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GPS Funds I – ‘N-Q’ for 6/30/17

On:  Monday, 8/28/17, at 4:40pm ET   ·   Effective:  8/28/17   ·   For:  6/30/17   ·   Accession #:  1193125-17-270484   ·   File #:  811-10267

Previous ‘N-Q’:  ‘N-Q’ on 2/28/17 for 12/31/16   ·   Next:  ‘N-Q’ on 2/28/18 for 12/31/17   ·   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

 8/28/17  GPS Funds I                       N-Q         6/30/17    2:3.6M                                   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® Opportunistic Equity Fund Institutional Shares (GIOEX) — Service Class (GMOPX)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         Gps Funds I - Form N-Q                              HTML   2.08M 
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     16K 


N-Q   —   Gps Funds I – Form N-Q


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



  GPS FUNDS I - FORM N-Q  

As filed with the Securities and Exchange Commission on 08/28/2017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

811-10267

Investment Company Act file number:

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10th Floor

Concord CA 94520

(Address of principal executive offices) (Zip code)

Patrick R. Young

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord CA 94520

(Name and address of agent for service)

 

(800) 664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2018

Date of reporting period:   June 30, 2017


Item 1. Schedule of Investments.


GuideMark® Large Cap Core Fund

Schedule of Investments

June, 30 2017 (Unaudited)

 

Number of Shares           Value  
  

COMMON STOCKS - 93.02%

  
  

Aerospace & Defense - 1.43%

  
  4,745     

Boeing Co.

   $ 938,324  
  1,602     

BWX Technologies, Inc.

     78,097  
  2,320     

General Dynamics Corp.

     459,592  
  2,546     

HEICO Corp. (a)

     182,905  
  3,938     

HEICO Corp. - Class A

     244,353  
  1,496     

Huntington Ingalls Industries, Inc.

     278,495  
  1,399     

L3 Technologies, Inc.

     233,745  
  314     

Lockheed Martin Corp.

     87,170  
  962     

Northrop Grumman Corp.

     246,955  
  2,503     

Orbital ATK, Inc.

     246,195  
  935     

Raytheon Co.

     150,984  
  593     

Rockwell Collins, Inc.

     62,312  
  2,750     

Spirit AeroSystems Holdings, Inc. - Class A (a)

     159,335  
  1,793     

Textron, Inc.

     84,450  
  3,723     

United Technologies Corp.

     454,616  
     

 

 

 
        3,907,528  
     

 

 

 
  

Air Freight & Logistics - 0.23%

  
  4,765     

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

     327,260  
  1,887     

Expeditors International of Washington, Inc. (a)

     106,578  
  377     

FedEx Corp.

     81,933  
  1,781     

XPO Logistics, Inc. (b)

     115,106  
     

 

 

 
        630,877  
     

 

 

 
  

Airlines - 0.83%

  
  1,806     

Alaska Air Group, Inc.

     162,106  
  3,908     

American Airlines Group, Inc.

     196,651  
  4,060     

Copa Holdings SA - Class A (a)

     475,020  
  6,634     

Delta Air Lines, Inc.

     356,511  
  9,264     

JetBlue Airways Corp. (b)

     211,497  
  3,307     

Southwest Airlines Co.

     205,497  
  8,759     

United Continental Holdings, Inc. (a)(b)

     659,115  
     

 

 

 
        2,266,397  
     

 

 

 
  

Auto Components - 0.17%

  
  629     

Delphi Automotive Plc

     55,132  
  3,194     

Goodyear Tire & Rubber Co.

     111,662  
  1,715     

Lear Corp.

     243,667  
  553     

Visteon Corp. (b)

     56,439  
     

 

 

 
        466,900  
     

 

 

 
  

Automobiles - 0.44%

  
  51,682     

Ford Motor Co. (a)

     578,322  
  892     

Tesla, Inc. (a)(b)

     322,556  
  2,781     

Thor Industries, Inc.

     290,670  
     

 

 

 
        1,191,548  
     

 

 

 
  

Banks - 5.10%

  
  2,228     

Associated Banc-Corp.

     56,146  
  104,531     

Bank of America Corp.

     2,535,922  
  2,588     

BB&T Corp.

     117,521  
  2,808     

CIT Group, Inc.

     136,750  
  28,762     

Citigroup, Inc.

     1,923,603  
  9,733     

Citizens Financial Group, Inc.

     347,273  
  4,304     

Comerica, Inc.

     315,225  
  936     

Cullen Frost Bankers, Inc. (a)

     87,900  
  3,063     

East West Bancorp, Inc.

     179,430  
  8,301     

Fifth Third Bancorp

     215,494  
  547     

First Republic Bank

     54,755  
  6,388     

Huntington Bancshares, Inc.

     86,366  
  36,464     

JPMorgan Chase & Co.

     3,332,810  
  15,664     

KeyCorp

     293,543  
  1,133     

M&T Bank Corp.

     183,489  
  4,379     

PNC Financial Services Group, Inc.

     546,806  
  21,392     

Regions Financial Corp.

     313,179  
  3,479     

SunTrust Banks, Inc.

     197,329  
  1,359     

SVB Financial Group (b)

     238,899  
  2,563     

Synovus Financial Corp.

     113,387  
  19,594     

TCF Financial Corp.

     312,328  


  11,294     

U.S. Bancorp (a)

     586,384  
  31,781     

Wells Fargo & Co.

     1,760,985  
     

 

 

 
        13,935,524  
     

 

 

 
  

Beverages - 1.29%

  
  3,769     

Brown-Forman Corp. - Class A

     185,812  
  4,155     

Brown-Forman Corp. - Class B

     201,933  
  298     

Constellation Brands, Inc. - Class A

     57,732  
  1,656     

Dr. Pepper Snapple Group, Inc.

     150,878  
  5,283     

Monster Beverage Corp. (b)

     262,459  
  15,266     

PepsiCo, Inc.

     1,763,070  
  20,309     

The Coca-Cola Co.

     910,859  
     

 

 

 
        3,532,743  
     

 

 

 
  

Biotechnology - 1.78%

  
  1,868     

Alkermes Plc (b)

     108,288  
  985     

Alnylam Pharmaceuticals, Inc. (b)

     78,564  
  2,782     

Amgen, Inc.

     479,144  
  2,265     

Biogen, Inc. (b)

     614,630  
  7,087     

Bioverativ, Inc. (a)(b)

     426,425  
  3,662     

Celgene Corp. (a)(b)

     475,584  
  7,656     

Exelixis, Inc. (b)

     188,567  
  15,044     

Gilead Sciences, Inc.

     1,064,814  
  1,618     

Incyte Corp. (b)

     203,722  
  7,042     

Seattle Genetics, Inc. (b)

     364,353  
  1,299     

TESARO, Inc. (b)

     181,678  
  2,913     

United Therapeutics Corp. (a)(b)

     377,904  
  2,350     

Vertex Pharmaceuticals, Inc. (b)

     302,845  
     

 

 

 
        4,866,518  
     

 

 

 
  

Building Products - 0.56%

  
  1,653     

A. O. Smith Corp.

     93,113  
  3,080     

Allegion Plc

     249,850  
  1,084     

Fortune Brands Home & Security, Inc. (a)

     70,720  
  1,934     

Lennox International, Inc. (a)

     355,160  
  5,431     

Masco Corp.

     207,519  
  4,890     

Owens Corning, Inc.

     327,239  
  7,475     

USG Corp. (a)(b)

     216,924  
     

 

 

 
        1,520,525  
     

 

 

 
  

Capital Markets - 2.23%

  
  1,009     

Ameriprise Financial, Inc.

     128,436  
  6,741     

BGC Partners, Inc. - Class A

     85,206  
  3,380     

CBOE Holdings, Inc. (a)

     308,932  
  1,483     

CME Group, Inc.

     185,731  
  4,453     

E*TRADE Financial Corp. (b)

     169,348  
  5,834     

Eaton Vance Corp.

     276,065  
  2,294     

FactSet Research Systems, Inc. (a)

     381,217  
  4,177     

Federated Investors, Inc. - Class B (a)

     118,000  
  3,866     

Lazard Ltd. - Class A - ADR (a)

     179,112  
  1,364     

Legg Mason, Inc.

     52,050  
  6,362     

LPL Financial Holdings, Inc.

     270,131  
  1,135     

MarketAxess Holdings, Inc.

     228,248  
  1,129     

Moody’s Corp.

     137,377  
  17,072     

Morgan Stanley (a)

     760,728  
  909     

Morningstar, Inc.

     71,211  
  4,607     

MSCI, Inc.

     474,475  
  1,735     

Northern Trust Corp.

     168,659  
  1,892     

Raymond James Financial, Inc.

     151,776  
  5,209     

S&P Global, Inc.

     760,462  
  3,127     

SEI Investments Co.

     168,170  
  3,004     

State Street Corp.

     269,549  
  2,995     

T. Rowe Price Group, Inc. (a)

     222,259  
  3,964     

TD Ameritrade Holding Corp.

     170,412  
  1,341     

The Bank of New York Mellon Corp.

     68,418  
  7,015     

The Charles Schwab Corp.

     301,364  
     

 

 

 
        6,107,336  
     

 

 

 
  

Chemicals - 1.48%

  
  1,184     

Albemarle Corp. (a)

     124,959  
  1,731     

E.I. du Pont de Nemours & Co.

     139,709  
  1,071     

Eastman Chemical Co.

     89,953  
  1,295     

Ecolab, Inc.

     171,911  
  1,871     

FMC Corp. (a)

     136,677  
  16,320     

Huntsman Corp.

     421,709  
  556     

International Flavors & Fragrances, Inc.

     75,060  


  802     

LyondellBasell Industries NV - Class A (a)

     67,681  
  4,568     

Monsanto Co.

     540,668  
  367     

NewMarket Corp.

     168,996  
  5,631     

Olin Corp.

     170,507  
  43,279     

Platform Specialty Products Corp. (b)

     548,778  
  1,648     

PPG Industries, Inc. (a)

     181,214  
  410     

Praxair, Inc.

     54,345  
  4,409     

RPM International, Inc.

     240,511  
  8,667     

The Chemours Co.

     328,653  
  3,386     

The Dow Chemical Co.

     213,555  
  2,394     

The Scotts Miracle-Gro Co. - Class A (a)

     214,167  
  6,758     

Valvoline, Inc.

     160,300  
     

 

 

 
        4,049,353  
     

 

 

 
  

Commercial Services & Supplies - 0.73%

  
  887     

Avery Dennison Corp.

     78,384  
  2,617     

Cintas Corp.

     329,847  
  6,106     

Copart, Inc. (a)(b)

     194,110  
  5,319     

Pitney Bowes, Inc.

     80,317  
  4,905     

Republic Services, Inc.

     312,596  
  16,184     

Rollins, Inc. (a)

     658,851  
  1,392     

Stericycle, Inc. (b)

     106,237  
  3,356     

Waste Management, Inc.

     246,162  
     

 

 

 
        2,006,504  
     

 

 

 
  

Communications Equipment - 1.49%

  
  1,929     

Arista Networks, Inc. (a)(b)

     288,945  
  23,771     

ARRIS International Plc (b)

     666,063  
  16,413     

Brocade Communications Systems, Inc.

     206,968  
  43,051     

Cisco Systems, Inc.

     1,347,496  
  3,547     

CommScope Holding Co., Inc. (b)

     134,892  
  3,128     

EchoStar Corp. - Class A (b)

     189,870  
  2,050     

F5 Networks, Inc. (b)

     260,473  
  1,221     

Harris Corp.

     133,187  
  7,309     

Juniper Networks, Inc. (a)

     203,775  
  1,932     

Motorola Solutions, Inc. (a)

     167,582  
  794     

Palo Alto Networks, Inc. (b)

     106,245  
  6,723     

QUALCOMM, Inc.

     371,244  
     

 

 

 
        4,076,740  
     

 

 

 
  

Construction & Engineering - 0.81%

  
  25,084     

AECOM (b)

     810,966  
  14,965     

Fluor Corp. (a)

     685,097  
  13,264     

Jacobs Engineering Group, Inc. (a)

     721,429  
     

 

 

 
        2,217,492  
     

 

 

 
  

Consumer Finance - 1.10%

  
  22,496     

Ally Financial, Inc. (a)

     470,166  
  4,239     

American Express Co. (a)

     357,093  
  6,399     

Capital One Financial Corp.

     528,685  
  863     

Credit Acceptance Corp. (b)

     221,912  
  2,679     

Discover Financial Services

     166,607  
  28,218     

Navient Corp.

     469,830  
  43,855     

Santander Consumer USA Holdings, Inc. (a)(b)

     559,590  
  8,172     

Synchrony Financial (a)

     243,689  
     

 

 

 
        3,017,572  
     

 

 

 
  

Containers & Packaging - 0.38%

  
  3,650     

Berry Plastics Group, Inc. (b)

     208,086  
  4,436     

Graphic Packaging Holding Co.

     61,128  
  3,654     

International Paper Co. (a)

     206,853  
  3,914     

Owens-Illinois, Inc. (b)

     93,623  
  2,451     

Packaging Corp. of America

     273,017  
  3,241     

WestRock Co.

     183,635  
     

 

 

 
        1,026,342  
     

 

 

 
  

Distributors - 0.17%

  
  2,997     

Genuine Parts Co. (a)

     278,002  
  5,693     

LKQ Corp. (b)

     187,584  
     

 

 

 
        465,586  
     

 

 

 
  

Diversified Consumer Services - 0.32%

  
  905     

Graham Holdings Co. - Class B

     542,683  
  8,569     

H&R Block, Inc.

     264,868  
  1,915     

ServiceMaster Global Holdings, Inc. (b)

     75,049  
     

 

 

 
        882,600  
     

 

 

 
  

Diversified Financial Services - 0.19%

  
  19,793     

Leucadia National Corp.

     517,785  
     

 

 

 


  

Diversified Telecommunication Services - 1.07%

  
  46,624     

AT&T, Inc.

     1,759,123  
  3,979     

CenturyLink, Inc. (a)

     95,019  
  4,089     

Level 3 Communications, Inc. (b)

     242,478  
  18,834     

Verizon Communications, Inc.

     841,126  
     

 

 

 
        2,937,746  
     

 

 

 
  

Electric Utilities - 0.48%

  
  917     

Duke Energy Corp.

     76,652  
  1,340     

Edison International

     104,774  
  4,466     

Exelon Corp.

     161,089  
  2,930     

FirstEnergy Corp.

     85,439  
  2,713     

Hawaiian Electric Industries, Inc.

     87,847  
  1,970     

NextEra Energy, Inc.

     276,056  
  2,641     

PG&E Corp.

     175,283  
  2,127     

Pinnacle West Capital Corp.

     181,135  
  1,386     

PPL Corp.

     53,583  
  2,382     

Xcel Energy, Inc.

     109,286  
     

 

 

 
        1,311,144  
     

 

 

 
  

Electrical Equipment - 0.73%

  
  1,461     

Acuity Brands, Inc. (a)

     296,992  
  1,775     

Agilent Technologies, Inc.

     105,275  
  1,352     

AMETEK, Inc.

     81,891  
  1,935     

Eaton Corp. Plc

     150,601  
  3,500     

Emerson Electric Co. (a)

     208,670  
  482     

Hubbell, Inc.

     54,548  
  7,905     

Regal Beloit Corp.

     644,653  
  1,536     

Rockwell Automation, Inc.

     248,770  
  937     

Roper Industries, Inc.

     216,944  
     

 

 

 
        2,008,344  
     

 

 

 
  

Electronic Equipment, Instruments & Components - 1.04%

  
  3,532     

Amphenol Corp. - Class A

     260,732  
  4,425     

CDW Corp. (a)

     276,695  
  4,988     

Cognex Corp.

     423,481  
  1,269     

Coherent, Inc. (b)

     285,512  
  11,074     

Corning, Inc.

     332,774  
  3,014     

Dolby Laboratories, Inc. - Class A

     147,566  
  1,104     

IPG Photonics Corp. (b)

     160,190  
  5,997     

Jabil, Inc. (a)

     175,053  
  3,391     

Keysight Technologies, Inc. (b)

     132,012  
  6,423     

National Instruments Corp.

     258,333  
  1,914     

Trimble, Inc. (a)(b)

     68,272  
  3,299     

Zebra Technologies Corp. - Class A (b)

     331,616  
     

 

 

 
        2,852,236  
     

 

 

 
  

Energy Equipment & Services - 0.54%

  
  4,697     

Baker Hughes, Inc. (a)

     256,033  
  21,928     

Oceaneering International, Inc.

     500,836  
  86,603     

Transocean, Ltd. - ADR (a)(b)

     712,743  
     

 

 

 
        1,469,612  
     

 

 

 
  

Food & Staples Retailing - 2.65%

  
  2,467     

Casey’s General Stores, Inc. (a)

     264,240  
  4,791     

Costco Wholesale Corp.

     766,225  
  15,312     

CVS Health Corp. (a)

     1,232,003  
  20,402     

Kroger Co. (a)

     475,775  
  27,628     

Rite Aid Corp. (b)

     81,502  
  12,127     

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

     274,919  
  7,811     

SYSCO Corp.

     393,128  
  23,318     

US Foods Holding Corp. (b)

     634,716  
  12,417     

Walgreens Boots Alliance, Inc.

     972,375  
  22,548     

Wal-Mart Stores, Inc. (a)

     1,706,433  
  10,260     

Whole Foods Market, Inc.

     432,049  
     

 

 

 
        7,233,365  
     

 

 

 
  

Food Products - 2.02%

  
  4,514     

Archer-Daniels-Midland Co.

     186,789  
  16,326     

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

     372,396  
  12,274     

Bunge Ltd.

     915,640  
  2,992     

Campbell Soup Co.

     156,033  
  6,256     

ConAgra Brands, Inc.

     223,715  
  19,296     

Flowers Foods, Inc. (a)

     334,014  
  3,387     

Hershey Co.

     363,662  
  1,565     

Hormel Foods Corp.

     53,382  
  2,906     

Ingredion, Inc.

     346,424  


  968     

Kellogg Co. (a)

     67,237  
  1,721     

Lamb Weston Holdings, Inc.

     75,793  
  1,042     

McCormick & Co, Inc. - Non Voting

     101,605  
  4,967     

Pinnacle Foods, Inc.

     295,040  
  1,926     

Post Holdings, Inc. (a)(b)

     149,554  
  7,092     

The Hain Celestial Group, Inc. (b)

     275,312  
  1,843     

The J.M. Smucker Co.

     218,082  
  7,949     

TreeHouse Foods, Inc. (a)(b)

     649,354  
  11,662     

Tyson Foods, Inc. - Class A (a)

     730,391  
     

 

 

 
        5,514,423  
     

 

 

 
  

Gas Utilities - 0.11%

  
  6,312     

UGI Corp.

     305,564  
     

 

 

 
  

Health Care Equipment & Supplies - 2.05%

  
  2,634     

ABIOMED, Inc. (b)

     377,452  
  3,254     

Alere, Inc. (b)

     163,318  
  3,625     

Align Technology, Inc. (b)

     544,185  
  6,465     

Baxter International, Inc.

     391,391  
  5,680     

Boston Scientific Corp. (b)

     157,449  
  879     

C.R. Bard, Inc.

     277,861  
  5,185     

DexCom, Inc. (a)(b)

     379,283  
  3,508     

Edwards Lifesciences Corp. (b)

     414,786  
  3,539     

Hill-Rom Holdings, Inc.

     281,740  
  1,771     

Hologic, Inc. (b)

     80,368  
  4,004     

IDEXX Laboratories, Inc. (b)

     646,326  
  600     

Intuitive Surgical, Inc. (b)

     561,222  
  1,166     

Medtronic Plc

     103,482  
  701     

ResMed, Inc.

     54,587  
  3,306     

Stryker Corp.

     458,807  
  893     

The Cooper Companies, Inc.

     213,802  
  3,921     

Varian Medical Systems, Inc. (b)

     404,608  
  950     

West Pharmaceutical Services, Inc.

     89,794  
     

 

 

 
        5,600,461  
     

 

 

 
  

Health Care Providers & Services - 2.90%

  
  949     

Aetna, Inc.

     144,087  
  4,675     

Anthem, Inc.

     879,508  
  7,552     

Centene Corp. (b)

     603,254  
  1,217     

Cerner Corp. (a)(b)

     80,894  
  2,462     

CIGNA Corp. (a)

     412,114  
  6,957     

DaVita, Inc. (b)

     450,535  
  9,909     

Express Scripts Holding Co. (a)(b)

     632,590  
  1,050     

Henry Schein, Inc. (b)

     192,171  
  3,488     

Humana, Inc.

     839,283  
  482     

Laboratory Corp. of America Holdings (a)(b)

     74,295  
  3,127     

McKesson Corp.

     514,517  
  1,356     

MEDNAX, Inc. (b)

     81,862  
  1,421     

Patterson Cos., Inc. (a)

     66,716  
  1,157     

PerkinElmer, Inc.

     78,838  
  2,215     

Quest Diagnostics, Inc. (a)

     246,219  
  9,728     

UnitedHealth Group, Inc.

     1,803,766  
  1,175     

Universal Health Services, Inc. - Class B

     143,444  
  3,825     

WellCare Health Plans, Inc. (b)

     686,817  
     

 

 

 
        7,930,910  
     

 

 

 
  

Health Care Technology - 0.20%

  
  1,195     

athenahealth, Inc. (a)(b)

     167,957  
  6,353     

Veeva Systems, Inc. - Class A (a)(b)

     389,503  
     

 

 

 
        557,460  
     

 

 

 
  

Hotels, Restaurants & Leisure - 2.98%

  
  4,872     

Aramark (a)

     199,655  
  7,474     

Carnival Corp. - ADR

     490,070  
  263     

Chipotle Mexican Grill, Inc. (b)

     109,434  
  6,176     

Choice Hotels International, Inc.

     396,808  
  1,386     

Darden Restaurants, Inc. (a)

     125,350  
  3,452     

Domino’s Pizza, Inc.

     730,202  
  1,046     

Dunkin’ Brands Group, Inc. (a)

     57,656  
  2,232     

Hilton Grand Vacations, Inc. (b)

     80,486  
  3,436     

Hilton Worldwide Holdings, Inc.

     212,517  
  3,283     

Hyatt Hotels Corp. - Class A (b)

     184,537  
  44,792     

International Game Technology Plc

     819,694  
  4,855     

Las Vegas Sands Corp.

     310,186  
  3,914     

Marriott International, Inc. - Class A

     392,613  
  7,875     

McDonald’s Corp.

     1,206,135  


  6,436     

MGM Resorts International

     201,382  
  963     

Panera Bread Co. - Class A (b)

     302,998  
  2,343     

Royal Caribbean Cruises Ltd.

     255,926  
  11,633     

Starbucks Corp.

     678,320  
  3,951     

The Wendy’s Co.

     61,280  
  1,164     

Vail Resorts, Inc.

     236,094  
  2,478     

Wyndham Worldwide Corp.

     248,816  
  993     

Wynn Resorts Ltd.

     133,181  
  6,206     

Yum China Holdings, Inc. (b)

     244,703  
  6,328     

Yum! Brands, Inc.

     466,753  
     

 

 

 
        8,144,796  
     

 

 

 
  

Household Durables - 0.61%

  
  14,874     

CalAtlantic Group, Inc.

     525,796  
  1,261     

Garmin Ltd. (a)

     64,349  
  1,557     

Lennar Corp. - Class A

     83,019  
  1,224     

Lennar Corp. - Class B

     55,043  
  116     

NVR, Inc. (b)

     279,631  
  2,699     

Tempur Sealy International, Inc. (a)(b)

     144,099  
  2,772     

Toll Brothers, Inc.

     109,522  
  5,655     

Tupperware Brands Corp. (a)

     397,151  
     

 

 

 
        1,658,610  
     

 

 

 
  

Household Products - 1.16%

  
  2,119     

Church & Dwight, Inc.

     109,934  
  2,516     

Clorox Co.

     335,232  
  7,874     

Colgate-Palmolive Co.

     583,700  
  4,108     

Energizer Holdings, Inc.

     197,266  
  2,923     

Kimberly-Clark Corp.

     377,388  
  16,604     

Procter & Gamble Co.

     1,447,039  
  862     

Spectrum Brands Holdings, Inc. (a)

     107,784  
     

 

 

 
        3,158,343  
     

 

 

 
  

Independent Power and Renewable Electricity Producers - 0.79%

  
  62,208     

AES Corp.

     691,131  
  83,221     

Calpine Corp. (a)(b)

     1,125,980  
  19,719     

NRG Energy, Inc. (a)

     339,561  
     

 

 

 
        2,156,672  
     

 

 

 
  

Industrial Conglomerates - 0.92%

  
  5,724     

3M Co.

     1,191,680  
  17,079     

General Electric Co.

     461,304  
  4,336     

Honeywell International, Inc.

     577,945  
  69     

Seaboard Corp.

     275,655  
     

 

 

 
        2,506,584  
     

 

 

 
  

Insurance - 3.52%

  
  1,732     

Aflac, Inc.

     134,542  
  6,087     

Allstate Corp.

     538,334  
  2,812     

American Financial Group, Inc.

     279,428  
  4,238     

American International Group, Inc.

     264,960  
  473     

American National Insurance Co.

     55,100  
  2,605     

Aon Plc

     346,335  
  3,104     

Arch Capital Group, Ltd. - ADR (b)

     289,572  
  958     

Arthur J. Gallagher & Co.

     54,845  
  2,161     

Assurant, Inc.

     224,074  
  6,407     

Assured Guaranty, Ltd.

     267,428  
  1,103     

Athene Holding, Ltd. (b)

     54,720  
  3,928     

Axis Capital Holdings, Ltd.

     253,984  
  9,921     

Berkshire Hathaway, Inc. - Class B (b)

     1,680,320  
  7,187     

CNA Financial Corp.

     350,366  
  2,436     

Erie Indemnity Co. - Class A

     304,670  
  1,686     

Everest Re Group, Ltd.

     429,239  
  1,983     

First American Financial Corp.

     88,620  
  2,094     

Hartford Financial Services Group, Inc.

     110,082  
  7,050     

Lincoln National Corp.

     476,439  
  4,387     

Marsh & McLennan Cos., Inc.

     342,011  
  3,667     

MetLife, Inc. (a)

     201,465  
  6,137     

Old Republic International Corp.

     119,856  
  4,372     

Principal Financial Group, Inc.

     280,114  
  6,978     

Progressive Corp.

     307,660  
  7,490     

Prudential Financial, Inc.

     809,969  
  3,781     

Reinsurance Group of America, Inc.

     485,443  
  778     

RenaissanceRe Holdings, Ltd.

     108,181  
  1,506     

The Travelers Cos., Inc. (a)

     190,554  
  1,266     

Torchmark Corp.

     96,849  


  5,299     

Unum Group

     247,092  
  791     

W.R. Berkley Corp.

     54,713  
  3,746     

XL Group Ltd.

     164,075  
     

 

 

 
        9,611,040  
     

 

 

 
  

Internet & Direct Marketing Retail - 2.74%

  
  3,999     

Amazon.com, Inc. (b)

     3,871,032  
  2,801     

Expedia, Inc.

     417,209  
  7,149     

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

     175,436  
  3,654     

Liberty Ventures - Series A (b)

     191,068  
  6,457     

Netflix, Inc. (b)

     964,740  
  594     

The Priceline Group, Inc. (b)

     1,111,089  
  4,468     

TripAdvisor, Inc. (b)

     170,678  
  7,654     

Wayfair, Inc. - Class A (b)

     588,439  
     

 

 

 
        7,489,691  
     

 

 

 
  

Internet Software & Services - 4.55%

  
  6,383     

Akamai Technologies, Inc. (a)(b)

     317,937  
  3,482     

Alphabet, Inc. - Class A (b)

     3,237,146  
  3,531     

Alphabet, Inc. - Class C (b)

     3,208,726  
  18,383     

eBay, Inc. (b)

     641,934  
  25,737     

Facebook, Inc. - Class A (b)

     3,885,772  
  4,566     

IAC InterActive Corp. (b)

     471,394  
  1,234     

LogMeIn, Inc.

     128,953  
  11,300     

Match Group, Inc. (a)(b)

     196,394  
  9,629     

Pandora Media, Inc. (a)(b)

     85,891  
  5,956     

Twitter, Inc. (b)

     106,434  
  1,824     

VeriSign, Inc. (a)(b)

     169,559  
     

 

 

 
        12,450,140  
     

 

 

 
  

IT Services - 2.78%

  
  6,465     

Accenture Plc - Class A - ADR

     799,591  
  906     

Alliance Data Systems Corp. (a)

     232,561  
  2,222     

Amdocs Ltd.

     143,230  
  1,064     

Automatic Data Processing, Inc.

     109,017  
  14,794     

Booz Allen Hamilton Holding Corp. - Class A (a)

     481,397  
  1,211     

Broadridge Financial Solutions, Inc.

     91,503  
  4,692     

Cognizant Technology Solutions Corp. - Class A

     311,549  
  4,696     

Conduent, Inc. (b)

     74,854  
  6,780     

CoreLogic, Inc. (b)

     294,116  
  1,782     

CSRA, Inc. (a)

     56,578  
  1,450     

DST Systems, Inc.

     89,465  
  1,185     

Euronet Worldwide, Inc. (b)

     103,533  
  3,010     

Fidelity National Information Services, Inc.

     257,054  
  12,388     

First Data Corp. - Class A (a)(b)

     225,462  
  651     

Fiserv, Inc. (a)(b)

     79,643  
  1,498     

Gartner, Inc. (b)

     185,018  
  7,643     

Genpact, Ltd. (a)

     212,705  
  4,537     

Leidos Holdings, Inc.

     234,518  
  8,319     

MasterCard, Inc. - Class A

     1,010,343  
  2,370     

Paychex, Inc.

     134,948  
  8,685     

PayPal Holdings, Inc. (b)

     466,124  
  14,818     

Square, Inc. - Class A (a)(b)

     347,630  
  8,945     

The Western Union Co. (a)

     170,402  
  6,846     

T-Mobile USA, Inc. (a)(b)

     415,005  
  2,435     

Total System Services, Inc.

     141,839  
  873     

Vantiv, Inc. - Class A (b)

     55,296  
  9,391     

Visa, Inc. - Class A (a)

     880,688  
     

 

 

 
        7,604,069  
     

 

 

 
  

Leisure Products - 0.43%

  
  2,035     

Brunswick Corp.

     127,656  
  2,773     

Hasbro, Inc. (a)

     309,217  
  10,199     

Mattel, Inc. (a)

     219,585  
  1,101     

Polaris Industries, Inc. (a)

     101,545  
  3,576     

Pool Corp. (a)

     420,430  
     

 

 

 
        1,178,433  
     

 

 

 
  

Life Sciences Tools & Services - 1.00%

  
  1,174     

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

     265,688  
  10,335     

Bruker Corp.

     298,061  
  1,060     

Charles River Laboratories International, Inc. (b)

     107,219  
  1,942     

Illumina, Inc. (b)

     336,976  
  1,114     

Mettler-Toledo International, Inc. (b)

     655,634  
  2,204     

QIAGEN NV

     73,900  
  2,733     

Quintiles IMS Holdings, Inc. (b)

     244,604  


  1,398     

Thermo Fisher Scientific, Inc.

     243,909  
  8,928     

VWR Corp. (b)

     294,713  
  1,179     

Waters Corp. (b)

     216,747  
     

 

 

 
        2,737,451  
     

 

 

 
  

Machinery - 1.83%

  
  811     

AGCO Corp.

     54,653  
  2,722     

Allison Transmission Holdings, Inc.

     102,102  
  3,110     

Caterpillar, Inc.

     334,201  
  5,158     

Colfax Corp. (a)(b)

     203,070  
  2,215     

Cummins, Inc.

     359,317  
  1,104     

Deere & Co.

     136,443  
  3,998     

Donaldson Co., Inc. (a)

     182,069  
  2,356     

Fortive Corp.

     149,253  
  1,861     

Graco, Inc.

     203,370  
  4,184     

Illinois Tool Works, Inc. (a)

     599,358  
  2,832     

Ingersoll-Rand Plc

     258,816  
  3,139     

Lincoln Electric Holdings, Inc. (a)

     289,071  
  1,230     

Nordson Corp.

     149,224  
  6,353     

Oshkosh Corp.

     437,595  
  1,934     

Parker-Hannifin Corp.

     309,092  
  646     

Snap-on, Inc.

     102,068  
  10,160     

Terex Corp. (a)

     381,000  
  2,836     

The Timken Co.

     131,165  
  9,010     

Toro Co.

     624,303  
     

 

 

 
        5,006,170  
     

 

 

 
  

Marine - 0.06%

  
  2,607     

Kirby Corp. (a)(b)

     174,278  
     

 

 

 
  

Media - 2.52%

  
  428     

Cable One, Inc.

     304,265  
  1,062     

Charter Communications, Inc. - Class A (b)

     357,735  
  32,293     

Comcast Corp. - Class A

     1,256,844  
  2,079     

Discovery Communications, Inc. - Series A (b)

     53,701  
  3,139     

Discovery Communications, Inc. - Series C (b)

     79,134  
  4,544     

John Wiley & Sons, Inc. - Class A

     239,696  
  1,511     

Liberty Broadband Corp. - Class A (b)

     129,629  
  2,324     

Liberty Broadband Corp. - Class C (b)

     201,607  
  10,066     

Liberty Media Corp. - Class A (b)

     422,571  
  10,196     

Liberty Media Corp. - Class C (b)

     425,173  
  3,150     

Liberty Media Group - Class A (b)

     110,344  
  4,484     

Liberty Media Group - Class C (b)

     164,204  
  3,355     

Lions Gate Entertainment Corp. - Class A (b)

     94,678  
  5,847     

Lions Gate Entertainment Corp. - Class B (b)

     153,659  
  3,906     

Live Nation Entertainment, Inc. (b)

     136,124  
  14,276     

News Corp. - Class A (a)

     195,581  
  13,070     

News Corp. - Class B (a)

     184,941  
  794     

Scripps Networks Interactive, Inc. - Class A

     54,238  
  51,383     

Sirius XM Holdings, Inc.

     281,065  
  43,754     

TEGNA, Inc.

     630,495  
  7,737     

The Walt Disney Co.

     822,056  
  5,999     

Time Warner, Inc.

     602,360  
     

 

 

 
        6,900,100  
     

 

 

 
  

Metals & Mining - 0.62%

  
  29,710     

Freeport-McMoRan, Inc. (a)(b)

     356,817  
  7,251     

Newmont Mining Corp.

     234,860  
  1,557     

Reliance Steel & Aluminum Co.

     113,365  
  796     

Royal Gold, Inc.

     62,223  
  7,769     

Steel Dynamics, Inc.

     278,208  
  29,599     

United States Steel Corp. (a)

     655,322  
     

 

 

 
        1,700,795  
     

 

 

 
  

Multiline Retail - 1.11%

  
  5,544     

Burlington Stores, Inc. (a)(b)

     509,992  
  3,747     

Dollar General Corp. (a)

     270,121  
  3,499     

Dollar Tree, Inc. (a)(b)

     244,650  
  14,734     

Kohl’s Corp. (a)

     569,764  
  33,307     

Macy’s, Inc.

     774,055  
  5,425     

Nordstrom, Inc. (a)

     259,478  
  7,718     

Target Corp. (a)

     403,574  
     

 

 

 
        3,031,634  
     

 

 

 
  

Multi-Utilities - 0.52%

  
  2,612     

Ameren Corp.

     142,798  
  9,942     

CenterPoint Energy, Inc. (a)

     272,212  


  3,170     

CMS Energy Corp.

     146,613  
  1,576     

Consolidated Edison, Inc.

     127,372  
  1,633     

Dominion Energy, Inc. (a)

     125,137  
  1,880     

DTE Energy Co.

     198,885  
  9,474     

MDU Resources Group, Inc. (a)

     248,219  
  2,555     

Vectren Corp.

     149,314  
     

 

 

 
        1,410,550  
     

 

 

 
  

Oil, Gas & Consumable Fuels - 1.79%

  
  14,701     

Centennial Resource Development, Inc. (b)

     232,570  
  3,592     

Chevron Corp.

     374,753  
  33,523     

CONSOL Energy, Inc. (b)

     500,834  
  18,976     

Exxon Mobil Corp.

     1,531,932  
  4,244     

Marathon Petroleum Corp.

     222,089  
  3,435     

The Williams Companies, Inc.

     104,012  
  11,107     

Valero Energy Corp. (a)

     749,278  
  107,049     

Whiting Petroleum Corp. (b)

     589,840  
  15,131     

World Fuel Services Corp. (a)

     581,787  
     

 

 

 
        4,887,095  
     

 

 

 
  

Paper & Forest Products - 0.04%

  
  2,897     

Domtar Corp.

     111,303  
     

 

 

 
  

Personal Products - 0.48%

  
  707     

Edgewell Personal Care Co. (b)

     53,746  
  4,805     

Herbalife, Ltd. (a)(b)

     342,741  
  9,583     

Nu Skin Enterprises, Inc. - Class A (a)

     602,196  
  3,280     

The Estee Lauder Cos., Inc. - Class A

     314,814  
     

 

 

 
        1,313,497  
     

 

 

 
  

Pharmaceuticals - 3.71%

  
  3,692     

Abbott Laboratories

     179,468  
  4,696     

AbbVie, Inc. (a)

     340,507  
  1,622     

Akorn, Inc. (b)

     54,402  
  394     

Allergan Plc (a)

     95,778  
  9,652     

Bristol-Myers Squibb Co.

     537,810  
  3,947     

Eli Lilly & Co.

     324,838  
  91,225     

Endo International Plc (b)

     1,018,983  
  26,170     

Johnson & Johnson

     3,462,029  
  21,585     

Mallinckrodt Plc (a)(b)

     967,224  
  14,337     

Merck & Co., Inc.

     918,858  
  17,732     

Mylan NV (b)

     688,356  
  3,568     

Perrigo Co. Plc

     269,455  
  32,033     

Pfizer, Inc.

     1,075,989  
  3,251     

Zoetis, Inc.

     202,797  
     

 

 

 
        10,136,494  
     

 

 

 
  

Professional Services - 0.64%

  
  5,898     

IHS Markit, Ltd. (b)

     259,748  
  7,354     

ManpowerGroup, Inc.

     821,074  
  1,405     

Nielsen Holdings Plc

     54,317  
  7,590     

Robert Half International, Inc.

     363,789  
  2,367     

The Dun & Bradstreet Corp.

     255,991  
     

 

 

 
        1,754,919  
     

 

 

 
  

Real Estate Management & Development - 0.45%

  
  1,846     

CBRE Group, Inc. - Class A (b)

     67,194  
  1,519     

Jones Lang LaSalle, Inc. (a)

     189,875  
  29,582     

Realogy Holdings Corp.

     959,936  
     

 

 

 
        1,217,005  
     

 

 

 
  

Road & Rail - 0.56%

  
  6,996     

CSX Corp. (a)

     381,702  
  3,253     

Genesee & Wyoming, Inc. - Class A (b)

     222,473  
  3,556     

Landstar System, Inc.

     304,393  
  1,001     

Norfolk Southern Corp.

     121,822  
  1,051     

Old Dominion Freight Line, Inc.

     100,097  
  3,729     

Union Pacific Corp.

     406,125  
     

 

 

 
        1,536,612  
     

 

 

 
  

Semiconductors & Semiconductor Equipment - 3.91%

  
  30,947     

Advanced Micro Devices, Inc. (b)

     386,219  
  4,184     

Analog Devices, Inc.

     325,515  
  17,837     

Applied Materials, Inc.

     736,846  
  2,716     

Broadcom Ltd.

     632,964  
  3,276     

Cavium, Inc. (b)

     203,538  
  21,699     

First Solar, Inc. (a)(b)

     865,356  
  52,149     

Intel Corp.

     1,759,507  
  3,623     

KLA-Tencor Corp.

     331,541  


  1,498     

Lam Research Corp.

     211,862  
  12,337     

Marvell Technology Group, Ltd. - ADR

     203,807  
  5,169     

Maxim Integrated Products, Inc.

     232,088  
  3,715     

Microchip Technology, Inc. (a)

     286,724  
  11,727     

Micron Technology, Inc. (b)

     350,168  
  3,978     

Microsemi Corp. (b)

     186,170  
  7,494     

NVIDIA Corp.

     1,083,333  
  32,074     

ON Semiconductor Corp. (a)(b)

     450,319  
  1,996     

Qorvo, Inc. (a)(b)

     126,387  
  4,922     

Skyworks Solutions, Inc. (a)

     472,266  
  9,263     

Teradyne, Inc.

     278,168  
  11,947     

Texas Instruments, Inc.

     919,083  
  10,837     

Versum Materials, Inc.

     352,202  
  4,452     

Xilinx, Inc. (a)

     286,353  
     

 

 

 
        10,680,416  
     

 

 

 
  

Software - 6.01%

  
  7,416     

Activision Blizzard, Inc.

     426,939  
  6,541     

Adobe Systems, Inc. (b)

     925,159  
  2,138     

ANSYS, Inc. (b)

     260,152  
  2,745     

Atlassian Corp. Plc - Class A (a)(b)

     96,569  
  4,512     

Autodesk, Inc. (b)

     454,900  
  2,347     

CA, Inc.

     80,901  
  17,708     

Cadence Design System, Inc. (b)

     593,041  
  3,519     

CDK Global, Inc.

     218,389  
  2,980     

Citrix Systems, Inc. (b)

     237,148  
  18,105     

Dell Technologies, Inc. - Class V (b)

     1,106,397  
  5,545     

Electronic Arts, Inc. (a)(b)

     586,217  
  6,571     

Fortinet, Inc. (b)

     246,018  
  3,690     

Intuit, Inc.

     490,069  
  775     

Jack Henry & Associates, Inc.

     80,499  
  5,077     

Manhattan Associates, Inc. (a)(b)

     244,001  
  79,307     

Microsoft Corp.

     5,466,631  
  14,868     

Nuance Communications, Inc. (a)(b)

     258,852  
  18,476     

Oracle Corp.

     926,387  
  3,372     

PTC, Inc. (b)

     185,865  
  3,906     

Red Hat, Inc. (b)

     373,999  
  3,985     

salesforce.com, Inc. (b)

     345,101  
  4,209     

ServiceNow, Inc. (b)

     446,154  
  4,567     

Splunk, Inc. (a)(b)

     259,817  
  1,931     

SS&C Technologies Holdings, Inc.

     74,170  
  10,246     

Symantec Corp.

     289,449  
  7,361     

Synopsys, Inc. (b)

     536,838  
  4,811     

Tableau Software, Inc. - Class A (b)

     294,770  
  4,142     

Take-Two Interactive Software, Inc. (b)

     303,940  
  4,998     

VMware, Inc. (a)(b)

     436,975  
  1,987     

Workday, Inc. - Class A (a)(b)

     192,739  
     

 

 

 
        16,438,086  
     

 

 

 
  

Specialty Retail - 4.76%

  
  2,292     

Advance Auto Parts, Inc.

     267,224  
  2,667     

AutoNation, Inc. (b)

     112,441  
  639     

AutoZone, Inc. (a)(b)

     364,524  
  26,108     

Bed Bath & Beyond, Inc. (a)

     793,683  
  11,116     

Best Buy Co., Inc. (a)

     637,280  
  4,019     

Cabela’s, Inc. (b)

     238,809  
  10,133     

Dick’s Sporting Goods, Inc. (a)

     403,597  
  6,191     

Floor & Decor Holdings, Inc. (b)

     243,059  
  4,663     

Foot Locker, Inc.

     229,793  
  39,860     

GameStop Corp. - Class A (a)

     861,375  
  7,106     

L Brands, Inc. (a)

     382,942  
  7,044     

Lowe’s Cos., Inc.

     546,121  
  3,007     

Murphy USA, Inc. (b)

     222,849  
  1,238     

O’Reilly Automotive, Inc. (b)

     270,800  
  7,810     

Ross Stores, Inc. (a)

     450,871  
  19,778     

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

     400,505  
  1,590     

Sherwin-Williams Co.

     558,026  
  4,133     

Signet Jewelers Ltd. (a)

     261,371  
  61,720     

Staples, Inc.

     621,520  
  21,203     

The Gap, Inc. (a)

     466,254  
  11,469     

The Home Depot, Inc.

     1,759,345  
  21,674     

The Michaels Cos., Inc. (b)

     401,402  
  7,493     

The TJX Companies, Inc. (a)

     540,770  


  5,233     

Tiffany & Co.

     491,222  
  7,196     

Tractor Supply Co. (a)

     390,095  
  1,434     

Ulta Beauty, Inc. (b)

     412,046  
  15,280     

Urban Outfitters, Inc. (a)(b)

     283,291  
  7,984     

Williams Sonoma, Inc. (a)

     387,224  
     

 

 

 
        12,998,439  
     

 

 

 
  

Technology Hardware, Storage & Peripherals - 4.29%

  
  57,119     

Apple, Inc.

     8,226,278  
  16,868     

Hewlett Packard Enterprise Co.

     279,840  
  19,618     

HP, Inc.

     342,923  
  6,846     

International Business Machines Corp. (a)

     1,053,120  
  2,038     

NCR Corp. (a)(b)

     83,232  
  2,873     

NetApp, Inc. (a)

     115,064  
  19,239     

Teradata Corp. (a)(b)

     567,358  
  4,914     

Western Digital Corp. (a)

     435,381  
  21,718     

Xerox Corp.

     623,958  
     

 

 

 
        11,727,154  
     

 

 

 
  

Textiles, Apparel & Luxury Goods - 1.65%

  
  3,138     

Carter’s, Inc. (a)

     279,125  
  7,933     

Coach, Inc.

     375,548  
  2,394     

Hanesbrands, Inc.

     55,445  
  18,730     

Kate Spade & Co. (b)

     346,318  
  7,014     

lululemon athletica, Inc. (b)

     418,525  
  7,679     

Michael Kors Holdings Ltd. (a)(b)

     278,364  
  10,876     

NIKE, Inc. - Class B

     641,684  
  3,296     

PVH Corp.

     377,392  
  5,148     

Ralph Lauren Corp. (a)

     379,922  
  11,876     

Skechers U.S.A., Inc. - Class A (a)(b)

     350,342  
  14,660     

Under Armour, Inc. - Class A (a)(b)

     319,002  
  16,619     

Under Armour, Inc. - Class C (a)(b)

     335,039  
  6,378     

VF Corp. (a)

     367,373  
     

 

 

 
        4,524,079  
     

 

 

 
  

Tobacco - 1.03%

  
  13,386     

Altria Group, Inc.

     996,856  
  15,385     

Philip Morris International, Inc.

     1,806,968  
     

 

 

 
        2,803,824  
     

 

 

 
  

Trading Companies & Distributors - 0.97%

  
  1,478     

Air Lease Corp.

     55,218  
  9,233     

Fastenal Co. (a)

     401,912  
  7,225     

HD Supply Holdings, Inc. (b)

     221,302  
  3,598     

MSC Industrial Direct Co., Inc. - Class A

     309,284  
  7,363     

Univar, Inc. (b)

     215,000  
  2,061     

W.W. Grainger, Inc. (a)

     372,072  
  1,425     

Watsco, Inc. - Class A

     219,735  
  14,807     

WESCO International, Inc. (b)

     848,441  
     

 

 

 
        2,642,964  
     

 

 

 
  

Wireless Telecommunication Services - 0.07%

  
  6,846     

Sprint Corp. (a)(b)

     56,206  
  4,427     

Telephone & Data Systems, Inc. (a)

     122,849  
     

 

 

 
        179,055  
     

 

 

 
  

Total Common Stocks (Cost $213,007,135)

     254,277,433  
     

 

 

 
  

INVESTMENT COMPANIES - 4.08%

  
  

Exchange Traded Funds - 4.08%

  
  50,223     

Vanguard S&P 500 ETF

     11,152,519  
     

 

 

 
  

Total Investment Companies (Cost $10,944,826)

     11,152,519  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS - 1.98%

  
  

Real Estate Investment Trusts - 1.98%

  
  8,057     

AGNC Investment Corp. (a)

     171,533  
  1,557     

Alexandria Real Estate Equities, Inc.

     187,572  
  16,719     

American Homes 4 Rent - Class A (a)

     377,348  
  2,445     

American Tower Corp.

     323,522  
  27,143     

Annaly Capital Management, Inc. (a)

     327,073  
  280     

AvalonBay Communities, Inc.

     53,807  
  4,139     

Brandywine Realty Trust

     72,557  
  1,574     

Camden Property Trust

     134,593  
  22,621     

Chimera Investment Corp.

     421,429  
  7,693     

Corporate Office Properties Trust

     269,486  
  1,446     

Digital Realty Trust, Inc. (a)

     163,326  
  3,829     

Duke Realty Corp.

     107,020  


  5,766     

Empire State Realty Trust, Inc. - Class A (a)

     119,760  
  173     

Equinix, Inc.

     74,245  
  2,215     

Equity Commonwealth (b)

     69,994  
  630     

Equity LifeStyle Properties, Inc.

     54,394  
  410     

Essex Property Trust, Inc.

     105,481  
  4,459     

Forest City Realty Trust, Inc. - Class A

     107,774  
  7,344     

Hospitality Properties Trust

     214,078  
  15,827     

Host Hotels & Resorts, Inc. (a)

     289,159  
  2,517     

Invitation Homes, Inc.

     54,443  
  27,628     

MFA Financial, Inc. (a)

     231,799  
  16,734     

New Residential Investment Corp.

     260,381  
  1,750     

Omega Healthcare Investors, Inc.

     57,785  
  5,966     

Park Hotels & Resorts, Inc.

     160,843  
  7,520     

Piedmont Office Realty Trust, Inc. - Class A

     158,522  
  2,419     

Prologis, Inc.

     141,850  
  8,849     

Retail Properties of America, Inc. - Class A

     108,046  
  1,230     

SBA Communications Corp. (b)

     165,927  
  765     

SL Green Realty Corp.

     80,937  
  2,951     

Starwood Property Trust, Inc. (a)

     66,073  
  1,143     

Sun Communities, Inc.

     100,230  
  2,108     

Tanger Factory Outlet Centers, Inc.

     54,766  
  6,356     

Two Harbors Investment Corp. (a)

     62,988  
  8,428     

VEREIT, Inc.

     68,604  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $5,027,337)

     5,417,345  
     

 

 

 
  

SHORT TERM INVESTMENTS - 3.10%

  
  

Money Market Funds - 3.10%

  
  8,483,537     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88% (c)

     8,483,537  
     

 

 

 
  

Total Short Term Investments (Cost $8,483,537)

     8,483,537  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 13.76%

  
  37,614,093     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (c)

     37,614,093  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $37,614,093)

     37,614,093  
     

 

 

 
  

Total Investments (Cost $275,076,928) - 115.94%

     316,944,927  
  

Liabilities in Excess of Other Assets - (15.94)%

     (43,586,811
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 273,358,116  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt
(a) All or portion of this security is on loan.
(b) Non-income producing security.
(c) Seven-day yield as of June 30, 2017

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 275,076,928  
  

 

 

 

Gross unrealized appreciation

     47,206,753  

Gross unrealized depreciation

     (5,338,754
  

 

 

 

Net unrealized appreciation

   $ 41,867,999  
  

 

 

 

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.


GuideMark® Emerging Markets Fund

Schedule of Investments

June 30, 2017 (Unaudited)

 

Number of Shares           Value  
  

COMMON STOCKS - 84.51%

  
  

Brazil - 4.55%

  
  61,924     

Ambev SA

   $ 343,742  
  22,187     

Banco Bradesco SA

     185,645  
  50,652     

Banco do Brasil SA

     410,060  
  32,630     

Banco Santander Brasil SA

     247,318  
  38,220     

BB Seguridade Participacoes SA

     330,181  
  52,664     

Centrais Eletricas Brasileiras SA (a)

     198,390  
  26,532     

Cia de Saneamento Basico do Estado de Sao Paulo

     251,793  
  82,930     

Cia Siderurgica Nacional SA (a)

     180,234  
  11,274     

Cosan SA Industria e Comercio

     117,372  
  22,451     

CPFL Energia SA

     179,586  
  39,371     

EDP - Energias do Brasil SA

     167,804  
  8,311     

Equatorial Energia SA

     136,472  
  43,110     

Lojas Renner SA

     357,851  
  19,959     

M Dias Branco SA

     298,521  
  19,736     

Natura Cosmeticos SA

     152,448  
  32,551     

Odontoprev SA

     114,369  
  69,896     

Petroleo Brasileiro SA (a)

     279,972  
  17,740     

Raia Drogasil SA

     377,515  
  81,317     

Sul America SA (c)

     435,684  
  6,841     

Ultrapar Participacoes SA

     161,686  
  22,966     

Vale SA - Preference Shares

     201,175  
     

 

 

 
        5,127,818  
     

 

 

 
  

Chile - 0.87%

  
  1,193,542     

Banco de Chile

     156,424  
  4,560     

Banco de Credito e Inversiones

     255,194  
  41,951     

Cencosud SA

     111,667  
  25,380     

Cia Cervecerias Unidas SA

     333,865  
  11,270     

Latam Airlines Group SA

     125,327  
     

 

 

 
        982,477  
     

 

 

 
  

China - 17.07%

  
  973,250     

Agricultural Bank of China Ltd. - Series H

     459,976  
  23,299     

Alibaba Group Holding Ltd. - ADR (a)(b)

     3,282,829  
  113,209     

ANTA Sports Products Ltd.

     374,002  
  4,607     

Baidu, Inc. - ADR (a)

     824,008  
  1,953,309     

Bank of China Ltd. - Series H

     957,838  
  384,000     

Bank of Communications Co., Ltd. - Series H

     270,901  
  569,672     

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

     212,312  
  420,000     

China CITIC Bank Corp. Ltd. - Series H

     257,054  
  710,542     

China Communications Services Corp. Ltd. - Series H

     409,292  
  2,220,843     

China Construction Bank Corp. - Series H

     1,727,030  
  347,000     

China Everbright Bank Co., Ltd.

     162,153  
  288,414     

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

     111,856  
  38,375     

China Life Insurance Company Ltd. - Series H

     117,276  
  82,346     

China Mengniu Dairy Co., Ltd.

     161,459  
  103,586     

China Merchants Bank Co., Ltd. - Series H

     312,144  
  191,873     

China Minsheng Banking Corp., Ltd. - Series H

     191,375  
  835,981     

China Petroleum & Chemical Corp. - Series H

     654,575  
  193,616     

China Southern Airlines Co., Ltd. - Series H

     163,638  
  592,413     

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

     399,538  
  619,647     

Country Garden Holdings Co., Ltd.

     718,777  
  226,768     

Dongfeng Motor Group Co., Ltd. - Series H

     267,976  
  143,566     

Great Wall Motor Co., Ltd. - Series H

     177,180  
  90,938     

Haier Electronics Group Co., Ltd.

     236,430  
  3,848     

JD.com, Inc. - ADR (a)(b)

     150,919  
  6,343     

Momo, Inc. - ADR (a)

     234,437  
  3,195     

NetEase, Inc. - ADR (b)

     960,513  
  25,079     

New China Life Insurance Co., Ltd. - Series H

     127,598  
  8,359     

New Oriental Education & Technology Group, Inc. - ADR (a)

     589,226  
  306,000     

PetroChina Co. - Series H

     187,202  


  193,025     

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

     322,373  
  108,097     

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

     712,078  
  20,768     

Shenzhou International Group Holdings Ltd.

     136,557  
  484,779     

Sihuan Pharmaceutical Holdings Group Ltd.

     202,940  
  1,615     

Sina Corp. (a)

     137,227  
  498,790     

Sino-Ocean Group Holding Ltd.

     243,970  
  278,828     

Sinopec Shanghai Petrochemical Co., Ltd. - Series H

     149,210  
  377,072     

Sun Art Retail Group Ltd.

     300,151  
  3,841     

TAL Education Group - ADR

     469,793  
  879,049     

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

     369,223  
  23,886     

Vipshop Holdings Ltd. - ADR (a)(b)

     251,997  
  283,799     

Want Want China Holdings, Ltd.

     191,497  
  8,407     

Weibo Corp. - ADR (a)(b)

     558,780  
  12,894     

Yum China Holdings, Inc. (a)

     508,410  
     

 

 

 
        19,253,720  
     

 

 

 
  

Colombia - 0.22%

  
  57,026     

Interconexion Electrica SA ESP

     249,624  
     

 

 

 
  

Czech Republic - 0.16%

  
  15,385     

O2 Czech Republic AS

     182,514  
     

 

 

 
  

Egypt - 0.17%

  
  43,369     

Commercial International Bank Egypt SAE (c)

     191,379  
     

 

 

 
  

Hong Kong - 11.94%

  
  44,239     

AAC Technologies Holdings, Inc.

     552,596  
  585,278     

Belle International Holdings Ltd.

     461,344  
  164,654     

China Evergrande Group (a)

     295,393  
  119,998     

China Mobile Ltd.

     1,272,195  
  66,466     

China Overseas Land & Investment Ltd.

     194,518  
  48,725     

China Resources Land Ltd.

     141,949  
  346,338     

China Telecom Corp. Ltd. - Series H

     164,463  
  89,911     

China Unicom Hong Kong Ltd. (a)

     133,461  
  115,853     

CITIC Ltd.

     174,166  
  234,800     

CSPC Pharmaceutical Group Ltd.

     342,951  
  398,461     

Geely Automobile Holdings Ltd.

     858,800  
  1,379,325     

GOME Electrical Appliances Holding Ltd.

     169,588  
  1,894,492     

Industrial & Commercial Bank of China Ltd. - Series H

     1,278,560  
  310,000     

Kunlun Energy Co., Ltd.

     262,811  
  110,331     

Longfor Properties Co., Ltd.

     236,937  
  261,609     

Nine Dragons Paper Holdings Ltd.

     348,382  
  437,212     

Sino Biopharmaceutical Ltd.

     386,593  
  329,548     

Sunac China Holdings Ltd.

     688,458  
  49,479     

Sunny Optical Technology Group Co., Ltd.

     443,086  
  136,789     

Tencent Holdings Ltd.

     4,907,300  
  136,824     

Tingyi Cayman Islands Holding Corp.

     162,298  
     

 

 

 
        13,475,849  
     

 

 

 
  

Hungary - 0.57%

  
  5,335     

MOL Hungarian Oil and Gas Plc

     419,023  
  6,747     

OTP Bank Plc

     225,819  
     

 

 

 
        644,842  
     

 

 

 
  

Indonesia - 1.85%

  
  4,919,951     

Adaro Energy Tbk PT

     582,078  
  165,901     

Bank Central Asia Tbk PT

     226,259  
  441,599     

Hanjaya Mandala Sampoerna Tbk PT

     127,236  
  1,215,482     

Kalbe Farma Tbk PT

     147,966  
  177,812     

Matahari Department Store Tbk PT

     189,098  
  656,400     

Surya Citra Media Tbk PT

     127,566  
  614,599     

Telekomunikasi Indonesia Persero Tbk PT

     208,713  
  80,879     

Unilever Indonesia Tbk PT

     295,914  
  87,110     

United Tractors Tbk PT

     179,290  
     

 

 

 
        2,084,120  
     

 

 

 
  

Malaysia - 1.77%

  
  303,203     

AirAsia Bhd

     229,542  
  289,307     

Astro Malaysia Holdings Bhd

     170,512  
  27,976     

British American Tobacco Malaysia Bhd

     282,976  
  293,412     

DiGi.Com Bhd

     341,761  
  290,520     

Felda Global Ventures Holdings Bhd

     115,814  
  67,006     

Genting Bhd

     146,883  


  65,123     

HAP Seng Consolidated Bhd

     140,128  
  100,451     

Maxis Communications Bhd

     129,875  
  38,819     

Public Bank Bhd

     183,733  
  691,771     

Sapura Energy Bhd

     256,095  
     

 

 

 
        1,997,319  
     

 

 

 
  

Mexico - 3.64%

  
  86,522     

Alfa SAB de CV - Series A

     122,760  
  570,545     

America Movil SAB de CV - Series L

     457,725  
  22,075     

Arca Continental SAB de CV

     166,066  
  467,264     

Cemex SAB de CV (a)

     439,747  
  17,078     

Coca-Cola Femsa SAB de CV - Series L

     144,820  
  46,848     

Fomento Economico Mexicano SAB de CV

     461,362  
  102,459     

Gentera SAB de CV

     153,784  
  21,077     

Gruma SAB de CV - Series B

     274,984  
  7,131     

Grupo Aeroportuario del Sureste SAB de CV - Series B

     150,421  
  168,733     

Grupo Bimbo SAB de CV - Series A

     425,255  
  39,714     

Grupo Financiero Banorte SAB de CV - Series O

     251,977  
  74,876     

Grupo Mexico SAB de CV - Series B

     210,369  
  11,969     

Industrias Penoles SAB de CV

     270,716  
  25,369     

Infraestructura Energetica Nova SAB de CV

     135,213  
  59,371     

Kimberly-Clark de Mexico SAB de CV - Series A

     125,653  
  133,688     

Wal-Mart de Mexico SAB de CV

     309,971  
     

 

 

 
        4,100,823  
     

 

 

 
  

Peru - 0.25%

  
  1,551     

CREDICORP Ltd.

     278,234  
     

 

 

 
  

Philippines - 0.23%

  
  6,395     

Globe Telecom, Inc.

     259,592  
     

 

 

 
  

Poland - 1.93%

  
  3,791     

CCC SA

     230,025  
  15,043     

Eurocash SA

     125,844  
  38,396     

Grupa Lotos SA

     528,658  
  15,005     

Jastrzebska Spolka Weglowa SA (a)

     299,521  
  5,124     

KGHM Polska Miedz SA

     152,840  
  174     

LPP SA

     335,838  
  11,140     

Polski Koncern Naftowy Orlen SA

     336,493  
  99,348     

Polskie Gornictwo Naftowe i Gazownictwo SA

     169,495  
     

 

 

 
        2,178,714  
     

 

 

 
  

Qatar - 0.16%

  
  7,211     

Ooredoo QSC

     181,043  
     

 

 

 
  

Republic of Korea - 14.83%

  
  1,084     

Amorepacific Corp.

     287,896  
  2,112     

AMOREPACIFIC Group

     239,999  
  1,683     

BGF retail Co., Ltd.

     148,690  
  31,898     

BNK Financial Group, Inc.

     305,001  
  11,244     

Cheil Worldwide, Inc.

     180,849  
  3,709     

Coway Co., Ltd.

     337,081  
  35,743     

DGB Financial Group, Inc.

     368,499  
  2,158     

Dongbu Insurance Co., Ltd.

     128,246  
  10,988     

Hana Financial Group, Inc.

     433,944  
  1,449     

Hanssem Co., Ltd.

     233,025  
  5,061     

Hanwha Chemical Corp.

     133,553  
  8,478     

Hanwha Corp.

     351,338  
  24,749     

Hanwha Life Insurance Co., Ltd.

     150,501  
  3,430     

Hanwha Techwin Co., Ltd.

     133,361  
  2,625     

Hotel Shilla Co., Ltd.

     130,943  
  991     

Hyosung Corp.

     145,121  
  4,203     

Hyundai Engineering & Construction Co., Ltd.

     169,323  
  776     

Hyundai Heavy Industries Co., Ltd. (a)

     119,977  
  3,916     

Hyundai Marine & Fire Insurance Co., Ltd.

     134,691  
  2,843     

Hyundai Steel Co.

     154,422  
  20,385     

Industrial Bank of Korea

     253,703  
  10,053     

KB Financial Group, Inc.

     507,578  
  5,817     

Kia Motors Corp.

     194,263  
  9,018     

Korea Gas Corp.

     419,421  
  10,058     

Korean Air Lines Co., Ltd. (a)

     340,178  
  4,092     

KT Corp. (c)

     116,673  


  4,150     

LG Electronics, Inc.

     291,145  
  531     

LG Household & Health Care Ltd.

     461,388  
  43,539     

LG Uplus Corp.

     593,773  
  438     

Lotte Chemical Corp.

     131,828  
  697     

Naver Corp.

     510,922  
  352     

NCSoft Corp.

     116,756  
  1,712     

OCI Co., Ltd.

     134,172  
  2,367     

POSCO

     592,915  
  10,113     

Posco Daewoo Corp.

     197,176  
  1,772     

S-1 Corp.

     150,241  
  2,546     

Samsung Electronics Co., Ltd.

     5,302,864  
  949     

Samsung SDI Co., Ltd.

     142,467  
  4,764     

Shinhan Financial Group Co., Ltd.

     205,544  
  10,119     

SK Hynix, Inc.

     595,804  
  2,537     

SK Innovation Co., Ltd.

     351,365  
  981     

SK Telecom Co., Ltd.

     228,070  
  37,917     

Woori Bank

     610,801  
     

 

 

 
        16,735,507  
     

 

 

 
  

Russian Federation - 1.86%

  
  41,790     

Gazprom PJSC

     165,517  
  12,133     

Lukoil PJSC - ADR

     591,969  
  3,985     

Magnit PJSC

     135,421  
  20,649     

Mobile TeleSystems PJSC - ADR

     173,039  
  50,590     

Sberbank of Russia PJSC

     524,221  
  17,828     

Sberbank of Russia PJSC - ADR

     185,233  
  9,904     

Severstal PJSC - GDR

     129,831  
  4,558     

Tatneft PJSC

     171,840  
  507     

Tatneft PJSC - ADR

     19,130  
     

 

 

 
        2,096,201  
     

 

 

 
  

South Africa - 5.73%

  
  18,731     

AngloGold Ashanti Ltd.

     182,889  
  16,466     

Barclays Africa Group Ltd.

     181,051  
  2,639     

Capitec Bank Holdings Ltd.

     167,427  
  54,617     

Coronation Fund Managers Ltd.

     272,192  
  35,359     

Exxaro Resources Ltd.

     251,214  
  54,410     

FirstRand Ltd.

     196,220  
  102,306     

Gold Fields Ltd.

     351,826  
  16,826     

Liberty Holdings Ltd.

     144,707  
  19,915     

Massmart Holdings Ltd.

     160,599  
  25,646     

Mr. Price Group Ltd.

     305,744  
  6,932     

Naspers Ltd. - N Shares

     1,365,138  
  8,316     

Nedbank Group Ltd.

     132,785  
  57,012     

Pick n Pay Stores Ltd.

     256,990  
  10,980     

Pioneer Foods Group Ltd.

     113,682  
  48,768     

Sappi Ltd.

     324,541  
  15,975     

Shoprite Holdings Ltd.

     243,593  
  20,668     

Standard Bank Group Ltd.

     227,609  
  26,291     

Steinhoff International Holdings NV

     134,713  
  46,929     

Telkom SA SOC Ltd.

     220,753  
  24,851     

The Bidvest Group Ltd.

     299,265  
  14,064     

The SPAR Group Ltd.

     165,726  
  6,241     

Tiger Brands Ltd.

     175,469  
  27,942     

Truworths International Ltd.

     152,654  
  18,661     

Vodacom Group Ltd.

     234,487  
  43,825     

Woolworths Holdings Ltd.

     206,710  
     

 

 

 
        6,467,984  
     

 

 

 
  

Taiwan - 12.51%

  
  44,737     

Advantech Co., Ltd.

     316,702  
  21,840     

Asustek Computer, Inc.

     206,273  
  12,230     

Catcher Technology Co., Ltd.

     145,762  
  94,186     

Cathay Financial Holding Co., Ltd.

     155,033  
  94,000     

Chailease Holding Co., Ltd.

     261,843  
  1,085,261     

China Airlines Ltd.

     329,213  
  50,969     

Chunghwa Telecom Co., Ltd.

     180,813  
  191,657     

CTBC Financial Holding Co., Ltd.

     125,625  
  31,079     

Delta Electronics, Inc.

     170,013  


  14,426     

Eclat Textile Co., Ltd.

     175,516  
  448,589     

Eva Airways Corp.

     221,905  
  332,000     

Evergreen Marine Corp. Ltd. (a)

     168,482  
  71,617     

Far EasTone Telecommunications Co., Ltd.

     182,407  
  69,846     

Feng TAY Enterprise Co., Ltd.

     308,659  
  494,273     

First Financial Holding Co., Ltd.

     330,505  
  45,887     

Formosa Petrochemical Corp.

     158,258  
  40,978     

Foxconn Technology Co., Ltd.

     123,593  
  103,394     

Fubon Financial Holding Co., Ltd.

     164,532  
  36,000     

Globalwafers Co., Ltd.

     251,425  
  353,549     

Hon Hai Precision Industry Co., Ltd.

     1,359,039  
  601,000     

Innolux Corp.

     313,792  
  2,964     

Largan Precision Co., Ltd.

     471,912  
  135,042     

Lite-On Technology Corp.

     221,661  
  18,648     

MediaTek, Inc.

     159,536  
  52,459     

Micro-Star International Co., Ltd.

     121,768  
  80,091     

Nan Ya Plastics Corp.

     198,652  
  36,639     

Nien Made Enterprise Co., Ltd.

     406,292  
  41,878     

Novatek Microelectronics Corp.

     169,103  
  64,216     

Pegatron Corp.

     200,881  
  107,426     

Pou Chen Corp.

     148,554  
  38,926     

Powertech Technology, Inc.

     120,077  
  54,372     

President Chain Store Corp.

     488,546  
  61,632     

Quanta Computer, Inc.

     145,792  
  52,868     

Realtek Semiconductor Corp.

     190,157  
  74,936     

Standard Foods Corp.

     201,238  
  130,691     

Synnex Technology International Corp.

     146,409  
  33,743     

Taiwan Mobile Co. Ltd.

     127,015  
  554,039     

Taiwan Semiconductor Manufacturing Co., Ltd.

     3,785,313  
  211,409     

Uni-President Enterprises Corp.

     423,734  
  74,239     

Vanguard International Semiconductor Corp.

     146,370  
  584,870     

Wistron Corp.

     594,525  
     

 

 

 
        14,116,925  
     

 

 

 
  

Thailand - 2.22%

  
  27,971     

Advanced Info Service PCL

     146,052  
  380,886     

Banpu Public Co.

     185,988  
  270,672     

BEC World PCL - NVDR

     167,328  
  25,077     

Bumrungrad Hospital PCL

     126,547  
  97,065     

CP ALL PCL

     179,191  
  20,961     

Electricity Generating PCL

     132,023  
  603,314     

Home Product Center PCL - NVDR

     170,359  
  55,228     

KCE Electronics PCL

     176,263  
  150,459     

Minor International PCL

     178,135  
  66,750     

PTT Exploration & Production PCL

     169,284  
  81,744     

PTT Global Chemical PCL - NVDR

     164,735  
  35,675     

PTT PCL

     388,238  
  97,635     

Robinson Department Store PCL

     167,303  
  65,998     

Thai Oil PCL

     153,414  
     

 

 

 
        2,504,860  
     

 

 

 
  

Turkey - 1.98%

  
  41,980     

Aselsan Elektronik Sanayi Ve Ticaret AS

     260,791  
  21,806     

BIM Birlesik Magazalar AS

     404,297  
  82,905     

Eregli Demir ve Celik Fabrikalari TAS

     166,077  
  48,716     

Turkiye Garanti Bankasi AS

     135,594  
  76,198     

Turkiye Halk Bankasi AS

     284,773  
  177,923     

Turkiye Is Bankasi - Series C

     376,751  
  165,783     

Turkiye Vakiflar Bankasi TAO

     304,824  
  236,618     

Yapi ve Kredi Bankasi AS (a)

     301,875  
     

 

 

 
        2,234,982  
     

 

 

 
  

Total Common Stocks (Cost $74,301,380)

     95,344,527  
     

 

 

 
  

INVESTMENT COMPANIES - 10.17%

  
  

China - 0.48%

  
  10,867     

iShares Core MSCI Emerging Markets ETF

     543,785  
     

 

 

 
  

India - 9.46%

  
  332,432     

iShares MSCI India ETF

     10,671,067  
     

 

 

 


  

Pakistan - 0.23%

  
  15,991     

Global X MSCI Pakistan ETF

     265,770  
     

 

 

 
  

Total Investment Companies (Cost $10,517,748)

     11,480,622  
     

 

 

 
  

PREFERRED STOCKS - 4.36%

  
  

Brazil - 2.70%

  
  65,301     

Banco Bradesco SA - Preference Shares

     554,868  
  42,840     

Centrais Eletricas Brasileiras SA - Preference Shares

     210,780  
  96,522     

Cia Energetica de Minas Gerais - Preference Shares

     235,121  
  15,942     

Cia Paranaense de Energia - Series B - Preference Shares

     117,896  
  98,706     

Gerdau SA - Preference Shares

     306,883  
  73,638     

Itau Unibanco Holding SA - Preference Shares

     816,866  
  41,705     

Itausa - Investimentos Itau SA - Preference Shares

     113,550  
  97,539     

Petroleo Brasileiro SA - Preference Shares (a)

     365,966  
  40,217     

Vale SA

     327,039  
     

 

 

 
        3,048,969  
     

 

 

 
  

Chile - 0.24%

  
  8,067     

Sociedad Quimica y Minera de Chile SA - Preference Shares

     267,339  
     

 

 

 
  

Colombia - 0.16%

  
  426,265     

Grupo Aval Acciones y Valores SA - Preference Shares

     175,542  
     

 

 

 
  

Republic of Korea - 1.26%

  
  1,691     

Amorepacific Corp. - Preference Shares

     274,899  
  662     

LG Household & Health Care Ltd. - Preference Shares

     359,858  
  485     

Samsung Electronics Co., Ltd. - Preference Shares

     790,792  
     

 

 

 
        1,425,549  
     

 

 

 
  

Total Preferred Stocks (Cost $3,636,258)

     4,917,399  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS - 0.11%

  
  

South Africa - 0.11%

  
  91,405     

Fortress Income Fund Ltd. - Class A

     119,894  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $113,393)

     119,894  
     

 

 

 
  

SHORT TERM INVESTMENTS - 0.43%

  
  

Money Market Funds - 0.43%

  
  488,954     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88% (d)

     488,954  
     

 

 

 
  

Total Short Term Investments (Cost $488,954)

     488,954  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 3.70%

  
  4,172,837     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (d)

     4,172,837  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $4,172,837)

     4,172,837  
     

 

 

 
  

Total Investments (Cost $93,230,570) - 103.28%

     116,524,233  
  

Liabilities in Excess of Other Assets - (3.28)%

     (3,702,096
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 112,822,137  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
(a) Non-income producing security.
(b) All or portion of this security is on loan.
(c) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $743,736, which represents 0.66% of total net assets.
(d) Seven-day yield as of June 30, 2017.


GuideMark® Emerging Markets Fund    

 

Schedule of Investments by Industry    

 

June 30, 2017 (Unaudited)    

 

 

COMMON STOCKS

  

Aerospace & Defense

     0.35

Airlines

     1.25

Automobiles

     1.33

Banks

     12.94

Beverages

     1.29

Capital Markets

     0.53

Chemicals

     0.94

Commercial Services & Supplies

     0.13

Construction & Engineering

     0.15

Construction Materials

     0.39

Consumer Finance

     0.14

Diversified Consumer Services

     0.94

Diversified Financial Services

     0.55

Diversified Telecommunication Services

     2.00

Electric Utilities

     0.83

Electronic Equipment, Instruments & Components

     3.35

Energy Equipment & Services

     0.23

Food & Staples Retailing

     3.02

Food Products

     2.25

Gas Utilities

     0.49

Health Care Providers & Services

     0.21

Hotels, Restaurants & Leisure

     0.74

Household Durables

     1.83

Household Products

     0.41

Independent Power and Renewable Electricity Producers

     0.12

Industrial Conglomerates

     0.96

Insurance

     2.77

Internet & Direct Marketing Retail

     0.36

Internet Software & Services

     10.12

Machinery

     0.11

Marine

     0.15

Media

     1.78

Metals & Mining

     2.56

Multiline Retail

     0.82

Oil, Gas & Consumable Fuels

     5.75

Paper & Forest Products

     0.60

Personal Products

     0.60

Pharmaceuticals

     0.96

Real Estate Management & Development

     2.23

Semiconductors & Semiconductor Equipment

     9.50

Software

     0.10

Specialty Retail

     1.23

Technology Hardware, Storage & Peripherals

     1.84

Textiles, Apparel & Luxury Goods

     1.51

Tobacco

     0.36

Trading Companies & Distributors

     0.17

Transportation Infrastructure

     0.13

Water Utilities

     0.22

Wireless Telecommunication Services

     3.27
  

 

 

 

TOTAL COMMON STOCKS

     84.51
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     10.17
  

 

 

 

TOTAL INVESTMENT COMPANIES

     10.17
  

 

 

 

PREFERRED STOCKS

  

Banks

     1.48

Chemicals

     0.24

Electric Utilities

     0.50

Metals & Mining

     0.56

Oil, Gas & Consumable Fuels

     0.32

Personal Products

     0.56

Semiconductors & Semiconductor Equipment

     0.70
  

 

 

 

TOTAL PREFERRED STOCKS

     4.36
  

 

 

 

REAL ESTATE INVESTMENT TRUSTS

  

Real Estate Investment Trusts

     0.11
  

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.11
  

 

 

 


SHORT TERM INVESTMENTS

  

Money Market Funds

     0.43
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.43
  

 

 

 

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

  
  

 

 

 

TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

     3.59
  

 

 

 

TOTAL INVESTMENTS

     103.18

Liabilities in Excess of Other Assets

     (3.18 )% 
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.    

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:      

Cost of investments

   $ 93,230,570  
  

 

 

 

Gross unrealized appreciation

     27,817,122  

Gross unrealized depreciation

     (4,523,459
  

 

 

 

Net unrealized appreciation

   $ 23,293,663  
  

 

 

 

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.


GuideMark® Small/Mid Cap Core Fund

Schedule of Investments (Unaudited)

June 30, 2017

 

Number of Shares           Value  
  

COMMON STOCKS - 89.33%

  
  

Aerospace & Defense - 1.40%

  
  709     

AAR Corp. (a)

   $ 24,645  
  1,964     

Axon Enterprise, Inc. (a)(b)

     49,375  
  1,089     

BWX Technologies, Inc.

     53,089  
  500     

Cubic Corp.

     23,150  
  988     

Curtiss-Wright Corp.

     90,679  
  1,193     

DigitalGlobe, Inc. (b)

     39,727  
  1,244     

Ducommun, Inc. (b)

     39,285  
  1,514     

Engility Holdings, Inc. (b)

     42,998  
  317     

Esterline Technologies Corp. (b)

     30,052  
  546     

HEICO Corp. (a)

     39,225  
  665     

HEICO Corp. - Class A

     41,263  
  346     

Hexcel Corp. (a)

     18,265  
  720     

Huntington Ingalls Industries, Inc.

     134,035  
  1,251     

KLX, Inc. (a)(b)

     62,550  
  1,696     

Kratos Defense & Security Solutions, Inc. (b)

     20,132  
  565     

Moog, Inc. - Class A (b)

     40,522  
  1,559     

Orbital ATK, Inc.

     153,343  
  1,608     

Sparton Corp. (b)

     35,360  
  1,935     

Spirit AeroSystems Holdings, Inc. - Class A (a)

     112,114  
  479     

Teledyne Technologies, Inc. (a)(b)

     61,144  
  947     

Triumph Group, Inc. (a)

     29,925  
  1,673     

Vectrus, Inc. (b)

     54,071  
  2,400     

Wesco Aircraft Holdings, Inc. (b)

     26,040  
     

 

 

 
        1,220,989  
     

 

 

 
  

Air Freight & Logistics - 0.33%

  
  775     

Air Transport Services Group, Inc. (b)

     16,879  
  2,482     

Echo Global Logistics, Inc. (b)

     49,392  
  428     

Forward Air Corp.

     22,804  
  633     

Hub Group, Inc. - Class A (b)

     24,276  
  12,050     

Radiant Logistics, Inc. (b)

     64,829  
  1,631     

XPO Logistics, Inc. (b)

     105,411  
     

 

 

 
        283,591  
     

 

 

 
  

Airlines - 0.54%

  
  1,656     

Alaska Air Group, Inc.

     148,643  
  184     

Allegiant Travel Co.

     24,950  
  683     

Copa Holdings SA - Class A (a)

     79,911  
  1,595     

Hawaiian Holdings, Inc. (a)(b)

     74,885  
  4,308     

JetBlue Airways Corp. (b)

     98,352  
  509     

SkyWest, Inc.

     17,866  
  425     

Spirit Airlines, Inc. (b)

     21,951  
     

 

 

 
        466,558  
     

 

 

 
  

Auto Components - 1.08%

  
  404     

Adient Plc - ADR

     26,414  
  2,352     

American Axle & Manufacturing Holdings, Inc. (b)

     36,691  
  1,065     

Cooper Tire & Rubber Co.

     38,446  
  404     

Cooper-Standard Holdings, Inc. (b)

     40,751  
  1,754     

Dana, Inc.

     39,167  
  863     

Dorman Products, Inc. (b)

     71,430  


  1,166     

Fox Factory Holding Corp. (b)

     41,510  
  2,715     

Gentex Corp. (a)

     51,504  
  512     

Gentherm, Inc. (b)

     19,866  
  3,585     

Goodyear Tire & Rubber Co.

     125,332  
  944     

LCI Industries (a)

     96,666  
  1,078     

Lear Corp.

     153,162  
  821     

Standard Motor Products, Inc.

     42,873  
  2,913     

Stoneridge, Inc. (b)

     44,889  
  948     

Superior Industries International, Inc.

     19,481  
  547     

Tenneco, Inc.

     31,633  
  230     

Visteon Corp. (b)

     23,474  
  263     

WABCO Holdings, Inc. (b)

     33,535  
     

 

 

 
        936,824  
     

 

 

 
  

Automobiles - 0.14%

  
  962     

Thor Industries, Inc.

     100,548  
  674     

Winnebago Industries, Inc. (a)

     23,590  
     

 

 

 
        124,138  
     

 

 

 
  

Banks - 7.13%

  
  379     

1st Source Corp.

     18,169  
  942     

Access National Corp.

     24,982  
  833     

ACNB Corp.

     25,406  
  554     

Allegiance Bancshares, Inc. (b)

     21,218  
  665     

American National Bankshares, Inc.

     24,572  
  784     

Ameris Bancorp (a)

     37,789  
  2,775     

Associated Banc-Corp. (a)

     69,930  
  2,321     

Banc of California, Inc. (a)

     49,901  
  281     

BancFirst Corp.

     27,145  
  1,100     

Banco Latinoamericano de Comercio Exterior SA - Class E

     30,118  
  929     

BancorpSouth, Inc.

     28,334  
  1,501     

Bank of Commerce Holdings

     16,586  
  1,192     

Bank of Hawaii Corp.

     98,900  
  496     

Bank of the Ozarks, Inc. (a)

     23,248  
  911     

BankUnited, Inc.

     30,710  
  830     

Bankwell Financial Group, Inc.

     25,921  
  1,121     

BCB Bancorp, Inc.

     17,151  
  373     

BOK Financial Corp.

     31,380  
  862     

Bryn Mawr Bank Corp.

     36,635  
  701     

C&F Financial Corp.

     32,877  
  797     

Camden National Corp.

     34,199  
  1     

Canadian Imperial Bank of Commerce

     42  
  680     

Capital Bank Financial Corp. - Class A

     25,908  
  945     

Capital City Bank Group, Inc.

     19,297  
  803     

Carolina Financial Corp.

     25,953  
  568     

Cathay General Bancorp

     21,556  
  1,300     

CenterState Banks, Inc.

     32,318  
  592     

Central Pacific Financial Corp.

     18,630  
  1,032     

Central Valley Community Bancorp

     22,869  
  447     

Century Bancorp, Inc. - Class A

     28,429  
  564     

Chemical Financial Corp.

     27,303  
  683     

Chemung Financial Corp.

     27,921  
  832     

Citizens & Northern Corp.

     19,352  
  453     

City Holding Co.

     29,839  
  1,003     

CNB Financial Corp.

     24,042  
  1,090     

Codorus Valley Bancorp, Inc.

     30,956  
  668     

Columbia Banking System, Inc. (a)

     26,620  


  1,153     

Commerce Bancshares, Inc.

     65,525  
  632     

Community Bank Systems, Inc.

     35,247  
  2,145     

Community Bankers Trust Corp. (b)

     17,696  
  594     

Community Trust Bancorp, Inc.

     25,987  
  1,280     

ConnectOne Bancorp, Inc.

     28,864  
  584     

CU Bancorp (b)

     21,112  
  991     

Cullen Frost Bankers, Inc. (a)

     93,065  
  1,360     

Customers Bancorp, Inc. (a)(b)

     38,461  
  302     

Eagle Bancorp, Inc. (b)

     19,117  
  3,423     

East West Bancorp, Inc. (a)

     200,519  
  1,279     

Enterprise Financial Services Corp.

     52,183  
  443     

Evans Bancorp, Inc.

     17,698  
  1,296     

F.N.B. Corp.

     18,351  
  576     

Farmers Capital Bank Corp.

     22,205  
  1,281     

Farmers National Banc Corp.

     18,574  
  611     

FCB Financial Holdings, Inc. - Class A (a)(b)

     29,175  
  1,216     

Fidelity Southern Corp.

     27,798  
  763     

First Bancorp

     23,851  
  3,307     

First BanCorp. (b)

     19,148  
  932     

First Busey Corp.

     27,326  
  1,084     

First Business Financial Services, Inc.

     25,019  
  161     

First Citizens BancShares, Inc. - Class A

     60,005  
  2,248     

First Commonwealth Financial Corp.

     28,505  
  696     

First Community Bancshares, Inc.

     19,036  
  1,457     

First Community Financial Partners, Inc. (b)

     18,795  
  937     

First Connecticut Bancorp, Inc.

     24,034  
  1,635     

First Financial Bancorp

     45,289  
  648     

First Financial Bankshares, Inc.

     28,642  
  532     

First Financial Corp.

     25,164  
  1,514     

First Financial Northwest, Inc.

     24,421  
  658     

First Guaranty Bancshares, Inc.

     17,924  
  615     

First Hawaiian, Inc.

     18,831  
  2,965     

First Horizon National Corp.

     51,650  
  904     

First Internet Bancorp

     25,357  
  738     

First Interstate BancSystem, Inc. - Class A

     27,454  
  805     

First Merchants Corp.

     32,313  
  553     

First Mid-Illinois Bancshares, Inc.

     18,935  
  1,084     

First Midwest Bancorp, Inc.

     25,268  
  434     

Franklin Financial Network, Inc. (a)(b)

     17,902  
  2,917     

Fulton Financial Corp.

     55,423  
  780     

German American Bancorp, Inc.

     26,590  
  957     

Glacier Bancorp, Inc.

     35,036  
  541     

Great Southern Bancorp, Inc.

     28,943  
  1,332     

Green Bancorp, Inc. (a)(b)

     25,841  
  926     

Guaranty Bancorp

     25,187  
  1,254     

Hancock Holding Co.

     61,446  
  636     

Hanmi Financial Corp.

     18,094  
  861     

HarborOne Bancorp, Inc. (b)

     17,186  
  844     

Heartland Financial U.S.A., Inc.

     39,752  
  2,719     

Heritage Commerce Corp.

     37,468  
  1,912     

Hilltop Holdings, Inc. (a)

     50,114  
  1,382     

Home BancShares, Inc. (a)

     34,412  
  1,217     

Hope Bancorp, Inc.

     22,697  
  960     

Horizon Bancorp

     25,296  
  817     

IBERIABANK Corp.

     66,585  


  1,106     

Independent Bank Corp.

     24,056  
  373     

Independent Bank Group, Inc.

     22,194  
  1,024     

International Bancshares Corp.

     35,891  
  757     

Investar Holding Corp.

     17,335  
  3,416     

Investors Bancorp, Inc.

     45,638  
  1,785     

Lakeland Bancorp, Inc.

     33,647  
  1,050     

Lakeland Financial Corp.

     48,174  
  1,210     

LCNB Corp.

     24,200  
  840     

LegacyTexas Financial Group, Inc. (a)

     32,029  
  1,077     

Live Oak Bancshares, Inc.

     26,063  
  2,819     

Macatawa Bank Corp.

     26,893  
  833     

MainSource Financial Group, Inc.

     27,914  
  599     

Mercantile Bank Corp.

     18,857  
  518     

Midland States Bancorp, Inc.

     17,363  
  720     

MidWestOne Financial Group, Inc.

     24,401  
  776     

MutualFirst Financial, Inc.

     27,703  
  744     

National Bank Holdings Corp. - Class A

     24,634  
  577     

National Bankshares, Inc.

     23,542  
  625     

National Commerce Corp. (b)

     24,719  
  652     

NBT Bancorp, Inc.

     24,091  
  328     

Nicolet Bankshares, Inc. (b)

     17,945  
  885     

Northeast Bancorp

     18,010  
  594     

Northrim BanCorp, Inc.

     18,058  
  2,093     

OFG Bancorp (a)

     20,930  
  499     

Ohio Valley Banc Corp.

     17,989  
  836     

Old Line Bancshares, Inc.

     23,558  
  2,454     

Old National Bancorp

     42,332  
  562     

Old Point Financial Corp.

     18,479  
  1,571     

Old Second Bancorp, Inc.

     18,145  
  1,064     

Orrstown Financial Services, Inc.

     24,312  
  908     

Pacific Continental Corp.

     23,199  
  659     

Pacific Premier Bancorp, Inc. (b)

     24,317  
  1,289     

PacWest Bancorp

     60,196  
  339     

Paragon Commercial Corp. (b)

     17,787  
  173     

Park National Corp.

     17,944  
  1,940     

Park Sterling Corp.

     23,047  
  1,184     

Parke Bancorp, Inc.

     26,522  
  807     

Peapack Gladstone Financial Corp.

     25,251  
  889     

Peoples Bancorp, Inc.

     28,564  
  680     

People’s Utah Bancorp

     18,224  
  351     

Pinnacle Financial Partners, Inc.

     22,060  
  1,629     

Popular, Inc.

     67,946  
  790     

Preferred Bank

     42,241  
  1,713     

Premier Financial Bancorp, Inc.

     35,305  
  879     

Prosperity Bancshares, Inc.

     56,467  
  574     

QCR Holdings, Inc.

     27,208  
  756     

Republic Bancorp, Inc. - Class A

     26,989  
  1,870     

Republic First Bancorp, Inc. (b)

     17,298  
  785     

S&T Bancorp, Inc.

     28,150  
  952     

Sandy Spring Bancorp, Inc.

     38,708  
  1,068     

Seacoast Banking Corp. of Florida (b)

     25,739  
  2,420     

ServisFirst Bancshares, Inc.

     89,274  
  1,465     

Shore Bancshares, Inc.

     24,099  
  1,131     

Sierra Bancorp

     27,766  
  667     

Signature Bank (b)

     95,735  


  479     

Simmons First National Corp. - Class A

     25,339  
  499     

Southern First Bancshares, Inc. (b)

     18,488  
  1,383     

Southern National Bancorp of Virginia, Inc.

     24,341  
  534     

Southside Bancshares, Inc.

     18,659  
  707     

Southwest Bancorp, Inc.

     18,064  
  2,098     

Sterling Bancorp

     48,779  
  1,024     

Stock Yards Bancorp, Inc.

     39,834  
  566     

Stonegate Bank

     26,138  
  819     

Summit Financial Group, Inc.

     18,018  
  1,878     

Sun Bancorp, Inc.

     46,293  
  827     

SVB Financial Group (b)

     145,378  
  1,867     

Synovus Financial Corp.

     82,596  
  2,390     

TCF Financial Corp.

     38,097  
  496     

Texas Capital Bancshares, Inc. (b)

     38,390  
  983     

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

     33,520  
  784     

The First Bancorp, Inc.

     21,215  
  645     

The First of Long Island Corp.

     18,447  
  500     

Tompkins Financial Corp.

     39,360  
  1,005     

TowneBank

     30,954  
  1,052     

TriState Capital Holdings, Inc. (a)(b)

     26,510  
  1,224     

Triumph Bancorp, Inc. (b)

     30,049  
  1,715     

Trustmark Corp.

     55,154  
  949     

Two River Bancorp

     17,642  
  562     

UMB Financial Corp. (a)

     42,071  
  2,276     

Umpqua Holdings Corp.

     41,787  
  1,103     

Union Bankshares Corp.

     37,392  
  482     

Union Bankshares, Inc.

     22,895  
  1,281     

United Community Banks, Inc.

     35,612  
  736     

Univest Corp. of Pennsylvania

     22,043  
  2,243     

Valley National Bancorp

     26,490  
  880     

Veritex Holdings, Inc. (b)

     23,170  
  420     

Washington Trust Bancorp, Inc.

     21,651  
  995     

WashingtonFirst Bankshares, Inc.

     34,357  
  1,150     

WesBanco, Inc.

     45,471  
  1,125     

West Bancorporation, Inc.

     26,606  
  332     

WestAmerica Bancorporation

     18,605  
  1,789     

Western Alliance Bancorp (b)

     88,019  
  852     

Wintrust Financial Corp.

     65,127  
  971     

Xenith Bankshares, Inc. (b)

     30,159  
  2,646     

Zions Bancorporation (a)

     116,186  
     

 

 

 
        6,210,766  
     

 

 

 
  

Beverages - 0.27%

  
  371     

Boston Beer Co., Inc. - Class A (b)

     49,028  
  9,877     

Castle Brands, Inc. (b)

     16,988  
  310     

Coca-Cola Bottling Co.

     70,950  
  467     

MGP Ingredients, Inc.

     23,896  
  807     

National Beverage Corp.

     75,503  
     

 

 

 
        236,365  
     

 

 

 
  

Biotechnology - 2.27%

  
  775     

Achaogen, Inc. (b)

     16,841  
  3,152     

Acorda Therapeutics, Inc. (a)(b)

     62,094  
  2,297     

Alkermes Plc (a)(b)

     133,157  
  475     

Alnylam Pharmaceuticals, Inc. (a)(b)

     37,886  
  3,832     

AMAG Pharmaceuticals, Inc. (a)(b)

     70,509  
  9,500     

Array BioPharma, Inc. (a)(b)

     79,515  


  302     

Avexis, Inc. (b)

     24,812  
  5,224     

BioCryst Pharmaceuticals, Inc. (b)

     29,045  
  1,248     

Bioverativ, Inc. (b)

     75,092  
  396     

Bluebird Bio, Inc. (b)

     41,600  
  571     

Blueprint Medicines Corp. (b)

     28,933  
  1,154     

Calithera Biosciences, Inc. (b)

     17,137  
  688     

Cara Therapeutics, Inc. (b)

     10,588  
  1,991     

ChemoCentryx, Inc. (b)

     18,636  
  376     

Clovis Oncology, Inc. (a)(b)

     35,205  
  3,127     

Conatus Pharmaceuticals, Inc. (b)

     18,011  
  627     

Eagle Pharmaceuticals, Inc. (a)(b)

     49,464  
  592     

Emergent BioSolutions, Inc. (b)

     20,075  
  1,317     

Exact Sciences Corp. (a)(b)

     46,582  
  2,581     

Exelixis, Inc. (a)(b)

     63,570  
  409     

Foundation Medicine, Inc. (b)

     16,258  
  1,784     

Genomic Health, Inc. (a)(b)

     58,069  
  2,007     

Immunomedics, Inc. (b)

     17,722  
  3,854     

Insys Therapeutics, Inc. (a)(b)

     48,753  
  596     

Ionis Pharmaceuticals, Inc. (a)(b)

     30,318  
  1,016     

Ironwood Pharmaceuticals, Inc. - Class A (b)

     19,182  
  1,398     

Jounce Therapeutics, Inc. (b)

     19,614  
  293     

Kite Pharma, Inc. (a)(b)

     30,375  
  8,741     

Matinas BioPharma Holdings, Inc. (b)

     14,772  
  4,808     

MiMedx Group, Inc. (a)(b)

     71,976  
  6,530     

Myriad Genetics, Inc. (a)(b)

     168,735  
  2,235     

Natera, Inc. (b)

     24,272  
  28,709     

PDL BioPharma, Inc. (a)(b)

     70,911  
  588     

Portola Pharmaceuticals, Inc. (b)

     33,028  
  2,523     

Progenics Pharmaceuticals, Inc. (b)

     17,131  
  199     

Puma Biotechnology, Inc. (b)

     17,393  
  386     

Repligen Corp. (b)

     15,996  
  326     

Sage Therapeutics, Inc. (a)(b)

     25,963  
  1,750     

Seattle Genetics, Inc. (b)

     90,545  
  252     

TESARO, Inc. (a)(b)

     35,245  
  1,200     

United Therapeutics Corp. (a)(b)

     155,676  
  2,913     

Vanda Pharmaceuticals, Inc. (b)

     47,482  
  3,009     

Veracyte, Inc. (b)

     25,065  
  1,075     

Versartis, Inc. (b)

     18,759  
  1,051     

Xencor, Inc. (b)

     22,187  
     

 

 

 
        1,974,179  
     

 

 

 
  

Building Products - 1.52%

  
  2,118     

A. O. Smith Corp.

     119,307  
  2,089     

AAON, Inc.

     76,980  
  2,157     

Allegion Plc

     174,976  
  384     

American Woodmark Corp. (b)

     36,691  
  348     

Apogee Enterprises, Inc. (a)

     19,780  
  2,273     

Builders FirstSource, Inc. (a)(b)

     34,822  
  787     

Caesarstone, Ltd. (b)

     27,584  
  780     

Continental Building Products, Inc. (b)

     18,174  
  3,124     

Fortune Brands Home & Security, Inc. (a)

     203,810  
  548     

Insteel Industries, Inc.

     18,068  
  567     

JELD-WEN Holding, Inc. (b)

     18,405  
  784     

Lennox International, Inc. (a)

     143,974  
  1,852     

NCI Building Systems, Inc. (a)(b)

     30,928  
  1,836     

Owens Corning, Inc.

     122,865  


  617     

Patrick Industries, Inc. (b)

     44,948  
  1,942     

Ply Gem Holdings, Inc. (b)

     34,859  
  1,492     

Quanex Building Products Corp.

     31,556  
  546     

Simpson Manufacturing Co., Inc.

     23,866  
  1,254     

Trex Co., Inc. (b)

     84,846  
  269     

Universal Forest Products, Inc. (a)

     23,486  
  1,022     

USG Corp. (a)(b)

     29,658  
     

 

 

 
        1,319,583  
     

 

 

 
  

Capital Markets - 2.72%

  
  1,629     

Artisan Partners Asset Management, Inc. - Class A (a)

     50,010  
  2,795     

B. Riley Financial, Inc.

     51,847  
  5,088     

BGC Partners, Inc. - Class A

     64,312  
  863     

CBOE Holdings, Inc. (a)

     78,878  
  1,430     

Cohen & Steers, Inc.

     57,972  
  211     

Diamond Hill Investment Group, Inc.

     42,073  
  2,561     

Donnelley Financial Solutions, Inc. (b)

     58,801  
  5,446     

E*TRADE Financial Corp. (b)

     207,111  
  3,120     

Eaton Vance Corp.

     147,638  
  1,291     

Evercore Partners, Inc. - Class A (a)

     91,016  
  570     

FactSet Research Systems, Inc. (a)

     94,723  
  3,177     

Federated Investors, Inc. - Class B (a)

     89,750  
  4,284     

GAIN Capital Holdings, Inc.

     26,689  
  1,722     

Greenhill & Co., Inc. (a)

     34,612  
  1,020     

Houlihan Lokey, Inc.

     35,598  
  866     

INTL. FCStone, Inc. (b)

     32,700  
  2,335     

KCG Holdings, Inc. - Class A (b)

     46,560  
  3,788     

Lazard Ltd. - Class A - ADR (a)

     175,498  
  860     

Legg Mason, Inc. (a)

     32,818  
  2,893     

LPL Financial Holdings, Inc.

     122,837  
  707     

MarketAxess Holdings, Inc.

     142,178  
  1,379     

Moelis & Co. - Class A

     53,574  
  478     

Morningstar, Inc.

     37,447  
  1,627     

MSCI, Inc.

     167,565  
  3,770     

OM Asset Management Plc

     56,022  
  309     

Piper Jaffray Cos. (a)

     18,525  
  1,112     

PJT Partners, Inc. - Class A

     44,725  
  4,746     

Pzena Investment Management, Inc. - Class A

     48,219  
  1,643     

SEI Investments Co.

     88,361  
  974     

Virtu Financial, Inc. - Class A

     17,191  
  217     

Virtus Investment Partners, Inc.

     24,076  
  4,356     

Waddell & Reed Financial, Inc. - Class A (a)

     82,241  
  431     

Westwood Holdings Group, Inc.

     24,433  
  1,839     

WisdomTree Investments, Inc. (a)

     18,703  
     

 

 

 
        2,364,703  
     

 

 

 
  

Chemicals - 2.02%

  
  775     

A. Schulman, Inc.

     24,800  
  4,721     

AgroFresh Solutions, Inc. (a)(b)

     33,897  
  1,990     

American Vanguard Corp.

     34,327  
  915     

Ashland Global Holdings, Inc.

     60,308  
  2,149     

Axalta Coating Systems, Ltd. (a)(b)

     68,854  
  310     

Balchem Corp.

     24,090  
  629     

Cabot Corp.

     33,607  
  1,625     

Calgon Carbon Corp.

     24,537  
  638     

CF Industries Holdings, Inc.

     17,838  
  464     

Chase Corp.

     49,509  


  779     

Core Molding Technologies, Inc. (b)

     16,834  
  1,858     

FutureFuel Corp.

     28,037  
  1,782     

GCP Applied Technologies, Inc. (b)

     54,351  
  601     

H.B. Fuller Co. (a)

     30,717  
  4,327     

Huntsman Corp.

     111,810  
  916     

Ingevity Corp. (b)

     52,578  
  745     

Innophos Holdings, Inc.

     32,661  
  278     

Innospec, Inc.

     18,223  
  1,910     

KMG Chemicals, Inc.

     92,960  
  737     

Koppers Holdings, Inc. (a)(b)

     26,643  
  973     

Kraton Corp. (b)

     33,510  
  1,785     

Kronos Worldwide, Inc.

     32,523  
  702     

Minerals Technologies, Inc.

     51,386  
  92     

NewMarket Corp.

     42,364  
  3,320     

Olin Corp. (a)

     100,530  
  2,518     

OMNOVA Solutions, Inc. (b)

     24,551  
  4,384     

Platform Specialty Products Corp. (b)

     55,589  
  465     

PolyOne Corp.

     18,014  
  404     

Quaker Chemical Corp.

     58,673  
  2,300     

Rayonier Advanced Materials, Inc. (a)

     36,156  
  1,344     

RPM International, Inc.

     73,315  
  218     

Sensient Technologies Corp.

     17,556  
  400     

Stepan Co.

     34,856  
  1,870     

The Chemours Co.

     70,910  
  767     

The Scotts Miracle-Gro Co. - Class A (a)

     68,616  
  752     

Trinseo SA

     51,662  
  2,948     

Tronox, Ltd. - Class A

     44,574  
  3,428     

Valvoline, Inc.

     81,308  
  350     

Westlake Chemical Corp.

     23,174  
     

 

 

 
        1,755,848  
     

 

 

 
  

Commercial Services & Supplies - 1.80%

  
  690     

ABM Industries, Inc. (a)

     28,649  
  2,731     

ACCO Brands Corp. (b)

     31,816  
  12,575     

ARC Document Solutions, Inc. (b)

     52,312  
  982     

Avery Dennison Corp.

     86,779  
  615     

Barrett Business Services, Inc. (a)

     35,233  
  2,206     

Casella Waste Systems, Inc. - Class A (b)

     36,201  
  2,396     

CECO Environmental Corp. (a)

     21,995  
  1,468     

Comfort Systems USA, Inc. (a)

     54,463  
  2,234     

Copart, Inc. (b)

     71,019  
  1,167     

Deluxe Corp.

     80,780  
  1,066     

Ennis, Inc.

     20,361  
  1,912     

Essendant, Inc.

     28,355  
  1,454     

Healthcare Services Group, Inc. (a)

     68,091  
  1,144     

Heritage-Crystal Clean, Inc. (b)

     18,190  
  1,750     

Herman Miller, Inc.

     53,200  
  1,090     

HNI Corp. (a)

     43,458  
  1,588     

InnerWorkings, Inc. (a)(b)

     18,421  
  2,162     

Interface, Inc.

     42,483  
  885     

KAR Auction Services, Inc.

     37,143  
  4,861     

Kimball International, Inc. - Class B

     81,130  
  1,344     

Knoll, Inc.

     26,947  
  1,308     

LSC Communications, Inc.

     27,991  
  802     

MSA Safety, Inc.

     65,098  
  2,857     

Pitney Bowes, Inc.

     43,141  


  1,304     

Quad/Graphics, Inc.

     29,888  
  3,078     

Rollins, Inc. (a)

     125,305  
  1,208     

SP Plus Corp. (b)

     36,904  
  2,764     

Steelcase, Inc. - Class A

     38,696  
  2,013     

Sykes Enterprises, Inc. (b)

     67,496  
  897     

Team, Inc. (a)(b)

     21,035  
  1,551     

Tetra Tech, Inc. (a)

     70,958  
  761     

The Brinks Co. (a)

     50,987  
  610     

Viad Corp.

     28,823  
  1,078     

West Corp.

     25,139  
     

 

 

 
        1,568,487  
     

 

 

 
  

Communications Equipment - 1.51%

  
  582     

Acacia Communications, Inc. (a)(b)

     24,136  
  1,068     

ADTRAN, Inc.

     22,054  
  961     

Applied Optoelectronics, Inc. (a)(b)

     59,380  
  761     

Arista Networks, Inc. (a)(b)

     113,990  
  2,797     

ARRIS International Plc (b)

     78,372  
  6,692     

Brocade Communications Systems, Inc. (a)

     84,386  
  8,088     

Calix, Inc. (b)

     55,403  
  2,177     

Ciena Corp. (a)(b)

     54,469  
  1,974     

Clearfield, Inc. (b)

     26,057  
  2,033     

CommScope Holding Co., Inc. (b)

     77,315  
  2,114     

Digi International, Inc. (b)

     21,457  
  438     

EchoStar Corp. - Class A (b)

     26,587  
  7,657     

Extreme Networks, Inc. (b)

     70,598  
  1,722     

Finisar Corp. (a)(b)

     44,738  
  4,628     

Harmonic, Inc. (b)

     24,297  
  1,781     

Infinera Corp. (a)(b)

     19,003  
  635     

InterDigital, Inc.

     49,085  
  4,359     

KVH Industries, Inc. (b)

     41,410  
  617     

Lumentum Holdings, Inc. (b)

     35,200  
  695     

NETGEAR, Inc. (a)(b)

     29,954  
  1,520     

NetScout Systems, Inc. (a)(b)

     52,288  
  2,567     

Oclaro, Inc. (a)(b)

     23,976  
  1,204     

Plantronics, Inc.

     62,981  
  1,248     

Quantenna Communications, Inc. (a)(b)

     23,712  
  8,419     

ShoreTel, Inc. (b)

     48,830  
  9,381     

Sonus Networks, Inc. (b)

     69,795  
  917     

Ubiquiti Networks, Inc. (a)(b)

     47,656  
  2,928     

Viavi Solutions, Inc. (a)(b)

     30,832  
     

 

 

 
        1,317,961  
     

 

 

 
  

Construction & Engineering - 0.85%

  
  1,912     

AECOM (b)

     61,815  
  2,006     

Aegion Corp. (a)(b)

     43,891  
  563     

Argan, Inc.

     33,780  
  1,563     

Chicago Bridge & Iron Co. NV (a)

     30,838  
  482     

Dycom Industries, Inc. (a)(b)

     43,149  
  1,447     

EMCOR Group, Inc.

     94,605  
  746     

Fluor Corp.

     34,152  
  4,826     

HC2 Holdings, Inc. (b)

     28,377  
  1,125     

IES Holdings, Inc. (b)

     20,419  
  1,385     

Jacobs Engineering Group, Inc. (a)

     75,330  
  1,416     

MasTec, Inc. (b)

     63,932  
  1,109     

MYR Group, Inc. (b)

     34,401  
  993     

NV5 Global, Inc. (a)(b)

     42,202  


  3,930     

Orion Group Holdings, Inc. (b)

     29,357  
  1,823     

Quanta Services, Inc. (b)

     60,013  
  1,495     

Sterling Construction Co., Inc. (b)

     19,540  
  950     

Tutor Perini Corp. (a)(b)

     27,313  
     

 

 

 
        743,114  
     

 

 

 
  

Construction Materials - 0.08%

  
  224     

Eagle Materials, Inc. (a)

     20,702  
  288     

United States Lime & Minerals, Inc.

     22,600  
  324     

US Concrete, Inc. (a)(b)

     25,450  
     

 

 

 
        68,752  
     

 

 

 
  

Consumer Finance - 0.71%

  
  265     

Credit Acceptance Corp. (b)

     68,142  
  3,453     

Enova International, Inc. (b)

     51,277  
  3,400     

EZCORP, Inc. - Class A (a)(b)

     26,180  
  1,097     

Green Dot Corp. - Class A (b)

     42,268  
  6,540     

Navient Corp.

     108,891  
  1,038     

Nelnet, Inc. - Class A

     48,796  
  779     

PRA Group, Inc. (a)(b)

     29,524  
  2,727     

Regional Management Corp. (b)

     64,439  
  4,171     

Santander Consumer USA Holdings, Inc. (a)(b)

     53,222  
  11,260     

SLM Corp. (b)

     129,490  
     

 

 

 
        622,229  
     

 

 

 
  

Containers & Packaging - 0.82%

  
  308     

AptarGroup, Inc.

     26,753  
  775     

Bemis Co., Inc.

     35,844  
  1,935     

Berry Plastics Group, Inc. (b)

     110,314  
  1,343     

Crown Holdings, Inc. (a)(b)

     80,124  
  3,485     

Graphic Packaging Holding Co.

     48,023  
  496     

Greif, Inc. - Class A (a)

     27,667  
  363     

Greif, Inc. - Class B

     21,925  
  2,215     

Myers Industries, Inc.

     39,759  
  1,746     

Owens-Illinois, Inc. (b)

     41,764  
  995     

Packaging Corp. of America

     110,833  
  2,076     

Sealed Air Corp.

     92,922  
  776     

Silgan Holdings, Inc.

     24,661  
  958     

Sonoco Products Co. (a)

     49,261  
     

 

 

 
        709,850  
     

 

 

 
  

Distributors - 0.04%

  
  1,033     

Core-Mark Holding Co., Inc.

     34,151  
     

 

 

 
  

Diversified Consumer Services - 1.68%

  
  3,362     

Adtalem Global Education, Inc.

     127,588  
  4,057     

American Public Education, Inc. (a)(b)

     95,948  
  4,372     

Bridgepoint Education, Inc. (b)

     64,531  
  6,126     

Cambium Learning Group, Inc. (b)

     31,059  
  1,149     

Capella Education Co. (a)

     98,354  
  11,200     

Career Education Corp. (b)

     107,520  
  856     

Carriage Services, Inc. (a)

     23,078  
  4,976     

Chegg, Inc. (a)(b)

     61,155  
  3,069     

Collectors Universe, Inc.

     76,265  
  96     

Graham Holdings Co. - Class B

     57,566  
  1,139     

Grand Canyon Education, Inc. (b)

     89,309  
  4,372     

H&R Block, Inc.

     135,139  
  1,275     

Hillenbrand, Inc.

     46,027  
  1,592     

Houghton Mifflin Harcourt Co. (b)

     19,582  
  4,622     

K12, Inc. (b)

     82,826  


  1,747     

Liberty Tax, Inc.

     22,624  
  3,331     

Regis Corp. (b)

     34,209  
  1,330     

Service Corp. International

     44,489  
  2,023     

ServiceMaster Global Holdings, Inc. (b)

     79,281  
  751     

Sotheby’s Holdings, Inc. - Class A (a)(b)

     40,306  
  1,024     

Strayer Education, Inc.

     95,457  
  1,024     

Weight Watchers International, Inc. (b)

     34,222  
     

 

 

 
        1,466,535  
     

 

 

 
  

Diversified Financial Services - 0.20%

  
  707     

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

     28,386  
  1,295     

Fidelity National Financial, Inc. (b)

     20,461  
  2,175     

NewStar Financial, Inc.

     22,837  
  3,683     

Tiptree, Inc. - Class A

     25,965  
  831     

Voya Financial, Inc.

     30,656  
  634     

World Acceptance Corp. (b)

     47,493  
     

 

 

 
        175,798  
     

 

 

 
  

Diversified Telecommunication Services - 0.36%

  
  1,318     

Cogent Communications Holdings, Inc. (a)

     52,852  
  2,154     

FairPoint Communications, Inc. (b)

     33,710  
  1,544     

General Communication, Inc. - Class A (b)

     56,572  
  2,097     

IDT Corp. - Class B

     30,134  
  97     

Straight Path Communications, Inc. - Class B (b)

     17,426  
  11,947     

Vonage Holdings Corp. (b)

     78,133  
  1,499     

Zayo Group Holdings, Inc. (b)

     46,319  
     

 

 

 
        315,146  
     

 

 

 
  

Electric Utilities - 0.83%

  
  792     

ALLETE, Inc. (a)

     56,771  
  477     

El Paso Electric Co.

     24,661  
  3,262     

Genie Energy Ltd. - Class B

     24,856  
  2,240     

Great Plains Energy, Inc.

     65,587  
  1,807     

Hawaiian Electric Industries, Inc.

     58,511  
  596     

IDACORP, Inc.

     50,869  
  401     

MGE Energy, Inc. (a)

     25,804  
  2,112     

OGE Energy Corp.

     73,476  
  1,352     

Pinnacle West Capital Corp.

     115,136  
  1,116     

PNM Resources, Inc. (a)

     42,687  
  1,198     

Portland General Electric Co.

     54,737  
  2,012     

Spark Energy, Inc. - Class A

     37,826  
  412     

Unitil Corp.

     19,904  
  1,307     

Westar Energy, Inc.

     69,297  
     

 

 

 
        720,122  
     

 

 

 
  

Electrical Equipment - 0.64%

  
  1,228     

Allied Motion Technologies, Inc.

     33,426  
  401     

AZZ, Inc.

     22,376  
  622     

Belden, Inc. (a)

     46,917  
  1,737     

Brady Corp. - Class A (a)

     58,884  
  422     

Encore Wire Corp.

     18,019  
  613     

EnerSys

     44,412  
  680     

Franklin Electric Co., Inc.

     28,152  
  630     

Generac Holdings, Inc. (b)

     22,762  
  370     

Hubbell, Inc.

     41,873  
  942     

II-VI, Inc. (b)

     32,311  
  2,010     

LSI Industries, Inc.

     18,191  
  908     

Powell Industries, Inc.

     29,047  
  945     

Regal Beloit Corp.

     77,065  


  632     

Sensata Technologies Holding NV (b)

     26,999  
  3,090     

Vicor Corp. (b)

     55,311  
     

 

 

 
        555,745  
     

 

 

 
  

Electronic Equipment, Instruments & Components - 2.91%

  
  906     

Anixter International, Inc. (b)

     70,849  
  975     

Arrow Electronics, Inc. (b)

     76,459  
  473     

Avnet, Inc.

     18,390  
  1,544     

AVX Corp.

     25,229  
  857     

Bel Fuse, Inc. - Class B

     21,168  
  2,294     

Benchmark Electronics, Inc. (b)

     74,096  
  3,647     

CDW Corp. (a)

     228,047  
  1,303     

Cognex Corp.

     110,625  
  263     

Coherent, Inc. (a)(b)

     59,172  
  4,939     

Control4 Corp. (b)

     96,854  
  3,790     

Daktronics, Inc.

     36,498  
  668     

Dolby Laboratories, Inc. - Class A

     32,705  
  2,170     

Electro Scientific Industries, Inc. (b)

     17,881  
  497     

FARO Technologies, Inc. (b)

     18,787  
  4,047     

Fitbit, Inc. - Class A (a)(b)

     21,489  
  1,302     

FLIR Systems, Inc.

     45,127  
  552     

Insight Enterprises, Inc. (b)

     22,074  
  408     

IPG Photonics Corp. (b)

     59,201  
  5,515     

Iteris, Inc. (b)

     34,303  
  787     

Itron, Inc. (b)

     53,319  
  3,651     

Jabil, Inc. (a)

     106,573  
  1,312     

KEMET Corp. (b)

     16,794  
  3,342     

Keysight Technologies, Inc. (b)

     130,104  
  1,936     

Kimball Electronics, Inc. (b)

     34,945  
  1,326     

Knowles Corp. (a)(b)

     22,436  
  306     

Littelfuse, Inc.

     50,490  
  877     

Mercury Systems, Inc. (a)(b)

     36,913  
  774     

Methode Electronics, Inc.

     31,889  
  460     

MTS Systems Corp.

     23,828  
  1,714     

Napco Security Technologies, Inc. (b)

     16,112  
  2,468     

National Instruments Corp.

     99,263  
  1,468     

Novanta, Inc. (b)

     52,848  
  1,500     

PC Connection, Inc.

     40,590  
  1,826     

PCM, Inc. (b)

     34,237  
  1,135     

Plexus Corp. (b)

     59,667  
  8,125     

Radisys Corp. (b)

     30,550  
  211     

Rogers Corp. (b)

     22,919  
  2,206     

Sanmina Corp. (b)

     84,049  
  929     

ScanSource, Inc. (b)

     37,439  
  159     

SYNNEX Corp.

     19,074  
  843     

Tech Data Corp. (b)

     85,143  
  4,142     

Trimble, Inc. (a)(b)

     147,745  
  3,500     

TTM Technologies, Inc. (a)(b)

     60,760  
  3,404     

Vishay Intertechnology, Inc. (a)

     56,506  
  1,132     

Zebra Technologies Corp. - Class A (b)

     113,789  
     

 

 

 
        2,536,936  
     

 

 

 
  

Energy Equipment & Services - 0.42%

  
  3,792     

Archrock, Inc.

     43,229  
  3,174     

Atwood Oceanics, Inc. (b)

     25,868  
  441     

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

     21,521  
  6,061     

Ensco Plc - Class A

     31,275  


  1,111     

Exterran Corp. (b)

     29,664  
  7,378     

Noble Corp. Plc

     26,708  
  1,249     

Oceaneering International, Inc.

     28,527  
  1,014     

Oil States International, Inc. (b)

     27,530  
  1,315     

RigNet, Inc. (b)

     21,106  
  3,414     

Rowan Cos., Inc. - Class A (b)

     34,959  
  4,723     

Transocean, Ltd. - ADR (a)(b)

     38,870  
  1,857     

Unit Corp. (a)(b)

     34,782  
     

 

 

 
        364,039  
     

 

 

 
  

Food & Staples Retailing - 0.88%

  
  532     

Casey’s General Stores, Inc.

     56,982  
  2,472     

Diplomat Pharmacy, Inc. (b)

     36,586  
  1,433     

Ingles Markets, Inc. - Class A

     47,719  
  3,394     

Natural Grocers by Vitamin Cottage, Inc. (b)

     28,068  
  2,146     

Performance Food Group Co. (b)

     58,800  
  430     

PriceSmart, Inc.

     37,668  
  16,387     

Rite Aid Corp. (b)

     48,342  
  1,656     

SpartanNash Co.

     42,990  
  2,940     

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

     66,650  
  13,897     

SUPERVALU, Inc. (b)

     45,721  
  2,729     

The Chefs’ Warehouse, Inc. (b)

     35,477  
  2,234     

United Natural Foods, Inc. (a)(b)

     81,988  
  2,013     

US Foods Holding Corp. (b)

     54,794  
  2,428     

Village Super Market, Inc. - Class A

     62,934  
  1,200     

Weis Markets, Inc.

     58,464  
     

 

 

 
        763,183  
     

 

 

 
  

Food Products - 1.21%

  
  2,168     

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

     49,452  
  3,474     

Darling International, Inc. (b)

     54,681  
  3,745     

Dean Foods Co.

     63,665  
  1,493     

Farmer Brothers Co. (b)

     45,163  
  4,477     

Flowers Foods, Inc. (a)

     77,497  
  712     

Fresh Del Monte Produce, Inc.

     36,248  
  1,758     

Freshpet, Inc. (a)(b)

     29,183  
  1,124     

Hostess Brands, Inc. (b)

     18,097  
  1,692     

Ingredion, Inc.

     201,703  
  389     

J&J Snack Foods Corp.

     51,375  
  578     

Lamb Weston Holdings, Inc.

     25,455  
  290     

Lancaster Colony Corp. (a)

     35,560  
  2,209     

Lifeway Foods, Inc. (b)

     20,632  
  1,767     

Omega Protein Corp.

     31,629  
  1,216     

Pinnacle Foods, Inc.

     72,230  
  568     

Post Holdings, Inc. (a)(b)

     44,105  
  525     

Sanderson Farms, Inc. (a)

     60,716  
  1,087     

Snyder’s-Lance, Inc.

     37,632  
  1,019     

The Hain Celestial Group, Inc. (b)

     39,558  
  671     

TreeHouse Foods, Inc. (a)(b)

     54,814  
     

 

 

 
        1,049,395  
     

 

 

 
  

Gas Utilities - 0.57%

  
  905     

Atmos Energy Corp.

     75,070  
  750     

National Fuel Gas Co. (a)

     41,880  
  1,176     

New Jersey Resources Corp.

     46,687  
  303     

Northwest Natural Gas Co.

     18,135  
  502     

ONE Gas, Inc.

     35,045  
  989     

South Jersey Industries, Inc. (a)

     33,794  


  590     

Southwest Gas Holdings, Inc.

     43,105  
  451     

Spire, Inc.

     31,457  
  2,642     

UGI Corp.

     127,899  
  494     

WGL Holdings, Inc.

     41,215  
     

 

 

 
        494,287  
     

 

 

 
  

Health Care Equipment & Supplies - 3.73%

  
  726     

Abaxis, Inc.

     38,493  
  845     

ABIOMED, Inc. (b)

     121,088  
  1,262     

Alere, Inc. (b)

     63,340  
  458     

Analogic Corp.

     33,274  
  3,112     

AngioDynamics, Inc. (b)

     50,446  
  5,550     

Antares Pharma, Inc. (b)

     17,871  
  1,564     

AtriCure, Inc. (b)

     37,927  
  67     

Atrion Corp. (a)

     43,101  
  2,504     

AxoGen, Inc. (b)

     41,942  
  470     

Cantel Medical Corp. (a)

     36,618  
  3,459     

Cardiovascular Systems, Inc. (b)

     111,484  
  2,300     

CryoLife, Inc. (b)

     45,885  
  3,071     

Cutera, Inc. (b)

     79,539  
  1,176     

DexCom, Inc. (a)(b)

     86,024  
  2,230     

Entellus Medical, Inc. (b)

     36,929  
  974     

Exactech, Inc. (a)(b)

     29,025  
  599     

FONAR Corp. (b)

     16,622  
  2,212     

GenMark Diagnostics, Inc. (b)

     26,168  
  1,898     

Glaukos Corp. (a)(b)

     78,710  
  2,363     

Globus Medical, Inc. - Class A (a)(b)

     78,333  
  1,166     

Haemonetics Corp. (b)

     46,045  
  1,628     

Halyard Health, Inc. (b)

     63,948  
  1,294     

Hill-Rom Holdings, Inc.

     103,015  
  200     

ICU Medical, Inc. (b)

     34,500  
  719     

Inogen, Inc. (a)(b)

     68,607  
  2,347     

Insulet Corp. (a)(b)

     120,425  
  865     

Integer Holdings Corp. (b)

     37,411  
  1,002     

Integra LifeSciences Holdings Corp. (a)(b)

     54,619  
  1,652     

K2M Group Holdings, Inc. (b)

     40,243  
  2,690     

Lantheus Holdings, Inc. (b)

     47,478  
  1,427     

LeMaitre Vascular, Inc. (a)

     44,551  
  283     

LivaNova Plc (b)

     17,322  
  1,329     

Masimo Corp. (b)

     121,178  
  2,917     

Meridian Bioscience, Inc.

     45,943  
  1,179     

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

     44,979  
  1,166     

Natus Medical, Inc. (b)

     43,492  
  391     

Neogen Corp. (b)

     27,022  
  1,228     

NuVasive, Inc. (a)(b)

     94,458  
  3,356     

NxStage Medical, Inc. (b)

     84,135  
  2,097     

OraSure Technologies, Inc. (b)

     36,194  
  1,554     

Orthofix International NV (b)

     72,230  
  1,754     

Oxford Immunotec Global Plc (b)

     29,502  
  654     

Penumbra, Inc. (a)(b)

     57,389  
  507     

Pulse Biosciences, Inc. (b)

     17,507  
  1,843     

ResMed, Inc.

     143,514  
  9,327     

RTI Surgical, Inc. (b)

     54,563  
  6,371     

STAAR Surgical Co. (b)

     68,807  
  464     

STERIS Plc

     37,816  
  1,084     

SurModics, Inc. (b)

     30,515  


  2,123     

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

     60,675  
  433     

Teleflex, Inc. (a)

     89,960  
  600     

The Cooper Companies, Inc.

     143,652  
  2,123     

The Spectranetics Corp. (a)(b)

     81,523  
  273     

Utah Medical Products, Inc.

     19,765  
  749     

West Pharmaceutical Services, Inc.

     70,795  
  735     

Wright Medical Group NV (a)(b)

     20,205  
     

 

 

 
        3,246,802  
     

 

 

 
  

Health Care Providers & Services - 2.46%

  
  539     

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

     26,616  
  2,391     

Aceto Corp.

     36,941  
  699     

Addus HomeCare Corp. (b)

     26,003  
  516     

Almost Family, Inc. (b)

     31,811  
  925     

Amedisys, Inc. (b)

     58,099  
  1,448     

American Renal Associates Holdings, Inc. (b)

     26,860  
  2,010     

AMN Healthcare Services, Inc. (a)(b)

     78,490  
  10,167     

BioScrip, Inc. (b)

     27,603  
  2,066     

BioTelemetry, Inc. (b)

     69,108  
  3,217     

Brookdale Senior Living, Inc. (b)

     47,322  
  489     

Chemed Corp. (a)

     100,015  
  1,870     

Civitas Solutions, Inc. (b)

     32,725  
  5,067     

Community Health Systems, Inc. (b)

     50,467  
  678     

CorVel Corp. (b)

     32,171  
  5,826     

Cross Country Healthcare, Inc. (b)

     75,214  
  1,864     

Envision Healthcare Corp. (a)(b)

     116,817  
  1,020     

HealthEquity, Inc. (a)(b)

     50,827  
  1,150     

HealthSouth Corp. (a)

     55,660  
  2,244     

HMS Holdings Corp. (a)(b)

     41,514  
  4,329     

Kindred Healthcare, Inc.

     50,433  
  333     

Landauer, Inc.

     17,416  
  1,315     

LHC Group, Inc. (b)

     89,275  
  1,025     

LifePoint Health, Inc. (a)(b)

     68,829  
  250     

Magellan Health Services, Inc. (b)

     18,225  
  1,150     

MEDNAX, Inc. (a)(b)

     69,425  
  1,195     

Molina Healthcare, Inc. (a)(b)

     82,670  
  1,763     

National Research Corp. - Class A

     47,425  
  1,720     

Owens & Minor, Inc. (a)

     55,367  
  1,016     

Patterson Cos., Inc. (a)

     47,701  
  1,264     

PerkinElmer, Inc.

     86,129  
  826     

PharMerica Corp. (a)(b)

     21,682  
  507     

Premier, Inc. - Class A (b)

     18,252  
  4,506     

R1 RCM, Inc. (b)

     16,898  
  5,556     

RadNet, Inc. (b)

     43,059  
  1,254     

Select Medical Holdings Corp. (b)

     19,249  
  1,273     

Surgery Partners, Inc. (b)

     28,961  
  926     

Teladoc, Inc. (a)(b)

     32,132  
  1,322     

Tivity Health, Inc. (b)

     52,682  
  2,522     

Triple-S Management Corp. - Class B (b)

     42,647  
  372     

US Physical Therapy, Inc.

     22,469  
  621     

VCA, Inc. (b)

     57,325  
  954     

WellCare Health Plans, Inc. (b)

     171,300  
     

 

 

 
        2,143,814  
     

 

 

 
  

Health Care Technology - 0.69%

  
  3,947     

Allscripts Healthcare Solutions, Inc. (a)(b)

     50,364  
  769     

athenahealth, Inc. (a)(b)

     108,083  


  6,276     

Castlight Health, Inc. - Class B (b)

     26,045  
  713     

Computer Programs & Systems, Inc. (a)

     23,386  
  605     

Cotiviti Holdings, Inc. (a)(b)

     22,470  
  667     

Medidata Solutions, Inc. (a)(b)

     52,159  
  869     

Omnicell, Inc. (b)

     37,454  
  5,284     

Quality Systems, Inc. (a)(b)

     90,938  
  1,387     

Simulations Plus, Inc.

     17,129  
  1,787     

Veeva Systems, Inc. - Class A (a)(b)

     109,561  
  2,347     

Vocera Communications, Inc. (b)

     62,008  
     

 

 

 
        599,597  
     

 

 

 
  

Hotels, Restaurants & Leisure - 2.37%

  
  4,002     

Aramark (a)

     164,002  
  75     

Biglari Holdings, Inc. (b)

     29,981  
  243     

Bob Evans Farms, Inc.

     17,455  
  693     

Boyd Gaming Corp. (a)

     17,193  
  1,253     

Brinker International, Inc.

     47,739  
  339     

Buffalo Wild Wings, Inc. (b)

     42,951  
  994     

Caesars Acquisition Co. - Class A (b)

     18,936  
  3,027     

Caesars Entertainment Corp. (a)(b)

     36,324  
  3,135     

Callaway Golf Co.

     40,065  
  1,700     

Carrols Restaurant Group, Inc. (b)

     20,825  
  3,294     

Century Casinos, Inc. (b)

     24,277  
  504     

Cheesecake Factory, Inc.

     25,351  
  990     

Choice Hotels International, Inc.

     63,608  
  208     

Churchill Downs, Inc. (a)

     38,126  
  108     

Cracker Barrel Old Country Store, Inc. (a)

     18,063  
  421     

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

     28,001  
  1,351     

Del Taco Restaurants, Inc. (a)(b)

     18,576  
  3,398     

Denny’s Corp. (b)

     39,994  
  977     

Domino’s Pizza, Inc.

     206,665  
  853     

Dunkin’ Brands Group, Inc. (a)

     47,017  
  885     

Extended Stay America, Inc.

     17,134  
  1,139     

Fiesta Restaurant Group, Inc. (b)

     23,520  
  1,275     

Fogo De Chao, Inc. (b)

     17,723  
  626     

Hyatt Hotels Corp. - Class A (b)

     35,187  
  1,114     

ILG, Inc. (a)

     30,624  
  2,659     

International Game Technology Plc

     48,660  
  628     

International Speedway Corp. - Class A

     23,581  
  1,131     

Intrawest Resorts Holdings, Inc. (b)

     26,850  
  736     

Jack in the Box, Inc.

     72,496  
  1,616     

La Quinta Holdings, Inc. (b)

     23,868  
  330     

Marriott Vacations Worldwide Corp.

     38,858  
  593     

Nathan’s Famous, Inc. (b)

     37,359  
  413     

Panera Bread Co. - Class A (b)

     129,946  
  981     

Papa John’s International, Inc. (a)

     70,397  
  1,675     

Penn National Gaming, Inc. (a)(b)

     35,845  
  1,882     

Pinnacle Entertainment, Inc. (a)(b)

     37,188  
  4,980     

Potbelly Corp. (b)

     57,270  
  704     

RCI Hospitality Holdings, Inc.

     16,783  
  2,500     

Ruth’s Hospitality Group, Inc.

     54,375  
  1,966     

Scientific Games Corp. (b)

     51,313  
  428     

Six Flags Entertainment Corp.

     25,513  
  875     

Sonic Corp. (a)

     23,179  
  1,800     

Speedway Motorsports, Inc.

     32,886  
  619     

Texas Roadhouse, Inc. (a)

     31,538  


  704     

The Marcus Corp.

     21,261  
  1,941     

The Wendy’s Co.

     30,105  
  356     

Vail Resorts, Inc. (a)

     72,207  
  1,103     

Wingstop, Inc. (a)

     34,083  
     

 

 

 
        2,064,898  
     

 

 

 
  

Household Durables - 1.70%

  
  1,736     

AV Homes, Inc. (b)

     34,807  
  1,651     

Bassett Furniture Industries, Inc.

     62,655  
  1,969     

Beazer Homes USA, Inc. (b)

     27,015  
  686     

CalAtlantic Group, Inc.

     24,250  
  1,970     

Ethan Allen Interiors, Inc.

     63,631  
  1,012     

Flexsteel Industries, Inc.

     54,759  
  4,391     

GoPro, Inc. - Class A (a)(b)

     35,699  
  2,156     

Green Brick Partners, Inc. (b)

     24,686  
  320     

Helen of Troy, Ltd. (b)

     30,112  
  676     

Hooker Furniture Corp.

     27,817  
  12,219     

Hovnanian Enterprises, Inc. (b)

     34,213  
  1,000     

Installed Building Products, Inc. (b)

     52,950  
  919     

iRobot Corp. (a)(b)

     77,325  
  2,848     

KB Home (a)

     68,267  
  2,650     

La-Z-Boy, Inc. (a)

     86,125  
  502     

Leggett & Platt, Inc.

     26,370  
  2,731     

Lifetime Brands, Inc.

     49,568  
  766     

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

     27,063  
  623     

M/I Homes, Inc. (b)

     17,787  
  79     

NVR, Inc. (b)

     190,438  
  2,306     

PulteGroup, Inc. (a)

     56,566  
  728     

Taylor Morrison Home Corp. - Class A (b)

     17,479  
  1,180     

Tempur Sealy International, Inc. (a)(b)

     63,000  
  1,323     

Toll Brothers, Inc.

     52,272  
  623     

TopBuild Corp. (a)(b)

     33,063  
  2,777     

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

     36,629  
  1,232     

Tupperware Brands Corp.

     86,523  
  2,814     

UCP, Inc. - Class A (b)

     30,813  
  400     

Universal Electronics, Inc. (b)

     26,740  
  7,538     

ZAGG, Inc. (b)

     65,204  
     

 

 

 
        1,483,826  
     

 

 

 
  

Household Products - 0.44%

  
  1,646     

Central Garden & Pet Co. (a)(b)

     52,326  
  1,966     

Central Garden & Pet Co. - Class A (b)

     59,019  
  1,640     

Energizer Holdings, Inc.

     78,753  
  3,779     

HRG Group, Inc. (b)

     66,926  
  539     

Oil-Dri Corp. of America

     22,644  
  470     

Spectrum Brands Holdings, Inc. (a)

     58,769  
  438     

WD-40 Co.

     48,333  
     

 

 

 
        386,770  
     

 

 

 
  

Independent Power and Renewable Electricity Producers - 0.68%

  
  31,558     

Atlantic Power Corp. (b)

     75,739  
  8,760     

Calpine Corp. (a)(b)

     118,523  
  10,580     

Dynegy, Inc. (b)

     87,496  
  6,436     

NRG Energy, Inc. (a)

     110,828  
  4,545     

NRG Yield, Inc. - Class A

     77,538  
  4,822     

NRG Yield, Inc. - Class C

     84,867  
  595     

Ormat Technologies, Inc. (a)

     34,915  
     

 

 

 
        589,906  
     

 

 

 


  

Industrial Conglomerates - 0.21%

  
  434     

Carlisle Companies, Inc. (a)

     41,404  
  2,707     

McDermott International, Inc. (b)

     19,409  
  650     

Otter Tail Corp.

     25,740  
  534     

Raven Industries, Inc. (a)

     17,782  
  9     

Seaboard Corp.

     35,955  
  430     

Standex International Corp.

     39,001  
     

 

 

 
        179,291  
     

 

 

 
  

Insurance - 4.03%

  
  193     

Alleghany Corp. (b)

     114,796  
  1,252     

American Equity Investment Life Holding Co.

     32,903  
  1,811     

American Financial Group, Inc.

     179,959  
  290     

American National Insurance Co.

     33,782  
  1,119     

AMERISAFE, Inc. (a)

     63,727  
  3,604     

AmTrust Financial Services, Inc. (a)

     54,565  
  820     

Argo Group International Holdings, Ltd.

     49,692  
  4,106     

Arthur J. Gallagher & Co.

     235,068  
  971     

Aspen Insurance Holdings, Ltd.

     48,404  
  1,615     

Assurant, Inc.

     167,459  
  3,600     

Assured Guaranty, Ltd.

     150,264  
  1,519     

Axis Capital Holdings, Ltd.

     98,219  
  1,201     

Blue Capital Reinsurance Holdings, Ltd.

     21,978  
  1,685     

Brown & Brown, Inc.

     72,573  
  1,653     

CNO Financial Group, Inc.

     34,515  
  4,301     

Crawford & Co. - Class B

     39,999  
  1,360     

Donegal Group, Inc. - Class A

     21,624  
  985     

eHealth, Inc. (b)

     18,518  
  960     

EMC Insurance Group, Inc.

     26,669  
  1,373     

Employers Holdings, Inc.

     58,078  
  912     

Erie Indemnity Co. - Class A

     114,064  
  1,112     

Everest Re Group, Ltd.

     283,104  
  2,044     

First American Financial Corp.

     91,346  
  458     

Global Indemnity Ltd. (b)

     17,757  
  986     

HCI Group, Inc. (a)

     46,322  
  725     

Health Insurance Innovations, Inc. (b)

     17,038  
  1,421     

Heritage Insurance Holdings, Inc.

     18,501  
  574     

Horace Mann Educators Corp.

     21,697  
  208     

Infinity Property & Casualty Corp.

     19,552  
  153     

Investors Title Co.

     29,596  
  600     

James River Group Holdings, Ltd.

     23,838  
  1,066     

Kingstone Cos., Inc.

     16,310  
  1,690     

Maiden Holdings, Ltd. (a)

     18,759  
  101     

National Western Life Group, Inc. - Class A

     32,282  
  2,889     

Old Republic International Corp.

     56,422  
  1,254     

Primerica, Inc.

     94,991  
  590     

ProAssurance Corp.

     35,872  
  1,344     

Reinsurance Group of America, Inc.

     172,556  
  823     

RenaissanceRe Holdings, Ltd.

     114,438  
  391     

RLI Corp.

     21,356  
  485     

Safety Insurance Group, Inc.

     33,126  
  1,231     

Selective Insurance Group, Inc. (a)

     61,612  
  2,027     

State National Cos., Inc.

     37,256  
  788     

Stewart Information Services Corp. (a)

     35,759  
  236     

The Hanover Insurance Group, Inc.

     20,917  
  800     

The Navigators Group, Inc.

     43,920  


  1,951     

Third Point Reinsurance, Ltd. (b)

     27,119  
  2,517     

Torchmark Corp.

     192,551  
  1,750     

Universal Insurance Holdings, Inc. (a)

     44,100  
  1,221     

Validus Holdings, Ltd.

     63,455  
  2,240     

W.R. Berkley Corp. (a)

     154,941  
  30     

White Mountains Insurance Group, Ltd. - ADR

     26,059  
     

 

 

 
        3,509,408  
     

 

 

 
  

Internet & Direct Marketing Retail - 0.89%

  
  5,856     

1-800-Flowers.Com, Inc. - Class A (b)

     57,096  
  2,379     

Duluth Holdings, Inc. - Class B (a)(b)

     43,322  
  2,261     

Etsy, Inc. (b)

     33,915  
  2,443     

FTD Cos., Inc. (a)(b)

     48,860  
  14,843     

Groupon, Inc. (a)(b)

     56,997  
  1,598     

HSN, Inc.

     50,976  
  2,234     

Lands’ End, Inc. (a)(b)

     33,287  
  341     

Liberty Expedia Holdings, Inc. - Class A (a)(b)

     18,421  
  683     

Liberty Ventures - Series A (b)

     35,714  
  1,764     

Nutrisystem, Inc. (a)

     91,816  
  2,702     

Overstock.com, Inc. (b)

     44,043  
  1,440     

PetMed Express, Inc.

     58,464  
  1,775     

Shutterfly, Inc. (a)(b)

     84,312  
  1,192     

TripAdvisor, Inc. (b)

     45,534  
  974     

Wayfair, Inc. - Class A (b)

     74,881  
     

 

 

 
        777,638  
     

 

 

 
  

Internet Software & Services - 3.53%

  
  1,771     

2U, Inc. (a)(b)

     83,095  
  9,165     

Aerohive Networks, Inc. (b)

     45,825  
  2,306     

Alarm.com Holdings, Inc. (b)

     86,775  
  3,082     

Amber Road, Inc. (b)

     26,413  
  4,348     

Angie’s List, Inc. (a)(b)

     55,611  
  2,250     

Appfolio, Inc. - Class A (b)

     73,350  
  1,853     

Apptio, Inc. (b)

     32,150  
  3,991     

Bankrate, Inc. (a)(b)

     51,284  
  5,242     

Bazaarvoice, Inc. (b)

     25,948  
  3,762     

Blucora, Inc. (b)

     79,754  
  3,881     

Box, Inc. - Class A (b)

     70,789  
  7,536     

Brightcove, Inc. (b)

     46,723  
  470     

BroadSoft, Inc. (a)(b)

     20,233  
  5,633     

Carbonite, Inc. (b)

     122,799  
  2,726     

Care.com, Inc. (b)

     41,163  
  1,057     

Cars.com, Inc. (b)

     28,148  
  3,165     

ChannelAdvisor Corp. (b)

     36,556  
  705     

Cimpress NV (a)(b)

     66,644  
  3,187     

CommerceHub, Inc. - Series A (b)

     55,518  
  2,700     

CommerceHub, Inc. - Series C (b)

     47,088  
  2,064     

Cornerstone OnDemand, Inc. (b)

     73,788  
  262     

CoStar Group, Inc. (a)(b)

     69,063  
  23,827     

DHI Group, Inc. (b)

     67,907  
  705     

Envestnet, Inc. (a)(b)

     27,918  
  3,114     

Five9, Inc. (b)

     67,013  
  2,080     

Global Sources, Ltd. (b)

     41,600  
  411     

GoDaddy, Inc. - Class A (b)

     17,435  
  751     

GrubHub, Inc. (a)(b)

     32,744  
  516     

GTT Communications, Inc. (b)

     16,331  
  3,380     

Hortonworks, Inc. (b)

     43,534  


  2,210     

IAC InterActive Corp. (b)

     228,160  
  2,099     

Instructure, Inc. (b)

     61,920  
  782     

j2 Global, Inc. (a)

     66,540  
  2,185     

Leaf Group, Ltd. (b)

     17,043  
  3,918     

LivePerson, Inc. (b)

     43,098  
  528     

LogMeIn, Inc.

     55,176  
  1,583     

Match Group, Inc. (a)(b)

     27,513  
  2,488     

MINDBODY, Inc. - Class A (a)(b)

     67,674  
  1,305     

New Relic, Inc. (b)

     56,128  
  2,847     

NIC, Inc. (a)

     53,951  
  4,857     

Pandora Media, Inc. (a)(b)

     43,324  
  959     

Q2 Holdings, Inc. (a)(b)

     35,435  
  6,293     

QuinStreet, Inc. (b)

     26,242  
  2,478     

Quotient Technology, Inc. (b)

     28,497  
  8,889     

Rocket Fuel, Inc. (b)

     24,445  
  851     

Shutterstock, Inc. (b)

     37,512  
  518     

SPS Commerce, Inc. (b)

     33,028  
  441     

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

     68,300  
  6,343     

TechTarget, Inc. (b)

     65,777  
  6,052     

The Meet Group, Inc. (b)

     30,563  
  4,511     

TrueCar, Inc. (b)

     89,904  
  309     

Tucows, Inc. (b)

     16,531  
  829     

Twilio, Inc. - Class A (a)(b)

     24,132  
  2,058     

Web.com Group, Inc. (b)

     52,067  
  560     

WebMD Health Corp. (a)(b)

     32,844  
  3,281     

Xactly Corp. (b)(c)

     51,348  
  3,451     

XO Group, Inc. (b)

     60,807  
  2,977     

Yelp, Inc. - Class A (a)(b)

     89,370  
  701     

Zillow Group, Inc. - Class C (a)(b)

     34,356  
     

 

 

 
        3,074,884  
     

 

 

 
  

IT Services - 2.64%

  
  2,658     

Acxiom Corp. (b)

     69,055  
  2,160     

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

     94,176  
  2,722     

Booz Allen Hamilton Holding Corp. - Class A (a)

     88,574  
  1,296     

Broadridge Financial Solutions, Inc.

     97,926  
  762     

CACI International, Inc. - Class A (b)

     95,288  
  1,277     

Cardtronics Plc - Class A (b)

     41,962  
  1,099     

Conduent, Inc. (b)

     17,518  
  3,676     

Convergys Corp. (a)

     87,415  
  1,931     

CoreLogic, Inc. (a)(b)

     83,767  
  1,294     

CSG Systems International, Inc.

     52,510  
  2,124     

CSRA, Inc. (a)

     67,437  
  508     

DST Systems, Inc.

     31,344  
  530     

EPAM Systems, Inc. (b)

     44,568  
  829     

Euronet Worldwide, Inc. (b)

     72,430  
  1,520     

EVERTEC, Inc.

     26,296  
  629     

ExlService Holdings, Inc. (b)

     34,960  
  1,042     

Forrester Research, Inc.

     40,794  
  1,196     

Gartner, Inc. (b)

     147,718  
  2,355     

Genpact, Ltd. (a)

     65,540  
  20,083     

Information Services Group, Inc. (b)

     82,541  
  1,482     

Leidos Holdings, Inc.

     76,604  
  1,065     

ManTech International Corp. - Class A

     44,070  
  1,870     

Maximus, Inc. (a)

     117,118  
  2,616     

NCI, Inc. - Class A (b)

     55,198  


  3,007     

NeuStar, Inc. - Class A (b)

     100,283  
  2,675     

Perficient, Inc. (a)(b)

     49,862  
  19,183     

Planet Payment, Inc. (a)(b)

     63,304  
  1,162     

Science Applications International Corp. (a)

     80,666  
  2,319     

Square, Inc. - Class A (a)(b)

     54,404  
  2,831     

StarTek, Inc. (b)

     34,651  
  2,298     

Syntel, Inc.

     38,974  
  840     

TeleTech Holdings, Inc.

     34,272  
  4,361     

The Hackett Group, Inc.

     67,595  
  3,200     

Travelport Worldwide, Ltd.

     44,032  
  3,754     

Unisys Corp. (b)

     48,051  
  1,399     

VeriFone Systems, Inc. (a)(b)

     25,322  
  839     

Virtusa Corp. (b)

     24,667  
     

 

 

 
        2,300,892  
     

 

 

 
  

Leisure Products - 0.81%

  
  1,206     

Acushnet Holdings Corp.

     23,927  
  1,976     

American Outdoor Brands Corp. (b)

     43,788  
  1,644     

Brunswick Corp.

     103,128  
  1,326     

Johnson Outdoors, Inc. - Class A

     63,927  
  970     

Malibu Boats, Inc. - Class A (b)

     25,094  
  2,523     

Marine Products Corp.

     39,384  
  4,608     

MCBC Holdings, Inc. (b)

     90,086  
  2,548     

Nautilus, Inc. (b)

     48,794  
  1,018     

Polaris Industries, Inc. (a)

     93,890  
  907     

Pool Corp. (a)

     106,636  
  685     

Sturm, Ruger & Company, Inc. (a)

     42,573  
  911     

Vista Outdoor, Inc. (b)

     20,507  
     

 

 

 
        701,734  
     

 

 

 
  

Life Sciences Tools & Services - 0.97%

  
  261     

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

     59,067  
  1,749     

Bruker Corp.

     50,441  
  335     

Cambrex Corp. (a)(b)

     20,016  
  702     

Charles River Laboratories International, Inc. (b)

     71,007  
  14,998     

Enzo Biochem, Inc. (b)

     165,578  
  795     

INC Research Holdings, Inc. - Class A (b)

     46,508  
  3,016     

Luminex Corp.

     63,698  
  1,958     

Medpace Holdings, Inc. (b)

     56,782  
  1,765     

NanoString Technologies, Inc. (b)

     29,193  
  1,176     

PAREXEL International Corp. (b)

     102,206  
  296     

PRA Health Sciences, Inc. (b)

     22,203  
  2,543     

QIAGEN NV

     85,273  
  2,218     

VWR Corp. (b)

     73,216  
     

 

 

 
        845,188  
     

 

 

 
  

Machinery - 3.38%

  
  959     

AGCO Corp.

     64,627  
  335     

Alamo Group, Inc.

     30,421  
  2,211     

Allison Transmission Holdings, Inc.

     82,935  
  981     

Altra Industrial Motion Corp. (a)

     39,044  
  602     

Badger Meter, Inc.

     23,990  
  1,013     

Barnes Group, Inc. (a)

     59,291  
  1,653     

Blue Bird Corp. (a)(b)

     28,101  
  1,326     

Chart Industries, Inc. (b)

     46,052  
  1,721     

Colfax Corp. (a)(b)

     67,756  
  1,434     

Columbus McKinnon Corp.

     36,452  
  569     

Crane Co.

     45,167  


  2,142     

Donaldson Co., Inc. (a)

     97,547  
  840     

Douglas Dynamics, Inc.

     27,636  
  372     

EnPro Industries, Inc.

     26,550  
  514     

ESCO Technologies, Inc.

     30,660  
  1,340     

FreightCar America, Inc. (a)

     23,303  
  1,096     

Gencor Industries, Inc. (b)

     17,755  
  800     

Global Brass & Copper Holdings, Inc.

     24,440  
  1,010     

Gorman Rupp Co.

     25,725  
  1,084     

Graco, Inc.

     118,459  
  1,983     

Hardinge, Inc.

     24,629  
  2,353     

Harsco Corp. (b)

     37,883  
  832     

IDEX Corp. (a)

     94,024  
  542     

ITT, Inc.

     21,778  
  792     

John Bean Technologies Corp. (a)

     77,616  
  505     

Kadant, Inc.

     37,976  
  802     

Kennametal, Inc.

     30,011  
  1,574     

Lincoln Electric Holdings, Inc. (a)

     144,950  
  506     

Lydall, Inc. (b)

     26,160  
  1,696     

Meritor, Inc. (b)

     28,171  
  1,550     

Mueller Water Products, Inc. - Class A

     18,104  
  570     

NACCO Industries, Inc. - Class A

     40,384  
  972     

Navistar International Corp. (b)

     25,496  
  903     

NN, Inc.

     24,787  
  1,234     

Nordson Corp.

     149,709  
  974     

Omega Flex, Inc.

     62,726  
  1,634     

Oshkosh Corp.

     112,550  
  780     

Park-Ohio Holdings Corp.

     29,718  
  395     

Proto Labs, Inc. (b)

     26,564  
  253     

RBC Bearings, Inc. (a)(b)

     25,745  
  1,024     

Rexnord Corp. (b)

     23,808  
  773     

Snap-on, Inc. (a)

     122,134  
  2,057     

Spartan Motors, Inc.

     18,204  
  766     

SPX Corp. (b)

     19,273  
  3,249     

Supreme Industries, Inc. - Class A

     53,446  
  965     

Tennant Co.

     71,217  
  1,371     

Terex Corp. (a)

     51,412  
  568     

The Eastern Co.

     17,068  
  1,133     

The Greenbrier Companies, Inc.

     52,401  
  339     

The Middleby Corp. (a)(b)

     41,192  
  1,360     

The Timken Co.

     62,900  
  1,672     

Titan International, Inc.

     20,081  
  2,323     

Toro Co.

     160,961  
  1,320     

TriMas Corp. (a)(b)

     27,522  
  2,504     

Trinity Industries, Inc.

     70,187  
  118     

Valmont Industries, Inc.

     17,653  
  2,276     

Wabash National Corp. (a)

     50,026  
  214     

Wabtec Corp. (a)

     19,581  
  1,266     

Welbilt, Inc. (b)

     23,864  
  1,180     

Xylem, Inc.

     65,407  
     

 

 

 
        2,943,229  
     

 

 

 
  

Marine - 0.06%

  
  3,250     

Costamare, Inc. (a)

     23,758  
  457     

Kirby Corp. (a)(b)

     30,550  
     

 

 

 
        54,308  
     

 

 

 


  

Media - 1.18%

  
  361     

AMC Networks, Inc. - Class A (a)(b)

     19,281  
  2,455     

Ascent Capital Group, Inc. - Class A (b)

     37,709  
  85     

Cable One, Inc.

     60,426  
  4,264     

Central European Media Enterprises Ltd. - Class A (b)

     17,056  
  818     

Cinemark Holdings, Inc.

     31,779  
  1,758     

Entercom Communications Corp. - Class A (a)

     18,195  
  3,330     

Gannett Co., Inc.

     29,038  
  1,388     

Gray Television, Inc. (a)(b)

     19,016  
  1,017     

John Wiley & Sons, Inc. - Class A

     53,647  
  732     

Liberty Media Corp. (b)

     17,546  
  758     

Liberty Media Group - Class A (b)

     26,553  
  1,056     

Liberty Media Group - Class C (b)

     38,671  
  866     

Lions Gate Entertainment Corp. - Class A (b)

     24,438  
  943     

Lions Gate Entertainment Corp. - Class B (b)

     24,782  
  1,644     

Live Nation Entertainment, Inc. (b)

     57,293  
  978     

Meredith Corp. (a)

     58,142  
  2,151     

MSG Networks, Inc. - Class A (b)

     48,290  
  3,120     

New Media Investment Group, Inc.

     42,058  
  2,516     

Salem Media Group, Inc.

     17,864  
  1,266     

Scholastic Corp. (a)

     55,185  
  1,152     

Sinclair Broadcast Group, Inc. - Class A (a)

     37,901  
  2,242     

TEGNA, Inc.

     32,307  
  1,330     

The E.W. Scripps Co. - Class A (b)

     23,687  
  2,676     

The Interpublic Group of Companies, Inc. (a)

     65,830  
  116     

The Madison Square Garden Co. - Class A (b)

     22,840  
  1,910     

The New York Times Co. - Class A

     33,807  
  2,832     

Time, Inc.

     40,639  
  2,294     

Townsquare Media, Inc. - Class A (b)

     23,490  
  1,709     

tronc, Inc. (b)

     22,029  
  1,578     

World Wrestling Entertainment, Inc. - Class A

     32,144  
     

 

 

 
        1,031,643  
     

 

 

 
  

Metals & Mining - 1.03%

  
  5,725     

AK Steel Holding Corp. (a)(b)

     37,613  
  561     

Alcoa Corp. (b)

     18,317  
  1,134     

Carpenter Technology Corp. (a)

     42,446  
  1,224     

Century Aluminum Co. (b)

     19,070  
  5,944     

Cliffs Natural Resources, Inc. (b)

     41,132  
  3,610     

Coeur Mining, Inc. (b)

     30,974  
  3,195     

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

     0  
  1,200     

Gibraltar Industries, Inc. (b)

     42,780  
  6,957     

Gold Resource Corp. (a)

     28,384  
  768     

Handy & Harman Ltd. (b)

     24,115  
  6,752     

Hecla Mining Co.

     34,435  
  1,069     

Materion Corp.

     39,981  
  1,182     

Olympic Steel, Inc.

     23,025  
  1,726     

Reliance Steel & Aluminum Co.

     125,670  
  606     

Royal Gold, Inc.

     47,371  
  2,843     

Ryerson Holding Corp. (b)

     28,146  
  904     

Schnitzer Steel Industries, Inc. - Class A

     22,781  
  3,615     

Steel Dynamics, Inc.

     129,453  
  5,282     

SunCoke Energy, Inc. (a)(b)

     57,574  
  3,224     

United States Steel Corp. (a)

     71,379  
  709     

Worthington Industries, Inc.

     35,606  
     

 

 

 
        900,252  
     

 

 

 


  

Multiline Retail - 0.69%

  
  1,638     

Big Lots, Inc. (a)

     79,116  
  1,881     

Burlington Stores, Inc. (a)(b)

     173,033  
  1,071     

Dillard’s, Inc. - Class A (a)

     61,786  
  3,163     

Fred’s, Inc. - Class A (a)

     29,195  
  6,902     

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

     32,094  
  2,231     

Kohl’s Corp.

     86,273  
  1,492     

Nordstrom, Inc.

     71,362  
  969     

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

     41,279  
  2,983     

Sears Holdings Corp. (b)

     26,429  
     

 

 

 
        600,567  
     

 

 

 
  

Multi-Utilities - 0.39%

  
  2,243     

Alliant Energy Corp.

     90,101  
  944     

Avista Corp.

     40,082  
  458     

Black Hills Corp.

     30,901  
  3,474     

MDU Resources Group, Inc.

     91,019  
  607     

NorthWestern Corp.

     37,039  
  835     

Vectren Corp.

     48,798  
     

 

 

 
        337,940  
     

 

 

 
  

Oil, Gas & Consumable Fuels - 0.81%

  
  11,396     

Abraxas Petroleum Corp. (b)

     18,462  
  601     

Adams Resources & Energy, Inc.

     24,689  
  1,180     

Centennial Resource Development, Inc. (b)

     18,668  
  4,238     

Chesapeake Energy Corp. (a)(b)

     21,063  
  8,983     

Clean Energy Fuels Corp. (b)

     22,817  
  4,953     

Cloud Peak Energy, Inc. (b)

     17,484  
  3,097     

CONSOL Energy, Inc. (b)

     46,269  
  1,967     

Delek U.S. Holdings, Inc.

     52,007  
  3,191     

Dorian LPG, Ltd. (a)(b)

     26,102  
  2,830     

Evolution Petroleum Corp.

     22,923  
  824     

Golar LNG, Ltd.

     18,334  
  963     

Green Plains, Inc.

     19,790  
  2,294     

Hallador Energy Co.

     17,824  
  1,200     

HollyFrontier Corp.

     32,964  
  17,898     

Navios Maritime Acquisition Corp.

     26,310  
  7,211     

Overseas Shipholding Group, Inc. - Class A (b)

     19,181  
  3,471     

Pacific Ethanol, Inc. (b)

     21,694  
  1,222     

PBF Energy, Inc. - Class A (a)

     27,202  
  750     

Peabody Energy Corp. (b)

     18,338  
  1,700     

Renewable Energy Group, Inc. (b)

     22,015  
  607     

Resolute Energy Corp. (b)

     18,070  
  1,816     

Targa Resources Corp.

     82,083  
  15,243     

Teekay Tankers Ltd. - Class A

     28,657  
  1,733     

Tellurian, Inc. (b)

     17,382  
  3,214     

Whiting Petroleum Corp. (b)

     17,709  
  1,111     

World Fuel Services Corp. (a)

     42,718  
     

 

 

 
        700,755  
     

 

 

 
  

Paper & Forest Products - 0.21%

  
  717     

Boise Cascade Co. (b)

     21,797  
  911     

Domtar Corp. (a)

     35,001  
  2,625     

KapStone Paper and Packaging Corp.

     54,154  
  2,194     

Louisiana-Pacific Corp. (b)

     52,897  
  605     

Schweitzer-Mauduit International, Inc.

     22,524  
     

 

 

 
        186,373  
     

 

 

 
  

Personal Products - 0.67%

  
  325     

Edgewell Personal Care Co. (b)

     24,706  


  1,006     

Herbalife, Ltd. (a)(b)

     71,758  
  820     

Inter Parfums, Inc.

     30,053  
  1,596     

Medifast, Inc.

     66,186  
  2,259     

Natural Health Trends Corp.

     62,913  
  4,223     

Nature’s Sunshine Products, Inc.

     55,955  
  2,283     

Nu Skin Enterprises, Inc. - Class A (a)

     143,464  
  983     

Nutraceutical International Corp.

     40,942  
  1,118     

Revlon, Inc. - Class A (b)

     26,497  
  929     

USANA Health Sciences, Inc. (b)

     59,549  
     

 

 

 
        582,023  
     

 

 

 
  

Pharmaceuticals - 1.32%

  
  845     

Aclaris Therapeutics, Inc. (a)(b)

     22,916  
  595     

Aerie Pharmaceuticals, Inc. (b)

     31,267  
  1,056     

Akorn, Inc. (b)

     35,418  
  1,617     

Amphastar Pharmaceuticals, Inc. (b)

     28,880  
  837     

Assembly Biosciences, Inc. (b)

     17,284  
  821     

Catalent, Inc. (b)

     28,817  
  5,020     

Corcept Therapeutics, Inc. (a)(b)

     59,236  
  4,935     

Depomed, Inc. (b)

     53,002  
  7,404     

Endo International Plc (b)

     82,703  
  709     

Heska Corp. (a)(b)

     72,368  
  6,907     

Horizon Pharma Plc (b)

     81,986  
  1,110     

Impax Laboratories, Inc. (b)

     17,871  
  2,243     

Intersect ENT, Inc. (b)

     62,692  
  3,599     

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

     73,420  
  1,865     

Mallinckrodt Plc (b)

     83,571  
  372     

Pacira Pharmaceuticals, Inc. (b)

     17,744  
  1,300     

Phibro Animal Health Corp. - Class A

     48,165  
  1,739     

Prestige Brands Holdings, Inc. (b)

     91,836  
  9,525     

SciClone Pharmaceuticals, Inc. (b)

     104,775  
  2,616     

Sucampo Pharmaceuticals, Inc. - Class A (b)

     27,468  
  1,908     

Supernus Pharmaceuticals, Inc. (b)

     82,235  
  699     

Theravance Biopharma, Inc. (b)

     27,848  
     

 

 

 
        1,151,502  
     

 

 

 
  

Professional Services - 1.52%

  
  5,746     

Acacia Research Corp. (b)

     23,559  
  1,417     

BG Staffing, Inc.

     24,627  
  2,929     

CBIZ, Inc. (b)

     43,935  
  816     

CRA International, Inc.

     29,637  
  2,379     

Franklin Covey Co. (b)

     45,915  
  1,438     

FTI Consulting, Inc. (b)

     50,272  
  954     

GP Strategies Corp. (b)

     25,186  
  1,155     

Heidrick & Struggles International, Inc.

     25,121  
  3,540     

Hill International, Inc. (b)

     18,408  
  518     

Huron Consulting Group, Inc. (b)

     22,378  
  1,202     

ICF International, Inc. (b)

     56,614  
  696     

Insperity, Inc.

     49,416  
  1,421     

Kelly Services, Inc. - Class A

     31,901  
  2,701     

Kforce, Inc.

     52,940  
  507     

Korn/Ferry International

     17,507  
  1,750     

ManpowerGroup, Inc.

     195,387  
  1,730     

Mistras Group, Inc. (b)

     38,008  
  1,639     

Navigant Consulting, Inc. (a)(b)

     32,387  
  1,176     

On Assignment, Inc. (b)

     63,680  
  3,293     

Resources Connection, Inc.

     45,114  


  3,652     

Robert Half International, Inc.

     175,040  
  2,322     

RPX Corp. (b)

     32,392  
  342     

The Advisory Board Co. (b)

     17,613  
  533     

The Dun & Bradstreet Corp.

     57,644  
  811     

TriNet Group, Inc. (b)

     26,552  
  2,728     

TrueBlue, Inc. (b)

     72,292  
  405     

VSE Corp.

     18,217  
  1,145     

Willdan Group, Inc. (b)

     34,980  
     

 

 

 
        1,326,722  
     

 

 

 
  

Real Estate Management & Development - 0.88%

  
  4,096     

Altisource Portfolio Solutions SA (a)(b)

     89,375  
  1,022     

Community Healthcare Trust, Inc.

     26,153  
  3,987     

Forestar Group, Inc. (b)

     68,377  
  4,804     

Impac Mortgage Holdings, Inc. (b)

     72,685  
  765     

Jones Lang LaSalle, Inc. (a)

     95,625  
  4,118     

Marcus & Millichap, Inc. (b)

     108,550  
  2,480     

Maui Land & Pineapple Co, Inc. (b)

     50,344  
  1,472     

RE/MAX Holdings, Inc. - Class A

     82,506  
  2,763     

Realogy Holdings Corp.

     89,659  
  1,154     

Sutherland Asset Management Corp.

     17,137  
  1,416     

The RMR Group, Inc. - Class A

     68,888  
     

 

 

 
        769,299  
     

 

 

 
  

Road & Rail - 0.51%

  
  1,825     

ArcBest Corp.

     37,595  
  1,229     

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

     33,515  
  622     

Genesee & Wyoming, Inc. - Class A (b)

     42,538  
  798     

Knight Transportation, Inc. (a)

     29,566  
  1,209     

Landstar System, Inc.

     103,490  
  729     

Old Dominion Freight Line, Inc. (a)

     69,430  
  5,356     

Roadrunner Transportation Systems, Inc. (b)

     38,938  
  252     

Ryder System, Inc.

     18,139  
  552     

Saia, Inc. (b)

     28,318  
  1,476     

Swift Transportation Co. (a)(b)

     39,114  
     

 

 

 
        440,643  
     

 

 

 
  

Semiconductors & Semiconductor Equipment - 2.73%

  
  1,065     

Advanced Energy Industries, Inc. (b)

     68,895  
  14,039     

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

     175,207  
  860     

Ambarella, Inc. (a)(b)

     41,753  
  3,987     

Amkor Technology, Inc. (a)(b)

     38,953  
  1,103     

Axcelis Technologies, Inc. (b)

     23,108  
  2,609     

AXT, Inc. (b)

     16,567  
  1,340     

Brooks Automation, Inc.

     29,065  
  497     

Cabot Microelectronics Corp.

     36,693  
  581     

Cavium, Inc. (a)(b)

     36,098  
  409     

CEVA, Inc. (b)

     18,589  
  2,201     

Cirrus Logic, Inc. (a)(b)

     138,047  
  2,614     

Cree, Inc. (b)

     64,435  
  744     

CyberOptics Corp. (b)

     15,364  
  2,543     

Cypress Semiconductor Corp. (a)

     34,712  
  1,645     

Diodes, Inc. (b)

     39,529  
  3,216     

DSP Group, Inc. (b)

     37,306  
  3,075     

Entegris, Inc. (b)

     67,496  
  1,335     

First Solar, Inc. (a)(b)

     53,240  
  1,166     

Ichor Holdings, Ltd. (b)

     23,507  
  394     

Impinj, Inc. (a)(b)

     19,168  


  1,426     

Integrated Device Technology, Inc. (b)

     36,777  
  1,989     

IXYS Corp. (b)

     32,719  
  290     

MACOM Technology Solutions Holdings, Inc. (b)

     16,173  
  3,675     

Marvell Technology Group, Ltd. - ADR

     60,711  
  3,862     

MaxLinear, Inc. - Class A (a)(b)

     107,711  
  1,685     

Microsemi Corp. (a)(b)

     78,858  
  939     

MKS Instruments, Inc.

     63,195  
  832     

Monolithic Power Systems, Inc. (a)

     80,205  
  1,625     

Nanometrics, Inc. (b)

     41,096  
  322     

NVE Corp.

     24,794  
  8,512     

ON Semiconductor Corp. (b)

     119,508  
  1,203     

PDF Solutions, Inc. (b)

     19,789  
  5,223     

Photronics, Inc. (a)(b)

     49,096  
  9,319     

Pixelworks, Inc. (b)

     42,774  
  755     

Power Integrations, Inc.

     55,039  
  3,807     

Rambus, Inc. (b)

     43,514  
  2,535     

Rudolph Technologies, Inc. (a)(b)

     57,925  
  1,011     

Semtech Corp. (b)

     36,143  
  5,401     

Sigma Designs, Inc. (b)

     31,596  
  602     

Silicon Laboratories, Inc. (a)(b)

     41,147  
  6,974     

Teradyne, Inc.

     209,429  
  1,361     

Ultra Clean Holdings, Inc. (b)

     25,519  
  846     

Veeco Instruments, Inc. (b)

     23,561  
  1,605     

Versum Materials, Inc.

     52,162  
  2,834     

Xcerra Corp. (b)

     27,688  
  876     

Xperi Corp.

     26,105  
     

 

 

 
        2,380,966  
     

 

 

 
  

Software - 4.10%

  
  2,957     

8x8, Inc. (b)

     43,024  
  6,491     

A10 Networks, Inc. (b)

     54,784  
  765     

ACI Worldwide, Inc. (a)(b)

     17,113  
  2,464     

Agilysys, Inc. (b)

     24,936  
  3,332     

American Software, Inc. - Class A (a)

     34,286  
  1,108     

ANSYS, Inc. (a)(b)

     134,821  
  2,287     

Aspen Technology, Inc. (b)

     126,380  
  861     

Atlassian Corp. Plc - Class A (a)(b)

     30,290  
  1,283     

Barracuda Networks, Inc. (a)(b)

     29,586  
  926     

Blackbaud, Inc. (a)

     79,404  
  5,653     

Cadence Design System, Inc. (b)

     189,319  
  813     

Callidus Software, Inc. (a)(b)

     19,675  
  1,064     

CommVault Systems, Inc. (b)

     60,063  
  327     

Ebix, Inc.

     17,625  
  448     

Ellie Mae, Inc. (a)(b)

     49,240  
  5,192     

EnerNOC, Inc. (b)

     40,238  
  644     

ePlus, Inc. (b)

     47,720  
  930     

Everbridge, Inc. (a)(b)

     22,655  
  2,928     

Exa Corp. (b)

     40,406  
  435     

Fair Isaac Corp. (a)

     60,643  
  2,007     

Fortinet, Inc. (b)

     75,142  
  1,343     

Gigamon, Inc. (a)(b)

     52,847  
  6,784     

Guidance Software, Inc. (b)

     44,842  
  275     

Guidewire Software, Inc. (a)(b)

     18,895  
  1,380     

HubSpot, Inc. (a)(b)

     90,735  
  746     

Imperva, Inc. (b)

     35,696  
  1,336     

Jack Henry & Associates, Inc. (a)

     138,770  


  2,260     

Manhattan Associates, Inc. (a)(b)

     108,616  
  265     

MicroStrategy, Inc. - Class A (b)

     50,792  
  9,489     

Mitek Systems, Inc. (b)

     79,708  
  9,613     

MobileIron, Inc. (b)

     58,159  
  1,405     

Model N, Inc. (b)

     18,686  
  3,512     

Nuance Communications, Inc. (a)(b)

     61,144  
  465     

Paycom Software, Inc. (a)(b)

     31,811  
  1,362     

Pegasystems, Inc. (a)

     79,473  
  2,176     

Progress Software Corp.

     67,217  
  637     

Proofpoint, Inc. (a)(b)

     55,311  
  1,164     

PROS Holdings, Inc. (b)

     31,882  
  1,711     

PTC, Inc. (b)

     94,310  
  1,427     

QAD, Inc. - Class A

     45,735  
  490     

Qualys, Inc. (a)(b)

     19,992  
  1,767     

Rapid7, Inc. (a)(b)

     29,739  
  5,477     

RealNetworks, Inc. (b)

     23,715  
  1,613     

RealPage, Inc. (b)

     57,987  
  2,258     

RingCentral, Inc. - Class A (b)

     82,530  
  4,632     

Rosetta Stone, Inc. (b)

     49,933  
  2,257     

Silver Spring Networks, Inc. (b)

     25,459  
  2,574     

Splunk, Inc. (a)(b)

     146,435  
  1,904     

SS&C Technologies Holdings, Inc.

     73,133  
  2,304     

Synchronoss Technologies, Inc. (b)

     37,901  
  851     

Tableau Software, Inc. - Class A (b)

     52,141  
  948     

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

     69,564  
  2,698     

Telenav, Inc. (b)

     21,854  
  11,479     

The Rubicon Project, Inc. (b)

     59,002  
  81     

The Ultimate Software Group, Inc. (a)(b)

     17,015  
  2,824     

TiVo Corp.

     52,668  
  305     

Tyler Technologies, Inc. (a)(b)

     53,579  
  784     

Upland Software, Inc. (b)

     17,240  
  1,724     

Varonis Systems, Inc. (b)

     64,133  
  2,018     

VASCO Data Security International, Inc. (a)(b)

     28,958  
  1,124     

Verint Systems, Inc. (a)(b)

     45,747  
  3,413     

Workiva, Inc. (b)

     65,018  
  1,665     

Zendesk, Inc. (a)(b)

     46,254  
  8,909     

Zix Corp. (a)(b)

     50,692  
  5,084     

Zynga, Inc. - Class A (b)

     18,506  
     

 

 

 
        3,571,174  
     

 

 

 
  

Specialty Retail - 4.18%

  
  3,096     

Aaron’s, Inc.

     120,434  
  6,753     

Abercrombie & Fitch Co. - Class A (a)

     84,007  
  6,045     

American Eagle Outfitters, Inc. (a)

     72,842  
  1,110     

America’s Car-Mart, Inc. (b)

     43,179  
  600     

Asbury Automotive Group, Inc. (b)

     33,930  
  20,432     

Ascena Retail Group, Inc. (a)(b)

     43,929  
  617     

AutoNation, Inc. (a)(b)

     26,013  
  1,870     

Barnes & Noble Education, Inc. (a)(b)

     19,878  
  4,376     

Barnes & Noble, Inc.

     33,258  
  2,324     

Bed Bath & Beyond, Inc.

     70,650  
  5,219     

Big 5 Sporting Goods Corp. (a)

     68,108  
  3,565     

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

     37,254  
  586     

Cabela’s, Inc. (b)

     34,820  
  2,475     

Caleres, Inc.

     68,756  
  1,204     

Camping World Holdings, Inc. - Class A

     37,143  


  1,121     

Carvana Co. (b)

     22,947  
  5,859     

Chico’s FAS, Inc.

     55,192  
  2,747     

Citi Trends, Inc.

     58,291  
  1,527     

Conn’s, Inc. (b)

     29,166  
  2,598     

Dick’s Sporting Goods, Inc. (a)

     103,478  
  2,624     

DSW, Inc. - Class A

     46,445  
  6,613     

Express, Inc. (b)

     44,638  
  1,152     

Five Below, Inc. (a)(b)

     56,874  
  397     

Floor & Decor Holdings, Inc. (b)

     15,586  
  3,209     

Foot Locker, Inc.

     158,140  
  5,734     

Francesca’s Holdings Corp. (a)(b)

     62,730  
  3,138     

GameStop Corp. - Class A (a)

     67,812  
  1,345     

Genesco, Inc. (b)

     45,596  
  2,347     

GNC Holdings, Inc. - Class A (a)

     19,785  
  351     

Group 1 Automotive, Inc. (a)

     22,225  
  2,447     

Guess?, Inc.

     31,273  
  2,623     

Haverty Furniture Cos., Inc.

     65,837  
  2,371     

Hibbett Sports, Inc. (a)(b)

     49,198  
  1,778     

J. Jill, Inc. (b)

     21,852  
  5,168     

Kirkland’s, Inc. (b)

     53,127  
  193     

Lithia Motors, Inc. - Class A (a)

     18,186  
  1,779     

Lumber Liquidators Holdings, Inc. (a)(b)

     44,582  
  1,239     

MarineMax, Inc. (b)

     24,222  
  644     

Monro Muffler Brake, Inc. (a)

     26,887  
  645     

Murphy USA, Inc. (b)

     47,801  
  15,117     

Office Depot, Inc.

     85,260  
  570     

Penske Automotive Group, Inc.

     25,029  
  16,191     

Pier 1 Imports, Inc.

     84,031  
  6,505     

Rent-A-Center, Inc. (a)

     76,239  
  398     

REX American Resources Corp. (a)(b)

     38,431  
  647     

RH (a)(b)

     41,744  
  3,794     

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

     76,829  
  1,925     

Select Comfort Corp. (b)

     68,318  
  2,300     

Shoe Carnival, Inc.

     48,024  
  580     

Signet Jewelers Ltd.

     36,679  
  1,189     

Sonic Automotive, Inc. - Class A (a)

     23,126  
  8,771     

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

     47,363  
  13,415     

Staples, Inc.

     135,089  
  2,460     

Systemax, Inc.

     46,248  
  4,743     

Tailored Brands, Inc. (a)

     52,932  
  2,515     

The Buckle, Inc. (a)

     44,767  
  1,241     

The Cato Corp. - Class A

     21,829  
  694     

The Children’s Place, Inc.

     70,857  
  9,664     

The Container Store Group, Inc. (b)

     57,211  
  3,963     

The Finish Line, Inc. - Class A

     56,156  
  2,846     

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

     52,708  
  2,428     

Tile Shop Holdings, Inc.

     50,138  
  7,161     

Tilly’s, Inc. - Class A

     72,684  
  3,525     

Urban Outfitters, Inc. (a)(b)

     65,354  
  3,542     

Vitamin Shoppe, Inc. (b)

     41,264  
  3,650     

West Marine, Inc.

     46,903  
  1,770     

Williams Sonoma, Inc. (a)

     85,845  
  463     

Winmark Corp.

     59,704  
  3,723     

Zumiez, Inc. (b)

     45,979  
     

 

 

 
        3,642,812  
     

 

 

 


  

Technology Hardware, Storage & Peripherals - 0.62%

  
  2,305     

3D Systems Corp. (a)(b)

     43,103  
  7,790     

Avid Technology, Inc. (b)

     40,975  
  608     

Electronics for Imaging, Inc. (a)(b)

     28,807  
  1,457     

Intevac, Inc. (b)

     16,173  
  2,310     

NCR Corp. (a)(b)

     94,340  
  2,792     

Pure Storage, Inc. - Class A (b)

     35,766  
  6,965     

Quantum Corp. (b)

     54,397  
  1,780     

Synaptics, Inc. (a)(b)

     92,044  
  4,548     

Teradata Corp. (a)(b)

     134,121  
     

 

 

 
        539,726  
     

 

 

 
  

Textiles, Apparel & Luxury Goods - 1.51%

  
  915     

Carter’s, Inc. (a)

     81,389  
  935     

Columbia Sportswear Co.

     54,286  
  7,958     

Crocs, Inc. (b)

     61,356  
  558     

Culp, Inc.

     18,135  
  1,119     

Deckers Outdoor Corp. (b)

     76,383  
  4,522     

Fossil Group, Inc. (a)(b)

     46,803  
  1,914     

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

     47,754  
  3,491     

Kate Spade & Co. (b)

     64,549  
  2,431     

lululemon athletica, Inc. (b)

     145,058  
  2,192     

Michael Kors Holdings Ltd. (b)

     79,460  
  2,013     

Movado Group, Inc. (a)

     50,828  
  980     

Oxford Industries, Inc.

     61,240  
  2,256     

Perry Ellis International, Inc. (a)(b)

     43,902  
  959     

Ralph Lauren Corp.

     70,774  
  3,683     

Skechers U.S.A., Inc. - Class A (a)(b)

     108,649  
  1,542     

Steven Madden, Ltd. (a)(b)

     61,603  
  1,066     

Superior Uniform Group, Inc.

     23,825  
  249     

UniFirst Corp.

     35,034  
  7,991     

Vera Bradley, Inc. (b)

     78,152  
  1,016     

Weyco Group, Inc.

     28,326  
  2,839     

Wolverine World Wide, Inc.

     79,520  
     

 

 

 
        1,317,026  
     

 

 

 
  

Thrifts & Mortgage Finance - 1.43%

  
  1,932     

Bank Mutual Corp.

     17,678  
  1,016     

Berkshire Hills Bancorp, Inc.

     35,712  
  3,256     

BofI Holding, Inc. (a)(b)

     77,232  
  1,258     

Brookline Bancorp, Inc.

     18,367  
  778     

BSB Bancorp, Inc. (b)

     22,756  
  1,168     

Charter Financial Corp.

     21,024  
  747     

Entegra Financial Corp. (b)

     16,994  
  855     

Federal Agricultural Mortgage Corp. - Class C

     55,318  
  534     

First Defiance Financial Corp.

     28,131  
  843     

Flagstar Bancorp, Inc. (a)(b)

     25,981  
  1,450     

Flushing Financial Corp. (a)

     40,876  
  271     

Hingham Institution for Savings

     49,303  
  503     

Home Bancorp, Inc.

     21,388  
  953     

HomeStreet, Inc. (a)(b)

     26,374  
  239     

LendingTree, Inc. (a)(b)

     41,156  
  728     

Malvern Bancorp, Inc. (b)

     17,436  
  1,934     

Meridian Bancorp, Inc. (a)

     32,685  
  272     

Meta Financial Group, Inc.

     24,208  
  1,828     

New York Community Bancorp, Inc.

     24,002  
  4,275     

NMI Holdings, Inc. - Class A (b)

     48,949  


  1,513     

Northwest Bancshares, Inc.

     23,618  
  937     

OceanFirst Financial Corp.

     25,411  
  6,244     

Ocwen Financial Corp. (b)

     16,796  
  1,900     

PennyMac Financial Services, Inc. - Class A (b)

     31,730  
  4,484     

People’s United Financial, Inc.

     79,187  
  1,138     

Provident Financial Services, Inc.

     28,882  
  4,463     

Radian Group, Inc.

     72,970  
  1,602     

SI Financial Group, Inc.

     25,792  
  872     

Southern Missouri Bancorp, Inc.

     28,131  
  736     

Timberland Bancorp, Inc.

     18,599  
  4,174     

TrustCo Bank Corp.

     32,349  
  2,149     

United Financial Bancorp, Inc. (a)

     35,867  
  1,601     

Walker & Dunlop, Inc. (a)(b)

     78,177  
  1,653     

Washington Federal, Inc. (a)

     54,880  
  1,242     

Waterstone Financial, Inc.

     23,412  
  2,203     

Western New England Bancorp, Inc.

     22,360  
     

 

 

 
        1,243,731  
     

 

 

 
  

Tobacco - 0.10%

  
  722     

Universal Corp. (a)

     46,713  
  2,069     

Vector Group, Ltd.

     44,111  
     

 

 

 
        90,824  
     

 

 

 
  

Trading Companies & Distributors - 1.68%

  
  642     

Air Lease Corp. (a)

     23,985  
  1,445     

Applied Industrial Technologies, Inc.

     85,327  
  1,439     

Beacon Roofing Supply, Inc. (a)(b)

     70,511  
  2,727     

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

     59,585  
  1,771     

DXP Enterprises, Inc. (b)

     61,100  
  563     

EnviroStar, Inc.

     15,229  
  401     

GATX Corp. (a)

     25,772  
  1,067     

GMS, Inc. (b)

     29,983  
  1,318     

H&E Equipment Services, Inc.

     26,900  
  4,253     

HD Supply Holdings, Inc. (b)

     130,269  
  3,828     

Huttig Building Products, Inc. (b)

     26,834  
  2,442     

Lawson Products, Inc. (b)

     54,090  
  1,413     

MRC Global, Inc. (a)(b)

     23,343  
  1,072     

MSC Industrial Direct Co., Inc. - Class A

     92,149  
  2,918     

Neff Corp. - Class A (b)

     55,442  
  2,038     

NOW, Inc. (a)(b)

     32,771  
  1,696     

Rush Enterprises, Inc. - Class A (b)

     63,057  
  1,390     

Rush Enterprises, Inc. - Class B (b)

     50,610  
  1,150     

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

     59,869  
  2,423     

Titan Machinery, Inc. (a)(b)

     43,566  
  614     

Triton International Ltd.

     20,532  
  1,250     

United Rentals, Inc. (a)(b)

     140,888  
  1,457     

Univar, Inc. (b)

     42,545  
  1,039     

Veritiv Corp. (b)

     46,755  
  827     

Watsco, Inc. - Class A (a)

     127,524  
  874     

WESCO International, Inc. (b)

     50,080  
     

 

 

 
        1,458,716  
     

 

 

 
  

Transportation Infrastructure - 0.07%

  
  734     

Macquarie Infrastructure Corp.

     57,546  
     

 

 

 
  

Water Utilities - 0.09%

  
  1,290     

Cadiz, Inc. (b)

     17,415  
  3,544     

Consolidated Water Co., Ltd. - Ordinary Shares

     43,946  
  357     

SJW Group

     17,557  
     

 

 

 
        78,918  
     

 

 

 


  

Wireless Telecommunication Services - 0.09%

  
  1,330     

Boingo Wireless, Inc. (b)

     19,897  
  1,121     

Spok Holdings, Inc.

     19,841  
  1,361     

Telephone & Data Systems, Inc. (a)

     37,768  
     

 

 

 
        77,506  
     

 

 

 
  

Total Common Stocks (Cost $61,469,555)

     77,788,123  
     

 

 

 
  

INVESTMENT COMPANIES - 2.95%

  
  

Exchange Traded Funds - 2.95%

  
  25,091     

Vanguard Extended Market ETF (a)

     2,566,558  
     

 

 

 
  

Total Investment Companies (Cost $2,259,614)

     2,566,558  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS - 6.83%

  
  

Real Estate Investment Trusts - 6.83%

  
  2,633     

AG Mortgage Investment Trust, Inc.

     48,184  
  6,864     

AGNC Investment Corp. (a)

     146,135  
  787     

Alexandria Real Estate Equities, Inc.

     94,810  
  1,319     

Altisource Residential Corp.

     17,068  
  594     

American Campus Communities, Inc. (a)

     28,096  
  4,513     

American Homes 4 Rent - Class A (a)

     101,858  
  4,405     

Anworth Mortgage Asset Corp.

     26,474  
  947     

Apartment Investment & Management Co. - Class A (a)

     40,693  
  2,521     

Apollo Commercial Real Estate Finance, Inc.

     46,765  
  1,267     

Apple Hospitality REIT, Inc.

     23,706  
  1,864     

Ares Commercial Real Estate Corp.

     24,400  
  2,759     

Armada Hoffler Properties, Inc.

     35,729  
  1,640     

ARMOUR Residential REIT, Inc.

     41,000  
  5,271     

Ashford Hospitality Prime, Inc.

     54,239  
  8,510     

Ashford Hospitality Trust, Inc.

     51,741  
  2,475     

Brandywine Realty Trust

     43,387  
  1,129     

Camden Property Trust

     96,541  
  2,795     

Capstead Mortgage Corp.

     29,152  
  995     

Care Capital Properties, Inc.

     26,566  
  1,500     

CareTrust REIT, Inc. (a)

     27,810  
  8,309     

CBL & Associates Properties, Inc. (a)

     70,045  
  6,946     

Cedar Shopping Centers, Inc.

     33,688  
  2,254     

Chatham Lodging Trust (a)

     45,283  
  1,839     

Cherry Hill Mortgage Investment Corp.

     33,966  
  2,362     

Chesapeake Lodging Trust (a)

     57,798  
  7,441     

Chimera Investment Corp.

     138,626  
  7,662     

Colony NorthStar, Inc. - Class A (a)

     107,958  
  1,241     

Colony Starwood Homes (a)

     42,579  
  1,103     

Columbia Property Trust, Inc. (a)

     24,685  
  1,085     

CoreCivic, Inc.

     29,924  
  612     

CorEnergy Infrastructure Trust, Inc.

     20,557  
  303     

CoreSite Realty Corp.

     31,370  
  1,170     

Corporate Office Properties Trust

     40,985  
  2,043     

Cousins Properties, Inc. (a)

     17,958  
  523     

CyrusOne, Inc. (a)

     29,157  
  2,104     

CYS Investments, Inc. (a)

     17,695  
  821     

DCT Industrial Trust, Inc. (a)

     43,874  
  4,795     

DDR Corp.

     43,491  
  6,578     

DiamondRock Hospitality Co. (a)

     72,029  
  1,248     

Douglas Emmett, Inc.

     47,686  


  3,105     

Duke Realty Corp.

     86,785  
  709     

DuPont Fabros Technology, Inc.

     43,362  
  5,766     

Dynex Capital, Inc.

     40,939  
  424     

EastGroup Properties, Inc.

     35,531  
  2,098     

Empire State Realty Trust, Inc. - Class A (a)

     43,575  
  2,015     

Equity Commonwealth (b)

     63,674  
  677     

Equity LifeStyle Properties, Inc.

     58,452  
  4,423     

FelCor Lodging Trust, Inc.

     31,890  
  850     

First Industrial Realty Trust, Inc.

     24,327  
  4,489     

First Potomac Realty Trust

     49,873  
  3,196     

Forest City Realty Trust, Inc. - Class A

     77,247  
  731     

Four Corners Property Trust, Inc.

     18,355  
  1,896     

Gaming and Leisure Properties, Inc. (a)

     71,422  
  1,511     

Getty Realty Corp.

     37,926  
  1,194     

Gladstone Commercial Corp. (a)

     26,017  
  604     

Gramercy Property Trust (a)

     17,945  
  1,875     

Great Ajax Corp.

     26,213  
  3,622     

Hersha Hospitality Trust

     67,043  
  490     

Highwoods Properties, Inc.

     24,848  
  3,459     

Hospitality Properties Trust (a)

     100,830  
  1,012     

Hudson Pacific Properties, Inc.

     34,600  
  1,899     

Independence Realty Trust, Inc.

     18,743  
  2,569     

InfraREIT, Inc.

     49,196  
  5,472     

Invesco Mortgage Capital, Inc.

     91,437  
  547     

Iron Mountain, Inc.

     18,795  
  2,046     

iStar Financial, Inc. (b)

     24,634  
  765     

Jernigan Capital, Inc.

     16,830  
  747     

Kilroy Realty Corp. (a)

     56,137  
  1,928     

Kite Realty Group Trust (a)

     36,497  
  1,573     

Ladder Capital Corp.

     21,094  
  715     

Lamar Advertising Co. - Class A

     52,603  
  2,910     

LaSalle Hotel Properties (a)

     86,718  
  1,841     

Lexington Realty Trust

     18,244  
  1,045     

Liberty Property Trust (a)

     42,542  
  1,939     

Mack-Cali Realty Corp.

     52,624  
  1,326     

Medical Properties Trust, Inc.

     17,066  
  8,696     

MFA Financial, Inc.

     72,959  
  1,198     

Monmouth Real Estate Investment Corp. - Class A

     18,030  
  2,519     

Monogram Residential Trust, Inc.

     24,459  
  1,597     

MTGE Investment Corp.

     30,024  
  465     

National Retail Properties, Inc.

     18,182  
  2,426     

National Storage Affiliates Trust (a)

     56,065  
  8,544     

New Residential Investment Corp.

     132,945  
  1,944     

New Senior Investment Group, Inc. (a)

     19,537  
  7,002     

New York Mortgage Trust, Inc. (a)

     43,552  
  883     

NexPoint Residential Trust, Inc.

     21,978  
  2,025     

Omega Healthcare Investors, Inc. (a)

     66,866  
  2,074     

Orchid Island Capital, Inc.

     20,450  
  904     

Outfront Media, Inc. (a)

     20,900  
  1,081     

Owens Realty Mortgage, Inc.

     18,334  
  1,413     

Paramount Group, Inc. (a)

     22,608  
  1,083     

Park Hotels & Resorts, Inc.

     29,198  
  2,188     

Pebblebrook Hotel Trust (a)

     70,541  
  5,151     

Pennsylvania Real Estate Investment Trust

     58,309  
  5,165     

PennyMac Mortgage Investment Trust

     94,468  


  3,363     

Piedmont Office Realty Trust, Inc. - Class A

     70,892  
  522     

Potlatch Corp.

     23,855  
  1,154     

Preferred Apartment Communities, Inc. - Class A

     18,176  
  214     

PS Business Parks, Inc.

     28,331  
  336     

QTS Realty Trust, Inc. - Class A (a)

     17,583  
  2,199     

Quality Care Properties, Inc. (b)

     40,264  
  23,526     

RAIT Financial Trust

     51,522  
  3,196     

Ramco-Gershenson Properties Trust

     41,228  
  3,485     

Redwood Trust, Inc.

     59,384  
  288     

Regency Centers Corp. (a)

     18,040  
  4,152     

Retail Properties of America, Inc. - Class A

     50,696  
  890     

Rexford Industrial Realty, Inc.

     24,422  
  2,931     

RLJ Lodging Trust

     58,239  
  1,053     

Ryman Hospitality Properties, Inc. (a)

     67,403  
  2,372     

Sabra Health Care REIT, Inc. (a)

     57,165  
  1,095     

Select Income REIT

     26,313  
  2,344     

Senior Housing Properties Trust

     47,911  
  737     

Seritage Growth Properties (a)

     30,917  
  2,419     

Spirit Realty Capital, Inc.

     17,925  
  970     

STAG Industrial, Inc.

     26,772  
  6,400     

Starwood Property Trust, Inc. (a)

     143,296  
  1,336     

STORE Capital Corp.

     29,993  
  2,786     

Summit Hotel Properties, Inc.

     51,959  
  912     

Sun Communities, Inc.

     79,973  
  6,101     

Sunstone Hotel Investors, Inc. (a)

     98,348  
  829     

Terreno Realty Corp.

     27,904  
  1,264     

The Geo Group, Inc.

     37,376  
  1,531     

Tier REIT, Inc.

     28,293  
  748     

Transcontinental Realty Investors, Inc. (b)

     20,114  
  10,654     

Two Harbors Investment Corp. (a)

     105,581  
  1,282     

UMH Properties, Inc. (a)

     21,858  
  243     

Universal Health Realty Income Trust

     19,328  
  5,112     

Washington Prime Group, Inc.

     42,787  
  274     

WP Carey, Inc.

     18,087  
  3,505     

Xenia Hotels & Resorts, Inc.

     67,892  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $5,256,286)

     5,946,954  
     

 

 

 
  

RIGHTS - 0.00%

  
  

Biotechnology - 0.00%

  
  1,600     

Dyax Corp. (c)(d)

     0  
     

 

 

 
  

Total Rights (Cost $0)

     0  
     

 

 

 
  

SHORT TERM INVESTMENTS - 0.36%

  
  

Money Market Funds - 0.36%

  
  311,837     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88% (e)

     311,837  
     

 

 

 
  

Total Short Term Investments (Cost $311,837)

     311,837  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 27.86%

  
  24,260,341     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (e)

     24,260,341  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $24,260,341)

     24,260,341  
     

 

 

 
  

Total Investments (Cost $93,557,633) - 127.33%

     110,873,813  
  

Liabilities in Excess of Other Assets - (27.33)%

     (23,797,705
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 87,076,108  
     

 

 

 


Percentages are stated as a percent of net assets.

 

ADR American Depositary Receipt
(a) All or portion of this security is on loan.
(b) Non-income producing security.
(c) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $51,348, which represents 0.06% of total net assets.
(d) As of June 30, 2017, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets.
(e) Seven-day yield as of June 30, 2017.

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 93,557,633  
  

 

 

 

Gross unrealized appreciation

     20,437,204  

Gross unrealized depreciation

     (3,121,024
  

 

 

 

Net unrealized appreciation

   $ 17,316,180  
  

 

 

 

 

* Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


GuideMark® World ex-US Fund    

Schedule of Investments    

June 30, 2017 (Unaudited)    

 

Number of Shares           Value  
  

COMMON STOCKS - 94.99%

  
  

Australia - 5.49%

  
  10,137     

AGL Energy, Ltd.

   $ 198,649  
  21,624     

Aristocrat Leisure, Ltd.

     374,893  
  825     

ASX, Ltd.

     33,991  
  16,100     

Aurizon Holdings, Ltd.

     66,314  
  21,186     

Australia & New Zealand Banking Group, Ltd.

     467,610  
  28,330     

Bendigo & Adelaide Bank, Ltd.

     241,161  
  14,211     

BHP Billiton Ltd.

     253,295  
  35,783     

BlueScope Steel Ltd

     362,268  
  25,744     

Challenger, Ltd./Australia

     264,017  
  3,304     

CIMIC Group, Ltd.

     98,584  
  4,747     

Cochlear, Ltd.

     566,968  
  14,244     

Commonwealth Bank of Australia

     906,148  
  3,547     

Computershare Ltd.

     38,548  
  3,200     

CSL, Ltd.

     339,614  
  17,168     

Flight Centre Travel Group, Ltd.

     505,341  
  118,506     

Fortescue Metals Group, Ltd.

     474,390  
  11,382     

Harvey Norman Holdings Ltd.

     33,423  
  3,120     

Macquarie Group, Ltd.

     212,172  
  79,341     

Medibank Private, Ltd.

     170,831  
  10,434     

National Australia Bank Ltd.

     237,357  
  3,794     

Newcrest Mining, Ltd.

     58,882  
  5,250     

Orica Ltd.

     83,427  
  74,801     

Qantas Airways, Ltd.

     328,790  
  694     

REA Group Ltd.

     35,408  
  2,457     

Rio Tinto Ltd.

     119,407  
  189,611     

South32, Ltd.

     390,504  
  15,491     

Suncorp Group, Ltd.

     176,442  
  31,292     

Telstra Corp., Ltd.

     103,393  
  11,579     

Wesfarmers Ltd.

     357,038  
  18,270     

Westpac Banking Corp.

     427,772  
  30,456     

Woolworths, Ltd.

     597,820  
     

 

 

 
        8,524,457  
     

 

 

 
  

Austria - 0.60%

  
  3,063     

ANDRITZ AG

     184,800  
  4,072     

Erste Group Bank AG

     155,977  
  3,035     

OMV AG

     157,646  
  14,929     

Raiffeisen Bank International AG (a)

     376,833  
  1,288     

voestalpine AG

     60,034  
     

 

 

 
        935,290  
     

 

 

 
  

Belgium - 0.14%

  
  991     

Ageas SA

     39,909  
  905     

KBC Group NV

     68,616  
  605     

Solvay SA

     81,198  
  481     

Umicore SA

     33,459  
     

 

 

 
        223,182  
     

 

 

 
  

Canada - 7.68%

  
  5,843     

Alimentation Couche-Tard, Inc. - Series B

     280,075  
  4,607     

Bank of Montreal

     338,278  
  2,994     

Barrick Gold Corp.

     47,630  
  726     

BCE, Inc.

     32,695  
  7,495     

CAE, Inc.

     129,232  
  12,532     

Cameco Corp.

     114,129  
  4,058     

Canadian Imperial Bank of Commerce

     329,791  
  3,694     

Canadian National Railway Co.

     299,724  
  1,000     

CCL Industries, Inc. - Class B

     50,594  
  666     

CGI Group, Inc. - Class A (a)

     34,029  
  18,932     

CI Financial Corp.

     403,517  
  1,702     

Constellation Software, Inc.

     890,387  
  6,182     

Dollarama, Inc.

     590,694  
  31,235     

Empire Co., Ltd. - Series A

     532,787  
  819     

Enbridge, Inc.

     32,626  
  1,688     

Finning International, Inc.

     33,088  
  3,786     

George Weston, Ltd.

     342,719  
  2,900     

Great-West Lifeco, Inc.

     78,605  
  5,742     

Husky Energy, Inc. (a)

     65,177  
  1,103     

IGM Financial, Inc.

     34,209  
  1,579     

Imperial Oil Ltd.

     46,026  


  8,022     

Industrial Alliance Insurance & Financial Services, Inc.

     348,024  
  25,835     

Kinross Gold Corp. (a)

     104,990  
  3,744     

Linamar Corp.

     184,544  
  3,914     

Loblaw Cos., Ltd.

     217,733  
  2,942     

Magna International, Inc.

     136,278  
  10,206     

Manulife Financial Corp.

     191,323  
  4,332     

Metro, Inc.

     142,574  
  3,300     

National Bank of Canada

     138,764  
  8,827     

Onex Corp.

     706,609  
  15,610     

Power Corp. of Canada

     356,064  
  10,727     

Power Financial Corp.

     275,206  
  1,452     

Restaurant Brands International, Inc.

     90,851  
  1,229     

Rogers Communications, Inc. - Class B

     58,048  
  15,074     

Royal Bank of Canada

     1,094,516  
  5,738     

Saputo, Inc.

     182,520  
  4,294     

Shaw Communications, Inc.

     93,675  
  2,683     

Shopify, Inc. (a)

     232,962  
  4,114     

Sun Life Financial, Inc.

     147,074  
  1,935     

Suncor Energy, Inc.

     56,537  
  18,107     

Teck Resources. Ltd. - Class B (a)

     313,884  
  9,576     

The Bank of Nova Scotia

     576,052  
  2,679     

The Jean Coutu Group PJC, Inc. - Class A

     41,110  
  16,434     

The Toronto-Dominion Bank

     828,163  
  653     

TransCanada Corp.

     31,129  
  24,040     

Valeant Pharmaceuticals International, Inc. (a)

     417,845  
  18,109     

Veresen, Inc.

     256,107  
     

 

 

 
        11,928,594  
     

 

 

 
  

Cayman Islands - 0.32%

  
  13,000     

Cheung Kong Property Holdings, Ltd.

     101,729  
  394,513     

WH Group, Ltd.

     398,368  
     

 

 

 
        500,097  
     

 

 

 
  

Denmark - 1.46%

  
  4,074     

Carlsberg AS - Series B

     435,370  
  2,577     

Coloplast AS - Series B

     215,399  
  3,714     

Danske Bank AS

     142,889  
  1,401     

H. Lundbeck AS

     78,648  
  16,831     

Novo Nordisk AS - Series B

     723,182  
  2,300     

Pandora AS

     214,647  
  29,800     

TDC AS

     173,299  
  2,630     

Vestas Wind Systems AS

     242,926  
  1,318     

William Demant Holding A/S (a)

     34,102  
     

 

 

 
        2,260,462  
     

 

 

 
  

Finland - 1.05%

  
  2,020     

Metso OYJ

     70,090  
  3,756     

Neste OYJ

     148,216  
  9,633     

Orion OYJ - Class B

     615,365  
  889     

Sampo OYJ - Series A

     45,611  
  7,996     

Stora Enso OYJ

     103,325  
  19,792     

UPM-Kymmene OYJ

     564,364  
  1,455     

Wartsila OYJ Abp

     86,045  
     

 

 

 
        1,633,016  
     

 

 

 
  

France - 10.47%

  
  4,556     

Arkema SA

     486,544  
  7,794     

Atos SE

     1,093,583  
  17,597     

AXA SA

     481,866  
  14,972     

BNP Paribas SA

     1,077,877  
  3,642     

Capgemini SE

     376,229  
  5,482     

Carrefour SA

     138,596  
  2,861     

Christian Dior SE (a)

     818,068  
  4,120     

Cie de Saint-Gobain

     220,029  
  1,656     

Cie Generale des Etablissements Michelin

     220,404  
  21,621     

CNP Assurances

     485,311  
  39,710     

Credit Agricole SA

     639,664  
  3,186     

Danone SA

     239,134  
  1,792     

Dassault Systemes SE

     160,726  
  4,767     

Eiffage SA

     433,040  
  1,240     

Essilor International SA

     157,744  
  802     

Eurazeo SA

     60,187  
  1,678     

Hermes International

     828,893  
  2,215     

Imerys SA

     192,803  
  717     

Ingenico Group SA

     65,023  
  3,381     

Ipsen SA

     462,650  
  579     

Kering SA

     197,157  
  3,604     

Legrand SA

     251,853  


  2,892     

L’Oreal SA

     603,025  
  3,516     

LVMH Moet Hennessy Louis Vuitton SE

     879,197  
  20,260     

Natixis SA

     136,000  
  349     

Pernod Ricard SA

     46,734  
  37,711     

Peugeot SA

     751,569  
  1,495     

Publicis Groupe SA (b)

     111,427  
  417     

Remy Cointreau SA

     48,607  
  18,348     

Rexel SA

     299,849  
  2,145     

Safran SA

     196,710  
  10,190     

Sanofi-Aventis SA

     976,408  
  4,510     

Schneider Electric SE

     346,592  
  5,844     

SCOR SE

     232,170  
  1,576     

SEB SA

     282,875  
  1,193     

Societe BIC SA

     141,659  
  14,592     

Societe Generale SA

     786,885  
  458     

Sodexo SA

     59,193  
  1,780     

Suez Environnement Co. SA

     32,959  
  1,051     

Thales SA

     113,113  
  12,021     

Total SA

     596,808  
  1,575     

Valeo SA

     105,965  
  1,495     

Veolia Environnement SA

     31,629  
  3,706     

Vinci SA

     316,128  
  560     

Wendel SA

     82,830  
     

 

 

 
        16,265,713  
     

 

 

 
  

Germany - 7.21%

  
  4,803     

adidas AG

     920,971  
  4,048     

Allianz SE

     798,843  
  6,008     

BASF SE

     557,598  
  10,224     

Bayer AG

     1,325,137  
  3,187     

Beiersdorf AG

     335,214  
  1,322     

Brenntag AG

     76,668  
  275     

Continental AG

     59,491  
  4,234     

Covestro AG

     306,940  
  829     

Daimler AG

     60,126  
  2,719     

Deutsche Boerse AG

     287,209  
  33,204     

Deutsche Lufthansa AG

     756,706  
  20,335     

Deutsche Post AG

     763,342  
  14,428     

Deutsche Telekom AG

     260,065  
  706     

Fresenius Medical Care AG & Co. KGaA

     68,127  
  2,226     

Fresenius SE & Co. KGaA

     191,109  
  275     

Hannover Rueck SE

     33,031  
  1,726     

HeidelbergCement AG

     167,317  
  260     

Henkel AG & Co. KGaA

     31,495  
  1,907     

HOCHTIEF AG

     350,086  
  7,089     

HUGO BOSS AG

     496,957  
  11,029     

Infineon Technologies AG

     234,263  
  3,056     

LANXESS AG

     231,768  
  1,882     

Merck KGaA

     227,720  
  2,355     

Metro AG

     79,557  
  2,306     

Muenchener Rueckversicherungs-Gesellschaft AG

     466,627  
  426     

OSRAM Licht AG

     34,004  
  1,098     

ProSiebenSat.1 Media AG

     46,061  
  7,601     

SAP SE

     795,609  
  5,290     

Siemens AG

     727,662  
  1,253     

United Internet AG

     68,958  
  9,623     

Zalando SE (a)

     440,032  
     

 

 

 
        11,198,693  
     

 

 

 
  

Hong Kong - 2.54%

  
  61,519     

AIA Group, Ltd.

     450,095  
  6,800     

ASM Pacific Technology, Ltd.

     91,750  
  64,200     

BOC Hong Kong Holdings, Ltd.

     307,243  
  8,565     

Galaxy Entertainment Group Ltd.

     51,984  
  18,251     

Hang Lung Group Ltd.

     75,515  
  6,202     

Hang Seng Bank, Ltd.

     129,747  
  45,717     

HK Electric Investments & HK Electric Investments Ltd.

     42,033  
  24,936     

HKT Trust and HKT, Ltd.

     32,705  
  9,883     

Hong Kong Exchange & Clearing, Ltd.

     255,321  
  1,440     

Jardine Strategic Holdings Ltd.

     60,030  
  11,489     

Kerry Properties Ltd.

     39,010  
  24,575     

MTR Corp. Ltd.

     138,292  
  163,180     

New World Development Co., Ltd.

     206,846  
  29,482     

NWS Holdings, Ltd.

     57,982  
  174,388     

PCCW, Ltd.

     99,107  
  750,045     

SJM Holdings, Ltd.

     790,301  


  5,000     

Sun Hung Kai Properties, Ltd.

     73,451  
  38,960     

Techtronic Industries Co., Ltd.

     179,021  
  24,566     

The Wharf Holdings, Ltd.

     203,276  
  88,243     

Wheelock & Co., Ltd.

     665,582  
     

 

 

 
        3,949,291  
     

 

 

 
  

Ireland - 0.39%

  
  521,786     

Bank of Ireland (a)

     137,074  
  8,299     

CRH Plc

     294,145  
  3,831     

James Hardie Industries Plc

     60,376  
  1,316     

Kerry Group Plc - Series A

     113,336  
     

 

 

 
        604,931  
     

 

 

 
  

Israel - 1.01%

  
  38,253     

Bank Hapoalim BM

     257,947  
  48,098     

Bank Leumi Le-Israel BM

     233,685  
  126,258     

Bezeq the Israel Telecommunication Corp., Ltd.

     209,436  
  316     

Elbit Systems Ltd.

     38,980  
  5,523     

Mizrahi Tefahot Bank, Ltd.

     100,420  
  430     

Nice, Ltd.

     33,878  
  701     

Taro Pharmaceutical Industries Ltd. (a)(b)

     78,554  
  18,352     

Teva Pharmaceutical Industries, Ltd. - ADR (b)

     609,653  
     

 

 

 
        1,562,553  
     

 

 

 
  

Italy - 2.28%

  
  9,747     

Assicurazioni Generali SpA

     160,886  
  6,171     

Enel SpA

     33,098  
  4,988     

EXOR NV

     270,664  
  3,081     

Ferrari NV

     265,124  
  35,598     

Intesa Sanpaolo SpA

     113,231  
  25,855     

Leonardo SpA

     430,481  
  6,099     

Luxottica Group SpA

     355,011  
  9,381     

Poste Italiane SpA

     64,326  
  13,380     

Prysmian SpA

     394,624  
  2,638     

Recordati SpA

     106,977  
  104,903     

Saipem SpA (a)

     388,477  
  431,567     

Telecom Italia SpA (a)

     399,275  
  498,456     

Telecom Italia SpA - Savings Share

     368,870  
  83,840     

UnipolSai Assicurazioni SpA

     183,933  
     

 

 

 
        3,534,977  
     

 

 

 
  

Japan - 20.62%

  
  2,663     

ABC-Mart, Inc.

     156,936  
  1,748     

Aisin Seiki Co., Ltd.

     89,859  
  9,343     

Alfresa Holdings Corp.

     180,629  
  3,400     

Asahi Glass Co., Ltd.

     143,575  
  20,610     

Asahi Kasei Corp.

     222,347  
  7,664     

Asics Corp.

     142,432  
  26,157     

Astellas Pharma, Inc.

     320,598  
  5,635     

Bandai Namco Holdings, Inc.

     192,533  
  4,117     

Benesse Holdings, Inc.

     155,640  
  2,023     

Bridgestone Corp.

     87,457  
  20,689     

Brother Industries, Ltd.

     479,220  
  8,922     

Calbee, Inc.

     350,929  
  4,500     

Canon, Inc.

     153,069  
  602     

Central Japan Railway Co.

     98,317  
  6,031     

Coca-Cola Bottlers Japan, Inc.

     174,631  
  2,046     

Credit Saison Co., Ltd.

     40,063  
  5,072     

Dai-ichi Life Holdings, Inc.

     92,064  
  1,466     

Daiichi Sankyo Co., Ltd.

     34,602  
  335     

Daikin Industries Ltd.

     34,368  
  385     

Daito Trust Construction Co., Ltd.

     59,981  
  741     

Disco Corp.

     118,850  
  1,169     

FamilyMart Holdings Co., Ltd.

     66,944  
  529     

FANUC Corp.

     102,386  
  1,143     

Fast Retailing Co., Ltd.

     382,247  
  16,810     

Fuji Electric Co., Ltd.

     88,913  
  6,396     

FUJIFILM Holdings Corp.

     230,624  
  46,336     

Fujitsu, Ltd.

     342,713  
  2,056     

Hikari Tsushin, Inc.

     216,612  
  5,819     

Hitachi Chemical Co., Ltd.

     174,457  
  14,366     

Hitachi Construction Machinery Co., Ltd.

     361,393  
  5,063     

Hitachi High-Technologies Corp.

     197,168  
  18,069     

Honda Motor Co., Ltd.

     495,056  
  378     

Hoshizaki Corp.

     34,296  
  10,072     

Hoya Corp.

     524,362  
  2,453     

Idemitsu Kosan Co., Ltd.

     69,785  
  34,553     

ITOCHU Corp.

     514,457  


  878     

Japan Tobacco, Inc.

     30,860  
  7,321     

JXTG Holdings, Inc.

     32,033  
  23,285     

Kajima Corp.

     196,796  
  31,119     

Kakaku.com, Inc.

     447,333  
  6,952     

Kao Corp.

     413,354  
  2,959     

KDDI Corp.

     78,258  
  799     

Keyence Corp.

     351,742  
  3,319     

Kikkoman Corp.

     106,169  
  615     

Koito Manufacturing Co., Ltd.

     31,802  
  5,770     

Komatsu Ltd.

     148,101  
  43,571     

Konica Minolta, Inc.

     363,507  
  3,729     

Kose Corp.

     408,962  
  3,567     

Kuraray Co., Ltd.

     64,952  
  3,748     

Lawson, Inc.

     262,297  
  4,242     

LINE Corp. (b)

     147,265  
  23,304     

Lion Corp.

     483,369  
  2,176     

LIXIL Group Corp.

     54,542  
  5,030     

M3, Inc.

     138,759  
  31,285     

Marubeni Corp.

     202,685  
  25,532     

Mazda Motor Corp.

     358,696  
  4,830     

McDonald’s Holdings Co. Japan, Ltd. (b)

     185,286  
  3,128     

MEIJI Holdings Co., Ltd.

     253,646  
  3,753     

MISUMI Group, Inc.

     86,017  
  44,800     

Mitsubishi Chemical Holdings Corp.

     373,263  
  22,960     

Mitsubishi Corp.

     482,643  
  2,274     

Mitsubishi Electric Corp.

     32,888  
  15,646     

Mitsubishi Gas Chemical Co., Inc.

     332,312  
  5,900     

Mitsubishi Materials Corp.

     179,044  
  1,710     

Mitsubishi Tanabe Pharma Corp.

     39,556  
  80,480     

Mitsubishi UFJ Financial Group, Inc.

     542,841  
  74,423     

Mitsubishi UFJ Lease & Finance Co., Ltd.

     408,325  
  21,343     

Mitsui & Co., Ltd.

     305,543  
  19,458     

Mitsui Chemicals, Inc.

     103,621  
  10,886     

Mixi, Inc.

     605,798  
  219,604     

Mizuho Financial Group, Inc.

     402,638  
  2,797     

MS & AD Insurance Group Holdings, Inc.

     94,339  
  326     

Murata Manufacturing Co., Ltd.

     49,769  
  1,614     

NH Foods Ltd.

     49,098  
  350     

Nidec Corp.

     35,959  
  20,409     

Nikon Corp.

     327,139  
  513     

Nintendo Co., Ltd.

     171,748  
  1,784     

Nippon Electric Glass Co., Ltd.

     65,069  
  19,274     

Nippon Express Co., Ltd.

     120,948  
  982     

Nippon Paint Holdings Co., Ltd.

     37,360  
  12,111     

Nippon Steel & Sumitomo Metal Corp.

     274,444  
  10,165     

Nippon Telegraph & Telephone Corp.

     479,830  
  3,118     

Nitori Holdings Co., Ltd.

     417,386  
  3,075     

NOK Corp.

     65,281  
  6,686     

Nomura Holdings, Inc.

     40,320  
  10,305     

NTT Data Corp.

     114,969  
  1,684     

NTT DoCoMo, Inc.

     39,828  
  19,000     

Obayashi Corp.

     223,860  
  27,521     

Oji Holdings Corp.

     142,490  
  6,868     

Olympus Corp.

     251,633  
  7,079     

OMRON Corp.

     308,145  
  2,061     

Oracle Corp.

     134,063  
  25,320     

ORIX Corp.

     393,976  
  19,245     

Osaka Gas Co., Ltd.

     78,805  
  7,278     

Panasonic Corp.

     99,165  
  15,028     

Pola Orbis Holdings, Inc.

     397,590  
  40,032     

Recruit Holdings Co., Ltd.

     688,946  
  52,200     

Resona Holdings, Inc.

     288,343  
  1,267     

Rohm Co. Ltd.

     97,687  
  1,529     

Ryohin Keikaku Co., Ltd.

     382,679  
  16,004     

SBI Holdings, Inc.

     217,632  
  10,679     

Sega Sammy Holdings, Inc.

     143,977  
  2,054     

Seiko Epson Corp.

     45,830  
  11,178     

Sekisui Chemical Co., Ltd.

     200,572  
  1,848     

Seven & I Holdings Co., Ltd. - Series A

     76,257  
  42,184     

Sharp Corp. (b)

     156,364  
  1,757     

Shimadzu Corp.

     33,480  
  1,291     

Shimamura Co., Ltd.

     158,266  
  2,540     

Shin-Etsu Chemical Co., Ltd.

     231,173  
  589     

Shionogi & Co., Ltd.

     32,841  


  12,875     

Shiseido Co., Ltd.

     458,964  
  18,640     

Showa Shell Sekiyu KK

     173,135  
  5,359     

SoftBank Group Corp.

     435,634  
  1,456     

Sompo Holdings, Inc.

     56,514  
  14,152     

Sony Corp.

     539,810  
  19,951     

Start Today Co., Ltd.

     491,686  
  947     

Subaru Corp.

     32,111  
  9,522     

Sumitomo Chemical Co., Ltd.

     55,035  
  29,980     

Sumitomo Corp.

     390,944  
  14,121     

Sumitomo Mitsui Financial Group, Inc.

     551,347  
  3,578     

Sumitomo Mitsui Trust Holdings, Inc.

     128,519  
  15,389     

Sumitomo Rubber Industries, Ltd.

     260,621  
  7,545     

Sundrug Co., Ltd.

     281,446  
  7,358     

Suntory Beverage & Food Ltd.

     342,006  
  5,160     

Suzuken Co., Ltd.

     171,767  
  3,497     

Suzuki Motor Corp.

     166,590  
  4,255     

Sysmex Corp.

     254,678  
  9,698     

T&D Holdings, Inc.

     148,303  
  25,960     

Taiheiyo Cement Corp.

     94,937  
  19,290     

Takashimaya Co., Ltd.

     184,028  
  6,647     

Teijin, Ltd.

     128,268  
  24,675     

The Kansai Electric Power Co., Inc.

     340,254  
  11,444     

The Yokohama Rubber Co., Ltd.

     230,702  
  1,030     

Tokio Marine Holdings, Inc.

     42,862  
  85,180     

Tokyo Electric Power Co. Holdings, Inc.

     351,653  
  2,493     

Tokyo Electron, Ltd.

     337,036  
  9,609     

Tokyo Gas Co., Ltd.

     50,050  
  8,876     

Toppan Printing Co., Ltd.

     97,601  
  14,713     

Tosoh Corp.

     151,635  
  876     

TOTO Ltd.

     33,564  
  6,500     

Toyo Seikan Group Holdings, Ltd.

     110,037  
  3,399     

Toyoda Gosei Co., Ltd.

     81,445  
  7,778     

Toyota Motor Corp.

     408,839  
  11,054     

Toyota Tsusho Corp.

     332,347  
  640     

Trend Micro, Inc.

     33,077  
  1,696     

Tsuruha Holdings, Inc.

     180,223  
  5,062     

Unicharm Corp.

     127,441  
  41,682     

Yamada Denki Co., Ltd.

     207,245  
  18,943     

Yamazaki Baking Co., Ltd.

     377,665  
  4,705     

Yaskawa Electric Corp.

     100,179  
  8,486     

Yokogawa Electric Corp.

     136,568  
     

 

 

 
        32,028,443  
     

 

 

 
  

Jersey - 1.53%

  
  277,800     

Glencore Plc

     1,040,985  
  18,870     

Petrofac, Ltd.

     108,502  
  6,637     

Shire Plc

     365,959  
  9,096     

Wolseley Plc

     558,295  
  14,029     

WPP Plc

     295,406  
     

 

 

 
        2,369,147  
     

 

 

 
  

Luxembourg - 0.33%

  
  9,318     

ArcelorMittal (a)

     211,362  
  586     

Millicom International Cellular SA

     34,660  
  3,490     

RTL Group SA

     263,667  
     

 

 

 
        509,689  
     

 

 

 
  

Macau - 0.03%

  
  21,015     

MGM China Holdings Ltd.

     46,733  
     

 

 

 
  

Netherlands - 3.87%

  
  2,973     

ABN AMRO Group NV

     78,760  
  10,168     

Aegon NV

     52,039  
  1,108     

Airbus SE

     91,439  
  702     

Akzo Nobel NV

     61,052  
  2,264     

ASML Holding NV

     295,119  
  4,777     

Boskalis Westminster

     155,138  
  15,690     

CNH Industrial NV

     177,937  
  75,293     

Fiat Chrysler Automobiles NV (a)

     795,440  
  1,565     

Gemalto NV

     93,864  
  4,217     

Heineken Holding NV

     386,531  
  1,033     

Heineken NV

     100,444  
  39,932     

ING Groep NV

     689,338  
  19,556     

Koninklijke Ahold Delhaize NV

     373,271  
  2,739     

Koninklijke DSM NV

     199,215  
  5,050     

Koninklijke Philips NV

     179,774  
  9,921     

NN Group NV

     352,028  


  7,398     

QIAGEN NV

     246,160  
  6,859     

Randstad Holding NV

     399,888  
  8,581     

RELX NV

     176,913  
  26,661     

STMicroelectronics NV

     383,373  
  11,549     

Unilever NV

     637,527  
  2,042     

Wolters Kluwer NV

     86,362  
     

 

 

 
        6,011,612  
     

 

 

 
  

New Zealand - 0.09%

  
  6,533     

Fletcher Building Ltd.

     38,257  
  33,966     

Telecom Corp.

     94,114  
     

 

 

 
        132,371  
     

 

 

 
  

Norway - 0.71%

  
  4,791     

DNB ASA

     81,566  
  5,036     

Gjensidige Forsikring ASA

     85,964  
  15,316     

Marine Harvest ASA

     262,045  
  30,997     

Norsk Hydro ASA

     171,537  
  9,469     

Schibsted ASA - Class A

     228,703  
  10,053     

Schibsted ASA - Class B

     222,368  
  2,858     

Telenor ASA

     47,415  
     

 

 

 
        1,099,598  
     

 

 

 
  

Portugal - 0.39%

  
  95,208     

EDP - Energias de Portugal SA

     311,447  
  15,470     

Jeronimo Martins SGPS SA

     302,034  
     

 

 

 
        613,481  
     

 

 

 
  

Singapore - 1.40%

  
  20,900     

DBS Group Holdings, Ltd.

     314,561  
  3,212     

Jardine Cycle & Carriage, Ltd.

     103,416  
  46,400     

Oversea-Chinese Banking Corp. Ltd.

     363,467  
  30,557     

SATS Ltd.

     113,357  
  64,585     

Singapore Exchange, Ltd.

     344,205  
  144,287     

StarHub Ltd.

     285,066  
  14,936     

United Overseas Bank, Ltd.

     250,755  
  467,699     

Yangzijiang Shipbuilding Holdings, Ltd.

     404,152  
     

 

 

 
        2,178,979  
     

 

 

 
  

Spain - 3.15%

  
  6,161     

ACS, Actividades de Construccion y Servicios SA

     238,209  
  1,046     

Aena SA

     204,258  
  6,633     

Amadeus IT Holding SA - Class A

     396,493  
  37,441     

Banco Bilbao Vizcaya Argentaria SA

     311,882  
  43,537     

Banco de Sabadell SA

     88,579  
  140,869     

Banco Santander SA

     935,355  
  12,250     

Bankia SA

     59,248  
  4,868     

Bankinter SA

     44,907  
  31,432     

CaixaBank SA

     150,257  
  66,709     

Distribuidora Internacional de Alimentacion SA

     416,290  
  7,509     

Endesa SA

     173,222  
  28,069     

Iberdrola SA

     222,431  
  13,833     

Industria de Diseno Textil SA

     531,258  
  104,146     

Mapfre SA

     364,534  
  42,363     

Repsol SA

     649,472  
  9,828     

Telefonica SA

     101,736  
     

 

 

 
        4,888,131  
     

 

 

 
  

Sweden - 2.10%

  
  1,494     

Assa Abloy AB - Series B

     32,930  
  6,326     

Atlas Copco AB - Class A

     243,246  
  3,625     

Atlas Copco AB - Class B

     125,297  
  8,871     

Boliden AB

     242,488  
  5,760     

Electrolux AB - Series B

     188,878  
  22,796     

Hennes & Mauritz AB - Series B

     568,351  
  1,922     

Hexagon AB - Class B

     91,314  
  7,518     

Husqvarna AB - Class B

     74,730  
  5,572     

Industrivarden AB

     133,670  
  3,244     

Investor AB - B Shares

     156,512  
  2,481     

L E Lundbergforetagen AB - Series B

     195,974  
  11,183     

Nordea Bank AB

     142,432  
  16,467     

Sandvik AB

     259,260  
  5,030     

Securitas AB - Series B

     84,838  
  5,837     

Skandinaviska Enskilda Banken AB

     70,667  
  3,267     

Svenska Handelsbanken AB - Class A

     46,790  
  3,461     

Swedbank AB - A Shares

     84,469  
  6,179     

Swedish Match AB

     217,691  
  4,878     

Telefonaktiebolaget LM Ericsson - Series B

     35,074  
  15,566     

Volvo AB - Class B

     265,457  
     

 

 

 
        3,260,068  
     

 

 

 


  

Switzerland - 6.79%

  
  17,412     

ABB, Ltd.

     432,185  
  3,510     

Adecco Group AG

     267,400  
  306     

Baloise Holding AG

     47,399  
  105     

Barry Callebaut AG

     144,534  
  1,363     

Cie Financiere Richemont SA

     112,787  
  255     

Dufry AG (a)

     41,848  
  536     

EMS-Chemie Holding AG

     395,788  
  120     

Geberit AG

     56,035  
  16     

Givaudan SA

     32,061  
  2,640     

Kuehne & Nagel International AG

     441,364  
  978     

LafargeHolcim Ltd.

     56,209  
  159     

Lonza Group AG

     34,442  
  26,897     

Nestle SA

     2,345,894  
  14,850     

Novartis AG

     1,240,370  
  1,133     

Partners Group Holding AG

     703,492  
  5,799     

Roche Holding AG

     1,481,731  
  156     

Schindler Holding AG

     32,426  
  186     

SGS SA

     450,992  
  51     

Sika AG

     327,427  
  276     

Sonova Holding AG

     44,898  
  366     

Straumann Holding AG

     208,426  
  1,628     

Swiss Life Holding AG

     550,707  
  3,863     

Swiss Re AG

     354,016  
  546     

The Swatch Group AG - Group I

     201,946  
  1,896     

The Swatch Group AG - Group N

     138,504  
  14,819     

UBS Group AG

     252,010  
  521     

Zurich Insurance Group AG

     152,053  
     

 

 

 
        10,546,944  
     

 

 

 
  

United Kingdom - 13.34%

  
  61,623     

3i Group Plc

     724,539  
  19,398     

Admiral Group Plc

     506,190  
  34,739     

Anglo American Plc (a)

     464,106  
  9,641     

Ashtead Group Plc

     199,499  
  2,039     

Associated British Foods Plc

     78,027  
  9,044     

AstraZeneca Plc

     605,802  
  96,003     

Auto Trader Group Plc

     475,348  
  13,927     

BAE Systems Plc

     114,972  
  113,716     

Barclays Plc

     300,754  
  36,005     

Barratt Developments Plc

     264,432  
  13,920     

BHP Billiton Plc

     213,265  
  74,008     

BP Plc

     427,189  
  15,676     

British American Tobacco Plc

     1,068,214  
  26,654     

British Sky Broadcasting Group Plc

     345,201  
  29,387     

BT Group Plc

     113,001  
  34,058     

Burberry Group Plc

     736,975  
  3,940     

Carnival Plc

     260,528  
  20,758     

Coca-Cola HBC AG

     610,475  
  12,463     

Compass Group PLC

     263,075  
  914     

Croda International Plc

     46,287  
  741     

DCC Plc

     67,482  
  12,021     

Diageo Plc

     355,244  
  7,281     

Experian Plc

     149,428  
  8,462     

GKN Plc

     35,943  
  41,286     

GlaxoSmithKline Plc

     878,870  
  31,746     

Hargreaves Lansdown Plc

     538,331  
  116,558     

HSBC Holdings Plc

     1,081,893  
  6,779     

IMI PLC

     105,585  
  6,945     

Imperial Brands Plc

     312,090  
  3,803     

InterContinental Hotels Group Plc

     211,195  
  40,977     

International Consolidated Airlines Group SA

     325,575  
  596     

Intertek Group Plc

     32,742  
  100,655     

J. Sainsbury Plc

     330,157  
  72,485     

Kingfisher Plc

     283,919  
  38,937     

Legal & General Group Plc

     131,024  
  2,970     

London Stock Exchange Group Plc

     141,276  
  49,496     

Marks & Spencer Group Plc

     214,820  
  19,262     

Mediclinic International Plc

     186,323  
  26,161     

Meggitt Plc

     162,559  
  12,024     

Merlin Entertainments Plc

     75,269  
  4,025     

Mondi Plc

     105,543  
  7,394     

Next Plc

     371,357  
  7,150     

Persimmon Plc

     208,828  
  11,806     

Provident Financial Plc

     374,448  
  12,094     

Prudential Plc

     277,604  
  3,007     

Reckitt Benckiser Group Plc

     304,831  


  13,922     

RELX Plc

     300,953  
  9,071     

Rio Tinto Plc

     384,175  
  7,516     

Rolls-Royce Holdings Plc (a)

     87,176  
  16,595     

Royal Dutch Shell Plc - Class A

     440,910  
  10,953     

Royal Dutch Shell Plc - Class B

     294,050  
  134,880     

Royal Mail Plc

     739,911  
  4,076     

RSA Insurance Group Plc

     32,697  
  1,486     

Schroders Plc

     60,088  
  15,329     

Smith & Nephew Plc

     264,710  
  10,632     

Smiths Group Plc

     221,061  
  7,716     

St. James’s Place Plc

     118,931  
  3,152     

Standard Chartered Plc (a)

     31,924  
  19,213     

Tate & Lyle Plc

     165,586  
  123,866     

Tesco Plc (a)

     272,709  
  43,692     

The Sage Group Plc

     391,524  
  14,230     

Unilever Plc

     770,101  
  156,416     

Vodafone Group Plc

     444,217  
  171,349     

Wm Morrison Supermarkets Plc

     538,183  
  17,451     

Worldpay Group Plc

     71,557  
     

 

 

 
        20,710,678  
     

 

 

 
  

Total Common Stocks (Cost $121,290,416)

     147,517,130  
     

 

 

 
  

INVESTMENT COMPANIES - 3.31%

  
  

Canada - 0.28%

  
  16,504     

iShares MSCI Canada ETF (b)

     441,647  
     

 

 

 
  

Japan - 3.03%

  
  72,037     

iShares MSCI EAFE ETF (b)

     4,696,812  
     

 

 

 
  

Total Investment Companies (Cost $5,058,081)

     5,138,459  
     

 

 

 
  

PARTICIPATORY NOTES - 0.02%

  
  

Switzerland - 0.02%

  
  152     

Schindler Holding AG (c)

     32,226  
     

 

 

 
  

Total Participatory Notes (Cost $22,420)

     32,226  
     

 

 

 
  

PREFERRED STOCKS - 0.41%

  
  

Germany - 0.41%

  
  8,684     

FUCHS PETROLUB SE - Preference Shares

     473,305  
  1,131     

Henkel AG & Co. KGaA - Preference Shares

     155,958  
     

 

 

 
  

Total Preferred Stocks (Cost $516,482)

     629,263  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS - 0.07%

  
  

Australia - 0.07%

  
  14,868     

Dexus

     108,248  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $101,509)

     108,248  
     

 

 

 
  

SHORT TERM INVESTMENTS - 0.44%

  
  

Money Market Funds - 0.44%

  
  691,854     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88% (d)

     691,854  
     

 

 

 
  

Total Short Term Investments (Cost $691,854)

     691,854  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.24%

  
  1,918,553     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (d)

     1,918,553  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $1,918,553)

     1,918,553  
     

 

 

 
  

Total Investments (Cost $129,599,315) - 100.48%

     156,035,733  
  

Liabilities in Excess of Other Assets - (0.48)%

     (740,068
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 155,295,665  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR  American Depositary Receipt
(a) Non-income producing security.
(b) All or portion of this security is on loan.
(c) Represents the value of underlying security. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange.) Participation notes are often used to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk.
(d) Seven-day yield as of June 30, 2017.


GuideMark® World ex-US Fund

Schedule of Investments by Industry

June 30, 2017 (Unaudited)

 

COMMON STOCKS

  

Aerospace & Defense

     0.88

Air Freight & Logistics

     0.97

Airlines

     0.91

Auto Components

     1.02

Automobiles

     2.15

Banks

     11.13

Beverages

     1.61

Biotechnology

     0.22

Building Products

     0.37

Capital Markets

     2.55

Chemicals

     3.89

Commercial Services & Supplies

     0.30

Communications Equipment

     0.02

Construction & Engineering

     1.30

Construction Materials

     0.58

Consumer Finance

     0.52

Containers & Packaging

     0.10

Distributors

     0.07

Diversified Consumer Services

     0.10

Diversified Financial Services

     1.65

Diversified Telecommunication Services

     1.67

Electric Utilities

     0.95

Electrical Equipment

     1.20

Electronic Equipment, Instruments & Components

     1.39

Energy Equipment & Services

     0.32

Food & Staples Retailing

     3.57

Food Products

     4.17

Gas Utilities

     0.08

Health Care Equipment & Supplies

     1.29

Health Care Providers & Services

     0.51

Health Care Technology

     0.09

Hotels, Restaurants & Leisure

     1.88

Household Durables

     1.41

Household Products

     0.88

Industrial Conglomerates

     0.85

Insurance

     5.57

Internet & Direct Marketing Retail

     0.60

Internet Software & Services

     1.18

IT Services

     1.59

Leisure Products

     0.43

Life Sciences Tools & Services

     0.18

Machinery

     1.67

Marine

     0.28

Media

     1.36

Metals & Mining

     3.46

Multiline Retail

     0.76

Multi-Utilities

     0.17

Oil & Gas

     0.14

Oil, Gas & Consumable Fuels

     2.17

Paper & Forest Products

     0.59

Personal Products

     1.42

Pharmaceuticals

     5.99

Professional Services

     1.24

Real Estate Management & Development

     0.92

Road & Rail

     0.47

Semiconductors & Semiconductor Equipment

     1.00

Software

     1.84

Specialty Retail

     2.47

Technology Hardware, Storage & Peripherals

     0.67

Textiles, Apparel & Luxury Goods

     3.89

Tobacco

     1.05

Trading Companies & Distributors

     2.24

Transportation Infrastructure

     0.20

Wireless Telecommunication Services

     0.84
  

 

 

 

TOTAL COMMON STOCKS

     94.99
  

 

 

 

INVESTMENT COMPANIES

  

Exchange Traded Funds

     3.31
  

 

 

 

TOTAL INVESTMENT COMPANIES

     3.31
  

 

 

 


PARTICIPATORY NOTES

  

Machinery

     0.02
  

 

 

 

TOTAL PARTICIPATORY NOTES

     0.02
  

 

 

 

PREFERRED STOCKS

  

Chemicals

     0.31

Household Products

     0.10
  

 

 

 

TOTAL PREFERRED STOCKS

     0.41
  

 

 

 

REAL ESTATE INVESTMENT TRUSTS

  

Real Estate Investment Trusts

     0.07
  

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.07
  

 

 

 

SHORT TERM INVESTMENTS

  

Money Market Funds

     0.44
  

 

 

 

TOTAL SHORT TERM INVESTMENTS

     0.44
  

 

 

 

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

  

TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL

     1.24
  

 

 

 

TOTAL INVESTMENTS

     100.48

Liabilities in Excess of Other Assets

     (0.48 )% 
  

 

 

 

TOTAL NET ASSETS

     100.00
  

 

 

 

Percentages are stated as a percent of net assets.

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 129,599,315  
  

 

 

 

Gross unrealized appreciation

     34,884,434  

Gross unrealized depreciation

     (8,448,016
  

 

 

 

Net unrealized appreciation

   $ 26,436,418  
  

 

 

 

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.


GuideMark® Opportunistic Equity Fund

Schedule of Investments (Unaudited)

June 30, 2017

 

Number of Shares           Value  
  

COMMON STOCKS - 94.16%

  
  

Aerospace & Defense - 1.97%

  
  2,211     

TransDigm Group, Inc. (a)

   $ 594,472  
  6,036     

United Technologies Corp.

     737,056  
     

 

 

 
        1,331,528  
     

 

 

 
  

Air Freight & Logistics - 1.40%

  
  24,714     

Hub Group, Inc. - Class A (b)

     947,782  
     

 

 

 
  

Airlines - 2.18%

  
  19,615     

United Continental Holdings, Inc. (a)(b)

     1,476,029  
     

 

 

 
  

Auto Components - 2.01%

  
  23,294     

BorgWarner, Inc. (a)

     986,734  
  4,230     

Delphi Automotive Plc

     370,759  
     

 

 

 
        1,357,493  
     

 

 

 
  

Automobiles - 1.18%

  
  71,408     

Ford Motor Co. (a)

     799,056  
     

 

 

 
  

Banks - 3.37%

  
  34,354     

BankUnited, Inc.

     1,158,073  
  13,836     

Citigroup, Inc.

     925,352  
  3,980     

Western Alliance Bancorp (b)

     195,816  
     

 

 

 
        2,279,241  
     

 

 

 
  

Beverages - 3.29%

  
  3,085     

Constellation Brands, Inc. - Class A

     597,657  
  9,278     

Molson Coors Brewing Co. - Class B

     801,063  
  7,156     

PepsiCo, Inc.

     826,446  
     

 

 

 
        2,225,166  
     

 

 

 
  

Biotechnology - 2.60%

  
  2,102     

Biogen, Inc. (b)

     570,399  
  7,850     

Celgene Corp. (a)(b)

     1,019,479  
  3,090     

Prothena Corp Plc (b)

     167,231  
     

 

 

 
        1,757,109  
     

 

 

 
  

Capital Markets - 1.56%

  
  6,980     

Intercontinental Exchange, Inc. (a)

     460,121  
  13,910     

The Charles Schwab Corp. (a)

     597,574  
     

 

 

 
        1,057,695  
     

 

 

 
  

Chemicals - 2.45%

  
  28,180     

Axalta Coating Systems, Ltd. (a)(b)

     902,887  
  11,970     

The Dow Chemical Co.

     754,948  
     

 

 

 
        1,657,835  
     

 

 

 
  

Construction Materials - 0.42%

  
  9,770     

Summit Materials, Inc. - Class A (b)

     282,060  
     

 

 

 
  

Consumer Finance - 1.85%

  
  20,064     

Discover Financial Services

     1,247,780  
     

 

 

 
  

Containers & Packaging - 0.52%

  
  6,160     

Berry Plastics Group, Inc. (b)

     351,182  
     

 

 

 
  

Diversified Telecommunication Services - 0.51%

  
  17,752     

Cincinnati Bell, Inc. (a)(b)

     347,052  
     

 

 

 
  

Electrical Equipment - 1.13%

  
  12,620     

AMETEK, Inc. (a)

     764,393  
     

 

 

 
  

Food Products - 0.53%

  
  4,595     

Post Holdings, Inc. (a)(b)

     356,802  
     

 

 

 
  

Health Care Equipment & Supplies - 2.61%

  
  5,730     

Danaher Corp.

     483,555  
  6,710     

Hill-Rom Holdings, Inc.

     534,183  
  9,210     

STERIS Plc (a)

     750,615  
     

 

 

 
        1,768,353  
     

 

 

 
  

Health Care Providers & Services - 1.14%

  
  5,088     

Aetna, Inc.

     772,511  
     

 

 

 
  

Hotels, Restaurants & Leisure - 4.06%

  
  4,520     

Marriott International, Inc. - Class A (a)

     453,401  
  3,245     

McDonald’s Corp.

     497,004  
  21,445     

Red Rock Resorts, Inc.

     505,030  


  6,344     

Vail Resorts, Inc. (a)

     1,286,754  
     

 

 

 
        2,742,189  
     

 

 

 
  

Household Durables - 4.33%

  
  9,560     

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

     506,202  
  14,540     

Newell Rubbermaid, Inc. (a)

     779,635  
  391     

NVR, Inc. (b)

     942,548  
  3,659     

Whirlpool Corp. (a)

     701,138  
     

 

 

 
        2,929,523  
     

 

 

 
  

Insurance - 6.67%

  
  9,203     

Berkshire Hathaway, Inc. - Class B (b)

     1,558,712  
  22,402     

Loews Corp.

     1,048,637  
  23,320     

MetLife, Inc. (a)

     1,281,201  
  11,971     

Validus Holdings, Ltd.

     622,133  
     

 

 

 
        4,510,683  
     

 

 

 
  

Internet & Direct Marketing Retail - 1.72%

  
  1,204     

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

     1,165,472  
     

 

 

 
  

Internet Software & Services - 5.78%

  
  1,928     

Alphabet, Inc. - Class A (b)

     1,792,423  
  1,152     

Alphabet, Inc. - Class C (a)(b)

     1,046,857  
  7,090     

Facebook, Inc. - Class A (b)

     1,070,448  
     

 

 

 
        3,909,728  
     

 

 

 
  

IT Services - 3.55%

  
  2,164     

Alliance Data Systems Corp. (a)

     555,477  
  9,300     

PayPal Holdings, Inc. (b)

     499,131  
  5,590     

Vantiv, Inc. - Class A (b)

     354,071  
  10,600     

Visa, Inc. - Class A (a)

     994,068  
     

 

 

 
        2,402,747  
     

 

 

 
  

Life Sciences Tools & Services - 1.01%

  
  1,158     

Mettler-Toledo International, Inc. (b)

     681,529  
     

 

 

 
  

Machinery - 1.45%

  
  5,104     

Deere & Co. (a)

     630,803  
  3,840     

Ingersoll-Rand Plc

     350,938  
     

 

 

 
        981,741  
     

 

 

 
  

Marine - 0.49%

  
  4,994     

Kirby Corp. (a)(b)

     333,849  
     

 

 

 
  

Media - 7.20%

  
  2,150     

Charter Communications, Inc. - Class A (b)

     724,228  
  31,901     

Liberty Global Plc - Class A (b)

     1,024,660  
  12,090     

Lions Gate Entertainment Corp. - Class B (b)

     317,725  
  8,060     

The Walt Disney Co.

     856,375  
  13,520     

Twenty-First Century Fox, Inc. - Class A

     383,157  
  56,075     

Twenty-First Century Fox, Inc. - Class B

     1,562,810  
     

 

 

 
        4,868,955  
     

 

 

 
  

Multiline Retail - 1.14%

  
  10,691     

Dollar General Corp. (a)

     770,714  
     

 

 

 
  

Oil, Gas & Consumable Fuels - 1.34%

  
  3,421     

Cimarex Energy Co. (a)

     321,608  
  6,250     

Tesoro Corp.

     585,000  
     

 

 

 
        906,608  
     

 

 

 
  

Pharmaceuticals - 5.65%

  
  39,466     

Abbott Laboratories

     1,918,442  
  6,530     

Aclaris Therapeutics, Inc. (b)

     177,094  
  6,790     

Eli Lilly & Co.

     558,817  
  3,830     

Jazz Pharmaceuticals Plc (a)(b)

     595,565  
  11,310     

Nektar Therapeutics (a)(b)

     221,110  
  9,160     

The Medicines Co. (a)(b)

     348,172  
     

 

 

 
        3,819,200  
     

 

 

 
  

Professional Services - 0.48%

  
  3,880     

Verisk Analytics, Inc. (b)

     327,356  
     

 

 

 
  

Road & Rail - 2.79%

  
  49,204     

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

     1,341,793  
  7,530     

Ryder System, Inc.

     542,009  
     

 

 

 
        1,883,802  
     

 

 

 
  

Semiconductors & Semiconductor Equipment - 1.24%

  
  7,130     

Cavium, Inc. (a)(b)

     442,987  
  8,430     

Microsemi Corp. (a)(b)

     394,524  
     

 

 

 
        837,511  
     

 

 

 


  

Software - 4.48%

  
  2,150     

Adobe Systems, Inc. (b)

     304,096  
  16,810     

Microsoft Corp.

     1,158,713  
  6,780     

Red Hat, Inc. (b)

     649,185  
  6,600     

salesforce.com, Inc. (b)

     571,560  
  3,280     

ServiceNow, Inc. (a)(b)

     347,680  
     

 

 

 
        3,031,234  
     

 

 

 
  

Specialty Retail - 2.06%

  
  4,945     

The Home Depot, Inc.

     758,563  
  8,773     

The TJX Companies, Inc. (a)

     633,147  
     

 

 

 
        1,391,710  
     

 

 

 
  

Technology Hardware, Storage & Peripherals - 3.86%

  
  18,104     

Apple, Inc.

     2,607,338  
     

 

 

 
  

Thrifts & Mortgage - 2.12%

  
  38,010     

MGIC Investment Corp. (b)

     425,712  
  56,252     

Nationstar Mortgage Holdings, Inc. (a)(b)

     1,006,348  
     

 

 

 
        1,432,060  
     

 

 

 
  

Tobacco - 0.89%

  
  5,125     

Philip Morris International, Inc.

     601,931  
     

 

 

 
  

Trading Companies & Distributors - 1.13%

  
  7,887     

Fastenal Co. (a)

     343,321  
  68,340     

Wolseley Plc - ADR (a)

     421,658  
     

 

 

 
        764,979  
     

 

 

 
  

Total Common Stocks (Cost $48,960,134)

     63,679,926  
     

 

 

 
  

REAL ESTATE INVESTMENT TRUSTS - 1.60%

  
  

Real Estate Investment Trusts - 1.60%

  
  4,920     

Alexandria Real Estate Equities, Inc. (a)

     592,712  
  20,253     

CubeSmart (a)

     486,882  
     

 

 

 
  

Total Real Estate Investment Trusts (Cost $1,078,132)

     1,079,594  
     

 

 

 
  

SHORT TERM INVESTMENTS - 4.28%

  
  

Money Market Funds - 4.28%

  
  2,892,285     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88% (c)

     2,892,285  
     

 

 

 
  

Total Short Term Investments (Cost $2,892,285)

     2,892,285  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 30.40%

  
  20,556,875     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (c)

     20,556,875  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $20,556,875)

     20,556,875  
     

 

 

 
  

Total Investments (Cost $73,487,426) - 130.44%

     88,208,680  
  

Liabilities in Excess of Other Assets - (30.44)%

     (20,583,219
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 67,625,461  
     

 

 

 

Percentages are stated as a percent of net assets.

 

ADR American Depositary Receipt
(a) All or portion of this security is on loan.
(b) Non-income producing security.
(c) Seven-day yield as of June 30, 2017.

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 73,487,426  
  

 

 

 

Gross unrealized appreciation

     15,087,229  

Gross unrealized depreciation

     (365,975
  

 

 

 

Net unrealized appreciation

   $ 14,721,254  

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.


GuideMark® Core Fixed Income Fund    
Schedule of Investments (Unaudited)    
June 30, 2017    

 

Principal Amount           Value  
  

ASSET BACKED SECURITIES - 9.48%

  
  305,000     

Ally Master Owner Trust

  
  

Series 2014-5, 1.600%, 10/15/2019

   $ 305,078  
  250,000     

Americredit Automobile Receivables Trust

  
  

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

     249,016  
  305,000     

AMMC CLO XIV Ltd.

  
  

Series 2014-14A, 2.764%, 07/27/2026 (Acquired 06/12/2014, Cost $304,372) (a)(b)

     305,708  
  500,000     

Apidos CLO XII

  
  

Series 2013-12A, 2.404%, 04/15/2025 (Acquired 03/15/2013, Cost $500,000) (a)(b)

     500,542  
  205,026     

ARI Fleet Lease Trust

  
  

Series 2014-A, 1.550%, 11/15/2022 (Acquired 04/01/2014, Cost $204,969) (b)

     204,970  
  270,000     

Atlas Senior Loan Fund VI Ltd.

  
  

Series 2014-6A, 2.554%, 10/15/2026 (Acquired 02/02/2017, Cost $270,000) (b)

     270,496  
  575,000     

Babson CLO Ltd.

  
  

Series 2013-IA, 2.407%, 04/20/2025 (Acquired 05/03/2013, Cost $575,000) (a)(b)

     576,181  
  

Bayview Opportunity Master Fund IVa Trust

  
  100,000     

Series 2017-SPL5, 3.500%, 07/28/2057 (Acquired 06/23/2017, Cost $103,063) (b)

     102,681  
  114,104     

Series 2017-SPL1, 4.000%, 10/28/2064 (Acquired 03/22/2017, Cost $117,900) (b)

     119,292  
  96,734     

Bayview Opportunity Master Fund IVb Trust

  
  

Series 2017-SPL3, 4.000%, 11/28/2053 (Acquired 05/01/2017, Cost $100,152) (b)

     101,652  
  735,000     

Capital One Multi-Asset Execution Trust

  
  

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

     729,681  
  555,000     

Carlyle Global Market Strategies CLO

  
  

Series 2013-3A, 2.424%, 07/15/2025 (Acquired 06/10/2013, Cost $553,834) (a)(b)

     555,395  
  109,583     

CarMax Auto Owner Trust

  
  

Series 2013-3, 1.490%, 01/15/2019

     109,593  
  645,000     

Chase Issuance Trust

  
  

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

     641,055  
  365,000     

CIFC Funding Ltd.

  
  

Series 2013-1A, 2.454%, 04/16/2025 (Acquired 02/22/2013, Cost $365,000) (a)(b)

     365,281  
  61,581     

Conseco Finance Securitizations Corp.

  
  

Series 2000-4, 8.310%, 05/01/2032 (a)

     34,409  
  27,530     

CPS Auto Receivables Trust

  
  

Series 2013-A, 1.310%, 06/15/2020 (Acquired 03/12/2013, Cost $27,526) (b)

     27,468  
  33,558     

Credit Acceptance Auto Loan Trust

  
  

Series 2014-2A, 1.880%, 03/15/2022 (Acquired 09/18/2014, Cost $33,552) (b)

     33,564  
  270,000     

Dryden 38 Senior Loan Fund

  
  

Series 2015-38A, 2.734%, 07/15/2027 (Acquired 03/25/2015, Cost $270,000) (a)(b)

     270,748  
  485,000     

Ford Credit Auto Owner Trust

  
  

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

     487,612  
  370,000     

Galaxy XIX CLO, Ltd.

  
  

Series 2015-19A, 2.863%, 01/24/2027 (Acquired 01/29/2015, Cost $369,441) (a)(b)

     370,331  
  295,000     

Galaxy XXII CLO, Ltd.

  
  

Series 2016-22A, 2.800%, 07/16/2028 (Acquired 06/13/2016, Cost $295,000) (b)

     291,827  
  100,000     

GCO Education Loan Funding Trust

  
  

Series 2006-1, 1.419%, 05/25/2036 (a)

     91,348  
  570,000     

GM Financial Automobile Leasing Trust

  
  

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

     572,290  
  300,000     

GTP Acquisition Partners I LLC

  
  

Series 2015-2, 3.482%, 06/15/2050 (Acquired 05/20/2015, Cost $300,000) (b)

     306,357  
  515,000     

Honda Auto Receivables Owner Trust

  
  

Series 2016-2, 1.390%, 04/15/2020

     513,981  
  100,000     

Lendmark Funding Trust

  
  

Series 2016-A, 3.260%, 04/21/2025 (Acquired 10/26/2016, Cost $99,989) (c)

     100,911  
  261,165     

Madison Park Funding XI Ltd.

  
  

Series 2013-11A, 2.593%, 10/23/2025 (Acquired 10/29/2015, Cost $256,542) (a)(b)

     261,217  
  273,463     

Morgan Stanley ABS Capital I, Inc. Trust

  
  

Series 2003-NC10, 2.252%, 10/25/2033 (a)

     271,509  
  

NRZ Advance Receivables Trust

  
  147,000     

Series 2016-T2, 2.575%, 10/15/2049 (Acquired 10/14/2016, Cost $147,000) (b)

     146,917  
  136,000     

Series 2015-ON1, 3.107%, 12/15/2050 (Acquired 11/22/2016, Cost $136,000) (b)

     135,746  
  120,000     

Series 2017-T1, 3.214%, 02/15/2051 (Acquired 02/01/2017, Cost $119,999) (a)(b)

     120,832  
  325,000     

Oaktree EIF II Ltd.

  
  

Series 2015-B1A, 2.732%, 02/15/2026 (Acquired 02/20/2015, Cost $325,000) (a)(b)

     325,126  
  275,000     

OCP CLO Ltd.

  
  

Series 2015-8A, 2.834%, 04/17/2027 (Acquired 04/10/2015, Cost $274,725) (a)(b)

     275,019  
  410,000     

Octagon Investment Partners XVI Ltd.

  
  

Series 2013-1A, 2.424%, 07/17/2025 (Acquired 05/15/2013, Cost $409,344) (a)(b)

     410,315  
  280,000     

OHA Credit Partners VIII, Ltd.

  
  

Series 2013-8A, 2.427%, 04/20/2025 (Acquired 04/17/2013, Cost $280,000) (a)(b)

     280,245  
  450,000     

OZLM Funding V Ltd.

  
  

Series 2013-5A, 2.434%, 01/17/2026 (Acquired 02/23/2017, Cost $450,000) (a)(b)

     450,089  
  300,000     

OZLM XII Ltd.

  
  

Series 2015-12A, 2.761%, 04/30/2027 (Acquired 04/24/2015, Cost $299,130) (a)(b)

     300,450  
  135,000     

Prestige Auto Receivables Trust

  
  

Series 2014-1A, 1.910%, 04/15/2020 (Acquired 06/25/2014, Cost $135,008) (b)

     135,131  
  194,376     

Santander Drive Auto Receivables Trust

  
  

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

     194,447  
  250,000     

Shackleton

  
  

Series 2014-6A, 2.464%, 07/17/2026 (Acquired 04/07/2017, Cost $250,000) (a)(b)

     250,213  
  71,727     

SoFi Consumer Loan Program LLC

  
  

Series 2016-2, 3.090%, 10/27/2025 (Acquired 07/26/2016, Cost $71,716) (c)

     72,423  
  255,000     

Sound Point CLO IV Ltd

  
  

Series 2013-3A, 2.407%, 01/21/2026 (Acquired 04/12/2017, Cost $255,000) (b)

     255,003  
  315,000     

Sound Point CLO VIII Ltd.

  
  

Series 2015-1A, 2.834%, 03/13/2027 (Acquired 03/05/2015, Cost $314,213) (a)(b)

     315,198  
  

Towd Point Mortgage Trust

  
  101,472     

Series 2016-2, 2.750%, 08/25/2055 (Acquired 05/20/2016, Cost $101,472) (b)

     102,462  
  116,466     

Series 2016-3, 2.250%, 08/25/2055 (Acquired 07/22/2016, Cost $116,298) (b)

     116,403  
  221,597     

Series 2017-1, 2.750%, 10/25/2056 (Acquired 02/07/2017, Cost $221,882) (b)

     223,745  
  98,400     

Series 2017-2, 2.750%, 04/25/2057 (Acquired 05/05/2017, Cost $98,736) (b)

     99,340  
  67,743     

Volkswagen Auto Lease Trust

  
  

Series 2015-A, 1.250%, 12/20/2017

     67,738  
     

 

 

 
  

Total Asset Backed Securities (Cost $13,040,789)

     13,047,035  
     

 

 

 
  

COLLATERALIZED MORTGAGE OBLIGATIONS - 4.76%

  
  

Angel Oak Mortgage Trust LLC

  
  55,000     

Series 2017-2, 2.478%, 07/25/2047 (Acquired 06/30/2017, Cost $54,999) (b)

     54,999  
  42,958     

Series 2017-1, 2.810%, 01/25/2047 (Acquired 03/03/2017, Cost $42,957) (a)(b)

     43,154  
  160,000     

Aventura Mall Trust

  
  

Series 2013-AVM, 3.743%, 12/07/2032 (Acquired 12/10/2013, Cost $163,355) (a)(b)

     168,060  


  96,000     

BBCMS Mortgage Trust

  
  

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

     99,882  
  150,000     

BB-UBS Trust

  
  

Series 2012-SHOW, 3.430%, 11/07/2036 (Acquired 12/05/2012, Cost $154,041) (b)

     153,916  
  57,990     

Chase Mortgage Finance Trust

  
  

Series 2007-A1, 3.580%, 02/25/2037 (a)

     56,460  
  93,140     

COLT Mortgage Loan Trust

  
  

Series 2017-1, 2.614%, 05/27/2047 (Acquired 04/27/2017, Cost $93,139) (a)(b)

     93,854  
  

COMM Mortgage Trust

  
  120,000     

Series 2013-300P, 4.353%, 08/12/2030 (Acquired 08/15/2013, Cost $121,656) (b)

     130,686  
  300,000     

Series 2015-CR26, 3.630%, 10/13/2048

     311,528  
  130,000     

Series 2016-CR28, 3.762%, 02/12/2049

     136,357  
  90,971     

Commercial Mortgage Loan Trust

  
  

Series 2008-LS1, 6.155%, 12/10/2049 (a)

     91,139  
  

Countrywide Home Loans, Inc.

  
  14,589     

Series 2004-HYB6, 3.169%, 11/20/2034 (a)

     14,712  
  89,298     

Series 2005-11, 1.832%, 03/25/2035 (a)

     79,043  
  49,860     

CSMC Trust

  
  

Series 2017-FHA1, 3.250%, 04/25/2047 (Acquired 05/25/2017, Cost $50,450) (b)

     50,454  
  394,844     

Four Times Square Trust

  
  

Series 2006-4TS, 5.401%, 12/13/2028 (Acquired 11/06/2012, Cost $428,594) (b)

     432,926  
  

GS Mortgage Securities Trust

  
  145,000     

Series 2012-ALOH, 3.551%, 04/12/2034 (Acquired 03/08/2013, Cost $148,628) (b)

     152,228  
  145,000     

Series 2012-BWTR, 2.954%, 11/07/2034 (Acquired 12/11/2012, Cost $147,010) (b)

     147,145  
  572,910     

Series 2013-GC16, 3.033%, 11/13/2046

     581,143  
  234,954     

JP Morgan Chase Commercial Mortgage Securities Trust

  
  

Series 2012-WLDN, 3.905%, 05/07/2030 (Acquired 05/07/2013 through 01/04/2017, Cost $239,221) (b)

     245,337  
  705,000     

JPMBB Commercial Mortgage Securities Trust

  
  

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

     729,071  
  77,208     

ML-CFC Commercial Mortgage Trust

  
  

Series 2007-9, 5.700%, 09/12/2049

     77,268  
  

Morgan Stanley Capital I Trust

  
  185,000     

Series 2014-MP, 3.469%, 08/11/2033 (Acquired 11/13/2014, Cost $188,851) (b)

     192,949  
  49,206     

Series 2007-IQ16, 5.809%, 12/12/2049

     49,351  
  

New Residential Mortgage Loan Trust

  
  141,765     

Series 2016-2, 3.750%, 11/25/2035 (Acquired 05/25/2016, Cost $145,714) (b)

     146,884  
  112,943     

Series 2016-4, 3.750%, 11/25/2056 (Acquired 12/01/2016, Cost $116,206) (b)

     116,441  
  198,960     

Series 2017-1, 4.000%, 02/25/2057 (Acquired 03/06/2017, Cost $204,667) (b)

     208,081  
  179,109     

Series 2017-2, 4.000%, 03/25/2057 (Acquired 04/19/2017, Cost $186,158) (a)(b)

     187,637  
  97,800     

Series 2017-3, 4.000%, 04/25/2057 (Acquired 06/05/2017, Cost $101,839) (b)

     102,173  
  115,000     

Series 2017-4, 4.000%, 05/25/2057 (Acquired 06/27/2017, Cost $120,116) (b)(i)

     120,117  
  130,000     

OBP Depositor LLC Trust

  
  

Series 2010-OBP, 4.646%, 07/17/2045 (Acquired 08/15/2012, Cost $143,591) (b)

     138,893  
  

SBA Tower Trust

  
  210,000     

Series 2013-1-2, 3.598%, 04/15/2043 (Acquired 04/04/2013, Cost $210,000) (b)

     210,125  
  155,000     

Series 2014-1-2, 2.898%, 10/15/2044 (Acquired 10/07/2014, Cost $155,000) (b)

     155,902  
  90,000     

Series 2017-1, 3.168%, 04/15/2047 (Acquired 04/04/2017, Cost $90,000) (b)

     90,203  
  75,000     

SG Commercial Mortgage Securities Trust

  
  

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

     74,045  
  

Springleaf Mortgage Loan Trust

  
  83,501     

Series 2013-2A, 1.780%, 12/25/2065 (Acquired 07/03/2013, Cost $82,654) (a)(b)

     83,542  
  155,171     

Series 2013-2A, 3.520%, 12/25/2065 (Acquired 07/03/2013, Cost $149,465) (b)

     155,307  
  125,000     

Series 2017-A, 2.680%, 07/15/2030 (Acquired 06/21/2017, Cost $124,962) (b)(i)

     124,962  
  540,000     

Wells Fargo-RBS Commercial Mortgage Trust

  
  

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

     562,567  
     

 

 

 
  

Total Collateralized Mortgage Obligations (Cost $6,542,872)

     6,568,541  
     

 

 

 
  

CORPORATE OBLIGATIONS - 37.83%

  
  

Aerospace & Defense - 0.63%

  
  60,000     

Embraer Netherlands Finance BV

  
  

5.400%, 02/01/2027

     62,775  
  185,000     

Hexcel Corp.

  
  

3.950%, 02/15/2027

     190,242  
  

Lockheed Martin Corp.

  
  20,000     

2.500%, 11/23/2020

     20,291  
  45,000     

4.700%, 05/15/2046

     50,771  
  170,000     

Northrop Grumman Corp.

  
  

3.850%, 04/15/2045

     169,299  
  370,000     

United Technologies Corp.

  
  

1.900%, 05/04/2020

     370,787  
     

 

 

 
        864,165  
     

 

 

 
  

Air Freight & Logistics - 0.06%

  
  

FedEx Corp.

  
  50,000     

4.100%, 02/01/2045

     49,253  
  15,000     

4.550%, 04/01/2046

     15,820  
  20,000     

4.400%, 01/15/2047

     20,656  
     

 

 

 
        85,729  
     

 

 

 
  

Airlines - 0.19%

  
  130,000     

Delta Air Lines, Inc.

  
  

3.625%, 03/15/2022

     133,597  
  130,000     

Southwest Airlines Co.

  
  

2.650%, 11/05/2020

     131,650  
     

 

 

 
        265,247  
     

 

 

 
  

Automobiles - 0.12%

  
  85,000     

Ford Motor Co.

  
  

5.291%, 12/08/2046

     87,563  
  

General Motors Co.

  
  15,000     

6.250%, 10/02/2043

     16,718  
  55,000     

6.750%, 04/01/2046

     65,456  
     

 

 

 
        169,737  
     

 

 

 
  

Banks - 5.68%

  
  

Bank of America Corp.

  
  20,000     

2.625%, 04/19/2021

     20,107  
  95,000     

2.503%, 10/21/2022

     93,901  
  545,000     

3.124%, 01/20/2023 (a)

     551,565  
  190,000     

4.100%, 07/24/2023

     201,408  
  125,000     

4.000%, 01/22/2025 (d)

     127,300  
  85,000     

4.183%, 11/25/2027

     86,619  
  85,000     

3.705%, 04/24/2028 (a)

     85,728  
  100,000     

6.110%, 01/29/2037

     122,769  
  445,000     

5.000%, 01/21/2044

     504,987  
  405,000     

BB&T Corp.

  
  

2.750%, 04/01/2022

     411,256  
  

Citigroup, Inc.

  
  55,000     

2.279%, 05/17/2024 (a)

     54,996  
  360,000     

3.700%, 01/12/2026

     364,762  
  45,000     

3.200%, 10/21/2026

     43,816  


  235,000     

4.300%, 11/20/2026

     241,842  
  175,000     

4.450%, 09/29/2027

     182,097  
  325,000     

3.887%, 01/10/2028 (a)(d)

     330,678  
  120,000     

Fifth Third Bancorp

  
  

2.875%, 07/27/2020

     122,794  
  480,000     

HSBC Holdings Plc

  
  

3.262%, 03/13/2023 (a)

     489,413  
  

JPMorgan Chase & Co.

  
  15,000     

2.295%, 08/15/2021

     14,921  
  130,000     

4.500%, 01/24/2022

     140,858  
  80,000     

2.543%, 10/24/2023 (a)

     81,272  
  80,000     

3.220%, 03/01/2025 (a)(d)

     80,222  
  170,000     

3.300%, 04/01/2026 (d)

     169,001  
  90,000     

2.950%, 10/01/2026

     86,963  
  65,000     

4.250%, 10/01/2027

     67,942  
  310,000     

3.782%, 02/01/2028 (a)

     317,392  
  170,000     

KeyCorp

  
  

5.100%, 03/24/2021 (d)

     186,162  
  290,000     

PNC Funding Corp.

  
  

3.300%, 03/08/2022

     300,831  
  250,000     

Royal Bank of Canada

  
  

2.125%, 03/02/2020 (d)

     250,528  
  100,000     

Santander Holdings USA, Inc.

  
  

3.700%, 03/28/2022 (Acquired 03/22/2017, Cost $99,842) (b)

     101,400  
  245,000     

Toronto-Dominion Bank

  
  

2.625%, 09/10/2018

     247,741  
  625,000     

U.S. Bancorp

  
  

1.950%, 11/15/2018

     628,333  
  

Wells Fargo & Co.

  
  195,000     

2.150%, 01/30/2020

     195,574  
  160,000     

2.550%, 12/07/2020

     161,914  
  120,000     

3.000%, 04/22/2026 (d)

     117,333  
  135,000     

3.000%, 10/23/2026

     131,616  
  130,000     

3.584%, 05/22/2028 (a)

     131,545  
  176,000     

5.606%, 01/15/2044

     209,761  
  35,000     

4.900%, 11/17/2045

     38,254  
  115,000     

4.750%, 12/07/2046

     123,082  
     

 

 

 
        7,818,683  
     

 

 

 
  

Beverages - 0.33%

  
  150,000     

Anheuser-Busch InBev Worldwide, Inc.

  
  

8.200%, 01/15/2039

     233,122  
  

Constellation Brands, Inc.

  
  10,000     

2.700%, 05/09/2022

     9,999  
  10,000     

3.500%, 05/09/2027

     10,012  
  5,000     

4.500%, 05/09/2047

     5,168  
  200,000     

Molson Coors Brewing Co.

  
  

3.000%, 07/15/2026

     192,745  
     

 

 

 
        451,046  
     

 

 

 
  

Biotechnology - 0.60%

  
  

AbbVie, Inc.

  
  155,000     

2.900%, 11/06/2022

     156,650  
  180,000     

4.300%, 05/14/2036

     183,768  
  

Amgen, Inc.

  
  85,000     

2.200%, 05/11/2020

     85,488  
  125,000     

4.400%, 05/01/2045

     128,908  
  115,000     

Celgene Corp.

  
  

5.250%, 08/15/2043

     129,372  
  95,000     

Genzyme Corp.

  
  

5.000%, 06/15/2020

     102,689  
  35,000     

Gilead Sciences, Inc.

  
  

2.500%, 09/01/2023

     34,511  
     

 

 

 
        821,386  
     

 

 

 
  

Building Products - 0.18%

  
  250,000     

LYB International Finance II BV

  
  

3.500%, 03/02/2027

     246,936  
     

 

 

 
  

Capital Markets - 4.00%

  
  545,000     

Bear Stearns Companies, Inc.

  
  

7.250%, 02/01/2018

     562,142  
  245,000     

CBOE Holdings, Inc.

  
  

3.650%, 01/12/2027

     247,591  
  300,000     

Delphi Corp.

  
  

4.150%, 03/15/2024

     315,488  
  155,000     

Intercontinental Exchange, Inc.

  
  

2.750%, 12/01/2020

     158,042  
  

Morgan Stanley

  
  150,000     

5.950%, 12/28/2017

     153,079  
  75,000     

2.625%, 11/17/2021

     74,936  
  35,000     

2.750%, 05/19/2022

     35,016  
  10,000     

4.875%, 11/01/2022

     10,870  
  350,000     

3.700%, 10/23/2024

     359,534  
  540,000     

3.125%, 07/27/2026

     525,628  
  135,000     

4.350%, 09/08/2026

     140,616  
  50,000     

3.950%, 04/23/2027 (d)

     50,553  
  20,000     

Nasdaq, Inc.

  
  

3.850%, 06/30/2026

     20,331  
  210,000     

Raymond James Financial, Inc.

  
  

3.625%, 09/15/2026

     210,599  
  130,000     

State Street Corp.

  
  

2.550%, 08/18/2020

     132,501  
  

The Bank of New York Mellon Corp.

  
  410,000     

2.200%, 03/04/2019

     412,887  
  155,000     

2.661%, 05/16/2023 (a)

     155,597  
  320,000     

3.250%, 05/16/2027

     323,238  
  

The Goldman Sachs Group, Inc.

  
  95,000     

2.750%, 09/15/2020

     96,216  
  80,000     

2.600%, 12/27/2020

     80,474  
  305,000     

2.875%, 02/25/2021

     308,529  
  50,000     

2.350%, 11/15/2021

     49,378  
  390,000     

2.908%, 06/05/2023 (a)

     389,669  
  155,000     

4.000%, 03/03/2024

     162,399  
  140,000     

3.500%, 01/23/2025

     141,657  
  140,000     

6.750%, 10/01/2037

     182,058  
  40,000     

6.250%, 02/01/2041

     52,359  
  115,000     

5.150%, 05/22/2045

     128,033  
  5,000     

4.750%, 10/21/2045

     5,546  
  25,000     

Willis North America, Inc.

  
  

3.600%, 05/15/2024

     25,289  
     

 

 

 
        5,510,255  
     

 

 

 


  

Chemicals - 0.47%

  
  200,000     

E. I. du Pont Nemours and Co.

  
  

2.200%, 05/01/2020

     201,167  
  185,000     

Potash Corp. of Saskatchewan, Inc.

  
  

4.000%, 12/15/2026 (d)

     191,122  
  225,000     

The Dow Chemical Co.

  
  

3.500%, 10/01/2024

     231,438  
  20,000     

The Sherwin-Williams Co.

  
  

3.125%, 06/01/2024

     20,132  
     

 

 

 
        643,859  
     

 

 

 
  

Commercial Services & Supplies - 0.05%

  
  55,000     

ERAC USA Finance LLC

  
  

7.000%, 10/15/2037 (Acquired 10/09/2015, Cost $66,965) (b)

     71,610  
     

 

 

 
  

Communications Equipment - 0.09%

  
  120,000     

QUALCOMM, Inc.

  
  

3.000%, 05/20/2022

     123,148  
     

 

 

 
  

Consumer Finance - 1.67%

  
  217,000     

American Express Co.

  
  

4.050%, 12/03/2042

     223,069  
  

American Express Credit Corp.

  
  250,000     

2.125%, 03/18/2019

     251,261  
  125,000     

1.875%, 05/03/2019

     125,024  
  90,000     

2.200%, 03/03/2020

     90,462  
  

Capital One Financial Corp.

  
  285,000     

2.450%, 04/24/2019

     286,644  
  60,000     

3.050%, 03/09/2022

     60,536  
  40,000     

4.200%, 10/29/2025

     40,403  
  180,000     

Ford Motor Credit Co. LLC

  
  

3.810%, 01/09/2024

     182,509  
  255,000     

John Deere Capital Corp.

  
  

1.950%, 06/22/2020

     255,775  
  125,000     

NiSource Finance Corp.

  
  

3.490%, 05/15/2027

     126,116  
  

PACCAR Financial Corp.

  
  140,000     

1.300%, 05/10/2019

     138,924  
  165,000     

2.200%, 09/15/2019

     166,184  
  

Toyota Motor Credit Corp.

  
  275,000     

2.125%, 07/18/2019

     276,991  
  70,000     

2.600%, 01/11/2022

     70,783  
     

 

 

 
        2,294,681  
     

 

 

 
  

Diversified Financial Services - 2.01%

  
  

American Honda Finance Corp.

  
  290,000     

1.700%, 02/22/2019

     290,395  
  95,000     

1.700%, 09/09/2021

     93,131  
  

Anheuser-Busch InBev Finance, Inc.

  
  40,000     

1.900%, 02/01/2019

     40,105  
  265,000     

2.650%, 02/01/2021

     268,776  
  410,000     

3.650%, 02/01/2026 (d)

     423,167  
  120,000     

4.700%, 02/01/2036

     132,488  
  215,000     

4.900%, 02/01/2046

     243,628  
  65,000     

BAT International Finance Plc

  
  

2.750%, 06/15/2020 (Acquired 06/10/2015, Cost $64,897) (b)

     65,896  
  175,000     

Daimler Finance North America LLC

  
  

2.450%, 05/18/2020 (Acquired 05/11/2015, Cost $174,657) (b)

     176,113  
  160,000     

General Motors Financial Co, Inc.

  
  

3.150%, 06/30/2022

     160,428  
  90,000     

General Motors Financial Co., Inc.

  
  

4.300%, 07/13/2025

     91,947  
  200,000     

Hutchison Whampoa International Ltd.

  
  

1.625%, 10/31/2017 (Acquired 10/28/2014, Cost $199,540) (b)

     199,642  
  30,000     

Kinder Morgan Finance Co. LLC

  
  

6.000%, 01/15/2018 (Acquired 01/08/2015, Cost $30,493) (b)

     30,627  
  

Shell International Finance BV

  
  320,000     

1.625%, 11/10/2018

     320,417  
  50,000     

4.375%, 05/11/2045

     52,455  
  180,000     

4.000%, 05/10/2046

     178,187  
     

 

 

 
        2,767,402  
     

 

 

 
  

Diversified Telecommunication Services - 1.07%

  
  

AT&T, Inc.

  
  175,000     

4.450%, 04/01/2024

     184,482  
  235,000     

4.500%, 05/15/2035

     231,894  
  125,000     

6.350%, 03/15/2040

     147,325  
  175,000     

4.750%, 05/15/2046

     172,272  
  215,000     

TELUS Corp.

  
  

2.800%, 02/16/2027

     203,059  
  

Verizon Communications, Inc.

  
  385,000     

4.125%, 03/16/2027

     398,413  
  20,000     

4.812%, 03/15/2039

     20,284  
  105,000     

4.862%, 08/21/2046

     105,426  
  5,000     

4.672%, 03/15/2055

     4,701  
     

 

 

 
        1,467,856  
     

 

 

 
  

Electric Utilities - 2.29%

  
  90,000     

Alabama Power Co.

  
  

2.450%, 03/30/2022

     90,367  
  190,000     

Consolidated Edison Company of New York, Inc.

  
  

4.625%, 12/01/2054

     210,262  
  45,000     

Duke Energy Carolinas LLC

  
  

2.500%, 03/15/2023

     45,127  
  375,000     

Duke Energy Corp.

  
  

3.550%, 09/15/2021

     390,585  
  60,000     

Duke Energy Florida LLC

  
  

3.400%, 10/01/2046

     55,941  
  60,000     

Duke Energy Indiana, Inc.

  
  

4.900%, 07/15/2043

     69,696  
  235,000     

Duke Energy Progress LLC

  
  

4.150%, 12/01/2044

     246,608  
  

Edison International

  
  35,000     

3.750%, 09/15/2017

     35,156  
  160,000     

2.950%, 03/15/2023

     161,773  
  

Emera US Finance LP

  
  15,000     

2.700%, 06/15/2021

     15,036  
  20,000     

4.750%, 06/15/2046

     21,191  
  65,000     

Exelon Corp.

  
  

2.450%, 04/15/2021

     64,879  
  70,000     

FirstEnergy Corp.

  
  

3.900%, 07/15/2027

     70,366  


  

Fortis, Inc.

  
  30,000     

2.100%, 10/04/2021

     29,413  
  40,000     

3.055%, 10/04/2026

     38,677  
  

Georgia Power Co.

  
  120,000     

1.950%, 12/01/2018

     120,166  
  85,000     

2.400%, 04/01/2021

     85,226  
  

Great Plains Energy, Inc.

  
  30,000     

3.150%, 04/01/2022

     30,350  
  25,000     

3.900%, 04/01/2027

     25,340  
  245,000     

MidAmerican Energy Co.

  
  

3.100%, 05/01/2027

     246,978  
  30,000     

NextEra Energy Capital Holdings, Inc.

  
  

1.649%, 09/01/2018

     29,918  
  100,000     

Northeast Utilities

  
  

2.800%, 05/01/2023

     100,400  
  20,000     

Oncor Electric Delivery Co. LLC

  
  

7.000%, 09/01/2022

     24,103  
  

Pacific Gas & Electric Co.

  
  45,000     

4.750%, 02/15/2044

     51,335  
  225,000     

4.250%, 03/15/2046

     239,966  
  110,000     

Progress Energy, Inc.

  
  

3.150%, 04/01/2022

     112,411  
  41,000     

South Carolina Electric & Gas Co.

  
  

5.100%, 06/01/2065

     45,420  
  

The Southern Co.

  
  30,000     

1.850%, 07/01/2019

     29,898  
  155,000     

2.150%, 09/01/2019

     155,148  
  20,000     

2.950%, 07/01/2023

     19,899  
  25,000     

4.400%, 07/01/2046

     25,558  
  245,000     

Union Electric Co.

  
  

6.700%, 02/01/2019

     262,922  
     

 

 

 
        3,150,115  
     

 

 

 
  

Food & Staples Retailing - 0.62%

  
  335,000     

Costco Wholesale Corp.

  
  

2.150%, 05/18/2021

     335,237  
  

CVS Health Corp.

  
  220,000     

2.125%, 06/01/2021

     217,520  
  59,000     

3.875%, 07/20/2025

     61,448  
  55,000     

2.875%, 06/01/2026 (d)

     53,403  
  90,000     

5.125%, 07/20/2045 (d)

     103,578  
  40,000     

Sysco Corp.

  
  

2.500%, 07/15/2021

     40,146  
  5,000     

The Kroger Co.

  
  

3.875%, 10/15/2046

     4,424  
  25,000     

Wal-Mart Stores, Inc.

  
  

6.500%, 08/15/2037

     35,281  
     

 

 

 
        851,037  
     

 

 

 
  

Food Products - 0.37%

  
  

Kraft Heinz Foods Co.

  
  55,000     

2.000%, 07/02/2018

     55,153  
  40,000     

2.800%, 07/02/2020

     40,626  
  175,000     

3.500%, 07/15/2022

     180,624  
  185,000     

5.000%, 07/15/2035

     200,649  
  35,000     

4.375%, 06/01/2046

     34,416  
     

 

 

 
        511,468  
     

 

 

 
  

Gas Utilities - 0.12%

  
  160,000     

Atmos Energy Corp.

  
  

3.000%, 06/15/2027

     159,140  
  10,000     

Southern Co. Gas Capital Corp.

  
  

2.450%, 10/01/2023

     9,715  
     

 

 

 
        168,855  
     

 

 

 
  

Health Care Equipment & Supplies - 0.88%

  
  

Abbott Laboratories

  
  180,000     

2.350%, 11/22/2019

     181,458  
  75,000     

2.800%, 09/15/2020

     76,228  
  115,000     

4.900%, 11/30/2046

     127,175  
  

Becton Dickinson and Co.

  
  205,000     

3.125%, 11/08/2021

     209,021  
  100,000     

3.363%, 06/06/2024

     100,379  
  

Medtronic, Inc.

  
  46,000     

4.375%, 03/15/2035

     50,339  
  10,000     

4.625%, 03/15/2045 (d)

     11,282  
  

Shire Acquisitions Investments Ireland Designated Activity Co.

  
  70,000     

2.400%, 09/23/2021

     69,252  
  125,000     

2.875%, 09/23/2023

     124,072  
  260,000     

Zimmer Biomet Holdings, Inc.

  
  

3.550%, 04/01/2025

     263,052  
     

 

 

 
        1,212,258  
     

 

 

 
  

Health Care Providers & Services - 1.18%

  
  90,000     

Anthem, Inc.

  
  

5.850%, 01/15/2036

     108,639  
  

Cardinal Health, Inc.

  
  20,000     

1.950%, 06/15/2018

     20,058  
  135,000     

2.616%, 06/15/2022

     135,278  
  280,000     

3.200%, 03/15/2023

     285,886  
  10,000     

4.368%, 06/15/2047

     10,376  
  

Catholic Health Initiatives

  
  45,000     

1.600%, 11/01/2017

     45,011  
  95,000     

2.600%, 08/01/2018

     95,527  
  275,000     

Humana, Inc.

  
  

3.150%, 12/01/2022

     280,072  
  80,000     

Kaiser Foundation Hospitals

  
  

4.150%, 05/01/2047

     83,105  
  

UnitedHealth Group, Inc.

  
  55,000     

1.700%, 02/15/2019

     54,976  
  240,000     

1.625%, 03/15/2019

     238,536  
  70,000     

3.350%, 07/15/2022

     73,132  
  135,000     

3.950%, 10/15/2042

     137,148  
  40,000     

4.750%, 07/15/2045

     46,059  
  10,000     

4.250%, 04/15/2047

     10,688  
     

 

 

 
        1,624,491  
     

 

 

 
  

Hotels, Restaurants & Leisure - 0.21%

  
  

McDonald’s Corp.

  
  240,000     

3.700%, 01/30/2026

     248,993  
  20,000     

4.600%, 05/26/2045

     21,649  
  15,000     

4.875%, 12/09/2045

     16,790  
     

 

 

 
        287,432  
     

 

 

 


  

Household Durables - 0.09%

  
  105,000     

Newell Rubbermaid, Inc.

  
  

5.500%, 04/01/2046

     126,718  
     

 

 

 
  

Independent Power and Renewable Electricity Producers - 0.27%

  
  

Southern Power Co.

  
  180,000     

4.150%, 12/01/2025

     188,299  
  180,000     

4.950%, 12/15/2046

     186,599  
     

 

 

 
        374,898  
     

 

 

 
  

Insurance - 1.12%

  
  

American International Group, Inc.

  
  105,000     

4.125%, 02/15/2024

     111,020  
  120,000     

4.500%, 07/16/2044

     122,499  
  140,000     

Chubb INA Holdings, Inc.

  
  

3.350%, 05/03/2026 (d)

     143,353  
  265,000     

CNA Financial Corp.

  
  

7.350%, 11/15/2019

     296,296  
  235,000     

Liberty Mutual Group, Inc.

  
  

4.250%, 06/15/2023 (Acquired 11/18/2016, Cost $246,672) (b)

     250,342  
  70,000     

Marsh & McLennan Cos., Inc.

  
  

4.050%, 10/15/2023

     74,499  
  13,000     

Massachusetts Mutual Life Insurance Co.

  
  

8.875%, 06/01/2039 (Acquired 04/06/2016, Cost $18,890) (b)

     21,340  
  

New York Life Global Funding

  
  130,000     

1.950%, 02/11/2020 (Acquired 02/04/2015, Cost $129,976) (b)

     129,776  
  40,000     

2.000%, 04/13/2021 (Acquired 04/06/2016, Cost $39,941) (b)

     39,667  
  160,000     

The Travelers Cos., Inc.

  
  

4.000%, 05/30/2047

     164,102  
  180,000     

Trinity Acquisition Plc

  
  

4.400%, 03/15/2026

     188,290  
     

 

 

 
        1,541,184  
     

 

 

 
  

Internet & Direct Marketing Retail - 0.05%

  
  60,000     

Amazon.com, Inc.

  
  

4.950%, 12/05/2044

     70,989  
     

 

 

 
  

Internet Software & Services - 0.12%

  
  165,000     

eBay, Inc.

  
  

2.150%, 06/05/2020

     165,120  
     

 

 

 
  

IT Services - 0.60%

  
  205,000     

Broadridge Financial Solutions, Inc.

  
  

3.400%, 06/27/2026

     202,222  
  230,000     

MasterCard, Inc.

  
  

3.375%, 04/01/2024

     240,097  
  

Visa, Inc.

  
  165,000     

2.800%, 12/14/2022

     168,115  
  160,000     

3.150%, 12/14/2025

     162,618  
  45,000     

4.300%, 12/14/2045

     49,479  
     

 

 

 
        822,531  
     

 

 

 
  

Life Sciences Tools & Services - 0.05%

  
  

Thermo Fisher Scientific, Inc.

  
  55,000     

3.000%, 04/15/2023

     55,518  
  10,000     

2.950%, 09/19/2026

     9,743  
     

 

 

 
        65,261  
     

 

 

 
  

Machinery - 0.45%

  
  

Eaton Corp.

  
  80,000     

5.600%, 05/15/2018

     82,694  
  230,000     

2.750%, 11/02/2022

     231,538  
  35,000     

Fortive Corp.

  
  

2.350%, 06/15/2021

     34,830  
  265,000     

Stanley Black & Decker, Inc.

  
  

2.451%, 11/17/2018

     267,670  
     

 

 

 
        616,732  
     

 

 

 
  

Media - 1.68%

  
  

21st Century Fox America, Inc.

  
  175,000     

4.500%, 02/15/2021

     187,686  
  10,000     

3.375%, 11/15/2026

     9,996  
  80,000     

6.150%, 02/15/2041

     101,319  
  10,000     

4.950%, 10/15/2045

     10,867  
  10,000     

CBS Corp.

  
  

4.000%, 01/15/2026

     10,366  
  

Charter Communications Operating LLC / Charter Communications Operating Capital

  
  15,000     

3.579%, 07/23/2020

     15,512  
  115,000     

4.464%, 07/23/2022

     122,663  
  5,000     

4.908%, 07/23/2025

     5,410  
  230,000     

3.750%, 02/15/2028 (Acquired 06/27/2017, Cost $228,082) (b)

     227,097  
  80,000     

6.484%, 10/23/2045

     96,356  
  

Comcast Corp.

  
  345,000     

5.875%, 02/15/2018

     354,095  
  15,000     

3.375%, 08/15/2025 (d)

     15,404  
  295,000     

3.150%, 03/01/2026

     296,852  
  50,000     

4.750%, 03/01/2044

     55,770  
  50,000     

3.400%, 07/15/2046

     45,652  
  

Cox Communications, Inc.

  
  50,000     

3.250%, 12/15/2022 (Acquired 09/17/2015 and 10/06/2015, Cost $47,493) (b)(d)

     49,957  
  140,000     

2.950%, 06/30/2023 (Acquired 04/24/2013, Cost $139,384) (b)(d)

     136,735  
  5,000     

3.350%, 09/15/2026 (Acquired 09/08/2016, Cost $4,992) (b)

     4,919  
  

Discovery Communications, LLC

  
  30,000     

3.800%, 03/13/2024

     30,378  
  35,000     

3.450%, 03/15/2025

     34,126  
  10,000     

4.900%, 03/11/2026

     10,618  
  320,000     

The Walt Disney Co.

  
  

1.800%, 06/05/2020

     319,446  
  

Time Warner Cable, Inc.

  
  45,000     

5.500%, 09/01/2041

     48,524  
  50,000     

4.500%, 09/15/2042

     47,750  
  60,000     

Time Warner, Inc.

  
  

2.950%, 07/15/2026

     56,715  
  25,000     

Viacom, Inc.

  
  

4.375%, 03/15/2043

     22,304  
     

 

 

 
        2,316,517  
     

 

 

 
  

Metals & Mining - 0.54%

  
  

National Rural Utilities Cooperative Finance Corp.

  
  190,000     

1.650%, 02/08/2019

     189,613  
  170,000     

2.950%, 02/07/2024

     171,757  
  

Nucor Corp.

  
  105,000     

4.125%, 09/15/2022

     112,461  
  125,000     

4.000%, 08/01/2023

     132,292  
  95,000     

Rio Tinto Finance USA Ltd.

  
  

3.750%, 06/15/2025

     100,091  


  

Vale Overseas Ltd.

  
  15,000     

6.250%, 08/10/2026

     16,219  
  15,000     

6.875%, 11/10/2039

     16,162  
     

 

 

 
        738,595  
     

 

 

 
  

Multi-Utilities - 0.87%

  
  105,000     

Berkshire Hathaway Energy Co.

  
  

6.125%, 04/01/2036

     135,303  
  285,000     

Delmarva Power & Light Co.

  
  

3.500%, 11/15/2023

     298,009  
  

Dominion Energy, Inc.

  
  240,000     

1.400%, 09/15/2017

     240,001  
  160,000     

2.579%, 07/01/2020 (a)

     160,941  
  35,000     

2.850%, 08/15/2026

     33,429  
  60,000     

DTE Energy Co.

  
  

1.500%, 10/01/2019

     59,134  
  270,000     

WEC Energy Group, Inc.

  
  

3.550%, 06/15/2025

     278,888  
     

 

 

 
        1,205,705  
     

 

 

 
  

Oil, Gas & Consumable Fuels - 3.13%

  
  

Anadarko Petroleum Corp.

  
  50,000     

8.700%, 03/15/2019

     55,168  
  15,000     

6.950%, 06/15/2019

     16,267  
  20,000     

3.450%, 07/15/2024

     19,567  
  45,000     

4.500%, 07/15/2044

     41,393  
  50,000     

6.600%, 03/15/2046

     61,971  
  5,000     

Apache Corp.

  
  

4.250%, 01/15/2044

     4,701  
  

BP Capital Markets Plc

  
  20,000     

2.521%, 01/15/2020

     20,286  
  50,000     

2.112%, 09/16/2021

     49,587  
  50,000     

3.062%, 03/17/2022

     51,142  
  60,000     

3.588%, 04/14/2027

     60,952  
  170,000     

Buckeye Partners LP

  
  

4.875%, 02/01/2021

     180,116  
  

Canadian Natural Resources Ltd.

  
  80,000     

3.800%, 04/15/2024

     81,079  
  170,000     

3.900%, 02/01/2025 (d)

     171,320  
  25,000     

3.850%, 06/01/2027

     24,848  
  30,000     

6.500%, 02/15/2037

     35,729  
  10,000     

6.250%, 03/15/2038 (d)

     11,691  
  20,000     

Cenovus Energy, Inc.

  
  

4.250%, 04/15/2027 (Acquired 04/20/2017, Cost $19,974) (b)(d)

     19,090  
  160,000     

Chevron Corp.

  
  

1.790%, 11/16/2018

     160,522  
  225,000     

Columbia Pipeline Group, Inc.

  
  

4.500%, 06/01/2025

     239,898  
  70,000     

ConocoPhillips Co.

  
  

4.950%, 03/15/2026

     78,096  
  35,000     

Devon Energy Corp.

  
  

3.250%, 05/15/2022

     34,823  
  20,000     

Devon Financing Co. LLC

  
  

7.875%, 09/30/2031

     26,014  
  25,000     

Enbridge, Inc.

  
  

3.700%, 07/15/2027

     25,034  
  50,000     

Encana Corp.

  
  

3.900%, 11/15/2021 (d)

     51,012  
  

Energy Transfer LP

  
  25,000     

3.600%, 02/01/2023

     25,146  
  10,000     

5.950%, 10/01/2043

     10,630  
  105,000     

5.300%, 04/15/2047

     104,267  
  

Enterprise Products Operating LLC

  
  40,000     

3.950%, 02/15/2027

     41,425  
  155,000     

6.125%, 10/15/2039

     186,414  
  145,000     

EOG Resources, Inc.

  
  

4.150%, 01/15/2026

     152,616  
  

Hess Corp.

  
  45,000     

5.600%, 02/15/2041

     44,381  
  60,000     

5.800%, 04/01/2047

     60,713  
  270,000     

Husky Energy, Inc.

  
  

3.950%, 04/15/2022

     279,384  
  75,000     

Kinder Morgan, Inc.

  
  

5.550%, 06/01/2045

     79,766  
  20,000     

Magellan Midstream Partners LP

  
  

5.000%, 03/01/2026

     22,094  
  

Marathon Oil Corp.

  
  35,000     

2.700%, 06/01/2020

     34,715  
  30,000     

2.800%, 11/01/2022

     28,798  
  15,000     

3.850%, 06/01/2025 (d)

     14,666  
  175,000     

Marathon Petroleum Corp.

  
  

3.625%, 09/15/2024

     177,097  
  

MPLX LP

  
  180,000     

4.875%, 12/01/2024

     192,200  
  25,000     

4.125%, 03/01/2027

     25,134  
  100,000     

5.200%, 03/01/2047

     103,378  
  

Petroleos Mexicanos

  
  45,000     

6.375%, 02/04/2021

     48,816  
  45,000     

5.500%, 06/27/2044

     40,005  
  42,000     

6.750%, 09/21/2047

     42,520  
  120,000     

Phillips 66

  
  

4.300%, 04/01/2022

     128,723  
  115,000     

Phillips 66 Partners LP

  
  

3.550%, 10/01/2026

     111,918  
  

Pioneer Natural Resources Co.

  
  95,000     

3.450%, 01/15/2021

     97,683  
  35,000     

4.450%, 01/15/2026

     36,929  
  25,000     

Plains All American Pipeline LP

  
  

4.500%, 12/15/2026

     25,331  
  

Regency Energy Partners LP

  
  15,000     

5.875%, 03/01/2022

     16,540  
  30,000     

4.500%, 11/01/2023

     31,170  
  130,000     

Spectra Energy Partners LP

  
  

3.375%, 10/15/2026 (d)

     127,321  
  55,000     

Statoil ASA

  
  

3.950%, 05/15/2043

     53,956  
  

Sunoco Logistics Partners Operations LP

  
  125,000     

4.250%, 04/01/2024

     126,608  
  5,000     

3.900%, 07/15/2026

     4,915  


  95,000     

TC PipeLines, LP

  
  

3.900%, 05/25/2027

     94,985  
  90,000     

Valero Energy Corp.

  
  

3.400%, 09/15/2026

     88,214  
  125,000     

Williams Partners LP

  
  

3.600%, 03/15/2022

     127,840  
     

 

 

 
        4,306,604  
     

 

 

 
  

Pharmaceuticals - 1.03%

  
  

Allergan Funding SCS

  
  150,000     

2.350%, 03/12/2018

     150,652  
  15,000     

3.000%, 03/12/2020

     15,328  
  55,000     

3.450%, 03/15/2022

     56,754  
  35,000     

4.550%, 03/15/2035

     37,469  
  115,000     

Baxalta, Inc.

  
  

4.000%, 06/23/2025

     120,146  
  

EMD Finance LLC

  
  50,000     

2.950%, 03/19/2022 (Acquired 03/16/2015, Cost $49,912) (b)

     50,941  
  85,000     

3.250%, 03/19/2025 (Acquired 10/13/2015, Cost $83,294) (b)

     85,440  
  

Johnson & Johnson

  
  10,000     

3.550%, 03/01/2036

     10,328  
  55,000     

3.625%, 03/03/2037

     57,633  
  

Mylan NV

  
  55,000     

3.000%, 12/15/2018

     55,762  
  60,000     

3.750%, 12/15/2020

     62,414  
  5,000     

3.150%, 06/15/2021

     5,091  
  

Sanofi-Aventis SA

  
  70,000     

1.250%, 04/10/2018

     69,928  
  210,000     

4.000%, 03/29/2021

     223,477  
  

Teva Pharmaceutical Finance Netherlands III BV

  
  85,000     

1.700%, 07/19/2019

     84,282  
  120,000     

2.200%, 07/21/2021

     117,912  
  225,000     

3.150%, 10/01/2026 (d)

     214,100  
     

 

 

 
        1,417,657  
     

 

 

 
  

Real Estate Management & Development - 1.22%

  
  

American Tower Corp.

  
  25,000     

3.450%, 09/15/2021

     25,806  
  15,000     

2.250%, 01/15/2022

     14,642  
  320,000     

Boston Properties LP

  
  

3.650%, 02/01/2026

     324,401  
  90,000     

Brandywine Operating Partnership LP

  
  

4.100%, 10/01/2024

     90,446  
  180,000     

Crown Castle International Corp.

  
  

3.400%, 02/15/2021

     184,986  
  170,000     

ERP Operating LP

  
  

3.000%, 04/15/2023

     170,936  
  495,000     

Simon Property Group LP

  
  

2.200%, 02/01/2019

     498,218  
  

Ventas Realty LP

  
  60,000     

2.700%, 04/01/2020

     60,559  
  125,000     

5.700%, 09/30/2043

     146,390  
  160,000     

Vornado Realty LP

  
  

2.500%, 06/30/2019

     161,338  
     

 

 

 
        1,677,722  
     

 

 

 
  

Road & Rail - 0.55%

  
  

Burlington Northern Santa Fe, LLC

  
  135,000     

3.650%, 09/01/2025

     142,225  
  10,000     

3.250%, 06/15/2027

     10,229  
  20,000     

3.900%, 08/01/2046

     20,393  
  45,000     

4.125%, 06/15/2047

     47,443  
  110,000     

CSX Corp.

  
  

3.250%, 06/01/2027

     110,929  
  100,000     

Norfolk Southern Corp.

  
  

3.150%, 06/01/2027

     99,861  
  105,000     

Penske Truck Leasing Co., LP

  
  

4.875%, 07/11/2022 (Acquired 07/16/2013 and 10/14/2015, Cost $109,012) (b)(d)

     114,833  
  100,000     

Ryder Systems, Inc.

  
  

2.450%, 09/03/2019

     100,960  
  110,000     

Union Pacific Corp.

  
  

3.375%, 02/01/2035

     109,001  
     

 

 

 
        755,874  
     

 

 

 
  

Semiconductors & Semiconductor Equipment - 1.01%

  
  200,000     

Analog Devices, Inc.

  
  

3.900%, 12/15/2025

     208,251  
  

Applied Materials, Inc.

  
  15,000     

3.300%, 04/01/2027

     15,262  
  10,000     

4.350%, 04/01/2047

     10,641  
  

Broadcom Corp. / Broadcom Cayman Finance Ltd.

  
  80,000     

2.375%, 01/15/2020 (Acquired 01/11/2017, Cost $79,819) (b)

     80,165  
  175,000     

3.000%, 01/15/2022 (Acquired 01/11/2017, Cost $174,286) (b)

     176,747  
  70,000     

3.625%, 01/15/2024 (Acquired 01/11/2017, Cost $69,927) (b)

     71,711  
  

Intel Corp.

  
  30,000     

1.700%, 05/19/2021

     29,627  
  185,000     

3.300%, 10/01/2021

     193,559  
  75,000     

2.350%, 05/11/2022

     75,226  
  55,000     

4.900%, 07/29/2045

     64,057  
  10,000     

4.100%, 05/19/2046

     10,391  
  60,000     

Lam Research Corp.

  
  

2.800%, 06/15/2021

     60,919  
  165,000     

Maxim Integrated Products, Inc.

  
  

3.450%, 06/15/2027

     164,365  
  65,000     

Qualcomm, Inc.

  
  

2.100%, 05/20/2020

     65,324  
  160,000     

Xilinx, Inc.

  
  

2.950%, 06/01/2024

     160,578  
     

 

 

 
        1,386,823  
     

 

 

 
  

Software - 0.66%

  
  160,000     

Autodesk, Inc.

  
  

3.500%, 06/15/2027

     157,670  
  

Microsoft Corp.

  
  50,000     

1.550%, 08/08/2021

     48,950  
  50,000     

2.375%, 02/12/2022

     50,399  
  15,000     

3.300%, 02/06/2027

     15,470  
  155,000     

4.450%, 11/03/2045

     172,893  
  90,000     

3.700%, 08/08/2046

     89,295  
  

Oracle Corp.

  
  165,000     

2.500%, 05/15/2022

     166,676  
  155,000     

4.300%, 07/08/2034

     168,479  


  40,000     

3.900%, 05/15/2035

     41,297  
     

 

 

 
        911,129  
     

 

 

 
  

Specialty Retail - 0.33%

  
  

Home Depot, Inc.

  
  120,000     

2.700%, 04/01/2023

     121,841  
  140,000     

3.350%, 09/15/2025

     145,527  
  65,000     

5.875%, 12/16/2036

     84,833  
  5,000     

3.500%, 09/15/2056

     4,544  
  

Lowe’s Cos., Inc.

  
  30,000     

3.100%, 05/03/2027

     29,901  
  5,000     

4.375%, 09/15/2045

     5,308  
  60,000     

3.700%, 04/15/2046

     57,983  
     

 

 

 
        449,937  
     

 

 

 
  

Technology Hardware, Storage & Peripherals - 0.63%

  
  

Apple, Inc.

  
  250,000     

2.400%, 05/03/2023

     248,234  
  5,000     

3.000%, 02/09/2024

     5,080  
  20,000     

3.350%, 02/09/2027

     20,471  
  85,000     

3.450%, 02/09/2045

     80,080  
  

Dell International LLC / EMC Corp.

  
  190,000     

3.480%, 06/01/2019 (Acquired 05/17/2016, Cost $189,952) (b)

     194,531  
  245,000     

4.420%, 06/15/2021 (Acquired 05/17/2016 and 12/01/2016 , Cost $250,613) (b)(d)

     258,512  
  65,000     

Hewlett Packard Enterprise Co.

  
  

3.600%, 10/15/2020

     67,072  
     

 

 

 
        873,980  
     

 

 

 
  

Tobacco - 0.29%

  
  

Altria Group, Inc.

  
  40,000     

4.250%, 08/09/2042

     41,439  
  30,000     

3.875%, 09/16/2046

     29,216  
  170,000     

Philip Morris International, Inc.

  
  

2.625%, 03/06/2023

     169,678  
  

Reynolds American, Inc.

  
  65,000     

2.300%, 06/12/2018

     65,298  
  80,000     

5.850%, 08/15/2045

     98,352  
     

 

 

 
        403,983  
     

 

 

 
  

Wireless Telecommunication Services - 0.32%

  
  255,000     

Rogers Communications, Inc.

  
  

2.900%, 11/15/2026

     246,062  
  200,000     

Sprint Spectrum Co. LLC

  
  

3.360%, 03/20/2023 (Acquired 10/20/2016, Cost $199,997) (b)

     202,010  
     

 

 

 
        448,072  
     

 

 

 
  

Total Corporate Obligations (Cost $50,835,110)

     52,083,427  
     

 

 

 
  

FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.19%

  
  280,000     

European Investment Bank

  
  

2.375%, 06/15/2022

     283,806  
  260,000     

KfW Group

  
  

2.125%, 06/15/2022

     260,904  
  200,000     

Kuwait International Government Bond

  
  

3.500%, 03/20/2027 (Acquired 03/13/2017, Cost $198,052) (b)

     204,685  
  84,000     

Mexico Government International Bond

  
  

5.750%, 10/12/2110

     87,570  
  230,000     

Oman Government International Bond

  
  

5.375%, 03/08/2027 (Acquired 03/01/2017, Cost $229,122) (b)

     235,727  
  325,000     

Province of Ontario Canada

  
  

2.500%, 04/27/2026

     319,760  
  240,000     

Province of Quebec Canada

  
  

2.375%, 01/31/2022

     242,240  
     

 

 

 
  

Total Foreign Government Debt Obligations (Cost $1,615,817)

     1,634,692  
     

 

 

 
  

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 32.39%

  
  

Federal Home Loan Mortgage Corp.

  
  33,585     

Series 2590, 5.000%, 03/15/2018

     33,828  
  782,593     

Series K703, 2.699%, 05/25/2018

     788,882  
  978     

Pool #E99763 4.500%, 09/01/2018

     1,000  
  591     

Pool #E99764 4.500%, 09/01/2018

     604  
  600,000     

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

     604,676  
  888,122     

Series K706, 2.323%, 10/25/2018

     895,476  
  600,000     

Series K709, 2.086%, 03/25/2019

     604,099  
  50,987     

Pool #D96291 4.500%, 09/01/2023

     54,632  
  122,526     

Pool #G13624 5.000%, 08/01/2024

     130,946  
  209,130     

Series 2329, 6.500%, 06/15/2031

     234,753  
  103,643     

Series 2338, 6.500%, 07/15/2031

     120,646  
  144,598     

Pool #780447 3.028%, 04/01/2033 (a)

     151,704  
  798,511     

Pool #U89032 3.000%, 07/01/2033

     814,284  
  1,162,534     

Pool #C91849 3.500%, 09/01/2035

     1,210,906  
  134     

Pool #A43129 5.500%, 02/01/2036

     149  
  200,000     

Pool #TBA 4.000%, 08/15/2040 (e)

     209,955  
  200,000     

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

     210,354  
  607,052     

Pool #U90688 4.000%, 05/01/2042

     644,068  
  1,800,000     

Pool #TBA 3.500%, 08/15/2042 (e)

     1,845,936  
  1,000,000     

Pool #TBA 3.000%, 07/15/2043 (e)

     997,891  
  433,058     

Pool #G08635 3.000%, 04/01/2045

     432,537  
  45,000     

Series 2017-K726, 3.971%, 07/25/2049 (Acquired 06/21/2017, Cost $45,974) (a)(b)

     45,342  
  15,000     

Series 2017-K64, 3.980%, 05/25/2050 (Acquired 05/03/2017, Cost $15,008) (a)(b)

     15,215  
  

Federal National Mortgage Association

  
  182     

Pool #685505 5.000%, 05/01/2018

     187  
  181     

Pool #705709 5.000%, 05/01/2018

     185  
  77,246     

Series 2014-C01, 2.832%, 01/25/2024 (a)

     78,115  
  54,777     

Series 2014-C02, 2.182%, 05/28/2024 (a)

     54,879  
  732,497     

Pool #AI4868 4.000%, 06/01/2026

     771,051  
  657,424     

Pool #AJ8325 3.000%, 12/01/2026

     676,801  
  500,000     

Pool #TBA 2.500%, 07/15/2027 (e)

     502,637  
  400,000     

Pool #TBA 3.000%, 07/15/2027 (e)

     410,563  
  549,244     

Pool #AL2877 3.500%, 01/01/2028

     572,147  
  14,572     

Pool #544859 2.419%, 08/01/2029 (a)

     14,633  
  90,332     

Pool #BC4938 2.500%, 04/01/2031

     90,892  
  154,928     

Pool #786848 7.000%, 10/01/2031

     178,785  
  95,816     

Pool #MA2868 2.500%, 01/01/2032 (a)

     96,471  
  301,624     

Pool #AS9505 3.000%, 04/01/2032

     309,883  
  5,040     

Pool #727181 5.000%, 08/01/2033

     5,568  
  2,393     

Pool #730727 5.000%, 08/01/2033

     2,644  
  642     

Pool #741862 5.500%, 09/01/2033

     717  
  804     

Pool #766197 5.500%, 02/01/2034

     901  
  164     

Pool #776974 5.500%, 04/01/2034

     185  
  169,381     

Pool #888504 2.840%, 04/01/2034 (a)

     178,602  
  383,447     

Pool #MA1870 4.500%, 04/01/2034

     413,797  


  8,005     

Pool #775776 5.500%, 05/01/2034

     8,966  
  142,004     

Pool #802783 3.037%, 10/01/2034 (a)

     149,607  
  5,412     

Pool #781629 5.500%, 12/01/2034

     6,029  
  6,673     

Pool #822815 5.500%, 04/01/2035

     7,466  
  5,908     

Pool #357850 5.500%, 07/01/2035

     6,627  
  3,596     

Pool #820242 5.000%, 07/01/2035

     3,956  
  1,079     

Pool #838452 5.500%, 09/01/2035

     1,213  
  6,995     

Pool #865854 6.000%, 03/01/2036

     7,990  
  9,277     

Pool #891474 6.000%, 04/01/2036

     10,596  
  7,482     

Pool #906000 6.000%, 01/01/2037

     8,505  
  68     

Pool #928062 5.500%, 02/01/2037

     76  
  139     

Pool #899119 5.500%, 04/01/2037

     154  
  205     

Pool #970131 5.500%, 03/01/2038

     229  
  217     

Pool #981313 5.500%, 06/01/2038

     242  
  158     

Pool #985108 5.500%, 07/01/2038

     176  
  55     

Pool #964930 5.500%, 08/01/2038

     61  
  96     

Pool #987032 5.500%, 08/01/2038

     107  
  119     

Pool #968371 5.500%, 09/01/2038

     132  
  50     

Pool #993050 5.500%, 12/01/2038

     56  
  24,049     

Pool #993579 4.000%, 05/01/2039

     25,417  
  4,775     

Pool #AA5840 4.000%, 06/01/2039

     5,048  
  67,905     

Pool #AA8715 4.000%, 06/01/2039

     72,481  
  250,939     

Pool #AD0586 4.500%, 12/01/2039

     273,627  
  728,253     

Pool #AD4062 5.000%, 05/01/2040

     797,678  
  611,087     

Pool #AD6929 5.000%, 06/01/2040

     669,251  
  14,894     

Pool #AD9896 4.000%, 08/01/2040

     15,725  
  3,400,000     

Pool #TBA 3.500%, 08/15/2040 (e)

     3,486,431  
  200,000     

Pool #TBA 4.500%, 08/15/2040 (e)

     214,301  
  17,568     

Pool #AB1500 4.000%, 09/01/2040

     18,550  
  14,804     

Pool #AD9856 4.000%, 09/01/2040

     15,639  
  10,825     

Pool #AE2559 4.000%, 09/01/2040

     11,433  
  4,009     

Pool #AE2562 4.000%, 09/01/2040

     4,232  
  5,317     

Pool #AE2566 4.000%, 09/01/2040

     5,616  
  33,796     

Pool #AE4124 4.000%, 10/01/2040

     35,699  
  18,010     

Pool #AE4888 4.000%, 10/01/2040

     19,029  
  26,960     

Pool #AE3916 4.000%, 11/01/2040

     28,489  
  3,689     

Pool #AE5147 4.000%, 11/01/2040

     3,896  
  47,683     

Pool #AE8715 4.000%, 11/01/2040

     50,362  
  5,368     

Pool #AH0006 4.000%, 12/01/2040

     5,669  
  14,889     

Pool #AH0020 4.000%, 12/01/2040

     15,727  
  29,313     

Pool #AH0599 4.000%, 12/01/2040

     30,968  
  10,089     

Pool #AH0601 4.000%, 12/01/2040

     10,656  
  21,591     

Pool #AH1263 4.000%, 01/01/2041

     22,796  
  82,545     

Pool #AL5233 4.000%, 01/01/2041

     87,212  
  6,535     

Pool #AH4659 4.000%, 02/01/2041

     6,902  
  90,490     

Pool #AH5653 4.000%, 02/01/2041

     95,513  
  131,835     

Pool #AL0934 5.000%, 02/01/2041

     144,091  
  187,786     

Pool #AD1889 4.500%, 03/01/2041

     202,071  
  11,505     

Pool #AH6150 4.000%, 03/01/2041

     12,142  
  115,870     

Pool #AL0215 4.500%, 04/01/2041

     125,423  
  101,750     

Pool #AL0187 5.000%, 05/01/2041

     111,309  
  17,031     

Pool #AL0456 5.000%, 06/01/2041

     18,617  
  900,000     

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

     924,434  
  200,000     

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

     214,570  
  89,281     

Pool #AI8842 4.500%, 08/01/2041

     96,563  
  41,237     

Pool #AL0815 4.000%, 09/01/2041

     44,086  
  14,712     

Pool #AJ1562 4.000%, 10/01/2041

     15,728  
  13,957     

Pool #AJ1972 4.000%, 10/01/2041

     14,921  
  751,853     

Pool #AJ2212 4.500%, 10/01/2041

     814,140  
  21,357     

Pool #AJ4756 4.000%, 10/01/2041

     22,832  
  18,504     

Pool #AJ3330 4.000%, 11/01/2041

     19,781  
  18,753     

Pool #AJ4549 4.000%, 11/01/2041

     20,049  
  13,747     

Pool #AJ4698 4.000%, 11/01/2041

     14,697  
  28,611     

Pool #AJ5424 4.000%, 11/01/2041

     30,587  
  11,498     

Pool #AJ7840 4.000%, 11/01/2041

     12,290  
  18,788     

Pool #AB3995 4.000%, 12/01/2041

     20,083  
  18,561     

Pool #AI0848 4.000%, 12/01/2041

     19,842  
  16,573     

Pool #AJ4187 4.000%, 12/01/2041

     17,718  
  19,621     

Pool #AJ5736 4.000%, 12/01/2041

     20,976  
  11,529     

Pool #AJ5968 4.000%, 12/01/2041

     12,170  
  22,854     

Pool #AJ6061 4.000%, 12/01/2041

     24,424  
  14,391     

Pool #AJ7868 4.000%, 12/01/2041

     15,384  
  33,309     

Pool #AJ8104 4.000%, 12/01/2041

     35,610  
  20,577     

Pool #AJ8109 4.000%, 12/01/2041

     21,999  
  13,450     

Pool #AJ8171 4.000%, 12/01/2041

     14,375  
  23,719     

Pool #AJ8341 4.000%, 12/01/2041

     25,356  
  36,212     

Pool #AJ8436 4.000%, 12/01/2041

     38,715  
  14,337     

Pool #AJ8912 4.000%, 12/01/2041

     15,320  
  19,766     

Pool #AJ9248 4.000%, 12/01/2041

     21,125  
  18,011     

Pool #AJ2446 4.000%, 01/01/2042

     19,012  
  22,318     

Pool #AJ7538 4.000%, 01/01/2042

     23,851  
  8,090     

Pool #AJ8001 4.000%, 01/01/2042

     8,538  
  21,047     

Pool #AJ8369 4.000%, 01/01/2042

     22,502  
  20,050     

Pool #AJ9162 4.000%, 01/01/2042

     21,436  
  111,917     

Pool #AJ9330 4.000%, 01/01/2042

     119,652  
  12,627     

Pool #AJ9779 4.000%, 01/01/2042

     13,366  
  19,808     

Pool #AK0170 4.000%, 01/01/2042

     21,174  
  39,794     

Pool #AK0543 4.000%, 01/01/2042

     42,520  
  15,587     

Pool #AK0563 4.000%, 01/01/2042

     16,658  
  33,591     

Pool #AK1827 4.000%, 01/01/2042

     35,913  
  448,793     

Pool #AL2752 5.000%, 03/01/2042

     491,802  
  102,607     

Pool #AB5529 4.000%, 07/01/2042

     108,852  
  224,290     

Pool #AB6228 3.500%, 09/01/2042

     231,379  
  436,259     

Pool #AQ9316 2.500%, 01/01/2043

     422,860  
  1,210,151     

Pool #AT2720 3.000%, 05/01/2043

     1,216,366  
  901,413     

Pool #AT5900 3.000%, 06/01/2043

     905,466  
  509,553     

Pool #AU1625 3.500%, 07/01/2043

     526,171  
  830,756     

Pool #AS5469 4.000%, 07/01/2045

     877,983  
  1,600,762     

Pool #AZ0832 4.000%, 07/01/2045

     1,684,295  
  174,854     

Pool #AS5597 3.500%, 08/01/2045

     179,801  
  733,689     

Pool #AS6196 3.500%, 11/01/2045

     754,241  
  1,049,690     

Pool #AS7170 3.500%, 05/01/2046

     1,079,094  
  1,057,980     

Pool #AS7242 3.500%, 05/01/2046

     1,087,616  
  760,065     

Pool #BC9468 3.000%, 06/01/2046

     759,814  
  1,006,013     

Pool #AS7492 4.000%, 07/01/2046

     1,059,335  
  903,684     

Pool #AS8299 3.000%, 11/01/2046

     905,448  
  184,152     

Pool #MA3038 4.500%, 06/01/2047

     197,639  


  

Government National Mortgage Association

  
  12,609     

Pool #614436 5.000%, 08/15/2033

     13,748  
  38,593     

Pool #736686 5.000%, 02/15/2039

     42,439  
  785,647     

Pool #723248 5.000%, 10/15/2039

     875,979  
  423,403     

Pool #783403 3.500%, 09/15/2041

     439,054  
  500,000     

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

     517,949  
  900,000     

Pool #TBA 3.000%, 08/15/2042 (e)

     908,384  
  750,129     

Pool #AD8801 3.500%, 03/15/2043

     781,456  
  195,000     

Pool #TBA 3.500%, 08/15/2043 (e)

     201,688  
  340,153     

Pool #AL9364 3.500%, 03/20/2045

     353,378  
  700,000     

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

     707,109  
  205,000     

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

     212,351  
  604,838     

Pool #AQ0562 4.000%, 12/15/2046

     637,332  
  175,973     

Pool #MA4197 4.000%, 01/20/2047

     185,445  
  411,893     

Pool #MA4264 4.500%, 02/20/2047

     438,312  
  664,034     

Pool #MA4322 4.000%, 03/20/2047

     699,753  
  883,101     

Pool #MA4453 4.500%, 05/20/2047

     940,560  
     

 

 

 
  

Total Mortgage Backed Securities - U.S. Government Agency (Cost $44,267,769)

     44,597,210  
     

 

 

 
   MUNICIPAL DEBT OBLIGATIONS - 0.53%   
  

California, GO,

  
  95,000     

7.550%, 04/01/2039

     145,133  
  80,000     

7.350%, 11/01/2039

     117,620  
  45,000     

7.600%, 11/01/2040

     70,093  
  160,000     

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

  
  

6.899%, 12/01/2040

     203,683  
  50,000     

Illinois, GO

  
  

5.665%, 03/01/2018

     50,834  
  45,000     

Illinois, GO,

  
  

5.100%, 06/01/2033

     42,171  
  65,000     

New Jersey State Turnpike Authority, Series F, Revenue Bond,

  
  

7.414%, 01/01/2040

     98,264  
     

 

 

 
  

Total Municipal Debt Obligations (Cost $694,986)

     727,798  
     

 

 

 
   U.S. TREASURY OBLIGATIONS - 19.65%   
  

U.S. Treasury Bonds - 5.73%

  
  2,021,517     

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

     1,986,854  
  219,000     

4.500%, 08/15/2039

     283,780  
  3,225,000     

3.125%, 11/15/2041

     3,415,917  
  2,365,000     

2.500%, 05/15/2046

     2,200,375  
  

U.S. Treasury Notes - 13.92%

  
  2,380,000     

0.750%, 07/15/2019

     2,349,553  
  975,000     

1.625%, 03/15/2020

     978,199  
  841,000     

1.125%, 09/30/2021

     818,103  
  3,440,000     

2.000%, 11/15/2021

     3,469,495  
  3,145,000     

2.000%, 02/15/2022

     3,169,078  
  510,000     

1.500%, 03/31/2023

     496,094  
  3,892,000     

2.375%, 08/15/2024

     3,952,053  
  1,603,000     

2.000%, 08/15/2025 (g)

     1,576,044  
  801,000     

1.625%, 05/15/2026 (g)

     759,527  
  810,000     

1.500%, 08/15/2026

     757,793  
  455,000     

2.000%, 11/15/2026

     443,731  
  400,000     

2.250%, 02/15/2027

     398,211  
     

 

 

 
  

Total U.S. Treasury Obligations (Cost $26,962,038)

     27,054,807  
     

 

 

 

Number of Shares

             
  

SHORT TERM INVESTMENTS - 2.30%

  
  

Money Market Funds - 2.30%

  
  3,162,080     

Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.88%, 12/31/2031 (h)

     3,162,080  
     

 

 

 
  

Total Short Term Investments (Cost $3,162,080)

     3,162,080  
     

 

 

 
  

INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 2.53%

  
  3,481,070     

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (h)

     3,481,070  
     

 

 

 
  

Total Investments Purchased as Securities Lending Collateral (Cost $3,481,070)

     3,481,070  
     

 

 

 
  

Total Investments (Cost $150,602,531) - 110.66%

     152,356,660  
  

Liabilities in Excess of Other Assets - (10.66)%

     (14,671,607
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 137,685,053  
     

 

 

 

Percentages are stated as a percent of net assets.

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

 

(a) Variable Rate Security. The rate shown is the rate in effect on June 30, 2017.
(b) Restricted securities as defined in Rule 144(a) 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 $15,571,989, which represents 11.31% of total net assets.
(c) Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $173,334, which represents 0.13% of total net assets.
(d) All or portion of this security is on loan.
(e) Security purchased on a when-issued basis. On June 30, 2017, the total value of investments purchased on a when-issued basis was $11,564,553 or 8.40% of total net assets.
(f) Represents a U.S. Treasury Inflation Protected Security.
(g) All or a portion of this security is held as collateral for certain swap and futures contracts.
(h) Seven-day yield as of June 30, 2017.
(i) As of June 30, 2017, the Valaution Committee has fair valued these securities. The value of these securities total $245,079, which represents 0.18% of total net assets.

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 150,602,531  
  

 

 

 

Gross unrealized appreciation

     2,507,440  

Gross unrealized depreciation

     (753,311
  

 

 

 

Net unrealized appreciation

   $ 1,754,129  
  

 

 

 

 

* Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


Schedule of Open Futures Contracts (Unaudited)

June 30, 2017

 

Description

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

Eurodollar 90 Day Futures

    (15)     $ (3,685,875     Sep-18     $ (332

U.S. Treasury 2 - Year Note Futures

    1       216,109       Sep-17       (158

U.S. Treasury 5 - Year Note Futures

    29       3,417,242       Sep-17       (7,500

U.S. Treasury 10 - Year Note Futures

    (26)       (3,263,813     Sep-17       5,866  

U.S. Treasury Long Bond Futures

    2       307,375       Sep-17       2,809  

U.S. Treasury Ultra 10 - Year Note Futures

    8       1,078,500       Sep-17       (264

U.S. Treasury Ultra Bond Futures

    12       1,990,500       Sep-17       31,904  
       

 

 

 
        $ 32,325  
       

 

 

 

Schedule of Open Swap Contracts (Unaudited)

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

June 30, 2017

 

Reference Obligation

   Implied Credit
Spread at
June 30, 2017(2)
    Fixed
Pay
Rate
    Maturity
Date
     Counterparty      Notional
Amount(3)
     Fair
Value
     Upfront
Premiums
Paid (Received)
     Unrealized
Appreciation
(Depreciation)
 

CDX.NA.IG.28 Index*

     0.61%       1.000%       6/20/2022        Morgan Stanley      $ 1,026,000      $ 18,945      $ 17,429      $ 1,516  
               

 

 

    

 

 

    

 

 

 
                $ 18,945      $ 17,429      $ 1,516  
               

 

 

    

 

 

    

 

 

 

Interest Rate Swaps (Unaudited)

June 30, 2017

 

Pay/Receive
Floating Rate

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

Pay

    3-MO-USD-LIBOR**       2.250%       9/21/2026       Morgan Stanley     $ 4,143,000     ($ 5,594   ($ 181,289   $ 175,695  

Pay

    3-MO-USD-LIBOR**       2.121%       6/7/2027       Morgan Stanley       280,000       5,585       0       5,585  

Pay

    3-MO-USD-LIBOR**       2.122%       6/7/2027       Morgan Stanley       245,000       4,876       0       4,876  

Pay

    3-MO-USD-LIBOR**       2.117%       6/7/2027       Morgan Stanley       243,000       4,930       0       4,930  

Pay

    3-MO-USD-LIBOR**       2.124%       6/7/2027       Morgan Stanley       280,000       5,512       0       5,512  
           

 

 

   

 

 

   

 

 

 
            $ 15,309     ($ 181,289   $ 196,598  
           

 

 

   

 

 

   

 

 

 

 

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


GuideMark® Tax-Exempt Fixed Income Fund

Schedule of Investments (Unaudited)

June 30, 2017

 

Principal Amount           Value  
  

MUNICIPAL DEBT OBLIGATIONS - 97.89%

  
  

Alabama - 0.40%

  
  $           100,000     

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

  
  

5.000%, 09/01/2034

   $ 119,793  
     

 

 

 
  

Arizona - 1.91%

  
  150,000     

Arizona Industrial Development Authority, Revenue Bond,

  
  

6.000%, 07/01/2047

     155,469  
  200,000     

Arizona University System Board of Regents, Series A, Refunding, Revenue Bond,

  
  

5.000%, 07/01/2028

     229,874  
  150,000     

Salt Verde Financial Corp., Revenue Bond,

  
  

5.000%, 12/01/2037

     180,889  
     

 

 

 
        566,232  
     

 

 

 
  

Arkansas - 1.80%

  
  500,000     

University of Arkansas, Series A, Revenue Bond,

  
  

4.125%, 11/01/2030

     536,025  
     

 

 

 
  

California - 15.35%

  
  100,000     

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

  
  

5.000%, 02/01/2042

     112,366  
  200,000     

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

  
  

6.400%, 08/15/2045

     218,290  
  200,000     

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

  
  

5.000%, 11/01/2031

     235,148  
  200,000     

California Statewide Communities Development Authority, Prerefunded, Revenue Bond,

  
  

6.125%, 07/01/2046

     214,588  
  

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

  
  160,000     

6.125%, 11/01/2033

     179,238  
  150,000     

5.250%, 12/01/2056

     164,157  
  300,000     

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

  
  

5.000%, 08/01/2034

     347,181  
  500,000     

California, GO,

  
  

6.500%, 04/01/2033

     546,565  
  300,000     

California, Refunding, GO,

  
  

5.000%, 11/01/2043

     345,093  
  100,000     

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

  
  

4.000%, 06/01/2031

     106,769  
  300,000     

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

  
  

5.000%, 06/01/2024

     353,097  
  500,000     

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

  
  

5.250%, 05/15/2029

     539,215  
  250,000     

M-S-R Energy Authority, Revenue Bond,

  
  

6.500%, 11/01/2039

     355,703  
  300,000     

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

  
  

5.250%, 07/15/2025

     329,733  
  250,000     

Southern California Public Power Authority, Revenue Bond,

  
  

5.250%, 07/01/2028

     286,770  
  200,000     

University of California, Series G, Refunding, Revenue Bond,

  
  

5.000%, 05/15/2037

     227,146  
     

 

 

 
        4,561,059  
     

 

 

 


  

Colorado - 2.89%

  
  350,000     

Castle Pines North Metropolitan District, Refunding, Revenue Bond,

  
  

4.000%, 12/01/2044

     363,741  
  130,000     

Colorado Health Facilities Authority, Revenue Bond,

  
  

8.000%, 08/01/2043

     145,733  
  300,000     

Regional Transportation District, Series A, Revenue Bond,

  
  

5.000%, 11/01/2027

     350,808  
     

 

 

 
        860,282  
     

 

 

 
  

Connecticut - 1.75%

  
  500,000     

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

  
  

5.000%, 07/01/2025

     520,130  
     

 

 

 
  

Florida - 4.67%

  
  300,000     

Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,

  
  

7.000%, 04/01/2039

     330,129  
  225,000     

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

  
  

5.000%, 04/01/2040

     254,029  
  250,000     

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

  
  

5.000%, 08/01/2047

     281,587  
  430,000     

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

  
  

5.250%, 08/01/2021

     461,936  
  40,000     

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

  
  

7.500%, 06/01/2049

     47,069  
  10,000     

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

  
  

7.250%, 06/01/2034

     11,785  
     

 

 

 
        1,386,535  
     

 

 

 
  

Georgia - 1.98%

  
  300,000     

Atlanta Water & Wastewater, Refunding, Revenue Bond,

  
  

5.000%, 11/01/2040

     346,734  
  125,000     

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

  
  

6.250%, 11/01/2039

     139,577  
  100,000     

Marietta Development Authority, Revenue Bond,

  
  

7.000%, 06/15/2039

     101,952  
     

 

 

 
        588,263  
     

 

 

 
  

Illinois - 4.83%

  
  70,000     

Chicago Waterworks, Revenue Bond,

  
  

5.000%, 11/01/2028

     79,417  
  65,000     

Chicago, Series A, Refunding, GO,

  
  

5.250%, 01/01/2029

     65,105  
  225,000     

Illinois Finance Authority, Prerefunded, Revenue Bond,

  
  

7.000%, 08/15/2044

     251,984  
  100,000     

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

  
  

5.000%, 01/01/2032

     114,402  
  150,000     

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

  
  

5.250%, 01/01/2030

     172,268  
  500,000     

Railsplitter Tobacco Settlement Authority, Revenue Bond,

  
  

6.250%, 06/01/2024

     511,695  
  120,000     

Southwestern Illinois Development Authority Health Care Facilities, Refunding, Revenue Bond,

  
  

7.125%, 11/01/2043

     159,780  
  

State of Illinois, GO

  
  20,000     

5.000%, 05/01/2036

     20,067  
  30,000     

5.000%, 02/01/2039

     29,999  
  30,000     

State of Illinois, Series A, GO

  
  

5.000%, 04/01/2038

     29,921  
     

 

 

 
        1,434,638  
     

 

 

 
  

Indiana - 4.15%

  
  500,000     

Fishers Industry Redevelopment District, Revenue Bond,

  
  

5.250%, 07/15/2034

     547,460  


  100,000     

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

  
  

5.000%, 11/15/2034

     114,447  
  250,000     

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

  
  

5.250%, 01/01/2032

     291,935  
  125,000     

Shoals Exempt Facilities, Revenue Bond,

  
  

7.250%, 11/01/2043

     142,976  
  115,000     

Valparaiso Exempt Facilities, Revenue Bond,

  
  

7.000%, 01/01/2044

     136,633  
     

 

 

 
        1,233,451  
     

 

 

 
  

Kansas - 1.20%

  
  300,000     

Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond,

  
  

5.000%, 09/01/2029

     357,714  
     

 

 

 
  

Kentucky - 0.92%

  
  250,000     

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

  
  

5.000%, 06/01/2045

     272,403  
     

 

 

 
  

Louisiana - 1.49%

  
  200,000     

Louisiana Highway Improvement, Series A, Revenue Bond,

  
  

5.000%, 06/15/2029

     233,762  
  200,000     

Louisiana State Citizens Property Insurance Corp., Prerefunded, Revenue Bond, AGC Insured,

  
  

6.750%, 06/01/2026

     210,382  
     

 

 

 
        444,144  
     

 

 

 
  

Maryland - 1.65%

  
  250,000     

City of Baltimore, Refunding, Revenue Bond,

  
  

5.000%, 09/01/2046

     278,632  
  200,000     

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

  
  

6.000%, 07/01/2034

     212,154  
     

 

 

 
        490,786  
     

 

 

 
  

Massachusetts - 0.68%

  
  190,000     

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

  
  

5.500%, 11/15/2036

     201,584  
     

 

 

 
  

Michigan - 0.75%

  
  100,000     

Michigan Finance Authority, Revenue Bond,

  
  

5.000%, 11/15/2041

     111,878  
  100,000     

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

  
  

5.000%, 09/01/2033

     112,169  
     

 

 

 
        224,047  
     

 

 

 
  

Minnesota - 2.68%

  
  100,000     

Apple Valley Senior Living, Series D, Revenue Bond,

  
  

7.250%, 01/01/2052

     100,952  
  160,000     

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

  
  

5.000%, 01/01/2030

     185,474  
  150,000     

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

  
  

6.875%, 12/01/2048

     170,691  
  300,000     

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

  
  

4.500%, 11/15/2038 (a)

     338,505  
     

 

 

 
        795,622  
     

 

 

 
  

Missouri - 2.13%

  
  250,000     

Conley Road Transportation Development District, Revenue Bond,

  
  

5.375%, 05/01/2047

     250,375  
  350,000     

St. Louis Airport, Revenue Bond,

  
  

6.625%, 07/01/2034

     381,937  
     

 

 

 
        632,312  
     

 

 

 
  

Montana - 0.70%

  
  200,000     

City of Kalispell, Series A, Revenue Bond,

  
  

5.250%, 05/15/2047

     207,628  
     

 

 

 


  

Nebraska - 2.42%

  
  130,000     

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

  
  

5.000%, 11/01/2024

     153,421  
  500,000     

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

  
  

5.000%, 02/01/2027

     565,250  
     

 

 

 
        718,671  
     

 

 

 
  

New Hampshire - 0.44%

  
  120,000     

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

  
  

5.000%, 07/01/2027

     131,212  
     

 

 

 
  

New Jersey - 2.19%

  
  150,000     

New Jersey Economic Development Authority, Refunding, Revenue Bond,

  
  

5.250%, 06/15/2030

     159,393  
  500,000     

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

  
  

5.000%, 06/01/2041

     491,755  
     

 

 

 
        651,148  
     

 

 

 
  

New York - 8.52%

  
  325,000     

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

  
  

6.500%, 07/15/2030

     368,410  
  40,000     

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

  
  

5.000%, 07/01/2022

     44,960  
  270,000     

New York City, Series I, Unrefunded, GO,

  
  

5.375%, 04/01/2036

     288,870  
  325,000     

New York Dormitory Authority, Prerefunded, Revenue Bond,

  
  

6.125%, 12/01/2029

     347,669  
  100,000     

New York Dormitory Authority, Refunding, Revenue Bond,

  
  

5.000%, 12/01/2035

     109,391  
  250,000     

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

  
  

5.000%, 07/01/2038

     285,933  
  500,000     

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

  
  

5.500%, 10/15/2027

     649,905  
  175,000     

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

  
  

5.250%, 10/01/2035

     218,176  
  200,000     

New York, Series E, GO,

  
  

4.000%, 12/15/2027

     218,342  
     

 

 

 
        2,531,656  
     

 

 

 
  

North Carolina - 1.26%

  
  320,000     

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

  
  

5.000%, 01/01/2025

     374,957  
     

 

 

 
  

Ohio - 3.30%

  
  500,000     

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

  
  

5.875%, 06/01/2047

     487,935  
  135,000     

County of Cuyahoga, Revenue Bond,

  
  

5.250%, 02/15/2047

     146,663  
  300,000     

Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,

  
  

5.000%, 01/01/2026

     344,967  
     

 

 

 
        979,565  
     

 

 

 
  

Pennsylvania - 3.10%

  
  350,000     

Butler County Hospital Authority, Prerefunded, Revenue Bond,

  
  

7.125%, 07/01/2029

     390,064  
  250,000     

Delaware Valley Pennsylvania Regional Finance Authority, Series A, Revenue Bond, AMBAC Insured,

  
  

5.500%, 08/01/2028

     303,758  
  200,000     

Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,

  
  

5.800%, 07/01/2030

     226,590  
     

 

 

 
        920,412  
     

 

 

 


  

South Carolina - 1.58%

  
  400,000     

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

  
  

5.000%, 12/01/2025

     469,148  
     

 

 

 
  

South Dakota - 0.37%

  
  100,000     

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

  
  

5.000%, 06/01/2026

     111,372  
     

 

 

 
  

Texas - 9.92%

  
  200,000     

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

  
  

6.000%, 01/01/2041

     231,270  
  100,000     

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

  
  

5.000%, 08/15/2029

     113,881  
  200,000     

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

  
  

5.000%, 11/01/2026

     230,456  
  515,000     

Frisco Texas Independent School District, Series A, GO, PSF-GTD Insured,

  
  

6.000%, 08/15/2038

     543,716  
  150,000     

Harris County Industrial Development, Revenue Bond,

  
  

5.000%, 02/01/2023

     163,645  
  200,000     

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

  
  

5.000%, 07/01/2046

     222,144  
  350,000     

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

  
  

4.000%, 01/01/2038

     357,501  
  100,000     

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

  
  

5.000%, 01/01/2029

     116,823  
  150,000     

San Antonio Water System, Series A, Refunding, Revenue Bond,

  
  

5.000%, 05/15/2037

     176,837  
  100,000     

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond

  
  

6.625%, 11/15/2037

     105,581  
  

Texas Private Activity Surface Transportation Corp., Revenue Bond,

  
  200,000     

7.500%, 12/31/2031

     227,332  
  200,000     

7.500%, 06/30/2033

     230,758  
  85,000     

7.000%, 12/31/2038

     97,731  
  115,000     

6.750%, 06/30/2043

     130,016  
     

 

 

 
        2,947,691  
     

 

 

 
  

Utah - 2.31%

  
  100,000     

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

  
  

5.000%, 07/01/2042

     116,678  
  500,000     

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

  
  

5.500%, 06/01/2022

     570,835  
     

 

 

 
        687,513  
     

 

 

 
  

Virginia - 1.80%

  
  400,000     

Virginia College Building Authority Educational Facilities, Revenue Bond,

  
  

5.750%, 01/01/2034

     533,536  
     

 

 

 
  

Washington - 2.15%

  
  325,000     

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

  
  

5.000%, 02/01/2027

     375,830  
  250,000     

Washington Health Care Facilities Authority, Refunding, Revenue Bond,

  
  

6.375%, 10/01/2036

     263,310  
     

 

 

 
        639,140  
     

 

 

 
  

Wisconsin - 6.60%

  
  100,000     

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

  
  

5.000%, 05/01/2025

     111,464  
  

Wisconsin Public Finance Authority, Refunding, Revenue Bond,

  
  155,000     

5.000%, 07/01/2022

     165,903  
  150,000     

5.750%, 10/01/2031

     151,944  
  225,000     

5.250%, 05/15/2047

     240,896  
  160,000     

7.000%, 12/01/2050

     167,818  


  500,000     

Wisconsin, Series 2, Refunding, GO,

  
  

5.000%, 05/01/2025

     580,300  
  50,000     

Wisconsin, Series A, Prerefunded, Revenue Bond,

  
  

6.000%, 05/01/2033

     54,353  
  450,000     

Wisconsin, Series A, Unrefunded, Revenue Bond,

  
  

6.000%, 05/01/2033

     489,604  
     

 

 

 
        1,962,282  
     

 

 

 
  

Total Municipal Debt Obligations (Cost $27,066,717)

     29,090,951  
     

 

 

 
Number of Shares              
  

SHORT TERM INVESTMENTS - 0.20%

  
  

Money Market Funds - 0.20%

  
  59,791     

Government TaxAdvantage Portfolio - Institutional Shares
Effective Yield, 0.72% (a)(b)

     59,791  
     

 

 

 
  

Total Short Term Investments (Cost $59,791)

     59,791  
     

 

 

 
  

Total Investments (Cost $27,126,508) - 98.09%

     29,150,742  
  

Other Assets and Liabilities - 1.91%

     568,074  
     

 

 

 
  

TOTAL NET ASSETS - 100.00%

   $ 29,718,816  
     

 

 

 

Percentages are stated as a percent of net assets.

 

(a) Variable Rate Security. The rate shown is the rate in effect on June 30, 2017.
(b) Seven-day yield as of June 30, 2017.

 

Glossary of Terms      
AGC    Assured Guaranty Corp.   
AMBAC    Ambac Financial Group, Inc.   
CMI    California Mortgage Insurance   
GO    General Obligation   
PSF-GTD    Texas Permanent School Fund   

 

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:  

Cost of investments

   $ 27,126,508  
  

 

 

 

Gross unrealized appreciation

     2,031,446  

Gross unrealized depreciation

     (7,212
  

 

 

 

Net unrealized appreciation

   $ 2,024,234  
  

 

 

 

 

* Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


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

Security Valuation

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

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

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

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

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

Level 2 Investments.  The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including 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, 2017:

GuideMark® Large Cap Core Fund

 

     Level 1      Level 2      Level 3      Total  
  

 

 

 

Common Stocks

     $  254,277,433       $                      -      $                          -      $       254,277,433    

 

Investment Companies

     11,152,519         -        -        11,152,519    

 

Real Estate Investment Trusts

     5,417,345         -        -        5,417,345    

 

Short Term Investments

     8,483,537         -        -        8,483,537    

 

Investments Purchased as Securities Lending Collateral*

            -        -        37,614,093    
  

 

 

 

Total Investments in Securities

     $       279,330,834       $ -      $ -      $ 316,944,927    
  

 

 

 

* 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

     $       2,666,035         $        8,798,369      $                      -      $       11,464,404    

 

Consumer Staples

     4,336,206         5,039,312        -        9,375,518    

 

Energy

     1,170,130         5,570,837        -        6,740,967    

 

Financials

     3,081,111         16,205,690        -        19,286,801    

 

Health Care

     114,369         1,206,997        -        1,321,366    

 

Industrials

     398,508         3,448,724        -        3,847,232    

 

Information Technology

     5,997,794         22,108,164        -        28,105,958    

 

Materials

     1,601,762         3,460,993        -        5,062,755    


 

Real Estate

     -        2,325,483        -        2,325,483    

 

Telecommunication Services

     1,564,152        4,379,564        -        5,943,716    

 

Utilities

     1,318,883        551,444        -        1,870,327    
  

 

 

 

 

Total Common Stocks

     22,248,950        73,095,577        -        95,344,527    

 

Preferred Stocks

           

 

Consumer Staples

     274,899        359,858        -        634,757    

 

Energy

     365,966        -        -        365,966    

 

Financials

     1,660,827        -        -        1,660,827    

 

Information Technology

     -        790,792        -        790,792    

 

Materials

     901,260        -        -        901,260    

 

Utilities

     563,797        -        -        563,797    
  

 

 

 

 

Total Preferred Stocks

     3,766,749        1,150,650        -        4,917,399    

 

Investment Companies

     11,480,622        -        -        11,480,622    

 

Real Estate Investment Trusts

     119,894        -        -        119,894    

 

Short Term Investments

     488,954        -        -        488,954    

 

Investments Purchased as Securities Lending Collateral*

     -                                 -                                 -        4,172,837    
  

 

 

 

Total Investments in Securities

   $       38,105,169      $ 74,246,227      $ -      $           116,524,233    
  

 

 

 

* 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

     $ 2,016,625  

 

Transfers out of Level 1

     (3,072,089 )   
  

 

 

 

Net Transfers into/(out of) Level 1

     $ (1,055,464 )   
  

 

 

 

 

Transfers into Level 2

     $                 3,072,089  

 

Transfers out of Level 2

     (2,016,625 )   
  

 

 

 

Net Transfers into/(out of) Level 2

     $ 1,055,464  
  

 

 

 

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

     $       77,788,123      $                              -      $                              0      $           77,788,123    

Investment Companies

     2,566,558        -        -        2,566,558    

Real Estate Investment Trusts

     5,946,954        -        -        5,946,954    

Rights

     -        -        0        0    

Short Term Investments

     311,837        -        -        311,837    

Investments Purchased as Securities Lending Collateral*

     -        -        -        24,260,341    
  

 

 

 

Total Investments in Securities

     $ 86,613,472      $ -      $ -      $ 110,873,813    
  

 

 

 

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

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

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

 

      Description       

   Common Stocks      Rights  

Balance as of April 1, 2017

     $                                 0        $                                 0    

Purchases

     -        -    

Sales proceeds and paydowns

     -        -    

Accreted discounts, net

     -        -    

Realized gain (loss)

     -        -    

Change in unrealized appreciation (depreciation)

     -        -    

Transfers into/(out of) Level 3

     -        -    
  

 

 

    

 

 

 

Balance as of June 30, 2017

     $ 0        $ 0    
  

 

 

    

 

 

 

Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2017.

     $ -        $ -    
  

 

 

    

 

 

 

 

 

GuideMark® World ex-US Fund

 

     Level 1      Level 2      Level 3      Total  
  

 

 

 

Common Stocks

           

 

Consumer Discretionary

     $       2,336,296         $       22,877,377      $                          -        $       25,213,673    

 

Consumer Staples

     1,550,295         18,258,021        -        19,808,316    

 

Energy

     601,732         3,486,223        -        4,087,955    


 

Financials

     5,846,194        27,499,280        -        33,345,474  

 

Health Care

     1,106,053        11,746,768        -        12,852,821  

 

Industrials

     462,045        19,542,695        -        20,004,740  

 

Information Technology

     924,416        10,781,504        -        11,705,920  

 

Materials

     728,459        12,660,951        -        13,389,410  

 

Real Estate

     -        1,351,939        -        1,351,939  

 

Telecommunication Services

     90,742        3,799,908        -        3,890,650  

 

Utilities

     -        1,866,232        -        1,866,232  
  

 

 

 

Total Common Stocks

     13,646,232        133,870,898        -        147,517,130  

Investment Companies

     5,138,459        -        -        5,138,459  

Participatory Notes

     -        32,226        -        32,226  

Preferred Stocks

           

 

Consumer Staples

     -        155,958        -        155,958  

 

Materials

     -        473,305        -        473,305  
  

 

 

 

Total Preferred Stocks

     -        629,263        -        629,263  

Real Estate Investment Trusts

     -        108,248        -        108,248  

Short Term Investments

     691,854        -        -        691,854  

Investments Purchased as Securities Lending Collateral*

     -                                 -                                 -        1,918,553  
  

 

 

 

Total Investments in Securities

   $        19,476,545      $ 134,640,635      $ -      $           156,035,733  
  

 

 

 

* 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

   $ -  

Transfers out of Level 1

     (637,527 )   
  

 

 

 

Net Transfers into/(out of) Level 1

   $ (637,527 )   
  

 

 

 

 

Transfers into Level 2

   $                 637,527  

Transfers out of Level 2

     -  
  

 

 

 

Net Transfers into/(out of) Level 2

   $ 637,527  
  

 

 

 

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® Opportunistic Equity Fund

 

     Level 1      Level 2      Level 3      Total  
  

 

 

 

Common Stocks

     $ 63,679,926      $                              -      $                              -      $           63,679,926    

Real Estate Investment Trusts

     1,079,594        -        -        1,079,594    

Short Term Investments

     2,892,285        -        -        2,892,285    

Investments Purchased as Securities Lending Collateral*

     -        -        -        20,556,875    
  

 

 

 

Total Investments in Securities

     $       67,651,805      $ -      $ -      $ 88,208,680    
  

 

 

 

* 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® Core Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  
  

 

 

 

Fixed Income

           

Asset Backed Securities

   $ -      $ 13,047,035      $ -      $ 13,047,035    

Collateralized Mortgage Obligations

     -        6,568,541        -        6,568,541    

Corporate Obligations

     -        52,083,427        -        52,083,427    

Foreign Government Debt Obligations

     -        1,634,692        -        1,634,692    

Mortgage Backed Securities - U.S. Government Agency

     -        44,597,210        -        44,597,210    

Municipal Debt Obligations

     -        727,798        -        727,798    

U.S. Treasury Obligations

     -        27,054,807        -        27,054,807    
  

 

 

 

Total Fixed Income

     -        145,713,510        -        145,713,510    

Short Term Investments

     3,162,080        -        -        3,162,080    

Investments Purchased as Securities Lending Collateral*

     -        -        -        3,481,070    
  

 

 

 

Total Investments in Securities

   $           3,162,080      $       145,713,510      $                              -      $       152,356,660    
  

 

 

 

Other Financial Instruments**

           

Futures

   $ 32,325      $ -      $ -      $ 32,325    

Swaps

     -        198,114        -        198,114    


* 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.

 

 

GuideMark® Tax-Exempt Fixed Income Fund

 

     Level 1      Level 2      Level 3      Total  
  

 

 

 

Municipal Debt Obligations

   $                              -      $       29,090,951      $                              -      $           29,090,951    

Short Term Investments

     59,791        -        -        59,791    
  

 

 

 

Total Investments in Securities

   $ 59,791      $ 29,090,951      $ -      $ 29,150,742    
  

 

 

 

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, 2017.

 

                         Asset Derivatives                                       Liability Derivatives                       
    

Statement of
Assets and

Liabilities

Location

     Value     

Statement of

Assets and
Liabilities
Location

     Value  

 

 

Credit Contracts - Swaps

    
Appreciation on
swap agreements
 
 
   $ 1,516       
Depreciation on
swap agreements
 
 
   $ -    

Interest Rate Contracts - Swaps

    
Appreciation on
swap agreements
 
 
     196,598       
Depreciation on
swap agreements
 
 
     -    

Interest Rate Contracts - Futures*

    

Unrealized
appreciation on
futures contracts
 
 
 
     40,579       

Unrealized
depreciation on
futures contracts
 
 
 
     8,254  

 

 

Total

      $ 238,693         $ 8,254  

 

 

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

The average monthly notional amount outstanding of futures and swaps during the period ended June 30, 2017 were as follows:

 

Long Positions

       

Short Positions

 

Futures

   $ 7,755,686      

Futures

   ($ 7,639,961

Swaps

     6,798,500      

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

 

 

 
Securities Lending Transactions       

 

 
Overnight and Continuous    Investments
Purchased as
Securities Lending
Collateral
 

 

 

Large Cap Core Fund

   $ 37,614,093  

Emerging Markets Fund

     4,172,837  

Small/Mid Cap Core Fund

     24,260,341  

World ex-US Fund

     1,918,553  

Opportunistic Equity Fund

     20,556,875  

Core Fixed Income Fund

     3,481,070  

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  

  08/28/2017

 

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  

    08/28/2017

By (Signature and Title)  

  /s/ Patrick R. Young

               Patrick R. Young
               Principal Financial Officer/Treasurer
Date  

    08/28/2017


Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
3/31/18None on these Dates
Filed on / Effective on:8/28/17
For Period End:6/30/17
4/1/17
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