Description
Objective†
The investment seeks to match the performance of the Russell 2000® Index as closely as possible before the deduction of fund expenses.
Principal Investment Strategies†
The fund is a "feeder" fund that invests all of its assets in the Series, a series of the Master LLC, which has the same investment objective and strategies as the fund. It will be substantially invested in securities in the Russell 2000, and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Russell 2000.
Principal Investment Risks
There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.
Performance & Expenses
| Fund/Benchmark Name | Qtr | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
|---|---|---|---|---|---|---|---|
| iShares Russell 2000 Scap Idxa | -17.23% | -23.46% | -25.36% | 3.94% | 4.91% | 9.08% | 7.43% |
| Russell 2000 Indexa,b | -17.20% | -23.43% | -25.20% | 4.21% | 5.17% | 9.35% | N/A |
| Morningstar Small Blenda,c | -14.72% | -20.06% | -17.27% | 5.65% | 5.58% | 9.40% | N/A |
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.icmarc.org, or institutions can go to www.investments.missionsq.org.
Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.
| Gross Expenses | 0.40% |
|---|---|
| Net Expenses | 0.37% |
a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.
b. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
c. The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.
d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.
Distributions
| Record Date | Ex/Payable Date | Income/Capital Gains Paid Per Share |
|---|---|---|
| Jul 14, 2022 | Jul 14, 2022 | $0.067374000 |
| Dec 9, 2021 | Dec 9, 2021 | $1.786818000 |
| Jul 15, 2021 | Jul 15, 2021 | $0.102985000 |
| Dec 10, 2020 | Dec 10, 2020 | $0.280906000 |
| Jul 16, 2020 | Jul 16, 2020 | $0.007757000 |
| Dec 12, 2019 | Dec 12, 2019 | $0.646524000 |
| Dec 14, 2018 | Dec 14, 2018 | $0.655528000 |
| Jul 19, 2018 | Jul 19, 2018 | $0.017251000 |
| Dec 15, 2017 | Dec 15, 2017 | $0.575882000 |
Morningstar Information
| Period | Stars | Category Size |
|---|---|---|
| Overall |  | 576 |
| 3-Year |  | 576 |
| 5-Year | | 528 |
| 10-Year | | 350 |
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
| Equity Stylebox |
|---|
 |
| Type of Asset | Percent |
|---|---|
| Equity | 99% |
| Fixed Income | 0% |
| Cash/Other | 1% |
Due to rounding, percentages shown may not add up to 100%.
Characteristics
| Asset Class | Percent |
|---|---|
| Domestic Stock | 98.2% |
| Foreign Stock | 1.1% |
| Domestic Bond | 0.0% |
| Foreign Bond | 0.0% |
| Preferred | 0.0% |
| Convertible | 0.0% |
| Cash | 0.7% |
| Other | 0.0% |
Due to rounding, percentages shown may not add up to 100%.
| Sector | Percent |
|---|---|
| Healthcare | 16.5% |
| Industrials | 15.2% |
| Financial Services | 14.4% |
| Technology | 13.8% |
| Consumer Cyclical | 9.6% |
| Real Estate | 9.1% |
| Energy | 6.5% |
| Consumer Defensive | 4.0% |
| Basic Materials | 3.7% |
| Communication Services | 3.6% |
| Utilities | 2.9% |
Exposure reflects equity securities only and will sum to the equity exposure of the fund.
| Holding Name | Percent |
|---|---|
| BlackRock Cash Funds Treasury SL Agency | 0.8% |
| iShares Russell 2000 ETF | 0.6% |
| Ovintiv Inc | 0.5% |
| AMC Entertainment Holdings Inc Class A | 0.5% |
| Avis Budget Group Inc | 0.4% |
| BJ's Wholesale Club Holdings Inc | 0.3% |
| Chesapeake Energy Corp Ordinary Shares - New | 0.3% |
| Tenet Healthcare Corp | 0.3% |
| Tetra Tech Inc | 0.3% |
| Antero Resources Corp | 0.3% |
Statistics
| Statistic | 3-Year | 5-Year |
|---|---|---|
| Beta | 1.00 | 1.00 |
| Alpha | -0.26 | -0.25 |
| Standard Deviation | 24.22 | 21.99 |
Footnotes
| 1. | Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at www.icmarc.org. |
|---|---|
| † | The source for this information is Morningstar, Inc. Copyright © 2022 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates. MissionSquare Retirement does not independently verify Morningstar data. |
| ‡ | Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category. |