Small Cap Stock Index Portfolio
Statement of Investments
March 31, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6%
Automobiles & Components — 1.8%
Adient PLC (a)
34,416
442,590
American Axle & Manufacturing Holdings, Inc. (a)
45,738
186,154
BorgWarner, Inc.
88,673
2,540,481
Dana, Inc.
52,359
697,945
Dorman Products, Inc. (a)
11,010
1,327,145
Fox Factory Holding Corp. (a)
17,026
397,387
Gentherm, Inc. (a)
12,268
328,046
LCI Industries
10,348
904,726
Patrick Industries, Inc. (b)
13,639
1,153,314
Phinia, Inc.
16,591
703,956
Standard Motor Products, Inc.
8,463
210,983
Winnebago Industries, Inc.
11,840
408,006
XPEL, Inc. (a),(b)
8,954
263,069
 
9,563,802
Banks — 8.9%
Ameris Bancorp
26,222
1,509,601
Atlantic Union Bankshares Corp.
52,800
1,644,192
Axos Financial, Inc. (a)
22,000
1,419,440
Banc of California, Inc.
55,255
784,068
BancFirst Corp.
8,071
886,761
Bank of Hawaii Corp.
16,140
1,113,176
BankUnited, Inc.
30,390
1,046,632
Banner Corp.
13,998
892,652
Berkshire Hills Bancorp, Inc.
18,940
494,145
Brookline Bancorp, Inc.
36,232
394,929
Capitol Federal Financial, Inc.
47,738
267,333
Cathay General Bancorp
28,965
1,246,364
Central Pacific Financial Corp.
11,035
298,386
City Holding Co.
5,832
685,085
Community Financial System, Inc.
21,338
1,213,279
Customers Bancorp, Inc. (a)
11,607
582,671
CVB Financial Corp.
53,463
986,927
Dime Community Bancshares, Inc.
15,965
445,104
Eagle Bancorp, Inc.
11,870
249,270
FB Financial Corp.
14,198
658,219
First Bancorp/Puerto Rico
66,069
1,266,543
First Bancorp/Southern Pines NC
16,854
676,520
First Commonwealth Financial Corp.
41,476
644,537
First Financial Bancorp
38,978
973,670
First Hawaiian, Inc.
51,310
1,254,016
Fulton Financial Corp.
73,807
1,335,169
Hanmi Financial Corp.
11,782
266,980
Heritage Financial Corp.
14,224
346,070
Hilltop Holdings, Inc.
18,551
564,878
Hope Bancorp, Inc.
49,604
519,354
Independent Bank Corp.
17,245
1,080,399
Lakeland Financial Corp.
10,348
615,085
National Bank Holdings Corp., Cl. A
15,652
599,002
3
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Banks — 8.9% (continued)
NBT Bancorp, Inc.
19,100
819,390
Northwest Bancshares, Inc.
52,471
630,701
OFG Bancorp
18,646
746,213
Pacific Premier Bancorp, Inc.
39,272
837,279
Park National Corp.
5,890
891,746
Pathward Financial, Inc.
9,706
708,053
Preferred Bank
4,894
409,432
Provident Financial Services, Inc.
52,978
909,632
Renasant Corp.
37,357
1,267,523
S&T Bancorp, Inc.
15,521
575,053
Seacoast Banking Corp. of Florida
34,543
888,791
ServisFirst Bancshares, Inc.
20,319
1,678,349
Simmons First National Corp., Cl. A
51,094
1,048,960
Southside Bancshares, Inc.
11,393
329,941
Stellar Bancorp, Inc.
19,430
537,434
The Bancorp, Inc. (a)
19,349
1,022,401
Tompkins Financial Corp.
4,998
314,774
Triumph Financial, Inc. (a)
8,941
516,790
TrustCo Bank Corp. NY
7,416
226,040
Trustmark Corp.
24,738
853,214
United Community Banks, Inc.
48,494
1,364,136
Veritex Holdings, Inc.
21,683
541,424
WaFd, Inc.
33,143
947,227
Westamerica Bancorp
10,860
549,842
WSFS Financial Corp.
23,817
1,235,388
 
46,810,190
Capital Goods — 12.0%
AAR Corp. (a)
14,305
800,937
AeroVironment, Inc. (a)
11,354
1,353,283
Air Lease Corp.
41,985
2,028,295
Alamo Group, Inc.
4,239
755,432
Albany International Corp., Cl. A
12,740
879,570
American Woodmark Corp. (a)
6,149
361,746
Apogee Enterprises, Inc.
8,661
401,264
Arcosa, Inc.
19,794
1,526,513
Armstrong World Industries, Inc.
17,660
2,487,941
Astec Industries, Inc.
9,140
314,873
AZZ, Inc.
12,143
1,015,276
Boise Cascade Co.
15,613
1,531,479
CSW Industrials, Inc.
6,801
1,982,628
DNOW, Inc. (a)
42,961
733,774
DXP Enterprises, Inc. (a)
5,021
413,027
Dycom Industries, Inc. (a)
11,828
1,801,878
Enerpac Tool Group Corp.
21,787
977,365
Enpro, Inc.
8,517
1,377,965
ESCO Technologies, Inc.
10,461
1,664,554
Everus Construction Group, Inc. (a)
20,715
768,319
Federal Signal Corp.
24,770
1,821,834
Franklin Electric Co., Inc.
15,946
1,497,011
Gates Industrial Corp. PLC (a)
92,169
1,696,831
Gibraltar Industries, Inc. (a)
12,376
725,976
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Capital Goods — 12.0% (continued)
GMS, Inc. (a),(b)
15,840
1,159,013
Granite Construction, Inc. (b)
17,633
1,329,528
Griffon Corp.
16,029
1,146,074
Hayward Holdings, Inc. (a)
57,102
794,860
Hillenbrand, Inc.
28,667
692,021
Insteel Industries, Inc.
7,925
208,428
JBT Marel Corp.
18,713
2,286,729
Kadant, Inc. (b)
4,763
1,604,702
Kennametal, Inc.
31,805
677,447
Kratos Defense & Security Solutions, Inc. (a),(b)
61,955
1,839,444
Lindsay Corp.
4,288
542,518
Masterbrand, Inc. (a)
51,750
675,855
Mercury Systems, Inc. (a)
20,581
886,835
Moog, Inc., Cl. A
11,478
1,989,711
Mueller Water Products, Inc., Cl. A
63,482
1,613,712
MYR Group, Inc. (a)
6,552
740,966
National Presto Industries, Inc.
2,143
188,391
Powell Industries, Inc. (b)
3,819
650,490
Proto Labs, Inc. (a)
9,997
350,295
Quanex Building Products Corp.
18,600
345,774
Resideo Technologies, Inc. (a)
59,758
1,057,717
Rush Enterprises, Inc., Cl. A
25,290
1,350,739
SPX Technologies, Inc. (a)
18,785
2,419,132
Standex International Corp.
4,843
781,612
Sunrun, Inc. (a)
90,823
532,223
Tennant Co.
7,728
616,308
The Greenbrier Companies, Inc.
12,772
654,182
Titan International, Inc. (a),(b)
19,885
166,835
Trinity Industries, Inc.
33,372
936,418
Triumph Group, Inc. (a)
31,414
796,031
Vicor Corp. (a)
9,098
425,604
WillScot Holdings Corp. (b)
74,953
2,083,693
Worthington Enterprises, Inc.
12,207
611,449
Zurn Elkay Water Solutions Corp.
58,035
1,913,994
 
62,986,501
Commercial & Professional Services — 3.6%
ABM Industries, Inc.
25,271
1,196,835
Amentum Holdings, Inc. (a)
58,171
1,058,712
Brady Corp., Cl. A
17,939
1,267,211
CoreCivic, Inc. (a)
44,564
904,204
CSG Systems International, Inc.
11,214
678,111
Deluxe Corp.
17,435
275,647
Enviri Corp. (a)
32,729
217,648
Healthcare Services Group, Inc. (a)
28,916
291,473
Heidrick & Struggles International, Inc.
8,047
344,653
HNI Corp.
19,449
862,563
Interface, Inc.
23,777
471,736
Korn Ferry
20,967
1,422,192
Liquidity Services, Inc. (a)
9,177
284,579
Matthews International Corp., Cl. A
12,051
268,014
MillerKnoll, Inc.
27,853
533,106
5
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Commercial & Professional Services — 3.6% (continued)
NV5 Global, Inc. (a)
20,347
392,087
OPENLANE, Inc. (a)
43,444
837,600
Pitney Bowes, Inc.
64,460
583,363
Pursuit Attractions and Hospitality, Inc. (a)
8,427
298,231
Robert Half, Inc.
40,736
2,222,149
The GEO Group, Inc. (a)
55,149
1,610,902
UniFirst Corp.
6,084
1,058,616
Verra Mobility Corp. (a)
66,839
1,504,546
Vestis Corp.
45,797
453,390
 
19,037,568
Consumer Discretionary Distribution & Retail — 3.3%
Academy Sports & Outdoors, Inc.
28,217
1,286,977
Advance Auto Parts, Inc. (b)
24,104
945,118
American Eagle Outfitters, Inc.
71,418
829,877
Asbury Automotive Group, Inc. (a)
7,946
1,754,795
Boot Barn Holdings, Inc. (a)
12,423
1,334,603
Caleres, Inc. (b)
13,200
227,436
Etsy, Inc. (a)
45,772
2,159,523
Foot Locker, Inc. (a)
33,581
473,492
Group 1 Automotive, Inc.
5,264
2,010,585
Guess?, Inc.
10,351
114,586
Kohl’s Corp. (b)
45,698
373,810
MarineMax, Inc. (a)
7,986
171,699
Monro, Inc.
12,053
174,407
National Vision Holdings, Inc. (a)
32,278
412,513
Sally Beauty Holdings, Inc. (a)
41,992
379,188
Shoe Carnival, Inc.
7,276
159,999
Signet Jewelers Ltd.
17,673
1,026,094
Sonic Automotive, Inc., Cl. A
5,900
336,064
The Buckle, Inc.
12,029
460,951
The ODP Corp. (a)
11,613
166,414
Upbound Group, Inc.
20,920
501,243
Urban Outfitters, Inc. (a)
22,849
1,197,288
Victoria’s Secret & Co. (a)
31,926
593,185
 
17,089,847
Consumer Durables & Apparel — 4.1%
Acushnet Holdings Corp. (b)
11,005
755,603
Carter’s, Inc.
14,450
591,005
Cavco Industries, Inc. (a)
3,241
1,684,121
Century Communities, Inc.
11,148
748,031
Champion Homes, Inc. (a)
21,340
2,022,178
Dream Finders Homes, Inc., Cl. A (a),(b)
10,978
247,664
Ethan Allen Interiors, Inc.
8,657
239,799
G-III Apparel Group Ltd. (a)
15,611
426,961
Green Brick Partners, Inc. (a)
12,482
727,825
Hanesbrands, Inc. (a)
143,583
828,474
Helen of Troy Ltd. (a)
9,148
489,326
Installed Building Products, Inc. (b)
9,421
1,615,325
Kontoor Brands, Inc.
20,158
1,292,732
La-Z-Boy, Inc.
16,701
652,842
Leggett & Platt, Inc.
55,307
437,478
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Consumer Durables & Apparel — 4.1% (continued)
LGI Homes, Inc. (a)
8,465
562,669
M/I Homes, Inc. (a)
11,043
1,260,890
Meritage Homes Corp.
29,314
2,077,776
Newell Brands, Inc.
168,824
1,046,709
Oxford Industries, Inc. (b)
6,089
357,242
Sonos, Inc. (a)
48,615
518,722
Steven Madden Ltd.
29,436
784,175
Sturm Ruger & Co., Inc.
6,507
255,660
Topgolf Callaway Brands Corp. (a),(b)
58,156
383,248
Tri Pointe Homes, Inc. (a)
37,992
1,212,705
Wolverine World Wide, Inc.
31,531
438,596
 
21,657,756
Consumer Services — 3.2%
Adtalem Global Education, Inc. (a)
15,156
1,525,300
BJ’s Restaurants, Inc. (a)
8,993
308,100
Bloomin’ Brands, Inc.
30,425
218,147
Brinker International, Inc. (a)
18,001
2,683,049
Cracker Barrel Old Country Store, Inc. (b)
8,762
340,141
Dave & Buster’s Entertainment, Inc. (a),(b)
12,821
225,265
Frontdoor, Inc. (a)
30,787
1,182,836
Golden Entertainment, Inc.
8,556
225,793
Jack in the Box, Inc. (b)
7,830
212,898
Mister Car Wash, Inc. (a),(b)
38,609
304,625
Monarch Casino & Resort, Inc.
5,168
401,812
Papa John’s International, Inc. (b)
13,288
545,871
Penn Entertainment, Inc. (a),(b)
60,743
990,718
Perdoceo Education Corp.
25,287
636,727
Sabre Corp. (a)
154,802
434,994
Shake Shack, Inc., Cl. A (a)
16,245
1,432,322
Six Flags Entertainment Corp. (b)
37,831
1,349,432
Strategic Education, Inc.
9,765
819,869
Stride, Inc. (a)
17,345
2,194,142
The Cheesecake Factory, Inc. (b)
18,753
912,521
 
16,944,562
Consumer Staples Distribution & Retail — .7%
Grocery Outlet Holding Corp. (a)
39,567
553,147
PriceSmart, Inc.
10,122
889,218
SpartanNash Co.
12,905
261,455
The Andersons, Inc.
13,113
562,941
The Chefs’ Warehouse, Inc. (a)
14,302
778,887
United Natural Foods, Inc. (a)
24,341
666,700
 
3,712,348
Energy — 4.4%
Archrock, Inc.
70,924
1,861,046
Atlas Energy Solutions, Inc. (b)
28,288
504,658
Bristow Group, Inc. (a)
10,051
317,411
Cactus, Inc., Cl. A
27,082
1,241,168
California Resources Corp.
28,909
1,271,129
Comstock Resources, Inc. (a),(b)
36,721
746,905
Core Laboratories, Inc.
19,087
286,114
Core Natural Resources, Inc.
20,581
1,586,795
7
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Energy — 4.4% (continued)
Crescent Energy Co., Cl. A
74,219
834,222
CVR Energy, Inc.
13,993
271,464
Dorian LPG Ltd.
14,237
318,055
Helix Energy Solutions Group, Inc. (a)
57,046
474,052
Helmerich & Payne, Inc.
40,452
1,056,606
Innovex International, Inc. (a)
15,826
284,235
International Seaways, Inc. (b)
16,452
546,206
Liberty Energy, Inc.
65,774
1,041,202
Magnolia Oil & Gas Corp., Cl. A (b)
77,524
1,958,256
Northern Oil & Gas, Inc.
40,396
1,221,171
Oceaneering International, Inc. (a)
41,163
897,765
Par Pacific Holdings, Inc. (a)
22,990
327,837
Patterson-UTI Energy, Inc. (b)
143,195
1,177,063
Peabody Energy Corp.
49,456
670,129
ProPetro Holding Corp. (a)
30,959
227,549
REX American Resources Corp. (a)
6,029
226,510
RPC, Inc.
34,980
192,390
SM Energy Co.
46,502
1,392,735
Talos Energy, Inc. (a)
49,438
480,537
Tidewater, Inc. (a),(b)
19,348
817,840
Vital Energy, Inc. (a)
10,943
232,210
World Kinect Corp.
23,407
663,823
 
23,127,083
Equity Real Estate Investment Trusts — 7.6%
Acadia Realty Trust (b),(c)
48,695
1,020,160
Alexander & Baldwin, Inc. (c)
29,931
515,711
American Assets Trust, Inc. (c)
19,407
390,857
Apple Hospitality REIT, Inc. (c)
90,682
1,170,705
Armada Hoffler Properties, Inc. (c)
32,525
244,263
Brandywine Realty Trust (c)
70,303
313,551
CareTrust REIT, Inc. (c)
76,007
2,172,280
Centerspace (c)
6,543
423,659
Curbline Properties Corp. (c)
38,486
930,976
DiamondRock Hospitality Co. (c)
82,635
637,942
Douglas Emmett, Inc. (b),(c)
67,965
1,087,440
Easterly Government Properties, Inc. (b),(c)
40,941
433,975
Elme Communities (c)
35,790
622,746
Essential Properties Realty Trust, Inc. (b),(c)
75,965
2,479,498
Four Corners Property Trust, Inc. (c)
40,663
1,167,028
Getty Realty Corp. (c)
20,564
641,186
Global Net Lease, Inc. (b),(c)
79,474
638,971
Highwoods Properties, Inc. (c)
43,690
1,294,972
Innovative Industrial Properties, Inc. (c)
11,507
622,414
JBG SMITH Properties (b),(c)
34,453
555,038
LTC Properties, Inc. (c)
18,407
652,528
LXP Industrial Trust (c)
120,414
1,041,581
Medical Properties Trust, Inc. (b),(c)
243,364
1,467,485
Millrose Properties, Inc. (a),(c)
48,802
1,293,741
NexPoint Residential Trust, Inc. (c)
8,768
346,599
Outfront Media, Inc. (c)
55,939
902,855
Pebblebrook Hotel Trust (b),(c)
48,467
490,971
8
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Equity Real Estate Investment Trusts — 7.6% (continued)
Phillips Edison & Co., Inc. (c)
50,645
1,848,036
Ryman Hospitality Properties, Inc. (b),(c)
24,246
2,217,054
Safehold, Inc. (c)
18,750
351,000
Saul Centers, Inc. (c)
4,497
162,207
SITE Centers Corp. (c)
18,036
231,582
SL Green Realty Corp. (c)
28,408
1,639,142
Summit Hotel Properties, Inc. (c)
43,349
234,518
Sunstone Hotel Investors, Inc. (c)
81,690
768,703
Tanger, Inc. (c)
44,938
1,518,455
Terreno Realty Corp. (c)
40,388
2,553,329
The Macerich Company (c)
100,795
1,730,650
Uniti Group, Inc. (c)
96,399
485,851
Universal Health Realty Income Trust (c)
5,170
211,763
Urban Edge Properties (c)
51,222
973,218
Veris Residential, Inc. (c)
33,025
558,783
Whitestone REIT (c)
18,068
263,251
Xenia Hotels & Resorts, Inc. (c)
41,845
492,097
 
39,798,771
Financial Services — 7.2%
Acadian Asset Management, Inc.
10,894
281,719
Apollo Commercial Real Estate Finance, Inc. (b),(c)
51,693
494,702
Arbor Realty Trust, Inc. (b),(c)
76,491
898,769
ARMOUR Residential REIT, Inc. (b),(c)
31,227
533,982
Artisan Partners Asset Management, Inc., Cl. A
28,539
1,115,875
BGC Group, Inc., Cl. A
151,735
1,391,410
Blackstone Mortgage Trust, Inc., Cl. A (b),(c)
69,466
1,389,320
Bread Financial Holdings, Inc.
19,957
999,446
Cohen & Steers, Inc.
10,877
872,879
Donnelley Financial Solutions, Inc. (a)
10,466
457,469
Ellington Financial, Inc. (b),(c)
36,875
488,962
Encore Capital Group, Inc. (a)
9,258
317,364
Enova International, Inc. (a)
10,487
1,012,625
EVERTEC, Inc.
25,839
950,100
EZCORP, Inc., Cl. A (a)
20,901
307,663
Franklin BSP Realty Trust, Inc. (c)
32,644
415,885
HA Sustainable Infrastructure Capital, Inc. (b)
48,253
1,410,918
Jackson Financial, Inc., Cl. A
29,924
2,507,033
KKR Real Estate Finance Trust, Inc. (c)
23,973
258,908
Moelis & Co., Cl. A
28,618
1,670,146
Mr. Cooper Group, Inc. (a)
25,744
3,078,982
Navient Corp.
30,466
384,786
NCR Atleos Corp. (a)
29,432
776,416
New York Mortgage Trust, Inc. (c)
36,825
238,994
NMI Holdings, Inc. (a)
31,918
1,150,644
Payoneer Global, Inc. (a)
104,236
761,965
PennyMac Mortgage Investment Trust (b),(c)
35,361
518,039
Piper Sandler Companies
6,524
1,615,734
PJT Partners, Inc., Cl. A
9,600
1,323,648
PRA Group, Inc. (a)
16,287
335,838
PROG Holdings, Inc.
16,355
435,043
Radian Group, Inc.
58,726
1,942,069
9
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Financial Services — 7.2% (continued)
Ready Capital Corp. (b),(c)
69,340
352,941
Redwood Trust, Inc. (c)
54,122
328,520
StepStone Group, Inc., Cl. A
26,726
1,395,899
StoneX Group, Inc. (a)
17,326
1,323,360
Two Harbors Investment Corp. (c)
41,363
552,610
Virtu Financial, Inc., Cl. A
32,705
1,246,715
Virtus Investment Partners, Inc.
2,672
460,546
Walker & Dunlop, Inc.
13,015
1,110,960
WisdomTree, Inc.
46,745
416,965
World Acceptance Corp. (a)
1,317
166,666
 
37,692,515
Food, Beverage & Tobacco — 1.6%
B&G Foods, Inc. (b)
30,770
211,390
Cal-Maine Foods, Inc.
16,488
1,498,759
Fresh Del Monte Produce, Inc.
13,459
414,941
Freshpet, Inc. (a)
19,680
1,636,786
J & J Snack Foods Corp.
6,254
823,777
John B. Sanfilippo & Son, Inc.
3,707
262,678
MGP Ingredients, Inc.
5,430
159,533
National Beverage Corp.
9,094
377,765
The Simply Good Foods Company (a)
37,300
1,286,477
Tootsie Roll Industries, Inc.
6,851
215,669
TreeHouse Foods, Inc. (a)
18,406
498,619
Universal Corp.
9,916
555,792
WK Kellogg Co. (b)
26,897
536,057
 
8,478,243
Health Care Equipment & Services — 6.4%
AdaptHealth Corp. (a)
41,881
453,990
Addus HomeCare Corp. (a)
7,296
721,501
AMN Healthcare Services, Inc. (a)
15,533
379,937
Artivion, Inc. (a),(b)
15,047
369,855
Astrana Health, Inc. (a)
16,906
524,255
Avanos Medical, Inc. (a)
19,132
274,162
Certara, Inc. (a)
43,836
433,976
Concentra Group Holdings Parent, Inc.
44,037
955,603
CONMED Corp. (b)
12,602
761,035
CorVel Corp. (a)
11,034
1,235,477
Embecta Corp.
22,645
288,724
Enovis Corp. (a)
23,278
889,452
Glaukos Corp. (a)
22,357
2,200,376
HealthStream, Inc.
9,749
313,723
ICU Medical, Inc. (a)
9,934
1,379,435
Inspire Medical Systems, Inc. (a)
12,028
1,915,820
Integer Holdings Corp. (a)
13,625
1,607,886
Integra LifeSciences Holdings Corp. (a),(b)
26,990
593,510
LeMaitre Vascular, Inc.
8,222
689,826
Merit Medical Systems, Inc. (a)
23,634
2,498,350
National HealthCare Corp.
4,858
450,822
Neogen Corp. (a)
80,458
697,571
NeoGenomics, Inc. (a)
51,464
488,393
Omnicell, Inc. (a)
18,817
657,842
10
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Health Care Equipment & Services — 6.4% (continued)
Owens & Minor, Inc. (a)
29,126
263,008
Patterson Companies, Inc.
31,880
995,931
Pediatrix Medical Group, Inc. (a)
34,327
497,398
Premier, Inc., Cl. A (b)
37,307
719,279
Privia Health Group, Inc. (a)
41,999
942,878
Progyny, Inc. (a)
30,111
672,680
QuidelOrtho Corp. (a),(b)
26,778
936,427
RadNet, Inc. (a)
26,443
1,314,746
Schrodinger, Inc. (a)
22,577
445,670
Select Medical Holdings Corp.
42,573
710,969
Simulations Plus, Inc. (b)
6,713
164,603
STAAR Surgical Co. (a)
19,392
341,881
Tandem Diabetes Care, Inc. (a)
26,631
510,250
Teleflex, Inc.
18,841
2,603,638
TransMedics Group, Inc. (a),(b)
13,623
916,556
U.S. Physical Therapy, Inc.
6,009
434,811
UFP Technologies, Inc. (a),(b)
2,963
597,667
 
33,849,913
Household & Personal Products — .9%
Central Garden & Pet Co. (a)
3,418
125,304
Central Garden & Pet Co., Cl. A (a)
20,937
685,268
Edgewell Personal Care Co.
19,911
621,422
Energizer Holdings, Inc.
26,777
801,168
Interparfums, Inc. (b)
7,276
828,518
USANA Health Sciences, Inc. (a)
4,598
124,008
WD-40 Co.
5,496
1,341,024
 
4,526,712
Insurance — 2.7%
AMERISAFE, Inc.
7,633
401,114
Assured Guaranty Ltd.
19,386
1,707,907
Employers Holdings, Inc.
10,107
511,818
Genworth Financial, Inc. (a)
173,464
1,229,860
Goosehead Insurance, Inc., Cl. A
9,888
1,167,377
HCI Group, Inc. (b)
3,444
513,948
Horace Mann Educators Corp.
16,523
706,028
Lincoln National Corp.
69,018
2,478,436
Mercury General Corp.
10,786
602,937
Palomar Holdings, Inc. (a)
10,748
1,473,336
ProAssurance Corp. (a)
20,811
485,937
Safety Insurance Group, Inc.
6,028
475,489
SiriusPoint Ltd. (a)
37,494
648,271
Stewart Information Services Corp.
11,256
803,116
Trupanion, Inc. (a),(b)
13,581
506,164
United Fire Group, Inc.
8,336
245,579
 
13,957,317
Materials — 4.9%
AdvanSix, Inc.
10,871
246,228
Alpha Metallurgical Resources, Inc. (a)
4,391
549,973
Balchem Corp.
13,145
2,182,070
Celanese Corp.
44,307
2,515,308
Century Aluminum Co. (a)
21,091
391,449
11
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Materials — 4.9% (continued)
Element Solutions, Inc.
90,194
2,039,286
FMC Corp.
50,606
2,135,067
Hawkins, Inc.
7,711
816,749
HB Fuller Co.
22,243
1,248,277
Ingevity Corp. (a)
14,758
584,269
Innospec, Inc.
10,124
959,249
Kaiser Aluminum Corp.
6,469
392,151
Koppers Holdings, Inc.
8,453
236,684
Materion Corp.
8,406
685,930
Metallus, Inc. (a)
15,269
203,994
Minerals Technologies, Inc.
12,960
823,867
MP Materials Corp. (a),(b)
48,949
1,194,845
O-I Glass, Inc. (a)
62,675
718,882
Quaker Chemical Corp.
5,594
691,474
Sealed Air Corp.
59,088
1,707,643
Sensient Technologies Corp.
17,160
1,277,219
Stepan Co.
8,707
479,233
SunCoke Energy, Inc.
33,067
304,217
Sylvamo Corp.
13,863
929,792
The Chemours Company
60,737
821,772
Warrior Met Coal, Inc.
21,325
1,017,629
Worthington Steel, Inc.
13,824
350,162
 
25,503,419
Media & Entertainment — 2.1%
Cable One, Inc. (b)
1,885
500,976
Cargurus, Inc. (a)
35,821
1,043,466
Cars.com, Inc. (a)
23,288
262,456
Cinemark Holdings, Inc.
43,355
1,079,106
IAC, Inc. (a),(b)
28,785
1,322,383
John Wiley & Sons, Inc., Cl. A
16,680
743,261
Madison Square Garden Sports Corp. (a)
6,812
1,326,432
QuinStreet, Inc. (a)
22,218
396,369
Scholastic Corp.
9,451
178,435
Shutterstock, Inc. (b)
9,605
178,941
TechTarget, Inc. (a)
11,165
165,354
TEGNA, Inc.
65,690
1,196,872
Thryv Holdings, Inc. (a)
15,680
200,861
TripAdvisor, Inc. (a),(b)
44,813
635,000
Yelp, Inc. (a)
26,997
999,699
Ziff Davis, Inc. (a)
17,398
653,817
 
10,883,428
Pharmaceuticals, Biotechnology & Life Sciences — 5.3%
ACADIA Pharmaceuticals, Inc. (a)
50,056
831,430
ADMA Biologics, Inc. (a)
95,829
1,901,247
Alkermes PLC (a)
65,942
2,177,405
Amphastar Pharmaceuticals, Inc. (a),(b)
14,670
425,283
ANI Pharmaceuticals, Inc. (a)
6,780
453,921
Arcus Biosciences, Inc. (a)
27,308
214,368
Arrowhead Pharmaceuticals, Inc. (a)
51,281
653,320
Azenta, Inc. (a),(b)
18,605
644,477
BioLife Solutions, Inc. (a)
14,273
325,995
12
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 5.3% (continued)
Catalyst Pharmaceuticals, Inc. (a)
45,566
1,104,975
Collegium Pharmaceutical, Inc. (a)
12,627
376,916
Corcept Therapeutics, Inc. (a),(b)
37,802
4,317,744
Cytek Biosciences, Inc. (a)
41,650
167,017
Dynavax Technologies Corp. (a),(b)
50,080
649,538
Fortrea Holdings, Inc. (a)
35,284
266,394
Harmony Biosciences Holdings, Inc. (a)
15,354
509,599
Innoviva, Inc. (a)
22,860
414,452
Krystal Biotech, Inc. (a)
10,264
1,850,599
Ligand Pharmaceuticals, Inc. (a)
7,595
798,538
Mesa Laboratories, Inc.
2,155
255,712
Myriad Genetics, Inc. (a)
35,833
317,839
Organon & Co.
104,565
1,556,973
Pacira BioSciences, Inc. (a),(b)
18,775
466,559
Phibro Animal Health Corp., Cl. A
8,499
181,539
Prestige Consumer Healthcare, Inc. (a)
20,098
1,727,825
Protagonist Therapeutics, Inc. (a)
24,172
1,168,958
Supernus Pharmaceuticals, Inc. (a)
22,444
735,041
TG Therapeutics, Inc. (a),(b)
54,106
2,133,400
Vericel Corp. (a),(b)
20,047
894,497
Vir Biotechnology, Inc. (a)
37,249
241,374
Xencor, Inc. (a)
28,494
303,176
 
28,066,111
Real Estate Management & Development — .5%
Cushman & Wakefield PLC (a)
93,153
952,024
eXp World Holdings, Inc. (b)
33,458
327,219
Kennedy-Wilson Holdings, Inc.
47,146
409,227
Marcus & Millichap, Inc.
9,570
329,687
The St. Joe Company
15,455
725,612
 
2,743,769
Semiconductors & Semiconductor Equipment — 2.5%
Alpha & Omega Semiconductor Ltd. (a),(b)
9,391
233,460
Axcelis Technologies, Inc. (a)
13,357
663,442
CEVA, Inc. (a)
9,300
238,173
Cohu, Inc. (a)
18,136
266,781
Diodes, Inc. (a)
18,990
819,798
FormFactor, Inc. (a)
31,622
894,586
Ichor Holdings Ltd. (a)
13,327
301,324
Impinj, Inc. (a),(b)
9,386
851,310
Kulicke & Soffa Industries, Inc.
22,020
726,220
MaxLinear, Inc. (a)
31,573
342,883
PDF Solutions, Inc. (a)
11,948
228,326
Penguin Solutions, Inc. (a),(b)
21,783
378,371
Photronics, Inc. (a)
25,343
526,121
Qorvo, Inc. (a)
37,886
2,743,325
Semtech Corp. (a),(b)
34,846
1,198,703
SiTime Corp. (a)
7,755
1,185,507
SolarEdge Technologies, Inc. (a),(b)
23,439
379,243
Ultra Clean Holdings, Inc. (a)
18,074
386,964
13
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Semiconductors & Semiconductor Equipment — 2.5% (continued)
Veeco Instruments, Inc. (a)
24,154
485,012
Wolfspeed, Inc. (a),(b)
63,666
194,818
 
13,044,367
Software & Services — 4.3%
A10 Networks, Inc.
30,016
490,461
ACI Worldwide, Inc. (a)
42,509
2,325,667
Adeia, Inc.
43,910
580,490
Agilysys, Inc. (a)
9,005
653,223
Alarm.com Holdings, Inc. (a)
20,131
1,120,290
BlackLine, Inc. (a)
21,072
1,020,306
Box, Inc., Cl. A (a)
58,298
1,799,076
Cleanspark, Inc. (a),(b)
112,900
758,688
Clear Secure, Inc., Cl. A
38,146
988,363
DigitalOcean Holdings, Inc. (a),(b)
25,881
864,167
DoubleVerify Holdings, Inc. (a)
57,093
763,333
DXC Technology Co. (a)
73,560
1,254,198
Grid Dynamics Holdings, Inc. (a)
24,558
384,333
InterDigital, Inc. (b)
10,411
2,152,474
LiveRamp Holdings, Inc. (a)
26,177
684,267
MARA Holdings, Inc. (a),(b)
137,649
1,582,963
N-able, Inc. (a)
28,986
205,511
NCR Voyix Corp. (a),(b)
57,712
562,692
Progress Software Corp.
17,623
907,761
SolarWinds Corp.
21,950
404,539
Sprinklr, Inc., Cl. A (a)
44,794
374,030
SPS Commerce, Inc. (a)
15,398
2,043,777
Teradata Corp. (a)
38,965
875,933
 
22,796,542
Technology Hardware & Equipment — 4.6%
Advanced Energy Industries, Inc.
15,288
1,457,099
Arlo Technologies, Inc. (a)
40,875
403,436
Badger Meter, Inc.
11,922
2,268,161
Benchmark Electronics, Inc.
14,679
558,242
Calix, Inc. (a)
23,723
840,743
Corsair Gaming, Inc. (a)
17,968
159,196
CTS Corp.
12,547
521,328
Digi International, Inc. (a)
14,687
408,739
ePlus, Inc. (a)
10,709
653,570
Extreme Networks, Inc. (a)
53,998
714,394
Harmonic, Inc. (a)
46,685
447,709
Insight Enterprises, Inc. (a),(b)
11,078
1,661,589
Itron, Inc. (a)
18,283
1,915,327
Knowles Corp. (a)
36,069
548,249
NetScout Systems, Inc. (a)
29,288
615,341
OSI Systems, Inc. (a),(b)
6,334
1,230,950
PC Connection, Inc.
4,837
301,926
Plexus Corp. (a)
10,972
1,405,842
Rogers Corp. (a)
6,775
457,516
Sandisk Corp. (a)
46,754
2,225,958
Sanmina Corp. (a)
22,028
1,678,093
ScanSource, Inc. (a)
8,452
287,453
14
Description
 
 
 
Shares
Value ($)
Common Stocks — 97.6% (continued)
Technology Hardware & Equipment — 4.6% (continued)
TTM Technologies, Inc. (a)
41,516
851,493
Viasat, Inc. (a),(b)
34,770
362,303
Viavi Solutions, Inc. (a)
90,359
1,011,117
Vishay Intertechnology, Inc. (b)
45,125
717,488
Xerox Holdings Corp. (b)
46,922
226,633
 
23,929,895
Telecommunication Services — .9%
Cogent Communications Holdings, Inc.
17,140
1,050,853
Gogo, Inc. (a),(b)
22,538
194,277
Lumen Technologies, Inc. (a)
411,414
1,612,743
Shenandoah Telecommunications Co.
18,638
234,280
Telephone and Data Systems, Inc.
39,577
1,533,213
 
4,625,366
Transportation — 1.7%
Allegiant Travel Co.
5,709
294,870
ArcBest Corp.
9,499
670,439
Forward Air Corp. (a),(b)
8,252
165,783
Heartland Express, Inc.
18,278
168,523
Hertz Global Holdings, Inc. (a),(b)
49,589
195,381
Hub Group, Inc., Cl. A
24,732
919,288
JetBlue Airways Corp. (a),(b)
123,294
594,277
Marten Transport Ltd.
24,214
332,216
Matson, Inc.
13,464
1,725,681
RXO, Inc. (a),(b)
57,377
1,095,901
Schneider National, Inc., Cl. B
19,134
437,212
SkyWest, Inc. (a)
16,389
1,431,907
Sun Country Airlines Holdings, Inc. (a)
15,857
195,358
Werner Enterprises, Inc.
24,610
721,073
 
8,947,909
Utilities — 2.4%
American States Water Co.
15,328
1,206,007
Avista Corp.
32,080
1,343,189
California Water Service Group
24,165
1,171,036
Chesapeake Utilities Corp.
9,230
1,185,409
Clearway Energy, Inc., Cl. A
13,782
392,236
Clearway Energy, Inc., Cl. C
33,758
1,021,855
MDU Resources Group, Inc.
82,609
1,396,918
MGE Energy, Inc.
14,659
1,362,701
Middlesex Water Co.
7,183
460,430
Northwest Natural Holding Co.
16,402
700,693
Otter Tail Corp.
16,959
1,362,995
SJW Group
12,291
672,195
Unitil Corp.
6,609
381,273
 
12,656,937
Total Common Stocks
(cost $407,913,518)
512,430,871
 
15
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Number of Rights
Value ($)
Rights — .0%
Health Care Equipment & Services — .0%
Omniab Operations, Inc.-Earnout 12.5
3,619
0
Omniab Operations, Inc.-Earnout 15.0
3,619
0
Total Rights
(cost $12,944)
0
 
 
 
 
 
Shares
 
Exchange-Traded Funds — 1.5%
Registered Investment Companies — 1.5%
iShares Core S&P Small-Cap ETF
(cost $8,088,156)
75,897
7,936,549
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — .4%
Registered Investment Companies — .4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares(d)
(cost $1,949,434)
4.44
1,949,434
1,949,434
Investment of Cash Collateral for Securities Loaned — 1.5%
Registered Investment Companies — 1.5%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares(d)
(cost $8,046,521)
4.44
8,046,521
8,046,521
Total Investments (cost $426,010,573)
 
   101.0%
530,363,375
Liabilities, Less Cash and Receivables
 
    (1.0%)
 (5,510,591)
Net Assets
   100.0%
524,852,784
 
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
 
(a)
Non-income producing security.
(b)
Security, or portion thereof, on loan. At March 31, 2025, the value of the fund’s securities on loan was $58,249,869 and the value of the collateral was
$59,406,395, consisting of cash collateral of $8,046,521 and U.S. Government & Agency securities valued at $51,359,874.  In addition, the value of
collateral may include pending sales that are also on loan.
(c)
Investment in real estate investment trust within the United States.
(d)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
(Depreciation) ($)
Futures Long
E-Mini Russell 2000
25
6/20/2025
2,624,938
2,533,875
(91,063)
Gross Unrealized Depreciation
(91,063)
See notes to statement of investments.
16
Statement of Investments
Small Cap Stock Index Portfolio

March 31, 2025 (Unaudited)
The following is a summary of the inputs used as of March 31, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
512,430,871
—
—
512,430,871
Exchange-Traded Funds
7,936,549
—
—
7,936,549
Rights
—
0
—
0
Investment Companies
9,995,955
—
—
9,995,955
 
530,363,375
—
—
530,363,375
Liabilities ($)
Other Financial Instruments:
Futures††
(91,063)
—
—
(91,063)
 
(91,063)
—
—
(91,063)
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,
if any, are reported in the Statement of Assets and Liabilities.
17
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted 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 risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Trust’s Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in equity securities  and exchange-traded funds are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depositary Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
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Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The securities on loan, if any, are also disclosed in the fund’s Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at March 31, 2025 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at March 31, 2025 are set forth in the Statement of Investments.
At March 31, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $104,261,739, consisting of $161,796,450 gross unrealized appreciation and $57,534,711 gross unrealized depreciation.
At March 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
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