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GPS Funds I – ‘N-Q’ for 12/31/17

On:  Wednesday, 2/28/18, at 4:59pm ET   ·   Effective:  2/28/18   ·   For:  12/31/17   ·   Accession #:  1193125-18-64214   ·   File #:  811-10267

Previous ‘N-Q’:  ‘N-Q’ on 8/28/17 for 6/30/17   ·   Next:  ‘N-Q’ on 8/28/18 for 6/30/18   ·   Latest:  ‘N-Q’ on 3/1/19 for 12/31/18

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/28/18  GPS Funds I                       N-Q        12/31/17    2:3.3M                                   Donnelley … Solutions/FAGuideMark® Core Fixed Income Fund Institutional Shares (GICFX) — Service Shares (GMCOX)GuideMark® Emerging Markets Fund Institutional Shares (GILVX) — Service Shares (GMLVX)GuideMark® Large Cap Core Fund Institutional Shares (GILGX) — Service Shares (GMLGX)GuideMark® Small/Mid Cap Core Fund Institutional Shares (GISMX) — Service Shares (GMSMX)GuideMark® Tax-Exempt Fixed Income Fund Service Shares (GMTEX)GuideMark® World ex-US Fund Institutional Shares (GIWEX) — Service Shares (GMWEX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a       HTML   1.95M 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     16K 


N-Q   —   Quarterly Schedule of Portfolio Holdings of a Management Investment Company


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  N-Q  

As filed with the Securities and Exchange Commission on 2/28/18

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

811-10267

Investment Company Act file number:

 

 

GPS Funds I

(Exact name of registrant as specified in charter)

 

 

1655 Grant Street, 10th Floor

Concord CA 94520

(Address of principal executive offices) (Zip code)

 

 

Patrick R. Young

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord CA 94520

(Name and address of agent for service)

 

 

(800) 664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2018

Date of reporting period: December 31, 2017

 

 

 


Item 1. Schedule of Investments.

 


GuideMark® Large Cap Core Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Number of
Shares
          Value  
  

COMMON STOCKS—93.92%

  
  

Aerospace & Defense—1.93%

  
  5,299     

Boeing Co.

   $ 1,562,728  
  3,602     

BWX Technologies, Inc.

     217,885  
  1,119     

General Dynamics Corp.

     227,661  
  2,546     

HEICO Corp. (a)

     240,215  
  3,938     

HEICO Corp.—Class A

     311,299  
  917     

Huntington Ingalls Industries, Inc.

     216,137  
  1,399     

L3 Technologies, Inc.

     276,792  
  1,426     

Lockheed Martin Corp.

     457,817  
  1,084     

Northrop Grumman Corp.

     332,690  
  2,238     

Orbital ATK, Inc.

     294,297  
  1,605     

Raytheon Co.

     301,499  
  1,467     

Rockwell Collins, Inc.

     198,955  
  3,279     

Spirit AeroSystems Holdings, Inc.—Class A

     286,093  
  9,459     

Textron, Inc.

     535,285  
  3,474     

United Technologies Corp.

     443,178  
     

 

 

 
        5,902,531  
     

 

 

 
  

Air Freight & Logistics—0.39%

  
  4,125     

C.H. Robinson Worldwide, Inc. (a)

     367,496  
  1,367     

Expeditors International of Washington, Inc.

     88,431  
  1,673     

FedEx Corp.

     417,481  
  3,449     

XPO Logistics, Inc. (a)(b)

     315,894  
     

 

 

 
        1,189,302  
     

 

 

 
  

Airlines—0.45%

  
  2,261     

Alaska Air Group, Inc.

     166,206  
  3,842     

Copa Holdings SA—Class A

     515,058  
  13,684     

JetBlue Airways Corp. (b)

     305,701  
  5,929     

Southwest Airlines Co.

     388,053  
     

 

 

 
        1,375,018  
     

 

 

 
  

Auto Components—0.23%

  
  764     

Adient Plc—ADR

     60,127  
  1,478     

Aptiv Plc (b)

     125,379  
  1,521     

Lear Corp.

     268,700  
  1,080     

Visteon Corp. (b)

     135,151  
  816     

WABCO Holdings, Inc. (b)

     117,096  
     

 

 

 
        706,453  
     

 

 

 
  

Automobiles—0.38%

  
  54,522     

Ford Motor Co.

     680,980  
  1,082     

Tesla, Inc. (a)(b)

     336,881  
  895     

Thor Industries, Inc.

     134,894  
     

 

 

 
        1,152,755  
     

 

 

 
  

Banks—4.48%

  
  91,667     

Bank of America Corp.

     2,706,010  
  2,588     

BB&T Corp.

     128,675  
  27,257     

Citigroup, Inc.

     2,028,193  
  5,507     

Citizens Financial Group, Inc.

     231,184  
  5,177     

Fifth Third Bancorp

     157,070  
  6,847     

Huntington Bancshares, Inc.

     99,692  


  36,093     

JPMorgan Chase & Co.

     3,859,785  
  10,876     

KeyCorp

     219,369  
  644     

M&T Bank Corp.

     110,118  
  3,264     

PNC Financial Services Group, Inc.

     470,963  
  10,790     

Regions Financial Corp.

     186,451  
  3,299     

SunTrust Banks, Inc.

     213,082  
  10,981     

TCF Financial Corp.

     225,111  
  11,368     

U.S. Bancorp

     609,098  
  37,679     

Wells Fargo & Co.

     2,285,985  
  1,271     

Western Alliance Bancorp (b)

     71,964  
  1,239     

Zions Bancorporation

     62,978  
     

 

 

 
        13,665,728  
     

 

 

 
  

Beverages—1.37%

  
  3,275     

Brown-Forman Corp.—Class A

     220,211  
  4,155     

Brown-Forman Corp.—Class B

     285,324  
  1,548     

Constellation Brands, Inc.—Class A

     353,826  
  1,730     

Dr. Pepper Snapple Group, Inc. (a)

     167,914  
  2,292     

Molson Coors Brewing Co.—Class B

     188,104  
  5,347     

Monster Beverage Corp. (b)

     338,412  
  12,848     

PepsiCo, Inc.

     1,540,732  
  23,940     

The Coca-Cola Co.

     1,098,367  
     

 

 

 
        4,192,890  
     

 

 

 
  

Biotechnology—1.79%

  
  1,868     

Alkermes Plc (a)(b)

     102,236  
  985     

Alnylam Pharmaceuticals, Inc. (a)(b)

     125,144  
  5,208     

Amgen, Inc.

     905,671  
  2,207     

Biogen, Inc. (b)

     703,084  
  6,135     

Bioverativ, Inc. (a)(b)

     330,799  
  4,419     

Celgene Corp. (b)

     461,167  
  7,801     

Exelixis, Inc. (b)

     237,150  
  14,693     

Gilead Sciences, Inc.

     1,052,607  
  2,820     

Juno Therapeutics, Inc. (b)

     128,902  
  5,949     

Seattle Genetics, Inc. (a)(b)

     318,272  
  3,675     

United Therapeutics Corp. (b)

     543,716  
  3,611     

Vertex Pharmaceuticals, Inc. (b)

     541,144  
     

 

 

 
        5,449,892  
     

 

 

 
  

Building Products—0.54%

  
  2,381     

A. O. Smith Corp.

     145,908  
  2,446     

Allegion Plc

     194,604  
  1,084     

Fortune Brands Home & Security, Inc. (a)

     74,189  
  1,934     

Lennox International, Inc.

     402,775  
  6,400     

Masco Corp.

     281,216  
  4,890     

Owens Corning, Inc.

     449,586  
  2,708     

USG Corp. (a)(b)

     104,420  
     

 

 

 
        1,652,698  
     

 

 

 
  

Capital Markets—2.09%

  
  1,782     

Ameriprise Financial, Inc.

     301,996  
  20,320     

BGC Partners, Inc.—Class A

     307,035  
  3,380     

Cboe Global Markets, Inc.

     421,114  
  1,094     

CME Group, Inc.

     159,779  
  4,453     

E*TRADE Financial Corp. (b)

     220,735  
  4,676     

Eaton Vance Corp.

     263,680  
  2,339     

FactSet Research Systems, Inc. (a)

     450,866  
  6,217     

Federated Investors, Inc.—Class B (a)

     224,309  
  1,772     

Intercontinental Exchange, Inc.

     125,032  


  3,866     

Lazard Ltd.—Class A

     202,965  
  4,894     

Legg Mason, Inc.

     205,450  
  5,315     

LPL Financial Holdings, Inc.

     303,699  
  1,135     

MarketAxess Holdings, Inc.

     228,986  
  1,461     

Moody’s Corp.

     215,658  
  10,084     

Morgan Stanley

     529,108  
  909     

Morningstar, Inc.

     88,146  
  4,098     

MSCI, Inc.

     518,561  
  4,424     

S&P Global, Inc.

     749,426  
  3,556     

SEI Investments Co.

     255,534  
  1,181     

State Street Corp.

     115,277  
  3,379     

T. Rowe Price Group, Inc.

     354,559  
  1,184     

The Bank of New York Mellon Corp.

     63,770  
  1,244     

The Charles Schwab Corp.

     63,904  
     

 

 

 
        6,369,589  
     

 

 

 
  

Chemicals—1.34%

  
  988     

Albemarle Corp. (a)

     126,355  
  1,361     

Celanese Corp.—Series A

     145,736  
  5,793     

DowDuPont, Inc.

     412,577  
  1,295     

Ecolab, Inc.

     173,763  
  2,285     

FMC Corp.

     216,298  
  12,081     

Huntsman Corp.

     402,176  
  967     

International Flavors & Fragrances, Inc.

     147,574  
  802     

LyondellBasell Industries NV—Class A

     88,477  
  4,838     

Monsanto Co.

     564,982  
  370     

NewMarket Corp.

     147,034  
  2,079     

Olin Corp.

     73,971  
  56,054     

Platform Specialty Products Corp. (b)

     556,056  
  1,175     

PPG Industries, Inc. (a)

     137,263  
  590     

Praxair, Inc.

     91,261  
  3,878     

RPM International, Inc.

     203,285  
  6,437     

The Chemours Co.

     322,236  
  618     

The Scotts Miracle-Gro Co.—Class A

     66,120  
  5,630     

Valvoline, Inc.

     141,088  
  596     

Westlake Chemical Corp.

     63,492  
     

 

 

 
        4,079,744  
     

 

 

 
  

Commercial Services & Supplies—0.59%

  
  2,214     

Avery Dennison Corp.

     254,300  
  871     

Cintas Corp.

     135,728  
  2,242     

Republic Services, Inc.

     151,582  
  15,756     

Rollins, Inc. (a)

     733,127  
  3,539     

Stericycle, Inc. (b)

     240,616  
  3,356     

Waste Management, Inc.

     289,623  
     

 

 

 
        1,804,976  
     

 

 

 
  

Communications Equipment—1.25%

  
  2,606     

Arista Networks, Inc. (b)

     613,922  
  22,099     

ARRIS International Plc (b)

     567,723  
  32,830     

Cisco Systems, Inc.

     1,257,389  
  3,330     

CommScope Holding Co., Inc. (b)

     125,974  
  3,150     

F5 Networks, Inc. (b)

     413,343  
  1,540     

Harris Corp.

     218,141  
  9,593     

Juniper Networks, Inc.

     273,401  
  1,263     

Motorola Solutions, Inc. (a)

     114,099  
  842     

Palo Alto Networks, Inc. (b)

     122,039  
  1,545     

QUALCOMM, Inc.

     98,911  
     

 

 

 
        3,804,942  
     

 

 

 


  

Construction & Engineering—0.93%

  
  28,288     

AECOM (a)(b)

     1,050,899  
  18,320     

Fluor Corp.

     946,228  
  12,790     

Jacobs Engineering Group, Inc.

     843,629  
     

 

 

 
        2,840,756  
     

 

 

 
  

Consumer Finance—1.27%

  
  21,372     

Ally Financial, Inc.

     623,207  
  5,375     

American Express Co.

     533,791  
  5,848     

Capital One Financial Corp.

     582,344  
  1,060     

Credit Acceptance Corp. (a)(b)

     342,889  
  2,265     

Discover Financial Services

     174,224  
  39,101     

Navient Corp. (a)

     520,825  
  42,047     

Santander Consumer USA Holdings, Inc. (a)

     782,915  
  8,365     

Synchrony Financial

     322,973  
     

 

 

 
        3,883,168  
     

 

 

 
  

Containers & Packaging—0.17%

  
  711     

AptarGroup, Inc.

     61,345  
  2,217     

Packaging Corp. of America

     267,259  
  3,241     

WestRock Co.

     204,864  
     

 

 

 
        533,468  
     

 

 

 
  

Distributors—0.16%

  
  3,086     

Genuine Parts Co.

     293,201  
  4,946     

LKQ Corp. (b)

     201,154  
     

 

 

 
        494,355  
     

 

 

 
  

Diversified Consumer Services—0.42%

  
  1,002     

Bright Horizons Family Solutions, Inc. (b)

     94,188  
  1,393     

Graham Holdings Co.—Class B

     777,781  
  12,045     

H&R Block, Inc.

     315,820  
  1,915     

ServiceMaster Global Holdings, Inc. (b)

     98,182  
     

 

 

 
        1,285,971  
     

 

 

 
  

Diversified Financial Services—0.30%

  
  7,266     

FNF Group

     285,118  
  1,579     

Interactive Brokers Group, Inc.—Class A

     93,493  
  20,013     

Leucadia National Corp.

     530,144  
     

 

 

 
        908,755  
     

 

 

 
  

Diversified Telecommunication Services—0.89%

  
  41,138     

AT&T, Inc.

     1,599,445  
  21,032     

Verizon Communications, Inc.

     1,113,224  
     

 

 

 
        2,712,669  
     

 

 

 
  

Electric Utilities—1.26%

  
  4,868     

American Electric Power Co., Inc.

     358,139  
  4,035     

Avangrid, Inc. (a)

     204,090  
  5,013     

Duke Energy Corp.

     421,644  
  2,208     

Edison International

     139,634  
  2,352     

Entergy Corp.

     191,429  
  4,119     

Eversource Energy

     260,239  
  6,730     

Exelon Corp.

     265,229  
  5,861     

FirstEnergy Corp.

     179,464  
  6,263     

Great Plains Energy, Inc.

     201,919  
  2,713     

Hawaiian Electric Industries, Inc.

     98,075  
  3,242     

NextEra Energy, Inc.

     506,368  
  2,641     

PG&E Corp.

     118,396  
  2,127     

Pinnacle West Capital Corp.

     181,178  
  4,295     

PPL Corp.

     132,930  


  4,723     

Southern Co.

     227,129  
  1,133     

Westar Energy, Inc.

     59,822  
  6,571     

Xcel Energy, Inc.

     316,131  
     

 

 

 
        3,861,816  
     

 

 

 
  

Electrical Equipment—0.75%

  
  1,617     

Acuity Brands, Inc. (a)

     284,592  
  3,569     

Agilent Technologies, Inc.

     239,016  
  3,053     

AMETEK, Inc.

     221,251  
  1,115     

Eaton Corp. Plc

     88,096  
  2,721     

Emerson Electric Co.

     189,627  
  8,299     

Regal Beloit Corp.

     635,703  
  1,728     

Rockwell Automation, Inc.

     339,293  
  1,074     

Roper Industries, Inc.

     278,166  
     

 

 

 
        2,275,744  
     

 

 

 
  

Electronic Equipment, Instruments & Components—1.06%

  
  2,891     

Amphenol Corp.—Class A

     253,830  
  4,263     

CDW Corp.

     296,236  
  8,080     

Cognex Corp.

     494,173  
  1,269     

Coherent, Inc. (b)

     358,137  
  3,014     

Dolby Laboratories, Inc.—Class A

     186,868  
  1,517     

IPG Photonics Corp. (b)

     324,835  
  13,665     

Jabil, Inc.

     358,706  
  14,697     

National Instruments Corp. (a)

     611,836  
  1,914     

Trimble, Inc. (b)

     77,785  
  863     

Universal Display Corp.

     148,997  
  1,353     

Zebra Technologies Corp.—Class A (b)

     140,441  
     

 

 

 
        3,251,844  
     

 

 

 
  

Energy Equipment & Services—0.48%

  
  19,677     

Oceaneering International, Inc. (a)

     415,972  
  2,566     

RPC, Inc. (a)

     65,510  
  90,960     

Transocean, Ltd. (a)(b)

     971,453  
     

 

 

 
        1,452,935  
     

 

 

 
  

Food & Staples Retailing—2.70%

  
  2,274     

Casey’s General Stores, Inc. (a)

     254,552  
  4,791     

Costco Wholesale Corp.

     891,701  
  14,948     

CVS Health Corp.

     1,083,730  
  20,402     

Kroger Co. (a)

     560,035  
  417,336     

Rite Aid Corp. (a)(b)

     822,152  
  17,363     

Sprouts Farmers Market, Inc. (a)(b)

     422,789  
  7,408     

SYSCO Corp.

     449,888  
  22,313     

US Foods Holding Corp. (b)

     712,454  
  12,867     

Walgreens Boots Alliance, Inc.

     934,401  
  21,471     

Wal-Mart Stores, Inc.

     2,120,261  
     

 

 

 
        8,251,963  
     

 

 

 
  

Food Products—1.78%

  
  18,208     

Archer-Daniels-Midland Co.

     729,777  
  12,371     

Blue Buffalo Pet Products, Inc. (a)(b)

     405,645  
  3,223     

Bunge Ltd.

     216,199  
  3,590     

Campbell Soup Co. (a)

     172,715  
  19,573     

Flowers Foods, Inc. (a)

     377,955  
  3,431     

Hershey Co.

     389,453  
  2,490     

Hormel Foods Corp. (a)

     90,611  
  2,670     

Ingredion, Inc.

     373,266  
  968     

Kellogg Co. (a)

     65,805  
  4,456     

Lamb Weston Holdings, Inc.

     251,541  


  10,697     

Pilgrim’s Pride Corp. (a)(b)

     332,249  
  2,463     

Pinnacle Foods, Inc.

     146,474  
  1,632     

Post Holdings, Inc. (b)

     129,303  
  3,357     

The Hain Celestial Group, Inc. (a)(b)

     142,303  
  2,103     

The J.M. Smucker Co. (a)

     261,277  
  21,992     

TreeHouse Foods, Inc. (a)(b)

     1,087,724  
  3,317     

Tyson Foods, Inc.—Class A

     268,909  
     

 

 

 
        5,441,206  
     

 

 

 
  

Gas Utilities—0.12%

  
  1,364     

Atmos Energy Corp.

     117,154  
  5,118     

UGI Corp.

     240,290  
     

 

 

 
        357,444  
     

 

 

 
  

Health Care Equipment & Supplies—1.96%

  
  2,482     

ABIOMED, Inc. (b)

     465,152  
  3,489     

Align Technology, Inc. (b)

     775,221  
  5,561     

Baxter International, Inc.

     359,463  
  2,470     

Becton Dickinson and Co. (a)

     528,803  
  6,717     

Boston Scientific Corp. (b)

     166,514  
  1,305     

Danaher Corp.

     121,130  
  4,096     

DexCom, Inc. (b)

     235,070  
  2,730     

Edwards Lifesciences Corp. (b)

     307,698  
  2,482     

Hill-Rom Holdings, Inc.

     209,208  
  3,271     

IDEXX Laboratories, Inc. (b)

     511,519  
  1,815     

Intuitive Surgical, Inc. (b)

     662,366  
  2,532     

Medtronic Plc

     204,459  
  764     

ResMed, Inc. (a)

     64,703  
  1,446     

STERIS Plc

     126,482  
  3,782     

Stryker Corp. (a)

     585,605  
  920     

Teleflex, Inc.

     228,914  
  769     

The Cooper Cos., Inc.

     167,550  
  2,248     

Varian Medical Systems, Inc. (a)(b)

     249,865  
     

 

 

 
        5,969,722  
     

 

 

 
  

Health Care Providers & Services—3.50%

  
  2,187     

Aetna, Inc.

     394,513  
  4,848     

Anthem, Inc.

     1,090,849  
  44,867     

Brookdale Senior Living, Inc. (b)

     435,210  
  2,147     

Cardinal Health, Inc.

     131,547  
  8,721     

Centene Corp. (b)

     879,774  
  2,084     

Cerner Corp. (b)

     140,441  
  2,647     

CIGNA Corp.

     537,579  
  5,668     

DaVita, Inc. (b)

     409,513  
  15,142     

Envision Healthcare Corp. (b)

     523,308  
  11,511     

Express Scripts Holding Co. (b)

     859,181  
  3,156     

Henry Schein, Inc. (a)(b)

     220,541  
  3,603     

Humana, Inc. (a)

     893,796  
  482     

Laboratory Corp. of America Holdings (b)

     76,884  
  2,762     

McKesson Corp.

     430,734  
  4,913     

MEDNAX, Inc. (b)

     262,551  
  2,170     

Patterson Cos., Inc. (a)

     78,402  
  1,562     

PerkinElmer, Inc.

     114,213  
  11,598     

UnitedHealth Group, Inc.

     2,556,895  
  3,200     

WellCare Health Plans, Inc. (b)

     643,552  
     

 

 

 
        10,679,483  
     

 

 

 
  

Health Care Technology—0.14%

  
  2,096     

athenahealth, Inc. (a)(b)

     278,852  
  2,583     

Veeva Systems, Inc.—Class A (b)

     142,788  
     

 

 

 
        421,640  
     

 

 

 


  

Hotels, Restaurants & Leisure—2.53%

  
  3,082     

Aramark

     131,725  
  7,474     

Carnival Corp.

     496,049  
  5,783     

Choice Hotels International, Inc.

     448,761  
  3,305     

Darden Restaurants, Inc.

     317,346  
  4,020     

Domino’s Pizza, Inc.

     759,619  
  9,721     

Extended Stay America, Inc.

     184,699  
  3,821     

Hilton Grand Vacations, Inc. (b)

     160,291  
  3,436     

Hilton Worldwide Holdings, Inc.

     274,399  
  3,283     

Hyatt Hotels Corp.—Class A (a)(b)

     241,432  
  7,868     

International Game Technology Plc

     208,581  
  3,501     

Las Vegas Sands Corp.

     243,284  
  3,914     

Marriott International, Inc.—Class A (a)

     531,247  
  7,908     

McDonald’s Corp.

     1,361,125  
  1,152     

Norwegian Cruise Line Holdings, Ltd. (b)

     61,344  
  2,586     

Royal Caribbean Cruises Ltd.

     308,458  
  8,449     

Starbucks Corp.

     485,226  
  1,164     

Vail Resorts, Inc.

     247,315  
  3,088     

Wyndham Worldwide Corp.

     357,807  
  1,241     

Wynn Resorts Ltd.

     209,220  
  6,953     

Yum China Holdings, Inc.

     278,259  
  5,178     

Yum! Brands, Inc.

     422,577  
     

 

 

 
        7,728,764  
     

 

 

 
  

Household Durables—0.95%

  
  3,722     

CalAtlantic Group, Inc.

     209,884  
  3,571     

D.R. Horton, Inc.

     182,371  
  1,261     

Garmin Ltd.

     75,118  
  1,975     

Lennar Corp.—Class A (a)

     124,899  
  1,245     

Lennar Corp.—Class B

     64,342  
  775     

Mohawk Industries, Inc. (b)

     213,822  
  179     

NVR, Inc. (b)

     627,971  
  6,518     

PulteGroup, Inc.

     216,723  
  4,251     

Tempur Sealy International, Inc. (b)

     266,495  
  10,896     

Toll Brothers, Inc.

     523,226  
  6,315     

Tupperware Brands Corp.

     395,951  
     

 

 

 
        2,900,802  
     

 

 

 
  

Household Products—1.14%

  
  2,119     

Church & Dwight, Inc.

     106,310  
  2,753     

Clorox Co. (a)

     409,481  
  8,417     

Colgate-Palmolive Co.

     635,063  
  4,108     

Energizer Holdings, Inc. (a)

     197,102  
  3,179     

Kimberly-Clark Corp.

     383,578  
  19,105     

Procter & Gamble Co.

     1,755,367  
     

 

 

 
        3,486,901  
     

 

 

 
  

Independent Power and Renewable Electricity Producers—0.67%

  
  17,303     

AES Corp.

     187,391  
  86,951     

Calpine Corp. (b)

     1,315,569  
  14,308     

NRG Energy, Inc. (a)

     407,492  
  7,710     

Vistra Energy Corp. (a)(b)

     141,247  
     

 

 

 
        2,051,699  
     

 

 

 
  

Industrial Conglomerates—0.90%

  
  6,595     

3M Co.

     1,552,265  
  12,121     

General Electric Co.

     211,512  


  5,031     

Honeywell International, Inc.

     771,554  
  51     

Seaboard Corp.

     224,910  
     

 

 

 
        2,760,241  
     

 

 

 
  

Insurance—3.38%

  
  2,481     

Aflac, Inc.

     217,782  
  6,441     

Allstate Corp.

     674,437  
  3,130     

American Financial Group, Inc.

     339,730  
  3,328     

Aon Plc

     445,952  
  817     

Arch Capital Group, Ltd. (b)

     74,159  
  2,411     

Arthur J. Gallagher & Co.

     152,568  
  5,651     

Assured Guaranty, Ltd.

     191,400  
  2,452     

Athene Holding, Ltd. (b)

     126,793  
  15,155     

Berkshire Hathaway, Inc.—Class B (b)

     3,004,024  
  2,224     

Chubb, Ltd.

     324,993  
  7,187     

CNA Financial Corp.

     381,270  
  1,170     

Erie Indemnity Co.—Class A

     142,553  
  3,908     

First American Financial Corp.

     219,004  
  5,694     

Hartford Financial Services Group, Inc.

     320,458  
  5,221     

Lincoln National Corp.

     401,338  
  81     

Markel Corp. (b)

     92,270  
  5,543     

Marsh & McLennan Cos., Inc.

     451,145  
  12,812     

Old Republic International Corp.

     273,921  
  9,037     

Progressive Corp.

     508,964  
  4,747     

Prudential Financial, Inc.

     545,810  
  3,068     

Reinsurance Group of America, Inc.

     478,393  
  1,552     

The Travelers Cos., Inc.

     210,513  
  7,393     

Unum Group

     405,802  
  2,646     

W.R. Berkley Corp.

     189,586  
  971     

Willis Towers Watson Plc

     146,320  
     

 

 

 
        10,319,185  
     

 

 

 
  

Internet & Direct Marketing Retail—2.66%

  
  3,685     

Amazon.com, Inc. (b)

     4,309,497  
  2,617     

Expedia, Inc.

     313,438  
  10,433     

Liberty Expedia Holdings, Inc.—Class A (b)

     462,495  
  7,149     

Liberty Interactive Corp. QVC Group—Class A (b)

     174,579  
  1,077     

Liberty Ventures—Series A (b)

     58,417  
  4,163     

Netflix, Inc. (b)

     799,129  
  609     

The Priceline Group, Inc. (b)

     1,058,284  
  8,085     

TripAdvisor, Inc. (a)(b)

     278,609  
  8,153     

Wayfair, Inc.—Class A (a)(b)

     654,441  
     

 

 

 
        8,108,889  
     

 

 

 
  

Internet Software & Services—4.31%

  
  7,073     

Akamai Technologies, Inc. (b)

     460,028  
  2,949     

Alphabet, Inc.—Class A (b)

     3,106,477  
  2,963     

Alphabet, Inc.—Class C (b)

     3,100,483  
  877     

CoStar Group, Inc. (b)

     260,425  
  8,729     

eBay, Inc. (b)

     329,433  
  25,580     

Facebook, Inc.—Class A (b)

     4,513,847  
  2,076     

GoDaddy, Inc.—Class A (b)

     104,381  
  4,079     

IAC InterActive Corp. (b)

     498,780  
  7,784     

Match Group, Inc. (a)(b)

     243,717  
  26,585     

Pandora Media, Inc. (a)(b)

     128,140  
  7,842     

Twitter, Inc. (b)

     188,286  
  2,089     

VeriSign, Inc. (a)(b)

     239,065  
     

 

 

 
        13,173,062  
     

 

 

 


  

IT Services—3.20%

  
  8,248     

Accenture Plc—Class A

     1,262,686  
  1,038     

Alliance Data Systems Corp.

     263,112  
  2,222     

Amdocs Ltd.

     145,497  
  1,241     

Automatic Data Processing, Inc.

     145,433  
  13,214     

Booz Allen Hamilton Holding Corp.—Class A

     503,850  
  1,888     

Broadridge Financial Solutions, Inc.

     171,015  
  7,425     

Cognizant Technology Solutions Corp.—Class A

     527,323  
  13,241     

Conduent, Inc. (b)

     213,975  
  6,780     

CoreLogic, Inc. (b)

     313,304  
  5,651     

CSRA, Inc. (a)

     169,078  
  5,022     

DXC Technology Co.

     476,588  
  1,185     

Euronet Worldwide, Inc. (a)(b)

     99,860  
  3,015     

Fidelity National Information Services, Inc.

     283,681  
  12,388     

First Data Corp.—Class A (b)

     207,003  
  884     

Fiserv, Inc. (b)

     115,919  
  1,172     

Gartner, Inc. (b)

     144,332  
  7,643     

Genpact, Ltd.

     242,589  
  911     

Global Payments, Inc. (a)

     91,319  
  2,037     

Leidos Holdings, Inc.

     131,529  
  8,052     

MasterCard, Inc.—Class A

     1,218,751  
  9,213     

PayPal Holdings, Inc. (b)

     678,261  
  13,967     

Square, Inc.—Class A (a)(b)

     484,236  
  5,473     

T-Mobile USA, Inc. (b)

     347,590  
  3,832     

Total System Services, Inc.

     303,073  
  1,367     

Vantiv, Inc.—Class A (a)(b)

     100,543  
  9,976     

Visa, Inc.—Class A

     1,137,463  
     

 

 

 
        9,778,010  
     

 

 

 
  

Leisure Products—0.38%

  
  2,119     

Brunswick Corp.

     117,011  
  3,059     

Hasbro, Inc.

     278,033  
  10,199     

Mattel, Inc. (a)

     156,861  
  1,651     

Polaris Industries, Inc.

     204,707  
  3,056     

Pool Corp.

     396,210  
     

 

 

 
        1,152,822  
     

 

 

 
  

Life Sciences Tools & Services—0.90%

  
  1,184     

Bio-Rad Laboratories, Inc.—Class A (b)

     282,585  
  11,458     

Bruker Corp.

     393,238  
  1,928     

Charles River Laboratories International, Inc. (b)

     211,019  
  687     

Illumina, Inc. (b)

     150,103  
  2,733     

IQVIA Holdings, Inc. (b)

     267,561  
  1,084     

Mettler-Toledo International, Inc. (b)

     671,560  
  2,204     

QIAGEN NV

     68,170  
  2,495     

Thermo Fisher Scientific, Inc.

     473,751  
  1,175     

Waters Corp. (b)

     226,998  
     

 

 

 
        2,744,985  
     

 

 

 
  

Machinery—1.71%

  
  1,250     

AGCO Corp.

     89,288  
  3,110     

Caterpillar, Inc.

     490,074  
  8,777     

Colfax Corp. (b)

     347,745  
  838     

Cummins, Inc.

     148,024  
  2,835     

Deere & Co.

     443,706  
  4,671     

Donaldson Co., Inc.

     228,645  
  5,401     

Fortive Corp. (a)

     390,762  
  14,184     

Graco, Inc. (a)

     641,401  


  467     

IDEX Corp.

     61,630  
  1,838     

Illinois Tool Works, Inc.

     306,670  
  3,194     

Ingersoll-Rand Plc

     284,873  
  2,933     

Lincoln Electric Holdings, Inc.

     268,604  
  697     

Nordson Corp. (a)

     102,041  
  852     

Parker-Hannifin Corp.

     170,042  
  920     

Snap-on, Inc. (a)

     160,356  
  1,263     

Stanley Black & Decker, Inc.

     214,319  
  3,985     

Terex Corp. (a)

     192,157  
  1,301     

The Timken Co.

     63,944  
  8,570     

Toro Co.

     559,021  
  907     

Xylem, Inc.

     61,857  
     

 

 

 
        5,225,159  
     

 

 

 
  

Marine—0.18%

  
  8,277     

Kirby Corp. (a)(b)

     552,904  
     

 

 

 
  

Media—2.00%

  
  131     

Cable One, Inc.

     92,139  
  1,253     

Charter Communications, Inc.—Class A (b)

     420,958  
  30,827     

Comcast Corp.—Class A

     1,234,621  
  10,334     

Discovery Communications, Inc.—Series A (a)(b)

     231,275  
  11,152     

Discovery Communications, Inc.—Series C (a)(b)

     236,088  
  4,068     

John Wiley & Sons, Inc.—Class A

     267,471  
  1,218     

Liberty Broadband Corp.—Class A (b)

     103,591  
  1,739     

Liberty Broadband Corp.—Class C (a)(b)

     148,093  
  4,909     

Liberty Media Corp.—Class A (b)

     194,691  
  5,517     

Liberty Media Corp.—Class C (b)

     218,804  
  4,423     

Lions Gate Entertainment Corp.—Class A (a)(b)

     149,542  
  4,874     

Lions Gate Entertainment Corp.—Class B (b)

     154,701  
  3,906     

Live Nation Entertainment, Inc. (b)

     166,278  
  794     

Scripps Networks Interactive, Inc.—Class A

     67,792  
  46,529     

Sirius XM Holdings, Inc. (a)

     249,395  
  7,776     

TEGNA, Inc.

     109,486  
  10,953     

The Walt Disney Co.

     1,177,557  
  1,978     

Time Warner, Inc.

     180,928  
  9,079     

Viacom, Inc.—Class A

     316,857  
  12,588     

Viacom, Inc.—Class B

     387,836  
     

 

 

 
        6,108,103  
     

 

 

 
  

Metals & Mining—0.65%

  
  11,931     

Alcoa Corp. (a)(b)

     642,723  
  16,885     

Freeport-McMoRan, Inc. (b)

     320,140  
  4,212     

Newmont Mining Corp.

     158,034  
  1,821     

Royal Gold, Inc.

     149,541  
  20,686     

United States Steel Corp.

     727,940  
     

 

 

 
        1,998,378  
     

 

 

 
  

Multiline Retail—1.32%

  
  4,595     

Burlington Stores, Inc. (b)

     565,323  
  4,170     

Dollar General Corp.

     387,852  
  2,974     

Dollar Tree, Inc. (b)

     319,140  
  15,954     

Kohl’s Corp. (a)

     865,185  
  34,619     

Macy’s, Inc. (a)

     872,053  
  8,667     

Nordstrom, Inc. (a)

     410,642  
  9,314     

Target Corp. (a)

     607,738  
     

 

 

 
        4,027,933  
     

 

 

 


  

Multi-Utilities—0.94%

  
  3,362     

Alliant Energy Corp.

     143,255  
  4,141     

Ameren Corp.

     244,278  
  9,942     

CenterPoint Energy, Inc.

     281,955  
  5,068     

CMS Energy Corp.

     239,716  
  3,339     

Consolidated Edison, Inc.

     283,648  
  3,452     

Dominion Energy, Inc.

     279,819  
  1,880     

DTE Energy Co.

     205,785  
  7,314     

MDU Resources Group, Inc. (a)

     196,600  
  5,668     

NiSource, Inc.

     145,498  
  4,660     

Public Service Enterprise Group, Inc.

     239,990  
  1,787     

Sempra Energy (a)

     191,066  
  2,555     

Vectren Corp.

     166,126  
  4,015     

WEC Energy Group, Inc.

     266,716  
     

 

 

 
        2,884,452  
     

 

 

 
  

Oil, Gas & Consumable Fuels—2.00%

  
  7,997     

Chevron Corp.

     1,001,144  
  9,536     

CNX Resources Corp. (b)

     139,512  
  17,575     

CONSOL Energy, Inc. (a)(b)

     694,388  
  22,512     

Exxon Mobil Corp.

     1,882,904  
  12,954     

HollyFrontier Corp. (a)

     663,504  
  5,462     

Marathon Petroleum Corp.

     360,383  
  14,779     

Valero Energy Corp.

     1,358,338  
     

 

 

 
        6,100,173  
     

 

 

 
  

Paper & Forest Products—0.23%

  
  14,390     

Domtar Corp.

     712,593  
     

 

 

 
  

Personal Products—0.55%

  
  2,336     

Edgewell Personal Care Co. (b)

     138,735  
  5,745     

Herbalife, Ltd. (a)(b)

     389,051  
  6,330     

Nu Skin Enterprises, Inc.—Class A

     431,896  
  5,553     

The Estee Lauder Cos., Inc.—Class A

     706,564  
     

 

 

 
        1,666,246  
     

 

 

 
  

Pharmaceuticals—4.50%

  
  10,405     

Abbott Laboratories

     593,813  
  13,043     

AbbVie, Inc.

     1,261,389  
  1,905     

Akorn, Inc. (b)

     61,398  
  1,777     

Allergan Plc

     290,682  
  16,092     

Bristol-Myers Squibb Co.

     986,118  
  8,052     

Eli Lilly & Co.

     680,072  
  110,694     

Endo International Plc (b)

     857,879  
  28,998     

Johnson & Johnson

     4,051,601  
  34,344     

Mallinckrodt Plc (a)(b)

     774,801  
  16,830     

Merck & Co., Inc.

     947,024  
  22,653     

Mylan NV (b)

     958,448  
  3,465     

Perrigo Co. Plc

     302,009  
  42,575     

Pfizer, Inc.

     1,542,066  
  5,801     

Zoetis, Inc.

     417,904  
     

 

 

 
        13,725,204  
     

 

 

 
  

Professional Services—0.72%

  
  520     

Equifax, Inc.

     61,318  
  3,386     

IHS Markit, Ltd. (b)

     152,878  
  6,864     

ManpowerGroup, Inc.

     865,619  
  3,717     

Nielsen Holdings Plc (a)

     135,299  
  13,209     

Robert Half International, Inc.

     733,628  
  2,131     

The Dun & Bradstreet Corp.

     252,332  
     

 

 

 
        2,201,074  
     

 

 

 


  

Real Estate Management & Development—0.54%

  
  1,846     

CBRE Group, Inc.—Class A (b)

     79,950  
  4,152     

Jones Lang LaSalle, Inc.

     618,357  
  35,601     

Realogy Holdings Corp. (a)

     943,427  
     

 

 

 
        1,641,734  
     

 

 

 
  

Road & Rail—0.36%

  
  5,202     

Genesee & Wyoming, Inc.—Class A (b)

     409,553  
  3,790     

Landstar System, Inc.

     394,539  
  808     

Old Dominion Freight Line, Inc.

     106,292  
  1,426     

Union Pacific Corp.

     191,227  
     

 

 

 
        1,101,611  
     

 

 

 
  

Semiconductors & Semiconductor Equipment—4.01%

  
  31,520     

Advanced Micro Devices, Inc. (a)(b)

     324,026  
  2,603     

Analog Devices, Inc.

     231,745  
  17,545     

Applied Materials, Inc. (a)

     896,900  
  2,603     

Broadcom Ltd.

     668,711  
  2,028     

Cavium, Inc. (b)

     170,007  
  12,379     

First Solar, Inc. (b)

     835,830  
  45,661     

Intel Corp. (a)

     2,107,712  
  3,941     

KLA-Tencor Corp.

     414,081  
  3,811     

Lam Research Corp.

     701,491  
  9,236     

Marvell Technology Group, Ltd.

     198,297  
  2,085     

Maxim Integrated Products, Inc.

     109,004  
  2,712     

Microchip Technology, Inc. (a)

     238,330  
  16,077     

Micron Technology, Inc. (b)

     661,086  
  3,978     

Microsemi Corp. (b)

     205,464  
  7,911     

NVIDIA Corp.

     1,530,778  
  20,726     

ON Semiconductor Corp. (a)(b)

     434,002  
  1,996     

Qorvo, Inc. (a)(b)

     132,934  
  4,658     

Skyworks Solutions, Inc. (a)

     442,277  
  11,509     

Teradyne, Inc.

     481,882  
  10,450     

Texas Instruments, Inc.

     1,091,398  
  7,700     

Versum Materials, Inc.

     291,445  
  890     

Xilinx, Inc.

     60,004  
     

 

 

 
        12,227,404  
     

 

 

 
  

Software—6.39%

  
  6,063     

Activision Blizzard, Inc.

     383,909  
  5,500     

Adobe Systems, Inc. (b)

     963,820  
  1,716     

ANSYS, Inc. (b)

     253,264  
  5,554     

Atlassian Corp. Plc—Class A (b)

     252,818  
  1,932     

Autodesk, Inc. (b)

     202,532  
  3,368     

CA, Inc.

     112,087  
  16,949     

Cadence Design System, Inc. (b)

     708,807  
  1,236     

CDK Global, Inc.

     88,102  
  2,980     

Citrix Systems, Inc. (b)

     262,240  
  18,270     

Dell Technologies, Inc.—Class V (b)

     1,484,986  
  5,085     

Electronic Arts, Inc. (b)

     534,230  
  5,804     

Fortinet, Inc. (a)(b)

     253,577  
  828     

Guidewire Software, Inc. (b)

     61,487  
  3,759     

Intuit, Inc.

     593,095  
  2,523     

Jack Henry & Associates, Inc.

     295,090  
  9,498     

Manhattan Associates, Inc. (b)

     470,531  
  76,756     

Microsoft Corp.

     6,565,708  
  28,274     

Nuance Communications, Inc. (a)(b)

     462,280  
  25,597     

Oracle Corp.

     1,210,226  
  1,341     

PTC, Inc. (b)

     81,493  


  4,737     

Red Hat, Inc. (a)(b)

     568,914  
  8,129     

salesforce.com, Inc. (b)

     831,028  
  4,209     

ServiceNow, Inc. (b)

     548,811  
  4,136     

Splunk, Inc. (b)

     342,626  
  1,931     

SS&C Technologies Holdings, Inc.

     78,167  
  5,608     

Synopsys, Inc. (b)

     478,026  
  4,198     

Tableau Software, Inc.—Class A (a)(b)

     290,502  
  3,836     

Take-Two Interactive Software, Inc. (b)

     421,116  
  749     

The Ultimate Software Group, Inc. (b)

     163,454  
  3,208     

VMware, Inc. (a)(b)

     402,027  
  1,460     

Workday, Inc.—Class A (b)

     148,540  
     

 

 

 
        19,513,493  
     

 

 

 
  

Specialty Retail—4.54%

  
  2,868     

Advance Auto Parts, Inc.

     285,911  
  2,022     

AutoNation, Inc. (a)(b)

     103,789  
  618     

AutoZone, Inc. (b)

     439,627  
  34,601     

Bed Bath & Beyond, Inc. (a)

     760,876  
  7,651     

Best Buy Co., Inc.

     523,864  
  16,187     

Dick’s Sporting Goods, Inc.

     465,214  
  7,130     

Floor & Decor Holdings, Inc. (b)

     347,088  
  8,023     

Foot Locker, Inc. (a)

     376,118  
  44,250     

GameStop Corp.—Class A (a)

     794,288  
  7,797     

L Brands, Inc. (a)

     469,535  
  7,869     

Lowe’s Cos., Inc.

     731,345  
  2,629     

Murphy USA, Inc. (a)(b)

     211,266  
  1,892     

O’Reilly Automotive, Inc. (a)(b)

     455,102  
  7,027     

Ross Stores, Inc.

     563,917  
  21,318     

Sally Beauty Holdings, Inc. (a)(b)

     399,926  
  528     

Sherwin-Williams Co.

     216,501  
  9,480     

Signet Jewelers Ltd. (a)

     536,094  
  13,889     

The Gap, Inc. (a)

     473,059  
  11,642     

The Home Depot, Inc.

     2,206,508  
  18,963     

The Michaels Cos., Inc. (a)(b)

     458,715  
  7,233     

The TJX Cos., Inc. (a)

     553,035  
  3,545     

Tiffany & Co.

     368,503  
  6,781     

Tractor Supply Co.

     506,880  
  1,816     

Ulta Beauty, Inc. (b)

     406,167  
  24,289     

Urban Outfitters, Inc. (a)(b)

     851,572  
  7,145     

Williams Sonoma, Inc. (a)

     369,397  
     

 

 

 
        13,874,297  
     

 

 

 
  

Technology Hardware, Storage & Peripherals—3.97%

  
  54,784     

Apple, Inc.

     9,271,096  
  17,116     

HP, Inc.

     359,607  
  6,727     

International Business Machines Corp.

     1,032,056  
  2,038     

NCR Corp. (a)(b)

     69,272  
  2,140     

NetApp, Inc.

     118,385  
  17,468     

Teradata Corp. (a)(b)

     671,819  
  7,364     

Western Digital Corp.

     585,659  
     

 

 

 
        12,107,894  
     

 

 

 
  

Textiles, Apparel & Luxury Goods—1.58%

  
  3,138     

Carter’s, Inc.

     368,684  
  6,147     

lululemon athletica, Inc. (b)

     483,093  
  8,519     

Michael Kors Holdings Ltd. (b)

     536,271  
  11,968     

NIKE, Inc.—Class B

     748,598  
  1,470     

PVH Corp.

     201,699  


  6,631     

Ralph Lauren Corp. (a)

     687,568  
  12,189     

Skechers U.S.A., Inc.—Class A (a)(b)

     461,232  
  7,857     

Tapestry, Inc. (a)

     347,515  
  17,930     

Under Armour, Inc.—Class A (a)(b)

     258,730  
  18,447     

Under Armour, Inc.—Class C (a)(b)

     245,714  
  6,544     

VF Corp. (a)

     484,256  
     

 

 

 
        4,823,360  
     

 

 

 
  

Tobacco—0.76%

  
  9,160     

Altria Group, Inc.

     654,116  
  15,731     

Philip Morris International, Inc.

     1,661,980  
     

 

 

 
        2,316,096  
     

 

 

 
  

Trading Companies & Distributors—1.05%

  
  9,958     

Fastenal Co.

     544,603  
  5,925     

HD Supply Holdings, Inc. (b)

     237,178  
  4,226     

MSC Industrial Direct Co., Inc.—Class A

     408,485  
  7,363     

Univar, Inc. (b)

     227,958  
  2,176     

W.W. Grainger, Inc. (a)

     514,080  
  1,505     

Watsco, Inc.—Class A

     255,910  
  14,712     

WESCO International, Inc. (b)

     1,002,623  
     

 

 

 
        3,190,837  
     

 

 

 
  

Water Utilities—0.10%

  
  2,020     

American Water Works Co., Inc.

     184,810  
  3,245     

Aqua America, Inc.

     127,301  
     

 

 

 
        312,111  
     

 

 

 
  

Wireless Telecommunication Services—0.08%

  
  8,594     

Telephone & Data Systems, Inc.

     238,913  
     

 

 

 
  

Total Common Stocks (Cost $218,181,673)

     286,724,786  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS—2.25%

  
  

Real Estate Investment Trusts—2.25%

  
  13,867     

AGNC Investment Corp. (a)

     279,975  
  689     

Alexandria Real Estate Equities, Inc.

     89,977  
  7,841     

American Homes 4 Rent—Class A

     171,247  
  3,078     

American Tower Corp.

     439,138  
  35,149     

Annaly Capital Management, Inc.

     417,922  
  4,139     

Brandywine Realty Trust

     75,288  
  1,574     

Camden Property Trust

     144,902  
  22,621     

Chimera Investment Corp.

     418,036  
  1,490     

CoreSite Realty Corp.

     169,711  
  3,003     

Crown Castle International Corp.

     333,363  
  2,077     

CubeSmart (a)

     60,067  
  1,479     

CyrusOne, Inc.

     88,045  
  2,016     

DCT Industrial Trust, Inc. (a)

     118,500  
  1,196     

Digital Realty Trust, Inc. (a)

     136,224  
  6,217     

Empire State Realty Trust, Inc.—Class A

     127,635  
  501     

Equinix, Inc. (a)

     227,063  
  2,215     

Equity Commonwealth (b)

     67,580  
  2,009     

Equity LifeStyle Properties, Inc.

     178,841  
  1,308     

Equity Residential

     83,411  
  771     

Essex Property Trust, Inc.

     186,096  
  1,032     

Extra Space Storage, Inc. (a)

     90,248  
  4,459     

Forest City Realty Trust, Inc.—Class A

     107,462  
  3,350     

Gaming and Leisure Properties, Inc.

     123,950  
  10,693     

Hospitality Properties Trust

     319,186  
  16,096     

Host Hotels & Resorts, Inc. (a)

     319,506  


  3,246     

Iron Mountain, Inc.

     122,472  
  27,628     

MFA Financial, Inc.

     218,814  
  16,734     

New Residential Investment Corp.

     299,204  
  2,777     

Park Hotels & Resorts, Inc.

     79,839  
  7,520     

Piedmont Office Realty Trust, Inc.—Class A (a)

     147,467  
  2,743     

Prologis, Inc.

     176,951  
  8,849     

Retail Properties of America, Inc.—Class A

     118,931  
  1,976     

SBA Communications Corp. (b)

     322,799  
  765     

SL Green Realty Corp.

     77,211  
  1,143     

Sun Communities, Inc.

     106,048  
  10,064     

Two Harbors Investment Corp.

     163,641  
  2,281     

UDR, Inc.

     87,864  
  8,428     

VEREIT, Inc.

     65,654  
  1,699     

WP Carey, Inc. (a)

     117,061  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $6,529,898)

     6,877,329  
     

 

 

 
  

INVESTMENT COMPANIES—2.79%

  
  

Exchange Traded Funds—2.79%

  
  34,759     

Vanguard S&P 500 ETF

     8,526,035  
     

 

 

 
  

Total Investment Companies (Cost $7,502,949)

     8,526,035  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.76%

  
  

Money Market Funds—0.76%

  
  2,324,234     

Deutsche Government Money Market Series—Institutional Shares

  
  

    Effective Yield, 1.29% (c)

     2,324,234  
     

 

 

 
  

Total Short Term Investments (Cost $2,324,234)

     2,324,234  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—13.78%

  
  

Investments Purchased with Proceeds from Securities Lending—13.78%

  
  42,050,718     

Mount Vernon Liquid Assets Portfolio, LLC

  
  

    Effective Yield, 1.61% (c)

     42,050,718  
     

 

 

 
  

Total Investments Purchased with Proceeds from Securities Lending (Cost $42,050,718)

     42,050,718  
     

 

 

 
  

Total Investments (Cost $276,589,472)—113.50%

     346,503,102  
  

Liabilities in Excess of Other Assets—(13.50)%

     (41,224,029
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 305,279,073  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR     American Depositary Receipt

 

(a) All or portion of this security is on loan.
(b) Non-income producing security.
(c) Seven-day yield as of December 31, 2017.


GuideMark® Emerging Markets Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Number of
Shares
          Value  
  

COMMON STOCKS—85.34%

  
  

Brazil—5.08%

  
  53,143     

Ambev SA

   $ 341,096  
  15,086     

B3 SA—Brasil Bolsa Balcao

     103,536  
  14,878     

Banco Bradesco SA

     143,835  
  42,863     

Banco do Brasil SA

     410,945  
  13,090     

Banco Santander Brasil SA

     125,679  
  38,220     

BB Seguridade Participacoes SA

     327,947  
  12,765     

Cia de Saneamento Basico do Estado de Sao Paulo

     132,091  
  11,274     

Cosan SA Industria e Comercio

     141,275  
  39,371     

EDP—Energias do Brasil SA

     166,284  
  11,532     

Fibria Celulose SA

     166,566  
  97,234     

JBS SA

     287,246  
  37,009     

Lojas Renner SA

     395,604  
  13,187     

M Dias Branco SA

     207,122  
  19,736     

Natura Cosmeticos SA

     196,700  
  32,551     

Odontoprev SA

     156,126  
  69,896     

Petroleo Brasileiro SA (a)

     356,198  
  23,291     

Qualicorp SA

     217,635  
  15,281     

Raia Drogasil SA

     422,736  
  81,317     

Sul America SA (b)

     457,229  
  6,841     

Ultrapar Participacoes SA

     154,709  
  68,769     

Vale SA

     833,105  
     

 

 

 
        5,743,664  
     

 

 

 
  

Chile—0.77%

  
  1,225,267     

Banco de Chile

     196,313  
  25,380     

Cia Cervecerias Unidas SA

     380,556  
  8,381     

Empresas COPEC SA

     132,315  
  11,270     

Latam Airlines Group SA

     159,438  
     

 

 

 
        868,622  
     

 

 

 
  

China—18.05%

  
  853,522     

Agricultural Bank of China Ltd.—Series H

     396,666  
  23,299     

Alibaba Group Holding, Ltd.—ADR (a)(c)

     4,017,447  
  91,219     

ANTA Sports Products Ltd.

     413,897  
  5,211     

Autohome, Inc.—ADR (a)(c)

     336,995  
  4,364     

Baidu, Inc.—ADR (a)

     1,022,092  
  1,567,303     

Bank of China Ltd.—Series H

     767,565  
  384,000     

Bank of Communications Co., Ltd.—Series H

     284,219  
  569,672     

China Cinda Asset Management Co., Ltd.—Series H

     208,007  
  420,000     

China CITIC Bank Corp. Ltd.—Series H

     262,919  
  710,542     

China Communications Services Corp. Ltd.—Series H

     475,221  
  1,587,644     

China Construction Bank Corp.—Series H

     1,461,510  
  347,000     

China Everbright Bank Co., Ltd.—Series H

     161,747  
  318,286     

China Huarong Asset Management Co., Ltd.—Series H

     150,023  
  82,346     

China Mengniu Dairy Co., Ltd.

     244,612  
  83,146     

China Merchants Bank Co., Ltd.—Series H

     329,180  
  191,873     

China Minsheng Banking Corp., Ltd.—Series H

     191,754  
  835,981     

China Petroleum & Chemical Corp.—Series H

     612,300  
  592,413     

Chongqing Rural Commercial Bank Co., Ltd.—Series H

     417,242  


  388,809     

Country Garden Holdings Co., Ltd.

     738,658  
  226,768     

Dongfeng Motor Group Co., Ltd.—Series H

     273,716  
  22,740     

ENN Energy Holdings, Ltd.

     161,737  
  90,938     

Haier Electronics Group Co., Ltd.

     247,877  
  9,322     

JD.com, Inc.—ADR (a)

     386,117  
  6,343     

Momo, Inc.—ADR (a)

     155,277  
  2,053     

NetEase, Inc.—ADR

     708,429  
  5,009     

New Oriental Education & Technology Group, Inc.—ADR

     470,846  
  306,000     

PetroChina Co.—Series H

     212,776  
  134,844     

PICC Property & Casualty Co., Ltd.—Series H

     258,331  
  108,097     

Ping An Insurance Group Co. of China, Ltd.—Series H

     1,121,190  
  20,768     

Shenzhou International Group Holdings Ltd.

     197,395  
  1,615     

SINA Corp. (a)

     162,001  
  498,790     

Sino-Ocean Group Holding Ltd.

     343,472  
  278,828     

Sinopec Shanghai Petrochemical Co., Ltd.—Series H

     158,507  
  377,072     

Sun Art Retail Group Ltd.

     397,742  
  20,946     

TAL Education Group—ADR

     622,306  
  624,591     

The People’s Insurance Co. Group of China, Ltd.—Series H

     306,720  
  23,886     

Vipshop Holdings Ltd.—ADR (a)(c)

     279,944  
  283,799     

Want Want China Holdings, Ltd.

     237,581  
  4,943     

Weibo Corp.—ADR (a)(c)

     511,403  
  14,274     

Yum China Holdings, Inc.

     571,245  
  41,077     

ZTE Corp. (a)

     153,535  
     

 

 

 
        20,430,201  
     

 

 

 
  

Colombia—0.23%

  
  53,988     

Interconexion Electrica SA ESP

     256,876  
     

 

 

 
  

Czech Republic—0.21%

  
  5,038     

CEZ AS

     117,438  
  9,635     

O2 Czech Republic AS

     125,293  
     

 

 

 
        242,731  
     

 

 

 
  

Egypt—0.17%

  
  43,369     

Commercial International Bank Egypt SAE

     188,744  
     

 

 

 
  

Hong Kong—12.52%

  
  14,023     

AAC Technologies Holdings, Inc.

     248,185  
  216,132     

Agile Group Holdings, Ltd.

     326,969  
  51,379     

Brilliance China Automotive Holdings, Ltd.

     136,535  
  46,059     

BYD Electronic International Co., Ltd.

     99,906  
  164,654     

China Evergrande Group (a)

     565,335  
  90,991     

China Gas Holdings, Ltd.

     251,021  
  104,430     

China Mobile Ltd.

     1,056,001  
  346,338     

China Telecom Corp. Ltd.—Series H

     164,272  
  89,911     

China Unicom Hong Kong Ltd. (a)

     121,558  
  115,853     

CITIC Ltd.

     167,148  
  234,800     

CSPC Pharmaceutical Group Ltd.

     473,033  
  160,962     

Geely Automobile Holdings Ltd.

     554,418  
  1,406,189     

Industrial & Commercial Bank of China Ltd.—Series H

     1,127,250  
  32,959     

Kingboard Chemical Holdings, Ltd.

     177,785  
  110,331     

Longfor Properties Co., Ltd.

     276,030  
  82,166     

Nine Dragons Paper Holdings Ltd.

     131,290  
  437,212     

Sino Biopharmaceutical Ltd.

     772,952  
  121,719     

Sunac China Holdings Ltd.

     501,522  
  34,743     

Sunny Optical Technology Group Co., Ltd.

     441,141  
  121,810     

Tencent Holdings Ltd.

     6,304,636  
  136,824     

Tingyi Cayman Islands Holding Corp.

     266,193  
     

 

 

 
        14,163,180  
     

 

 

 


  

Hungary—0.58%

  
  32,816     

MOL Hungarian Oil & Gas Plc

     380,480  
  6,747     

OTP Bank Plc

     278,658  
     

 

 

 
        659,138  
     

 

 

 
  

Indonesia—2.03%

  
  2,153,735     

Adaro Energy Tbk PT

     294,446  
  201,991     

Bank Central Asia Tbk PT

     325,901  
  295,404     

Bank Negara Indonesia Persero Tbk PT

     215,506  
  500,386     

Bank Rakyat Indonesia Persero Tbk PT

     134,248  
  483,475     

Bank Tabungan Negara Persero Tbk PT

     127,216  
  441,599     

Hanjaya Mandala Sampoerna Tbk PT

     153,954  
  237,444     

Jasa Marga Persero Tbk PT

     111,850  
  1,215,482     

Kalbe Farma Tbk PT

     151,403  
  177,812     

Matahari Department Store Tbk PT

     130,627  
  463,270     

Telekomunikasi Indonesia Persero Tbk PT

     151,625  
  66,176     

Unilever Indonesia Tbk PT

     272,655  
  87,110     

United Tractors Tbk PT

     227,285  
     

 

 

 
        2,296,716  
     

 

 

 
  

Malaysia—1.71%

  
  289,307     

Astro Malaysia Holdings Bhd

     189,440  
  27,976     

British American Tobacco Malaysia Bhd

     276,511  
  192,958     

Dialog Group Bhd

     119,593  
  195,037     

DiGi.Com Bhd

     245,698  
  48,642     

Hartalega Holdings Bhd

     128,310  
  89,186     

Malayan Banking Bhd

     215,837  
  100,451     

Maxis Communications Bhd

     149,087  
  13,743     

Nestle Malaysia Bhd

     350,206  
  27,694     

Public Bank Bhd

     142,133  
  691,771     

Sapura Energy Bhd

     121,031  
     

 

 

 
        1,937,846  
     

 

 

 
  

Mexico—2.11%

  
  570,545     

America Movil SAB de CV—Series L

     491,547  
  467,264     

Cemex SAB de CV (a)

     349,572  
  17,078     

Coca-Cola Femsa SAB de CV—Series L

     119,131  
  35,971     

Fomento Economico Mexicano SAB de CV

     338,315  
  17,272     

Gruma SAB de CV—Series B

     219,035  
  147,167     

Grupo Bimbo SAB de CV—Series A

     326,106  
  39,714     

Grupo Financiero Banorte SAB de CV—Series O

     217,995  
  133,688     

Wal-Mart de Mexico SAB de CV

     327,854  
     

 

 

 
        2,389,555  
     

 

 

 
  

Peru—0.23%

  
  1,237     

CREDICORP Ltd.

     256,591  
     

 

 

 
  

Philippines—0.19%

  
  5,802     

Globe Telecom, Inc.

     220,829  
     

 

 

 
  

Poland—1.94%

  
  2,979     

CCC SA

     243,603  
  8,425     

CD Projekt SA

     234,771  
  24,213     

Grupa Lotos SA

     400,608  
  8,522     

Jastrzebska Spolka Weglowa SA (a)

     235,020  
  146     

LPP SA

     373,708  
  11,140     

Polski Koncern Naftowy Orlen SA

     338,598  
  99,348     

Polskie Gornictwo Naftowe i Gazownictwo SA

     179,520  
  15,856     

Powszechny Zaklad Ubezpieczen SA

     191,789  
     

 

 

 
        2,197,617  
     

 

 

 


  

Qatar—0.16%

  
  7,211     

Ooredoo QPSC

     180,196  
     

 

 

 
  

Republic of Korea—15.33%

  
  1,084     

Amorepacific Corp.

     308,326  
  2,112     

AMOREPACIFIC Group

     278,167  
  1,096     

BGF Co., Ltd.

     15,618  
  587     

BGF retail Co., Ltd. (a)

     115,164  
  31,898     

BNK Financial Group, Inc.

     280,347  
  675     

Celltrion, Inc. (a)

     139,284  
  11,244     

Cheil Worldwide, Inc.

     222,664  
  1,370     

CJ E&M Corp.

     125,028  
  3,709     

Coway Co., Ltd.

     337,998  
  2,158     

DB Insurance Co., Ltd.

     143,524  
  35,743     

DGB Financial Group, Inc.

     351,719  
  10,988     

Hana Financial Group, Inc.

     510,738  
  1,449     

Hanssem Co., Ltd.

     243,346  
  5,061     

Hanwha Chemical Corp.

     149,307  
  8,478     

Hanwha Corp.

     327,840  
  24,749     

Hanwha Life Insurance Co., Ltd.

     159,524  
  2,625     

Hotel Shilla Co., Ltd.

     208,176  
  4,203     

Hyundai Engineering & Construction Co., Ltd.

     142,503  
  3,916     

Hyundai Marine & Fire Insurance Co., Ltd.

     171,746  
  313     

Hyundai Robotics Co., Ltd. (a)

     111,531  
  2,843     

Hyundai Steel Co.

     155,657  
  20,385     

Industrial Bank of Korea

     312,694  
  848     

Kakao Corp.

     108,188  
  10,053     

KB Financial Group, Inc.

     594,968  
  9,018     

Korea Gas Corp. (a)

     358,811  
  3,419     

Korea Investment Holdings Co., Ltd.

     220,141  
  10,058     

Korean Air Lines Co., Ltd. (a)

     317,444  
  4,092     

KT Corp. (b)

     115,616  
  569     

LG Chem Ltd.

     215,258  
  1,407     

LG Corp.

     119,571  
  4,150     

LG Electronics, Inc.

     410,328  
  447     

LG Household & Health Care Ltd.

     496,458  
  730     

LG Innotek Co., Ltd.

     97,902  
  438     

Lotte Chemical Corp.

     150,396  
  622     

Naver Corp.

     505,300  
  352     

NCSoft Corp.

     146,891  
  1,712     

OCI Co., Ltd.

     217,534  
  982     

POSCO

     305,452  
  1,772     

S-1 Corp.

     177,195  
  620     

Samsung Biologics Co., Ltd. (a)

     214,450  
  2,114     

Samsung Electro-Mechanics Co., Ltd.

     197,066  
  2,042     

Samsung Electronics Co., Ltd.

     4,851,611  
  1,229     

Samsung SDI Co., Ltd.

     234,304  
  4,764     

Shinhan Financial Group Co., Ltd.

     219,893  
  3,156     

SillaJen, Inc. (a)

     275,265  
  10,866     

SK Hynix, Inc.

     771,772  
  1,768     

SK Innovation Co., Ltd.

     337,283  
  981     

SK Telecom Co., Ltd.

     244,666  
  1,728     

S-Oil Corp.

     188,740  
  30,561     

Woori Bank

     449,258  
     

 

 

 
        17,352,662  
     

 

 

 
  

Russian Federation—2.15%

  
  9,773     

Lukoil PJSC—ADR (c)

     563,413  


  14,135     

Mobile TeleSystems PJSC—ADR

     144,036  
  58,980     

Sberbank of Russia PJSC—ADR (c)

     1,004,429  
  9,904     

Severstal PJSC—GDR (d)

     151,560  
  36,200     

Surgutneftegas OJSC—ADR

     170,506  
  5,065     

Tatneft PJSC—ADR

     254,668  
  79,483     

VTB Bank PJSC—GDR (d)

     144,500  
     

 

 

 
        2,433,112  
     

 

 

 
  

South Africa—5.51%

  
  18,731     

AngloGold Ashanti Ltd.

     195,288  
  16,466     

Barclays Africa Group Ltd.

     241,218  
  2,639     

Capitec Bank Holdings Ltd.

     234,190  
  44,658     

Coronation Fund Managers Ltd.

     265,873  
  24,250     

Exxaro Resources Ltd.

     317,968  
  41,059     

FirstRand Ltd.

     222,277  
  47,115     

Gold Fields Ltd.

     204,197  
  17,516     

Mr. Price Group Ltd.

     345,443  
  6,688     

Naspers Ltd.—N Shares

     1,852,933  
  8,316     

Nedbank Group Ltd.

     171,539  
  2,313     

Novus Holdings, Ltd.

     1,103  
  45,745     

Pick n Pay Stores Ltd.

     257,185  
  29,282     

Sappi Ltd.

     211,820  
  12,318     

Shoprite Holdings Ltd.

     220,188  
  20,668     

Standard Bank Group Ltd.

     325,426  
  59,718     

Steinhoff International Holdings NV

     22,417  
  36,360     

Telkom SA SOC Ltd.

     141,414  
  12,915     

The Bidvest Group Ltd.

     226,654  
  14,064     

The SPAR Group Ltd.

     231,128  
  4,229     

Tiger Brands Ltd.

     157,231  
  27,942     

Truworths International Ltd.

     213,351  
  32,969     

Woolworths Holdings Ltd.

     173,735  
     

 

 

 
        6,232,578  
     

 

 

 
  

Taiwan, Province of China—11.55%

  
  37,222     

Advantech Co., Ltd.

     263,006  
  12,269     

Airtac International Group

     219,771  
  626,054     

AU Optronics Corp.

     260,185  
  12,230     

Catcher Technology Co., Ltd.

     134,013  
  94,186     

Cathay Financial Holding Co., Ltd.

     168,738  
  94,000     

Chailease Holding Co., Ltd.

     272,671  
  860,915     

China Airlines Ltd. (a)

     335,993  
  35,054     

Chunghwa Telecom Co., Ltd.

     124,691  
  433,679     

Compal Electronics, Inc.

     309,981  
  191,657     

CTBC Financial Holding Co., Ltd.

     131,747  
  462,046     

Eva Airways Corp.

     245,553  
  332,000     

Evergreen Marine Corp. Ltd. (a)

     181,849  
  71,617     

Far EasTone Telecommunications Co., Ltd.

     176,886  
  69,846     

Feng TAY Enterprise Co., Ltd.

     318,031  
  224,287     

First Financial Holding Co., Ltd.

     147,132  
  45,887     

Formosa Petrochemical Corp.

     177,489  
  103,394     

Fubon Financial Holding Co., Ltd.

     175,766  
  20,700     

General Interface Solution Holding, Ltd.

     137,218  
  29,428     

Globalwafers Co., Ltd.

     390,440  
  18,923     

Hiwin Technologies Corp.

     203,563  
  181,745     

Hon Hai Precision Industry Co., Ltd.

     577,874  
  601,000     

Innolux Corp.

     249,481  
  2,249     

Largan Precision Co., Ltd.

     301,886  


  135,042     

Lite-On Technology Corp.

     183,687  
  174,050     

Macronix International (a)

     257,103  
  12,584     

MediaTek, Inc.

     123,698  
  52,459     

Micro-Star International Co., Ltd.

     134,626  
  80,931     

Nanya Technology Corp.

     206,002  
  27,517     

Nien Made Enterprise Co., Ltd.

     293,146  
  64,216     

Pegatron Corp.

     154,723  
  17,400     

Phison Electronics Corp.

     170,005  
  107,426     

Pou Chen Corp.

     138,847  
  48,447     

President Chain Store Corp.

     461,395  
  38,439     

Realtek Semiconductor Corp.

     140,117  
  56,134     

Standard Foods Corp.

     139,588  
  255,454     

Taiwan Cooperative Financial Holding Co., Ltd.

     142,360  
  33,743     

Taiwan Mobile Co., Ltd.

     121,744  
  490,739     

Taiwan Semiconductor Manufacturing Co., Ltd.

     3,757,625  
  155,373     

Uni-President Enterprises Corp.

     344,094  
  74,239     

Vanguard International Semiconductor Corp.

     164,384  
  21,271     

Win Semiconductors Corp.

     201,025  
  238,584     

Winbond Electronics Corp.

     187,052  
  20,977     

Yageo Corp.

     247,864  
     

 

 

 
        13,073,049  
     

 

 

 
  

Thailand—2.26%

  
  27,971     

Advanced Info Service PCL—NVDR

     163,929  
  98,006     

Airports of Thailand PCL—NVDR

     204,074  
  380,886     

Banpu Public Co., Ltd.—NVDR

     227,659  
  25,077     

Bumrungrad Hospital PCL—NVDR

     145,393  
  45,204     

Central Pattana PCL—NVDR

     118,200  
  97,065     

CP ALL PCL—NVDR

     229,087  
  20,961     

Electricity Generating PCL—NVDR

     138,925  
  422,822     

Home Product Center PCL—NVDR

     166,067  
  16,475     

Kasikornbank PCL—Foreign Shares

     120,570  
  55,228     

KCE Electronics PCL—NVDR

     140,068  
  102,672     

Minor International PCL—NVDR

     137,831  
  81,744     

PTT Global Chemical PCL—NVDR

     213,054  
  25,088     

PTT PCL—NVDR

     338,092  
  65,998     

Thai Oil PCL—NVDR

     209,598  
     

 

 

 
        2,552,547  
     

 

 

 
  

Turkey—2.56%

  
  41,980     

Aselsan Elektronik Sanayi Ve Ticaret AS

     351,838  
  16,127     

BIM Birlesik Magazalar AS

     331,648  
  82,905     

Eregli Demir ve Celik Fabrikalari TAS

     218,743  
  8,447     

Ford Otomotiv Sanayi AS

     134,265  
  70,638     

Petkim Petrokimya Holding AS

     144,731  
  3,670     

Tupras Turkiye Petroleum Rafinerileri AS—Series C

     117,610  
  87,899     

Turk Hava Yollari AO (a)

     363,873  
  31,827     

Turkcell Iletisim Hizmetleri AS

     129,774  
  76,198     

Turkiye Halk Bankasi AS

     216,541  
  177,923     

Turkiye Is Bankasi—Series C

     326,700  
  165,783     

Turkiye Vakiflar Bankasi TAO

     295,699  
  236,618     

Yapi ve Kredi Bankasi AS (a)

     270,568  
     

 

 

 
        2,901,990  
     

 

 

 
  

Total Common Stocks (Cost $67,607,309)

     96,578,444  
     

 

 

 


  

INVESTMENT COMPANIES—9.82%

  
  

China—1.98%

  
  39,415     

iShares Core MSCI Emerging Markets ETF (c)

     2,242,713  
     

 

 

 
  

India—7.84%

  
  245,802     

iShares MSCI India ETF (c)

     8,866,078  
     

 

 

 
  

Total Investment Companies (Cost $9,298,563)

     11,108,791  
     

 

 

 
  

PREFERRED STOCKS—3.91%

  
  

Brazil—2.10%

  
  59,664     

Banco Bradesco SA—Preference Shares

     608,380  
  8,022     

Braskem SA—Series A—Preference Shares

     103,639  
  66,314     

Gerdau SA—Preference Shares

     247,175  
  73,638     

Itau Unibanco Holding SA—Preference Shares

     944,312  
  97,539     

Petroleo Brasileiro SA—Preference Shares (a)

     473,324  
     

 

 

 
        2,376,830  
     

 

 

 
  

Chile —0.42%

  
  8,067     

Sociedad Quimica y Minera de Chile SA—Preference Shares

     479,091  
     

 

 

 
  

Colombia—0.12%

  
  304,800     

Grupo Aval Acciones y Valores SA—Preference Shares

     131,747  
     

 

 

 
  

Republic of Korea—1.27%

  
  932     

Amorepacific Corp.—Preference Shares

     144,517  
  629     

LG Household & Health Care Ltd.—Preference Shares

     409,658  
  454     

Samsung Electronics Co., Ltd.—Preference Shares

     884,125  
     

 

 

 
        1,438,300  
     

 

 

 
  

Total Preferred Stocks (Cost $2,488,731)

     4,425,968  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS—0.20%

  
  

South Africa—0.20%

  
  18,102     

Resilient REIT Ltd.

     221,160  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $192,846)

     221,160  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.54%

  
  

Money Market Funds—0.54%

  
  614,471     

Deutsche Government Money Market Series—Institutional Shares

  
  

    Effective Yield, 1.29% (e)

     614,471  
     

 

 

 
  

Total Short Term Investments (Cost $614,471)

     614,471  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—5.89%

  
  

Investments Purchased with Proceeds from Securities Lending—5.89%

  
  6,664,206     

Mount Vernon Liquid Assets Portfolio, LLC

  
  

    Effective Yield, 1.61% (e)

     6,664,206  
     

 

 

 
  

Total Investments Purchased with Proceeds from Securities Lending (Cost $6,664,206)

     6,664,206  
     

 

 

 
  

Total Investments (Cost $86,866,126)—105.70%

     119,613,040  
  

Liabilities in Excess of Other Assets—(5.70)%

     (6,446,537
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 113,166,503  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR   American Depositary Receipt

 

GDR   Global Depositary Receipt

 

NVDR   Non-Voting Depositary Receipt

 

(a) Non-income producing security.
(b) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $572,845, which represents 0.51% of total net assets.
(c) All or portion of this security is on loan.
(d) These securities are defined under Regulation S in the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $296,060, which represents 0.26% of total net assets.
(e) Seven-day yield as of December 31, 2017.


GuideMark® Emerging Markets Fund

Schedule of Investments by Industry (Unaudited)

December 31, 2017

 

COMMON STOCKS

  

Aerospace & Defense

     0.31

Airlines

     1.26

Automobiles

     0.97

Banks

     13.13

Beverages

     1.04

Biotechnology

     0.37

Capital Markets

     0.84

Chemicals

     1.10

Commercial Services & Supplies

     0.16

Communications Equipment

     0.22

Construction & Engineering

     0.13

Construction Materials

     0.31

Diversified Consumer Services

     0.97

Diversified Financial Services

     0.59

Diversified Telecommunication Services

     1.31

Electric Utilities

     0.48

Electronic Equipment, Instruments & Components

     2.93

Energy Equipment & Services

     0.21

Food & Staples Retailing

     2.56

Food Products

     2.46

Gas Utilities

     0.68

Health Care Equipment & Supplies

     0.11

Health Care Providers & Services

     0.27

Hotels, Restaurants & Leisure

     0.63

Household Durables

     1.62

Household Products

     0.44

Independent Power and Renewable Electricity Producers

     0.12

Industrial Conglomerates

     0.85

Insurance

     2.92

Internet & Direct Marketing Retail

     0.59

Internet Software & Services

     12.21

Life Sciences Tools & Services

     0.19

Machinery

     0.47

Marine

     0.16

Media

     2.11

Metals & Mining

     2.03

Multiline Retail

     0.62

Oil, Gas & Consumable Fuels

     5.60

Paper & Forest Products

     0.45

Personal Products

     0.69

Pharmaceuticals

     1.23

Professional Services

     0.19

Real Estate Management & Development

     2.54

Semiconductors & Semiconductor Equipment

     9.91

Software

     0.34


Specialty Retail

     0.82

Technology Hardware, Storage & Peripherals

     1.04

Textiles, Apparel & Luxury Goods

     1.49

Tobacco

     0.38

Transportation Infrastructure

     0.28

Water Utilities

     0.12

Wireless Telecommunication Services

     2.89
  

 

 

 

TOTAL COMMON STOCKS

     85.34
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     9.82
  

 

 

 

TOTAL INVESTMENT COMPANIES

     9.82
  

 

 

 

PREFERRED STOCKS

  

Banks

     1.49

Chemicals

     0.51

Metals & Mining

     0.22

Oil, Gas & Consumable Fuels

     0.42

Personal Products

     0.49

Semiconductors & Semiconductor Equipment

     0.78
  

 

 

 

TOTAL PREFERRED STOCKS

     3.91
  

 

 

 

REAL ESTATE INVESTMENT TRUSTS

  

Real Estate Investment Trusts

     0.20
  

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.20
  

 

 

 

SHORT TERM INVESTMENTS

  

Money Market Funds

     0.54
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.54
  

 

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

  

Investments Purchased with Proceeds from Securities Lending

     5.89
  

 

 

 

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

     5.89
  

 

 

 

TOTAL INVESTMENTS

     105.70

Liabilities in Excess of Other Assets

     (5.70 )% 
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.


GuideMark® Small/Mid Cap Core Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Number of
Shares
          Value  
  

COMMON STOCKS—90.23%

  
  

Aerospace & Defense—1.34%

  
  427     

AAR Corp.

   $ 16,777  
  509     

Aerojet Rocketdyne Holdings, Inc. (a)

     15,881  
  208     

AeroVironment, Inc. (a)

     11,681  
  938     

Axon Enterprise, Inc. (a)

     24,857  
  992     

BWX Technologies, Inc.

     60,006  
  214     

Curtiss-Wright Corp. (b)

     26,076  
  555     

Ducommun, Inc. (a)

     15,790  
  545     

Engility Holdings, Inc. (a)

     15,462  
  317     

Esterline Technologies Corp. (a)

     23,680  
  175     

HEICO Corp.

     16,511  
  374     

HEICO Corp.—Class A

     29,565  
  346     

Hexcel Corp. (b)

     21,400  
  296     

Huntington Ingalls Industries, Inc.

     69,767  
  563     

KLX, Inc. (a)

     38,425  
  1,276     

Kratos Defense & Security Solutions, Inc. (a)

     13,513  
  565     

Moog, Inc.—Class A (a)

     49,070  
  493     

Orbital ATK, Inc.

     64,829  
  719     

Sparton Corp. (a)

     16,580  
  1,072     

Spirit AeroSystems Holdings, Inc.—Class A

     93,532  
  184     

Teledyne Technologies, Inc. (a)

     33,332  
  741     

Triumph Group, Inc.

     20,155  
  1,673     

Vectrus, Inc. (a)

     51,612  
     

 

 

 
        728,501  
     

 

 

 
  

Air Freight & Logistics—0.43%

  
  636     

Air Transport Services Group, Inc. (a)

     14,717  
  2,482     

Echo Global Logistics, Inc. (a)

     69,496  
  226     

Forward Air Corp.

     12,981  
  303     

Hub Group, Inc.—Class A (a)

     14,514  
  8,035     

Radiant Logistics, Inc. (a)

     36,961  
  939     

XPO Logistics, Inc. (a)(b)

     86,003  
     

 

 

 
        234,672  
     

 

 

 
  

Airlines—0.38%

  
  900     

Alaska Air Group, Inc.

     66,159  
  334     

Copa Holdings SA—Class A

     44,776  
  462     

Hawaiian Holdings, Inc.

     18,411  
  2,890     

JetBlue Airways Corp. (a)

     64,563  
  255     

SkyWest, Inc.

     13,540  
     

 

 

 
        207,449  
     

 

 

 
  

Auto Components—1.04%

  
  581     

Adient Plc—ADR

     45,725  
  2,352     

American Axle & Manufacturing Holdings, Inc. (a)

     40,055  
  159     

Cooper-Standard Holdings, Inc. (a)

     19,477  
  1,536     

Dana, Inc.

     49,167  
  404     

Dorman Products, Inc. (a)

     24,701  
  632     

Fox Factory Holding Corp. (a)

     24,553  
  1,244     

Gentex Corp. (b)

     26,062  
  2,143     

Goodyear Tire & Rubber Co. (b)

     69,240  


  258     

LCI Industries (b)

     33,540  
  598     

Lear Corp. (b)

     105,643  
  340     

Standard Motor Products, Inc. (b)

     15,269  
  1,594     

Stoneridge, Inc. (a)

     36,439  
  289     

Tenneco, Inc.

     16,918  
  184     

Visteon Corp. (a)

     23,026  
  263     

WABCO Holdings, Inc. (a)

     37,740  
     

 

 

 
        567,555  
     

 

 

 
  

Automobiles—0.32%

  
  914     

Thor Industries, Inc.

     137,758  
  674     

Winnebago Industries, Inc.

     37,475  
     

 

 

 
        175,233  
     

 

 

 
  

Banks—6.32%

  
  274     

1st Source Corp.

     13,549  
  339     

Ameris Bancorp

     16,340  
  1,465     

Associated Banc-Corp.

     37,211  
  2,321     

Banc of California, Inc. (b)

     47,929  
  562     

BancFirst Corp.

     28,746  
  385     

Banco Latinoamericano de Comercio Exterior SA—Class E

     10,357  
  758     

BancorpSouth, Inc.

     23,839  
  1,501     

Bank of Commerce Holdings

     17,261  
  455     

Bank of Hawaii Corp.

     38,993  
  496     

Bank of the Ozarks, Inc.

     24,031  
  617     

BankUnited, Inc.

     25,124  
  355     

Bankwell Financial Group, Inc.

     12,191  
  1,121     

BCB Bancorp, Inc.

     16,254  
  193     

BOK Financial Corp.

     17,818  
  375     

Bryn Mawr Bank Corp.

     16,575  
  545     

Byline Bancorp, Inc. (a)

     12,519  
  206     

C&F Financial Corp.

     11,948  
  553     

Camden National Corp.

     23,298  
  347     

Carolina Financial Corp.

     12,891  
  568     

Cathay General Bancorp

     23,953  
  685     

CenterState Banks, Inc. (b)

     17,625  
  370     

Century Bancorp, Inc.—Class A

     28,952  
  210     

Chemical Financial Corp.

     11,229  
  306     

Chemung Financial Corp.

     14,719  
  444     

Citizens & Northern Corp.

     10,656  
  221     

City Holding Co.

     14,911  
  404     

CNB Financial Corp.

     10,601  
  809     

Columbia Banking System, Inc. (b)

     35,143  
  931     

Commerce Bancshares, Inc.

     51,987  
  248     

Community Bank Systems, Inc.

     13,330  
  1,549     

Community Bankers Trust Corp. (a)

     12,624  
  356     

Community Trust Bancorp, Inc.

     16,768  
  991     

Cullen Frost Bankers, Inc. (b)

     93,798  
  645     

Customers Bancorp, Inc. (a)

     16,764  
  473     

CVB Financial Corp.

     11,144  
  219     

Eagle Bancorp, Inc. (a)

     12,680  
  1,796     

East West Bancorp, Inc.

     109,251  
  1,279     

Enterprise Financial Services Corp.

     57,747  
  320     

Evans Bancorp, Inc.

     13,408  
  1,296     

F.N.B. Corp.

     17,911  
  303     

Farmers Capital Bank Corp.

     11,665  
  1,281     

Farmers National Banc Corp.

     18,895  


  288     

FB Financial Corp. (a)

     12,093  
  502     

FCB Financial Holdings, Inc.—Class A (a)

     25,502  
  733     

Fidelity Southern Corp.

     15,979  
  437     

First Bancorp

     15,430  
  2,432     

First BanCorp (a)(b)

     12,403  
  105     

First Citizens BancShares, Inc.—Class A

     42,315  
  1,060     

First Commonwealth Financial Corp.

     15,179  
  535     

First Connecticut Bancorp, Inc.

     13,990  
  1,635     

First Financial Bancorp

     43,082  
  409     

First Financial Bankshares, Inc. (b)

     18,425  
  598     

First Foundation, Inc. (a)(b)

     11,087  
  723     

First Guaranty Bancshares, Inc.

     18,075  
  2,392     

First Horizon National Corp.

     47,812  
  320     

First Interstate BancSystem, Inc.—Class A

     12,816  
  677     

First Merchants Corp.

     28,475  
  405     

First Mid-Illinois Bancshares, Inc.

     15,609  
  1,790     

Fulton Financial Corp.

     32,041  
  342     

German American Bancorp, Inc.

     12,083  
  365     

Glacier Bancorp, Inc.

     14,377  
  343     

Great Southern Bancorp, Inc.

     17,716  
  1,332     

Green Bancorp, Inc. (a)

     27,040  
  550     

Guaranty Bancorp

     15,207  
  814     

Hancock Holding Co.

     40,293  
  402     

Heartland Financial U.S.A., Inc.

     21,567  
  867     

Heritage Commerce Corp.

     13,282  
  497     

Hilltop Holdings, Inc.

     12,589  
  926     

Hope Bancorp, Inc.

     16,900  
  394     

IBERIABANK Corp.

     30,535  
  861     

Independent Bank Corp.

     19,243  
  879     

International Bancshares Corp.

     34,896  
  529     

Investar Holding Corp.

     12,749  
  1,515     

Investors Bancorp, Inc.

     21,028  
  981     

Lakeland Bancorp, Inc.

     18,884  
  267     

Lakeland Financial Corp.

     12,947  
  518     

LCNB Corp.

     10,593  
  310     

LegacyTexas Financial Group, Inc.

     13,085  
  1,077     

Live Oak Bancshares, Inc.

     25,686  
  1,115     

Macatawa Bank Corp.

     11,150  
  833     

MainSource Financial Group, Inc.

     30,246  
  320     

Mercantile Bank Corp.

     11,318  
  366     

Midland States Bancorp, Inc.

     11,888  
  299     

MutualFirst Financial, Inc.

     11,526  
  445     

National Bank Holdings Corp.—Class A

     14,431  
  262     

National Bankshares, Inc.

     11,908  
  328     

Nicolet Bankshares, Inc. (a)

     17,955  
  885     

Northeast Bancorp

     20,488  
  355     

Northrim BanCorp, Inc.

     12,017  
  357     

Norwood Financial Corp.

     11,781  
  354     

Ohio Valley Banc Corp.

     14,302  
  458     

Old Line Bancshares, Inc.

     13,484  
  1,825     

Old National Bancorp (b)

     31,846  
  404     

Old Point Financial Corp.

     12,019  
  1,571     

Old Second Bancorp, Inc.

     21,444  
  439     

Orrstown Financial Services, Inc.

     11,085  
  369     

Pacific Premier Bancorp, Inc. (a)

     14,760  


  708     

PacWest Bancorp

     35,683  
  240     

Paragon Commercial Corp. (a)

     12,770  
  104     

Park National Corp.

     10,816  
  1,184     

Parke Bancorp, Inc.

     24,331  
  333     

Peapack Gladstone Financial Corp.

     11,662  
  30     

Peoples Bancorp of North Carolina, Inc.

     921  
  577     

Peoples Bancorp, Inc.

     18,822  
  371     

People’s Utah Bancorp

     11,241  
  596     

Popular, Inc.

     21,152  
  336     

Preferred Bank (b)

     19,750  
  667     

Premier Financial Bancorp, Inc.

     13,393  
  524     

Prosperity Bancshares, Inc. (b)

     36,717  
  353     

QCR Holdings, Inc.

     15,126  
  324     

Republic Bancorp, Inc.—Class A

     12,318  
  1,297     

Republic First Bancorp, Inc. (a)

     10,960  
  511     

S&T Bancorp, Inc.

     20,343  
  438     

Sandy Spring Bancorp, Inc.

     17,091  
  647     

Seacoast Banking Corp. of Florida (a)

     16,311  
  838     

ServisFirst Bancshares, Inc.

     34,777  
  1,465     

Shore Bancshares, Inc.

     24,466  
  148     

Signature Bank (a)

     20,314  
  928     

Sterling Bancorp

     22,829  
  317     

Stock Yards Bancorp, Inc.

     11,951  
  582     

Summit Financial Group, Inc.

     15,318  
  629     

Sun Bancorp, Inc.

     15,285  
  469     

Sunshine Bancorp, Inc. (a)

     10,759  
  483     

SVB Financial Group (a)

     112,911  
  1,749     

Synovus Financial Corp.

     83,847  
  2,390     

TCF Financial Corp.

     48,995  
  496     

Texas Capital Bancshares, Inc. (a)

     44,094  
  834     

The Bank of N.T. Butterfield & Son Ltd.

     30,266  
  383     

The First Bancorp, Inc.

     10,429  
  498     

TowneBank

     15,314  
  289     

TriCo Bancshares

     10,942  
  827     

TriState Capital Holdings, Inc. (a)

     19,021  
  493     

Triumph Bancorp, Inc. (a)

     15,530  
  386     

Trustmark Corp.

     12,298  
  949     

Two River Bancorp

     17,205  
  342     

UMB Financial Corp.

     24,597  
  1,727     

Umpqua Holdings Corp.

     35,922  
  630     

Union Bankshares Corp.

     22,787  
  248     

Union Bankshares, Inc.

     13,132  
  1,099     

United Community Banks, Inc.

     30,926  
  397     

Univest Corp. of Pennsylvania

     11,136  
  2,243     

Valley National Bancorp

     25,166  
  323     

Washington Trust Bancorp, Inc.

     17,200  
  709     

WesBanco, Inc.

     28,821  
  901     

West Bancorporation, Inc.

     22,660  
  1,071     

Western Alliance Bancorp (a)

     60,640  
  852     

Wintrust Financial Corp.

     70,179  
  384     

Xenith Bankshares, Inc. (a)

     12,991  
  1,851     

Zions Bancorporation (b)

     94,086  
     

 

 

 
        3,443,497  
     

 

 

 


   Beverages—0.25%   
  220     

Boston Beer Co., Inc.—Class A (a)(b)

     42,042  
  9,877     

Castle Brands, Inc. (a)

     12,050  
  142     

Coca-Cola Bottling Co.

     30,567  
  174     

MGP Ingredients, Inc.

     13,377  
  405     

National Beverage Corp. (b)

     39,463  
     

 

 

 
        137,499  
     

 

 

 
  

Biotechnology—2.81%

  
  662     

Abeona Therapeutics, Inc. (a)

     10,493  
  1,777     

Acorda Therapeutics, Inc. (a)(b)

     38,117  
  258     

Agios Pharmaceuticals, Inc. (a)

     14,750  
  319     

Aimmune Therapeutics, Inc. (a)

     12,065  
  645     

Alkermes Plc (a)(b)

     35,301  
  346     

Alnylam Pharmaceuticals, Inc. (a)(b)

     43,959  
  2,238     

AMAG Pharmaceuticals, Inc. (a)(b)

     29,653  
  1,171     

Amicus Therapeutics, Inc. (a)

     16,851  
  2,119     

Array BioPharma, Inc. (a)

     27,123  
  369     

Audentes Therapeutics, Inc. (a)

     11,531  
  187     

Avexis, Inc. (a)

     20,695  
  1,268     

Bioverativ, Inc. (a)(b)

     68,371  
  235     

Bluebird Bio, Inc. (a)

     41,853  
  375     

Blueprint Medicines Corp. (a)

     28,279  
  2,632     

Calithera Biosciences, Inc. (a)

     21,977  
  2,676     

Catalyst Pharmaceuticals, Inc. (a)

     10,463  
  320     

Clovis Oncology, Inc. (a)

     21,760  
  4,406     

Conatus Pharmaceuticals, Inc. (a)

     20,356  
  850     

Concert Pharmaceuticals, Inc. (a)

     21,989  
  582     

CytomX Therapeutics, Inc. (a)

     12,286  
  776     

Dynavax Technologies Corp. (a)

     14,511  
  724     

Eagle Pharmaceuticals, Inc. (a)(b)

     38,676  
  285     

Emergent BioSolutions, Inc. (a)

     13,244  
  196     

Enanta Pharmaceuticals, Inc. (a)

     11,501  
  202     

Esperion Therapeutics, Inc. (a)

     13,300  
  563     

Exact Sciences Corp. (a)

     29,580  
  1,434     

Exelixis, Inc. (a)

     43,594  
  322     

FibroGen, Inc. (a)

     15,263  
  409     

Foundation Medicine, Inc. (a)

     27,894  
  984     

Genomic Health, Inc. (a)

     33,653  
  301     

Global Blood Therapeutics, Inc. (a)

     11,844  
  555     

Halozyme Therapeutics, Inc. (a)

     11,244  
  716     

Ignyta, Inc. (a)

     19,117  
  2,358     

ImmunoGen, Inc. (a)

     15,115  
  2,007     

Immunomedics, Inc. (a)(b)

     32,433  
  498     

Ionis Pharmaceuticals, Inc. (a)(b)

     25,049  
  1,398     

Jounce Therapeutics, Inc. (a)(b)

     17,824  
  298     

Juno Therapeutics, Inc. (a)(b)

     13,622  
  800     

Kura Oncology, Inc. (a)(c)

     12,240  
  83     

Ligand Pharmaceuticals, Inc.—Class B (a)(b)

     11,365  
  184     

Loxo Oncology, Inc. (a)(b)

     15,489  
  8,741     

Matinas BioPharma Holdings, Inc. (a)

     10,140  
  3,378     

MiMedx Group, Inc. (a)(b)

     42,597  
  2,389     

Myriad Genetics, Inc. (a)

     82,050  
  2,235     

Natera, Inc. (a)

     20,093  
  306     

Neurocrine Biosciences, Inc. (a)

     23,743  
  16,100     

PDL BioPharma, Inc. (a)(b)

     44,114  
  1,878     

Pieris Pharmaceuticals, Inc. (a)

     14,179  
  314     

Portola Pharmaceuticals, Inc. (a)

     15,286  


  146     

Puma Biotechnology, Inc. (a)

     14,432  
  199     

Sage Therapeutics, Inc. (a)

     32,777  
  668     

Sangamo Therapeutics, Inc. (a)

     10,955  
  208     

Sarepta Therapeutics, Inc. (a)

     11,573  
  782     

Seattle Genetics, Inc. (a)(b)

     41,837  
  1,010     

Spectrum Pharmaceuticals, Inc. (a)

     19,139  
  1,200     

United Therapeutics Corp. (a)

     177,540  
  1,290     

Vanda Pharmaceuticals, Inc. (a)

     19,608  
  2,390     

Veracyte, Inc. (a)

     15,607  
     

 

 

 
        1,530,100  
     

 

 

 
  

Building Products—1.50%

  
  2,118     

A. O. Smith Corp.

     129,791  
  727     

AAON, Inc.

     26,681  
  794     

Allegion Plc

     63,171  
  173     

American Woodmark Corp. (a)

     22,533  
  348     

Apogee Enterprises, Inc.

     15,914  
  1,941     

Builders FirstSource, Inc. (a)

     42,294  
  605     

Caesarstone, Ltd. (a)

     13,310  
  780     

Continental Building Products, Inc. (a)(b)

     21,957  
  1,318     

Fortune Brands Home & Security, Inc. (b)

     90,204  
  319     

JELD-WEN Holding, Inc. (a)

     12,559  
  393     

Lennox International, Inc.

     81,846  
  233     

Masonite International Corp. (a)

     17,277  
  656     

NCI Building Systems, Inc. (a)

     12,661  
  982     

Owens Corning, Inc.

     90,285  
  206     

Patrick Industries, Inc. (a)

     14,272  
  672     

PGT Innovations, Inc. (a)

     11,323  
  555     

Quanex Building Products Corp.

     12,987  
  312     

Simpson Manufacturing Co., Inc.

     17,912  
  512     

Trex Co., Inc. (a)

     55,496  
  807     

Universal Forest Products, Inc.

     30,359  
  835     

USG Corp. (a)(b)

     32,198  
     

 

 

 
        815,030  
     

 

 

 
  

Capital Markets—2.88%

  
  1,629     

Artisan Partners Asset Management, Inc.—Class A

     64,345  
  1,972     

B. Riley Financial, Inc.

     35,693  
  3,067     

BGC Partners, Inc.—Class A

     46,342  
  537     

Cboe Global Markets, Inc.

     66,905  
  573     

Cohen & Steers, Inc.

     27,097  
  106     

Diamond Hill Investment Group, Inc.

     21,906  
  2,561     

Donnelley Financial Solutions, Inc. (a)

     49,914  
  2,716     

E*TRADE Financial Corp. (a)

     134,632  
  1,353     

Eaton Vance Corp.

     76,296  
  643     

Evercore Partners, Inc.—Class A

     57,870  
  539     

FactSet Research Systems, Inc. (b)

     103,898  
  1,243     

Federated Investors, Inc.—Class B (b)

     44,847  
  1,208     

Greenhill & Co., Inc.

     23,556  
  326     

Hamilton Lane, Inc.

     11,537  
  276     

HFF, Inc.—Class A

     13,425  
  748     

Houlihan Lokey, Inc.

     33,982  
  602     

INTL. FCStone, Inc. (a)

     25,603  
  1,871     

Lazard Ltd.—Class A

     98,228  
  732     

Legg Mason, Inc.

     30,729  
  1,302     

LPL Financial Holdings, Inc.

     74,396  
  363     

MarketAxess Holdings, Inc.

     73,235  


  743     

Moelis & Co.—Class A

     36,036  
  478     

Morningstar, Inc.

     46,352  
  922     

MSCI, Inc.

     116,670  
  1,699     

OM Asset Management Plc

     28,458  
  385     

Oppenheimer Holdings, Inc.—Class A

     10,318  
  376     

PJT Partners, Inc.—Class A

     17,146  
  2,329     

Pzena Investment Management, Inc.—Class A

     24,850  
  1,551     

SEI Investments Co.

     111,455  
  1,568     

Waddell & Reed Financial, Inc.—Class A (b)

     35,029  
  258     

Westwood Holdings Group, Inc.

     17,082  
  967     

WisdomTree Investments, Inc.

     12,136  
     

 

 

 
        1,569,968  
     

 

 

 
  

Chemicals—1.85%

  
  395     

A. Schulman, Inc.

     14,714  
  272     

AdvanSix, Inc. (a)

     11,443  
  2,035     

AgroFresh Solutions, Inc. (a)

     15,059  
  831     

American Vanguard Corp.

     16,329  
  358     

Ashland Global Holdings, Inc.

     25,490  
  1,344     

Axalta Coating Systems, Ltd. (a)

     43,492  
  379     

Cabot Corp.

     23,343  
  1,284     

CF Industries Holdings, Inc.

     54,621  
  222     

Chase Corp.

     26,751  
  779     

Core Molding Technologies, Inc.

     16,904  
  487     

Ferro Corp. (a)

     11,488  
  305     

H.B. Fuller Co.

     16,430  
  2,022     

Huntsman Corp.

     67,312  
  828     

Ingevity Corp. (a)

     58,349  
  257     

Innophos Holdings, Inc.

     12,010  
  599     

KMG Chemicals, Inc. (c)

     39,582  
  281     

Koppers Holdings, Inc. (a)

     14,303  
  231     

Kraton Corp. (a)

     11,127  
  687     

Kronos Worldwide, Inc.

     17,704  
  191     

Minerals Technologies, Inc.

     13,150  
  81     

NewMarket Corp.

     32,189  
  1,503     

Olin Corp.

     53,477  
  2,853     

Platform Specialty Products Corp. (a)

     28,302  
  799     

PolyOne Corp.

     34,756  
  196     

Quaker Chemical Corp.

     29,555  
  1,320     

Rayonier Advanced Materials, Inc.

     26,994  
  655     

RPM International, Inc.

     34,335  
  150     

Sensient Technologies Corp.

     10,972  
  279     

Stepan Co.

     22,033  
  997     

The Chemours Co.

     49,910  
  210     

The Scotts Miracle-Gro Co.—Class A (b)

     22,468  
  752     

Trinseo SA

     54,595  
  1,089     

Tronox, Ltd.—Class A

     22,335  
  1,393     

Valvoline, Inc.

     34,909  
  153     

W.R. Grace & Co.

     10,730  
  258     

Westlake Chemical Corp.

     27,485  
     

 

 

 
        1,004,646  
     

 

 

 
  

Commercial Services & Supplies—1.82%

  
  2,731     

ACCO Brands Corp. (a)(b)

     33,318  
  4,073     

ARC Document Solutions, Inc. (a)

     10,386  
  750     

Avery Dennison Corp.

     86,145  
  243     

Barrett Business Services, Inc.

     15,671  


  1,008     

Casella Waste Systems, Inc.—Class A (a)

     23,204  
  629     

Comfort Systems USA, Inc.

     27,456  
  1,590     

Copart, Inc. (a)

     68,672  
  539     

Deluxe Corp.

     41,417  
  681     

Healthcare Services Group, Inc. (b)

     35,902  
  868     

Heritage-Crystal Clean, Inc. (a)

     18,879  
  1,750     

Herman Miller, Inc.

     70,087  
  813     

HNI Corp. (b)

     31,357  
  1,145     

InnerWorkings, Inc. (a)

     11,484  
  857     

Interface, Inc.

     21,554  
  459     

KAR Auction Services, Inc.

     23,184  
  4,551     

Kimball International, Inc.—Class B

     84,967  
  814     

Knoll, Inc.

     18,755  
  902     

LSC Communications, Inc.

     13,665  
  476     

MSA Safety, Inc.

     36,900  
  641     

Quad/Graphics, Inc.

     14,487  
  1,520     

Rollins, Inc. (b)

     70,726  
  415     

SP Plus Corp. (a)

     15,397  
  2,012     

Steelcase, Inc.—Class A

     30,582  
  2,013     

Sykes Enterprises, Inc. (a)

     63,309  
  897     

Team, Inc. (a)(b)

     13,365  
  568     

Tetra Tech, Inc.

     27,349  
  761     

The Brinks Co. (b)

     59,891  
  402     

Viad Corp.

     22,271  
     

 

 

 
        990,380  
     

 

 

 
  

Communications Equipment—1.42%

  
  582     

Acacia Communications, Inc. (a)(b)

     21,086  
  848     

ADTRAN, Inc.

     16,409  
  345     

Applied Optoelectronics, Inc. (a)(b)

     13,048  
  491     

Arista Networks, Inc. (a)

     115,670  
  2,169     

ARRIS International Plc (a)

     55,722  
  2,729     

Calix, Inc. (a)

     16,237  
  1,376     

Ciena Corp. (a)(b)

     28,800  
  1,147     

Clearfield, Inc. (a)

     14,051  
  1,893     

CommScope Holding Co., Inc. (a)

     71,612  
  494     

Comtech Telecommunications Corp.

     10,927  
  2,114     

Digi International, Inc. (a)

     20,189  
  527     

EchoStar Corp.—Class A (a)

     31,567  
  7,657     

Extreme Networks, Inc. (a)

     95,866  
  969     

Finisar Corp. (a)

     19,719  
  500     

InterDigital, Inc. (b)

     38,075  
  1,623     

KVH Industries, Inc. (a)

     16,798  
  368     

Lumentum Holdings, Inc. (a)(b)

     17,995  
  279     

NETGEAR, Inc. (a)

     16,391  
  1,520     

NetScout Systems, Inc. (a)(b)

     46,284  
  1,515     

Oclaro, Inc. (a)(b)

     10,211  
  344     

Plantronics, Inc.

     17,331  
  1,248     

Quantenna Communications, Inc. (a)

     15,225  
  3,650     

Ribbon Communications, Inc. (a)

     28,214  
  339     

Ubiquiti Networks, Inc. (a)(b)

     24,076  
  1,527     

Viavi Solutions, Inc. (a)(b)

     13,346  
     

 

 

 
        774,849  
     

 

 

 
  

Construction & Engineering—0.74%

  
  957     

AECOM (a)

     35,552  
  660     

Aegion Corp. (a)(b)

     16,784  


  203     

Dycom Industries, Inc. (a)(b)

     22,620  
  423     

EMCOR Group, Inc.

     34,580  
  746     

Fluor Corp. (b)

     38,531  
  3,147     

HC2 Holdings, Inc. (a)

     18,725  
  896     

IES Holdings, Inc. (a)

     15,456  
  662     

Jacobs Engineering Group, Inc.

     43,665  
  854     

KBR, Inc.

     16,935  
  621     

MasTec, Inc. (a)

     30,398  
  500     

NV5 Global, Inc. (a)(b)

     27,075  
  2,495     

Orion Group Holdings, Inc. (a)

     19,536  
  505     

Primoris Services Corp. (b)

     13,731  
  765     

Quanta Services, Inc. (a)

     29,919  
  1,495     

Sterling Construction Co., Inc. (a)

     24,339  
  576     

Tutor Perini Corp. (a)

     14,602  
     

 

 

 
        402,448  
     

 

 

 
  

Construction Materials—0.12%

  
  137     

Eagle Materials, Inc. (b)

     15,522  
  513     

Summit Materials, Inc.—Class A (a)(b)

     16,132  
  162     

United States Lime & Minerals, Inc.

     12,490  
  278     

US Concrete, Inc. (a)(b)

     23,255  
     

 

 

 
        67,399  
     

 

 

 
  

Consumer Finance—0.93%

  
  203     

Credit Acceptance Corp. (a)(b)

     65,666  
  3,453     

Enova International, Inc. (a)

     52,485  
  1,290     

EZCORP, Inc.—Class A (a)

     15,738  
  251     

FirstCash, Inc.

     16,930  
  427     

Green Dot Corp.—Class A (a)

     25,731  
  6,540     

Navient Corp. (b)

     87,113  
  510     

Nelnet, Inc.—Class A (b)

     27,938  
  648     

PRA Group, Inc. (a)(b)

     21,514  
  2,519     

Regional Management Corp. (a)

     66,275  
  3,790     

Santander Consumer USA Holdings, Inc. (b)

     70,570  
  5,225     

SLM Corp. (a)

     59,042  
     

 

 

 
        509,002  
     

 

 

 
  

Containers & Packaging—0.92%

  
  308     

AptarGroup, Inc.

     26,574  
  283     

Bemis Co., Inc.

     13,525  
  1,101     

Berry Plastics Group, Inc. (a)

     64,596  
  1,256     

Crown Holdings, Inc. (a)

     70,650  
  1,905     

Graphic Packaging Holding Co. (b)

     29,432  
  314     

Greif, Inc.—Class A

     19,022  
  172     

Greif, Inc.—Class B

     11,928  
  2,215     

Myers Industries, Inc.

     43,192  
  1,321     

Owens-Illinois, Inc. (a)(b)

     29,287  
  949     

Packaging Corp. of America

     114,402  
  1,158     

Sealed Air Corp.

     57,089  
  776     

Silgan Holdings, Inc.

     22,807  
     

 

 

 
        502,504  
     

 

 

 
  

Distributors—0.04%

  
  623     

Core-Mark Holding Co., Inc.

     19,674  
     

 

 

 
  

Diversified Consumer Services—1.78%

  
  2,702     

Adtalem Global Education, Inc. (b)

     113,619  
  1,527     

American Public Education, Inc. (a)

     38,251  
  3,874     

Bridgepoint Education, Inc. (a)(b)

     32,154  
  246     

Bright Horizons Family Solutions, Inc. (a)

     23,124  


  3,846     

Cambium Learning Group, Inc. (a)

     21,845  
  491     

Capella Education Co.

     38,003  
  3,491     

Career Education Corp. (a)

     42,171  
  433     

Carriage Services, Inc. (b)

     11,132  
  2,460     

Chegg, Inc. (a)(b)

     40,147  
  1,315     

Collectors Universe, Inc.

     37,662  
  87     

Graham Holdings Co.—Class B

     48,577  
  638     

Grand Canyon Education, Inc. (a)

     57,120  
  4,372     

H&R Block, Inc.

     114,634  
  1,275     

Hillenbrand, Inc.

     56,993  
  1,159     

Houghton Mifflin Harcourt Co. (a)

     10,779  
  2,317     

K12, Inc. (a)

     36,840  
  1,030     

Liberty Tax, Inc.

     11,330  
  2,606     

Regis Corp. (a)

     40,028  
  746     

Service Corp. International (b)

     27,841  
  744     

ServiceMaster Global Holdings, Inc. (a)

     38,145  
  751     

Sotheby’s—Class A (a)

     38,752  
  505     

Strayer Education, Inc.

     45,238  
  1,024     

Weight Watchers International, Inc. (a)(b)

     45,343  
     

 

 

 
        969,728  
     

 

 

 
  

Diversified Financial Services—0.23%

  
  684     

Cannae Holdings, Inc. (a)

     11,648  
  707     

Encore Capital Group, Inc. (a)(b)

     29,765  
  2,196     

Tiptree, Inc.—Class A

     13,066  
  831     

Voya Financial, Inc.

     41,110  
  361     

World Acceptance Corp. (a)

     29,140  
     

 

 

 
        124,729  
     

 

 

 
  

Diversified Telecommunication Services—0.36%

  
  351     

Cogent Communications Holdings, Inc.

     15,900  
  1,436     

Frontier Communications Corp.

     9,708  
  313     

General Communication, Inc.—Class A (a)

     12,213  
  2,097     

IDT Corp.—Class B

     22,228  
  2,159     

Ooma, Inc. (a)

     25,800  
  97     

Straight Path Communications, Inc.—Class B (a)

     17,634  
  6,705     

Vonage Holdings Corp. (a)

     68,190  
  649     

Zayo Group Holdings, Inc. (a)

     23,883  
     

 

 

 
        195,556  
     

 

 

 
  

Electric Utilities—0.65%

  
  368     

ALLETE, Inc.

     27,364  
  280     

El Paso Electric Co.

     15,498  
  1,736     

Great Plains Energy, Inc.

     55,969  
  718     

Hawaiian Electric Industries, Inc. (b)

     25,956  
  240     

IDACORP, Inc.

     21,926  
  866     

OGE Energy Corp.

     28,500  
  599     

Pinnacle West Capital Corp.

     51,023  
  596     

PNM Resources, Inc.

     24,108  
  520     

Portland General Electric Co.

     23,701  
  2,197     

Spark Energy, Inc.—Class A (b)

     27,243  
  303     

Unitil Corp.

     13,823  
  696     

Westar Energy, Inc.

     36,749  
     

 

 

 
        351,860  
     

 

 

 
  

Electrical Equipment—0.60%

  
  551     

Atkore International Group, Inc. (a)

     11,819  
  344     

Belden, Inc.

     26,547  
  662     

Brady Corp.—Class A

     25,090  


  232     

Encore Wire Corp.

     11,287  
  253     

EnerSys

     17,616  
  258     

Franklin Electric Co., Inc.

     11,842  
  347     

Generac Holdings, Inc. (a)

     17,183  
  327     

Hubbell, Inc.

     44,256  
  527     

II-VI, Inc. (a)

     24,743  
  1,967     

LSI Industries, Inc.

     13,533  
  442     

Powell Industries, Inc.

     12,663  
  450     

Regal Beloit Corp.

     34,470  
  844     

Sensata Technologies Holding NV (a)

     43,137  
  1,499     

Vicor Corp. (a)

     31,329  
     

 

 

 
        325,515  
     

 

 

 
  

Electronic Equipment, Instruments & Components—3.04%

  
  842     

Anixter International, Inc. (a)

     63,992  
  791     

Arrow Electronics, Inc. (a)

     63,604  
  473     

Avnet, Inc.

     18,740  
  1,250     

AVX Corp.

     21,625  
  654     

Bel Fuse, Inc.—Class B

     16,464  
  1,066     

Benchmark Electronics, Inc. (a)

     31,021  
  1,808     

CDW Corp.

     125,638  
  1,526     

Cognex Corp. (b)

     93,330  
  157     

Coherent, Inc. (a)

     44,309  
  1,716     

Control4 Corp. (a)

     51,068  
  2,185     

Daktronics, Inc.

     19,949  
  571     

Dolby Laboratories, Inc.—Class A

     35,402  
  2,170     

Electro Scientific Industries, Inc. (a)

     46,503  
  3,074     

Fitbit, Inc.—Class A (a)

     17,553  
  630     

FLIR Systems, Inc.

     29,371  
  428     

Insight Enterprises, Inc. (a)

     16,388  
  408     

IPG Photonics Corp. (a)

     87,365  
  3,876     

Iteris, Inc. (a)

     27,016  
  503     

Itron, Inc. (a)

     34,305  
  1,661     

Jabil, Inc. (b)

     43,601  
  1,312     

KEMET Corp. (a)

     19,759  
  1,344     

Keysight Technologies, Inc. (a)

     55,910  
  867     

Kimball Electronics, Inc. (a)

     15,823  
  1,326     

Knowles Corp. (a)

     19,439  
  107     

Littelfuse, Inc.

     21,167  
  285     

Mercury Systems, Inc. (a)

     14,635  
  519     

Methode Electronics, Inc.

     20,812  
  295     

MTS Systems Corp.

     15,841  
  1,714     

Napco Security Technologies, Inc. (a)

     14,997  
  1,509     

National Instruments Corp. (b)

     62,820  
  501     

Novanta, Inc. (a)

     25,050  
  926     

PC Connection, Inc.

     24,270  
  474     

Plexus Corp. (a)

     28,781  
  13,794     

Radisys Corp. (a)

     13,863  
  166     

Rogers Corp. (a)

     26,879  
  1,984     

Sanmina Corp. (a)

     65,472  
  544     

ScanSource, Inc. (a)

     19,475  
  347     

Tech Data Corp. (a)

     33,996  
  2,242     

Trimble, Inc. (a)

     91,115  
  1,874     

TTM Technologies, Inc. (a)

     29,366  
  173     

Universal Display Corp. (b)

     29,868  
  1,951     

Vishay Intertechnology, Inc.

     40,483  
  733     

Zebra Technologies Corp.—Class A (a)

     76,085  
     

 

 

 
        1,653,150  
     

 

 

 


  

Energy Equipment & Services—0.51%

  
  2,226     

Archrock, Inc.

     23,373  
  1,148     

Diamond Offshore Drilling, Inc. (a)(b)

     21,341  
  341     

Dril-Quip, Inc. (a)(b)

     16,266  
  1,111     

Exterran Corp. (a)

     34,930  
  628     

Matrix Service Co. (a)

     11,178  
  4,064     

Noble Corp. Plc (a)

     18,369  
  846     

Oceaneering International, Inc. (b)

     17,885  
  639     

Oil States International, Inc. (a)

     18,084  
  776     

RigNet, Inc. (a)

     11,601  
  3,414     

Rowan Cos., Inc.—Class A (a)

     53,463  
  2,689     

Tetra Technologies, Inc. (a)

     11,482  
  3,540     

Transocean, Ltd. (a)(b)

     37,807  
     

 

 

 
        275,779  
     

 

 

 
  

Food & Staples Retailing—1.01%

  
  532     

Casey’s General Stores, Inc. (b)

     59,552  
  1,791     

Diplomat Pharmacy, Inc. (a)

     35,945  
  1,090     

Ingles Markets, Inc.—Class A

     37,714  
  2,198     

Natural Grocers by Vitamin Cottage, Inc. (a)

     19,628  
  1,258     

Performance Food Group Co. (a)

     41,640  
  186     

PriceSmart, Inc.

     16,015  
  15,276     

Rite Aid Corp. (a)(b)

     30,094  
  1,656     

SpartanNash Co. (b)

     44,182  
  1,732     

Sprouts Farmers Market, Inc. (a)(b)

     42,174  
  757     

SUPERVALU, Inc. (a)(b)

     16,351  
  1,314     

The Chefs’ Warehouse, Inc. (a)(b)

     26,937  
  883     

United Natural Foods, Inc. (a)

     43,506  
  2,011     

US Foods Holding Corp. (a)

     64,211  
  1,158     

Village Super Market, Inc.—Class A

     26,553  
  1,093     

Weis Markets, Inc.

     45,239  
     

 

 

 
        549,741  
     

 

 

 
  

Food Products—1.22%

  
  1,270     

Blue Buffalo Pet Products, Inc. (a)(b)

     41,643  
  1,264     

Darling International, Inc. (a)

     22,916  
  3,399     

Dean Foods Co.

     39,292  
  1,330     

Farmer Brothers Co. (a)

     42,759  
  2,192     

Flowers Foods, Inc. (b)

     42,328  
  612     

Fresh Del Monte Produce, Inc.

     29,174  
  1,758     

Freshpet, Inc. (a)

     33,314  
  1,124     

Hostess Brands, Inc. (a)(b)

     16,646  
  605     

Ingredion, Inc. (b)

     84,579  
  74     

J&J Snack Foods Corp. (b)

     11,235  
  1,070     

Lamb Weston Holdings, Inc.

     60,402  
  127     

Lancaster Colony Corp.

     16,410  
  1,659     

Lifeway Foods, Inc. (a)

     13,272  
  515     

Pilgrim’s Pride Corp. (a)(b)

     15,996  
  1,046     

Pinnacle Foods, Inc.

     62,206  
  320     

Post Holdings, Inc. (a)

     25,354  
  275     

Sanderson Farms, Inc. (b)

     38,165  
  799     

Snyder’s-Lance, Inc.

     40,014  
  352     

The Hain Celestial Group, Inc. (a)

     14,921  
  293     

TreeHouse Foods, Inc. (a)(b)

     14,492  
     

 

 

 
        665,118  
     

 

 

 


  

Gas Utilities—0.48%

  
  414     

Atmos Energy Corp.

     35,558  
  505     

National Fuel Gas Co. (b)

     27,730  
  378     

New Jersey Resources Corp.

     15,196  
  247     

Northwest Natural Gas Co.

     14,734  
  502     

ONE Gas, Inc.

     36,777  
  378     

RGC Resources, Inc.

     10,236  
  190     

Southwest Gas Holdings, Inc.

     15,291  
  209     

Spire, Inc.

     15,706  
  1,511     

UGI Corp.

     70,941  
  237     

WGL Holdings, Inc.

     20,344  
     

 

 

 
        262,513  
     

 

 

 
  

Health Care Equipment & Supplies—4.06%

  
  331     

Abaxis, Inc.

     16,391  
  778     

ABIOMED, Inc. (a)

     145,805  
  314     

Analogic Corp.

     26,297  
  1,268     

AngioDynamics, Inc. (a)

     21,087  
  5,550     

Antares Pharma, Inc. (a)

     11,044  
  886     

AtriCure, Inc. (a)

     16,161  
  59     

Atrion Corp.

     37,205  
  2,504     

AxoGen, Inc. (a)

     70,863  
  332     

Cantel Medical Corp.

     34,153  
  1,253     

Cardiovascular Systems, Inc. (a)

     29,684  
  304     

CONMED Corp.

     15,495  
  902     

CryoLife, Inc. (a)

     17,273  
  1,976     

Cutera, Inc. (a)

     89,612  
  1,099     

DexCom, Inc. (a)(b)

     63,072  
  1,053     

Entellus Medical, Inc. (a)

     25,683  
  638     

Exactech, Inc. (a)

     31,549  
  599     

FONAR Corp. (a)

     14,586  
  858     

Glaukos Corp. (a)(b)

     22,008  
  2,206     

Globus Medical, Inc.—Class A (a)(b)

     90,667  
  776     

Haemonetics Corp. (a)

     45,070  
  739     

Halyard Health, Inc. (a)(b)

     34,127  
  709     

Heska Corp. (a)

     56,869  
  650     

Hill-Rom Holdings, Inc.

     54,788  
  110     

ICU Medical, Inc. (a)

     23,760  
  665     

Inogen, Inc. (a)

     79,188  
  691     

Insulet Corp. (a)(b)

     47,679  
  750     

Integer Holdings Corp. (a)

     33,975  
  593     

Integra LifeSciences Holdings Corp. (a)

     28,381  
  293     

iRhythm Technologies, Inc. (a)

     16,423  
  820     

K2M Group Holdings, Inc. (a)

     14,760  
  1,876     

Lantheus Holdings, Inc. (a)

     38,364  
  1,427     

LeMaitre Vascular, Inc.

     45,436  
  283     

LivaNova Plc (a)

     22,617  
  631     

Masimo Corp. (a)

     53,509  
  1,166     

Meridian Bioscience, Inc. (b)

     16,324  
  423     

Merit Medical Systems, Inc. (a)

     18,274  
  451     

Natus Medical, Inc. (a)

     17,228  
  232     

Neogen Corp. (a)

     19,073  
  752     

Novocure Ltd. (a)

     15,190  
  1,082     

NuVasive, Inc. (a)(b)

     63,286  
  1,161     

NxStage Medical, Inc. (a)

     28,131  
  1,229     

OraSure Technologies, Inc. (a)

     23,179  
  638     

Orthofix International NV (a)

     34,899  
  1,134     

Oxford Immunotec Global Plc (a)

     15,842  
  286     

Penumbra, Inc. (a)

     26,913  
  858     

Pulse Biosciences, Inc. (a)(b)

     20,249  


  273     

Quidel Corp. (a)

     11,834  
  4,563     

Quotient Ltd. (a)

     22,587  
  1,115     

ResMed, Inc. (b)

     94,429  
  5,498     

STAAR Surgical Co. (a)

     85,219  
  464     

STERIS Plc

     40,586  
  516     

SurModics, Inc. (a)

     14,448  
  1,954     

Tactile Systems Technology, Inc. (a)(b)

     56,627  
  204     

Teleflex, Inc.

     50,759  
  330     

The Cooper Companies, Inc. (b)

     71,900  
  146     

Utah Medical Products, Inc.

     11,884  
  1,274     

ViewRay, Inc. (a)

     11,797  
  527     

West Pharmaceutical Services, Inc.

     51,999  
  563     

Wright Medical Group NV (a)(b)

     12,499  
     

 

 

 
        2,208,737  
     

 

 

 
  

Health Care Providers & Services—2.43%

  
  503     

Acadia Healthcare Co., Inc. (a)(b)

     16,413  
  1,390     

Aceto Corp.

     14,359  
  555     

Addus HomeCare Corp. (a)

     19,314  
  516     

Almost Family, Inc. (a)

     28,561  
  925     

Amedisys, Inc. (a)

     48,757  
  855     

American Renal Associates Holdings, Inc. (a)

     14,877  
  1,069     

AMN Healthcare Services, Inc. (a)

     52,648  
  8,380     

BioScrip, Inc. (a)(b)

     24,386  
  1,015     

BioTelemetry, Inc. (a)

     30,348  
  1,787     

Brookdale Senior Living, Inc. (a)

     17,334  
  234     

Chemed Corp.

     56,867  
  1,001     

Civitas Solutions, Inc. (a)

     17,117  
  3,648     

Community Health Systems, Inc. (a)(b)

     15,540  
  359     

CorVel Corp. (a)

     18,991  
  5,394     

Cross Country Healthcare, Inc. (a)

     68,827  
  1,137     

Envision Healthcare Corp. (a)(b)

     39,295  
  592     

HealthEquity, Inc. (a)

     27,623  
  1,150     

HealthSouth Corp.

     56,821  
  3,220     

Kindred Healthcare, Inc.

     31,234  
  787     

LHC Group, Inc. (a)

     48,204  
  432     

LifePoint Health, Inc. (a)(b)

     21,514  
  253     

Magellan Health Services, Inc. (a)(b)

     24,427  
  612     

MEDNAX, Inc. (a)

     32,705  
  1,120     

Molina Healthcare, Inc. (a)(b)

     85,882  
  249     

National Healthcare Corp.

     15,174  
  1,763     

National Research Corp.—Class A

     65,760  
  765     

Owens & Minor, Inc. (b)

     14,443  
  682     

Patterson Cos., Inc. (b)

     24,641  
  1,108     

PerkinElmer, Inc.

     81,017  
  192     

Providence Service Corp. (a)

     11,393  
  4,506     

R1 RCM, Inc. (a)

     19,871  
  5,556     

RadNet, Inc. (a)

     56,116  
  961     

Select Medical Holdings Corp. (a)

     16,962  
  1,273     

Surgery Partners, Inc. (a)

     15,403  
  453     

Teladoc, Inc. (a)(b)

     15,787  
  419     

Tivity Health, Inc. (a)

     15,314  
  1,845     

Triple-S Management Corp.—Class B (a)

     45,848  
  340     

Trupanion, Inc. (a)

     9,952  
  508     

WellCare Health Plans, Inc. (a)

     102,164  
     

 

 

 
        1,321,889  
     

 

 

 


  

Health Care Technology—0.63%

  
  2,306     

Allscripts Healthcare Solutions, Inc. (a)

     33,552  
  354     

athenahealth, Inc. (a)(b)

     47,096  
  357     

Cotiviti Holdings, Inc. (a)

     11,499  
  728     

Inovalon Holdings, Inc. (a)

     10,920  
  532     

Medidata Solutions, Inc. (a)

     33,713  
  389     

Omnicell, Inc. (a)

     18,867  
  5,284     

Quality Systems, Inc. (a)

     71,757  
  1,387     

Simulations Plus, Inc.

     22,331  
  388     

Tabula Rasa HealthCare, Inc. (a)

     10,883  
  966     

Veeva Systems, Inc.—Class A (a)

     53,400  
  958     

Vocera Communications, Inc. (a)

     28,951  
     

 

 

 
        342,969  
     

 

 

 
  

Hotels, Restaurants & Leisure—2.46%

  
  1,982     

Aramark

     84,711  
  48     

Biglari Holdings, Inc. (a)(b)

     19,891  
  243     

Bob Evans Farms, Inc.

     19,153  
  1,175     

Bojangles’, Inc. (a)

     13,865  
  693     

Boyd Gaming Corp.

     24,290  
  1,253     

Brinker International, Inc. (b)

     48,666  
  339     

Buffalo Wild Wings, Inc. (a)

     53,003  
  2,475     

Caesars Entertainment Corp. (a)

     31,309  
  3,135     

Callaway Golf Co.

     43,671  
  2,607     

Century Casinos, Inc. (a)

     23,802  
  504     

Cheesecake Factory, Inc. (b)

     24,283  
  990     

Choice Hotels International, Inc.

     76,824  
  127     

Churchill Downs, Inc.

     29,553  
  100     

Cracker Barrel Old Country Store, Inc. (b)

     15,889  
  258     

Dave & Buster’s Entertainment, Inc. (a)(b)

     14,234  
  1,351     

Del Taco Restaurants, Inc. (a)

     16,374  
  1,622     

Denny’s Corp. (a)

     21,475  
  559     

Domino’s Pizza, Inc. (b)

     105,629  
  428     

Dunkin’ Brands Group, Inc.

     27,593  
  1,070     

El Pollo Loco Holdings, Inc. (a)

     10,593  
  403     

Eldorado Resorts, Inc. (a)(b)

     13,359  
  885     

Extended Stay America, Inc.

     16,815  
  843     

Fiesta Restaurant Group, Inc. (a)(b)

     16,017  
  1,275     

Fogo De Chao, Inc. (a)

     14,790  
  392     

Hilton Grand Vacations, Inc. (a)

     16,444  
  440     

Hyatt Hotels Corp.—Class A (a)(b)

     32,358  
  922     

ILG, Inc.

     26,259  
  1,368     

International Game Technology Plc

     36,266  
  252     

Jack in the Box, Inc.

     24,724  
  681     

La Quinta Holdings, Inc. (a)

     12,571  
  242     

Marriott Vacations Worldwide Corp. (b)

     32,721  
  236     

Monarch Casino & Resort, Inc. (a)

     10,577  
  274     

Nathan’s Famous, Inc.

     20,687  
  387     

Papa John’s International, Inc. (b)

     21,715  
  1,180     

Penn National Gaming, Inc. (a)

     36,969  
  1,363     

Pinnacle Entertainment, Inc. (a)

     44,611  
  393     

Planet Fitness, Inc.—Class A (a)(b)

     13,610  


  2,394     

Potbelly Corp. (a)

     29,446  
  481     

RCI Hospitality Holdings, Inc.

     13,458  
  269     

Red Robin Gourmet Burgers, Inc. (a)

     15,172  
  335     

Red Rock Resorts, Inc.

     11,303  
  1,273     

Ruth’s Hospitality Group, Inc.

     27,560  
  535     

Scientific Games Corp.—Class A (a)

     27,445  
  180     

Six Flags Entertainment Corp.

     11,983  
  423     

Sonic Corp. (b)

     11,624  
  745     

Speedway Motorsports, Inc.

     14,058  
  304     

Texas Roadhouse, Inc.

     16,015  
  203     

Vail Resorts, Inc.

     43,131  
  590     

Wingstop, Inc. (b)

     22,998  
     

 

 

 
        1,339,494  
     

 

 

 
   Household Durables—1.84%   
  906     

AV Homes, Inc. (a)

     15,085  
  697     

Bassett Furniture Industries, Inc.

     26,207  
  1,217     

Beazer Homes USA, Inc. (a)

     23,379  
  417     

CalAtlantic Group, Inc.

     23,515  
  75     

Cavco Industries, Inc. (a)

     11,445  
  370     

Century Communities, Inc. (a)

     11,507  
  858     

Ethan Allen Interiors, Inc.

     24,539  
  377     

Flexsteel Industries, Inc.

     17,636  
  3,118     

GoPro, Inc.—Class A (a)(b)

     23,603  
  2,156     

Green Brick Partners, Inc. (a)

     24,363  
  218     

Helen of Troy, Ltd. (a)(b)

     21,004  
  676     

Hooker Furniture Corp.

     28,696  
  9,989     

Hovnanian Enterprises, Inc.—Class A (a)

     33,463  
  412     

Installed Building Products, Inc. (a)

     31,291  
  480     

iRobot Corp. (a)(b)

     36,816  
  2,341     

KB Home (b)

     74,795  
  953     

La-Z-Boy, Inc.

     29,734  
  150     

LGI Homes, Inc. (a)

     11,254  
  1,132     

Lifetime Brands, Inc.

     18,678  
  827     

M.D.C Holdings, Inc. (b)

     26,365  
  319     

M/I Homes, Inc. (a)

     10,974  
  249     

Meritage Homes Corp. (a)

     12,749  
  38     

NVR, Inc. (a)

     133,312  
  2,031     

PulteGroup, Inc.

     67,531  
  728     

Taylor Morrison Home Corp.—Class A (a)

     17,814  
  408     

Tempur Sealy International, Inc. (a)

     25,578  
  1,323     

Toll Brothers, Inc.

     63,530  
  329     

TopBuild Corp. (a)

     24,918  
  1,276     

TRI Pointe Group, Inc. (a)(b)

     22,866  
  642     

Tupperware Brands Corp.

     40,253  
  400     

Universal Electronics, Inc. (a)

     18,900  
  2,710     

ZAGG, Inc. (a)

     50,000  
     

 

 

 
        1,001,800  
     

 

 

 
  

Household Products—0.32%

  
  537     

Central Garden & Pet Co. (a)

     20,900  
  653     

Central Garden & Pet Co.—Class A (a)

     24,625  
  467     

Energizer Holdings, Inc. (b)

     22,407  
  2,401     

HRG Group, Inc. (a)

     40,697  
  124     

Spectrum Brands Holdings, Inc. (b)

     13,937  
  438     

WD-40 Co.

     51,684  
     

 

 

 
        174,250  
     

 

 

 


  

Independent Power and Renewable Electricity Producers—0.82%

  
  18,511     

Atlantic Power Corp. (a)

     43,501  
  4,878     

Calpine Corp. (a)

     73,804  
  5,822     

Dynegy, Inc. (a)(b)

     68,991  
  2,749     

NRG Energy, Inc. (b)

     78,292  
  2,258     

NRG Yield, Inc.—Class A

     42,563  
  2,316     

NRG Yield, Inc.—Class C

     43,773  
  244     

Ormat Technologies, Inc.

     15,606  
  641     

Pattern Energy Group, Inc. (b)

     13,775  
  2,497     

TerraForm Power, Inc. (a)(b)

     29,864  
  2,016     

Vistra Energy Corp. (a)(b)

     36,933  
     

 

 

 
        447,102  
     

 

 

 
  

Industrial Conglomerates—0.22%

  
  276     

Carlisle Companies, Inc.

     31,367  
  2,707     

McDermott International, Inc. (a)(b)

     17,812  
  523     

Otter Tail Corp.

     23,247  
  467     

Raven Industries, Inc.

     16,042  
  4     

Seaboard Corp.

     17,640  
  110     

Standex International Corp.

     11,204  
     

 

 

 
        117,312  
     

 

 

 
  

Insurance—3.29%

  
  54     

Alleghany Corp. (a)

     32,189  
  1,252     

American Equity Investment Life Holding Co.

     38,474  
  951     

American Financial Group, Inc.

     103,222  
  1,119     

AMERISAFE, Inc. (b)

     68,930  
  1,659     

AmTrust Financial Services, Inc. (b)

     16,706  
  213     

Argo Group International Holdings, Ltd.

     13,131  
  1,775     

Arthur J. Gallagher & Co.

     112,322  
  731     

Assurant, Inc.

     73,714  
  1,871     

Assured Guaranty, Ltd.

     63,371  
  1,685     

Brown & Brown, Inc.

     86,710  
  1,653     

CNO Financial Group, Inc.

     40,813  
  4,301     

Crawford & Co.—Class B

     41,376  
  685     

Donegal Group, Inc.—Class A

     11,850  
  707     

eHealth, Inc. (a)

     12,281  
  662     

Employers Holdings, Inc.

     29,393  
  74     

Enstar Group Ltd. (a)

     14,855  
  419     

Erie Indemnity Co.—Class A

     51,051  
  431     

Everest Re Group, Ltd.

     95,363  
  1,194     

First American Financial Corp.

     66,912  
  3,299     

Genworth Financial, Inc. (a)

     10,260  
  458     

Global Indemnity Ltd. (a)

     19,245  
  725     

Health Insurance Innovations, Inc.—Class A (a)

     18,089  
  843     

Heritage Insurance Holdings, Inc. (b)

     15,191  
  279     

Horace Mann Educators Corp.

     12,304  
  208     

Infinity Property & Casualty Corp.

     22,048  
  124     

Investors Title Co.

     24,595  
  470     

James River Group Holdings, Ltd.

     18,805  
  201     

Kemper Corp.

     13,849  
  1,066     

Kingstone Cos., Inc.

     20,041  
  85     

National Western Life Group, Inc.—Class A

     28,137  
  1,532     

Old Republic International Corp.

     32,754  
  626     

Primerica, Inc.

     63,570  
  452     

ProAssurance Corp.

     25,832  
  686     

Reinsurance Group of America, Inc.

     106,968  


  168     

RenaissanceRe Holdings, Ltd.

     21,099  
  391     

RLI Corp.

     23,718  
  147     

Safety Insurance Group, Inc.

     11,819  
  612     

Selective Insurance Group, Inc.

     35,924  
  269     

The Hanover Insurance Group, Inc.

     29,074  
  1,253     

Third Point Reinsurance, Ltd. (a)

     18,356  
  1,279     

Torchmark Corp.

     116,018  
  1,750     

Universal Insurance Holdings, Inc.

     47,862  
  1,191     

W.R. Berkley Corp.

     85,335  
     

 

 

 
        1,793,556  
     

 

 

 
  

Internet & Direct Marketing Retail—1.01%

  
  2,650     

1-800-Flowers.Com, Inc.—Class A (a)

     28,355  
  1,341     

Duluth Holdings, Inc.—Class B (a)(b)

     23,937  
  1,570     

Etsy, Inc. (a)(b)

     32,106  
  1,644     

FTD Cos., Inc. (a)

     11,820  
  8,004     

Groupon, Inc. (a)(b)

     40,820  
  830     

HSN, Inc.

     33,490  
  1,853     

Lands’ End, Inc. (a)

     36,226  
  486     

Liberty Expedia Holdings, Inc.—Class A (a)

     21,544  
  415     

Liberty Ventures—Series A (a)

     22,510  
  838     

Nutrisystem, Inc. (b)

     44,079  
  1,462     

Overstock.com, Inc. (a)(b)

     93,422  
  707     

PetMed Express, Inc.

     32,169  
  514     

Shutterfly, Inc. (a)

     25,572  
  793     

TripAdvisor, Inc. (a)(b)

     27,327  
  974     

Wayfair, Inc.—Class A (a)(b)

     78,183  
     

 

 

 
        551,560  
     

 

 

 
  

Internet Software & Services—3.46%

  
  1,482     

2U, Inc. (a)

     95,604  
  4,855     

Aerohive Networks, Inc. (a)

     28,305  
  698     

Alarm.com Holdings, Inc. (a)

     26,349  
  2,536     

Amber Road, Inc. (a)

     18,614  
  1,923     

Appfolio, Inc.—Class A (a)

     79,804  
  1,259     

Apptio, Inc.—Class A (a)

     29,612  
  2,160     

Bazaarvoice, Inc. (a)

     11,772  
  1,578     

Blucora, Inc. (a)

     34,874  
  2,035     

Box, Inc.—Class A (a)

     42,979  
  3,529     

Brightcove, Inc. (a)

     25,056  
  237     

BroadSoft, Inc. (a)(b)

     13,011  
  1,506     

Carbonite, Inc. (a)

     37,801  
  1,338     

Care.com, Inc. (a)

     24,138  
  632     

Cars.com, Inc. (a)(b)

     18,227  
  2,174     

ChannelAdvisor Corp. (a)

     19,566  
  470     

Cimpress NV (a)

     56,344  
  1,786     

CommerceHub, Inc.—Series A (a)

     39,274  
  1,847     

CommerceHub, Inc.—Series C (a)

     38,030  
  607     

Cornerstone OnDemand, Inc. (a)

     21,445  
  225     

CoStar Group, Inc. (a)

     66,814  
  20,590     

DHI Group, Inc. (a)

     39,121  
  260     

Envestnet, Inc. (a)(b)

     12,961  
  1,718     

Five9, Inc. (a)

     42,744  
  637     

GoDaddy, Inc.—Class A (a)

     32,028  
  294     

GrubHub, Inc. (a)(b)

     21,109  
  349     

GTT Communications, Inc. (a)

     16,386  
  3,005     

Hortonworks, Inc. (a)

     60,431  


  873     

IAC InterActive Corp. (a)(b)

     106,750  
  1,272     

Instructure, Inc. (a)

     42,103  
  697     

Internap Corp. (a)

     10,950  
  782     

j2 Global, Inc. (b)

     58,673  
  2,185     

Leaf Group, Ltd. (a)

     21,631  
  2,398     

LivePerson, Inc. (a)

     27,577  
  344     

LogMeIn, Inc.

     39,388  
  1,307     

Match Group, Inc. (a)(b)

     40,922  
  678     

MINDBODY, Inc.—Class A (a)

     20,645  
  553     

New Relic, Inc. (a)(b)

     31,947  
  2,526     

NIC, Inc. (b)

     41,932  
  3,344     

Ominto, Inc. (a)(b)

     11,336  
  2,199     

Pandora Media, Inc. (a)(b)

     10,599  
  430     

Q2 Holdings, Inc. (a)

     15,846  
  6,293     

QuinStreet, Inc. (a)

     52,735  
  1,601     

Quotient Technology, Inc. (a)

     18,812  
  494     

Shutterstock, Inc. (a)

     21,257  
  269     

Stamps.com, Inc. (a)(b)

     50,572  
  2,794     

TechTarget, Inc. (a)

     38,892  
  7,701     

The Meet Group, Inc. (a)

     21,717  
  281     

The Trade Desk, Inc.—Class A (a)(b)

     12,850  
  4,511     

TrueCar, Inc. (a)

     50,523  
  214     

Tucows, Inc.—Class A (a)

     14,991  
  549     

Twilio, Inc.—Class A (a)

     12,956  
  1,374     

Web.com Group, Inc. (a)

     29,953  
  1,735     

XO Group, Inc. (a)

     32,028  
  1,227     

Yelp, Inc.—Class A (a)(b)

     51,485  
  1,163     

Yext, Inc. (a)(b)

     13,991  
  701     

Zillow Group, Inc.—Class C (a)(b)

     28,685  
     

 

 

 
        1,884,145  
     

 

 

 
  

IT Services—3.02%

  
  567     

Acxiom Corp. (a)

     15,627  
  355     

Black Knight, Inc. (a)

     15,673  
  2,160     

Blackhawk Network Holdings, Inc. (a)(b)

     77,004  
  2,269     

Booz Allen Hamilton Holding Corp.—Class A

     86,517  
  1,014     

Broadridge Financial Solutions, Inc.

     91,848  
  396     

CACI International, Inc.—Class A (a)(b)

     52,411  
  1,084     

Cardtronics Plc—Class A (a)

     20,076  
  1,812     

Conduent, Inc. (a)

     29,282  
  3,676     

Convergys Corp. (b)

     86,386  
  1,088     

CoreLogic, Inc. (a)

     50,277  
  1,294     

CSG Systems International, Inc.

     56,703  
  1,838     

CSRA, Inc. (b)

     54,993  
  226     

DST Systems, Inc.

     14,028  
  470     

EPAM Systems, Inc. (a)

     50,492  
  438     

Euronet Worldwide, Inc. (a)(b)

     36,910  
  3,447     

Everi Holdings, Inc. (a)

     25,990  
  1,520     

EVERTEC, Inc.

     20,748  
  538     

ExlService Holdings, Inc. (a)

     32,468  
  540     

Forrester Research, Inc.

     23,868  
  756     

Gartner, Inc. (a)

     93,102  
  1,645     

Genpact, Ltd.

     52,212  
  5,812     

Information Services Group, Inc. (a)

     24,236  
  984     

Leidos Holdings, Inc.

     63,537  
  668     

ManTech International Corp.—Class A

     33,527  


  1,785     

Maximus, Inc.

     127,770  
  1,853     

Perficient, Inc. (a)(b)

     35,337  
  848     

Sabre Corp. (b)

     17,384  
  660     

Science Applications International Corp.

     50,536  
  2,319     

Square, Inc.—Class A (a)

     80,400  
  2,831     

StarTek, Inc. (a)

     28,225  
  1,262     

Syntel, Inc. (a)

     29,013  
  840     

TeleTech Holdings, Inc. (b)

     33,810  
  2,154     

The Hackett Group, Inc.

     33,839  
  2,118     

Travelport Worldwide, Ltd.

     27,682  
  2,157     

Unisys Corp. (a)

     17,580  
  1,141     

VeriFone Systems, Inc. (a)(b)

     20,207  
  447     

Virtusa Corp. (a)

     19,704  
  88     

WEX, Inc. (a)

     12,428  
     

 

 

 
        1,641,830  
     

 

 

 
  

Leisure Products—0.89%

  
  651     

Acushnet Holdings Corp.

     13,723  
  1,726     

American Outdoor Brands Corp. (a)

     22,162  
  829     

Brunswick Corp.

     45,777  
  509     

Johnson Outdoors, Inc.—Class A

     31,604  
  970     

Malibu Boats, Inc.—Class A (a)(b)

     28,838  
  1,817     

Marine Products Corp.

     23,149  
  4,608     

MCBC Holdings, Inc. (a)

     102,390  
  1,586     

Nautilus, Inc. (a)

     21,173  
  461     

Polaris Industries, Inc.

     57,159  
  860     

Pool Corp.

     111,499  
  504     

Sturm, Ruger & Company, Inc.

     28,148  
     

 

 

 
        485,622  
     

 

 

 
  

Life Sciences Tools & Services—0.76%

  
  153     

Bio-Rad Laboratories, Inc.—Class A (a)

     36,517  
  126     

Bio-Techne Corp.

     16,323  
  1,386     

Bruker Corp.

     47,568  
  541     

Charles River Laboratories International, Inc. (a)

     59,212  
  2,959     

Enzo Biochem, Inc. (a)

     24,116  
  795     

INC Research Holdings, Inc.—Class A (a)

     34,662  
  1,245     

Luminex Corp.

     24,526  
  1,775     

Medpace Holdings, Inc. (a)

     64,362  
  356     

PRA Health Sciences, Inc. (a)

     32,421  
  2,393     

QIAGEN NV

     74,015  
     

 

 

 
        413,722  
     

 

 

 
  

Machinery—3.57%

  
  604     

AGCO Corp.

     43,144  
  225     

Alamo Group, Inc.

     25,396  
  182     

Albany International Corp.—Class A

     11,184  
  1,024     

Allison Transmission Holdings, Inc.

     44,104  
  388     

Altra Industrial Motion Corp. (b)

     19,555  
  260     

Badger Meter, Inc.

     12,428  
  583     

Barnes Group, Inc.

     36,886  
  398     

Chart Industries, Inc. (a)

     18,650  
  716     

Colfax Corp. (a)

     28,368  
  1,234     

Columbus McKinnon Corp.

     49,335  
  1,010     

Commercial Vehicle Group, Inc. (a)

     10,797  
  501     

Crane Co.

     44,699  
  1,055     

Donaldson Co., Inc.

     51,642  
  612     

Douglas Dynamics, Inc. (b)

     23,134  


  232     

EnPro Industries, Inc.

     21,694  
  347     

ESCO Technologies, Inc.

     20,907  
  1,026     

FreightCar America, Inc.

     17,524  
  385     

Gorman Rupp Co.

     12,016  
  1,917     

Graco, Inc. (b)

     86,687  
  1,983     

Hardinge, Inc.

     34,544  
  1,042     

Harsco Corp. (a)

     19,433  
  396     

Hurco Cos., Inc.

     16,711  
  139     

Hyster-Yale Materials Handling, Inc.

     11,837  
  788     

IDEX Corp.

     103,992  
  418     

ITT, Inc.

     22,309  
  735     

John Bean Technologies Corp. (b)

     81,438  
  241     

Kadant, Inc.

     24,196  
  667     

Kennametal, Inc.

     32,290  
  506     

L.B. Foster Co.—Class A (a)

     13,738  
  623     

Lincoln Electric Holdings, Inc.

     57,054  
  1,403     

Meritor, Inc. (a)

     32,914  
  283     

NACCO Industries, Inc.—Class A

     10,655  
  335     

Navistar International Corp. (a)

     14,365  
  535     

NN, Inc.

     14,766  
  398     

Nordson Corp. (b)

     58,267  
  635     

Omega Flex, Inc.

     45,345  
  697     

Oshkosh Corp.

     63,350  
  396     

Park-Ohio Holdings Corp.

     18,196  
  326     

Proto Labs, Inc. (a)

     33,578  
  103     

RBC Bearings, Inc. (a)

     13,019  
  789     

Rexnord Corp. (a)

     20,530  
  409     

Snap-on, Inc. (b)

     71,289  
  350     

SPX FLOW, Inc. (a)

     16,643  
  197     

Sun Hydraulics Corp.

     12,744  
  346     

Tennant Co.

     25,137  
  1,239     

Terex Corp.

     59,745  
  568     

The Eastern Co.

     14,853  
  441     

The Greenbrier Companies, Inc. (b)

     23,505  
  319     

The Manitowoc Co., Inc. (a)

     12,550  
  142     

The Middleby Corp. (a)(b)

     19,163  
  428     

The Timken Co.

     21,036  
  1,201     

Toro Co.

     78,341  
  1,320     

TriMas Corp. (a)

     35,310  
  819     

Trinity Industries, Inc. (b)

     30,680  
  570     

Twin Disc, Inc. (a)

     15,145  
  118     

Valmont Industries, Inc.

     19,570  
  2,017     

Wabash National Corp. (b)

     43,769  
  214     

Wabtec Corp. (b)

     17,426  
  149     

Watts Water Technologies, Inc.—Class A

     11,317  
  527     

Welbilt, Inc. (a)

     12,390  
  1,180     

Xylem, Inc.

     80,476  
     

 

 

 
        1,941,766  
     

 

 

 
  

Marine—0.09%

  
  2,458     

Costamare, Inc.

     14,183  
  374     

Kirby Corp. (a)(b)

     24,983  
  3,412     

Safe Bulkers, Inc. (a)

     11,021  
     

 

 

 
        50,187  
     

 

 

 


  

Media—1.16%

  
  240     

AMC Networks, Inc.—Class A (a)(b)

     12,979  
  1,454     

Ascent Capital Group, Inc.—Class A (a)

     16,706  
  52     

Cable One, Inc.

     36,574  
  4,264     

Central European Media Enterprises Ltd.—Class A (a)

     19,828  
  1,648     

Entravision Communications Corp.—Class A

     11,783  
  3,330     

Gannett Co., Inc.

     38,595  
  1,048     

Gray Television, Inc. (a)(b)

     17,554  
  462     

John Wiley & Sons, Inc.—Class A

     30,377  
  906     

Liberty Media Group—Class C (a)(b)

     30,949  
  866     

Lions Gate Entertainment Corp.—Class A (a)(b)

     29,279  
  751     

Lions Gate Entertainment Corp.—Class B (a)(b)

     23,837  
  1,506     

Live Nation Entertainment, Inc. (a)

     64,110  
  398     

Meredith Corp.

     26,288  
  1,208     

MSG Networks, Inc.—Class A (a)

     24,462  
  1,628     

New Media Investment Group, Inc.

     27,318  
  170     

Nexstar Media Group, Inc.—Class A (b)

     13,294  
  2,516     

Salem Media Group, Inc.

     11,322  
  644     

Scholastic Corp. (b)

     25,831  
  729     

Sinclair Broadcast Group, Inc.—Class A (b)

     27,593  
  1,573     

TEGNA, Inc.

     22,148  
  71     

The Madison Square Garden Co.—Class A (a)

     14,970  
  1,653     

The New York Times Co.—Class A

     30,581  
  1,427     

Time, Inc.

     26,328  
  1,836     

Townsquare Media, Inc.—Class A (a)

     14,100  
  780     

tronc, Inc. (a)

     13,720  
  641     

World Wrestling Entertainment, Inc.—Class A

     19,602  
     

 

 

 
        630,128  
     

 

 

 
  

Metals & Mining—0.86%

  
  1,425     

Alcoa Corp. (a)(b)

     76,765  
  256     

Carpenter Technology Corp. (b)

     13,053  
  1,224     

Century Aluminum Co. (a)

     24,039  
  1,751     

Cleveland-Cliffs, Inc. (a)

     12,625  
  3,195     

Ferroglobe Representation & Warranty Insurance Trust (d)(f)

     0  
  503     

Gibraltar Industries, Inc. (a)

     16,599  
  540     

Materion Corp.

     26,244  
  892     

Olympic Steel, Inc.

     19,169  
  593     

Reliance Steel & Aluminum Co.

     50,873  
  241     

Royal Gold, Inc.

     19,791  
  707     

Schnitzer Steel Industries, Inc.—Class A

     23,685  
  1,757     

Steel Dynamics, Inc.

     75,779  
  1,976     

SunCoke Energy, Inc. (a)(b)

     23,692  
  2,482     

Tahoe Resources, Inc.

     11,889  
  1,376     

United States Steel Corp.

     48,421  
  530     

Warrior Met Coal, Inc.

     13,330  
  314     

Worthington Industries, Inc.

     13,835  
     

 

 

 
        469,789  
     

 

 

 
  

Multiline Retail—0.74%

  
  822     

Big Lots, Inc. (b)

     46,155  
  677     

Burlington Stores, Inc. (a)(b)

     83,291  
  343     

Dillard’s, Inc.—Class A (b)

     20,597  
  4,301     

Fred’s, Inc.—Class A (b)

     17,419  
  6,902     

J.C. Penney Co., Inc. (a)(b)

     21,811  
  2,231     

Kohl’s Corp. (b)

     120,987  
  1,387     

Nordstrom, Inc. (b)

     65,716  
  511     

Ollie’s Bargain Outlet Holdings, Inc. (a)(b)

     27,211  
     

 

 

 
        403,187  
     

 

 

 


  

Multi-Utilities—0.33%

  
  981     

Alliant Energy Corp.

     41,800  
  294     

Avista Corp.

     15,138  
  311     

Black Hills Corp. (b)

     18,694  
  1,637     

MDU Resources Group, Inc.

     44,003  
  520     

NorthWestern Corp.

     31,044  
  407     

Vectren Corp.

     26,463  
     

 

 

 
        177,142  
     

 

 

 
  

Oil, Gas & Consumable Fuels—0.86%

  
  312     

Adams Resources & Energy, Inc.

     13,572  
  137     

Arch Coal, Inc.—Class A (b)

     12,763  
  196     

Chesapeake Utilities Corp.

     15,396  
  4,953     

Cloud Peak Energy, Inc. (a)(b)

     22,041  
  1,537     

CNX Resources Corp. (a)

     22,486  
  382     

CONSOL Energy, Inc. (a)(b)

     15,098  
  437     

CVR Energy, Inc. (b)

     16,274  
  427     

Delek US Holdings, Inc.

     14,919  
  151     

Diamondback Energy, Inc. (a)(b)

     19,064  
  2,527     

Dorian LPG, Ltd. (a)

     20,772  
  2,294     

Hallador Energy Co.

     13,970  
  1,257     

HollyFrontier Corp. (b)

     64,384  
  593     

Murphy Oil Corp. (b)

     18,413  
  7,211     

Overseas Shipholding Group, Inc.—Class A (a)

     19,758  
  2,644     

Pacific Ethanol, Inc. (a)

     12,030  
  1,067     

Par Pacific Holdings, Inc. (a)

     20,572  
  925     

PBF Energy, Inc.—Class A (b)

     32,791  
  560     

Peabody Energy Corp. (a)

     22,047  
  484     

Targa Resources Corp.

     23,435  
  15,243     

Teekay Tankers Ltd.—Class A

     21,340  
  1,733     

Tellurian, Inc. (a)

     16,879  
  1,111     

World Fuel Services Corp. (b)

     31,264  
     

 

 

 
        469,268  
     

 

 

 
  

Paper & Forest Products—0.25%

  
  555     

Boise Cascade Co.

     22,145  
  624     

Domtar Corp. (b)

     30,901  
  1,302     

KapStone Paper and Packaging Corp.

     29,542  
  972     

Louisiana-Pacific Corp. (a)(b)

     25,525  
  268     

Schweitzer-Mauduit International, Inc.

     12,156  
  802     

Verso Corp. (a)

     14,091  
     

 

 

 
        134,360  
     

 

 

 
  

Personal Products—0.73%

  
  255     

Edgewell Personal Care Co. (a)

     15,145  
  519     

elf Beauty, Inc. (a)(b)

     11,579  
  1,006     

Herbalife, Ltd. (a)(b)

     68,126  
  433     

Inter Parfums, Inc.

     18,814  
  1,307     

Medifast, Inc.

     91,242  
  1,438     

Natural Health Trends Corp. (b)

     21,843  
  1,819     

Nature’s Sunshine Products, Inc.

     21,010  
  999     

Nu Skin Enterprises, Inc.—Class A

     68,162  
  523     

Revlon, Inc.—Class A (a)

     11,401  
  929     

USANA Health Sciences, Inc. (a)

     68,792  
     

 

 

 
        396,114  
     

 

 

 


  

Pharmaceuticals—1.27%

  
  216     

Aerie Pharmaceuticals, Inc. (a)

     12,906  
  920     

Akorn, Inc. (a)

     29,652  
  727     

Amphastar Pharmaceuticals, Inc. (a)

     13,988  
  596     

Assembly Biosciences, Inc. (a)

     26,969  
  954     

Catalent, Inc. (a)

     39,190  
  3,327     

Corcept Therapeutics, Inc. (a)(b)

     60,086  
  994     

Corium International, Inc. (a)

     9,552  
  5,605     

Depomed, Inc. (a)(b)

     45,120  
  4,527     

Endo International Plc (a)

     35,084  
  3,558     

Horizon Pharma Plc (a)

     51,947  
  1,193     

Impax Laboratories, Inc. (a)

     19,863  
  823     

Innoviva, Inc. (a)

     11,678  
  1,116     

Intersect ENT, Inc. (a)

     36,158  
  2,019     

Lannett Co., Inc. (a)(b)

     46,841  
  1,768     

Mallinckrodt Plc (a)(b)

     39,886  
  287     

MyoKardia, Inc. (a)

     12,083  
  572     

Nektar Therapeutics (a)(b)

     34,160  
  372     

Pacira Pharmaceuticals, Inc. (a)(b)

     16,982  
  1,033     

Phibro Animal Health Corp.—Class A

     34,606  
  608     

Prestige Brands Holdings, Inc. (a)(b)

     27,001  
  2,616     

Sucampo Pharmaceuticals, Inc.—Class A (a)(b)

     46,957  
  1,034     

Supernus Pharmaceuticals, Inc. (a)

     41,205  
     

 

 

 
        691,914  
     

 

 

 
  

Professional Services—1.42%

  
  4,510     

Acacia Research Corp. (a)

     18,265  
  1,417     

BG Staffing, Inc.

     22,587  
  1,552     

CBIZ, Inc. (a)

     23,978  
  422     

CRA International, Inc.

     18,969  
  1,236     

Franklin Covey Co. (a)

     25,647  
  504     

FTI Consulting, Inc. (a)

     21,652  
  556     

Heidrick & Struggles International, Inc.

     13,650  
  428     

Huron Consulting Group, Inc. (a)(b)

     17,313  
  520     

ICF International, Inc. (a)

     27,300  
  518     

Insperity, Inc.

     29,707  
  496     

Kelly Services, Inc.—Class A

     13,526  
  1,318     

Kforce, Inc.

     33,279  
  507     

Korn/Ferry International

     20,980  
  903     

ManpowerGroup, Inc.

     113,877  
  708     

Mistras Group, Inc. (a)

     16,617  
  1,639     

Navigant Consulting, Inc. (a)

     31,813  
  965     

On Assignment, Inc. (a)(b)

     62,021  
  1,372     

Resources Connection, Inc.

     21,197  
  2,013     

Robert Half International, Inc.

     111,802  
  1,202     

RPX Corp.

     16,155  
  258     

The Dun & Bradstreet Corp.

     30,550  
  349     

TriNet Group, Inc. (a)

     15,475  
  1,336     

TrueBlue, Inc. (a)

     36,740  
  230     

VSE Corp.

     11,139  
  837     

Willdan Group, Inc. (a)

     20,038  
     

 

 

 
        774,277  
     

 

 

 
  

Real Estate Management & Development—0.81%

  
  3,910     

Altisource Portfolio Solutions SA (a)(b)

     109,480  
  1,887     

Forestar Group, Inc. (a)

     41,514  
  87     

Howard Hughes Corp. (a)

     11,420  
  457     

Jones Lang LaSalle, Inc.

     68,061  
  1,593     

Marcus & Millichap, Inc. (a)

     51,948  
  2,165     

Maui Land & Pineapple Co, Inc. (a)

     37,454  


  321     

RE/MAX Holdings, Inc.—Class A

     15,569  
  1,822     

Realogy Holdings Corp. (b)

     48,283  
  799     

The RMR Group, Inc.—Class A

     47,381  
  321     

Transcontinental Realty Investors, Inc. (a)

     10,054  
     

 

 

 
        441,164  
     

 

 

 
  

Road & Rail—0.57%

  
  1,586     

ArcBest Corp.

     56,699  
  1,073     

Avis Budget Group, Inc. (a)(b)

     47,083  
  386     

Genesee & Wyoming, Inc.—Class A (a)

     30,390  
  580     

Landstar System, Inc.

     60,378  
  363     

Old Dominion Freight Line, Inc.

     47,753  
  2,412     

Roadrunner Transportation Systems, Inc. (a)

     18,597  
  252     

Ryder System, Inc.

     21,211  
  255     

Saia, Inc. (a)(b)

     18,041  
  294     

Werner Enterprises, Inc.

     11,363  
     

 

 

 
        311,515  
     

 

 

 
  

Semiconductors & Semiconductor Equipment—2.82%

  
  505     

Advanced Energy Industries, Inc. (a)

     34,077  
  7,532     

Advanced Micro Devices, Inc. (a)(b)

     77,429  
  239     

Ambarella, Inc. (a)(b)

     14,041  
  3,038     

Amkor Technology, Inc. (a)(b)

     30,532  
  879     

Axcelis Technologies, Inc. (a)

     25,227  
  1,783     

AXT, Inc. (a)

     15,512  
  1,139     

Brooks Automation, Inc.

     27,165  
  358     

Cabot Microelectronics Corp.

     33,681  
  461     

Cavium, Inc. (a)

     38,646  
  238     

CEVA, Inc. (a)

     10,984  
  1,151     

Cirrus Logic, Inc. (a)

     59,691  
  678     

Cohu, Inc.

     14,882  
  983     

Cree, Inc. (a)

     36,509  
  1,560     

Cypress Semiconductor Corp. (b)

     23,774  
  1,068     

Diodes, Inc. (a)

     30,620  
  2,811     

DSP Group, Inc. (a)

     35,137  
  1,147     

Entegris, Inc.

     34,926  
  812     

First Solar, Inc. (a)

     54,826  
  689     

Ichor Holdings, Ltd. (a)

     16,949  
  832     

Integrated Device Technology, Inc. (a)

     24,735  
  1,401     

IXYS Corp. (a)

     33,554  
  3,282     

Marvell Technology Group, Ltd.

     70,465  
  667     

Microsemi Corp. (a)

     34,451  
  627     

MKS Instruments, Inc.

     59,252  
  832     

Monolithic Power Systems, Inc.

     93,484  
  877     

Nanometrics, Inc. (a)

     21,855  
  322     

NVE Corp.

     27,692  
  4,378     

ON Semiconductor Corp. (a)(b)

     91,675  
  2,648     

Photronics, Inc. (a)

     22,574  
  7,186     

Pixelworks, Inc. (a)

     45,487  
  755     

Power Integrations, Inc.

     55,530  
  1,845     

Rambus, Inc. (a)

     26,236  
  1,090     

Rudolph Technologies, Inc. (a)

     26,051  
  503     

Semtech Corp. (a)

     17,203  
  5,401     

Sigma Designs, Inc. (a)

     37,537  
  198     

Silicon Laboratories, Inc. (a)

     17,483  
  2,439     

Teradyne, Inc. (b)

     102,121  
  1,361     

Ultra Clean Holdings, Inc. (a)

     31,425  


  1,166     

Versum Materials, Inc. (b)

     44,133  
  2,302     

Xcerra Corp. (a)

     22,537  
  702     

Xperi Corp.

     17,129  
     

 

 

 
        1,537,217  
     

 

 

 
  

Software—4.36%

  
  1,571     

8x8, Inc. (a)

     22,151  
  4,865     

A10 Networks, Inc. (a)(b)

     37,558  
  649     

ACI Worldwide, Inc. (a)

     14,713  
  1,011     

Agilysys, Inc. (a)

     12,415  
  1,048     

American Software, Inc.—Class A

     12,188  
  1,108     

ANSYS, Inc. (a)

     163,530  
  1,181     

Aspen Technology, Inc. (a)

     78,182  
  861     

Atlassian Corp. Plc—Class A (a)(b)

     39,193  
  844     

Barracuda Networks, Inc. (a)

     23,210  
  425     

Blackbaud, Inc.

     40,158  
  314     

Blackline, Inc. (a)

     10,299  
  306     

Bottomline Technologies, Inc. (a)

     10,612  
  3,310     

Cadence Design System, Inc. (a)

     138,424  
  421     

Callidus Software, Inc. (a)

     12,062  
  979     

CommVault Systems, Inc. (a)

     51,398  
  138     

Ebix, Inc.

     10,937  
  168     

Ellie Mae, Inc. (a)(b)

     15,019  
  263     

ePlus, Inc. (a)

     19,778  
  712     

Everbridge, Inc. (a)(b)

     21,161  
  292     

Fair Isaac Corp.

     44,734  
  753     

FireEye, Inc. (a)

     10,693  
  1,193     

Fortinet, Inc. (a)(b)

     52,122  
  2,698     

Glu Mobile, Inc. (a)

     9,821  
  355     

Guidewire Software, Inc. (a)

     26,362  
  515     

HubSpot, Inc. (a)(b)

     45,526  
  320     

Imperva, Inc. (a)

     12,704  
  710     

Jack Henry & Associates, Inc.

     83,042  
  2,018     

Majesco, Inc. (a)

     10,837  
  962     

Manhattan Associates, Inc. (a)(b)

     47,657  
  182     

MicroStrategy, Inc.—Class A (a)

     23,897  
  2,264     

Mitek Systems, Inc. (a)

     20,263  
  8,689     

MobileIron, Inc. (a)

     33,887  
  780     

Model N, Inc. (a)

     12,285  
  454     

Monotype Imaging Holdings, Inc.

     10,941  
  3,512     

Nuance Communications, Inc. (a)(b)

     57,421  
  465     

Paycom Software, Inc. (a)(b)

     37,353  
  229     

Paylocity Holdings Corp. (a)

     10,800  
  854     

Pegasystems, Inc.

     40,266  
  2,176     

Progress Software Corp.

     92,632  
  233     

Proofpoint, Inc. (a)(b)

     20,693  
  984     

PROS Holdings, Inc. (a)

     26,027  
  968     

PTC, Inc. (a)

     58,825  
  927     

QAD, Inc.—Class A

     36,014  
  364     

Qualys, Inc. (a)(b)

     21,603  
  1,767     

Rapid7, Inc. (a)(b)

     32,972  
  822     

RealPage, Inc. (a)

     36,415  
  1,398     

RingCentral, Inc.—Class A (a)

     67,663  
  2,667     

Rosetta Stone, Inc. (a)

     33,258  
  921     

Silver Spring Networks, Inc. (a)

     14,957  
  950     

Splunk, Inc. (a)

     78,698  


  1,126     

SS&C Technologies Holdings, Inc.

     45,580  
  2,304     

Synchronoss Technologies, Inc. (a)(b)

     20,598  
  689     

Tableau Software, Inc.—Class A (a)

     47,679  
  562     

Take-Two Interactive Software, Inc. (a)(b)

     61,696  
  7,400     

The Rubicon Project, Inc. (a)

     13,838  
  163     

The Ultimate Software Group, Inc. (a)

     35,572  
  1,188     

TiVo Corp.

     18,533  
  120     

Tyler Technologies, Inc. (a)(b)

     21,246  
  578     

Upland Software, Inc. (a)

     12,519  
  901     

Varonis Systems, Inc. (a)

     43,744  
  2,018     

VASCO Data Security International, Inc. (a)

     28,050  
  865     

Verint Systems, Inc. (a)(b)

     36,200  
  3,413     

Workiva, Inc. (a)

     73,038  
  980     

Zendesk, Inc. (a)

     33,163  
  5,185     

Zix Corp. (a)

     22,710  
  3,683     

Zynga, Inc.—Class A (a)

     14,732  
     

 

 

 
        2,372,254  
     

 

 

 
  

Specialty Retail—4.16%

  
  1,581     

Aaron’s, Inc. (b)

     63,003  
  3,108     

Abercrombie & Fitch Co.—Class A (b)

     54,172  
  2,623     

American Eagle Outfitters, Inc. (b)

     49,312  
  979     

America’s Car-Mart, Inc. (a)

     43,712  
  220     

Asbury Automotive Group, Inc. (a)

     14,080  
  13,828     

Ascena Retail Group, Inc. (a)

     32,496  
  253     

AutoNation, Inc. (a)(b)

     12,987  
  1,870     

Barnes & Noble Education, Inc. (a)

     15,409  
  2,488     

Barnes & Noble, Inc.

     16,670  
  1,910     

Bed Bath & Beyond, Inc. (b)

     42,001  
  2,898     

Big 5 Sporting Goods Corp. (b)

     22,025  
  2,502     

Build-A-Bear Workshop, Inc. (a)

     23,018  
  1,182     

Caleres, Inc.

     39,573  
  560     

Camping World Holdings, Inc.—Class A

     25,049  
  5,859     

Chico’s FAS, Inc.

     51,676  
  1,115     

Citi Trends, Inc.

     29,503  
  856     

Conn’s, Inc. (a)(b)

     30,431  
  1,061     

Dick’s Sporting Goods, Inc.

     30,493  
  1,254     

DSW, Inc.—Class A

     26,848  
  4,127     

Express, Inc. (a)

     41,889  
  708     

Five Below, Inc. (a)(b)

     46,955  
  397     

Floor & Decor Holdings, Inc. (a)

     19,326  
  1,324     

Foot Locker, Inc.

     62,069  
  3,320     

Francesca’s Holdings Corp. (a)(b)

     24,269  
  3,138     

GameStop Corp.—Class A (b)

     56,327  
  873     

Genesco, Inc. (a)(b)

     28,373  
  1,879     

GNC Holdings, Inc.—Class A (a)(b)(c)

     6,934  
  183     

Group 1 Automotive, Inc. (b)

     12,988  
  849     

Guess?, Inc. (b)

     14,331  
  2,397     

Haverty Furniture Cos., Inc.

     54,292  
  1,720     

Hibbett Sports, Inc. (a)(b)

     35,088  
  3,678     

J. Jill, Inc. (a)(b)

     28,688  
  3,057     

Kirkland’s, Inc. (a)

     36,577  
  193     

Lithia Motors, Inc.—Class A (b)

     21,923  
  1,374     

Lumber Liquidators Holdings, Inc. (a)

     43,130  
  700     

MarineMax, Inc. (a)

     13,230  
  222     

Monro, Inc.

     12,643  


  240     

Murphy USA, Inc. (a)(b)

     19,286  
  8,138     

Office Depot, Inc.

     28,809  
  231     

Penske Automotive Group, Inc.

     11,053  
  5,549     

Pier 1 Imports, Inc.

     22,973  
  6,113     

Rent-A-Center, Inc. (b)

     67,854  
  346     

REX American Resources Corp. (a)

     28,645  
  647     

RH (a)(b)

     55,778  
  1,804     

Sally Beauty Holdings, Inc. (a)(b)

     33,843  
  1,211     

Shoe Carnival, Inc.

     32,394  
  498     

Signet Jewelers Ltd.

     28,162  
  1,009     

Sleep Number Corp. (a)

     37,928  
  4,349     

Sportsman’s Warehouse Holdings, Inc. (a)(b)

     28,747  
  1,325     

Systemax, Inc. (b)

     44,083  
  1,951     

Tailored Brands, Inc.

     42,590  
  1,332     

The Buckle, Inc. (b)

     31,635  
  1,241     

The Cato Corp.—Class A

     19,757  
  694     

The Children’s Place, Inc. (b)

     100,873  
  9,664     

The Container Store Group, Inc. (a)

     45,807  
  2,121     

The Finish Line, Inc.—Class A

     30,818  
  2,846     

The Michaels Cos., Inc. (a)(b)

     68,845  
  1,732     

Tile Shop Holdings, Inc.

     16,627  
  5,143     

Tilly’s, Inc.—Class A (b)

     75,911  
  1,930     

Urban Outfitters, Inc. (a)(b)

     67,666  
  3,453     

Vitamin Shoppe, Inc. (a)

     15,193  
  999     

Williams Sonoma, Inc. (b)

     51,648  
  232     

Winmark Corp.

     30,021  
  2,120     

Zumiez, Inc. (a)

     44,149  
     

 

 

 
        2,262,585  
     

 

 

 
  

Technology Hardware, Storage & Peripherals—0.50%

  
  2,305     

3D Systems Corp. (a)(b)

     19,915  
  4,908     

Avid Technology, Inc. (a)

     26,454  
  541     

Cray, Inc. (a)

     13,092  
  608     

Electronics for Imaging, Inc. (a)

     17,954  
  1,131     

NCR Corp. (a)(b)

     38,443  
  2,380     

Pure Storage, Inc.—Class A (a)

     37,747  
  3,754     

Quantum Corp. (a)

     21,135  
  687     

Synaptics, Inc. (a)

     27,439  
  1,881     

Teradata Corp. (a)(b)

     72,343  
     

 

 

 
        274,522  
     

 

 

 
  

Textiles, Apparel & Luxury Goods—1.86%

  
  562     

Carter’s, Inc.

     66,029  
  846     

Columbia Sportswear Co.

     60,810  
  7,310     

Crocs, Inc. (a)(b)

     92,398  
  331     

Culp, Inc.

     11,089  
  562     

Deckers Outdoor Corp. (a)(b)

     45,101  
  3,367     

Fossil Group, Inc. (a)(b)

     26,162  
  725     

G-III Apparel Group, Ltd. (a)(b)

     26,745  
  821     

lululemon athletica, Inc. (a)

     64,522  
  1,909     

Michael Kors Holdings Ltd. (a)

     120,172  
  770     

Movado Group, Inc.

     24,794  
  490     

Oxford Industries, Inc.

     36,843  
  1,992     

Perry Ellis International, Inc. (a)

     49,880  
  688     

Ralph Lauren Corp. (b)

     71,339  
  1,498     

Skechers U.S.A., Inc.—Class A (a)

     56,684  
  1,419     

Steven Madden, Ltd. (a)(b)

     66,267  


  1,066     

Superior Uniform Group, Inc.

     28,473  
  213     

UniFirst Corp.

     35,124  
  2,836     

Vera Bradley, Inc. (a)

     34,542  
  461     

Weyco Group, Inc.

     13,701  
  2,656     

Wolverine World Wide, Inc. (b)

     84,673  
     

 

 

 
        1,015,348  
     

 

 

 
  

Thrifts & Mortgage Finance—1.48%

  
  1,058     

Bank Mutual Corp.

     11,268  
  464     

Berkshire Hills Bancorp, Inc. (b)

     16,982  
  1,401     

BofI Holding, Inc. (a)(b)

     41,890  
  910     

Brookline Bancorp, Inc.

     14,287  
  895     

Charter Financial Corp.

     15,698  
  747     

Entegra Financial Corp. (a)

     21,850  
  488     

Federal Agricultural Mortgage Corp.—Class C

     38,181  
  843     

Flagstar Bancorp, Inc. (a)(b)

     31,545  
  367     

Greene County Bancorp, Inc.

     11,964  
  242     

Hingham Institution for Savings

     50,094  
  375     

Home Bancorp, Inc.

     16,207  
  953     

HomeStreet, Inc. (a)

     27,589  
  4,804     

Impac Mortgage Holdings, Inc. (a)

     48,809  
  74     

LendingTree, Inc. (a)(b)

     25,193  
  520     

Malvern Bancorp, Inc. (a)

     13,624  
  583     

Meridian Bancorp, Inc.

     12,010  
  216     

Meta Financial Group, Inc.

     20,012  
  1,828     

New York Community Bancorp, Inc.

     23,801  
  2,960     

NMI Holdings, Inc.—Class A (a)

     50,320  
  559     

OceanFirst Financial Corp.

     14,674  
  1,028     

PennyMac Financial Services, Inc.—Class A (a)

     22,976  
  2,453     

People’s United Financial, Inc.

     45,871  
  2,986     

Radian Group, Inc.

     61,541  
  1,303     

Riverview Bancorp, Inc.

     11,297  
  323     

Southern Missouri Bancorp, Inc.

     12,142  
  546     

Timberland Bancorp, Inc.

     14,496  
  739     

United Financial Bancorp, Inc.

     13,036  
  875     

Walker & Dunlop, Inc. (a)(b)

     41,563  
  1,436     

Washington Federal, Inc.

     49,183  
  973     

Waterstone Financial, Inc.

     16,590  
  1,177     

Western New England Bancorp, Inc.

     12,829  
     

 

 

 
        807,522  
     

 

 

 
  

Tobacco—0.05%

  
  281     

Universal Corp.

     14,753  
  658     

Vector Group, Ltd.

     14,726  
     

 

 

 
        29,479  
     

 

 

 
  

Trading Companies & Distributors—1.83%

  
  512     

Air Lease Corp. (b)

     24,622  
  540     

Applied Industrial Technologies, Inc.

     36,774  
  1,328     

Beacon Roofing Supply, Inc. (a)

     84,673  
  1,328     

BMC Stock Holdings, Inc. (a)(b)

     33,598  
  539     

CAI International, Inc. (a)

     15,265  
  1,598     

DXP Enterprises, Inc. (a)

     47,253  
  563     

EnviroStar, Inc. (b)

     22,520  
  894     

GMS, Inc. (a)

     33,650  
  1,102     

H&E Equipment Services, Inc.

     44,796  
  1,925     

HD Supply Holdings, Inc. (a)

     77,058  
  168     

Herc Holdings, Inc. (a)

     10,519  


  3,828     

Huttig Building Products, Inc. (a)

     25,456  
  1,339     

Lawson Products, Inc. (a)

     33,140  
  575     

MSC Industrial Direct Co., Inc.—Class A

     55,580  
  1,244     

Nexeo Solutions, Inc. (a)

     11,320  
  1,082     

NOW, Inc. (a)(b)

     11,934  
  672     

Rush Enterprises, Inc.—Class A (a)

     34,144  
  588     

Rush Enterprises, Inc.—Class B (a)

     28,347  
  1,051     

SiteOne Landscape Supply, Inc. (a)(b)

     80,612  
  861     

Textainer Group Holdings Ltd. (a)

     18,512  
  1,280     

Titan Machinery, Inc. (a)

     27,098  
  473     

Triton International Ltd.

     17,714  
  480     

United Rentals, Inc. (a)

     82,517  
  1,289     

Univar, Inc. (a)

     39,907  
  710     

Veritiv Corp. (a)

     20,519  
  227     

Watsco, Inc.—Class A

     38,599  
  577     

WESCO International, Inc. (a)

     39,323  
     

 

 

 
        995,450  
     

 

 

 
  

Water Utilities—0.17%

  
  201     

American States Water Co.

     11,640  
  691     

Aqua America, Inc.

     27,108  
  891     

Cadiz, Inc. (a)

     12,697  
  268     

California Water Service Group

     12,154  
  2,116     

Consolidated Water Co., Ltd.—Ordinary Shares

     26,661  
     

 

 

 
        90,260  
     

 

 

 
  

Wireless Telecommunication Services—0.14%

  
  684     

Boingo Wireless, Inc. (a)

     15,390  
  443     

Shenandoah Telecommunications Co.

     14,973  
  1,003     

Telephone & Data Systems, Inc.

     27,883  
  434     

United States Cellular Corp. (a)

     16,332  
     

 

 

 
        74,578  
     

 

 

 
  

Total Common Stocks (Cost $34,968,964)

     49,128,109  
     

 

 

 
  

INVESTMENT COMPANIES—2.92%

  
  

Exchange Traded Funds—2.92%

  
  14,265     

Vanguard Extended Market ETF (b)

     1,593,828  
     

 

 

 
  

Total Investment Companies (Cost $1,250,815)

     1,593,828  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS—6.18%

  
  

Real Estate Investment Trusts—6.18%

  
  2,354     

AG Mortgage Investment Trust, Inc.

     44,750  
  5,412     

AGNC Investment Corp. (b)

     109,268  
  211     

Agree Realty Corp.

     10,854  
  404     

Alexandria Real Estate Equities, Inc. (b)

     52,758  
  278     

American Assets Trust, Inc.

     10,631  
  2,056     

American Homes 4 Rent—Class A

     44,903  
  3,560     

Anworth Mortgage Asset Corp. (b)

     19,366  
  456     

Apartment Investment & Management Co.—Class A (b)

     19,932  
  1,662     

Apollo Commercial Real Estate Finance, Inc.

     30,664  
  986     

Apple Hospitality REIT, Inc. (b)

     19,335  
  1,064     

Ares Commercial Real Estate Corp.

     13,726  
  766     

Armada Hoffler Properties, Inc.

     11,896  
  1,437     

ARMOUR Residential REIT, Inc.

     36,960  
  3,309     

Ashford Hospitality Prime, Inc.

     32,197  
  8,510     

Ashford Hospitality Trust, Inc.

     57,272  
  1,332     

Bluerock Residential Growth REIT, Inc.

     13,467  


  1,249     

Brandywine Realty Trust (b)

     22,719  
  683     

Camden Property Trust (b)

     62,877  
  1,746     

Capstead Mortgage Corp.

     15,103  
  1,217     

CareTrust REIT, Inc.

     20,397  
  3,675     

CBL & Associates Properties, Inc. (b)

     20,800  
  4,064     

Cedar Shopping Centers, Inc.

     24,709  
  2,004     

Chatham Lodging Trust

     45,611  
  1,570     

Cherry Hill Mortgage Investment Corp.

     28,244  
  2,362     

Chesapeake Lodging Trust

     63,987  
  7,166     

Chimera Investment Corp.

     132,428  
  2,904     

Colony NorthStar, Inc.—Class A

     33,135  
  475     

Columbia Property Trust, Inc.

     10,901  
  405     

Community Healthcare Trust, Inc. (b)

     11,380  
  565     

CoreCivic, Inc.

     12,712  
  467     

CorEnergy Infrastructure Trust, Inc.

     17,839  
  207     

CoreSite Realty Corp.

     23,577  
  1,170     

Corporate Office Properties Trust (b)

     34,164  
  2,591     

Cousins Properties, Inc.

     23,967  
  553     

CubeSmart (b)

     15,993  
  353     

CyrusOne, Inc.

     21,014  
  1,495     

CYS Investments, Inc. (b)

     12,005  
  365     

DCT Industrial Trust, Inc. (b)

     21,455  
  2,893     

DDR Corp.

     25,921  
  2,872     

DiamondRock Hospitality Co. (b)

     32,425  
  537     

Douglas Emmett, Inc.

     22,049  
  1,608     

Duke Realty Corp.

     43,754  
  4,279     

Dynex Capital, Inc.

     29,996  
  168     

EastGroup Properties, Inc. (b)

     14,848  
  1,356     

Empire State Realty Trust, Inc.—Class A

     27,839  
  545     

Equity Commonwealth (a)

     16,628  
  329     

Equity LifeStyle Properties, Inc. (b)

     29,288  
  495     

First Industrial Realty Trust, Inc.

     15,578  
  2,158     

Forest City Realty Trust, Inc.—Class A

     52,008  
  528     

Four Corners Property Trust, Inc.

     13,570  
  864     

Gaming and Leisure Properties, Inc.

     31,968  
  398     

Getty Realty Corp.

     10,810  
  735     

Gladstone Commercial Corp. (b)

     15,479  
  581     

Government Properties Income Trust

     10,772  
  535     

Gramercy Property Trust

     14,263  
  456     

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     10,971  
  330     

Healthcare Realty Trust, Inc.

     10,600  
  700     

Healthcare Trust of America, Inc.—Class A

     21,028  
  1,235     

Hersha Hospitality Trust

     21,489  
  301     

Highwoods Properties, Inc.

     15,324  
  1,287     

Hospitality Properties Trust

     38,417  
  853     

Hudson Pacific Properties, Inc.

     29,215  
  1,392     

Independence Realty Trust, Inc.

     14,045  
  1,209     

InfraREIT, Inc.

     22,463  
  3,318     

Invesco Mortgage Capital, Inc.

     59,160  
  1,957     

Invitation Homes, Inc. (b)

     46,126  
  1,083     

Iron Mountain, Inc.

     40,862  
  2,467     

iStar Financial, Inc. (a)

     27,877  
  271     

Kilroy Realty Corp.

     20,230  
  968     

Kite Realty Group Trust

     18,973  
  799     

Ladder Capital Corp.

     10,890  


  364     

Lamar Advertising Co.—Class A (b)

     27,023  
  1,206     

LaSalle Hotel Properties

     33,852  
  1,051     

Liberty Property Trust

     45,204  
  179     

Life Storage, Inc.

     15,944  
  1,153     

Mack-Cali Realty Corp.

     24,859  
  1,178     

Medical Properties Trust, Inc. (b)

     16,233  
  4,941     

MFA Financial, Inc.

     39,133  
  661     

Monmouth Real Estate Investment Corp.—Class A

     11,766  
  1,323     

MTGE Investment Corp.

     24,475  
  139     

National Health Investors, Inc. (b)

     10,478  
  378     

National Retail Properties, Inc. (b)

     16,303  
  2,426     

National Storage Affiliates Trust

     66,133  
  4,435     

New Residential Investment Corp.

     79,298  
  2,931     

New York Mortgage Trust, Inc.

     18,084  
  580     

Omega Healthcare Investors, Inc. (b)

     15,973  
  688     

Paramount Group, Inc.

     10,905  
  1,274     

Park Hotels & Resorts, Inc. (b)

     36,628  
  991     

Pebblebrook Hotel Trust (b)

     36,835  
  2,282     

Pennsylvania Real Estate Investment Trust

     27,133  
  1,237     

PennyMac Mortgage Investment Trust

     19,879  
  585     

Physicians Realty Trust (b)

     10,524  
  1,059     

Piedmont Office Realty Trust, Inc.—Class A (b)

     20,767  
  318     

Potlatch Corp.

     15,868  
  850     

Preferred Apartment Communities, Inc.—Class A

     17,213  
  136     

PS Business Parks, Inc. (b)

     17,012  
  290     

QTS Realty Trust, Inc.—Class A

     15,706  
  2,199     

Quality Care Properties, Inc. (a)(b)

     30,368  
  1,174     

Ramco-Gershenson Properties Trust

     17,293  
  521     

Rayonier, Inc.

     16,479  
  1,695     

Redwood Trust, Inc.

     25,120  
  298     

Regency Centers Corp.

     20,616  
  1,116     

Retail Properties of America, Inc.—Class A

     14,999  
  890     

Rexford Industrial Realty, Inc.

     25,952  
  2,181     

RLJ Lodging Trust

     47,917  
  271     

Ryman Hospitality Properties, Inc.

     18,704  
  665     

Select Income REIT

     16,711  
  810     

Senior Housing Properties Trust

     15,512  
  1,282     

Spirit Realty Capital, Inc.

     11,000  
  407     

STAG Industrial, Inc.

     11,123  
  2,407     

Starwood Property Trust, Inc.

     51,389  
  432     

STORE Capital Corp. (b)

     11,249  
  2,202     

Summit Hotel Properties, Inc.

     33,536  
  482     

Sun Communities, Inc.

     44,720  
  3,165     

Sunstone Hotel Investors, Inc. (b)

     52,317  
  803     

Sutherland Asset Management Corp.

     12,165  
  382     

Terreno Realty Corp.

     13,393  
  750     

The Geo Group, Inc.

     17,700  
  573     

Tier REIT, Inc.

     11,683  
  2,969     

Two Harbors Investment Corp.

     48,276  
  178     

Universal Health Realty Income Trust

     13,370  
  3,119     

Washington Prime Group, Inc.

     22,207  
  424     

WP Carey, Inc. (b)

     29,214  
  1,975     

Xenia Hotels & Resorts, Inc.

     42,640  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $2,940,507)

     3,366,743  
     

 

 

 


  

RIGHTS—0.00%

  
  

Biotechnology—0.00%

  
  1,600     

Dyax Corp. (c)(d)(f)

     0  
     

 

 

 
   Total Rights (Cost $0)      0  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.66%

  
   Money Market Funds—0.66%   
  356,681     

Deutsche Government Money Market Series—Institutional Shares

  
  

    Effective Yield, 1.29% (e)

     356,681  
     

 

 

 
   Total Short Term Investments (Cost $356,681)      356,681  
     

 

 

 
   INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—22.48%   
  

Investments Purchased with Proceeds from Securities Lending—22.48%

  
  12,238,946     

Mount Vernon Liquid Assets Portfolio, LLC

  
  

    Effective Yield, 1.61% (e)

     12,238,946  
     

 

 

 
   Total Investments Purchased with Proceeds from Securities Lending (Cost $12,238,946)      12,238,946  
     

 

 

 
   Total Investments (Cost $51,755,913)—122.47%      66,684,307  
   Liabilities in Excess of Other Assets—(22.47)%      (12,237,003
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 54,447,304  
     

 

 

 

Percentages are stated as a percent of net assets.

ADR   American Depositary Receipt

 

(a) Non-income producing security.
(b) All or portion of this security is on loan.
(c) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $58,756, which represents 0.11% of total net assets.
(d) As of December 31, 2017, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets.
(e) Seven-day yield as of December 31, 2017.
(f) Value determined using significant unobservable inputs.


GuideMark® World ex-US Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Number of
Shares
          Value  
  

COMMON STOCKS—95.52%

  
  

Australia—4.86%

  
  13,086     

AGL Energy, Ltd.

   $ 247,980  
  27,799     

Aristocrat Leisure, Ltd.

     511,896  
  28,670     

AusNet Services

     40,290  
  13,506     

Australia & New Zealand Banking Group, Ltd.

     301,306  
  5,144     

Bank of Queensland, Ltd.

     50,881  
  13,005     

Bendigo & Adelaide Bank, Ltd.

     118,014  
  10,090     

BHP Billiton Ltd.

     231,777  
  73,475     

BlueScope Steel, Ltd.

     875,128  
  20,280     

Boral, Ltd.

     122,771  
  3,304     

CIMIC Group, Ltd.

     132,145  
  5,777     

Cochlear, Ltd.

     770,089  
  13,331     

Commonwealth Bank of Australia

     831,968  
  10,818     

Computershare, Ltd.

     137,061  
  4,617     

CSL, Ltd.

     507,379  
  16,153     

Flight Centre Travel Group, Ltd.

     556,768  
  104,981     

Fortescue Metals Group, Ltd.

     397,287  
  18,317     

Harvey Norman Holdings, Ltd.

     59,400  
  15,190     

LendLease Group

     193,115  
  1,731     

Macquarie Group, Ltd.

     133,884  
  103,275     

Medibank Private, Ltd.

     264,471  
  9,942     

National Australia Bank, Ltd.

     228,320  
  53,430     

QBE Insurance Group, Ltd.

     443,498  
  2,408     

REA Group, Ltd.

     143,583  
  2,055     

Rio Tinto, Ltd.

     120,824  
  52,124     

Santos, Ltd. (a)

     220,629  
  6,827     

SEEK, Ltd.

     100,956  
  115,694     

South32, Ltd.

     313,594  
  13,201     

Suncorp Group, Ltd.

     142,284  
  58,108     

Telstra Corp., Ltd.

     164,263  
  6,598     

Treasury Wine Estates, Ltd.

     81,874  
  12,235     

Wesfarmers, Ltd.

     423,061  
  15,984     

Westpac Banking Corp.

     388,787  
  28,457     

Woolworths, Ltd.

     604,606  
     

 

 

 
        9,859,889  
     

 

 

 
  

Austria—0.54%

  
  2,447     

ANDRITZ AG

     138,076  
  3,273     

Erste Group Bank AG

     141,837  
  3,687     

OMV AG

     233,291  
  13,698     

Raiffeisen Bank International AG (a)

     496,352  
  1,348     

voestalpine AG

     80,479  
     

 

 

 
        1,090,035  
     

 

 

 
  

Belgium—0.30%

  
  1,494     

Ageas SA

     72,981  
  6,125     

Colruyt SA

     318,632  
  1,116     

KBC Group NV

     95,098  
  2,703     

Umicore SA

     127,984  
     

 

 

 
        614,695  
     

 

 

 


  

Canada—7.74%

  
  4,917     

Alimentation Couche-Tard, Inc.—Series B

     256,568  
  4,532     

Bank of Montreal

     362,668  
  9,967     

Cameco Corp.

     92,058  
  3,085     

Canadian Imperial Bank of Commerce

     300,745  
  3,694     

Canadian National Railway Co.

     304,601  
  4,032     

CCL Industries, Inc.—Class B

     186,300  
  55,279     

Cenovus Energy, Inc.

     504,855  
  20,675     

CI Financial Corp.

     489,654  
  978     

Constellation Software, Inc.

     592,884  
  5,118     

Dollarama, Inc.

     639,445  
  33,342     

Empire Co., Ltd.—Series A

     649,599  
  1,688     

Finning International, Inc.

     42,596  
  1,470     

Fortis, Inc.

     53,923  
  1,415     

Franco-Nevada Corp.

     113,087  
  5,273     

George Weston, Ltd.

     457,916  
  5,702     

Great-West Lifeco, Inc.

     159,221  
  28,987     

Husky Energy, Inc. (a)

     409,323  
  2,309     

IGM Financial, Inc.

     81,100  
  1,579     

Imperial Oil, Ltd.

     49,279  
  7,898     

Industrial Alliance Insurance & Financial Services, Inc.

     375,862  
  1,638     

Intact Financial Corp.

     136,813  
  8,478     

Linamar Corp.

     493,774  
  4,369     

Loblaw Cos., Ltd.

     237,115  
  6,838     

Magna International, Inc.

     387,541  
  21,792     

Manulife Financial Corp.

     454,563  
  4,332     

Metro, Inc.

     138,714  
  7,054     

National Bank of Canada

     351,970  
  12,617     

Onex Corp.

     925,347  
  19,455     

Power Corp. of Canada

     501,001  
  10,461     

Power Financial Corp.

     287,449  
  1,452     

Restaurant Brands International, Inc.

     89,257  
  4,032     

Rogers Communications, Inc.—Class B

     205,449  
  15,594     

Royal Bank of Canada

     1,273,448  
  8,027     

Saputo, Inc.

     288,512  
  2,863     

Shopify, Inc.—Class A (a)

     289,511  
  3,801     

Sun Life Financial, Inc.

     156,878  
  2,172     

Suncor Energy, Inc.

     79,744  
  19,376     

Teck Resources, Ltd.—Class B (a)

     506,674  
  9,443     

The Bank of Nova Scotia

     609,400  
  4,441     

The Jean Coutu Group PJC, Inc.—Class A

     86,276  
  15,237     

The Toronto-Dominion Bank

     892,765  
  40,190     

Valeant Pharmaceuticals International, Inc. (a)

     837,691  
  5,737     

West Fraser Timber Co., Ltd.

     354,033  
     

 

 

 
        15,705,609  
     

 

 

 
  

Chile—0.06%

  
  8,971     

Antofagasta Plc

     121,073  
     

 

 

 


  

Denmark—1.69%

  
  2,628     

Carlsberg AS—Series B

     315,198  
  645     

Chr. Hansen Holding AS

     60,470  
  2,577     

Coloplast AS—Series B

     204,873  
  7,934     

Danske Bank AS

     308,807  
  2,724     

DSV AS

     214,340  
  5,039     

H. Lundbeck AS

     255,533  
  18,412     

Novo Nordisk AS—Series B

     989,378  
  2,156     

Novozymes AS

     123,080  
  3,619     

Orsted AS

     197,267  
  1,884     

Pandora AS

     204,788  
  29,800     

TDC AS

     183,053  
  3,302     

Tryg AS

     82,600  
  1,634     

Vestas Wind Systems AS

     112,910  
  6,143     

William Demant Holdings AS (a)

     171,588  
     

 

 

 
        3,423,885  
     

 

 

 
  

Finland—0.82%

  
  11,065     

Fortum OYJ

     218,991  
  1,155     

Kone OYJ—Series B

     62,026  
  13,278     

Orion OYJ—Class B

     495,071  
  1,640     

Sampo OYJ—Series A

     90,007  
  14,395     

Stora Enso OYJ

     228,056  
  10,823     

UPM-Kymmene OYJ

     335,997  
  3,677     

Wartsila OYJ Abp

     232,063  
     

 

 

 
        1,662,211  
     

 

 

 
  

France—8.90%

  
  1,688     

Aeroports de Paris

     320,970  
  793     

Air Liquide SA

     99,691  
  1,780     

Amundi SA

     150,756  
  5,366     

Arkema SA

     653,817  
  6,473     

Atos SE

     941,108  
  19,573     

AXA SA

     580,010  
  5,544     

BioMerieux

     496,375  
  13,056     

BNP Paribas SA

     971,215  
  1,946     

Bouygues SA

     100,973  
  2,266     

Bureau Veritas SA

     61,890  
  1,979     

Capgemini SE

     234,396  
  5,006     

Carrefour SA

     107,931  
  5,670     

Casino Guichard Perrachon SA

     343,779  
  1,782     

Cie Generale des Etablissements Michelin

     254,924  
  14,536     

CNP Assurances

     335,306  
  47,003     

Credit Agricole SA

     776,114  
  4,545     

Danone SA

     380,829  
  69     

Dassault Aviation SA

     107,286  
  1,792     

Dassault Systemes SE

     190,273  
  3,625     

Eiffage SA

     396,724  
  1,349     

Essilor International SA

     185,813  
  4,699     

Eurazeo SA

     434,110  
  3,598     

Faurecia

     280,410  
  1,163     

Hermes International

     622,172  
  1,627     

Imerys SA

     153,216  
  5,173     

Ipsen SA

     615,696  
  1,209     

Kering SA

     569,108  
  2,428     

Legrand SA

     186,662  
  2,708     

L’Oreal SA

     600,039  
  3,373     

LVMH Moet Hennessy Louis Vuitton SE

     989,991  


  38,786     

Natixis SA

     306,351  
  1,909     

Pernod Ricard SA

     301,917  
  28,167     

Peugeot SA

     572,105  
  879     

Remy Cointreau SA

     121,790  
  10,237     

Rexel SA

     185,360  
  3,781     

Safran SA

     389,992  
  8,452     

Sanofi-Aventis SA

     727,647  
  2,793     

Schneider Electric SE

     236,791  
  1,804     

SCOR SE

     72,509  
  1,247     

SEB SA

     230,832  
  2,278     

Societe BIC SA

     250,342  
  10,573     

Societe Generale SA

     545,095  
  278     

Teleperformance

     39,796  
  10,945     

Total SA

     604,162  
  9,066     

Ubisoft Entertainment SA (a)

     696,555  
  1,575     

Valeo SA

     117,323  
  2,295     

Veolia Environnement SA

     58,520  
  3,350     

Vinci SA

     342,006  
  560     

Wendel SA

     97,035  
     

 

 

 
        18,037,712  
     

 

 

 
  

Germany—6.85%

  
  3,633     

adidas AG

     726,561  
  5,039     

Allianz SE

     1,153,161  
  1,845     

Axel Springer SE

     143,873  
  6,429     

BASF SE

     704,819  
  7,762     

Bayer AG

     964,528  
  2,415     

Beiersdorf AG

     283,117  
  896     

Brenntag AG

     56,487  
  22,479     

Commerzbank AG (a)

     335,325  
  195     

Continental AG

     52,431  
  5,178     

Covestro AG

     533,159  
  482     

Daimler AG

     40,758  
  2,719     

Deutsche Boerse AG

     314,711  
  34,460     

Deutsche Lufthansa AG

     1,265,496  
  17,337     

Deutsche Post AG

     824,087  
  14,428     

Deutsche Telekom AG

     255,035  
  1,886     

Drillisch AG

     155,552  
  38,444     

E.ON SE

     416,585  
  3,654     

Fraport AG Frankfurt Airport Services Worldwide

     401,350  
  706     

Fresenius Medical Care AG & Co. KGaA

     74,137  
  2,086     

Fresenius SE & Co. KGaA

     162,231  
  371     

HeidelbergCement AG

     40,003  
  1,907     

HOCHTIEF AG

     336,790  
  8,220     

HUGO BOSS AG

     697,532  
  5,844     

Infineon Technologies AG

     159,156  
  2,634     

KION Group AG

     226,737  
  1,981     

LANXESS AG

     157,032  
  1,346     

Merck KGaA

     144,475  
  6,958     

METRO AG

     138,594  
  1,421     

MTU Aero Engines AG

     253,925  
  1,899     

OSRAM Licht AG

     170,042  
  18,853     

RWE AG (a)

     383,666  
  7,601     

SAP SE

     850,362  


  3,287     

Siemens AG

     455,109  
  13,132     

Telefonica Deutschland Holding AG

     65,722  
  1,274     

United Internet AG

     87,296  
  3,114     

Wirecard AG

     346,097  
  9,812     

Zalando SE (a)

     517,364  
     

 

 

 
        13,893,305  
     

 

 

 
  

Hong Kong—3.73%

  
  85,116     

AIA Group, Ltd.

     723,967  
  25,074     

ASM Pacific Technology, Ltd.

     347,853  
  57,439     

BOC Hong Kong Holdings, Ltd.

     290,284  
  32,953     

CK Asset Holdings, Ltd.

     287,257  
  35,975     

Galaxy Entertainment Group, Ltd.

     287,217  
  66,568     

Hang Lung Group, Ltd.

     244,754  
  12,981     

Hang Seng Bank, Ltd.

     322,045  
  27,459     

Henderson Land Development Co., Ltd.

     180,543  
  9,219     

Hong Kong Exchange & Clearing, Ltd.

     281,993  
  1,835     

Jardine Matheson Holdings, Ltd.

     111,334  
  1,835     

Jardine Strategic Holdings, Ltd.

     72,629  
  108,625     

Kerry Properties, Ltd.

     487,976  
  99,980     

Kingston Financial Group, Ltd.

     95,794  
  1,983     

Melco Resorts & Entertainment, Ltd.—ADR

     57,586  
  33,690     

Minth Group, Ltd.

     202,594  
  41,548     

MTR Corp., Ltd.

     243,186  
  22,095     

NWS Holdings, Ltd.

     39,790  
  455,548     

PCCW, Ltd.

     264,388  
  92,013     

Shangri-La Asia, Ltd.

     208,372  
  803,674     

SJM Holdings, Ltd.

     718,112  
  4,212     

Sun Hung Kai Properties, Ltd.

     70,126  
  39,285     

Swire Pacific Ltd.—Class A

     363,478  
  38,594     

Swire Properties, Ltd.

     124,351  
  57,737     

Techtronic Industries Co., Ltd.

     375,604  
  27,520     

The Hong Kong and China Gas Co., Ltd.

     53,892  
  107,992     

The Wharf Holdings, Ltd.

     372,409  
  213,765     

WH Group, Ltd.

     240,920  
  70,437     

Wheelock & Co., Ltd.

     502,092  
     

 

 

 
        7,570,546  
     

 

 

 
  

Ireland—0.44%

  
  42,648     

Bank of Ireland Group Plc (a)

     363,059  
  3,285     

CRH Plc

     118,230  
  474     

DCC Plc

     47,702  
  13,734     

James Hardie Industries Plc

     241,209  
  767     

Kerry Group Plc

     86,046  
  373     

Kerry Group Plc—Series A

     41,947  
     

 

 

 
        898,193  
     

 

 

 
  

Israel—1.30%

  
  29,043     

Bank Hapoalim BM

     213,285  
  48,098     

Bank Leumi Le-Israel BM

     289,511  
  210,820     

Bezeq the Israel Telecommunication Corp., Ltd.

     318,685  
  2,832     

Check Point Software Technologies, Ltd. (a)(b)

     293,452  
  997     

Elbit Systems, Ltd.

     133,182  
  10,635     

Mizrahi Tefahot Bank, Ltd.

     195,898  
  63,126     

Teva Pharmaceutical Industries, Ltd.—ADR (b)

     1,196,238  
     

 

 

 
        2,640,251  
     

 

 

 


  

Italy—2.32%

  
  15,682     

Assicurazioni Generali SpA

     285,434  
  27,381     

Davide Campari-Milano SpA

     211,562  
  48,356     

Enel SpA

     297,353  
  4,725     

EXOR NV

     289,652  
  4,731     

Ferrari NV

     495,714  
  147,957     

Intesa Sanpaolo SpA

     490,899  
  80,297     

Intesa Sanpaolo SpA—Savings Shares

     255,994  
  6,099     

Luxottica Group SpA

     374,281  
  7,750     

Poste Italiane SpA

     58,349  
  8,014     

Prysmian SpA

     261,137  
  10,535     

Recordati SpA

     468,169  
  585,518     

Telecom Italia SpA (a)

     505,651  
  688,250     

Telecom Italia SpA—Savings Shares

     488,206  
  92,717     

UnipolSai Assicurazioni SpA

     216,270  
     

 

 

 
        4,698,671  
     

 

 

 
  

Japan—24.08%

  
  2,731     

ABC-Mart, Inc.

     156,535  
  1,748     

Aisin Seiki Co., Ltd.

     97,928  
  15,385     

Alfresa Holdings Corp.

     360,355  
  5,156     

ANA Holdings, Inc.

     215,090  
  3,076     

Asahi Glass Co., Ltd.

     132,958  
  4,793     

Asahi Group Holdings, Ltd.

     237,827  
  19,542     

Asahi Kasei Corp.

     251,494  
  20,422     

Asics Corp.

     324,604  
  26,039     

Astellas Pharma, Inc.

     330,781  
  5,803     

Bandai Namco Holdings, Inc.

     189,408  
  5,929     

Benesse Holdings, Inc.

     208,605  
  3,618     

Bridgestone Corp.

     167,449  
  9,401     

Brother Industries, Ltd.

     231,072  
  10,937     

Calbee, Inc.

     355,427  
  10,047     

Canon, Inc.

     374,332  
  529     

Central Japan Railway Co.

     94,670  
  3,758     

Chugai Pharmaceutical Co., Ltd.

     192,067  
  6,031     

Coca-Cola Bottlers Japan, Inc.

     220,063  
  15,056     

Credit Saison Co., Ltd.

     273,407  
  8,359     

Daicel Corp.

     94,861  
  4,879     

Daifuku Co., Ltd.

     265,079  
  6,152     

Dai-ichi Life Holdings, Inc.

     126,437  
  639     

Daito Trust Construction Co., Ltd.

     130,184  
  4,955     

Daiwa House Industry Co., Ltd.

     190,011  
  1,090     

Disco Corp.

     241,587  
  11,252     

Electric Power Development Co., Ltd.

     302,674  
  1,921     

FamilyMart UNY Holdings Co., Ltd.

     134,543  
  320     

FANUC Corp.

     76,767  
  1,237     

Fast Retailing Co., Ltd.

     491,848  
  9,917     

FUJIFILM Holdings Corp.

     404,663  
  46,336     

Fujitsu, Ltd.

     328,501  
  6,403     

Hakuhodo DY Holdings, Inc.

     83,001  
  2,084     

Hikari Tsushin, Inc.

     299,209  
  6,042     

Hitachi Construction Machinery Co., Ltd.

     218,972  
  49,756     

Hitachi, Ltd.

     386,017  
  19,187     

Honda Motor Co., Ltd.

     654,804  


  449     

Hoshizaki Corp.

     39,779  
  12,320     

Hoya Corp.

     613,575  
  10,363     

Idemitsu Kosan Co., Ltd.

     415,098  
  37,633     

Isetan Mitsukoshi Holdings, Ltd.

     465,703  
  34,553     

ITOCHU Corp.

     644,120  
  3,550     

Japan Airlines Co., Ltd.

     138,698  
  2,402     

Japan Airport Terminal Co., Ltd.

     88,931  
  71,486     

JXTG Holdings, Inc.

     459,391  
  38,230     

Kajima Corp.

     367,310  
  37,076     

Kakaku.com, Inc.

     625,868  
  10,482     

Kao Corp.

     708,265  
  3,605     

KDDI Corp.

     89,547  
  741     

Keyence Corp.

     413,946  
  4,945     

Kikkoman Corp.

     199,974  
  14,077     

Kirin Holdings Co., Ltd.

     354,760  
  41,490     

Kobe Steel, Ltd.

     382,897  
  2,404     

Komatsu, Ltd.

     86,880  
  2,991     

Konami Holdings Corp.

     164,482  
  38,186     

Konica Minolta, Inc.

     366,392  
  4,185     

Kose Corp.

     652,137  
  13,194     

Kuraray Co., Ltd.

     248,416  
  4,980     

Kurita Water Industries, Ltd.

     161,459  
  2,903     

Kyocera Corp.

     189,528  
  4,319     

Lawson, Inc.

     287,013  
  10,252     

LINE Corp.

     418,673  
  28,924     

Lion Corp.

     546,721  
  3,478     

LIXIL Group Corp.

     93,966  
  5,778     

M3, Inc.

     202,543  
  76,558     

Marubeni Corp.

     553,491  
  32,868     

Mazda Motor Corp.

     439,226  
  5,781     

McDonald’s Holdings Co. Japan, Ltd.

     254,041  
  69,386     

Mebuki Financial Group, Inc.

     293,125  
  8,375     

Medipal Holdings Corp.

     163,510  
  3,741     

MEIJI Holdings Co., Ltd.

     318,392  
  9,901     

Minebea Mitsumi, Inc.

     206,507  
  20,164     

MISUMI Group, Inc.

     585,404  
  50,998     

Mitsubishi Chemical Holdings Corp.

     558,017  
  18,732     

Mitsubishi Corp.

     516,512  
  9,653     

Mitsubishi Gas Chemical Co., Inc.

     276,413  
  7,543     

Mitsubishi Motors Corp.

     54,265  
  59,918     

Mitsubishi UFJ Financial Group, Inc.

     436,081  
  58,827     

Mitsubishi UFJ Lease & Finance Co., Ltd.

     349,155  
  25,396     

Mitsui & Co., Ltd.

     412,010  
  4,208     

Mitsui Chemicals, Inc.

     134,940  
  12,552     

Mixi, Inc.

     562,178  
  199,633     

Mizuho Financial Group, Inc.

     360,954  
  7,009     

MS & AD Insurance Group Holdings, Inc.

     236,417  
  326     

Murata Manufacturing Co., Ltd.

     43,648  
  4,681     

Nabtesco Corp.

     178,869  
  6,862     

Nexon Co., Ltd.

     199,000  
  2,210     

NH Foods, Ltd.

     53,834  
  1,418     

Nidec Corp.

     198,544  
  19,709     

Nikon Corp.

     396,608  


  617     

Nintendo Co., Ltd.

     222,180  
  7,304     

Nippon Electric Glass Co., Ltd.

     278,000  
  1,277     

Nippon Express Co., Ltd.

     84,802  
  4,681     

Nippon Steel & Sumitomo Metal Corp.

     119,596  
  9,500     

Nippon Telegraph & Telephone Corp.

     446,634  
  1,123     

Nissin Foods Holdings Co., Ltd.

     81,876  
  3,658     

Nitori Holdings Co., Ltd.

     520,623  
  1,186     

Nitto Denko Corp.

     104,900  
  25,434     

Nomura Holdings, Inc.

     149,088  
  1,795     

Nomura Research Institute, Ltd.

     83,317  
  9,218     

NTT Data Corp.

     109,361  
  1,787     

NTT DoCoMo, Inc.

     42,252  
  36,558     

Obayashi Corp.

     441,625  
  2,832     

Obic Co., Ltd.

     208,003  
  56,701     

Oji Holdings Corp.

     376,543  
  7,866     

Olympus Corp.

     300,914  
  8,379     

OMRON Corp.

     498,374  
  3,483     

Oracle Corp.

     288,257  
  3,613     

Oriental Land Co., Ltd.

     328,709  
  17,897     

ORIX Corp.

     301,759  
  13,691     

Osaka Gas Co., Ltd.

     263,269  
  2,522     

Otsuka Corp.

     193,149  
  12,963     

Panasonic Corp.

     189,181  
  21,054     

Persol Holdings Co., Ltd.

     527,116  
  14,573     

Pola Orbis Holdings, Inc.

     510,649  
  32,045     

Recruit Holdings Co., Ltd.

     795,676  
  38,262     

Resona Holdings, Inc.

     227,995  
  2,158     

Rohm Co., Ltd.

     237,729  
  2,239     

Ryohin Keikaku Co., Ltd.

     696,976  
  8,947     

SBI Holdings, Inc.

     186,415  
  23,232     

Sega Sammy Holdings, Inc.

     288,341  
  6,817     

Seiko Epson Corp.

     160,482  
  5,876     

Sekisui Chemical Co., Ltd.

     117,639  
  1,039     

Seven & I Holdings Co., Ltd.—Series A

     43,042  
  4,797     

Sharp Corp.

     164,197  
  1,659     

Shimadzu Corp.

     37,637  
  1,291     

Shimamura Co., Ltd.

     141,829  
  16,331     

Shimizu Corp.

     168,437  
  1,646     

Shin-Etsu Chemical Co., Ltd.

     166,778  
  11,799     

Shinsei Bank, Ltd.

     203,329  
  16,249     

Shiseido Co., Ltd.

     782,960  
  4,220     

SoftBank Group Corp.

     334,100  
  9,100     

Sony Corp.

     408,434  
  1,646     

Stanley Electric Co., Ltd.

     66,601  
  24,444     

Start Today Co., Ltd.

     741,951  
  1,445     

Subaru Corp.

     45,818  
  6,482     

SUMCO Corp.

     164,556  
  20,546     

Sumitomo Chemical Co., Ltd.

     147,020  
  29,980     

Sumitomo Corp.

     508,514  
  1,994     

Sumitomo Heavy Industries, Ltd.

     84,018  
  980     

Sumitomo Metal Mining Co., Ltd.

     44,835  
  10,979     

Sumitomo Mitsui Financial Group, Inc.

     473,244  
  3,070     

Sumitomo Rubber Industries, Ltd.

     56,897  


  8,906     

Sundrug Co., Ltd.

     413,117  
  8,499     

Suntory Beverage & Food, Ltd.

     377,949  
  12,071     

Suzuken Co., Ltd.

     495,591  
  3,858     

Suzuki Motor Corp.

     223,315  
  4,255     

Sysmex Corp.

     334,107  
  1,439     

Taiheiyo Cement Corp.

     61,954  
  4,459     

Taisei Corp.

     221,750  
  6,088     

Takeda Pharmaceutical Co., Ltd.

     344,688  
  7,502     

Teijin, Ltd.

     166,694  
  2,291     

The Bank of Kyoto, Ltd.

     118,978  
  49,339     

The Kansai Electric Power Co., Inc.

     603,418  
  12,363     

The Yokohama Rubber Co., Ltd.

     301,983  
  5,490     

THK Co., Ltd.

     205,215  
  138,071     

Tokyo Electric Power Co. Holdings, Inc.

     544,921  
  1,680     

Tokyo Electron, Ltd.

     303,054  
  1,921     

Tokyo Gas Co., Ltd.

     43,892  
  54,991     

Tokyu Fudosan Holdings, Corp.

     396,860  
  10,363     

Tosoh Corp.

     233,791  
  1,777     

TOTO, Ltd.

     104,637  
  9,896     

Toyo Seikan Group Holdings, Ltd.

     158,854  
  3,508     

Toyota Motor Corp.

     223,565  
  12,206     

Toyota Tsusho Corp.

     490,355  
  2,878     

Trend Micro, Inc.

     162,904  
  2,875     

Tsuruha Holdings, Inc.

     390,511  
  8,004     

Unicharm Corp.

     207,841  
  3,515     

USS Co., Ltd.

     74,331  
  2,551     

West Japan Railway Co.

     186,106  
  2,970     

Yakult Honsha Co., Ltd.

     224,102  
  18,629     

Yamada Denki Co., Ltd.

     102,595  
  1,261     

Yamaha Motor Co., Ltd.

     41,308  
  17,420     

Yamazaki Baking Co., Ltd.

     339,193  
  8,140     

Yaskawa Electric Corp.

     356,655  
  8,486     

Yokogawa Electric Corp.

     162,020  
     

 

 

 
        48,832,324  
     

 

 

 
  

Jersey—1.03%

  
  171,401     

Glencore Plc

     897,105  
  7,085     

Shire Plc

     367,152  
  9,096     

Wolseley Plc

     652,763  
  9,103     

WPP Plc

     164,452  
     

 

 

 
        2,081,472  
     

 

 

 
  

Luxembourg—0.45%

  
  11,384     

ArcelorMittal (a)

     369,333  
  144     

Eurofins Scientific SE

     87,525  
  2,234     

Millicom International Cellular SA

     150,874  
  3,852     

RTL Group SA

     309,225  
     

 

 

 
        916,957  
     

 

 

 
  

Macau—0.07%

  
  44,697     

Wynn Macau, Ltd.

     141,308  
     

 

 

 
  

Netherlands—4.13%

  
  8,670     

ABN AMRO Group NV

     279,528  
  64,439     

Aegon NV

     409,442  
  3,779     

Airbus SE

     375,582  


  1,321     

Akzo Nobel NV

     115,911  
  2,727     

ASML Holding NV

     474,111  
  2,743     

Boskalis Westminster

     103,366  
  17,215     

CNH Industrial NV

     230,311  
  50,791     

Fiat Chrysler Automobiles NV (a)

     906,785  
  2,850     

Heineken Holding NV

     281,779  
  802     

Heineken NV

     83,606  
  39,285     

ING Groep NV

     721,142  
  36,128     

Koninklijke Ahold Delhaize NV

     794,199  
  430     

Koninklijke DSM NV

     41,075  
  9,157     

Koninklijke Philips NV

     345,755  
  13,104     

NN Group NV

     566,793  
  3,237     

QIAGEN NV

     100,963  
  5,672     

Randstad Holding NV

     348,028  
  24,324     

RELX NV

     559,071  
  26,086     

STMicroelectronics NV

     569,040  
  15,212     

Unilever NV

     856,479  
  4,080     

Wolters Kluwer NV

     212,688  
     

 

 

 
        8,375,654  
     

 

 

 
  

New Zealand—0.22%

  
  39,340     

Fisher & Paykel Healthcare Corp., Ltd.

     399,128  
  17,093     

Mercury NZ Ltd.

     40,824  
     

 

 

 
        439,952  
     

 

 

 
  

Norway—0.58%

  
  8,043     

DNB ASA

     148,887  
  5,036     

Gjensidige Forsikring ASA

     94,990  
  15,316     

Marine Harvest ASA

     259,004  
  15,431     

Norsk Hydro ASA

     116,980  
  8,368     

Orkla ASA

     88,676  
  14,031     

Schibsted ASA—Class B

     372,965  
  2,742     

Statoil ASA

     58,702  
  1,779     

Telenor ASA

     38,083  
     

 

 

 
        1,178,287  
     

 

 

 
  

Portugal—0.23%

  
  22,732     

EDP—Energias de Portugal SA

     78,688  
  19,764     

Jeronimo Martins SGPS SA

     383,822  
     

 

 

 
        462,510  
     

 

 

 
  

Singapore—1.46%

  
  15,102     

City Developments, Ltd.

     140,451  
  19,423     

DBS Group Holdings, Ltd.

     359,253  
  337,221     

Hutchison Port Holdings Trust

     139,607  
  6,949     

Jardine Cycle & Carriage, Ltd.

     210,932  
  56,928     

Oversea-Chinese Banking Corp., Ltd.

     525,914  
  72,310     

Singapore Exchange, Ltd.

     401,529  
  162,309     

StarHub, Ltd.

     345,383  
  19,830     

United Overseas Bank, Ltd.

     390,909  
  28,031     

UOL Group, Ltd.

     185,404  
  230,932     

Yangzijiang Shipbuilding Holdings, Ltd.

     253,223  
     

 

 

 
        2,952,605  
     

 

 

 
  

South Africa—0.07%

  
  20,316     

Investec Plc

     146,280  
     

 

 

 


  

Spain—2.37%

  
  15,836     

Abertis Infraestructuras SA

     352,345  
  6,161     

ACS, Actividades de Construccion y Servicios SA

     240,670  
  455     

Aena SME SA

     92,082  
  7,181     

Amadeus IT Holdings SA—Class A

     516,761  
  43,328     

Banco Bilbao Vizcaya Argentaria SA

     368,210  
  74,772     

Banco de Sabadell SA

     148,231  
  111,870     

Banco Santander SA

     733,444  
  12,249     

Bankia SA

     58,464  
  40,550     

CaixaBank SA

     188,509  
  4,041     

Grifols SA

     118,155  
  23,407     

Industria de Diseno Textil SA

     813,901  
  61,850     

Mapfre SA

     198,393  
  42,363     

Repsol SA

     747,978  
  23,095     

Telefonica SA

     224,893  
     

 

 

 
        4,802,036  
     

 

 

 
  

Sweden—2.44%

  
  8,946     

Alfa Laval AB

     211,602  
  8,491     

Arjo AB (a)

     24,232  
  5,173     

Atlas Copco AB—Class A

     223,246  
  3,625     

Atlas Copco AB—Class B

     138,936  
  1,251     

Boliden AB

     42,781  
  5,565     

Electrolux AB—Series B

     179,167  
  8,491     

Getinge AB

     123,126  
  29,177     

Hennes & Mauritz AB—Series B

     603,493  
  7,518     

Husqvarna AB—Class B

     71,530  
  3,858     

ICA Gruppen AB

     140,157  
  11,988     

Industrivarden AB

     295,718  
  10,263     

Investor AB—B Shares

     468,072  
  6,892     

Kinnevik AB

     232,887  
  2,329     

L E Lundbergforetagen AB—Series B

     173,979  
  18,612     

Nordea Bank AB

     225,353  
  16,467     

Sandvik AB

     288,250  
  2,476     

Securitas AB—Series B

     43,187  
  7,720     

Skandinaviska Enskilda Banken AB

     90,651  
  3,002     

Swedbank AB—A Shares

     72,423  
  9,428     

Swedish Match AB

     371,385  
  12,941     

Tele2 AB

     159,045  
  60,293     

Telefonaktiebolaget LM Ericsson—Series B

     397,917  
  20,316     

Volvo AB—Class B

     378,322  
     

 

 

 
        4,955,459  
     

 

 

 
  

Switzerland—6.14%

  
  9,331     

ABB, Ltd.

     249,925  
  4,314     

Adecco Group AG

     329,676  
  1,814     

Baloise Holding AG

     281,978  
  99     

Barry Callebaut AG

     206,354  
  3,487     

Cie Financiere Richemont SA

     315,810  
  9,943     

Clariant AG

     277,831  
  818     

Dufry AG (a)

     121,424  
  118     

EMS-Chemie Holding AG

     78,725  
  120     

Geberit AG

     52,820  
  26     

Givaudan SA

     60,058  
  1,536     

Julius Baer Group, Ltd.

     93,930  
  4,176     

Kuehne & Nagel International AG

     738,815  


  978     

LafargeHolcim, Ltd.

     55,083  
  830     

Lonza Group AG

     223,856  
  27,144     

Nestle SA

     2,333,740  
  15,078     

Novartis AG

     1,268,851  
  4,699     

Pargesa Holding SA

     407,005  
  987     

Partners Group Holding AG

     676,286  
  5,717     

Roche Holdings AG

     1,445,574  
  214     

SGS SA

     557,906  
  51     

Sika AG

     404,634  
  2,059     

Sonova Holding AG

     321,597  
  936     

Straumann Holding AG

     660,301  
  858     

Swiss Life Holding AG

     303,281  
  104     

Swisscom AG

     55,303  
  786     

The Swatch Group AG—Group I

     320,042  
  2,858     

The Swatch Group AG—Group N

     217,989  
  11,527     

UBS Group AG

     211,783  
  579     

Zurich Insurance Group AG

     176,041  
     

 

 

 
        12,446,618  
     

 

 

 
  

United Kingdom—12.70%

  
  60,470     

3i Group Plc

     744,452  
  23,235     

Admiral Group Plc

     626,700  
  40,562     

Anglo American Plc

     843,646  
  1,691     

Ashtead Group Plc

     45,355  
  6,057     

Associated British Foods Plc

     230,377  
  9,584     

AstraZeneca Plc

     661,348  
  148,847     

Auto Trader Group Plc

     707,492  
  13,171     

Aviva Plc

     89,830  
  30,088     

Barratt Developments Plc

     262,471  
  4,818     

Berkeley Group Holdings Plc

     272,534  
  13,920     

BHP Billiton Plc

     281,467  
  33,470     

BP Plc

     234,801  
  13,422     

British American Tobacco Plc

     907,309  
  26,654     

British Sky Broadcasting Group Plc

     363,754  
  39,713     

Burberry Group Plc

     957,472  
  3,940     

Carnival Plc

     259,234  
  118,877     

Centrica Plc

     220,368  
  1,550     

Coca-Cola European Partners Plc (b)

     61,767  
  11,553     

Coca-Cola HBC AG

     377,298  
  6,056     

Compass Group Plc

     130,580  
  914     

Croda International Plc

     54,486  
  14,974     

Diageo Plc

     548,861  
  30,012     

GlaxoSmithKline Plc

     531,487  
  38,321     

Hargreaves Lansdown Plc

     930,654  
  108,719     

HSBC Holdings Plc

     1,122,855  
  5,797     

Imperial Brands Plc

     247,268  
  6,912     

InterContinental Hotels Group Plc

     439,635  
  67,627     

International Consolidated Airlines Group SA

     586,062  
  5,009     

Intertek Group Plc

     350,297  
  184,724     

J. Sainsbury Plc

     601,521  
  64,899     

Kingfisher Plc

     296,330  
  78,421     

Legal & General Group Plc

     288,713  
  319,883     

Lloyds Banking Group Plc

     293,327  
  6,123     

London Stock Exchange Group Plc

     313,171  


  133,134     

Marks & Spencer Group Plc

     564,836  
  39,442     

Mediclinic International Plc

     345,182  
  16,949     

Meggitt Plc

     110,056  
  10,390     

Merlin Entertainments Plc

     50,901  
  1,675     

Micro Focus International Plc

     56,928  
  3,581     

Mondi Plc

     93,065  
  9,580     

Next Plc

     583,893  
  46,315     

Old Mutual Plc

     144,887  
  4,228     

Pearson Plc

     41,882  
  10,020     

Persimmon Plc

     370,410  
  22,351     

Prudential Plc

     572,415  
  26,642     

RELX Plc

     624,706  
  10,687     

Rio Tinto Plc

     560,613  
  7,516     

Rolls-Royce Holdings Plc (a)

     85,778  
  21,844     

Royal Dutch Shell Plc—Class A

     729,221  
  14,245     

Royal Dutch Shell Plc—Class B

     479,686  
  201,378     

Royal Mail Plc

     1,230,337  
  2,670     

Schroders Plc

     126,387  
  34,251     

Smith & Nephew Plc

     592,648  
  10,632     

Smiths Group Plc

     213,378  
  5,479     

St. James’s Place Plc

     90,514  
  67,214     

Taylor Wimpey Plc

     187,003  
  118,138     

Tesco Plc

     334,227  
  46,551     

The Sage Group Plc

     500,445  
  6,204     

Travis Perkins Plc

     131,257  
  15,840     

Unilever Plc

     878,582  
  160,012     

Vodafone Group Plc

     505,796  
  191,092     

Wm Morrison Supermarkets Plc

     567,347  
  17,451     

Worldpay Group Plc

     100,144  
     

 

 

 
        25,755,446  
     

 

 

 
  

Total Common Stocks (Cost $160,706,934)

     193,702,983  
     

 

 

 
  

INVESTMENT COMPANIES—2.57%

  
  

Canada—0.22%

  
  15,206     

iShares MSCI Canada ETF (b)

     450,706  
     

 

 

 
  

Switzerland—2.35%

  
  67,647     

iShares MSCI EAFE ETF

     4,756,260  
     

 

 

 
  

Total Investment Companies (Cost $4,839,814)

     5,206,966  
     

 

 

 
  

PARTICIPATORY NOTES—0.03%

  
  

Switzerland—0.03%

  
  268     

Schindler Holdings AG

     61,637  
     

 

 

 
  

Total Participatory Notes (Cost $60,588)

     61,637  
     

 

 

 
  

PREFERRED STOCKS—0.19%

  
  

Germany—0.19%

  
  6,028     

FUCHS PETROLUB SE—Preference Shares

     319,186  
  3,645     

Schaeffler AG

     64,314  
     

 

 

 
        383,500  
     

 

 

 
  

United Kingdom—0.00%

  
  345,736     

Rolls-Royce Holdings Plc (a)(d)(e)

     467  
     

 

 

 
  

Total Preferred Stocks (Cost $338,261)

     383,967  
     

 

 

 


  

REAL ESTATE INVESTMENT TRUSTS—0.42%

  
  

Australia—0.09%

  
  27,683     

Goodman Group

     181,393  
     

 

 

 
  

Hong Kong—0.08%

  
  16,472     

Link Real Estate Investment Trust

     152,396  
     

 

 

 
  

Singapore—0.11%

  
  50,656     

Ascendas Real Estate Investment Trust

     102,809  
  88,025     

CapitaLand Commercial Trust

     126,793  
     

 

 

 
        229,602  
     

 

 

 
  

United Kingdom—0.14%

  
  35,646     

Segro Plc

     282,156  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $802,545)

     845,547  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.50%

  
  

Money Market Funds—0.50%

  
  1,015,830     

Deutsche Government Money Market Series—Institutional Shares
Effective Yield, 1.29% (c)

     1,015,830  
     

 

 

 
  

Total Short Term Investments (Cost $1,015,830)

     1,015,830  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—0.90%

  
  

Investments Purchased with Proceeds from Securities Lending Collateral—0.90%

  
  1,828,570     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.61% (c)

     1,828,570  
     

 

 

 
  

Total Investments Purchased with Proceeds from Securities Lending (Cost $1,828,570)

     1,828,570  
     

 

 

 
  

Total Investments (Cost $169,592,542)—100.13%

     203,045,500  
  

Liabilities in Excess of Other Assets—(0.13)%

     (255,957
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 202,789,543  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR  American Depositary Receipt

 

(a) Non-income producing security.
(b) All or portion of this security is on loan.
(c) Seven-day yield as of December 31, 2017.
(d) This security was fair valued in good faith by the Adviser’s Valuation Committee. The aggregate value of this security at December 31, 2017 was $467, which represents 0.00% of net assets.
(e) Value determined using significant unobservable inputs.


GuideMark® World ex-US Fund

Schedule of Investments by Industry (Unaudited)

December 31, 2017

 

COMMON STOCKS

  

Aerospace & Defense

     0.72

Air Freight & Logistics

     1.01

Airlines

     1.09

Auto Components

     1.22

Automobiles

     1.82

Banks

     9.83

Beverages

     1.76

Biotechnology

     0.31

Building Products

     0.19

Capital Markets

     2.57

Chemicals

     3.37

Commercial Services & Supplies

     0.14

Communications Equipment

     0.20

Construction & Engineering

     1.41

Construction Materials

     0.39

Consumer Finance

     0.28

Containers & Packaging

     0.17

Distributors

     0.10

Diversified Consumer Services

     0.10

Diversified Financial Services

     1.97

Diversified Telecommunication Services

     1.53

Electric Utilities

     1.23

Electrical Equipment

     0.70

Electronic Equipment, Instruments & Components

     1.67

Food & Staples Retailing

     3.75

Food Products

     3.64

Gas Utilities

     0.18

Health Care Equipment & Supplies

     2.26

Health Care Providers & Services

     0.79

Health Care Technology

     0.10

Hotels, Restaurants & Leisure

     1.99

Household Durables

     1.40

Household Products

     0.72

Independent Power and Renewable Electricity Producers

     0.15

Industrial Conglomerates

     0.68

Insurance

     5.33

Internet & Direct Marketing Retail

     0.62

Internet Software & Services

     1.19

IT Services

     1.58

Leisure Products

     0.43

Life Sciences Tools & Services

     0.20

Machinery

     1.93

Marine

     0.36

Media

     1.31

Metals & Mining

     3.17

Multiline Retail

     1.17

Multi-Utilities

     0.45

Oil, Gas & Consumable Fuels

     2.62

Paper & Forest Products

     0.68

Personal Products

     1.39

Pharmaceuticals

     5.35

Professional Services

     1.64

Real Estate Management & Development

     1.91

Road & Rail

     0.56


Semiconductors & Semiconductor Equipment

     1.23

Software

     2.29

Specialty Retail

     2.23

Technology Hardware, Storage & Peripherals

     0.56

Textiles, Apparel & Luxury Goods

     3.12

Tobacco

     0.75

Trading Companies & Distributors

     2.38

Transportation Infrastructure

     0.69

Wireless Telecommunication Services

     0.94
  

 

 

 

TOTAL COMMON STOCKS

     95.52
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     2.57
  

 

 

 

TOTAL INVESTMENT COMPANIES

     2.57
  

 

 

 

PARTICIPATORY NOTES

  

Machinery

     0.03
  

 

 

 

TOTAL PARTICIPATORY NOTES

     0.03
  

 

 

 

PREFERRED STOCKS

  

Aerospace & Defense

     0.00

Auto Components

     0.03

Chemicals

     0.16
  

 

 

 

TOTAL PREFERRED STOCKS

     0.19
  

 

 

 

REAL ESTATE INVESTMENT TRUSTS

  

Real Estate Investment Trusts

     0.42
  

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.42
  

 

 

 

SHORT TERM INVESTMENTS

  

Money Market Funds

     0.50
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.50
  

 

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

  

Investments Purchased with Proceeds from Securities Lending Collateral

     0.90
  

 

 

 

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

     0.90
  

 

 

 

TOTAL INVESTMENTS

     100.13

Liabilities in Excess of Other Assets

     (0.13 )% 
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.


GuideMark® Core Fixed Income Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Principal
Amount
          Value  
  

ASSET BACKED SECURITIES—13.11%

  
  395,000     

AIMCO CLO

  
  

Series 2015-A, 2.572% (3 Month LIBOR USD + 0.850%), 01/15/2028 (b)(f)

   $ 395,000  
  510,000     

Ally Auto Receivables Trust

  
  

Series 2017-4, 1.750%, 12/15/2021

     506,097  
  

AmeriCredit Automobile Receivables Trust

  
  250,000     

Series 2016-4, 1.530%, 07/08/2021

     248,427  
  320,000     

Series 2017-3-A3, 1.900%, 03/18/2022

     318,026  
  392,000     

AMMC CLO 21 Ltd.

  
  

Series 2017-21A, 2.637% (3 Month LIBOR USD + 1.250%), 11/02/2030 (b)(f)

     394,555  
  352,569     

Apidos CLO XII

  
  

Series 2013-12A, 2.459% (3 Month LIBOR USD + 1.100%), 04/15/2025 (b)(f)

     353,695  
  270,000     

Atlas Senior Loan Fund VI Ltd.

  
  

Series 2014-6A, 2.609% (3 Month LIBOR USD + 1.250%), 10/15/2026 (b)(f)

     271,041  
  400,000     

Atrium XII

  
  

Series 2015-12A, 2.203% (3 Month LIBOR USD + 0.830%), 04/22/2027 (b)(f)

     400,488  
  

Babson CLO Ltd.

  
  575,000     

Series 2013-IA, 2.545% (3 Month LIBOR USD + 0.800%), 01/20/2028 (b)(f)

     575,000  
  250,000     

Series 2014-IIIA, 2.679% (3 Month LIBOR USD + 1.320%), 01/15/2026 (b)(f)

     250,343  
  250,000     

Series 2015-IIA, 2.553% (3 Month LIBOR USD + 1.190%), 10/20/2030 (b)(f)

     251,863  
  315,000     

BMW Vehicle Lease Trust

  
  

Series 2017-2, 2.070%, 10/20/2020

     314,533  
  385,000     

Bristol Park CLO Ltd.

  
  

Series 2016-1, 2.779% (3 Month LIBOR USD + 1.420%), 04/15/2029 (b)(f)

     388,748  
  735,000     

Capital One Multi-Asset Execution Trust

  
  

Series 2016-3A, 1.340%, 04/15/2022

     727,672  
  250,000     

Carlyle Global Market Strategies CLO Ltd.

  
  

Series 2013-3A, 2.459% (3 Month LIBOR USD + 1.100%), 10/15/2030 (b)(f)

     250,000  
  645,000     

Chase Issuance Trust

  
  

Series 2016-2, 1.370%, 06/15/2021

     638,930  
  

CIFC Funding Ltd.

  
  365,000     

Series 2013-IR, 2.609% (3 Month LIBOR USD + 1.250%), 07/15/2030 (b)(f)

     365,493  
  390,000     

Series 2013-IIR, 2.564% (3 Month LIBOR USD + 1.210%), 10/18/2030 (b)(f)

     392,937  
  250,000     

Series 2015-IR, 2.473% (3 Month LIBOR USD + 1.110%), 01/22/2031 (b)(f)

     250,000  
  23,813     

CIG AUTO RECEIVABLES TRUST

  
  

Series 2017-1, 2.710%, 05/15/2023 (b)

     23,780  
  100,000     

Conn Funding II LP

  
  

Series 2017-B, 2.730%, 07/15/2020 (b)(h)

     100,017  
  270,000     

Dryden 38 Senior Loan Fund

  
  

Series 2015-38A, 2.789% (3 Month LIBOR USD + 1.430%), 07/15/2027 (b)(f)

     271,109  
  280,000     

Dryden 50 Senior Loan Fund

  
  

Series 2017-50, 2.477% (3 Month LIBOR USD + 1.220%), 07/15/2030 (b)(f)

     281,558  
  300,000     

Ford Credit Auto Lease Trust

  
  

Series 2017-B, 2.030%, 12/15/2020

     298,889  
  485,000     

Ford Credit Auto Owner Trust

  
  

Series 2015-A, 2.030%, 08/15/2020

     484,919  
  295,000     

Galaxy XXII CLO, Ltd.

  
  

Series 2016-22A, 2.800%, 07/16/2028 (b)

     295,677  
  100,000     

GCO Education Loan Funding Trust

  
  

Series 2006-1, 1.692% (3 Month LIBOR USD + 0.230%), 05/25/2036 (f)

     93,454  


  570,000     

GM Financial Automobile Leasing Trust

  
  

Series 2017-1, 2.060%, 05/20/2020

     569,532  
  300,000     

GTP Acquisition Partners I LLC

  
  

Series 2015-2, 3.482%, 06/15/2050 (b)

     297,729  
  

KKR Financial CLO Ltd.

  
  340,000     

Series 2016-16, 2.853% (3 Month LIBOR USD + 1.490%), 01/22/2029 (b)(f)

     341,029  
  250,000     

Series 2013-IA, 2.649% (3 Month LIBOR USD + 1.290%), 04/15/2029 (b)(f)

     252,078  
  400,000     

Series 2015-11, 2.539% (3 Month LIBOR USD + 1.180%), 01/15/2031 (b)(f)

     400,520  
  320,000     

LCM XXII Ltd.

  
  

Series 2017-22A, 2.843% (3 Month LIBOR USD + 1.480%), 10/20/2028 (b)(f)

     325,261  
  250,000     

LCM XXV Ltd.

  
  

Series 2017-25A, 2.524% (3 Month LIBOR USD + 1.210%), 07/20/2030 (b)(f)

     252,178  
  100,000     

Lendmark Funding Trust

  
  

Series 2016-A, 3.260%, 04/21/2025 (b)(h)

     100,484  
  261,000     

Madison Park Funding XI, Ltd.

  
  

Series 2013-11A, 2.523% (3 Month LIBOR USD + 1.160%), 07/23/2029 (b)(f)

     261,852  
  401,000     

Neuberger Berman CLO XVI-S Ltd.

  
  

Series 2017-16SA, 2.572% (3 Month LIBOR USD + 0.850%), 01/15/2028 (b)(f)

     401,000  
  

NRZ Advance Receivables Trust

  
  147,000     

Series 2016-T2, 2.575%, 10/15/2049 (b)

     145,780  
  136,000     

Series 2016-T4, 3.107%, 12/15/2050 (b)

     135,394  
  120,000     

Series 2017-T1, 3.214%, 02/15/2051 (b)

     120,263  
  275,000     

OCP CLO Ltd.

  
  

Series 2015-8R, 2.203% (3 Month LIBOR USD + 0.850%), 04/17/2027 (b)(f)

     275,244  
  362,577     

Octagon Investment Partners XVI Ltd.

  
  

Series 2013-1A, 2.473% (3 Month LIBOR USD + 1.120%), 07/17/2025 (b)(f)

     363,642  
  250,000     

Octagon Investment Partners XXI Ltd.

  
  

Series 2014-1A, 2.763% (3 Month LIBOR USD + 1.350%), 11/16/2026 (b)(f)

     251,386  
  246,273     

OHA Credit Partners VIII, Ltd.

  
  

Series 2013-8A, 2.483% (3 Month LIBOR USD + 1.120%), 04/20/2025 (b)(f)

     247,190  
  120,000     

OneMain Financial Issuance Trust

  
  

Series 2017-1-A1, 2.370%, 09/14/2032 (b)

     119,002  
  450,000     

OZLM Funding V Ltd.

  
  

Series 2013-5A, 2.483% (3 Month LIBOR USD + 1.130%), 01/17/2026 (b)(f)

     450,084  
  300,000     

OZLM XII Ltd.

  
  

Series 2015-12A, 2.828% (3 Month LIBOR USD + 1.450%), 04/30/2027 (b)(f)

     301,448  
  43,246     

Prestige Auto Receivables Trust

  
  

Series 2014-1A, 1.910%, 04/15/2020 (b)

     43,248  
  10,565     

Santander Drive Auto Receivables Trust

  
  

Series 2015-2, 1.830%, 01/15/2020

     10,565  
  250,000     

Shackleton

  
  

Series 2014-6A, 2.513% (3 Month LIBOR USD + 1.160%), 07/17/2026 (b)(f)

     250,500  
  54,790     

SoFi Consumer Loan Program LLC

  
  

Series 2016-2, 3.090%, 10/27/2025 (b)(h)

     55,726  
  255,000     

Sound Point CLO IV Ltd.

  
  

Series 2013-3A, 2.463% (3 Month LIBOR USD + 1.100%), 01/21/2026 (b)(f)

     255,047  
  401,000     

Sound Point CLO XVIII Ltd.

  
  

Series 2018-18A, 2.864% (3 Month LIBOR USD + 1.120%), 01/21/2031 (b)(f)

     401,000  
  125,000     

Springleaf Funding Trust

  
  

Series 2017-A, 2.680%, 07/15/2030 (b)

     124,033  
  

Voya CLO Ltd.

  
  400,000     

Series 2014-3A, 2.236% (3 Month LIBOR USD + 0.720%), 07/25/2026 (b)(f)

     400,000  
  480,000     

Series 2015-1A, 2.404% (3 Month LIBOR USD + 0.900%), 01/18/2029 (b)(f)

     480,000  
  80,000     

Wendys Funding LLC

  
  

Series 2018-1, 3.884%, 03/15/2048 (b)(h)

     80,156  
  230,000     

World Omni Auto Receivables Trust

  
  

Series 2017-B, 1.950%, 02/15/2023

     228,128  


  400,000     

Z Capital Credit Partners CLO Ltd.

  
  

Series 2015-1A, 2.672% (3 Month LIBOR USD + 0.950%), 07/16/2027 (b)(f)

     400,000  
     

 

 

 
  

Total Asset Backed Securities (Cost $17,506,562)

     17,481,750  
     

 

 

 
  

COLLATERALIZED MORTGAGE OBLIGATIONS—9.05%

  
  230,000     

Ajax Mortgage Loan Trust

  
  

Series 2017-B, 3.163%, 09/25/2056 (a)(b)

     229,999  
  

Angel Oak Mortgage Trust LLC

  
  47,812     

Series 2017-2, 2.478%, 07/25/2047 (a)(b)

     47,509  
  31,881     

Series 2017-1, 2.810%, 01/25/2047 (a)(b)

     31,741  
  48,715     

Series 2017-3, 2.708%, 11/25/2047 (a)(b)

     48,474  
  

BANK 2017-BNK9

  
  110,000     

Series 2017-BNK8, 3.488%, 11/17/2050

     113,054  
  384,000     

Series 2017-BNK9, 3.538%, 11/17/2054

     396,640  
  

Bayview Opportunity Master Fund

  
  90,629     

Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(b)

     92,157  
  103,802     

Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(b)

     107,425  
  88,245     

Series 2017-SPL3, 4.000%, 11/28/2053 (a)(b)

     91,327  
  125,342     

Series 2017-RT4A, 3.500%, 07/28/2057 (a)(b)

     128,242  
  93,694     

Series 2017-RT3A, 3.500%, 01/28/2058 (a)(b)

     95,938  
  126,729     

Series 2017-RT6, 3.500%, 10/28/2057 (b)

     129,640  
  

BBCMS Mortgage Trust

  
  132,000     

Series 2017-DELC, 2.327% (1 Month LIBOR USD + 0.850%), 08/15/2036 (b)(f)

     132,380  
  96,000     

Series 2017-C1, 3.674%, 02/17/2050

     100,411  
  92,000     

CD Mortgage Trust

  
  

Series 2017-CD4, 3.514%, 05/12/2050 (a)

     95,277  
  153,000     

CFCRE Commercial Mortgage Trust

  
  

Series 2017-C8, 3.572%, 06/17/2050

     156,773  
  52,607     

Chase Mortgage Finance Trust

  
  

Series 2007-A1, 3.625%, 02/25/2037 (a)

     51,414  
  119,368     

CIM Trust

  
  

Series 2017-7, 3.000%, 04/25/2057 (a)(b)

     120,035  
  

Citigroup Commercial Mortgage Trust

  
  407,000     

Series 2016-P4, 2.902%, 07/12/2049

     402,834  
  383,000     

Series 2016-P6, 3.720%, 12/10/2049 (a)

     402,848  
  66,528     

COLT Mortgage Loan Trust

  
  

Series 2017-1, 2.614%, 05/27/2047 (a)(b)

     66,737  
  120,000     

COMM Mortgage Trust

  
  

Series 2013-300P, 4.353%, 08/12/2030 (b)

     128,746  
  

CHL Mortgage Pass-Through Trust

  
  12,765     

Series 2004-HYB6, 3.484%, 11/20/2034 (a)

     13,049  
  87,527     

Series 2005-11, 2.152% (1 Month LIBOR USD + 0.600%), 03/25/2035 (f)

     81,110  
  47,952     

CSMC Trust

  
  

Series 2017-FHA1, 3.250%, 04/25/2047 (a)(b)

     48,492  
  394,000     

DBJPM Mortgage Trust

  
  

Series 2016-C3, 2.890%, 08/12/2049

     389,541  
  94,899     

Deephaven Residential Mortgage Trust

  
  

Series 2017-3, 2.577%, 10/25/2047 (a)(b)

     95,131  
  118,763     

Finance of America Structured Securities Trust

  
  

Series 2017-HBI, 2.321%, 11/25/2027 (a)(b)(j)(k)

     118,763  
  390,375     

Four Times Square Trust

  
  

Series 2006-4TS, 5.401%, 12/13/2028 (b)

     418,849  
  

FREMF Mortgage Trust

  
  30,000     

Series 2017-K728, 3.647%, 09/25/2024 (a)(b)

     30,395  
  220,000     

Series 2017-K729, 3.675%, 11/25/2024 (a)(b)

     218,782  


  20,000     

Series 2017-K68, 3.844%, 08/25/2027 (a)(b)

     20,290  
  45,000     

Series 2017-K69, 3.726%, 09/25/2027 (a)(b)

     44,391  
  195,000     

Series 2017-K71, 3.753%, 11/25/2027 (a)(b)

     193,341  
  34,000     

Series 2017-K66, 4.034%, 07/25/2027 (a)(b)

     34,884  
  20,000     

Series 2017-K67, 3.944%, 08/25/2027 (a)(b)

     20,163  
  51,000     

Series 2016-K722, 3.835%, 07/25/2049 (a)(b)

     51,971  
  45,000     

Series 2017-K726, 3.972%, 07/25/2049 (a)(b)

     45,694  
  15,000     

Series 2017-K64, 3.980%, 05/25/2050 (a)(b)

     15,213  
  40,000     

Series 2017-K65, 4.073%, 07/25/2050 (a)(b)

     41,227  
  

GS Mortgage Securities Trust

  
  145,000     

Series 2012-ALOH, 3.551%, 04/12/2034 (b)

     149,655  
  145,000     

Series 2012-BWTR, 2.954%, 11/07/2034 (b)

     144,668  
  35,000     

Series 2015-GC34, 3.506%, 10/13/2048

     36,069  
  370,000     

Series 2016-GS4, 3.442%, 11/15/2049 (a)

     381,184  
  705,000     

JPMBB Commercial Mortgage Securities Trust

  
  

Series 2013-C12, 3.157%, 07/17/2045

     716,382  
  451,000     

JPMDB Commercial Mortgage Securities Trust

  
  

Series 2017-C7, 3.409%, 10/17/2050

     463,951  
  383,401     

Mill City Mortgage Loan Trust

  
  

Series 2017-3, 2.750%, 01/25/2061 (a)(b)

     383,883  
  403,000     

Morgan Stanley Bank of America Merrill Lynch Trust

  
  

Series 2016-C30, 2.860%, 09/17/2049

     396,382  
  

Morgan Stanley Capital I Trust

  
  247,712     

Series 2003-NC10, 2.572% (1 Month LIBOR USD + 1.020%), 10/25/2033 (h)(f)

     245,946  
  185,000     

Series 2014-MP, 3.469%, 08/11/2033 (b)

     189,554  
  152,000     

Series 2017-H1, 3.530%, 06/17/2050

     157,458  
  

New Residential Mortgage Loan Trust

  
  126,714     

Series 2016-2, 3.750%, 11/25/2035 (a)(b)

     130,048  
  100,893     

Series 2016-4, 3.750%, 11/25/2056 (a)(b)

     103,493  
  174,621     

Series 2017-1, 4.000%, 02/25/2057 (a)(b)

     180,679  
  154,960     

Series 2017-2, 4.000%, 03/25/2057 (a)(b)

     161,012  
  87,105     

Series 2017-3, 4.000%, 04/25/2057 (a)(b)

     90,134  
  99,778     

Series 2017-4, 4.000%, 05/25/2057 (a)(b)

     103,362  
  117,705     

Series 2017-5, 3.052% (1 Month LIBOR USD + 1.500%), 06/25/2057 (b)(f)

     121,088  
  123,112     

Series 2017-6, 4.000%, 08/25/2057 (a)(b)

     126,897  
  130,000     

OBP Depositor LLC Trust

  
  

Series 2010-OBP, 4.646%, 07/17/2045 (b)

     135,992  
  

SBA Tower Trust

  
  210,000     

Series 2013-1-2, 3.598%, 04/15/2043 (b)

     209,922  
  155,000     

Series 2014-1-2, 2.898%, 10/15/2044 (b)

     155,439  
  90,000     

Series 2017-1, 3.168%, 04/15/2047 (b)

     89,680  
  75,000     

SG Commercial Mortgage Securities Trust

  
  

Series 2016-C5, 3.055%, 10/13/2048

     74,122  
  

Towd Point Mortgage Trust

  
  230,929     

Series 2015-6, 2.750%, 04/25/2055 (a)(b)

     231,262  
  88,600     

Series 2016-2, 2.750%, 08/25/2055 (a)(b)

     88,796  
  102,239     

Series 2016-3, 2.250%, 08/25/2055 (a)(b)

     101,517  
  197,397     

Series 2017-1, 2.750%, 10/25/2056 (a)(b)

     197,637  
  112,720     

Series 2017-5, 2.152% (1 Month LIBOR USD + 0.600%), 02/26/2057 (b)(f)

     113,139  
  87,304     

Series 2017-2, 2.750%, 04/25/2057 (a)(b)

     87,348  
  92,608     

Series 2017-3, 2.750%, 06/25/2057 (a)(b)

     92,689  
  104,828     

Series 2017-4, 2.750%, 06/25/2057 (a)(b)

     104,655  
  98,745     

Series 2017-6, 2.750%, 10/25/2057 (a)(b)

     98,755  
  380,000     

Wells Fargo Commercial Mortgage Trust

  
  

Series 2017-RB1, 3.635%, 03/17/2050

     396,082  
  540,000     

Wells Fargo-RBS Commercial Mortgage Trust

  
  

Series 2014-C19, 3.660%, 03/15/2047

     554,258  
     

 

 

 
  

Total Collateralized Mortgage Obligations (Cost $12,068,748)

     12,064,025  
     

 

 

 


  

CORPORATE OBLIGATIONS—27.77%

  
  

Aerospace & Defense—0.03%

  
  45,000     

Lockheed Martin Corp.

  
  

4.090%, 09/15/2052

     47,327  
     

 

 

 
  

Air Freight & Logistics—0.13%

  
  

FedEx Corp.

  
  50,000     

4.100%, 02/01/2045

     51,752  
  15,000     

4.550%, 04/01/2046

     16,540  
  105,000     

4.400%, 01/15/2047

     112,504  
     

 

 

 
        180,796  
     

 

 

 
  

Airlines—0.07%

  
  90,000     

Delta Air Lines, Inc.

  
  

3.625%, 03/15/2022

     91,642  
     

 

 

 
  

Automobiles—0.43%

  
  135,000     

Ford Motor Co.

  
  

5.291%, 12/08/2046 (c)

     147,468  
  

General Motors Co.

  
  15,000     

6.250%, 10/02/2043

     17,828  
  175,000     

6.750%, 04/01/2046

     221,113  
  130,000     

5.400%, 04/01/2048

     142,342  
  50,000     

Nissan Motor Acceptance Corp.

  
  

2.150%, 09/28/2020 (b)

     49,607  
     

 

 

 
        578,358  
     

 

 

 
  

Banks—6.45%

  
  200,000     

Banco Santander SA

  
  

3.800%, 02/23/2028

     200,446  
  

Bank of America Corp.

  
  20,000     

2.625%, 04/19/2021

     20,111  
  100,000     

2.369% (3 Month LIBOR USD + 0.660%), 07/21/2021 (f)

     99,862  
  35,000     

2.503%, 10/21/2022

     34,651  
  545,000     

3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (f)

     553,164  
  190,000     

4.100%, 07/24/2023

     201,922  
  45,000     

4.000%, 01/22/2025

     46,859  
  85,000     

4.183%, 11/25/2027

     88,927  
  85,000     

3.705% (3 Month LIBOR USD + 1.510%), 04/24/2028 (c)(f)

     87,346  
  100,000     

6.110%, 01/29/2037

     128,236  
  445,000     

5.000%, 01/21/2044

     538,811  
  

Citigroup, Inc.

  
  240,000     

2.700%, 10/27/2022

     237,702  
  55,000     

2.522% (3 Month LIBOR USD + 1.100%), 05/17/2024 (f)

     55,888  
  360,000     

3.700%, 01/12/2026

     371,265  
  45,000     

3.200%, 10/21/2026

     44,699  
  235,000     

4.300%, 11/20/2026

     246,198  
  75,000     

4.450%, 09/29/2027

     79,497  
  325,000     

3.887% (3 Month LIBOR USD + 1.560%), 01/10/2028 (f)

     336,785  
  35,000     

3.520% (3 Month LIBOR USD + 1.150%), 10/27/2028 (f)

     35,238  
  

Deutsche Bank AG

  
  205,000     

2.700%, 07/13/2020

     204,120  
  100,000     

3.300%, 11/16/2022

     99,601  
  280,000     

European Investment Bank

  
  

2.375%, 06/15/2022

     280,547  
  120,000     

Fifth Third Bancorp

  
  

2.875%, 07/27/2020

     121,341  


  570,000     

HSBC Holdings Plc

  
  

3.262% (3 Month LIBOR USD + 1.060%), 03/13/2023 (f)

     578,273  
  

JPMorgan Chase & Co.

  
  80,000     

2.595% (3 Month LIBOR USD + 1.230%), 10/24/2023 (f)

     82,135  
  225,000     

3.220% (3 Month LIBOR USD + 1.160%), 03/01/2025 (f)

     226,944  
  170,000     

3.300%, 04/01/2026

     171,520  
  90,000     

2.950%, 10/01/2026

     88,503  
  310,000     

3.782% (3 Month LIBOR USD + 1.340%), 02/01/2028 (f)

     321,607  
  240,000     

3.882% (3 Month LIBOR USD + 1.360%), 07/24/2038 (f)

     247,221  
  

Royal Bank of Canada

  
  185,000     

2.125%, 03/02/2020

     184,503  
  120,000     

2.150%, 10/26/2020

     119,273  
  235,000     

Santander Holdings USA, Inc.

  
  

3.700%, 03/28/2022 (b)

     238,055  
  385,000     

The Bank of Nova Scotia

  
  

2.125%, 09/11/2019

     384,681  
  200,000     

UBS AG

  
  

2.450%, 12/01/2020 (b)

     199,509  
  

Wells Fargo & Co.

  
  195,000     

2.150%, 01/30/2020

     194,631  
  160,000     

2.550%, 12/07/2020

     160,716  
  150,000     

2.625%, 07/22/2022

     149,289  
  120,000     

3.000%, 04/22/2026

     117,860  
  135,000     

3.000%, 10/23/2026

     132,473  
  390,000     

3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (f)

     398,062  
  206,000     

5.606%, 01/15/2044

     254,545  
  105,000     

4.400%, 06/14/2046

     111,012  
  115,000     

4.750%, 12/07/2046

     128,845  
     

 

 

 
        8,602,873  
     

 

 

 
  

Beverages—0.23%

  
  65,000     

Anheuser—Busch InBev Worldwide, Inc.

  
  

8.200%, 01/15/2039

     103,692  
  

Constellation Brands, Inc.

  
  115,000     

2.700%, 05/09/2022

     114,554  
  80,000     

2.650%, 11/07/2022

     79,239  
  5,000     

4.500%, 05/09/2047

     5,507  
     

 

 

 
        302,992  
     

 

 

 
  

Biotechnology—0.19%

  
  

Amgen, Inc.

  
  45,000     

2.650%, 05/11/2022

     44,925  
  125,000     

4.400%, 05/01/2045 (c)

     136,556  
  80,000     

Gilead Sciences, Inc.

  
  

2.500%, 09/01/2023

     79,040  
     

 

 

 
        260,521  
     

 

 

 
  

Capital Markets—2.67%

  
  90,000     

Bear Stearns Companies, Inc.

  
  

7.250%, 02/01/2018

     90,373  
  

Morgan Stanley

  
  75,000     

2.625%, 11/17/2021

     74,699  
  35,000     

2.750%, 05/19/2022

     34,893  
  350,000     

3.700%, 10/23/2024

     361,990  
  190,000     

3.125%, 07/27/2026

     187,612  
  40,000     

4.350%, 09/08/2026

     41,990  
  50,000     

3.950%, 04/23/2027

     50,872  
  580,000     

3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (c)(f)

     586,045  
  15,000     

3.971% (3 Month LIBOR USD + 1.460%), 07/22/2038 (f)

     15,586  


  155,000     

The Bank of New York Mellon Corp.

  
  

2.661% (3 Month LIBOR USD + 0.630%), 05/16/2023 (f)

     155,013  
  

The Goldman Sachs Group, Inc.

  
  95,000     

2.750%, 09/15/2020

     95,535  
  80,000     

2.600%, 12/27/2020

     80,048  
  35,000     

2.875%, 02/25/2021

     35,284  
  50,000     

2.350%, 11/15/2021

     49,287  
  275,000     

2.876% (3 Month LIBOR USD + 0.820%), 10/31/2022 (f)

     274,360  
  390,000     

2.908% (3 Month LIBOR USD + 1.050%), 06/05/2023 (c)(f)

     387,806  
  55,000     

2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (f)

     54,674  
  155,000     

4.000%, 03/03/2024

     162,750  
  140,000     

3.500%, 01/23/2025

     142,345  
  150,000     

3.272% (3 Month LIBOR USD + 1.200%), 09/29/2025 (f)

     149,530  
  255,000     

3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (c)(f)

     258,994  
  140,000     

6.750%, 10/01/2037

     187,752  
  40,000     

6.250%, 02/01/2041

     54,015  
  5,000     

4.750%, 10/21/2045 (c)

     5,741  
  25,000     

Willis North America, Inc.

  
  

3.600%, 05/15/2024

     25,450  
     

 

 

 
        3,562,644  
     

 

 

 
  

Chemicals—0.03%

  
  45,000     

The Sherwin—Williams Co.

  
  

3.125%, 06/01/2024

     45,312  
     

 

 

 
  

Commercial Services & Supplies—0.15%

  
  150,000     

ERAC USA Finance LLC

  
  

7.000%, 10/15/2037 (b)

     201,188  
     

 

 

 
  

Communications Equipment—0.06%

  
  75,000     

QUALCOMM, Inc.

  
  

3.000%, 05/20/2022

     75,114  
     

 

 

 
  

Consumer Finance—0.40%

  
  

American Express Credit Corp.

  
  105,000     

1.875%, 05/03/2019

     104,599  
  90,000     

2.200%, 03/03/2020

     89,756  
  125,000     

John Deere Capital Corp.

  
  

1.950%, 06/22/2020

     124,158  
  

Toyota Motor Credit Corp.

  
  145,000     

2.125%, 07/18/2019

     145,037  
  70,000     

2.600%, 01/11/2022

     70,416  
     

 

 

 
        533,966  
     

 

 

 
  

Diversified Financial Services—0.99%

  
  

Anheuser—Busch InBev Finance, Inc.

  
  385,000     

3.650%, 02/01/2026

     397,987  
  95,000     

4.900%, 02/01/2046

     110,545  
  

BAT Capital Corp.

  
  180,000     

2.297%, 08/14/2020 (b)

     179,123  
  50,000     

4.390%, 08/15/2037 (b)

     52,676  
  40,000     

BAT International Finance Plc

  
  

2.750%, 06/15/2020 (b)

     40,219  
  75,000     

Caterpillar Financial Services Corp.

  
  

1.850%, 09/04/2020

     74,153  
  175,000     

Daimler Finance North America LLC

  
  

2.450%, 05/18/2020 (b)

     174,928  
  200,000     

Imperial Brands Finance Plc

  
  

3.750%, 07/21/2022 (b)

     206,889  


  30,000     

Kinder Morgan Finance Co. LLC

  
  

6.000%, 01/15/2018 (b)

     30,035  
  45,000     

Shell International Finance BV

  
  

4.375%, 05/11/2045

     50,723  
     

 

 

 
        1,317,278  
     

 

 

 
  

Diversified Telecommunication Services—1.63%

  
  

AT&T, Inc.

  
  175,000     

4.450%, 04/01/2024

     185,361  
  80,000     

3.400%, 08/14/2024

     80,527  
  300,000     

3.900%, 08/14/2027

     302,593  
  235,000     

4.500%, 05/15/2035

     234,304  
  125,000     

6.350%, 03/15/2040

     148,237  
  165,000     

4.750%, 05/15/2046

     161,999  
  145,000     

5.150%, 02/14/2050

     147,383  
  

Verizon Communications, Inc.

  
  355,000     

4.125%, 03/16/2027

     370,872  
  140,000     

4.500%, 08/10/2033

     147,250  
  20,000     

4.812%, 03/15/2039

     20,994  
  260,000     

4.862%, 08/21/2046

     271,885  
  105,000     

4.522%, 09/15/2048

     103,813  
  5,000     

4.672%, 03/15/2055

     4,848  
     

 

 

 
        2,180,066  
     

 

 

 
  

Electric Utilities—1.75%

  
  65,000     

Alabama Power Co.

  
  

2.450%, 03/30/2022

     64,631  
  45,000     

Duke Energy Carolinas LLC

  
  

2.500%, 03/15/2023

     44,630  
  

Duke Energy Corp.

  
  375,000     

3.550%, 09/15/2021

     387,325  
  145,000     

3.750%, 09/01/2046

     144,018  
  60,000     

Duke Energy Florida LLC

  
  

3.400%, 10/01/2046

     58,292  
  60,000     

Duke Energy Indiana, Inc.

  
  

4.900%, 07/15/2043

     72,364  
  235,000     

Duke Energy Progress LLC

  
  

4.150%, 12/01/2044

     256,959  
  5,000     

Emera US Finance LP

  
  

4.750%, 06/15/2046

     5,496  
  185,000     

Exelon Corp.

  
  

2.450%, 04/15/2021

     184,306  
  220,000     

FirstEnergy Corp.

  
  

3.900%, 07/15/2027

     225,860  
  20,000     

Fortis, Inc.

  
  

2.100%, 10/04/2021

     19,540  
  85,000     

Georgia Power Co.

  
  

2.400%, 04/01/2021

     84,275  
  20,000     

Oncor Electric Delivery Co. LLC

  
  

7.000%, 09/01/2022

     23,656  
  

Pacific Gas & Electric Co.

  
  155,000     

6.050%, 03/01/2034

     195,691  
  180,000     

4.750%, 02/15/2044

     200,003  
  110,000     

Sierra Pacific Power Co.

  
  

2.600%, 05/01/2026

     106,411  
  31,000     

South Carolina Electric & Gas Co.

  
  

5.100%, 06/01/2065

     35,643  


  

The Southern Co.

  
  30,000     

1.850%, 07/01/2019

     29,829  
  155,000     

2.150%, 09/01/2019

     154,600  
  20,000     

2.950%, 07/01/2023

     20,035  
  25,000     

4.400%, 07/01/2046

     26,734  
     

 

 

 
        2,340,298  
     

 

 

 
  

Engineering & Construction—0.15%

  
  200,000     

Mexico City Airport Trust

  
  

3.875%, 04/30/2028 (b)

     198,000  
     

 

 

 
  

Food & Staples Retailing—0.46%

  
  

CVS Health Corp.

  
  220,000     

2.125%, 06/01/2021

     214,875  
  59,000     

3.875%, 07/20/2025

     60,858  
  165,000     

2.875%, 06/01/2026

     158,488  
  55,000     

5.125%, 07/20/2045

     63,279  
  40,000     

Sysco Corp.

  
  

2.500%, 07/15/2021

     39,925  
  80,000     

Wal—Mart Stores, Inc.

  
  

1.900%, 12/15/2020

     79,519  
     

 

 

 
        616,944  
     

 

 

 
  

Food Products—0.25%

  
  

Kraft Heinz Foods Co.

  
  55,000     

2.000%, 07/02/2018

     55,005  
  40,000     

2.800%, 07/02/2020

     40,254  
  185,000     

5.000%, 07/15/2035

     202,569  
  35,000     

4.375%, 06/01/2046

     34,809  
     

 

 

 
        332,637  
     

 

 

 
  

Gas Utilities—0.01%

  
  10,000     

Southern Co. Gas Capital Corp.

  
  

2.450%, 10/01/2023

     9,691  
     

 

 

 
  

Health Care Equipment & Supplies—0.53%

  
  75,000     

Abbott Laboratories

  
  

2.800%, 09/15/2020

     75,552  
  

Becton Dickinson and Co.

  
  205,000     

3.125%, 11/08/2021

     206,915  
  100,000     

3.363%, 06/06/2024

     100,420  
  

Medtronic, Inc.

  
  46,000     

4.375%, 03/15/2035

     51,953  
  65,000     

4.625%, 03/15/2045

     75,914  
  

Shire Acquisitions Investments Ireland Designated Activity Co.

  
  70,000     

2.400%, 09/23/2021

     68,959  
  125,000     

2.875%, 09/23/2023

     123,045  
     

 

 

 
        702,758  
     

 

 

 
  

Health Care Providers & Services—0.94%

  
  

Anthem, Inc.

  
  150,000     

2.500%, 11/21/2020

     149,791  
  200,000     

3.650%, 12/01/2027

     204,279  
  

Cardinal Health, Inc.

  
  20,000     

1.950%, 06/15/2018

     19,991  
  110,000     

2.616%, 06/15/2022

     108,274  
  215,000     

3.200%, 03/15/2023

     215,480  


  95,000     

Catholic Health Initiatives

  
  

2.600%, 08/01/2018

     95,316  
  

Cigna Corp.

  
  30,000     

3.050%, 10/15/2027

     29,529  
  25,000     

3.875%, 10/15/2047

     25,139  
  60,000     

Humana, Inc.

  
  

2.500%, 12/15/2020

     59,996  
  

UnitedHealth Group, Inc.

  
  55,000     

1.700%, 02/15/2019

     54,809  
  70,000     

3.350%, 07/15/2022

     72,330  
  135,000     

3.950%, 10/15/2042

     140,655  
  40,000     

4.750%, 07/15/2045

     47,364  
  10,000     

4.250%, 04/15/2047

     11,034  
  15,000     

3.750%, 10/15/2047

     15,345  
     

 

 

 
        1,249,332  
     

 

 

 
  

Hotels, Restaurants & Leisure—0.03%

  
  

McDonald’s Corp.

  
  20,000     

4.600%, 05/26/2045

     22,416  
  15,000     

4.875%, 12/09/2045

     17,446  
     

 

 

 
        39,862  
     

 

 

 
  

Industrial Conglomerates—0.15%

  
  195,000     

E. I. du Pont Nemours and Co.

  
  

2.200%, 05/01/2020

     194,894  
     

 

 

 
  

Insurance—0.36%

  
  105,000     

American International Group, Inc.

  
  

4.125%, 02/15/2024

     111,094  
  45,000     

CNA Financial Corp.

  
  

3.450%, 08/15/2027

     44,436  
  70,000     

Marsh & McLennan Cos., Inc.

  
  

4.050%, 10/15/2023

     73,826  
  13,000     

Massachusetts Mutual Life Insurance Co.

  
  

8.875%, 06/01/2039 (b)

     21,582  
  

New York Life Global Funding

  
  130,000     

1.950%, 02/11/2020 (b)

     129,196  
  40,000     

2.000%, 04/13/2021 (b)

     39,494  
  55,000     

Trinity Acquisition Plc

  
  

4.400%, 03/15/2026

     58,265  
     

 

 

 
        477,893  
     

 

 

 
  

Internet & Direct Marketing Retail—0.30%

  
  

Amazon.com, Inc.

  
  20,000     

1.900%, 08/21/2020 (b)

     19,849  
  15,000     

2.800%, 08/22/2024 (b)

     14,977  
  275,000     

3.875%, 08/22/2037 (b)

     292,799  
  60,000     

4.950%, 12/05/2044

     73,223  
     

 

 

 
        400,848  
     

 

 

 
  

Internet Software & Services—0.15%

  
  200,000     

Alibaba Group Holding Ltd.

  
  

3.400%, 12/06/2027 (c)

     200,201  
     

 

 

 
  

IT Services—0.29%

  
  

Visa, Inc.

  
  165,000     

2.800%, 12/14/2022

     167,529  
  160,000     

3.150%, 12/14/2025

     163,735  
  45,000     

4.300%, 12/14/2045

     51,336  
     

 

 

 
        382,600  
     

 

 

 


  

Life Sciences Tools & Services—0.13%

  
  

Thermo Fisher Scientific, Inc.

  
  160,000     

3.000%, 04/15/2023

     161,176  
  10,000     

2.950%, 09/19/2026

     9,736  
     

 

 

 
        170,912  
     

 

 

 
  

Machinery—0.03%

  
  35,000     

Fortive Corp.

  
  

2.350%, 06/15/2021

     34,722  
     

 

 

 
  

Media—1.66%

  
  175,000     

21st Century Fox America, Inc.

  
  

4.500%, 02/15/2021

     185,096  
  

Charter Communications Operating LLC / Charter Communications Operating Capital

  
  15,000     

3.579%, 07/23/2020

     15,289  
  115,000     

4.464%, 07/23/2022

     120,105  
  5,000     

4.908%, 07/23/2025

     5,324  
  230,000     

3.750%, 02/15/2028

     220,845  
  210,000     

6.484%, 10/23/2045

     245,690  
  235,000     

5.375%, 05/01/2047

     241,848  
  

Comcast Corp.

  
  15,000     

3.375%, 08/15/2025

     15,409  
  240,000     

3.150%, 03/01/2026

     242,035  
  50,000     

3.400%, 07/15/2046

     47,434  
  

Cox Communications, Inc.

  
  375,000     

3.250%, 12/15/2022 (b)

     376,165  
  80,000     

3.150%, 08/15/2024 (b)

     78,908  
  5,000     

3.350%, 09/15/2026 (b)

     4,895  
  

Discovery Communications, LLC

  
  45,000     

3.800%, 03/13/2024

     45,711  
  125,000     

4.900%, 03/11/2026 (c)

     133,571  
  28,000     

Scripps Networks Interactive, Inc.

  
  

3.950%, 06/15/2025

     28,434  
  

Time Warner Cable, Inc.

  
  30,000     

5.500%, 09/01/2041

     31,372  
  50,000     

4.500%, 09/15/2042

     47,081  
  60,000     

Time Warner, Inc.

  
  

2.950%, 07/15/2026

     56,854  
  

Viacom, Inc.

  
  55,000     

4.250%, 09/01/2023

     56,222  
  25,000     

4.375%, 03/15/2043

     21,720  
     

 

 

 
        2,220,008  
     

 

 

 
  

Metals & Mining—0.15%

  
  

Vale Overseas Ltd.

  
  65,000     

6.250%, 08/10/2026

     75,465  
  100,000     

6.875%, 11/10/2039

     123,125  
     

 

 

 
        198,590  
     

 

 

 
  

Multi—Utilities—0.45%

  
  175,000     

CenterPoint Energy, Inc.

  
  

2.500%, 09/01/2022

     172,555  
  

Dominion Energy, Inc.

  
  160,000     

2.579%, 07/01/2020

     160,163  
  240,000     

2.850%, 08/15/2026 (c)

     232,216  
  40,000     

DTE Energy Co.

  
  

1.500%, 10/01/2019

     39,382  
     

 

 

 
        604,316  
     

 

 

 


  

Oil, Gas & Consumable Fuels—2.86%

  
  

Anadarko Petroleum Corp.

  
  50,000     

8.700%, 03/15/2019

     53,624  
  15,000     

6.950%, 06/15/2019

     15,931  
  210,000     

3.450%, 07/15/2024

     209,435  
  45,000     

4.500%, 07/15/2044

     45,016  
  10,000     

6.600%, 03/15/2046

     12,909  
  5,000     

Andeavor Logistics LP

  
  

3.500%, 12/01/2022

     4,996  
  120,000     

Andeavor Logistics LP / Tesoro Logistics Finance Corp.

  
  

4.250%, 12/01/2027

     121,268  
  5,000     

Apache Corp.

  
  

4.250%, 01/15/2044

     4,863  
  

Canadian Natural Resources Ltd.

  
  80,000     

3.800%, 04/15/2024

     82,497  
  170,000     

3.900%, 02/01/2025

     175,286  
  25,000     

3.850%, 06/01/2027

     25,566  
  15,000     

6.500%, 02/15/2037

     19,091  
  10,000     

6.250%, 03/15/2038 (c)

     12,527  
  55,000     

Cenovus Energy, Inc.

  
  

4.250%, 04/15/2027

     54,972  
  20,000     

Concho Resources, Inc.

  
  

3.750%, 10/01/2027

     20,277  
  65,000     

ConocoPhillips Co.

  
  

4.950%, 03/15/2026

     73,903  
  160,000     

Devon Financing Co. LLC

  
  

7.875%, 09/30/2031

     220,157  
  45,000     

Enbridge, Inc.

  
  

3.700%, 07/15/2027

     45,278  
  280,000     

Encana Corp.

  
  

3.900%, 11/15/2021

     288,011  
  

Energy Transfer LP

  
  10,000     

5.950%, 10/01/2043

     10,668  
  105,000     

5.300%, 04/15/2047

     104,572  
  

Hess Corp.

  
  30,000     

5.600%, 02/15/2041

     32,459  
  155,000     

5.800%, 04/01/2047

     173,117  
  

Kinder Morgan, Inc.

  
  25,000     

3.150%, 01/15/2023

     24,877  
  195,000     

5.550%, 06/01/2045 (c)

     214,181  
  

Marathon Oil Corp.

  
  35,000     

2.700%, 06/01/2020

     35,025  
  220,000     

4.400%, 07/15/2027

     230,353  
  

MPLX LP

  
  50,000     

4.125%, 03/01/2027 (c)

     51,307  
  100,000     

5.200%, 03/01/2047

     110,168  
  10,000     

Noble Energy, Inc.

  
  

4.950%, 08/15/2047

     10,744  
  

Petroleos Mexicanos

  
  15,000     

6.375%, 02/04/2021

     16,343  
  25,000     

6.500%, 03/13/2027 (b)

     27,356  
  45,000     

5.500%, 06/27/2044

     41,511  
  152,000     

6.750%, 09/21/2047

     159,045  


  

Phillips 66 Partners LP

  
  115,000     

3.550%, 10/01/2026

     114,191  
  10,000     

3.750%, 03/01/2028

     10,026  
  50,000     

Sabine Pass Liquefaction LLC

  
  

4.200%, 03/15/2028

     50,689  
  

Sunoco Logistics Partners Operations LP

  
  125,000     

4.250%, 04/01/2024

     127,602  
  5,000     

5.300%, 04/01/2044

     4,952  
  5,000     

5.350%, 05/15/2045

     4,986  
  140,000     

5.400%, 10/01/2047

     141,464  
  205,000     

Valero Energy Corp.

  
  

3.400%, 09/15/2026

     206,209  
  

Williams Partners LP

  
  230,000     

3.600%, 03/15/2022

     235,489  
  195,000     

3.750%, 06/15/2027

     195,783  
     

 

 

 
        3,818,724  
     

 

 

 
  

Pharmaceuticals—0.59%

  
  

Allergan Funding SCS

  
  225,000     

3.450%, 03/15/2022

     228,826  
  90,000     

3.800%, 03/15/2025

     91,764  
  

Johnson & Johnson

  
  155,000     

2.625%, 01/15/2025

     154,361  
  75,000     

3.550%, 03/01/2036

     77,909  
  55,000     

3.625%, 03/03/2037

     58,226  
  

Mylan NV

  
  55,000     

3.000%, 12/15/2018

     55,307  
  60,000     

3.750%, 12/15/2020

     61,353  
  5,000     

3.150%, 06/15/2021

     5,032  
  

Teva Pharmaceutical Finance Netherlands III BV

  
  25,000     

1.700%, 07/19/2019

     24,299  
  25,000     

2.200%, 07/21/2021

     22,856  
  5,000     

2.800%, 07/21/2023

     4,359  
     

 

 

 
        784,292  
     

 

 

 
  

Real Estate Management & Development—0.15%

  
  

American Tower Corp.

  
  25,000     

3.450%, 09/15/2021

     25,574  
  15,000     

2.250%, 01/15/2022

     14,624  
  45,000     

Brandywine Operating Partnership LP

  
  

4.100%, 10/01/2024

     45,805  
  50,000     

Crown Castle International Corp.

  
  

3.400%, 02/15/2021

     51,099  
  60,000     

Ventas Realty LP

  
  

2.700%, 04/01/2020

     60,295  
     

 

 

 
            197,397  
     

 

 

 
  

Road & Rail—0.37%

  
  

Burlington Northern Santa Fe, LLC

  
  135,000     

3.650%, 09/01/2025

     142,104  
  20,000     

3.900%, 08/01/2046

     21,281  
  45,000     

4.125%, 06/15/2047

     49,436  
  110,000     

CSX Corp.

  
  

3.250%, 06/01/2027

     110,114  
  160,000     

Union Pacific Corp.

  
  

4.100%, 09/15/2067

     167,470  
     

 

 

 
        490,405  
     

 

 

 


  

Semiconductors & Semiconductor Equipment—0.91%

  
  

Applied Materials, Inc.

  
  15,000     

3.300%, 04/01/2027

     15,274  
  10,000     

4.350%, 04/01/2047

     11,247  
  

Broadcom Corp. / Broadcom Cayman Finance Ltd.

  
  80,000     

2.375%, 01/15/2020 (b)

     79,498  
  160,000     

3.000%, 01/15/2022 (b)

     158,794  
  285,000     

3.625%, 01/15/2024 (b)

     283,781  
  

Intel Corp.

  
  30,000     

1.700%, 05/19/2021

     29,477  
  185,000     

3.300%, 10/01/2021

     191,954  
  170,000     

2.350%, 05/11/2022

     169,560  
  10,000     

4.100%, 05/19/2046

     11,056  
  59,000     

3.734%, 12/08/2047 (b)

     61,434  
  140,000     

Lam Research Corp.

  
  

2.800%, 06/15/2021

     140,991  
  65,000     

Qualcomm, Inc.

  
  

2.100%, 05/20/2020

     64,749  
     

 

 

 
        1,217,815  
     

 

 

 
  

Software—0.47%

  
  

Microsoft Corp.

  
  50,000     

2.375%, 02/12/2022

     49,948  
  15,000     

3.300%, 02/06/2027

     15,490  
  155,000     

4.450%, 11/03/2045

     182,131  
  90,000     

3.700%, 08/08/2046

     94,075  
  

Oracle Corp.

  
  30,000     

2.950%, 11/15/2024

     30,242  
  155,000     

4.300%, 07/08/2034

     172,564  
  25,000     

3.900%, 05/15/2035

     26,532  
  50,000     

3.800%, 11/15/2037

     52,547  
     

 

 

 
        623,529  
     

 

 

 
  

Specialty Retail—0.20%

  
  

Home Depot, Inc.

  
  140,000     

3.350%, 09/15/2025

     144,829  
  65,000     

5.875%, 12/16/2036

     88,124  
  5,000     

3.500%, 09/15/2056

     4,825  
  25,000     

Lowe’s Cos., Inc.

  
  

3.700%, 04/15/2046

     25,168  
     

 

 

 
        262,946  
     

 

 

 
  

Technology Hardware, Storage & Peripherals—0.42%

  
  

Apple, Inc.

  
  185,000     

2.400%, 05/03/2023

     183,233  
  5,000     

3.000%, 02/09/2024

     5,068  
  20,000     

3.350%, 02/09/2027

     20,511  
  85,000     

3.450%, 02/09/2045

     83,170  
  190,000     

Hewlett Packard Enterprise Co.

  
  

4.900%, 10/15/2025 (c)

     200,906  
  70,000     

Xerox Corp.

  
  

3.625%, 03/15/2023

     68,366  
     

 

 

 
        561,254  
     

 

 

 
  

Tobacco—0.43%

  
  

Altria Group, Inc.

  
  40,000     

4.250%, 08/09/2042

     42,076  
  95,000     

3.875%, 09/16/2046

     94,513  


  

Philip Morris International, Inc.

  
  170,000     

2.625%, 03/06/2023

     168,334  
  100,000     

3.125%, 08/17/2027

     99,923  
  

Reynolds American, Inc.

  
  65,000     

2.300%, 06/12/2018

     65,084  
  80,000     

5.850%, 08/15/2045

     100,276  
     

 

 

 
        570,206  
     

 

 

 
  

Wireless Telecommunication Services—0.12%

  
  150,000     

Telefonica Emisiones SAU

  
  

4.103%, 03/08/2027

     155,380  
     

 

 

 
  

Total Corporate Obligations (Cost $36,210,124)

     37,036,531  
     

 

 

 
  

FOREIGN GOVERNMENT DEBT OBLIGATIONS—1.37%

  
  335,000     

Abu Dhabi Government International Bond

  
  

3.125%, 10/11/2027 (b)

     328,163  
  400,000     

Japan Bank for International Cooperation

  
  

2.125%, 07/21/2020

     397,091  
  

Mexico Government International Bond

  
  130,000     

4.750%, 03/08/2044

     131,755  
  68,000     

5.750%, 10/12/2110

     72,760  
  485,000     

Oman Government International Bond

  
  

5.375%, 03/08/2027 (b)

     490,273  
  400,000     

Saudi Government International Bond

  
  

4.625%, 10/04/2047 (b)(c)

     409,361  
     

 

 

 
  

Total Foreign Government Debt Obligations (Cost $1,825,325)

     1,829,403  
     

 

 

 
  

MORTGAGE BACKED SECURITIES—U.S. GOVERNMENT AGENCY—28.30%

  
  

Federal Home Loan Mortgage Corp.

  
  7,418     

Series 2590, 5.000%, 03/15/2018

     7,425  
  744,280     

Series K703, 2.699%, 05/25/2018

     744,976  
  430     

Pool #E9-9763 4.500%, 09/01/2018

     436  
  243     

Pool #E9-9764 4.500%, 09/01/2018

     246  
  600,000     

Series K705, 2.303%, 09/25/2018

     600,900  
  877,943     

Series K706, 2.323%, 10/25/2018

     879,269  
  600,000     

Series K709, 2.086%, 03/25/2019

     600,222  
  43,365     

Pool #D9-6291 4.500%, 09/01/2023

     46,105  
  103,888     

Pool #G1-3624 5.000%, 08/01/2024

     109,154  
  82,000     

Series K-068, 3.244%, 08/25/2027

     84,475  
  1,500,000     

Pool #TBA 3.000%, 01/15/2029 (d)

     1,527,419  
  191,232     

Series 2329, 6.500%, 06/15/2031

     212,700  
  92,876     

Series 2338, 6.500%, 07/15/2031

     107,115  
  130,932     

Pool #78-0447 3.034% (1 Year CMT Rate + 2.250%), 04/01/2033 (f)

     138,627  
  107     

Pool #A4-3129 5.500%, 02/01/2036

     117  
  400,000     

Pool #TBA 4.000%, 01/15/2041 (d)

     418,313  
  1,100,000     

Pool #TBA 3.500%, 01/15/2042 (d)

     1,129,706  
  558,713     

Pool #U9-0688 4.000%, 05/01/2042

     589,655  
  407,901     

Pool #G0-8635 3.000%, 04/01/2045

     408,434  
  762,896     

Pool #Q4-9389 3.500%, 07/01/2047

     785,885  
  688,256     

Pool #Q5-2093 3.500%, 11/01/2047

     708,079  
  

Federal National Mortgage Association

  
  60     

Pool #685505 5.000%, 05/01/2018

     61  
  66     

Pool #705709 5.000%, 05/01/2018

     67  
  54,878     

Series 2014-C01, 3.152% (1 Month LIBOR USD + 1.600%), 01/25/2024 (f)

     55,332  
  400,000     

Pool #TBA 3.000%, 01/15/2026 (d)

     407,453  
  653,740     

Pool #AI4868 4.000%, 06/01/2026

     684,598  
  588,519     

Pool #AJ8325 3.000%, 12/01/2026

     601,253  
  110,000     

Pool #AN6110 3.000%, 07/01/2027

     111,112  


  150,000     

Pool #AN6257 3.160%, 08/01/2027

     153,657  
  155,111     

Pool #AN7376 2.880%, 11/01/2027

     155,090  
  473,169     

Pool #AL2877 3.500%, 01/01/2028

     488,953  
  5,349     

Pool #544859 2.528% (11th District Cost of Funds Index + 1.770%), 08/01/2029 (f)

     5,423  
  83,265     

Pool #BC4938 2.500%, 04/01/2031

     83,202  
  140,029     

Pool #786848 7.000%, 10/01/2031

     160,750  
  284,113     

Pool #AS9505 3.000%, 04/01/2032

     289,627  
  4,571     

Pool #727181 5.000%, 08/01/2033

     4,993  
  2,130     

Pool #730727 5.000%, 08/01/2033

     2,326  
  628     

Pool #741862 5.500%, 09/01/2033

     697  
  786     

Pool #766197 5.500%, 02/01/2034

     872  
  155     

Pool #776974 5.500%, 04/01/2034

     173  
  148,265     

Pool #888504 2.843% (1 Year CMT Rate + 2.080%), 04/01/2034 (f)

     155,978  
  341,759     

Pool #MA1870 4.500%, 04/01/2034

     367,010  
  6,951     

Pool #775776 5.500%, 05/01/2034

     7,712  
  138,524     

Pool #802783 3.362% (12 Month LIBOR USD + 1.610%), 10/01/2034 (f)

     144,805  
  4,965     

Pool #781629 5.500%, 12/01/2034

     5,507  
  6,525     

Pool #822815 5.500%, 04/01/2035

     7,238  
  5,330     

Pool #357850 5.500%, 07/01/2035

     5,912  
  3,509     

Pool #820242 5.000%, 07/01/2035

     3,831  
  967     

Pool #838452 5.500%, 09/01/2035

     1,077  
  6,015     

Pool #865854 6.000%, 03/01/2036

     6,806  
  8,118     

Pool #891474 6.000%, 04/01/2036

     9,195  
  6,783     

Pool #906000 6.000%, 01/01/2037

     7,661  
  67     

Pool #928062 5.500%, 02/01/2037

     74  
  101     

Pool #899119 5.500%, 04/01/2037

     110  
  527,059     

Pool #AS9772 3.500%, 06/01/2037

     548,450  
  188     

Pool #970131 5.500%, 03/01/2038

     208  
  161     

Pool #981313 5.500%, 06/01/2038

     176  
  129     

Pool #985108 5.500%, 07/01/2038

     142  
  54     

Pool #964930 5.500%, 08/01/2038

     59  
  83     

Pool #987032 5.500%, 08/01/2038

     92  
  113     

Pool #968371 5.500%, 09/01/2038

     125  
  50     

Pool #993050 5.500%, 12/01/2038

     55  
  21,192     

Pool #993579 4.000%, 05/01/2039

     22,283  
  4,314     

Pool #AA5840 4.000%, 06/01/2039

     4,537  
  62,561     

Pool #AA8715 4.000%, 06/01/2039

     66,434  
  225,742     

Pool #AD0586 4.500%, 12/01/2039

     244,894  
  662,342     

Pool #AD4062 5.000%, 05/01/2040

     715,353  
  550,587     

Pool #AD6929 5.000%, 06/01/2040

     594,734  
  14,477     

Pool #AD9896 4.000%, 08/01/2040

     15,210  
  15,992     

Pool #AB1500 4.000%, 09/01/2040

     16,806  
  13,896     

Pool #AD9856 4.000%, 09/01/2040

     14,605  
  10,129     

Pool #AE2559 4.000%, 09/01/2040

     10,643  
  3,479     

Pool #AE2562 4.000%, 09/01/2040

     3,655  
  4,609     

Pool #AE2566 4.000%, 09/01/2040

     4,822  
  29,904     

Pool #AE4124 4.000%, 10/01/2040

     31,430  
  16,994     

Pool #AE4888 4.000%, 10/01/2040

     17,864  
  25,233     

Pool #AE3916 4.000%, 11/01/2040

     26,523  
  3,338     

Pool #AE5147 4.000%, 11/01/2040

     3,507  
  42,890     

Pool #AE8715 4.000%, 11/01/2040

     45,072  
  5,047     

Pool #AH0006 4.000%, 12/01/2040

     5,304  
  13,438     

Pool #AH0020 4.000%, 12/01/2040

     14,124  
  27,696     

Pool #AH0599 4.000%, 12/01/2040

     29,112  
  8,714     

Pool #AH0601 4.000%, 12/01/2040

     9,158  
  18,625     

Pool #AH1263 4.000%, 01/01/2041

     19,569  


  75,695     

Pool #AL5233 4.000%, 01/01/2041

     79,573  
  400,000     

Pool #TBA 3.500%, 01/15/2041 (d)

     410,719  
  400,000     

Pool #TBA 4.500%, 01/15/2041 (d)

     425,625  
  6,170     

Pool #AH4659 4.000%, 02/01/2041

     6,485  
  83,838     

Pool #AH5653 4.000%, 02/01/2041

     88,094  
  119,311     

Pool #AL0934 5.000%, 02/01/2041

     128,863  
  165,226     

Pool #AD1889 4.500%, 03/01/2041

     176,985  
  10,428     

Pool #AH6150 4.000%, 03/01/2041

     10,954  
  106,857     

Pool #AL0215 4.500%, 04/01/2041

     114,625  
  89,633     

Pool #AL0187 5.000%, 05/01/2041

     96,767  
  15,368     

Pool #AL0456 5.000%, 06/01/2041

     16,596  
  72,992     

Pool #AI8842 4.500%, 08/01/2041

     78,003  
  38,404     

Pool #AL0815 4.000%, 09/01/2041

     40,902  
  13,691     

Pool #AJ1562 4.000%, 10/01/2041

     14,585  
  13,497     

Pool #AJ1972 4.000%, 10/01/2041

     14,384  
  678,628     

Pool #AJ2212 4.500%, 10/01/2041

     731,219  
  19,022     

Pool #AJ4756 4.000%, 10/01/2041

     20,264  
  16,966     

Pool #AJ3330 4.000%, 11/01/2041

     18,074  
  17,903     

Pool #AJ4549 4.000%, 11/01/2041

     19,072  
  13,251     

Pool #AJ4698 4.000%, 11/01/2041

     14,117  
  25,934     

Pool #AJ5424 4.000%, 11/01/2041

     27,623  
  10,743     

Pool #AJ7840 4.000%, 11/01/2041

     11,444  
  17,885     

Pool #AB3995 4.000%, 12/01/2041

     19,053  
  17,109     

Pool #AI0848 4.000%, 12/01/2041

     18,227  
  14,637     

Pool #AJ4187 4.000%, 12/01/2041

     15,597  
  18,144     

Pool #AJ5736 4.000%, 12/01/2041

     19,329  
  10,650     

Pool #AJ5968 4.000%, 12/01/2041

     11,190  
  21,621     

Pool #AJ6061 4.000%, 12/01/2041

     23,033  
  14,049     

Pool #AJ7868 4.000%, 12/01/2041

     14,967  
  30,458     

Pool #AJ8104 4.000%, 12/01/2041

     32,442  
  18,776     

Pool #AJ8109 4.000%, 12/01/2041

     20,002  
  12,007     

Pool #AJ8171 4.000%, 12/01/2041

     12,791  
  22,226     

Pool #AJ8341 4.000%, 12/01/2041

     23,678  
  34,293     

Pool #AJ8436 4.000%, 12/01/2041

     36,533  
  13,001     

Pool #AJ8912 4.000%, 12/01/2041

     13,850  
  17,583     

Pool #AJ9248 4.000%, 12/01/2041

     18,731  
  17,244     

Pool #AJ2446 4.000%, 01/01/2042

     18,118  
  21,099     

Pool #AJ7538 4.000%, 01/01/2042

     22,477  
  5,971     

Pool #AJ8001 4.000%, 01/01/2042

     6,257  
  20,344     

Pool #AJ8369 4.000%, 01/01/2042

     21,673  
  18,471     

Pool #AJ9162 4.000%, 01/01/2042

     19,678  
  105,589     

Pool #AJ9330 4.000%, 01/01/2042

     112,484  
  11,442     

Pool #AJ9779 4.000%, 01/01/2042

     12,060  
  17,984     

Pool #AK0170 4.000%, 01/01/2042

     19,158  
  36,449     

Pool #AK0543 4.000%, 01/01/2042

     38,830  
  14,717     

Pool #AK0563 4.000%, 01/01/2042

     15,678  
  30,484     

Pool #AK1827 4.000%, 01/01/2042

     32,469  
  396,892     

Pool #AL2752 5.000%, 03/01/2042

     428,844  
  89,902     

Pool #AB5529 4.000%, 07/01/2042

     94,754  
  209,984     

Pool #AB6228 3.500%, 09/01/2042

     216,812  
  411,321     

Pool #AQ9316 2.500%, 01/01/2043

     398,966  
  1,133,541     

Pool #AT2720 3.000%, 05/01/2043

     1,140,472  
  847,364     

Pool #AT5900 3.000%, 06/01/2043

     852,165  
  468,686     

Pool #AU1625 3.500%, 07/01/2043

     483,777  
  761,058     

Pool #AS5469 4.000%, 07/01/2045

     801,466  


  906,092     

Pool #AZ0832 4.000%, 07/01/2045

     948,687  
  164,001     

Pool #AS5597 3.500%, 08/01/2045

     168,559  
  984,374     

Pool #AS7170 3.500%, 05/01/2046

     1,011,524  
  1,001,295     

Pool #AS7242 3.500%, 05/01/2046

     1,028,912  
  722,796     

Pool #BC9468 3.000%, 06/01/2046

     723,389  
  927,053     

Pool #AS7492 4.000%, 07/01/2046

     971,253  
  873,409     

Pool #AS8299 3.000%, 11/01/2046

     875,728  
  609,400     

Pool #AS8947 3.500%, 03/01/2047

     628,057  
  164,771     

Pool #MA3038 4.500%, 06/01/2047

     175,741  
  

Government National Mortgage Association

  
  12,213     

Pool #614436X 5.000%, 08/15/2033

     13,143  
  36,154     

Pool #736686X 5.000%, 02/15/2039

     39,230  
  726,466     

Pool #723248X 5.000%, 10/15/2039

     799,376  
  500,000     

Pool #TBA 3.500%, 01/15/2041 (d)

     517,024  
  377,757     

Pool #783403X 3.500%, 09/15/2041

     391,032  
  1,300,000     

Pool #TBA 4.000%, 01/15/2042 (d)

     1,355,250  
  800,000     

Pool #TBA 3.000%, 01/15/2043 (d)

     807,313  
  1,400,000     

Pool #TBA 3.500%, 01/15/2043 (d)

     1,447,359  
  165,237     

Pool #MA4587M 4.000%, 07/20/2047

     172,490  
  370,098     

Pool #MA4652M 3.500%, 08/20/2047

     383,089  
  716,517     

Pool #MA4778M 3.500%, 10/20/2047

     741,669  
  576,857     

Pool #MA4779M 4.000%, 10/20/2047

     604,136  
  839,315     

Pool #MA4780M 4.500%, 10/20/2047

     887,898  
     

 

 

 
  

Total Mortgage Backed Securities—U.S. Government Agency (Cost $37,469,888)

     37,744,152  
     

 

 

 
  

MUNICIPAL DEBT OBLIGATIONS—0.89%

  
  

California, GO,

  
  80,000     

7.550%, 04/01/2039

     126,210  
  160,000     

7.350%, 11/01/2039

     240,691  
  290,000     

7.625%, 03/01/2040

     454,822  
  45,000     

7.600%, 11/01/2040

     72,054  
  160,000     

Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,

  
  

6.899%, 12/01/2040

     217,402  
  50,000     

Illinois, GO,

  
  

5.665%, 03/01/2018

     50,273  
  15,000     

University of California Medical Center, Revenue Bond,

  
  

6.548%, 05/15/2048

     21,325  
     

 

 

 
  

Total Municipal Debt Obligations (Cost $1,129,582)

     1,182,777  
     

 

 

 
  

U.S. TREASURY OBLIGATIONS—26.16%

  
  

U.S. Treasury Bonds—8.44%

  
  943,249     

0.125%, 07/15/2024 (g)(i)

     932,460  
  3,589,762     

0.375%, 07/15/2027 (g)

     3,571,840  
  219,000     

4.500%, 08/15/2039

     286,150  
  320,000     

4.375%, 11/15/2039

     411,844  
  2,460,000     

3.125%, 11/15/2041

     2,645,269  
  545,000     

3.625%, 08/15/2043

     636,223  
  240,000     

3.000%, 11/15/2045

     252,103  
  2,365,000     

2.500%, 05/15/2046

     2,249,800  
  255,000     

3.000%, 02/15/2047

     268,233  


  

U.S. Treasury Notes—17.72%

  
  810,000     

0.750%, 07/15/2019

     796,474  
  900,000     

1.625%, 03/15/2020

     894,621  
  3,265,000     

2.250%, 03/31/2021

     3,287,192  
  841,000     

1.125%, 09/30/2021

     811,500  
  2,165,000     

2.000%, 11/15/2021

     2,158,826  
  3,745,000     

2.000%, 02/15/2022

     3,727,665  
  3,585,000     

1.875%, 07/31/2022

     3,536,896  
  300,000     

2.000%, 02/15/2023

     296,976  
  510,000     

1.500%, 03/31/2023

     491,742  
  4,005,000     

1.625%, 04/30/2023

     3,883,442  
  3,220,000     

2.375%, 08/15/2024 (i)

     3,230,817  
  72,000     

1.625%, 05/15/2026 (i)

     67,828  
  455,000     

2.000%, 11/15/2026

     440,408  
     

 

 

 
  

Total U.S. Treasury Obligations (Cost $34,667,709)

     34,878,309  
     

 

 

 
Number of
Shares
             
  

SHORT TERM INVESTMENTS—0.61%

  
  

Money Market Funds—0.61%

  
  818,528     

Deutsche Government Money Market Series—Institutional Shares
Effective Yield, 1.29% (e)

     818,528  
     

 

 

 
  

Total Short Term Investments (Cost $818,528)

     818,528  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—1.63%

  
  

Investments Purchased with Proceeds from Securities Lending—1.63%

  
  2,168,803     

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.61% (e)

     2,168,803  
     

 

 

 
  

Total Investments Purchased with Proceeds from Securities Lending (Cost $2,168,803)

     2,168,803  
     

 

 

 
  

Total Investments (Cost $143,865,269)—108.89%

     145,204,278  
  

Liabilities in Excess of Other Assets—(8.89)%

     (11,860,524
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 133,343,754  
     

 

 

 

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

 

(a) Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of December 31, 2017
(b) Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $23,868,572, which represents 17.90% of total net assets.
(c) All or portion of this security is on loan.
(d) Security purchased on a when-issued basis. On December 31, 2017, the total value of investments purchased on a when-issued basis was $8,446,181 or 6.33% of total net assets.
(e) Seven-day yield as of December 31, 2017.
(f) Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of December 31, 2017.
(g) Represents a U.S. Treasury Inflation Protected Security.
(h) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $582,329, which represents 0.44% of total net assets.
(i) All or a portion of this security is held as collateral for certain swap and futures contracts.
(j) This security was fair valued in good faith by the Adviser’s Valuation Committee. The aggregate value of this security at December 31, 2017 was $118,763, which represents 0.09% of total net assets.
(k) Value determining using significant unobservable inputs.

Glossary of Terms

 

LIBOR    London Interbank Offered Rate


Schedule of Open Futures Contracts (Unaudited)

December 31, 2017

 

Description

   Number of Contracts
Purchased / (Sold)
    Notional Value     Value     Settlement Month      Unrealized
Appreciation
(Depreciation)
 

U.S. Treasury 2 - Year Note Futures

     29       6,209,172     $ 453       Mar-18      $ (6,147

U.S. Treasury 5 - Year Note Futures

     75       8,712,305       7,031       Mar-18        (19,972

U.S. Treasury 10 - Year Note Futures

     (19     (2,356,891     (3,859     Mar-18        7,540  

U.S. Treasury Ultra Bond Futures

     15       2,514,844       5,621       Mar-18        18,606  
      

 

 

      

 

 

 
       $ 9,246        $ 27  
      

 

 

      

 

 

 

Schedule of Open Swap Contracts (Unaudited)

Credit Default Swaps on Credit Indices - Sell Protection(1)

December 31, 2017

 

     Implied Credit      Fixed                                        Upfront      Unrealized  
     Spread at      Pay     Maturity             Payment      Notional      Fair      Premiums      Appreciation  

Reference Obligation

   12/31/2017(2)      Rate     Date      Counterparty      Frequency      Amount(3)      Value      Paid (Received)      (Depreciation)  

CDX NA IG S29 Index*

     0.49        1.000%       12/20/2022       
Morgan
Stanley
 
 
     Quarterly      $ 4,325,000      $ 103,058      $ 95,657      $ 7,401  
                   

 

 

    

 

 

    

 

 

 
                    $ 103,058      $ 95,657      $ 7,401  
                   

 

 

    

 

 

    

 

 

 

Interest Rate Swaps (Unaudited)

December 31, 2017

 

                                                Upfront      Unrealized  
Pay/Receive         Pay      Maturity           Payment    Notional      Fair      Premiums      Appreciation  

Floating Rate

  

Floating Rate Index

   Rate      Date     

Counterparty

  

Frequency

   Amount      Value      Paid (Received)      (Depreciation)  

Receive

   3-MO-USD-LIBOR**      2.250      9/21/2026      Morgan Stanley    Quarterly    $ 4,143,000      $ 35,314      ($ 181,289    $ 216,603  

Receive

   3-MO-USD-LIBOR**      2.750      12/20/2047      Morgan Stanley    Quarterly    $ 775,000      ($ 42,882    ($ 30,936    ($ 11,946
                    

 

 

    

 

 

    

 

 

 
                     ($ 7,568    ($ 212,225    $ 204,657  
                    

 

 

    

 

 

    

 

 

 

 

1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
3) The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
* Centrally cleared swap, clearing agent: Intercontinental Exchange
** Centrally cleared swap, clearing agent: Clearnet


GuideMark® Tax-Exempt Fixed Income Fund

Schedule of Investments (Unaudited)

December 31, 2017

 

Principal
Amount
          Value  
  

MUNICIPAL DEBT OBLIGATIONS—97.83%

  
  

Alabama—0.45%

  
  $100,000     

The Lower Alabama Gas District, Series A, Revenue Bond,

  
  

5.000%, 09/01/2034

   $ 124,575  
     

 

 

 
  

Arizona—2.44%

  
  

Arizona Board of Regents, Refunding, Revenue Bond,

  
  145,000     

5.000%, 07/01/2028

     164,611  
  55,000     

5.000%, 07/01/2028

     62,261  
  150,000     

Arizona Industrial Development Authority, Revenue Bond,

  
  

6.000%, 07/01/2047

     161,229  
  

Pima County Industrial Development Authority, Revenue Bond,

  
  35,000     

5.000%, 06/15/2047

     35,110  
  30,000     

5.000%, 06/15/2052

     29,901  
  150,000     

Salt Verde Financial Corp., Revenue Bond,

  
  

5.000%, 12/01/2037

     188,004  
  40,000     

Tempe Industrial Development Authority, Series A, Revenue Bond,

  
  

6.125%, 10/01/2052

     41,133  
     

 

 

 
        682,249  
     

 

 

 
  

Arkansas—0.95%

  
  250,000     

University of Arkansas, Series A, Revenue Bond,

  
  

4.125%, 11/01/2030

     264,265  
     

 

 

 
  

California—12.80%

  
  500,000     

California, GO,

  
  

6.500%, 04/01/2033

     531,270  
  300,000     

California, Refunding, GO,

  
  

5.000%, 11/01/2043

     345,702  
  100,000     

California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond,

  
  

5.000%, 02/01/2042

     114,505  
  195,000     

California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond,

  
  

6.400%, 08/15/2045

     215,338  
  200,000     

California State University, Series A, Refunding, Revenue Bond,

  
  

5.000%, 11/01/2031

     236,708  
  

California Statewide Communities Development Authority, Series A, Revenue Bond,

  
  160,000     

6.125%, 11/01/2033

     187,290  
  150,000     

5.250%, 12/01/2056

     166,554  
  300,000     

California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,

  
  

5.000%, 08/01/2034

     340,542  
  100,000     

Golden State Tobacco Securitization Corp., Series A, Revenue Bond,

  
  

4.000%, 06/01/2031

     107,355  
  100,000     

Golden State Tobacco Securitization Corp., Series A-1, Refunding, Revenue Bond,

  
  

5.000%, 06/01/2024

     114,914  
  500,000     

Los Angeles Department of Airports, Series A, Revenue Bond,

  
  

5.250%, 05/15/2029

     525,120  
  250,000     

M-S-R Energy Authority, Revenue Bond,

  
  

6.500%, 11/01/2039

     367,235  
  300,000     

San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,

  
  

5.250%, 07/15/2025

     321,693  
     

 

 

 
        3,574,226  
     

 

 

 
  

Colorado—3.45%

  
  150,000     

Castle Pines North Metropolitan District, Refunding, Revenue Bond,

  
  

4.000%, 12/01/2044

     151,294  


  130,000     

Colorado Health Facilities Authority, Revenue Bond,

  
  

8.000%, 08/01/2043

     151,327  
  220,000     

Public Authority for Colorado Energy, Revenue Bond,

  
  

6.500%, 11/15/2038

     317,555  
  300,000     

Regional Transportation District, Series A, Revenue Bond,

  
  

5.000%, 11/01/2027

     342,849  
     

 

 

 
        963,025  
     

 

 

 
  

Connecticut—0.73%

  
  200,000     

Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,

  
  

5.000%, 07/01/2025

     203,576  
     

 

 

 
  

Florida—5.06%

  
  300,000     

Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,

  
  

7.000%, 04/01/2039

     320,025  
  100,000     

Florida Development Finance Corp., Revenue Bond,

  
  

5.625%, 01/01/2047 (a)

     104,306  
  225,000     

Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,

  
  

5.000%, 04/01/2040

     257,245  
  250,000     

Miami-Dade County Health Facilities Authority, Revenue Bond,

  
  

5.000%, 08/01/2047

     288,468  
  355,000     

Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,

  
  

5.250%, 08/01/2021

     380,801  
  40,000     

Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond,

  
  

7.500%, 06/01/2049

     48,587  
  10,000     

Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,

  
  

7.250%, 06/01/2034

     12,081  
     

 

 

 
        1,411,513  
     

 

 

 
  

Georgia—2.11%

  
  300,000     

Atlanta Water & Wastewater, Refunding, Revenue Bond,

  
  

5.000%, 11/01/2040

     349,704  
  125,000     

Atlanta Water & Wastewater, Series A, Prerefunded, Revenue Bond,

  
  

6.250%, 11/01/2039

     135,544  
  100,000     

Marietta Development Authority, Prerefunded, Revenue Bond,

  
  

7.000%, 06/15/2039

     102,474  
     

 

 

 
        587,722  
     

 

 

 
  

Illinois—9.50%

  
  65,000     

Chicago, Series A, Refunding, GO,

  
  

5.250%, 01/01/2029

     70,810  
  

Chicago Board of Education, Revenue Bond,

  
  100,000     

5.000%, 04/01/2042

     109,324  
  100,000     

5.000%, 04/01/2046

     108,917  
  100,000     

Chicago Board of Education, Series G, Refunding, GO,

  
  

5.000%, 12/01/2044

     102,910  
  100,000     

Chicago Board of Education, Series H, GO,

  
  

5.000%, 12/01/2036

     103,231  
  70,000     

Chicago Waterworks, Revenue Bond,

  
  

5.000%, 11/01/2028

     81,551  
  

Illinois, GO,

  
  20,000     

5.000%, 05/01/2036

     21,050  
  30,000     

5.000%, 02/01/2039

     31,472  
  195,000     

Illinois, Refunding, GO,

  
  

5.000%, 02/01/2026

     213,554  
  30,000     

Illinois, Series A, GO,

  
  

5.000%, 04/01/2038

     31,318  
  150,000     

Illinois, Series D, GO,

  
  

5.000%, 11/01/2028

     163,997  
  225,000     

Illinois Finance Authority, Prerefunded, Revenue Bond,

  
  

7.000%, 08/15/2044

     243,855  


  160,000     

Illinois Finance Authority, Refunding, Revenue Bond,

  
  

5.000%, 12/01/2047

     169,618  
  140,000     

Illinois Finance Authority, Series A, Revenue Bond,

  
  

5.000%, 02/15/2047

     154,848  
  95,000     

Metropolitan Pier & Exposition Authority, Revenue Bond,

  
  

5.000%, 06/15/2057

     103,466  
  100,000     

O’Hare International Airport, Series B, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2032

     115,258  
  150,000     

O’Hare International Airport, Series D, Refunding, Revenue Bond,

  
  

5.250%, 01/01/2030

     171,603  
  500,000     

Railsplitter Tobacco Settlement Authority, Revenue Bond,

  
  

6.250%, 06/01/2024

     500,865  
  120,000     

Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,

  
  

7.125%, 11/01/2043

     153,667  
     

 

 

 
        2,651,314  
     

 

 

 
  

Indiana—4.40%

  
  500,000     

Fishers Redevelopment District, Prerefunded, Revenue Bond,

  
  

5.250%, 07/15/2034

     536,575  
  100,000     

Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond,

  
  

5.000%, 11/15/2034

     117,438  
  250,000     

Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,

  
  

5.250%, 01/01/2032

     293,785  
  125,000     

Shoals Exempt Facilities, Revenue Bond,

  
  

7.250%, 11/01/2043

     142,921  
  115,000     

Valparaiso Exempt Facilities, Revenue Bond,

  
  

7.000%, 01/01/2044

     137,832  
     

 

 

 
        1,228,551  
     

 

 

 
  

Kentucky—0.99%

  
  250,000     

Kentucky Economic Development Finance Authority, Series A, Revenue Bond,

  
  

5.000%, 06/01/2045

     275,623  
     

 

 

 
  

Louisiana—0.84%

  
  200,000     

Louisiana Highway Improvement, Series A, Revenue Bond,

  
  

5.000%, 06/15/2029

     235,738  
     

 

 

 
  

Maryland—1.78%

  
  250,000     

City of Baltimore, Refunding, Revenue Bond,

  
  

5.000%, 09/01/2046

     280,505  
  200,000     

Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond,

  
  

6.000%, 07/01/2034

     214,986  
     

 

 

 
        495,491  
     

 

 

 
  

Massachusetts—0.70%

  
  190,000     

Massachusetts Development Finance Agency, Series A, Prerefunded, Revenue Bond,

  
  

5.500%, 11/15/2036

     196,667  
     

 

 

 
  

Michigan—0.40%

  
  100,000     

Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond,

  
  

5.000%, 09/01/2033

     112,510  
     

 

 

 
  

Minnesota—2.83%

  
  100,000     

Apple Valley Senior Living, Series D, Revenue Bond,

  
  

7.250%, 01/01/2052

     102,115  
  160,000     

Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2030

     186,203  
  150,000     

Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond,

  
  

6.875%, 12/01/2048

     171,648  
  300,000     

Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,

  
  

4.500%, 11/15/2038 (a)

     330,708  
     

 

 

 
        790,674  
     

 

 

 


  

Missouri—2.26%

  
  250,000     

Conley Road Transportation Development District, Revenue Bond,

  
  

5.375%, 05/01/2047

     257,375  
  350,000     

St. Louis Airport, Revenue Bond,

  
  

6.625%, 07/01/2034

     374,252  
     

 

 

 
        631,627  
     

 

 

 
  

Montana—0.38%

  
  100,000     

City of Kalispell, Series A, Revenue Bond,

  
  

5.250%, 05/15/2047

     105,832  
     

 

 

 
  

Nebraska—2.86%

  
  75,000     

Central Plains Energy Project, Revenue Bond,

  
  

5.000%, 09/01/2042

     96,695  
  130,000     

Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,

  
  

5.000%, 11/01/2024

     151,663  
  500,000     

Omaha Public Power District, Series B, Prerefunded, Revenue Bond,

  
  

5.000%, 02/01/2027

     549,425  
     

 

 

 
        797,783  
     

 

 

 
  

New Hampshire—0.48%

  
  120,000     

New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,

  
  

5.000%, 07/01/2027

     133,272  
     

 

 

 
  

New Jersey—2.47%

  
  150,000     

New Jersey Economic Development Authority, Refunding, Revenue Bond,

  
  

5.250%, 06/15/2030

     168,966  
  100,000     

New Jersey Turnpike Authority, Revenue Bond,

  
  

4.000%, 01/01/2043

     106,709  
  25,000     

South Jersey Port Corp., Series A, Revenue Bond,

  
  

5.000%, 01/01/2049

     27,563  
  395,000     

Tobacco Settlement Financing Corp., Series 1A, Refunding, Revenue Bond,

  
  

5.000%, 06/01/2041

     384,880  
     

 

 

 
        688,118  
     

 

 

 
  

New York—8.65%

  
  325,000     

Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,

  
  

6.500%, 07/15/2030

     356,389  
  90,000     

Long Island Power Authority, Revenue Bond,

  
  

5.000%, 09/01/2047

     105,739  
  200,000     

New York, Series E, GO,

  
  

4.000%, 12/15/2027

     214,174  
  270,000     

New York City, Series I, Unrefunded, GO,

  
  

5.375%, 04/01/2036

     282,741  
  140,000     

New York City Industrial Development Agency, Revenue Bond,

  
  

5.750%, 10/01/2036

     139,986  
  40,000     

New York City Industrial Development Agency, Series A, Refunding, Revenue Bond,

  
  

5.000%, 07/01/2022

     44,514  
  100,000     

New York Dormitory Authority, Refunding, Revenue Bond,

  
  

5.000%, 12/01/2035

     112,192  
  250,000     

New York Dormitory Authority, Series B, Refunding, Revenue Bond,

  
  

5.000%, 07/01/2038

     281,740  
  500,000     

New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond,

  
  

5.500%, 10/15/2027

     645,985  
  175,000     

New York Liberty Development Corp., Refunding, Revenue Bond,

  
  

5.250%, 10/01/2035

     230,001  
     

 

 

 
        2,413,461  
     

 

 

 
  

North Carolina—1.30%

  
  320,000     

North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond,

  
  

5.000%, 01/01/2025

     364,019  
     

 

 

 


  

Ohio—4.53%

  
  550,000     

Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond,

  
  

5.875%, 06/01/2047

     532,125  
  135,000     

County of Cuyahoga, Revenue Bond,

  
  

5.250%, 02/15/2047

     150,398  
  200,000     

Ohio, Series A, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2031

     243,778  
  300,000     

Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2026

     338,943  
     

 

 

 
        1,265,244  
     

 

 

 
  

Pennsylvania—2.42%

  
  350,000     

Butler County Hospital Authority, Prerefunded, Revenue Bond,

  
  

7.125%, 07/01/2029

     377,846  
  200,000     

Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,

  
  

5.800%, 07/01/2030

     220,356  
  65,000     

Pennsylvania Turnpike Commission, Series A-1, Revenue Bond,

  
  

5.000%, 12/01/2047

     75,951  
     

 

 

 
        674,153  
     

 

 

 
  

South Carolina—1.67%

  
  400,000     

Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,

  
  

5.000%, 12/01/2025

     466,336  
     

 

 

 
  

South Dakota—0.40%

  
  100,000     

South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond,

  
  

5.000%, 06/01/2026

     111,132  
     

 

 

 
  

Texas—9.35%

  
  150,000     

Aldine Independent School District, Refunding, Revenue Bond, PSF-GTD Insured,

  
  

5.000%, 02/15/2045

     177,845  
  200,000     

Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,

  
  

6.000%, 01/01/2041

     225,066  
  100,000     

Central Texas Turnpike System, Series C, Refunding, Revenue Bond,

  
  

5.000%, 08/15/2029

     115,354  
  200,000     

Dallas-Fort Worth International Airport, Series B, Revenue Bond,

  
  

5.000%, 11/01/2026

     227,278  
  200,000     

New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond,

  
  

5.000%, 07/01/2046

     222,502  
  350,000     

North Texas Tollway Authority, Refunding, Revenue Bond,

  
  

4.000%, 01/01/2038

     372,617  
  300,000     

North Texas Tollway Authority, Series A, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2043

     354,036  
  100,000     

North Texas Tollway Authority, Series B, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2029

     117,918  
  100,000     

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,

  
  

6.625%, 11/15/2037

     112,506  
  

Texas Private Activity Surface Transportation Corp., Revenue Bond,

  
  200,000     

7.500%, 12/31/2031

     221,984  
  200,000     

7.500%, 06/30/2033

     226,658  
  85,000     

7.000%, 12/31/2038

     101,356  
  115,000     

6.750%, 06/30/2043

     135,198  
     

 

 

 
        2,610,318  
     

 

 

 


  

Utah—2.42%

  
  100,000     

Salt Lake City Corp. Airport, Series B, Revenue Bond,

  
  

5.000%, 07/01/2042

     118,230  
  500,000     

Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,

  
  

5.500%, 06/01/2022

     557,590  
     

 

 

 
        675,820  
     

 

 

 
  

Virginia—1.96%

  
  400,000     

Virginia College Building Educational Facilities Authority, Revenue Bond,

  
  

5.750%, 01/01/2034

     548,248  
     

 

 

 
  

Washington—2.23%

  
  325,000     

Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond,

  
  

5.000%, 02/01/2027

     366,119  
  250,000     

Washington Health Care Facilities Authority, Refunding, Revenue Bond,

  
  

6.375%, 10/01/2036

     257,540  
     

 

 

 
        623,659  
     

 

 

 
  

Wisconsin—5.02%

  
  10,000     

Wisconsin, Series 2, Prerefunded, GO,

  
  

5.000%, 05/01/2025

     11,313  
  490,000     

Wisconsin, Series 2, Unrefunded, GO,

  
  

5.000%, 05/01/2025

     553,680  
  150,000     

Wisconsin, Series A, Unrefunded, Revenue Bond,

  
  

6.000%, 05/01/2033

     158,777  
  100,000     

Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,

  
  

5.000%, 05/01/2025

     113,106  
  

Wisconsin Public Finance Authority, Refunding, Revenue Bond,

  
  155,000     

5.000%, 07/01/2022

     164,695  
  150,000     

5.750%, 10/01/2031

     152,722  
  225,000     

5.250%, 05/15/2047

     245,840  
     

 

 

 
        1,400,133  
     

 

 

 
  

Total Municipal Debt Obligations (Cost $25,498,550)

     27,306,874  
     

 

 

 
Number of
Shares
             
  

SHORT TERM INVESTMENTS—1.42%

  
  

Money Market Funds—1.42%

  
  397,718     

Government TaxAdvantage Portfolio—Institutional Shares

  
  

Effective Yield, 1.07% (b)

     397,718  
     

 

 

 
  

Total Short Term Investments (Cost $397,718)

     397,718  
     

 

 

 
  

Total Investments (Cost $25,896,268)—99.25%

     27,704,592  
  

Other Assets and Liabilities—0.75%

     208,836  
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 27,913,428  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a) Adjustable Rate Security – The rate is determined by the Remarketing Agent.
(b) Seven-day yield as of December 31, 2017.

Glossary of Terms

 

CMI    California Mortgage Insurance
GO    General Obligation
PSF-GTD    Texas Permanent School Fund


The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Security Valuation

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

During the period, certain of the securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including futures and swaps.

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

Foreign currency contracts and swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.

Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.


The following is a summary of the inputs used to value the Funds’ net assets as of December 31, 2017:

GuideMark® Large Cap Core Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

   $ 286,724,786      $ —        $ —        $ 286,724,786  

Investment Companies

     8,526,035        —          —          8,526,035  

Real Estate Investment Trusts

     6,877,329        —          —          6,877,329  

Short Term Investments

     2,324,234        —          —          2,324,234  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          42,050,718  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 304,452,384      $ —        $ —        $ 346,503,102  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.

GuideMark® Emerging Markets Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Consumer Discretionary

   $ 4,832,916      $ 5,997,967      $ —        $ 10,830,883  

Consumer Staples

     4,952,213        3,883,250        —          8,835,463  

Energy

     1,566,799        4,836,854        —          6,403,653  

Financials

     2,314,507        17,482,415        —          19,796,922  

Health Care

     307,529        2,148,686        —          2,456,215  

Industrials

     116,267        4,185,323        —          4,301,590  

Information Technology

     7,148,414        23,030,287        —          30,178,701  

Materials

     947,155        3,630,410        —          4,577,565  

Real Estate

     —          2,870,186        —          2,870,186  

Telecommunication Services

     1,583,306        3,160,777        —          4,744,083  

Utilities

     395,801        1,187,382        —          1,583,183  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     24,164,907        72,413,537        —          96,578,444  

Investment Companies

     11,108,791        —          —          11,108,791  

Preferred Stocks

           

Consumer Staples

     144,517        409,658        —          554,175  

Energy

     —          473,324        —          473,324  

Financials

     131,747        1,552,692        —          1,684,439  

Information Technology

     —          884,125        —          884,125  

Materials

     479,091        350,814        —          829,905  

Total Preferred Stocks

     755,355        3,670,613        —          4,425,968  

Real Estate Investment Trusts

     221,160        —          —          221,160  

Short Term Investments

     614,471        —          —          614,471  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          6,664,206  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 36,864,684      $ 76,084,150      $ —        $ 119,613,040  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

For further information regarding security characteristics, see the Schedule of Investments.


Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:

 

Description

   Investments in Securities  

Transfers into Level 1

   $ 7,712,694  

Transfers out of Level 1

     (9,433,543
  

 

 

 

Net Transfers into/(out of) Level 1

   $ (1,720,849
  

 

 

 

Transfers into Level 2

   $ 9,433,543  

Transfers out of Level 2

     (7,712,694
  

 

 

 

Net Transfers into/(out of) Level 2

   $ 1,720,849  
  

 

 

 

Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predeterminded threshold.

There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.

GuideMark® Small/Mid Cap Core Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

   $ 49,128,109      $ —        $ 0      $ 49,128,109  

Investment Companies

     1,593,828        —          —          1,593,828  

Real Estate Investment Trusts

     3,366,743        —          —          3,366,743  

Rights

     —          —          0        0  

Short Term Investments

     356,681        —          —          356,681  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          12,238,946  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 54,445,361      $ —        $ —        $ 66,684,307  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

   Common Stocks      Rights  

Balance as of April 1, 2017

   $ 0      $ 0  

Purchases

     —          —    

Sales proceeds and paydowns

     —          —    

Accreted discounts, net

     —          —    

Realized gain (loss)

     —          —    

Change in unrealized appreciation (depreciation)

     —          —    

Transfers into/(out of) Level 3

     —          —    
  

 

 

    

 

 

 

Balance as of December 31, 2017

   $ 0      $ 0  
  

 

 

    

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at December 31, 2017.

   $ —        $ —    
  

 

 

    

 

 

 


GuideMark® World ex-US Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Consumer Discretionary

   $ 2,494,835      $ 29,170,986      $ —        $ 31,665,821  

Consumer Staples

     2,662,550        21,791,960        —          24,454,510  

Energy

     1,135,259        4,182,958        —          5,318,217  

Financials

     8,363,180        33,089,030        —          41,452,210  

Health Care

     2,379,757        15,918,306        —          18,298,063  

Industrials

     783,146        26,568,911        —          27,352,057  

Information Technology

     886,336        16,485,717        —          17,372,053  

Materials

     1,813,911        13,971,204        —          15,785,115  

Real Estate

     —          2,940,503        —          2,940,503  

Telecommunication Services

     675,008        4,322,903        —          4,997,911  

Utilities

     393,804        3,672,719        —          4,066,523  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     21,587,786        172,115,197        —          193,702,983  

Investment Companies

     5,206,966        —          —          5,206,966  

Participatory Notes

     —          61,637        —          61,637  

Preferred Stocks

           

Consumer Discretionary

     —          64,314        467        64,781  

Materials

     —          319,186        —          319,186  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stocks

     —          383,500        467        383,967  

Real Estate Investment Trusts

     —          845,547        —          845,547  

Short Term Investments

     1,015,830        —          —          1,015,830  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          1,828,570  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 27,810,582      $ 173,405,881      $ 467      $ 203,045,500  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

For further information regarding security characteristics, see the Schedule of Investments.

Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:

 

Description

   Investments in Securities  

Transfers into Level 1

   $ 3,071,223  

Transfers out of Level 1

     (856,479
  

 

 

 

Net Transfers into/(out of) Level 1

   $ 2,214,744  
  

 

 

 

Transfers into Level 2

   $ 856,479  

Transfers out of Level 2

     (3,071,223
  

 

 

 

Net Transfers into/(out of) Level 2

   $ (2,214,744
  

 

 

 


Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predeterminded threshold.

There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

   Preferred Stock  

Balance as of April 1, 2017

   $ 0  

Purchases

     455  

Sales proceeds and paydowns

     —    

Accreted discounts, net

     —    

Realized gain (loss)

     —    

Change in unrealized appreciation (depreciation)

     12  

Transfers into/(out of) Level 3

     —    
  

 

 

 

Balance as of December 31, 2017

   $ 467  
  

 

 

 

Change in unrealized appreciation (depreciation) during the

  

period for Level 3 investments held at December 31, 2017.

   $ 12  
  

 

 

 

GuideMark® Core Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  

Fixed Income

           

Asset Backed Securities

   $ —        $ 17,481,750      $ —        $ 17,481,750  

Collateralized Mortgage Obligations

     —          11,945,262        118,763        12,064,025  

Corporate Obligations

     —          37,036,531        —          37,036,531  

Foreign Government Debt Obligations

     —          1,829,403        —          1,829,403  

Mortgage Backed Securities—U.S. Government Agency

     —          3,774,152        —          37,744,152  

Municipal Debt Obligations

     —          1,182,777        —          1,182,777  

U.S. Treasury Obligations

     —          34,878,309        —          34,878,309  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income

     —          108,128,184        118,763        142,216,947  

Short Term Investments

     818,528        —          —          818,528  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          2,168,803  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 818,528      $ 108,128,184      $ 118,763      $ 145,204,278  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other Financial Instruments**

           

Futures

   $ 27      $ —        $ —        $ 27  

Swaps

     —          212,058        —          212,058  


* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
** Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description

   Collateralized Mortgage
Obligations
 

Balance as of April 1, 2017

   $ 0  

Purchases

     135,000  

Sales proceeds and paydowns

     (16,237

Accreted discounts, net

     —    

Realized gain (loss)

     —    

Change in unrealized appreciation (depreciation)

     —    

Transfers into/(out of) Level 3

     —    
  

 

 

 

Balance as of December 31, 2017

   $ 118,763  
  

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at December 31, 2017.

   $ —    
  

 

 

 

GuideMark® Tax-Exempt Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  

Municipal Debt Obligations

   $ —        $ 27,306,874      $ —        $ 27,306,874  

Short Term Investments

     397,718        —          —          397,718  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 397,718      $ 27,306,874      $ —        $ 27,704,592  
  

 

 

    

 

 

    

 

 

    

 

 

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.

Derivative Instruments and Hedging Activities

The Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

In general, the use of derivatives may increase the risk within the Fund. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Fund may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Fund was pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as a Fund may receive returns (or suffer losses) exceeding the initial amounts the Fund committed in connection with the derivatives. The use of derivatives can result in losses or gains to a Fund exceeding the amount the Fund would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Fund.


GuideMark® Core Fixed Income Fund

During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX to efficiently manage investment grade credit exposure.

Statement of Assets and Liabilities—Values of Derivative Instruments as of December 31, 2017.

 

    

Asset Derivatives

    

Liability Derivatives

 
    

Statement of Assets and Liabilities
Location

   Value     

Statement of Assets and Liabilities
Location

   Value  

Credit Contracts—Swaps

   Appreciation on swap agreements    $ 7,401      Depreciation on swap agreements    $ —    

Interest Rate Contracts—Swaps

   Appreciation on swap agreements      216,603      Depreciation on swap agreements      11,946  

Interest Rate Contracts—Futures*

   Unrealized appreciation on futures contracts      26,146      Unrealized depreciation on futures contracts      26,119  
     

 

 

       

 

 

 

Total

      $ 250,150         $ 38,065  
     

 

 

       

 

 

 

 

* Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts.

The average monthly notional amount outstanding of futures and swaps during the period ended December 31, 2017 were as follows:

 

Long Positions

     Short Positions       

Futures

   $ 8,103,160      Futures    ($ 5,854,175
  

 

 

       

 

 

 

Swaps

     7,151,300      Swaps      —    
  

 

 

       

 

 

 

Derivative Risks

The risks of using the various types of derivatives in which the Fund may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Fund; the risk that there may not be a liquid secondary market for the derivative at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Fund may induce leverage in the Fund, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund.


Secured Borrowings

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. (the “Custodian”). Under the term of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in short term instruments as noted in the Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against custody costs and other charges incurred by the Funds. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.

As of December 31, 2017, the Funds (excluding the Tax-Exempt Fixed Income Fund) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received.

Securities Lending Transactions

 

Overnight and Continuous

   Investments
Purchased with
Proceeds from
Securities Lending
 

Large Cap Core Fund

   $ 42,050,718  

Emerging Markets Fund

     6,664,206  

Small/Mid Cap Core Fund

     12,238,946  

World ex-US Fund

     1,828,570  

Core Fixed Income Fund

     2,168,803  

Tax-Exempt Fixed Income Fund

     —    


Item 2. Controls and Procedures.

 

(a) The Registrant’s President and Treasurer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

 

(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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

 


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.

 

(Registrant)   

GPS Funds I

  
By (Signature and Title)   

/s/ Carrie E. Hansen

  
   Carrie E. Hansen   
   Principal Executive Officer/President   
Date   

2/27/18

  

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 (Signature and Title)   

/s/ Carrie E. Hansen

  
   Carrie E. Hansen   
   Principal Executive Officer/President   
Date   

2/27/18

  
By (Signature and Title)   

/s/ Patrick R. Young

  
   Patrick R. Young   
   Principal Financial Officer/Treasurer   
Date   

2/27/18

  

Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
3/31/18None on these Dates
Filed on / Effective on:2/28/18
For Period End:12/31/17
4/1/17
 List all Filings 
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