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GPS Funds I – ‘N-Q’ for 6/30/18

On:  Tuesday, 8/28/18, at 5:27pm ET   ·   Effective:  8/28/18   ·   For:  6/30/18   ·   Accession #:  1193125-18-260768   ·   File #:  811-10267

Previous ‘N-Q’:  ‘N-Q’ on 2/28/18 for 12/31/17   ·   Next & 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

 8/28/18  GPS Funds I                       N-Q         6/30/18    2:3.0M                                   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   2.01M 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     17K 


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


This is an HTML Document rendered as filed.  [ Alternative Formats ]



  N-Q  

As filed with the Securities and Exchange Commission on August 28, 2018

 

 

 

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, 2019

Date of reporting period: June 30, 2018

 

 

 


Item 1. Schedule of Investments.


GuideMark® Large Cap Core Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Number of Shares

          Value  
  

COMMON STOCKS—94.49%

  
  

Aerospace & Defense—2.15%

  
  5,299      Boeing Co.    $ 1,777,867  
  4,616      BWX Technologies, Inc.      287,669  
  1,885      Curtiss-Wright Corp.      224,353  
  831      General Dynamics Corp.      154,907  
  1,742      Harris Corp.      251,789  
  3,978      HEICO Corp. (a)      290,079  
  5,590      HEICO Corp.—Class A      340,710  
  3,307      Hexcel Corp. (a)      219,519  
  1,399      L3 Technologies, Inc.      269,056  
  1,617      Lockheed Martin Corp.      477,710  
  1,269      Northrop Grumman Corp.      390,471  
  2,212      Raytheon Co.      427,314  
  2,403      Rockwell Collins, Inc.      323,636  
  3,279      Spirit AeroSystems Holdings, Inc.—Class A      281,699  
  655      Teledyne Technologies, Inc. (b)      130,384  
  5,121      Textron, Inc.      337,525  
  647      TransDigm Group, Inc.      223,306  
  2,791      United Technologies Corp.      348,959  
     

 

 

 
        6,756,953  
     

 

 

 
  

Air Freight & Logistics—0.38%

  
  4,858      C.H. Robinson Worldwide, Inc.      406,420  
  1,367      Expeditors International of Washington, Inc.      99,928  
  1,673      FedEx Corp.      379,871  
  3,130      XPO Logistics, Inc. (b)      313,564  
     

 

 

 
        1,199,783  
     

 

 

 
  

Airlines—0.64%

  
  3,425      Alaska Air Group, Inc.      206,836  
  5,300      Copa Holdings SA—Class A      501,486  
  7,343      Delta Air Lines, Inc.      363,772  


  34,862      JetBlue Airways Corp. (b)      661,681  
  5,419      Southwest Airlines Co.      275,718  
     

 

 

 
        2,009,493  
     

 

 

 
  

Auto Components—0.16%

  
  1,478      Aptiv Plc      135,429  
  4,016      Gentex Corp.      92,448  
  1,521      Lear Corp.      282,617  
     

 

 

 
        510,494  
     

 

 

 
  

Automobiles—0.22%

  
  54,522      Ford Motor Co.      603,559  
  895      Thor Industries, Inc.      87,164  
     

 

 

 
        690,723  
     

 

 

 
  

Banks—4.00%

  
  86,978      Bank of America Corp.      2,451,910  
  6,215      BankUnited, Inc.      253,883  
  3,195      BB&T Corp.      161,156  
  11,730      Citigroup, Inc.      784,971  
  5,507      Citizens Financial Group, Inc.      214,222  
  1,599      Comerica, Inc.      145,381  
  13,688      Fifth Third Bancorp      392,845  
  6,847      Huntington Bancshares, Inc.      101,062  
  34,258      JPMorgan Chase & Co.      3,569,684  
  10,876      KeyCorp      212,517  
  644      M&T Bank Corp.      109,577  
  3,657      PNC Financial Services Group, Inc.      494,061  
  12,499      Regions Financial Corp.      222,232  
  3,299      SunTrust Banks, Inc.      217,800  
  519      SVB Financial Group (b)      149,866  
  1,153      Synovus Financial Corp.      60,913  
  10,981      TCF Financial Corp.      270,352  
  9,788      U.S. Bancorp (a)      489,596  
  2,687      Umpqua Holdings Corp.      60,699  
  37,211      Wells Fargo & Co.      2,062,978  
  2,387      Zions Bancorporation (a)      125,771  
     

 

 

 
        12,551,476  
     

 

 

 
  

Beverages—1.32%

  
  5,084      Brown-Forman Corp.—Class A      248,404  
  7,833      Brown-Forman Corp.—Class B      383,895  


  1,548      Constellation Brands, Inc.—Class A      338,811  
  2,272      Dr. Pepper Snapple Group, Inc.      277,184  
  11,052      Molson Coors Brewing Co.—Class B (a)      751,978  
  8,084      Monster Beverage Corp. (b)      463,213  
  10,128      PepsiCo, Inc.      1,102,636  
  12,810      The Coca-Cola Co.      561,847  
     

 

 

 
        4,127,968  
     

 

 

 
  

Biotechnology—1.59%

  
  678      Agios Pharmaceuticals, Inc. (b)      57,108  
  1,868      Alkermes Plc (b)      76,887  
  5,208      Amgen, Inc.      961,345  
  2,207      Biogen, Inc. (b)      640,560  
  392      Bluebird Bio, Inc. (b)      61,524  
  5,110      Celgene Corp. (b)      405,836  
  14,326      Gilead Sciences, Inc.      1,014,854  
  2,204      Neurocrine Biosciences, Inc. (b)      216,521  
  1,772      Sarepta Therapeutics, Inc. (b)      234,223  
  3,648      Seattle Genetics, Inc. (b)      242,191  
  3,950      United Therapeutics Corp. (b)      446,942  
  3,611      Vertex Pharmaceuticals, Inc. (b)      613,725  
     

 

 

 
        4,971,716  
     

 

 

 
  

Building Products—0.59%

  
  2,381      A. O. Smith Corp.      140,836  
  2,446      Allegion Plc      189,223  
  4,021      Armstrong World Industries, Inc. (b)      254,127  
  1,934      Lennox International, Inc. (a)      387,090  
  6,400      Masco Corp.      239,488  
  8,076      Owens Corning, Inc.      511,776  
  2,708      USG Corp. (b)      116,769  
     

 

 

 
        1,839,309  
     

 

 

 
  

Capital Markets—2.56%

  
  1,782      Ameriprise Financial, Inc.      249,266  
  714      BlackRock, Inc.      356,315  
  3,380      Cboe Global Markets, Inc.      351,757  
  2,546      CME Group, Inc.      417,340  
  5,454      E*TRADE Financial Corp. (b)      333,567  
  4,676      Eaton Vance Corp.      244,041  
  1,740      Evercore Partners, Inc.—Class A      183,483  


  2,038      FactSet Research Systems, Inc.      403,728  
  2,193      Intercontinental Exchange, Inc.      161,295  
  2,290      Invesco Ltd.      60,822  
  2,319      Lazard Ltd.—Class A      113,422  
  11,043      Legg Mason, Inc.      383,523  
  5,784      LPL Financial Holdings, Inc. (a)      379,083  
  1,135      MarketAxess Holdings, Inc.      224,571  
  2,479      Moody’s Corp.      422,818  
  6,875      Morgan Stanley      325,875  
  2,098      Morningstar, Inc.      269,069  
  4,098      MSCI, Inc.      677,932  
  670      Raymond James Financial, Inc.      59,865  
  4,749      S&P Global, Inc.      968,274  
  4,793      SEI Investments Co.      299,658  
  4,458      T. Rowe Price Group, Inc.      517,529  
  3,659      TD Ameritrade Holding Corp. (a)      200,403  
  1,184      The Bank of New York Mellon Corp.      63,853  
  5,139      The Charles Schwab Corp.      262,603  
  3,152      Virtu Financial, Inc.—Class A      83,686  
     

 

 

 
        8,013,778  
     

 

 

 
  

Chemicals—0.72%

  
  2,852      CF Industries Holdings, Inc.      126,629  
  5,793      DowDuPont, Inc.      381,875  
  1,513      Eastman Chemical Co.      151,239  
  1,295      Ecolab, Inc.      181,727  
  12,081      Huntsman Corp.      352,765  
  967      International Flavors & Fragrances, Inc.      119,869  
  802      LyondellBasell Industries NV—Class A      88,100  
  370      NewMarket Corp. (a)      149,665  
  1,175      PPG Industries, Inc. (a)      121,883  
  605      Praxair, Inc.      95,681  
  3,878      RPM International, Inc.      226,165  
  5,630      Valvoline, Inc. (a)      121,439  
  1,406      Westlake Chemical Corp.      151,328  
     

 

 

 
        2,268,365  
     

 

 

 
  

Commercial Services & Supplies—0.68%

  
  2,214     

Avery Dennison Corp.

     226,049  
  1,378     

Cintas Corp.

     255,027  


  1,142      Clean Harbors, Inc. (b)      63,438  
  2,496      Copart, Inc. (b)      141,174  
  1,154      KAR Auction Services, Inc.      63,239  
  15,756      Rollins, Inc.      828,451  
  4,522      Stericycle, Inc. (b)      295,241  
  3,356      Waste Management, Inc.      272,977  
     

 

 

 
        2,145,596  
     

 

 

 
   Communications Equipment—1.42%   
  2,387      Arista Networks, Inc. (a)(b)      614,629  
  22,099      ARRIS International Plc (b)      540,210  
  36,455      Cisco Systems, Inc.      1,568,659  
  3,219      CommScope Holding Co., Inc. (a)(b)      94,011  
  3,150      F5 Networks, Inc. (b)      543,218  
  12,014      Juniper Networks, Inc.      329,424  
  1,263      Motorola Solutions, Inc.      146,975  
  1,307      Palo Alto Networks, Inc. (b)      268,549  
  1,545      QUALCOMM, Inc.      86,705  
  3,029      Ubiquiti Networks, Inc. (a)(b)      256,617  
     

 

 

 
        4,448,997  
     

 

 

 
  

Construction & Engineering—0.49%

  
  28,288      AECOM (a)(b)      934,353  
  3,276      Fluor Corp.      159,803  
  7,051      Jacobs Engineering Group, Inc.      447,668  
     

 

 

 
        1,541,824  
     

 

 

 
  

Consumer Finance—0.91%

  
  21,372      Ally Financial, Inc.      561,442  
  2,864      American Express Co.      280,672  
  1,060      Credit Acceptance Corp. (a)(b)      374,604  
  2,265      Discover Financial Services      159,479  
  39,101      Navient Corp.      509,486  
  42,047      Santander Consumer USA Holdings, Inc.      802,677  
  5,266      Synchrony Financial (a)      175,779  
     

 

 

 
        2,864,139  
     

 

 

 
  

Containers & Packaging—0.21%

  
  711      AptarGroup, Inc.      66,393  
  1,746      Ball Corp.      62,070  
  7,973      Owens-Illinois, Inc. (b)      134,026  
  1,974      Packaging Corp. of America      220,674  


  2,348      Silgan Holdings, Inc.      62,997  
  1,843      WestRock Co.      105,088  
     

 

 

 
        651,248  
     

 

 

 
  

Distributors—0.15%

  
  2,757      Genuine Parts Co.      253,065  
  6,568      LKQ Corp. (b)      209,519  
     

 

 

 
        462,584  
     

 

 

 
  

Diversified Consumer Services—0.38%

  
  2,591      Bright Horizons Family Solutions, Inc. (b)      265,630  
  812      Graham Holdings Co.—Class B      475,913  
  561      Grand Canyon Education, Inc. (b)      62,613  
  12,045      H&R Block, Inc.      274,385  
  1,915      ServiceMaster Global Holdings, Inc. (b)      113,885  
     

 

 

 
        1,192,426  
     

 

 

 
  

Diversified Financial Services—0.34%

  
  4,724      Interactive Brokers Group, Inc.—Class A      304,273  
  20,013      Jefferies Financial Group, Inc.      455,096  
  2,576      NASDAQ OMX Group, Inc.      235,111  
  1,277      Voya Financial, Inc.      60,019  
     

 

 

 
        1,054,499  
     

 

 

 
  

Diversified Telecommunication Services—0.76%

  
  40,387      AT&T, Inc.      1,296,826  
  21,664      Verizon Communications, Inc. (a)      1,089,916  
     

 

 

 
        2,386,742  
     

 

 

 
  

Electric Utilities—0.85%

  
  2,569      American Electric Power Co., Inc.      177,903  
  4,035      Avangrid, Inc.      213,573  
  3,587      Duke Energy Corp.      283,660  
  2,208      Edison International      139,700  
  1,604      Entergy Corp.      129,587  
  1,457      Eversource Energy      85,395  
  8,330      Exelon Corp.      354,858  
  5,861      FirstEnergy Corp.      210,469  
  2,713      Hawaiian Electric Industries, Inc.      93,056  
  3,242      NextEra Energy, Inc. (a)      541,511  
  2,641      PG&E Corp.      112,401  
  4,054      Southern Co.      187,741  
  2,827      Xcel Energy, Inc.      129,137  
     

 

 

 
        2,658,991  
     

 

 

 


  

Electrical Equipment—0.74%

  
  2,611      Acuity Brands, Inc.      302,537  
  3,569      Agilent Technologies, Inc.      220,707  
  3,460      AMETEK, Inc.      249,674  
  1,115      Eaton Corp. Plc      83,335  
  2,721      Emerson Electric Co. (a)      188,130  
  9,159      Regal Beloit Corp.      749,206  
  1,419      Rockwell Automation, Inc.      235,880  
  1,074      Roper Industries, Inc.      296,327  
     

 

 

 
        2,325,796  
     

 

 

 
  

Electronic Equipment, Instruments & Components—0.80%

  
  2,891      Amphenol Corp.—Class A      251,951  
  2,290      CDW Corp.      185,009  
  6,914      Cognex Corp.      308,433  
  1,269      Coherent, Inc. (b)      198,497  
  3,014      Dolby Laboratories, Inc.—Class A (a)      185,934  
  4,895      FLIR Systems, Inc.      254,393  
  1,517      IPG Photonics Corp. (b)      334,696  
  2,136      Keysight Technologies, Inc. (b)      126,088  
  11,110      National Instruments Corp.      466,398  
  1,353      Zebra Technologies Corp.—Class A (b)      193,817  
     

 

 

 
        2,505,216  
     

 

 

 
  

Energy Equipment & Services—0.39%

  
  7,736      RPC, Inc. (a)      112,714  
  83,348      Transocean, Ltd. (a)(b)      1,120,197  
     

 

 

 
        1,232,911  
     

 

 

 
  

Food & Staples Retailing—2.25%

  
  2,274      Casey’s General Stores, Inc. (a)      238,952  
  4,791      Costco Wholesale Corp.      1,001,223  
  10,205      CVS Health Corp.      656,692  
  21,017      Kroger Co.      597,934  
  18,631      Sprouts Farmers Market, Inc. (b)      411,186  
  9,976      SYSCO Corp. (a)      681,261  
  22,313      US Foods Holding Corp. (b)      843,878  
  13,333      Walgreens Boots Alliance, Inc.      800,180  
  21,471      Walmart, Inc.      1,838,991  
     

 

 

 
        7,070,297  
     

 

 

 


   Food Products—1.44%   
  1,486      Archer-Daniels-Midland Co.      68,103  
  1,963      Campbell Soup Co. (a)      79,580  
  19,573      Flowers Foods, Inc. (a)      407,706  
  3,431      Hershey Co.      319,289  
  2,490      Hormel Foods Corp. (a)      92,653  
  2,670      Ingredion, Inc.      295,569  
  968      Kellogg Co. (a)      67,634  
  4,456      Lamb Weston Holdings, Inc.      305,281  
  30,575      Pilgrim’s Pride Corp. (b)      615,475  
  8,205      Post Holdings, Inc. (a)(b)      705,794  
  2,103      The J.M. Smucker Co. (a)      226,030  
  20,741      TreeHouse Foods, Inc. (b)      1,089,110  
  3,317      Tyson Foods, Inc.—Class A      228,375  
     

 

 

 
        4,500,599  
     

 

 

 
   Gas Utilities—0.09%   
  5,718      UGI Corp.      297,736  
     

 

 

 
   Health Care Equipment & Supplies—2.58%   
  2,482      ABIOMED, Inc. (b)      1,015,262  
  3,489      Align Technology, Inc. (b)      1,193,726  
  5,561      Baxter International, Inc.      410,624  
  718      Becton Dickinson and Co.      172,004  
  6,717      Boston Scientific Corp. (b)      219,646  
  2,742      Cantel Medical Corp.      269,703  
  952      Danaher Corp.      93,943  
  4,096      DexCom, Inc. (a)(b)      389,038  
  2,958      Edwards Lifesciences Corp. (a)(b)      430,596  
  2,482      Hill-Rom Holdings, Inc.      216,778  
  647      ICU Medical, Inc. (b)      189,992  
  3,271      IDEXX Laboratories, Inc. (b)      712,882  
  1,716      Insulet Corp. (b)      147,061  
  1,815      Intuitive Surgical, Inc. (b)      868,441  
  1,609      Masimo Corp. (b)      157,119  
  739      Medtronic Plc      63,266  
  1,940      Penumbra, Inc. (b)      268,011  
  764      ResMed, Inc.      79,135  
  1,446      STERIS Plc (a)      151,844  
  3,782      Stryker Corp. (a)      638,629  
  565      Teleflex, Inc. (a)      151,539  
  2,248      Varian Medical Systems, Inc. (a)(b)      255,643  
     

 

 

 
        8,094,882  
     

 

 

 


   Health Care Providers & Services—3.50%   
  2,187      Aetna, Inc.      401,315  
  3,268      Anthem, Inc.      777,882  
  11,083      Cardinal Health, Inc. (a)      541,183  
  6,515      Centene Corp. (b)      802,713  
  2,084      Cerner Corp. (b)      124,602  
  1,240      Chemed Corp.      399,044  
  3,028      CIGNA Corp.      514,609  
  1,349      DaVita, Inc. (b)      93,675  
  939      Encompass Health Corp.      63,589  
  15,142      Envision Healthcare Corp. (b)      666,399  
  10,728      Express Scripts Holding Co. (b)      828,309  
  3,156      Henry Schein, Inc. (a)(b)      229,252  
  3,495      Humana, Inc.      1,040,217  
  482      Laboratory Corp. of America Holdings (b)      86,533  
  3,406      McKesson Corp.      454,360  
  11,592      MEDNAX, Inc. (b)      501,702  
  1,240      Molina Healthcare, Inc. (b)      121,446  
  11,210      UnitedHealth Group, Inc.      2,750,261  
  2,391      WellCare Health Plans, Inc. (b)      588,760  
     

 

 

 
        10,985,851  
     

 

 

 
   Health Care Technology—0.17%   
  2,096      athenahealth, Inc. (b)      333,558  
  2,583      Veeva Systems, Inc.—Class A (b)      198,529  
     

 

 

 
        532,087  
     

 

 

 
   Hotels, Restaurants & Leisure—2.15%   
  5,570      Carnival Corp.      319,217  
  5,783      Choice Hotels International, Inc.      437,195  
  2,970      Darden Restaurants, Inc.      317,968  
  3,042      Domino’s Pizza, Inc.      858,361  
  9,721      Extended Stay America, Inc.      210,071  
  5,205      Hilton Grand Vacations, Inc. (b)      180,614  
  3,436      Hilton Worldwide Holdings, Inc.      271,994  
  3,283      Hyatt Hotels Corp.—Class A      253,283  
  3,501      Las Vegas Sands Corp.      267,336  


  3,914      Marriott International, Inc.—Class A      495,512  
  6,999      McDonald’s Corp.      1,096,673  
  2,602      MGM Resorts International      75,536  
  1,286      Norwegian Cruise Line Holdings, Ltd. (b)      60,764  
  1,284      Royal Caribbean Cruises Ltd.      133,022  
  8,449      Starbucks Corp. (a)      412,734  
  4,973      Wyndham Destinations, Inc.      220,155  
  2,102      Wyndham Hotels & Resorts, Inc.      123,661  
  1,407      Wynn Resorts Ltd.      235,447  
  7,712      Yum China Holdings, Inc. (a)      296,604  
  5,952      Yum! Brands, Inc.      465,565  
     

 

 

 
        6,731,712  
     

 

 

 
   Household Durables—0.63%   
  3,571      DR Horton, Inc.      146,411  
  1,261      Garmin Ltd.      76,921  
  1,993      Lennar Corp.—Class A      104,632  
  179      NVR, Inc. (b)      531,693  
  14,170      PulteGroup, Inc.      407,387  
  4,251      Tempur Sealy International, Inc. (a)(b)      204,261  
  13,734      Toll Brothers, Inc.      508,021  
     

 

 

 
        1,979,326  
     

 

 

 
   Household Products—0.72%   
  2,753      Clorox Co.      372,343  
  8,417      Colgate-Palmolive Co. (a)      545,506  
  4,108      Energizer Holdings, Inc.      258,640  
  3,179      Kimberly-Clark Corp.      334,876  
  9,475      Procter & Gamble Co.      739,618  
     

 

 

 
        2,250,983  
     

 

 

 
   Independent Power and Renewable Electricity Producers—0.68%   
  17,303      AES Corp.      232,033  
  19,746      NRG Energy, Inc.      606,202  
  55,381      Vistra Energy Corp. (b)      1,310,315  
     

 

 

 
        2,148,550  
     

 

 

 
   Industrial Conglomerates—0.60%   
  4,636      3M Co.      911,994  
  12,121      General Electric Co.      164,967  
  5,031      Honeywell International, Inc.      724,715  
  20      Seaboard Corp.      79,255  
     

 

 

 
        1,880,931  
     

 

 

 


   Insurance—2.95%   
  7,820      Aflac, Inc.      336,416  
  6,441      Allstate Corp.      587,870  
  1,223      American Financial Group, Inc.      131,265  
  1,091      American National Insurance Co.      130,473  
  1,100      Arthur J. Gallagher & Co.      71,808  
  717      Assurant, Inc.      74,202  
  5,651      Assured Guaranty, Ltd.      201,910  
  2,452      Athene Holding, Ltd.—Class A (b)      107,496  
  18,674      Berkshire Hathaway, Inc.—Class B (b)      3,485,502  
  7,024      Brown & Brown, Inc.      194,776  
  1,580      CNA Financial Corp.      72,174  
  1,170      Erie Indemnity Co.—Class A (a)      137,194  
  4,450      First American Financial Corp.      230,154  
  7,266      FNF Group      273,347  
  5,221      Lincoln National Corp.      325,007  
  81      Markel Corp. (b)      87,832  
  5,543      Marsh & McLennan Cos., Inc. (a)      454,360  
  5,118      MetLife, Inc. (a)      223,145  
  7,824      Old Republic International Corp.      155,776  
  1,716      Principal Financial Group, Inc.      90,862  
  9,037      Progressive Corp.      534,539  
  4,747      Prudential Financial, Inc.      443,892  
  3,068      Reinsurance Group of America, Inc.      409,517  
  1,889      The Hanover Insurance Group, Inc. (a)      225,849  
  6,774      Unum Group      250,570  
     

 

 

 
        9,235,936  
     

 

 

 
   Internet & Direct Marketing Retail—3.80%   
  4,039      Amazon.com, Inc. (b)      6,865,492  
  609      Booking Holdings, Inc. (b)      1,234,498  
  2,144      Expedia Group, Inc.      257,688  
  3,937      Netflix, Inc. (b)      1,541,060  
  28,759      Qurate Retail, Inc. (b)      610,266  
  8,085      TripAdvisor, Inc. (a)(b)      450,415  
  8,153      Wayfair, Inc.—Class A (a)(b)      968,250  
     

 

 

 
        11,927,669  
     

 

 

 


   Internet Software & Services—5.17%   
  4,182      2U, Inc. (b)      349,448  
  6,161      Akamai Technologies, Inc. (b)      451,170  
  2,976      Alphabet, Inc.—Class A (b)      3,360,469  
  3,018      Alphabet, Inc.—Class C (b)      3,367,032  
  877      CoStar Group, Inc. (b)      361,877  
  3,422      DocuSign, Inc. (a)(b)      181,195  
  8,729      eBay, Inc. (b)      316,514  
  25,580      Facebook, Inc.—Class A (b)      4,970,706  
  2,577      GoDaddy, Inc.—Class A (b)      181,936  
  2,503      GrubHub, Inc. (b)      262,590  
  3,872      IAC InterActive Corp. (b)      590,441  
  1,192      LogMeIn, Inc.      123,074  
  9,738      Match Group, Inc. (a)(b)      377,250  
  5,757      Nutanix, Inc.—Class A (b)      296,888  
  4,755      Okta, Inc. (b)      239,509  
  1,728      Twilio, Inc.—Class A (b)      96,803  
  8,740      Twitter, Inc. (b)      381,676  
  2,089      VeriSign, Inc. (b)      287,070  
     

 

 

 
        16,195,648  
     

 

 

 
   IT Services—4.37%   
  8,650      Accenture Plc—Class A      1,415,053  
  1,038      Alliance Data Systems Corp.      242,062  
  2,222      Amdocs Ltd.      147,074  
  1,377      Automatic Data Processing, Inc.      184,711  
  1,173      Black Knight, Inc. (b)      62,814  
  12,439      Booz Allen Hamilton Holding Corp.—Class A      543,957  
  3,063      Broadridge Financial Solutions, Inc.      352,551  
  7,804      Cognizant Technology Solutions Corp.—Class A      616,438  
  55,402      Conduent, Inc. (b)      1,006,654  
  6,780      CoreLogic, Inc. (b)      351,882  
  13,528      DXC Technology Co.      1,090,492  
  521      EPAM Systems, Inc. (b)      64,776  
  1,549      Euronet Worldwide, Inc. (a)(b)      129,760  
  3,645      Fidelity National Information Services, Inc. (a)      386,479  
  12,388      First Data Corp.—Class A (a)(b)      259,281  
  1,768      Fiserv, Inc. (b)      130,991  
  548      FleetCor Technologies, Inc. (a)(b)      115,436  
  511      Gartner, Inc. (b)      67,912  


  9,618      Genpact, Ltd.      278,249  
  1,182      Global Payments, Inc. (a)      131,781  
  3,636      Leidos Holdings, Inc.      214,524  
  8,227      MasterCard, Inc.—Class A      1,616,770  
  9,213      PayPal Holdings, Inc. (b)      767,167  
  13,280      Square, Inc.—Class A (a)(b)      818,579  
  5,473      T-Mobile USA, Inc. (b)      327,012  
  4,200      Total System Services, Inc.      354,984  
  12,013      Visa, Inc.—Class A      1,591,122  
  1,545      WEX, Inc. (a)(b)      294,292  
  1,746      Worldpay, Inc.—Class A (b)      142,788  
     

 

 

 
        13,705,591  
     

 

 

 
   Leisure Products—0.37%   
  2,119      Brunswick Corp.      136,633  
  3,059      Hasbro, Inc. (a)      282,376  
  2,183      Polaris Industries, Inc.      266,719  
  3,056      Pool Corp. (a)      462,984  
     

 

 

 
        1,148,712  
     

 

 

 
   Life Sciences Tools & Services—0.80%   
  652      Bio-Techne Corp.      96,464  
  11,458      Bruker Corp.      332,740  
  1,928      Charles River Laboratories International, Inc. (b)      216,437  
  687      Illumina, Inc. (b)      191,872  
  2,733      IQVIA Holdings, Inc. (b)      272,808  
  1,039      Mettler-Toledo International, Inc. (b)      601,197  
  2,795      Thermo Fisher Scientific, Inc.      578,956  
  1,175      Waters Corp. (b)      227,468  
     

 

 

 
        2,517,942  
     

 

 

 
   Machinery—1.85%   
  10,234      AGCO Corp.      621,408  
  3,729      Caterpillar, Inc.      505,913  
  8,777      Colfax Corp. (b)      269,015  
  838      Cummins, Inc.      111,454  
  2,504      Deere & Co.      350,059  
  4,671      Donaldson Co., Inc.      210,755  
  943      Dover Corp.      69,028  
  5,003      Fortive Corp.      385,781  
  4,433      Gardner Denver Holdings, Inc. (b)      130,286  


  12,199      Graco, Inc.      551,639  
  1,774      IDEX Corp.      242,116  
  1,838      Illinois Tool Works, Inc.      254,637  
  3,194      Ingersoll-Rand Plc      286,598  
  2,292      Lincoln Electric Holdings, Inc. (a)      201,146  
  697      Nordson Corp.      89,502  
  852      Parker-Hannifin Corp.      132,784  
  920      Snap-on, Inc. (a)      147,862  
  876      Stanley Black & Decker, Inc.      116,342  
  10,755      Terex Corp.      453,753  
  6,721      Toro Co. (a)      404,940  
  3,794      Xylem, Inc.      255,640  
     

 

 

 
        5,790,658  
     

 

 

 
   Marine—0.07%   
  2,468      Kirby Corp. (a)(b)      206,325  
     

 

 

 
   Media—1.21%   
  88      Cable One, Inc.      64,530  
  14,841      Comcast Corp.—Class A      486,933  
  4,068      John Wiley & Sons, Inc.—Class A      253,843  
  4,909      Liberty Media Corp.—Class A (b)      221,150  
  5,517      Liberty Media Corp.—Class C (a)(b)      250,251  
  4,423      Lions Gate Entertainment Corp.—Class A (a)      109,779  
  4,874      Lions Gate Entertainment Corp.—Class B      114,344  
  4,607      Live Nation Entertainment, Inc. (b)      223,762  
  7,891      News Corp.—Class A      122,311  
  7,768      News Corp.—Class B      123,123  
  31,816      Sirius XM Holdings, Inc. (a)      215,394  
  344      The Madison Square Garden Co.—Class A (b)      106,705  
  5,915      The Walt Disney Co.      619,951  
  3,909      Twenty-First Century Fox, Inc.—Class A      194,238  
  1,965      Twenty-First Century Fox, Inc.—Class B      96,816  
  6,210      Viacom, Inc.—Class A (a)      220,145  
  12,588      Viacom, Inc.—Class B      379,654  
     

 

 

 
        3,802,929  
     

 

 

 
   Metals & Mining—0.62%   
  15,474      Alcoa Corp. (b)      725,421  
  18,878      Freeport-McMoRan, Inc.      325,834  
  3,505      Newmont Mining Corp.      132,174  


  697      Reliance Steel & Aluminum Co.      61,015  
  2,261      Royal Gold, Inc. (a)      209,911  
  3,106      Southern Copper Corp. (a)      145,578  
  3,371      Steel Dynamics, Inc.      154,898  
  5,612      United States Steel Corp.      195,017  
     

 

 

 
        1,949,848  
     

 

 

 
   Multiline Retail—1.70%   
  4,595      Burlington Stores, Inc. (b)      691,685  
  5,467      Dollar General Corp.      539,046  
  5,414      Dollar Tree, Inc. (b)      460,190  
  15,954      Kohl’s Corp.      1,163,047  
  34,619      Macy’s, Inc.      1,295,789  
  8,667      Nordstrom, Inc. (a)      448,777  
  9,722      Target Corp. (a)      740,039  
     

 

 

 
        5,338,573  
     

 

 

 
   Multi-Utilities—0.50%   
  1,359      Ameren Corp.      82,695  
  4,758      CenterPoint Energy, Inc.      131,844  
  1,918      CMS Energy Corp.      90,683  
  2,956      Consolidated Edison, Inc.      230,509  
  1,880      DTE Energy Co. (a)      194,824  
  7,314      MDU Resources Group, Inc.      209,766  
  3,284      NiSource, Inc. (a)      86,304  
  4,660      Public Service Enterprise Group, Inc.      252,292  
  1,255      Sempra Energy      145,718  
  2,105      WEC Energy Group, Inc.      136,088  
     

 

 

 
        1,560,723  
     

 

 

 
   Oil, Gas & Consumable Fuels—3.82%   
  3,453      Anadarko Petroleum Corp.      252,932  
  1,524      Andeavor      199,918  
  11,791      Chevron Corp.      1,490,736  
  500      Concho Resources, Inc. (b)      69,175  
  7,663      ConocoPhillips      533,498  
  4,485      Continental Resources, Inc. (a)(b)      290,448  
  1,498      Devon Energy Corp.      65,852  
  516      Diamondback Energy, Inc.      67,890  
  3,228      EOG Resources, Inc.      401,660  
  22,512      Exxon Mobil Corp.      1,862,418  


  1,007      Hess Corp.      67,358  
  14,579      HollyFrontier Corp.      997,641  
  12,101      Marathon Oil Corp.      252,427  
  13,769      Marathon Petroleum Corp.      966,033  
  5,573      Occidental Petroleum Corp.      466,349  
  3,702      ONEOK, Inc.      258,511  
  25,910      PBF Energy, Inc.—Class A      1,086,406  
  5,606      Phillips 66      629,610  
  516      Pioneer Natural Resources Co.      97,648  
  2,520      SM Energy Co.      64,739  
  13,217      Valero Energy Corp.      1,464,840  
  2,950      Whiting Petroleum Corp. (b)      155,524  
  12,626      WPX Energy, Inc. (b)      227,647  
     

 

 

 
        11,969,260  
     

 

 

 
   Paper & Forest Products—0.22%   
  14,390      Domtar Corp.      686,979  
     

 

 

 
   Personal Products—0.63%   
  10,758      Herbalife Nutrition Ltd. (b)      577,920  
  7,191      Nu Skin Enterprises, Inc.—Class A      562,264  
  5,768      The Estee Lauder Cos., Inc.—Class A      823,036  
     

 

 

 
        1,963,220  
     

 

 

 
   Pharmaceuticals—3.79%   
  10,405      Abbott Laboratories      634,601  
  14,458      AbbVie, Inc.      1,339,534  
  4,866      Allergan Plc      811,260  
  16,092      Bristol-Myers Squibb Co.      890,531  
  7,314      Eli Lilly & Co.      624,104  
  357      Jazz Pharmaceuticals Plc (b)      61,511  
  28,323      Johnson & Johnson      3,436,713  
  14,269      Merck & Co., Inc.      866,128  
  22,040      Mylan NV (b)      796,526  
  3,465      Perrigo Co. Plc      252,633  
  43,437      Pfizer, Inc.      1,575,894  
  6,934      Zoetis, Inc.      590,707  
     

 

 

 
        11,880,142  
     

 

 

 
   Professional Services—0.58%   
  520      Equifax, Inc.      65,057  
  2,111      IHS Markit, Ltd. (b)      108,906  


  4,112      ManpowerGroup, Inc.      353,879  
  3,717      Nielsen Holdings Plc (a)      114,967  
  10,545      Robert Half International, Inc. (a)      686,480  
  2,131      The Dun & Bradstreet Corp.      261,367  
  2,119      Verisk Analytics, Inc. (b)      228,089  
     

 

 

 
        1,818,745  
     

 

 

 
   Real Estate Management & Development—0.63%   
  5,840      CBRE Group, Inc.—Class A (b)      278,802  
  4,343      Jones Lang LaSalle, Inc.      720,894  
  42,569      Realogy Holdings Corp. (a)      970,573  
     

 

 

 
        1,970,269  
     

 

 

 
   Road & Rail—0.60%   
  5,202      Genesee & Wyoming, Inc.—Class A (b)      423,027  
  1,792      J.B. Hunt Transport Services, Inc.      217,818  
  3,262      Landstar System, Inc.      356,210  
  2,069      Old Dominion Freight Line, Inc. (a)      308,198  
  3,392      Schneider National, Inc.—Class B      93,314  
  3,307      Union Pacific Corp. (a)      468,536  
     

 

 

 
        1,867,103  
     

 

 

 
   Semiconductors & Semiconductor Equipment—3.85%   
  31,520      Advanced Micro Devices, Inc. (a)(b)      472,485  
  16,954      Applied Materials, Inc.      783,105  
  1,839      Broadcom, Inc.      446,215  
  2,028      Cavium, Inc. (b)      175,422  
  13,289      First Solar, Inc. (b)      699,799  
  49,063      Intel Corp.      2,438,922  
  3,378      KLA-Tencor Corp.      346,346  
  3,811      Lam Research Corp. (a)      658,731  
  7,900      Marvell Technology Group, Ltd. (a)      169,376  
  2,085      Maxim Integrated Products, Inc.      122,306  
  785      Microchip Technology, Inc. (a)      71,396  
  24,769      Micron Technology, Inc. (a)(b)      1,298,886  
  1,312      MKS Instruments, Inc.      125,558  
  5,993      NVIDIA Corp.      1,419,742  
  18,196      ON Semiconductor Corp. (a)(b)      404,588  
  1,996      Qorvo, Inc. (a)(b)      160,019  
  4,658      Skyworks Solutions, Inc.      450,196  
  10,834      Teradyne, Inc. (a)      412,450  


  10,735      Texas Instruments, Inc.      1,183,534  
  6,085      Versum Materials, Inc.      226,058  
     

 

 

 
        12,065,134  
     

 

 

 
   Software—7.84%   
  6,063      Activision Blizzard, Inc.      462,728  
  5,500      Adobe Systems, Inc. (b)      1,340,955  
  1,716      ANSYS, Inc. (a)(b)      298,893  
  5,976      Aspen Technology, Inc. (b)      554,214  
  5,554      Atlassian Corp. Plc—Class A (b)      347,236  
  1,932      Autodesk, Inc. (b)      253,266  
  3,368      CA, Inc.      120,069  
  13,795      Cadence Design System, Inc. (b)      597,461  
  1,236      CDK Global, Inc.      80,402  
  3,280      Citrix Systems, Inc. (a)(b)      343,875  
  18,270      Dell Technologies, Inc.—Class V (b)      1,545,277  
  3,993      Electronic Arts, Inc. (b)      563,093  
  973      Fair Isaac Corp. (b)      188,100  
  6,814      Fortinet, Inc. (b)      425,398  
  828      Guidewire Software, Inc. (a)(b)      73,510  
  3,759      Intuit, Inc.      767,983  
  2,523      Jack Henry & Associates, Inc.      328,898  
  9,498      Manhattan Associates, Inc. (a)(b)      446,501  
  80,051      Microsoft Corp.      7,893,829  
  28,274      Nuance Communications, Inc. (b)      392,585  
  24,959      Oracle Corp.      1,099,694  
  625      Paycom Software, Inc. (b)      61,769  
  2,300      Pegasystems, Inc.      126,040  
  800      Proofpoint, Inc. (b)      92,248  
  1,679      PTC, Inc. (b)      157,507  
  3,447      RealPage, Inc. (b)      189,930  
  4,737      Red Hat, Inc. (b)      636,511  
  4,758      RingCentral, Inc.—Class A (b)      334,725  
  8,129      salesforce.com, Inc. (a)(b)      1,108,796  
  4,209      ServiceNow, Inc. (a)(b)      725,926  
  4,446      Splunk, Inc. (b)      440,643  
  1,931      SS&C Technologies Holdings, Inc.      100,219  
  8,426      Symantec Corp.      173,997  
  5,257      Synopsys, Inc. (b)      449,841  


  4,567      Tableau Software, Inc.—Class A (a)(b)      446,424  
  3,087      Take-Two Interactive Software, Inc. (b)      365,377  
  749      The Ultimate Software Group, Inc. (b)      192,725  
  446      Tyler Technologies, Inc. (b)      99,057  
  2,720      VMware, Inc.—Class A (a)(b)      399,758  
  924      Workday, Inc.—Class A (b)      111,915  
  4,573      Zendesk, Inc. (b)      249,183  
     

 

 

 
        24,586,558  
     

 

 

 
   Specialty Retail—4.03%   
  2,868      Advance Auto Parts, Inc.      389,188  
  7,873      AutoNation, Inc. (a)(b)      382,470  
  618      AutoZone, Inc. (b)      414,635  
  7,651      Best Buy Co., Inc.      570,612  
  16,112      Dick’s Sporting Goods, Inc. (a)      567,948  
  7,130      Floor & Decor Holdings, Inc.—Class A (b)      351,723  
  13,176      Foot Locker, Inc.      693,716  
  7,797      L Brands, Inc. (a)      287,553  
  8,255      Lowe’s Cos., Inc.      788,930  
  1,892      O’Reilly Automotive, Inc. (b)      517,595  
  9,751      Penske Automotive Group, Inc.      456,834  
  7,027      Ross Stores, Inc.      595,538  
  605      Sherwin-Williams Co.      246,580  
  13,889      The Gap, Inc.      449,865  
  11,642      The Home Depot, Inc.      2,271,354  
  18,963      The Michaels Cos., Inc. (a)(b)      363,521  
  7,233      The TJX Cos., Inc.      688,437  
  3,545      Tiffany & Co.      466,522  
  6,781      Tractor Supply Co.      518,679  
  1,816      Ulta Beauty, Inc. (b)      423,963  
  16,573      Urban Outfitters, Inc. (b)      738,327  
  7,145      Williams Sonoma, Inc. (a)      438,560  
     

 

 

 
        12,622,550  
     

 

 

 
   Technology Hardware, Storage & Peripherals—4.15%   
  53,496      Apple, Inc.      9,902,644  
  5,016      Hewlett Packard Enterprise Co.      73,284  
  15,765      HP, Inc.      357,708  
  6,727      International Business Machines Corp.      939,762  
  5,760      NCR Corp. (a)(b)      172,685  


  3,363      NetApp, Inc.      264,096  
  2,728      Pure Storage, Inc.—Class A (b)      65,145  
  16,734      Teradata Corp. (b)      671,870  
  7,364      Western Digital Corp.      570,047  
     

 

 

 
        13,017,241  
     

 

 

 
   Textiles, Apparel & Luxury Goods—2.14%   
  4,849      Carter’s, Inc.      525,583  
  3,763      Columbia Sportswear Co.      344,202  
  6,941      lululemon athletica, Inc. (b)      866,584  
  8,989      Michael Kors Holdings Ltd. (b)      598,667  
  11,968      NIKE, Inc.—Class B (a)      953,610  
  2,582      PVH Corp.      386,577  
  6,358      Ralph Lauren Corp. (a)      799,328  
  11,450      Skechers U.S.A., Inc.—Class A (b)      343,615  
  7,857      Tapestry, Inc.      367,000  
  17,930      Under Armour, Inc.—Class A (a)(b)      403,066  
  18,447      Under Armour, Inc.—Class C (a)(b)      388,863  
  9,157      VF Corp.      746,479  
     

 

 

 
        6,723,574  
     

 

 

 
   Tobacco—0.32%   
  5,941      Altria Group, Inc.      337,389  
  8,358      Philip Morris International, Inc.      674,825  
     

 

 

 
        1,012,214  
     

 

 

 
   Trading Companies & Distributors—0.99%   
  9,399      Fastenal Co.      452,374  
  6,790      HD Supply Holdings, Inc. (b)      291,223  
  4,226      MSC Industrial Direct Co., Inc.—Class A      358,576  
  1,059      United Rentals, Inc. (b)      156,330  
  7,363      Univar, Inc. (b)      193,205  
  2,061      W.W. Grainger, Inc. (a)      635,613  
  1,505      Watsco, Inc.—Class A (a)      268,311  
  13,292      WESCO International, Inc. (b)      758,973  
     

 

 

 
        3,114,605  
     

 

 

 
   Wireless Telecommunication Services—0.23%   
  7,442      Telephone & Data Systems, Inc.      204,060  
  13,690      United States Cellular Corp. (b)      507,077  
     

 

 

 
        711,137  
     

 

 

 
   Total Common Stocks (Cost $218,294,803)      296,273,266  
     

 

 

 


   INVESTMENT COMPANIES—3.27%   
   Exchange Traded Funds—3.27%   
  41,085      Vanguard S&P 500 ETF      10,251,118  
     

 

 

 
   Total Investment Companies (Cost $9,303,888)      10,251,118  
     

 

 

 
   REAL ESTATE INVESTMENT TRUSTS—1.35%   
   Real Estate Investment Trusts—1.35%   
  7,841      American Homes 4 Rent—Class A      173,913  
  950      American Tower Corp.      136,961  
  23,240      Annaly Capital Management, Inc.      239,139  
  1,574      Camden Property Trust (a)      143,439  
  22,621      Chimera Investment Corp.      413,512  
  1,944      Crown Castle International Corp.      209,602  
  3,949      CubeSmart      127,237  
  1,057      DCT Industrial Trust, Inc.      70,534  
  1,196      Digital Realty Trust, Inc.      133,450  
  6,217      Empire State Realty Trust, Inc.—Class A      106,311  
  1,760      Extra Space Storage, Inc.      175,666  
  4,459      Forest City Realty Trust, Inc.—Class A (a)      101,710  
  10,693      Hospitality Properties Trust      305,927  
  13,023      Host Hotels & Resorts, Inc.      274,395  
  1,296      Life Storage, Inc.      126,114  
  18,460      New Residential Investment Corp.      322,865  
  2,777      Park Hotels & Resorts, Inc.      85,059  
  1,128      Prologis, Inc.      74,098  
  6,119      Rayonier, Inc.      236,744  
  8,849      Retail Properties of America, Inc.—Class A      113,090  
  1,976      SBA Communications Corp. (a)(b)      326,277  
  7,632      Spirit Realty Capital, Inc.      61,285  
  1,143      Sun Communities, Inc.      111,877  
  10,064      Two Harbors Investment Corp.      159,011  
     

 

 

 
   Total Real Estate Investment Trusts (Cost $3,932,790)      4,228,216  
     

 

 

 
   SHORT TERM INVESTMENTS—0.73%   
   Money Market Funds—0.73%   
   Deutsche Government Money Market Series—Institutional Shares   
  2,303,410      Effective Yield, 1.81% (c)      2,303,410  
     

 

 

 
   Total Short Term Investments (Cost $2,303,410)      2,303,410  
     

 

 

 


   INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—9.43%   
   Investments Purchased with Proceeds from Securities Lending—9.43%   
   Mount Vernon Liquid Assets Portfolio, LLC   

29,561,320

   Effective Yield, 2.21% (c)      29,561,320  
     

 

 

 
   Total Investments Purchased with Proceeds from Securities Lending (Cost $29,561,320)      29,561,320  
     

 

 

 
   Total Investments (Cost $263,396,211)—109.27%      342,617,330  
   Liabilities in Excess of Other Assets—(9.27)%      (29,075,226
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 313,542,104  
     

 

 

 

 

Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.

(b)   Non-income producing security.

(c)   Seven-day yield as of June 30, 2018.


GuideMark® Emerging Markets Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Number of Shares           Value  
  

COMMON STOCKS—84.77%

  
  

Brazil—4.53%

  
  53,143      Ambev SA    $ 246,536  
  16,365      Banco Bradesco SA      102,182  
  18,352      Banco do Brasil SA      134,713  
  38,220      BB Seguridade Participacoes SA      242,588  
  38,400      Centrais Eletricas Brasileiras SA (a)      122,064  
  20,261      Cia de Saneamento Basico do Estado de Sao Paulo      121,752  
  11,274      Cosan SA Industria e Comercio      103,497  
  17,432      Embraer SA      108,845  
  11,532      Fibria Celulose SA      214,826  
  97,234      JBS SA      230,808  
  30,751      Localiza Rent a Car SA      187,644  
  37,009      Lojas Renner SA      276,344  
  10,188      M Dias Branco SA      97,549  
  6,124      Magazine Luiza SA      201,460  
  14,561      Natura Cosmeticos SA      113,873  
  47,738      Odontoprev SA      162,586  
  69,896      Petroleo Brasileiro SA      349,863  
  15,281      Raia Drogasil SA      258,288  
  28,389      Rumo SA (a)      102,547  
  81,317      Sul America SA (d)      388,987  
  29,235      TIM Participacoes SA      98,512  
  49,899      Vale SA      635,751  
     

 

 

 
        4,501,215  
     

 

 

 
  

Cayman Islands—0.75%

  
  1,088      51job, Inc.—ADR (a)      106,232  
  89,371      China Resources Cement Holdings, Ltd.      89,942  
  3,950      GDS Holdings, Ltd.—ADR (a)      158,355  
  69,982      Logan Property Holdings Co., Ltd.      94,307  
  1,758      Noah Holdings, Ltd.—ADR (a)      91,680  
  9,389      Wuxi Biologics Cayman, Inc. (a)      104,154  
  32,834      Zhongsheng Group Holdings, Ltd.      98,305  
     

 

 

 
        742,975  
     

 

 

 
  

Chile—0.59%

  
  769,300      Banco de Chile      118,916  
  18,808      Cia Cervecerias Unidas SA      235,467  
  27,823      Empresas CMPC SA      101,346  
  8,381      Empresas COPEC SA      128,267  
     

 

 

 
        583,996  
     

 

 

 
  

China—19.21%

  
  2,535      58.com, Inc.—ADR (a)      175,777  
  578,874      Agricultural Bank of China Ltd.—Series H      270,177  
  21,016      Alibaba Group Holding, Ltd.—ADR (a)(b)      3,899,099  
  17,168      Anhui Conch Cement Co., Ltd.      97,907  
  91,219      ANTA Sports Products Ltd.      481,026  
  5,211      Autohome, Inc.—ADR      526,311  


  130,045      BAIC Motor Corp., Ltd.      123,776  
  4,141      Baidu, Inc.—ADR (a)      1,006,263  
  1,242,773      Bank of China Ltd.—Series H      616,322  
  384,000      Bank of Communications Co., Ltd.—Series H      293,898  
  569,672      China Cinda Asset Management Co., Ltd.—Series H      182,435  
  420,000      China CITIC Bank Corp., Ltd.—Series H      262,311  
  239,358      China Coal Energy Co., Ltd.      98,785  
  98,074      China Communications Construction Co., Ltd.      94,450  
  522,945      China Communications Services Corp., Ltd.—Series H      330,460  
  40,180      China Conch Venture Holdings Ltd.      146,646  
  1,431,467      China Construction Bank Corp.—Series H      1,309,852  
  347,000      China Everbright Bank Co., Ltd.—Series H      148,872  
  505,965      China Huarong Asset Management Co., Ltd.—Series H      145,857  
  82,346      China Mengniu Dairy Co., Ltd.      277,735  
  70,315      China Merchants Bank Co., Ltd.—Series H      258,647  
  230,248      China Minsheng Banking Corp., Ltd.—Series H      164,533  
  166,154      China Molybdenum Co, Ltd.      80,082  
  101,154      China National Building Material Co., Ltd.      99,562  
  835,981      China Petroleum & Chemical Corp.—Series H      748,301  
  428,148      Chongqing Rural Commercial Bank Co., Ltd.—Series H      254,125  
  257,720      CIFI Holdings Group Co., Ltd.      163,253  
  154,431      Country Garden Holdings Co., Ltd.      270,717  
  226,768      Dongfeng Motor Group Co., Ltd.—Series H      239,017  
  22,740      ENN Energy Holdings, Ltd.      222,702  
  57,102      Haier Electronics Group Co., Ltd.      194,816  
  9,322      JD.com, Inc.—ADR (a)(b)      363,092  
  95,910      Luye Pharma Group Ltd.      97,998  
  351,398      Metallurgical Corp of China, Ltd.      103,539  
  6,343      Momo, Inc.—ADR (a)      275,921  
  1,332      NetEase, Inc.—ADR      336,556  
  2,809      New Oriental Education & Technology Group, Inc.—ADR      265,900  
  306,000      PetroChina Co.—Series H      233,115  
  160,745      PICC Property & Casualty Co., Ltd.—Series H      172,884  
  102,986      Ping An Insurance Group Co. of China, Ltd.—Series H      943,112  
  157,293      Postal Savings Bank of China Co., Ltd.      102,108  
  20,768      Shenzhou International Group Holdings Ltd.      255,558  
  35,594      Shimao Property Holdings Ltd.      92,801  
  1,615      SINA Corp. (a)      136,774  
  184,074      Sinopec Shanghai Petrochemical Co., Ltd.—Series H      111,902  
  326,638      Sun Art Retail Group Ltd.      426,123  
  9,829      TAL Education Group—ADR (a)      361,707  
  523,372      The People’s Insurance Co. Group of China, Ltd.—Series H      245,005  
  16,062      Vipshop Holdings Ltd.—ADR (a)      174,273  
  283,799      Want Want China Holdings, Ltd.      252,362  
  2,728      Weibo Corp.—ADR (a)(b)      242,137  
  12,340      Yum China Holdings, Inc.      474,596  
  1,555      YY, Inc.—ADR (a)      156,231  
  41,077      ZTE Corp.—Series H      62,108  
     

 

 

 
        19,069,516  
     

 

 

 
  

Colombia—0.55%

  
  274,886      Ecopetrol SA      281,822  
  53,988      Interconexion Electrica SA ESP      268,922  
     

 

 

 
        550,744  
     

 

 

 


  

Czech Republic—0.12%

  
  5,038      CEZ AS      119,367  
     

 

 

 
  

Egypt—0.43%

  
  43,369      Commercial International Bank Egypt SAE      206,959  
  21,753      Eastern Tobacco      219,091  
     

 

 

 
        426,050  
     

 

 

 
  

Hong Kong—11.65%

  
  9,526      AAC Technologies Holdings, Inc.      133,776  
  126,377      Agile Group Holdings, Ltd.      215,024  
  153,322      China First Capital Group, Ltd. (a)      97,882  
  73,148      China Gas Holdings, Ltd.      293,265  
  76,556      China Mobile Ltd.      679,277  
  68,587      China Resources Pharmaceutical Group, Ltd.      94,832  
  346,338      China Telecom Corp., Ltd.—Series H      162,515  
  77,466      China Unicom Hong Kong Ltd.      96,560  
  115,853      CITIC Ltd.      162,975  
  154,185      CNOOC, Ltd.      264,203  
  17,751      Country Garden Services Holdings Co., Ltd. (a)      22,761  
  177,800      CSPC Pharmaceutical Group Ltd.      533,898  
  134,274      Future Land Development Holdings, Ltd.      120,933  
  80,042      Geely Automobile Holdings Ltd.      205,939  
  39,903      Genscript Biotech Corp. (a)      109,114  
  1,229,158      Industrial & Commercial Bank of China Ltd.—Series H      916,756  
  83,590      Jiayuan International Group, Ltd.      144,850  
  95,910      Kingdee International Software Group Co Ltd.      97,687  
  72,208      Longfor Properties Co., Ltd.      194,143  
  144,875      MMG, Ltd. (a)      100,859  
  343,380      Sino Biopharmaceutical Ltd.      524,412  
  74,395      Sinotruk Hong Kong, Ltd.      121,959  
  133,292      SSY Group, Ltd.      147,581  
  84,332      Sunac China Holdings Ltd.      293,307  
  13,632      Sunny Optical Technology Group Co., Ltd.      252,838  
  104,665      Tencent Holdings Ltd.      5,255,795  
  136,824      Tingyi Cayman Islands Holding Corp.      317,400  
     

 

 

 
        11,560,541  
     

 

 

 
  

Hungary—0.39%

  
  26,752      MOL Hungarian Oil & Gas Plc      257,424  
  3,641      OTP Bank Plc      131,459  
     

 

 

 
        388,883  
     

 

 

 
  

Indonesia—1.37%

  
  1,134,984      Adaro Energy Tbk PT      141,619  
  201,991      Bank Central Asia Tbk PT      301,659  
  500,386      Bank Rakyat Indonesia Persero Tbk PT      98,972  
  441,599      Hanjaya Mandala Sampoerna Tbk PT      110,045  
  127,262      Indah Kiat Pulp & Paper Corp. Tbk PT (a)      165,023  
  1,215,482      Kalbe Farma Tbk PT      103,386  
  177,812      Matahari Department Store Tbk PT      108,902  
  463,270      Telekomunikasi Indonesia Persero Tbk PT      121,328  
  66,176      Unilever Indonesia Tbk PT      212,662  
     

 

 

 
        1,363,596  
     

 

 

 
  

Malaysia—2.39%

  
  27,976      British American Tobacco Malaysia Bhd      240,873  
  192,958      Dialog Group BHD      147,356  


  141,468      DiGi.Com Bhd      145,399  
  346,935      Felda Global Ventures Holdings Bhd      129,623  
  12,186      Fraser & Neave Holdings Bhd      117,712  
  97,284      Hartalega Holdings Bhd      144,342  
  47,797      Malayan Banking Bhd      106,453  
  100,451      Maxis Communications Bhd      135,891  
  13,743      Nestle Malaysia Bhd      501,490  
  36,474      Public Bank Bhd      210,999  
  171,718      Sime Darby Bhd      104,058  
  39,462      Tenaga Nasional Bhd      143,066  
  40,837      Top Glove Corp. Bhd      122,447  
  441,043      YTL Corp. Bhd      123,397  
     

 

 

 
        2,373,106  
     

 

 

 
  

Mexico—1.97%

  
  570,545      America Movil SAB de CV—Series L      476,310  
  467,264      Cemex SAB de CV (a)      307,506  
  13,335      Fomento Economico Mexicano SAB de CV      117,193  
  17,272      Gruma SAB de CV—Series B      210,949  
  114,001      Grupo Bimbo SAB de CV—Series A      222,202  
  28,594      Grupo Financiero Banorte SAB de CV—Series O      168,135  
  2,153      Southern Copper Corp. (b)      100,911  
  133,688      Wal-Mart de Mexico SAB de CV      352,862  
     

 

 

 
        1,956,068  
     

 

 

 
  

Peru—0.28%

  
  1,237      CREDICORP Ltd.      278,473  
     

 

 

 
  

Philippines—0.17%

  
  5,802      Globe Telecom, Inc.      167,425  
     

 

 

 
  

Poland—1.51%

  
  1,484      CCC SA      81,642  
  6,306      CD Projekt SA (a)      270,427  
  5,674      Dino Polska SA (a)      156,669  
  18,353      Grupa Lotos SA      278,069  
  4,933      Jastrzebska Spolka Weglowa SA (a)      100,341  
  126      LPP SA      284,208  
  47,499      PGE Polska Grupa Energetyczna SA (a)      118,037  
  9,217      Polski Koncern Naftowy Orlen SA      206,433  
     

 

 

 
        1,495,826  
     

 

 

 
  

Qatar—0.28%

  
  13,796      Ooredoo QPSC      275,562  
     

 

 

 
  

Republic of Korea—14.80%

  
  1,084      Amorepacific Corp.      313,790  
  2,112      AMOREPACIFIC Group      234,117  
  25,334      BNK Financial Group, Inc.      212,275  
  1,218      Celltrion Pharm, Inc. (a)      98,795  
  1,233      Celltrion, Inc. (a)      334,988  
  11,244      Cheil Worldwide, Inc.      208,235  
  3,709      Coway Co., Ltd.      288,464  
  1,351      Daelim Industrial      92,808  
  2,158      DB Insurance Co., Ltd.      114,284  
  28,225      DGB Financial Group, Inc.      259,587  
  9,404      Hana Financial Group, Inc.      361,121  
  2,648      Hankook Tire Co., Ltd.      100,053  
  1,449      Hanssem Co., Ltd.      136,365  


  5,061      Hanwha Chemical Corp.      99,197  
  8,478      Hanwha Corp.      239,855  
  24,749      Hanwha Life Insurance Co., Ltd.      117,635  
  1,973      HLB, Inc. (a)      172,378  
  3,666      Hotel Shilla Co., Ltd.      406,067  
  991      Hyundai Heavy Industries Co., Ltd. (a)      90,627  
  3,916      Hyundai Marine & Fire Insurance Co., Ltd.      118,580  
  521      Hyundai Mobis Co., Ltd.      99,095  
  2,843      Hyundai Steel Co.      134,114  
  20,385      Industrial Bank of Korea      281,145  
  10,053      KB Financial Group, Inc.      473,213  
  6,608      Kia Motors Corp.      182,576  
  6,123      Korea Gas Corp. (a)      351,954  
  2,452      Korea Investment Holdings Co., Ltd.      184,880  
  10,058      Korean Air Lines Co., Ltd.      254,824  
  4,092      KT Corp. (d)      100,642  
  569      LG Chemical, Ltd.      170,307  
  3,393      LG Electronics, Inc.      252,627  
  447      LG Household & Health Care Ltd.      560,123  
  438      Lotte Chemical Corp.      136,538  
  622      Naver Corp.      425,638  
  352      NCSoft Corp.      117,140  
  1,712      OCI Co., Ltd.      158,390  
  1,183      POSCO      349,056  
  1,772      S-1 Corp.      153,907  
  620      Samsung Biologics Co., Ltd. (a)      232,062  
  92,549      Samsung Electronics Co., Ltd.      3,876,839  
  15,151      Samsung Heavy Industries Co., Ltd. (a)      97,020  
  538      Samsung SDS Co., Ltd.      96,601  
  4,764      Shinhan Financial Group Co., Ltd.      184,453  
  384      Shinsegae, Inc.      138,105  
  3,156      SillaJen, Inc. (a)      207,160  
  10,866      SK Hynix, Inc.      834,066  
  1,768      SK Innovation Co., Ltd.      320,235  
  563      SK Telecom Co., Ltd.      117,672  
  14,086      Woori Bank      205,453  
     

 

 

 
        14,695,056  
     

 

 

 
  

Russian Federation—2.55%

  
  23,178      Gazprom PJSC—ADR      102,215  
  8,946      Lukoil PJSC—ADR      616,648  
  5,938      MMC Norilsk Nickel PJSC—ADR (b)      107,062  
  4,003      Novolipetsk Steel PJSC—ADR (a)      96,936  
  56,299      Sberbank of Russia PJSC—ADR (a)(b)      808,172  
  9,904      Severstal PJSC—GDR (e)      144,231  
  36,200      Surgutneftegas OJSC—ADR      161,814  
  5,065      Tatneft PJSC—ADR (b)      324,667  
  112,651      VTB Bank PJSC—GDR (e)      171,568  
     

 

 

 
        2,533,313  
     

 

 

 
  

South Africa—4.85%

  
  3,968      Anglo American Platinum, Ltd.      103,491  
  18,731      AngloGold Ashanti, Ltd.      153,562  
  13,226      Barclays Africa Group, Ltd.      153,576  
  1,711      Capitec Bank Holdings, Ltd.      107,796  


  7,902      Clicks Group, Ltd.      112,828  
  36,518      Coronation Fund Managers, Ltd.      155,230  
  17,306      Exxaro Resources, Ltd.      158,005  
  32,408      FirstRand, Ltd.      150,548  
  10,257      Imperial Holdings, Ltd.      146,305  
  8,198      Kumba Iron Ore, Ltd.      175,463  
  17,516      Mr. Price Group, Ltd.      287,464  
  5,315      Naspers, Ltd.—N Shares      1,340,144  
  5,835      Nedbank Group, Ltd.      105,977  
  36,910      Pick n Pay Stores, Ltd.      201,212  
  29,282      Sappi, Ltd.      194,833  
  4,304      Sasol, Ltd.      156,523  
  9,834      Shoprite Holdings, Ltd.      157,626  
  20,668      Standard Bank Group, Ltd.      288,570  
  36,360      Telkom SA SOC, Ltd.      129,695  
  12,915      The Bidvest Group, Ltd.      184,943  
  4,229      Tiger Brands, Ltd.      102,138  
  20,400      Truworths International, Ltd.      114,059  
  32,969      Woolworths Holdings, Ltd.      132,933  
     

 

 

 
        4,812,921  
     

 

 

 
  

Taiwan, Province of China—12.40%

  
  141,076      Acer, Inc.      115,044  
  29,739      Advantech Co., Ltd.      195,829  
  9,227      Airtac International Group      130,970  
  626,054      AU Optronics Corp.      265,245  
  12,230      Catcher Technology Co., Ltd.      136,552  
  94,186      Cathay Financial Holding Co., Ltd.      165,900  
  74,112      Chailease Holding Co., Ltd.      242,369  
  860,915      China Airlines Ltd. (a)      268,498  
  382,822      China Development Financial Holding Corp.      139,749  
  35,054      Chunghwa Telecom Co., Ltd.      126,329  
  191,657      CTBC Financial Holding Co., Ltd.      137,709  
  189,228      E.SUN Financial Holdings Co., Ltd.      131,753  
  462,046      Eva Airways Corp.      223,338  
  332,000      Evergreen Marine Corp. Taiwan, Ltd. (a)      141,344  
  49,624      Far EasTone Telecommunications Co., Ltd.      128,187  
  55,796      Feng TAY Enterprise Co., Ltd.      279,680  
  224,287      First Financial Holding Co., Ltd.      151,431  
  27,820      Formosa Petrochemical Corp.      111,611  
  42,739      Foxconn Technology Co., Ltd.      104,505  
  103,394      Fubon Financial Holding Co., Ltd.      172,990  
  20,700      General Interface Solution Holding, Ltd.      133,970  
  16,019      Globalwafers Co., Ltd.      265,210  
  18,923      Hiwin Technologies Corp.      222,930  
  61,741      Hon Hai Precision Industry Co., Ltd.      168,248  
  601,000      Innolux Corp.      215,598  
  130,069      Inventec Corp.      102,003  
  1,809      Largan Precision Co., Ltd.      265,756  
  174,050      Macronix International (a)      246,820  
  12,584      MediaTek, Inc.      123,526  
  52,459      Micro-Star International Co., Ltd.      161,484  
  37,684      Nan Ya Plastics Corp.      107,632  
  27,517      Nien Made Enterprise Co., Ltd.      234,484  


  11,709      Phison Electronics Corp.      92,359  
  107,426      Pou Chen Corp.      124,644  
  42,921      President Chain Store Corp.      486,356  
  38,439      Realtek Semiconductor Corp.      139,668  
  461,658      Shin Kong Financial Holding Co., Ltd.      177,577  
  284,159      SinoPac Financial Holdings Co., Ltd.      102,414  
  56,134      Standard Foods Corp.      113,539  
  305,527      Taishin Financial Holding Co., Ltd.      144,182  
  358,054      Taiwan Cooperative Financial Holding Co., Ltd.      209,496  
  33,743      Taiwan Mobile Co., Ltd.      122,246  
  451,782      Taiwan Semiconductor Manufacturing Co., Ltd.      3,208,140  
  155,373      Uni-President Enterprises Corp.      393,843  
  189,440      United Microelectronics Corp.      106,146  
  74,239      Vanguard International Semiconductor Corp.      169,594  
  12,546      Walsin Technology Corp.      171,270  
  21,271      Win Semiconductors Corp.      152,314  
  238,584      Winbond Electronics Corp.      151,978  
  72,510      WPG Holdings, Ltd.      102,665  
  14,246      Yageo Corp.      523,586  
     

 

 

 
        12,308,711  
     

 

 

 
  

Thailand—1.86%

  
  27,971      Advanced Info Service PCL—NVDR      156,105  
  98,006      Airports of Thailand PCL—NVDR      186,312  
  25,077      Bumrungrad Hospital PCL—NVDR      126,079  
  97,065      CP ALL PCL—NVDR      215,124  
  422,822      Home Product Center PCL—NVDR      171,224  
  57,815      Indorama Ventures PCL      95,464  
  510,260      IRPC PCL      89,241  
  25,039      PTT Exploration & Production PCL      105,995  
  81,744      PTT Global Chemical PCL—NVDR      179,940  
  250,880      PTT PCL—NVDR      362,712  
  65,998      Thai Oil PCL—NVDR      154,717  
     

 

 

 
        1,842,913  
     

 

 

 
  

Turkey—2.12%

  
  59,486      Akbank Turk AS      97,224  
  41,980      Aselsan Elektronik Sanayi Ve Ticaret AS      211,058  
  16,127      BIM Birlesik Magazalar AS      235,521  
  82,905      Eregli Demir ve Celik Fabrikalari TAS      183,867  
  8,447      Ford Otomotiv Sanayi AS      112,411  
  51,198      Haci Omer Sabanci Holding AS      98,299  
  87,899      Turk Hava Yollari AO (a)      259,235  
  53,611      Turkiye Garanti Bankasi AS      97,795  
  107,297      Turkiye Halk Bankasi AS (a)      173,122  
  177,923      Turkiye Is Bankasi—Series C      220,748  
  120,019      Turkiye Sise ve Cam Fabrikalari AS      110,486  
  165,783      Turkiye Vakiflar Bankasi TAO—Class D (a)      176,881  
  236,618      Yapi ve Kredi Bankasi AS (a)      127,342  
     

 

 

 
        2,103,989  
     

 

 

 
  

Total Common Stocks (Cost $65,520,370)

     84,150,246  
     

 

 

 


  

INVESTMENT COMPANIES—11.15%

  
  

China—3.05%

  
  50,780      iShares Core MSCI Emerging Markets ETF      2,666,458  
  12,237      KraneShares Bosera MSCI China A ETF      365,397  
     

 

 

 
        3,031,855  
     

 

 

 
  

India—8.09%

  
  241,295      iShares MSCI India ETF      8,032,710  
     

 

 

 
  

Total Investment Companies (Cost $10,225,274)

     11,064,565  
     

 

 

 
  

PREFERRED STOCKS—3.25%

  
  

Brazil—1.94%

  
  65,630      Banco Bradesco SA—Preference Shares      453,479  
  33,540      Centrais Eletricas Brasileiras SA—Preference Shares (a)      118,730  
  29,912      Gerdau SA—Preference Shares      106,891  
  70,164      Itau Unibanco Holding SA—Preference Shares      726,849  
  38,402      Itausa—Investimentos Itau SA—Preference Shares      91,057  
  97,539      Petroleo Brasileiro SA—Preference Shares      432,108  
     

 

 

 
        1,929,114  
     

 

 

 
  

Chile—0.20%

  
  4,090      Sociedad Quimica y Minera de Chile SA—Class B (d)      196,145  
     

 

 

 
  

Colombia—0.13%

  
  304,800      Grupo Aval Acciones y Valores SA—Preference Shares      127,388  
     

 

 

 
  

Republic of Korea—0.98%

  
  932      Amorepacific Corp.—Preference Shares      129,487  
  415      LG Household & Health Care, Ltd.—Preference Shares      271,904  
  17,050      Samsung Electronics Co., Ltd.—Preference Shares      575,760  
     

 

 

 
        977,151  
     

 

 

 
  

Total Preferred Stocks (Cost $2,284,605)

     3,229,798  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.51%

  
  

Money Market Funds—0.51%

  
   Deutsche Government Money Market Series—Institutional Shares   
  508,193     

Effective Yield, 1.81% (c)

     508,192  
     

 

 

 
  

Total Short Term Investments (Cost $508,192)

     508,192  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—4.62%

  
  

Investments Purchased with Proceeds from Securities Lending—4.62%

  
   Mount Vernon Liquid Assets Portfolio, LLC   
  4,582,758     

Effective Yield, 2.21% (c)

     4,582,758  
     

 

 

 
  

Total Investments Purchased with Proceeds from Securities Lending (Cost $4,582,758)

     4,582,758  
     

 

 

 
  

Total Investments (Cost $83,121,199)—104.30%

     103,535,559  
  

Liabilities in Excess of Other Assets—(4.30)%

     (4,265,192
     

 

 

 
  

TOTAL NET ASSETS—100.00%

   $ 99,270,367  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of June 30, 2018.

(d)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $685,774, which represents 0.69% of total net assets.

(e)

Regulation S securities as defined under 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 $315,799, which represents 0.32% of total net assets.

Glossary of Terms

 

ADR    American Depositary Receipt
GDR    Global Depositary Receipt
NVDR    Non-Voting Depositary Receipt


GuideMark® Emerging Markets Fund

Schedule of Investments by Industry (Unaudited)

June 30, 2018

 

COMMON STOCKS

  

Aerospace & Defense

     0.32

Airlines

     1.01

Auto Components

     0.30

Automobiles

     0.87

Banks

     12.07

Beverages

     0.72

Biotechnology

     0.55

Capital Markets

     0.77

Chemicals

     1.22

Commercial Services & Supplies

     0.18

Communications Equipment

     0.06

Construction & Engineering

     0.29

Construction Materials

     0.60

Distributors

     0.15

Diversified Consumer Services

     0.63

Diversified Financial Services

     0.67

Diversified Telecommunication Services

     1.26

Electric Utilities

     0.78

Electronic Equipment, Instruments & Components

     2.35

Energy Equipment & Services

     0.15

Food & Staples Retailing

     2.62

Food Products

     2.87

Gas Utilities

     0.87

Health Care Equipment & Supplies

     0.27

Health Care Providers & Services

     0.29

Hotels, Restaurants & Leisure

     0.48

Household Durables

     1.33

Household Products

     0.56

Industrial Conglomerates

     0.81

Insurance

     2.71

Internet & Direct Marketing Retail

     0.54

Internet Software & Services

     12.79

Leisure Products

     0.17

Life Sciences Tools & Services

     0.45

Machinery

     0.82

Marine

     0.14

Media

     1.56


Metals & Mining

     2.48

Multiline Retail

     0.86

Multi-Utilities

     0.12

Oil & Gas

     0.37

Oil, Gas & Consumable Fuels

     5.27

Paper & Forest Products

     0.68

Personal Products

     0.67

Pharmaceuticals

     1.61

Professional Services

     0.11

Real Estate Management & Development

     1.60

Road & Rail

     0.29

Semiconductors & Semiconductor Equipment

     9.44

Software

     0.49

Specialty Retail

     1.09

Technology Hardware, Storage & Peripherals

     0.72

Textiles, Apparel & Luxury Goods

     1.52

Tobacco

     0.57

Transportation Infrastructure

     0.19

Water Utilities

     0.12

Wireless Telecommunication Services

     2.34
  

 

 

 

TOTAL COMMON STOCKS

     84.77
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     11.15
  

 

 

 

TOTAL INVESTMENT COMPANIES

     11.15
  

 

 

 

PREFERRED STOCKS

  

Banks

     1.40

Chemicals

     0.20

Electric Utilities

     0.12

Metals & Mining

     0.11

Oil, Gas & Consumable Fuels

     0.44

Personal Products

     0.40

Semiconductors & Semiconductor Equipment

     0.58
  

 

 

 

TOTAL PREFERRED STOCKS

     3.25
  

 

 

 

SHORT TERM INVESTMENTS

  

Money Market Funds

     0.51
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.51
  

 

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

  

Investments Purchased with Proceeds from Securities Lending

     4.62
  

 

 

 

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

     4.62
  

 

 

 

TOTAL INVESTMENTS

     104.30

Liabilities in Excess of Other Assets

     (4.30 )% 
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.


GuideMark® Small/Mid Cap Core Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Number of Shares

          Value  
   COMMON STOCKS—90.45%   
   Aerospace & Defense—1.28%   
  427      AAR Corp.    $ 19,851  
  509      Aerojet Rocketdyne Holdings, Inc. (a)(b)      15,010  
  204      AeroVironment, Inc. (b)      14,572  
  938      Axon Enterprise, Inc. (b)      59,263  
  992      BWX Technologies, Inc.      61,821  
  186      Cubic Corp.      11,941  
  258      Curtiss-Wright Corp.      30,707  
  555      Ducommun, Inc. (b)      18,365  
  545      Engility Holdings, Inc. (b)      16,699  
  317      Esterline Technologies Corp. (b)      23,395  
  273      HEICO Corp. (a)      19,873  
  584      HEICO Corp.—Class A      35,580  
  525      Hexcel Corp. (a)      34,849  
  324      Huntington Ingalls Industries, Inc.      70,240  
  563      KLX, Inc. (b)      40,480  
  365      Maxar Technologies, Ltd.      18,440  
  565      Moog, Inc.—Class A      44,047  
  719      Sparton Corp. (b)      13,654  
  1,072      Spirit AeroSystems Holdings, Inc.—Class A      92,096  
  303      Teledyne Technologies, Inc. (b)      60,315  
  1,397      The KEYW Holding Corp. (b)      12,210  
  1,203      Vectrus, Inc. (b)      37,076  
     

 

 

 
        750,484  
     

 

 

 
   Air Freight & Logistics—0.22%   
  2,482      Echo Global Logistics, Inc. (a)(b)      72,599  
  226      Forward Air Corp.      13,352  
  303      Hub Group, Inc.—Class A (b)      15,089  
  8,035      Radiant Logistics, Inc. (b)      31,417  
     

 

 

 
        132,457  
     

 

 

 
   Airlines—0.30%   
  900      Alaska Air Group, Inc.      54,351  
  334      Copa Holdings SA—Class A      31,603  
  462      Hawaiian Holdings, Inc.      16,609  
  2,890      JetBlue Airways Corp. (b)      54,852  
  365      SkyWest, Inc.      18,944  
     

 

 

 
        176,359  
     

 

 

 
   Auto Components—0.78%   
  581      Adient Plc—ADR      28,579  
  2,352      American Axle & Manufacturing Holdings, Inc. (a)(b)      36,597  
  159      Cooper-Standard Holdings, Inc. (b)      20,777  
  1,536      Dana, Inc.      31,012  
  404      Dorman Products, Inc. (b)      27,597  
  632      Fox Factory Holding Corp. (b)      29,420  


  2,504      Gentex Corp.      57,642  
  327      Gentherm, Inc. (b)      12,851  
  2,143      Goodyear Tire & Rubber Co.      49,911  
  258      LCI Industries      23,259  
  340      Standard Motor Products, Inc. (a)      16,436  
  1,594      Stoneridge, Inc. (b)      56,013  
  289      Tenneco, Inc.      12,704  
  184      Visteon Corp. (a)(b)      23,780  
  263      WABCO Holdings, Inc. (b)      30,776  
     

 

 

 
        457,354  
     

 

 

 
   Automobiles—0.24%   
  571      Harley Davidson, Inc. (a)      24,028  
  914      Thor Industries, Inc.      89,015  
  674      Winnebago Industries, Inc.      27,364  
     

 

 

 
        140,407  
     

 

 

 
   Banks—5.90%   
  532      1st Constitution Bancorp      12,183  
  274      1st Source Corp.      14,640  
  339      Ameris Bancorp      18,086  
  318      Arrow Financial Corp.      11,575  
  1,911      Associated Banc-Corp.      52,170  
  1,500      Banc of California, Inc.      29,325  
  562      BancFirst Corp.      33,270  
  1,548      Bancorp, Inc. (b)      16,192  
  758      BancorpSouth, Inc.      24,976  
  1,501      Bank of Commerce Holdings      19,138  
  455      Bank of Hawaii Corp. (a)      37,956  
  140      Bank of Marin Bancorp      11,319  
  725      Bank of the Ozarks, Inc. (a)      32,654  
  1,592      BankUnited, Inc.      65,033  
  1,121      BCB Bancorp, Inc.      16,815  
  193      BOK Financial Corp.      18,144  
  375      Bryn Mawr Bank Corp.      17,362  
  545      Byline Bancorp, Inc. (b)      12,175  
  186      C&F Financial Corp.      11,634  
  402      Cadence Bancorp      11,606  
  374      Camden National Corp.      17,096  
  347      Carolina Financial Corp.      14,893  
  568      Cathay General Bancorp      22,998  
  582      CenterState Banks, Inc.      17,355  
  370      Century Bancorp, Inc.—Class A      28,268  
  313      Chemical Financial Corp.      17,425  
  306      Chemung Financial Corp.      15,334  
  495      CIT Group, Inc.      24,953  
  221      City Holding Co.      16,626  
  404      CNB Financial Corp.      12,144  
  315      Columbia Banking System, Inc. (a)      12,883  
  931      Commerce Bancshares, Inc.      60,245  
  248      Community Bank Systems, Inc.      14,649  
  1,549      Community Bankers Trust Corp. (b)      13,864  
  356      Community Trust Bancorp, Inc.      17,782  


  991      Cullen Frost Bankers, Inc.      107,266  
  645      Customers Bancorp, Inc. (b)      18,305  
  219      Eagle Bancorp, Inc. (b)      13,425  
  1,796      East West Bancorp, Inc.      117,099  
  953      Enterprise Financial Services Corp.      51,414  
  275      Equity Bancshares, Inc.—Class A (b)      11,407  
  460      Esquire Financial Holdings, Inc. (b)      12,139  
  320      Evans Bancorp, Inc.      14,752  
  1,296      F.N.B. Corp.      17,392  
  261      Farmers & Merchants Bancorp, Inc.      10,531  
  303      Farmers Capital Bank Corp.      15,786  
  1,281      Farmers National Banc Corp.      20,432  
  502      FCB Financial Holdings, Inc.—Class A (b)      29,518  
  733      Fidelity Southern Corp.      18,626  
  437      First Bancorp      17,878  
  2,432      First BanCorp (a)(b)      18,605  
  853      First Bank      11,857  
  105      First Citizens BancShares, Inc.—Class A      42,347  
  1,060      First Commonwealth Financial Corp.      16,441  
  352      First Community Bancshares, Inc.      11,215  
  2,422      First Financial Bancorp      74,234  
  409      First Financial Bankshares, Inc. (a)      20,818  
  723      First Guaranty Bancshares, Inc.      18,812  
  1,267      First Horizon National Corp.      22,603  
  320      First Interstate BancSystem, Inc.—Class A      13,504  
  500      First Merchants Corp. (a)      23,200  
  405      First Mid-Illinois Bancshares, Inc.      15,917  
  562      First United Corp.      11,493  
  310      FNB Bancorp      11,368  
  1,790      Fulton Financial Corp.      29,535  
  342      German American Bancorp, Inc.      12,261  
  365      Glacier Bancorp, Inc. (a)      14,118  
  343      Great Southern Bancorp, Inc.      19,620  
  1,332      Green Bancorp, Inc.      28,771  
  550      Guaranty Bancorp      16,390  
  814      Hancock Holding Co.      37,973  
  402      Heartland Financial U.S.A., Inc.      22,050  
  867      Heritage Commerce Corp.      14,730  
  755      Hilltop Holdings, Inc.      16,663  
  926      Hope Bancorp, Inc.      16,511  
  555      Horizon Bancorp      11,483  
  394      IBERIABANK Corp.      29,865  
  861      Independent Bank Corp.      21,956  
  172      Independent Bank Group, Inc.      11,490  
  879      International Bancshares Corp.      37,621  
  529      Investar Holding Corp.      14,627  
  1,515      Investors Bancorp, Inc.      19,377  
  981      Lakeland Bancorp, Inc.      19,473  
  267      Lakeland Financial Corp. (a)      12,867  
  310      LegacyTexas Financial Group, Inc.      12,096  
  1,077      Live Oak Bancshares, Inc.      33,010  


  1,115      Macatawa Bank Corp.      13,536  
  320      Mercantile Bank Corp.      11,827  
  305      National Bank Holdings Corp.—Class A      11,770  
  262      National Bankshares, Inc.      12,157  
  328      Nicolet Bankshares, Inc. (b)      18,076  
  885      Northeast Bancorp      19,293  
  355      Northrim BanCorp, Inc.      14,040  
  354      Ohio Valley Banc Corp.      18,567  
  458      Old Line Bancshares, Inc.      15,989  
  1,437      Old National Bancorp      26,728  
  1,571      Old Second Bancorp, Inc.      22,622  
  369      Pacific Premier Bancorp, Inc. (a)(b)      14,077  
  822      PacWest Bancorp      40,623  
  104      Park National Corp.      11,588  
  1,302      Parke Bancorp, Inc.      30,792  
  577      Peoples Bancorp, Inc.      21,799  
  371      People’s Utah Bancorp      13,245  
  186      Pinnacle Financial Partners, Inc.      11,411  
  596      Popular, Inc. (a)      26,945  
  336      Preferred Bank (a)      20,651  
  833      Premier Financial Bancorp, Inc.      15,552  
  524      Prosperity Bancshares, Inc.      35,821  
  353      QCR Holdings, Inc.      16,750  
  324      Republic Bancorp, Inc.—Class A      14,677  
  511      S&T Bancorp, Inc.      22,096  
  438      Sandy Spring Bancorp, Inc.      17,962  
  396      SB One Bancorp      11,761  
  364      Seacoast Banking Corp. of Florida (b)      11,495  
  838      ServisFirst Bancshares, Inc.      34,970  
  1,465      Shore Bancshares, Inc.      27,864  
  148      Signature Bank (b)      18,926  
  385      Simmons First National Corp.—Class A      11,512  
  253      Southern First Bancshares, Inc. (b)      11,183  
  317      Stock Yards Bancorp, Inc.      12,094  
  582      Summit Financial Group, Inc.      15,621  
  1,749      Synovus Financial Corp.      92,400  
  2,390      TCF Financial Corp.      58,842  
  496      Texas Capital Bancshares, Inc. (a)(b)      45,384  
  834      The Bank of N.T. Butterfield & Son Ltd.      38,130  
  329      The First Bancshares, Inc.      11,828  
  593      TowneBank      19,035  
  827      TriState Capital Holdings, Inc. (b)      21,585  
  493      Triumph Bancorp, Inc. (b)      20,090  
  386      Trustmark Corp.      12,595  
  342      UMB Financial Corp.      26,071  
  1,727      Umpqua Holdings Corp.      39,013  
  290      Union Bankshares Corp.      11,275  
  248      Union Bankshares, Inc.      12,871  
  313      United Bankshares, Inc.      11,393  
  366      United Community Banks, Inc.      11,225  
  511      Unity Bancorp, Inc.      11,625  


  1,796      Valley National Bancorp (a)      21,839  
  323      Washington Trust Bancorp, Inc.      18,766  
  450      Webster Financial Corp. (a)      28,665  
  709      WesBanco, Inc.      31,933  
  901      West Bancorporation, Inc.      22,660  
  1,071      Western Alliance Bancorp (b)      60,629  
  852      Wintrust Financial Corp.      74,167  
  1,851      Zions Bancorporation (a)      97,529  
     

 

 

 
        3,467,209  
     

 

 

 
   Beverages—0.29%   
  220      Boston Beer Co., Inc.—Class A (b)      65,934  
  9,877      Castle Brands, Inc. (b)      11,754  
  3,692      Celsius Holdings, Inc. (b)      16,983  
  142      Coca-Cola Bottling Co.      19,188  
  174      MGP Ingredients, Inc. (a)      15,453  
  405      National Beverage Corp. (b)      43,295  
     

 

 

 
        172,607  
     

 

 

 
   Biotechnology—3.80%   
  760      Abeona Therapeutics, Inc. (b)      12,160  
  1,983      Acorda Therapeutics, Inc. (b)      56,912  
  2,535      ADMA Biologics, Inc. (b)      11,433  
  1,977      Adverum Biotechnologies, Inc. (b)      10,478  
  1,117      Aeglea BioTherapeutics, Inc. (b)      11,818  
  258      Agios Pharmaceuticals, Inc. (b)      21,731  
  430      Aimmune Therapeutics, Inc. (b)      11,563  
  339      Albireo Pharma, Inc. (b)      12,034  
  1,013      Alkermes Plc (b)      41,695  
  209      Alnylam Pharmaceuticals, Inc. (b)      20,584  
  2,238      AMAG Pharmaceuticals, Inc. (a)(b)      43,641  
  1,171      Amicus Therapeutics, Inc. (b)      18,291  
  182      AnaptysBio, Inc. (b)      12,929  
  375      ANI Pharmaceuticals, Inc. (a)(b)      25,050  
  360      Arena Pharmaceuticals, Inc. (b)      15,696  
  2,331      ArQule, Inc. (b)      12,890  
  2,119      Array BioPharma, Inc. (b)      35,557  
  1,321      Arrowhead Pharmaceuticals, Inc. (b)      17,966  
  432      Atara Biotherapeutics, Inc. (b)      15,876  
  5,902      Athersys, Inc. (b)      11,627  
  563      Audentes Therapeutics, Inc. (b)      21,512  
  299      Biohaven Pharmaceutical Holding Co Ltd. (b)      11,816  
  235      Bluebird Bio, Inc. (b)      36,883  
  375      Blueprint Medicines Corp. (b)      23,805  
  991      CareDx, Inc. (b)      12,130  
  1,889      CASI Pharmaceuticals, Inc. (b)      15,546  
  1,093      Catalyst Biosciences, Inc. (b)      12,755  
  596      Cellular Biomedicine Group, Inc. (b)      11,652  
  2,018      Concert Pharmaceuticals, Inc. (b)      33,963  
  2,290      CTI BioPharma Corp. (b)      11,404  
  825      CytomX Therapeutics, Inc. (b)      18,859  
  896      Dicerna Pharmaceuticals, Inc. (b)      10,976  
  776      Dynavax Technologies Corp. (b)      11,834  


  724      Eagle Pharmaceuticals, Inc. (a)(b)      54,778  
  317      Editas Medicine, Inc. (b)      11,358  
  624      Emergent BioSolutions, Inc. (a)(b)      31,506  
  196      Enanta Pharmaceuticals, Inc. (b)      22,716  
  563      Exact Sciences Corp. (a)(b)      33,662  
  1,434      Exelixis, Inc. (b)      30,860  
  1,005      Fate Therapeutics, Inc. (b)      11,397  
  1,105      Fennec Pharmaceuticals, Inc. (b)      11,536  
  322      FibroGen, Inc. (b)      20,157  
  409      Foundation Medicine, Inc. (a)(b)      55,910  
  248      G1 Therapeutics, Inc. (b)      10,778  
  984      Genomic Health, Inc. (a)(b)      49,594  
  3,380      Geron Corp. (b)      11,593  
  453      Global Blood Therapeutics, Inc. (b)      20,476  
  702      GTx, Inc. (b)      10,748  
  892      Halozyme Therapeutics, Inc. (a)(b)      15,048  
  408      Heron Therapeutics, Inc. (b)      15,851  
  2,358      ImmunoGen, Inc. (b)      22,943  
  2,007      Immunomedics, Inc. (a)(b)      47,506  
  1,690      Insys Therapeutics, Inc. (a)(b)      12,236  
  418      Intellia Therapeutics, Inc. (b)      11,436  
  1,114      Iovance Biotherapeutics, Inc. (b)      14,259  
  653      Karyopharm Therapeutics, Inc. (b)      11,094  
  800      Kura Oncology, Inc. (b)      14,560  
  114      Ligand Pharmaceuticals, Inc.—Class B (a)(b)      23,617  
  184      Loxo Oncology, Inc. (b)      31,920  
  92      Madrigal Pharmaceuticals, Inc. (b)      25,731  
  1,412      MediciNova, Inc. (b)      11,240  
  596      Mersana Therapeutics, Inc. (b)      10,645  
  9,930      MiMedx Group, Inc. (a)(b)      63,453  
  241      Mirati Therapeutics, Inc. (b)      11,881  
  2,145      Molecular Templates, Inc. (b)      11,218  
  570      Momenta Pharmaceuticals, Inc. (b)      11,657  
  2,389      Myriad Genetics, Inc. (a)(b)      89,277  
  2,235      Natera, Inc. (b)      42,063  
  425      Neurocrine Biosciences, Inc. (b)      41,752  
  59,386      Palatin Technologies, Inc. (b)      57,593  
  7,358      PDL BioPharma, Inc. (b)      17,218  
  4,159      Pieris Pharmaceuticals, Inc. (b)      21,086  
  369      PTC Therapeutics, Inc. (b)      12,446  
  2,312      Recro Pharma, Inc. (b)      11,606  
  234      REGENXBIO, Inc. (a)(b)      16,790  
  443      Retrophin, Inc. (b)      12,076  
  576      Rocket Pharmaceuticals, Inc. (b)      11,307  
  1,048      Sangamo Therapeutics, Inc. (b)      14,882  
  251      Sarepta Therapeutics, Inc. (b)      33,177  
  782      Seattle Genetics, Inc. (a)(b)      51,917  
  1,868      Sorrento Therapeutics, Inc. (b)      13,450  
  148      Spark Therapeutics, Inc. (b)      12,248  
  1,010      Spectrum Pharmaceuticals, Inc. (b)      21,170  
  707      Stemline Therapeutics, Inc. (b)      11,347  


  1,200      United Therapeutics Corp. (b)      135,780  
  1,290      Vanda Pharmaceuticals, Inc. (b)      24,575  
  2,390      Veracyte, Inc. (b)      22,323  
  1,597      Verastem, Inc. (b)      10,987  
  3,438      Vericel Corp. (b)      33,349  
  1,144      Viking Therapeutics, Inc. (b)      10,857  
  1,913      Vital Therapies, Inc. (b)      13,104  
  506      Voyager Therapeutics, Inc. (b)      9,887  
  306      Xencor, Inc. (b)      11,325  
  2,318      XOMA Corp. (b)      48,400  
  1,320      Zafgen, Inc. (b)      13,504  
     

 

 

 
        2,231,926  
     

 

 

 
   Building Products—1.42%   
  2,118      A. O. Smith Corp.      125,280  
  727      AAON, Inc.      24,173  
  794      Allegion Plc      61,424  
  173      American Woodmark Corp. (b)      15,838  
  348      Apogee Enterprises, Inc.      16,763  
  865      Armstrong Flooring, Inc. (b)      12,145  
  684      Armstrong World Industries, Inc. (b)      43,229  
  1,941      Builders FirstSource, Inc. (a)(b)      35,501  
  780      Continental Building Products, Inc. (b)      24,609  
  223      CSW Industrials, Inc. (b)      11,786  
  1,318      Fortune Brands Home & Security, Inc. (a)      70,763  
  623      JELD-WEN Holding, Inc. (b)      17,812  
  393      Lennox International, Inc. (a)      78,659  
  233      Masonite International Corp. (b)      16,741  
  656      NCI Building Systems, Inc. (a)(b)      13,776  
  982      Owens Corning, Inc.      62,229  
  205      Patrick Industries, Inc. (b)      11,654  
  672      PGT Innovations, Inc. (b)      14,011  
  867      Quanex Building Products Corp.      15,563  
  502      Simpson Manufacturing Co., Inc.      31,219  
  1,024      Trex Co., Inc. (b)      64,092  
  807      Universal Forest Products, Inc.      29,552  
  835      USG Corp. (b)      36,005  
     

 

 

 
        832,824  
     

 

 

 
   Capital Markets—2.05%   
  1,629      Artisan Partners Asset Management, Inc.—Class A      49,114  
  192      Ashford, Inc. (b)      12,442  
  896      B. Riley Financial, Inc.      20,205  
  3,067      BGC Partners, Inc.—Class A      34,718  
  573      Cohen & Steers, Inc.      23,900  
  106      Diamond Hill Investment Group, Inc.      20,610  
  1,353      Eaton Vance Corp.      70,613  
  643      Evercore Partners, Inc.—Class A      67,804  
  539      FactSet Research Systems, Inc.      106,776  
  1,410      Federated Investors, Inc.—Class B      32,881  
  582      Hamilton Lane, Inc.—Class A      27,919  
  390      HFF, Inc.—Class A      13,396  
  748      Houlihan Lokey, Inc.      38,313  


  372      INTL. FCStone, Inc. (b)      19,236  
  3,323      Ladenburg Thalmann Financial Services, Inc.      11,298  
  1,871      Lazard Ltd.—Class A      91,511  
  732      Legg Mason, Inc.      25,422  
  1,302      LPL Financial Holdings, Inc.      85,333  
  363      MarketAxess Holdings, Inc. (a)      71,823  
  743      Moelis & Co.—Class A (a)      43,577  
  478      Morningstar, Inc.      61,303  
  705      Oppenheimer Holdings, Inc.—Class A      19,740  
  206      Piper Jaffray Cos.      15,831  
  376      PJT Partners, Inc.—Class A      20,075  
  2,329      Pzena Investment Management, Inc.—Class A      21,450  
  1,551      SEI Investments Co.      96,969  
  1,873      Siebert Financial Corp. (b)      19,517  
  934      Virtu Financial, Inc.—Class A      24,798  
  1,568      Waddell & Reed Financial, Inc.—Class A (a)      28,177  
  258      Westwood Holdings Group, Inc.      15,361  
  1,631      WisdomTree Investments, Inc.      14,809  
     

 

 

 
        1,204,921  
     

 

 

 
   Chemicals—1.71%   
  395      A. Schulman, Inc.      17,578  
  1,063      Advanced Emissions Solutions, Inc.      12,076  
  318      AdvanSix, Inc. (b)      11,648  
  2,035      AgroFresh Solutions, Inc. (b)      14,265  
  831      American Vanguard Corp.      19,071  
  358      Ashland Global Holdings, Inc.      27,988  
  1,344      Axalta Coating Systems, Ltd. (b)      40,737  
  184      Balchem Corp.      18,058  
  379      Cabot Corp.      23,411  
  1,971      CF Industries Holdings, Inc. (a)      87,512  
  222      Chase Corp.      26,029  
  927      Codexis, Inc. (b)      13,349  
  305      H.B. Fuller Co.      16,372  
  2,022      Huntsman Corp.      59,042  
  828      Ingevity Corp. (b)      66,952  
  3,008      Intrepid Potash, Inc. (b)      12,333  
  599      KMG Chemicals, Inc.      44,194  
  595      Kraton Corp. (b)      27,453  
  687      Kronos Worldwide, Inc.      15,478  
  191      Minerals Technologies, Inc.      14,392  
  81      NewMarket Corp. (a)      32,764  
  1,503      Olin Corp.      43,166  
  2,853      Platform Specialty Products Corp. (b)      33,095  
  799      PolyOne Corp.      34,533  
  196      Quaker Chemical Corp.      30,355  
  1,320      Rayonier Advanced Materials, Inc.      22,559  
  655      RPM International, Inc.      38,200  
  279      Stepan Co.      21,765  
  1,124      The Chemours Co.      49,861  
  210      The Scotts Miracle-Gro Co.—Class A (a)      17,464  
  752      Trinseo SA      53,354  


  1,089      Tronox, Ltd.—Class A      21,432  
  2,303      Valhi, Inc.      10,962  
  1,393      Valvoline, Inc.      30,047  
     

 

 

 
        1,007,495  
     

 

 

 
   Commercial Services & Supplies—1.73%   
  2,731      ACCO Brands Corp.      37,824  
  485      Advanced Disposal Services, Inc. (b)      12,018  
  858      Avery Dennison Corp.      87,602  
  243      Barrett Business Services, Inc.      23,467  
  1,008      Casella Waste Systems, Inc.—Class A (b)      25,815  
  216      Clean Harbors, Inc. (b)      11,999  
  629      Comfort Systems USA, Inc.      28,808  
  694      Covanta Holding Corp.      11,451  
  539      Deluxe Corp.      35,687  
  1,376      Essendant, Inc.      18,191  
  681      Healthcare Services Group, Inc. (a)      29,412  
  868      Heritage-Crystal Clean, Inc. (b)      17,447  
  1,750      Herman Miller, Inc.      59,325  
  813      HNI Corp.      30,244  
  1,318      InnerWorkings, Inc. (b)      11,453  
  857      Interface, Inc. (a)      19,668  
  895      KAR Auction Services, Inc.      49,046  
  4,551      Kimball International, Inc.—Class B      73,544  
  814      Knoll, Inc.      16,939  
  902      LSC Communications, Inc.      14,125  
  298      McGrath RentCorp      18,854  
  379      Mobile Mini, Inc.      17,775  
  476      MSA Safety, Inc. (a)      45,858  
  1,562      Pitney Bowes, Inc.      13,386  
  641      Quad/Graphics, Inc.      13,352  
  1,520      Rollins, Inc.      79,922  
  415      SP Plus Corp. (b)      15,438  
  2,012      Steelcase, Inc.—Class A      27,162  
  275      Stericycle, Inc. (b)      17,955  
  2,013      Sykes Enterprises, Inc. (b)      57,934  
  897      Team, Inc. (a)(b)      20,721  
  568      Tetra Tech, Inc.      33,228  
  370      The Brinks Co.      29,508  
  222      Viad Corp. (a)      12,044  
     

 

 

 
        1,017,202  
     

 

 

 
   Communications Equipment—1.16%   
  582      Acacia Communications, Inc. (a)(b)      20,259  
  848      ADTRAN, Inc.      12,593  
  557      Applied Optoelectronics, Inc. (b)      25,009  
  2,169      ARRIS International Plc (b)      53,021  
  2,729      Calix, Inc. (b)      21,286  
  973      Casa Systems, Inc. (a)(b)      15,889  
  1,376      Ciena Corp. (b)      36,478  
  1,147      Clearfield, Inc. (b)      12,674  
  1,893      CommScope Holding Co., Inc. (a)(b)      55,285  
  494      Comtech Telecommunications Corp.      15,749  


  1,823      DASAN Zhone Solutions, Inc. (b)      17,793  
  2,114      Digi International, Inc. (b)      27,905  
  527      EchoStar Corp.—Class A (b)      23,399  
  7,657      Extreme Networks, Inc. (b)      60,950  
  969      Finisar Corp. (a)(b)      17,442  
  500      InterDigital, Inc. (a)      40,450  
  1,623      KVH Industries, Inc. (b)      21,748  
  368      Lumentum Holdings, Inc. (a)(b)      21,307  
  373      NETGEAR, Inc. (b)      23,313  
  1,520      NetScout Systems, Inc. (a)(b)      45,144  
  1,515      Oclaro, Inc. (b)      13,529  
  344      Plantronics, Inc. (a)      26,230  
  1,248      Quantenna Communications, Inc. (b)      19,394  
  3,650      Ribbon Communications, Inc. (b)      25,988  
  339      Ubiquiti Networks, Inc. (a)(b)      28,720  
     

 

 

 
        681,555  
     

 

 

 
   Construction & Engineering—0.60%   
  957      AECOM (a)(b)      31,610  
  892      Aegion Corp. (a)(b)      22,969  
  1,005      Ameresco, Inc.—Class A (b)      12,060  
  203      Dycom Industries, Inc. (a)(b)      19,186  
  423      EMCOR Group, Inc.      32,224  
  844      Fluor Corp.      41,170  
  896      IES Holdings, Inc. (b)      15,008  
  662      Jacobs Engineering Group, Inc.      42,030  
  1,513      KBR, Inc.      27,113  
  500      NV5 Global, Inc. (b)      34,650  
  2,495      Orion Group Holdings, Inc. (b)      20,609  
  505      Primoris Services Corp.      13,751  
  765      Quanta Services, Inc. (b)      25,551  
  892      Tutor Perini Corp. (a)(b)      16,457  
     

 

 

 
        354,388  
     

 

 

 
   Construction Materials—0.07%   
  137      Eagle Materials, Inc.      14,381  
  513      Summit Materials, Inc.—Class A (b)      13,469  
  278      US Concrete, Inc. (a)(b)      14,595  
     

 

 

 
        42,445  
     

 

 

 
   Consumer Finance—1.08%   
  203      Credit Acceptance Corp. (a)(b)      71,740  
  1,039      Curo Group Holdings Corp. (b)      25,923  
  2,599      Enova International, Inc. (b)      94,994  
  1,290      EZCORP, Inc.—Class A (b)      15,545  
  317      FirstCash, Inc.      28,482  
  427      Green Dot Corp.—Class A (b)      31,338  
  5,553      Navient Corp.      72,356  
  510      Nelnet, Inc.—Class A      29,789  
  535      OneMain Holdings, Inc. (a)(b)      17,810  
  648      PRA Group, Inc. (b)      24,980  
  2,519      Regional Management Corp. (b)      88,215  
  3,790      Santander Consumer USA Holdings, Inc.      72,351  
  5,225      SLM Corp. (a)(b)      59,826  
     

 

 

 
        633,349  
     

 

 

 


   Containers & Packaging—0.62%   
  308      AptarGroup, Inc.      28,761  
  1,101      Berry Plastics Group, Inc. (b)      50,580  
  1,905      Graphic Packaging Holding Co.      27,642  
  314      Greif, Inc.—Class A      16,607  
  2,215      Myers Industries, Inc.      42,528  
  1,321      Owens-Illinois, Inc. (b)      22,206  
  949      Packaging Corp. of America      106,089  
  1,158      Sealed Air Corp.      49,157  
  776      Silgan Holdings, Inc.      20,820  
     

 

 

 
        364,390  
     

 

 

 
   Distributors—0.05%   
  623      Core-Mark Holding Co., Inc.      14,142  
  1,326      Funko, Inc.—Class A (b)      16,641  
     

 

 

 
        30,783  
     

 

 

 
   Diversified Consumer Services—1.94%   
  2,702      Adtalem Global Education, Inc. (b)      129,966  
  1,527      American Public Education, Inc. (b)      64,287  
  303      Bright Horizons Family Solutions, Inc. (b)      31,064  
  3,846      Cambium Learning Group, Inc. (b)      42,883  
  491      Capella Education Co.      48,462  
  3,491      Career Education Corp. (b)      56,450  
  674      Carriage Services, Inc.      16,547  
  2,460      Chegg, Inc. (b)      68,363  
  87      Graham Holdings Co.—Class B      50,991  
  638      Grand Canyon Education, Inc. (b)      71,207  
  4,372      H&R Block, Inc.      99,594  
  1,275      Hillenbrand, Inc.      60,116  
  2,652      Houghton Mifflin Harcourt Co. (b)      20,288  
  2,317      K12, Inc. (b)      37,929  
  199      Matthews International Corp.—Class A      11,701  
  2,606      Regis Corp. (b)      43,103  
  746      Service Corp. International      26,699  
  1,055      ServiceMaster Global Holdings, Inc. (b)      62,741  
  751      Sotheby’s—Class A (a)(b)      40,809  
  505      Strayer Education, Inc.      57,070  
  1,024      Weight Watchers International, Inc. (a)(b)      103,526  
     

 

 

 
        1,143,796  
     

 

 

 
   Diversified Financial Services—0.20%   
  684      Cannae Holdings, Inc. (b)      12,688  
  707      Encore Capital Group, Inc. (a)(b)      25,876  
  831      Voya Financial, Inc.      39,057  
  361      World Acceptance Corp. (a)(b)      40,075  
     

 

 

 
        117,696  
     

 

 

 
   Diversified Telecommunication Services—0.31%   
  351      Cogent Communications Holdings, Inc.      18,743  
  2,231      Frontier Communications Corp. (a)      11,958  
  2,159      Ooma, Inc. (b)      30,550  
  6,705      Vonage Holdings Corp. (b)      86,428  
  1,856      Windstream Holdings, Inc.      9,781  
  649      Zayo Group Holdings, Inc. (b)      23,676  
     

 

 

 
        181,136  
     

 

 

 


   Electric Utilities—0.37%   
  446      ALLETE, Inc.      34,525  
  280      El Paso Electric Co.      16,548  
  718      Hawaiian Electric Industries, Inc.      24,627  
  240      IDACORP, Inc. (a)      22,138  
  594      OGE Energy Corp.      20,915  
  353      Pinnacle West Capital Corp.      28,438  
  596      PNM Resources, Inc.      23,184  
  520      Portland General Electric Co.      22,235  
  2,770      Spark Energy, Inc.—Class A      27,007  
     

 

 

 
        219,617  
     

 

 

 
   Electrical Equipment—0.76%   
  395      Acuity Brands, Inc.      45,769  
  248      Allied Motion Technologies, Inc.      11,874  
  831      Atkore International Group, Inc. (b)      17,260  
  344      Belden, Inc. (a)      21,025  
  662      Brady Corp.—Class A      25,520  
  253      EnerSys      18,884  
  1,699      Enphase Energy, Inc. (b)      11,434  
  262      Franklin Electric Co., Inc.      11,816  
  466      Generac Holdings, Inc. (b)      24,106  
  327      Hubbell, Inc.      34,577  
  527      II-VI, Inc. (a)(b)      22,898  
  462      nVent Electric Plc (b)      11,596  
  130      Preformed Line Products Co.      11,542  
  450      Regal Beloit Corp.      36,810  
  949      Sensata Technologies Holding Plc (b)      45,154  
  882      Sunrun, Inc. (b)      11,598  
  1,499      Vicor Corp. (b)      65,282  
  229      Woodward Governor Co.      17,601  
     

 

 

 
        444,746  
     

 

 

 
   Electronic Equipment, Instruments & Components—2.70%   
  842      Anixter International, Inc. (b)      53,299  
  620      Arrow Electronics, Inc. (b)      46,674  
  473      Avnet, Inc. (a)      20,287  
  1,250      AVX Corp.      19,588  
  654      Bel Fuse, Inc.—Class B      13,669  
  1,066      Benchmark Electronics, Inc.      31,074  
  1,808      CDW Corp.      146,068  
  1,526      Cognex Corp.      68,075  
  183      Coherent, Inc. (b)      28,625  
  1,716      Control4 Corp. (b)      41,716  
  331      CTS Corp.      11,916  
  2,185      Daktronics, Inc.      18,594  
  571      Dolby Laboratories, Inc.—Class A (a)      35,225  
  2,170      Electro Scientific Industries, Inc. (a)(b)      34,221  
  506      Fabrinet (b)      18,666  
  300      FARO Technologies, Inc. (b)      16,305  
  3,074      Fitbit, Inc.—Class A (b)      20,073  


  953      FLIR Systems, Inc.      49,527  
  428      Insight Enterprises, Inc. (b)      20,942  
  3,876      Iteris, Inc. (b)      18,760  
  503      Itron, Inc. (b)      30,205  
  532      Jabil, Inc.      14,715  
  1,312      KEMET Corp. (b)      31,685  
  1,445      Keysight Technologies, Inc. (b)      85,298  
  867      Kimball Electronics, Inc. (b)      15,866  
  1,326      Knowles Corp. (a)(b)      20,288  
  107      Littelfuse, Inc.      24,415  
  519      Methode Electronics, Inc.      20,916  
  295      MTS Systems Corp. (a)      15,532  
  1,714      Napco Security Technologies, Inc. (b)      25,110  
  1,509      National Instruments Corp.      63,348  
  501      Novanta, Inc. (b)      31,212  
  244      OSI Systems, Inc. (b)      18,869  
  1,123      PAR Technology Corp. (b)      19,855  
  513      Park Electrochemical Corp.      11,896  
  926      PC Connection, Inc. (a)      30,743  
  474      Plexus Corp. (a)(b)      28,222  
  166      Rogers Corp. (b)      18,502  
  1,146      Sanmina Corp. (b)      33,578  
  544      ScanSource, Inc. (b)      21,923  
  146      SYNNEX Corp.      14,090  
  347      Tech Data Corp. (b)      28,496  
  2,242      Trimble, Inc. (b)      73,627  
  1,874      TTM Technologies, Inc. (b)      33,039  
  1,951      Vishay Intertechnology, Inc. (a)      45,263  
  325      Vishay Precision Group, Inc. (b)      12,399  
  733      Zebra Technologies Corp.—Class A (b)      105,002  
     

 

 

 
        1,587,398  
     

 

 

 
   Energy Equipment & Services—1.03%   
  471      Apergy Corp. (b)      19,664  
  848      Bristow Group, Inc. (b)      11,965  
  1,342      Carbo Ceramics, Inc. (b)      12,306  
  1,549      Dawson Geophysical Co. (b)      12,237  
  1,787      Diamond Offshore Drilling, Inc. (a)(b)      37,277  
  341      Dril-Quip, Inc. (b)      17,527  
  883      Era Group, Inc. (b)      11,435  
  2,062      FTS International, Inc. (b)      29,363  
  1,577      Helix Energy Solutions Group, Inc. (b)      13,136  
  395      Helmerich & Payne, Inc. (a)      25,185  
  751      ION Geophysical Corp. (b)      18,249  
  299      Mammoth Energy Services, Inc. (b)      10,154  
  1,952      Matrix Service Co. (b)      35,819  
  902      McDermott International, Inc. (a)(b)      17,724  
  1,671      Newpark Resources, Inc. (b)      18,130  
  4,064      Noble Corp. Plc (b)      25,725  
  860      Ocean Rig UDW, Inc.—Class A (b)      25,353  
  1,099      Oceaneering International, Inc.      27,981  
  639      Oil States International, Inc. (a)(b)      20,512  


  2,396      Pioneer Energy Services Corp. (b)      14,017  
  3,754      Profire Energy, Inc. (b)      12,689  
  1,191      RigNet, Inc. (b)      12,267  
  3,414      Rowan Cos., Inc.—Class A (b)      55,375  
  1,003      RPC, Inc. (a)      14,614  
  206      Seacor Holdings, Inc. (b)      11,798  
  851      Solaris Oilfield Infrastructure, Inc.—Class A (b)      12,161  
  4,142      Tetra Technologies, Inc. (b)      18,432  
  4,991      Transocean, Ltd. (a)(b)      67,079  
     

 

 

 
        608,174  
     

 

 

 
   Food & Staples Retailing—1.08%   
  532      Casey’s General Stores, Inc. (a)      55,903  
  1,791      Diplomat Pharmacy, Inc. (b)      45,778  
  1,090      Ingles Markets, Inc.—Class A      34,662  
  2,198      Natural Grocers by Vitamin Cottage, Inc. (b)      28,002  
  1,597      Performance Food Group Co. (b)      58,610  
  186      PriceSmart, Inc.      16,833  
  15,276      Rite Aid Corp. (b)      26,427  
  1,656      SpartanNash Co. (a)      42,261  
  1,732      Sprouts Farmers Market, Inc. (b)      38,225  
  757      SUPERVALU, Inc. (a)(b)      15,534  
  1,314      The Chefs’ Warehouse, Inc. (a)(b)      37,449  
  883      United Natural Foods, Inc. (a)(b)      37,669  
  2,792      US Foods Holding Corp. (b)      105,593  
  1,158      Village Super Market, Inc.—Class A      34,115  
  1,093      Weis Markets, Inc.      58,301  
     

 

 

 
        635,362  
     

 

 

 
   Food Products—1.08%   
  409      Alico, Inc.      12,965  
  124      Calavo Growers, Inc. (a)      11,923  
  349      Cal-Maine Foods, Inc. (b)      16,002  
  1,576      Darling International, Inc. (b)      31,331  
  3,399      Dean Foods Co.      35,723  
  1,330      Farmer Brothers Co. (b)      40,632  
  2,192      Flowers Foods, Inc.      45,659  
  612      Fresh Del Monte Produce, Inc.      27,265  
  1,758      Freshpet, Inc. (a)(b)      48,257  
  1,124      Hostess Brands, Inc. (a)(b)      15,286  
  647      Ingredion, Inc.      71,623  
  115      J&J Snack Foods Corp.      17,534  
  1,157      Lamb Weston Holdings, Inc.      79,266  
  127      Lancaster Colony Corp.      17,579  
  814      Pilgrim’s Pride Corp. (b)      16,386  
  735      Pinnacle Foods, Inc.      47,819  
  320      Post Holdings, Inc. (a)(b)      27,526  
  319      Sanderson Farms, Inc. (a)      33,543  
  550      The Hain Celestial Group, Inc. (b)      16,390  
  431      TreeHouse Foods, Inc. (b)      22,632  
     

 

 

 
        635,341  
     

 

 

 


   Gas Utilities—0.38%   
  414      Atmos Energy Corp. (a)      37,318  
  365      National Fuel Gas Co. (a)      19,330  
  378      New Jersey Resources Corp. (a)      16,916  
  502      ONE Gas, Inc.      37,519  
  209      Spire, Inc.      14,766  
  1,511      UGI Corp.      78,678  
  237      WGL Holdings, Inc.      21,034  
     

 

 

 
        225,561  
     

 

 

 
   Health Care Equipment & Supplies—4.13%   
  331      Abaxis, Inc.      27,476  
  3,081      Accuray, Inc. (b)      12,632  
  1,268      AngioDynamics, Inc. (b)      28,200  
  405      Anika Therapeutics, Inc. (b)      12,960  
  5,550      Antares Pharma, Inc. (b)      14,319  
  886      AtriCure, Inc. (b)      23,966  
  59      Atrion Corp.      35,365  
  1,754      AxoGen, Inc. (a)(b)      88,138  
  455      Cantel Medical Corp.      44,754  
  1,253      Cardiovascular Systems, Inc. (b)      40,522  
  1,695      Cerus Corp. (b)      11,306  
  304      CONMED Corp.      22,253  
  422      CryoLife, Inc. (b)      11,753  
  793      CryoPort, Inc. (b)      12,514  
  1,762      Cutera, Inc. (b)      71,009  
  1,114      CytoSorbents Corp. (b)      12,700  
  1,099      DexCom, Inc. (a)(b)      104,383  
  599      FONAR Corp. (b)      15,903  
  858      Glaukos Corp. (b)      34,869  
  2,053      Globus Medical, Inc.—Class A (b)      103,594  
  776      Haemonetics Corp. (b)      69,592  
  739      Halyard Health, Inc. (b)      42,308  
  1,179      Helius Medical Technologies, Inc. (b)      11,224  
  631      Heska Corp. (b)      65,491  
  650      Hill-Rom Holdings, Inc.      56,771  
  110      ICU Medical, Inc. (b)      32,301  
  591      Inogen, Inc. (b)      110,121  
  691      Insulet Corp. (b)      59,219  
  750      Integer Holdings Corp. (b)      48,487  
  593      Integra LifeSciences Holdings Corp. (a)(b)      38,195  
  568      IntriCon Corp. (b)      22,890  
  901      iRadimed Corp. (b)      18,696  
  293      iRhythm Technologies, Inc. (a)(b)      23,771  
  820      K2M Group Holdings, Inc. (b)      18,450  
  1,876      Lantheus Holdings, Inc. (b)      27,296  
  1,427      LeMaitre Vascular, Inc.      47,776  
  283      LivaNova Plc (b)      28,249  
  631      Masimo Corp. (b)      61,617  
  1,166      Meridian Bioscience, Inc. (a)      18,539  
  423      Merit Medical Systems, Inc. (b)      21,658  
  451      Natus Medical, Inc. (b)      15,559  
  382      Neogen Corp. (a)(b)      30,633  
  949      Novocure Ltd. (b)      29,704  


  1,082      NuVasive, Inc. (a)(b)      56,394  
  1,161      NxStage Medical, Inc. (b)      32,392  
  1,229      OraSure Technologies, Inc. (b)      20,242  
  638      Orthofix International NV (b)      36,251  
  443      OrthoPediatrics Corp. (b)      11,802  
  1,134      Oxford Immunotec Global Plc (b)      14,617  
  286      Penumbra, Inc. (a)(b)      39,511  
  273      Quidel Corp. (b)      18,155  
  2,636      RTI Surgical, Inc. (b)      12,126  
  1,422      SeaSpine Holdings Corp. (b)      17,946  
  2,546      Senseonics Holdings, Inc. (b)      10,464  
  623      Sientra, Inc. (b)      12,155  
  3,641      STAAR Surgical Co. (b)      112,871  
  520      STERIS Plc (a)      54,605  
  516      SurModics, Inc. (b)      28,483  
  1,954      Tactile Systems Technology, Inc. (a)(b)      101,608  
  1,260      Tandem Diabetes Care, Inc. (b)      27,745  
  330      The Cooper Cos., Inc. (a)      77,698  
  2,392      TransEnterix, Inc. (a)(b)      10,429  
  146      Utah Medical Products, Inc.      16,082  
  631      Varex Imaging Corp. (b)      23,404  
  527      West Pharmaceutical Services, Inc. (a)      52,326  
  563      Wright Medical Group NV (a)(b)      14,615  
     

 

 

 
        2,429,084  
     

 

 

 
   Health Care Providers & Services—2.82%   
  503      Acadia Healthcare Co., Inc. (b)      20,578  
  555      Addus HomeCare Corp. (b)      31,774  
  925      Amedisys, Inc. (b)      79,050  
  855      American Renal Associates Holdings, Inc. (b)      13,483  
  1,069      AMN Healthcare Services, Inc. (a)(b)      62,643  
  8,380      BioScrip, Inc. (b)      24,553  
  1,015      BioTelemetry, Inc. (b)      45,675  
  2,567      Brookdale Senior Living, Inc. (b)      23,334  
  234      Chemed Corp.      75,304  
  1,001      Civitas Solutions, Inc. (b)      16,416  
  3,648      Community Health Systems, Inc. (a)(b)      12,111  
  359      CorVel Corp. (b)      19,386  
  5,394      Cross Country Healthcare, Inc. (b)      60,683  
  1,150      Encompass Health Corp.      77,878  
  1,137      Envision Healthcare Corp. (b)      50,039  
  7,274      Genesis Healthcare, Inc. (b)      16,657  
  592      HealthEquity, Inc. (a)(b)      44,459  
  534      HMS Holdings Corp. (b)      11,545  
  1,534      Kindred Healthcare, Inc. (b)      13,806  
  1,085      LHC Group, Inc. (a)(b)      92,865  
  432      LifePoint Health, Inc. (a)(b)      21,082  
  426      Magellan Health Services, Inc. (b)      40,875  
  746      MEDNAX, Inc. (b)      32,287  
  1,059      Molina Healthcare, Inc. (a)(b)      103,718  
  249      National Healthcare Corp.      17,525  
  1,763      National Research Corp.—Class A      65,936  


  765      Owens & Minor, Inc.      12,783  
  682      Patterson Cos., Inc. (a)      15,461  
  1,108      PerkinElmer, Inc.      81,139  
  358      Premier, Inc.—Class A (a)(b)      13,024  
  192      Providence Service Corp. (b)      15,082  
  3,496      R1 RCM, Inc. (b)      30,345  
  5,556      RadNet, Inc. (b)      83,340  
  1,287      Select Medical Holdings Corp. (b)      23,359  
  1,273      Surgery Partners, Inc. (b)      18,968  
  453      Teladoc, Inc. (a)(b)      26,297  
  395      The Ensign Group, Inc.      14,149  
  590      Tivity Health, Inc. (b)      20,768  
  1,845      Triple-S Management Corp.—Class B (b)      72,066  
  518      Trupanion, Inc. (a)(b)      19,995  
  123      US Physical Therapy, Inc.      11,808  
  508      WellCare Health Plans, Inc. (b)      125,090  
     

 

 

 
        1,657,336  
     

 

 

 
   Health Care Technology—0.74%   
  2,306      Allscripts Healthcare Solutions, Inc. (a)(b)      27,672  
  354      athenahealth, Inc. (b)      56,335  
  379      Computer Programs & Systems, Inc.      12,469  
  357      Cotiviti Holdings, Inc. (b)      15,754  
  532      Medidata Solutions, Inc. (b)      42,858  
  389      Omnicell, Inc. (b)      20,403  
  5,284      Quality Systems, Inc. (b)      103,038  
  1,387      Simulations Plus, Inc.      30,861  
  388      Tabula Rasa HealthCare, Inc. (b)      24,766  
  966      Veeva Systems, Inc.—Class A (b)      74,247  
  958      Vocera Communications, Inc. (a)(b)      28,635  
     

 

 

 
        437,038  
     

 

 

 
   Hotels, Restaurants & Leisure—2.76%   
  1,029      Aramark      38,176  
  1,635      BBX Capital Corp.      14,764  
  12      Biglari Holdings, Inc.—Class A (b)      11,400  
  79      Biglari Holdings, Inc.—Class B (b)      14,496  
  193      BJ’s Restaurants, Inc.      11,580  
  760      Bluegreen Vacations Corp.      18,088  
  1,175      Bojangles’, Inc. (b)      16,920  
  859      Boyd Gaming Corp. (a)      29,773  
  1,253      Brinker International, Inc. (a)      59,643  
  3,135      Callaway Golf Co.      59,471  
  2,607      Century Casinos, Inc. (b)      22,811  
  504      Cheesecake Factory, Inc. (a)      27,750  
  990      Choice Hotels International, Inc.      74,844  
  187      Churchill Downs, Inc.      55,446  
  370      Chuy’s Holdings, Inc. (b)      11,359  
  100      Cracker Barrel Old Country Store, Inc. (a)      15,621  
  258      Dave & Buster’s Entertainment, Inc. (b)      12,281  
  1,351      Del Taco Restaurants, Inc. (a)(b)      19,157  
  1,622      Denny’s Corp. (b)      25,839  
  177      DineEquity, Inc.      13,240  


  559      Domino’s Pizza, Inc.      157,733  
  1,502      Drive Shack, Inc. (b)      11,596  
  428      Dunkin’ Brands Group, Inc. (a)      29,562  
  1,638      El Pollo Loco Holdings, Inc. (b)      18,673  
  403      Eldorado Resorts, Inc. (a)(b)      15,757  
  1,156      Extended Stay America, Inc.      24,981  
  843      Fiesta Restaurant Group, Inc. (b)      24,194  
  425      Golden Entertainment, Inc. (b)      11,471  
  518      Hilton Grand Vacations, Inc. (b)      17,975  
  440      Hyatt Hotels Corp.—Class A      33,946  
  922      ILG, Inc.      30,454  
  957      International Game Technology Plc (a)      22,241  
  269      International Speedway Corp.—Class A      12,024  
  1,482      J Alexander’s Holdings, Inc. (b)      16,524  
  252      Jack in the Box, Inc.      21,450  
  929      Lindblad Expeditions Holdings, Inc. (b)      12,309  
  242      Marriott Vacations Worldwide Corp.      27,336  
  268      Monarch Casino & Resort, Inc. (b)      11,805  
  274      Nathan’s Famous, Inc.      25,783  
  957      Noodles & Co.—Class A (a)(b)      11,771  
  387      Papa John’s International, Inc.      19,629  
  1,180      Penn National Gaming, Inc. (a)(b)      39,636  
  1,363      Pinnacle Entertainment, Inc. (b)      45,974  
  393      Planet Fitness, Inc.—Class A (b)      17,268  
  2,394      Potbelly Corp. (b)      31,002  
  481      RCI Hospitality Holdings, Inc.      15,224  
  1,064      Red Lion Hotels Corp. (b)      12,396  
  269      Red Robin Gourmet Burgers, Inc. (a)(b)      12,535  
  514      Red Rock Resorts, Inc.—Class A      17,219  
  1,273      Ruth’s Hospitality Group, Inc.      35,708  
  535      Scientific Games Corp.—Class A (b)      26,295  
  529      SeaWorld Entertainment, Inc. (b)      11,543  
  177      Shake Shack, Inc.—Class A (b)      11,714  
  271      Six Flags Entertainment Corp. (a)      18,984  
  339      Sonic Corp. (a)      11,668  
  745      Speedway Motorsports, Inc.      12,933  
  304      Texas Roadhouse, Inc.      19,915  
  927      Town Sports International Holdings, Inc. (b)      13,488  
  203      Vail Resorts, Inc. (a)      55,661  
  703      Wingstop, Inc. (a)      36,640  
  593      Wyndham Destinations, Inc.      26,252  
  740      Wyndham Hotels & Resorts, Inc.      43,534  
     

 

 

 
        1,625,462  
     

 

 

 
   Household Durables—1.58%   
  906      AV Homes, Inc. (b)      19,388  
  914      Bassett Furniture Industries, Inc.      25,181  
  1,217      Beazer Homes USA, Inc. (a)(b)      17,951  
  75      Cavco Industries, Inc. (b)      15,574  
  858      Ethan Allen Interiors, Inc.      21,021  
  377      Flexsteel Industries, Inc.      15,042  
  3,118      GoPro, Inc.—Class A (a)(b)      20,080  


  2,156      Green Brick Partners, Inc. (b)      21,129  
  747      Hamilton Beach Brands Holding Co.—Class A      21,700  
  218      Helen of Troy, Ltd. (b)      21,462  
  676      Hooker Furniture Corp.      31,704  
  9,989      Hovnanian Enterprises, Inc.—Class A (b)      16,282  
  412      Installed Building Products, Inc. (b)      23,299  
  480      iRobot Corp. (a)(b)      36,370  
  1,716      KB Home (a)      46,744  
  953      La-Z-Boy, Inc. (a)      29,162  
  234      LGI Homes, Inc. (a)(b)      13,509  
  1,132      Lifetime Brands, Inc.      14,320  
  38      NVR, Inc. (b)      112,873  
  2,241      PulteGroup, Inc.      64,429  
  1,443      Purple Innovation, Inc. (b)      12,266  
  565      Roku, Inc. (b)      24,080  
  712      Skyline Champion Corp.      24,948  
  728      Taylor Morrison Home Corp.—Class A (b)      15,128  
  527      Tempur Sealy International, Inc. (a)(b)      25,322  
  1,323      Toll Brothers, Inc.      48,938  
  329      TopBuild Corp. (a)(b)      25,774  
  1,636      TRI Pointe Group, Inc. (b)      26,765  
  785      Tupperware Brands Corp. (a)      32,373  
  1,728      Turtle Beach Corp. (b)      35,113  
  400      Universal Electronics, Inc. (b)      13,220  
  522      William Lyon Homes—Class A (b)      12,110  
  2,710      ZAGG, Inc. (b)      46,883  
     

 

 

 
        930,140  
     

 

 

 
  

Household Products—0.32%

  
  537     

Central Garden & Pet Co. (b)

     23,349  
  653     

Central Garden & Pet Co.—Class A (b)

     26,427  
  467     

Energizer Holdings, Inc.

     29,402  
  2,401     

HRG Group, Inc. (b)

     31,429  
  280     

Oil-Dri Corp. of America

     11,799  
  438     

WD-40 Co.

     64,058  
     

 

 

 
        186,464  
     

 

 

 
  

Independent Power and Renewable Electricity Producers—0.67%

  
  18,511     

Atlantic Power Corp. (b)

     40,724  
  3,684     

NRG Energy, Inc.—Class C

     113,099  
  2,258     

NRG Yield, Inc.—Class A

     38,499  
  2,316     

NRG Yield, Inc.—Class C

     39,835  
  6,962     

Vistra Energy Corp. (b)

     164,721  
     

 

 

 
        396,878  
     

 

 

 
  

Industrial Conglomerates—0.18%

  
  276     

Carlisle Companies, Inc.

     29,893  
  523     

Otter Tail Corp.

     24,895  
  467     

Raven Industries, Inc.

     17,956  
  4     

Seaboard Corp.

     15,851  
  622     

Tredegar Corp.

     14,617  
     

 

 

 
        103,212  
     

 

 

 


  

Insurance—2.87%

  
  54      Alleghany Corp.      31,048  
  1,252      American Equity Investment Life Holding Co. (a)      45,072  
  951      American Financial Group, Inc.      102,071  
  99      American National Insurance Co.      11,840  
  868      AMERISAFE, Inc.      50,127  
  1,659      AmTrust Financial Services, Inc. (a)      24,172  
  244      Argo Group International Holdings, Ltd.      14,189  
  731      Assurant, Inc.      75,651  
  1,871      Assured Guaranty, Ltd.      66,851  
  274      Brighthouse Financial, Inc. (b)      10,979  
  3,370      Brown & Brown, Inc.      93,450  
  1,653      CNO Financial Group, Inc.      31,473  
  4,301      Crawford & Co.—Class B      37,204  
  662      Employers Holdings, Inc.      26,612  
  74      Enstar Group Ltd. (b)      15,340  
  419      Erie Indemnity Co.—Class A (a)      49,132  
  253      Everest Re Group, Ltd.      58,312  
  222      FBL Financial Group, Inc.—Class A      17,483  
  518      FedNat Holding Co.      11,950  
  1,313      First American Financial Corp.      67,908  
  725      Health Insurance Innovations, Inc.—Class A (b)      23,454  
  843      Heritage Insurance Holdings, Inc. (a)      14,053  
  279      Horace Mann Educators Corp.      12,443  
  333      Independence Holding Co.      11,072  
  208      Infinity Property & Casualty Corp.      29,609  
  124      Investors Title Co.      22,898  
  470      James River Group Holdings, Ltd.      18,466  
  280      Kemper Corp. (a)      21,182  
  1,066      Kingstone Cos., Inc.      18,015  
  443      National General Holdings Corp.      11,664  
  85      National Western Life Group, Inc.—Class A      26,117  
  2,086      Old Republic International Corp.      41,532  
  626      Primerica, Inc.      62,350  
  452      ProAssurance Corp.      16,023  
  686      Reinsurance Group of America, Inc.      91,567  
  391      RLI Corp.      25,880  
  147      Safety Insurance Group, Inc.      12,554  
  612      Selective Insurance Group, Inc.      33,660  
  319      The Hanover Insurance Group, Inc. (a)      38,140  
  1,253      Third Point Reinsurance, Ltd. (b)      15,663  
  2,196      Tiptree, Inc.—Class A      14,933  
  1,415      Torchmark Corp.      115,195  
  214      United Fire Group, Inc.      11,665  
  596      United Insurance Holdings Corp.      11,670  
  1,750      Universal Insurance Holdings, Inc.      61,425  
  1,191      W.R. Berkley Corp. (a)      86,240  
     

 

 

 
        1,688,334  
     

 

 

 
  

Internet & Direct Marketing Retail—1.00%

  
  2,650      1-800-Flowers.Com, Inc.—Class A (a)(b)      33,258  
  1,341      Duluth Holdings, Inc.—Class B (b)      31,902  
  1,570      Etsy, Inc. (b)      66,238  
  531      Gaia, Inc. (b)      10,753  


  8,004      Groupon, Inc. (a)(b)      34,417  
  1,853      Lands’ End, Inc. (b)      51,699  
  486      Liberty Expedia Holdings, Inc.—Class A (b)      21,355  
  838      Nutrisystem, Inc.      32,263  
  1,462      Overstock.com, Inc. (a)(b)      49,196  
  707      PetMed Express, Inc.      31,143  
  514      Shutterfly, Inc. (a)(b)      46,276  
  1,136      TripAdvisor, Inc. (a)(b)      63,287  
  974      Wayfair, Inc.—Class A (a)(b)      115,672  
     

 

 

 
        587,459  
     

 

 

 
  

Internet Software & Services—4.18%

  
  1,274      2U, Inc. (b)      106,455  
  4,855      Aerohive Networks, Inc. (b)      19,274  
  698      Alarm.com Holdings, Inc. (b)      28,185  
  651      Alteryx, Inc.—Class A (a)(b)      24,842  
  2,536      Amber Road, Inc. (b)      23,864  
  1,704      Appfolio, Inc.—Class A (b)      104,200  
  1,259      Apptio, Inc.—Class A (b)      45,576  
  1,578      Blucora, Inc. (b)      58,386  
  2,035      Box, Inc.—Class A (a)(b)      50,855  
  3,529      Brightcove, Inc. (b)      34,055  
  1,506      Carbonite, Inc. (b)      52,559  
  672      Cardlytics, Inc. (b)      14,623  
  1,338      Care.com, Inc. (b)      27,937  
  1,189      Cargurus, Inc. (b)      41,306  
  2,174      ChannelAdvisor Corp. (b)      30,545  
  470      Cimpress NV (b)      68,131  
  1,441      Cloudera, Inc. (b)      19,655  
  607      Cornerstone OnDemand, Inc. (b)      28,790  
  240      Coupa Software, Inc. (a)(b)      14,938  
  647      DocuSign, Inc. (a)(b)      34,259  
  2,836      eGain Corp. (b)      42,824  
  260      Envestnet, Inc. (b)      14,287  
  1,718      Five9, Inc. (b)      59,391  
  889      GoDaddy, Inc.—Class A (b)      62,763  
  462      GrubHub, Inc. (a)(b)      48,468  
  349      GTT Communications, Inc. (b)      15,705  
  3,005      Hortonworks, Inc. (b)      54,751  
  1,272      Instructure, Inc. (b)      54,124  
  782      j2 Global, Inc.      67,729  
  2,185      Leaf Group, Ltd. (b)      23,707  
  2,398      LivePerson, Inc. (b)      50,598  
  344      LogMeIn, Inc. (a)      35,518  
  1,307      Match Group, Inc. (a)(b)      50,633  
  678      MINDBODY, Inc.—Class A (b)      26,171  
  672      New Relic, Inc. (b)      67,597  
  2,526      NIC, Inc.      39,279  
  1,134      Nutanix, Inc.—Class A (b)      58,480  
  535      Okta, Inc. (b)      26,948  
  3,344      Pandora Media, Inc. (a)(b)      26,351  
  430      Q2 Holdings, Inc. (b)      24,532  


  5,757      QuinStreet, Inc. (b)      73,114  
  1,601      Quotient Technology, Inc. (b)      20,973  
  2,669      Remark Holdings, Inc. (b)      10,436  
  558      SendGrid, Inc. (b)      14,798  
  468      ShotSpotter, Inc. (b)      17,751  
  494      Shutterstock, Inc. (b)      23,445  
  178      SPS Commerce, Inc. (b)      13,079  
  269      Stamps.com, Inc. (b)      68,070  
  2,794      TechTarget, Inc. (b)      79,350  
  2,791      Telaria, Inc. (b)      11,276  
  12,783      The Meet Group, Inc. (b)      57,268  
  281      The Trade Desk, Inc.—Class A (a)(b)      26,358  
  1,408      Travelzoo, Inc. (b)      24,077  
  4,511      TrueCar, Inc. (b)      45,516  
  214      Tucows, Inc.—Class A (a)(b)      12,979  
  767      Twilio, Inc.—Class A (b)      42,967  
  1,374      Web.com Group, Inc. (b)      35,518  
  1,735      XO Group, Inc. (a)(b)      55,520  
  1,671      Yelp, Inc.—Class A (b)      65,470  
  1,163      Yext, Inc. (a)(b)      22,492  
  293      Zillow Group, Inc.—Class A (b)      17,507  
  701      Zillow Group, Inc.—Class C (a)(b)      41,401  
     

 

 

 
        2,457,656  
     

 

 

 
  

IT Services—2.59%

  
  972      Acxiom Corp. (b)      29,111  
  926      Black Knight, Inc. (b)      49,587  
  2,269      Booz Allen Hamilton Holding Corp.—Class A      99,223  
  431      CACI International, Inc.—Class A (b)      72,645  
  1,084      Cardtronics Plc—Class A (b)      26,211  
  2,788      Conduent, Inc. (b)      50,658  
  3,676      Convergys Corp.      89,841  
  1,088      CoreLogic, Inc. (b)      56,467  
  1,294      CSG Systems International, Inc.      52,886  
  470      EPAM Systems, Inc. (b)      58,435  
  438      Euronet Worldwide, Inc. (b)      36,691  
  1,520      EVERTEC, Inc.      33,212  
  2,303      Exela Technologies, Inc. (b)      10,939  
  538      ExlService Holdings, Inc. (b)      30,456  
  540      Forrester Research, Inc.      22,653  
  1,645      Genpact, Ltd.      47,590  
  8,664      Information Services Group, Inc. (b)      35,522  
  1,150      Leidos Holdings, Inc. (a)      67,850  
  668      ManTech International Corp.—Class A      35,832  
  1,785      Maximus, Inc.      110,866  
  1,853      Perficient, Inc. (a)(b)      48,864  
  1,952      Perspecta, Inc.      40,114  
  2,902      PFSweb, Inc. (b)      28,207  
  860      Presidio, Inc. (b)      11,266  
  2,565      PRGX Global, Inc. (b)      24,881  
  1,325      Sabre Corp.      32,648  
  660      Science Applications International Corp.      53,414  


  1,262      Syntel, Inc. (b)      40,498  
  2,154      The Hackett Group, Inc.      34,615  
  2,118      Travelport Worldwide, Ltd. (a)      39,268  
  840      TTEC Holdings, Inc.      29,022  
  2,157      Unisys Corp. (b)      27,825  
  1,141      VeriFone Systems, Inc. (b)      26,038  
  572      Virtusa Corp. (a)(b)      27,845  
  222      WEX, Inc. (a)(b)      42,287  
     

 

 

 
        1,523,467  
     

 

 

 
  

Leisure Products—1.03%

  
  895      Acushnet Holdings Corp.      21,892  
  1,726      American Outdoor Brands Corp. (b)      20,764  
  829      Brunswick Corp.      53,454  
  509      Johnson Outdoors, Inc.—Class A      43,026  
  970      Malibu Boats, Inc.—Class A (b)      40,682  
  1,817      Marine Products Corp.      32,306  
  1,367      Mattel, Inc.      22,446  
  3,490      MCBC Holdings, Inc. (b)      101,035  
  1,586      Nautilus, Inc. (a)(b)      24,900  
  556      Polaris Industries, Inc. (a)      67,932  
  860      Pool Corp. (a)      130,290  
  504      Sturm, Ruger & Company, Inc.      28,224  
  1,047      Vista Outdoor, Inc. (b)      16,218  
     

 

 

 
        603,169  
     

 

 

 
  

Life Sciences Tools & Services—0.91%

  
  153      Bio-Rad Laboratories, Inc.—Class A (b)      44,147  
  164      Bio-Techne Corp.      24,264  
  1,386      Bruker Corp.      40,249  
  768      Cambrex Corp. (a)(b)      40,166  
  541      Charles River Laboratories International, Inc. (b)      60,733  
  2,959      Enzo Biochem, Inc. (b)      15,357  
  2,185      Fluidigm Corp. (b)      13,023  
  2,217      Harvard Bioscience, Inc. (b)      11,861  
  1,245      Luminex Corp.      36,765  
  1,775      Medpace Holdings, Inc. (b)      76,325  
  1,627      NanoString Technologies, Inc. (b)      22,257  
  879      NeoGenomics, Inc. (b)      11,524  
  356      PRA Health Sciences, Inc. (b)      33,236  
  1,855      QIAGEN NV (b)      67,077  
  795      Syneos Health, Inc. (b)      37,285  
     

 

 

 
        534,269  
     

 

 

 
  

Machinery—3.27%

  
  604      AGCO Corp.      36,675  
  225      Alamo Group, Inc.      20,331  
  1,024      Allison Transmission Holdings, Inc.      41,462  
  388      Altra Industrial Motion Corp. (a)      16,723  
  525      Badger Meter, Inc. (a)      23,468  
  583      Barnes Group, Inc.      34,339  
  730      Blue Bird Corp. (b)      16,316  
  398      Chart Industries, Inc. (b)      24,549  
  716      Colfax Corp. (b)      21,945  


  1,234      Columbus McKinnon Corp.      53,506  
  501      Crane Co.      40,145  
  267      DMC Global, Inc.      11,988  
  1,055      Donaldson Co., Inc.      47,602  
  612      Douglas Dynamics, Inc.      29,376  
  232      EnPro Industries, Inc.      16,228  
  347      ESCO Technologies, Inc.      20,022  
  753      Federal Signal Corp.      17,537  
  1,026      FreightCar America, Inc.      17,227  
  1,191      Gardner Denver Holdings, Inc. (b)      35,004  
  751      Gates Industrial Corp Plc (b)      12,219  
  363      Global Brass & Copper Holdings, Inc.      11,380  
  385      Gorman Rupp Co.      13,475  
  1,917      Graco, Inc.      86,687  
  448      Graham Corp.      11,563  
  1,042      Harsco Corp. (b)      23,028  
  396      Hurco Cos., Inc.      17,721  
  215      Hyster-Yale Materials Handling, Inc.      13,814  
  788      IDEX Corp.      107,546  
  531      ITT, Inc.      27,755  
  581      John Bean Technologies Corp. (a)      51,651  
  241      Kadant, Inc.      23,172  
  667      Kennametal, Inc. (a)      23,945  
  506      L.B. Foster Co.—Class A (b)      11,613  
  623      Lincoln Electric Holdings, Inc. (a)      54,674  
  124      Lindsay Corp.      12,027  
  998      Manitex International, Inc. (b)      12,455  
  1,403      Meritor, Inc. (b)      28,860  
  898      Milacron Holdings Corp. (b)      16,999  
  620      NACCO Industries, Inc.—Class A      20,925  
  335      Navistar International Corp. (b)      13,641  
  398      Nordson Corp.      51,107  
  635      Omega Flex, Inc.      50,235  
  697      Oshkosh Corp.      49,013  
  396      Park-Ohio Holdings Corp.      14,771  
  640      Pentair Plc      26,931  
  326      Proto Labs, Inc. (b)      38,778  
  103      RBC Bearings, Inc. (b)      13,267  
  789      Rexnord Corp. (b)      22,928  
  409      Snap-on, Inc.      65,734  
  1,046      Spartan Motors, Inc.      15,795  
  337      SPX Corp. (b)      11,812  
  455      SPX FLOW, Inc. (b)      19,915  
  298      Sun Hydraulics Corp.      14,361  
  346      Tennant Co.      27,334  
  1,239      Terex Corp.      52,273  
  568      The Eastern Co.      15,932  
  441      The Greenbrier Companies, Inc.      23,263  
  142      The Middleby Corp. (a)(b)      14,828  
  428      The Timken Co.      18,639  
  1,201      Toro Co.      72,360  


  1,320      TriMas Corp. (b)      38,808  
  819      Trinity Industries, Inc.      28,059  
  570      Twin Disc, Inc. (b)      14,147  
  118      Valmont Industries, Inc.      17,789  
  1,564      Wabash National Corp.      29,184  
  334      Wabtec Corp.      32,926  
  300      Watts Water Technologies, Inc.—Class A      23,520  
     

 

 

 
        1,923,302  
     

 

 

 
  

Marine—0.16%

  
  2,458      Costamare, Inc.      19,615  
  1,083      Genco Shipping & Trading Ltd. (b)      16,786  
  446      Kirby Corp. (a)(b)      37,286  
  313      Matson, Inc.      12,013  
  3,412      Safe Bulkers, Inc. (b)      11,601  
     

 

 

 
        97,301  
     

 

 

 
  

Media—1.21%

  
  240      AMC Networks, Inc.—Class A (b)      14,928  
  1,054      Beasley Broadcast Group, Inc.—Class A      11,805  
  549      Boston Omaha Corp. Class A (b)      11,567  
  44      Cable One, Inc. (a)      32,265  
  4,264      Central European Media Enterprises Ltd.—Class A (b)      17,696  
  4,041      Entravision Communications Corp.—Class A      20,205  
  879      Eros International Plc (b)      11,427  
  3,330      Gannett Co., Inc. (a)      35,631  
  612      GCI Liberty, Inc.—Class A (b)      27,589  
  1,048      Gray Television, Inc. (b)      16,558  
  651      John Wiley & Sons, Inc.—Class A      40,622  
  346      Liberty Media Group—Class C (a)(b)      12,847  
  866      Lions Gate Entertainment Corp.—Class A (a)      21,494  
  751      Lions Gate Entertainment Corp.—Class B      17,618  
  1,506      Live Nation Entertainment, Inc. (b)      73,146  
  1,208      MSG Networks, Inc.—Class A (b)      28,932  
  1,628      New Media Investment Group, Inc.      30,085  
  329      Nexstar Media Group, Inc.—Class A      24,149  
  644      Scholastic Corp.      28,536  
  729      Sinclair Broadcast Group, Inc.—Class A (a)      23,437  
  1,573      TEGNA, Inc.      17,067  
  1,961      The Interpublic Group of Companies, Inc. (a)      45,966  
  93      The Madison Square Garden Co.—Class A (b)      28,848  
  1,653      The New York Times Co.—Class A      42,813  
  780      tronc, Inc. (b)      13,478  
  573      Value Line, Inc.      13,580  
  641      World Wrestling Entertainment, Inc.—Class A      46,678  
     

 

 

 
        708,967  
     

 

 

 
  

Metals & Mining—1.09%

  
  1,827      Alcoa Corp. (b)      85,650  
  657      Allegheny Technologies, Inc. (a)(b)      16,504  
  370      Carpenter Technology Corp.      19,451  
  1,224      Century Aluminum Co. (b)      19,278  
  1,751      Cleveland-Cliffs, Inc. (b)      14,761  
  738      Commercial Metals Co.      15,579  


  266      Compass Minerals International, Inc. (a)      17,489  
  3,195      Ferroglobe Representation & Warranty Insurance Trust (c)(f)      —    
  503      Gibraltar Industries, Inc. (b)      18,862  
  2,684      Gold Resource Corp.      17,687  
  316      Haynes International, Inc.      11,610  
  540      Materion Corp.      29,241  
  892      Olympic Steel, Inc.      18,206  
  1,553      Ramaco Resources, Inc. (b)      10,809  
  791      Reliance Steel & Aluminum Co.      69,244  
  306      Royal Gold, Inc. (a)      28,409  
  707      Schnitzer Steel Industries, Inc.—Class A      23,826  
  1,884      Steel Dynamics, Inc.      86,570  
  1,976      SunCoke Energy, Inc. (b)      26,478  
  576      Synalloy Corp.      11,491  
  1,376      United States Steel Corp.      47,816  
  495      Universal Stainless & Alloy Products, Inc. (b)      11,717  
  1,005      Warrior Met Coal, Inc.      27,708  
  314      Worthington Industries, Inc.      13,179  
     

 

 

 
        641,565  
     

 

 

 
  

Multiline Retail—0.85%

  
  822      Big Lots, Inc. (a)      34,343  
  796      Burlington Stores, Inc. (b)      119,822  
  343      Dillard’s, Inc.—Class A (a)      32,413  
  6,902      J.C. Penney Co., Inc. (a)(b)      16,151  
  2,312      Kohl’s Corp. (a)      168,545  
  1,387      Nordstrom, Inc. (a)      71,819  
  511      Ollie’s Bargain Outlet Holdings, Inc. (b)      37,048  
  7,401      Sears Holdings Corp. (b)      17,540  
     

 

 

 
        497,681  
     

 

 

 
  

Multi-Utilities—0.33%

  
  981      Alliant Energy Corp. (a)      41,516  
  294      Avista Corp.      15,482  
  311      Black Hills Corp. (a)      19,036  
  1,637      MDU Resources Group, Inc.      46,949  
  520      NorthWestern Corp.      29,770  
  309      SCANA Corp.      11,903  
  407      Vectren Corp.      29,080  
     

 

 

 
        193,736  
     

 

 

 
  

Oil, Gas & Consumable Fuels—1.78%

  
  4,377      Abraxas Petroleum Corp. (b)      12,650  
  312      Adams Resources & Energy, Inc.      13,416  
  4,177      Amyris, Inc. (b)      26,691  
  579      Antero Resources Corp. (b)      12,362  
  424      Arch Coal, Inc.—Class A      33,254  
  2,097      Ardmore Shipping Corp. (b)      17,195  
  358      California Resources Corp. (b)      16,268  
  436      Carrizo Oil & Gas Co, Inc. (b)      12,143  
  669      Centennial Resource Development, Inc.—Class A (b)      12,082  
  4,953      Cloud Peak Energy, Inc. (b)      17,286  
  2,575      CNX Resources Corp. (a)(b)      45,784  
  382      CONSOL Energy, Inc. (b)      14,650  


  602      CVR Energy, Inc. (a)      22,268  
  427      Delek US Holdings, Inc.      21,423  
  3,981      Denbury Resources, Inc. (b)      19,149  
  2,527      Dorian LPG, Ltd. (b)      19,306  
  356      Energen Corp. (a)(b)      25,924  
  653      GasLog, Ltd.      12,472  
  561      Golar LNG, Ltd.      16,527  
  2,294      Hallador Energy Co.      16,379  
  1,588      HollyFrontier Corp.      108,667  
  1,468      Kosmos Energy Ltd. (b)      12,140  
  613      Matador Resources Co. (a)(b)      18,421  
  593      Murphy Oil Corp.      20,026  
  4,377      Northern Oil and Gas, Inc. (b)      13,788  
  1,358      Oasis Petroleum, Inc. (b)      17,613  
  7,211      Overseas Shipholding Group, Inc.—Class A (b)      27,979  
  1,067      Par Pacific Holdings, Inc. (b)      18,544  
  412      Parsley Energy, Inc.—Class A (b)      12,475  
  1,520      PBF Energy, Inc.—Class A      63,734  
  294      PDC Energy, Inc. (b)      17,772  
  1,236      Peabody Energy Corp.      56,213  
  141      Penn Virginia Corp. (b)      11,969  
  994      QEP Resources, Inc. (b)      12,186  
  657      Renewable Energy Group, Inc. (b)      11,727  
  561      RSP Permian, Inc. (b)      24,695  
  796      Ship Finance International Ltd.      11,900  
  477      SM Energy Co.      12,254  
  1,511      SRC Energy, Inc. (a)(b)      16,651  
  729      Targa Resources Corp.      36,078  
  15,243      Teekay Tankers Ltd.—Class A      17,834  
  1,733      Tellurian, Inc. (b)      14,419  
  1,806      W & T Offshore, Inc. (b)      12,913  
  237      Whiting Petroleum Corp. (b)      12,495  
  692      WildHorse Resource Development Corp. (a)(b)      17,549  
  1,111      World Fuel Services Corp.      22,676  
  2,176      WPX Energy, Inc. (b)      39,233  
     

 

 

 
        1,049,180  
     

 

 

 
  

Paper & Forest Products—0.29%

  
  555      Boise Cascade Co. (a)      24,809  
  749      Domtar Corp.      35,757  
  1,302      KapStone Paper and Packaging Corp.      44,919  
  1,419      Louisiana-Pacific Corp.      38,625  
  1,129      Verso Corp.—Class A (b)      24,567  
     

 

 

 
        168,677  
     

 

 

 
  

Personal Products—0.93%

  
  255      Edgewell Personal Care Co. (a)(b)      12,867  
  922      elf Beauty, Inc. (b)      14,051  
  2,012      Herbalife Nutrition Ltd. (b)      108,085  
  433      Inter Parfums, Inc.      23,165  
  761      Medifast, Inc.      121,882  
  1,438      Natural Health Trends Corp.      35,979  
  3,090      Nature’s Sunshine Products, Inc. (b)      28,891  


  999      Nu Skin Enterprises, Inc.—Class A      78,112  
  847      Revlon, Inc.—Class A (b)      14,865  
  929      USANA Health Sciences, Inc. (b)      107,114  
     

 

 

 
        545,011  
     

 

 

 
  

Pharmaceuticals—1.45%

  
  1,514      Akorn, Inc. (b)      25,117  
  1,193      Amneal Pharmaceuticals, Inc. (a)(b)      19,577  
  5,467      Ampio Pharmaceuticals, Inc. (a)(b)      12,027  
  497      Assembly Biosciences, Inc. (b)      19,487  
  1,090      Catalent, Inc. (b)      45,660  
  472      Collegium Pharmaceutical, Inc. (b)      11,257  
  3,327      Corcept Therapeutics, Inc. (a)(b)      52,300  
  869      Cymabay Therapeutics, Inc. (b)      11,662  
  5,605      Depomed, Inc. (b)      37,385  
  13,774      Durect Corp. (b)      21,487  
  629      Eloxx Pharmaceuticals, Inc. (a)(b)      10,737  
  5,356      Endo International Plc (b)      50,507  
  870      Endocyte, Inc. (b)      12,006  
  3,558      Horizon Pharma Plc (b)      58,921  
  2,979      Innoviva, Inc. (a)(b)      41,110  
  1,116      Intersect ENT, Inc. (b)      41,794  
  425      Jazz Pharmaceuticals Plc (b)      73,228  
  3,342      Lannett Co., Inc. (a)(b)      45,451  
  2,548      Mallinckrodt Plc (a)(b)      47,546  
  1,727      Marinus Pharmaceuticals, Inc. (b)      12,210  
  287      MyoKardia, Inc. (b)      14,250  
  372      Pacira Pharmaceuticals, Inc. (b)      11,923  
  1,033      Phibro Animal Health Corp.—Class A      47,570  
  1,159      Prestige Brands Holdings, Inc. (a)(b)      44,482  
  1,825      SIGA Technologies, Inc. (b)      10,841  
  1,034      Supernus Pharmaceuticals, Inc. (b)      61,885  
  350      WaVe Life Sciences Ltd. (b)      13,388  
     

 

 

 
        853,808  
     

 

 

 
  

Professional Services—1.55%

  
  4,510      Acacia Research Corp. (b)      18,716  
  965      ASGN, Inc. (b)      75,453  
  1,417      BG Staffing, Inc.      32,945  
  1,552      CBIZ, Inc. (b)      35,696  
  422      CRA International, Inc.      21,476  
  360      Exponent, Inc.      17,388  
  1,236      Franklin Covey Co. (b)      30,344  
  504      FTI Consulting, Inc. (a)(b)      30,482  
  626      GP Strategies Corp. (b)      11,018  
  556      Heidrick & Struggles International, Inc.      19,460  
  1,994      Hill International, Inc. (b)      11,765  
  428      Huron Consulting Group, Inc. (b)      17,505  
  520      ICF International, Inc.      36,946  
  518      Insperity, Inc.      49,340  
  1,318      Kforce, Inc.      45,207  
  507      Korn/Ferry International      31,399  
  903      ManpowerGroup, Inc.      77,712  


  708      Mistras Group, Inc. (b)      13,367  
  1,639      Navigant Consulting, Inc. (b)      36,287  
  1,372      Resources Connection, Inc.      23,187  
  2,013      Robert Half International, Inc. (a)      131,046  
  401      The Dun & Bradstreet Corp.      49,183  
  349      TriNet Group, Inc. (b)      19,523  
  1,336      TrueBlue, Inc. (b)      36,005  
  350      VSE Corp.      16,723  
  837      Willdan Group, Inc. (b)      25,922  
     

 

 

 
        914,095  
     

 

 

 
  

Real Estate Management & Development—0.76%

  
  2,783      Altisource Portfolio Solutions SA (a)(b)      81,180  
  764      American Realty Investors, Inc. (b)      12,079  
  1,049      Forestar Group, Inc. (b)      21,767  
  191      FRP Holdings, Inc. (b)      12,367  
  262      Griffin Industrial Realty, Inc.      11,525  
  457      Jones Lang LaSalle, Inc.      75,857  
  566      Kennedy-Wilson Holdings, Inc.      11,971  
  1,593      Marcus & Millichap, Inc. (a)(b)      62,143  
  836      Newmark Group, Inc.—Class A      11,896  
  321      RE/MAX Holdings, Inc.—Class A      16,837  
  1,822      Realogy Holdings Corp. (a)      41,542  
  534      Redfin Corp. (a)(b)      12,330  
  799      The RMR Group, Inc.—Class A      62,682  
  321      Transcontinental Realty Investors, Inc. (b)      10,737  
     

 

 

 
        444,913  
     

 

 

 
  

Road & Rail—0.64%

  
  1,586      ArcBest Corp.      72,480  
  1,073      Avis Budget Group, Inc. (b)      34,872  
  375      Covenant Transportation Group, Inc.—Class A (b)      11,813  
  1,647      Daseke, Inc. (b)      16,355  
  460      Genesee & Wyoming, Inc.—Class A (b)      37,407  
  621      Hertz Global Holdings, Inc. (b)      9,526  
  449      Knight-Swift Transportation Holdings, Inc. (a)      17,156  
  580      Landstar System, Inc.      63,336  
  729      Marten Transport, Ltd.      17,095  
  254      PAM Transportation Services, Inc. (b)      11,930  
  255      Saia, Inc. (b)      20,617  
  428      Schneider National, Inc.—Class B      11,774  
  1,040      U.S.A. Truck, Inc. (b)      24,409  
  451      Universal Logistics Holdings, Inc.      11,839  
  450      Werner Enterprises, Inc. (a)      16,898  
     

 

 

 
        377,507  
     

 

 

 
  

Semiconductors & Semiconductor Equipment—2.51%

  
  2,081      Adesto Technologies Corp. (b)      17,480  
  505      Advanced Energy Industries, Inc. (b)      29,335  
  7,532      Advanced Micro Devices, Inc. (a)(b)      112,905  
  3,038      Amkor Technology, Inc. (b)      26,096  
  1,454      Aquantia Corp. (b)      16,837  
  879      Axcelis Technologies, Inc. (b)      17,404  
  1,139      Brooks Automation, Inc. (a)      37,154  


  358      Cabot Microelectronics Corp.      38,506  
  461      Cavium, Inc. (b)      39,877  
  1,151      Cirrus Logic, Inc. (b)      44,118  
  678      Cohu, Inc.      16,618  
  983      Cree, Inc. (a)(b)      40,863  
  1,922      Cypress Semiconductor Corp.      29,945  
  1,068      Diodes, Inc. (b)      36,814  
  1,319      Entegris, Inc.      44,714  
  925      First Solar, Inc. (a)(b)      48,711  
  1,180      FormFactor, Inc. (b)      15,694  
  689      Ichor Holdings, Ltd. (a)(b)      14,621  
  1,012      Integrated Device Technology, Inc. (b)      32,263  
  3,576      Marvell Technology Group, Ltd. (a)      76,669  
  737      MaxLinear, Inc.—Class A (b)      11,490  
  689      MKS Instruments, Inc.      65,937  
  832      Monolithic Power Systems, Inc.      111,213  
  877      Nanometrics, Inc. (b)      31,055  
  4,634      ON Semiconductor Corp. (a)(b)      103,037  
  755      Power Integrations, Inc. (a)      55,153  
  1,845      Rambus, Inc. (b)      23,136  
  1,090      Rudolph Technologies, Inc. (b)      32,264  
  503      Semtech Corp. (b)      23,666  
  5,401      Sigma Designs, Inc. (b)      32,946  
  198      Silicon Laboratories, Inc. (b)      19,721  
  534      SMART Global Holdings, Inc. (b)      17,019  
  2,439      Teradyne, Inc.      92,853  
  1,361      Ultra Clean Holdings, Inc. (a)(b)      22,593  
  1,166      Versum Materials, Inc.      43,317  
  2,729      Xcerra Corp. (b)      38,124  
  1,063      Xperi Corp.      17,114  
     

 

 

 
            1,477,262  
     

 

 

 
  

Software—4.42%

  
  2,202      8x8, Inc. (b)      44,150  
  4,865      A10 Networks, Inc. (b)      30,309  
  649      ACI Worldwide, Inc. (a)(b)      16,011  
  1,011      Agilysys, Inc. (b)      15,670  
  1,048      American Software, Inc.—Class A      15,269  
  1,181      Aspen Technology, Inc. (b)      109,526  
  2,050      Avaya Holdings Corp. (b)      41,164  
  425      Blackbaud, Inc.      43,541  
  314      Blackline, Inc. (b)      13,637  
  426      Bottomline Technologies, Inc. (b)      21,228  
  3,310      Cadence Design System, Inc. (a)(b)      143,356  
  466      Carbon Black, Inc. (b)      12,116  
  979      CommVault Systems, Inc. (b)      64,467  
  210      Ebix, Inc.      16,012  
  168      Ellie Mae, Inc. (a)(b)      17,445  
  325      ePlus, Inc. (b)      30,583  
  712      Everbridge, Inc. (a)(b)      33,763  
  323      Fair Isaac Corp. (b)      62,442  
  753      FireEye, Inc. (b)      11,589  


  564      ForeScout Technologies, Inc. (a)(b)      19,323  
  1,575      Fortinet, Inc. (a)(b)      98,327  
  4,166      Glu Mobile, Inc. (b)      26,704  
  355      Guidewire Software, Inc. (a)(b)      31,517  
  515      HubSpot, Inc. (a)(b)      64,581  
  320      Imperva, Inc. (b)      15,440  
  710      Jack Henry & Associates, Inc.      92,556  
  962      Manhattan Associates, Inc. (a)(b)      45,224  
  225      MicroStrategy, Inc.—Class A (b)      28,744  
  2,264      Mitek Systems, Inc. (b)      20,150  
  8,689      MobileIron, Inc. (b)      38,666  
  780      Model N, Inc. (b)      14,508  
  689      Monotype Imaging Holdings, Inc.      13,987  
  3,512      Nuance Communications, Inc. (a)(b)      48,764  
  2,018      OneSpan, Inc. (b)      39,654  
  465      Paycom Software, Inc. (a)(b)      45,956  
  229      Paylocity Holdings Corp. (b)      13,479  
  854      Pegasystems, Inc.      46,799  
  2,176      Progress Software Corp.      84,472  
  428      Proofpoint, Inc. (a)(b)      49,353  
  984      PROS Holdings, Inc. (b)      35,985  
  968      PTC, Inc. (b)      90,808  
  927      QAD, Inc.—Class A      46,489  
  364      Qualys, Inc. (a)(b)      30,685  
  1,767      Rapid7, Inc. (b)      49,865  
  822      RealPage, Inc. (b)      45,292  
  1,398      RingCentral, Inc.—Class A (b)      98,349  
  2,667      Rosetta Stone, Inc. (b)      42,752  
  495      SailPoint Technologies Holding, Inc. (b)      12,147  
  1,126      SS&C Technologies Holdings, Inc.      58,439  
  816      Tableau Software, Inc.—Class A (a)(b)      79,764  
  208      The Ultimate Software Group, Inc. (b)      53,520  
  1,940      TiVo Corp.      26,093  
  173      Tyler Technologies, Inc. (b)      38,423  
  578      Upland Software, Inc. (b)      19,866  
  901      Varonis Systems, Inc. (b)      67,125  
  865      Verint Systems, Inc. (b)      38,363  
  3,413      Workiva, Inc. (b)      83,277  
  980      Zendesk, Inc. (a)(b)      53,400  
  6,476      Zix Corp. (b)      34,906  
  3,683      Zynga, Inc.—Class A (b)      14,990  
     

 

 

 
        2,601,020  
     

 

 

 
  

Specialty Retail—4.30%

  
  1,581      Aaron’s, Inc.      68,694  
  3,108      Abercrombie & Fitch Co.—Class A (a)      76,084  
  2,873      American Eagle Outfitters, Inc. (a)      66,797  
  979      America’s Car-Mart, Inc. (b)      60,600  
  220      Asbury Automotive Group, Inc. (a)(b)      15,081  
  13,828      Ascena Retail Group, Inc. (b)      55,105  
  253      AutoNation, Inc. (a)(b)      12,291  
  2,780      Barnes & Noble Education, Inc. (b)      15,679  


  2,488      Barnes & Noble, Inc.      15,799  
  1,910      Bed Bath & Beyond, Inc. (a)      38,057  
  2,898      Big 5 Sporting Goods Corp. (a)      22,025  
  545      Boot Barn Holdings, Inc. (b)      11,309  
  1,182      Caleres, Inc.      40,649  
  560      Camping World Holdings, Inc.—Class A (a)      13,989  
  5,859      Chico’s FAS, Inc.      47,692  
  1,115      Citi Trends, Inc.      30,596  
  856      Conn’s, Inc. (b)      28,248  
  1,061      Dick’s Sporting Goods, Inc. (a)      37,400  
  1,484      DSW, Inc.—Class A (a)      38,317  
  4,127      Express, Inc. (b)      37,762  
  708      Five Below, Inc. (b)      69,179  
  517      Floor & Decor Holdings, Inc.—Class A (b)      25,504  
  1,324      Foot Locker, Inc.      69,709  
  4,420      Francesca’s Holdings Corp. (a)(b)      33,371  
  3,138      GameStop Corp.—Class A (a)      45,721  
  1,016      Genesco, Inc. (b)      40,335  
  1,879      GNC Holdings, Inc.—Class A (b)(e)      6,614  
  183      Group 1 Automotive, Inc. (a)      11,529  
  1,392      Guess?, Inc.      29,789  
  2,397      Haverty Furniture Cos., Inc.      51,775  
  1,720      Hibbett Sports, Inc. (a)(b)      39,388  
  1,090      Hudson Ltd.—Class A (b)      19,064  
  3,678      J. Jill, Inc. (a)(b)      34,353  
  3,057      Kirkland’s, Inc. (b)      35,583  
  193      Lithia Motors, Inc.—Class A (a)      18,252  
  1,374      Lumber Liquidators Holdings, Inc. (b)      33,457  
  700      MarineMax, Inc. (b)      13,265  
  222      Monro, Inc.      12,898  
  315      Murphy USA, Inc. (b)      23,401  
  512      National Vision Holdings, Inc. (a)(b)      18,724  
  7,492      New York & Co, Inc. (b)      38,359  
  8,138      Office Depot, Inc.      20,752  
  245      Penske Automotive Group, Inc.      11,478  
  7,985      Pier 1 Imports, Inc.      19,004  
  6,113      Rent-A-Center, Inc. (a)      89,983  
  346      REX American Resources Corp. (b)      28,016  
  647      RH (a)(b)      90,386  
  2,166      Sally Beauty Holdings, Inc. (a)(b)      34,721  
  1,211      Shoe Carnival, Inc.      39,297  
  498      Signet Jewelers Ltd.      27,763  
  1,009      Sleep Number Corp. (b)      29,281  
  4,349      Sportsman’s Warehouse Holdings, Inc. (b)      22,267  
  1,325      Systemax, Inc.      45,487  
  1,951      Tailored Brands, Inc. (a)      49,790  
  1,332      The Buckle, Inc. (a)      35,831  
  1,241      The Cato Corp.—Class A      30,553  
  694      The Children’s Place, Inc.      83,835  
  9,664      The Container Store Group, Inc. (b)      81,274  
  2,846      The Michaels Cos., Inc. (b)      54,558  


  2,700      Tile Shop Holdings, Inc.      20,790  
  5,143      Tilly’s, Inc.—Class A (a)      77,916  
  1,930      Urban Outfitters, Inc. (a)(b)      85,981  
  999      Williams Sonoma, Inc. (a)      61,319  
  232      Winmark Corp.      34,440  
  2,120      Zumiez, Inc. (b)      53,106  
     

 

 

 
        2,530,272  
     

 

 

 
  

Technology Hardware, Storage & Peripherals—0.55%

  
  2,305      3D Systems Corp. (a)(b)      31,832  
  4,908      Avid Technology, Inc. (b)      25,522  
  608      Electronics for Imaging, Inc. (b)      19,797  
  1,131      NCR Corp. (a)(b)      33,907  
  2,380      Pure Storage, Inc.—Class A (b)      56,834  
  825      Stratasys Ltd. (b)      15,791  
  687      Synaptics, Inc. (a)(b)      34,604  
  1,881      Teradata Corp. (b)      75,522  
  1,165      USA Technologies, Inc. (b)      16,310  
  466      Xerox Corp.      11,184  
     

 

 

 
        321,303  
     

 

 

 
  

Textiles, Apparel & Luxury Goods—2.07%

  
  562      Carter’s, Inc.      60,915  
  846      Columbia Sportswear Co.      77,384  
  7,310      Crocs, Inc. (a)(b)      128,729  
  613      Deckers Outdoor Corp. (b)      69,202  
  3,367      Fossil Group, Inc. (a)(b)      90,471  
  855      G-III Apparel Group, Ltd. (b)      37,962  
  1,877      Hanesbrands, Inc.      41,332  
  1,998      Michael Kors Holdings Ltd. (b)      133,067  
  770      Movado Group, Inc.      37,191  
  490      Oxford Industries, Inc. (a)      40,660  
  1,992      Perry Ellis International, Inc. (b)      54,123  
  785      Ralph Lauren Corp. (a)      98,690  
  601      Rocky Brands, Inc.      18,030  
  1,498      Skechers U.S.A., Inc.—Class A (b)      44,955  
  1,419      Steven Madden, Ltd. (a)      75,349  
  1,066      Superior Uniform Group, Inc.      22,077  
  213      UniFirst Corp.      37,680  
  2,836      Vera Bradley, Inc. (b)      39,817  
  461      Weyco Group, Inc.      16,780  
  2,656      Wolverine World Wide, Inc.      92,349  
     

 

 

 
        1,216,763  
     

 

 

 
  

Thrifts & Mortgage—0.03%

  
  976      Nationstar Mortgage Holdings, Inc. (b)      17,109  
     

 

 

 
  

Thrifts & Mortgage Finance—1.39%

  
  655      BankFinancial Corp.      11,561  
  464      Berkshire Hills Bancorp, Inc.      18,838  
  1,401      BofI Holding, Inc. (b)      57,315  
  910      Brookline Bancorp, Inc. (a)      16,926  
  895      Charter Financial Corp.      21,614  
  583      Dime Community Bancshares      11,369  
  747      Entegra Financial Corp. (b)      21,887  


  488      Federal Agricultural Mortgage Corp.—Class C      43,666  
  843      Flagstar Bancorp, Inc. (b)      28,881  
  195      FS Bancorp, Inc.      12,334  
  367      Greene County Bancorp, Inc.      12,441  
  242      Hingham Institution for Savings      53,167  
  375      Home Bancorp, Inc.      17,456  
  953      HomeStreet, Inc. (b)      25,683  
  74      LendingTree, Inc. (a)(b)      15,821  
  520      Malvern Bancorp, Inc. (b)      12,662  
  439      Merchants Bancorp (a)      12,525  
  881      Meridian Bancorp, Inc.      16,871  
  216      Meta Financial Group, Inc.      21,038  
  1,828      New York Community Bancorp, Inc. (a)      20,181  
  1,752      NMI Holdings, Inc.—Class A (b)      28,558  
  2,721      Ocwen Financial Corp. (b)      10,775  
  1,028      PennyMac Financial Services, Inc.—Class A (b)      20,200  
  2,453      People’s United Financial, Inc. (a)      44,375  
  416      Provident Financial Services, Inc.      11,453  
  2,986      Radian Group, Inc.      48,433  
  1,975      Riverview Bancorp, Inc.      16,669  
  323      Southern Missouri Bancorp, Inc.      12,604  
  546      Timberland Bancorp, Inc.      20,388  
  1,054      United Community Financial Corp.      11,583  
  739      United Financial Bancorp, Inc.      12,947  
  875      Walker & Dunlop, Inc.      48,694  
  1,436      Washington Federal, Inc.      46,957  
  973      Waterstone Financial, Inc.      16,590  
  1,177      Western New England Bancorp, Inc.      12,947  
     

 

 

 
        815,409  
     

 

 

 
  

Tobacco—0.11%

  
  715      Alliance One International, Inc. (b)      11,333  
  634      Turning Point Brands, Inc.      20,224  
  281      Universal Corp.      18,560  
  658      Vector Group, Ltd. (a)      12,555  
     

 

 

 
        62,672  
     

 

 

 
  

Trading Companies & Distributors—1.54%

  
  512      Air Lease Corp.      21,489  
  540      Applied Industrial Technologies, Inc. (a)      37,881  
  1,013      Beacon Roofing Supply, Inc. (b)      43,174  
  465      BlueLinx Holdings, Inc. (b)      17,451  
  1,328      BMC Stock Holdings, Inc. (b)      27,689  
  1,598      DXP Enterprises, Inc. (b)      61,044  
  563      EnviroStar, Inc. (a)      22,689  
  1,120      Foundation Building Materials, Inc. (b)      17,226  
  911      General Finance Corp. (b)      12,344  
  894      GMS, Inc. (b)      24,218  
  1,102      H&E Equipment Services, Inc.      41,446  
  2,189      HD Supply Holdings, Inc. (b)      93,886  
  277      Herc Holdings, Inc. (b)      15,606  
  267      Kaman Corp. (a)      18,607  
  1,339      Lawson Products, Inc. (b)      32,605  


  569      MRC Global, Inc. (b)      12,330  
  575      MSC Industrial Direct Co., Inc.—Class A      48,789  
  1,885      Nexeo Solutions, Inc. (b)      17,210  
  1,082      NOW, Inc. (a)(b)      14,423  
  672      Rush Enterprises, Inc.—Class A (b)      29,151  
  588      Rush Enterprises, Inc.—Class B (b)      25,813  
  1,051      SiteOne Landscape Supply, Inc. (a)(b)      88,252  
  861      Textainer Group Holdings Ltd. (b)      13,690  
  1,280      Titan Machinery, Inc. (b)      19,904  
  1,289      Univar, Inc. (b)      33,823  
  710      Veritiv Corp. (a)(b)      28,294  
  291      Watsco, Inc.—Class A      51,880  
  577      WESCO International, Inc. (b)      32,947  
     

 

 

 
        903,861  
     

 

 

 
  

Water Utilities—0.14%

  
  303      American States Water Co.      17,320  
  691      Aqua America, Inc. (a)      24,309  
  817      AquaVenture Holdings Ltd. (b)      12,729  
  2,116      Consolidated Water Co., Ltd.—Ordinary Shares      27,296  
     

 

 

 
        81,654  
     

 

 

 
  

Wireless Telecommunication Services—0.15%

  
  684      Boingo Wireless, Inc. (b)      15,452  
  3,419      NII Holdings, Inc. (b)      13,334  
  443      Shenandoah Telecommunications Co.      14,486  
  1,003      Telephone & Data Systems, Inc.      27,502  
  434      United States Cellular Corp. (b)      16,075  
     

 

 

 
        86,849  
     

 

 

 
   Total Common Stocks (Cost $37,522,692)      53,186,867  
     

 

 

 
   INVESTMENT COMPANIES—3.39%   
   Exchange Traded Funds—3.39%   
  16,923      Vanguard Extended Market ETF      1,993,529  
     

 

 

 
   Total Investment Companies (Cost $1,629,570)      1,993,529  
     

 

 

 
   REAL ESTATE INVESTMENT TRUSTS—5.61%   
   Real Estate Investment Trusts—5.61%   
  2,354      AG Mortgage Investment Trust, Inc.      44,232  
  5,412      AGNC Investment Corp.      100,609  
  221      Agree Realty Corp.      11,662  
  446      American Assets Trust, Inc.      17,077  
  274      American Campus Communities, Inc.      11,749  
  2,056      American Homes 4 Rent—Class A      45,602  
  3,560      Anworth Mortgage Asset Corp.      17,693  
  1,662      Apollo Commercial Real Estate Finance, Inc. (a)      30,381  
  1,336      Apple Hospitality REIT, Inc.      23,888  
  1,175      Arbor Realty Trust, Inc.      12,255  
  1,064      Ares Commercial Real Estate Corp.      14,694  
  1,437      ARMOUR Residential REIT, Inc.      32,778  
  7,056      Ashford Hospitality Trust, Inc.      57,154  
  369      Blackstone Mortgage Trust, Inc.—Class A      11,598  
  3,309      Braemar Hotels & Resorts, Inc.      37,789  


  1,249      Brandywine Realty Trust      21,083  
  2,281      BRT Apartments Corp.      29,083  
  683      Camden Property Trust (a)      62,242  
  1,746      Capstead Mortgage Corp.      15,627  
  714      CareTrust REIT, Inc.      11,917  
  938      CatchMark Timber Trust, Inc.—Class A      11,941  
  4,646      CBL & Associates Properties, Inc. (a)      25,878  
  2,004      Chatham Lodging Trust (a)      42,525  
  1,570      Cherry Hill Mortgage Investment Corp.      28,040  
  2,119      Chesapeake Lodging Trust      67,045  
  5,792      Chimera Investment Corp.      105,878  
  2,904      Colony Capital, Inc.      18,121  
  565      CoreCivic, Inc.      13,498  
  467      CorEnergy Infrastructure Trust, Inc.      17,559  
  1,170      Corporate Office Properties Trust (a)      33,918  
  2,591      Cousins Properties, Inc.      25,107  
  926      CubeSmart (a)      29,836  
  353      CyrusOne, Inc. (a)      20,601  
  2,326      CYS Investments, Inc.      17,445  
  365      DCT Industrial Trust, Inc.      24,356  


  1,446      DDR Corp.      25,883  
  2,872      DiamondRock Hospitality Co.      35,268  
  1,608      Duke Realty Corp.      46,680  
  4,279      Dynex Capital, Inc.      27,942  
  168      EastGroup Properties, Inc. (a)      16,054  
  1,356      Empire State Realty Trust, Inc.—Class A      23,188  
  545      Equity Commonwealth (b)      17,167  
  329      Equity LifeStyle Properties, Inc.      30,235  
  1,162      Exantas Capital Corp.      11,829  
  495      First Industrial Realty Trust, Inc.      16,503  
  2,158      Forest City Realty Trust, Inc.—Class A (a)      49,224  
  1,472      Franklin Street Properties Corp.—Class C      12,600  
  623      Getty Realty Corp.      17,550  
  982      Government Properties Income Trust      15,565  
  535      Gramercy Property Trust      14,616  
  700      Healthcare Trust of America, Inc.—Class A (a)      18,872  
  1,235      Hersha Hospitality Trust      26,491  
  301      Highwoods Properties, Inc.      15,270  
  1,287      Hospitality Properties Trust (a)      36,821  
  853      Hudson Pacific Properties, Inc.      30,222  
  1,209      InfraREIT, Inc.      26,804  
  325      Innovative Industrial Properties, Inc.      11,901  
  3,318      Invesco Mortgage Capital, Inc.      52,756  
  1,083      Iron Mountain, Inc. (a)      37,916  
  2,467      iStar Financial, Inc. (b)      26,619  
  158      Kilroy Realty Corp.      11,951  
  1,351      Kimco Realty Corp.      22,953  
  968      Kite Realty Group Trust      16,533  
  799      Ladder Capital Corp.      12,480  
  1,206      LaSalle Hotel Properties      41,281  
  1,051      Liberty Property Trust      46,591  
  240      Life Storage, Inc.      23,354  
  1,153      Mack-Cali Realty Corp.      23,383  
  1,123      MedEquities Realty Trust, Inc.      12,375  
  1,178      Medical Properties Trust, Inc.      16,539  
  4,941      MFA Financial, Inc.      37,453  
  1,323      MTGE Investment Corp.      25,931  
  378      National Retail Properties, Inc. (a)      16,617  
  1,700      National Storage Affiliates Trust      52,394  
  5,088      New Residential Investment Corp.      88,989  
  2,931      New York Mortgage Trust, Inc. (a)      17,615  
  580      Omega Healthcare Investors, Inc. (a)      17,980  
  449      One Liberty Properties, Inc.      11,858  
  1,454      Paramount Group, Inc.      22,392  
  2,038      Park Hotels & Resorts, Inc.      62,424  
  991      Pebblebrook Hotel Trust (a)      38,451  
  2,282      Pennsylvania Real Estate Investment Trust      25,079  
  1,237      PennyMac Mortgage Investment Trust      23,491  
  1,059      Piedmont Office Realty Trust, Inc.—Class A (a)      21,106  
  318      PotlatchDeltic Corp.      16,170  
  850      Preferred Apartment Communities, Inc.—Class A (a)      14,441  


  439      QTS Realty Trust, Inc.—Class A      17,341  
  2,199      Quality Care Properties, Inc. (b)      47,300  
  1,174      Ramco-Gershenson Properties Trust      15,509  
  832      Rayonier, Inc.      32,190  
  1,695      Redwood Trust, Inc. (a)      27,917  
  298      Regency Centers Corp.      18,500  
  1,116      Retail Properties of America, Inc.—Class A      14,262  
  890      Rexford Industrial Realty, Inc.      27,937  
  2,181      RLJ Lodging Trust (a)      48,091  
  271      Ryman Hospitality Properties, Inc. (a)      22,534  
  1,309      Sabra Health Care REIT, Inc.      28,445  
  665      Select Income REIT      14,943  
  810      Senior Housing Properties Trust      14,653  
  2,675      Spirit Realty Capital, Inc.      21,480  
  2,407      Starwood Property Trust, Inc. (a)      52,256  
  878      STORE Capital Corp.      24,057  
  2,202      Summit Hotel Properties, Inc.      31,511  
  482      Sun Communities, Inc.      47,178  
  3,165      Sunstone Hotel Investors, Inc.      52,602  
  803      Sutherland Asset Management Corp.      13,049  


  518      Tanger Factory Outlet Centers, Inc.      12,168  
  382      Terreno Realty Corp.      14,390  
  524      The Geo Group, Inc.      14,431  
  495      Tier REIT, Inc.      11,771  
  2,969      Two Harbors Investment Corp.      46,910  
  520      Urstadt Biddle Properties, Inc.—Class A      11,768  
  4,365      VEREIT, Inc.      32,476  
  854      VICI Properties, Inc.      17,627  
  3,119      Washington Prime Group, Inc.      25,295  
  1,717      Western Asset Mortgage Capital Corp.      17,891  
  317      WP Carey, Inc.      21,033  
  1,975      Xenia Hotels & Resorts, Inc.      48,111  
     

 

 

 
   Total Real Estate Investment Trusts (Cost $2,937,870)      3,300,294  
     

 

 

 
  

RIGHTS—0.00%

  
  

Biotechnology—0.00%

  
  1,600      Dyax Corp. (c)(e)(f)      0  
     

 

 

 
   Total Rights (Cost $0)      0  
     

 

 

 
  

SHORT TERM INVESTMENTS—0.44%

  
  

Money Market Funds—0.44%

  
   Deutsche Government Money Market Series—Institutional Shares   
  259,479      Effective Yield, 1.81% (d)      259,479  
     

 

 

 
   Total Short Term Investments (Cost $259,479)      259,479  
     

 

 

 
  

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—19.04%

  
  

Investments Purchased with Proceeds from Securities Lending—19.04%

  
  11,194,400      Mount Vernon Liquid Assets Portfolio, LLC   
   Effective Yield, 2.21% (d)      11,194,400  
     

 

 

 
   Total Investments Purchased with Proceeds from Securities Lending (Cost $11,194,400)      11,194,400  
     

 

 

 
  

Total Investments (Cost $53,544,011)—118.93%

     69,934,569  
   Liabilities in Excess of Other Assets—(18.93)%      (11,132,299
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 58,802,270  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d)

Seven-day yield as of June 30, 2018.

(e)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $6,614, which represents 0.01% of total net assets.

(f)

As of June 30, 2018, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets.

Glossary of Terms

 

  ADR 

American Depositary Receipt


GuideMark® World ex-US Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Number of Shares

           Value  
   COMMON STOCKS—92.99%   
   Australia—5.34%   
  89,885      Alumina, Ltd.    $ 186,007  
  34,550      AMP, Ltd.      90,874  
  22,629      Aristocrat Leisure, Ltd.      516,787  
  2,880      ASX, Ltd.      137,283  
  14,453      Australia & New Zealand Banking Group, Ltd.      302,495  
  11,973      Bank of Queensland, Ltd.      90,149  
  28,322      Bendigo & Adelaide Bank, Ltd.      226,892  
  23,337      BHP Billiton, Ltd.      583,939  
  50,082      BlueScope Steel, Ltd.      639,175  
  3,304      CIMIC Group, Ltd.      103,284  
  5,777      Cochlear, Ltd.      855,295  
  10,538      Commonwealth Bank of Australia      568,341  
  8,727      Computershare, Ltd.      118,883  
  4,617      CSL, Ltd.      657,198  
  19,165      Flight Centre Travel Group, Ltd.      902,173  
  100,533      Fortescue Metals Group, Ltd.      326,428  
  18,317      Harvey Norman Holdings, Ltd.      45,000  
  45,911      Healthscope, Ltd.      74,913  
  47,326      Insurance Australia Group, Ltd.      298,566  
  8,057      LendLease Group (e)      117,967  
  2,699      Macquarie Group, Ltd.      245,977  
  103,275      Medibank Private, Ltd.      222,995  
  7,400      National Australia Bank, Ltd.      150,254  
  19,570      Origin Energy, Ltd. (a)      145,154  
  3,334      REA Group, Ltd.      223,748  
  4,948      Rio Tinto, Ltd.      305,714  
  43,054      Santos, Ltd. (a)      199,411  
  8,096      SEEK, Ltd.      130,468  
  5,234      Sonic Healthcare, Ltd.      94,945  
  103,921      South32, Ltd.      277,503  
  13,201      Suncorp Group, Ltd.      142,366  
  10,317      TPG Telecom, Ltd.      39,437  
  22,180      Treasury Wine Estates, Ltd.      284,969  
  12,893      Wesfarmers, Ltd.      470,418  
  14,404      Westpac Banking Corp.      312,811  
  32,215      Woolworths, Ltd.      727,535  
     

 

 

 
        10,815,354  
     

 

 

 
  

Austria—0.39%

  
  3,497      ANDRITZ AG      185,346  
  2,904      Erste Group Bank AG      121,068  
  4,737      OMV AG      267,914  
  6,866      Raiffeisen Bank International AG      210,370  
     

 

 

 
        784,698  
     

 

 

 
  

Belgium—0.40%

  
  7,036      Ageas SA      354,214  
  1,319      KBC Group NV      101,299  
  779      UCB SA      61,066  
  5,001      Umicore SA      285,495  
     

 

 

 
        802,074  
     

 

 

 


  

Canada—7.86%

  
  1,749      Alimentation Couche-Tard, Inc.—Series B      75,979  
  3,678      Bank of Montreal      284,303  
  43,339      Bombardier, Inc.—Class B      171,424  
  2,279      CAE, Inc.      47,343  
  3,887      Cameco Corp.      43,729  
  3,085      Canadian Imperial Bank of Commerce      268,361  
  2,988      Canadian Natural Resources, Ltd.      107,847  
  331      Canadian Pacific Railway, Ltd.      60,658  
  23,271      Cenovus Energy, Inc.      241,623  
  3,566      CGI Group, Inc.—Class A      225,979  
  19,746      CI Financial Corp.      354,922  
  1,407      Constellation Software, Inc.      1,091,170  
  21,354      Dollarama, Inc.      827,749  
  34,457      Empire Co., Ltd.—Series A      691,682  
  815      Fairfax Financial Holdings, Ltd.      456,683  
  4,168      Finning International, Inc.      102,880  
  8,011      First Quantum Minerals, Ltd.      118,034  
  5,529      George Weston, Ltd.      451,101  
  2,178      Great-West Lifeco, Inc.      53,545  
  31,594      Husky Energy, Inc.      492,421  
  1,579      Imperial Oil, Ltd.      52,487  
  7,569      Industrial Alliance Insurance & Financial Services, Inc.      292,189  
  1,638      Intact Financial Corp.      116,186  
  8,478      Linamar Corp.      372,809  
  4,369      Loblaw Cos., Ltd.      224,656  
  6,838      Magna International, Inc.      397,698  
  11,375      Manulife Financial Corp.      204,372  
  1,867      Methanex Corp.      132,017  
  5,519      National Bank of Canada      264,983  
  14,311      Onex Corp.      1,050,370  
  24,881      Power Corp. of Canada      557,180  
  10,461      Power Financial Corp.      244,686  
  14,425      Royal Bank of Canada      1,086,168  
  8,027      Saputo, Inc.      266,519  
  1,451      Shopify, Inc.—Class A      211,593  
  5,632      Sun Life Financial, Inc.      226,325  
  5,416      Suncor Energy, Inc.      220,405  
  24,717      Teck Resources, Ltd.—Class B (a)      629,652  
  9,140      The Bank of Nova Scotia      517,538  
  16,340      The Toronto-Dominion Bank      945,735  
  29,159      Valeant Pharmaceuticals International, Inc.      678,709  
  5,737      West Fraser Timber Co., Ltd.      394,889  
  12,719      WSP Global, Inc.      669,691  
     

 

 

 
        15,924,290  
     

 

 

 
  

China—0.04%

  
  13,842      Sands China Ltd.      73,797  
     

 

 

 
  

Denmark—1.73%

  
  178      A.P. Moller—Maersk A/S—Class A      210,354  
  181      A.P. Moller—Maersk A/S—Class B      223,915  
  3,494      Carlsberg AS—Series B      411,099  
  1,608      Chr. Hansen Holding AS      148,034  
  2,577      Coloplast AS—Series B      257,294  
  3,052      Danske Bank AS      95,082  
  3,023      DSV AS      243,357  
  2,380      H. Lundbeck AS      166,806  
  18,772      Novo Nordisk AS—Series B      867,089  
  5,252      Orsted AS      317,332  
  1,884      Pandora AS      131,310  
  3,302      Tryg AS      77,327  


  1,634      Vestas Wind Systems AS      100,877  
  6,143      William Demant Holdings AS (a)      246,531  
     

 

 

 
        3,496,407  
     

 

 

 
  

Finland—0.76%

  
  11,124      Fortum OYJ      264,964  
  4,852      Neste OYJ      379,615  
  10,572      Nokia OYJ      60,640  
  13,910      Orion OYJ—Class B      374,110  
  1,640      Sampo OYJ—Series A      79,869  
  14,395      Stora Enso OYJ—R Shares      280,443  
  2,653      UPM-Kymmene OYJ      94,461  
     

 

 

 
        1,534,102  
     

 

 

 
  

France—8.45%

  
  1,688      Aeroports de Paris      381,303  
  2,922      Alstom SA      134,057  
  5,366      Arkema SA      633,190  
  6,221      Atos SE      845,913  
  22,682      AXA SA      554,208  
  5,296      BioMerieux      475,837  
  10,528      BNP Paribas SA      651,231  
  58,773      Bollore SA      272,939  
  1,979      Capgemini SE      265,206  
  5,006      Carrefour SA (f)      80,751  
  1,148      Cie de Saint-Gobain      51,138  
  1,782      Cie Generale des Etablissements Michelin SCA      215,583  
  14,536      CNP Assurances      330,251  
  29,740      Credit Agricole SA      394,726  
  4,545      Danone SA      331,842  
  69      Dassault Aviation SA      131,201  
  2,263      Dassault Systemes SE      316,693  
  4,167      Eiffage SA      452,718  
  9,471      Electricite de France      129,960  
  6,140      Engie SA      93,921  
  1,349      Essilor International Cie Generale d’Optique SA      190,204  
  4,210      Eurazeo SA      318,665  
  4,628      Faurecia SA      328,988  
  1,158      Hermes International      707,370  
  1,958      Ingenico Group SA      175,563  
  4,215      Ipsen SA      659,265  
  988      Kering SA      556,541  
  2,169      Legrand SA      158,873  
  2,897      L’Oreal SA      714,189  
  2,734      LVMH Moet Hennessy Louis Vuitton SE      907,741  
  14,775      Natixis SA      104,541  
  1,789      Pernod Ricard SA      291,974  
  28,167      Peugeot SA      641,794  
  869      Publicis Groupe SA (f)      59,633  
  1,030      Remy Cointreau SA      133,348  
  30,408      Rexel SA      436,511  
  2,866      Safran SA      347,087  
  8,452      Sanofi-Aventis SA      678,354  
  2,793      Schneider Electric SE      232,285  
  837      SEB SA      146,028  
  2,665      Societe BIC SA      247,108  
  8,424      Societe Generale SA      354,060  
  280      Teleperformance      49,419  
  11,682      Total SA      709,399  
  9,066      Ubisoft Entertainment SA (a)      990,990  
  3,370      Veolia Environnement SA      72,014  
  1,745      Vinci SA      167,505  
     

 

 

 
        17,122,117  
     

 

 

 


  

Germany—5.91%

  
  3,459      adidas AG      753,087  
  4,696      Allianz SE      967,634  
  3,854      Axel Springer SE      278,510  
  5,485      BASF SE      523,646  
  7,453      Bayer AG      818,516  
  2,987      Beiersdorf AG      338,571  
  896      Brenntag AG      49,783  
  10,346      Commerzbank AG (a)      98,694  
  195      Continental AG      44,378  
  5,178      Covestro AG      460,240  
  2,719      Deutsche Boerse AG      361,503  
  37,142      Deutsche Lufthansa AG      889,835  
  17,798      Deutsche Post AG      578,264  
  14,428      Deutsche Telekom AG      222,977  
  14,786      E.ON SE      157,538  
  706      Fresenius Medical Care AG & Co. KGaA      71,088  
  2,086      Fresenius SE & Co. KGaA      167,015  
  1,890      HeidelbergCement AG      158,697  
  1,907      HOCHTIEF AG      343,895  
  7,151      HUGO BOSS AG      648,518  
  5,844      Infineon Technologies AG      148,445  
  2,201      KION Group AG      157,987  
  2,437      Merck KGaA      237,236  
  10,524      METRO AG      129,696  
  570      Muenchener Rueckversicherungs-Gesellschaft AG      119,839  
  2,651      ProSiebenSat.1 Media AG      67,084  
  565      Puma SE      330,078  
  6,112      RWE AG      138,892  
  7,601      SAP SE      877,292  
  3,150      Siemens AG      415,031  
  2,516      United Internet AG      143,643  
  4,230      Vonovia SE      201,049  
  3,432      Wirecard AG      549,191  
  9,474      Zalando SE (a)      528,006  
     

 

 

 
        11,975,858  
     

 

 

 
  

Hong Kong—3.41%

  
  105,160      AIA Group, Ltd.      916,092  
  13,151      ASM Pacific Technology, Ltd.      165,749  
  37,856      CK Asset Holdings, Ltd.      299,680  
  17,894      CK Hutchison Holdings, Ltd.      189,426  
  45,046      Dairy Farm International Holdings, Ltd.      395,490  
  35,975      Galaxy Entertainment Group, Ltd.      277,312  
  54,576      Hang Lung Group, Ltd.      152,812  
  9,619      Hang Seng Bank, Ltd.      240,190  
  11,184      Henderson Land Development Co., Ltd.      58,975  
  125,438      HK Electric Investments & HK Electric Investments, Ltd. (e)      119,593  
  14,402      Hong Kong Exchange & Clearing, Ltd.      431,016  
  18,908      Hysan Development Co., Ltd.      105,535  
  1,525      Jardine Matheson Holdings, Ltd.      96,095  
  1,835      Jardine Strategic Holdings, Ltd.      66,846  
  116,654      Kerry Properties, Ltd.      557,482  
  4,121      Melco Resorts & Entertainment, Ltd.—ADR      115,388  
  22,601      Minth Group, Ltd.      95,596  
  455,548      PCCW, Ltd.      256,329  
  75,023      Shangri-La Asia, Ltd.      140,550  
  536,317      SJM Holdings, Ltd.      665,157  


  41,424      Swire Pacific, Ltd.—Class A      437,845  
  11,194      Swire Properties, Ltd.      41,283  
  64,606      Techtronic Industries Co., Ltd.      358,815  
  29,706      The Bank of East Asia, Ltd.      118,398  
  72,514      The Hong Kong and China Gas Co., Ltd.      138,613  
  213,765      WH Group, Ltd.      172,976  
  41,188      Wheelock & Co., Ltd.      286,237  
     

 

 

 
        6,899,480  
     

 

 

 
  

Ireland—0.21%

  
  7,801      Bank of Ireland Group Plc      60,538  
  3,285      CRH Plc      115,548  
  474      DCC Plc      42,982  
  10,368      James Hardie Industries Plc      173,831  
  960      Smurfit Kappa Group Plc      38,756  
     

 

 

 
        431,655  
     

 

 

 
  

Israel—1.07%

  
  6,806      Bank Hapoalim BM      46,139  
  48,098      Bank Leumi Le-Israel BM      284,600  
  210,820      Bezeq the Israel Telecommunication Corp., Ltd.      237,594  
  1,671      Check Point Software Technologies, Ltd. (a)(b)      163,223  
  2,689      Frutarom Industries, Ltd.      264,463  
  3,380      Mizrahi Tefahot Bank, Ltd.      62,184  
  1,962      Nice, Ltd. (a)      203,060  
  37,337      Teva Pharmaceutical Industries, Ltd.—ADR (b)      908,036  
     

 

 

 
        2,169,299  
     

 

 

 
  

Italy—2.84%

  
  26,400      Assicurazioni Generali SpA      441,355  
  19,873      Enel SpA      110,120  
  4,668      Eni SpA      86,551  
  4,473      EXOR NV      299,322  
  4,150      Ferrari NV      560,953  
  147,957      Intesa Sanpaolo SpA      428,080  
  75,086      Intesa Sanpaolo SpA—Savings Shares      226,873  
  8,073      Luxottica Group SpA      519,787  
  7,428      Mediobanca Banca di Credito Finanziario SpA      68,709  
  13,848      Moncler SpA      628,354  
  48,917      Poste Italiane SpA      408,293  
  8,014      Prysmian SpA      198,850  
  9,444      Recordati SpA      374,220  
  634,762      Telecom Italia SpA (a)      470,284  
  688,250      Telecom Italia SpA—Savings Shares      447,898  
  29,349      UniCredit SpA      486,443  
     

 

 

 
        5,756,092  
     

 

 

 
  

Japan—24.74%

  
  2,731      ABC-Mart, Inc.      149,270  
  10,731      Aeon Co., Ltd.      229,560  
  17,953      Alfresa Holdings Corp.      421,578  
  3,484      ANA Holdings, Inc.      127,837  
  5,221      Asahi Group Holdings, Ltd.      267,773  
  11,108      Asahi Kasei Corp.      140,866  
  19,362      Asics Corp.      326,852  
  26,039      Astellas Pharma, Inc.      396,277  
  5,803      Bandai Namco Holdings, Inc.      239,034  
  1,137      Benesse Holdings, Inc.      40,321  
  1,770      Bridgestone Corp.      69,141  
  9,401      Brother Industries, Ltd.      185,210  
  10,937      Calbee, Inc.      411,424  
  9,494      Canon, Inc.      311,323  
  322      Central Japan Railway Co.      66,663  


  16,656      Chubu Electric Power Co., Inc.      249,747  
  3,758      Chugai Pharmaceutical Co., Ltd.      196,771  
  8,561      Coca-Cola Bottlers Japan, Inc.      342,521  
  20,139      Credit Saison Co., Ltd.      316,403  
  5,771      CyberAgent, Inc.      346,106  
  8,359      Daicel Corp.      92,341  
  5,238      Daifuku Co., Ltd.      228,857  
  9,571      Dai-ichi Life Holdings, Inc.      170,341  
  9,027      Daiichi Sankyo Co., Ltd.      344,863  
  704      Daito Trust Construction Co., Ltd.      114,522  
  2,119      Daiwa House Industry Co., Ltd.      72,092  
  3,519      DeNA Co., Ltd.      65,896  
  1,896      DENSO Corp.      92,514  
  693      Disco Corp.      117,978  
  3,408      Don Quijote Co., Ltd.      163,580  
  2,051      Eisai Co., Ltd.      144,370  
  16,418      Electric Power Development Co., Ltd.      423,753  
  2,121      FamilyMart UNY Holdings Co., Ltd.      223,351  
  239      FANUC Corp.      47,373  
  1,191      Fast Retailing Co., Ltd.      545,878  
  8,061      FUJIFILM Holdings Corp.      314,401  
  46,336      Fujitsu, Ltd.      280,403  
  2,817      Hamamatsu Photonics K.K.      120,927  
  2,084      Hikari Tsushin, Inc.      365,740  
  2,006      Hisamitsu Pharmaceutical Co., Inc.      169,026  
  6,042      Hitachi Construction Machinery Co., Ltd.      195,882  
  92,339      Hitachi, Ltd.      650,527  
  26,169      Honda Motor Co., Ltd.      767,301  
  449      Hoshizaki Corp.      45,377  
  11,129      Hoya Corp.      631,337  
  12,129      Idemitsu Kosan Co., Ltd.      431,327  
  4,188      Iida Group Holdings Co., Ltd.      80,625  
  11,307      Inpex Corp.      117,433  
  45,168      Isetan Mitsukoshi Holdings, Ltd.      563,511  
  27,479      ITOCHU Corp.      496,981  
  8,242      J Front Retailing Co Ltd.      125,204  
  5,086      Japan Airlines Co., Ltd.      180,202  
  1,013      Japan Airport Terminal Co., Ltd.      47,375  
  15,152      Japan Post Holdings Co., Ltd.      165,820  
  9,608      JGC Corp.      193,265  
  98,087      JXTG Holdings, Inc.      680,506  
  42,449      Kajima Corp.      327,989  
  33,774      Kakaku.com, Inc.      760,522  
  6,058      Kaneka Corp.      54,253  
  9,940      Kao Corp.      757,642  
  1,366      Keisei Electric Railway Co., Ltd.      46,857  
  741      Keyence Corp.      417,935  
  5,478      Kikkoman Corp.      276,577  
  12,672      Kirin Holdings Co., Ltd.      339,672  
  2,108      Kobayashi Pharmaceutical Co., Ltd.      181,953  
  41,490      Kobe Steel, Ltd.      379,158  
  4,888      Komatsu, Ltd.      139,154  
  755      Konami Holdings Corp.      38,363  
  35,832      Konica Minolta, Inc.      332,318  
  4,525      Kose Corp.      973,302  
  3,101      Kyowa Hakko Kirin Co., Ltd.      62,418  
  5,334      Lawson, Inc.      333,119  
  9,815      LINE Corp. (a)      405,232  
  24,150      Lion Corp.      441,903  


  4,419      LIXIL Group Corp.      88,316  
  8,280      M3, Inc.      329,281  
  1,370      Makita Corp.      61,284  
  63,250      Marubeni Corp.      481,547  
  2,984      Marui Group Co., Ltd.      62,769  
  42,674      Mazda Motor Corp.      523,465  
  6,264      McDonald’s Holdings Co. Japan, Ltd.      319,424  
  3,013      Medipal Holdings Corp.      60,523  
  3,741      MEIJI Holdings Co., Ltd.      315,943  
  20,950      MISUMI Group, Inc.      609,536  
  50,998      Mitsubishi Chemical Holdings Corp.      425,873  
  21,021      Mitsubishi Corp.      582,893  
  8,562      Mitsubishi Heavy Industries, Ltd.      311,240  
  50,639      Mitsubishi UFJ Financial Group, Inc.      286,864  
  46,901      Mitsubishi UFJ Lease & Finance Co., Ltd.      287,521  
  35,937      Mitsui & Co., Ltd.      598,433  
  2,206      Mitsui Chemicals, Inc.      58,633  
  199,633      Mizuho Financial Group, Inc.      336,279  
  326      Murata Manufacturing Co., Ltd.      54,728  
  17,274      Nexon Co., Ltd. (a)      250,635  
  1,105      NH Foods, Ltd.      44,671  
  2,554      Nidec Corp.      382,052  
  19,709      Nikon Corp.      313,224  
  859      Nintendo Co., Ltd.      280,403  
  11,425      Nippon Electric Glass Co., Ltd.      316,700  
  569      Nippon Express Co., Ltd.      41,231  
  9,500      Nippon Telegraph & Telephone Corp.      431,566  
  1,000      Nissan Chemical Industries, Ltd.      46,582  
  6,333      Nisshin Seifun Group, Inc.      134,191  
  574      Nissin Foods Holdings Co., Ltd.      41,589  
  3,658      Nitori Holdings Co., Ltd.      569,105  
  32,718      Nomura Holdings, Inc.      158,324  
  1,806      Nomura Real Estate Holdings, Inc.      39,986  
  1,795      Nomura Research Institute, Ltd.      86,844  
  9,218      NTT Data Corp.      106,034  
  1,787      NTT DoCoMo, Inc.      45,537  
  3,086      Obic Co., Ltd.      254,955  
  56,701      Oji Holdings Corp.      351,375  
  8,417      Olympus Corp.      314,860  
  8,379      OMRON Corp.      390,326  
  4,702      Ono Pharmaceutical Co., Ltd.      110,078  
  3,243      Oracle Corp.      264,321  
  4,050      Oriental Land Co., Ltd.      424,629  
  22,858      ORIX Corp.      360,290  
  13,691      Osaka Gas Co., Ltd.      283,485  
  5,486      Otsuka Corp.      214,762  
  12,963      Panasonic Corp.      174,799  
  10,262      Persol Holdings Co., Ltd.      228,539  
  18,127      Pola Orbis Holdings, Inc.      796,600  
  12,376      Rakuten, Inc.      83,534  
  32,045      Recruit Holdings Co., Ltd.      885,040  
  42,166      Resona Holdings, Inc.      224,735  
  11,923      Ricoh Co., Ltd.      109,188  
  2,239      Ryohin Keikaku Co., Ltd.      786,613  
  4,161      SBI Holdings, Inc.      106,689  
  3,841      Sega Sammy Holdings, Inc.      65,741  
  3,687      Seiko Epson Corp.      64,012  
  8,347      Sekisui House, Ltd.      147,528  
  1,039      Seven & I Holdings Co., Ltd.—Series A      45,317  


  4,022      Shimadzu Corp.      121,348  
  1,291      Shimamura Co., Ltd.      113,502  
  11,911      Shinsei Bank, Ltd.      182,755  
  16,249      Shiseido Co., Ltd.      1,289,455  
  5,874      Showa Shell Sekiyu KK      87,516  
  192      SMC Corp.      70,289  
  12,469      Sony Corp.      638,592  
  4,404      Stanley Electric Co., Ltd.      149,956  
  20,905      Start Today Co., Ltd.      756,355  
  1,445      Subaru Corp.      42,028  
  6,482      SUMCO Corp.      130,187  
  41,940      Sumitomo Chemical Co., Ltd.      237,197  
  26,591      Sumitomo Corp.      436,088  
  2,312      Sumitomo Heavy Industries, Ltd.      77,898  
  6,104      Sumitomo Metal Mining Co., Ltd.      232,970  
  11,496      Sumitomo Mitsui Financial Group, Inc.      448,413  
  2,723      Sumitomo Mitsui Trust Holdings, Inc.      107,432  
  1,603      Sumitomo Realty & Development Co., Ltd.      59,030  
  12,072      Sundrug Co., Ltd.      489,055  
  14,152      Suzuken Co., Ltd.      598,480  
  2,403      Suzuki Motor Corp.      132,425  
  6,606      Sysmex Corp.      615,512  
  5,040      Taiheiyo Cement Corp.      165,798  
  4,875      Taisei Corp.      268,464  
  8,113      Taiyo Nippon Sanso Corp.      116,139  
  6,088      Takeda Pharmaceutical Co., Ltd.      256,111  
  438      TDK Corp.      44,598  
  4,844      Teijin, Ltd.      88,731  
  5,620      Terumo Corp.      321,733  
  1,162      The Bank of Kyoto, Ltd.      53,651  
  38,840      The Kansai Electric Power Co., Inc.      566,445  
  6,111      The Yokohama Rubber Co., Ltd.      126,755  
  3,560      Tokyo Century Corp. (a)      201,529  
  118,480      Tokyo Electric Power Co. Holdings, Inc.      551,589  
  1,680      Tokyo Electron, Ltd.      288,378  
  1,921      Tokyo Gas Co., Ltd.      51,007  
  30,537      Tokyu Fudosan Holdings, Corp.      215,407  
  8,409      Tosoh Corp.      130,022  
  2,537      TOTO, Ltd.      117,427  
  10,880      Toyota Motor Corp.      703,599  
  7,803      Toyota Tsusho Corp.      260,751  
  4,031      Tsuruha Holdings, Inc.      504,898  
  4,695      Unicharm Corp.      141,152  
  1,886      Yakult Honsha Co., Ltd.      126,100  
  84,536      Yamada Denki Co., Ltd.      419,930  
  3,537      Yamaha Corp.      183,562  
  3,279      Yamaha Motor Co., Ltd.      82,315  
  15,535      Yamazaki Baking Co., Ltd.      407,334  
  8,140      Yaskawa Electric Corp.      286,651  
  3,817      Yokogawa Electric Corp.      67,779  
     

 

 

 
        50,108,903  
     

 

 

 
   Jersey—0.74%   
  6,643      Ferguson Plc      537,466  
  102,986      Glencore Plc      488,955  
  8,356      Shire Plc      470,767  
     

 

 

 
        1,497,188  
     

 

 

 
   Luxembourg—0.52%   
  22,352      ArcelorMittal      652,138  
  1,933      Millicom International Cellular SA      113,606  
  4,102      RTL Group SA      277,981  
     

 

 

 
        1,043,725  
     

 

 

 


   Macau—0.13%   
  15,643      MGM China Holdings, Ltd.      36,170  
  68,153      Wynn Macau, Ltd.      218,406  
     

 

 

 
        254,576  
     

 

 

 
   Netherlands—3.56%   
  7,600      ABN AMRO Group NV      196,550  
  105,212      Aegon NV      628,181  
  740      AerCap Holdings NV (a)      40,071  
  3,592      Airbus SE      419,168  
  2,629      ASML Holding NV      520,240  
  25,011      CNH Industrial NV      264,204  
  42,308      Fiat Chrysler Automobiles NV (a)      798,109  
  2,850      Heineken Holding NV      272,563  
  582      Heineken NV      58,310  
  26,038      ING Groep NV      373,764  
  34,488      Koninklijke Ahold Delhaize NV      823,491  
  999      Koninklijke DSM NV      99,939  
  7,207      Koninklijke Philips NV      305,346  
  15,731      NN Group NV      637,994  
  5,672      Randstad Holding NV      332,920  
  15,890      RELX NV      337,803  
  14,365      STMicroelectronics NV      318,951  
  11,748      Unilever NV      654,564  
  2,220      Wolters Kluwer NV      124,712  
     

 

 

 
        7,206,880  
     

 

 

 
   New Zealand—0.39%   
  34,389      a2 Milk Co., Ltd. (a)      266,340  
  39,340      Fisher & Paykel Healthcare Corp., Ltd.      396,432  
  20,389      Meridian Energy, Ltd.      43,067  
  11,040      Ryman Healthcare, Ltd.      89,425  
     

 

 

 
        795,264  
     

 

 

 
   Norway—0.84%   
  6,807      Aker BP ASA      250,383  
  5,091      DNB ASA      99,137  
  11,126      Equinor ASA      294,200  
  7,262      Gjensidige Forsikring ASA      118,890  
  3,449      Marine Harvest ASA      68,576  
  32,799      Norsk Hydro ASA      195,785  
  17,723      Schibsted ASA—Class B      499,982  
  8,607      Telenor ASA      176,276  
     

 

 

 
        1,703,229  
     

 

 

 
   Portugal—0.19%   
  26,476      Jeronimo Martins SGPS SA      381,374  
     

 

 

 
   Singapore—1.23%   
  19,423      DBS Group Holdings, Ltd.      377,719  
  14,187      Jardine Cycle & Carriage, Ltd.      331,450  
  17,514      Keppel Corp., Ltd.      91,619  
  54,908      Oversea-Chinese Banking Corp., Ltd.      467,693  
  111,112      Singapore Exchange, Ltd.      583,883  
  17,955      United Overseas Bank, Ltd.      351,895  
  28,031      UOL Group, Ltd.      156,537  
  9,258      Venture Corp, Ltd.      120,956  
     

 

 

 
        2,481,752  
     

 

 

 
   South Africa—0.10%   
  15,363      Investec Plc      108,628  
  43,438      Old Mutual, Ltd.      85,875  
     

 

 

 
        194,503  
     

 

 

 


   Spain—1.90%   
  6,161      ACS, Actividades de Construccion y Servicios SA      248,572  
  455      Aena SME SA      82,377  
  9,162      Amadeus IT Holdings SA—Class A      720,431  
  38,630      Banco Bilbao Vizcaya Argentaria SA      272,441  
  67,264      Banco de Sabadell SA      112,318  
  91,264      Banco Santander SA      487,758  
  4,960      Ferrovial SA      101,495  
  18,902      Industria de Diseno Textil SA      643,692  
  56,300      Mapfre SA      169,223  
  42,363      Repsol SA      826,888  
  21,120      Telefonica SA      179,255  
     

 

 

 
        3,844,450  
     

 

 

 
   Sweden—1.24%   
  5,806      Electrolux AB—Series B      131,759  
  35,854      Hennes & Mauritz AB—Series B      533,688  
  6,945      Kinnevik AB—Class B      236,666  
  5,213      Lundin Petroleum AB      165,461  
  5,065      Sandvik AB      89,453  
  11,173      Swedish Match AB      552,189  
  11,338      Tele2 AB—B Shares      132,795  
  36,117      Telefonaktiebolaget LM Ericsson—Series B      278,253  
  1,220      Vifor Pharma AG      194,607  
  11,985      Volvo AB—Class B      190,479  
     

 

 

 
        2,505,350  
     

 

 

 
   Switzerland—5.28%   
  840      Adecco Group AG      49,572  
  1,037      Baloise Holding AG      150,424  
  307      Barry Callebaut AG      550,119  
  2,659      Cie Financiere Richemont SA      224,777  
  10,835      Clariant AG      259,265  
  11,743      Credit Suisse Group AG      175,594  
  818      Dufry AG      104,036  
  120      Geberit AG      51,380  
  22      Givaudan SA      49,826  
  1,536      Julius Baer Group, Ltd.      89,966  
  3,414      Kuehne & Nagel International AG      512,515  
  370      Lonza Group AG      97,771  
  27,144      Nestle SA      2,103,683  
  15,078      Novartis AG      1,142,173  
  2,209      Pargesa Holding SA      186,972  
  960      Partners Group Holding AG      701,804  
  6,155      Roche Holdings AG      1,365,537  
  214      SGS SA      568,640  
  1,260      Sika AG      174,094  
  1,504      Sonova Holding AG      269,041  
  519      Straumann Holding AG      393,602  
  1,155      Swiss Life Holding AG      400,498  
  669      Swiss Re AG      58,410  
  271      Swisscom AG      120,956  
  1,038      Temenos AG      156,101  
  415      The Swatch Group AG—Group I      196,453  
  1,708      The Swatch Group AG—Group N      147,480  
  10,691      UBS Group AG      163,897  
  801      Zurich Insurance Group AG      236,880  
     

 

 

 
        10,701,466  
     

 

 

 
   United Kingdom—13.74%   
  33,417      3i Group Plc      395,628  
  24,030      Admiral Group Plc      603,929  


  40,685      Anglo American Plc      903,244  
  6,321      Ashtead Group Plc      188,235  
  5,413      Associated British Foods Plc      195,183  
  9,584      AstraZeneca Plc      662,898  
  148,847      Auto Trader Group Plc      834,197  
  6,256      Aviva Plc      41,509  
  5,057      BAE Systems Plc      43,021  
  9,519      Berkeley Group Holdings Plc      474,169  
  14,898      BHP Billiton Plc      334,347  
  100,882      BP Plc      767,562  
  8,248      British American Tobacco Plc      415,479  
  26,654      British Sky Broadcasting Group Plc      513,324  
  39,713      Burberry Group Plc      1,128,664  
  1,669      Carnival Plc      95,391  
  53,786      Centrica Plc      111,680  
  3,098      Coca-Cola European Partners Plc      125,903  
  10,405      Coca-Cola HBC AG      346,326  
  4,461      Croda International Plc      281,833  
  14,412      Diageo Plc      517,764  
  19,487      Direct Line Insurance Group Plc      87,938  
  7,235      easyJet Plc      159,169  
  34,567      GlaxoSmithKline Plc      696,903  
  6,282      GVC Holdings Plc      86,867  
  44,356      Hargreaves Lansdown Plc      1,149,782  
  161,500      HSBC Holdings Plc      1,509,111  
  5,974      Imperial Brands Plc      221,863  
  5,001      InterContinental Hotels Group Plc      310,888  
  96,984      International Consolidated Airlines Group SA      848,711  
  1,625      Intertek Group Plc      122,185  
  203,508      J. Sainsbury Plc      861,198  
  45,075      Kingfisher Plc      176,271  
  124,791      Legal & General Group Plc      436,498  
  299,693      Lloyds Banking Group Plc      248,660  
  4,133      London Stock Exchange Group Plc      243,308  
  97,998      Marks & Spencer Group Plc      380,670  
  32,350      Mediclinic International Plc      224,116  
  26,808      Meggitt Plc      173,962  
  10,390      Merlin Entertainments Plc      52,975  
  7,253      Micro Focus International Plc      125,849  
  1,478      Mondi Plc      39,874  
  8,745      Next Plc      696,090  
  4,883      NMC Health Plc      229,832  
  19,483      Pearson Plc      226,893  
  10,020      Persimmon Plc      333,763  
  22,351      Prudential Plc      509,520  
  14,479      Quilter Plc (a)      27,693  
  16,232      RELX Plc      346,634  
  10,331      Rio Tinto Plc      569,429  
  17,555      Rolls-Royce Holdings Plc (a)      228,655  
  31,719      Royal Dutch Shell Plc—Class A      1,097,760  
  25,351      Royal Dutch Shell Plc—Class B      907,894  
  184,206      Royal Mail Plc      1,225,507  
  3,073      Schroders Plc      127,520  
  32,082      Smith & Nephew Plc      590,960  
  3,172      Smiths Group Plc      70,854  
  5,860      Standard Chartered Plc      53,229  
  37,775      Taylor Wimpey Plc      88,923  
  124,391      Tesco Plc      420,888  
  46,551      The Sage Group Plc      384,473  


  6,204      Travis Perkins Plc      116,255  
  18,949      TUI AG      414,452  
  11,891      Unilever Plc      656,864  
  267,803      Vodafone Group Plc      648,696  
  6,558      Whitbread Plc      341,851  
  111,857      Wm Morrison Supermarkets Plc      371,029  
     

 

 

 
        27,822,748  
     

 

 

 
   Total Common Stocks (Cost $160,991,431)      188,326,631  
     

 

 

 
   INVESTMENT COMPANIES—4.47%   
   Canada—0.39%   
  27,592      iShares MSCI Canada ETF (b)      786,648  
     

 

 

 
   Switzerland—4.08%   
  123,441      iShares MSCI EAFE ETF      8,266,844  
     

 

 

 
   Total Investment Companies (Cost $9,048,677)      9,053,492  
     

 

 

 
   PARTICIPATORY NOTES—0.03%   
   Switzerland—0.03%   
  268      Schindler Holdings AG (g)      57,540  
     

 

 

 
   Total Participatory Notes (Cost $60,588)      57,540  
     

 

 

 
   PREFERRED STOCKS—0.40%   
   Germany—0.40%   
  6,028      FUCHS PETROLUB SE—Preference Shares      296,616  
  3,032      Porsche Automobil Holding SE      192,519  


  1,168      Sartorius AG      173,882  
  3,645      Schaeffler AG      47,309  
  592      Volkswagen AG—Preference Shares      97,805  
     

 

 

 
   Total Preferred Stocks (Cost $867,810)      808,131  
     

 

 

 
   REAL ESTATE INVESTMENT TRUSTS—0.52%   
   France—0.16%   
  929      Covivio      96,526  
  988      Gecina SA (b)(f)      165,054  
  664      ICADE      62,196  
     

 

 

 
        323,776  
     

 

 

 
   Hong Kong—0.11%   
  23,827      Link Real Estate Investment Trust      217,288  
     

 

 

 
   Singapore—0.10%   
  104,161      CapitaLand Commercial Trust      126,839  
  60,285      Suntec Real Estate Investment Trust      76,438  
     

 

 

 
        203,277  
     

 

 

 
   United Kingdom—0.15%   
  35,903      Segro Plc      316,192  
     

 

 

 
   Total Real Estate Investment Trusts (Cost $1,041,559)      1,060,533  
     

 

 

 
   RIGHTS—0.00%   
   Italy—0.00%   
  147,957      INTESA SANPAOLO RTS (c)(f)(h)      0  
  75,086      INTESA SANPAOLO-RSP RTS (c)(f)(h)      0  
     

 

 

 
   Total Rights (Cost $0)      0  
     

 

 

 
   SHORT TERM INVESTMENTS—0.75%   
   Money Market Funds—0.75%   
   Deutsche Government Money Market Series—Institutional Shares   
  1,517,145      Effective Yield, 1.81% (d)      1,517,145  
     

 

 

 
   Total Short Term Investments (Cost $1,517,145)      1,517,145  
     

 

 

 
   INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—0.77%   
   Investments Purchased with Proceeds from Securities Lending—0.77%   
   Mount Vernon Liquid Assets Portfolio, LLC   
  1,569,760      Effective Yield, 2.21% (d)      1,569,760  
     

 

 

 
   Total Investments Purchased with Proceeds from Securities Lending (Cost $1,569,760)      1,569,760  
     

 

 

 
   Total Investments (Cost $175,096,970)—99.93%      202,393,232  
   Other Assets in Excess of Liabilities—0.07%      136,288  
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 202,529,520  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d)

Seven-day yield as of June 30, 2018.

(e)

A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(f)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $305,438, which represents 0.15% of total net assets.

(g)

Represents the value of the underlying security.

(h)

As of June 30, 2018, the Valuation Committee has fair valued these securities, whose value were determined using significant, unobservable inputs. The value of these securities were $0, which represents 0.00% of total net assets.

Glossary of Terms

ADR American Depositary Receipt


GuideMark® World ex-US Fund

Schedule of Investments by Industry (Unaudited)

June 30, 2018

 

COMMON STOCKS

  

Aerospace & Defense

     0.77

Air Freight & Logistics

     1.03

Airlines

     1.09

Auto Components

     0.93

Automobiles

     2.10

Banks

     7.59

Beverages

     1.67

Biotechnology

     0.32

Building Products

     0.15

Capital Markets

     2.57

Chemicals

     2.73

Commercial Services & Supplies

     0.12

Communications Equipment

     0.17

Construction & Engineering

     1.42

Construction Materials

     0.30

Consumer Finance

     0.33

Containers & Packaging

     0.02

Distributors

     0.16

Diversified Consumer Services

     0.02

Diversified Financial Services

     1.45

Diversified Telecommunication Services

     1.28

Electric Utilities

     1.22

Electrical Equipment

     0.53

Electronic Equipment, Instruments & Components

     1.83

Food & Staples Retailing

     3.88

Food Products

     3.47

Gas Utilities

     0.23

Health Care Equipment & Supplies

     2.43

Health Care Providers & Services

     1.00

Health Care Technology

     0.16

Hotels, Restaurants & Leisure

     2.46

Household Durables

     1.27

Household Products

     0.66

Independent Power and Renewable Electricity Producers

     0.23

Industrial Conglomerates

     0.63

Insurance

     5.77

Internet & Catalog Retail

     0.04

Internet & Direct Marketing Retail

     0.63

Internet Software & Services

     1.11

IT Services

     1.81

Leisure Products

     0.40

Life Sciences Tools & Services

     0.05

Machinery

     1.09

Marine

     0.47

Media

     1.46

Metals & Mining

     3.37

Multiline Retail

     1.39

Multi-Utilities

     0.21

Oil & Gas

     0.14


Oil, Gas & Consumable Fuels

     4.10

Paper & Forest Products

     0.57

Personal Products

     2.12

Pharmaceuticals

     5.55

Professional Services

     1.23

Real Estate Management & Development

     1.44

Road & Rail

     0.23

Semiconductors & Semiconductor Equipment

     0.83

Software

     2.74

Specialty Retail

     2.23

Technology Hardware, Storage & Peripherals

     0.49

Textiles, Apparel & Luxury Goods

     3.56

Tobacco

     0.59

Trading Companies & Distributors

     2.44

Transportation Infrastructure

     0.25

Wireless Telecommunication Services

     0.46
  

 

 

 

TOTAL COMMON STOCKS

     92.99
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     4.47
  

 

 

 

TOTAL INVESTMENT COMPANIES

     4.47
  

 

 

 

PARTICIPATORY NOTES

  

Machinery

     0.03
  

 

 

 

TOTAL PARTICIPATORY NOTES

     0.03
  

 

 

 

PREFERRED STOCKS

  

Auto Components

     0.02

Automobiles

     0.14

Chemicals

     0.15

Health Care Equipment & Supplies

     0.09
  

 

 

 

TOTAL PREFERRED STOCKS

     0.40
  

 

 

 

REAL ESTATE INVESTMENT TRUSTS

  

Real Estate Investment Trusts

     0.52
  

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.52
  

 

 

 

RIGHTS

  

Banks

    
  

 

 

 

TOTAL RIGHTS

    
  

 

 

 

SHORT TERM INVESTMENTS

  

Money Market Funds

     0.75
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.75
  

 

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

  

Investments Purchased with Proceeds from Securities Lending

     0.77
  

 

 

 

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING

     0.77
  

 

 

 

TOTAL INVESTMENTS

     99.93

Other Assets in Excess of Liabilities

     0.07
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.


GuideMark® Core Fixed Income Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Principal
Amount

          Value  
   ASSET BACKED SECURITIES—20.00%   
  395,000      AIMCO CLO   
  

Series 2015-A, 3.198% (3 Month LIBOR USD + 0.850%, 0.850% Floor), 01/15/2028 (a)(c)

   $ 394,256  
  214,402      Ajax Mortgage Loan Trust   
  

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

     211,003  
  510,000      Ally Auto Receivables Trust   
  

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

     503,217  
  395,000      Ally Master Owner Trust   
  

Series 2018-1, 2.700%, 01/15/2023

     391,322  
   Americredit Automobile Receivables Trust   
  250,000     

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

     248,218  
  320,000     

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

     315,397  
  392,000      AMMC CLO 21, Ltd.   
  

Series 2017-21, 3.613% (3 Month LIBOR USD + 1.250%, 0.000% Floor), 11/02/2030 (a)(c)

     393,062  
  500,000      Apidos CLO XII   
  

Series 2013-12A, 3.118% (3 Month LIBOR USD + 1.080%, 0.000% Floor), 04/15/2031 (a)

     499,337  
  250,000      Atlas Senior Loan Fund X, Ltd.   
  

Series 2018-10A, 3.438% (3 Month LIBOR USD + 1.090%, 0.000% Floor), 01/15/2031 (a)(c)

     249,771  
  400,000      Atrium XII   
  

Series 2015-12R, 3.192% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c)

     399,387  
  250,000      Babson CLO, Ltd.   
  

Series 2015-IIA, 3.549% (3 Month LIBOR USD + 1.190%, 0.000% Floor), 10/20/2030 (a)(c)

     250,367  
   Barings CLO, Ltd.   
  575,000     

Series 2013-IA, 3.159% (3 Month LIBOR USD + 0.800%, 0.800% Floor), 01/20/2028 (a)(c)

     574,705  
  250,000     

Series 2018-III, 3.020% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 07/20/2029 (a)(c)

     249,795  
   BlueMountain CLO, Ltd.   
  390,000     

Series 2015-2, 0.000% (3 Month LIBOR USD + 0.930%, 0.930% Floor), 07/18/2027 (a)

     390,000  
  397,000     

Series 2013-2R, 3.542% (3 Month LIBOR USD + 1.180%, 0.000% Floor), 10/22/2030 (a)(c)

     398,221  
  403,000     

Series 2015-3R, 3.339% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/20/2031 (a)(c)

     401,257  
  315,000      BMW Vehicle Lease Trust   
  

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

     312,135  
  385,000      Bristol Park CLO, Ltd.   
  

Series 2016-1, 3.768% (3 Month LIBOR USD + 1.420%, 0.000% Floor), 04/15/2029 (a)(c)

     385,777  
  735,000      Capital One Multi-Asset Execution Trust   
  

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

     725,532  
   Carlyle Global Market Strategies CLO, Ltd.   
  250,000     

Series 2013-2A, 3.245% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (a)(c)

     249,616  
  250,000     

Series 2013-3A, 3.448% (3 Month LIBOR USD + 1.100%, 0.000% Floor), 10/15/2030 (a)(c)

     250,124  
  370,000     

Series 2013-4A, 2.722% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 01/15/2031 (a)(c)

     369,407  
  250,000     

Series 2018-1A, 3.075% (3 Month LIBOR USD + 1.020%, 0.000% Floor), 04/20/2031 (a)(c)

     249,213  
  645,000      Chase Issuance Trust   
  

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

     637,046  
   CIFC Funding Ltd.   
  365,000     

Series 2013-IR, 3.598% (3 Month LIBOR USD + 1.250%, 0.000% Floor), 07/15/2030 (a)(c)

     366,465  
  390,000     

Series 2013-IIR, 3.565% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 10/18/2030 (a)(c)

     391,740  
  250,000     

Series 2015-IR, 3.472% (3 Month LIBOR USD + 1.110%, 1.110% Floor), 01/22/2031 (a)(c)

     249,768  
  250,000     

Series 2018-1, 3.157% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/18/2031 (a)(c)

     248,337  
  16,899      CIG AUTO RECEIVABLES TRUST   
  

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

     16,793  
  105,000      CNH Equipment Trust   
  

Series 2018-A, 3.300%, 04/15/2025

     105,355  
  35,390      Conn’s Receivables Funding LLC   
  

Series 2017-B, 2.730%, 07/15/2020 (c)(d)

     35,382  
  195,000      Credit Suisse ABS Trust   
  

Series 2018-A, 3.420%, 07/25/2024 (c)(d)

     194,994  
  190,000      Domino’s Pizza Master Issuer LLC   
  

Series 2018-1, 4.116%, 07/25/2048 (c)(d)

     190,586  
  270,000      Dryden 38 Senior Loan Fund   
  

Series 2015-38A, 3.778% (3 Month LIBOR USD + 1.430%, 1.430% Floor), 07/15/2027 (a)(c)

     270,052  
  530,000      Dryden 50 Senior Loan Fund   
  

Series 2017-50, 3.568% (3 Month LIBOR USD + 1.220%, 0.000% Floor), 07/15/2030 (a)(c)

     530,483  
  128,222      Engs Commercial Finance Trust   
  

Series 2018-1, 2.970%, 02/22/2021 (c)(d)

     128,112  
  307,257      Flagship Credit Auto Trust   
  

Series 2018-2, 2.970%, 10/17/2022 (c)

     306,213  
  300,000      Ford Credit Auto Lease Trust   
  

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

     297,026  
  485,000      Ford Credit Auto Owner Trust   
  

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

     482,238  
  295,000      Galaxy XXII CLO, Ltd.   
  

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

     295,269  
  100,000      GCO Education Loan Funding Trust   
  

Series 2006-1, 2.560% (3 Month LIBOR USD + 0.230%, 0.230% Floor), 05/25/2036 (a)

     94,022  
  570,000      GM Financial Automobile Leasing Trust   
  

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

     566,774  
  300,000      GTP Acquisition Partners I LLC   
  

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

     293,170  
   KKR Financial CLO Ltd.   
  340,000     

Series 2016-16, 3.849% (3 Month LIBOR USD + 1.490%, 0.000% Floor), 01/22/2029 (a)(c)

     341,492  
  250,000     

Series 2013-IA, 3.638% (3 Month LIBOR USD + 1.290%, 0.000% Floor), 04/15/2029 (a)(c)

     251,872  
  400,000     

Series 2015-11R, 3.528% (3 Month LIBOR USD + 1.180%, 0.000% Floor), 01/15/2031 (a)(c)

     400,319  
  280,000     

Series 2014-21, 3.345% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/15/2031 (a)(c)

     277,397  
  320,000      LCM XXII Ltd.   
  

Series 21-A, 3.839% (3 Month LIBOR USD + 1.480%, 0.000% Floor), 10/20/2028 (a)(c)

     322,424  
  250,000      LCM XXV Ltd.   
  

Series 2017-25, 3.569% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 07/20/2030 (a)(c)

     250,753  
  100,000      Lendmark Funding Trust   
  

Series 2016-A, 3.260%, 04/21/2025 (c)(d)

     100,148  
  130,000      Marlette Funding Trust   
  

Series 2018-2, 3.060%, 07/17/2028 (c)(d)

     130,060  
   Mill City Mortgage Loan Trust   
  320,000     

Series 2018-2, 3.500%, 05/25/2058 (b)(c)

     318,647  
  345,503     

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

     339,830  
  233,314     

Series 2018-1, 3.250%, 05/25/2062 (b)(c)

     232,117  
  93,316      Nationstar HECM Loan Trust   
  

Series 2018-IA, 2.760%, 02/25/2028 (b)(c)

     93,416  
   Neuberger Berman CLO Ltd.   
  401,000     

Series 2017-16A, 3.198% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 01/18/2028 (a)(c)

     400,689  
  345,000     

Series 2018-27A, 3.417% (3 Month LIBOR USD + 1.400%, 0.000% Floor), 01/15/2030 (a)(c)

     342,826  
   NRZ Advance Receivables Trust   
  147,000     

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

     145,810  
  136,000     

Series 2015-ON1, 3.107%, 12/15/2050 (c)

     135,121  
  120,000     

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

     119,282  
   NRZ Excess Spread-Collateralized Notes Series   
  199,617     

Series 2018-PLS1, 3.193%, 01/25/2023 (c)

     198,358  
  127,102     

Series 2018-PLS2, 3.265%, 02/25/2023 (c)

     126,992  
  291,092     

Series 2018-FNT1, 3.610%, 05/25/2023 (c)

     292,182  
   OCP CLO Ltd.   


  275,000     

Series 2015-8R, 3.203% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (a)(c)

     274,289  
  335,000     

Series 2015-9R, 3.148% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (a)(c)

     334,308  
  193,645      Octagon Investment Partners XVI Ltd.   
  

Series 2013-1A, 3.473% (3 Month LIBOR USD + 1.120%, 0.000% Floor), 07/17/2025 (a)(c)

     193,645  
  250,000      Octagon Investment Partners XXI Ltd.   
  

Series 2014-IR, 3.705% (3 Month LIBOR USD + 1.350%, 0.000% Floor), 11/16/2026 (a)(c)

     250,120  
  167,407      OHA Credit Partners VIII, Ltd.   
  

Series 2013-8A, 3.479% (3 Month LIBOR USD + 1.120%, 0.000% Floor), 04/20/2025 (a)

     167,455  
   OneMain Financial Issuance Trust   
  331,000     

Series 2018-1A, 3.300%, 03/14/2029 (c)

     330,445  
  120,000     

Series 2017-1A, 2.370%, 09/14/2032 (c)

     117,711  
  300,000      OZLM XII Ltd.   
  

Series 2015-12A, 3.809% (3 Month LIBOR USD + 1.450%, 1.450% Floor), 04/30/2027 (a)(c)

     300,358  
  187,993      Prosper Marketplace Issuance Trust   
  

Series 2018-IA, 3.110%, 06/17/2024 (c)

     187,887  
  180,000      Regional Management Issuance Trust   
  

Series 2018-1, 3.830%, 06/15/2027 (c)(d)(j)(k)

     179,963  
  400,000      RR 3 Ltd.   
  

Series 2014-R2, 3.438% (3 Month LIBOR USD + 1.090%, 1.090% Floor), 01/15/2030 (a)(c)

     400,721  
   SBA Tower Trust   
  155,000     

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

     154,066  
  90,000     

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

     88,486  
  125,000     

Series 2018-1, 3.448%, 03/15/2048 (c)

     124,310  
  250,000      Shackleton   
  

Series 2014-6A, 3.513% (3 Month LIBOR USD + 1.160%, 0.000% Floor), 07/17/2026 (a)

     250,279  
  153,090      Skopos Auto Receivables Trust   
  

Series 2018-1A, 3.190%, 09/15/2021 (c)(d)

     153,174  
   SoFi Consumer Loan Program Trust   
  295,174     

Series 2016-2, 3.090%, 10/27/2025 (c)(d)

     295,014  
  184,343     

Series 2018-1, 2.550%, 02/25/2027 (c)

     183,576  
  157,837     

Series 2018-2, 2.930%, 04/26/2027 (c)

     157,797  
  315,000      Sound Point CLO II Ltd.   
  

Series 2013-1A, 3.432% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 01/27/2031 (a)(c)

     314,220  
  335,000      Sound Point CLO III, Ltd.   
  

Series 2013-2A, 3.298% (3 Month LIBOR USD + 0.950%, 0.000 Floor), 04/15/2029 (a)(c)

     333,417  
  250,000      Sound Point CLO IV, Ltd.   
  

Series 2013-3A, 3.651% (3 Month LIBOR USD + 1.150%0.000% Floor), 04/18/2031 (a)(c)

     248,820  
  401,000      Sound Point CLO XVIII Ltd.   
  

Series 2017-4A, 2.864% (3 Month LIBOR USD + 1.120%, 0.000% Floor), 01/21/2031 (a)(c)

     400,625  
  125,000      Springleaf Funding Trust   
  

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

     123,021  
  395,000      TICP CLO III, Ltd.   
  

Series 2018-3, 3.199% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (a)(c)

     393,732  
   Voya CLO Ltd.   
  400,000     

Series 2014-3, 3.080% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/25/2026 (a)(c)

     399,914  
  480,000     

Series 2015-1, 3.255% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (a)(c)

     479,341  
  79,600      Wendy’s Funding LLC   
  

Series 2018-1, 3.884%, 03/15/2048 (c)(d)

     77,984  
  230,000      World Omni Auto Receivables Trust   
  

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

     225,273  
  400,000      Z Capital Credit Partners CLO Ltd.   
  

Series 2015-1, 3.298% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (a)(c)

     400,112  
     

 

 

 
   Total Asset Backed Securities (Cost $26,588,542)      26,470,742  
     

 

 

 
   COLLATERALIZED MORTGAGE OBLIGATIONS—11.05%   
   Angel Oak Mortgage Trust LLC   
  22,627     

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

     22,558  
  39,791     

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

     39,514  
  37,011     

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

     36,515  
  188,819     

Series 2018-1, 3.258%, 04/25/2048 (b)(c)

     189,248  
  272,334      Arroyo Mortgage Trust   
  

Series 2018-1, 3.763%, 04/25/2048 (b)(c)

     272,554  
  110,000      BANK 2017-BNK8   
  

Series 2017-8, 3.488%, 11/17/2050

     107,806  
  384,000      BANK 2017-BNK9   
  

Series 2017-9, 3.538%, 11/17/2054

     380,407  
  270,000      BANK 2018-BNK10   
  

Series 2018-10, 3.688%, 02/17/2061

     268,754  
  113,910      Bayview Koitere Fund Trust   
  

Series 2017-RT4, 3.500%, 07/28/2057 (b)(c)

     113,898  
  311,519      Bayview Mortgage Fund IVc Trust   
  

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

     311,777  
   Bayview Opportunity Master Fund IVa Trust   
  287,951     

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

     288,097  
  94,715     

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

     96,172  
   Bayview Opportunity Master Fund IVb Trust   
  79,668     

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

     80,614  
  110,965     

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

     111,299  
   BBCMS Mortgage Trust   
  132,000     

Series 2017-DELC, 2.923% (1 Month LIBOR USD + 0.850%), 08/15/2036 (a)(c)

     132,220  
  374,000     

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

     371,396  
  105,000      BENCHMARK Mortgage Trust   
  

Series 2018-B1, 3.666%, 01/18/2051 (b)

     105,021  
  92,000      CD 2017-CD4 Mortgage Trust   
  

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

     90,778  
  153,000      CFCRE Commercial Mortgage Trust   
  

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

     151,292  
  50,363      Chase Mortgage Finance Trust   
  

Series 2007-A1, 3.859%, 02/25/2037 (b)

     50,744  
  106,879      CIM Trust   
  

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

     105,990  
   Citigroup Commercial Mortgage Trust   
  407,000     

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

     386,878  
  383,000     

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

     384,579  
   Citigroup Mortgage Loan Trust, Inc.   
  322,472     

Series 2018-R2, 3.500%, 02/25/2058 (b)(c)

     323,436  
  141,978     

Series 2018-R, 3.000%, 09/25/2064 (b)(c)

     142,767  
   COLT Mortgage Loan Trust   
  48,051     

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

     47,995  
  112,685     

Series 2018-1, 2.930%, 02/25/2048 (b)(c)

     112,164  
  270,000     

Series 2018-2, 3.470%, 07/27/2048 (b)(c)

     270,675  
  120,000      COMM Mortgage Trust   
  

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

     124,439  
   Countrywide Home Loans, Inc.   
  10,947     

Series 2004-HYB6, 3.524%, 11/20/2034 (a)

     11,215  
  87,527     

Series 2005-11, 2.691% (1 Month LIBOR USD + 0.600%, 10.500% Cap, 0.300% Floor), 03/25/2035 (b)

     79,560  
  45,921      CSMC Trust   
  

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

     44,843  
  394,000      DBJPM Mortgage Trust   
  

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

     372,737  
   Deephaven Residential Mortgage Trust   
  69,568     

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

     69,311  
  237,561     

Series 2018-2, 3.479%, 04/25/2058 (b)(c)

     239,241  
  74,045      Finance of America Structured Securities Trust   
  

Series 2017-HB 1, 2.321%, 11/25/2027 (b)(c)

     74,007  
  385,711      Four Times Square Trust   
  

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

     404,381  
  86,387      Galton Funding Mortgage Trust 2017-1   
  

Series 2018-1, 3.500%, 11/25/2057 (b)(c)

     86,522  
   GS Mortgage Securities Trust   
  145,000     

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

     146,253  
  145,000     

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

     141,588  
  35,000     

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

     34,815  
  370,000     

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

     363,718  
  107,921     

Series 2017-GS5, 3.674%, 03/11/2050

     107,846  


  691,748      JPMBB Commercial Mortgage Securities Trust   
  

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

     692,626  
  261,000      Madison Park Funding XI, Ltd.   
  

Series 2013-11A, 3.522% (3 Month LIBOR USD + 1.160%, 0.000% Floor), 07/23/2029 (a)

     261,105  
   Morgan Stanley Bank of America Merrill Lynch Trust   
  175,000     

Series 2016-C29, 3.325%, 05/17/2049

     170,718  
  403,000     

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

     380,001  
  224,071      Morgan Stanley ABS Capital I, Inc. Trust   
  

Series 2003-NC10, 3.111% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (a)(d)

     222,520  
   Morgan Stanley Capital I Trust   
  185,000     

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

     184,826  
  152,000     

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

     150,153  
   New Residential Mortgage Loan Trust   
  113,174     

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

     113,811  
  90,288     

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

     90,599  
  153,808     

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

     155,468  
  135,857     

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

     138,163  
  78,129     

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

     79,079  
  86,605     

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

     87,868  
  102,516     

Series 2017-5, 3.591% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c)

     105,732  
  111,208     

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

     112,484  
  238,061     

Series 2018-1, 4.000%, 12/25/2057 (b)(c)

     242,391  
  245,272     

Series 2018-2, 4.500%, 02/25/2058 (b)(c)

     252,532  
  130,000      OBP Depositor LLC Trust   
  

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

     133,282  
  75,000      SG Commercial Mortgage Securities Trust   
  

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

     71,372  
  248,459      SG Residential Mortgage Trust   
  

Series 2018 A-1, 3.425%, 04/25/2048 (b)(c)

     248,965  
   Towd Point Mortgage Trust   
  204,584     

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

     201,936  
  77,596     

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

     76,407  
  87,985     

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

     86,303  
  175,434     

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

     172,435  
  95,701     

Series 2017-5, 2.691% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c)

     96,029  
  349,640     

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

     344,339  
  83,621     

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

     82,159  
  94,757     

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

     92,880  
  376,160     

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

     369,404  
  122,089     

Series 2018-1, 3.000%, 01/28/2058 (b)(c)

     121,717  
  329,024     

Series 2018-2, 3.250%, 03/25/2058 (b)(c)

     328,390  
  236,000     

Series 2018-3, 3.750%, 05/25/2058 (b)(c)

     236,086  
  298,930      Verus Securitization Trust   
  

Series 2017-SG1, 2.690%, 11/25/2047 (b)(c)

     296,618  
  380,000      Wells Fargo Commercial Mortgage Trust   
  

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

     378,427  
  540,000      Wells Fargo-RBS Commercial Mortgage Trust   
  

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

     545,690  
     

 

 

 
   Total Collateralized Mortgage Obligations (Cost $14,889,587)      14,618,139  
     

 

 

 
   CORPORATE OBLIGATIONS—30.28%   
   Aerospace & Defense—0.41%   
  175,000      General Dynamics Corp.   
  

2.875%, 05/11/2020

     174,857  
  185,000      Lockheed Martin Corp.   
  

4.090%, 09/15/2052

     174,922  
  205,000      United Technologies Corp.   
  

3.125%, 05/04/2027

     190,817  
     

 

 

 
        540,596  
     

 

 

 
   Air Freight & Logistics—0.22%   
   FedEx Corp.   
  50,000     

4.100%, 02/01/2045

     45,232  
  15,000     

4.550%, 04/01/2046

     14,612  
  105,000     

4.400%, 01/15/2047

     99,811  
  150,000     

4.050%, 02/15/2048

     135,294  
     

 

 

 
        294,949  
     

 

 

 
   Airlines—0.14%   
   Delta Air Lines, Inc.   
  90,000     

3.625%, 03/15/2022

     89,061  
  100,000     

3.800%, 04/19/2023

     98,927  
     

 

 

 
        187,988  
     

 

 

 
   Automobiles—0.30%   
  70,000      Ford Motor Co.   
  

5.291%, 12/08/2046 (f)

     65,100  
   General Motors Co.   
  15,000     

6.250%, 10/02/2043

     15,595  
  175,000     

6.750%, 04/01/2046

     194,508  
  130,000     

5.400%, 04/01/2048

     123,950  
     

 

 

 
        399,153  
     

 

 

 
   Banks—6.59%   
  200,000      Banco Santander SA   
  

3.800%, 02/23/2028

     183,037  
   Bank of America Corp.   
  345,000     

2.250%, 04/21/2020

     340,356  
  100,000     

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

     98,058  
  35,000     

2.503%, 10/21/2022

     33,545  
  370,000     

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

     364,070  
  190,000     

4.100%, 07/24/2023

     193,263  
  45,000     

4.000%, 01/22/2025

     44,460  
  330,000     

3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (b)

     317,775  
  85,000     

4.183%, 11/25/2027

     82,940  
  85,000     

3.705% (3 Month LIBOR USD + 1.512%), 04/24/2028 (b)

     82,068  
  100,000     

6.110%, 01/29/2037

     115,203  
  200,000     

5.000%, 01/21/2044

     212,305  
  200,000      Barclays Bank Plc   
  

2.650%, 01/11/2021 (f)

     195,592  
  270,000      BNP Paribas SA   
  

3.375%, 01/09/2025 (c)

     255,432  
  250,000      BPCE SA   
  

2.750%, 01/11/2023 (c)

     239,034  
   Citigroup, Inc.   
  240,000     

2.700%, 10/27/2022

     230,710  
  55,000     

3.421% (3 Month LIBOR USD + 1.100%), 05/17/2024 (a)

     55,312  
  360,000     

3.700%, 01/12/2026

     349,496  
  235,000     

4.300%, 11/20/2026

     229,710  
  75,000     

4.450%, 09/29/2027

     73,855  
  245,000     

3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (b)

     237,546  
  35,000     

3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (b)

     32,948  
  250,000      Credit Agricole SA   
  

4.000% (5 Year Swap Rate USD + 1.644%), 01/10/2033 (b)(c)

     228,643  
  280,000      European Investment Bank   
  

2.375%, 06/15/2022

     274,712  
  120,000      Fifth Third Bancorp   
  

2.875%, 07/27/2020

     119,384  
  570,000      HSBC Holdings Plc   
  

3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (b)

     558,616  
  200,000      Intesa Sanpaolo SpA   
  

3.875%, 01/12/2028 (c)

     171,773  
   JPMorgan Chase & Co.   
  80,000     

3.589% (3 Month LIBOR USD + 1.230%), 10/24/2023 (a)

     81,499  
  225,000     

3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (b)

     217,230  
  170,000     

3.300%, 04/01/2026 (f)

     162,820  
  90,000     

2.950%, 10/01/2026

     83,691  
  300,000     

3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (b)

     293,014  
  205,000     

3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (b)

     194,461  
   Royal Bank of Canada   
  185,000     

2.125%, 03/02/2020

     182,241  
  120,000     

2.150%, 10/26/2020

     117,280  
  235,000      Santander Holdings USA, Inc.   
  

3.700%, 03/28/2022

     231,742  
  385,000      The Bank of Nova Scotia   
  

2.125%, 09/11/2019

     382,068  
  200,000      UBS AG   
  

2.450%, 12/01/2020 (c)

     195,753  


   Wells Fargo & Co.   
  120,000     

2.550%, 12/07/2020

     118,146  
  150,000     

2.625%, 07/22/2022

     144,560  
  120,000     

3.000%, 04/22/2026

     111,360  
  135,000     

3.000%, 10/23/2026 (f)

     124,785  
  390,000     

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

     374,089  
  1,000     

5.606%, 01/15/2044

     1,078  
  105,000     

4.400%, 06/14/2046

     96,351  
  45,000     

4.750%, 12/07/2046

     43,646  
  250,000      Wells Fargo Bank NA   
  

2.600%, 01/15/2021

     246,106  
     

 

 

 
        8,721,763  
     

 

 

 
   Beverages—0.58%   
   Anheuser-Busch InBev Worldwide, Inc.   
  70,000     

3.500%, 01/12/2024

     69,654  
  65,000     

8.200%, 01/15/2039

     93,197  
  100,000     

4.600%, 04/15/2048

     98,921  
  155,000     

4.750%, 04/15/2058

     152,067  
   Constellation Brands, Inc.   
  115,000     

2.700%, 05/09/2022

     111,253  
  80,000     

2.650%, 11/07/2022

     76,750  
  175,000     

3.600%, 02/15/2028

     165,747  
  5,000     

4.500%, 05/09/2047

     4,777  
     

 

 

 
        772,366  
     

 

 

 
   Biotechnology—0.37%   
   Amgen, Inc.   
  45,000     

2.650%, 05/11/2022

     43,618  
  125,000     

4.400%, 05/01/2045

     119,593  
   Gilead Sciences, Inc.   
  80,000     

2.500%, 09/01/2023

     76,318  
  260,000     

4.150%, 03/01/2047

     249,140  
     

 

 

 
        488,669  
     

 

 

 
   Capital Markets—2.65%   
   Morgan Stanley   
  75,000     

2.625%, 11/17/2021

     72,845  
  35,000     

2.750%, 05/19/2022

     33,925  
  195,000     

3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (b)

     194,041  
  230,000     

3.700%, 10/23/2024

     227,256  
  190,000     

3.125%, 07/27/2026

     176,929  
  40,000     

4.350%, 09/08/2026

     39,521  
  50,000     

3.950%, 04/23/2027

     47,752  
  580,000     

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

     551,889  
  15,000     

3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (b)

     13,944  
  155,000      The Bank of New York Mellon Corp.   
  

2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (b)

     150,496  
   The Goldman Sachs Group, Inc.   
  212,000     

2.750%, 09/15/2020

     209,583  
  35,000     

2.875%, 02/25/2021

     34,567  
  50,000     

2.350%, 11/15/2021 (f)

     48,123  
  275,000     

2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (b)

     268,587  
  390,000     

2.908% (3 Month LIBOR USD + 1.053%), 06/05/2023 (b)

     376,723  
  55,000     

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

     53,024  
  155,000     

4.000%, 03/03/2024

     155,225  
  140,000     

3.500%, 01/23/2025

     135,313  
  150,000     

3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (b)

     142,547  
  255,000     

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

     242,007  
  15,000     

4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (b)(f)

     14,803  
  140,000     

6.750%, 10/01/2037

     166,444  
  90,000     

4.017% (3 Month LIBOR USD + 1.373%), 10/31/2038 (b)(f)

     82,163  
  40,000     

6.250%, 02/01/2041

     46,792  
  5,000     

4.750%, 10/21/2045

     4,960  
  25,000      Willis North America, Inc.   
  

3.600%, 05/15/2024

     24,191  
     

 

 

 
        3,513,650  
     

 

 

 
   Chemicals—0.31%   
  25,000      Methanex Corp.   
  

5.650%, 12/01/2044

     24,372  
  200,000      Syngenta Finance NV   
  

4.441%, 04/24/2023 (c)

     199,094  
   The Sherwin-Williams Co.   
  45,000     

3.125%, 06/01/2024

     43,038  
  150,000     

3.450%, 06/01/2027

     141,983  
     

 

 

 
        408,487  
     

 

 

 
   Commercial Services & Supplies—0.09%   
  90,000      ERAC USA Finance LLC   
  

7.000%, 10/15/2037 (c)

     112,797  
     

 

 

 
   Communications Equipment—0.06%   
  75,000      Qualcomm, Inc.   
  

3.000%, 05/20/2022

     73,910  
     

 

 

 
   Consumer Finance—0.11%   
   John Deere Capital Corp.   
  125,000     

1.950%, 06/22/2020

     122,332  
  25,000     

3.450%, 06/07/2023

     25,043  
     

 

 

 
        147,375  
     

 

 

 
   Diversified Financial Services—1.27%   
   Anheuser-Busch InBev Finance, Inc.   
  385,000     

3.650%, 02/01/2026

     377,264  
  20,000     

4.900%, 02/01/2046

     20,645  
   BAT Capital Corp.   
  680,000     

2.297%, 08/14/2020 (c)

     664,853  
  50,000     

4.390%, 08/15/2037 (c)

     47,055  
  40,000      BAT International Finance Plc   
  

2.750%, 06/15/2020 (c)

     39,582  
  50,000      Berkshire Hathaway Energy Co.   
  

3.250%, 04/15/2028

     47,611  
  75,000      Caterpillar Financial Services Corp.   
  

1.850%, 09/04/2020

     73,059  
  200,000      GlaxoSmithKline Capital Plc   
  

3.125%, 05/14/2021

     200,417  
  160,000      GlaxoSmithKline Capital, Inc.   
  

3.625%, 05/15/2025

     159,869  
  45,000      Shell International Finance BV   
  

4.375%, 05/11/2045

     46,230  
     

 

 

 
        1,676,585  
     

 

 

 
   Diversified Telecommunication Services—1.32%   
   AT&T, Inc.   
  55,000      4.250%, 03/01/2027 (c)      53,926  
  190,000     

4.100%, 02/15/2028 (c)

     181,914  
  235,000     

4.500%, 05/15/2035

     217,987  
  125,000     

6.350%, 03/15/2040

     135,888  
  165,000     

4.750%, 05/15/2046

     147,930  
   Verizon Communications, Inc.   
  355,000     

4.125%, 03/16/2027 (f)

     351,959  
  140,000     

4.500%, 08/10/2033

     135,940  
  60,000     

5.250%, 03/16/2037 (f)

     61,804  
  20,000     

4.812%, 03/15/2039

     19,401  
  260,000     

4.862%, 08/21/2046

     249,379  
  105,000     

4.522%, 09/15/2048

     96,107  
  90,000     

5.012%, 08/21/2054

     85,046  
  5,000     

4.672%, 03/15/2055

     4,459  
     

 

 

 
        1,741,740  
     

 

 

 
   Electric Utilities—1.63%   
  65,000      Alabama Power Co.   
  

2.450%, 03/30/2022

     63,241  
  45,000      Duke Energy Carolinas LLC   
  

2.500%, 03/15/2023

     43,449  
  60,000      Duke Energy Florida LLC   
  

3.400%, 10/01/2046

     52,847  
  60,000      Duke Energy Indiana, Inc.   
  

4.900%, 07/15/2043

     67,260  
  235,000      Duke Energy Progress LLC   
  

4.150%, 12/01/2044

     232,472  
  5,000      Emera US Finance LP   
  

4.750%, 06/15/2046

     4,932  
  185,000      Exelon Corp.   
  

2.450%, 04/15/2021

     179,911  
  20,000      Fortis, Inc.   
  

2.100%, 10/04/2021

     19,100  


   Georgia Power Co.   
  187,000     

2.000%, 09/08/2020

     182,727  
  85,000     

2.400%, 04/01/2021

     82,983  
  20,000      Oncor Electric Delivery Co. LLC   
  

7.000%, 09/01/2022

     22,796  
   Pacific Gas & Electric Co.   
  15,000     

2.950%, 03/01/2026

     13,403  
  100,000     

3.300%, 12/01/2027

     89,972  
  155,000     

6.050%, 03/01/2034

     167,811  
  180,000     

4.750%, 02/15/2044

     171,238  
  110,000      Sierra Pacific Power Co.   
  

2.600%, 05/01/2026

     101,724  
  31,000      South Carolina Electric & Gas Co.   
  

5.100%, 06/01/2065

     31,382  
   Southern California Edison Co.   
  250,000     

2.900%, 03/01/2021

     248,489  
  10,000     

4.125%, 03/01/2048

     9,485  
   The Southern Co.   
  30,000     

1.850%, 07/01/2019

     29,709  
  155,000     

2.150%, 09/01/2019

     153,691  
  20,000     

2.950%, 07/01/2023

     19,314  
  160,000     

3.250%, 07/01/2026

     150,448  
  25,000     

4.400%, 07/01/2046

     24,503  
     

 

 

 
        2,162,887  
     

 

 

 
   Engineering & Construction—0.14%   
  200,000      Mexico City Airport Trust   
  

3.875%, 04/30/2028 (c)

     182,560  
     

 

 

 
   Food & Staples Retailing—1.28%   
   CVS Health Corp.   
  285,000     

3.125%, 03/09/2020

     284,748  
  553,000     

2.800%, 07/20/2020

     548,048  
  220,000     

2.125%, 06/01/2021

     211,632  
  205,000     

4.100%, 03/25/2025

     204,211  
  59,000     

3.875%, 07/20/2025

     57,254  
  55,000     

5.125%, 07/20/2045 (f)

     55,933  
  325,000      Walmart, Inc.   
  

3.400%, 06/26/2023

     327,639  
     

 

 

 
        1,689,465  
     

 

 

 
   Food Products—0.23%   
   Kraft Heinz Foods Co.   
  55,000     

2.000%, 07/02/2018

     54,890  
  40,000     

2.800%, 07/02/2020

     39,733  
  185,000     

5.000%, 07/15/2035

     182,762  
  35,000     

4.375%, 06/01/2046

     30,393  
     

 

 

 
        307,778  
     

 

 

 
   Gas Utilities—0.01%   
  10,000      Southern Co. Gas Capital Corp.   
  

2.450%, 10/01/2023

     9,415  
     

 

 

 
   Health Care Equipment & Supplies—0.93%   
  75,000      Abbott Laboratories   
  

2.800%, 09/15/2020

     74,472  
   Becton Dickinson and Co.   
  205,000     

3.125%, 11/08/2021

     202,185  
  195,000     

3.700%, 06/06/2027

     184,933  
  180,000      Boston Scientific Corp.   
  

4.000%, 03/01/2028

     176,338  
  295,000      Dignity Health   
  

2.637%, 11/01/2019

     294,494  
   Medtronic, Inc.   
  46,000     

4.375%, 03/15/2035

     47,658  
  65,000     

4.625%, 03/15/2045

     69,064  
   Shire Acquisitions Investments Ireland Designated Activity Co.   
  70,000     

2.400%, 09/23/2021

     67,067  
  125,000     

2.875%, 09/23/2023

     117,740  
     

 

 

 
        1,233,951  
     

 

 

 
   Health Care Providers & Services—0.90%   
  150,000      Anthem, Inc.   
  

2.500%, 11/21/2020

     147,539  
   Cardinal Health, Inc.   
  10,000     

2.616%, 06/15/2022

     9,595  
  215,000     

3.200%, 03/15/2023

     208,562  
  95,000      Catholic Health Initiatives   
  

2.600%, 08/01/2018

     95,078  
   Cigna Corp.   
  30,000     

3.050%, 10/15/2027

     27,112  
  25,000     

3.875%, 10/15/2047

     21,354  
   CVS Health Corp.   
  165,000     

2.875%, 06/01/2026

     150,454  
  125,000     

5.050%, 03/25/2048

     127,701  
  60,000      Humana, Inc.   
  

2.500%, 12/15/2020

     58,926  
   UnitedHealth Group, Inc.   
  55,000     

1.700%, 02/15/2019

     54,644  
  70,000     

3.350%, 07/15/2022

     70,139  
  20,000     

3.500%, 06/15/2023

     20,037  
  135,000     

3.950%, 10/15/2042

     128,233  
  40,000     

4.750%, 07/15/2045

     42,836  
  10,000     

4.250%, 04/15/2047

     9,980  
  15,000     

3.750%, 10/15/2047

     13,846  
  10,000     

4.250%, 06/15/2048 (f)

     10,053  
     

 

 

 
        1,196,089  
     

 

 

 
   Hotels, Restaurants & Leisure—0.11%   
   McDonald’s Corp.   
  115,000     

3.350%, 04/01/2023

     114,763  
  20,000     

4.600%, 05/26/2045

     20,240  
  15,000     

4.875%, 12/09/2045

     15,808  
     

 

 

 
        150,811  
     

 

 

 
   Insurance—0.95%   
   American International Group, Inc.   
  204,000     

3.375%, 08/15/2020

     204,466  
  105,000     

4.125%, 02/15/2024

     105,615  
  595,000      Assurant, Inc.   
  

3.589% (3 Month LIBOR USD + 1.250%), 03/26/2021 (a)

     596,560  
  45,000      CNA Financial Corp.   
  

3.450%, 08/15/2027

     41,928  
  70,000      Marsh & McLennan Cos., Inc.   
  

4.050%, 10/15/2023

     70,947  
  13,000      Massachusetts Mutual Life Insurance Co.   
  

8.875%, 06/01/2039 (c)

     20,385  
   New York Life Global Funding   
  130,000     

1.950%, 02/11/2020 (c)

     127,621  
  40,000     

2.000%, 04/13/2021 (c)

     38,659  
  55,000      Trinity Acquisition Plc   
  

4.400%, 03/15/2026

     54,549  
     

 

 

 
        1,260,730  
     

 

 

 
   Internet & Direct Marketing Retail—0.19%   
   Amazon.com, Inc.   
  15,000     

2.800%, 08/22/2024

     14,473  
  180,000     

3.875%, 08/22/2037

     176,288  
  60,000     

4.950%, 12/05/2044

     66,834  
     

 

 

 
        257,595  
     

 

 

 
   Internet Software & Services—0.28%   
   Alibaba Group Holding Ltd.   
  200,000     

3.400%, 12/06/2027

     186,569  
  200,000     

4.200%, 12/06/2047

     182,507  
     

 

 

 
        369,076  
     

 

 

 
   IT Services—0.33%   
  70,000      Fidelity National Information Services, Inc.   
  

4.250%, 05/15/2028

     69,852  
   Visa, Inc.   
  165,000     

2.800%, 12/14/2022

     162,068  
  160,000     

3.150%, 12/14/2025

     154,933  
  45,000     

4.300%, 12/14/2045

     46,872  
     

 

 

 
        433,725  
     

 

 

 
   Life Sciences Tools & Services—0.12%   
   Thermo Fisher Scientific, Inc.   
  160,000     

3.000%, 04/15/2023

     155,739  
  10,000     

2.950%, 09/19/2026

     9,255  
     

 

 

 
        164,994  
     

 

 

 


   Machinery—0.03%   
  35,000     

Fortive Corp.

  
  

2.350%, 06/15/2021

     33,945  
     

 

 

 
   Media—2.17%   
  175,000      21st Century Fox America, Inc.   
  

4.500%, 02/15/2021

     179,864  
   Charter Communications Operating LLC / Charter Communications Operating Capital   
  15,000     

3.579%, 07/23/2020

     14,988  
  115,000     

4.464%, 07/23/2022

     116,516  
  5,000     

4.908%, 07/23/2025

     5,057  
  230,000     

3.750%, 02/15/2028

     208,712  
  130,000     

6.484%, 10/23/2045

     137,471  
  150,000     

5.375%, 05/01/2047

     136,689  
  110,000     

5.750%, 04/01/2048

     106,865  
   Comcast Corp.   
  165,000     

3.375%, 08/15/2025

     158,422  
  240,000     

3.150%, 03/01/2026

     225,595  
  35,000     

2.350%, 01/15/2027

     30,689  
  35,000     

3.200%, 07/15/2036

     29,175  
  50,000     

3.400%, 07/15/2046 (f)

     40,648  
  40,000     

4.049%, 11/01/2052

     34,980  
   Cox Communications, Inc.   
  375,000     

3.250%, 12/15/2022 (c)

     364,632  
  80,000     

3.150%, 08/15/2024 (c)

     75,893  
  5,000     

3.350%, 09/15/2026 (c)

     4,631  
   Discovery Communications, LLC   
  101,000     

2.800%, 06/15/2020 (c)

     99,828  
  45,000     

3.800%, 03/13/2024

     44,344  
  28,000     

3.950%, 06/15/2025 (c)

     27,336  
  125,000     

4.900%, 03/11/2026 (f)

     128,406  
   Time Warner Cable, Inc.   
  30,000     

5.500%, 09/01/2041

     27,999  
  50,000     

4.500%, 09/15/2042

     41,222  
   Viacom, Inc.   
  250,000     

4.250%, 09/01/2023 (f)

     248,858  
  25,000     

4.375%, 03/15/2043

     21,050  
   Warner Media LLC   
  145,000     

4.875%, 03/15/2020

     148,931  
  60,000     

2.950%, 07/15/2026

     54,032  
  170,000     

3.800%, 02/15/2027

     160,834  
     

 

 

 
        2,873,667  
     

 

 

 
  

Metals & Mining—0.14%

  
   Vale Overseas Ltd.   
  65,000     

6.250%, 08/10/2026

     70,557  
  100,000     

6.875%, 11/10/2039

     113,750  
     

 

 

 
        184,307  
     

 

 

 
  

Multi-Utilities—0.54%

  
  175,000      CenterPoint Energy, Inc.   
  

2.500%, 09/01/2022

     168,084  
   Dominion Energy, Inc.   
  160,000     

2.579%, 07/01/2020 (b)

     157,729  
  240,000     

2.850%, 08/15/2026

     217,713  
  40,000      DTE Energy Co.   
  

1.500%, 10/01/2019

     39,234  
  130,000      Sempra Energy   
  

2.400%, 02/01/2020

     128,478  
     

 

 

 
        711,238  
     

 

 

 
   Oil, Gas & Consumable Fuels—2.11%   
   Anadarko Petroleum Corp.   
  50,000     

8.700%, 03/15/2019

     51,953  
  15,000     

6.950%, 06/15/2019

     15,525  
  210,000     

3.450%, 07/15/2024

     202,059  
  45,000     

4.500%, 07/15/2044

     42,061  
  10,000     

6.600%, 03/15/2046

     12,060  
   Andeavor Logistics LP   
  120,000     

4.250%, 12/01/2027

     115,167  
  60,000     

3.800%, 04/01/2028

     56,782  
   Canadian Natural Resources Ltd.   
  80,000     

3.800%, 04/15/2024

     79,392  
  170,000     

3.900%, 02/01/2025

     167,816  
  25,000     

3.850%, 06/01/2027 (f)

     24,437  
  15,000     

6.500%, 02/15/2037

     17,859  
  45,000     

Enbridge, Inc.

  
  

3.700%, 07/15/2027

     42,723  
  280,000      Encana Corp.   
  

3.900%, 11/15/2021

     282,453  
   Energy Transfer Partners LP   
  60,000     

4.200%, 09/15/2023

     60,040  
  105,000     

5.300%, 04/15/2047

     96,598  
   Hess Corp.   
  30,000     

5.600%, 02/15/2041

     30,238  
  75,000     

5.800%, 04/01/2047

     77,773  
  130,000      Kinder Morgan, Inc.   
  

5.550%, 06/01/2045

     131,316  
  135,000      Marathon Oil Corp.   
  

3.850%, 06/01/2025

     133,008  
   MPLX LP   
  50,000     

4.125%, 03/01/2027

     47,781  
  50,000     

4.000%, 03/15/2028

     47,648  
  100,000     

5.200%, 03/01/2047

     99,730  
  30,000     

4.700%, 04/15/2048

     27,924  
   Petroleos Mexicanos   
  15,000     

6.375%, 02/04/2021

     15,825  
  152,000     

6.750%, 09/21/2047

     143,701  
  56,000     

6.350%, 02/12/2048 (c)

     50,820  
   Phillips 66 Partners LP   
  10,000     

3.750%, 03/01/2028

     9,364  
  170,000     

3.900%, 03/15/2028

     166,248  
  95,000      Principal Life Global Funding II   
  

2.200%, 04/08/2020 (c)

     93,526  
  50,000      Sabine Pass Liquefaction LLC   
  

4.200%, 03/15/2028

     48,501  
   Sunoco Logistics Partners Operations LP   
  5,000     

5.300%, 04/01/2044

     4,547  
  5,000     

5.350%, 05/15/2045

     4,567  
  40,000      Texas Eastern Transmission LP   
  

3.500%, 01/15/2028 (c)

     37,739  
  50,000      TransCanada PipeLines, Ltd.   
  

4.750%, 05/15/2038

     50,141  
  40,000      Transcontinental Gas Pipe Line Co. LLC   
  

4.000%, 03/15/2028 (c)

     38,952  
  115,000      Valero Energy Corp.   
  

3.400%, 09/15/2026

     109,078  
  160,000      Valero Energy Partners LP   
  

4.500%, 03/15/2028

     157,610  
     

 

 

 
        2,792,962  
     

 

 

 
   Pharmaceuticals—0.57%   
  135,000      Allergan Funding SCS   
  

3.450%, 03/15/2022

     132,953  
  230,000      Bayer US Finance II LLC   
  

4.250%, 12/15/2025 (c)

     231,590  
   Johnson & Johnson   
  155,000     

2.625%, 01/15/2025 (f)

     148,574  
  75,000     

3.550%, 03/01/2036

     72,244  
  55,000     

3.625%, 03/03/2037

     53,854  
   Mylan NV   
  60,000     

3.750%, 12/15/2020

     60,409  
  5,000     

3.150%, 06/15/2021

     4,948  
  45,000     

5.200%, 04/15/2048 (c)

     43,430  
     

 

 

 
        748,002  
     

 

 

 
  

Real Estate Management & Development—0.03%

  
   American Tower Corp.   
  25,000     

3.450%, 09/15/2021

     24,915  
  15,000     

2.250%, 01/15/2022

     14,353  
     

 

 

 
        39,268  
     

 

 

 


   Road & Rail—0.22%   
  110,000      CSX Corp.   
  

3.250%, 06/01/2027

     103,565  
   Union Pacific Corp.   
  50,000     

4.375%, 09/10/2038

     50,725  
  160,000     

4.100%, 09/15/2067

     141,064  
     

 

 

 
        295,354  
     

 

 

 
   Semiconductors & Semiconductor Equipment—0.83%   
  10,000      Applied Materials, Inc.   
  

4.350%, 04/01/2047

     10,021  
   Broadcom Corp / Broadcom Cayman Finance Ltd.   
  250,000     

2.375%, 01/15/2020

     246,834  
  250,000     

3.625%, 01/15/2024

     242,302  
  75,000     

3.125%, 01/15/2025

     69,676  
   Intel Corp.   
  30,000     

1.700%, 05/19/2021

     28,980  
  185,000     

3.300%, 10/01/2021

     186,874  
  170,000     

2.350%, 05/11/2022

     165,370  
  5,000     

4.100%, 05/19/2046

     5,037  
  14,000     

3.734%, 12/08/2047

     13,224  
  135,000      Microchip Technology, Inc.   
  

4.333%, 06/01/2023 (c)

     135,376  
     

 

 

 
        1,103,694  
     

 

 

 
   Software—0.65%   
   Microsoft Corp.   
  50,000     

2.375%, 02/12/2022

     48,913  
  155,000     

4.450%, 11/03/2045

     167,277  
  90,000     

3.700%, 08/08/2046 (f)

     87,750  
   Oracle Corp.   
  155,000     

4.300%, 07/08/2034

     158,270  
  25,000     

3.900%, 05/15/2035

     24,282  
  50,000     

3.800%, 11/15/2037

     47,391  
   salesforce.com, Inc.   
  85,000     

3.250%, 04/11/2023

     84,557  
  55,000     

3.700%, 04/11/2028

     54,673  
  200,000      Tencent Holdings Ltd.   
  

3.595%, 01/19/2028 (c)

     189,430  
     

 

 

 
        862,543  
     

 

 

 
   Specialty Retail—0.18%   
   Home Depot, Inc.   
  140,000     

3.350%, 09/15/2025

     137,933  
  65,000     

5.875%, 12/16/2036

     79,028  
  5,000     

3.500%, 09/15/2056

     4,308  
  25,000      Lowe’s Cos., Inc.   
  

3.700%, 04/15/2046

     22,345  
     

 

 

 
        243,614  
     

 

 

 
   Technology Hardware, Storage & Peripherals—0.27%   
   Apple, Inc.   
  185,000     

2.400%, 05/03/2023

     178,354  
  5,000     

3.000%, 02/09/2024

     4,901  
  20,000     

3.350%, 02/09/2027

     19,552  
  85,000     

3.450%, 02/09/2045

     76,157  
   Hewlett Packard Enterprise Co.   
  75,000     

6.350%, 10/15/2045

     74,329  
     

 

 

 
        353,293  
     

 

 

 
   Tobacco—0.33%   
   Altria Group, Inc.   
  40,000     

4.250%, 08/09/2042

     37,400  
  165,000     

3.875%, 09/16/2046

     145,335  
  170,000      Philip Morris International, Inc.   
  

2.625%, 03/06/2023

     163,001  
  80,000      Reynolds American, Inc.   
  

5.850%, 08/15/2045

     87,642  
     

 

 

 
        433,378  
     

 

 

 
   Wireless Telecommunication Services—0.69%   
  295,000      Sprint Spectrum Co., LLC   
  

5.152%, 09/20/2029 (c)

     289,838  
   Telefonica Emisiones SAU   
  150,000     

4.103%, 03/08/2027

     145,324  
  205,000     

4.895%, 03/06/2048

     189,669  
  285,000      Vodafone Group Plc   
  

4.375%, 05/30/2028

     282,173  
     

 

 

 
        907,004  
     

 

 

 
   Total Corporate Obligations (Cost $41,185,019)      40,081,373  
     

 

 

 
   FOREIGN GOVERNMENT DEBT OBLIGATIONS—0.96%   
  335,000      Abu Dhabi Government International Bond   
  

3.125%, 10/11/2027 (c)

     312,488  
  100,000      Hungary Government International Bond   
  

6.250%, 01/29/2020

     104,742  
  400,000      Japan Bank for International Cooperation   
  

2.125%, 07/21/2020

     393,316  
  200,000      Qatar Government International Bond   
  

5.103%, 04/23/2048 (c)

     199,846  
  255,000      Saudi Government International Bond   
  

4.000%, 04/17/2025 (c)

     254,115  
     

 

 

 
   Total Foreign Government Debt Obligations (Cost $1,287,434)      1,264,507  
     

 

 

 
   MORTGAGE BACKED SECURITIES—U.S. GOVERNMENT AGENCY—37.39%   
   Federal Home Loan Mortgage Corp.   
  68     

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

     68  
  39     

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

     39  
  495,432     

Series K705, 2.303%, 09/25/2018 (b)

     494,519  
  847,263     

Series K706, 2.323%, 10/25/2018

     845,283  
  600,000     

Series K709, 2.086%, 03/25/2019

     597,331  
  36,963     

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

     38,504  
  86,719     

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

     90,133  
  45,000     

Series 2017-K729, 3.801%, 11/25/2024 (b)(c)

     43,864  
  82,000     

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

     80,871  
  75,000     

Series 2017-K71, 3.882%, 11/25/2027 (b)(c)

     72,468  
  174,189     

Series 2329, 6.500%, 06/15/2031

     194,184  
  76,588     

Series 2338, 6.500%, 07/15/2031

     88,769  
  121,395     

Pool #78-0447 4.087% (1 Year CMT Rate + 2.250%, 9.308% Cap, 0.000% Floor), 04/01/2033 (a)

     128,360  
  105     

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

     113  
  1,600,000     

4.500%, 07/15/2040

     1,665,072  
  700,000     

4.500%, 08/15/2040

     727,157  
  82,494     

Series 3883, 3.000%, 05/15/2041

     81,844  
  400,000     

Pool #TBA 4.000%, 07/15/2041 (i)

     407,740  
  517,699     

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

     532,741  
  2,700,000     

Pool #TBA 3.500%, 07/15/2042 (i)

     2,686,038  
  739,929     

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

     736,942  
  663,707     

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

     660,875  
   Federal National Mortgage Association   
  37,545     

Series 2014-C01, 3.691% (1 Month LIBOR USD + 1.600%), 01/25/2024 (a)

     37,796  
  225,000     

Series 2018-C04, 2.852% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 12/26/2030 (a)

     225,000  
  520,494     

Pool #AJ8325 3.000%, 12/01/2026

     520,274  
  110,000     

Pool #AN6110 3.000%, 07/01/2027

     106,155  
  150,000     

Pool #AN6257 3.160%, 08/01/2027

     146,673  
  155,111     

Pool #AN7376 2.880%, 11/01/2027

     148,127  
  870,000     

Pool #AN8322 3.190%, 02/01/2028

     852,560  
  1,030,000     

Pool #AN8695 3.550%, 03/01/2028

     1,038,288  
  3,734     

Pool #544859 2.691% (11th District Cost of Funds Index + 1.796%, 14.689% Cap, 0.000% Floor), 08/01/2029 (a)

     3,726  
  76,085     

Pool #BC4938 2.500%, 04/01/2031

     74,128  
  124,883     

Pool #786848 7.000%, 10/01/2031

     140,393  
  4,061     

Pool #727181 5.000%, 08/01/2033

     4,357  
  1,934     

Pool #730727 5.000%, 08/01/2033

     2,075  
  593     

Pool #741862 5.500%, 09/01/2033

     646  
  696     

Pool #766197 5.500%, 02/01/2034

     759  
  142     

Pool #776974 5.500%, 04/01/2034

     155  
  123,992     

Pool #888504 3.942% (1 Year CMT Rate + 2.074%, 9.284% Cap, 0.000% Floor), 04/01/2034 (a)

     130,726  
  318,586     

Pool #MA1870 4.500%, 04/01/2034

     333,514  
  6,396     

Pool #775776 5.500%, 05/01/2034

     6,968  
  134,900     

Pool #802783 3.362% (12 Month LIBOR USD + 1.612%, 10.24% Cap, 0.000% Floor), 10/01/2034 (a)

     140,771  
  4,566     

Pool #781629 5.500%, 12/01/2034

     4,972  
  6,372     

Pool #822815 5.500%, 04/01/2035

     6,941  


  5,067     

Pool #357850 5.500%, 07/01/2035

     5,532  
  3,066     

Pool #820242 5.000%, 07/01/2035

     3,286  
  874     

Pool #838452 5.500%, 09/01/2035

     953  
  4,928     

Pool #865854 6.000%, 03/01/2036

     5,413  
  7,430     

Pool #891474 6.000%, 04/01/2036

     8,200  
  6,682     

Pool #906000 6.000%, 01/01/2037

     7,361  
  62     

Pool #928062 5.500%, 02/01/2037

     68  
  99     

Pool #899119 5.500%, 04/01/2037

     106  
  503,428     

Pool #AS9772 3.500%, 06/01/2037

     509,191  
  184     

Pool #970131 5.500%, 03/01/2038

     201  
  53     

Pool #981313 5.500%, 06/01/2038

     57  
  117     

Pool #985108 5.500%, 07/01/2038

     127  
  54     

Pool #964930 5.500%, 08/01/2038

     57  
  82     

Pool #987032 5.500%, 08/01/2038

     89  
  108     

Pool #968371 5.500%, 09/01/2038

     117  
  39     

Pool #993050 5.500%, 12/01/2038

     42  
  20,343     

Pool #993579 4.000%, 05/01/2039

     20,900  
  3,990     

Pool #AA5840 4.000%, 06/01/2039

     4,099  
  58,302     

Pool #AA8715 4.000%, 06/01/2039

     59,955  
  208,820     

Pool #AD0586 4.500%, 12/01/2039

     220,204  
  580,398     

Pool #AD4062 5.000%, 05/01/2040

     622,731  
  494,027     

Pool #AD6929 5.000%, 06/01/2040

     530,078  
  12,509     

Pool #AD9896 4.000%, 08/01/2040

     12,853  
  14,879     

Pool #AB1500 4.000%, 09/01/2040

     15,289  
  12,942     

Pool #AD9856 4.000%, 09/01/2040

     13,298  
  9,377     

Pool #AE2559 4.000%, 09/01/2040

     9,635  
  3,339     

Pool #AE2562 4.000%, 09/01/2040

     3,430  
  4,189     

Pool #AE2566 4.000%, 09/01/2040

     4,285  
  27,421     

Pool #AE4124 4.000%, 10/01/2040

     28,175  
  15,574     

Pool #AE4888 4.000%, 10/01/2040

     16,003  
  23,948     

Pool #AE3916 4.000%, 11/01/2040

     24,607  
  3,127     

Pool #AE5147 4.000%, 11/01/2040

     3,213  
  39,350     

Pool #AE8715 4.000%, 11/01/2040

     40,434  
  4,633     

Pool #AH0006 4.000%, 12/01/2040

     4,760  
  12,786     

Pool #AH0020 4.000%, 12/01/2040

     13,138  
  23,033     

Pool #AH0599 4.000%, 12/01/2040

     23,631  
  8,363     

Pool #AH0601 4.000%, 12/01/2040

     8,593  
  16,557     

Pool #AH1263 4.000%, 01/01/2041

     17,013  
  69,968     

Pool #AL5233 4.000%, 01/01/2041

     71,877  
  5,604     

Pool #AH4659 4.000%, 02/01/2041

     5,758  
  77,545     

Pool #AH5653 4.000%, 02/01/2041

     79,680  
  107,611     

Pool #AL0934 5.000%, 02/01/2041

     115,481  
  150,356     

Pool #AD1889 4.500%, 03/01/2041

     158,259  
  9,305     

Pool #AH6150 4.000%, 03/01/2041

     9,561  
  98,842     

Pool #AL0215 4.500%, 04/01/2041

     104,039  
  79,891     

Pool #AL0187 5.000%, 05/01/2041

     85,717  
  14,408     

Pool #AL0456 5.000%, 06/01/2041

     15,463  
  10,200,000     

Pool #TBA 3.500%, 07/15/2041 (i)

     10,152,816  
  63,216     

Pool #AI8842 4.500%, 08/01/2041

     66,405  
  36,627     

Pool #AL0815 4.000%, 09/01/2041

     37,862  
  72,308     

Series 2012-21, 2.000%, 09/25/2041

     68,268  
  12,901     

Pool #AJ1562 4.000%, 10/01/2041

     13,336  
  13,150     

Pool #AJ1972 4.000%, 10/01/2041

     13,594  
  644,305     

Pool #AJ2212 4.500%, 10/01/2041

     676,614  
  18,475     

Pool #AJ4756 4.000%, 10/01/2041

     19,098  
  15,903     

Pool #AJ3330 4.000%, 11/01/2041

     16,439  
  15,724     

Pool #AJ4549 4.000%, 11/01/2041

     16,254  
  12,909     

Pool #AJ4698 4.000%, 11/01/2041

     13,345  
  25,160     

Pool #AJ5424 4.000%, 11/01/2041

     26,008  
  9,999     

Pool #AJ7840 4.000%, 11/01/2041

     10,336  
  16,152     

Pool #AB3995 4.000%, 12/01/2041

     16,697  
  15,528     

Pool #AI0848 4.000%, 12/01/2041

     16,051  
  13,524     

Pool #AJ4187 4.000%, 12/01/2041

     13,980  
  17,225     

Pool #AJ5736 4.000%, 12/01/2041

     17,806  
  10,130     

Pool #AJ5968 4.000%, 12/01/2041

     10,409  
  20,037     

Pool #AJ6061 4.000%, 12/01/2041

     20,712  
  13,054     

Pool #AJ7868 4.000%, 12/01/2041

     13,494  
  28,342     

Pool #AJ8104 4.000%, 12/01/2041

     29,292  
  18,011     

Pool #AJ8109 4.000%, 12/01/2041

     18,618  
  10,759     

Pool #AJ8171 4.000%, 12/01/2041

     11,122  
  19,361     

Pool #AJ8341 4.000%, 12/01/2041

     20,014  
  31,565     

Pool #AJ8436 4.000%, 12/01/2041

     32,630  
  12,130     

Pool #AJ8912 4.000%, 12/01/2041

     12,539  
  16,213     

Pool #AJ9248 4.000%, 12/01/2041

     16,760  
  139,334     

Series 2012-18, 2.000%, 12/25/2041

     132,073  
  149,518     

Series 2012-75, 2.500%, 12/25/2041

     144,524  


  14,811     

Pool #AJ2446 4.000%, 01/01/2042

     15,219  
  20,455     

Pool #AJ7538 4.000%, 01/01/2042

     21,145  
  5,899     

Pool #AJ8001 4.000%, 01/01/2042

     6,061  
  18,964     

Pool #AJ8369 4.000%, 01/01/2042

     19,603  
  17,495     

Pool #AJ9162 4.000%, 01/01/2042

     18,084  
  98,645     

Pool #AJ9330 4.000%, 01/01/2042

     101,969  
  10,941     

Pool #AJ9779 4.000%, 01/01/2042

     11,222  
  16,977     

Pool #AK0170 4.000%, 01/01/2042

     17,550  
  34,408     

Pool #AK0543 4.000%, 01/01/2042

     35,568  
  13,700     

Pool #AK0563 4.000%, 01/01/2042

     14,162  
  27,930     

Pool #AK1827 4.000%, 01/01/2042

     28,871  
  360,402     

Pool #AL2752 5.000%, 03/01/2042

     386,782  
  83,461     

Series 2012-52, 3.500%, 05/25/2042

     84,443  
  83,710     

Pool #AB5529 4.000%, 07/01/2042

     85,933  
  800,000     

Pool #TBA 3.000%, 07/15/2042 (i)

     775,031  
  195,616     

Pool #AB6228 3.500%, 09/01/2042

     196,229  
  392,539     

Pool #AQ9316 2.500%, 01/01/2043

     369,534  
  192,123     

Series 2015-48, 3.000%, 02/25/2043

     189,589  
  1,059,562     

Pool #AT2720 3.000%, 05/01/2043

     1,035,813  
  795,483     

Pool #AT5900 3.000%, 06/01/2043

     777,342  
  438,135     

Pool #AU1625 3.500%, 07/01/2043

     438,948  
  197,364     

Series 2018-38, 3.500%, 03/25/2045

     199,206  
  702,954     

Pool #AS5469 4.000%, 07/01/2045

     720,426  
  781,666     

Pool #AZ0832 4.000%, 07/01/2045

     798,523  
  153,397     

Pool #AS5597 3.500%, 08/01/2045

     153,183  
  125,201     

Series 2016-11, 2.500%, 03/25/2046

     120,454  
  924,064     

Pool #AS7170 3.500%, 05/01/2046

     922,917  
  940,137     

Pool #AS7242 3.500%, 05/01/2046

     938,970  
  684,702     

Pool #BC9468 3.000%, 06/01/2046

     664,503  
  856,525     

Pool #AS7492 4.000%, 07/01/2046

     875,661  
  386,642     

Pool #AS8299 3.000%, 11/01/2046

     375,745  
  586,984     

Pool #AS8947 3.500%, 03/01/2047

     585,203  
  145,436     

Pool #MA3038 4.500%, 06/01/2047

     151,901  
  169,791     

Series 2017-72, 3.000%, 09/25/2047

     167,326  
  176,716     

Series 2017-72, 3.000%, 09/25/2047

     174,140  
  162,191     

Series 2018-23, 3.500%, 04/25/2048

     163,562  
   Government National Mortgage Association   
  11,807     

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

     12,347  
  35,558     

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

     37,903  
  658,059     

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

     703,779  
  1,500,000     

Pool #TBA 4.500%, 07/15/2041 (i)

     1,559,310  
  351,267     

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

     354,213  
  500,000     

Pool #TBA 3.500%, 07/15/2042 (i)

     501,267  
  1,300,000     

Pool #TBA 4.000%, 07/15/2042 (i)

     1,332,500  
  800,000     

Pool #TBA 3.000%, 07/15/2045 (i)

     782,734  
  1,400,000     

Pool #TBA 3.500%, 07/15/2045 (i)

     1,405,496  
  145,484     

Pool #MA4587M 4.000%, 07/20/2047

     149,836  
  353,592     

Pool #MA4652M 3.500%, 08/20/2047

     355,384  
  694,301     

Pool #MA4778M 3.500%, 10/20/2047

     697,820  
  539,745     

Pool #MA4779M 4.000%, 10/20/2047

     553,942  
  732,546     

Pool #MA4780M 4.500%, 10/20/2047

     762,025  
     

 

 

 
   Total Mortgage Backed Securities—U.S. Government Agency (Cost $49,720,826)      49,487,348  
     

 

 

 
   MUNICIPAL DEBT OBLIGATIONS—0.29%   
   California, GO,   
  80,000     

7.550%, 04/01/2039

     118,261  
  10,000     

7.350%, 11/01/2039

     14,268  
  20,000     

7.625%, 03/01/2040

     29,568  
  45,000     

7.600%, 11/01/2040

     67,853  
  105,000      Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,   
  

6.899%, 12/01/2040

     136,908  
  15,000      University of California Medical Center, Revenue Bond,   
  

6.548%, 05/15/2048

     20,225  
     

 

 

 
   Total Municipal Debt Obligations (Cost $370,627)      387,083  
     

 

 

 

Notional Amount

             
   Purchased Options—0.08%   
   Put Interest Rate Swaption—0.08%   
  2,410,000     

10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate,

  
  

Counterparty: Bank of America

  
  

Expiration: 05/30/2019

  
  

Exercises Rate: 3.200% (d)

     33,133  
  2,245,000     

10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate,

  
  

Counterparty: Goldman Sachs

  
  

Expiration: 05/30/2019

  
  

Exercises Rate: 3.200% (d)

     30,864  
  821,000     

10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate,

  
  

Counterparty: Bank of America

  
  

Expiration: 05/13/2019

  
  

Exercises Rate: 3.250% (d)

     9,716  
  2,620,000     

10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate,

  
  

Counterparty: Bank of America

  
  

Expiration: 05/13/2019

  
  

Exercises Rate: 3.250% (d)

     31,005  
     

 

 

 
   Total Purchased Options (Cost $124,437)      104,718  
     

 

 

 
   U.S. TREASURY OBLIGATIONS—15.08%   
   U.S. Treasury Bonds—8.34%   
  3,105,465     

0.375%, 07/15/2027 (g)(h)

     3,022,412  
  219,000     

4.500%, 08/15/2039

     273,156  
  320,000     

4.375%, 11/15/2039

     393,138  
  2,460,000     

3.125%, 11/15/2041

     2,528,707  
  545,000     

3.625%, 08/15/2043

     607,632  
  1,380,000     

3.750%, 11/15/2043

     1,569,184  
  240,000     

3.000%, 11/15/2045

     240,905  
  2,365,000     

2.500%, 05/15/2046

     2,149,102  
  255,000     

3.000%, 02/15/2047

     255,976  
   U.S. Treasury Notes—6.74%   
  3,745,000     

2.000%, 02/15/2022

     3,659,055  
  3,220,000     

2.375%, 08/15/2024

     3,143,965  
  1,707,000     

2.000%, 02/15/2025

     1,623,784  
  72,000     

1.625%, 05/15/2026

     65,873  
  455,000     

2.000%, 11/15/2026

     426,482  
     

 

 

 
   Total U.S. Treasury Obligations (Cost $20,175,632)      19,959,371  
     

 

 

 

Number of Shares

             
  

SHORT TERM INVESTMENTS—1.54%

  
  

Money Market Funds—1.54%

  
  

Deutsche Government Money Market Series—Institutional Shares

  
  2,033,634     

Effective Yield, 1.81% (e)

     2,033,634  
     

 

 

 
   Total Short Term Investments (Cost $2,033,634)      2,033,634  
     

 

 

 
   INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—1.95%   
   Investments Purchased with Proceeds from Securities Lending—1.95%   
  

Mount Vernon Liquid Assets Portfolio, LLC

  
  2,578,725     

Effective Yield, 2.21% (e)

     2,578,725  
     

 

 

 
   Total Investments Purchased with Proceeds from Securities Lending (Cost $2,578,725)      2,578,725  
     

 

 

 
   Total Investments (Cost $158,954,463)—118.62%      156,985,640  
   Liabilities in Excess of Other Assets—(18.62)%      (24,637,965
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 132,347,675  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a)

Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2018.

(b)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2018.

(c)

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 expemption from registration. The value of these securities total $31,305,403, which represents 23.65% of total net assets.

(d)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $1,812,655, which represents 1.37% of total net assets.

(e)

Seven-day yield as of June 30, 2018.


(f)

All or portion of this security is on loan.

(g)

Represents a U.S. Treasury Inflation Protected Security.

(h)

All or a portion of this security is held as collateral for certain swap and futures contracts.

(i)

Security purchased on a when-issued basis. On June 30, 2018, the total value of investments purchased on a when-issued basis was $19,602,932 or 14.81% of total net assets.

(j)

Value determined using significant unobservable inputs.

(k)

This security was fair valued in good faith by the Adviser’s Valuation Committee. The aggregate value of this security at June 30, 2018 was $179,963, which represents 0.14% of total net assets.

Glossary of Terms

LIBOR London Interbank Offered Rate


Schedule of Open Futures Contracts (Unaudited)

June 30, 2018

 

Description

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

Eurodollar 90 Day Futures

     27        6,563,700        Mar-19      $ (805

Eurodollar 90 Day Futures

     (27)        (6,548,850      Mar-20        7,619  

U.S. Treasury 10 Year Note Futures

     (29)        (3,485,438      Sep-18        (11,399

U.S. Treasury 10 Year Ultra Bond Futures

     (22)        (2,821,156      Sep-18        (34,876

U.S. Treasury 2 Year Note Futures

     29        6,143,016        Sep-18        (2,455

U.S. Treasury 5 Year Note Futures

     135        15,338,320        Sep-18        33,200  

U.S. Treasury Ultra Bond Futures

     7        1,116,938        Sep-18        26,050  
           

 

 

 
            $ 17,334  
           

 

 

 

Schedule of Open Swap Contracts (Unaudited)

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

June 30, 2018

 

Reference

Obligation

   Implied Credit
Spread at
6/30/2018(2)
    Fixed
Pay
Rate
    Maturity
Date
     Counterparty      Notional
Amount(3)
     Fair
Value
     Upfront
Premiums
Paid (Received)
     Unrealized
Appreciation
(Depreciation)
 

CDX-NA.IG.30 Index**

     0.67     1.000     6/20/2023        Morgan Stanley      $ 490,000      $ 7,373      $ 7,638      ($ 265
               

 

 

    

 

 

    

 

 

 
                $ 7,373      $ 7,638      ($ 265
               

 

 

    

 

 

    

 

 

 

Interest Rate Swaps

June 30, 2018

 

Pay/Receive
Floating Rate

   Floating Rate Index     Floating
Payment
Frequency
     Fixed
Pay
Rate
    Fixed
Payment
Frequency
     Maturity
Date
     Counterparty      Notional
Amount
     Fair Value     Upfront
Premiums
Paid (Received)
    Unrealized
Appreciation
(Depreciation)
 

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.060     Annual        11/15/2024        Morgan Stanley      $ 508,000      $ (23,987   $ 10,920     $ (34,907

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.179     Annual        11/15/2024        Morgan Stanley        350,000        (14,576     (543     (14,033

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.179     Annual        11/15/2024        Morgan Stanley        355,000        (14,784     —         (14,784

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.250     Annual        11/15/2024        Morgan Stanley        45,000        (1,656     522       (2,178

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.250     Annual        11/15/2024        Morgan Stanley        170,000        (6,255     1,971       (8,226

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.453     Annual        11/15/2024        Morgan Stanley        205,000        764       —         764  

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.454     Annual        11/15/2024        Morgan Stanley        240,000        884       —         884  

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.459     Annual        11/15/2024        Morgan Stanley        235,000        930       —         930  

Pay

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.535     Annual        11/15/2024        Morgan Stanley        770,284        (892     —         (892

Receive

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.550     Annual        11/15/2024        Morgan Stanley        611,743        (1,467     —         (1,467

Pay

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.556     Annual        11/15/2024        Morgan Stanley        222,000        (532     —         (532

Pay

    

1-Day Overnight
Fed Funds
Effective Rate*
 
 
 
    Annual        2.529     Annual        11/15/2024        Morgan Stanley        615,973        (507     —         (507

Receive

     3-MO-USD-LIBOR*       Annual        2.250     Annual        9/21/2026        Morgan Stanley        4,143,000        199,361       (181,289     380,650  

Receive

     3-MO-USD-LIBOR*       Annual        2.750     Annual        12/20/2047        Morgan Stanley        775,000        21,582       (30,425     52,006  

Receive

     3-MO-USD-LIBOR*       Annual        2.250     Annual        6/20/2028        Morgan Stanley        4,241,000        251,158       229,836       21,322  
                  

 

 

    

 

 

   

 

 

   

 

 

 
                   $ 13,487,000      $ 410,022     $ 30,993     $ 379,030  
                  

 

 

    

 

 

   

 

 

   

 

 

 

 

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: Clearnet

**

Centrally cleared swap, clearing agent: Intercontinental Exchange


GuideMark® Tax-Exempt Fixed Income Fund

Schedule of Investments (Unaudited)

June 30, 2018

 

Principal Amount

          Value  
   MUNICIPAL DEBT OBLIGATIONS—98.62%   
   Alabama—1.44%   
   The Lower Alabama Gas District, Series A, Revenue Bond,   
  100,000     

5.000%, 09/01/2034

   $ 117,711  
  225,000     

5.000%, 09/01/2046

     272,754  
     

 

 

 
        390,465  
     

 

 

 
   Alaska—0.31%   
  85,000      Northern Tobacco Securitization Corp., Series A, Revenue Bond,   
  

5.000%, 06/01/2046

     85,000  
     

 

 

 
   Arizona—2.89%   
   Arizona Board of Regents, Refunding, Revenue Bond,   
  145,000     

5.000%, 07/01/2028

     161,206  
  55,000     

5.000%, 07/01/2028

     60,992  
  150,000      Arizona Industrial Development Authority, Revenue Bond,   
  

6.000%, 07/01/2047

     158,092  
  100,000      City of Phoenix Industrial Development Authority, Series A, Revenue Bond,   
  

5.000%, 07/01/2037

     111,044  
   Pima County Industrial Development Authority, Revenue Bond,   
  35,000     

5.000%, 06/15/2047

     35,125  
  30,000     

5.000%, 06/15/2052

     30,032  
  150,000      Salt Verde Financial Corp., Revenue Bond,   
  

5.000%, 12/01/2037

     182,454  
  40,000      Tempe Industrial Development Authority, Series A, Revenue Bond,   
  

6.125%, 10/01/2052

     42,776  
     

 

 

 
        781,721  
     

 

 

 
   Arkansas—0.96%   
  250,000      University of Arkansas, Series A, Revenue Bond,   
  

4.125%, 11/01/2030

     259,078  
     

 

 

 
   California—15.84%   
  100,000      California Health Facilities Financing Authority, Series A, Revenue Bond,   
  

5.000%, 11/15/2031

     118,284  


  100,000      California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond,   
  

5.000%, 02/01/2042

     110,717  
  195,000      California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond,   
  

6.400%, 08/15/2045

     211,934  
  150,000      California Municipal Finance Authority, Revenue Bond,   
  

5.000%, 12/31/2047

     168,429  
  200,000      California State University, Series A, Refunding, Revenue Bond,   
  

5.000%, 11/01/2031

     232,008  
   California Statewide Communities Development Authority, Series A, Revenue Bond,   
  160,000     

6.125%, 11/01/2033

     183,930  
  150,000     

5.250%, 12/01/2056

     161,970  
  300,000      California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,   
  

5.000%, 08/01/2034

     335,067  
  265,000      California, Prerefunded, GO,   
  

6.500%, 04/01/2033

     275,189  
   California, Refunding, GO,   
  150,000     

5.000%, 10/01/2029

     169,035  
  235,000     

6.500%, 04/01/2033

     243,660  
  300,000     

5.000%, 11/01/2043

     335,754  
   Golden State Tobacco Securitization Corp., Series A, Revenue Bond,   
  100,000     

4.000%, 06/01/2031

     106,134  
  10,000     

5.125%, 06/01/2047

     10,000  
   Golden State Tobacco Securitization Corp., Series A-1, Refunding, Revenue Bond,   
  100,000     

5.000%, 06/01/2024

     113,598  
  125,000     

5.000%, 06/01/2047

     128,476  
  180,000     

5.250%, 06/01/2047

     187,470  
  500,000      Los Angeles Department of Airports, Series A, Revenue Bond,   
  

5.250%, 05/15/2029

     515,725  
  250,000      M-S-R Energy Authority, Revenue Bond,   
  

6.500%, 11/01/2039

     357,280  
  300,000      San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,   
  

5.250%, 07/15/2025

     316,236  
     

 

 

 
        4,280,896  
     

 

 

 


   Colorado—3.49%   
  150,000      Castle Pines North Metropolitan District, Refunding, Revenue Bond,   
  

4.000%, 12/01/2044

     152,244  
  130,000      Colorado Health Facilities Authority, Revenue Bond,   
  

8.000%, 08/01/2043

     149,180  
  220,000      Public Authority for Colorado Energy, Revenue Bond,   
  

6.500%, 11/15/2038

     306,788  
  300,000      Regional Transportation District, Series A, Revenue Bond,   
  

5.000%, 11/01/2027

     335,013  
     

 

 

 
        943,225  
     

 

 

 
   Delaware—1.03%   
  35,000      County of Kent, Series A, Revenue Bond,   
  

5.000%, 07/01/2053

     37,742  
  200,000      Delaware, Series A, Refunding, GO,   
  

5.000%, 01/01/2027

     240,426  
     

 

 

 
        278,168  
     

 

 

 
   Florida—4.06%   
  300,000      Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,   
  

7.000%, 04/01/2039

     312,045  
  100,000      Florida Development Finance Corp., Revenue Bond,   
  

5.625%, 01/01/2047 (a)(b)

     103,067  
  225,000      Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,   
  

5.000%, 04/01/2040

     249,383  
  355,000      Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,   
  

5.250%, 08/01/2021

     373,982  
  40,000      Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond,   
  

7.500%, 06/01/2049

     46,163  
  10,000      Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,   
  

7.250%, 06/01/2034

     11,466  
     

 

 

 
        1,096,106  
     

 

 

 
   Georgia—1.25%   
  300,000      Atlanta Water & Wastewater, Refunding, Revenue Bond,   
  

5.000%, 11/01/2040

     337,965  
     

 

 

 
   Illinois—8.29%   
   Chicago Board of Education, Revenue Bond,   
  100,000     

5.000%, 04/01/2042

     107,924  
  100,000     

5.000%, 04/01/2046

     107,618  


  100,000      Chicago Board of Education, Series G, Refunding, GO,   
  

5.000%, 12/01/2044

     102,256  
  100,000      Chicago Board of Education, Series H, GO,   
  

5.000%, 12/01/2036

     102,793  
  70,000      Chicago Waterworks, Revenue Bond,   
  

5.000%, 11/01/2028

     78,654  
  65,000      Chicago, Series A, Refunding, GO,   
  

5.250%, 01/01/2029

     69,071  
  225,000      Illinois Finance Authority, Prerefunded, Revenue Bond,   
  

7.000%, 08/15/2044

     238,363  
  160,000      Illinois Finance Authority, Refunding, Revenue Bond,   
  

5.000%, 12/01/2047

     166,202  
  140,000      Illinois Finance Authority, Series A, Revenue Bond,   
  

5.000%, 02/15/2047

     151,600  
   Illinois, GO,   
  345,000     

5.000%, 01/01/2029

     363,040  
  20,000     

5.000%, 05/01/2036

     20,620  
  70,000     

5.000%, 11/01/2036

     73,046  
  30,000     

5.000%, 02/01/2039

     30,851  
  30,000      Illinois, Series A, GO,   
  

5.000%, 04/01/2038

     30,774  
  100,000      O’Hare International Airport, Series B, Refunding, Revenue Bond,   
  

5.000%, 01/01/2032

     111,597  
  150,000      O’Hare International Airport, Series D, Refunding, Revenue Bond,   
  

5.250%, 01/01/2030

     166,758  
  150,000      Sales Tax Securitization Corp., Series A, Revenue Bond,   
  

5.000%, 01/01/2040

     167,915  
  120,000      Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,   
  

7.125%, 11/01/2043

     149,827  
     

 

 

 
        2,238,909  
     

 

 

 
   Indiana—4.46%   
  500,000      Fishers Redevelopment District, Prerefunded, Revenue Bond,   
  

5.250%, 07/15/2034

     527,530  
  100,000      Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond,   
  

5.000%, 11/15/2034

     112,986  
  250,000      Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,   
  

5.250%, 01/01/2032

     288,180  


  125,000      Shoals Exempt Facilities, Revenue Bond,   
  

7.250%, 11/01/2043

     140,924  
  115,000      Valparaiso Exempt Facilities, Revenue Bond,   
  

7.000%, 01/01/2044

     135,526  
     

 

 

 
        1,205,146  
     

 

 

 
   Kentucky—0.99%   
  250,000      Kentucky Economic Development Finance Authority, Series A, Revenue Bond,   
  

5.000%, 06/01/2045

     266,838  
     

 

 

 
   Louisiana—0.84%   
  200,000      Louisiana Highway Improvement, Series A, Revenue Bond,   
  

5.000%, 06/15/2029

     225,830  
     

 

 

 
   Maryland—0.80%   
  200,000      Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond,   
  

6.000%, 07/01/2034

     215,066  
     

 

 

 
   Michigan—0.41%   
  100,000      Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond,   
  

5.000%, 09/01/2033

     110,557  
     

 

 

 
   Minnesota—2.87%   
  100,000      Apple Valley Senior Living, Series D, Revenue Bond,   
  

7.250%, 01/01/2052

     101,452  
  160,000      Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond,   
  

5.000%, 01/01/2030

     179,195  
  150,000      Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond,   
  

6.875%, 12/01/2048

     170,868  
  300,000      Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,   
  

4.500%, 11/15/2038 (a)(b)

     324,804  
     

 

 

 
        776,319  
     

 

 

 
   Missouri—2.11%   
  200,000      Conley Road Transportation Development District, Revenue Bond,   
  

5.375%, 05/01/2047

     204,394  
  350,000      St. Louis Airport, Revenue Bond,   
  

6.625%, 07/01/2034

     366,285  
     

 

 

 
        570,679  
     

 

 

 
   Montana—0.39%   
  100,000      City of Kalispell, Series A, Revenue Bond,   
  

5.250%, 05/15/2047

     104,906  
     

 

 

 


   Nebraska—3.44%   
  200,000      Central Plains Energy Project, Revenue Bond,   
  

5.000%, 09/01/2042

     240,922  
  130,000      Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,   
  

5.000%, 11/01/2024

     147,605  
  500,000      Omaha Public Power District, Series B, Prerefunded, Revenue Bond,   
  

5.000%, 02/01/2027

     539,855  
     

 

 

 
        928,382  
     

 

 

 
   New Hampshire—0.48%   
  120,000      New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,   
  

5.000%, 07/01/2027

     129,817  
     

 

 

 
   New Jersey—1.27%   
  150,000      New Jersey Economic Development Authority, Refunding, Revenue Bond,   
  

5.250%, 06/15/2030

     164,323  
  25,000      South Jersey Port Corp., Series A, Revenue Bond,   
  

5.000%, 01/01/2049

     27,248  
  40,000      Tobacco Settlement Financing Corp., Series A, Revenue Bond,   
  

5.000%, 06/01/2046

     44,036  
  100,000      Tobacco Settlement Financing Corp., Series B, Revenue Bond,   
  

5.000%, 06/01/2046

     107,688  
     

 

 

 
        343,295  
     

 

 

 
   New York—9.12%   
  325,000      Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,   
  

6.500%, 07/15/2030

     349,333  
  200,000      City of New York, Series B, GO,   
  

5.000%, 10/01/2038

     231,202  
  100,000      City of New York, Series E, GO,   
  

5.000%, 03/01/2041

     115,844  
  140,000      New York City Industrial Development Agency, Revenue Bond,   
  

5.750%, 10/01/2036

     141,350  
  40,000      New York City Industrial Development Agency, Series A, Refunding, Revenue Bond,   
  

5.000%, 07/01/2022

     43,955  
  35,000      New York City, Series I, Unrefunded, GO,   
  

5.375%, 04/01/2036

     35,949  
  100,000      New York Dormitory Authority, Refunding, Revenue Bond,   
  

5.000%, 12/01/2035

     111,072  


  250,000      New York Dormitory Authority, Series B, Refunding, Revenue Bond,   
  

5.000%, 07/01/2038

     275,420  
  500,000      New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond,   
  

5.500%, 10/15/2027

     617,495  
  175,000      New York Liberty Development Corp., Refunding, Revenue Bond,   
  

5.250%, 10/01/2035

     217,752  
  100,000      New York Transportation Development Corp., Revenue Bond,   
  

5.000%, 01/01/2036

     111,857  
  200,000      New York, Series E, GO,   
  

4.000%, 12/15/2027

     211,828  
     

 

 

 
        2,463,057  
     

 

 

 
   North Carolina—1.32%   
  320,000      North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond,   
  

5.000%, 01/01/2025

     357,069  
     

 

 

 
   Ohio—4.42%   
   Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond,   
  550,000     

5.875%, 06/01/2047

     552,354  
  145,000     

6.500%, 06/01/2047

     148,716  
  135,000      County of Cuyahoga, Revenue Bond,   
  

5.250%, 02/15/2047

     145,761  
  100,000      Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,   
  

5.000%, 01/01/2026

     109,651  
  200,000      Ohio, Series A, Refunding, Revenue Bond,   
  

5.000%, 01/01/2031

     237,010  
     

 

 

 
        1,193,492  
     

 

 

 
   Oklahoma—0.25%   
  60,000      Oklahoma Development Finance Authority, Series B, Revenue Bond,   
  

5.500%, 08/15/2057

     68,444  
     

 

 

 
   Pennsylvania—4.40%   
  100,000      Allentown Neighborhood Improvement Zone Development Authority, Revenue Bond,   
  

5.000%, 05/01/2033

     110,018  
  350,000      Butler County Hospital Authority, Prerefunded, Revenue Bond,   
  

7.125%, 07/01/2029

     368,966  
  300,000      Commonwealth Financing Authority, Revenue Bond,   
  

5.000%, 06/01/2034

     339,015  


  150,000      Pennsylvania Economic Development Financing Authority, Revenue Bond,   
  

6.750%, 12/01/2053

     155,783  
  200,000      Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,   
  

5.800%, 07/01/2030

     215,562  
     

 

 

 
        1,189,344  
     

 

 

 
   South Carolina—1.68%   
  400,000      Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,   
  

5.000%, 12/01/2025

     454,428  
     

 

 

 
   South Dakota—0.41%   
  100,000      South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond,   
  

5.000%, 06/01/2026

     109,498  
     

 

 

 
   Texas—7.65%   
  200,000      Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,   
  

6.000%, 01/01/2041

     219,628  
  100,000      Central Texas Turnpike System, Series C, Refunding, Revenue Bond,   
  

5.000%, 08/15/2029

     110,450  
  200,000      Dallas-Fort Worth International Airport, Series B, Revenue Bond,   
  

5.000%, 11/01/2026

     221,248  
  200,000      New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond,   
  

5.000%, 07/01/2046

     218,140  
  225,000      North Texas Tollway Authority, Refunding, Revenue Bond,   
  

4.000%, 01/01/2038

     231,484  
  150,000      North Texas Tollway Authority, Series A, Refunding, Revenue Bond,   
  

5.000%, 01/01/2043

     171,165  
  100,000      North Texas Tollway Authority, Series B, Refunding, Revenue Bond,   
  

5.000%, 01/01/2029

     114,000  
  100,000      Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,   
  

6.625%, 11/15/2037

     111,668  
   Texas Private Activity Surface Transportation Corp., Revenue Bond,   
  200,000     

7.500%, 12/31/2031

     215,192  
  200,000     

7.500%, 06/30/2033

     219,556  
  85,000     

7.000%, 12/31/2038

     100,872  
  115,000     

6.750%, 06/30/2043

     134,572  
     

 

 

 
        2,067,975  
     

 

 

 


   Utah—2.45%   
  100,000      Salt Lake City Corp. Airport, Series B, Revenue Bond,   
  

5.000%, 07/01/2042

     114,814  
  500,000      Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,   
  

5.500%, 06/01/2022

     547,160  
     

 

 

 
        661,974  
     

 

 

 
   Virginia—2.51%   
  1,475,000      Tobacco Settlement Financing Corp., Series C, Revenue Bond,   
  

7.508%, 06/01/2047 (c)

     168,548  
  390,000      Virginia College Building Educational Facilities Authority, Revenue Bond,   
  

5.750%, 01/01/2034

     508,354  
     

 

 

 
        676,902  
     

 

 

 
   Washington—2.26%   
  325,000      Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond,   
  

5.000%, 02/01/2027

     357,081  
  250,000      Washington Health Care Facilities Authority, Refunding, Revenue Bond,   
  

6.375%, 10/01/2036

     252,565  
     

 

 

 
        609,646  
     

 

 

 
   Wisconsin—4.53%   
  100,000      Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,   
  

5.000%, 05/01/2025

     110,279  
   Wisconsin Public Finance Authority, Refunding, Revenue Bond,   
  155,000     

5.000%, 07/01/2022

     163,198  
  150,000     

5.750%, 10/01/2031

     151,501  
  225,000     

5.250%, 05/15/2047

     245,302  
  10,000      Wisconsin, Series 2, Prerefunded, GO,   
  

5.000%, 05/01/2025

     11,096  
  490,000      Wisconsin, Series 2, Unrefunded, GO,   
  

5.000%, 05/01/2025

     542,749  
     

 

 

 
        1,224,125  
     

 

 

 
   Total Municipal Debt Obligations (Cost $25,323,574)      26,644,322  
     

 

 

 

Number of Shares

             
   SHORT TERM INVESTMENTS—0.06%   
   Money Market Funds—0.06%   
  16,033      Government TaxAdvantage Portfolio—Institutional Shares   
  

Effective Yield, 1.71% (b)

     16,033  
     

 

 

 
   Total Short Term Investments (Cost $16,033)      16,033  
     

 

 

 


   Total Investments (Cost $25,339,607)—98.68%      26,660,355  
   Other Assets in Excess of Liabilities—1.32%      357,415  
     

 

 

 
   TOTAL NET ASSETS—100.00%    $ 27,017,770  
     

 

 

 

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 June 30, 2018.

(c)

Zero coupon bond. The Effective yield is listed.

Glossary of Terms

CMI - California Mortgage Insurance

GO - General Obligation


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, convertable obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, swaptions, 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 June 30, 2018:

GuideMark® Large Cap Core Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

   $ 296,273,266      $ —        $ —        $ 296,273,266  

Investment Companies

     10,251,118        —          —          10,251,118  

Real Estate Investment Trusts

     4,228,216        —          —          4,228,216  

Short Term Investments

     2,303,410        —          —          2,303,410  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          29,561,320  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 313,056,010      $ —        $ —        $ 342,617,330  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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

   $ 2,117,373      $ 7,098,384      $ —        $ 9,215,757  

Consumer Staples

     2,962,924        5,210,807        —          8,173,731  

Energy

     2,068,792        3,834,343        —          5,903,135  

Financials

     2,660,645        13,429,472        —          16,090,117  

Health Care

     162,586        2,981,246        —          3,143,832  

Industrials

     681,936        3,447,877        —          4,129,813  

Information Technology

     6,913,424        18,740,423        —          25,653,847  

Materials

     1,467,401        3,328,637        —          4,796,038  

Real Estate

     —          1,589,335        —          1,589,335  

Telecommunication Services

     742,248        2,827,869        —          3,570,117  

Utilities

     512,737        1,371,787        —          1,884,524  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     20,290,066        63,860,180        —          84,150,246  

Investment Companies

     11,064,565        —          —          11,064,565  

Preferred Stocks

           

Consumer Staples

     —          401,391        —          401,391  

Energy

     432,109        —          —          432,109  

Financials

     1,398,773        —          —          1,398,773  

Information Technology

     —          575,758        —          575,758  

Materials

     303,036        —          —          303,036  

Utilities

     118,731        —          —          118,731  

Total Preferred Stocks

     2,252,649        977,149        —          3,229,798  

Short Term Investments

     508,192        —          —          508,192  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          4,582,758  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 34,115,472      $ 64,837,329      $ —        $ 103,535,559  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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

   $ 1,126,227  

Transfers out of Level 1

     (833,881
  

 

 

 

Net Transfers into/(out of) Level 1

   $ 292,346  
  

 

 

 

Transfers into Level 2

   $ 833,881  

Transfers out of Level 2

     (1,126,227
  

 

 

 

Net Transfers into/(out of) Level 2

   $ (292,346
  

 

 

 

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

   $ 53,186,867      $ —        $ 0      $ 53,186,867  

Investment Companies

     1,993,529        —          —          1,993,529  

Real Estate Investment Trusts

     3,300,294        —          —          3,300,294  

Rights

     —          —          0        0  

Short Term Investments

     259,479        —          —          259,479  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          11,194,400  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 58,740,169      $ —        $ —        $ 69,934,569  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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, 2018

   $ 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 June 30, 2018

   $ 0      $ 0  
  

 

 

    

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2018.

   $ —        $ —    
  

 

 

    

 

 

 


GuideMark® World ex-US Fund

 

     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Constuction& Engineering

   $ 669,691      $ —        $ —        $ 669,691  

Consumer Discretionary

     2,001,216        32,039,363        —          34,040,579  

Consumer Staples

     1,759,861        23,335,764        —          25,095,625  

Energy

     1,158,512        7,414,975        —          8,573,487  

Financials

     6,951,237        29,498,751        —          36,449,988  

Health Care

     1,586,745        17,674,409        —          19,261,154  

Industrials

     669,485        21,832,944        —          22,502,429  

Information Technology

     1,480,373        16,442,788        —          17,923,161  

Materials

     1,274,592        12,882,751        —          14,157,343  

Real Estate

     —          2,306,246        —          2,306,246  

Telecommunication Services

     —          3,523,207        —          3,523,207  

Utilities

     119,593        3,704,128        —          3,823,721  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     17,671,305        170,655,326        —          188,326,631  

Investment Companies

     9,053,492        —          —          9,053,492  

Participatory Notes

     —          57,540        —          57,540  

Preferred Stocks

           

Consumer Discretionary

     —          337,632        —          337,632  

Health Care

     —          173,882        —          173,882  

Materials

     —          296,617        —          296,617  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stocks

     —          808,131        —          808,131  

Real Estate Investment Trusts

     —          1,060,533        —          1,060,533  

Rights

     —          —          0      $ 0  

Short Term Investments

     1,517,145        —          —          1,517,145  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          1,569,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 28,241,942      $ 172,581,530      $ 0      $ 202,393,232  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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

   $ 366,701  

Transfers out of Level 1

     —    
  

 

 

 

Net Transfers into/(out of) Level 1

   $ 366,701  
  

 

 

 

Transfers into Level 2

   $ —    

Transfers out of Level 2

     (366,701
  

 

 

 

Net Transfers into/(out of) Level 2

   $ (366,701
  

 

 

 

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

   Rights  

Balance as of April 1, 2018

   $ —    

Purchases

     0  

Sales proceeds and paydowns

     —    

Accreted discounts, net

     —    

Realized gain (loss)

     —    

Change in unrealized appreciation (depreciation)

     —    

Transfers into/(out of) Level 3

     —    
  

 

 

 

Balance as of June 30, 2018

   $ 0  
  

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2018.

   $ —    
  

 

 

 


GuideMark® Core Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  

Fixed Income

           

Asset Backed Securities

   $ —        $ 26,290,779      $ 179,963      $ 26,470,742  

Collateralized Mortgage Obligations

     —          14,618,139        —          14,618,139  

Corporate Obligations

     —          40,081,373        —          40,081,373  

Foreign Government Debt Obligations

     —          1,264,507        —          1,264,507  

Mortgage Backed Securities—U.S. Government Agency

     —          49,487,348        —          49,487,348  

Municipal Debt Obligations

     —          387,083        —          387,083  

U.S. Treasury Obligations

     —          19,959,371        —          19,959,371  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Income

     —          152,088,601        179,963        152,268,564  

Swaptions

     —          104,718           104,718  

Short Term Investments

     2,033,634        —          —          2,033,634  

Investments Purchased with Proceeds from Securities Lending Collateral*

     —          —          —          2,578,725  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 2,033,634      $ 152,193,319      $ 179,963      $ 156,985,640  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other Financial Instruments**

           

Futures

   $ 17,334      $ —        $ —        $ 17,334  

Swaps

     —          378,765        —          378,765  

 

*

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

   Asset Backed Securities  

Balance as of April 1, 2018

   $ 0  

Purchases

     179,963  

Sales proceeds and paydowns

     —    

Accreted discounts, net

     —    

Realized gain (loss)

     —    

Change in unrealized appreciation (depreciation)

     —    

Transfers into/(out of) Level 3

     —    
  

 

 

 

Balance as of June 30, 2018

   $ 179,963  
  

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2018.

   $ —    
  

 

 

 

GuideMark® Tax-Exempt Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  

Municipal Debt Obligations

   $ —        $ 26,644,322      $ —        $ 26,644,322  

Short Term Investments

     16,033        —          —          16,033  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 16,033      $ 26,644,322      $ —        $ 26,660,355  
  

 

 

    

 

 

    

 

 

    

 

 

 

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 June 30, 2018.

 

    

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    $ —        Depreciation on swap agreements    $ 265  

Interest Rate Contracts—Swaps

   Appreciation on swap agreements      456,557      Depreciation on swap agreements      77,527  

Interest Rate Contracts—Futures*

   Unrealized appreciation on futures contracts      66,869      Unrealized depreciation on futures contracts      49,535  
     

 

 

       

 

 

 

Total

      $ 523,426         $ 127,327  
     

 

 

       

 

 

 

 

*

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

The average monthly value outstanding of purchased and written options during the year ended June 30, 2018 were as follows:

 

Purchased Options

   $ 75,492  

Written Options

     —    

The average monthly notional amount outstanding of futures and swaps during the period ended June 30, 2018 were as follows:

 

Long Positions

         

Short Positions

      

Futures

   $ 24,241,665      Futures    ($ 11,508,453

Swaps

     12,970,750      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 June 30, 2018, 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

   $ 29,561,320  

Emerging Markets Fund

     4,582,758  

Small/Mid Cap Core Fund

     11,194,400  

World ex-US Fund

     1,569,760  

Core Fixed Income Fund

     2,578,725  

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   08/28/2018

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   08/28/2018

 

By (Signature and Title)   /s/ Patrick R. Young
  Patrick R. Young
  Principal Financial Officer/Treasurer
Date   08/28/2018

Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
3/31/19None on these Dates
Filed on / Effective on:8/28/18
For Period End:6/30/18
4/1/18
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