UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05577
(Exact name of registrant as specified in charter)
1650 Market Street Suite 4000
Philadelphia, PA 19103
(Address of principal executive offices) (zip code)
Joshua M. Lindauer, Esq.
Secretary
Faegre Drinker Biddle & Reath LLP
1177 Avenue of the Americas
41st Floor
New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-442-8299
Date of fiscal year end: October 31
Date of reporting period:
Item 1. Reports to Shareholders.
(a) The Reports to Shareholders are attached herewith.
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committees of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Schedules of Investments are included as part of the registrant’s Financial Statements filed under Item 7(a) of this Form.
(b) Not applicable to the Registrant.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The Registrant’s Financial Statements are attached herewith.
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| 1 |
| Disciplined U.S. Equity Portfolio |
Disciplined U.S. Growth Equity Portfolio |
Disciplined U.S. Value Equity Portfolio | |||
| Assets: | |||||
|
Investments at value1,
2 |
$405,903,498 | $1,175,177,817 | $2,580,179 | ||
|
Repurchase agreements at value1 |
958,906 | 2,794,052 | 13,767 | ||
|
Receivable from Advisor |
— | — | 4,884 | ||
|
Receivable for securities sold |
1,121,359 | 2,020,649 | — | ||
|
Receivable for fund shares sold |
833,415 | 23,816 | — | ||
|
Dividends receivable |
175,093 | 574,176 | 2,675 | ||
|
Interest receivable |
28 | 82 | — | ||
|
Securities lending income receivable |
255 | — | — | ||
|
Prepaid expenses |
39,864 | 100,819 | 1,495 | ||
|
Total assets |
409,032,418 | 1,180,691,411 | 2,603,000 | ||
| Liabilities: | |||||
|
Obligation to return securities lending collateral |
5,066,754 | — | — | ||
|
Line of credit interest payable |
1 | 1 | — | ||
|
Payable for fund shares redeemed |
342,943 | 1,302,838 | — | ||
|
Payable for Management fees |
175,917 | 524,623 | 1,132 | ||
|
Payable for Directors’ fees |
28,604 | 69,564 | 111 | ||
|
Payable for Shareholder Servicing fees |
57,494 | 159,958 | 411 | ||
|
Accrued expenses |
143,840 | 344,569 | 15,620 | ||
|
Total liabilities |
5,815,553 | 2,401,553 | 17,274 | ||
|
Net Assets |
$403,216,865 | $1,178,289,858 | $2,585,726 | ||
| Net Assets consist of: | |||||
|
Par value ($0.001 of shares outstanding) |
$18,427 | $40,559 | $178 | ||
|
Paid-in capital in excess of par value |
217,384,514 | 593,999,833 | 1,897,746 | ||
|
Total distributable earnings |
185,813,924 | 584,249,466 | 687,802 | ||
|
Total Net Assets |
$403,216,865 | $1,178,289,858 | $2,585,726 | ||
|
Shares Outstanding3 |
18,426,766 | 40,559,013 | 178,346 | ||
|
Net Asset Value Per Share |
$— | $— | $14.50 | ||
|
Advisor Class — based on net assets of $362,148,864 and $993,562,879, respectively and shares outstanding
of 16,548,983 and 34,231,757, respectively |
$21.88 | $29.02 | $— | ||
|
Institutional Class — based on net assets of $41,068,001 and $184,726,979, respectively and shares outstanding
of 1,877,783 and 6,327,256, respectively |
$21.87 | $29.20 | $— | ||
1
Investments at cost |
$259,525,510 | $701,906,748 | $1,954,880 | ||
|
2
Market value of securities on loan |
$5,194,414 | $— | $— | ||
|
3
Authorized shares |
— | — | 80,000,000 | ||
|
Authorized shares - Advisor Class |
155,000,000 | 240,000,000 | — | ||
|
Authorized shares - Institutional Class |
155,000,000 | 140,000,000 | — |
| 2 |
| Disciplined U.S. Small Cap Equity Portfolio |
Disciplined International Equity Portfolio |
Energy Resilience Portfolio | |||
| Assets: | |||||
|
Investments at value1,
2 |
$3,333,665 | $106,337,832 | $13,965,093 | ||
|
Repurchase agreements at value1 |
16,867 | 1,762,645 | 69,221 | ||
|
Foreign currency, at value3 |
— | 181,806 | — | ||
|
Receivable from Advisor |
6,935 | 14,413 | 29,212 | ||
|
Receivable for securities sold |
— | 4,466 | — | ||
|
Receivable for fund shares sold |
— | 85,052 | — | ||
|
Dividends receivable |
4,527 | 400,319 | 4,927 | ||
|
Interest receivable |
1 | 52 | 2 | ||
|
Securities lending income receivable |
24 | 589 | 11 | ||
|
Foreign tax reclaims receivable |
— | 147,786 | — | ||
|
Prepaid expenses |
25,746 | 21,538 | 16,295 | ||
|
Total assets |
3,387,765 | 108,956,498 | 14,084,761 | ||
| Liabilities: | |||||
|
Payable for securities purchased |
— | 1,320,741 | — | ||
|
Obligation to return securities lending collateral |
187,934 | 5,581,292 | — | ||
|
Line of credit interest payable |
— | 5 | — | ||
|
Payable for fund shares redeemed |
— | 9,345 | — | ||
|
Payable for Management fees |
1,252 | 44,224 | 6,101 | ||
|
Payable for Directors’ fees |
113 | 1,859 | 1,244 | ||
|
Payable for Shareholder Servicing fees |
49 | 2,258 | 2,219 | ||
|
Accrued expenses |
14,882 | 25,834 | 17,496 | ||
|
Total liabilities |
204,230 | 6,985,558 | 27,060 | ||
|
Net Assets |
$3,183,535 | $101,970,940 | $14,057,701 | ||
| Net Assets consist of: | |||||
|
Par value ($0.001 of shares outstanding) |
$184 | $4,561 | $757 | ||
|
Paid-in capital in excess of par value |
2,224,618 | 81,904,771 | 6,855,466 | ||
|
Total distributable earnings |
958,733 | 20,061,608 | 7,201,478 | ||
|
Total Net Assets |
$3,183,535 | $101,970,940 | $14,057,701 | ||
|
Shares Outstanding4 |
183,990 | 4,560,698 | 756,524 | ||
|
Net Asset Value Per Share |
$— | $— | $— | ||
|
Advisor Class — based on net assets of $310,295, $13,794,855 and $14,057,701, respectively and shares outstanding
of 17,915, 616,487 and 756,524, respectively |
$17.32 | $22.38 | $18.58 | ||
|
Institutional Class — based on net assets of $2,873,240 and $88,176,085, respectively and shares outstanding
of 166,075 and 3,944,211, respectively |
$17.30 | $22.36 | $— | ||
1
Investments at cost |
$2,725,515 | $92,537,425 | $11,292,242 | ||
|
2
Market value of securities on loan |
$247,810 | $5,423,172 | $— | ||
|
3
Foreign currency at cost |
$— | $181,279 | $— | ||
|
4
Authorized shares - Advisor Class |
80,000,000 | 120,000,000 | 80,000,000 | ||
|
Authorized shares - Institutional Class |
80,000,000 | 120,000,000 | 80,000,000 |
| 3 |
| SMID Core Equity Portfolio |
Long/Short Equity Portfolio |
Total
Market Plus Equity Portfolio | |||
| Assets: | |||||
|
Investments at value1,
2 |
$3,664,491 | $40,868,472 | $32,255,012 | ||
|
Repurchase agreements at value1 |
— | 1,723,857 | 62,100 | ||
|
Receivable from Advisor |
6,164 | 5,500 | 16,058 | ||
|
Receivable for securities sold |
55,479 | — | — | ||
|
Receivable for fund shares sold |
125 | 322,653 | — | ||
|
Dividends receivable |
2,187 | 12,544 | 64,454 | ||
|
Interest receivable |
— | 32,360 | 2 | ||
|
Securities lending income receivable |
1 | 28 | 1 | ||
|
Cash collateral on deposit at broker (Note 1) |
— | 27,420,503 | — | ||
|
Prepaid expenses |
13,656 | 20,847 | 29,469 | ||
|
Total assets |
3,742,103 | 70,406,764 | 32,427,096 | ||
| Liabilities: | |||||
|
Securities sold short, at value3 |
— | 27,433,506 | 7,396,765 | ||
|
Due to custodian |
27,041 | 3,102 | 782 | ||
|
Payable for securities purchased |
— | 213,106 | — | ||
|
Obligation to return securities lending collateral |
— | 1,085,856 | 427,659 | ||
|
Line of credit interest payable |
— | 2 | — | ||
|
Payable for fund shares redeemed |
— | — | 1,366 | ||
|
Dividend payable on securities sold short |
— | 3,878 | 1,666 | ||
|
Payable for Management fees |
1,643 | — | 11,877 | ||
|
Payable for Directors’ fees |
1,142 | 2,261 | 1,688 | ||
|
Payable for Shareholder Servicing fees |
597 | 6,531 | 2,782 | ||
|
Accrued expenses |
26,459 | 28,072 | 26,437 | ||
|
Total liabilities |
56,882 | 28,776,314 | 7,871,022 | ||
|
Net Assets |
$3,685,221 | $41,630,450 | $24,556,074 | ||
| Net Assets consist of: | |||||
|
Par value ($0.001 of shares outstanding) |
$427 | $3,094 | $1,251 | ||
|
Paid-in capital in excess of par value |
3,675,987 | 20,090,229 | 7,792,501 | ||
|
Total distributable earnings |
8,807 | 21,537,127 | 16,762,322 | ||
|
Total Net Assets |
$3,685,221 | $41,630,450 | $24,556,074 | ||
|
Shares Outstanding4 |
426,651 | 3,093,613 | 1,251,147 | ||
|
Advisor Class — based on net assets of $3,685,221, $40,312,123 and $17,243,927, respectively and shares
outstanding of 426,651, 2,996,502 and 878,795, respectively |
$8.64 | $13.45 | $19.62 | ||
|
Institutional Class — based on net assets of $1,318,327 and $7,312,147, respectively and shares outstanding
of 97,111 and 372,352, respectively |
$— | $13.58 | $19.64 | ||
1
Investments at cost |
$3,550,354 | $31,253,377 | $23,147,869 | ||
|
2
Market value of securities on loan |
$— | $1,086,967 | $420,211 | ||
|
3
Proceeds from securities sold short |
$— | $32,308,243 | $8,295,152 | ||
|
4
Authorized shares - Advisor Class |
80,000,000 | 120,000,000 | 120,000,000 | ||
|
Authorized shares - Institutional Class |
80,000,000 | 120,000,000 | 120,000,000 |
| 4 |
| Strategic Equity Portfolio |
Small Cap Equity Portfolio |
Equity Income Portfolio | |||
| Assets: | |||||
|
Investments at value1,
2 |
$108,369,553 | $1,044,294,557 | $13,021,186 | ||
|
Repurchase agreements at value1 |
383,562 | 5,010,416 | 52,633 | ||
|
Receivable from Advisor |
— | — | 4,816 | ||
|
Receivable for securities sold |
250,066 | 30,893 | — | ||
|
Receivable for fund shares sold |
75,000 | 322,950 | — | ||
|
Dividends receivable |
57,710 | 340,013 | 11,817 | ||
|
Interest receivable |
11 | 147 | 2 | ||
|
Securities lending income receivable |
— | 2,080 | — | ||
|
Prepaid expenses |
9,691 | 93,607 | 3,061 | ||
|
Total assets |
109,145,593 | 1,050,094,663 | 13,093,515 | ||
| Liabilities: | |||||
|
Obligation to return securities lending collateral |
— | 64,192,359 | — | ||
|
Payable for fund shares redeemed |
216,014 | 1,122,963 | — | ||
|
Payable for Management fees |
49,020 | 430,805 | 5,781 | ||
|
Payable for Directors’ fees |
8,762 | 62,642 | 827 | ||
|
Payable for Shareholder Servicing fees |
17,825 | 96,631 | 2,102 | ||
|
Accrued expenses |
54,642 | 328,286 | 17,727 | ||
|
Total liabilities |
346,263 | 66,233,686 | 26,437 | ||
|
Net Assets |
$108,799,330 | $983,860,977 | $13,067,078 | ||
| Net Assets consist of: | |||||
|
Par value ($0.001 of shares outstanding) |
$4,389 | $29,404 | $893 | ||
|
Paid-in capital in excess of par value |
11,956,752 | 718,949,404 | 6,975,205 | ||
|
Total distributable earnings |
96,838,189 | 264,882,169 | 6,090,980 | ||
|
Total Net Assets |
$108,799,330 | $983,860,977 | $13,067,078 | ||
|
Shares Outstanding3 |
4,389,460 | 29,403,905 | 893,205 | ||
|
Net Asset Value Per Share |
$24.79 | $— | $14.63 | ||
|
Advisor Class — based on net assets of $358,644,550 and shares outstanding of 11,296,139 |
$— | $31.75 | $— | ||
|
Institutional Class — based on net assets of $625,216,427 and shares outstanding of 18,107,766 |
$— | $34.53 | $— | ||
1
Investments at cost |
$45,938,811 | $794,247,920 | $7,710,989 | ||
|
2
Market value of securities on loan |
$— | $63,270,611 | $— | ||
|
3
Authorized shares |
150,000,000 | — | 80,000,000 | ||
|
Authorized shares - Advisor Class |
— | 180,000,000 | — | ||
|
Authorized shares - Institutional Class |
— | 135,000,000 | — |
| 5 |
| Secured Options Portfolio |
Global Secured Options Portfolio | ||
| Assets: | |||
|
Investments at value1 |
$461,645,691 | $21,100,172 | |
|
Repurchase agreements at value1 |
153,838 | 26,718 | |
|
Receivable from Advisor |
— | 10,163 | |
|
Receivable for fund shares sold |
11,652 | 5,615 | |
|
Interest receivable |
4 | 1 | |
|
Cash collateral on deposit at broker (Note 1) |
25,065 | 150,392 | |
|
Foreign tax reclaims receivable |
— | 291 | |
|
Prepaid expenses |
46,464 | 25,074 | |
|
Total assets |
461,882,714 | 21,318,426 | |
| Liabilities: | |||
|
Written options, at value2 |
98,338,300 | 3,071,565 | |
|
Payable for fund shares redeemed |
78,267 | — | |
|
Payable for Management fees |
162,580 | 8,029 | |
|
Payable for Directors’ fees |
29,226 | 876 | |
|
Payable for Shareholder Servicing fees |
5,641 | 2,564 | |
|
Accrued expenses |
128,320 | 21,200 | |
|
Total liabilities |
98,742,334 | 3,104,234 | |
|
Net Assets |
$363,140,380 | $18,214,192 | |
| Net Assets consist of: | |||
|
Par value ($0.001 of shares outstanding) |
$24,921 | $3,091 | |
|
Paid-in capital in excess of par value |
314,592,196 | 21,196,344 | |
|
Total distributable earnings/(accumulated losses) |
48,523,263 | (2,985,243) | |
|
Total Net Assets |
$363,140,380 | $18,214,192 | |
|
Shares Outstanding3 |
24,920,848 | 3,090,620 | |
|
Advisor Class — based on net assets of $34,787,167 and $15,994,848, respectively and shares outstanding
of 2,431,509 and 2,714,197, respectively |
$14.31 | $5.89 | |
|
Institutional Class — based on net assets of $328,353,213 and $2,219,344, respectively and shares outstanding
of 22,489,339 and 376,423, respectively |
$14.60 | $5.90 | |
1
Investments at cost |
$389,930,562 | $17,596,258 | |
|
2
Premiums received from written options |
$58,186,287 | $1,891,418 | |
|
3
Authorized shares - Advisor Class |
160,000,000 | 120,000,000 | |
|
Authorized shares - Institutional Class |
160,000,000 | 120,000,000 |
| 6 |
| Disciplined U.S. Equity Portfolio |
Disciplined U.S. Growth Equity Portfolio |
Disciplined U.S. Value Equity Portfolio | |||
| Investment income: | |||||
|
Dividends1 |
$2,876,547 | $3,584,568 | $31,298 | ||
|
Interest |
13,818 | 41,108 | 77 | ||
|
Income from security lending, net |
1,846 | 67 | 13 | ||
|
Total investment income |
2,892,211 | 3,625,743 | 31,388 | ||
| Expenses: | |||||
|
Management fees |
1,091,432 | 3,235,441 | 6,575 | ||
|
Administration, transfer agent and custody fees |
100,199 | 244,371 | 13,590 | ||
|
Professional fees |
61,338 | 156,408 | 11,522 | ||
|
Shareholder report expenses |
46,046 | 129,637 | 633 | ||
|
Shareholder servicing fees |
— | — | 2,391 | ||
|
Shareholder servicing fees (Advisor Class) |
358,990 | 983,088 | — | ||
|
Directors’ fees and expenses |
49,376 | 141,119 | 259 | ||
|
Interest expense |
358 | 417 | — | ||
|
Registration and filing fees |
6,231 | 10,054 | 340 | ||
|
Other expenses |
14,595 | 47,221 | 1,164 | ||
|
Total expenses |
1,728,565 | 4,947,756 | 36,474 | ||
|
Less expenses waived/reimbursed |
— | — | (26,313) | ||
|
Net expenses |
1,728,565 | 4,947,756 | 10,161 | ||
|
Net investment income (loss) |
1,163,646 | (1,322,013) | 21,227 | ||
| Realized and unrealized gain (loss): | |||||
| Net realized gain on: | |||||
|
Investment transactions |
38,433,023 | 109,508,649 | 44,409 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
17,228,975 | (44,203,973) | 260,925 | ||
|
Net realized and unrealized gain |
55,661,998 | 65,304,676 | 305,334 | ||
|
Net increase in net assets resulting from operations |
$56,825,644 | $63,982,663 | $326,561 |
| 1 | The Disciplined U.S. Value Equity Portfolio had foreign dividend withholding taxes of $8. |
| 7 |
| Disciplined U.S. Small Cap Equity Portfolio |
Disciplined International Equity Portfolio |
Energy Resilience Portfolio | |||
| Investment income: | |||||
|
Dividends1 |
$20,601 | $1,224,466 | $174,980 | ||
|
Interest |
100 | 7,493 | 437 | ||
|
Income from security lending, net |
161 | 3,375 | 53 | ||
|
Total investment income |
20,862 | 1,235,334 | 175,470 | ||
| Expenses: | |||||
|
Management fees |
6,961 | 220,803 | 41,450 | ||
|
Administration, transfer agent and custody fees |
17,189 | 38,046 | 15,684 | ||
|
Professional fees |
11,534 | 19,201 | 34,502 | ||
|
Shareholder report expenses |
688 | 6,265 | 10,474 | ||
|
Shareholder servicing fees (Advisor Class) |
282 | 12,844 | 15,073 | ||
|
Directors’ fees and expenses |
268 | 6,515 | 2,235 | ||
|
Interest expense |
— | 2,500 | — | ||
|
Registration and filing fees |
3,513 | 3,971 | 2,567 | ||
|
Other expenses |
2,025 | 5,962 | 2,113 | ||
|
Total expenses |
42,460 | 316,107 | 124,098 | ||
|
Less expenses waived/reimbursed |
(33,952) | (39,814) | (60,039) | ||
|
Net expenses |
8,508 | 276,293 | 64,059 | ||
|
Net investment income |
12,354 | 959,041 | 111,411 | ||
| Realized and unrealized gain (loss): | |||||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
328,546 | 3,982,898 | 4,522,901 | ||
|
Foreign currency transactions |
— | (52,930) | — | ||
|
Net realized gain |
328,546 | 3,929,968 | 4,522,901 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
151,646 | 6,253,955 | (2,345,306) | ||
|
Foreign currency translation |
— | 16,041 | — | ||
|
Net change in unrealized gain/(loss) |
151,646 | 6,269,996 | (2,345,306) | ||
|
Net realized and unrealized gain |
480,192 | 10,199,964 | 2,177,595 | ||
|
Net increase in net assets resulting from operations |
$492,546 | $11,159,005 | $2,289,006 |
| 1 | The Disciplined U.S. Small Cap Equity Portfolio, the Disciplined International Equity Portfolio and the Energy Resilience Portfolio had foreign dividend withholding taxes of $132, $128,308 and $400, respectively. |
| 8 |
| SMID Core Equity Portfolio |
Long/Short Equity Portfolio |
Total
Market Plus Equity Portfolio | |||
| Investment income: | |||||
|
Dividends |
$25,711 | $259,062 | $294,884 | ||
|
Interest |
139 | 410,512 | 510 | ||
|
Income from security lending, net |
112 | 194 | 2 | ||
|
Total investment income |
25,962 | 669,768 | 295,396 | ||
| Expenses: | |||||
|
Management fees |
12,418 | 233,151 | 143,593 | ||
|
Administration, transfer agent and custody fees |
15,137 | 28,781 | 22,925 | ||
|
Professional fees |
12,580 | 16,505 | 22,383 | ||
|
Shareholder report expenses |
2,944 | 3,930 | 2,403 | ||
|
Shareholder servicing fees (Advisor Class) |
4,516 | 37,664 | 25,872 | ||
|
Dividends on securities sold short |
— | 199,341 | 66,495 | ||
|
Directors’ fees and expenses |
930 | 4,602 | 3,568 | ||
|
Short position flex fees |
— | — | 33,737 | ||
|
Registration and filing fees |
3,227 | 8,970 | 8,188 | ||
|
Other expenses |
2,102 | 2,488 | 2,027 | ||
|
Total expenses |
53,854 | 535,432 | 331,191 | ||
|
Less expenses waived/reimbursed |
(34,663) | (94,420) | (72,548) | ||
|
Net expenses |
19,191 | 441,012 | 258,643 | ||
|
Net investment income |
6,771 | 228,756 | 36,753 | ||
| Realized and unrealized gain (loss): | |||||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
(105,224) | 5,888,857 | 6,995,318 | ||
|
Securities sold short |
— | (579,833) | (268,535) | ||
|
Net realized gain (loss) |
(105,224) | 5,309,024 | 6,726,783 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
162,425 | (2,308,532) | (3,105,111) | ||
|
Securities sold short |
— | 13,521 | (334,493) | ||
|
Net change in unrealized gain/(loss) |
162,425 | (2,295,011) | (3,439,604) | ||
|
Net realized and unrealized gain |
57,201 | 3,014,013 | 3,287,179 | ||
|
Net increase in net assets resulting from operations |
$63,972 | $3,242,769 | $3,323,932 |
| 9 |
| Strategic Equity Portfolio |
Small Cap Equity Portfolio |
Equity Income Portfolio | |||
| Investment income: | |||||
|
Dividends |
$659,606 | $6,755,167 | $154,760 | ||
|
Interest |
2,238 | 65,107 | 250 | ||
|
Income from security lending, net |
— | 20,311 | 2 | ||
|
Total investment income |
661,844 | 6,840,585 | 155,012 | ||
| Expenses: | |||||
|
Management fees |
338,467 | 2,728,178 | 36,271 | ||
|
Administration, transfer agent and custody fees |
42,176 | 290,664 | 15,879 | ||
|
Professional fees |
27,917 | 136,457 | 13,071 | ||
|
Shareholder report expenses |
5,090 | 180,068 | 1,176 | ||
|
Shareholder servicing fees |
123,079 | — | 13,189 | ||
|
Shareholder servicing fees (Advisor Class) |
— | 453,047 | — | ||
|
Shareholder servicing fees (Institutional Class) |
— | 157,407 | — | ||
|
Directors’ fees and expenses |
8,098 | 121,998 | 1,614 | ||
|
Interest expense |
— | 799 | — | ||
|
Registration and filing fees |
2,452 | 15,724 | 504 | ||
|
Other expenses |
7,730 | 39,261 | 1,715 | ||
|
Total expenses |
555,009 | 4,123,603 | 83,419 | ||
|
Less expenses waived/reimbursed |
— | — | (27,364) | ||
|
Net expenses |
555,009 | 4,123,603 | 56,055 | ||
|
Net investment income |
106,835 | 2,716,982 | 98,957 | ||
| Realized and unrealized gain (loss): | |||||
| Net realized gain on: | |||||
|
Investment transactions |
34,189,804 | 31,718,591 | 762,743 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
(32,297,774) | 63,806,551 | 205,922 | ||
|
Net realized and unrealized gain |
1,892,030 | 95,525,142 | 968,665 | ||
|
Net increase in net assets resulting from operations |
$1,998,865 | $98,242,124 | $1,067,622 |
| 10 |
| Secured Options Portfolio |
Global Secured Options Portfolio | ||
| Investment income: | |||
|
Dividends |
$481,175 | $128,712 | |
|
Interest |
1,021,461 | 17,778 | |
|
Total investment income |
1,502,636 | 146,490 | |
| Expenses: | |||
|
Management fees |
1,099,083 | 47,115 | |
|
Administration, transfer agent and custody fees |
99,409 | 25,303 | |
|
Professional fees |
63,208 | 13,917 | |
|
Shareholder report expenses |
33,443 | 3,222 | |
|
Shareholder servicing fees (Advisor Class) |
34,404 | 15,067 | |
|
Directors’ fees and expenses |
51,298 | 1,827 | |
|
Registration and filing fees |
9,557 | 6,464 | |
|
Other expenses |
13,595 | 2,495 | |
|
Total expenses |
1,403,997 | 115,410 | |
|
Less expenses waived/reimbursed |
— | (44,662) | |
|
Net expenses |
1,403,997 | 70,748 | |
|
Net investment income |
98,639 | 75,742 | |
| Realized and unrealized gain (loss): | |||
| Net realized gain (loss) on: | |||
|
Investment transactions |
3,427 | 198,688 | |
|
Purchased options |
(40,860,921) | (1,226,745) | |
|
Written options |
59,870,337 | 2,179,770 | |
|
Net realized gain |
19,012,843 | 1,151,713 | |
| Net change in unrealized gain (loss) on: | |||
|
Investments |
1,791,200 | 701,723 | |
|
Purchased options |
5,137,759 | 680,632 | |
|
Written options |
(4,791,786) | (713,517) | |
|
Net change in unrealized gain |
2,137,173 | 668,838 | |
|
Net realized and unrealized gain |
21,150,016 | 1,820,551 | |
|
Net increase in net assets resulting from operations |
$21,248,655 | $1,896,293 |
| 11 |
| Disciplined U.S. Equity Portfolio |
Disciplined U.S. Growth Equity Portfolio |
Disciplined U.S. Value Equity Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income (loss) |
$1,163,646 | $(1,322,013) | $21,227 | ||
| Net realized gain on: | |||||
|
Investment transactions |
38,433,023 | 109,508,649 | 44,409 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
17,228,975 | (44,203,973) | 260,925 | ||
|
Net increase in net assets resulting from operations |
56,825,644 | 63,982,663 | 326,561 | ||
| Distributions: | |||||
|
Distributions from earnings |
— | — | (161,223) | ||
|
Distributions from earnings: Advisor Class |
(55,530,279) | (137,079,910) | — | ||
|
Distributions from earnings: Institutional Class |
(5,885,301) | (27,128,920) | — | ||
|
Total distributions |
(61,415,580) | (164,208,830) | (161,223) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(36,392,196) | 573,701 | 161,223 | ||
|
Net increase (decrease) in net assets |
(40,982,132) | (99,652,466) | 326,561 | ||
| NET ASSETS: | |||||
|
Beginning of period |
444,198,997 | 1,277,942,324 | 2,259,165 | ||
|
End of period |
$403,216,865 | $1,178,289,858 | $2,585,726 |
| Disciplined U.S. Equity Portfolio |
Disciplined U.S. Growth Equity Portfolio |
Disciplined U.S. Value Equity Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income (loss) |
$3,770,108 | $(2,279,715) | $34,533 | ||
| Net realized gain on: | |||||
|
Investment transactions |
74,935,341 | 191,054,560 | 141,604 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
(23,236,811) | 96,752,808 | 2,520 | ||
|
Net increase in net assets resulting from operations |
55,468,638 | 285,527,653 | 178,657 | ||
| Distributions: | |||||
|
Distributions from earnings |
— | — | (252,586) | ||
|
Distributions from earnings: Advisor Class |
(122,965,972) | (358,456,082) | — | ||
|
Distributions from earnings: Institutional Class |
(10,982,583) | (77,998,447) | — | ||
|
Total distributions |
(133,948,555) | (436,454,529) | (252,586) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(165,219,492) | (37,112,458) | 249,293 | ||
|
Net increase (decrease) in net assets |
(243,699,409) | (188,039,334) | 175,364 | ||
| NET ASSETS: | |||||
|
Beginning of year |
687,898,406 | 1,465,981,658 | 2,083,801 | ||
|
End of year |
$444,198,997 | $1,277,942,324 | $2,259,165 |
| 12 |
| Disciplined U.S. Small Cap Equity Portfolio |
Disciplined International Equity Portfolio |
Energy Resilience Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$12,354 | $959,041 | $111,411 | ||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
328,546 | 3,982,898 | 4,522,901 | ||
|
Foreign currency transactions |
— | (52,930) | — | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
151,646 | 6,253,955 | (2,345,306) | ||
|
Foreign currency translations |
— | 16,041 | — | ||
|
Net increase in net assets resulting from operations |
492,546 | 11,159,005 | 2,289,006 | ||
| Distributions: | |||||
|
Distributions from earnings: Advisor Class |
(7,851) | (471,537) | (1,551,725) | ||
|
Distributions from earnings: Institutional Class |
(64,553) | (2,216,412) | — | ||
|
Total distributions |
(72,404) | (2,687,949) | (1,551,725) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
477,647 | 47,724,916 | (8,052,026) | ||
|
Net increase (decrease) in net assets |
897,789 | 56,195,972 | (7,314,745) | ||
| NET ASSETS: | |||||
|
Beginning of period |
2,285,746 | 45,774,968 | 21,372,446 | ||
|
End of period |
$3,183,535 | $101,970,940 | $14,057,701 |
| Disciplined U.S. Small Cap Equity Portfolio |
Disciplined International Equity Portfolio |
Energy Resilience Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$9,098 | $515,853 | $143,888 | ||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
67,412 | 2,282,894 | 1,543,481 | ||
|
Foreign currency transactions |
— | (15,515) | — | ||
| Net change in unrealized gain on: | |||||
|
Investments |
46,162 | 6,200,341 | 197,012 | ||
|
Foreign currency translations |
— | 2,399 | — | ||
|
Net increase in net assets resulting from operations |
122,672 | 8,985,972 | 1,884,381 | ||
| Distributions: | |||||
|
Distributions from earnings |
— | — | (2,830,114) | ||
|
Distributions from earnings: Advisor Class |
(214,695) | (1,678,735) | — | ||
|
Distributions from earnings: Institutional Class |
(8,013) | (368,064) | — | ||
|
Total distributions |
(222,708) | (2,046,799) | (2,830,114) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
170,247 | 13,006,257 | (1,608,319) | ||
|
Net increase (decrease) in net assets |
70,211 | 19,945,430 | (2,554,052) | ||
| NET ASSETS: | |||||
|
Beginning of year |
2,215,535 | 25,829,538 | 23,926,498 | ||
|
End of year |
$2,285,746 | $45,774,968 | $21,372,446 |
| 13 |
| SMID Core Equity Portfolio |
Long/Short Equity Portfolio |
Total
Market Plus Equity Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$6,771 | $228,756 | $36,753 | ||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
(105,224) | 5,888,857 | 6,995,318 | ||
|
Securities sold short |
— | (579,833) | (268,535) | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
162,425 | (2,308,532) | (3,105,111) | ||
|
Securities sold short |
— | 13,521 | (334,493) | ||
|
Net increase in net assets resulting from operations |
63,972 | 3,242,769 | 3,323,932 | ||
| Distributions: | |||||
|
Distributions from earnings: Advisor Class |
(2,754,968) | (5,115,878) | (4,969,450) | ||
|
Distributions from earnings: Institutional Class |
— | (160,012) | — | ||
|
Total distributions |
(2,754,968) | (5,275,890) | (4,969,450) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
336,826 | 4,718,680 | (5,127,757) | ||
|
Net increase (decrease) in net assets |
(2,354,170) | 2,685,559 | (6,773,275) | ||
| NET ASSETS: | |||||
|
Beginning of period |
6,039,391 | 38,944,891 | 31,329,349 | ||
|
End of period |
$3,685,221 | $41,630,450 | $24,556,074 |
| SMID Core Equity Portfolio |
Long/Short Equity Portfolio |
Total
Market Plus Equity Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$123,182 | $692,555 | $6,562 | ||
| Net realized gain (loss) on: | |||||
|
Investment transactions |
6,217,235 | 6,057,804 | 6,388,725 | ||
|
Securities sold short |
— | (1,066,309) | (773,128) | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
(4,858,761) | (852,599) | (1,575,570) | ||
|
Securities sold short |
— | 608,058 | 953,681 | ||
|
Net increase in net assets resulting from operations |
1,481,656 | 5,439,509 | 5,000,270 | ||
| Distributions: | |||||
|
Distributions from earnings |
— | — | (4,596,677) | ||
|
Distributions from earnings: Advisor Class |
(2,813,943) | (3,673,900) | — | ||
|
Distributions from earnings: Institutional Class |
— | (895,141) | — | ||
|
Total distributions |
(2,813,943) | (4,569,041) | (4,596,677) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(15,485,048) | (8,044,742) | (4,873,476) | ||
|
Net increase (decrease) in net assets |
(16,817,335) | (7,174,274) | (4,469,883) | ||
| NET ASSETS: | |||||
|
Beginning of year |
22,856,726 | 46,119,165 | 35,799,232 | ||
|
End of year |
$6,039,391 | $38,944,891 | $31,329,349 |
| 14 |
| Strategic Equity Portfolio |
Small Cap Equity Portfolio |
Equity Income Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$106,835 | $2,716,982 | $98,957 | ||
| Net realized gain on: | |||||
|
Investment transactions |
34,189,804 | 31,718,591 | 762,743 | ||
| Net change in unrealized gain (loss) on: | |||||
|
Investments |
(32,297,774) | 63,806,551 | 205,922 | ||
|
Net increase in net assets resulting from operations |
1,998,865 | 98,242,124 | 1,067,622 | ||
| Distributions: | |||||
|
Distributions from earnings |
(26,701,188) | — | (1,806,317) | ||
|
Distributions from earnings: Advisor Class |
— | (27,810,009) | — | ||
|
Distributions from earnings: Institutional Class |
— | (47,066,996) | — | ||
|
Total distributions |
(26,701,188) | (74,877,005) | (1,806,317) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(15,138,045) | (99,731,205) | (624,732) | ||
|
Net increase (decrease) in net assets |
(39,840,368) | (76,366,086) | (1,363,427) | ||
| NET ASSETS: | |||||
|
Beginning of period |
148,639,698 | 1,060,227,063 | 14,430,505 | ||
|
End of period |
$108,799,330 | $983,860,977 | $13,067,078 |
| Strategic Equity Portfolio |
Small Cap Equity Portfolio |
Equity Income Portfolio | |||
| Increase (decrease) in net assets | |||||
| Operations: | |||||
|
Net investment income |
$504,188 | $6,659,621 | $252,940 | ||
| Net realized gain on: | |||||
|
Investment transactions |
30,911,232 | 84,594,442 | 1,885,453 | ||
| Net change in unrealized loss on: | |||||
|
Investments |
(11,976,651) | (138,453,135) | (1,344,651) | ||
|
Net increase (decrease) in net assets resulting from operations |
19,438,769 | (47,199,072) | 793,742 | ||
| Distributions: | |||||
|
Distributions from earnings |
(18,507,812) | — | (1,520,187) | ||
|
Distributions from earnings: Advisor Class |
— | (19,965,950) | — | ||
|
Distributions from earnings: Institutional Class |
— | (33,162,910) | — | ||
|
Total distributions |
(18,507,812) | (53,128,860) | (1,520,187) | ||
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(32,024,506) | (114,002,144) | (3,534,836) | ||
|
Net increase (decrease) in net assets |
(31,093,549) | (214,330,076) | (4,261,281) | ||
| NET ASSETS: | |||||
|
Beginning of year |
179,733,247 | 1,274,557,139 | 18,691,786 | ||
|
End of year |
$148,639,698 | $1,060,227,063 | $14,430,505 |
| 15 |
| Secured Options Portfolio |
Global Secured Options Portfolio | ||
| Increase (decrease) in net assets | |||
| Operations: | |||
|
Net investment income |
$98,639 | $75,742 | |
| Net realized gain (loss) on: | |||
|
Investment transactions |
3,427 | 198,688 | |
|
Purchased options |
(40,860,921) | (1,226,745) | |
|
Written options |
59,870,337 | 2,179,770 | |
| Net change in unrealized gain (loss) on: | |||
|
Investments |
1,791,200 | 701,723 | |
|
Purchased options |
5,137,759 | 680,632 | |
|
Written options |
(4,791,786) | (713,517) | |
|
Net increase in net assets resulting from operations |
21,248,655 | 1,896,293 | |
| Distributions: | |||
|
Distributions from earnings: Advisor Class |
(2,367,278) | (759,716) | |
|
Distributions from earnings: Institutional Class |
(25,852,994) | (103,913) | |
|
Total distributions |
(28,220,272) | (863,629) | |
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(63,004,756) | (190,396) | |
|
Net increase (decrease) in net assets |
(69,976,373) | 842,268 | |
| NET ASSETS: | |||
|
Beginning of period |
433,116,753 | 17,371,924 | |
|
End of period |
$363,140,380 | $18,214,192 |
| Secured Options Portfolio |
Global Secured Options Portfolio | ||
| Increase (decrease) in net assets | |||
| Operations: | |||
|
Net investment income |
$2,158,195 | $4,433 | |
| Net realized gain (loss) on: | |||
|
Investment transactions |
(659) | (109,892) | |
|
Purchased options |
(15,639,422) | (312,996) | |
|
Options Written |
56,061,307 | 1,392,878 | |
| Net change in unrealized gain (loss) on: | |||
|
Investments |
5,601,175 | 1,509,793 | |
|
Purchased options |
10,891,502 | 578,610 | |
|
Options written |
(11,783,647) | (452,234) | |
|
Net increase in net assets resulting from operations |
47,288,451 | 2,610,592 | |
| Distributions: | |||
|
Distributions from earnings: Advisor Class |
(4,640,638) | (3,717,147) | |
|
Distributions from earnings: Institutional Class |
(64,160,175) | (2,950) | |
|
Total distributions |
(68,800,813) | (3,720,097) | |
|
Net increase (decrease) in net assets from capital share transactions (See note 5) |
(156,507,545) | (1,452,578) | |
|
Net increase (decrease) in net assets |
(178,019,907) | (2,562,083) | |
| NET ASSETS: | |||
|
Beginning of year |
611,136,660 | 19,934,007 | |
|
End of year |
$433,116,753 | $17,371,924 |
| 16 |
| Long/Short Equity Portfolio | |
| Cash flows from operating activities | |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities | |
|
Net increase in net assets resulting from operations |
$3,242,769 |
|
Investments purchased |
(13,555,680) |
|
Investments sold |
14,719,498 |
|
Purchases to cover securities sold short |
(18,010,946) |
|
Proceeds from securities sold short |
21,237,953 |
|
(Purchase)/Sale of short term investments, net |
(1,398,147) |
|
Decrease in Interest receivable |
45,401 |
|
Decrease in Receivable from Advisor |
1,819 |
|
Increase in Securities lending income receivable |
(28) |
|
Decrease in Dividends receivable |
9,578 |
|
Increase in Prepaid expenses |
(19,498) |
|
Increase in Obligation to return securities lending collateral |
1,081,468 |
|
Decrease in Line of credit interest payable |
(911) |
|
Decrease in Dividend payable on securities sold short |
(3,917) |
|
Decrease in Payable for Management fees |
(32,564) |
|
Increase in Payable for Directors’ fees |
32 |
|
Increase in Payable for Shareholder Servicing fees |
242 |
|
Increase in Accrued expenses |
7,797 |
|
Net realized gain on investments |
(5,888,857) |
|
Net realized loss on securities sold short |
579,833 |
|
Net change in unrealized loss on investments |
2,308,532 |
|
Net change in unrealized gain on securities sold short |
(13,521) |
|
Net cash provided by (used in) operating activities |
4,310,853 |
| Cash flows from financing activities | |
|
Proceeds from shares sold |
3,562,005 |
|
Payments on shares redeemed |
(4,195,539) |
|
Cash distributions paid |
(248,758) |
|
Net cash provided by (used in) financing activities |
(882,292) |
|
Net increase (decrease) in cash |
3,428,561 |
|
Cash and restricted cash at beginning of year1 |
23,988,840 |
|
Cash and restricted cash at end of year2 |
$27,417,401 |
| Supplemental disclosure of cash flow information |
| The Portfolio did not pay any interest expense on the line of credit during the period ended April 30, 2026. |
| Decrease in payable for fund shares redeemed of $2,656. |
| Increase in receivable for fund shares sold of $322,426. |
| Non-cash financing activities not included herein consist of a reinvestment of dividends of $5,027,132. |
| The Portfolio did not pay any prime broker fees during the period ended April 30, 2026. |
| 1Includes due to custodian of $(6,643) and cash collateral on deposit at broker of $23,995,483. |
| 2Includes due to custodian of $(3,102) and cash collateral on deposit at broker of $27,420,503. |
| 17 |
| Total
Market Plus Equity Portfolio | |
| Cash flows from operating activities | |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities | |
|
Net increase in net assets resulting from operations |
$3,323,932 |
|
Investments purchased |
(9,343,648) |
|
Investments sold |
21,622,256 |
|
Purchases to cover securities sold short |
(7,458,528) |
|
Proceeds from securities sold short |
5,326,031 |
|
(Purchase)/Sale of short term investments, net |
(357,352) |
|
Increase in Receivable from Advisor |
(12,520) |
|
Increase in Securities lending income receivable |
(1) |
|
Increase in Dividends receivable |
(36,117) |
|
Increase in Prepaid expenses |
(28,866) |
|
Increase in Obligation to return securities lending collateral |
359,659 |
|
Decrease in Dividend payable on securities sold short |
(260) |
|
Decrease in Payable for Management fees |
(10,935) |
|
Increase in Payable for Directors’ fees |
126 |
|
Decrease in Payable for Shareholder Servicing fees |
(2,586) |
|
Increase in Accrued expenses |
4,724 |
|
Net realized gain on investments |
(6,995,318) |
|
Net realized loss on securities sold short |
268,535 |
|
Net change in unrealized loss on investments |
3,105,111 |
|
Net change in unrealized loss on securities sold short |
334,493 |
|
Net cash provided by (used in) operating activities |
10,098,736 |
| Cash flows from financing activities | |
|
Proceeds from shares sold |
7,448,527 |
|
Payments on shares redeemed |
(17,506,847) |
|
Cash distributions paid |
(37,601) |
|
Net cash provided by (used in) financing activities |
(10,095,921) |
|
Net increase (decrease) in cash |
2,815 |
|
Cash and restricted cash at beginning of year |
(3,597) |
|
Cash and restricted cash at end of year |
$(782) |
| Supplemental disclosure of cash flow information |
| The Portfolio did not pay any interest expense on the line of credit during the period ended April 30, 2026. |
| Increase in payable for fund shares redeemed of $1,286. |
| Cash paid for short position flex fees was $33,737. |
| Non-cash financing activities not included herein consist of a reinvestment of dividends of $4,931,849. |
| The Portfolio did not pay any prime broker fees during the period ended April 30, 2026. |
| 18 |
| Disciplined U.S. Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$22.30 | $24.85 | $21.29 | $25.15 | $32.97 | $24.99 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.06 | 0.15 | 0.22 | 0.23 | 0.26 | 0.23 | |||||
|
Net realized and unrealized gain (loss) on investments |
2.99 | 2.51 | 5.20 | 0.78 | (4.01) | 10.15 | |||||
|
Total from investment operations |
3.05 | 2.66 | 5.42 | 1.01 | (3.75) | 10.38 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.07) | (0.16) | (0.22) | (0.26) | (0.27) | (0.24) | |||||
|
Net realized capital gains |
(3.40) | (5.05) | (1.64) | (4.61) | (3.80) | (2.16) | |||||
|
Total distributions |
(3.47) | (5.21) | (1.86) | (4.87) | (4.07) | (2.40) | |||||
|
Net asset value, end of period |
$21.88 | $22.30 | $24.85 | $21.29 | $25.15 | $32.97 | |||||
|
Total return |
15.40%3 | 12.19% | 26.51% | 4.42% | (12.89)% | 43.77% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$362,149 | $403,169 | $633,850 | $712,481 | $924,570 | $1,255,795 | |||||
|
Ratio of operating expenses to average net assets4 |
0.89%5 | 0.86% | 0.86% | 0.86% | 0.84% | 0.85% | |||||
|
Ratio of net investment income to average net assets |
0.57%5 | 0.70% | 0.92% | 1.04% | 0.96% | 0.75% | |||||
|
Portfolio turnover rate6 |
29%3 | 44% | 61% | 78% | 66% | 41% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | The ratio of operating expenses excluding interest expense was 0.89% for the period ended April 30, 2026 and 0.86%, 0.86%, 0.86%, 0.84% and 0.85% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 5 | Annualized. |
| 6 | Portfolio turnover is calculated at the fund level. |
| 19 |
| Disciplined U.S. Equity Portfolio Institutional Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$22.30 | $24.85 | $21.29 | $25.15 | $32.98 | $24.99 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.08 | 0.19 | 0.26 | 0.30 | 0.32 | 0.29 | |||||
|
Net realized and unrealized gain (loss) on investments |
2.98 | 2.52 | 5.21 | 0.75 | (4.02) | 10.16 | |||||
|
Total from investment operations (loss) |
3.06 | 2.71 | 5.47 | 1.05 | (3.70) | 10.45 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.09) | (0.21) | (0.27) | (0.30) | (0.33) | (0.30) | |||||
|
Net realized capital gains |
(3.40) | (5.05) | (1.64) | (4.61) | (3.80) | (2.16) | |||||
|
Total distributions |
(3.49) | (5.26) | (1.91) | (4.91) | (4.13) | (2.46) | |||||
|
Net asset value, end of period |
$21.87 | $22.30 | $24.85 | $21.29 | $25.15 | $32.98 | |||||
|
Total return |
15.48%3 | 12.43% | 26.77% | 4.65% | (12.73)% | 44.10% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$41,068 | $41,030 | $54,049 | $45,052 | $66,600 | $165,106 | |||||
|
Ratio of operating expenses to average net assets4 |
0.69%5 | 0.66% | 0.66% | 0.66% | 0.64% | 0.65% | |||||
|
Ratio of net investment income to average net assets |
0.77%5 | 0.90% | 1.11% | 1.31% | 1.14% | 0.96% | |||||
|
Portfolio turnover rate6 |
29%3 | 44% | 61% | 78% | 66% | 41% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | The ratio of operating expenses excluding interest expense was 0.69% for the period ended April 30, 2026 and 0.66%, 0.66%, 0.66%, 0.64% and 0.65% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 5 | Annualized. |
| 6 | Portfolio turnover is calculated at the fund level. |
| 20 |
| Disciplined U.S. Growth Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$31.67 | $35.42 | $27.73 | $27.95 | $40.64 | $32.02 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
(0.04) | (0.06) | (0.02) | 0.08 | 0.09 | 0.05 | |||||
|
Net realized and unrealized gain (loss) on investments |
1.58 | 7.17 | 9.18 | 1.71 | (5.65) | 13.33 | |||||
|
Total from investment operations |
1.54 | 7.11 | 9.16 | 1.79 | (5.56) | 13.38 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
— | — | (0.00)3 | (0.08) | (0.09) | (0.05) | |||||
|
Net realized capital gains |
(4.19) | (10.86) | (1.47) | (1.93) | (7.04) | (4.71) | |||||
|
Total distributions |
(4.19) | (10.86) | (1.47) | (2.01) | (7.13) | (4.76) | |||||
|
Net asset value, end of period |
$29.02 | $31.67 | $35.42 | $27.73 | $27.95 | $40.64 | |||||
|
Total return |
5.72%4 | 24.18% | 33.85% | 6.84% | (16.67)% | 46.17% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$993,563 | $1,061,329 | $1,203,894 | $1,080,175 | $1,211,342 | $1,751,370 | |||||
|
Ratio of operating expenses to average net assets5 |
0.87%6 | 0.85% | 0.86% | 0.86% | 0.84% | 0.85% | |||||
|
Ratio of net investment income (loss) to average net assets |
(0.26)%6 | (0.21)% | (0.07)% | 0.27% | 0.28% | 0.15% | |||||
|
Portfolio turnover rate7 |
30%4 | 41% | 55% | 78% | 85% | 49% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Amount rounds to less than $0.01 per share. |
| 4 | Not annualized. |
| 5 | The ratio of operating expenses excluding interest expense was 0.87% for the period ended April 30, 2026 and 0.85%, 0.86%, 0.86%, 0.84% and 0.85% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 6 | Annualized. |
| 7 | Portfolio turnover is calculated at the fund level. |
| 21 |
| Disciplined U.S. Growth Equity Portfolio Institutional Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$31.81 | $35.48 | $27.73 | $27.95 | $40.64 | $32.02 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
(0.01) | (0.00)3 | 0.054 | 0.13 | 0.15 | 0.12 | |||||
|
Net realized and unrealized gain (loss) on investments |
1.59 | 7.19 | 9.19 | 1.72 | (5.65) | 13.34 | |||||
|
Total from investment operations (loss) |
1.58 | 7.19 | 9.24 | 1.85 | (5.50) | 13.46 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
— | — | (0.02) | (0.14) | (0.15) | (0.13) | |||||
|
Net realized capital gains |
(4.19) | (10.86) | (1.47) | (1.93) | (7.04) | (4.71) | |||||
|
Total distributions |
(4.19) | (10.86) | (1.49) | (2.07) | (7.19) | (4.84) | |||||
|
Net asset value, end of period |
$29.20 | $31.81 | $35.48 | $27.73 | $27.95 | $40.64 | |||||
|
Total return |
5.84%5 | 24.43% | 34.14% | 7.05% | (16.49)% | 46.47% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$184,727 | $216,613 | $262,087 | $847,561 | $955,360 | $581,255 | |||||
|
Ratio of operating expenses to average net assets6 |
0.67%7 | 0.65% | 0.66% | 0.66% | 0.64% | 0.65% | |||||
|
Ratio of net investment income (loss) to average net assets |
(0.06)%7 | (0.01)% | 0.16% | 0.48% | 0.49% | 0.34% | |||||
|
Portfolio turnover rate8 |
30%5 | 41% | 55% | 78% | 85% | 49% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Amount rounds to less than $0.01 per share. |
| 4 | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each Portfolio’s expense structure. |
| 5 | Not annualized. |
| 6 | The ratio of operating expenses excluding interest expense was 0.67% for the period ended April 30, 2026 and 0.65%, 0.66%, 0.66%, 0.64% and 0.65% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 7 | Annualized. |
| 8 | Portfolio turnover is calculated at the fund level. |
| 22 |
| Disciplined U.S. Value Equity Portfolio | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$13.58 | $14.19 | $11.50 | $12.37 | $13.05 | $9.03 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.12 | 0.21 | 0.24 | 0.23 | 0.21 | 0.18 | |||||
|
Net realized and unrealized gain (loss) on investments |
0.91 | 0.88 | 2.78 | (0.39) | (0.67) | 4.02 | |||||
|
Total from investment operations |
1.03 | 1.09 | 3.02 | (0.16) | (0.46) | 4.20 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.11) | (0.21) | (0.25) | (0.22) | (0.22) | (0.18) | |||||
|
Net realized capital gains |
— | (1.49) | (0.08) | (0.49) | — | — | |||||
|
Total distributions |
(0.11) | (1.70) | (0.33) | (0.71) | (0.22) | (0.18) | |||||
|
Net asset value, end of period |
$14.50 | $13.58 | $14.19 | $11.50 | $12.37 | $13.05 | |||||
|
Total return3 |
14.49%4 | 8.56% | 26.50% | (1.46)% | (3.49)% | 46.66% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$2,586 | $2,259 | $2,084 | $1,640 | $1,665 | $2,487 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
3.05%5 | 3.48% | 3.63% | 2.85% | 2.27% | 2.45% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets |
0.85%5 | 0.85% | 0.85% | 0.85% | 0.85%6 | 0.85% | |||||
|
Ratio of net investment income to average net assets |
1.78%5 | 1.63% | 1.81% | 1.87% | 1.66% | 1.48% | |||||
|
Portfolio turnover rate |
39%4 | 86% | 72% | 81% | 76% | 68% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.85% for the year ended October 31, 2022. |
| 23 |
| Disciplined U.S. Small Cap Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$14.67 | $15.32 | $11.46 | $13.13 | $15.05 | $9.55 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.06 | 0.04 | 0.08 | 0.11 | 0.14 | 0.07 | |||||
|
Net realized and unrealized gain (loss) on investments |
3.04 | 0.82 | 3.86 | (0.67) | (0.57) | 5.50 | |||||
|
Total from investment operations |
3.10 | 0.86 | 3.94 | (0.56) | (0.43) | 5.57 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.03) | (0.05) | (0.08) | (0.11) | (0.15) | (0.07) | |||||
|
Net realized capital gains |
(0.42) | (1.46) | — | (1.00) | (1.34) | — | |||||
|
Total distributions |
(0.45) | (1.51) | (0.08) | (1.11) | (1.49) | (0.07) | |||||
|
Net asset value, end of period |
$17.32 | $14.67 | $15.32 | $11.46 | $13.13 | $15.05 | |||||
|
Total return3 |
21.36%4 | 5.54% | 34.45% | (4.52)% | (2.97)% | 58.45% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$310 | $258 | $2,216 | $1,450 | $1,521 | $1,556 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
3.53%5 | 3.77% | 3.65% | 3.06% | 3.49% | 3.45% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets |
0.85%5 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | |||||
|
Ratio of net investment income to average net assets |
0.77%5 | 0.25% | 0.56% | 0.91% | 1.03% | 0.53% | |||||
|
Portfolio turnover rate6 |
45%4 | 92% | 85% | 85% | 94% | 84% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | Portfolio turnover is calculated at the fund level. |
| 24 |
| Disciplined U.S. Small Cap Equity Portfolio Institutional Shares | |||
| For
the Period Ended April 30, 20262 |
For
the Period May 12, 20251 through October 31, 2025 | ||
|
Net asset value, beginning of period |
$14.66 | $13.02 | |
| Income from investment operations: | |||
|
Net investment income3 |
0.08 | 0.04 | |
|
Net realized and unrealized gain on investments |
3.03 | 1.66 | |
|
Total from investment operations (loss) |
3.11 | 1.70 | |
| Distributions to shareholders from: | |||
|
Net investment income |
(0.05) | (0.06) | |
|
Net realized capital gains |
(0.42) | — | |
|
Total distributions |
(0.47) | (0.06) | |
|
Net asset value, end of period |
$17.30 | $14.66 | |
|
Total return4 |
21.51%5 | 13.05%6 | |
| Ratios to average net assets/ Supplemental data: | |||
|
Net assets, at end of period (in 000s) |
$2,873 | $2,028 | |
|
Ratio of operating expenses before waiver/reimbursement to average net assets7 |
3.33% | 5.38%8 | |
|
Ratio of operating expenses after waiver/reimbursement to average net assets7 |
0.65% | 0.65%8 | |
|
Ratio of net investment income to average net assets7 |
1.00% | 0.66% | |
|
Portfolio turnover rate9 |
45%5 | 92% | |
| 1 | Shareholder activity commenced on May 12, 2025. |
| 2 | Unaudited. |
| 3 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 4 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 5 | Not annualized. |
| 6 | Total return calculation is not annualized. |
| 7 | Annualized. |
| 8 | Audit fees and certain non-recurring registration fees were not annualized in the calculation of the expense ratios. |
| 9 | Portfolio turnover is calculated at the fund level. |
| 25 |
| Disciplined International Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$20.11 | $16.85 | $13.84 | $12.27 | $15.54 | $12.05 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.22 | 0.35 | 0.44 | 0.32 | 0.42 | 0.36 | |||||
|
Net realized and unrealized gain (loss) on investments |
2.85 | 4.15 | 3.10 | 1.54 | (3.15) | 3.48 | |||||
|
Total from investment operations |
3.07 | 4.50 | 3.54 | 1.86 | (2.73) | 3.84 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.08) | (0.25) | (0.53) | (0.29) | (0.54) | (0.35) | |||||
|
Net realized capital gains |
(0.72) | (0.99) | — | — | — | — | |||||
|
Total distributions |
(0.80) | (1.24) | (0.53) | (0.29) | (0.54) | (0.35) | |||||
|
Net asset value, end of period |
$22.38 | $20.11 | $16.85 | $13.84 | $12.27 | $15.54 | |||||
|
Total return3 |
15.60%4 | 28.62% | 25.78% | 15.09% | (17.89)% | 31.96% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$13,795 | $11,607 | $25,830 | $22,601 | $22,939 | $41,069 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
0.96%5 | 1.40% | 1.37% | 1.32% | 1.27% | 1.19% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets6 |
0.86%5 | 0.96%7 | 1.00% | 1.00% | 1.00% | 1.00% | |||||
|
Ratio of net investment income to average net assets |
2.07%5 | 2.09% | 2.70% | 2.22% | 2.93% | 2.40% | |||||
|
Portfolio turnover rate8 |
39%4 | 76% | 97% | 84% | 91% | 79% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.85% for the period ended April 30, 2026 and 0.96%, 1.00%, 1.00%, 1.00% and 1.00% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 7 | On May 5, 2025, Glenmede Investment Management, the Portfolio’s Advisor, contractually agreed to lower the expense limitation for the Portfolio’s Advisor Shares from 1.00% to 0.85%. |
| 8 | Portfolio turnover is calculated at the fund level. |
| 26 |
| Disciplined International Equity Portfolio Institutional Shares | |||
| For
the Period Ended April 30, 20262 |
For
the Period May 12, 20251 through October 31, 2025 | ||
|
Net asset value, beginning of period |
$20.08 | $17.52 | |
| Income from investment operations: | |||
|
Net investment income3 |
0.26 | 0.08 | |
|
Net realized and unrealized gain on investments |
2.84 | 2.68 | |
|
Total from investment operations (loss) |
3.10 | 2.76 | |
| Distributions to shareholders from: | |||
|
Net investment income |
(0.10) | (0.20) | |
|
Net realized capital gains |
(0.72) | — | |
|
Total distributions |
(0.82) | (0.20) | |
|
Net asset value, end of period |
$22.36 | $20.08 | |
|
Total return4 |
15.73%5 | 15.84%6 | |
| Ratios to average net assets/ Supplemental data: | |||
|
Net assets, at end of period (in 000s) |
$88,176 | $34,168 | |
|
Ratio of operating expenses before waiver/reimbursement to average net assets7 |
0.76% | 0.92%8 | |
|
Ratio of operating expenses after waiver/reimbursement to average net assets7,9 |
0.66% | 0.65%8 | |
|
Ratio of net investment income to average net assets7 |
2.45% | 0.84% | |
|
Portfolio turnover rate10 |
39%5 | 76% | |
| 1 | Shareholder activity commenced on May 12, 2025. |
| 2 | Unaudited. |
| 3 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 4 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 5 | Not annualized. |
| 6 | Total return calculation is not annualized. |
| 7 | Annualized. |
| 8 | Audit fees and certain non-recurring registration fees were not annualized in the calculation of the expense ratios. |
| 9 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.65% for the period ended April 30, 2026 and 0.65% for the period ended October 31, 2025. |
| 10 | Portfolio turnover is calculated at the fund level. |
| 27 |
| Energy Resilience Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$17.08 | $17.66 | $15.26 | $16.10 | $20.71 | $14.26 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.13 | 0.10 | 0.15 | 0.16 | 0.18 | 0.14 | |||||
|
Net realized and unrealized gain (loss) on investments |
2.66 | 1.44 | 3.72 | 0.21 | (2.86) | 6.45 | |||||
|
Total from investment operations |
2.79 | 1.54 | 3.87 | 0.37 | (2.68) | 6.59 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.10) | (0.11) | (0.16) | (0.15) | (0.17) | (0.14) | |||||
|
Net realized capital gains |
(1.19) | (2.01) | (1.31) | (1.06) | (1.76) | — | |||||
|
Total distributions |
(1.29) | (2.12) | (1.47) | (1.21) | (1.93) | (0.14) | |||||
|
Net asset value, end of period |
$18.58 | $17.08 | $17.66 | $15.26 | $16.10 | $20.71 | |||||
|
Total return3 |
17.36%4 | 9.36% | 26.43% | 2.35% | (14.02)% | 46.31% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$14,058 | $21,372 | $23,926 | $21,753 | $23,923 | $32,861 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
1.65%5 | 1.28% | 1.25% | 1.05% | 1.02% | 1.05% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets |
0.85%5 | 0.85% | 0.85% | 0.85%6 | 0.85%6 | 0.85% | |||||
|
Ratio of net investment income to average net assets |
1.48%5 | 0.65% | 0.92% | 0.98% | 1.02% | 0.74% | |||||
|
Portfolio turnover rate7 |
130%4,8 | 62% | 71% | 87% | 101% | 74% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.85% and 0.85% for the years ended October 31, 2023 and 2022, respectively. |
| 7 | Portfolio turnover is calculated at the fund level. |
| 8 | The Portfolio experienced a higher-than-normal portfolio turnover rate as a result of the Portfolio’s repositioning on November 4, 2025. Refer to Note 1 for further details. |
| 28 |
| SMID Core Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$16.51 | $17.19 | $13.82 | $13.70 | $19.27 | $13.52 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.01 | 0.11 | 0.15 | 0.15 | 0.19 | 0.18 | |||||
|
Net realized and unrealized gain (loss) on investments |
0.22 | 1.33 | 4.03 | 0.41 | (2.33) | 5.75 | |||||
|
Total from investment operations |
0.23 | 1.44 | 4.18 | 0.56 | (2.14) | 5.93 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.02) | (0.11) | (0.16) | (0.16) | (0.19) | (0.18) | |||||
|
Net realized capital gains |
(8.08) | (2.01) | (0.65) | (0.28) | (3.24) | — | |||||
|
Total distributions |
(8.10) | (2.12) | (0.81) | (0.44) | (3.43) | (0.18) | |||||
|
Net asset value, end of period |
$8.64 | $16.51 | $17.19 | $13.82 | $13.70 | $19.27 | |||||
|
Total return3 |
0.56%4 | 8.93% | 31.05% | 4.14% | (13.15)% | 43.94% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$3,685 | $6,039 | $22,857 | $19,515 | $22,172 | $27,887 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
2.39%5 | 1.69% | 1.16% | 1.06% | 1.05% | 1.04% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets |
0.85%5 | 0.85%6 | 0.85%6 | 0.85% | 0.85%6 | 0.85%6 | |||||
|
Ratio of net investment income to average net assets |
0.30%5 | 0.69% | 0.93% | 1.04% | 1.27% | 1.01% | |||||
|
Portfolio turnover rate7 |
30%4 | 132%8 | 80% | 83% | 105% | 81% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.85%, 0.85%, 0.85% and 0.85% for the years ended October 31, 2025, 2024, 2022 and 2021, respectively. |
| 7 | Portfolio turnover is calculated at the fund level. |
| 8 | The Portfolio experienced a higher-than-normal portfolio turnover rate as a result of the Portfolio’s repositioning on September 2, 2025. |
| 29 |
| Long/Short Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$14.34 | $14.11 | $14.52 | $14.06 | $12.93 | $11.05 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
0.08 | 0.21 | 0.33 | 0.34 | (0.03) | (0.10) | |||||
|
Net realized and unrealized gain on investments |
1.05 | 1.44 | 0.78 | 0.42 | 1.16 | 1.98 | |||||
|
Total from investment operations |
1.13 | 1.65 | 1.11 | 0.76 | 1.13 | 1.88 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.09) | (0.19) | (0.37) | (0.30) | — | — | |||||
|
Net realized capital gains |
(1.93) | (1.23) | (1.15) | — | — | — | |||||
|
Total distributions |
(2.02) | (1.42) | (1.52) | (0.30) | — | — | |||||
|
Net asset value, end of period |
$13.45 | $14.34 | $14.11 | $14.52 | $14.06 | $12.93 | |||||
|
Total return3 |
8.54%4 | 12.47% | 8.53% | 5.46% | 8.74% | 17.01% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$40,312 | $37,152 | $37,233 | $41,895 | $48,370 | $56,002 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
2.76%5 | 3.01% | 2.99% | 2.93% | 2.76% | 2.88% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets6 |
2.28%5 | 2.55% | 2.52% | 2.49% | 2.36% | 2.51% | |||||
|
Ratio of net investment income (loss) to average net assets |
1.17%5 | 1.49% | 2.39% | 2.38% | (0.25)% | (0.78)% | |||||
|
Portfolio turnover rate7,8 |
50%4 | 109% | 99% | 99% | 118% | 115% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expenses and dividends on securities sold short was 1.25%, 1.25%, 1.25% and 1.25% for the years ended October 31, 2025, 2024, 2023 and 2022, respectively; the ratio of operating expenses after waiver/reimbursement excluding interest expenses, dividends on securities sold short and flex fees was 1.25% for the year ended October 31, 2021; and the ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short was 1.25% for the period ended April 30, 2026 and 1.25% for the year ended October 31, 2025. |
| 7 | Portfolio turnover is calculated at the fund level. |
| 8 | The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions. |
| 30 |
| Long/Short Equity Portfolio Institutional Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$14.45 | $14.21 | $14.61 | $14.13 | $12.97 | $11.07 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
0.09 | 0.23 | 0.36 | 0.37 | 0.00 | (0.03) | |||||
|
Net realized and unrealized gain on investments |
1.07 | 1.45 | 0.78 | 0.43 | 1.16 | 1.93 | |||||
|
Total from investment operations (loss) |
1.16 | 1.68 | 1.14 | 0.80 | 1.16 | 1.90 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.10) | (0.21) | (0.39) | (0.32) | — | — | |||||
|
Net realized capital gains |
(1.93) | (1.23) | (1.15) | — | — | — | |||||
|
Total distributions |
(2.03) | (1.44) | (1.54) | (0.32) | — | — | |||||
|
Net asset value, end of period |
$13.58 | $14.45 | $14.21 | $14.61 | $14.13 | $12.97 | |||||
|
Total return3 |
8.65%4 | 12.62% | 8.74% | 5.73% | 8.94% | 17.16% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$1,318 | $1,793 | $8,886 | $8,464 | $8,571 | $7,255 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
2.54%5 | 2.81% | 2.79% | 2.73% | 2.57% | 3.88% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets6 |
2.05%5 | 2.34% | 2.32% | 2.29% | 2.17% | 3.52% | |||||
|
Ratio of net investment income (loss) to average net assets |
1.36%5 | 1.66% | 2.59% | 2.59% | (0.01)% | (0.27)% | |||||
|
Portfolio turnover rate7,8 |
50%4 | 109% | 99% | 99% | 118% | 115% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expenses and dividends on securities sold short was 1.05%, 1.05%, 1.05% and 1.05% for the years ended October 31, 2025, 2024, 2023 and 2022, respectively; the ratio of operating expenses after waiver/reimbursement excluding interest expenses, dividends on securities sold short and flex fees was 1.05% for the year ended October 31, 2021; and the ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short was 1.05% for the period ended April 30, 2026 and 1.05% for the year ended October 31, 2025. |
| 7 | Portfolio turnover is calculated at the fund level. |
| 8 | The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions. |
| 31 |
| Total Market Plus Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$20.66 | $20.18 | $17.10 | $17.81 | $22.90 | $15.34 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.01 | 0.003 | 0.03 | 0.09 | 0.07 | 0.03 | |||||
|
Net realized and unrealized gain (loss) on investments |
2.31 | 3.14 | 4.05 | (0.71) | (1.57) | 9.45 | |||||
|
Total from investment operations |
2.32 | 3.14 | 4.08 | (0.62) | (1.50) | 9.48 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
— | (0.06) | (0.04) | (0.09) | (0.08) | (0.03) | |||||
|
Net realized capital gains |
(3.36) | (2.60) | (0.96) | — | (3.51) | (1.89) | |||||
|
Total distributions |
(3.36) | (2.66) | (1.00) | (0.09) | (3.59) | (1.92) | |||||
|
Net asset value, end of period |
$19.62 | $20.66 | $20.18 | $17.10 | $17.81 | $22.90 | |||||
|
Total return4 |
12.46%5 | 16.85% | 24.63% | (3.50)% | (7.76)% | 66.37% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$17,244 | $31,329 | $35,799 | $35,860 | $43,836 | $35,961 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
2.43%6 | 2.51% | 2.51% | 2.42% | 2.36% | 2.23% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets7 |
1.91%6,8 | 2.04% | 2.04% | 2.01% | 1.99% | 1.83% | |||||
|
Ratio of net investment income to average net assets |
0.08%6 | 0.02% | 0.16% | 0.49% | 0.39% | 0.15% | |||||
|
Portfolio turnover rate9,10 |
38%5 | 69% | 70% | 84% | 95% | 71% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Amount rounds to less than $0.01 per share. |
| 4 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 5 | Not annualized. |
| 6 | Annualized. |
| 7 | The ratio of operating expenses after waiver/reimbursement excluding interest expense, dividends on securities sold short and flex fees was 1.25%, 1.25%, 1.25% and 1.25% for the years ended October 31, 2024, 2023, 2022 and 2021, respectively, and the ratio of operating expense after waiver/reimbursement excluding dividends on securities sold short and flex fees was 1.17% for the period ended April 30, 2026 and 1.25% for the year ended October 31, 2025, respectively. |
| 8 | On February 28, 2026, Glenmede Investment Management, the Portfolio’s Advisor, contractually agreed to lower the expense limitation for the Portfolio’s Advisor Shares from 1.25% to 0.90%. |
| 9 | Portfolio turnover is calculated at the fund level. |
| 10 | The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions. |
| 32 |
| Total Market Plus Equity Portfolio Institutional Shares | |
| For
the Period March 9, 20261 through April 30, For the Period Ended April 30, 20262 | |
|
Net asset value, beginning of period |
$18.24 |
| Income from investment operations: | |
|
Net investment income3 |
0.07 |
|
Net realized and unrealized gain on investments |
1.33 |
|
Total from investment operations (loss) |
1.40 |
| Distributions to shareholders from: | |
|
Total distributions |
— |
|
Net asset value, end of period |
$19.64 |
|
Total return4,5 |
7.68% |
| Ratios to average net assets/ Supplemental data: | |
|
Net assets, at end of period (in 000s) |
$7,312 |
|
Ratio of operating expenses before waiver/reimbursement to average net assets6 |
1.74% |
|
Ratio of operating expenses after waiver/reimbursement to average net assets6,7 |
1.14% |
|
Ratio of net investment income to average net assets6 |
2.61% |
|
Portfolio turnover rate5,8,9 |
38% |
| 1 | Shareholder activity commenced on March 9, 2026. |
| 2 | Unaudited. |
| 3 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 4 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 5 | Not annualized. |
| 6 | Annualized. |
| 7 | The ratio of operating expenses after waiver/reimbursement excluding dividends on securities sold short was 0.70% for the period ended April 30, 2026. |
| 8 | Portfolio turnover is calculated at the fund level. |
| 9 | The calculation of the portfolio turnover rate reflects the absolute value of the long and short positions. |
| 33 |
| Strategic Equity Portfolio | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$30.48 | $29.78 | $27.85 | $27.45 | $35.56 | $26.43 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.02 | 0.09 | 0.11 | 0.14 | 0.12 | 0.12 | |||||
|
Net realized and unrealized gain (loss) on investments |
0.47 | 3.76 | 7.08 | 2.45 | (4.56) | 10.73 | |||||
|
Total from investment operations |
0.49 | 3.85 | 7.19 | 2.59 | (4.44) | 10.85 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.02) | (0.10) | (0.11) | (0.15) | (0.12) | (0.13) | |||||
|
Net realized capital gains |
(6.16) | (3.05) | (5.15) | (2.04) | (3.55) | (1.59) | |||||
|
Total distributions |
(6.18) | (3.15) | (5.26) | (2.19) | (3.67) | (1.72) | |||||
|
Net asset value, end of period |
$24.79 | $30.48 | $29.78 | $27.85 | $27.45 | $35.56 | |||||
|
Total return |
1.53%3 | 13.86% | 28.35% | 9.98% | (13.95)% | 42.57% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$108,799 | $148,640 | $179,733 | $165,886 | $191,646 | $268,648 | |||||
|
Ratio of operating expenses to average net assets |
0.90%4 | 0.89%5 | 0.87%5 | 0.86%5 | 0.85%5 | 0.85% | |||||
|
Ratio of net investment income to average net assets |
0.17%4 | 0.31% | 0.37% | 0.50% | 0.39% | 0.38% | |||||
|
Portfolio turnover rate |
8%3 | 10% | 4% | 14% | 20% | 14% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | The ratio of operating expenses excluding interest expense was 0.89%, 0.87%, 0.86% and 0.85% for the years ended October 31, 2025, 2024, 2023 and 2022, respectively. |
| 34 |
| Small Cap Equity Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$31.13 | $33.63 | $28.40 | $33.04 | $37.06 | $23.23 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.06 | 0.14 | 0.13 | 0.16 | 0.12 | — | |||||
|
Net realized and unrealized gain (loss) on investments |
2.92 | (1.20) | 7.69 | (1.07) | (2.47) | 13.87 | |||||
|
Total from investment operations |
2.98 | (1.06) | 7.82 | (0.91) | (2.35) | 13.87 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.06) | (0.17) | (0.12) | (0.18) | (0.11) | (0.04) | |||||
|
Net realized capital gains |
(2.30) | (1.27) | (2.47) | (3.55) | (1.56) | — | |||||
|
Total distributions |
(2.36) | (1.44) | (2.59) | (3.73) | (1.67) | (0.04) | |||||
|
Net asset value, end of period |
$31.75 | $31.13 | $33.63 | $28.40 | $33.04 | $37.06 | |||||
|
Total return |
9.99%3 | (3.52)% | 28.32% | (3.04)% | (6.59)% | 59.75% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$358,645 | $379,638 | $466,268 | $412,521 | $468,157 | $530,401 | |||||
|
Ratio of operating expenses to average net assets4 |
0.96%5 | 0.92% | 0.94% | 0.95% | 0.93% | 0.92% | |||||
|
Ratio of net investment income to average net assets |
0.42%5 | 0.45% | 0.41% | 0.51% | 0.35% | 0.01% | |||||
|
Portfolio turnover rate6 |
17%3 | 27% | 18% | 20% | 28% | 41% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | The ratio of operating expenses excluding interest expense was 0.96% for the period ended April 30, 2026 and 0.92%, 0.94%, 0.95%, 0.93% and 0.92% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 5 | Annualized. |
| 6 | Portfolio turnover is calculated at the fund level. |
| 35 |
| Small Cap Equity Portfolio Institutional Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$33.66 | $36.24 | $30.42 | $35.13 | $39.29 | $24.61 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.10 | 0.22 | 0.21 | 0.24 | 0.20 | 0.08 | |||||
|
Net realized and unrealized gain (loss) on investments |
3.17 | (1.29) | 8.26 | (1.15) | (2.62) | 14.68 | |||||
|
Total from investment operations (loss) |
3.27 | (1.07) | 8.47 | (0.91) | (2.42) | 14.76 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.10) | (0.24) | (0.18) | (0.25) | (0.18) | (0.08) | |||||
|
Net realized capital gains |
(2.30) | (1.27) | (2.47) | (3.55) | (1.56) | — | |||||
|
Total distributions |
(2.40) | (1.51) | (2.65) | (3.80) | (1.74) | (0.08) | |||||
|
Net asset value, end of period |
$34.53 | $33.66 | $36.24 | $30.42 | $35.13 | $39.29 | |||||
|
Total return |
10.09%3 | (3.31)% | 28.58% | (2.87)% | (6.39)% | 60.04% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$625,216 | $680,589 | $808,289 | $540,040 | $642,649 | $944,442 | |||||
|
Ratio of operating expenses to average net assets4 |
0.76%5 | 0.72% | 0.74% | 0.75% | 0.73% | 0.72% | |||||
|
Ratio of net investment income to average net assets |
0.62%5 | 0.65% | 0.61% | 0.72% | 0.54% | 0.22% | |||||
|
Portfolio turnover rate6 |
17%3 | 27% | 18% | 20% | 28% | 41% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | The ratio of operating expenses excluding interest expense was 0.76% for the period ended April 30, 2026 and 0.72%, 0.74%, 0.75%, 0.73% and 0.72% for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| 5 | Annualized. |
| 6 | Portfolio turnover is calculated at the fund level. |
| 36 |
| Equity Income Portfolio | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$15.53 | $16.10 | $13.85 | $14.58 | $15.92 | $11.88 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income2 |
0.11 | 0.25 | 0.27 | 0.25 | 0.23 | 0.22 | |||||
|
Net realized and unrealized gain (loss) on investments |
1.09 | 0.57 | 3.07 | (0.31) | (0.63) | 4.05 | |||||
|
Total from investment operations |
1.20 | 0.82 | 3.34 | (0.06) | (0.40) | 4.27 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.12) | (0.26) | (0.27) | (0.25) | (0.23) | (0.23) | |||||
|
Net realized capital gains |
(1.98) | (1.13) | (0.82) | (0.42) | (0.71) | — | |||||
|
Total distributions |
(2.10) | (1.39) | (1.09) | (0.67) | (0.94) | (0.23) | |||||
|
Net asset value, end of period |
$14.63 | $15.53 | $16.10 | $13.85 | $14.58 | $15.92 | |||||
|
Total return3 |
8.35%4 | 5.52% | 25.04% | (0.60)% | (2.70)% | 36.12% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$13,067 | $14,431 | $18,692 | $18,499 | $21,902 | $22,296 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets |
1.26%5 | 1.23% | 1.13% | 1.00% | 0.97% | 1.10% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets |
0.85%5 | 0.85% | 0.85%6 | 0.85%6 | 0.85% | 0.85% | |||||
|
Ratio of net investment income to average net assets |
1.50%5 | 1.64% | 1.76% | 1.74% | 1.57% | 1.53% | |||||
|
Portfolio turnover rate |
6%4 | 15% | 11% | 21% | 15% | 27% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.85% and 0.85% for the years ended October 31, 2024 and 2023, respectively. |
| 37 |
| Secured Options Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$14.50 | $14.88 | $12.88 | $11.58 | $14.83 | $11.67 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
(0.01)3 | 0.03 | 0.05 | 0.01 | (0.07) | (0.11) | |||||
|
Net realized and unrealized gain (loss) on investments |
0.81 | 1.26 | 1.99 | 1.29 | (1.40) | 3.27 | |||||
|
Total from investment operations |
0.80 | 1.29 | 2.04 | 1.30 | (1.47) | 3.16 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.00)4 | (0.04) | (0.04) | — | — | — | |||||
|
Net realized capital gains |
(0.99) | (1.63) | — | — | (1.78) | — | |||||
|
Total distributions |
(0.99) | (1.67) | (0.04) | — | (1.78) | — | |||||
|
Net asset value, end of period |
$14.31 | $14.50 | $14.88 | $12.88 | $11.58 | $14.83 | |||||
|
Total return |
5.84%5 | 9.36% | 15.88% | 11.23% | (11.29)% | 27.08% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$34,787 | $35,381 | $42,777 | $56,074 | $70,447 | $90,143 | |||||
|
Ratio of operating expenses to average net assets6 |
0.89%7 | 0.87%8 | 0.86%8 | 0.86%8 | 0.85% | 0.86% | |||||
|
Ratio of net investment income (loss) to average net assets6 |
(0.14)%7 | 0.21% | 0.33% | 0.08% | (0.55)% | (0.77)% | |||||
|
Portfolio turnover rate9,10 |
—%5 | —% | —% | —% | —% | —% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each Portfolio’s expense structure. |
| 4 | Amount rounds to less than $0.01 per share. |
| 5 | Not annualized. |
| 6 | This ratio does not include the income or expenses for any exchange-traded funds held in the Portfolio. |
| 7 | Annualized. |
| 8 | The ratio of operating expenses excluding interest expense was 0.86%, 0.86% and 0.86% for the years ended October 31, 2025, 2024 and 2023, respectively. |
| 9 | Portfolio turnover is calculated at the fund level. |
| 10 | Trading activity in the Portfolio during the period was short term and is excluded for portfolio turnover calculations resulting in zero portfolio turnover percentage. |
| 38 |
| Secured Options Portfolio Institutional Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$14.77 | $15.13 | $13.08 | $11.74 | $14.99 | $11.77 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
0.003 | 0.06 | 0.08 | 0.04 | (0.04) | (0.08) | |||||
|
Net realized and unrealized gain (loss) on investments |
0.83 | 1.27 | 2.04 | 1.30 | (1.43) | 3.30 | |||||
|
Total from investment operations (loss) |
0.83 | 1.33 | 2.12 | 1.34 | (1.47) | 3.22 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.01) | (0.06) | (0.07) | — | — | — | |||||
|
Net realized capital gains |
(0.99) | (1.63) | — | — | (1.78) | — | |||||
|
Total distributions |
(1.00) | (1.69) | (0.07) | — | (1.78) | — | |||||
|
Net asset value, end of period |
$14.60 | $14.77 | $15.13 | $13.08 | $11.74 | $14.99 | |||||
|
Total return |
5.96%4 | 9.49% | 16.20% | 11.41% | (11.16)% | 27.36% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$328,353 | $397,736 | $568,359 | $456,293 | $431,137 | $341,245 | |||||
|
Ratio of operating expenses to average net assets5 |
0.69%6 | 0.67%7 | 0.66%7 | 0.66%7 | 0.65% | 0.66% | |||||
|
Ratio of net investment income (loss) to average net assets5 |
0.07%6 | 0.41% | 0.52% | 0.29% | (0.32)% | (0.57)% | |||||
|
Portfolio turnover rate8,9 |
—%4 | —% | —% | —% | —% | —% | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Amount rounds to less than $0.01 per share. |
| 4 | Not annualized. |
| 5 | This ratio does not include the income or expenses for any exchange-traded funds held in the Portfolio. |
| 6 | Annualized. |
| 7 | The ratio of operating expenses excluding interest expense was 0.66%, 0.66% and 0.66% for the years ended October 31, 2025, 2024 and 2023, respectively. |
| 8 | Portfolio turnover is calculated at the fund level. |
| 9 | Trading activity in the Portfolio during the period was short term and is excluded for portfolio turnover calculations resulting in zero portfolio turnover percentage. |
| 39 |
| Global Secured Options Portfolio Advisor Shares | |||||||||||
| For
the Period Ended April 30, 20261 |
For The Year Ended October 31, | ||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
|
Net asset value, beginning of period |
$5.56 | $5.68 | $4.79 | $4.25 | $5.64 | $4.84 | |||||
| Income from investment operations: | |||||||||||
|
Net investment income (loss)2 |
0.02 | 0.003 | 0.03 | 0.02 | (0.02) | (0.05) | |||||
|
Net realized and unrealized gain (loss) on investments |
0.60 | 0.94 | 0.99 | 0.52 | (0.64) | 1.07 | |||||
|
Total from investment operations |
0.62 | 0.94 | 1.02 | 0.54 | (0.66) | 1.02 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income |
(0.03) | (0.01) | (0.04) | (0.00)3 | — | — | |||||
|
Net realized capital gains |
(0.26) | (1.05) | (0.09) | — | (0.73) | (0.22) | |||||
|
Total distributions |
(0.29) | (1.06) | (0.13) | (0.00)3 | (0.73) | (0.22) | |||||
|
Net asset value, end of period |
$5.89 | $5.56 | $5.68 | $4.79 | $4.25 | $5.64 | |||||
|
Total return4 |
11.50%5 | 19.81% | 21.52% | 12.74% | (13.35)% | 21.59% | |||||
| Ratios to average net assets/ Supplemental data: | |||||||||||
|
Net assets, at end of period (in 000s) |
$15,995 | $15,384 | $19,934 | $22,470 | $20,062 | $17,152 | |||||
|
Ratio of operating expenses before waiver/reimbursement to average net assets6 |
1.37%7 | 1.56% | 1.24% | 1.15% | 1.22% | 1.30% | |||||
|
Ratio of operating expenses after waiver/reimbursement to average net assets6 |
0.85%7 | 0.96%8,9 | 1.01%9 | 1.00%9 | 1.00%9 | 1.00% | |||||
|
Ratio of net investment income (loss) to average net assets6 |
0.86%7 | 0.03% | 0.63% | 0.34% | (0.46)% | (0.96)% | |||||
|
Portfolio turnover rate10 |
13%5 | 69% | —%11 | 117% | 152% | —%11 | |||||
| 1 | Unaudited. |
| 2 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 3 | Amount rounds to less than $0.01 per share. |
| 4 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 5 | Not annualized. |
| 6 | This ratio does not include the income or expenses for any exchange-traded funds held in the Portfolio. |
| 7 | Annualized. |
| 8 | On May 5, 2025, Glenmede Investment Management, the Portfolio’s Advisor, contractually agreed to lower the expense limitation for the Portfolio’s Advisor Shares from 1.00% to 0.85%. |
| 9 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.94%, 1.00%, 1.00% and 1.00% for the years ended October 31, 2025, 2024, 2023 and 2022, respectively. |
| 10 | Portfolio turnover is calculated at the fund level. |
| 11 | Trading activity in the Portfolio during the period was short term and is excluded for portfolio turnover calculations resulting in zero portfolio turnover percentage. |
| 40 |
| Global Secured Options Portfolio Institutional Shares | |||
| For
the Period Ended April 30, 20262 |
For
the Period May 12, 20251 through October 31, 2025 | ||
|
Net asset value, beginning of period |
$5.56 | $4.87 | |
| Income from investment operations: | |||
|
Net investment income3 |
0.03 | 0.004 | |
|
Net realized and unrealized gain on investments |
0.60 | 0.70 | |
|
Total from investment operations (loss) |
0.63 | 0.70 | |
| Distributions to shareholders from: | |||
|
Net investment income |
(0.03) | (0.01) | |
|
Net realized capital gains |
(0.26) | — | |
|
Total distributions |
(0.29) | (0.01) | |
|
Net asset value, end of period |
$5.90 | $5.56 | |
|
Total return5 |
11.80%6 | 14.36%7 | |
| Ratios to average net assets/ Supplemental data: | |||
|
Net assets, at end of period (in 000s) |
$2,219 | $1,988 | |
|
Ratio of operating expenses before waiver/reimbursement to average net assets8,9 |
1.17% | 1.32%10 | |
|
Ratio of operating expenses after waiver/reimbursement to average net assets8,9 |
0.65% | 0.65%10,11 | |
|
Ratio of net investment income to average net assets8,9 |
1.08% | 0.03% | |
|
Portfolio turnover rate12 |
13%6 | 69% | |
| 1 | Shareholder activity commenced on May 12, 2025. |
| 2 | Unaudited. |
| 3 | Per share net investment income (loss) has been calculated using the average shares outstanding during the period. |
| 4 | Amount rounds to less than $0.01 per share. |
| 5 | The Total Return reflects fee waivers and/or expense reimbursements in effect and would have been lower in their absence. |
| 6 | Not annualized. |
| 7 | Total return calculation is not annualized. |
| 8 | This ratio does not include the income or expenses for any exchange-traded funds held in the Portfolio. |
| 9 | Annualized. |
| 10 | Audit fees and certain non-recurring registration fees were not annualized in the calculation of the expense ratios. |
| 11 | The ratio of operating expenses after waiver/reimbursement excluding interest expense was 0.65%, for the period ended October 31, 2025. |
| 12 | Portfolio turnover is calculated at the fund level. |
| 41 |
| Shares | Value | ||
| COMMON STOCKS* — 99.4% | |||
| Aerospace & Defense — 1.7% | |||
| 12,444 |
General Electric Co. |
$3,607,889 | |
| 13,824 |
Howmet Aerospace, Inc. |
3,359,785 | |
| 6,967,674 | |||
| Air Freight & Logistics — 0.8% | |||
| 7,780 |
FedEx Corp. |
3,137,752 | |
| Automobile Components — 0.9% | |||
| 61,859 |
BorgWarner, Inc. |
3,524,107 | |
| Automobiles — 1.7% | |||
| 91,251 |
General Motors Co. |
7,016,289 | |
| Banks — 3.1% | |||
| 35,314 |
Bank of America Corp. |
1,887,886 | |
| 26,866 |
Citigroup, Inc. |
3,438,311 | |
| 258,674 |
Regions Financial Corp. |
7,385,143 | |
| 12,711,340 | |||
| Beverages — 0.5% | |||
| 73,674 |
Keurig Dr. Pepper, Inc. |
2,166,016 | |
| Biotechnology — 4.3% | |||
| 5,778 |
Amgen, Inc. |
2,000,633 | |
| 24,277 |
Gilead Sciences, Inc. |
3,176,403 | |
| 51,196 |
Halozyme Therapeutics, Inc.1 |
3,259,137 | |
| 39,920 |
Incyte Corp.1 |
3,803,178 | |
| 3,934 |
Regeneron Pharmaceuticals, Inc. |
2,781,574 | |
| 4,246 |
United Therapeutics Corp.1 |
2,425,952 | |
| 17,446,877 | |||
| Broadline Retail — 2.0% | |||
| 77,516 |
eBay, Inc. |
8,021,356 | |
| Capital Markets — 3.2% | |||
| 24,109 |
CME Group, Inc. |
6,939,052 | |
| 21,018 |
Intercontinental Exchange, Inc. |
3,322,736 | |
| 28,594 |
Nasdaq, Inc. |
2,628,075 | |
| 12,889,863 | |||
| Communications Equipment — 4.7% | |||
| 55,900 |
Arista Networks, Inc.1 |
9,654,489 | |
| 34,402 |
Cisco Systems, Inc. |
3,147,783 | |
| 19,200 |
F5, Inc.1 |
6,218,880 | |
| 19,021,152 | |||
| Consumer Staples Distribution & Retail — 0.5% | |||
| 15,493 |
Target Corp. |
2,010,217 | |
| Diversified Telecommunication Services — 1.1% | |||
| 159,288 |
Comcast Corp. Class A |
4,307,147 | |
| Electric Utilities — 1.5% | |||
| 41,837 |
Edison International |
2,907,253 | |
| 71,777 |
Exelon Corp. |
3,301,024 | |
| 6,208,277 | |||
| Electrical Equipment — 1.6% | |||
| 27,055 |
AMETEK, Inc. |
6,371,452 | |
| 42 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Electronic Equipment, Instruments & Components — 0.5% | |||
| 8,834 |
TE Connectivity PLC |
$1,869,804 | |
| Energy Equipment & Services — 1.6% | |||
| 93,580 |
Baker Hughes Co. |
6,519,719 | |
| Entertainment — 1.6% | |||
| 19,873 |
Roku, Inc.1 |
2,316,397 | |
| 39,400 |
Walt Disney Co. |
4,087,750 | |
| 6,404,147 | |||
| Financial Services — 3.7% | |||
| 23,240 |
Corpay, Inc.1 |
7,122,363 | |
| 6,338 |
Mastercard, Inc. Class A |
3,187,507 | |
| 41,388 |
PayPal Holdings, Inc. |
2,075,194 | |
| 7,808 |
Visa, Inc. Class A |
2,575,391 | |
| 14,960,455 | |||
| Food Products — 0.4% | |||
| 80,610 |
Kraft Heinz Co.2 |
1,826,623 | |
| Health Care Equipment & Supplies — 1.9% | |||
| 39,918 |
Dexcom, Inc.1 |
2,377,117 | |
| 53,693 |
GE HealthCare Technologies, Inc. |
3,266,682 | |
| 21,920 |
Globus Medical, Inc. Class A1 |
1,976,746 | |
| 7,620,545 | |||
| Health Care Providers & Services — 2.0% | |||
| 9,809 |
Cencora, Inc. |
3,021,270 | |
| 12,953 |
Elevance Health, Inc. |
4,875,768 | |
| 7,897,038 | |||
| Hotel & Resort REITs — 0.6% | |||
| 110,873 |
Host Hotels & Resorts, Inc. |
2,342,746 | |
| Hotels, Restaurants & Leisure — 1.6% | |||
| 21,742 |
Airbnb, Inc. Class A1 |
3,051,707 | |
| 13,203 |
Expedia Group, Inc. |
3,279,229 | |
| 6,330,936 | |||
| Household Durables — 0.5% | |||
| 14,489 |
Toll Brothers, Inc. |
2,059,466 | |
| Household Products — 2.5% | |||
| 39,336 |
Church & Dwight Co., Inc. |
3,817,952 | |
| 22,438 |
Colgate-Palmolive Co. |
1,915,308 | |
| 28,564 |
Procter & Gamble Co. |
4,201,479 | |
| 9,934,739 | |||
| Insurance — 0.9% | |||
| 5,753 |
Aon PLC Class A |
1,792,922 | |
| 11,643 |
Marsh & McLennan Cos., Inc. |
1,952,648 | |
| 3,745,570 | |||
| Interactive Media & Services — 3.8% | |||
| 23,643 |
Alphabet, Inc. Class A |
9,097,826 | |
| 59,383 |
Match Group, Inc. |
2,222,112 | |
| 6,609 |
Meta Platforms, Inc. Class A |
4,044,113 | |
| 15,364,051 | |||
| 43 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| IT Services — 4.2% | |||
| 35,200 |
Amdocs Ltd. |
$2,276,384 | |
| 61,966 |
Cognizant Technology Solutions Corp. Class A |
3,278,001 | |
| 42,267 |
Okta, Inc.1 |
3,112,965 | |
| 54,590 |
Twilio, Inc. Class A1 |
8,082,595 | |
| 16,749,945 | |||
| Machinery — 1.7% | |||
| 7,414 |
Snap-on, Inc. |
2,842,527 | |
| 15,256 |
Westinghouse Air Brake Technologies Corp. |
4,117,442 | |
| 6,959,969 | |||
| Media — 2.8% | |||
| 104,428 |
Fox Corp. Class A |
6,630,134 | |
| 33,934 |
New York Times Co. Class A |
2,681,804 | |
| 80,130 |
News Corp. Class A |
2,109,021 | |
| 11,420,959 | |||
| Metals & Mining — 2.2% | |||
| 69,535 |
Freeport-McMoRan, Inc. |
4,017,733 | |
| 45,225 |
Newmont Corp. |
5,024,045 | |
| 9,041,778 | |||
| Oil, Gas & Consumable Fuels — 2.3% | |||
| 154,757 |
APA Corp. |
6,303,253 | |
| 54,996 |
Devon Energy Corp. |
2,825,144 | |
| 9,128,397 | |||
| Passenger Airlines — 1.3% | |||
| 74,616 |
Delta Air Lines, Inc. |
5,073,142 | |
| Pharmaceuticals — 1.9% | |||
| 63,711 |
Bristol-Myers Squibb Co. |
3,860,250 | |
| 32,021 |
Zoetis, Inc. |
3,681,454 | |
| 7,541,704 | |||
| Professional Services — 1.4% | |||
| 80,312 |
SS&C Technologies Holdings, Inc. |
5,565,622 | |
| Real Estate Management & Development — 1.6% | |||
| 44,298 |
CBRE Group, Inc. Class A1 |
6,322,654 | |
| Retail REITs — 1.4% | |||
| 28,525 |
Simon Property Group, Inc. |
5,810,828 | |
| Semiconductors & Semiconductor Equipment — 15.7% | |||
| 21,054 |
Applied Materials, Inc. |
8,305,593 | |
| 38,050 |
Cirrus Logic, Inc.1 |
6,205,194 | |
| 149,148 |
Intel Corp.1 |
14,091,503 | |
| 33,913 |
Lam Research Corp. |
8,744,806 | |
| 41,309 |
Marvell Technology, Inc. |
6,822,181 | |
| 17,126 |
Micron Technology, Inc. |
8,856,882 | |
| 100,275 |
ON Semiconductor Corp.1 |
10,108,723 | |
| 63,134,882 | |||
| Software — 6.2% | |||
| 84,805 |
Docusign, Inc.1 |
3,900,182 | |
| 133,310 |
Dropbox, Inc. Class A1 |
3,238,100 | |
| 70,616 |
Dynatrace, Inc.1 |
2,557,005 | |
| 20,466 |
Salesforce, Inc. |
3,612,863 | |
| 44 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Software — (Continued) | |||
| 326,970 |
UiPath, Inc. Class A1,2 |
$3,367,791 | |
| 86,690 |
Zoom Communications, Inc.1 |
8,421,934 | |
| 25,097,875 | |||
| Specialized REITs — 0.7% | |||
| 2,679 |
Equinix, Inc. |
2,900,902 | |
| Specialty Retail — 2.5% | |||
| 25,175 |
Ross Stores, Inc. |
5,734,613 | |
| 28,031 |
TJX Cos., Inc. |
4,393,859 | |
| 10,128,472 | |||
| Technology Hardware, Storage & Peripherals — 3.3% | |||
| 59,980 |
Everpure, Inc. Class A1 |
4,285,571 | |
| 308,125 |
Hewlett Packard Enterprise Co. |
8,864,756 | |
| 13,150,327 | |||
| Tobacco — 1.0% | |||
| 56,902 |
Altria Group, Inc. |
4,133,930 | |
|
TOTAL COMMON STOCKS (Cost $253,499,850) |
400,836,744 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.2% | |||
| $958,906 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $958,934, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $960,300, coupon rate of 4.375%, due 7/15/27, market value of $978,217) |
958,906 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $958,906) |
958,906 | ||
| Shares | |||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 1.3% | |||
| 5,066,754 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%3 |
5,066,754 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $5,066,754) |
5,066,754 | ||
|
TOTAL INVESTMENTS (Cost $259,525,510) |
100.9% | $406,862,404 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(0.9) | (3,645,539) | |
|
NET ASSETS |
100.0% | $403,216,865 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 2 | Securities or partial securities on loan. See Note 1. |
| 3 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 45 |
| Shares | Value | ||
| COMMON STOCKS* — 99.7% | |||
| Aerospace & Defense — 1.2% | |||
| 48,655 |
General Electric Co. |
$14,106,544 | |
| Air Freight & Logistics — 0.7% | |||
| 55,089 |
Expeditors International of Washington, Inc. |
8,147,112 | |
| Beverages — 1.5% | |||
| 229,526 |
Monster Beverage Corp.1 |
17,689,569 | |
| Biotechnology — 2.6% | |||
| 326,271 |
Incyte Corp.1 |
31,083,838 | |
| Broadline Retail — 0.8% | |||
| 88,645 |
eBay, Inc. |
9,172,985 | |
| Building Products — 2.5% | |||
| 59,616 |
Trane Technologies PLC |
29,363,265 | |
| Commercial Services & Supplies — 0.5% | |||
| 61,880 |
Veralto Corp. |
5,457,816 | |
| Communications Equipment — 3.7% | |||
| 249,441 |
Arista Networks, Inc.1 |
43,080,955 | |
| Electronic Equipment, Instruments & Components — 5.0% | |||
| 246,695 |
Amphenol Corp. Class A |
36,330,773 | |
| 67,101 |
Jabil, Inc. |
22,645,916 | |
| 58,976,689 | |||
| Entertainment — 4.7% | |||
| 131,698 |
Netflix, Inc.1 |
12,328,250 | |
| 179,746 |
Roku, Inc.1 |
20,951,194 | |
| 48,274 |
Spotify Technology SA1 |
21,556,754 | |
| 54,836,198 | |||
| Financial Services — 4.2% | |||
| 19,281 |
Corpay, Inc.1 |
5,909,048 | |
| 33,369 |
Mastercard, Inc. Class A |
16,781,937 | |
| 80,733 |
Visa, Inc. Class A |
26,628,973 | |
| 49,319,958 | |||
| Health Care Equipment & Supplies — 1.2% | |||
| 231,733 |
Dexcom, Inc.1 |
13,799,700 | |
| Health Care Providers & Services — 0.6% | |||
| 22,926 |
Cencora, Inc. |
7,061,437 | |
| Health Care Technology — 0.4% | |||
| 32,223 |
Veeva Systems, Inc. Class A1 |
5,025,821 | |
| Hotels, Restaurants & Leisure — 3.1% | |||
| 29,825 |
Booking Holdings, Inc. |
5,021,337 | |
| 219,623 |
Carnival Corp. |
5,822,206 | |
| 102,426 |
Expedia Group, Inc. |
25,439,546 | |
| 36,283,089 | |||
| Household Products — 0.9% | |||
| 125,567 |
Colgate-Palmolive Co. |
10,718,399 | |
| Insurance — 0.7% | |||
| 52,586 |
Marsh & McLennan Cos., Inc. |
8,819,198 | |
| 46 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Interactive Media & Services — 6.1% | |||
| 108,642 |
Alphabet, Inc. Class A |
$41,805,441 | |
| 48,504 |
Meta Platforms, Inc. Class A |
29,680,083 | |
| 71,485,524 | |||
| IT Services — 4.5% | |||
| 223,536 |
Okta, Inc.1 |
16,463,426 | |
| 248,977 |
Twilio, Inc. Class A1 |
36,863,535 | |
| 53,326,961 | |||
| Life Sciences Tools & Services — 1.0% | |||
| 78,251 |
IQVIA Holdings, Inc.1 |
12,392,611 | |
| Media — 0.6% | |||
| 307,996 |
Trade Desk, Inc. Class A1 |
7,265,626 | |
| Pharmaceuticals — 3.2% | |||
| 349,571 |
Bristol-Myers Squibb Co. |
21,180,507 | |
| 107,089 |
Merck & Co., Inc. |
11,691,977 | |
| 46,331 |
Zoetis, Inc. |
5,326,675 | |
| 38,199,159 | |||
| Professional Services — 1.6% | |||
| 65,328 |
Automatic Data Processing, Inc. |
13,845,616 | |
| 56,065 |
Paychex, Inc. |
5,193,301 | |
| 19,038,917 | |||
| Real Estate Management & Development — 0.5% | |||
| 18,604 |
Jones Lang LaSalle, Inc.1 |
5,918,491 | |
| Semiconductors & Semiconductor Equipment — 20.8% | |||
| 90,171 |
Applied Materials, Inc. |
35,571,558 | |
| 18,698 |
KLA Corp. |
32,728,044 | |
| 147,907 |
Lam Research Corp. |
38,139,299 | |
| 290,321 |
Marvell Technology, Inc. |
47,946,513 | |
| 11,657 |
Monolithic Power Systems, Inc. |
18,819,177 | |
| 184,334 |
NVIDIA Corp. |
36,787,537 | |
| 101,407 |
Teradyne, Inc. |
34,830,262 | |
| 244,822,390 | |||
| Software — 12.6% | |||
| 46,159 |
Adobe, Inc.1 |
11,359,730 | |
| 84,669 |
Autodesk, Inc.1 |
20,066,553 | |
| 200,706 |
Docusign, Inc.1 |
9,230,469 | |
| 274,322 |
Dynatrace, Inc.1 |
9,933,200 | |
| 336,090 |
Fortinet, Inc.1 |
28,335,748 | |
| 70,167 |
Microsoft Corp. |
28,612,699 | |
| 121,294 |
Salesforce, Inc. |
21,412,030 | |
| 220,169 |
ServiceNow, Inc.1 |
19,443,124 | |
| 148,393,553 | |||
| Specialized REITs — 0.8% | |||
| 68,864 |
Lamar Advertising Co. Class A |
9,492,214 | |
| Specialty Retail — 6.5% | |||
| 54,005 |
Ross Stores, Inc. |
12,301,799 | |
| 199,108 |
TJX Cos., Inc. |
31,210,179 | |
| 13,523 |
Ulta Beauty, Inc.1 |
7,268,342 | |
| 142,177 |
Williams-Sonoma, Inc. |
25,763,894 | |
| 76,544,214 | |||
| 47 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Technology Hardware, Storage & Peripherals — 5.2% | |||
| 86,647 |
Apple, Inc. |
$23,511,664 | |
| 93,573 |
Dell Technologies, Inc. Class C |
19,552,078 | |
| 259,522 |
Everpure, Inc. Class A1 |
18,542,847 | |
| 61,606,589 | |||
| Textiles, Apparel & Luxury Goods — 2.0% | |||
| 163,741 |
Tapestry, Inc. |
23,748,995 | |
|
TOTAL COMMON STOCKS (Cost $699,112,696) |
1,175,177,817 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.3% | |||
| $2,794,052 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $2,794,134, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $2,798,000, coupon rate of 4.375%, due 7/15/27, market value of $2,850,087) |
2,794,052 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $2,794,052) |
2,794,052 | ||
|
TOTAL INVESTMENTS (Cost $701,906,748) |
100.0% | $1,177,971,869 | |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.0 | 317,989 | |
|
NET ASSETS |
100.0% | $1,178,289,858 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 48 |
| Shares | Value | ||
| COMMON STOCKS* — 99.8% | |||
| Aerospace & Defense — 1.8% | |||
| 99 |
General Dynamics Corp. |
$34,086 | |
| 63 |
RTX Corp. |
11,092 | |
| 45,178 | |||
| Air Freight & Logistics — 1.5% | |||
| 96 |
FedEx Corp. |
38,718 | |
| Automobile Components — 1.0% | |||
| 466 |
BorgWarner, Inc. |
26,548 | |
| Banks — 5.8% | |||
| 209 |
Citizens Financial Group, Inc. |
13,595 | |
| 512 |
Columbia Banking System, Inc. |
15,155 | |
| 100 |
Popular, Inc. |
15,033 | |
| 923 |
Regions Financial Corp. |
26,352 | |
| 1,048 |
U.S. Bancorp |
59,380 | |
| 335 |
Zions Bancorp NA |
21,246 | |
| 150,761 | |||
| Beverages — 0.5% | |||
| 442 |
Keurig Dr. Pepper, Inc. |
12,995 | |
| Biotechnology — 1.9% | |||
| 68 |
Regeneron Pharmaceuticals, Inc. |
48,080 | |
| Broadline Retail — 2.3% | |||
| 572 |
eBay, Inc. |
59,191 | |
| Building Products — 2.4% | |||
| 425 |
Johnson Controls International PLC |
62,063 | |
| Capital Markets — 4.1% | |||
| 204 |
CME Group, Inc. |
58,715 | |
| 305 |
Intercontinental Exchange, Inc. |
48,218 | |
| 106,933 | |||
| Chemicals — 2.2% | |||
| 129 |
CF Industries Holdings, Inc. |
16,022 | |
| 283 |
Corteva, Inc. |
22,926 | |
| 401 |
DuPont de Nemours, Inc. |
18,309 | |
| 57,257 | |||
| Communications Equipment — 2.2% | |||
| 616 |
Cisco Systems, Inc. |
56,364 | |
| Consumer Finance — 1.6% | |||
| 919 |
Ally Financial, Inc. |
40,794 | |
| Consumer Staples Distribution & Retail — 1.3% | |||
| 267 |
Target Corp. |
34,643 | |
| Diversified Telecommunication Services — 1.4% | |||
| 1,307 |
Comcast Corp. Class A |
35,341 | |
| Electric Utilities — 3.7% | |||
| 463 |
Eversource Energy |
32,734 | |
| 1,101 |
Exelon Corp. |
50,635 | |
| 241 |
FirstEnergy Corp. |
11,452 | |
| 94,821 | |||
| 49 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Electrical Equipment — 1.9% | |||
| 117 |
AMETEK, Inc. |
$27,553 | |
| 156 |
Emerson Electric Co. |
21,909 | |
| 49,462 | |||
| Energy Equipment & Services — 3.0% | |||
| 1,029 |
TechnipFMC PLC |
77,762 | |
| Entertainment — 1.9% | |||
| 461 |
Walt Disney Co. |
47,829 | |
| Financial Services — 3.4% | |||
| 1,014 |
Corebridge Financial, Inc. |
27,926 | |
| 851 |
Fidelity National Information Services, Inc. |
39,597 | |
| 752 |
MGIC Investment Corp. |
19,913 | |
| 87,436 | |||
| Food Products — 0.6% | |||
| 734 |
Kraft Heinz Co. |
16,632 | |
| Health Care Equipment & Supplies — 0.4% | |||
| 115 |
Medtronic PLC |
9,312 | |
| Health Care Providers & Services — 5.6% | |||
| 91 |
Cardinal Health, Inc. |
17,552 | |
| 173 |
Cigna Group |
50,270 | |
| 571 |
CVS Health Corp. |
47,559 | |
| 75 |
Elevance Health, Inc. |
28,231 | |
| 143,612 | |||
| Hotel & Resort REITs — 1.1% | |||
| 1,345 |
Host Hotels & Resorts, Inc. |
28,420 | |
| Household Products — 3.3% | |||
| 117 |
Clorox Co. |
11,284 | |
| 244 |
Kimberly-Clark Corp. |
24,017 | |
| 347 |
Procter & Gamble Co. |
51,040 | |
| 86,341 | |||
| Industrial Conglomerates — 1.0% | |||
| 121 |
Honeywell International, Inc. |
25,934 | |
| Insurance — 3.0% | |||
| 109 |
Aflac, Inc. |
12,390 | |
| 177 |
Fidelity National Financial, Inc. |
9,257 | |
| 95 |
Hartford Insurance Group, Inc. |
12,997 | |
| 305 |
Old Republic International Corp. |
12,185 | |
| 391 |
Unum Group |
31,428 | |
| 78,257 | |||
| IT Services — 1.1% | |||
| 75 |
Accenture PLC Class A |
13,403 | |
| 114 |
Amdocs Ltd. |
7,372 | |
| 134 |
Cognizant Technology Solutions Corp. Class A |
7,089 | |
| 27,864 | |||
| Machinery — 0.6% | |||
| 200 |
Pentair PLC |
16,142 | |
| Media — 4.1% | |||
| 787 |
Fox Corp. Class A |
49,967 | |
| 50 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Media — (Continued) | |||
| 724 |
Omnicom Group, Inc. |
$55,545 | |
| 105,512 | |||
| Metals & Mining — 2.1% | |||
| 482 |
Newmont Corp. |
53,545 | |
| Oil, Gas & Consumable Fuels — 4.5% | |||
| 1,240 |
APA Corp. |
50,505 | |
| 467 |
Devon Energy Corp. |
23,990 | |
| 170 |
Exxon Mobil Corp. |
26,236 | |
| 262 |
Ovintiv, Inc. |
16,126 | |
| 116,857 | |||
| Passenger Airlines — 1.6% | |||
| 622 |
Delta Air Lines, Inc. |
42,290 | |
| Pharmaceuticals — 5.9% | |||
| 1,036 |
Bristol-Myers Squibb Co. |
62,771 | |
| 170 |
Jazz Pharmaceuticals PLC1 |
34,514 | |
| 130 |
Merck & Co., Inc. |
14,193 | |
| 1,505 |
Pfizer, Inc. |
40,184 | |
| 151,662 | |||
| Professional Services — 1.2% | |||
| 187 |
Paychex, Inc. |
17,322 | |
| 205 |
SS&C Technologies Holdings, Inc. |
14,206 | |
| 31,528 | |||
| Real Estate Management & Development — 1.2% | |||
| 225 |
CBRE Group, Inc. Class A1 |
32,114 | |
| Retail REITs — 1.8% | |||
| 741 |
Realty Income Corp. |
47,602 | |
| Semiconductors & Semiconductor Equipment — 5.5% | |||
| 114 |
Cirrus Logic, Inc.1 |
18,591 | |
| 990 |
Intel Corp.1 |
93,535 | |
| 436 |
Skyworks Solutions, Inc. |
30,594 | |
| 142,720 | |||
| Software — 2.5% | |||
| 61 |
Salesforce, Inc. |
10,768 | |
| 558 |
Zoom Communications, Inc.1 |
54,210 | |
| 64,978 | |||
| Specialized REITs — 1.5% | |||
| 1,350 |
VICI Properties, Inc. |
39,420 | |
| Specialty Retail — 1.4% | |||
| 398 |
Best Buy Co., Inc. |
24,075 | |
| 437 |
Gap, Inc. |
10,746 | |
| 34,821 | |||
| Technology Hardware, Storage & Peripherals — 2.5% | |||
| 2,207 |
Hewlett Packard Enterprise Co. |
63,495 | |
| Textiles, Apparel & Luxury Goods — 1.4% | |||
| 51 |
Ralph Lauren Corp. |
18,291 | |
| 131 |
Tapestry, Inc. |
19,000 | |
| 37,291 | |||
| 51 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Tobacco — 2.0% | |||
| 711 |
Altria Group, Inc. |
$51,654 | |
|
TOTAL COMMON STOCKS (Cost $1,941,113) |
2,580,179 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.5% | |||
| $13,767 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $13,767, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $13,800, coupon rate of 4.375%, due 7/15/27, market value of $14,071) |
13,767 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $13,767) |
13,767 | ||
|
TOTAL INVESTMENTS (Cost $1,954,880) |
100.3% | $2,593,946 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(0.3) | (8,220) | |
|
NET ASSETS |
100.0% | $2,585,726 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 52 |
| Shares | Value | ||
| COMMON STOCKS* — 98.8% | |||
| Aerospace & Defense — 0.8% | |||
| 228 |
AAR Corp.1 |
$25,164 | |
| Air Freight & Logistics — 0.5% | |||
| 1,995 |
Radiant Logistics, Inc.1 |
16,778 | |
| Automobile Components — 0.9% | |||
| 3,017 |
Dauch Corp.1 |
17,227 | |
| 96 |
Visteon Corp. |
10,724 | |
| 27,951 | |||
| Banks — 8.8% | |||
| 481 |
BankUnited, Inc. |
22,357 | |
| 700 |
Central Pacific Financial Corp. |
23,296 | |
| 389 |
Enterprise Financial Services Corp. |
22,492 | |
| 794 |
Hanmi Financial Corp. |
23,748 | |
| 265 |
Mid Penn Bancorp, Inc. |
8,737 | |
| 493 |
Origin Bancorp, Inc. |
23,082 | |
| 920 |
Provident Financial Services, Inc. |
20,865 | |
| 276 |
Renasant Corp. |
11,010 | |
| 569 |
S&T Bancorp, Inc. |
25,110 | |
| 1,270 |
Shore Bancshares, Inc. |
24,511 | |
| 460 |
South Plains Financial, Inc. |
18,897 | |
| 402 |
Southside Bancshares, Inc. |
13,278 | |
| 520 |
Third Coast Bancshares, Inc.1 |
19,417 | |
| 306 |
WSFS Financial Corp. |
22,023 | |
| 278,823 | |||
| Biotechnology — 6.8% | |||
| 620 |
Alkermes PLC1 |
20,900 | |
| 1,035 |
CareDx, Inc.1 |
21,538 | |
| 905 |
Catalyst Pharmaceuticals, Inc.1 |
25,458 | |
| 1,137 |
Keros Therapeutics, Inc.1 |
12,643 | |
| 7,490 |
MiMedx Group, Inc.1 |
25,166 | |
| 4,929 |
Myriad Genetics, Inc.1 |
23,413 | |
| 2,201 |
Prothena Corp. PLC1 |
24,343 | |
| 3,251 |
Rocket Pharmaceuticals, Inc.1,2 |
11,314 | |
| 918 |
Sarepta Therapeutics, Inc.1,2 |
19,168 | |
| 3,340 |
Vir Biotechnology, Inc.1 |
34,118 | |
| 218,061 | |||
| Broadline Retail — 0.7% | |||
| 1,480 |
Kohl’s Corp.2 |
20,972 | |
| Building Products — 2.6% | |||
| 544 |
Gibraltar Industries, Inc.1 |
21,232 | |
| 1,600 |
Hayward Holdings, Inc.1 |
24,016 | |
| 924 |
Resideo Technologies, Inc.1 |
38,226 | |
| 83,474 | |||
| Capital Markets — 0.9% | |||
| 1,616 |
WisdomTree, Inc.2 |
27,472 | |
| Chemicals — 0.8% | |||
| 354 |
Minerals Technologies, Inc. |
25,467 | |
| Commercial Services & Supplies — 2.5% | |||
| 5,370 |
ACCO Brands Corp. |
17,238 | |
| 571 |
HNI Corp. |
20,864 | |
| 683 |
Interface, Inc. |
19,042 | |
| 53 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Commercial Services & Supplies — (Continued) | |||
| 679 |
OPENLANE, Inc.1 |
$21,348 | |
| 78,492 | |||
| Communications Equipment — 0.8% | |||
| 728 |
NetScout Systems, Inc.1 |
24,534 | |
| Consumer Finance — 2.3% | |||
| 1,789 |
EZCORP, Inc. Class A1 |
58,643 | |
| 415 |
PROG Holdings, Inc. |
14,870 | |
| 73,513 | |||
| Containers & Packaging — 0.8% | |||
| 4,385 |
Ardagh Metal Packaging SA |
16,882 | |
| 1,060 |
O-I Glass, Inc.1 |
9,657 | |
| 26,539 | |||
| Diversified Consumer Services — 2.6% | |||
| 282 |
Covista, Inc.1 |
32,492 | |
| 413 |
Frontdoor, Inc.1 |
28,344 | |
| 720 |
Laureate Education, Inc.1 |
21,669 | |
| 82,505 | |||
| Diversified REITs — 1.1% | |||
| 1,236 |
Broadstone Net Lease, Inc. |
24,473 | |
| 291 |
Essential Properties Realty Trust, Inc. |
9,146 | |
| 33,619 | |||
| Diversified Telecommunication Services — 0.8% | |||
| 2,932 |
Liberty Latin America Ltd. Class C1 |
24,365 | |
| Electrical Equipment — 2.4% | |||
| 559 |
Allient, Inc. |
42,585 | |
| 166 |
EnerSys |
35,401 | |
| 77,986 | |||
| Electronic Equipment, Instruments & Components — 4.4% | |||
| 494 |
Benchmark Electronics, Inc. |
40,533 | |
| 130 |
Insight Enterprises, Inc.1 |
9,477 | |
| 281 |
Itron, Inc.1 |
23,548 | |
| 475 |
Napco Security Technologies, Inc. |
22,206 | |
| 62 |
Plexus Corp.1 |
15,536 | |
| 125 |
Sanmina Corp.1 |
27,227 | |
| 138,527 | |||
| Energy Equipment & Services — 1.8% | |||
| 820 |
Oceaneering International, Inc.1 |
30,783 | |
| 2,276 |
Oil States International, Inc.1 |
26,128 | |
| 56,911 | |||
| Entertainment — 0.8% | |||
| 856 |
Cinemark Holdings, Inc. |
25,269 | |
| Financial Services — 2.3% | |||
| 814 |
EVERTEC, Inc. |
24,037 | |
| 2,158 |
Pagseguro Digital Ltd. Class A |
21,623 | |
| 1,455 |
StoneCo Ltd. Class A |
15,976 | |
| 1,318 |
Western Union Co.2 |
11,981 | |
| 73,617 | |||
| 54 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Food Products — 0.5% | |||
| 1,102 |
Dole PLC |
$16,728 | |
| Gas Utilities — 0.7% | |||
| 420 |
Northwest Natural Holding Co. |
22,260 | |
| Health Care Equipment & Supplies — 2.1% | |||
| 527 |
Enovis Corp.1 |
12,353 | |
| 654 |
Novocure Ltd.1 |
9,947 | |
| 342 |
Omnicell, Inc.1 |
14,166 | |
| 674 |
Orthofix Medical, Inc.1,2 |
7,926 | |
| 1,906 |
Varex Imaging Corp.1 |
22,205 | |
| 66,597 | |||
| Health Care Providers & Services — 3.5% | |||
| 812 |
AMN Healthcare Services, Inc.1 |
16,622 | |
| 995 |
Castle Biosciences, Inc.1 |
24,367 | |
| 1,149 |
Pediatrix Medical Group, Inc.1 |
25,864 | |
| 1,367 |
Progyny, Inc.1 |
25,399 | |
| 3,831 |
Strata Critical Medical, Inc.1,2 |
19,232 | |
| 111,484 | |||
| Health Care Technology — 0.8% | |||
| 4,174 |
Teladoc Health, Inc.1,2 |
25,294 | |
| Hotel & Resort REITs — 1.4% | |||
| 2,171 |
DiamondRock Hospitality Co. |
22,144 | |
| 2,201 |
Sunstone Hotel Investors, Inc. |
21,614 | |
| 43,758 | |||
| Household Durables — 1.0% | |||
| 303 |
La-Z-Boy, Inc. |
10,526 | |
| 1,975 |
Leggett & Platt, Inc. |
21,468 | |
| 31,994 | |||
| Household Products — 1.5% | |||
| 656 |
Central Garden & Pet Co. Class A1 |
22,015 | |
| 298 |
Spectrum Brands Holdings, Inc. |
24,615 | |
| 46,630 | |||
| Industrial REITs — 0.2% | |||
| 181 |
STAG Industrial, Inc. |
6,983 | |
| Insurance — 1.9% | |||
| 1,173 |
Hamilton Insurance Group Ltd. Class B |
38,439 | |
| 72 |
HCI Group, Inc. |
11,057 | |
| 282 |
United Fire Group, Inc. |
11,371 | |
| 60,867 | |||
| Interactive Media & Services — 1.2% | |||
| 620 |
EverQuote, Inc. Class A1,2 |
8,940 | |
| 1,706 |
QuinStreet, Inc.1,2 |
21,769 | |
| 815 |
TripAdvisor, Inc.1,2 |
9,071 | |
| 39,780 | |||
| Leisure Equipment & Products — 0.9% | |||
| 4,977 |
Peloton Interactive, Inc. Class A1 |
27,125 | |
| Life Sciences Tools & Services — 1.6% | |||
| 1,351 |
10X Genomics, Inc. Class A1 |
29,789 | |
| 55 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Life Sciences Tools & Services — (Continued) | |||
| 891 |
Azenta, Inc.1,2 |
$21,892 | |
| 51,681 | |||
| Machinery — 6.2% | |||
| 124 |
Alamo Group, Inc. |
21,506 | |
| 329 |
Astec Industries, Inc. |
21,392 | |
| 412 |
Atmus Filtration Technologies, Inc. |
26,121 | |
| 2,813 |
Hillman Solutions Corp.1 |
22,954 | |
| 704 |
Kennametal, Inc. |
27,252 | |
| 1,872 |
Manitowoc Co., Inc.1 |
25,440 | |
| 966 |
Mueller Water Products, Inc. Class A |
26,942 | |
| 406 |
Terex Corp. |
25,253 | |
| 196,860 | |||
| Metals & Mining — 3.4% | |||
| 420 |
Commercial Metals Co. |
28,963 | |
| 936 |
Compass Minerals International, Inc.1 |
25,001 | |
| 1,783 |
Constellium SE1 |
55,772 | |
| 109,736 | |||
| Multi-Utilities — 0.9% | |||
| 436 |
Avista Corp. |
17,920 | |
| 153 |
Black Hills Corp. |
11,519 | |
| 29,439 | |||
| Office REITs — 0.8% | |||
| 1,126 |
Postal Realty Trust, Inc. Class A |
24,637 | |
| Oil, Gas & Consumable Fuels — 4.2% | |||
| 180 |
California Resources Corp. |
12,287 | |
| 635 |
Excelerate Energy, Inc. Class A2 |
22,162 | |
| 2,057 |
Green Plains, Inc.1 |
35,751 | |
| 550 |
Par Pacific Holdings, Inc.1 |
36,118 | |
| 1,061 |
World Kinect Corp. |
28,615 | |
| 134,933 | |||
| Personal Care Products — 0.9% | |||
| 622 |
Herbalife Ltd.1 |
10,325 | |
| 4,051 |
Niagen Bioscience, Inc.1,2 |
19,161 | |
| 29,486 | |||
| Pharmaceuticals — 3.1% | |||
| 513 |
Collegium Pharmaceutical, Inc.1 |
17,303 | |
| 781 |
Harmony Biosciences Holdings, Inc.1 |
24,414 | |
| 1,325 |
Pacira BioSciences, Inc.1 |
33,774 | |
| 1,840 |
Perrigo Co. PLC |
21,786 | |
| 97,277 | |||
| Professional Services — 0.7% | |||
| 255 |
Korn Ferry |
16,942 | |
| 577 |
Upwork, Inc.1,2 |
5,972 | |
| 22,914 | |||
| Real Estate Management & Development — 0.6% | |||
| 1,399 |
Cushman & Wakefield Ltd.1 |
19,642 | |
| Retail REITs — 0.8% | |||
| 773 |
InvenTrust Properties Corp. |
24,829 | |
| 56 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Semiconductors & Semiconductor Equipment — 2.9% | |||
| 672 |
ACM Research, Inc. Class A1 |
$34,736 | |
| 597 |
Penguin Solutions, Inc.1 |
18,155 | |
| 766 |
Photronics, Inc.1 |
37,901 | |
| 90,792 | |||
| Software — 6.1% | |||
| 1,201 |
A10 Networks, Inc. |
32,043 | |
| 1,363 |
Five9, Inc.1 |
23,443 | |
| 2,800 |
Freshworks, Inc. Class A1 |
22,848 | |
| 692 |
LiveRamp Holdings, Inc.1 |
20,227 | |
| 1,018 |
OneSpan, Inc. |
11,788 | |
| 3,720 |
PagerDuty, Inc.1 |
24,738 | |
| 2,664 |
Sprinklr, Inc. Class A1 |
13,107 | |
| 876 |
Teradata Corp.1 |
23,083 | |
| 5,844 |
Yext, Inc.1 |
22,558 | |
| 193,835 | |||
| Specialized REITs — 1.2% | |||
| 519 |
Outfront Media, Inc. |
16,011 | |
| 1,422 |
Safehold, Inc. |
22,781 | |
| 38,792 | |||
| Specialty Retail — 1.3% | |||
| 222 |
Abercrombie & Fitch Co. Class A1 |
18,948 | |
| 1,317 |
American Eagle Outfitters, Inc. |
22,942 | |
| 41,890 | |||
| Technology Hardware, Storage & Peripherals — 0.7% | |||
| 300 |
Diebold Nixdorf, Inc.1 |
23,043 | |
| Textiles, Apparel & Luxury Goods — 0.6% | |||
| 633 |
G-III Apparel Group Ltd. |
19,743 | |
| Trading Companies & Distributors — 0.5% | |||
| 2,802 |
Hudson Technologies, Inc.1 |
17,541 | |
| Water Utilities — 1.2% | |||
| 530 |
California Water Service Group |
22,387 | |
| 293 |
H2O America |
16,464 | |
| 38,851 | |||
|
TOTAL COMMON STOCKS (Cost $2,520,443) |
3,145,460 | ||
| RIGHTS* — 0.0% | |||
| Biotechnology — 0.0% | |||
| 1,505 |
Sage Therapeutics, Inc.1,3 |
271 | |
|
TOTAL RIGHTS (Cost $271) |
271 | ||
| 57 |
| Face Amount |
Value | ||
| REPURCHASE AGREEMENT* — 0.5% | |||
| $16,867 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $16,867, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $16,900, coupon rate of 4.375%, due 7/15/27, market value of $17,224) |
$16,867 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $16,867) |
16,867 | ||
| Shares | |||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 5.9% | |||
| 187,934 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%4 |
187,934 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $187,934) |
187,934 | ||
|
TOTAL INVESTMENTS (Cost $2,725,515) |
105.2% | $3,350,532 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(5.2) | (166,997) | |
|
NET ASSETS |
100.0% | $3,183,535 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 2 | Securities or partial securities on loan. See Note 1. |
| 3 | For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 1 of the Notes to Financial Statements). |
| 4 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 58 |
| Shares | Value | ||
| COMMON STOCKS* — 98.8% | |||
| Japan — 20.8% | |||
| 54,200 |
Aisin Corp. |
$861,529 | |
| 40,100 |
Asahi Group Holdings Ltd. |
396,505 | |
| 153,700 |
Asahi Kasei Corp. |
1,507,007 | |
| 17,400 |
Asics Corp. |
492,586 | |
| 99,800 |
Astellas Pharma, Inc. |
1,422,846 | |
| 15,200 |
Canon, Inc. |
389,041 | |
| 33,800 |
Daifuku Co. Ltd.1 |
1,463,792 | |
| 34,500 |
Daiichi Sankyo Co. Ltd. |
570,427 | |
| 44,500 |
Fujitsu Ltd. |
903,900 | |
| 34,500 |
Japan Post Bank Co. Ltd. |
592,574 | |
| 30,900 |
KDDI Corp. |
509,720 | |
| 26,100 |
Komatsu Ltd. |
1,093,147 | |
| 6,700 |
Lasertec Corp.1 |
1,826,981 | |
| 30,000 |
Obayashi Corp. |
701,159 | |
| 35,200 |
Ono Pharmaceutical Co. Ltd. |
518,484 | |
| 17,300 |
Otsuka Corp. |
320,297 | |
| 20,100 |
Recruit Holdings Co. Ltd. |
937,628 | |
| 35,100 |
Renesas Electronics Corp. |
720,138 | |
| 53,000 |
Sanrio Co. Ltd.1 |
309,763 | |
| 76,700 |
SBI Holdings, Inc. |
1,547,669 | |
| 22,200 |
Sekisui Chemical Co. Ltd. |
335,861 | |
| 37,000 |
Sekisui House Ltd. |
805,915 | |
| 31,500 |
Shionogi & Co. Ltd. |
637,827 | |
| 67,700 |
Sony Group Corp. |
1,346,173 | |
| 90,100 |
Suzuki Motor Corp. |
1,006,291 | |
| 21,217,260 | |||
| Canada — 13.0% | |||
| 4,298 |
Agnico Eagle Mines Ltd. |
808,214 | |
| 4,000 |
Bank of Montreal |
609,092 | |
| 17,400 |
Bank of Nova Scotia |
1,353,725 | |
| 27,300 |
Barrick Mining Corp. |
1,072,626 | |
| 8,100 |
Canadian Imperial Bank of Commerce |
903,830 | |
| 32,900 |
Cenovus Energy, Inc. |
962,525 | |
| 7,900 |
CGI, Inc. |
517,090 | |
| 6,400 |
Imperial Oil Ltd. |
857,322 | |
| 10,700 |
Magna International, Inc. |
680,984 | |
| 30,600 |
Manulife Financial Corp. |
1,203,185 | |
| 10,100 |
Nutrien Ltd. |
767,714 | |
| 14,500 |
Rogers Communications, Inc. Class B |
527,865 | |
| 20,929 |
Suncor Energy, Inc. |
1,434,145 | |
| 14,300 |
Toronto-Dominion Bank |
1,540,486 | |
| 13,238,803 | |||
| United Kingdom — 12.5% | |||
| 10,900 |
Admiral Group PLC |
501,031 | |
| 118,700 |
Autotrader Group PLC2 |
801,144 | |
| 11,200 |
British American Tobacco PLC |
658,842 | |
| 128,600 |
CK Hutchison Holdings Ltd. |
1,068,041 | |
| 52,800 |
GSK PLC |
1,385,581 | |
| 49,800 |
HSBC Holdings PLC |
914,154 | |
| 34,300 |
Imperial Brands PLC |
1,307,331 | |
| 248,500 |
Kingfisher PLC |
968,451 | |
| 61,118 |
NatWest Group PLC |
486,689 | |
| 2,700 |
Next PLC |
475,602 | |
| 41,500 |
Pearson PLC1 |
610,735 | |
| 17,640 |
Reckitt Benckiser Group PLC |
1,122,890 | |
| 59 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| United Kingdom — (Continued) | |||
| 61,900 |
Smith & Nephew PLC |
$957,700 | |
| 917,100 |
Vodafone Group PLC |
1,463,214 | |
| 12,721,405 | |||
| Germany — 8.4% | |||
| 3,300 |
Allianz SE |
1,506,614 | |
| 24,000 |
Deutsche Bank AG |
746,441 | |
| 11,800 |
Deutsche Telekom AG |
381,819 | |
| 31,900 |
Fresenius Medical Care AG |
1,445,536 | |
| 10,700 |
GEA Group AG |
732,762 | |
| 1,800 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
1,079,101 | |
| 5,800 |
SAP SE |
990,443 | |
| 8,000 |
Siemens Energy AG |
1,695,501 | |
| 8,578,217 | |||
| Spain — 7.1% | |||
| 1,900 |
Acciona SA1 |
551,686 | |
| 10,381 |
ACS Actividades de Construccion y Servicios SA |
1,493,716 | |
| 64,800 |
Banco Bilbao Vizcaya Argentaria SA |
1,430,548 | |
| 66,500 |
Banco Santander SA |
810,135 | |
| 119,100 |
CaixaBank SA |
1,515,233 | |
| 45,900 |
Naturgy Energy Group SA |
1,442,653 | |
| 7,243,971 | |||
| France — 6.9% | |||
| 14,400 |
BNP Paribas SA |
1,508,037 | |
| 5,700 |
Capgemini SE |
689,050 | |
| 14,600 |
Carrefour SA |
290,443 | |
| 26,300 |
Credit Agricole SA |
512,238 | |
| 5,800 |
Eiffage SA |
932,582 | |
| 7,700 |
Ipsen SA |
1,509,196 | |
| 13,078 |
Orange SA |
272,751 | |
| 3,695 |
Publicis Groupe SA |
344,242 | |
| 6,500 |
Vinci SA |
980,291 | |
| 7,038,830 | |||
| Hong Kong — 4.2% | |||
| 204,700 |
CK Asset Holdings Ltd. |
1,276,941 | |
| 13,500 |
Hong Kong Exchanges & Clearing Ltd. |
710,808 | |
| 78,100 |
Sun Hung Kai Properties Ltd. |
1,354,099 | |
| 804,300 |
WH Group Ltd.2 |
977,585 | |
| 4,319,433 | |||
| Italy — 3.7% | |||
| 17,600 |
Banca Mediolanum SpA |
384,826 | |
| 14,200 |
Coca-Cola HBC AG Class DI |
827,009 | |
| 49,900 |
Eni SpA |
1,405,563 | |
| 55,500 |
Italgas SpA |
670,265 | |
| 17,200 |
Ryanair Holdings PLC |
452,588 | |
| 3,740,251 | |||
| United States — 3.6% | |||
| 315 |
AP Moller - Maersk AS Class B |
746,295 | |
| 16,100 |
Sanofi SA |
1,508,260 | |
| 31,900 |
Shell PLC |
1,443,747 | |
| 3,698,302 | |||
| 60 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Australia — 3.1% | |||
| 25,800 |
Brambles Ltd. |
$420,346 | |
| 55,600 |
Computershare Ltd. |
1,208,082 | |
| 70,300 |
QBE Insurance Group Ltd. |
1,130,683 | |
| 17,400 |
Woodside Energy Group Ltd.1 |
420,286 | |
| 3,179,397 | |||
| Netherlands — 3.1% | |||
| 500 |
ASM International NV |
487,417 | |
| 1,010 |
ASML Holding NV |
1,449,016 | |
| 4,900 |
Euronext NV1,2 |
821,801 | |
| 8,600 |
Koninklijke Ahold Delhaize NV |
403,937 | |
| 3,162,171 | |||
| Switzerland — 2.7% | |||
| 13,000 |
ABB Ltd. |
1,305,075 | |
| 9,500 |
Logitech International SA |
933,039 | |
| 680 |
Zurich Insurance Group AG |
473,263 | |
| 2,711,377 | |||
| Finland — 1.8% | |||
| 22,400 |
Metso OYJ |
385,933 | |
| 34,843 |
Wartsila OYJ Abp |
1,461,942 | |
| 1,847,875 | |||
| Belgium — 1.7% | |||
| 4,700 |
KBC Group NV |
624,704 | |
| 4,200 |
UCB SA3 |
1,139,661 | |
| 1,764,365 | |||
| Brazil — 1.3% | |||
| 23,200 |
Yara International ASA |
1,349,725 | |
| Ireland — 1.1% | |||
| 99,600 |
AIB Group PLC |
1,145,342 | |
| Sweden — 1.0% | |||
| 19,400 |
Boliden AB |
1,008,794 | |
| Israel — 0.9% | |||
| 77,000 |
Israel Discount Bank Ltd. Class A |
857,312 | |
| China — 0.7% | |||
| 125,735 |
BOC Hong Kong Holdings Ltd. |
717,889 | |
| Luxembourg — 0.7% | |||
| 11,900 |
ArcelorMittal SA |
687,707 | |
| Denmark — 0.5% | |||
| 3,900 |
Carlsberg AS Class B |
528,114 | |
|
TOTAL COMMON STOCKS (Cost $85,193,488) |
100,756,540 | ||
| 61 |
| Face Amount |
Value | ||
| REPURCHASE AGREEMENT*—1.7% | |||
| $1,762,645 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $1,762,696, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $1,765,100, coupon rate of 4.375%, due 7/15/27, market value of $1,797,923) |
$1,762,645 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $1,762,645) |
1,762,645 | ||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 5.5% | |||
| 5,581,292 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%4 |
5,581,292 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $5,581,292) |
5,581,292 | ||
|
TOTAL INVESTMENTS (Cost $92,537,425) |
106.0% | $108,100,477 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(6.0) | (6,129,537) | |
|
NET ASSETS |
100.0% | $101,970,940 | |
| * | Percentages indicated are based on net assets. |
| 1 | Securities or partial securities on loan. See Note 1. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified buyers. At April 30, 2026, these securities, which are not illiquid, amounted to $2,600,530 or 2.6% of net assets for the Fund. |
| 3 | Non income-producing security. |
| 4 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 62 |
| Shares | Value | ||
| COMMON STOCKS* — 99.3% | |||
| Banks — 21.9% | |||
| 4,863 |
Bank OZK |
$234,202 | |
| 4,234 |
Citizens Financial Group, Inc. |
275,422 | |
| 8,205 |
Columbia Banking System, Inc. |
242,868 | |
| 10,223 |
First Horizon Corp. |
255,166 | |
| 13,886 |
FNB Corp. |
247,865 | |
| 1,185 |
M&T Bank Corp. |
259,076 | |
| 2,538 |
Pinnacle Financial Partners, Inc. |
251,110 | |
| 1,903 |
Popular, Inc. |
286,078 | |
| 8,926 |
Regions Financial Corp. |
254,837 | |
| 4,526 |
U.S. Bancorp |
256,443 | |
| 3,799 |
Webster Financial Corp. |
274,896 | |
| 3,700 |
Zions Bancorp NA |
234,654 | |
| 3,072,617 | |||
| Building Products — 1.7% | |||
| 659 |
Carlisle Cos., Inc. |
234,116 | |
| Capital Markets — 1.0% | |||
| 1,056 |
Bank of New York Mellon Corp. |
141,895 | |
| Chemicals — 5.3% | |||
| 13,320 |
Dow, Inc. |
539,327 | |
| 4,557 |
DuPont de Nemours, Inc. |
208,072 | |
| 747,399 | |||
| Commercial Services & Supplies — 1.5% | |||
| 1,008 |
Republic Services, Inc. |
210,894 | |
| Communications Equipment — 5.3% | |||
| 3,969 |
Cisco Systems, Inc. |
363,164 | |
| 1,178 |
F5, Inc.1 |
381,554 | |
| 744,718 | |||
| Containers & Packaging — 1.9% | |||
| 27,440 |
Graphic Packaging Holding Co. |
261,503 | |
| Electric Utilities — 9.1% | |||
| 3,500 |
Alliant Energy Corp. |
257,005 | |
| 1,932 |
American Electric Power Co., Inc. |
264,897 | |
| 3,838 |
Edison International |
266,703 | |
| 3,279 |
Eversource Energy |
231,825 | |
| 2,509 |
Pinnacle West Capital Corp. |
260,233 | |
| 1,280,663 | |||
| Electrical Equipment — 1.9% | |||
| 6,475 |
Sensata Technologies Holding PLC |
269,619 | |
| Electronic Equipment, Instruments & Components — 3.0% | |||
| 4,664 |
Flex Ltd.1 |
426,989 | |
| Financial Services — 3.0% | |||
| 6,856 |
Corebridge Financial, Inc. |
188,814 | |
| 2,816 |
Voya Financial, Inc. |
230,800 | |
| 419,614 | |||
| Independent Power & Renewable Electricity Producers — 3.5% | |||
| 16,124 |
AES Corp. |
232,992 | |
| 6,500 |
Clearway Energy, Inc. Class C |
262,340 | |
| 495,332 | |||
| 63 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Industrial REITs — 1.8% | |||
| 1,742 |
Prologis, Inc. |
$247,399 | |
| IT Services — 5.5% | |||
| 3,475 |
Akamai Technologies, Inc.1 |
357,856 | |
| 3,616 |
Cognizant Technology Solutions Corp. Class A |
191,286 | |
| 20,039 |
DXC Technology Co.1 |
226,841 | |
| 775,983 | |||
| Machinery — 3.3% | |||
| 2,233 |
Allison Transmission Holdings, Inc. |
300,003 | |
| 2,028 |
Pentair PLC |
163,680 | |
| 463,683 | |||
| Metals & Mining — 3.2% | |||
| 6,957 |
Alcoa Corp. |
443,787 | |
| Oil, Gas & Consumable Fuels — 4.5% | |||
| 4,586 |
HF Sinclair Corp. |
308,225 | |
| 1,310 |
Valero Energy Corp. |
330,880 | |
| 639,105 | |||
| Professional Services — 2.5% | |||
| 4,618 |
Genpact Ltd. |
160,475 | |
| 4,969 |
KBR, Inc. |
186,288 | |
| 346,763 | |||
| Real Estate Management & Development — 1.2% | |||
| 2,812 |
Howard Hughes Holdings, Inc.1 |
175,103 | |
| Residential REITs — 3.0% | |||
| 1,170 |
AvalonBay Communities, Inc. |
214,110 | |
| 808 |
Essex Property Trust, Inc. |
212,674 | |
| 426,784 | |||
| Semiconductors & Semiconductor Equipment — 8.5% | |||
| 2,503 |
Cirrus Logic, Inc.1 |
408,189 | |
| 8,400 |
Intel Corp.1 |
793,632 | |
| 1,201,821 | |||
| Software — 2.1% | |||
| 11,067 |
Teradata Corp.1 |
291,616 | |
| Specialized REITs — 1.5% | |||
| 1,171 |
American Tower Corp. |
213,953 | |
| Technology Hardware, Storage & Peripherals — 3.1% | |||
| 15,076 |
Hewlett Packard Enterprise Co. |
433,737 | |
|
TOTAL COMMON STOCKS (Cost $11,223,021) |
13,965,093 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.5% | |||
| $69,221 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $69,223, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $69,400, coupon rate of 4.375%, due 7/15/27, market value of $70,775) |
69,221 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $69,221) |
69,221 | ||
| 64 |
| Face Amount |
Value | ||
|
TOTAL INVESTMENTS (Cost $11,292,242) |
99.8% | $14,034,314 | |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.2 | 23,387 | |
|
NET ASSETS |
100.0% | $14,057,701 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 65 |
| Shares | Value | ||
| COMMON STOCKS* — 99.4% | |||
| Banks — 4.6% | |||
| 3,297 |
Truist Financial Corp. |
$169,795 | |
| Biotechnology — 4.3% | |||
| 5,582 |
Catalyst Pharmaceuticals, Inc.1 |
157,022 | |
| Building Products — 3.7% | |||
| 1,118 |
Owens Corning |
137,894 | |
| Capital Markets — 3.5% | |||
| 897 |
Virtus Investment Partners, Inc. |
130,558 | |
| Chemicals — 4.7% | |||
| 2,416 |
Minerals Technologies, Inc. |
173,807 | |
| Construction & Engineering — 4.5% | |||
| 187 |
EMCOR Group, Inc. |
166,742 | |
| Distributors — 4.0% | |||
| 4,688 |
LKQ Corp. |
148,047 | |
| Financial Services — 3.8% | |||
| 1,921 |
Euronet Worldwide, Inc.1 |
139,042 | |
| Food Products — 3.5% | |||
| 4,920 |
Smithfield Foods, Inc. |
129,298 | |
| Health Care Equipment & Supplies — 4.7% | |||
| 1,933 |
Globus Medical, Inc. Class A1 |
174,318 | |
| Health Care Providers & Services — 3.8% | |||
| 1,870 |
Henry Schein, Inc.1 |
139,483 | |
| Hotels, Restaurants & Leisure — 4.3% | |||
| 4,041 |
MGM Resorts International1 |
157,357 | |
| Insurance — 3.8% | |||
| 460 |
RenaissanceRe Holdings Ltd. |
141,206 | |
| Interactive Media & Service — 3.9% | |||
| 3,909 |
Cargurus, Inc.1 |
142,522 | |
| IT Services — 3.2% | |||
| 1,584 |
Okta, Inc.1 |
116,662 | |
| Leisure Equipment & Products — 3.6% | |||
| 3,348 |
YETI Holdings, Inc.1 |
132,112 | |
| Multi-Utilities — 3.9% | |||
| 1,911 |
Black Hills Corp. |
143,879 | |
| Oil, Gas & Consumable Fuels — 4.1% | |||
| 5,670 |
World Kinect Corp. |
152,920 | |
| Professional Services — 6.6% | |||
| 275 |
CACI International, Inc. Class A1 |
142,874 | |
| 6,752 |
Verra Mobility Corp.1 |
100,132 | |
| 243,006 | |||
| Retail REITs — 4.5% | |||
| 5,166 |
InvenTrust Properties Corp. |
165,932 | |
| Software — 10.8% | |||
| 4,815 |
Braze, Inc. Class A1 |
106,074 | |
| 3,429 |
Dynatrace, Inc.1 |
124,164 | |
| 66 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Software — (Continued) | |||
| 1,712 |
Zoom Communications, Inc.1 |
$166,321 | |
| 396,559 | |||
| Trading Companies & Distributors — 5.6% | |||
| 591 |
WESCO International, Inc. |
206,330 | |
|
TOTAL COMMON STOCKS (Cost $3,550,354) |
3,664,491 | ||
|
TOTAL INVESTMENTS (Cost $3,550,354) |
99.4% | $3,664,491 | |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.6 | 20,730 | |
|
NET ASSETS |
100.0% | $3,685,221 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 67 |
| Shares | Value | ||
| COMMON STOCKS* — 95.6% | |||
| Aerospace & Defense — 0.5% | |||
| 700 |
General Electric Co.1 |
$202,951 | |
| Automobile Components — 1.1% | |||
| 7,360 |
Aptiv PLC2 |
443,514 | |
| Automobiles — 1.0% | |||
| 5,320 |
General Motors Co. |
409,055 | |
| Banks — 2.1% | |||
| 4,680 |
Hancock Whitney Corp. |
315,947 | |
| 7,686 |
Old National Bancorp |
184,233 | |
| 12,380 |
Regions Financial Corp. |
353,449 | |
| 853,629 | |||
| Beverages — 2.0% | |||
| 1,900 |
Boston Beer Co., Inc. Class A2 |
450,376 | |
| 4,820 |
Monster Beverage Corp.2 |
371,477 | |
| 821,853 | |||
| Biotechnology — 3.1% | |||
| 25,720 |
Catalyst Pharmaceuticals, Inc.2 |
723,504 | |
| 2,160 |
Incyte Corp.2 |
205,783 | |
| 8,200 |
Moderna, Inc.2 |
376,708 | |
| 1,305,995 | |||
| Broadline Retail — 2.1% | |||
| 8,320 |
eBay, Inc. |
860,954 | |
| Capital Markets — 4.0% | |||
| 1,940 |
CME Group, Inc.1 |
558,371 | |
| 2,780 |
Intercontinental Exchange, Inc.1 |
439,490 | |
| 4,560 |
Nasdaq, Inc.1 |
419,109 | |
| 2,820 |
SEI Investments Co.1 |
255,718 | |
| 1,672,688 | |||
| Chemicals — 0.6% | |||
| 3,100 |
Corteva, Inc. |
251,131 | |
| Commercial Services & Supplies — 1.0% | |||
| 12,800 |
Tetra Tech, Inc. |
413,696 | |
| Construction & Engineering — 2.3% | |||
| 5,980 |
AECOM1 |
502,918 | |
| 4,440 |
API Group Corp.1,2 |
202,997 | |
| 260 |
EMCOR Group, Inc.1 |
231,834 | |
| 937,749 | |||
| Diversified Consumer Services — 1.2% | |||
| 5,120 |
Stride, Inc.2,3 |
497,459 | |
| Diversified Telecommunication Services — 1.0% | |||
| 16,020 |
AT&T, Inc. |
418,603 | |
| Electric Utilities — 1.9% | |||
| 8,180 |
Edison International |
568,428 | |
| 3,100 |
Eversource Energy |
219,170 | |
| 787,598 | |||
| Electrical Equipment — 1.4% | |||
| 2,790 |
EnerSys1 |
594,995 | |
| 68 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Electronic Equipment, Instruments & Components — 4.3% | |||
| 5,440 |
Amphenol Corp. Class A |
$801,149 | |
| 4,480 |
Sanmina Corp.2 |
975,833 | |
| 1,776,982 | |||
| Energy Equipment & Services — 2.8% | |||
| 12,480 |
Baker Hughes Co. |
869,482 | |
| 23,800 |
Patterson-UTI Energy, Inc. |
290,836 | |
| 1,160,318 | |||
| Entertainment — 0.5% | |||
| 2,200 |
Walt Disney Co. |
228,250 | |
| Financial Services — 7.5% | |||
| 700 |
Corpay, Inc.1,2 |
214,529 | |
| 5,160 |
Global Payments, Inc.1 |
371,314 | |
| 1,600 |
Jack Henry & Associates, Inc.1 |
246,000 | |
| 820 |
Mastercard, Inc. Class A1 |
412,394 | |
| 15,480 |
MGIC Investment Corp.1 |
409,910 | |
| 7,340 |
PayPal Holdings, Inc.1 |
368,028 | |
| 18,920 |
Radian Group, Inc.1 |
677,903 | |
| 1,340 |
Visa, Inc. Class A1 |
441,986 | |
| 3,142,064 | |||
| Food Products — 0.7% | |||
| 20,380 |
Dole PLC |
309,368 | |
| Health Care Equipment & Supplies — 1.8% | |||
| 20,100 |
Envista Holdings Corp.2 |
521,394 | |
| 3,300 |
Merit Medical Systems, Inc.2 |
224,994 | |
| 746,388 | |||
| Hotels, Restaurants & Leisure — 3.7% | |||
| 2,200 |
Airbnb, Inc. Class A2 |
308,792 | |
| 9,460 |
Aramark |
432,227 | |
| 1,680 |
Expedia Group, Inc. |
417,262 | |
| 6,820 |
Las Vegas Sands Corp. |
372,440 | |
| 1,530,721 | |||
| Household Products — 1.5% | |||
| 4,700 |
Colgate-Palmolive Co. |
401,192 | |
| 1,380 |
Procter & Gamble Co. |
202,984 | |
| 604,176 | |||
| Industrial REITs — 1.0% | |||
| 10,660 |
STAG Industrial, Inc. |
411,263 | |
| Insurance — 2.8% | |||
| 1,260 |
Aon PLC Class A |
392,679 | |
| 2,360 |
Marsh & McLennan Cos., Inc. |
395,796 | |
| 1,400 |
Willis Towers Watson PLC |
358,680 | |
| 1,147,155 | |||
| Interactive Media & Services — 2.0% | |||
| 11,960 |
Match Group, Inc. |
447,543 | |
| 620 |
Meta Platforms, Inc. Class A |
379,384 | |
| 826,927 | |||
| IT Services — 3.8% | |||
| 2,180 |
Accenture PLC Class A |
389,588 | |
| 69 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| IT Services — (Continued) | |||
| 8,800 |
Amdocs Ltd. |
$569,096 | |
| 7,580 |
Cognizant Technology Solutions Corp. Class A |
400,982 | |
| 1,580 |
Twilio, Inc. Class A2 |
233,935 | |
| 1,593,601 | |||
| Life Sciences Tools & Services — 0.5% | |||
| 1,200 |
IQVIA Holdings, Inc.2 |
190,044 | |
| Machinery — 4.4% | |||
| 28,720 |
Gates Industrial Corp. PLC1,2 |
735,519 | |
| 2,040 |
ITT, Inc.1 |
437,254 | |
| 5,000 |
Mueller Industries, Inc.1 |
677,150 | |
| 1,849,923 | |||
| Media — 2.3% | |||
| 9,400 |
Fox Corp. Class A |
596,806 | |
| 4,440 |
New York Times Co. Class A |
350,893 | |
| 947,699 | |||
| Metals & Mining — 1.0% | |||
| 6,160 |
Commercial Metals Co. |
424,794 | |
| Multi-Utilities — 1.6% | |||
| 13,720 |
NiSource, Inc. |
662,402 | |
| Oil, Gas & Consumable Fuels — 1.0% | |||
| 15,140 |
World Kinect Corp. |
408,326 | |
| Passenger Airlines — 1.4% | |||
| 7,340 |
SkyWest, Inc.2 |
602,761 | |
| Personal Care Products — 0.5% | |||
| 2,240 |
Interparfums, Inc.3 |
204,333 | |
| Pharmaceuticals — 1.2% | |||
| 22,540 |
Elanco Animal Health, Inc.2,3 |
504,220 | |
| Professional Services — 3.3% | |||
| 16,420 |
Genpact Ltd. |
570,595 | |
| 3,880 |
Jacobs Solutions, Inc. |
502,111 | |
| 8,560 |
KBR, Inc. |
320,914 | |
| 1,393,620 | |||
| Real Estate Management & Development — 1.9% | |||
| 1,140 |
CBRE Group, Inc. Class A2 |
162,712 | |
| 2,040 |
Jones Lang LaSalle, Inc.2 |
648,985 | |
| 811,697 | |||
| Retail REITs — 1.9% | |||
| 13,840 |
Brixmor Property Group, Inc. |
416,446 | |
| 15,900 |
Kimco Realty Corp. |
375,876 | |
| 792,322 | |||
| Semiconductors & Semiconductor Equipment — 6.1% | |||
| 2,060 |
Applied Materials, Inc. |
812,649 | |
| 3,020 |
Lam Research Corp. |
778,737 | |
| 6,780 |
ON Semiconductor Corp.2 |
683,492 | |
| 3,900 |
Skyworks Solutions, Inc. |
273,663 | |
| 2,548,541 | |||
| 70 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Software — 1.4% | |||
| 1,000 |
Adobe, Inc.2 |
$246,100 | |
| 10,180 |
BlackLine, Inc.2,3 |
318,125 | |
| 564,225 | |||
| Specialized REITs — 1.4% | |||
| 19,340 |
VICI Properties, Inc. |
564,728 | |
| Specialty Retail — 2.2% | |||
| 13,380 |
Gap, Inc. |
329,014 | |
| 2,600 |
TJX Cos., Inc. |
407,550 | |
| 2,740 |
Urban Outfitters, Inc.2 |
192,732 | |
| 929,296 | |||
| Technology Hardware, Storage & Peripherals — 0.8% | |||
| 15,640 |
HP, Inc. |
326,250 | |
| Textiles, Apparel & Luxury Goods — 0.9% | |||
| 1,080 |
Ralph Lauren Corp. |
387,331 | |
| Trading Companies & Distributors — 4.1% | |||
| 10,807 |
Rush Enterprises, Inc. Class A1 |
800,042 | |
| 2,638 |
WESCO International, Inc.1 |
920,979 | |
| 1,721,021 | |||
|
TOTAL COMMON STOCKS (Cost $28,443,664) |
39,782,616 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 4.1% | |||
| $1,723,857 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $1,723,908, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $1,726,300, coupon rate of 4.375%, due 7/15/27, market value of $1,758,444) |
1,723,857 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $1,723,857) |
1,723,857 | ||
| Shares | |||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 2.6% | |||
| 1,085,856 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%4 |
1,085,856 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $1,085,856) |
1,085,856 | ||
|
TOTAL LONG INVESTMENTS (Cost $31,253,377) |
102.3% | $42,592,329 | |
| COMMON STOCKS SOLD SHORT* — (65.9)% | |||
| Aerospace & Defense — (4.1)% | |||
| (660) |
Axon Enterprise, Inc.2 |
(265,162) | |
| (3,020) |
Boeing Co.2 |
(691,670) | |
| (560) |
Northrop Grumman Corp. |
(324,509) | |
| (380) |
TransDigm Group, Inc. |
(440,792) | |
| (1,722,133) | |||
| Automobile Components — (1.0)% | |||
| (1,960) |
Dorman Products, Inc.2 |
(220,520) | |
| (28,800) |
QuantumScape Corp.2 |
(209,952) | |
| (430,472) | |||
| 71 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Automobiles — (0.7)% | |||
| (800) |
Tesla, Inc.2 |
$(305,304) | |
| Banks — (1.9)% | |||
| (14,980) |
TFS Financial Corp. |
(225,299) | |
| (6,080) |
Triumph Financial, Inc.2 |
(411,494) | |
| (2,060) |
Wells Fargo & Co. |
(169,394) | |
| (806,187) | |||
| Beverages — (0.5)% | |||
| (7,520) |
Brown-Forman Corp. Class A |
(197,626) | |
| Building Products — (2.7)% | |||
| (7,700) |
Carrier Global Corp. |
(517,209) | |
| (840) |
Lennox International, Inc. |
(449,308) | |
| (4,060) |
Trex Co., Inc.2 |
(159,152) | |
| (1,125,669) | |||
| Capital Markets — (4.1)% | |||
| (1,780) |
Blackstone, Inc. |
(223,532) | |
| (2,340) |
Coinbase Global, Inc. Class A2 |
(439,382) | |
| (3,100) |
KKR & Co., Inc. |
(323,454) | |
| (7,400) |
StepStone Group, Inc. Class A |
(391,460) | |
| (7,800) |
TPG, Inc. |
(340,236) | |
| (1,718,064) | |||
| Commercial Services & Supplies — (1.9)% | |||
| (4,320) |
Casella Waste Systems, Inc. Class A2 |
(342,360) | |
| (1,960) |
Waste Management, Inc. |
(455,798) | |
| (798,158) | |||
| Construction & Engineering — (1.3)% | |||
| (760) |
Quanta Services, Inc. |
(553,105) | |
| Consumer Finance — (0.9)% | |||
| (2,030) |
Capital One Financial Corp. |
(388,339) | |
| Consumer Staples Distribution & Retail — (0.5)% | |||
| (2,960) |
Weis Markets, Inc. |
(207,733) | |
| Diversified Consumer Services — (1.1)% | |||
| (4,920) |
Liberty Live Holdings, Inc. Class C2 |
(460,512) | |
| Diversified Telecommunication Services — (0.4)% | |||
| (8,080) |
Cogent Communications Holdings, Inc. |
(183,012) | |
| Electric Utilities — (1.9)% | |||
| (4,940) |
MGE Energy, Inc. |
(396,287) | |
| (4,140) |
NextEra Energy, Inc. |
(405,223) | |
| (801,510) | |||
| Electronic Equipment, Instruments & Components — (2.1)% | |||
| (1,460) |
Coherent Corp.2 |
(466,777) | |
| (3,000) |
Novanta, Inc.2 |
(388,590) | |
| (855,367) | |||
| Energy Equipment & Services — (0.6)% | |||
| (2,700) |
Tidewater, Inc.2 |
(241,191) | |
| Entertainment — (0.5)% | |||
| (3,700) |
ROBLOX Corp. Class A2 |
(204,462) | |
| 72 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Financial Services — (3.5)% | |||
| (840) |
Berkshire Hathaway, Inc. Class B2 |
$(397,824) | |
| (2,540) |
Federal Agricultural Mortgage Corp. Class C |
(441,452) | |
| (26,500) |
Rocket Cos., Inc. Class A2 |
(387,430) | |
| (63,860) |
UWM Holdings Corp. |
(226,064) | |
| (1,452,770) | |||
| Food Products — (1.9)% | |||
| (5,280) |
Freshpet, Inc.2 |
(355,766) | |
| (1,140) |
Hershey Co. |
(211,744) | |
| (3,560) |
Mondelez International, Inc. Class A |
(218,726) | |
| (786,236) | |||
| Ground Transportation — (2.8)% | |||
| (980) |
Saia, Inc.2 |
(439,844) | |
| (2,720) |
Union Pacific Corp. |
(732,985) | |
| (1,172,829) | |||
| Health Care Equipment & Supplies — (0.4)% | |||
| (2,640) |
Boston Scientific Corp.2 |
(152,090) | |
| Health Care REITs — (0.4)% | |||
| (3,660) |
Alexandria Real Estate Equities, Inc. |
(148,267) | |
| Hotels, Restaurants & Leisure — (2.9)% | |||
| (9,520) |
Papa John’s International, Inc. |
(344,529) | |
| (1,300) |
Royal Caribbean Cruises Ltd. |
(342,888) | |
| (5,000) |
Starbucks Corp. |
(526,650) | |
| (1,214,067) | |||
| Household Durables — (0.6)% | |||
| (4,740) |
LGI Homes, Inc.2 |
(232,118) | |
| Independent Power & Renewable Electricity Producer — (0.9)% | |||
| (3,180) |
Ormat Technologies, Inc. |
(365,382) | |
| Insurance — (2.7)% | |||
| (14,480) |
Baldwin Insurance Group, Inc.2 |
(328,986) | |
| (5,500) |
Goosehead Insurance, Inc. Class A2 |
(246,345) | |
| (1,010) |
Kinsale Capital Group, Inc. |
(326,846) | |
| (3,040) |
W.R. Berkley Corp. |
(203,163) | |
| (1,105,340) | |||
| IT Services — (1.3)% | |||
| (1,820) |
Cloudflare, Inc. Class A2 |
(373,045) | |
| (1,100) |
Snowflake, Inc.2 |
(150,117) | |
| (523,162) | |||
| Life Sciences Tools & Services — (0.9)% | |||
| (7,120) |
Bio-Techne Corp. |
(393,878) | |
| Media — (1.7)% | |||
| (3,300) |
EchoStar Corp. Class A2 |
(406,362) | |
| (9,900) |
News Corp. Class B |
(301,752) | |
| (708,114) | |||
| Mortgage REITs — (0.5)% | |||
| (11,380) |
Starwood Property Trust, Inc. |
(208,937) | |
| Office REITs — (0.7)% | |||
| (7,100) |
SL Green Realty Corp. |
(301,111) | |
| 73 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Oil, Gas & Consumable Fuels — (1.7)% | |||
| (21,400) |
SFL Corp. Ltd. |
$(246,742) | |
| (30,300) |
Uranium Energy Corp.2 |
(451,167) | |
| (697,909) | |||
| Paper & Forest Products — (0.9)% | |||
| (5,440) |
Louisiana-Pacific Corp. |
(392,714) | |
| Passenger Airlines — (0.5)% | |||
| (20,760) |
Joby Aviation, Inc.2 |
(190,784) | |
| Pharmaceuticals — (1.0)% | |||
| (2,100) |
Axsome Therapeutics, Inc.2 |
(436,275) | |
| Professional Services — (0.8)% | |||
| (1,100) |
Equifax, Inc. |
(191,334) | |
| (840) |
Verisk Analytics, Inc. |
(154,972) | |
| (346,306) | |||
| Real Estate Management & Development — (0.5)% | |||
| (30,300) |
Compass, Inc. Class A2 |
(229,371) | |
| Residential REITs — (1.0)% | |||
| (1,100) |
AvalonBay Communities, Inc. |
(201,300) | |
| (12,740) |
Independence Realty Trust, Inc. |
(207,789) | |
| (409,089) | |||
| Retail REITs — (1.2)% | |||
| (22,500) |
Macerich Co. |
(488,925) | |
| Semiconductors & Semiconductor Equipment — (1.1)% | |||
| (4,460) |
Semtech Corp.2 |
(468,523) | |
| Software — (0.9)% | |||
| (220) |
Fair Isaac Corp.2 |
(225,500) | |
| (9,640) |
PAR Technology Corp.2 |
(129,562) | |
| (355,062) | |||
| Specialized REITs — (1.4)% | |||
| (1,100) |
American Tower Corp. |
(200,981) | |
| (1,200) |
Public Storage |
(362,940) | |
| (563,921) | |||
| Specialty Retail — (2.4)% | |||
| (120) |
AutoZone, Inc.2 |
(444,483) | |
| (4,720) |
Floor & Decor Holdings, Inc. Class A2 |
(228,448) | |
| (2,480) |
RH2 |
(327,261) | |
| (1,000,192) | |||
| Textiles, Apparel & Luxury Goods — (0.6)% | |||
| (5,540) |
Oxford Industries, Inc. |
(237,334) | |
| Trading Companies & Distributors — (3.1)% | |||
| (450) |
United Rentals, Inc. |
(431,928) | |
| (940) |
Watsco, Inc. |
(411,570) | |
| (380) |
WW Grainger, Inc. |
(441,313) | |
| (1,284,811) | |||
| Water Utilities — (0.9)% | |||
| (2,940) |
American Water Works Co., Inc. |
(377,555) | |
| 74 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Wireless Telecommunication Services — (0.5)% | |||
| (980) |
T-Mobile U.S., Inc. |
$(191,590) | |
|
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(32,308,243)) |
(27,433,506) | ||
|
TOTAL SHORT INVESTMENTS (Proceeds $(32,308,243)) |
(65.9)% | $(27,433,506) | |
|
NET INVESTMENTS (Net Proceeds $(1,054,866)) |
36.4% | $15,158,823 | |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
63.6 | 26,471,627 | |
|
NET ASSETS |
100.0% | $41,630,450 | |
| * | Percentages indicated are based on net assets. |
| 1 | All or portion of security pledged as collateral for securities sold short. The total market value of collateral is $6,248,177. |
| 2 | Non income-producing security. |
| 3 | Securities or partial securities on loan. See Note 1. |
| 4 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 75 |
| Shares | Value | ||
| COMMON STOCKS* — 129.6% | |||
| Automobiles — 2.5% | |||
| 31,920 |
Ford Motor Co.1 |
$385,593 | |
| 2,939 |
General Motors Co.1 |
225,980 | |
| 611,573 | |||
| Banks — 3.3% | |||
| 2,860 |
Citizens Financial Group, Inc.1 |
186,043 | |
| 9,702 |
First Hawaiian, Inc. |
264,670 | |
| 12,752 |
Regions Financial Corp. |
364,070 | |
| 814,783 | |||
| Beverages — 1.5% | |||
| 1,526 |
Boston Beer Co., Inc. Class A1,2 |
361,723 | |
| Biotechnology — 6.4% | |||
| 5,562 |
BioMarin Pharmaceutical, Inc.2 |
299,847 | |
| 25,662 |
Catalyst Pharmaceuticals, Inc.2 |
721,872 | |
| 5,792 |
Incyte Corp.2 |
551,804 | |
| 1,573,523 | |||
| Broadline Retail — 3.3% | |||
| 6,614 |
eBay, Inc.1 |
684,417 | |
| 6,147 |
Macy’s, Inc. |
120,174 | |
| 804,591 | |||
| Capital Markets — 3.9% | |||
| 1,565 |
CME Group, Inc.1 |
450,438 | |
| 2,260 |
Intercontinental Exchange, Inc.1 |
357,283 | |
| 1,580 |
Nasdaq, Inc.1 |
145,218 | |
| 952,939 | |||
| Chemicals — 2.4% | |||
| 2,023 |
Corteva, Inc.1 |
163,883 | |
| 6,844 |
DuPont de Nemours, Inc. |
312,497 | |
| 1,660 |
Minerals Technologies, Inc. |
119,421 | |
| 595,801 | |||
| Communications Equipment — 5.4% | |||
| 7,127 |
Cisco Systems, Inc.1 |
652,121 | |
| 2,117 |
F5, Inc.2 |
685,696 | |
| 1,337,817 | |||
| Construction & Engineering — 1.0% | |||
| 2,908 |
AECOM1 |
244,563 | |
| Consumer Staples Distribution & Retail — 0.8% | |||
| 2,513 |
Sysco Corp.1 |
187,746 | |
| Containers & Packaging — 0.5% | |||
| 1,327 |
Crown Holdings, Inc.1 |
130,457 | |
| Diversified Telecommunication Services — 0.8% | |||
| 7,540 |
AT&T, Inc.1 |
197,020 | |
| Electric Utilities — 2.0% | |||
| 2,596 |
Edison International1 |
180,396 | |
| 4,267 |
Eversource Energy1 |
301,677 | |
| 482,073 | |||
| Electronic Equipment, Instruments & Components — 4.5% | |||
| 1,896 |
Amphenol Corp. Class A1 |
279,224 | |
| 76 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Electronic Equipment, Instruments & Components — (Continued) | |||
| 3,603 |
Flex Ltd.2 |
$329,854 | |
| 2,340 |
Sanmina Corp.2 |
509,699 | |
| 1,118,777 | |||
| Energy Equipment & Services — 3.0% | |||
| 10,636 |
Baker Hughes Co.1 |
741,010 | |
| Entertainment — 1.3% | |||
| 3,100 |
Walt Disney Co.1 |
321,625 | |
| Financial Services — 6.3% | |||
| 800 |
Corpay, Inc.1,2 |
245,176 | |
| 601 |
Mastercard, Inc. Class A1 |
302,255 | |
| 13,985 |
NMI Holdings, Inc.2 |
541,359 | |
| 4,520 |
PayPal Holdings, Inc.1 |
226,633 | |
| 20,748 |
StoneCo Ltd. Class A |
227,813 | |
| 1,543,236 | |||
| Food Products — 1.4% | |||
| 12,910 |
Smithfield Foods, Inc.1 |
339,275 | |
| Health Care Equipment & Supplies — 3.8% | |||
| 15,990 |
Envista Holdings Corp.2 |
414,781 | |
| 3,966 |
GE HealthCare Technologies, Inc.1 |
241,291 | |
| 4,056 |
Merit Medical Systems, Inc.2 |
276,538 | |
| 932,610 | |||
| Hotels, Restaurants & Leisure — 5.5% | |||
| 1,800 |
Airbnb, Inc. Class A1,2 |
252,648 | |
| 4,500 |
Aramark1 |
205,605 | |
| 24,051 |
Brightstar Lottery PLC3 |
315,790 | |
| 1,122 |
Expedia Group, Inc.1 |
278,671 | |
| 5,467 |
Las Vegas Sands Corp.1 |
298,553 | |
| 1,351,267 | |||
| Household Products — 2.5% | |||
| 4,267 |
Central Garden & Pet Co. Class A2 |
143,201 | |
| 2,513 |
Church & Dwight Co., Inc. |
243,912 | |
| 2,720 |
Colgate-Palmolive Co.1 |
232,179 | |
| 619,292 | |||
| Industrial REITs — 1.1% | |||
| 6,779 |
STAG Industrial, Inc.1 |
261,534 | |
| Insurance — 3.0% | |||
| 1,596 |
American International Group, Inc.1 |
119,381 | |
| 611 |
Aon PLC Class A1 |
190,418 | |
| 474 |
Travelers Cos., Inc.1 |
144,636 | |
| 1,063 |
Willis Towers Watson PLC1 |
272,341 | |
| 726,776 | |||
| Interactive Media & Services — 5.8% | |||
| 1,817 |
Alphabet, Inc. Class A1 |
699,182 | |
| 9,718 |
Match Group, Inc. |
363,647 | |
| 363 |
Meta Platforms, Inc. Class A1 |
222,123 | |
| 4,978 |
Yelp, Inc.2 |
137,393 | |
| 1,422,345 | |||
| 77 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| IT Services — 6.5% | |||
| 1,604 |
Accenture PLC Class A1 |
$286,651 | |
| 4,282 |
Akamai Technologies, Inc.2 |
440,960 | |
| 6,005 |
Amdocs Ltd. |
388,343 | |
| 5,705 |
Cognizant Technology Solutions Corp. Class A1 |
301,795 | |
| 2,307 |
Okta, Inc.2 |
169,911 | |
| 1,587,660 | |||
| Leisure Equipment & Products — 0.6% | |||
| 1,628 |
Hasbro, Inc.1 |
156,028 | |
| Machinery — 7.0% | |||
| 16,023 |
Gates Industrial Corp. PLC1,2 |
410,349 | |
| 2,133 |
ITT, Inc.1 |
457,187 | |
| 3,871 |
Terex Corp.1 |
240,776 | |
| 2,291 |
Westinghouse Air Brake Technologies Corp.1 |
618,318 | |
| 1,726,630 | |||
| Marine Transportation — 1.0% | |||
| 15,107 |
Costamare, Inc. |
251,078 | |
| Media — 3.4% | |||
| 3,980 |
Fox Corp. Class A |
252,690 | |
| 2,181 |
New York Times Co. Class A |
172,365 | |
| 5,357 |
Omnicom Group, Inc. |
410,989 | |
| 836,044 | |||
| Oil, Gas & Consumable Fuels — 2.6% | |||
| 15,486 |
APA Corp.1 |
630,745 | |
| Pharmaceuticals — 1.9% | |||
| 3,603 |
Bristol-Myers Squibb Co.1 |
218,306 | |
| 10,619 |
Innoviva, Inc.2 |
244,131 | |
| 462,437 | |||
| Professional Services — 2.2% | |||
| 11,931 |
Genpact Ltd.1 |
414,602 | |
| 1,720 |
SS&C Technologies Holdings, Inc.1 |
119,196 | |
| 533,798 | |||
| Real Estate Management & Development — 2.9% | |||
| 2,386 |
CBRE Group, Inc. Class A1,2 |
340,554 | |
| 1,208 |
Jones Lang LaSalle, Inc.2 |
384,301 | |
| 724,855 | |||
| Retail REITs — 0.6% | |||
| 4,741 |
Brixmor Property Group, Inc.1 |
142,657 | |
| Semiconductors & Semiconductor Equipment — 14.7% | |||
| 1,959 |
Applied Materials, Inc. |
772,806 | |
| 3,239 |
Cirrus Logic, Inc.2 |
528,216 | |
| 425 |
KLA Corp. |
743,899 | |
| 2,798 |
Lam Research Corp.1 |
721,492 | |
| 4,535 |
ON Semiconductor Corp.2 |
457,173 | |
| 5,480 |
Skyworks Solutions, Inc. |
384,532 | |
| 3,608,118 | |||
| Software — 5.4% | |||
| 1,280 |
Adobe, Inc.1,2 |
315,008 | |
| 14,269 |
Box, Inc. Class A2 |
345,310 | |
| 78 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Software — (Continued) | |||
| 3,334 |
ServiceNow, Inc.1,2 |
$294,425 | |
| 11,346 |
UiPath, Inc. Class A2,3 |
116,864 | |
| 2,655 |
Zoom Communications, Inc.1,2 |
257,933 | |
| 1,329,540 | |||
| Specialized REITs — 0.8% | |||
| 6,384 |
VICI Properties, Inc.1 |
186,413 | |
| Specialty Retail — 3.7% | |||
| 2,133 |
Five Below, Inc.1,2 |
502,663 | |
| 11,395 |
Gap, Inc. |
280,203 | |
| 540 |
Ross Stores, Inc.1 |
123,006 | |
| 905,872 | |||
| Textiles, Apparel & Luxury Goods — 1.7% | |||
| 691 |
Ralph Lauren Corp.1 |
247,820 | |
| 1,201 |
Tapestry, Inc.1 |
174,193 | |
| 422,013 | |||
| Trading Companies & Distributors — 2.6% | |||
| 1,865 |
WESCO International, Inc.1 |
651,109 | |
|
TOTAL COMMON STOCKS (Cost $22,658,110) |
31,827,353 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.3% | |||
| $62,100 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $62,102, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $62,200, coupon rate of 4.375%, due 7/15/27, market value of $63,370) |
62,100 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $62,100) |
62,100 | ||
| Shares | |||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 1.7% | |||
| 427,659 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%4 |
427,659 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $427,659) |
427,659 | ||
|
TOTAL LONG INVESTMENTS (Cost $23,147,869) |
131.6% | $32,317,112 | |
| COMMON STOCKS SOLD SHORT* — (30.1)% | |||
| Aerospace & Defense — (1.2)% | |||
| (126) |
Axon Enterprise, Inc.2 |
(50,622) | |
| (569) |
FTAI Aviation Ltd. |
(142,062) | |
| (95) |
TransDigm Group, Inc. |
(110,198) | |
| (302,882) | |||
| Automobile Components — (0.4)% | |||
| (880) |
Dorman Products, Inc.2 |
(99,009) | |
| Banks — (0.4)% | |||
| (1,343) |
Triumph Financial, Inc.2 |
(90,894) | |
| 79 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Beverages — (0.3)% | |||
| (3,160) |
Primo Brands Corp. |
$(64,401) | |
| Building Products — (1.1)% | |||
| (822) |
Builders FirstSource, Inc.2 |
(65,012) | |
| (1,343) |
Carrier Global Corp. |
(90,209) | |
| (158) |
Lennox International, Inc. |
(84,513) | |
| (948) |
Trex Co., Inc.2 |
(37,161) | |
| (276,895) | |||
| Capital Markets — (2.2)% | |||
| (569) |
ARES Management Corp. Class A |
(66,800) | |
| (672) |
Blackstone, Inc. |
(84,390) | |
| (316) |
Coinbase Global, Inc. Class A2 |
(59,335) | |
| (553) |
Houlihan Lokey, Inc. |
(85,577) | |
| (869) |
KKR & Co., Inc. |
(90,671) | |
| (200) |
S&P Global, Inc. |
(86,246) | |
| (1,722) |
TPG, Inc. |
(75,114) | |
| (548,133) | |||
| Commercial Services & Supplies — (0.7)% | |||
| (758) |
Casella Waste Systems, Inc. Class A2 |
(60,071) | |
| (474) |
Waste Management, Inc. |
(110,229) | |
| (170,300) | |||
| Consumer Finance — (0.2)% | |||
| (316) |
Capital One Financial Corp. |
(60,451) | |
| Containers & Packaging — (0.3)% | |||
| (2,576) |
International Paper Co. |
(78,362) | |
| Diversified Consumer Services — (0.4)% | |||
| (996) |
Liberty Live Holdings, Inc. Class C2 |
(93,226) | |
| Diversified Telecommunication Services — (0.1)% | |||
| (1,675) |
Cogent Communications Holdings, Inc. |
(37,939) | |
| Electrical Equipment — (0.6)% | |||
| (600) |
Generac Holdings, Inc.2 |
(155,538) | |
| Electronic Equipment, Instruments & Components — (0.5)% | |||
| (869) |
Novanta, Inc.2 |
(112,562) | |
| Entertainment — (0.6)% | |||
| (420) |
Madison Square Garden Sports Corp.2 |
(143,833) | |
| Financial Services — (1.4)% | |||
| (160) |
Berkshire Hathaway, Inc. Class B2 |
(75,776) | |
| (711) |
Federal Agricultural Mortgage Corp. Class C |
(123,572) | |
| (6,100) |
Rocket Cos., Inc. Class A2 |
(89,182) | |
| (13,353) |
UWM Holdings Corp. |
(47,269) | |
| (335,799) | |||
| Food Products — (0.6)% | |||
| (711) |
Freshpet, Inc.2 |
(47,907) | |
| (1,600) |
Mondelez International, Inc. Class A |
(98,304) | |
| (146,211) | |||
| Ground Transportation — (1.2)% | |||
| (253) |
Saia, Inc.2 |
(113,552) | |
| (1,300) |
Uber Technologies, Inc.2 |
(96,993) | |
| 80 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Ground Transportation — (Continued) | |||
| (280) |
Union Pacific Corp. |
$(75,454) | |
| (285,999) | |||
| Hotels, Restaurants & Leisure — (3.1)% | |||
| (822) |
Cava Group, Inc.2 |
(76,783) | |
| (2,765) |
DraftKings, Inc. Class A2 |
(64,480) | |
| (632) |
Hyatt Hotels Corp. Class A |
(105,904) | |
| (237) |
Marriott International, Inc. Class A |
(85,721) | |
| (4,109) |
Norwegian Cruise Line Holdings Ltd.2 |
(74,702) | |
| (1,485) |
Papa John’s International, Inc. |
(53,742) | |
| (221) |
Royal Caribbean Cruises Ltd. |
(58,291) | |
| (1,896) |
Six Flags Entertainment Corp.2 |
(35,607) | |
| (1,106) |
Starbucks Corp. |
(116,495) | |
| (553) |
Texas Roadhouse, Inc. |
(89,027) | |
| (760,752) | |||
| Household Durables — (1.0)% | |||
| (869) |
Lennar Corp. Class B |
(76,802) | |
| (1,122) |
LGI Homes, Inc.2 |
(54,945) | |
| (240) |
TopBuild Corp.2 |
(106,248) | |
| (237,995) | |||
| Independent Power & Renewable Electricity Producer — (0.3)% | |||
| (637) |
Ormat Technologies, Inc. |
(73,191) | |
| Insurance — (1.4)% | |||
| (600) |
Aflac, Inc. |
(68,202) | |
| (2,497) |
Baldwin Insurance Group, Inc.2 |
(56,732) | |
| (1,454) |
Goosehead Insurance, Inc. Class A2 |
(65,124) | |
| (221) |
Kinsale Capital Group, Inc. |
(71,518) | |
| (1,300) |
W.R. Berkley Corp. |
(86,879) | |
| (348,455) | |||
| IT Services — (1.8)% | |||
| (316) |
Cloudflare, Inc. Class A2 |
(64,771) | |
| (1,975) |
DigitalOcean Holdings, Inc.2 |
(190,449) | |
| (569) |
Snowflake, Inc.2 |
(77,651) | |
| (395) |
VeriSign, Inc. |
(106,121) | |
| (438,992) | |||
| Life Sciences Tools & Services — (0.4)% | |||
| (1,637) |
Bio-Techne Corp. |
(90,559) | |
| Media — (0.4)% | |||
| (3,050) |
News Corp. Class B |
(92,964) | |
| Metals & Mining — (0.4)% | |||
| (569) |
Alpha Metallurgical Resources, Inc.2 |
(106,090) | |
| Multi-Utilities — (0.5)% | |||
| (1,375) |
Public Service Enterprise Group, Inc. |
(112,282) | |
| Office REITs — (0.6)% | |||
| (5,673) |
JBG SMITH Properties |
(85,095) | |
| (1,533) |
SL Green Realty Corp. |
(65,015) | |
| (150,110) | |||
| Oil, Gas & Consumable Fuels — (1.5)% | |||
| (350) |
Diamondback Energy, Inc. |
(71,970) | |
| 81 |
| Shares | Value | ||
| COMMON STOCKS SOLD SHORT* — (Continued) | |||
| Oil, Gas & Consumable Fuels — (Continued) | |||
| (680) |
DT Midstream, Inc. |
$(100,633) | |
| (6,800) |
Uranium Energy Corp.2 |
(101,252) | |
| (1,260) |
Williams Cos., Inc. |
(96,151) | |
| (370,006) | |||
| Pharmaceuticals — (0.4)% | |||
| (520) |
Axsome Therapeutics, Inc.2 |
(108,030) | |
| Residential REITs — (0.5)% | |||
| (569) |
AvalonBay Communities, Inc. |
(104,127) | |
| (4,424) |
Elme Communities |
(9,600) | |
| (113,727) | |||
| Retail REITs — (0.5)% | |||
| (5,641) |
Macerich Co. |
(122,579) | |
| Software — (1.5)% | |||
| (205) |
Crowdstrike Holdings, Inc. Class A2 |
(91,379) | |
| (47) |
Fair Isaac Corp.2 |
(48,175) | |
| (2,212) |
PAR Technology Corp.2 |
(29,729) | |
| (5,215) |
Riot Platforms, Inc.2 |
(89,906) | |
| (253) |
Synopsys, Inc.2 |
(122,098) | |
| (381,287) | |||
| Specialized REITs — (0.8)% | |||
| (316) |
Public Storage |
(95,574) | |
| (4,109) |
Weyerhaeuser Co. |
(100,753) | |
| (196,327) | |||
| Specialty Retail — (1.3)% | |||
| (32) |
AutoZone, Inc.2 |
(118,529) | |
| (221) |
Carvana Co.2 |
(87,472) | |
| (1,201) |
Floor & Decor Holdings, Inc. Class A2 |
(58,128) | |
| (458) |
RH2 |
(60,438) | |
| (324,567) | |||
| Textiles, Apparel & Luxury Goods — (0.6)% | |||
| (1,248) |
Oxford Industries, Inc. |
(53,464) | |
| (14,538) |
Under Armour, Inc. Class C2 |
(88,246) | |
| (141,710) | |||
| Trading Companies & Distributors — (0.9)% | |||
| (126) |
United Rentals, Inc. |
(120,940) | |
| (237) |
Watsco, Inc. |
(103,768) | |
| (224,708) | |||
|
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $(8,295,152)) |
(7,396,765) | ||
|
TOTAL SHORT INVESTMENTS (Proceeds $(8,295,152)) |
(30.1)% | $(7,396,765) | |
| 82 |
| Shares | Value | ||
|
NET INVESTMENTS (Net Cost $14,852,717) |
101.5% | $24,920,347 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(1.5) | (364,273) | |
|
NET ASSETS |
100.0% | $24,556,074 | |
| * | Percentages indicated are based on net assets. |
| 1 | All or portion of security pledged as collateral for securities sold short. The total market value of collateral is $9,067,135. |
| 2 | Non income-producing security. |
| 3 | Securities or partial securities on loan. See Note 1. |
| 4 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 83 |
| Shares | Value | ||
| COMMON STOCKS* — 99.6% | |||
| Aerospace & Defense — 2.3% | |||
| 14,048 |
RTX Corp. |
$2,473,431 | |
| Banks — 5.8% | |||
| 11,875 |
JPMorgan Chase & Co. |
3,719,606 | |
| 11,578 |
PNC Financial Services Group, Inc. |
2,581,894 | |
| 6,301,500 | |||
| Beverages — 1.3% | |||
| 9,194 |
PepsiCo, Inc. |
1,457,157 | |
| Broadline Retail — 3.1% | |||
| 12,518 |
Amazon.com, Inc.1 |
3,318,021 | |
| Capital Markets — 3.3% | |||
| 15,387 |
Charles Schwab Corp. |
1,410,065 | |
| 13,752 |
Intercontinental Exchange, Inc. |
2,174,053 | |
| 3,584,118 | |||
| Chemicals — 1.4% | |||
| 13,978 |
PPG Industries, Inc. |
1,516,613 | |
| Commercial Services & Supplies — 2.2% | |||
| 73,514 |
Copart, Inc.1 |
2,434,049 | |
| Communications Equipment — 3.5% | |||
| 41,238 |
Cisco Systems, Inc. |
3,773,277 | |
| Construction Materials — 2.8% | |||
| 4,974 |
Martin Marietta Materials, Inc. |
3,079,254 | |
| Electrical Equipment — 2.7% | |||
| 12,616 |
AMETEK, Inc. |
2,971,068 | |
| Electronic Equipment, Instruments & Components — 4.8% | |||
| 35,670 |
Amphenol Corp. Class A |
5,253,121 | |
| Entertainment — 1.4% | |||
| 15,114 |
Walt Disney Co. |
1,568,078 | |
| Financial Services — 5.4% | |||
| 16,893 |
Global Payments, Inc. |
1,215,620 | |
| 9,155 |
Mastercard, Inc. Class A |
4,604,233 | |
| 5,819,853 | |||
| Ground Transportation — 4.7% | |||
| 13,961 |
Old Dominion Freight Line, Inc. |
2,965,735 | |
| 7,849 |
Union Pacific Corp. |
2,115,149 | |
| 5,080,884 | |||
| Health Care Equipment & Supplies — 2.4% | |||
| 17,717 |
Abbott Laboratories |
1,608,526 | |
| 3,205 |
Stryker Corp. |
1,009,992 | |
| 2,618,518 | |||
| Health Care Providers & Services — 2.0% | |||
| 8,622 |
Labcorp Holdings, Inc. |
2,214,130 | |
| Hotels, Restaurants & Leisure — 6.0% | |||
| 23,836 |
Booking Holdings, Inc. |
4,013,029 | |
| 15,528 |
Yum! Brands, Inc. |
2,479,045 | |
| 6,492,074 | |||
| 84 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Insurance — 1.9% | |||
| 6,236 |
Chubb Ltd. |
$2,039,172 | |
| Interactive Media & Service — 8.3% | |||
| 23,518 |
Alphabet, Inc. Class C |
8,982,465 | |
| IT Services — 2.1% | |||
| 9,111 |
Accenture PLC Class A |
1,628,227 | |
| 4,655 |
Gartner, Inc.1 |
691,221 | |
| 2,319,448 | |||
| Life Sciences Tools & Services — 4.3% | |||
| 16,511 |
IQVIA Holdings, Inc.1 |
2,614,847 | |
| 4,261 |
Thermo Fisher Scientific, Inc. |
2,040,849 | |
| 4,655,696 | |||
| Machinery — 2.9% | |||
| 3,492 |
Parker-Hannifin Corp. |
3,175,695 | |
| Oil, Gas & Consumable Fuels — 2.7% | |||
| 15,166 |
Chevron Corp. |
2,931,739 | |
| Pharmaceuticals — 2.0% | |||
| 1,350 |
Eli Lilly & Co. |
1,261,710 | |
| 7,989 |
Zoetis, Inc. |
918,495 | |
| 2,180,205 | |||
| Professional Services — 1.4% | |||
| 8,577 |
Equifax, Inc. |
1,491,883 | |
| Semiconductors & Semiconductor Equipment — 2.8% | |||
| 10,802 |
Texas Instruments, Inc. |
3,036,226 | |
| Software — 6.2% | |||
| 6,179 |
Adobe, Inc.1 |
1,520,652 | |
| 12,859 |
Microsoft Corp. |
5,243,643 | |
| 6,764,295 | |||
| Specialty Retail — 5.2% | |||
| 3,282 |
Home Depot, Inc. |
1,079,121 | |
| 9,397 |
Ross Stores, Inc. |
2,140,543 | |
| 4,567 |
Ulta Beauty, Inc.1 |
2,454,671 | |
| 5,674,335 | |||
| Technology Hardware, Storage & Peripherals — 4.7% | |||
| 19,028 |
Apple, Inc. |
5,163,248 | |
|
TOTAL COMMON STOCKS (Cost $45,555,249) |
108,369,553 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.4% | |||
| $383,562 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $383,574, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $384,100, coupon rate of 4.375%, due 7/15/27, market value of $391,246) |
383,562 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $383,562) |
383,562 | ||
| 85 |
| Face Amount |
Value | ||
|
TOTAL INVESTMENTS (Cost $45,938,811) |
100.0% | $108,753,115 | |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.0 | 46,215 | |
|
NET ASSETS |
100.0% | $108,799,330 | |
| * | Percentages indicated are based on net assets. |
| 1 | Non income-producing security. |
| 86 |
| Shares | Value | ||
| COMMON STOCKS* — 99.6% | |||
| Automobile Components — 2.2% | |||
| 85,080 |
LCI Industries1 |
$10,143,237 | |
| 103,456 |
Visteon Corp. |
11,557,070 | |
| 21,700,307 | |||
| Banks — 9.1% | |||
| 290,780 |
Cathay General Bancorp |
16,292,404 | |
| 168,278 |
Enterprise Financial Services Corp. |
9,729,834 | |
| 273,098 |
First Merchants Corp. |
11,044,083 | |
| 940,038 |
FNB Corp. |
16,779,678 | |
| 227,232 |
Hancock Whitney Corp. |
15,340,432 | |
| 785,572 |
Northwest Bancshares, Inc. |
10,864,461 | |
| 513,986 |
OceanFirst Financial Corp. |
9,801,713 | |
| 89,852,605 | |||
| Biotechnology — 3.3% | |||
| 365,176 |
ACADIA Pharmaceuticals, Inc.2 |
8,198,201 | |
| 336,889 |
Alkermes PLC2 |
11,356,528 | |
| 461,292 |
Catalyst Pharmaceuticals, Inc.2 |
12,976,144 | |
| 32,530,873 | |||
| Building Products — 1.1% | |||
| 678,546 |
Hayward Holdings, Inc.2 |
10,184,976 | |
| 90,021 |
Janus International Group, Inc.2 |
468,109 | |
| 10,653,085 | |||
| Capital Markets — 4.9% | |||
| 28,885 |
Evercore, Inc. Class A |
9,280,462 | |
| 254,928 |
Marex Group PLC |
13,600,409 | |
| 226,819 |
Stifel Financial Corp. |
17,875,605 | |
| 49,336 |
Virtus Investment Partners, Inc. |
7,180,855 | |
| 47,937,331 | |||
| Chemicals — 2.0% | |||
| 173,137 |
Ashland, Inc. |
9,221,277 | |
| 141,276 |
Minerals Technologies, Inc. |
10,163,395 | |
| 19,384,672 | |||
| Commercial Services & Supplies — 1.2% | |||
| 106,779 |
Brink’s Co. |
11,398,658 | |
| Communications Equipment — 1.4% | |||
| 602,468 |
Extreme Networks, Inc.2 |
13,308,518 | |
| Construction & Engineering — 4.5% | |||
| 135,674 |
Arcosa, Inc. |
17,158,691 | |
| 40,946 |
Dycom Industries, Inc.2 |
16,955,738 | |
| 469,056 |
WillScot Holdings Corp.1 |
10,619,428 | |
| 44,733,857 | |||
| Containers & Packaging — 1.6% | |||
| 802,149 |
Graphic Packaging Holding Co. |
7,644,480 | |
| 210,601 |
Silgan Holdings, Inc. |
8,539,871 | |
| 16,184,351 | |||
| Diversified Consumer Services — 1.7% | |||
| 239,661 |
Frontdoor, Inc.2 |
16,447,935 | |
| Electric Utilities — 1.1% | |||
| 203,112 |
Portland General Electric Co. |
10,547,606 | |
| 87 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Electrical Equipment — 3.8% | |||
| 110,335 |
EnerSys |
$23,530,042 | |
| 343,077 |
Sensata Technologies Holding PLC |
14,285,726 | |
| 37,815,768 | |||
| Electronic Equipment, Instruments & Components — 2.0% | |||
| 124,144 |
TTM Technologies, Inc.2 |
19,642,064 | |
| Energy Equipment & Services — 1.4% | |||
| 413,168 |
Liberty Energy, Inc. |
13,960,947 | |
| Financial Services — 3.5% | |||
| 122,369 |
Euronet Worldwide, Inc.2 |
8,857,068 | |
| 322,116 |
NCR Atleos Corp.2 |
14,295,508 | |
| 319,219 |
Radian Group, Inc. |
11,437,617 | |
| 34,590,193 | |||
| Food Products — 0.8% | |||
| 874,900 |
Flowers Foods, Inc.1 |
7,926,594 | |
| Gas Utilities — 2.4% | |||
| 186,442 |
New Jersey Resources Corp. |
10,498,549 | |
| 241,237 |
Northwest Natural Holding Co. |
12,785,561 | |
| 23,284,110 | |||
| Health Care Equipment & Supplies — 7.9% | |||
| 249,298 |
CONMED Corp. |
9,139,265 | |
| 147,545 |
Globus Medical, Inc. Class A2 |
13,305,608 | |
| 155,631 |
Haemonetics Corp.2 |
9,351,867 | |
| 64,073 |
ICU Medical, Inc.2 |
7,637,501 | |
| 73,736 |
Inspire Medical Systems, Inc.1,2 |
4,139,539 | |
| 890,722 |
Integra LifeSciences Holdings Corp.2 |
9,388,210 | |
| 1,651,198 |
Neogen Corp.1,2 |
15,521,261 | |
| 214,471 |
Omnicell, Inc.2 |
8,883,389 | |
| 77,366,640 | |||
| Health Care Providers & Services — 2.4% | |||
| 157,732 |
HealthEquity, Inc.2 |
12,938,756 | |
| 1,156,767 |
NeoGenomics, Inc.1,2 |
10,711,662 | |
| 23,650,418 | |||
| Hotel & Resort REITs — 0.9% | |||
| 1,022,246 |
RLJ Lodging Trust1 |
8,423,307 | |
| Hotels, Restaurants & Leisure — 1.3% | |||
| 148,665 |
Boyd Gaming Corp. |
12,926,422 | |
| Household Durables — 2.0% | |||
| 221,784 |
La-Z-Boy, Inc.1 |
7,704,776 | |
| 262,391 |
Tri Pointe Homes, Inc.2 |
12,303,514 | |
| 20,008,290 | |||
| Household Products — 1.0% | |||
| 484,750 |
Energizer Holdings, Inc. |
9,491,405 | |
| Industrial REITs — 1.1% | |||
| 276,600 |
STAG Industrial, Inc. |
10,671,228 | |
| Interactive Media & Services — 2.5% | |||
| 348,026 |
Cargurus, Inc.2 |
12,689,028 | |
| 264,166 |
Ziff Davis, Inc.1,2 |
12,088,236 | |
| 24,777,264 | |||
| 88 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| IT Services — 3.4% | |||
| 164,695 |
DigitalOcean Holdings, Inc.1,2 |
$15,881,539 | |
| 772,511 |
DXC Technology Co.2 |
8,744,824 | |
| 441,256 |
Everforth, Inc.2 |
9,310,502 | |
| 33,936,865 | |||
| Leisure Equipment & Products — 1.0% | |||
| 249,647 |
YETI Holdings, Inc.1,2 |
9,851,071 | |
| Media — 1.2% | |||
| 55,674 |
Nexstar Media Group, Inc. |
11,587,986 | |
| Multi-Utilities — 1.2% | |||
| 153,541 |
Black Hills Corp. |
11,560,102 | |
| Office REITs — 1.0% | |||
| 1,169,248 |
Piedmont Realty Trust, Inc.2 |
9,774,913 | |
| Oil, Gas & Consumable Fuels — 3.8% | |||
| 273,696 |
CNX Resources Corp.1,2 |
10,649,511 | |
| 497,289 |
SM Energy Co. |
15,430,878 | |
| 414,092 |
World Kinect Corp. |
11,168,061 | |
| 37,248,450 | |||
| Pharmaceuticals — 2.0% | |||
| 188,893 |
Prestige Consumer Healthcare, Inc.2 |
10,638,454 | |
| 195,218 |
Supernus Pharmaceuticals, Inc.2 |
9,370,464 | |
| 20,008,918 | |||
| Professional Services — 3.6% | |||
| 32,736 |
CACI International, Inc. Class A2 |
17,007,662 | |
| 132,223 |
Korn Ferry |
8,784,896 | |
| 632,924 |
Verra Mobility Corp.2 |
9,386,263 | |
| 35,178,821 | |||
| Real Estate Management & Development — 1.2% | |||
| 848,454 |
Cushman & Wakefield Ltd.2 |
11,912,294 | |
| Retail REITs — 1.0% | |||
| 316,860 |
InvenTrust Properties Corp. |
10,177,543 | |
| Semiconductors & Semiconductor Equipment — 3.4% | |||
| 168,761 |
Diodes, Inc.2 |
18,082,741 | |
| 136,073 |
Rambus, Inc.2 |
15,663,363 | |
| 33,746,104 | |||
| Software — 3.6% | |||
| 479,826 |
Braze, Inc. Class A1,2 |
10,570,567 | |
| 519,902 |
Five9, Inc.2 |
8,942,314 | |
| 280,314 |
Progress Software Corp.2 |
7,806,745 | |
| 152,113 |
SPS Commerce, Inc.2 |
8,536,582 | |
| 35,856,208 | |||
| Specialty Retail — 3.2% | |||
| 165,425 |
Academy Sports & Outdoors, Inc.1 |
9,071,907 | |
| 53,044 |
Asbury Automotive Group, Inc.2 |
10,804,532 | |
| 359,212 |
Valvoline, Inc.2 |
11,936,615 | |
| 31,813,054 | |||
| Trading Companies & Distributors — 2.9% | |||
| 123,348 |
Boise Cascade Co. |
9,777,796 | |
| 89 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Trading Companies & Distributors — (Continued) | |||
| 52,869 |
WESCO International, Inc. |
$18,457,625 | |
| 28,235,421 | |||
|
TOTAL COMMON STOCKS (Cost $725,045,145) |
980,102,198 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.5% | |||
| $5,010,416 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $5,010,563, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $5,017,400, coupon rate of 4.375%, due 7/15/27, market value of $5,110,707) |
5,010,416 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $5,010,416) |
5,010,416 | ||
| Shares | |||
| INVESTMENT OF SECURITY LENDING COLLATERAL* — 6.6% | |||
| 64,192,359 |
State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%3 |
64,192,359 | |
|
TOTAL INVESTMENT OF SECURITY LENDING COLLATERAL (Cost $64,192,359) |
64,192,359 | ||
|
TOTAL INVESTMENTS (Cost $794,247,920) |
106.7% | $1,049,304,973 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(6.7) | (65,443,996) | |
|
NET ASSETS |
100.0% | $983,860,977 | |
| * | Percentages indicated are based on net assets. |
| 1 | Securities or partial securities on loan. See Note 1. |
| 2 | Non income-producing security. |
| 3 | Represents an investment of securities lending cash collateral. Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 90 |
| Shares | Value | ||
| COMMON STOCKS* — 99.7% | |||
| Aerospace & Defense — 3.2% | |||
| 2,335 |
RTX Corp. |
$411,123 | |
| Banks — 6.1% | |||
| 1,633 |
JPMorgan Chase & Co. |
511,505 | |
| 1,283 |
PNC Financial Services Group, Inc. |
286,109 | |
| 797,614 | |||
| Beverages — 1.7% | |||
| 1,393 |
PepsiCo, Inc. |
220,777 | |
| Biotechnology — 1.9% | |||
| 709 |
Amgen, Inc. |
245,491 | |
| Capital Markets — 9.7% | |||
| 587 |
Ameriprise Financial, Inc. |
278,702 | |
| 186 |
Blackrock, Inc. |
198,201 | |
| 3,636 |
Charles Schwab Corp. |
333,203 | |
| 2,366 |
Morgan Stanley |
450,936 | |
| 1,261,042 | |||
| Chemicals — 3.8% | |||
| 528 |
Linde PLC |
264,602 | |
| 2,135 |
PPG Industries, Inc. |
231,647 | |
| 496,249 | |||
| Communications Equipment — 3.9% | |||
| 5,600 |
Cisco Systems, Inc. |
512,400 | |
| Electric Utilities — 2.2% | |||
| 6,337 |
Exelon Corp. |
291,439 | |
| Electrical Equipment — 2.6% | |||
| 780 |
Eaton Corp. PLC |
337,748 | |
| Electronic Equipment, Instruments & Components — 3.2% | |||
| 1,982 |
TE Connectivity PLC |
419,510 | |
| Entertainment — 1.4% | |||
| 1,774 |
Walt Disney Co. |
184,052 | |
| Financial Services — 1.5% | |||
| 4,278 |
Fidelity National Information Services, Inc. |
199,055 | |
| Food Products — 1.3% | |||
| 2,838 |
Mondelez International, Inc. Class A |
174,367 | |
| Ground Transportation — 2.7% | |||
| 1,309 |
Union Pacific Corp. |
352,749 | |
| Health Care Equipment & Supplies — 5.2% | |||
| 2,753 |
Abbott Laboratories |
249,945 | |
| 1,200 |
Becton Dickinson & Co. |
178,848 | |
| 3,056 |
Medtronic PLC |
247,444 | |
| 676,237 | |||
| Health Care Providers & Services — 2.7% | |||
| 1,786 |
Quest Diagnostics, Inc. |
346,841 | |
| Hotels, Restaurants & Leisure — 4.3% | |||
| 1,087 |
McDonald’s Corp. |
319,132 | |
| 2,323 |
Starbucks Corp. |
244,682 | |
| 563,814 | |||
| 91 |
| Shares | Value | ||
| COMMON STOCKS* — (Continued) | |||
| Household Products — 1.4% | |||
| 1,234 |
Procter & Gamble Co. |
$181,509 | |
| Insurance — 4.7% | |||
| 1,870 |
Allstate Corp. |
406,276 | |
| 573 |
Everest Group Ltd. |
204,424 | |
| 610,700 | |||
| IT Services — 1.5% | |||
| 1,118 |
Accenture PLC Class A |
199,798 | |
| Machinery — 6.7% | |||
| 1,540 |
IDEX Corp. |
335,489 | |
| 721 |
Illinois Tool Works, Inc. |
186,025 | |
| 931 |
Snap-on, Inc. |
356,946 | |
| 878,460 | |||
| Media — 1.6% | |||
| 2,797 |
Omnicom Group, Inc. |
214,586 | |
| Multi-Utilities — 2.8% | |||
| 2,413 |
DTE Energy Co. |
366,028 | |
| Oil, Gas & Consumable Fuels — 5.0% | |||
| 1,606 |
Chevron Corp. |
310,456 | |
| 1,919 |
Phillips 66 |
343,789 | |
| 654,245 | |||
| Pharmaceuticals — 3.4% | |||
| 3,761 |
Bristol-Myers Squibb Co. |
227,879 | |
| 920 |
Johnson & Johnson |
211,462 | |
| 439,341 | |||
| Professional Services — 1.5% | |||
| 2,123 |
Paychex, Inc. |
196,653 | |
| Semiconductors & Semiconductor Equipment — 4.0% | |||
| 1,875 |
Texas Instruments, Inc. |
527,025 | |
| Specialty Retail — 4.9% | |||
| 693 |
Home Depot, Inc. |
227,859 | |
| 1,818 |
Ross Stores, Inc. |
414,122 | |
| 641,981 | |||
| Technology Hardware, Storage & Peripherals — 2.0% | |||
| 2,328 |
NetApp, Inc. |
257,873 | |
| Trading Companies & Distributors — 2.8% | |||
| 1,354 |
Ferguson Enterprises, Inc. |
362,479 | |
|
TOTAL COMMON STOCKS (Cost $7,658,356) |
13,021,186 | ||
| Face Amount |
|||
| REPURCHASE AGREEMENT* — 0.4% | |||
| $52,633 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $52,634, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $52,800, coupon rate of 4.375%, due 7/15/27, market value of $53,878) |
52,633 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $52,633) |
52,633 | ||
| 92 |
| Face Amount |
Value | ||
|
TOTAL INVESTMENTS (Cost $7,710,989) |
100.1% | $13,073,819 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(0.1) | (6,741) | |
|
NET ASSETS |
100.0% | $13,067,078 | |
| * | Percentages indicated are based on net assets. |
| 93 |
| Shares | Value | ||
| EXCHANGE-TRADED FUNDS* — 9.8% | |||
| 22,100 |
State Street SPDR S&P 500 ETF Trust1 |
$15,882,386 | |
| 30,000 |
Vanguard S&P 500 ETF1 |
19,817,400 | |
|
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,430,609) |
35,699,786 | ||
| Face Amount |
|||
| U.S. TREASURY BILLS* — 8.2% | |||
| $15,250,000 |
U.S. Treasury Bill, 3.552% due 06/9/261 |
15,190,608 | |
| 14,800,000 |
U.S. Treasury Bill, 3.653% due 08/11/26 |
14,648,830 | |
|
TOTAL U.S. TREASURY BILLS (Cost $29,839,865) |
29,839,438 | ||
| REPURCHASE AGREEMENT* — 0.1% | |||
| 153,838 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $153,843, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $154,100, coupon rate of 4.375%, due 7/15/27, market value of $157,014) |
153,838 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $153,838) |
153,838 | ||
| Shares | |||
| INVESTMENT OF COLLATERAL PLEDGED FOR WRITTEN OPTIONS* — 2.5% | |||
| 8,974,617 |
Goldman Sachs Financial Square Treasury Obligations Fund - Administration Class, 3.520%1,2 |
8,974,617 | |
|
TOTAL INVESTMENT OF COLLATERAL PLEDGED FOR WRITTEN OPTIONS (Cost $8,974,617) |
8,974,617 | ||
|
TOTAL PURCHASED OPTIONS (#) (Cost $344,531,633) |
106.6% | 387,131,850 | |
|
TOTAL INVESTMENTS (Cost $389,930,562) |
127.2% | $461,799,529 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(27.2) | (98,659,149) | |
|
NET ASSETS3 |
100.0% | $363,140,380 | |
| * | Percentages indicated are based on net assets. |
| 1 | All or a portion of this security is held as collateral for written options. See Note 1. |
| 2 | Represents an investment of collateral pledged to secure open written call and put options contracts. Registered investment company advised by Goldman Sachs Asset Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 3 | Cash in the amount of $25,065 is held as collateral to secure the open written call and put options contracts. |
| 94 |
| Description | Counterparty | Exercise Price/ FX Rate |
Expiration Date |
Number
of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received by Fund) |
Unrealized Appreciation/ (Depreciation) | |||||||||
| (#)PURCHASED OPTIONS | |||||||||||||||||
| CALLS: | |||||||||||||||||
| S&P 500 Index | OCC** | 6,000.00 | 06/18/26 | USD | 2,910 | $2,097,821,910 | $363,429,900 | $207,213,098 | $156,216,802 | ||||||||
| PUTS: | |||||||||||||||||
| S&P 500 Index | OCC** | 7,000.00 | 06/18/26 | USD | 2,910 | 2,097,821,910 | 23,701,950 | 137,318,535 | (113,616,585) | ||||||||
| TOTAL PURCHASED OPTIONS | $4,195,643,820 | $387,131,850 | $344,531,633 | $42,600,217 | |||||||||||||
| WRITTEN OPTIONS | |||||||||||||||||
| CALLS: | |||||||||||||||||
| S&P 500 Index | OCC** | 7,000.00 | 06/18/26 | USD | 2,910 | 2,097,821,910 | (94,575,000) | (22,395,913) | (72,179,087) | ||||||||
| PUTS: | |||||||||||||||||
| S&P 500 Index | OCC** | 6,975.00 | 05/15/26 | USD | 28 | 20,185,228 | (57,400) | (246,735) | 189,335 | ||||||||
| S&P 500 Index | OCC** | 7,000.00 | 05/15/26 | USD | 180 | 129,762,180 | (417,600) | (1,495,010) | 1,077,410 | ||||||||
| S&P 500 Index | OCC** | 6,000.00 | 06/18/26 | USD | 2,910 | 2,097,821,910 | (3,288,300) | (34,048,629) | 30,760,329 | ||||||||
| TOTAL PUTS | $2,247,769,318 | $(3,763,300) | $(35,790,374) | $32,027,074 | |||||||||||||
| TOTAL WRITTEN OPTIONS | $4,345,591,228 | $(98,338,300) | $(58,186,287) | $(40,152,013) | |||||||||||||
| ** | The Options Clearing Corp |
| 95 |
| Shares | Value | ||
| EXCHANGE-TRADED FUNDS* — 40.8% | |||
| 14,000 |
iShares Core MSCI Emerging Markets ETF1 |
$1,098,860 | |
| 48,400 |
iShares MSCI Emerging Markets ETF1 |
3,097,116 | |
| 40,000 |
Vanguard FTSE All-World ex-U.S. ETF1 |
3,236,800 | |
|
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,219,674) |
7,432,776 | ||
| Face Amount |
|||
| U.S. TREASURY BILL* — 3.3% | |||
| $610,000 |
U.S. Treasury Bill, 3.565% due 06/9/26 |
607,624 | |
|
TOTAL U.S. TREASURY BILL (Cost $607,626) |
607,624 | ||
| REPURCHASE AGREEMENT* — 0.2% | |||
| 26,718 |
With Fixed Income Clearing Corp., dated 4/30/26, 1.06%, principal and interest in the amount of $26,719, due
5/1/26, (collateralized by a U.S. Treasury Note with a par value of $26,800, coupon rate of 4.375%, due 7/15/27, market value of $27,344) |
26,718 | |
|
TOTAL REPURCHASE AGREEMENT (Cost $26,718) |
26,718 | ||
| Shares | |||
| INVESTMENT OF COLLATERAL PLEDGED FOR WRITTEN OPTIONS* — 6.0% | |||
| 1,086,622 |
Goldman Sachs Financial Square Treasury Obligations Fund - Administration Class, 3.520%1,2 |
1,086,622 | |
|
TOTAL INVESTMENT OF COLLATERAL PLEDGED FOR WRITTEN OPTIONS (Cost $1,086,622) |
1,086,622 | ||
|
TOTAL PURCHASED OPTIONS (#) (Cost $10,655,618) |
65.7% | 11,973,150 | |
|
TOTAL INVESTMENTS (Cost $17,596,258) |
116.0% | $21,126,890 | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
(16.0) | (2,912,698) | |
|
NET ASSETS3 |
100.0% | $18,214,192 | |
| * | Percentages indicated are based on net assets. |
| 1 | All or a portion of this security is held as collateral for written options. See Note 1. |
| 2 | Represents an investment of collateral pledged to secure open written call and put options contracts. Registered investment company advised by Goldman Sachs Asset Management. The rate shown is the 7 day yield as of April 30, 2026. |
| 3 | Cash in the amount of $150,392 is held as collateral to secure the open written call and put options contracts. |
| 96 |
| Description | Counterparty | Exercise Price/ FX Rate |
Expiration Date |
Number
of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received by Fund) |
Unrealized Appreciation/ (Depreciation) | |||||||||
| (#)PURCHASED OPTIONS | |||||||||||||||||
| CALLS: | |||||||||||||||||
| S&P 500 Index | OCC** | 6,000.00 | 06/18/26 | USD | 90 | $64,881,090 | $11,240,100 | $6,408,653 | $4,831,447 | ||||||||
| PUTS: | |||||||||||||||||
| S&P 500 Index | OCC** | 7,000.00 | 06/18/26 | USD | 90 | 64,881,090 | 733,050 | 4,246,965 | (3,513,915) | ||||||||
| TOTAL PURCHASED OPTIONS | $129,762,180 | $11,973,150 | $10,655,618 | $1,317,532 | |||||||||||||
| WRITTEN OPTIONS | |||||||||||||||||
| CALLS: | |||||||||||||||||
| iShares MSCI Emerging Markets ETF | OCC** | 65.00 | 05/15/26 | USD | 140 | 895,860 | (12,040) | (17,191) | 5,151 | ||||||||
| S&P 500 Index | OCC** | 7,000.00 | 06/18/26 | USD | 90 | 64,881,090 | (2,925,000) | (692,657) | (2,232,343) | ||||||||
| TOTAL CALLS | $65,776,950 | $(2,937,040) | $(709,848) | $(2,227,192) | |||||||||||||
| PUTS: | |||||||||||||||||
| Russell 2000 Index | OCC** | 2,700.00 | 05/15/26 | USD | 5 | 1,399,950 | (8,225) | (22,785) | 14,560 | ||||||||
| S&P 500 Index | OCC** | 6,975.00 | 05/15/26 | USD | 12 | 8,650,812 | (24,600) | (105,735) | 81,135 | ||||||||
| S&P 500 Index | OCC** | 6,000.00 | 06/18/26 | USD | 90 | 64,881,090 | (101,700) | (1,053,050) | 951,350 | ||||||||
| TOTAL PUTS | $74,931,852 | $(134,525) | $(1,181,570) | $1,047,045 | |||||||||||||
| TOTAL WRITTEN OPTIONS | $140,708,802 | $(3,071,565) | $(1,891,418) | $(1,180,147) | |||||||||||||
| ** | The Options Clearing Corp |
| 97 |
| Fund Name | Advisor
Class Inception Date |
Institutional
Class Inception Date | ||
|
Disciplined U.S. Equity Portfolio |
June 30, 2015 | December 30, 2015 | ||
|
Disciplined U.S. Growth Equity Portfolio |
June 30, 2015 | November 5, 2015 | ||
|
Disciplined U.S. Small Cap Equity Portfolio |
November 13, 2017 | May 12, 2025 | ||
|
Disciplined International Equity Portfolio |
November 13, 2017 | May 12, 2025 | ||
|
Energy Resilience Portfolio1,2 |
December 22, 2015 | – | ||
|
SMID Core Equity Portfolio 2 |
December 22, 2015 | – | ||
|
Long/Short Equity Portfolio |
February 14, 2019 | September 13, 2019 | ||
|
Total Market Plus Equity Portfolio |
December 21, 2006 | March 9, 2026 | ||
|
Small Cap Equity Portfolio |
January 2, 1998 | January 2, 1998 | ||
|
Secured Options Portfolio |
July 14, 2016 | November 9, 2016 | ||
|
Global Secured Options Portfolio |
September 28, 2012 | May 12, 2025 |
| Fund Name | Inception Date | |
|
Disciplined U.S. Value Equity Portfolio |
November 13, 2017 | |
|
Strategic Equity Portfolio |
July 20, 1989 | |
|
Equity Income Portfolio |
December 21, 2016 |
| 98 |
| 99 |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||
|
Exchange-Traded Funds |
$35,699,786 | $— | $— | $35,699,786 | ||||
|
U.S. Treasury Bills |
— | 29,839,438 | — | 29,839,438 | ||||
|
Repurchase Agreement |
— | 153,838 | — | 153,838 | ||||
|
Investment Of Collateral Pledged For Written Options |
8,974,617 | — | — | 8,974,617 | ||||
| Purchased Options | ||||||||
|
Calls |
— | 363,429,900 | — | 363,429,900 | ||||
|
Puts |
— | 23,701,950 | — | 23,701,950 | ||||
|
Total Purchased Options |
— | 387,131,850 | — | 387,131,850 | ||||
|
Total Investments |
44,674,403 | 417,125,126 | — | 461,799,529 | ||||
|
Total |
$44,674,403 | $417,125,126 | $— | $461,799,529 |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||
| Written Options | ||||||||
|
Calls |
$— | $(94,575,000) | $— | $(94,575,000) | ||||
|
Puts |
— | (3,763,300) | — | (3,763,300) | ||||
|
Total Written Options |
— | (98,338,300) | — | (98,338,300) | ||||
|
Total |
$— | $(98,338,300) | $— | $(98,338,300) |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||
|
Exchange-Traded Funds |
$7,432,776 | $— | $— | $7,432,776 | ||||
|
U.S. Treasury Bill |
— | 607,624 | — | 607,624 | ||||
|
Repurchase Agreement |
— | 26,718 | — | 26,718 | ||||
|
Investment Of Collateral Pledged For Written Options |
1,086,622 | — | — | 1,086,622 | ||||
| Purchased Options | ||||||||
|
Calls |
— | 11,240,100 | — | 11,240,100 | ||||
|
Puts |
— | 733,050 | — | 733,050 | ||||
|
Total Purchased Options |
— | 11,973,150 | — | 11,973,150 | ||||
|
Total Investments |
8,519,398 | 12,607,492 | — | 21,126,890 | ||||
|
Total |
$8,519,398 | $12,607,492 | $— | $21,126,890 |
| 100 |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||
| Written Options | ||||||||
|
Calls |
$— | $(2,937,040) | $— | $(2,937,040) | ||||
|
Puts |
— | (134,525) | — | (134,525) | ||||
|
Total Written Options |
— | (3,071,565) | — | (3,071,565) | ||||
|
Total |
$— | $(3,071,565) | $— | $(3,071,565) |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$958,906 | $(958,906) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$2,794,052 | $(2,794,052) | $— | $— | $— |
| 101 |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$13,767 | $(13,767) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$16,867 | $(16,867) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$1,762,645 | $(1,762,645) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$69,221 | $(69,221) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$1,723,857 | $(1,723,857) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$62,100 | $(62,100) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$383,562 | $(383,562) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$5,010,416 | $(5,010,416) | $— | $— | $— |
| 102 |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$52,633 | $(52,633) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$153,838 | $(153,838) | $— | $— | $— |
| Counterparty | Repurchase Agreements |
Fair
Value of Non-Cash Collateral Received(a) |
Cash Collateral Received |
Net Collateral Received |
Net Exposure(b) | |||||
|
Fixed Income Clearing Corp. |
$26,718 | $(26,718) | $— | $— | $— |
| 103 |
| 104 |
| 105 |
| Portfolio | Unlimited (Short-Term) |
Unlimited (Long-Term) | ||
|
Global Secured Options Portfolio* |
$4,843,851 | $1,426,967 |
|
Global Secured Options Portfolio |
$61,765 |
| Portfolio | Accumulated Undistributed Ordinary Income |
Accumulated Undistributed Long-Term Gain |
Unrealized Appreciation/ (Depreciation) |
Other Temporary Differences |
Loss Carryforwards |
Total Distributable Earnings/ (Accumulated Losses) | ||||||
|
Disciplined U.S. Equity Portfolio |
$127,939 | $60,168,002 | $130,107,919 | $— | $— | $190,403,860 | ||||||
|
Disciplined U.S. Growth Equity Portfolio |
— | 164,206,539 | 520,269,094 | — | — | 684,475,633 | ||||||
|
Disciplined U.S. Value Equity Portfolio |
2,310 | 142,013 | 378,141 | — | — | 522,464 | ||||||
|
Disciplined U.S. Small Cap Equity Portfolio |
— | 65,220 | 473,371 | — | — | 538,591 | ||||||
|
Disciplined International Equity Portfolio |
26,460 | 2,292,414 | 9,271,678 | — | — | 11,590,552 | ||||||
|
Energy Resilience Portfolio |
7,515 | 1,450,808 | 5,005,870 | 4 | — | 6,464,197 | ||||||
|
SMID Core Equity Portfolio |
513,973 | 2,234,118 | (48,288) | — | — | 2,699,803 | ||||||
|
Long/Short Equity Portfolio |
76,641 | 5,017,858 | 18,475,749 | — | — | 23,570,248 | ||||||
|
Total Market Plus Equity Portfolio |
— | 4,969,434 | 13,438,406 | — | — | 18,407,840 | ||||||
|
Strategic Equity Portfolio |
21,404 | 26,593,979 | 94,925,129 | — | — | 121,540,512 | ||||||
|
Small Cap Equity Portfolio |
459,101 | 72,270,688 | 168,787,261 | — | — | 241,517,050 | ||||||
|
Equity Income Portfolio |
22,124 | 1,700,058 | 5,107,493 | — | — | 6,829,675 | ||||||
|
Secured Options Portfolio |
15,961,340 | 12,055,991 | 27,477,549 | — | — | 55,494,880 | ||||||
|
Global Secured Options Portfolio |
265,208 | 515,958 | 1,497,015 | (25,270) | (6,270,818)(a) | (4,017,907) |
| 106 |
| Portfolio | Ordinary Income |
Long-Term Gains |
Total Distributions | |||
|
Disciplined U.S. Equity Portfolio |
$4,033,478 | $129,915,077 | $133,948,555 | |||
|
Disciplined U.S. Growth Equity Portfolio |
17,704,746 | 418,749,783 | 436,454,529 | |||
|
Disciplined U.S. Value Equity Portfolio |
33,110 | 219,476 | 252,586 | |||
|
Disciplined U.S. Small Cap Equity Portfolio |
16,408 | 206,300 | 222,708 | |||
|
Disciplined International Equity Portfolio |
575,409 | 1,471,390 | 2,046,799 | |||
|
Energy Resilience Portfolio |
148,499 | 2,681,615 | 2,830,114 | |||
|
SMID Core Equity Portfolio |
132,430 | 2,681,513 | 2,813,943 | |||
|
Long/Short Equity Portfolio |
629,045 | 3,939,996 | 4,569,041 | |||
|
Total Market Plus Equity Portfolio |
3,993 | 4,592,684 | 4,596,677 | |||
|
Strategic Equity Portfolio |
748,948 | 17,758,864 | 18,507,812 | |||
|
Small Cap Equity Portfolio |
7,450,767 | 45,678,093 | 53,128,860 | |||
|
Equity Income Portfolio |
260,918 | 1,259,269 | 1,520,187 | |||
|
Secured Options Portfolio |
30,972,280 | 37,828,533 | 68,800,813 | |||
|
Global Secured Options Portfolio |
1,345,808 | 2,374,289 | 3,720,097 | |||
| Portfolio | Total
distributable earnings |
Paid-in capital | ||
|
Disciplined U.S. Equity Portfolio |
$(14,417,911) | $14,417,911 | ||
|
Disciplined U.S. Growth Equity Portfolio |
(24,604,389) | 24,604,389 | ||
|
Disciplined International Equity Portfolio |
17 | (17) | ||
|
Energy Resilience Portfolio |
(164,232) | 164,232 | ||
|
SMID Core Equity Portfolio |
(3,475,555) | 3,475,555 | ||
|
Total Market Plus Equity Portfolio |
(539,812) | 539,812 | ||
|
Strategic Equity Portfolio |
(4,416,618) | 4,416,618 | ||
|
Small Cap Equity Portfolio |
(11,899,944) | 11,899,944 | ||
|
Equity Income Portfolio |
(146,581) | 146,581 | ||
|
Secured Options Portfolio |
(11,658,602) | 11,658,602 | ||
|
Global Secured Options Portfolio |
(173,844) | 173,844 |
| Portfolio | Cost | Appreciation | (Depreciation) | Net | ||||
|
Disciplined U.S. Equity Portfolio |
$259,527,936 | $151,464,709 | $(4,130,241) | $147,334,468 | ||||
|
Disciplined U.S. Growth Equity Portfolio |
701,906,748 | 511,979,629 | (35,914,508) | 476,065,121 | ||||
|
Disciplined U.S. Value Equity Portfolio |
1,955,043 | 661,165 | (22,262) | 638,903 | ||||
|
Disciplined U.S. Small Cap Equity Portfolio |
2,725,668 | 739,359 | (114,495) | 624,864 | ||||
|
Disciplined International Equity Portfolio |
92,590,343 | 17,377,172 | (1,867,038) | 15,510,134 | ||||
|
Energy Resilience Portfolio |
11,295,852 | 3,016,778 | (278,316) | 2,738,462 | ||||
|
SMID Core Equity Portfolio |
3,555,763 | 369,942 | (261,214) | 108,728 | ||||
|
Long/Short Equity Portfolio |
(1,018,596) | 18,004,651 | (1,827,232) | 16,177,419 | ||||
|
Total Market Plus Equity Portfolio |
14,751,714 | 11,262,009 | (1,093,376) | 10,168,633 | ||||
|
Strategic Equity Portfolio |
46,192,191 | 64,910,484 | (2,349,560) | 62,560,924 | ||||
|
Small Cap Equity Portfolio |
812,886,140 | 325,144,413 | (88,725,580) | 236,418,833 | ||||
|
Equity Income Portfolio |
7,755,688 | 5,437,645 | (119,514) | 5,318,131 | ||||
|
Secured Options Portfolio |
334,192,595 | 29,269,061 | (427) | 29,268,634 | ||||
|
Global Secured Options Portfolio |
15,837,075 | 2,218,252 | (2) | 2,218,250 |
| 107 |
| Equity Contracts Risk |
Total | ||
|
Purchased Options1 |
$387,131,850 | $387,131,850 | |
|
Total Value |
$387,131,850 | $387,131,850 |
| Equity Contracts Risk |
Total | ||
|
Written Options2 |
$(98,338,300) | $(98,338,300) | |
|
Total Value |
$(98,338,300) | $(98,338,300) |
| Equity Contracts Risk |
Total | ||
|
Purchased Options3 |
$(40,860,921) | $(40,860,921) | |
|
Written Options4 |
59,870,337 | 59,870,337 | |
|
Total Realized Gain (Loss) |
$19,009,416 | $19,009,416 |
| Equity Contracts Risk |
Total | ||
|
Purchased Options5 |
$5,137,759 | $5,137,759 | |
|
Written Options6 |
(4,791,786) | (4,791,786) | |
|
Total Change in Unrealized Appreciation (Depreciation) |
$345,973 | $345,973 |
| 108 |
| Equity Contracts Risk |
Total | ||
|
Purchased Options7 |
6,170 | 6,170 | |
|
Written Options7 |
(6,544) | (6,544) |
| Equity Contracts Risk |
Total | ||
|
Purchased Options1 |
$11,973,150 | $11,973,150 | |
|
Total Value |
$11,973,150 | $11,973,150 |
| Equity Contracts Risk |
Total | ||
|
Written Options2 |
$(3,071,565) | $(3,071,565) | |
|
Total Value |
$(3,071,565) | $(3,071,565) |
| Equity Contracts Risk |
Total | ||
|
Purchased Options3 |
$(1,226,745) | $(1,226,745) | |
|
Written Options4 |
2,179,770 | 2,179,770 | |
|
Total Realized Gain (Loss) |
$953,025 | $953,025 |
| Equity Contracts Risk |
Total | ||
|
Purchased Options5 |
$680,632 | $680,632 | |
|
Written Options6 |
(713,517) | (713,517) | |
|
Total Change in Unrealized Appreciation (Depreciation) |
$(32,885) | $(32,885) |
| Equity Contracts Risk |
Total | ||
|
Purchased Options7 |
177 | 177 | |
|
Written Options7 |
(485) | (485) |
| 1 | Statement of Assets and Liabilities location: Investments at value. |
| 2 | Statement of Assets and Liabilities location: Written options, at value. |
| 3 | Statement of Operations location: Amount is included in Net realized gain (loss) on purchased options. |
| 4 | Statement of Operations location: Amount is included in Net realized gain (loss) on written options. |
| 5 | Statement of Operations location: Amount is included in Net change in unrealized gain (loss) on purchased options. |
| 6 | Statement of Operations location: Amount is included in Net change in unrealized gain (loss) on written options. |
| 7 | Amount(s) disclosed represent average contracts outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Portfolio held such derivatives during the period ended April 30, 2026. |
| 109 |
| Fund Name | Management
Fee on Net Assets | |
|
Disciplined U.S. Equity Portfolio |
0.55% | |
|
Disciplined U.S. Growth Equity Portfolio |
0.55% | |
|
Disciplined U.S. Value Equity Portfolio |
0.55% | |
|
Disciplined U.S. Small Cap Equity Portfolio |
0.55% | |
|
Disciplined International Equity Portfolio |
0.55% | |
|
Energy Resilience Portfolio |
0.55% | |
|
SMID Core Equity Portfolio |
0.55% | |
|
Long/Short Equity Portfolio |
1.20% | |
|
Total Market Plus Equity Portfolio |
0.60%(1) | |
|
Strategic Equity Portfolio |
0.55% | |
|
Small Cap Equity Portfolio |
0.55% | |
|
Equity Income Portfolio |
0.55% | |
|
Secured Options Portfolio |
0.55% | |
|
Global Secured Options Portfolio |
0.55% |
| Fund Name | Advisor
Class Expense Limitation |
Institutional
Class Expense Limitation | ||
|
Disciplined U.S. Small Cap Equity Portfolio |
0.85% | 0.65% | ||
|
Disciplined International Equity Portfolio |
0.85% | 0.65% | ||
|
Energy Resilience Portfolio |
0.85% | 0.65% | ||
|
SMID Core Equity Portfolio |
0.85% | 0.65% | ||
|
Long/Short Equity Portfolio1,2 |
1.25% | 1.05% | ||
|
Total Market Plus Equity Portfolio2,3 |
0.90% | 0.70% | ||
|
Global Secured Options Portfolio |
0.85% | 0.65% |
| Fund Name | Expense Limitation | |
|
Disciplined U.S. Value Equity Portfolio |
0.85% | |
|
Equity Income Portfolio |
0.85% |
| 110 |
| Shareholder
Servicing Fee on Net Assets | |
|
Disciplined U.S. Equity Portfolio (Advisor Class) |
0.20% |
|
Disciplined U.S. Growth Equity Portfolio (Advisor Class) |
0.20% |
|
Disciplined U.S. Value Equity Portfolio |
0.20% |
|
Disciplined U.S. Small Cap Equity Portfolio (Advisor Class) |
0.20% |
|
Disciplined International Equity Portfolio (Advisor Class) |
0.20% |
|
Energy Resilience Portfolio (Advisor Class) |
0.20% |
|
SMID Core Equity Portfolio (Advisor Class) |
0.20% |
|
Long/Short Equity Portfolio (Advisor Class) |
0.20% |
|
Total Market Plus Equity Portfolio (Advisor Class) |
0.20% |
|
Strategic Equity Portfolio |
0.20% |
|
Small Cap Equity Portfolio (Advisor Class) |
0.25% |
|
Small Cap Equity Portfolio (Institutional Class) |
0.05% |
|
Equity Income Portfolio |
0.20% |
|
Secured Options Portfolio (Advisor Class) |
0.20% |
|
Global Secured Options Portfolio (Advisor Class) |
0.20% |
| Portfolio | Purchases | Sales | ||
|
Disciplined U.S. Equity Portfolio |
$116,292,061 | $213,825,220 | ||
|
Disciplined U.S. Growth Equity Portfolio |
359,195,063 | 521,900,229 | ||
|
Disciplined U.S. Value Equity Portfolio |
973,340 | 945,019 | ||
|
Disciplined U.S. Small Cap Equity Portfolio |
1,554,256 | 1,158,622 | ||
|
Disciplined International Equity Portfolio |
76,301,308 | 30,570,364 | ||
|
Energy Resilience Portfolio |
19,901,469 | 29,363,039 | ||
|
SMID Core Equity Portfolio |
1,353,867 | 3,698,656 | ||
|
Long/Short Equity Portfolio |
31,320,041 | 35,493,243 | ||
|
Total Market Plus Equity Portfolio |
16,802,176 | 26,944,211 | ||
|
Strategic Equity Portfolio |
10,102,055 | 51,923,823 | ||
|
Small Cap Equity Portfolio |
171,194,666 | 330,791,717 | ||
|
Equity Income Portfolio |
854,997 | 3,208,501 |
| 111 |
| Portfolio | Purchases | Sales | ||
|
Secured Options Portfolio |
$— | $— | ||
|
Global Secured Options Portfolio |
952,750 | 888,500 |
| Period
Ended April 30, 2026 |
Year
Ended October 31, 2025 | ||||||
| Shares | Amount | Shares | Amount | ||||
| Disciplined U.S. Equity Portfolio — Advisor | |||||||
|
Sold |
254,081 | $5,300,056 | 436,020 | $9,071,556 | |||
|
Issued as reinvestment of dividends |
2,736,298 | 53,881,807 | 5,185,917 | 108,533,552 | |||
|
Redeemed |
(4,517,532) | (95,968,361) | (13,052,365) | (275,875,934) | |||
|
Net Decrease |
(1,527,153) | $(36,786,498) | (7,430,428) | $(158,270,826) | |||
| Disciplined U.S. Equity Portfolio — Institutional | |||||||
|
Sold |
337,127 | $6,947,126 | 282,012 | $6,098,695 | |||
|
Issued as reinvestment of dividends |
298,329 | 5,869,079 | 468,347 | 9,795,969 | |||
|
Redeemed |
(597,939) | (12,421,903) | (1,085,479) | (22,843,330) | |||
|
Net Increase (Decrease) |
37,517 | $394,302 | (335,120) | $(6,948,666) | |||
| Disciplined U.S. Growth Equity Portfolio — Advisor | |||||||
|
Sold |
1,313,538 | $36,309,650 | 2,703,614 | $79,085,852 | |||
|
Issued as reinvestment of dividends |
4,685,550 | 127,728,098 | 11,661,531 | 325,706,552 | |||
|
Redeemed |
(5,274,652) | (148,127,833) | (14,842,606) | (424,237,819) | |||
|
Net Increase (Decrease) |
724,436 | $15,909,915 | (477,461) | $(19,445,415) | |||
| Disciplined U.S. Growth Equity Portfolio — Institutional | |||||||
|
Sold |
471,921 | $13,262,841 | 1,127,093 | $33,012,022 | |||
|
Issued as reinvestment of dividends |
928,879 | 25,451,289 | 2,574,103 | 72,074,889 | |||
|
Redeemed |
(1,883,587) | (54,050,344) | (4,278,559) | (122,753,954) | |||
|
Net Decrease |
(482,787) | $(15,336,214) | (577,363) | $(17,667,043) | |||
| Disciplined U.S. Value Equity Portfolio | |||||||
|
Issued as reinvestment of dividends |
12,026 | $161,223 | 19,464 | $249,293 | |||
|
Net Increase |
12,026 | $161,223 | 19,464 | $249,293 | |||
| Disciplined U.S. Small Cap Equity Portfolio — Advisor | |||||||
|
Sold |
— | $— | 2081 | $3,0001 | |||
|
Issued as reinvestment of dividends |
499 | 7,851 | 12,8881 | 190,9231 | |||
|
Redeemed |
(178) | (2,757) | (140,124)1 | (1,825,046)1 | |||
|
Net Increase (Decrease) |
321 | $5,094 | (127,028) | $(1,631,123) | |||
| Disciplined U.S. Small Cap Equity Portfolio — Institutional | |||||||
|
Sold |
23,646 | $408,000 | 137,7641 | $1,793,3581 | |||
|
Issued as reinvestment of dividends |
4,109 | 64,553 | 5561 | 8,0121 | |||
|
Net Increase |
27,755 | $472,553 | 138,320 | $1,801,370 | |||
| Disciplined International Equity Portfolio — Advisor | |||||||
|
Sold |
30,454 | $646,150 | 898,5141 | $15,633,4471 | |||
|
Issued as reinvestment of dividends |
22,832 | 471,537 | 97,9321 | 1,547,5661 | |||
|
Redeemed |
(13,957) | (306,116) | (1,952,199)1 | (34,018,428)1 | |||
|
Net Increase (Decrease) |
39,329 | $811,571 | (955,753) | $(16,837,415) | |||
| Disciplined International Equity Portfolio — Institutional | |||||||
|
Sold |
2,233,203 | $46,810,656 | 2,140,5221 | $37,955,6391 | |||
|
Issued as reinvestment of dividends |
90,917 | 1,864,735 | 2,7731 | 51,6461 | |||
|
Redeemed |
(81,652) | (1,762,046) | (441,552)1 | (8,163,613)1 | |||
|
Net Increase |
2,242,468 | $46,913,345 | 1,701,743 | $29,843,672 | |||
| 112 |
| Period
Ended April 30, 2026 |
Year
Ended October 31, 2025 | ||||||
| Shares | Amount | Shares | Amount | ||||
| Energy Resilience Portfolio — Advisor | |||||||
|
Sold |
15,851 | $267,072 | 14,638 | $240,187 | |||
|
Issued as reinvestment of dividends |
86,559 | 1,413,900 | 168,697 | 2,747,077 | |||
|
Redeemed |
(597,418) | (9,732,998) | (286,420) | (4,595,583) | |||
|
Net Decrease |
(495,008) | $(8,052,026) | (103,085) | $(1,608,319) | |||
| SMID Core Equity Portfolio — Advisor | |||||||
|
Sold |
19,195 | $294,205 | 90,002 | $1,488,507 | |||
|
Issued as reinvestment of dividends |
313,389 | 2,754,694 | 174,009 | 2,760,952 | |||
|
Redeemed |
(271,799) | (2,712,073) | (1,228,127) | (19,734,507) | |||
|
Net Increase (Decrease) |
60,785 | $336,826 | (964,116) | $(15,485,048) | |||
| Long/Short Equity Portfolio — Advisor | |||||||
|
Sold |
275,826 | $3,636,009 | 122,335 | $1,692,824 | |||
|
Issued as reinvestment of dividends |
377,832 | 4,867,121 | 216,446 | 2,916,392 | |||
|
Redeemed |
(248,408) | (3,362,239) | (385,708) | (5,353,478) | |||
|
Net Increase (Decrease) |
405,250 | $5,140,891 | (46,927) | $(744,262) | |||
| Long/Short Equity Portfolio — Institutional | |||||||
|
Sold |
18,470 | $248,422 | 29,146 | $410,152 | |||
|
Issued as reinvestment of dividends |
12,305 | 160,011 | 65,741 | 895,141 | |||
|
Redeemed |
(57,742) | (830,644) | (596,153) | (8,605,773) | |||
|
Net Decrease |
(26,967) | $(422,211) | (501,266) | $(7,300,480) | |||
| Total Market Plus Equity Portfolio — Advisor2 | |||||||
|
Sold |
27,420 | $524,488 | 56,314 | $1,075,727 | |||
|
Issued as reinvestment of dividends |
270,683 | 4,931,849 | 239,978 | 4,536,217 | |||
|
Redeemed |
(935,797) | (17,373,874) | (553,533) | (10,485,420) | |||
|
Net Decrease |
(637,694) | $(11,917,537) | (257,241) | $(4,873,476) | |||
| Total Market Plus Equity Portfolio — Institutional2 | |||||||
|
Sold |
379,672 | $6,924,039 | — | $— | |||
|
Redeemed |
(7,320) | (134,259) | — | — | |||
|
Net Increase |
372,352 | $6,789,780 | — | $— | |||
| Strategic Equity Portfolio | |||||||
|
Sold |
19,845 | $493,942 | 41,662 | $1,170,609 | |||
|
Issued as reinvestment of dividends |
953,846 | 23,788,629 | 590,251 | 16,550,271 | |||
|
Redeemed |
(1,461,600) | (39,420,616) | (1,790,842) | (49,745,386) | |||
|
Net Decrease |
(487,909) | $(15,138,045) | (1,158,929) | $(32,024,506) | |||
| Small Cap Equity Portfolio — Advisor | |||||||
|
Sold |
296,878 | $9,103,638 | 1,279,233 | $40,862,927 | |||
|
Issued as reinvestment of dividends |
824,495 | 24,921,068 | 501,054 | 17,165,109 | |||
|
Redeemed |
(2,019,829) | (61,999,832) | (3,451,975) | (106,566,122) | |||
|
Net Decrease |
(898,456) | $(27,975,126) | (1,671,688) | $(48,538,086) | |||
| Small Cap Equity Portfolio — Institutional | |||||||
|
Sold |
1,878,281 | $62,316,796 | 5,131,631 | $173,393,868 | |||
|
Issued as reinvestment of dividends |
547,743 | 17,990,856 | 332,226 | 12,218,138 | |||
|
Redeemed |
(4,539,875) | (152,063,731) | (7,548,101) | (251,076,064) | |||
|
Net Decrease |
(2,113,851) | $(71,756,079) | (2,084,244) | $(65,464,058) | |||
| Equity Income Portfolio | |||||||
|
Sold |
1,184 | $16,655 | 4,955 | $79,422 | |||
|
Issued as reinvestment of dividends |
103,614 | 1,453,674 | 77,243 | 1,151,953 | |||
|
Redeemed |
(140,685) | (2,095,061) | (314,438) | (4,766,211) | |||
|
Net Decrease |
(35,887) | $(624,732) | (232,240) | $(3,534,836) | |||
| 113 |
| Period
Ended April 30, 2026 |
Year
Ended October 31, 2025 | ||||||
| Shares | Amount | Shares | Amount | ||||
| Secured Options Portfolio — Advisor | |||||||
|
Sold |
45,828 | $647,230 | 150,222 | $2,068,223 | |||
|
Issued as reinvestment of dividends |
172,146 | 2,358,412 | 328,336 | 4,511,000 | |||
|
Redeemed |
(226,835) | (3,183,468) | (912,936) | (12,629,416) | |||
|
Net Decrease |
(8,861) | $(177,826) | (434,378) | $(6,050,193) | |||
| Secured Options Portfolio — Institutional | |||||||
|
Sold |
2,351,983 | $33,329,401 | 9,720,142 | $136,716,253 | |||
|
Issued as reinvestment of dividends |
1,763,103 | 24,649,461 | 4,325,102 | 60,545,769 | |||
|
Redeemed |
(8,545,890) | (120,805,792) | (24,699,744) | (347,719,374) | |||
|
Net Decrease |
(4,430,804) | $(62,826,930) | (10,654,500) | $(150,457,352) | |||
| Global Secured Options Portfolio — Advisor | |||||||
|
Sold |
145,055 | $811,790 | 1,382,4251 | $7,237,8671 | |||
|
Issued as reinvestment of dividends |
11,339 | 61,554 | 82,1951 | 392,9561 | |||
|
Redeemed |
(208,506) | (1,167,653) | (2,210,586)1 | (10,827,394)1 | |||
|
Net Decrease |
(52,112) | $(294,309) | (745,966) | $(3,196,571) | |||
| Global Secured Options Portfolio — Institutional | |||||||
|
Sold |
— | $— | 356,6981 | $1,741,0431 | |||
|
Issued as reinvestment of dividends |
19,145 | 103,913 | 5801 | 2,9501 | |||
|
Net Increase |
19,145 | $103,913 | 357,278 | $1,743,993 | |||
| 1 | In connection with the commencement of the Institutional share classes in Disciplined U.S. Small Cap Equity Portfolio, Disciplined International Equity Portfolio and Global Secured Options Portfolio during the reporting period, certain shareholders exchanged their shares in the respective Advisor class for shares of the Institutional class in the same Portfolio. On May 12, 2025, 137,764 Advisor shares of Disciplined U.S. Small Cap Equity Portfolio, 1,775,238 Advisor shares of Disciplined International Equity Portfolio and 347,048 Advisor shares of Global Secured Options Portfolio were exchanged for Institutional shares in the same Portfolio. The corresponding values for these exchanges were $1,793,358, $31,103,242 and $1,690,958, respectively. These exchange transactions are included in the shares sold (Institutional class) and shares redeemed (Advisor class) in the table above and on the Statement of Changes in Net Assets. |
| 2 | In connection with the commencement of the Institutional share class in Total Market Plus Equity Portfolio during the reporting period, certain shareholders exchanged their shares in the respective Advisor class for shares of the Institutional class in the same Portfolio. On March 9, 2026, 379,672 Advisor shares of Total Market Plus Equity Portfolio were exchanged for Institutional shares in the same Portfolio. The corresponding values for these exchanges were $6,924,039. These exchange transactions are included in the shares sold (Institutional class) and shares redeemed (Advisor class) in the table above and on the Statement of Changes in Net Assets. |
| 5% or Greater Shareholders | ||
| Portfolio | #
of Shareholders |
%
of Shares Held | ||
|
Disciplined U.S. Equity Portfolio |
2 | 52% | ||
|
Disciplined U.S. Growth Equity Portfolio |
2 | 68% | ||
|
Disciplined U.S. Value Equity Portfolio |
2 | 97% | ||
|
Disciplined U.S. Small Cap Equity Portfolio |
2 | 86% | ||
|
Disciplined International Equity Portfolio |
1 | 12% | ||
|
Energy Resilience Portfolio |
3 | 42% | ||
|
SMID Core Equity Portfolio |
4 | 94% | ||
|
Long/Short Equity Portfolio |
1 | 8% | ||
|
Total Market Plus Equity Portfolio |
2 | 61% | ||
|
Small Cap Equity Portfolio |
3 | 72% | ||
|
Equity Income Portfolio |
3 | 30% | ||
|
Secured Options Portfolio |
3 | 86% | ||
|
Global Secured Options Portfolio |
2 | 92% |
| 114 |
| 115 |
| Portfolio | Market
Value of Loaned Securities |
Market
Value of Cash Collateral |
Market
Value of Non-Cash Collateral |
%
of Total Assets on Loan | ||||
|
Disciplined U.S. Equity Portfolio |
$5,194,414 | $5,066,754 | $297,712 | 1.27 | ||||
|
Disciplined U.S. Small Cap Equity Portfolio |
247,810 | 187,934 | 64,054 | 7.31 | ||||
|
Disciplined International Equity Portfolio |
5,423,172 | 5,581,292 | — | 4.98 | ||||
|
Long/Short Equity Portfolio |
1,086,967 | 1,085,856 | — | 1.54 |
| 116 |
| Portfolio | Market
Value of Loaned Securities |
Market
Value of Cash Collateral |
Market
Value of Non-Cash Collateral |
%
of Total Assets on Loan | ||||
|
Total Market Plus Equity Portfolio |
$420,211 | $427,659 | $— | 1.30 | ||||
|
Small Cap Equity Portfolio |
63,270,611 | 64,192,359 | 332,251 | 6.03 |
| Amount Outstanding at April 30, 2026 |
Average Borrowings* |
Days Outstanding* |
Average Rate |
Maximum Borrowings* | |||||
|
Disciplined U.S. Equity Portfolio |
$— | $1,250,000 | 2 | 5.16% | $1,500,000 | ||||
|
Disciplined U.S. Growth Equity Portfolio |
— | 3,000,000 | 1 | 5.00 | 3,000,000 | ||||
|
Disciplined International Equity Portfolio |
— | 4,500,000 | 4 | 5.00 | 4,500,000 | ||||
|
Small Cap Equity Portfolio |
— | 2,750,000 | 2 | 5.23 | 5,000,000 |
| 117 |
| 118 |
| 119 |
| 120 |
| 121 |
(b) The Registrant’s Financial Highlights are included as part of the Financial Statements filed under paragraph (a) of this Item.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statement filed under Item 7(a) of this Form.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the Registrant.
Item 15. Submission of Matters to a Vote of Security Holders
The Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 16. Controls and Procedures
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective based on the evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to 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 (17 CFR 270.30a-3(d))), 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
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.
Item 19. Exhibits
(a)(1) Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
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.
| THE GLENMEDE FUND, INC. | ||
| By: | /s/ Elizabeth A. Eldridge | |
| Elizabeth A. Eldridge | ||
| President and Principal Executive Officer | ||
| Date: | June 26, 2026 | |
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/ Elizabeth A. Eldridge | |
| Elizabeth A. Eldridge | ||
| President and Principal Executive Officer | ||
| Date: | June 26, 2026 | |
| By: | /s/ Michael C. Addeo | |
| Michael C. Addeo | ||
| Treasurer and Principal Financial Officer | ||
| Date: | June 26, 2026 |