 250 | | | | 253 | |
4.611%, SOFRRATE + 2.130%, 04/25/2053 (A) | | | 100 | | | | 89 | |
Wells Fargo Bank | | | | | | | | |
4.811%, 01/15/2026 | | | 250 | | | | 250 | |
Westpac Banking | | | | | | | | |
5.535%, 11/17/2028 | | | 250 | | | | 260 | |
| | | | | | | | | |
| | | | | | | | 15,432 | |
| | | | | | | | | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Core Fixed Income Fund (Continued)
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
Health Care — 2.8% | | | | |
AbbVie | | | | | | | | |
5.050%, 03/15/2034 | | $ | 50 | | | $ | 51 | |
4.050%, 11/21/2039 | | | 250 | | | | 224 | |
2.950%, 11/21/2026 | | | 250 | | | | 241 | |
Amgen | | | | | | | | |
5.600%, 03/02/2043 | | | 100 | | | | 101 | |
5.250%, 03/02/2030 | | | 250 | | | | 257 | |
5.150%, 03/02/2028 | | | 250 | | | | 253 | |
Astrazeneca Finance | | | | | | | | |
5.000%, 02/26/2034 | | | 35 | | | | 36 | |
4.850%, 02/26/2029 | | | 65 | | | | 66 | |
Becton Dickinson | | | | | | | | |
5.110%, 02/08/2034 | | | 100 | | | | 101 | |
Bristol-Myers Squibb | | | | | | | | |
6.400%, 11/15/2063 | | | 125 | | | | 140 | |
5.200%, 02/22/2034 | | | 20 | | | | 20 | |
3.550%, 03/15/2042 | | | 250 | | | | 200 | |
Cigna Group | | | | | | | | |
5.600%, 02/15/2054 | | | 20 | | | | 20 | |
5.250%, 02/15/2034 | | | 50 | | | | 50 | |
5.000%, 05/15/2029 | | | 150 | | | | 152 | |
CVS Health | | | | | | | | |
5.625%, 02/21/2053 | | | 100 | | | | 95 | |
5.300%, 06/01/2033 | | | 250 | | | | 250 | |
5.000%, 02/20/2026 | | | 250 | | | | 250 | |
Elevance Health | | | | | | | | |
5.125%, 02/15/2053 | | | 200 | | | | 188 | |
Eli Lilly | | | | | | | | |
4.950%, 02/27/2063 | | | 100 | | | | 95 | |
Gilead Sciences | | | | | | | | |
2.600%, 10/01/2040 | | | 100 | | | | 71 | |
HCA | | | | | | | | |
4.375%, 03/15/2042 | | | 250 | | | | 211 | |
3.625%, 03/15/2032 | | | 250 | | | | 225 | |
Johnson & Johnson | | | | | | | | |
4.900%, 06/01/2031 | | | 65 | | | | 67 | |
2.100%, 09/01/2040 | | | 100 | | | | 69 | |
Merck | | | | | | | | |
5.150%, 05/17/2063 | | | 125 | | | | 122 | |
2.350%, 06/24/2040 | | | 250 | | | | 175 | |
Pfizer Investment Enterprises Pte | | | | | | | | |
5.300%, 05/19/2053 | | | 150 | | | | 148 | |
4.450%, 05/19/2026 | | | 250 | | | | 249 | |
Takeda Pharmaceutical | | | | | | | | |
5.300%, 07/05/2034 | | | 100 | | | | 101 | |
UnitedHealth Group | | | | | | | | |
5.050%, 04/15/2053 | | | 200 | | | | 189 | |
4.500%, 04/15/2033 | | | 200 | | | | 195 | |
4.250%, 01/15/2029 | | | 200 | | | | 198 | |
| | | | | | | | | |
| | | | | | | | 4,810 | |
| | | | | | | | | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
Industrials — 1.9% | | | | |
AerCap Ireland Capital DAC | | | | | | | | |
5.300%, 01/19/2034 | | $ | 150 | | | $ | 151 | |
Boeing | | | | | | | | |
5.705%, 05/01/2040 | | | 300 | | | | 286 | |
2.196%, 02/04/2026 | | | 250 | | | | 238 | |
Burlington Northern Santa Fe | | | | | | | | |
5.500%, 03/15/2055 | | | 105 | | | | 108 | |
Carrier Global | | | | | | | | |
3.377%, 04/05/2040 | | | 300 | | | | 239 | |
Caterpillar Financial Services | | | | | | | | |
4.500%, 01/08/2027 | | | 250 | | | | 250 | |
Delta Air Lines | | | | | | | | |
3.750%, 10/28/2029 | | | 100 | | | | 93 | |
John Deere Capital | | | | | | | | |
4.500%, 01/08/2027 | | | 250 | | | | 250 | |
4.500%, 01/16/2029 | | | 250 | | | | 250 | |
Regal Rexnord | | | | | | | | |
6.050%, 04/15/2028 | | | 250 | | | | 256 | |
RTX | | | | | | | | |
6.400%, 03/15/2054 | | | 250 | | | | 281 | |
Union Pacific | | | | | | | | |
4.950%, 05/15/2053 | | | 200 | | | | 192 | |
4.750%, 02/21/2026 | | | 250 | | | | 250 | |
United Airlines Pass Through Trust, Ser 2023-1, Cl A | | | | | | | | |
5.800%, 01/15/2036 | | | 196 | | | | 200 | |
United Parcel Service | | | | | | | | |
5.050%, 03/03/2053 | | | 200 | | | | 190 | |
| | | | | | | | | |
| | | | | | | | 3,234 | |
| | | | | | | | | |
Information Technology — 1.8% | | | | |
Apple | | | | | | | | |
4.300%, 05/10/2033 | | | 200 | | | | 202 | |
4.000%, 05/10/2028 | | | 250 | | | | 249 | |
2.375%, 02/08/2041 | | | 150 | | | | 107 | |
Broadcom | | | | | | | | |
5.050%, 07/12/2029 | | | 100 | | | | 101 | |
4.150%, 04/15/2032 (B) | | | 200 | | | | 189 | |
3.500%, 02/15/2041 (B) | | | 250 | | | | 197 | |
Intel | | | | | | | | |
5.625%, 02/10/2043 | | | 100 | | | | 102 | |
5.125%, 02/10/2030 | | | 250 | | | | 256 | |
4.875%, 02/10/2026 | | | 250 | | | | 250 | |
International Business Machines | | | | | | | | |
5.100%, 02/06/2053 | | | 200 | | | | 193 | |
4.500%, 02/06/2028 | | | 250 | | | | 250 | |
Micron Technology | | | | | | | | |
5.300%, 01/15/2031 | | | 250 | | | | 254 | |
Microsoft | | | | | | | | |
2.921%, 03/17/2052 | | | 200 | | | | 140 | |
Oracle | | | | | | | | |
4.500%, 05/06/2028 | | | 250 | | | | 249 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
3.600%, 04/01/2040 | | $ | 250 | | | $ | 198 | |
Texas Instruments | | | | | | | | |
5.050%, 05/18/2063 | | | 150 | | | | 144 | |
| | | | | | | | | |
| | | | | | | | 3,081 | |
| | | | | | | | | |
Materials — 0.6% | | | | |
BHP Billiton Finance USA | | | | | | | | |
5.250%, 09/08/2033 | | | 150 | | | | 154 | |
4.875%, 02/27/2026 | | | 250 | | | | 250 | |
Celanese US Holdings | | | | | | | | |
6.550%, 11/15/2030 | | | 250 | | | | 266 | |
Newmont | | | | | | | | |
5.750%, 11/15/2041 (B) | | | 250 | | | | 256 | |
Rio Tinto Finance USA | | | | | | | | |
5.125%, 03/09/2053 | | | 150 | | | | 145 | |
| | | | | | | | | |
| | | | | | | | 1,071 | |
| | | | | | | | | |
Real Estate — 0.6% | | | | |
Alexandria Real Estate Equities | | | | | | | | |
5.625%, 05/15/2054 | | | 100 | | | | 96 | |
5.250%, 05/15/2036 | | | 45 | | | | 45 | |
American Tower | | | | | | | | |
5.450%, 02/15/2034 | | | 100 | | | | 102 | |
5.200%, 02/15/2029 | | | 100 | | | | 101 | |
Equinix Europe 2 Financing | | | | | | | | |
5.500%, 06/15/2034 | | | 55 | | | | 56 | |
Prologis | | | | | | | | |
5.250%, 06/15/2053 | | | 100 | | | | 97 | |
Realty Income | | | | | | | | |
4.750%, 02/15/2029 | | | 250 | | | | 250 | |
Sun Communities Operating | | | | | | | | |
5.500%, 01/15/2029 | | | 250 | | | | 254 | |
| | | | | | | | | |
| | | | | | | | 1,001 | |
| | | | | | | | | |
Utilities — 2.1% | | | | |
AEP Transmission | | | | | | | | |
5.400%, 03/15/2053 | | | 150 | | | | 148 | |
CenterPoint Energy Resources | | | | | | | | |
5.400%, 07/01/2034 | | | 50 | | | | 51 | |
Consumers Energy | | | | | | | | |
4.700%, 01/15/2030 | | | 60 | | | | 60 | |
DTE Electric | | | | | | | | |
4.850%, 12/01/2026 | | | 50 | | | | 50 | |
Duke Energy | | | | | | | | |
4.850%, 01/05/2027 | | | 200 | | | | 201 | |
4.850%, 01/05/2029 | | | 200 | | | | 201 | |
Duke Energy Carolinas | | | | | | | | |
5.400%, 01/15/2054 | | | 150 | | | | 149 | |
4.850%, 01/15/2034 | | | 200 | | | | 199 | |
Eversource Energy | | | | | | | | |
5.450%, 03/01/2028 | | | 250 | | | | 254 | |
Exelon | | | | | | | | |
5.150%, 03/15/2028 | | | 250 | | | | 253 | |
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
CORPORATE OBLIGATIONS (continued) |
Georgia Power | | | | | | | | |
4.950%, 05/17/2033 | | $ | 250 | | | $ | 250 | |
NextEra Energy Capital Holdings | | | | | | | | |
5.250%, 02/28/2053 | | | 150 | | | | 143 | |
4.900%, 02/28/2028 | | | 250 | | | | 251 | |
Pacific Gas and Electric | | | | | | | | |
6.750%, 01/15/2053 | | | 250 | | | | 268 | |
6.400%, 06/15/2033 | | | 250 | | | | 265 | |
PacifiCorp | | | | | | | | |
5.800%, 01/15/2055 | | | 225 | | | | 223 | |
Southern California Edison | | | | | | | | |
5.875%, 12/01/2053 | | | 150 | | | | 154 | |
Spire | | | | | | | | |
5.300%, 03/01/2026 | | | 100 | | | | 100 | |
Union Electric | | | | | | | | |
5.250%, 01/15/2054 | | | 150 | | | | 144 | |
Virginia Electric and Power | | | | | | | | |
5.350%, 01/15/2054 | | | 150 | | | | 147 | |
| | | | | | | | | |
| | | | | | | | 3,511 | |
| | | | | | | | | |
Total Corporate Obligations | | | | | | | | |
(Cost $44,158) ($ Thousands) | | | | | | | 44,161 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
SOVEREIGN DEBT — 1.9% |
| | | | | | | | | |
Canada Government International Bond | | | | | | | | |
3.750%, 04/26/2028 | | | 250 | | | | 247 | |
Chile Government International Bond | | | | | | | | |
4.850%, 01/22/2029 | | | 200 | | | | 200 | |
Export Development Canada | | | | | | | | |
4.125%, 02/13/2029 | | | 90 | | | | 90 | |
Indonesia Government International Bond | | | | | | | | |
5.100%, 02/10/2054 | | | 200 | | | | 193 | |
Japan Bank for International Cooperation | | | | | | | | |
4.375%, 01/24/2031 | | | 200 | | | | 201 | |
Japan International Cooperation Agency | | | | | | | | |
4.750%, 05/21/2029 | | | 200 | | | | 205 | |
Korea Development Bank | | | | | | | | |
4.500%, 02/15/2029 | | | 200 | | | | 201 | |
Mexico Government International Bond | | | | | | | | |
6.400%, 05/07/2054 | | | 200 | | | | 194 | |
6.000%, 05/07/2036 | | | 200 | | | | 199 | |
Panama Government International Bond | | | | | | | | |
6.853%, 03/28/2054 | | | 200 | | | | 189 | |
Peruvian Government International Bond | | | | | | | | |
3.300%, 03/11/2041 | | | 200 | | | | 151 | |
Philippine Government International Bond | | | | | | | | |
5.000%, 07/17/2033 | | | 200 | | | | 200 | |
Province of Alberta Canada | | | | | | | | |
4.500%, 01/24/2034 | | | 250 | | | | 251 | |
Province of Ontario Canada | | | | | | | | |
4.200%, 01/18/2029 | | | 250 | | | | 250 | |
SCHEDULE OF INVESTMENTS
July 31, 2024
Core Fixed Income Fund (Concluded)
| | | | | | | |
Description | | Face Amount
(Thousands) | | | Market Value
($ Thousands) | |
SOVEREIGN DEBT (continued) |
Province of Quebec Canada | | | | | | | | |
4.500%, 09/08/2033 | | $ | 250 | | | $ | 251 | |
3.625%, 04/13/2028 | | | 200 | | | | 196 | |
Republic of Poland Government International Bond | | | | | | | | |
5.125%, 09/18/2034 | | | 100 | | | | 100 | |
| | | | | | | | | |
Total Sovereign Debt | | | | |
(Cost $3,302) ($ Thousands) | | | 3,318 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9% |
FHLB | | | | | | | | |
4.625%, 11/17/2026 | | | 250 | | | | 252 | |
4.125%, 01/15/2027 | | | 500 | | | | 500 | |
4.000%, 06/30/2028 | | | 250 | | | | 252 | |
FNMA | | | | | | | | |
0.875%, 08/05/2030 | | | 550 | | | | 457 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | |
Total U.S. Government Agency Obligations | | | | |
(Cost $1,454) ($ Thousands) | | | 1,461 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
ASSET-BACKED SECURITIES — 0.4% |
Automotive — 0.1% | | | | |
| | | | | |
Toyota Auto Receivables Owner Trust, Ser 2023-D, Cl A3 | | | | | | | | |
5.540%, 08/15/2028 | | | 150 | | | | 152 | |
| | | | | | | | | |
| | | | | | | | | |
Credit Cards — 0.2% | | | | |
| | | | | |
American Express Credit Account Master Trust, Ser 2022-3, Cl A | | | | | | | | |
3.750%, 08/15/2027 | | | 150 | | | | 148 | |
Capital One Multi-Asset Execution Trust, Ser 2023-A1, Cl A | | | | | | | | |
4.420%, 05/15/2028 | | | 150 | | | | 149 | |
| | | | | | | | 297 | |
| | | | | | | | | |
Other Asset-Backed Securites — 0.1% | | | | |
| | | | | |
Verizon Master Trust, Ser 2023-2, Cl A | | | | | | | | |
4.890%, 04/13/2028 | | | 150 | | | | 150 | |
| | | | | | | | | |
| | | | | | | | | |
Total Asset-Backed Securities | | | | | | | | |
(Cost $599) ($ Thousands) | | | | | | | 599 | |
| | | | | | | | | |
Total Investments in Securities — 99.0% | | | | | | | | |
(Cost $167,977) ($ Thousands) | | $ | 168,830 | |
| | | | | | | | | |
| | | | | | | | | |
| Percentages are based on Net Assets of $170,589 ($ Thousands). |
(A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(B) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On July 31, 2024, the value of these securities amounted to $642 ($ Thousands), representing 0.4% of the Net Assets of the Fund. |
Cl — Class |
DAC — Designated Activity Company |
FHLB — Federal Home Loan Bank |
FHLMC — Federal Home Loan Mortgage Corporation |
FNMA — Federal National Mortgage Association |
GNMA — Government National Mortgage Association |
H15T1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year |
H15T5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year |
MTN — Medium Term Note |
NASDAQ – National Association of Securities Dealers and Automated Quotations |
S&P— Standard & Poor's |
Ser — Series |
SOFRINDX — Custom Secured Overnight Financing Rate Index |
SOFRRATE — U.S. SOFR |
TBA — To Be Announced |
TSFR3M — Term SOFR 3 Months |
UMBS — Uniform Mortgage Backed Securities |
As of July 31, 2024, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP. |
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)
July 31, 2024
| | | Diversified Equity Fund | | | Enhanced Fixed Income Fund | | | Core Fixed Income Fund | |
Assets: | | | | | | | | | | | | |
Investments, at value† | | $ | 295,327 | | | $ | 43,143 | | | $ | 168,830 | |
Affiliated investments, at value†† | | | 3,692 | | | | 297 | | | | — | |
Cash | | | 44,762 | | | | 208 | | | | 4,439 | |
Foreign currency, at value ††† | | | 183 | | | | — | | | | — | |
Cash pledged as collateral for futures contracts | | | 2,172 | | | | — | | | | — | |
Receivable for variation margin | | | 731 | | | | — | | | | — | |
Receivable for fund shares sold | | | 260 | | | | 120 | | | | 473 | |
Foreign tax reclaim receivable | | | 92 | | | | — | | | | — | |
Receivable from administrator | | | 9 | | | | — | | | | — | |
Dividends and interest receivable | | | — | | | | 2 | | | | 1,167 | |
Prepaid expenses | | | 32 | | | | 4 | | | | 12 | |
Total Assets | | | 347,260 | | | | 43,774 | | | | 174,921 | |
Liabilities: | | | | | | | | | | | | |
Shareholder servicing fees payable | | | 75 | | | | 9 | | | | 21 | |
Payable for fund shares redeemed | | | 74 | | | | 1 | | | | 54 | |
Audit fees payable | | | 40 | | | | 5 | | | | 18 | |
Legal fees payable | | | 15 | | | | 2 | | | | 7 | |
Payable for variation margin | | | 11 | | | | — | | | | — | |
Printing fees payable | | | 10 | | | | 1 | | | | 4 | |
Custody fees payable | | | 10 | | | | 4 | | | | 3 | |
Pricing fees payable | | | 8 | | | | — | | | | 9 | |
Interest Payable | | | 3 | | | | — | | | | — | |
Chief Compliance Officer fees payable | | | 1 | | | | — | | | | — | |
Investment advisory fees payable | | | — | | | | 2 | | | | 8 | |
Payable for investment securities purchased | | | — | | | | — | | | | 4,203 | |
Administration fees payable | | | — | | | | — | | | | 3 | |
Accrued expense payable | | | 2 | | | | 1 | | | | 2 | |
Total Liabilities | | | 249 | | | | 25 | | | | 4,332 | |
Net Assets | | $ | 347,011 | | | $ | 43,749 | | | $ | 170,589 | |
† Cost of investments | | $ | 226,559 | | | $ | 42,357 | | | $ | 167,977 | |
†† Cost of affiliated investments | | | 3,692 | | | | 297 | | | | — | |
††† Cost of foreign currency | | | 180 | | | | — | | | | — | |
Net Assets: | | | | | | | | | | | | |
Paid-in capital — (unlimited authorization — no par value) | | $ | 277,921 | | | $ | 43,772 | | | $ | 169,522 | |
Total distributable earnings (accumulated losses) | | | 69,090 | | | | (23 | ) | | | 1,067 | |
Net Assets | | $ | 347,011 | | | $ | 43,749 | | | $ | 170,589 | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 11.20 | | | $ | 10.01 | | | $ | 10.06 | |
| | | | ($347,010,904 ÷ 30,978,671 shares | ) | | | ($43,749,294 ÷ 4,372,191 shares | ) | | | ($170,589,367 ÷ 16,961,276 shares | ) |
The accompanying notes are an integral part of the financial statements. |
STATEMENTS OF OPERATIONS ($ Thousands)
For the year or period ended July 31, 2024
| | | Diversified Equity Fund | | | Enhanced Fixed Income Fund | | | Core Fixed Income Fund(1) | |
Investment income: | | | | | | | | | | | | |
Dividends | | $ | 4,436 | | | $ | 2,651 | | | $ | — | |
Dividends from affiliated investments(2) | | | 176 | | | | 16 | | | | — | |
Interest income | | | 2,182 | | | | 15 | | | | 3,820 | |
Less: foreign taxes withheld | | | (59 | ) | | | — | | | | (1 | ) |
Total investment income | | | 6,735 | | | | 2,682 | | | | 3,819 | |
Expenses: | | | | | | | | | | | | |
Shareholder servicing fees | | | 814 | | | | 100 | | | | 203 | |
Administration fees | | | 651 | | | | 80 | | | | 163 | |
Investment advisory fees | | | 651 | | | | 120 | | | | 122 | |
Trustee fees (Form N-CSR Item 10) | | | 8 | | | | 1 | | | | 2 | |
Chief Compliance Officer fees | | | 3 | | | | — | | | | 1 | |
Custodian/wire agent fees | | | 91 | | | | 9 | | | | 4 | |
Professional fees | | | 77 | | | | 19 | | | | 25 | |
Printing fees | | | 50 | | | | 7 | | | | 8 | |
Registration fees | | | 42 | | | | 6 | | | | 7 | |
Proxy fees | | | 3 | | | | 3 | | | | — | |
Other expenses | | | 65 | | | | 5 | | | | 23 | |
Total expenses | | | 2,455 | | | | 350 | | | | 558 | |
Less: | | | | | | | | | | | | |
Waiver of investment advisory fees | | | (533 | ) | | | (102 | ) | | | (73 | ) |
Waiver of Shareholder Servicing Fees | | | — | | | | — | | | | (81 | ) |
Waiver of administration fees | | | (283 | ) | | | (80 | ) | | | (134 | ) |
Net expenses | | | 1,639 | | | | 168 | | | | 270 | |
Net investment income | | | 5,096 | | | | 2,514 | | | | 3,549 | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 2,579 | | | | (49 | ) | | | (342 | ) |
Futures contracts | | | 2,778 | | | | — | | | | — | |
Foreign currency transactions | | | 2 | | | | — | | | | — | |
Net realized gain (loss) | | | 5,359 | | | | (49 | ) | | | (342 | ) |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 46,072 | | | | 817 | | | | 853 | |
Futures contracts | | | (414 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) | | | 45,658 | | | | 817 | | | | 853 | |
Net realized and unrealized gain | | | 51,017 | | | | 768 | | | | 511 | |
Net increase in net assets resulting from operations | | $ | 56,113 | | | $ | 3,282 | | | $ | 4,060 | |
(1) | Commenced operations on January 22, 2024. |
(2) | See Note 4 in the Notes to Financial Statements. |
Amounts designated as "—" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the years or periods ended July 31,
| | | Diversified Equity Fund | | | Enhanced Fixed Income Fund | | | Core Fixed Income Fund | |
| | | | 2024 | | | | 2023 | (1) | | | 2024 | | | | 2023 | (2) | | | 2024 | (3) |
Operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 5,096 | | | $ | 2,211 | | | $ | 2,514 | | | $ | 806 | | | $ | 3,549 | |
Net realized gain (loss) | | | 5,359 | | | | (2,483 | ) | | | (49 | ) | | | (760 | ) | | | (342 | ) |
Net change in unrealized appreciation (depreciation) | | | 45,658 | | | | 24,815 | | | | 817 | | | | (31 | ) | | | 853 | |
Net increase in net assets resulting from operations | | | 56,113 | | | | 24,543 | | | | 3,282 | | | | 15 | | | | 4,060 | |
Distributions | | | (8,349 | ) | | | — | | | | (2,514 | ) | | | (806 | ) | | | (2,993 | ) |
Return of Capital | | | — | | | | — | | | | (10 | ) | | | (10 | ) | | | — | |
Capital share transactions:(4) | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 36,356 | | | | 477,434 | | | | 6,815 | | | | 61,466 | | | | 173,020 | |
Reinvestment of dividends & distributions | | | 8,328 | | | | — | | | | 2,517 | | | | 814 | | | | 2,984 | |
Cost of shares redeemed | | | (68,588 | ) | | | (178,971 | ) | | | (5,653 | ) | | | (22,167 | ) | | | (6,482 | ) |
Net increase/(decrease) in net assets derived from capital share transactions | | | (23,904 | ) | | | 298,463 | | | | 3,679 | | | | 40,113 | | | | 169,522 | |
Net increase in net assets | | | 23,860 | | | | 323,006 | | | | 4,437 | | | | 39,312 | | | | 170,589 | |
Net assets: | | | | | | | | | | | | | | | | | | | | |
Beginning of year or period | | | 323,151 | | | | 145 | | | | 39,312 | | | | — | | | | — | |
End of year or period | | $ | 347,011 | | | $ | 323,151 | | | $ | 43,749 | | | $ | 39,312 | | | $ | 170,589 | |
(1) | For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1). |
(2) | Commenced operations on February 1, 2023. |
(3) | Commenced operations on January 22, 2024. |
(4) | See Note 5 in the Notes to Financial Statements for additional information. |
Amount designated as "—" is $0 or has been rounded to $0.
The accompanying notes are an integral part of the financial statements.
FINANCIAL HIGHLIGHTS
For the years or periods ended July 31,
For a share outstanding throughout the years or periods
| | | Net asset value, beginning of year or period | | | Net
investment
income(1) | | | Net realized and unrealized gains (losses) on securities(1) | | | Total from
operations | | | Dividends from net investment income | | | Distributions from realized gains | | | Total dividends
and distributions | | | Net asset value,
end of year or period | | | Total return† | | | Net assets,
end of year or period
($ Thousands) | | | Ratio of
net expenses
to average
net assets | | | Ratio of expenses to average net assets (excluding waivers and reimbursements) | | | Ratio of net investment income to average net assets | | | Portfolio turnover rate† | |
Diversified Equity Fund |
2024 | | $ | 9.69 | | | $ | 0.16 | | | $ | 1.61 | | | $ | 1.77 | | | $ | (0.16 | ) | | $ | (0.10 | ) | | $ | (0.26 | ) | | $ | 11.20 | | | | 18.60 | % | | $ | 347,011 | | | | 0.50 | % | | | 0.75 | % | | | 1.57 | % | | | 2 | % |
2023(2) | | | 8.86 | | | | 0.14 | | | | 0.69 | | | | 0.83 | | | | – | | | | – | | | | – | | | | 9.69 | | | | 9.37 | | | | 323,151 | | | | 0.50 | | | | 0.81 | | | | 1.59 | | | | 132 | |
2022(3)(4) | | | 10.00 | | | | 0.01 | | | | (1.15 | ) | | | (1.14 | ) | | | – | ^‡ | | | – | | | | – | ^‡ | | | 8.86 | | | | (11.38 | ) | | | 145 | | | | 0.50 | | | | 1.04 | | | | 0.19 | | | | 6,822 | (5) |
Enhanced Fixed Income Fund |
2024 | | $ | 9.83 | | | $ | 0.62 | | | $ | 0.18 | | | $ | 0.80 | | | $ | (0.62 | )‡ | | $ | – | | | $ | (0.62 | )‡ | | $ | 10.01 | | | | 8.48 | % | | $ | 43,749 | | | | 0.42 | % | | | 0.88 | % | | | 6.29 | % | | | 3 | % |
2023(6) | | | 10.00 | | | | 0.22 | | | | (0.18 | ) | | | 0.04 | | | | (0.21 | )‡ | | | – | | | | (0.21 | )‡ | | | 9.83 | | | | 0.42 | | | | 39,312 | | | | 0.41 | | | | 0.86 | | | | 4.59 | | | | 56 | |
Core Fixed Income Fund |
2024(7) | | $ | 10.00 | | | $ | 0.23 | | | $ | 0.02 | | | $ | 0.25 | | | $ | (0.19 | ) | | $ | – | | | $ | (0.19 | ) | | $ | 10.06 | | | | 2.53 | % | | $ | 170,589 | | | | 0.33 | % | | | 0.69 | % | | | 4.39 | % | | | 84 | % |
(1) | Per share net investment income and net realized and unrealized gains (losses) calculated using average shares. |
(2) | For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1). |
(3) | For the period April 26, 2022 through July 31, 2022, the Fund was not an active component of the Adviser Managed Strategy (see Note 1). |
(4) | Commenced operations on March 30, 2022. All ratios for the period have been annualized. |
(5) | Portfolio turnover rate reflects the Financial Advisor’s strategy to exercise its investment discretion which leads to the Fund buying and selling securities and other instruments frequently. Please see Note 1 for further details. |
(6) | Commenced operations on February 1, 2023. All ratios for the period have been annualized. |
(7) | Commenced operations on January 22, 2024. All ratios for the period have been annualized. |
† | Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares. |
^ | Amount is less than $0.005 per share. |
‡ | Includes return of capital of less than $0.005 per share. |
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS
July 31, 2024
1. ORGANIZATION
Adviser Managed Trust (the “Trust”) was established as a Delaware statutory trust under an Agreement and Declaration of Trust dated September 22, 2010. The Trust commenced operations on February 25, 2011.
The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with three registered funds: Diversified Equity Fund, the Enhanced Fixed Income Fund, and the Core Fixed Income Fund (each a “Fund”, collectively, “the Funds”, each of which is a diversified fund. The Diversified Equity Fund commenced operations on March 30, 2022. The Enhanced Fixed Income Fund commenced operations on February 1, 2023. The Core Fixed Income Fund commenced operations on January 22, 2024. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Trust’s prospectus provides a description of the Funds’ investment objectives and strategies.
Only persons who are clients of the Financial Adviser (as defined below) and who participate in the Adviser Managed Strategy should invest in the Funds. The Funds may not be purchased by any other investor. The Funds are designed to be a component of a broader strategy employed by a third party investment manager (“Financial Adviser”) for the benefit of its clients. The Financial Adviser seeks to take advantage of broad market changes by tactically shifting its clients’ assets among the Funds, and a money market fund affiliated with the Funds, depending on the Financial Adviser’s evaluation of current market conditions (“Adviser Managed Strategy” or “Strategy”). The Financial Adviser is not the adviser to the Funds, and is not affiliated with SEI Investments Management Corporation (“SIMC”), the adviser to the Funds.
When the Financial Adviser determines to reallocate its clients’ assets to one or more of the other funds that compose the Adviser Managed Strategy, the Financial Adviser may request the redemption of a substantial portion of or all of the shares for which the Financial Adviser exercises investment discretion. In such an instance, the Financial Adviser’s notice of its intent to redeem or formal redemption request (collectively, “Redemption Request”) will cause a Fund to liquidate a substantial portion of or substantially all of its assets in order to fulfill the Redemption Request. If the Financial Adviser’s Redemption Request includes all of the shares for which it exercises investment discretion, the Fund will no longer be an active component of the Adviser Managed Strategy.
When the Diversified Equity Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations pending the Financial Adviser’s formal redemption request; and exchange-traded funds (ETFs) that are designed to track the performance of the broad U.S. equity market. When the Enhanced Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s investment goal and ETFs that are designed to track the performance of one or more broad fixed income markets. When the Core Fixed Income Fund is not an active component of the Adviser Managed Strategy, the Fund may invest up to 100% of its remaining assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s investment goal.
A Fund could be invested in these types of investments for extended periods of time. At such times, SIMC will manage the assets of the Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the only investors in a Fund following the Financial Adviser’s redemption of all of its clients’ shares from a Fund. Due to this strategy, a Fund may buy and sell securities and other instruments frequently.
2. SIGNIFICANT ACCOUNTING POLICIES
The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).
Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation —Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board’s designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together with SIMC’s Valuation and Pricing Policy, the “Fair Value Procedures”). As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a “Pricing Service”). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments. When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s net asset value is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted
above, or in the case of an equity tranche of a CDO/CLO, the Funds will value the securities using a bid price from at least one independent broker.
On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in a Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.
Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.
Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which a Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using rates provided by an independent source.
Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser (“Sub Adviser”), as applicable, reasonably believes that prices provided by independent pricing
agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Committee if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.
The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of the Funds’ net assets or involve a material departure in pricing methodology from that of the Funds’ existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.
Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with Rule 2a-5 and the Procedures.
The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.
The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when a Fund does not price its shares. As a result, the NAV of a Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.
A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or the Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.
In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 — quoted prices in active markets for identical investments
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange. These are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
The valuation techniques used by the Funds to measure fair value during the year ended July 31, 2024, maximized the use of observable inputs and minimized the use of unobservable inputs.
For the year ended July 31, 2024, there have been no significant changes to the Trust’s fair valuation methodologies.
For details of the investment classification, reference the Schedule of Investments.
Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense recognized on the ex-dividend date, and interest income or expense recognized using the accrual basis of accounting.
Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.
Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.
Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until the repurchase date of the repurchase agreement. The Funds also may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. There were no outstanding repurchase agreements as of July 31, 2024.
Reverse Repurchase Agreements — To the extent consistent with its investment objective and strategies, the Funds may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. Additional assets are maintained in a segregated account with the custodian. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase
agreement files for bankruptcy or becomes insolvent, the Funds’ use of the proceeds under the reverse repurchase agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. There were no outstanding reverse repurchase agreements as of July 31, 2024.
Foreign Currency Translation — The books and records of the Funds’ investments in international securities are maintained in U.S. dollars on the following basis:
(i) market value of investment securities, assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, the Funds may enter into forward foreign currency contracts for hedging or speculative purposes with respect to either specific transactions, fund positions or anticipated fund positions. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open forward foreign currency contracts as of July 31, 2024, if applicable.
Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin
deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Funds’ Schedules of Investments for details regarding open futures contracts as of July 31, 2024, if applicable.
Options/Swaptions Writing/Purchasing — To the extent consistent with its investment objective and strategies, the Funds may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. The Funds may also invest in financial option/swaption contracts to enhance its returns. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss.
The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statement of Assets and Liabilities. The Funds did not hold any option/swaption contracts as of July 31, 2024.
Swap Agreements — To the extent consistent with its investment objective and strategies, the Funds may invest in swap contracts for speculative or hedging purposes. Swaps may be used to synthetically obtain exposure to securities or baskets of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate
payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements securities may be set aside as collateral by the Funds’ custodian.
Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.
Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.
These risks may be mitigated by having a master netting arrangement between the Funds and a counterparty and by having the counterparty post collateral to cover the Funds’ exposure to the counterparty. See Note 3 for further details. The Funds did not hold any swap contracts as of July 31, 2024.
Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, the Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.
Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, the Funds may invest in U.S. dollar-denominated fixed - and floating-rate loans (“Loans”) arranged through
private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). A Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in this Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Fund generally have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and a Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.
Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies. As of July 31, 2024, the Funds did not hold any loans.
Collateralized Debt Obligations — To the extent consistent with its investment objective and strategies, the Funds may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed security. A CLO is a trust, typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.
For CDOs, the cash flows from the Trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying securities, and can be rated investment grade. Despite
the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.
The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline CDOs that are subordinate structure of the investment and investment results. The Funds did not hold any CDOs or CLOs as of July 31, 2024.
Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders annually by the Diversified Equity Fund and quarterly by the Enhanced Fixed Income Fund and Core Fixed Income Funds. Dividends and distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.
Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
3. DERIVATIVE TRANSACTIONS
The Funds are subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. The Funds’ overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer account agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared Over the Counter (“OTC”) derivatives.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Funds and select counterparties. ISDA Master Agreements maintain
provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
4. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory, Administration & Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to the Funds. In connection with serving as Adviser, SIMC is entitled to a fee that is calculated daily and paid monthly, based on the average daily net assets of the Funds.
The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an Administration and Transfer Agency Agreement under which the Administrator provides administrative and transfer agency services for annual fees, based on the average daily net assets of the Funds.
SEI Investments Distribution Co. (the “Distributor”), serves as the Funds’ Distributor pursuant to a distribution agreement with the Trust. The Funds have adopted a shareholder services plan (the “Service Plan”) with respect to the Shares that allows such Shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such Shares at an annual rate of average daily net assets of the Shares. The Funds’ Service Plan provides that shareholder servicing fees on the Shares will be paid to the Distributor, which may be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to the Shares.
The Funds’ administrator and/or its affiliates have contractually agreed to waive fees or reimburse expenses for the Funds until November 30, 2024, in order to keep total fund operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds’ business) from exceeding the levels specified in the table below. These contractual waivers and reimbursements will only apply if a Funds’ total operating costs exceed the applicable thresholds
and will not affect the Funds’ total operating costs if they are less than the applicable thresholds. In other words, shareholders will pay the lower of the Funds’ actual total fund operating expenses or total fund operating expenses after contractual waivers and expense reimbursements. The contractual waiver and expense reimbursement are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (“AFFE”). The agreement may be amended or terminated only with the consent of the Board of Trustees.
The Funds’ adviser, the Funds’ administrator and/or the Funds’ distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, trustee fees, taxes and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at the levels specified in the table below. The voluntary waivers of the Funds’ adviser, Funds’ administrator and Funds’ distributor are limited to the Funds’ direct operating expenses and
therefore do not apply to indirect expenses incurred by the Funds, such as AFFE, if any. The Funds’ adviser, the Funds’ administrator and/or the Funds’ distributor may discontinue all or part of these waivers at any time.
The following is a summary of annual fees payable to the Adviser and Distributor and the expense limitations for the Funds:
| | | Advisory
Fee | | | Shareholder
Servicing
Fee | | | Contractual
Expense
Limitation | | | Voluntary
Expense
Limitation | |
Diversified Equity Fund | | | 0.20 | % | | | 0.25 | % | | | 0.75 | %* | | | 0.50 | % |
Enhanced Fixed Income Fund | | | 0.30 | %** | | | 0.25 | % | | | 0.92 | %* | | | 0.41 | % |
Core Fixed Income Fund | | | 0.15 | % | | | 0.25 | % | | | 0.70 | %* | | | 0.33 | % |
| * | Effective November 30, 2023, the Funds’ administrator and its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total annual Fund operating expenses (exclusive of interest from borrowings, brokerage commissions, trustees’ fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Funds’ business) from exceeding the amounts listed above. This fee waiver and reimbursement agreement shall remain in effect until November 30, 2024. The agreement may be amended or terminated only with the consent of the Board | |
| of Trustees of the Funds.
** SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.10%. This fee waiver agreement shall remain in effect until November 30, 2024. The agreement may be amended or terminated only with the consent of the Board of Trustees. | |
The following is a summary of annual fees payable to the Administrator:
| | | Contractual Fees | |
| | | | First $2.5 Billion | | | | Next $500 Million | | | | Over $3 Billion | |
Diversified Equity Fund | | | 0.2000 | % | | | 0.1650 | % | | | 0.1200 | % |
| | | | | | | | | Contractual Fees | |
| | | | First $1.5 Billion | | | | Next $500 Million | | | | Next $500 Million | | | | Next $500 Million | | | | Over $3 Billion | |
Enhanced Fixed Income Fund | | | 0.2000 | % | | | 0.1775 | % | | | 0.1550 | % | | | 0.1325 | % | | | 0.1100 | % |
Core Fixed Income Fund | | | 0.2000 | % | | | 0.1775 | % | | | 0.1550 | % | | | 0.1325 | % | | | 0.1100 | % |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
As of July 31, 2024, SIMC has entered into an investment sub-advisory agreement with the following party and pays the sub-adviser out of the fee that it receives from the Funds. When a Fund is not an active component of the Adviser Managed Strategy, SIMC will act as the sole manager to that Fund, and a sub-adviser will not be used.
Investment Sub-Adviser
Diversified Equity Fund
SSgA Funds Management, Inc.
Core Fixed Income Fund
SSgA Funds Management, Inc.
Other — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on Fund transactions effected for the Trust in accordance with Securities and Exchange Commission (“SEC”) rules. Accordingly, it is expected that Fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.
There were no such commissions for the year ended July 31, 2024.
Payments to Affiliates — Certain officers and/or trustees of the Trust are also officers or directors of the Distributor or the Adviser. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings.
Compensation of officers and affiliated Trustees of the Trust is paid by the Adviser or Administrator.
A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred.
Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Funds’ expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, can be found on the Statement of Operations and the effect on the Funds’ expense ratios, as a percentage of the Funds’ average daily net assets for the year ended July 31, 2024, can be found on the Financial Highlights, if applicable.
Investment in Affiliated Security — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. The Funds may also purchase securities of certain companies with which it is affiliated to the extent these companies are represented in an index that the Adviser or Sub-
Adviser is passively seeking to replicate in accordance with the Funds’ investment strategy.
Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.
As of, and during the year ended July 31, 2024, the Trust had not participated in the Program.
5. CAPITAL SHARE TRANSACTIONS
Capital Share Transactions for the year or periods ended July 31 for the Funds were as follows (Thousands):
| | | Diversified Equity Fund | | | Enhanced Fixed Income Fund | | | Core Fixed Income Fund | |
| | | | 2024 | | | | 2023 | (1) | | | 2024 | | | | 2023 | (2) | | | 2024 | (3) |
Shares Issued | | | 3,623 | | | | 53,795 | | | | 693 | | | | 6,206 | | | | 17,315 | |
Shares Issued in Lieu of Dividends and Distributions | | | 846 | | | | — | | | | 259 | | | | 85 | | | | 302 | |
Shares Redeemed | | | (6,844 | ) | | | (20,457 | ) | | | (581 | ) | | | (2,290 | ) | | | (656 | ) |
Increase/(Decrease) in capital share transactions | | | (2,375 | ) | | | 33,338 | | | | 371 | | | | 4,001 | | | | 16,961 | |
(1) | For the period August 1, 2022 through January 31, 2023, the Fund was not an active component of the Adviser Managed Strategy (see Note 1). |
(2) | Commenced operations on February 1, 2023. |
(3) | Commenced operations on January 22, 2024. |
6. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments during the year or period ended July 31, 2024, were as follows:
| | | U.S. Gov't
($ Thousands) | | | Other
($ Thousands) | | | Total
($ Thousands) | |
Diversified Equity Fund |
Purchases | | $ | — | | | $ | 6,713 | | | $ | 6,713 | |
Sales | | | — | | | | 34,118 | | | | 34,118 | |
Enhanced Fixed Income Fund |
Purchases | | | — | | | | 4,863 | | | | 4,863 | |
Sales | | | — | | | | 1,351 | | | | 1,351 | |
Core Fixed Income Fund |
Purchases | | | 248,871 | | | | 50,594 | | | | 299,465 | |
Sales | | | 129,970 | | | | 1,408 | | | | 131,378 | |
7. FEDERAL TAX INFORMATION
It is each Fund’s intention to continue to qualify as a regulated investment company, under Sub chapter M of the Internal Revenue Code, and to distribute all of its taxable income and net capital gains. Accordingly, no provision for Federal income taxes is required.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings (loss), as appropriate, in the period that the differences arise.
The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs, partnership adjustments, and investments in PFICs.
The tax character of dividends and distributions paid during the fiscal year were as follows:
| | | | | | Ordinary
Income
($ Thousands) | | | Long-Term
Capital Gain
($ Thousands) | | | Return of Capital
($ Thousands) | | | Total
($ Thousands) | |
Diversified Equity Fund |
2024 | | $ | 8,054 | | | $ | 295 | | | $ | — | | | $ | 8,349 | |
2023 | | | — | | | | — | | | | — | | | | — | |
Enhanced Fixed Income Fund |
2024 | | | 2,514 | | | | — | | | | 10 | | | | 2,524 | |
2023 | | | 806 | | | | — | | | | 10 | | | | 816 | |
Core Fixed Income Fund |
2024 | | | 2,993 | | | | — | | | | — | | | | 2,993 | |
As of July 31, 2024, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:
| | | Undistributed
Ordinary
Income
($ Thousands) | | | Undistributed
Long-Term
Capital Gain
($ Thousands) | | | Capital
Loss
Carryforwards
($ Thousands) | | | Post-
October
Losses
($ Thousands) | | | Unrealized
Appreciation
(Depreciation)
($ Thousands) | | | Total Distributable Earnings
(Accumulated Losses)
($ Thousands) | |
Diversified Equity Fund | | $ | 4,576 | | | $ | 2,401 | | | $ | — | | | $ | — | | | $ | 62,113 | | | $ | 69,090 | |
Enhanced Fixed Income Fund | | | — | | | | — | | | | (33 | ) | | | (24 | ) | | | 34 | | | | (23 | ) |
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2024
| | | Undistributed
Ordinary
Income
($ Thousands) | | | Undistributed
Long-Term
Capital Gain
($ Thousands) | | | Capital
Loss
Carryforwards
($ Thousands) | | | Post-
October
Losses
($ Thousands) | | | Unrealized
Appreciation
(Depreciation)
($ Thousands) | | | Total Distributable Earnings
(Accumulated Losses)
($ Thousands) | |
Core Fixed Income Fund | | $ | 411 | | | $ | — | | | $ | (196 | ) | | $ | — | | | $ | 852 | | | $ | 1,067 | |
Post-October losses represent losses realized on investment transactions from November 1, 2023 through July 31, 2024 that in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.
During the year ended July 31, 2024, the Enhanced Fixed Income Fund and Core Fixed Income Fund had $33 ($ Thousands) and $196 ($ Thousands) respectively, of short-term capital loss carryforwards.
For Federal income tax purposes, the cost of securities owned at July 31, 2024, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in passive foreign investment companies, partnership basis adjustments, mark-to-market of futures contracts, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.
The aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds at July 31, 2024, were as follows:
| | | Federal Tax Cost
($ Thousands) | | | Appreciated
Securities
($ Thousands) | | | Depreciated
Securities
($ Thousands) | | | Net Unrealized
Appreciation
(Depreciation)
($ Thousands) | |
Diversified Equity Fund | | $ | 236,909 | | | $ | 75,700 | | | $ | (13,587 | ) | | $ | 62,113 | |
Enhanced Fixed Income Fund | | | 43,406 | | | | 786 | | | | (752 | ) | | | 34 | |
Core Fixed Income Fund | | | 167,978 | | | | 1,153 | | | | (301 | ) | | | 852 | |
Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of July 31, 2024, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
8. CONCENTRATION/RISKS
In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.
The following is not intended to be a complete discussion of the risks associated with investing in the Funds. Please review the Funds’ prospectus for additional disclosures regarding the principal risks associated with investing in the Funds.
Adviser Managed Strategy Risk — The Funds are a component of a broader investment strategy employed by the Financial Adviser known as the Adviser Managed Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser tactically shifts its clients’ assets among the Funds and a money market fund affiliated with the Funds. These asset shifts among the Funds in the Adviser Managed Strategy (i.e., an exchange of shares of one fund for shares of another fund) will be a taxable event to an investor unless the investor is investing in the Funds through a tax-deferred arrangement. As part of the Adviser Managed Strategy, substantial portions or substantially all of a Fund’s shares may be periodically sold and repurchased at the direction of the Financial Adviser. These large redemptions and repurchases will have significant effects on the management of a Fund and are expected to result in increased portfolio turnover (and related transaction costs), disruption of portfolio management strategies and the realization of significant taxable gains. If notified by the Financial Adviser of an upcoming redemption request, a Fund may begin to liquidate substantial portions or substantially all of its assets prior to the submission of the redemption request in an effort to raise the necessary cash, and a Fund will not be invested pursuant to its investment strategy during such time. Further, it is possible that, subsequent to providing such notice of an expected redemption, the Financial Adviser may withdraw that notice due to the Adviser Managed Strategy, at which point a Fund may then repurchase securities to invest to strategy resulting in the same detrimental effects to the portfolio as large share redemptions and purchases. When a Fund is required to rapidly liquidate a substantial portion of its portfolio to satisfy a large redemption order placed as part of the Adviser Managed Strategy, a Fund may be forced to sell securities at below current market values or a Fund’s selling activity may drive down the market value of securities being sold. A Fund may also be required to sell portfolio holdings at a time when the portfolio managers would otherwise not recommend doing so. For example, if a Fund were to experience a large redemption at a time of high market volatility or during a substantial market decline, a Fund would be forced to liquidate securities even though the portfolio managers may not otherwise choose to do so. When a Fund receives a large purchase order as a result of the Adviser Managed Strategy, a Fund may be required to rapidly purchase portfolio securities. This may cause a Fund to incur higher than normal transaction costs or may require a Fund to purchase portfolio securities at above
current market values. Further, a Fund’s purchasing activity may drive up the market value of securities being purchased or a Fund may be required to purchase portfolio securities at a time when the portfolio managers would not otherwise recommend doing so. When a Fund is not an active component of the Adviser Managed Strategy, a Fund’s investments may not be consistent with a Fund’s investment goal, and a Fund may miss investment opportunities because the assets necessary to take advantage of such opportunities are tied up in other investments or have been allocated to another fund within the Adviser Managed Strategy.
Asset Allocation Risk — The risk that SIMC’s decisions regarding allocation of a Fund’s assets among Indexes and for direct management will not anticipate market trends successfully.
Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.
Currency Risk — As a result of a Fund’s investments in securities denominated in and/or receiving revenues in foreign currencies, the Funds will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.
Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events
within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.
Derivatives Risk — A Fund’s use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. A Fund’s use of forward contracts and swap agreements is also subject to valuation risk and credit risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described below. Each of these risks could cause a Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. A Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.
Exchange Traded Funds (ETFs) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. A Fund indirectly bears the proportionate share of any fees and expenses of the ETF in addition to the fees and expenses that a Fund and its shareholders directly bear in connection with a Fund’s operations.
Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.
NOTES TO FINANCIAL STATEMENTS (Concluded)
July 31, 2024
These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds.
Investment Style Risk — The risk that a Fund’s investment approach may underperform other segments of the equity markets or the equity markets as a whole.
Leverage Risk — The use of leverage can amplify the effects of market volatility on a Fund’s share price and may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.
Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.
Portfolio Turnover Risk — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more
favorable capital gains rates, which may affect a Fund’s performance.
Real Estate Investment Trust (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. A Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.
Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Funds may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.
Tracking Error Risk — The risk that a Fund’s performance may vary substantially from the performance of the Indexes it tracks as a result of cash flows, Fund expenses, imperfect correlation between a Fund’s investments and the Indexes’ components and other factors.
9. CONCENTRATION OF SHAREHOLDERS
SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company (“SEI”). As of July 31, 2024, SPTC held of record the following percentage of outstanding shares:
| Diversified Equity Fund | 99.70% |
| Enhanced Fixed Income Fund | 99.73% |
| Core Fixed Income Fund | 99.73% |
SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the Financial Adviser. SPTC maintains omnibus accounts at the Funds’ transfer agent.
10. REGULATORY MATTERS
Effective June 30, 2023, the U.K. Financial Conduct Authority stopped compelling or inducing banks to submit LIBOR rates. Investments impacted by the discontinuation of LIBOR may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (composed of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, to replace U.S. dollar LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, the Adjustable Interest Rate Act was signed into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. As of July 1, 2023 and continuing through September 30, 2024, the U.K. Financial Conduct Authority will publish 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings based on SOFR to serve as a fallback for non-U.S. contracts.
11. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of July 31, 2024.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees
Adviser Managed Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Diversified Equity Fund and Enhanced Fixed Income Fund (two of the funds comprising the Adviser Managed Trust), including the schedules of investments, as of July 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the each of the years or periods in the three-year period then ended. We have also audited the accompanying statement of assets and liabilities of the Core Fixed Income Fund (one of the funds comprising the Adviser Managed Trust) (the three funds collectively, the Funds), including the schedule of investments, as of July 31, 2024, the related statement of operations and changes in net assets for the period from January 22, 2024 (commencement of operations) to July 31, 2024, and the related notes (collectively, the financial statements) and the financial highlights for the period from January 22, 2024 to July 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2024, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2024, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more SEI Funds investment companies since 2005.
Philadelphia, Pennsylvania
September 20, 2024
NOTICE TO SHAREHOLDERS (Unaudited)
For shareholders that do not have a July 31, 2024 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2024 year end, please consult your tax advisor as to the pertinence of this notice.
For the fiscal year ended July 31, 2024, the Fund is designating the following items with regard to distributions paid during the year:
Fund | | (A)
Long Term
Capital Gains
Distributions
(Tax Basis) | | | (B)
Return of
Capital
(Tax Basis) | | | (C)
Ordinary
Income
Distributions
(Tax Basis) | | | Total
Distributions
(Tax Basis) | | | (D)
Dividends
Qualifying
for Corporate
Dividends Rec.
Deduction(1) | |
Diversified Equity Fund | | | 3.54% | | | | 0.00% | | | | 96.46% | | | | 100.00% | | | | 36.02% | |
Enhanced Fixed Income Fund | | | 0.00% | | | | 0.39% | | | | 99.61% | | | | 100.00% | | | | 0.00% | |
Core Fixed Income Fund | | | 0.00% | | | | 0.00% | | | | 100.00% | | | | 100.00% | | | | 0.00% | |
| | | | | | | | | | | | | | | | | | | | | |
Fund | | (E)
Qualifying
Dividend Income
(15% Tax Rate for QDI)(2) | | | (F)
U.S. Government
Interest(3) | | | Interest
Related
Dividends(4) | | | Short-Term
Capital Gain
Dividends(5) | | | Qualifying Business Income Deduction(6) | |
Diversified Equity Fund | | | 48.76% | | | | 0.00% | | | | 6.48% | | | | 100.00% | | | | 2.10% | |
Enhanced Fixed Income Fund | | | 0.00% | | | | 0.04% | | | | 0.04% | | | | 0.00% | | | | 0.00% | |
Core Fixed Income Fund | | | 0.00% | | | | 45.49% | | | | 91.89% | | | | 0.00% | | | | 0.00% | |
(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.
(2) The percentage in this column represents the amount of “Qualifying Dividend Income” is reflected as a percentage of “Ordinary Income Distributions.” It is the intention of each of the aforementioned funds to designate the maximum amount permitted by the law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.
(3) The percentage of this column represents the amount of ordinary dividend income that qualified for 20% Business Income Deduction.
(4) “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
(5) The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.
(6) The percentage in this column represents the amount of “Short-Term Capital Gain” and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.
Items (A), (B) and (C) are based on the percentage of the Fund’s total distribution.
Items (D) and (E) are based on the percentage of ordinary income distributions of the Fund. Item (F) is based on the percentage of gross income of the Fund.
Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENT (Unaudited) (Form N-CSR Item 11)
Adviser Managed Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to a separate sub-advisory agreement with SIMC (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), SSGA Funds Management, Inc. (the “Sub-Adviser”) is contractually engaged to provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of two series of the Trust: the Diversified Equity Fund and the Core Fixed Income Fund. The Sub-Adviser is also responsible for managing its employees who provide services to the Funds. The Sub-Adviser was selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Adviser’s skills and investment results in managing assets for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Fund and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to renew an Investment Advisory Agreement.
Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Adviser with respect to the Funds. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Adviser, including information about SIMC’s and the Sub-Adviser’s affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to renew the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Adviser.
Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Adviser regarding: (i) the quality of SIMC’s and the Sub-Adviser’s investment management and other services; (ii) SIMC’s and the Sub-Adviser’s investment management personnel; (iii) SIMC’s and the Sub-Adviser’s operations and financial condition; (iv) SIMC’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Adviser, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level of SIMC’s and the Sub-Adviser’s profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Adviser’s expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance, where available, over various periods of time compared with the Fund’s benchmark indexes and peer groups of mutual funds prepared by Broadridge.
At the December 4-6, 2023 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of the Investment Advisory Agreements to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Investment Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2024 was held on April 2-4, the Investment Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 4-6, 2023 meeting to extend the Investment Advisory Agreements until the April 2-4, 2024 meeting. In evaluating whether to approve the extension of the Investment Advisory Agreements, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 2-4, 2024 meeting, the Board evaluated the Investment Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. With respect to the Enhanced Income and Core Fixed Income Funds, because each had only recently commenced operations, performance information and other data available to the Board was more limited than with respect to Diversified Equity Fund. Also, with respect to the Sub-Advisory Agreement, because the Core Fixed Income Fund had only commenced operations on January 22, 2024, the data available to the Board with respect to the Sub-Adviser was more heavily weighted toward the Diversified Equity Fund. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and the Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Adviser to the Funds and the resources of SIMC and the Sub-Adviser and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.
Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered a Fund’s performance relative to its peer groups and appropriate indexes/benchmarks. This information was limited to the Enhanced Income and Diversified Equity Funds. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor the Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report, which included metrics on net total return for each Fund and a universe of comparable funds. Based on the materials considered and discussed at the meeting, the Trustees found Fund performance satisfactory. In connection with the renewal of the Sub-Advisory Agreement, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Adviser was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of the Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.
Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate or proposed rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios or projected net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included with respect to the Enhanced Fixed Income and Diversified Equity Funds various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meeting, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates’ contractual and voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap, and concluded that SIMC, through waivers, would maintain the Funds’ net operating expenses at competitive levels for its distribution channels. The Board also took into consideration compensation earned or that would be
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENT (Unaudited) (Form N-CSR Item 11) (Concluded)
earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized or would realize other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to the Sub-Adviser, the Board took into account the fact that the Sub-Adviser is compensated by SIMC and not by the applicable Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses or projected expenses of the Funds are reasonable and supported the renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Adviser and its affiliates may have realized or would realize other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.
Profitability. With regard to profitability, the Trustees considered compensation flowing or proposed to be flowing to SIMC and the Sub-Adviser and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability or proposed levels were reasonable. As with the fee levels, when considering the profitability of the Sub-Adviser, the Board took into account the fact that compensation with respect to the unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of the Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid or to be paid to the Sub-Adviser have or would have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability or estimated profitability of SIMC and the Sub-Adviser individually is reasonable and supported the renewal of each Investment Advisory Agreement.
Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
ADVISER MANAGED TRUST ANNUAL FINANCIALS AND OTHER INFORMATION JULY 31, 2024
Trustees
Robert A. Nesher, Chairman
William M. Doran
Nina Lesavoy
James M. Williams
Susan C. Cote
James B. Taylor
Christine Reynolds
Thomas Melendez
Officers
Robert A. Nesher
President and Chief Executive Officer
Glenn R. Kurdziel
Controller and Chief Financial Officer
Stephen Panner
Chief Compliance Officer
Timothy D. Barto
Vice President, Secretary
David F. McCann
Vice President, Assistant Secretary
Katherine Mason
Vice President, Assistant Secretary
Stephen G. MacRae
Vice President
Bridget Sudall
Anti-Money Laundering Compliance Officer
Privacy Officer
Investment Adviser
SEI Investments Management Corporation
Administrator
SEI Investments Global Funds Services
Distributor
SEI Investments Distribution Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Independent Registered Public Accounting Firm
KPMG LLP
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.
For more information call
1 800 DIAL SEI
(1 800 342 5734)
AMT (7/24)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding the basis for approval of the Investment Advisory Contract is included as part of the financial statements included above in Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.
Item 16. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) Not applicable.
(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.
(b) Officer certifications, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | Adviser Managed Trust | |
| | | |
| By | /s/ Robert A. Nesher | |
| | Robert A. Nesher | |
| | President & CEO | |
Date: October 2, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By | /s/ Robert A. Nesher | |
| | Robert A. Nesher | |
| | President & CEO | |
Date: October 2, 2024
| By | /s/ Glenn R. Kurdziel | |
| | Glenn R. Kurdziel | |
| | Controller & CFO | |
Date: October 2, 2024
