Letter to Shareholders
|
2
|
Growth of $10,000 Investment and Performance
|
5
|
Schedule of Investments
|
6
|
Summary of Investments
|
29
|
Statement of Assets and Liabilities.
|
30
|
Statement of Operations
|
31
|
Statement of Changes in Net Assets
|
32
|
Financial Highlights
|
33
|
Notes to Financial Statements
|
34
|
Report of Independent Registered Public Accounting Firm
|
46
|
Other Information
|
47
|
Expense Example
|
51
|
Trustees and Officers
|
52
|
2 |
3 |
4 |
5 |
Annualized
|
||
Total Returns as of February 28, 2015
|
1 Year
|
Since Inception*
|
Aspiriant Risk-Managed Global Equity Fund
|
||
Advisor Shares
|
5.01%
|
8.04%
|
MSCI ACWI All Cap Index (1)
|
6.78%
|
12.94%
|
*
|
For the period close of business April 4, 2013 (commencement of operations) through February 28, 2015.
|
(1)
|
The MSCI ACWI All Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Returns include the reinvestment of distributions but do not consider sales charges. Performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.
|
6 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK – 74.2%
|
|||||||
AUSTRALIA – 1.3%
|
|||||||
350
|
ASX Ltd.
|
$
|
12,061
|
||||
17,377
|
Australia & New Zealand Banking Group Ltd.
|
479,392
|
|||||
47,018
|
BC Iron Ltd.1
|
17,969
|
|||||
12,805
|
BHP Billiton Ltd. - ADR
|
336,297
|
|||||
17,126
|
Bradken Ltd.
|
29,684
|
|||||
16,306
|
Cabcharge Australia Ltd.
|
65,022
|
|||||
5,686
|
Caltex Australia Ltd.
|
163,353
|
|||||
4,352
|
Challenger Ltd.*
|
23,836
|
|||||
2,689
|
Commonwealth Bank of Australia
|
192,904
|
|||||
883
|
Computershare Ltd.
|
8,667
|
|||||
1,295
|
CSL Ltd.
|
93,248
|
|||||
38,629
|
CSR Ltd.
|
130,028
|
|||||
5,048
|
Dexus Property Group - REIT
|
31,085
|
|||||
59,256
|
Fairfax Media Ltd.
|
45,315
|
|||||
4,791
|
Federation Centres Ltd. - REIT
|
11,138
|
|||||
9,542
|
Goodman Group - REIT
|
46,454
|
|||||
9,203
|
GPT Group - REIT
|
33,771
|
|||||
5,771
|
GUD Holdings Ltd.
|
35,009
|
|||||
3,172
|
Independence Group NL
|
14,094
|
|||||
5,072
|
Investa Office Fund - REIT
|
15,907
|
|||||
16,866
|
Lend Lease Group
|
228,239
|
|||||
2,915
|
Macquarie Group Ltd.
|
165,676
|
|||||
20,198
|
Mirvac Group - REIT
|
32,771
|
|||||
89,638
|
Mount Gibson Iron Ltd.
|
17,472
|
|||||
3,779
|
National Australia Bank Ltd.
|
111,810
|
|||||
5,274
|
Newcrest Mining Ltd.*
|
59,141
|
|||||
5,923
|
Novion Property Group - REIT
|
11,399
|
|||||
239,340
|
Qantas Airways Ltd.*
|
539,247
|
|||||
719
|
Ramsay Health Care Ltd.
|
37,543
|
|||||
1,905
|
Rio Tinto Ltd.
|
95,659
|
|||||
25,068
|
Scentre Group - REIT
|
75,518
|
|||||
68,514
|
Sigma Pharmaceuticals Ltd.
|
48,899
|
|||||
1,282
|
Sirtex Medical Ltd.
|
35,575
|
|||||
10,681
|
Spark Infrastructure Group
|
17,863
|
|||||
12,704
|
Stockland - REIT
|
46,500
|
|||||
54,531
|
Tabcorp Holdings Ltd.
|
215,725
|
|||||
51,380
|
Telstra Corp. Ltd.
|
255,383
|
|||||
40,241
|
Transfield Services Ltd.*
|
48,669
|
|||||
9,438
|
Westfield Corp. - REIT
|
72,278
|
|||||
739
|
Westpac Banking Corp.
|
21,982
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
AUSTRALIA (Continued)
|
|||||||
3,568
|
Woodside Petroleum Ltd.
|
$
|
97,933
|
||||
4,020,516
|
|||||||
AUSTRIA – 0.0%
|
|||||||
1,970
|
Austria Technologie & Systemtechnik A.G.
|
29,468
|
|||||
499
|
Buwog A.G.
|
11,107
|
|||||
814
|
CA Immobilien Anlagen A.G.*
|
16,606
|
|||||
506
|
Conwert Immobilien Invest S.E.
|
6,918
|
|||||
366
|
DO & CO A.G.
|
29,481
|
|||||
1,128
|
Oesterreichische Post A.G.
|
55,648
|
|||||
149,228
|
|||||||
BELGIUM – 0.5%
|
|||||||
145
|
Ackermans & Van Haaren N.V.
|
17,726
|
|||||
215
|
Befimmo S.A. - REIT*
|
15,534
|
|||||
21,207
|
Belgacom S.A.
|
796,532
|
|||||
4,323
|
bpost S.A.
|
121,487
|
|||||
113
|
Cofinimmo - REIT*
|
13,963
|
|||||
4,133
|
Delhaize Group S.A.
|
371,082
|
|||||
246
|
Groupe Bruxelles Lambert S.A.
|
21,494
|
|||||
173
|
KBC Ancora*
|
5,902
|
|||||
9,495
|
Nyrstar N.V.*
|
35,159
|
|||||
1,782
|
ThromboGenics N.V.*
|
14,748
|
|||||
121
|
Warehouses De Pauw SCA - REIT
|
9,966
|
|||||
1,423,593
|
|||||||
BERMUDA – 1.9%
|
|||||||
1,592
|
African Minerals Ltd.*
|
246
|
|||||
11,359
|
Arch Capital Group Ltd.*
|
671,998
|
|||||
68,995
|
Archer Ltd.*
|
21,131
|
|||||
2,300
|
Assured Guaranty Ltd.2
|
60,996
|
|||||
900
|
Bunge Ltd.
|
73,602
|
|||||
2,774
|
Catlin Group Ltd.
|
29,291
|
|||||
1,000
|
Cheung Kong Infrastructure Holdings Ltd.
|
8,530
|
|||||
4,145
|
China Yuchai International Ltd.
|
80,703
|
|||||
9,034
|
Endurance Specialty Holdings Ltd.
|
574,291
|
|||||
12,900
|
Esprit Holdings Ltd.1
|
13,334
|
|||||
6,380
|
Everest Re Group Ltd.
|
1,132,003
|
|||||
4,000
|
First Pacific Co., Ltd.
|
4,069
|
|||||
1,852,000
|
GOME Electrical Appliances Holding Ltd.1
|
250,357
|
|||||
5,144
|
Gulf Keystone Petroleum Ltd.*
|
3,911
|
|||||
100
|
Helen of Troy Ltd.*
|
7,662
|
7 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
BERMUDA (Continued)
|
|||||||
224,000
|
Li & Fung Ltd.
|
$
|
229,008
|
||||
14,000
|
Luk Fook Holdings International Ltd.
|
44,448
|
|||||
11,272
|
Maiden Holdings Ltd.
|
161,302
|
|||||
14,400
|
Man Wah Holdings Ltd.
|
12,323
|
|||||
29,300
|
Marvell Technology Group Ltd.
|
472,316
|
|||||
3,000
|
NWS Holdings Ltd.
|
5,428
|
|||||
5,500
|
Orient Overseas International Ltd.
|
34,738
|
|||||
5,600
|
PartnerRe Ltd.2
|
641,200
|
|||||
100
|
Platinum Underwriters Holdings Ltd.2
|
7,635
|
|||||
8,000
|
Playmates Toys Ltd.
|
1,745
|
|||||
7,321
|
RenaissanceRe Holdings Ltd.1
|
750,622
|
|||||
14,000
|
SmarTone Telecommunications Holdings Ltd.
|
27,962
|
|||||
106,500
|
Yue Yuen Industrial Holdings Ltd.
|
413,481
|
|||||
5,734,332
|
|||||||
BRAZIL – 1.4%
|
|||||||
55,500
|
AMBEV S.A. - ADR
|
357,975
|
|||||
28,800
|
CCR S.A.
|
169,122
|
|||||
5,100
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR
|
173,655
|
|||||
15,200
|
Cia de Saneamento Basico do Estado de Sao Paulo - ADR
|
89,680
|
|||||
45,645
|
Cia Energetica de Minas Gerais - ADR
|
209,967
|
|||||
4,280
|
Cielo S.A.
|
67,410
|
|||||
24,600
|
CPFL Energia S.A.
|
160,924
|
|||||
15,900
|
EcoRodovias Infraestrutura e Logistica S.A.
|
59,035
|
|||||
35,500
|
EDP - Energias do Brasil S.A.
|
112,675
|
|||||
22,700
|
Gerdau S.A. - ADR
|
81,039
|
|||||
30,295
|
Localiza Rent a Car S.A.
|
373,518
|
|||||
1,800
|
Lojas Renner S.A.
|
53,320
|
|||||
5,300
|
Natura Cosmeticos S.A.
|
52,501
|
|||||
60,700
|
Odontoprev S.A.
|
223,449
|
|||||
25,100
|
Qualicorp S.A.*
|
229,890
|
|||||
26,200
|
Souza Cruz S.A.
|
234,058
|
|||||
16,600
|
Telefonica Brasil S.A. - ADR1
|
307,764
|
|||||
18,881
|
Tim Participacoes S.A. - ADR
|
398,011
|
|||||
3,400
|
Totvs S.A.
|
41,093
|
|||||
34,000
|
Tractebel Energia S.A.
|
400,035
|
|||||
1,200
|
Ultrapar Participacoes S.A.
|
25,186
|
|||||
27,980
|
WEG S.A.
|
302,593
|
|||||
4,122,900
|
|||||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
CANADA – 3.4%
|
|||||||
1,300
|
Advantage Oil & Gas Ltd.*
|
$
|
6,749
|
||||
100
|
Ag Growth International, Inc.
|
4,330
|
|||||
500
|
AGF Management Ltd. - Class B1
|
3,324
|
|||||
900
|
Agrium, Inc.
|
103,945
|
|||||
700
|
AGT Food & Ingredients, Inc.
|
16,037
|
|||||
3,800
|
Air Canada*
|
37,511
|
|||||
10,800
|
Alimentation Couche Tard, Inc. - Class B
|
416,760
|
|||||
200
|
Allied Properties Real Estate Investment Trust - REIT
|
6,494
|
|||||
900
|
Artis Real Estate Investment Trust - REIT
|
11,058
|
|||||
5,300
|
B2Gold Corp.*1
|
8,946
|
|||||
1,800
|
Bank of Montreal1
|
111,534
|
|||||
36,282
|
Bank of Nova Scotia1
|
1,939,259
|
|||||
1,400
|
Bankers Petroleum Ltd.*
|
3,382
|
|||||
1,800
|
Bird Construction, Inc.
|
17,653
|
|||||
4,600
|
BlackBerry Ltd.*
|
49,823
|
|||||
300
|
Boardwalk Real Estate Investment Trust - REIT
|
14,219
|
|||||
3,100
|
Brookfield Asset Management, Inc. - Class A1
|
168,255
|
|||||
400
|
Calloway Real Estate Investment Trust - REIT
|
9,734
|
|||||
500
|
Canadian Apartment Properties REIT - REIT
|
11,323
|
|||||
13,406
|
Canadian Imperial Bank of Commerce1
|
1,025,559
|
|||||
2,700
|
Canadian National Railway Co.
|
186,501
|
|||||
10,800
|
Canadian Natural Resources Ltd.
|
314,125
|
|||||
400
|
Canadian Pacific Railway Ltd.
|
74,906
|
|||||
200
|
Canadian Real Estate Investment Trust - REIT
|
7,487
|
|||||
700
|
Canfor Corp.*
|
16,071
|
|||||
500
|
Catamaran Corp.*
|
24,962
|
|||||
11,688
|
Celestica, Inc.*
|
137,508
|
|||||
11,700
|
Centerra Gold, Inc.
|
57,185
|
|||||
1,100
|
Chartwell Retirement Residences - REIT
|
11,263
|
|||||
700
|
CI Financial Corp.
|
19,666
|
|||||
600
|
Cogeco Cable, Inc.
|
35,743
|
|||||
800
|
Cominar Real Estate Investment Trust - REIT
|
12,620
|
8 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
CANADA (Continued)
|
|||||||
1,200
|
Crescent Point Energy Corp.1
|
$
|
29,614
|
||||
1,100
|
Detour Gold Corp.*
|
10,638
|
|||||
2,000
|
Dollarama, Inc.
|
100,024
|
|||||
3,800
|
Dominion Diamond Corp.*
|
64,656
|
|||||
100
|
Dorel Industries, Inc. - Class B1
|
3,257
|
|||||
300
|
Dream Office Real Estate Investment Trust - REIT
|
6,578
|
|||||
9,400
|
Encana Corp.
|
122,491
|
|||||
500
|
Fairfax Financial Holdings Ltd.
|
262,379
|
|||||
1,000
|
First Majestic Silver Corp.*
|
6,168
|
|||||
200
|
FirstService Corp.
|
12,130
|
|||||
200
|
Gluskin Sheff + Associates, Inc.
|
4,579
|
|||||
300
|
Granite Real Estate Investment Trust - REIT
|
10,876
|
|||||
200
|
Great Canadian Gaming Corp.*
|
3,107
|
|||||
600
|
Great-West Lifeco, Inc.
|
16,923
|
|||||
800
|
H&R Real Estate Investment Trust - REIT
|
15,474
|
|||||
200
|
IGM Financial, Inc.
|
7,086
|
|||||
700
|
Intertape Polymer Group, Inc.
|
10,583
|
|||||
2,700
|
Jean Coutu Group PJC, Inc. - Class A
|
58,315
|
|||||
900
|
Labrador Iron Ore Royalty Corp.
|
13,074
|
|||||
38,800
|
Lightstream Resources Ltd.1
|
37,866
|
|||||
2,600
|
Linamar Corp.
|
162,913
|
|||||
900
|
MAG Silver Corp.*
|
6,516
|
|||||
3,100
|
Magna International, Inc.
|
336,955
|
|||||
100
|
Manitoba Telecom Services, Inc.
|
1,994
|
|||||
600
|
Maple Leaf Foods, Inc.
|
10,895
|
|||||
7,200
|
OceanaGold Corp.
|
13,765
|
|||||
900
|
Parex Resources, Inc.*
|
5,666
|
|||||
1,100
|
Power Corp. of Canada
|
29,671
|
|||||
900
|
Quebecor, Inc. - Class B
|
23,153
|
|||||
1,200
|
RioCan Real Estate Investment Trust - REIT
|
28,097
|
|||||
2,100
|
Rogers Communications, Inc. - Class B
|
74,267
|
|||||
800
|
RONA, Inc.
|
9,727
|
|||||
22,906
|
Royal Bank of Canada1
|
1,434,555
|
|||||
11,600
|
Sandvine Corp.*
|
32,849
|
|||||
7,300
|
Sherritt International Corp.
|
14,657
|
|||||
400
|
Sierra Wireless, Inc.*
|
15,045
|
|||||
26,400
|
Suncor Energy, Inc.1
|
792,570
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
CANADA (Continued)
|
|||||||
700
|
Tahoe Resources, Inc.1
|
$
|
9,794
|
||||
30,125
|
Toronto-Dominion Bank
|
1,320,869
|
|||||
400
|
Transcontinental, Inc. - Class A
|
5,347
|
|||||
5,400
|
TransGlobe Energy Corp.
|
15,767
|
|||||
600
|
Uranium Participation Corp.*
|
2,678
|
|||||
1,300
|
Valeant Pharmaceuticals International, Inc.*
|
256,100
|
|||||
100
|
West Fraser Timber Co., Ltd.
|
5,444
|
|||||
40,700
|
Western Forest Products, Inc.
|
69,347
|
|||||
400
|
Westshore Terminals Investment Corp.
|
10,377
|
|||||
4,500
|
Wi-Lan, Inc.
|
11,843
|
|||||
700
|
Yellow Pages Ltd.*
|
9,183
|
|||||
10,369,794
|
|||||||
CAYMAN ISLANDS – 0.3%
|
|||||||
1,000
|
ASM Pacific Technology Ltd.1
|
10,147
|
|||||
3,500
|
Fabrinet*
|
62,825
|
|||||
92,000
|
FIH Mobile Ltd.*
|
43,515
|
|||||
21,000
|
IGG, Inc.
|
7,898
|
|||||
1,324
|
Phoenix Group Holdings
|
17,512
|
|||||
22,419
|
Shanda Games Ltd. - ADR*
|
125,547
|
|||||
360,000
|
Sino Biopharmaceutical Ltd.
|
341,917
|
|||||
40,000
|
SPT Energy Group, Inc.
|
7,880
|
|||||
11,500
|
Tencent Holdings Ltd.
|
200,649
|
|||||
46,000
|
United Laboratories International Holdings Ltd.*
|
21,052
|
|||||
26,000
|
Xinyi Glass Holdings Ltd.1
|
13,905
|
|||||
852,847
|
|||||||
CHILE – 0.9%
|
|||||||
19,300
|
Banco Santander Chile - ADR1
|
405,300
|
|||||
4,959
|
Cia Cervecerias Unidas S.A. - ADR1
|
94,766
|
|||||
301,844
|
Empresa Nacional de Electricidad S.A.
|
454,010
|
|||||
29,070
|
Empresas COPEC S.A.
|
341,230
|
|||||
68,112
|
Enersis S.A. - ADR
|
1,120,442
|
|||||
29,495
|
S.A.C.I. Falabella
|
214,447
|
|||||
2,630,195
|
|||||||
CHINA – 0.3%
|
|||||||
16,308
|
China Construction Bank Corp. - ADR
|
271,039
|
|||||
3,472
|
China Petroleum & Chemical Corp. - ADR
|
290,537
|
|||||
120,000
|
China Telecom Corp. Ltd. - Class H
|
77,736
|
9 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
CHINA (Continued)
|
|||||||
5,353
|
Industrial & Commercial Bank of China Ltd. - ADR1
|
$
|
78,100
|
||||
16,800
|
Sinopharm Group Co., Ltd. - Class H
|
58,739
|
|||||
36,000
|
Tsingtao Brewery Co., Ltd. - Class H
|
227,794
|
|||||
1,003,945
|
|||||||
CURACAO – 0.0%
|
|||||||
3,800
|
Orthofix International N.V.*
|
123,234
|
|||||
DENMARK – 0.5%
|
|||||||
111
|
Auriga Industries A/S - B Shares*
|
5,159
|
|||||
309
|
Bavarian Nordic A/S*
|
9,755
|
|||||
3,950
|
Carlsberg A/S - ADR1
|
68,074
|
|||||
3,807
|
Danske Bank A/S
|
100,747
|
|||||
650
|
Dfds A/S*
|
69,908
|
|||||
3,414
|
Novo Nordisk A/S - Class B
|
163,375
|
|||||
10,121
|
Pandora A/S
|
922,956
|
|||||
819
|
Royal Unibrew A/S*
|
147,190
|
|||||
1,139
|
Schouw & Co.
|
54,029
|
|||||
408
|
Topdanmark A/S*
|
13,519
|
|||||
1,554,712
|
|||||||
FAROE ISLANDS – 0.0%
|
|||||||
1,560
|
Bakkafrost P/F
|
36,182
|
|||||
FINLAND – 0.4%
|
|||||||
6,375
|
Caverion Corp.
|
60,473
|
|||||
2,444
|
Citycon OYJ
|
8,651
|
|||||
5,320
|
Metsa Board OYJ
|
34,796
|
|||||
69,639
|
Nokia OYJ
|
559,631
|
|||||
12,755
|
Orion OYJ - Class B
|
415,289
|
|||||
2,500
|
Sponda OYJ
|
12,528
|
|||||
977
|
Technopolis OYJ*
|
4,817
|
|||||
1,286
|
Tieto OYJ
|
34,229
|
|||||
4,784
|
Valmet OYJ
|
63,072
|
|||||
1,193,486
|
|||||||
FRANCE – 2.4%
|
|||||||
409
|
Alten S.A.*
|
18,303
|
|||||
20,113
|
AXA S.A.
|
509,572
|
|||||
1,337
|
BNP Paribas S.A.
|
77,705
|
|||||
233
|
Boiron S.A.
|
23,065
|
|||||
1,153
|
Cap Gemini S.A.
|
93,075
|
|||||
3,293
|
Cie Generale des Etablissements Michelin
|
316,149
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
FRANCE (Continued)
|
|||||||
22,154
|
Credit Agricole S.A.
|
$
|
310,820
|
||||
3,345
|
Derichebourg S.A.
|
11,405
|
|||||
920
|
Genfit*
|
61,551
|
|||||
869
|
Groupe Fnac*
|
47,921
|
|||||
1,037
|
Ipsen S.A.
|
52,653
|
|||||
769
|
Klepierre - REIT
|
37,553
|
|||||
6,276
|
L'Oreal S.A.
|
1,137,469
|
|||||
3,570
|
Lagardere SCA
|
102,428
|
|||||
48,651
|
Natixis
|
351,555
|
|||||
246
|
Nexity S.A.*
|
10,121
|
|||||
41,899
|
Orange S.A.
|
764,171
|
|||||
24,470
|
Peugeot S.A.*
|
408,783
|
|||||
520
|
Rallye S.A.*
|
19,685
|
|||||
12,600
|
Sanofi
|
1,232,386
|
|||||
560
|
Sanofi - ADR
|
27,362
|
|||||
1,351
|
SCOR S.E.
|
44,475
|
|||||
1,399
|
Societe BIC S.A.
|
209,120
|
|||||
4,464
|
Societe Generale S.A.
|
205,686
|
|||||
18,980
|
Technicolor S.A.*
|
116,916
|
|||||
2,081
|
Teleperformance
|
160,612
|
|||||
1,764
|
Thales S.A.
|
101,304
|
|||||
3,591
|
Total S.A.
|
192,925
|
|||||
587
|
Unibail-Rodamco S.E. - REIT
|
168,875
|
|||||
1,729
|
Valeo S.A.
|
259,684
|
|||||
9,949
|
Vivendi S.A.
|
242,213
|
|||||
7,315,542
|
|||||||
GERMANY – 1.9%
|
|||||||
1,313
|
Aareal Bank A.G.
|
58,819
|
|||||
950
|
Allianz S.E.
|
159,080
|
|||||
763
|
Alstria Office REIT A.G. - REIT
|
10,532
|
|||||
3,356
|
Bayer A.G.
|
496,385
|
|||||
272
|
Bechtle A.G.*
|
22,077
|
|||||
397
|
Cewe Stiftung & Co. KGaA
|
25,293
|
|||||
3,135
|
Commerzbank A.G.*
|
42,260
|
|||||
641
|
Continental A.G.
|
152,977
|
|||||
191
|
CTS Eventim A.G. & Co. KGaA
|
5,888
|
|||||
4,806
|
Daimler A.G.
|
465,522
|
|||||
474
|
Deutsche Boerse A.G.
|
38,647
|
|||||
242
|
Deutsche Euroshop A.G.
|
12,365
|
|||||
9,388
|
Deutsche Post A.G.
|
319,595
|
|||||
7,082
|
Deutsche Telekom A.G.
|
132,236
|
10 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
GERMANY (Continued)
|
|||||||
2,972
|
Drillisch A.G.
|
$
|
124,380
|
||||
619
|
Duerr A.G.
|
66,239
|
|||||
23,439
|
E.ON S.E.
|
378,977
|
|||||
2,799
|
Freenet A.G.
|
83,557
|
|||||
2,188
|
Fresenius S.E. & Co. KGaA
|
125,381
|
|||||
415
|
Hamborner REIT A.G. - REIT
|
4,384
|
|||||
4,316
|
Hannover Rueckversicherung S.E.
|
416,428
|
|||||
63,667
|
Infineon Technologies A.G.
|
736,611
|
|||||
698
|
Krones A.G.
|
67,291
|
|||||
304
|
LEG Immobilien A.G.
|
25,001
|
|||||
7,152
|
Merck KGaA
|
737,915
|
|||||
743
|
Morphosys A.G.*
|
62,038
|
|||||
984
|
Muenchener Rueckversicherungs A.G.
|
204,241
|
|||||
1,977
|
OSRAM Licht A.G.1
|
90,670
|
|||||
355
|
Patrizia Immobilien A.G.*
|
6,665
|
|||||
4,490
|
Porsche Automobil Holding S.E. - ADR
|
41,757
|
|||||
3,525
|
Siemens A.G.
|
394,037
|
|||||
270
|
STRATEC Biomedical A.G.
|
13,664
|
|||||
6,355
|
United Internet A.G.
|
284,979
|
|||||
5,805,891
|
|||||||
GUERNSEY – 0.6%
|
|||||||
32,986
|
Amdocs Ltd.
|
1,731,765
|
|||||
1,945
|
Resolution Ltd.
|
12,325
|
|||||
1,744,090
|
|||||||
HONG KONG – 1.7%
|
|||||||
150,034
|
AIA Group Ltd.
|
882,348
|
|||||
82,362
|
Cheung Kong Holdings Ltd.
|
1,630,259
|
|||||
6,500
|
China Mobile Ltd.
|
88,206
|
|||||
20,736
|
China Mobile Ltd. - ADR
|
1,404,864
|
|||||
4,720
|
China Unicom Hong Kong Ltd. - ADR1
|
79,815
|
|||||
3,400
|
Hong Kong Exchanges and Clearing Ltd.
|
78,522
|
|||||
4,500
|
Hopewell Holdings Ltd.
|
16,806
|
|||||
9,000
|
Hutchison Whampoa Ltd.
|
123,161
|
|||||
656
|
Hutchison Whampoa Ltd. - ADR
|
18,034
|
|||||
30,000
|
Hysan Development Co., Ltd.
|
144,075
|
|||||
1,474
|
Lenovo Group Ltd. - ADR
|
45,075
|
|||||
6,500
|
MTR Corp. Ltd.
|
30,153
|
|||||
14,000
|
New World Development Co., Ltd.
|
16,502
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
HONG KONG (Continued)
|
|||||||
8,000
|
PCCW Ltd.
|
$
|
5,100
|
||||
2,500
|
Power Assets Holdings Ltd.
|
25,707
|
|||||
164,000
|
Sino Land Co., Ltd.1
|
268,326
|
|||||
7,000
|
Sun Hung Kai Properties Ltd.
|
109,687
|
|||||
2,000
|
Swire Pacific Ltd. - Class A
|
27,317
|
|||||
14,500
|
The Link - REIT
|
92,644
|
|||||
9,000
|
Wheelock & Co., Ltd.
|
48,318
|
|||||
5,134,919
|
|||||||
INDIA – 0.2%
|
|||||||
4,400
|
Dr Reddy's Laboratories Ltd. - ADR1
|
231,792
|
|||||
2,190
|
Infosys Ltd. - ADR1
|
80,395
|
|||||
16,756
|
Wipro Ltd. - ADR1
|
230,898
|
|||||
543,085
|
|||||||
INDONESIA – 0.4%
|
|||||||
263,000
|
Bank Central Asia Tbk P.T.
|
286,778
|
|||||
94,500
|
Bank Negara Indonesia (Persero) Tbk
|
50,188
|
|||||
433,500
|
Kalbe Farma Tbk P.T.
|
60,508
|
|||||
571,600
|
Perusahaan Gas Negara Persero Tbk P.T.
|
229,607
|
|||||
176,000
|
Semen Indonesia Persero Tbk P.T.
|
202,541
|
|||||
1,440,000
|
Telekomunikasi Indonesia Persero Tbk P.T.
|
326,523
|
|||||
4,238
|
Telekomunikasi Indonesia Persero Tbk P.T. - ADR1
|
191,134
|
|||||
1,347,279
|
|||||||
IRELAND – 0.3%
|
|||||||
1,400
|
Alkermes PLC*
|
98,350
|
|||||
1,300
|
Eaton Corp. PLC
|
92,313
|
|||||
13,977
|
Greencore Group PLC
|
72,703
|
|||||
6,800
|
Medtronic PLC
|
527,612
|
|||||
7,135
|
UDG Healthcare PLC
|
51,446
|
|||||
842,424
|
|||||||
ISLE OF MAN – 0.1%
|
|||||||
1,401
|
Optimal Payments PLC*
|
8,007
|
|||||
11,801
|
Playtech PLC
|
139,452
|
|||||
7,724
|
Redefine International PLC - REIT
|
6,701
|
|||||
154,160
|
|||||||
ISRAEL – 0.3%
|
|||||||
722
|
Alony Hetz Properties & Investments Ltd. - REIT
|
5,405
|
|||||
901
|
B Communications Ltd.*
|
13,603
|
|||||
1,825
|
Elbit Systems Ltd.
|
117,292
|
11 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
ISRAEL (Continued)
|
|||||||
763
|
Gazit-Globe Ltd.
|
$
|
9,772
|
||||
151
|
Melisron Ltd.
|
4,841
|
|||||
2,045
|
NICE-Systems Ltd. - ADR
|
119,367
|
|||||
384
|
Osem Investments Ltd.
|
7,066
|
|||||
5,277
|
Plus500 Ltd.*
|
52,153
|
|||||
2,019
|
Shikun & Binui Ltd.
|
4,184
|
|||||
324
|
Strauss Group Ltd.*
|
4,831
|
|||||
8,751
|
Teva Pharmaceutical Industries Ltd. - ADR
|
498,982
|
|||||
837,496
|
|||||||
ITALY – 0.4%
|
|||||||
50,497
|
Banca Popolare di Milano Scarl*
|
47,332
|
|||||
4,172
|
Banca Popolare di Sondrio Scarl
|
19,095
|
|||||
8,185
|
Beni Stabili S.p.A. - REIT
|
6,697
|
|||||
3,324
|
Brembo S.p.A.
|
125,407
|
|||||
2,774
|
Cementir Holding S.p.A.
|
19,703
|
|||||
10,129
|
Credito Valtellinese Scarl*
|
13,918
|
|||||
41,639
|
Enel S.p.A.
|
191,946
|
|||||
275
|
ERG S.p.A.
|
3,462
|
|||||
5,871
|
Esprinet S.p.A.
|
49,437
|
|||||
1,615
|
Finmeccanica S.p.A.*
|
19,558
|
|||||
7,142
|
Mediaset S.p.A.*
|
32,902
|
|||||
26,884
|
Mediobanca S.p.A.
|
247,696
|
|||||
6,927
|
Recordati S.p.A.
|
124,672
|
|||||
44,468
|
UniCredit S.p.A.
|
295,707
|
|||||
4,811
|
Unipol Gruppo Finanziario S.p.A.
|
24,786
|
|||||
1,222,318
|
|||||||
JAPAN – 7.6%
|
|||||||
800
|
Accordia Golf Co., Ltd.
|
7,904
|
|||||
2
|
Activia Properties, Inc. - REIT
|
17,772
|
|||||
1,900
|
ADEKA Corp.
|
24,153
|
|||||
8
|
Advance Residence Investment Corp. - REIT
|
20,061
|
|||||
200
|
Aeon Delight Co., Ltd.
|
4,717
|
|||||
300
|
Aeon Mall Co., Ltd.
|
5,823
|
|||||
9
|
AEON REIT Investment Corp. - REIT
|
13,404
|
|||||
700
|
Ai Holdings Corp.*
|
14,007
|
|||||
4,000
|
Ajinomoto Co., Inc.
|
77,032
|
|||||
1,200
|
Alfresa Holdings Corp.
|
16,726
|
|||||
1,800
|
Alpine Electronics, Inc.
|
32,274
|
|||||
900
|
Alps Electric Co., Ltd.*
|
20,247
|
|||||
3,200
|
Amada Co., Ltd.
|
30,252
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
34,000
|
ANA Holdings, Inc.
|
$
|
92,347
|
||||
1,000
|
Arcland Sakamoto Co., Ltd.
|
20,419
|
|||||
300
|
Arcs Co., Ltd.
|
6,157
|
|||||
24,000
|
Asahi Kasei Corp.
|
248,083
|
|||||
30,900
|
Astellas Pharma, Inc.
|
491,553
|
|||||
29,000
|
Bank of Yokohama Ltd.
|
179,875
|
|||||
1,400
|
BIC Camera, Inc.
|
15,787
|
|||||
19,200
|
Bridgestone Corp.
|
736,529
|
|||||
2,000
|
Broccoli Co., Ltd.
|
12,012
|
|||||
17,600
|
Brother Industries Ltd.
|
296,701
|
|||||
6,000
|
Bunka Shutter Co., Ltd.*
|
49,352
|
|||||
1,400
|
Calbee, Inc.
|
52,961
|
|||||
4,000
|
Calsonic Kansei Corp.*
|
23,905
|
|||||
800
|
Canon Marketing Japan, Inc.
|
15,351
|
|||||
53,700
|
Canon, Inc.
|
1,746,628
|
|||||
6,529
|
Canon, Inc. - ADR
|
212,323
|
|||||
3,100
|
Central Japan Railway Co.
|
576,814
|
|||||
300
|
Century Tokyo Leasing Corp.
|
7,795
|
|||||
13,000
|
Chugoku Marine Paints Ltd.
|
111,121
|
|||||
2,700
|
CKD Corp.
|
24,664
|
|||||
4
|
Comforia Residential REIT, Inc. - REIT
|
8,723
|
|||||
19,000
|
Daicel Corp.
|
246,789
|
|||||
23,026
|
Daihatsu Motor Co., Ltd.
|
329,523
|
|||||
1,000
|
Daio Paper Corp.*
|
8,795
|
|||||
200
|
Daito Trust Construction Co., Ltd.
|
21,680
|
|||||
1,000
|
Daiwa House Industry Co., Ltd.
|
19,709
|
|||||
3
|
Daiwa House REIT Investment Corp. - REIT
|
14,514
|
|||||
6
|
Daiwa House Residential Investment Corp. - REIT
|
13,549
|
|||||
2
|
Daiwa Office Investment Corp. - REIT
|
11,425
|
|||||
3,000
|
Daiwa Securities Group, Inc.
|
24,261
|
|||||
1,700
|
Denso Corp.
|
79,969
|
|||||
700
|
Dip Corp.
|
32,777
|
|||||
3,100
|
DTS Corp.
|
60,587
|
|||||
1,000
|
Ezaki Glico Co., Ltd.*
|
43,667
|
|||||
500
|
FANUC Corp.
|
96,044
|
|||||
3
|
Frontier Real Estate Investment Corp. - REIT
|
14,140
|
|||||
9,100
|
Fudo Tetra Corp.
|
19,244
|
|||||
4,600
|
Fuji Heavy Industries Ltd.
|
156,821
|
|||||
800
|
Fuji Oil Co., Ltd.
|
11,114
|
12 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
6,200
|
FUJIFILM Holdings Corp.
|
$
|
213,470
|
||||
1,000
|
Fujitsu General Ltd.
|
11,109
|
|||||
40,000
|
Fujitsu Ltd.
|
241,310
|
|||||
4,000
|
Fukuda Corp.
|
27,934
|
|||||
11,000
|
Fukuoka Financial Group, Inc.
|
59,038
|
|||||
5
|
Fukuoka REIT Co. - REIT*
|
9,504
|
|||||
1,200
|
Funai Electric Co., Ltd.
|
14,150
|
|||||
100
|
Fuyo General Lease Co., Ltd.
|
3,489
|
|||||
14
|
GLP J-Reit - REIT
|
15,364
|
|||||
1,100
|
Gulliver International Co., Ltd.
|
8,611
|
|||||
11,900
|
Hakuhodo DY Holdings, Inc.
|
131,729
|
|||||
3,000
|
Hankyu Hanshin Holdings, Inc.
|
18,996
|
|||||
2,100
|
Happinet Corp.
|
24,397
|
|||||
1,500
|
Haseko Corp.*
|
13,987
|
|||||
14,800
|
Hazama Ando Corp.
|
86,860
|
|||||
8
|
Heiwa Real Estate REIT, Inc. - REIT
|
6,477
|
|||||
200
|
Heiwado Co., Ltd.
|
4,355
|
|||||
1,000
|
Higo Bank Ltd.
|
6,173
|
|||||
1,200
|
Hino Motors Ltd.
|
18,295
|
|||||
500
|
HIS Co., Ltd.
|
16,792
|
|||||
2,900
|
Hitachi Chemical Co., Ltd.
|
64,105
|
|||||
9,600
|
Hitachi High-Technologies Corp.
|
297,192
|
|||||
3,000
|
Hitachi Kokusai Electric, Inc.
|
41,746
|
|||||
6,000
|
Hitachi Metals Ltd.
|
96,734
|
|||||
1,600
|
Hokkaido Electric Power Co., Inc.*
|
12,501
|
|||||
9,900
|
Hoya Corp.
|
399,686
|
|||||
700
|
Hulic Co., Ltd.
|
7,663
|
|||||
6
|
Hulic Reit, Inc. - REIT
|
9,114
|
|||||
3,000
|
Hyakugo Bank Ltd.
|
14,633
|
|||||
3,000
|
Hyakujushi Bank Ltd.*
|
10,692
|
|||||
100
|
IBJ Leasing Co., Ltd.
|
2,064
|
|||||
480
|
Iida Group Holdings Co., Ltd.*
|
6,660
|
|||||
2
|
Industrial & Infrastructure Fund Investment Corp. - REIT
|
9,824
|
|||||
3,000
|
ITOCHU Corp.
|
33,599
|
|||||
698
|
ITOCHU Corp. - ADR
|
15,653
|
|||||
2,000
|
IwaiCosmo Holdings, Inc.*
|
25,475
|
|||||
800
|
Izumi Co., Ltd.
|
29,250
|
|||||
20,000
|
Japan Airlines Co., Ltd.
|
615,938
|
|||||
400
|
Japan Airport Terminal Co., Ltd.
|
19,626
|
|||||
1,000
|
Japan Aviation Electronics Industry Ltd.
|
23,857
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
10
|
Japan Excellent, Inc. - REIT*
|
$
|
13,116
|
||||
25
|
Japan Hotel REIT Investment Corp. - REIT
|
16,631
|
|||||
5
|
Japan Logistics Fund, Inc. - REIT*
|
10,193
|
|||||
3
|
Japan Prime Realty Investment Corp. - REIT
|
10,802
|
|||||
4
|
Japan Real Estate Investment Corp. - REIT
|
19,985
|
|||||
11
|
Japan Rental Housing Investments, Inc. - REIT
|
8,418
|
|||||
8
|
Japan Retail Fund Investment Corp. - REIT
|
17,193
|
|||||
4,400
|
Japan Tobacco, Inc.
|
138,891
|
|||||
4,400
|
JSR Corp.
|
80,478
|
|||||
10,100
|
JTEKT Corp.
|
158,615
|
|||||
9,900
|
JVC Kenwood Corp.*
|
32,363
|
|||||
1,000
|
Kaken Pharmaceutical Co., Ltd.
|
29,500
|
|||||
1,000
|
Kao Corp.
|
44,711
|
|||||
2,000
|
Kato Works Co., Ltd.
|
13,106
|
|||||
6,000
|
Kawasaki Heavy Industries Ltd.
|
28,489
|
|||||
3,122
|
KDDI Corp.
|
216,671
|
|||||
1,000
|
Keiyo Bank Ltd.
|
5,877
|
|||||
3
|
Kenedix Office Investment Corp.
|
17,147
|
|||||
3
|
Kenedix Residential Investment Corp. - REIT
|
9,142
|
|||||
2,600
|
Kenedix, Inc.
|
11,909
|
|||||
2,900
|
Kissei Pharmaceutical Co., Ltd.*
|
82,537
|
|||||
600
|
Kiyo Bank Ltd.
|
8,306
|
|||||
50,000
|
Kobe Steel Ltd.
|
98,715
|
|||||
18,400
|
Konica Minolta, Inc.
|
187,993
|
|||||
4,100
|
Konoike Transport Co., Ltd.
|
84,169
|
|||||
1,200
|
Kose Corp.
|
61,207
|
|||||
2,200
|
Kura Corp.
|
73,517
|
|||||
400
|
Kusuri No. Aoki Co., Ltd.
|
25,663
|
|||||
600
|
Kyocera Corp.
|
30,357
|
|||||
4,000
|
Kyowa Hakko Kirin Co., Ltd.
|
48,396
|
|||||
8,000
|
Kyudenko Corp.*
|
97,629
|
|||||
2,600
|
Leopalace21 Corp.*
|
14,274
|
|||||
1,000
|
Mabuchi Motor Co., Ltd.
|
50,719
|
|||||
2,000
|
Maeda Road Construction Co., Ltd.
|
31,508
|
|||||
2,500
|
Makita Corp.
|
118,807
|
|||||
2,700
|
MEIJI Holdings Co., Ltd.
|
322,575
|
13 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
1,300
|
Meitec Corp.
|
$
|
40,934
|
||||
15,800
|
Mitsubishi Chemical Holdings Corp.
|
88,083
|
|||||
25,000
|
Mitsubishi Electric Corp.
|
293,087
|
|||||
4,000
|
Mitsubishi Estate Co., Ltd.
|
93,460
|
|||||
3,300
|
Mitsubishi Tanabe Pharma Corp.
|
55,646
|
|||||
49,500
|
Mitsubishi UFJ Financial Group, Inc.
|
322,391
|
|||||
2,000
|
Mitsui & Co., Ltd.
|
27,809
|
|||||
3,000
|
Mitsui Fudosan Co., Ltd.
|
82,439
|
|||||
3,200
|
Mitsumi Electric Co., Ltd.
|
24,142
|
|||||
9
|
Mori Hills REIT Investment Corp. - REIT*
|
12,785
|
|||||
6
|
Mori Trust Sogo Reit, Inc. - REIT
|
12,970
|
|||||
3,000
|
Morinaga & Co., Ltd.
|
9,370
|
|||||
500
|
Nakanishi, Inc.
|
19,217
|
|||||
1,200
|
Namco Bandai Holdings, Inc.
|
21,820
|
|||||
1,400
|
Namura Shipbuilding Co., Ltd.
|
13,379
|
|||||
3,000
|
Nankai Electric Railway Co., Ltd.
|
13,274
|
|||||
1,000
|
Nanto Bank Ltd.
|
3,597
|
|||||
5,000
|
NH Foods Ltd.
|
114,180
|
|||||
2,400
|
NHK Spring Co., Ltd.
|
24,955
|
|||||
900
|
Nichi-iko Pharmaceutical Co., Ltd.
|
18,112
|
|||||
3
|
Nippon Accommodations Fund, Inc. - REIT
|
11,511
|
|||||
4
|
Nippon Building Fund, Inc. - REIT
|
20,118
|
|||||
4
|
Nippon Prologics REIT, Inc. - REIT
|
9,256
|
|||||
2,000
|
Nippon Seiki Co., Ltd.
|
38,583
|
|||||
4,500
|
Nippon Telegraph & Telephone Corp.
|
280,478
|
|||||
6,642
|
Nippon Telegraph & Telephone Corp. - ADR
|
206,765
|
|||||
9,000
|
Nippon Yusen KK
|
27,027
|
|||||
10,000
|
Nishi-Nippon City Bank Ltd.
|
32,054
|
|||||
3,000
|
Nishimatsu Construction Co., Ltd.*
|
11,425
|
|||||
1,000
|
Nitto Kogyo Corp.*
|
17,971
|
|||||
3,400
|
NOK Corp.
|
99,624
|
|||||
1,300
|
Nomura Co., Ltd.*
|
12,687
|
|||||
9,800
|
Nomura Holdings, Inc.
|
60,401
|
|||||
200
|
Nomura Real Estate Holdings, Inc.
|
3,541
|
|||||
10
|
Nomura Real Estate Master Fund, Inc. - REIT
|
12,293
|
|||||
3
|
Nomura Real Estate Office Fund, Inc. - REIT
|
14,952
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
2
|
Nomura Real Estate Residential Fund, Inc. - REIT
|
$
|
11,642
|
||||
2,800
|
North Pacific Bank Ltd.
|
10,964
|
|||||
96,101
|
NTT DOCOMO, Inc.
|
1,708,603
|
|||||
1,000
|
Obara Group, Inc.*
|
55,032
|
|||||
2,000
|
Oji Holdings Corp.
|
8,449
|
|||||
100
|
Okinawa Electric Power Co., Inc.
|
3,396
|
|||||
3,200
|
Omron Corp.
|
141,531
|
|||||
3,400
|
ORIX Corp.
|
48,346
|
|||||
14
|
Orix JREIT, Inc. - REIT
|
20,056
|
|||||
18,600
|
Otsuka Holdings Co., Ltd.
|
557,638
|
|||||
1,000
|
Pal Co., Ltd.
|
27,121
|
|||||
7,900
|
Panasonic Corp.
|
98,814
|
|||||
1,600
|
Pilot Corp.
|
91,734
|
|||||
2
|
Premier Investment Corp. - REIT
|
11,132
|
|||||
8,000
|
Prima Meat Packers Ltd.*
|
19,098
|
|||||
600
|
Raito Kogyo Co., Ltd.
|
5,112
|
|||||
100
|
Relo Holdings, Inc.
|
8,066
|
|||||
38,600
|
Resona Holdings, Inc.
|
216,963
|
|||||
800
|
Resorttrust, Inc.*
|
19,315
|
|||||
10,100
|
Rohm Co., Ltd.
|
651,813
|
|||||
200
|
Ryohin Keikaku Co., Ltd.
|
26,067
|
|||||
1,500
|
S Foods, Inc.*
|
25,602
|
|||||
200
|
Saizeriya Co., Ltd.
|
3,575
|
|||||
200
|
Sangetsu Co., Ltd.
|
5,794
|
|||||
4,000
|
Sankyu, Inc.
|
16,954
|
|||||
3,000
|
SCREEN Holdings Co., Ltd.
|
20,562
|
|||||
5,800
|
Secom Co., Ltd.
|
361,641
|
|||||
4,000
|
Seikagaku Corp.*
|
67,195
|
|||||
3,000
|
Seiko Epson Corp.
|
110,415
|
|||||
4,000
|
Seino Holdings Co., Ltd.
|
45,635
|
|||||
3,000
|
Sekisui Chemical Co., Ltd.
|
38,488
|
|||||
2,000
|
Sekisui House Ltd.
|
26,932
|
|||||
10
|
Sekisui House SI Investment Co. - REIT
|
11,844
|
|||||
1,400
|
Seven & I Holdings Co., Ltd.
|
53,532
|
|||||
10,000
|
Shimadzu Corp.
|
108,211
|
|||||
200
|
Shimamura Co., Ltd.*
|
19,395
|
|||||
11,000
|
Shimizu Corp.
|
78,422
|
|||||
4,200
|
Shin-Etsu Chemical Co., Ltd.
|
288,383
|
|||||
6,000
|
Shindengen Electric Manufacturing Co., Ltd.
|
31,977
|
14 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
6,000
|
Shionogi & Co., Ltd.
|
$
|
176,622
|
||||
4,700
|
SKY Perfect JSAT Holdings, Inc.
|
28,466
|
|||||
1,600
|
SoftBank Corp.
|
98,817
|
|||||
1,100
|
Sohgo Security Services Co., Ltd.
|
34,520
|
|||||
200
|
Sosei Group Corp.*
|
5,586
|
|||||
4,000
|
Sotetsu Holdings, Inc.
|
19,664
|
|||||
11,000
|
Sumitomo Chemical Co., Ltd.
|
51,474
|
|||||
118,000
|
Sumitomo Heavy Industries Ltd.
|
734,501
|
|||||
4,800
|
Sumitomo Mitsui Financial Group, Inc.
|
191,249
|
|||||
1,000
|
Sumitomo Realty & Development Co., Ltd.
|
34,455
|
|||||
15,707
|
Suntory Beverage & Food Ltd.
|
589,303
|
|||||
3,400
|
Suzuki Motor Corp.
|
107,588
|
|||||
1,500
|
Takasago Thermal Engineering Co., Ltd.*
|
18,260
|
|||||
400
|
Takeuchi Manufacturing Co., Ltd.*
|
15,469
|
|||||
1,600
|
Tecmo Koei Holdings Co., Ltd.*
|
22,657
|
|||||
29,000
|
Teijin Ltd.
|
98,189
|
|||||
1,100
|
Teikoku Sen-I Co., Ltd.
|
16,347
|
|||||
2,900
|
THK Co., Ltd.*
|
69,794
|
|||||
1,200
|
Toho Holdings Co., Ltd.
|
20,493
|
|||||
26,800
|
Tokyo Electric Power Co., Inc.*
|
105,115
|
|||||
500
|
Tokyo Electron Ltd.
|
37,698
|
|||||
24,000
|
Tokyo Gas Co., Ltd.
|
146,222
|
|||||
8,000
|
Tokyo Rope Manufacturing Co., Ltd.*
|
13,774
|
|||||
1,000
|
Tokyo Tatemono Co., Ltd.
|
7,428
|
|||||
7,000
|
Tokyu Corp.
|
47,467
|
|||||
1,000
|
Tokyu Fudosan Holdings, Corp.
|
6,856
|
|||||
10
|
Tokyu, Inc. - REIT
|
13,178
|
|||||
2
|
Top, Inc. - REIT
|
8,562
|
|||||
2,000
|
Tosoh Corp.
|
10,033
|
|||||
500
|
Toyo Tire & Rubber Co., Ltd.
|
11,318
|
|||||
1,300
|
Toyoda Gosei Co., Ltd.
|
28,749
|
|||||
5,800
|
Toyota Motor Corp.
|
392,046
|
|||||
14,500
|
Trend Micro, Inc.
|
493,950
|
|||||
1,000
|
Tsubakimoto Chain Co.
|
8,053
|
|||||
1,600
|
Tsuruha Holdings, Inc.
|
108,109
|
|||||
300
|
UMN Pharma, Inc.*
|
8,303
|
|||||
3,600
|
Unicharm Corp.
|
99,671
|
|||||
6
|
United Urban Investment Corp. - REIT
|
9,774
|
|||||
800
|
Welcia Holdings Co., Ltd.
|
29,495
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
4,600
|
West Japan Railway Co.
|
$
|
262,352
|
||||
500
|
Yamabiko Corp.
|
21,600
|
|||||
7,100
|
Yamaha Corp.
|
120,389
|
|||||
6,900
|
Yamaha Motor Co., Ltd.
|
171,615
|
|||||
23,006,737
|
|||||||
JERSEY – 0.2%
|
|||||||
26,002
|
Beazley PLC
|
115,940
|
|||||
1,400
|
Delphi Automotive PLC2
|
110,376
|
|||||
287
|
Randgold Resources Ltd. - ADR1
|
22,727
|
|||||
3,021
|
Shire PLC
|
243,707
|
|||||
492,750
|
|||||||
LIBERIA – 0.1%
|
|||||||
3,400
|
Royal Caribbean Cruises Ltd.
|
259,828
|
|||||
LUXEMBOURG – 0.0%
|
|||||||
1,854
|
Tenaris S.A. - ADR
|
52,932
|
|||||
3,445
|
Ternium S.A. - ADR
|
60,976
|
|||||
113,908
|
|||||||
MALAYSIA – 1.5%
|
|||||||
247,100
|
AMMB Holdings Bhd
|
437,776
|
|||||
229,700
|
Axiata Group Bhd
|
456,161
|
|||||
133,500
|
CIMB Group Holdings Bhd
|
220,319
|
|||||
182,000
|
DiGi.Com Bhd
|
320,898
|
|||||
83,700
|
Genting Bhd
|
205,523
|
|||||
59,200
|
IHH Healthcare Bhd
|
91,468
|
|||||
136,700
|
IJM Corp. Bhd
|
272,719
|
|||||
195,200
|
IOI Corp. Bhd
|
255,046
|
|||||
182,600
|
Malayan Banking Bhd
|
465,928
|
|||||
231,400
|
Maxis Bhd
|
452,729
|
|||||
5,700
|
Petronas Gas Bhd
|
36,446
|
|||||
170,500
|
Sime Darby Bhd
|
441,397
|
|||||
242,100
|
Telekom Malaysia Bhd
|
478,715
|
|||||
111,700
|
Tenaga Nasional Bhd
|
456,015
|
|||||
4,591,140
|
|||||||
MALTA – 0.0%
|
|||||||
1,459
|
Unibet Group PLC*
|
80,151
|
|||||
MEXICO – 0.6%
|
|||||||
64,400
|
Alfa S.A.B. de C.V. - Class A*
|
139,737
|
|||||
13,300
|
America Movil S.A.B. de C.V. - Series L - ADR
|
284,354
|
15 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
MEXICO (Continued)
|
|||||||
46,100
|
Arca Continental S.A.B. de C.V.*
|
$
|
292,705
|
||||
900
|
Coca-Cola Femsa S.A.B. de C.V. - Series L - ADR
|
77,670
|
|||||
20,000
|
Grupo Bimbo S.A.B. de C.V. - Series A*
|
56,567
|
|||||
11,000
|
Grupo Financiero Banorte S.A.B. de C.V. - Class O
|
59,829
|
|||||
22,700
|
Grupo Financiero Inbursa S.A.B. de C.V. - Class O
|
63,838
|
|||||
7,100
|
Grupo Financiero Santander Mexico S.A.B. de C.V. - Class B - ADR
|
78,171
|
|||||
21,300
|
Grupo Lala S.A.B. de C.V.
|
42,550
|
|||||
760
|
Industrias Bachoco S.A.B. de C.V. - ADR*1
|
38,775
|
|||||
22,800
|
Kimberly-Clark de Mexico S.A.B. de C.V. - Class A
|
46,509
|
|||||
24,700
|
Mexichem S.A.B. de C.V.
|
72,110
|
|||||
14,200
|
OHL Mexico S.A.B. de C.V.*
|
29,356
|
|||||
219,600
|
Wal-Mart de Mexico S.A.B. de C.V.
|
538,279
|
|||||
1,820,450
|
|||||||
NETHERLANDS – 1.0%
|
|||||||
3,864
|
BE Semiconductor Industries N.V.*
|
101,824
|
|||||
6,466
|
Delta Lloyd N.V.
|
117,260
|
|||||
265
|
Eurocommercial Properties N.V.
|
12,313
|
|||||
35,048
|
Fiat Chrysler Automobiles N.V.*
|
541,053
|
|||||
1,003
|
Heineken N.V.
|
78,211
|
|||||
15,593
|
ING Groep N.V.*
|
231,294
|
|||||
17,385
|
Koninklijke Ahold N.V.
|
325,801
|
|||||
8,455
|
Koninklijke BAM Groep N.V.
|
39,943
|
|||||
10,900
|
LyondellBasell Industries N.V. - Class A
|
936,419
|
|||||
1,327
|
NSI N.V. - REIT
|
6,349
|
|||||
540
|
Nutreco N.V.
|
27,264
|
|||||
10,340
|
Reed Elsevier N.V.
|
256,379
|
|||||
180
|
Vastned Retail N.V. - REIT
|
9,376
|
|||||
212
|
Wereldhave N.V. - REIT
|
14,565
|
|||||
7,161
|
Wolters Kluwer N.V.
|
231,900
|
|||||
2,929,951
|
|||||||
NORWAY – 0.1%
|
|||||||
4,404
|
Austevoll Seafood A.S.A.
|
26,684
|
|||||
2,273
|
Borregaard A.S.A
|
14,360
|
|||||
9,699
|
Kongsberg Automotive A.S.A.*
|
7,172
|
|||||
587
|
Leroy Seafood Group A.S.A.
|
20,123
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
NORWAY (Continued)
|
|||||||
121,798
|
REC Silicon A.S.A.*
|
$
|
35,047
|
||||
265
|
REC Solar A.S.A.*
|
3,541
|
|||||
3,132
|
Salmar A.S.A.
|
51,218
|
|||||
798
|
SpareBank 1 SMN*
|
6,230
|
|||||
8,419
|
Storebrand A.S.A.*
|
29,974
|
|||||
194,349
|
|||||||
PHILIPPINES – 0.1%
|
|||||||
3,996
|
Philippine Long Distance Telephone Co. - ADR1
|
286,114
|
|||||
POLAND – 0.4%
|
|||||||
1,395
|
Bank Pekao S.A.
|
69,870
|
|||||
1,409
|
Bank Zachodni WBK S.A.
|
127,247
|
|||||
25,420
|
Orange Polska S.A.
|
67,551
|
|||||
86,446
|
PGE S.A.
|
483,362
|
|||||
12,323
|
Powszechna Kasa Oszczednosci Bank Polski S.A.
|
108,263
|
|||||
3,069
|
Powszechny Zaklad Ubezpieczen S.A.
|
404,329
|
|||||
1,260,622
|
|||||||
PUERTO RICO – 0.0%
|
|||||||
3,500
|
Popular, Inc.*2
|
120,785
|
|||||
SINGAPORE – 0.8%
|
|||||||
4,000
|
Ascendas Real Estate Investment Trust - REIT1
|
7,249
|
|||||
46,000
|
Asian Pay Television Trust
|
31,221
|
|||||
2,800
|
Avago Technologies Ltd.
|
357,336
|
|||||
4,000
|
CapitaCommercial Trust - REIT
|
5,175
|
|||||
4,000
|
CapitaMall Trust - REIT
|
6,195
|
|||||
11,900
|
ComfortDelGro Corp. Ltd.
|
25,660
|
|||||
45,531
|
DBS Group Holdings Ltd.
|
652,861
|
|||||
72,900
|
Flextronics International Ltd.*
|
887,922
|
|||||
16,000
|
Keppel - REIT
|
14,558
|
|||||
12,000
|
Keppel Land Ltd.
|
40,035
|
|||||
11,000
|
Mapletree Commercial Trust - REIT
|
12,590
|
|||||
17,000
|
Mapletree Greater China Commercial Trust - REIT
|
12,948
|
|||||
10,000
|
Mapletree Industrial Trust - REIT
|
11,331
|
|||||
13,000
|
Mapletree Logistics Trust - REIT
|
11,733
|
|||||
2,800
|
Oversea-Chinese Banking Corp. Ltd.1
|
21,506
|
|||||
2,000
|
Sembcorp Industries Ltd.
|
6,200
|
|||||
2,000
|
Singapore Airlines Ltd.
|
17,613
|
16 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
SINGAPORE (Continued)
|
|||||||
2,000
|
Singapore Exchange Ltd.
|
$
|
12,006
|
||||
3,800
|
Singapore Post Ltd.
|
5,583
|
|||||
3,000
|
Singapore Technologies Engineering Ltd.
|
7,720
|
|||||
13,000
|
SMRT Corp. Ltd.
|
16,621
|
|||||
3,700
|
United Engineers Ltd.*
|
7,683
|
|||||
6,000
|
United Overseas Bank Ltd.
|
101,484
|
|||||
1,000
|
UOL Group Ltd.
|
5,753
|
|||||
18,900
|
Yangzijiang Shipbuilding Holdings Ltd.1
|
16,991
|
|||||
2,295,974
|
|||||||
SOUTH AFRICA – 1.7%
|
|||||||
7,789
|
Aspen Pharmacare Holdings Ltd.
|
276,254
|
|||||
10,646
|
Bidvest Group Ltd.
|
293,731
|
|||||
83,993
|
FirstRand Ltd.
|
384,728
|
|||||
48,260
|
Life Healthcare Group Holdings Ltd.
|
187,491
|
|||||
10,802
|
Mediclinic International Ltd.
|
114,049
|
|||||
20,824
|
Mr. Price Group Ltd.
|
481,153
|
|||||
13,152
|
MTN Group Ltd.
|
232,921
|
|||||
1,981
|
Naspers Ltd. - N Shares
|
290,148
|
|||||
15,780
|
Nedbank Group Ltd.
|
346,181
|
|||||
40,539
|
Netcare Ltd.
|
142,650
|
|||||
8,083
|
RMB Holdings Ltd.*
|
46,993
|
|||||
37,764
|
Sanlam Ltd.
|
244,734
|
|||||
9,007
|
Shoprite Holdings Ltd.
|
128,190
|
|||||
36,906
|
Sibanye Gold Ltd. - ADR
|
390,835
|
|||||
17,882
|
Standard Bank Group Ltd.
|
233,692
|
|||||
6,703
|
Steinhoff International Holdings Ltd.
|
38,672
|
|||||
7,823
|
Tiger Brands Ltd.
|
232,670
|
|||||
39,929
|
Truworths International Ltd.*
|
304,218
|
|||||
17,934
|
Vodacom Group Ltd.
|
208,679
|
|||||
60,152
|
Woolworths Holdings Ltd.
|
463,413
|
|||||
5,041,402
|
|||||||
SOUTH KOREA – 1.4%
|
|||||||
199
|
Amorepacific Corp.
|
517,657
|
|||||
1,609
|
Dongbu Insurance Co., Ltd.
|
77,604
|
|||||
588
|
E-Mart Co., Ltd.
|
114,786
|
|||||
2,018
|
Hyundai Glovis Co., Ltd.
|
438,558
|
|||||
419
|
Hyundai Mobis
|
95,256
|
|||||
241
|
Hyundai WIA Corp.
|
30,833
|
|||||
14,164
|
Kangwon Land, Inc.*
|
438,814
|
|||||
3,594
|
Kia Motors Corp.
|
148,907
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
SOUTH KOREA (Continued)
|
|||||||
12,327
|
Korea Electric Power Corp. - ADR*1
|
$
|
254,922
|
||||
322
|
KT Corp.*
|
9,009
|
|||||
3,166
|
KT&G Corp.
|
230,656
|
|||||
5,060
|
LG Display Co., Ltd.
|
157,104
|
|||||
94
|
LG Household & Health Care Ltd.
|
57,431
|
|||||
34,800
|
LG Uplus Corp.
|
375,679
|
|||||
357
|
NAVER Corp.
|
214,825
|
|||||
41
|
Orion Corp.
|
36,024
|
|||||
1,132
|
Samsung C&T Corp.
|
62,448
|
|||||
229
|
Samsung Electronics Co., Ltd.
|
283,229
|
|||||
327
|
Samsung Fire & Marine Insurance Co., Ltd.
|
75,974
|
|||||
460
|
Samsung Life Insurance Co., Ltd.
|
41,769
|
|||||
1,608
|
SK Telecom Co., Ltd.
|
422,006
|
|||||
4,083,491
|
|||||||
SPAIN – 0.6%
|
|||||||
88,131
|
Banco Santander S.A.
|
644,380
|
|||||
7,038
|
Ence Energia y Celulosa S.A
|
23,394
|
|||||
6,230
|
Gamesa Corp. Tecnologica S.A.*
|
73,609
|
|||||
5,655
|
Gas Natural SDG S.A.
|
136,446
|
|||||
121,339
|
Iberdrola S.A.
|
828,126
|
|||||
22,371
|
Inmobiliaria Colonial S.A.*
|
16,346
|
|||||
8,596
|
International Consolidated Airlines Group S.A.*
|
76,708
|
|||||
23,142
|
Liberbank S.A.*
|
18,641
|
|||||
10,174
|
Promotora de Informaciones S.A. - Class A*
|
3,629
|
|||||
588
|
Red Electrica Corp. S.A.
|
50,016
|
|||||
3,511
|
Telefonica S.A.
|
54,544
|
|||||
1,925,839
|
|||||||
SWEDEN – 0.8%
|
|||||||
141
|
Axfood A.B.
|
8,190
|
|||||
4,669
|
Bilia A.B. - A Shares*
|
153,382
|
|||||
3,734
|
Boliden A.B.
|
75,489
|
|||||
890
|
Castellum A.B.
|
15,242
|
|||||
8,351
|
Electrolux A.B. - Series B
|
272,626
|
|||||
1,432
|
Fabege A.B.
|
21,743
|
|||||
2,380
|
Haldex A.B.
|
37,011
|
|||||
4,105
|
Hennes & Mauritz A.B. - B Shares
|
178,982
|
|||||
1,160
|
Hufvudstaden A.B. - A Shares
|
17,006
|
|||||
39,328
|
Husqvarna A.B. - B Shares
|
307,487
|
|||||
1,216
|
Intrum Justitia A.B.
|
34,517
|
17 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
SWEDEN (Continued)
|
|||||||
703
|
Investment A.B. Kinnevik - B Shares
|
$
|
23,637
|
||||
1,112
|
Investor A.B. - B Shares
|
44,169
|
|||||
999
|
Kungsleden A.B.
|
8,211
|
|||||
2,250
|
Loomis A.B. - Class B
|
73,863
|
|||||
392
|
Lundbergforetagen A.B. - B Shares
|
18,900
|
|||||
374
|
Nobia A.B.*
|
3,643
|
|||||
19,532
|
SAS A.B.*
|
43,014
|
|||||
6,412
|
Securitas A.B. - B Shares
|
91,211
|
|||||
21,917
|
Skandinaviska Enskilda Banken A.B. - Class A
|
276,526
|
|||||
2,481
|
Swedish Match A.B.
|
78,143
|
|||||
2,372
|
Tele2 A.B. - B Shares
|
27,828
|
|||||
34,667
|
Telefonaktiebolaget LM Ericsson - B Shares
|
447,693
|
|||||
751
|
Tethys Oil A.B.*
|
5,726
|
|||||
890
|
Wallenstam A.B. - B Shares
|
15,827
|
|||||
680
|
Wihlborgs Fastigheter A.B.
|
14,354
|
|||||
2,294,420
|
|||||||
SWITZERLAND – 3.2%
|
|||||||
8,978
|
ABB Ltd.
|
192,390
|
|||||
3,799
|
ACE Ltd.
|
433,124
|
|||||
288
|
Actelion Ltd.
|
34,479
|
|||||
25,547
|
Allied World Assurance Co. Holdings A.G.
|
1,033,376
|
|||||
146
|
Allreal Holding A.G.
|
22,403
|
|||||
2,285
|
ASCOM Holding A.G.
|
35,585
|
|||||
255
|
Autoneum Holding A.G.
|
47,551
|
|||||
1,177
|
Baloise Holding A.G.
|
153,140
|
|||||
133
|
Forbo Holding A.G.
|
141,755
|
|||||
54
|
Georg Fischer A.G.*
|
38,791
|
|||||
198
|
Givaudan S.A.
|
380,235
|
|||||
184
|
Helvetia Holding A.G.
|
92,454
|
|||||
932
|
Holcim Ltd.
|
71,899
|
|||||
9,965
|
Logitech International S.A.
|
148,082
|
|||||
57
|
Mobimo Holding A.G.
|
13,447
|
|||||
9,960
|
Nestle S.A.
|
778,412
|
|||||
14,306
|
Nestle S.A. - ADR
|
1,117,942
|
|||||
11,194
|
Novartis A.G.
|
1,144,856
|
|||||
8,808
|
Novartis A.G. - ADR1
|
901,939
|
|||||
226
|
PSP Swiss Property A.G.
|
23,461
|
|||||
2,169
|
Roche Holding A.G.
|
591,030
|
|||||
3,077
|
Swiss Life Holding A.G.
|
730,660
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
SWITZERLAND (Continued)
|
|||||||
3,910
|
Swiss Re A.G.
|
$
|
359,414
|
||||
5,800
|
TE Connectivity Ltd.
|
418,354
|
|||||
2,636
|
Zurich Insurance Group A.G.
|
843,017
|
|||||
9,747,796
|
|||||||
TAIWAN – 1.7%
|
|||||||
40,551
|
Advanced Semiconductor Engineering, Inc. - ADR1
|
287,912
|
|||||
27,000
|
Asustek Computer, Inc.
|
280,193
|
|||||
149,000
|
Chunghwa Telecom Co., Ltd.*
|
468,711
|
|||||
15,560
|
Chunghwa Telecom Co., Ltd. - ADR1
|
489,518
|
|||||
95,000
|
Compal Electronics, Inc.
|
73,606
|
|||||
51,000
|
Far EasTone Telecommunications Co., Ltd.
|
125,681
|
|||||
164,797
|
Foxconn Technology Co., Ltd.
|
422,886
|
|||||
78,848
|
Hon Hai Precision Industry Co., Ltd.
|
217,876
|
|||||
15,000
|
Kinsus Interconnect Technology Corp.
|
48,323
|
|||||
4,000
|
Largan Precision Co., Ltd.
|
340,031
|
|||||
6,000
|
Novatek Microelectronics Corp.*
|
32,243
|
|||||
33,000
|
Pegatron Corp.
|
90,301
|
|||||
59,000
|
President Chain Store Corp.
|
457,866
|
|||||
15,000
|
Quanta Computer, Inc.
|
37,769
|
|||||
94,940
|
Realtek Semiconductor Corp.
|
296,571
|
|||||
28,390
|
Siliconware Precision Industries Co., Ltd. - ADR1
|
251,251
|
|||||
64,000
|
Taiwan Mobile Co., Ltd.*
|
218,752
|
|||||
24,802
|
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
|
608,393
|
|||||
121,348
|
Uni-President Enterprises Corp.*
|
203,165
|
|||||
136,020
|
Wistron Corp.
|
127,979
|
|||||
5,079,027
|
|||||||
THAILAND – 0.4%
|
|||||||
11,900
|
Advanced Info Service PCL
|
85,724
|
|||||
105,000
|
Bangkok Dusit Medical Services PCL
|
69,805
|
|||||
331,500
|
CP ALL PCL
|
410,037
|
|||||
79,900
|
PTT Global Chemical PCL
|
138,332
|
|||||
44,400
|
PTT PCL
|
470,378
|
|||||
56,300
|
Thai Oil PCL
|
91,331
|
|||||
1,265,607
|
|||||||
TURKEY – 0.2%
|
|||||||
8,823
|
BIM Birlesik Magazalar AS
|
165,333
|
|||||
17,988
|
KOC Holding AS
|
83,932
|
|||||
10,207
|
Turk Hava Yollari*
|
36,843
|
18 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
TURKEY (Continued)
|
|||||||
115,842
|
Turk Telekomunikasyon AS
|
$
|
337,218
|
||||
4,319
|
Turkcell Iletisim Hizmetleri AS*
|
22,708
|
|||||
646,034
|
|||||||
UNITED KINGDOM – 5.0%
|
|||||||
5,331
|
3i Group PLC
|
40,500
|
|||||
6,924
|
Afren PLC*1
|
917
|
|||||
1,258
|
African Barrick Gold PLC
|
5,346
|
|||||
2,269
|
Alent PLC
|
12,291
|
|||||
1,158
|
Amlin PLC
|
9,454
|
|||||
4,500
|
Aon PLC
|
451,620
|
|||||
10,610
|
Associated British Foods PLC
|
510,076
|
|||||
4,369
|
AstraZeneca PLC
|
301,084
|
|||||
735
|
AstraZeneca PLC - ADR
|
50,642
|
|||||
5,321
|
Balfour Beatty PLC
|
20,603
|
|||||
192,301
|
Barclays PLC
|
761,480
|
|||||
4,242
|
Barratt Developments PLC
|
33,662
|
|||||
2,715
|
Bellway PLC
|
83,234
|
|||||
1,438
|
Berendsen PLC
|
24,404
|
|||||
2,043
|
Betfair Group PLC
|
54,877
|
|||||
7,325
|
BHP Billiton PLC
|
182,813
|
|||||
1,138
|
Big Yellow Group PLC - REIT
|
11,088
|
|||||
3,417
|
Booker Group PLC
|
8,458
|
|||||
62,651
|
BP PLC
|
431,460
|
|||||
6,178
|
BP PLC - ADR
|
256,016
|
|||||
5,819
|
British Land Co. PLC - REIT
|
74,292
|
|||||
14,114
|
British Sky Broadcasting Group PLC
|
216,687
|
|||||
91,401
|
BT Group PLC
|
640,841
|
|||||
16,199
|
Cable & Wireless Communications PLC
|
14,571
|
|||||
3,725
|
Cairn Energy PLC*
|
11,650
|
|||||
4,226
|
Capital & Counties Properties PLC
|
26,346
|
|||||
4,335
|
Close Brothers Group PLC
|
109,672
|
|||||
920
|
CSR PLC
|
12,281
|
|||||
9,048
|
Dart Group PLC
|
40,824
|
|||||
643
|
Derwent London PLC - REIT
|
33,209
|
|||||
2,074
|
Dialog Semiconductor PLC*
|
91,722
|
|||||
969
|
Diploma PLC
|
11,938
|
|||||
159,656
|
Direct Line Insurance Group PLC
|
805,040
|
|||||
3,619
|
DS Smith PLC
|
20,488
|
|||||
9,522
|
easyJet PLC
|
253,928
|
|||||
3,691
|
EnQuest PLC*
|
2,373
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED KINGDOM (Continued)
|
|||||||
3,150
|
Ensco PLC - Class A
|
$
|
77,081
|
||||
318
|
Fidessa Group PLC
|
11,414
|
|||||
1,953
|
Foxtons Group PLC*
|
6,062
|
|||||
8,106
|
Game Digital PLC*
|
32,913
|
|||||
2,343
|
Go-Ahead Group PLC*
|
94,028
|
|||||
3,937
|
Grainger PLC
|
12,766
|
|||||
2,277
|
Great Portland Estates PLC - REIT
|
28,130
|
|||||
2,413
|
Greggs PLC
|
32,674
|
|||||
1,728
|
Hammerson PLC - REIT
|
18,002
|
|||||
5,830
|
Hansteen Holdings PLC - REIT
|
10,621
|
|||||
13,772
|
Hays PLC
|
32,485
|
|||||
5,248
|
Hikma Pharmaceuticals PLC
|
200,287
|
|||||
23,471
|
Home Retail Group PLC
|
73,286
|
|||||
63,734
|
HSBC Holdings PLC
|
568,137
|
|||||
4,433
|
HSBC Holdings PLC - ADR1
|
197,800
|
|||||
1,134
|
Hunting PLC
|
8,355
|
|||||
7,907
|
ICAP PLC
|
65,217
|
|||||
2,025
|
IG Group Holdings PLC
|
22,816
|
|||||
20,411
|
Imperial Tobacco Group PLC
|
1,004,474
|
|||||
6,343
|
Inchcape PLC
|
71,929
|
|||||
11,330
|
Intermediate Capital Group PLC
|
85,664
|
|||||
41,430
|
Investec PLC
|
368,796
|
|||||
83,208
|
ITV PLC
|
289,089
|
|||||
28,156
|
J Sainsbury PLC
|
117,880
|
|||||
6,814
|
J Sainsbury PLC - ADR
|
115,634
|
|||||
2,500
|
Jazztel PLC*
|
34,945
|
|||||
3,135
|
John Wood Group PLC
|
32,106
|
|||||
99,079
|
Kingfisher PLC
|
558,670
|
|||||
5,127
|
Laird PLC
|
27,725
|
|||||
6,063
|
Land Securities Group PLC - REIT
|
117,333
|
|||||
3,484
|
Londonmetric Property PLC - REIT
|
8,681
|
|||||
33,989
|
Melrose Industries PLC
|
80,700
|
|||||
1,103
|
Micro Focus International PLC
|
18,476
|
|||||
1,207
|
Mondi PLC
|
24,726
|
|||||
4,191
|
Next PLC
|
484,453
|
|||||
1,098
|
Northgate PLC
|
10,534
|
|||||
3,034
|
Ophir Energy PLC*
|
6,498
|
|||||
17,950
|
Pace PLC
|
92,573
|
|||||
2,348
|
Pennon Group PLC
|
30,789
|
|||||
31,130
|
Persimmon PLC
|
845,292
|
|||||
30,281
|
Premier Foods PLC*
|
20,424
|
19 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED KINGDOM (Continued)
|
|||||||
4,583
|
Premier Oil PLC
|
$
|
11,879
|
||||
2,308
|
Quindell PLC1
|
3,305
|
|||||
4,341
|
Quintain Estates & Development PLC*
|
6,434
|
|||||
11,585
|
Reckitt Benckiser Group PLC
|
1,045,683
|
|||||
6,504
|
Reed Elsevier PLC
|
111,989
|
|||||
515
|
Rightmove PLC
|
24,048
|
|||||
5,119
|
Rio Tinto PLC
|
251,929
|
|||||
1,793
|
Rockhopper Exploration PLC*
|
1,827
|
|||||
2,831
|
Royal Bank of Scotland Group PLC*
|
16,001
|
|||||
15,730
|
Royal Dutch Shell PLC - A Shares
|
512,460
|
|||||
9,722
|
Royal Dutch Shell PLC - B Shares
|
329,516
|
|||||
1,668
|
Safestore Holdings PLC - REIT
|
7,188
|
|||||
1,087
|
Savills PLC
|
12,243
|
|||||
1,832
|
Shaftesbury PLC - REIT*
|
22,955
|
|||||
3,532
|
Smith & Nephew PLC
|
64,663
|
|||||
1,351
|
Soco International PLC
|
5,839
|
|||||
1,706
|
St. Modwen Properties PLC
|
12,762
|
|||||
5,215
|
Standard Chartered PLC
|
79,649
|
|||||
1,832
|
SVG Capital PLC*
|
13,901
|
|||||
460
|
Synergy Health PLC
|
15,127
|
|||||
2,250
|
Synthomer PLC
|
10,147
|
|||||
3,106
|
TalkTalk Telecom Group PLC
|
16,248
|
|||||
16,453
|
Travis Perkins PLC
|
511,158
|
|||||
5,250
|
Unilever PLC
|
231,560
|
|||||
1,586
|
Unite Group PLC*
|
13,467
|
|||||
21,286
|
Vodafone Group PLC
|
73,677
|
|||||
6,388
|
WH Smith PLC*
|
132,099
|
|||||
968
|
Workspace Group PLC - REIT
|
12,841
|
|||||
938
|
WS Atkins PLC
|
19,761
|
|||||
15,125,708
|
|||||||
UNITED STATES – 27.6%
|
|||||||
3,400
|
1-800-Flowers.com, Inc. - Class A*2
|
42,432
|
|||||
4,537
|
3M Co.2
|
765,165
|
|||||
1,000
|
A Schulman, Inc.2
|
42,580
|
|||||
363
|
Abbott Laboratories
|
17,195
|
|||||
19,100
|
AbbVie, Inc.2
|
1,155,550
|
|||||
4,800
|
ACCO Brands Corp.*2
|
36,528
|
|||||
2,800
|
Aetna, Inc.
|
278,740
|
|||||
7,736
|
Aflac, Inc.
|
481,566
|
|||||
2,800
|
AK Steel Holding Corp.*2
|
12,376
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
1,900
|
Alaska Air Group, Inc.
|
$
|
120,935
|
||||
300
|
Alexandria Real Estate Equities, Inc. - REIT
|
28,773
|
|||||
1,303
|
Allergan, Inc.
|
303,260
|
|||||
5,700
|
Allstate Corp.
|
402,420
|
|||||
200
|
Alnylam Pharmaceuticals, Inc.*2
|
20,306
|
|||||
5,500
|
Altria Group, Inc.
|
309,595
|
|||||
349
|
Amazon.com, Inc.*
|
132,676
|
|||||
400
|
AMERCO
|
130,728
|
|||||
2,300
|
American Airlines Group, Inc.2
|
110,170
|
|||||
11,874
|
American Electric Power Co., Inc.
|
683,705
|
|||||
9,218
|
American Financial Group, Inc.
|
580,734
|
|||||
1,666
|
American National Insurance Co.
|
174,514
|
|||||
1,400
|
American States Water Co.
|
56,182
|
|||||
1,300
|
American Tower Corp. - REIT
|
128,882
|
|||||
700
|
Ameriprise Financial, Inc.
|
93,541
|
|||||
1,287
|
AmerisourceBergen Corp.2
|
132,252
|
|||||
3,200
|
Amgen, Inc.2
|
504,704
|
|||||
5,700
|
Amkor Technology, Inc.*2
|
55,461
|
|||||
5,100
|
Anadarko Petroleum Corp.
|
429,573
|
|||||
800
|
Anika Therapeutics, Inc.*
|
31,936
|
|||||
3,500
|
Annaly Capital Management, Inc. - REIT
|
37,170
|
|||||
1,800
|
Anthem, Inc.
|
263,610
|
|||||
6,082
|
Apollo Commercial Real Estate Finance, Inc. - REIT1
|
103,941
|
|||||
28,052
|
Apple, Inc.
|
3,603,560
|
|||||
1,100
|
ArcBest Corp.
|
46,068
|
|||||
18,800
|
Archer-Daniels-Midland Co.
|
900,144
|
|||||
900
|
Arrowhead Research Corp.*1 2
|
6,777
|
|||||
400
|
Arthur J. Gallagher & Co.
|
18,796
|
|||||
39,980
|
AT&T, Inc.
|
1,381,709
|
|||||
700
|
AvalonBay Communities, Inc. - REIT
|
117,838
|
|||||
2,400
|
Avery Dennison Corp.
|
128,520
|
|||||
2,003
|
BancFirst Corp.
|
118,938
|
|||||
500
|
BancorpSouth, Inc.2
|
11,195
|
|||||
13,900
|
Bank of America Corp.
|
219,759
|
|||||
1,900
|
Bank of New York Mellon Corp.
|
74,366
|
|||||
568
|
Baxter International, Inc.
|
39,277
|
|||||
711
|
Becton, Dickinson and Co.
|
104,318
|
|||||
11,085
|
Benchmark Electronics, Inc.*
|
260,054
|
|||||
5,334
|
Berkshire Hathaway, Inc.*
|
786,285
|
20 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
4,500
|
Best Buy Co., Inc.
|
$
|
171,450
|
||||
800
|
Big Lots, Inc.
|
38,168
|
|||||
200
|
Bio-Techne Corp.
|
19,506
|
|||||
1,700
|
Biogen Idec, Inc.*2
|
696,303
|
|||||
400
|
BlackRock, Inc.
|
148,568
|
|||||
1,500
|
Bloomin' Brands, Inc.
|
38,640
|
|||||
400
|
Bluebird Bio, Inc.*
|
38,128
|
|||||
200
|
Boeing Co.2
|
30,170
|
|||||
5,000
|
Booz Allen Hamilton Holding Corp.
|
148,800
|
|||||
700
|
Boston Properties, Inc. - REIT
|
96,187
|
|||||
2,384
|
Bristol-Myers Squibb Co.
|
145,233
|
|||||
9,800
|
Broadcom Corp. - Class A
|
443,254
|
|||||
100
|
Broadridge Financial Solutions, Inc.
|
5,323
|
|||||
12,900
|
Brocade Communications Systems, Inc.
|
159,831
|
|||||
900
|
Brown & Brown, Inc.
|
28,926
|
|||||
1,900
|
Brown Shoe Co., Inc.
|
57,000
|
|||||
1,700
|
California Resources Corp.*2
|
12,172
|
|||||
4,600
|
Cambrex Corp.*
|
157,550
|
|||||
7,100
|
Cardinal Health, Inc.
|
624,729
|
|||||
1,600
|
CareFusion Corp.*
|
96,128
|
|||||
1,300
|
Cato Corp. - Class A
|
57,642
|
|||||
1,000
|
Century Aluminum Co.*
|
18,970
|
|||||
1,100
|
CF Industries Holdings, Inc.2
|
336,853
|
|||||
2,871
|
Chemed Corp.
|
334,414
|
|||||
1,100
|
Chevron Corp.2
|
117,348
|
|||||
181,666
|
Chimera Investment Corp. - REIT2
|
583,148
|
|||||
22
|
Chipotle Mexican Grill, Inc.*
|
14,629
|
|||||
6,832
|
Chubb Corp.
|
686,274
|
|||||
251
|
Church & Dwight Co., Inc.
|
21,370
|
|||||
1,100
|
CIRCOR International, Inc.2
|
59,037
|
|||||
22,300
|
Cisco Systems, Inc.
|
658,073
|
|||||
1,900
|
Citigroup, Inc.2
|
99,598
|
|||||
900
|
Clear Channel Outdoor Holdings, Inc. - Class A2
|
8,784
|
|||||
900
|
CME Group, Inc.
|
86,337
|
|||||
600
|
CNO Financial Group, Inc.
|
9,756
|
|||||
22,101
|
Coca-Cola Co.
|
956,973
|
|||||
6,883
|
Colgate-Palmolive Co.
|
487,454
|
|||||
1,500
|
Comcast Corp.
|
88,418
|
|||||
6,400
|
Comcast Corp. - Class A2
|
380,032
|
|||||
200
|
Community Health Systems, Inc.*2
|
9,704
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
1,100
|
Computer Sciences Corp.
|
$
|
78,012
|
||||
300
|
Con-way, Inc.2
|
13,251
|
|||||
2,195
|
Consolidated Edison, Inc.
|
138,592
|
|||||
1,400
|
Constant Contact, Inc.*
|
57,862
|
|||||
900
|
Cooper Tire & Rubber Co2
|
34,254
|
|||||
300
|
Core-Mark Holding Co., Inc.
|
21,096
|
|||||
11,100
|
Corning, Inc.
|
270,840
|
|||||
3,112
|
Costco Wholesale Corp.
|
457,340
|
|||||
300
|
Crane Co.
|
20,049
|
|||||
667
|
Credit Acceptance Corp.*
|
122,261
|
|||||
1,800
|
Crown Castle International Corp. - REIT
|
155,358
|
|||||
800
|
CubeSmart - REIT
|
18,560
|
|||||
1,300
|
Cummins, Inc.2
|
184,899
|
|||||
13,048
|
CVS Caremark Corp.
|
1,355,296
|
|||||
300
|
Deckers Outdoor Corp.*2
|
22,272
|
|||||
1,100
|
Deere & Co.
|
99,660
|
|||||
6,000
|
Delta Air Lines, Inc.
|
267,120
|
|||||
11,600
|
Denbury Resources, Inc.2
|
97,440
|
|||||
2,100
|
Depomed, Inc.*
|
46,095
|
|||||
2,000
|
DexCom, Inc.*
|
121,480
|
|||||
100
|
Dillard's, Inc. - Class A2
|
13,016
|
|||||
1,100
|
Diodes, Inc.*
|
31,339
|
|||||
1,600
|
DIRECTV*
|
141,760
|
|||||
4,600
|
Discover Financial Services
|
280,508
|
|||||
3,900
|
Dollar General Corp.*
|
283,218
|
|||||
2,000
|
Dollar Tree, Inc.*2
|
159,360
|
|||||
875
|
Dominion Resources, Inc.
|
63,079
|
|||||
500
|
Domtar Corp.
|
22,600
|
|||||
3,296
|
Dr. Pepper Snapple Group, Inc.
|
259,692
|
|||||
300
|
DST Systems, Inc.
|
31,887
|
|||||
2,900
|
DTE Energy Co.
|
237,887
|
|||||
3,757
|
Duke Energy Corp.
|
295,112
|
|||||
400
|
Dynegy, Inc.*2
|
11,148
|
|||||
2,000
|
Edison International
|
128,500
|
|||||
5,800
|
Edwards Lifesciences Corp.*2
|
771,516
|
|||||
7,700
|
Electronic Arts, Inc.*2
|
440,286
|
|||||
1,417
|
Eli Lilly & Co.2
|
99,431
|
|||||
5,700
|
EMC Corp.
|
164,958
|
|||||
4,700
|
Emergent Biosolutions, Inc.*
|
140,859
|
|||||
2,100
|
Emerson Electric Co.
|
121,632
|
21 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
7,300
|
Emulex Corp.*
|
$
|
58,035
|
||||
16,400
|
Entravision Communications Corp. - Class A
|
112,504
|
|||||
1,600
|
EPAM Systems, Inc.*
|
98,688
|
|||||
300
|
EPR Properties - REIT
|
18,303
|
|||||
1,300
|
Equity Lifestyle Properties, Inc. - REIT
|
70,031
|
|||||
1,200
|
Equity Residential - REIT
|
92,436
|
|||||
300
|
Essex Property Trust, Inc. - REIT2
|
66,729
|
|||||
500
|
Exelis, Inc.
|
12,100
|
|||||
242
|
Express Scripts Holding Co.*
|
20,519
|
|||||
2,400
|
Extra Space Storage, Inc. - REIT
|
157,872
|
|||||
2,900
|
Extreme Networks, Inc.*2
|
10,295
|
|||||
9,970
|
Exxon Mobil Corp.2
|
882,744
|
|||||
900
|
Facebook, Inc. - Class A*
|
71,073
|
|||||
259
|
Family Dollar Stores, Inc.
|
20,394
|
|||||
1,000
|
FedEx Corp.2
|
176,980
|
|||||
1,600
|
Ferro Corp.*
|
20,400
|
|||||
10,700
|
Fidelity National Information Services, Inc.
|
723,213
|
|||||
582
|
First Financial Corp.
|
19,584
|
|||||
2,100
|
Fulton Financial Corp.2
|
25,410
|
|||||
3,700
|
Gap, Inc.2
|
153,920
|
|||||
2,300
|
General Dynamics Corp.2
|
319,194
|
|||||
1,100
|
General Electric Co.
|
28,589
|
|||||
2,300
|
General Growth Properties, Inc. - REIT
|
66,723
|
|||||
359
|
General Mills, Inc.
|
19,311
|
|||||
10,200
|
General Motors Co.2
|
380,562
|
|||||
8,900
|
Gilead Sciences, Inc.*
|
921,417
|
|||||
9,600
|
Gold Resource Corp.2
|
33,216
|
|||||
200
|
Goldman Sachs Group, Inc.2
|
37,958
|
|||||
600
|
Goodyear Tire & Rubber Co.2
|
16,038
|
|||||
978
|
Google, Inc. - Class A*
|
550,252
|
|||||
800
|
Google, Inc. - Class C*
|
446,720
|
|||||
200
|
Greatbatch, Inc.*
|
10,628
|
|||||
500
|
Green Plains, Inc.
|
11,625
|
|||||
700
|
Hatteras Financial Corp. - REIT
|
12,845
|
|||||
1,600
|
HCP, Inc. - REIT
|
67,776
|
|||||
100
|
Health Care REIT, Inc. - REIT
|
7,711
|
|||||
2,700
|
Health Net, Inc.*
|
154,845
|
|||||
2,200
|
HealthSouth Corp.
|
95,612
|
|||||
174
|
Henry Schein, Inc.*
|
24,369
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
2,311
|
Hershey Co.
|
$
|
239,836
|
||||
21,300
|
Hewlett-Packard Co.
|
742,092
|
|||||
12,312
|
Home Depot, Inc.
|
1,412,802
|
|||||
700
|
Honeywell International, Inc.
|
71,946
|
|||||
5,993
|
Horace Mann Educators Corp.
|
193,154
|
|||||
2,600
|
Host Hotels & Resorts, Inc. - REIT
|
54,600
|
|||||
7,500
|
Hovnanian Enterprises, Inc. - Class A*2
|
28,050
|
|||||
200
|
Howard Hughes Corp.*
|
29,958
|
|||||
5,702
|
Humana, Inc.
|
937,295
|
|||||
200
|
Huntington Ingalls Industries, Inc.
|
28,266
|
|||||
400
|
Huntsman Corp.
|
8,984
|
|||||
16,405
|
Ingram Micro, Inc. - Class A*2
|
405,368
|
|||||
700
|
Ingredion, Inc.
|
57,547
|
|||||
3,100
|
Insight Enterprises, Inc.*
|
81,530
|
|||||
600
|
Integrated Device Technology, Inc.*2
|
12,384
|
|||||
9,100
|
Intel Corp.
|
302,575
|
|||||
3,123
|
International Business Machines Corp.
|
505,739
|
|||||
1,200
|
International Paper Co.
|
67,692
|
|||||
373
|
Intuit, Inc.
|
36,416
|
|||||
1,000
|
Invesco Mortgage Capital, Inc. - REIT
|
15,970
|
|||||
3,900
|
Investment Technology Group, Inc.*
|
87,828
|
|||||
4,700
|
ION Geophysical Corp.*2
|
10,716
|
|||||
700
|
Isis Pharmaceuticals, Inc.*2
|
47,992
|
|||||
200
|
ITT Corp.2
|
8,214
|
|||||
500
|
John B Sanfilippo & Son, Inc.2
|
18,525
|
|||||
19,230
|
Johnson & Johnson
|
1,971,267
|
|||||
100
|
Jones Lang LaSalle, Inc.
|
16,125
|
|||||
9,000
|
JPMorgan Chase & Co.2
|
551,520
|
|||||
600
|
Kforce, Inc.
|
14,160
|
|||||
9,615
|
Kimberly-Clark Corp.
|
1,054,381
|
|||||
1,600
|
Kimco Realty Corp. - REIT
|
42,048
|
|||||
1
|
Kindred Healthcare, Inc.
|
15
|
|||||
1,643
|
Kroger Co.
|
116,899
|
|||||
7,600
|
Kulicke & Soffa Industries, Inc.*
|
121,600
|
|||||
500
|
L-3 Communications Holdings, Inc.
|
64,715
|
|||||
1,900
|
Lam Research Corp.
|
156,674
|
|||||
100
|
Lannett Co., Inc.*2
|
6,240
|
|||||
500
|
LaSalle Hotel Properties - REIT
|
19,460
|
|||||
1,800
|
Lattice Semiconductor Corp.*
|
12,096
|
|||||
6,800
|
LeapFrog Enterprises, Inc.*2
|
17,476
|
22 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
1,500
|
Lear Corp.
|
$
|
163,380
|
||||
500
|
Lincoln Electric Holdings, Inc.
|
34,520
|
|||||
1,768
|
Lockheed Martin Corp.
|
353,688
|
|||||
1,800
|
Loral Space & Communications, Inc.*
|
128,034
|
|||||
167
|
Lorillard, Inc.
|
11,426
|
|||||
1,500
|
Lowe's Cos., Inc.
|
111,135
|
|||||
1,100
|
Macquarie Infrastructure Co. LLC
|
86,471
|
|||||
3,000
|
Macy's, Inc.
|
191,160
|
|||||
2,996
|
Magellan Health, Inc.*
|
191,954
|
|||||
1,700
|
Manhattan Associates, Inc.*
|
84,745
|
|||||
400
|
Manpowergroup, Inc.2
|
32,184
|
|||||
12,400
|
Marathon Oil Corp.
|
345,464
|
|||||
2,300
|
Marathon Petroleum Corp.2
|
241,500
|
|||||
1,200
|
Materion Corp.2
|
43,944
|
|||||
7,071
|
McDonald's Corp.
|
699,322
|
|||||
2,666
|
McKesson Corp.
|
609,714
|
|||||
300
|
Medifast, Inc.*
|
9,492
|
|||||
3,100
|
Medivation, Inc.*2
|
364,343
|
|||||
1,100
|
Mentor Graphics Corp.
|
25,806
|
|||||
22,467
|
Merck & Co., Inc.
|
1,315,218
|
|||||
7,100
|
Meritor, Inc.*
|
101,459
|
|||||
5,600
|
MetLife, Inc.
|
284,648
|
|||||
2,700
|
MFA Financial, Inc. - REIT2
|
21,492
|
|||||
56,725
|
Microsoft Corp.2
|
2,487,391
|
|||||
4,225
|
Monster Beverage Corp.*
|
596,232
|
|||||
1,200
|
Monster Worldwide, Inc.*
|
8,064
|
|||||
100
|
Movado Group, Inc.2
|
2,569
|
|||||
300
|
MSCI, Inc.
|
16,833
|
|||||
400
|
Myriad Genetics, Inc.*1 2
|
13,628
|
|||||
571
|
National Oilwell Varco, Inc.
|
31,034
|
|||||
200
|
Natus Medical, Inc.*
|
7,158
|
|||||
5,100
|
Navient Corp.
|
109,140
|
|||||
300
|
NCR Corp.*2
|
8,823
|
|||||
2,800
|
Nelnet, Inc. - Class A
|
130,536
|
|||||
8,381
|
Net 1 UEPS Technologies, Inc.*2
|
114,484
|
|||||
300
|
Netscout Systems, Inc.*1 2
|
12,096
|
|||||
316
|
New Senior Investment Group, Inc. - REIT
|
5,321
|
|||||
1,400
|
Newmont Mining Corp.
|
36,862
|
|||||
4,400
|
News Corp.*
|
76,010
|
|||||
2,978
|
NextEra Energy, Inc.
|
308,104
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
689
|
NIKE, Inc. - Class B
|
$
|
66,916
|
||||
6,300
|
Northrop Grumman Corp.
|
1,043,973
|
|||||
566
|
Northwest Natural Gas Co.1
|
26,744
|
|||||
13,800
|
NVIDIA Corp.
|
304,428
|
|||||
5,300
|
OmniVision Technologies, Inc.*
|
142,093
|
|||||
1,000
|
ON Semiconductor Corp.*
|
12,750
|
|||||
4,200
|
Oracle Corp.
|
184,044
|
|||||
7,700
|
OraSure Technologies, Inc.*
|
55,132
|
|||||
500
|
Orbital ATK, Inc.
|
33,140
|
|||||
800
|
Owens-Illinois, Inc.*2
|
20,928
|
|||||
400
|
Patrick Industries, Inc.*
|
22,100
|
|||||
13,047
|
PepsiCo, Inc.
|
1,291,392
|
|||||
19,889
|
Pfizer, Inc.
|
682,590
|
|||||
2,500
|
PharMerica Corp.*
|
62,500
|
|||||
5,484
|
Philip Morris International, Inc.
|
454,953
|
|||||
342
|
Pinnacle West Capital Corp.
|
21,915
|
|||||
700
|
Piper Jaffray Cos.*
|
38,325
|
|||||
1,300
|
PNC Financial Services Group, Inc.
|
119,548
|
|||||
1,900
|
Post Properties, Inc. - REIT
|
108,053
|
|||||
3,100
|
PPG Industries, Inc.
|
729,678
|
|||||
300
|
Primerica, Inc.
|
15,822
|
|||||
300
|
PrivateBancorp, Inc.2
|
10,419
|
|||||
28,730
|
Procter & Gamble Co.2
|
2,445,785
|
|||||
2,600
|
Prologis, Inc. - REIT
|
111,046
|
|||||
3,400
|
Prudential Financial, Inc.
|
274,890
|
|||||
14,300
|
Public Service Enterprise Group, Inc.
|
601,458
|
|||||
500
|
Public Storage - REIT2
|
98,610
|
|||||
7,600
|
QEP Resources, Inc.2
|
163,248
|
|||||
3,700
|
QLogic Corp.*
|
55,537
|
|||||
3,500
|
Qorvo, Inc.*2
|
242,900
|
|||||
6,564
|
QUALCOMM, Inc.2
|
475,956
|
|||||
12,800
|
Rackspace Hosting, Inc.*
|
635,776
|
|||||
5,900
|
Raytheon Co.
|
641,743
|
|||||
900
|
Reinsurance Group of America, Inc.
|
80,379
|
|||||
1,644
|
Republic Services, Inc.
|
67,272
|
|||||
700
|
REX American Resources Corp.*
|
38,052
|
|||||
1,322
|
Reynolds American, Inc.
|
99,970
|
|||||
14,800
|
Rite Aid Corp.*
|
118,104
|
|||||
3,200
|
RLJ Lodging Trust - REIT2
|
101,792
|
|||||
6,362
|
Royal Gold, Inc.
|
458,700
|
|||||
2,947
|
Safety Insurance Group, Inc.
|
172,400
|
23 |
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
100
|
Sanmina Corp.*
|
$
|
2,270
|
||||
6,500
|
SciClone Pharmaceuticals, Inc.*2
|
50,115
|
|||||
200
|
ShoreTel, Inc.*
|
1,490
|
|||||
138
|
Sigma-Aldrich Corp.
|
19,052
|
|||||
1,000
|
Simon Property Group, Inc. - REIT
|
190,360
|
|||||
900
|
Skechers U.S.A., Inc. - Class A*
|
61,326
|
|||||
5,600
|
Skyworks Solutions, Inc.2
|
491,400
|
|||||
500
|
SL Green Realty Corp. - REIT
|
63,465
|
|||||
800
|
SM Energy Co.
|
38,816
|
|||||
1,000
|
Southwest Airlines Co.2
|
43,240
|
|||||
1,500
|
Sovran Self Storage, Inc. - REIT
|
138,030
|
|||||
200
|
Spansion, Inc. - Class A*
|
7,216
|
|||||
2,100
|
Spirit Aerosystems Holdings, Inc. - Class A*
|
103,341
|
|||||
500
|
Spirit Airlines, Inc.*
|
38,890
|
|||||
100
|
SPX Corp.
|
8,913
|
|||||
2,100
|
Stamps.com, Inc.*
|
117,726
|
|||||
1,100
|
Staples, Inc.2
|
18,442
|
|||||
1,850
|
Starbucks Corp.
|
172,947
|
|||||
1,000
|
Starwood Property Trust, Inc. - REIT
|
24,400
|
|||||
1,000
|
Steel Dynamics, Inc.
|
18,220
|
|||||
3,406
|
Stericycle, Inc.*
|
459,708
|
|||||
3,100
|
Strategic Hotels & Resorts, Inc. - REIT*
|
40,672
|
|||||
1,200
|
Strayer Education, Inc.*
|
73,044
|
|||||
779
|
Stryker Corp.
|
73,810
|
|||||
300
|
Summit Hotel Properties, Inc. - REIT
|
3,939
|
|||||
2,000
|
Super Micro Computer, Inc.*
|
80,360
|
|||||
13,200
|
SUPERVALU, Inc.*
|
130,416
|
|||||
23,371
|
Symetra Financial Corp.
|
527,717
|
|||||
100
|
Synaptics, Inc.*
|
8,595
|
|||||
553
|
Target Corp.
|
42,487
|
|||||
900
|
Taylor Morrison Home Corp. - Class A*2
|
17,352
|
|||||
600
|
TCF Financial Corp.2
|
9,414
|
|||||
300
|
Tech Data Corp.*
|
17,850
|
|||||
1,200
|
Terex Corp.2
|
32,892
|
|||||
1,500
|
Tessera Technologies, Inc.2
|
60,090
|
|||||
3,731
|
Texas Instruments, Inc.
|
219,383
|
|||||
1,000
|
The Geo Group Inc. - REIT
|
43,150
|
|||||
1,100
|
Time Warner Cable, Inc.2
|
169,455
|
|||||
5,100
|
Time Warner, Inc.
|
417,486
|
|||||
Number of
Shares
|
Value
|
||||||
COMMON STOCK (Continued)
|
|||||||
UNITED STATES (Continued)
|
|||||||
500
|
Timken Co.
|
$
|
21,240
|
||||
12,210
|
Travelers Cos., Inc.
|
1,311,842
|
|||||
100
|
Tribune Publishing Co.2
|
2,150
|
|||||
1,400
|
Tutor Perini Corp.*
|
32,578
|
|||||
1,100
|
Union Pacific Corp.2
|
132,286
|
|||||
8,900
|
United Continental Holdings, Inc.*
|
580,102
|
|||||
100
|
United States Steel Corp.
|
2,395
|
|||||
526
|
United Technologies Corp.
|
64,125
|
|||||
1,000
|
United Therapeutics Corp.*
|
155,050
|
|||||
9,021
|
UnitedHealth Group, Inc.
|
1,025,056
|
|||||
1,594
|
Universal Corp.1
|
76,369
|
|||||
2,800
|
Universal Insurance Holdings, Inc.
|
69,720
|
|||||
13,000
|
Unum Group
|
436,280
|
|||||
1,100
|
USANA Health Sciences, Inc.*2
|
110,011
|
|||||
5,100
|
Valero Energy Corp.2
|
314,619
|
|||||
3,100
|
VASCO Data Security International, Inc.*1 2
|
79,422
|
|||||
1,100
|
Ventas, Inc. - REIT
|
81,917
|
|||||
521
|
Veritiv Corp.*
|
26,389
|
|||||
6,388
|
Verizon Communications, Inc.
|
315,887
|
|||||
2,043
|
Visa, Inc. - Class A
|
554,286
|
|||||
200
|
Visteon Corp.*
|
20,106
|
|||||
6,700
|
Vonage Holdings Corp.*2
|
30,418
|
|||||
600
|
Vornado Realty Trust - REIT
|
66,024
|
|||||
17,137
|
Wal-Mart Stores, Inc.2
|
1,438,308
|
|||||
200
|
Walgreens Boots Alliance, Inc.
|
16,616
|
|||||
5,879
|
Walt Disney Co.
|
611,886
|
|||||
3,958
|
Waste Management, Inc.
|
215,632
|
|||||
40,804
|
Wells Fargo & Co.
|
2,235,651
|
|||||
3,300
|
Western Digital Corp.
|
353,034
|
|||||
2,000
|
Weyerhaeuser Co. - REIT
|
70,220
|
|||||
5,700
|
Whiting Petroleum Corp.*
|
192,831
|
|||||
764
|
Xcel Energy, Inc.
|
26,954
|
|||||
4,200
|
Yahoo!, Inc.*2
|
185,975
|
|||||
400
|
Zebra Technologies Corp. - Class A*
|
36,420
|
|||||
100
|
Zions Bancorporation2
|
2,674
|
|||||
83,200,382
|
|||||||
TOTAL COMMON STOCK
|
|||||||
(Cost $197,510,811)
|
224,024,633
|
24 |
Number of
Shares
|
Value
|
||||||
MUTUAL FUND – 20.5%
|
|||||||
UNITED STATES – 20.5%
|
|||||||
2,696,878
|
GMO Quality Fund - Class III
|
$
|
61,974,253
|
||||
TOTAL MUTUAL FUND
|
|||||||
(Cost $60,761,083)
|
61,974,253
|
||||||
PREFERRED STOCK – 0.6%
|
|||||||
BRAZIL – 0.0%
|
|||||||
10,125
|
Lojas Americanas S.A.
|
59,528
|
|||||
GERMANY – 0.6%
|
|||||||
1,146
|
Henkel A.G. & Co. KGaA
|
135,668
|
|||||
15,963
|
Porsche Automobil Holding S.E.
|
1,478,659
|
|||||
1,614,327
|
|||||||
ITALY – 0.0%
|
|||||||
2,254
|
Unipol Gruppo Finanziario S.p.A.
|
11,602
|
|||||
TOTAL PREFERRED STOCK
|
|||||||
(Cost $1,508,707)
|
1,685,457
|
||||||
Number of Contracts
|
Value
|
||||||
PURCHASED OPTIONS – 0.1%
|
|||||||
PURCHASED CALL OPTIONS – 0.0%
|
|||||||
S&P 500 Index
|
|||||||
67
|
Exercise Price: $2,230, Expiration Date: March 20, 2015
|
1,675
|
|||||
S&P 500 Index - FLEX
|
|||||||
70
|
Exercise Price: $2,170, Expiration Date: March 2, 2015
|
—
|
|||||
69
|
Exercise Price: $2,190, Expiration Date: March 4, 2015
|
—
|
|||||
68
|
Exercise Price: $2,205, Expiration Date: March 9, 2015
|
3
|
|||||
68
|
Exercise Price: $2,210, Expiration Date: March 11, 2015
|
9
|
|||||
67
|
Exercise Price: $2,235, Expiration Date: March 17, 2015
|
14
|
|||||
67
|
Exercise Price: $2,240, Expiration Date: March 18, 2015
|
19
|
|||||
67
|
Exercise Price: $2,255, Expiration Date: March 23, 2015
|
29
|
Number of Contracts
|
Value
|
||||||
PURCHASED OPTIONS (Continued)
|
|||||||
PURCHASED CALL OPTIONS (Continued)
|
|||||||
67
|
Exercise Price: $2,247, Expiration Date: March 25, 2015
|
$
|
106
|
||||
S&P 500 Index - Weekly
|
|||||||
67
|
Exercise Price: $2,210, Expiration Date: March 6, 2015
|
335
|
|||||
67
|
Exercise Price: $2,230, Expiration Date: March 13, 2015
|
670
|
|||||
66
|
Exercise Price: $2,255, Expiration Date: March 27, 2015
|
2,640
|
|||||
5,500
|
|||||||
PURCHASED PUT OPTIONS – 0.1%
|
|||||||
iShares MSCI EAFE Index Fund
|
|||||||
1,581
|
Exercise Price: $53, Expiration Date: March 20, 2015
|
1,581
|
|||||
1,510
|
Exercise Price: $57, Expiration Date: April 17, 2015
|
22,650
|
|||||
iShares MSCI EAFE Index Fund - FLEX
|
|||||||
2,245
|
Exercise Price: $51, Expiration Date: March 4, 2015
|
—
|
|||||
2,208
|
Exercise Price: $52, Expiration Date: March 13, 2015
|
211
|
|||||
1,559
|
Exercise Price: $55, Expiration Date: March 25, 2015
|
4,281
|
|||||
1,543
|
Exercise Price: $55, Expiration Date: April 1, 2015
|
6,859
|
|||||
1,521
|
Exercise Price: $56, Expiration Date: April 10, 2015
|
10,655
|
|||||
1,486
|
Exercise Price: $58, Expiration Date: April 24, 2015
|
27,372
|
|||||
iShares MSCI Emerging Markets Index Fund
|
|||||||
1,154
|
Exercise Price: $34, Expiration Date: March 20, 2015
|
3,462
|
|||||
1,145
|
Exercise Price: $35, Expiration Date: April 17, 2015
|
10,305
|
|||||
iShares MSCI Emerging Markets Index Fund - FLEX
|
|||||||
1,630
|
Exercise Price: $33, Expiration Date: March 4, 2015
|
—
|
|||||
1,611
|
Exercise Price: $33, Expiration Date: March 13, 2015
|
9
|
|||||
1,143
|
Exercise Price: $35, Expiration Date: March 25, 2015
|
1,204
|
|||||
1,142
|
Exercise Price: $34, Expiration Date: April 1, 2015
|
2,109
|
25 |
Number of Contracts
|
Value
|
||||||
PURCHASED OPTIONS (Continued)
|
|||||||
PURCHASED PUT OPTIONS (Continued)
|
|||||||
1,136
|
Exercise Price: $35, Expiration Date: April 10, 2015
|
$
|
5,117
|
||||
1,128
|
Exercise Price: $36, Expiration Date: April 24, 2015
|
14,517
|
|||||
iShares Russell 2000 Index Fund
|
|||||||
98
|
Exercise Price: $98, Expiration Date: March 20, 2015
|
392
|
|||||
95
|
Exercise Price: $106, Expiration Date: April 17, 2015
|
1,995
|
|||||
iShares Russell 2000 Index Fund - FLEX
|
|||||||
98
|
Exercise Price: $99, Expiration Date: March 4, 2015
|
—
|
|||||
100
|
Exercise Price: $98, Expiration Date: March 13, 2015
|
38
|
|||||
97
|
Exercise Price: $101, Expiration Date: March 25, 2015
|
241
|
|||||
97
|
Exercise Price: $102, Expiration Date: April 1, 2015
|
524
|
|||||
95
|
Exercise Price: $106, Expiration Date: April 10, 2015
|
1,625
|
|||||
93
|
Exercise Price: $109, Expiration Date: April 24, 2015
|
4,465
|
|||||
S&P 500 Index
|
|||||||
37
|
Exercise Price: $1,750, Expiration Date: March 20, 2015
|
1,295
|
|||||
67
|
Exercise Price: $1,885, Expiration Date: March 20, 2015
|
6,700
|
|||||
36
|
Exercise Price: $1,850, Expiration Date: April 17, 2015
|
14,580
|
|||||
S&P 500 Index - FLEX
|
|||||||
70
|
Exercise Price: $1,780, Expiration Date: March 2, 2015
|
—
|
|||||
37
|
Exercise Price: $1,750, Expiration Date: March 4, 2015
|
1
|
|||||
69
|
Exercise Price: $1,820, Expiration Date: March 4, 2015
|
4
|
|||||
68
|
Exercise Price: $1,835, Expiration Date: March 9, 2015
|
378
|
|||||
68
|
Exercise Price: $1,845, Expiration Date: March 11, 2015
|
1,014
|
|||||
67
|
Exercise Price: $1,885, Expiration Date: March 17, 2015
|
4,521
|
|||||
67
|
Exercise Price: $1,895, Expiration Date: March 18, 2015
|
6,067
|
|||||
Number of Contracts
|
Value
|
||||||
|
PURCHASED OPTIONS (Continued)
|
||||||
PURCHASED PUT OPTIONS (Continued)
|
|||||||
67
|
Exercise Price: $1,905, Expiration Date: March 23, 2015
|
$
|
10,841
|
||||
37
|
Exercise Price: $1,780, Expiration Date: March 25, 2015
|
2,794
|
|||||
67
|
Exercise Price: $1,917, Expiration Date: March 25, 2015
|
15,127
|
|||||
37
|
Exercise Price: $1,790, Expiration Date: April 1, 2015
|
5,259
|
|||||
S&P 500 Index - Weekly
|
|||||||
67
|
Exercise Price: $1,850, Expiration Date: March 6, 2015
|
1,005
|
|||||
37
|
Exercise Price: $1,700, Expiration Date: March 13, 2015
|
555
|
|||||
67
|
Exercise Price: $1,885, Expiration Date: March 13, 2015
|
3,015
|
|||||
66
|
Exercise Price: $1,915, Expiration Date: March 27, 2015
|
14,520
|
|||||
36
|
Exercise Price: $1,850, Expiration Date: April 10, 2015
|
10,260
|
|||||
36
|
Exercise Price: $1,885, Expiration Date: April 24, 2015
|
24,120
|
|||||
241,668
|
|||||||
TOTAL PURCHASED OPTIONS
|
|||||||
(Cost $1,120,551)
|
247,168
|
||||||
Number of
Shares
|
|||||||
RIGHTS – 0.0%
|
|||||||
4,544
|
Tabcorp Holdings Ltd.*
|
4,839
|
|||||
5,320
|
Metsa Board OYJ*
|
1,084
|
|||||
TOTAL RIGHTS
|
|||||||
(Cost $—)
|
5,923
|
||||||
SHORT-TERM INVESTMENTS – 6.6%
|
|||||||
COLLATERAL POOL INVESTMENTS FOR SECURITIES ON LOAN – 2.9%
|
|||||||
Collateral pool allocation3
|
8,656,595
|
26 |
Number of
Shares
|
Value
|
||||||
MONEY MARKET FUNDS – 3.7%
|
|||||||
11,198,648
|
JPMorgan Prime Money Market Fund - Agency Shares, 0.01%2 4
|
$
|
11,198,648
|
||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||
(Cost $19,855,243)
|
19,855,243
|
||||||
WARRANT – 0.0%
|
|||||||
HONG KONG – 0.0%
|
|||||||
8
|
Sun Hung Kai Properties Ltd.*
|
24
|
|||||
TOTAL WARRANT
|
|||||||
(Cost $—)
|
24
|
||||||
TOTAL INVESTMENTS – 102.0%
|
|||||||
(Cost $280,756,395)
|
307,792,701
|
||||||
Liabilities less other assets – (2.0)%
|
(6,042,380
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
301,750,321
|
|||||
Number of Contracts
|
|||||||
WRITTEN OPTIONS – (0.7)%
|
|||||||
WRITTEN CALL OPTIONS – (0.6)%
|
|||||||
iShares MSCI EAFE Index Fund
|
|||||||
(1,500
|
)
|
Exercise Price: $66, Expiration Date: March 27, 2015
|
(102,000
|
)
|
|||
(1,500
|
)
|
Exercise Price: $66, Expiration Date: April 2, 2015
|
(79,500
|
)
|
|||
(1,150
|
)
|
Exercise Price: $66, Expiration Date: April 2, 2015
|
(46,000
|
)
|
|||
(1,500
|
)
|
Exercise Price: $65, Expiration Date: April 17, 2015
|
(181,500
|
)
|
|||
(1,150
|
)
|
Exercise Price: $66, Expiration Date: April 17, 2015
|
(78,200
|
)
|
|||
(1,500
|
)
|
Exercise Price: $67, Expiration Date: April 17, 2015
|
(48,000
|
)
|
|||
iShares MSCI Emerging Markets Index Fund
|
|||||||
(1,655
|
)
|
Exercise Price: $42, Expiration Date: March 20, 2015
|
(21,515
|
)
|
|||
(860
|
)
|
Exercise Price: $42, Expiration Date: April 2, 2015
|
(12,040
|
)
|
Number of Contracts
|
Value
|
||||||
WRITTEN OPTIONS (Continued)
|
|||||||
WRITTEN CALL OPTIONS (Continued)
|
|||||||
(1,110
|
)
|
Exercise Price: $43, Expiration Date: April 17, 2015
|
$
|
(17,760
|
)
|
||
(774
|
)
|
Exercise Price: $43, Expiration Date: May 15, 2015
|
(26,316
|
)
|
|||
iShares Russell 2000 Index Fund
|
|||||||
(95
|
)
|
Exercise Price: $122, Expiration Date: March 6, 2015
|
(11,970
|
)
|
|||
(90
|
)
|
Exercise Price: $124, Expiration Date: March 13, 2015
|
(5,580
|
)
|
|||
(91
|
)
|
Exercise Price: $123, Expiration Date: March 20, 2015
|
(13,832
|
)
|
|||
(95
|
)
|
Exercise Price: $126, Expiration Date: March 20, 2015
|
(3,135
|
)
|
|||
(90
|
)
|
Exercise Price: $124, Expiration Date: March 31, 2015
|
(11,970
|
)
|
|||
(72
|
)
|
Exercise Price: $127, Expiration Date: April 2, 2015
|
(3,240
|
)
|
|||
(95
|
)
|
Exercise Price: $125, Expiration Date: April 17, 2015
|
(13,395
|
)
|
|||
(70
|
)
|
Exercise Price: $126, Expiration Date: April 17, 2015
|
(7,700
|
)
|
|||
S&P 500 Index
|
|||||||
(34
|
)
|
Exercise Price: $2,105, Expiration Date: March 20, 2015
|
(68,000
|
)
|
|||
(67
|
)
|
Exercise Price: $2,130, Expiration Date: March 20, 2015
|
(56,950
|
)
|
|||
(28
|
)
|
Exercise Price: $2,170, Expiration Date: April 17, 2015
|
(21,840
|
)
|
|||
S&P 500 Index - FLEX
|
|||||||
(70
|
)
|
Exercise Price: $2,070, Expiration Date: March 2, 2015
|
(241,263
|
)
|
|||
(69
|
)
|
Exercise Price: $2,090, Expiration Date: March 4, 2015
|
(122,753
|
)
|
|||
(68
|
)
|
Exercise Price: $2,105, Expiration Date: March 9, 2015
|
(75,426
|
)
|
|||
(68
|
)
|
Exercise Price: $2,110, Expiration Date: March 11, 2015
|
(69,973
|
)
|
|||
(67
|
)
|
Exercise Price: $2,135, Expiration Date: March 17, 2015
|
(33,135
|
)
|
|||
(67
|
)
|
Exercise Price: $2,140, Expiration Date: March 18, 2015
|
(30,459
|
)
|
|||
(67
|
)
|
Exercise Price: $2,150, Expiration Date: March 23, 2015
|
(28,180
|
)
|
27 |
Number of Contracts
|
Value
|
||||||
WRITTEN OPTIONS (Continued)
|
|||||||
WRITTEN CALL OPTIONS (Continued)
|
|||||||
(67
|
)
|
Exercise Price: $2,147, Expiration Date: March 25, 2015
|
$
|
(38,930
|
)
|
||
S&P 500 Index - Weekly
|
|||||||
(67
|
)
|
Exercise Price: $2,110, Expiration Date: March 6, 2015
|
(53,265
|
)
|
|||
(69
|
)
|
Exercise Price: $2,115, Expiration Date: March 6, 2015
|
(38,157
|
)
|
|||
(34
|
)
|
Exercise Price: $2,125, Expiration Date: March 13, 2015
|
(20,060
|
)
|
|||
(67
|
)
|
Exercise Price: $2,130, Expiration Date: March 13, 2015
|
(26,800
|
)
|
|||
(33
|
)
|
Exercise Price: $2,110, Expiration Date: March 27, 2015
|
(72,600
|
)
|
|||
(66
|
)
|
Exercise Price: $2,150, Expiration Date: March 27, 2015
|
(38,280
|
)
|
|||
(33
|
)
|
Exercise Price: $2,120, Expiration Date: March 31, 2015
|
(72,600
|
)
|
|||
(27
|
)
|
Exercise Price: $2,130, Expiration Date: April 2, 2015
|
(51,381
|
)
|
|||
(18
|
)
|
Exercise Price: $2,150, Expiration Date: April 10, 2015
|
(22,680
|
)
|
|||
(1,866,385
|
)
|
||||||
WRITTEN PUT OPTIONS – (0.1)%
|
|||||||
S&P 500 Index
|
|||||||
(67
|
)
|
Exercise Price: $1,985, Expiration Date: March 20, 2015
|
(19,095
|
)
|
|||
S&P 500 Index - FLEX
|
|||||||
(70
|
)
|
Exercise Price: $1,880, Expiration Date: March 2, 2015
|
—
|
||||
(69
|
)
|
Exercise Price: $1,920, Expiration Date: March 4, 2015
|
(20
|
)
|
|||
(68
|
)
|
Exercise Price: $1,935, Expiration Date: March 9, 2015
|
(1,033
|
)
|
|||
(68
|
)
|
Exercise Price: $1,945, Expiration Date: March 11, 2015
|
(2,829
|
)
|
|||
(67
|
)
|
Exercise Price: $1,985, Expiration Date: March 17, 2015
|
(14,474
|
)
|
|||
(67
|
)
|
Exercise Price: $1,995, Expiration Date: March 18, 2015
|
(20,000
|
)
|
|||
(67
|
)
|
Exercise Price: $2,010, Expiration Date: March 23, 2015
|
(36,582
|
)
|
|||
(67
|
)
|
Exercise Price: $2,017, Expiration Date: March 25, 2015
|
(47,002
|
)
|
|||
WRITTEN OPTIONS (Continued)
|
|||||||
WRITTEN PUT OPTIONS (Continued)
|
|||||||
S&P 500 Index - Weekly
|
|||||||
(67
|
)
|
Exercise Price: $1,950, Expiration Date: March 6, 2015
|
$
|
(1,340
|
)
|
||
(67
|
)
|
Exercise Price: $1,985, Expiration Date: March 13, 2015
|
(8,710
|
)
|
|||
(66
|
)
|
Exercise Price: $2,020, Expiration Date: March 27, 2015
|
(50,490
|
)
|
|||
(201,575
|
)
|
||||||
TOTAL WRITTEN OPTIONS
|
|||||||
(Proceeds $2,254,460)
|
(2,067,960
|
)
|
* | Non-income producing security. |
1 | Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers. At year end, the aggregate market value of those securities was $8,302,525. |
2 | All or a portion of this security is held as collateral for securities sold short and futures contracts. At year end, the aggregate market value of those securities was $13,324,378. |
3 | Please refer to Note 2, Securities Lending, in the Notes to Financial Statements. |
4 | The rate is the annualized seven-day yield at period end. |
28 |
Number of Contracts Long
|
Description
|
Expiration Date
|
Unrealized Appreciation (Depreciation)
|
|||||
175
|
MSCI Emerging Markets Mini Index
|
March 2015
|
$
|
62,064
|
||||
32
|
MSCI EAFE Index
|
March 2015
|
(7,053
|
)
|
||||
2
|
S&P500 Mini Index
|
March 2015
|
71,997
|
|||||
$
|
127,008
|
29 |
Security Type/Sector
|
Percent of Total
Net Assets
|
Common Stock
|
|
Financials
|
17.2%
|
Technology
|
10.1%
|
Consumer Staples
|
9.8%
|
Health Care
|
9.3%
|
Consumer Discretionary
|
8.2%
|
Communications
|
7.2%
|
Industrials
|
4.1%
|
Materials
|
2.9%
|
Utilities
|
2.8%
|
Energy
|
2.6%
|
Total Common Stock
|
74.2%
|
Mutual Fund
|
20.5%
|
Preferred Stock
|
|
Consumer Discretionary
|
0.5%
|
Consumer Staples
|
0.1%
|
Financials
|
0.0%
|
Total Preferred Stock
|
0.6%
|
Purchased Put Options
|
0.1%
|
Purchased Call Options
|
0.0%
|
Total Purchases Options
|
0.1%
|
Rights
|
0.0%
|
Short-Term Investments
|
6.6%
|
Warrant
|
0.0%
|
Total Investments
|
102.0%
|
Liabilities less other assets
|
(2.0)%
|
Total Net Assets
|
100.0%
|
30 |
ASSETS:
|
||||
Investments, at value (cost $279,635,844)
|
$
|
307,545,533
|
||
Purchased options outstanding, at value (premiums paid $1,120,551)
|
247,168
|
|||
Cash
|
3,961,260
|
|||
Foreign currency, at value (cost $478,855)
|
473,485
|
|||
Deposits at Brokers for Futures
|
483,007
|
|||
Receivables:
|
||||
Investments sold
|
11,185,273
|
|||
Fund shares sold
|
452,855
|
|||
Dividends and interest
|
403,165
|
|||
Variation margin
|
127,008
|
|||
Other prepaid expenses
|
57,725
|
|||
Total assets
|
324,936,479
|
|||
LIABILITIES:
|
||||
Written options outstanding, at value (premiums received $2,254,460)
|
2,067,960
|
|||
Payables:
|
||||
Investments purchased
|
11,790,525
|
|||
Return of securities lending collateral
|
8,656,595
|
|||
Fund shares redeemed
|
70,030
|
|||
Due to Adviser
|
212,219
|
|||
Accrued custody fees
|
148,925
|
|||
Accrued fund accounting fees
|
39,584
|
|||
Accrued administrative servicing fees
|
22,434
|
|||
Accrued Trustees' fees
|
13,224
|
|||
Accrued fund administration fees
|
10,884
|
|||
Accrued registration fees
|
10,521
|
|||
Accrued transfer agent fees and expenses
|
6,732
|
|||
Accrued Chief Compliance Officer fees
|
3,689
|
|||
Accrued other expenses
|
132,836
|
|||
Total liabilities
|
23,186,158
|
|||
NET ASSETS
|
$
|
301,750,321
|
||
NET ASSETS CONSIST OF:
|
||||
Capital (unlimited shares authorized, no par value)
|
$
|
273,133,340
|
||
Distributions in excess of net investment income
|
(449,285
|
)
|
||
Accumulated net realized gain on investments
|
1,734,138
|
|||
Net unrealized appreciation (depreciation) on:
|
||||
Investments
|
27,909,689
|
|||
Foreign currency
|
(17,686
|
)
|
||
Futures contracts
|
127,008
|
|||
Purchased options
|
(873,383
|
)
|
||
Written options
|
186,500
|
|||
NET ASSETS
|
$
|
301,750,321
|
||
ADVISOR SHARES:
|
||||
Net assets applicable to outstanding shares
|
$
|
301,750,321
|
||
Shares issued and outstanding
|
26,166,934
|
|||
Net asset value per share
|
$
|
11.53
|
31 |
INVESTMENT INCOME:
|
||||
Dividends (net of foreign withholding taxes of $252,386)
|
$
|
5,184,322
|
||
Securities lending income
|
40,772
|
|||
Miscellaneous Income
|
2,020
|
|||
Total investment income
|
5,227,114
|
|||
EXPENSES:
|
||||
Advisory fees
|
2,987,005
|
|||
Custody fees
|
269,682
|
|||
Legal fees
|
128,952
|
|||
Administrative services fees
|
239,942
|
|||
Fund administration fees
|
122,138
|
|||
Trustees' fees and expenses
|
95,917
|
|||
Fund accounting fees
|
95,011
|
|||
Chief Compliance Officer fees
|
66,015
|
|||
Audit fees
|
52,984
|
|||
Transfer agent fees and expenses
|
50,827
|
|||
Registration fees
|
46,758
|
|||
Insurance fees
|
22,028
|
|||
Shareholder reporting fees
|
14,568
|
|||
Offering costs
|
10,951
|
|||
Miscellaneous
|
131,564
|
|||
Total expenses
|
4,334,342
|
|||
Net investment income
|
892,772
|
|||
REALIZED AND UNREALIZED GAIN (LOSS):
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
7,937,010
|
|||
Foreign currency translations
|
(208,267
|
)
|
||
Futures contracts
|
1,496,389
|
|||
Purchased options
|
(1,020,775
|
)
|
||
Written options
|
(3,854,672
|
)
|
||
Total net realized gain
|
4,349,685
|
|||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
5,048,097
|
|||
Foreign currency translations
|
(23,285
|
)
|
||
Futures contracts
|
448,212
|
|||
Purchased options
|
(60,967
|
)
|
||
Written options
|
1,501,500
|
|||
Total net change in unrealized appreciation
|
6,913,557
|
|||
Net realized and unrealized gain
|
11,263,242
|
|||
Net Increase in Net Assets from Operations
|
$
|
12,156,014
|
32 |
Year Ended
February 28, 2015 |
Period Ended
February 28, 2014* |
|||||||
INCREASE IN NET ASSETS FROM:
|
||||||||
Operations:
|
||||||||
Net investment income (loss)
|
$
|
892,772
|
$
|
(79,900
|
)
|
|||
Net realized gain (loss) on investments and foreign currency
|
4,349,685
|
(2,745,815
|
)
|
|||||
Net change in unrealized appreciation on investments and foreign currency
|
6,913,557
|
20,418,571
|
||||||
Net increase in net assets resulting from operations
|
12,156,014
|
17,592,856
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
From net investment income:
|
||||||||
Advisor Shares
|
(721,294
|
)
|
(420,776
|
)
|
||||
Total distributions to shareholders
|
(721,294
|
)
|
(420,776
|
)
|
||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Advisor Shares:
|
||||||||
Shares sold
|
109,441,445
|
202,414,393
|
||||||
Shares issued for reinvestment of distributions
|
671,858
|
381,544
|
||||||
Shares redeemed
|
(22,100,408
|
)
|
(17,765,311
|
)
|
||||
Net increase from capital share transactions
|
88,012,895
|
185,030,626
|
||||||
Total increase in net assets
|
99,447,615
|
202,202,706
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
202,302,706
|
100,000
|
||||||
End of period
|
$
|
301,750,321
|
$
|
202,302,706
|
||||
Distributions in excess of net investment income
|
$
|
(447,962
|
)
|
$
|
(495,396
|
)
|
||
TRANSACTIONS IN SHARES:
|
||||||||
Advisor Shares:
|
||||||||
Shares sold
|
9,677,616
|
20,010,329
|
||||||
Shares issued for reinvestment of distributions
|
60,041
|
34,940
|
||||||
Shares redeemed
|
(1,955,961
|
)
|
(1,670,031
|
)
|
||||
Net increase
|
7,781,696
|
18,375,238
|
* | Commenced operations as of the close of business on April 4, 2013. |
33 |
Year Ended
February 28, 2015 |
Period Ended
February 28, 2014* |
|||||||
Net asset value, beginning of period
|
$
|
11.00
|
$
|
10.00
|
||||
Income from Investment Operations:
|
||||||||
Net investment income
|
0.04
|
—
|
(1)
|
|||||
Net realized and unrealized gain on investments and foreign currency
|
0.52
|
1.02
|
||||||
Total from investment operations
|
0.56
|
1.02
|
||||||
Less Distributions:
|
||||||||
From net investment income
|
(0.03
|
)
|
(0.02
|
)
|
||||
Total distributions
|
(0.03
|
)
|
(0.02
|
)
|
||||
Net asset value, end of period
|
$
|
11.53
|
$
|
11.00
|
||||
Total return
|
5.01
|
%
|
10.24
|
%(2)
|
||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||
Net assets, end of period (in thousands)
|
$
|
301,750
|
$
|
202,303
|
||||
Ratios (as a percentage of average daily net assets):
|
||||||||
Expenses
|
1.81
|
%
|
2.20
|
%(3)
|
||||
Net investment income (loss)
|
0.37
|
%
|
(0.05%
|
)(3)
|
||||
Portfolio turnover rate
|
101
|
%
|
43
|
%(2)
|
* | Commenced operations as of the close of business on April 4, 2013. |
(1)
|
Rounds to less than (0.005).
|
(2)
|
Not annualized.
|
(3)
|
Annualized.
|
34 |
1. | ORGANIZATION |
2. | SIGNIFICANT ACCOUNTING POLICIES |
(a) | Securities Valuations |
35 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(a) | Securities Valuations (Continued) |
(b) | Derivatives |
i. | Written Options |
Written Options
|
Number of
Contracts |
Premium
Amount |
||||||
Call options outstanding at March 1, 2014
|
12,536
|
$
|
1,551,522
|
|||||
Put options outstanding at March 1, 2014
|
989
|
650,758
|
||||||
Call options written
|
107,072
|
15,836,016
|
||||||
Put options written
|
13,499
|
9,885,734
|
||||||
Call options closed
|
(105,125
|
)
|
(15,799,134
|
)
|
||||
Put options closed
|
(13,678
|
)
|
(9,870,436
|
)
|
||||
Options outstanding at February 28, 2015
|
15,293
|
$
|
2,254,460
|
36 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(b) | Derivatives (Continued) |
ii. | Purchased Options |
iii. | Stock Index Futures |
37 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(c) | Fair Value Measurements and Disclosures |
• | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities; |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads, cash collateral received as part of the securities lending program, and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.); or |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock
|
||||||||||||||||
Australia
|
$
|
—
|
$
|
4,020,516
|
$
|
—
|
$
|
4,020,516
|
||||||||
Austria
|
—
|
149,228
|
—
|
149,228
|
||||||||||||
Belgium
|
—
|
1,423,593
|
—
|
1,423,593
|
||||||||||||
Bermuda
|
4,634,330
|
1,100,002
|
—
|
5,734,332
|
||||||||||||
Brazil
|
4,122,900
|
—
|
—
|
4,122,900
|
||||||||||||
Canada
|
10,369,794
|
—
|
—
|
10,369,794
|
||||||||||||
Cayman Islands
|
188,372
|
664,475
|
—
|
852,847
|
||||||||||||
Chile
|
2,630,195
|
—
|
—
|
2,630,195
|
||||||||||||
China
|
639,676
|
364,269
|
—
|
1,003,945
|
||||||||||||
Curacao
|
123,234
|
—
|
—
|
123,234
|
||||||||||||
Denmark
|
68,074
|
1,486,638
|
—
|
1,554,712
|
||||||||||||
Faroe Islands
|
—
|
36,182
|
—
|
36,182
|
||||||||||||
Finland
|
—
|
1,193,486
|
—
|
1,193,486
|
||||||||||||
France
|
27,362
|
7,288,180
|
—
|
7,315,542
|
||||||||||||
Germany
|
41,757
|
5,764,134
|
—
|
5,805,891
|
||||||||||||
Guernsey
|
1,731,765
|
12,325
|
—
|
1,744,090
|
||||||||||||
Hong Kong
|
1,547,788
|
3,587,131
|
—
|
5,134,919
|
||||||||||||
India
|
543,085
|
—
|
—
|
543,085
|
||||||||||||
Indonesia
|
191,134
|
1,156,145
|
—
|
1,347,279
|
||||||||||||
Ireland
|
718,275
|
124,149
|
—
|
842,424
|
||||||||||||
Isle of Man
|
—
|
154,160
|
—
|
154,160
|
||||||||||||
Israel
|
721,663
|
115,833
|
—
|
837,496
|
||||||||||||
Italy
|
—
|
1,222,318
|
—
|
1,222,318
|
||||||||||||
Japan
|
434,741
|
22,571,996
|
—
|
23,006,737
|
||||||||||||
Jersey
|
133,103
|
359,647
|
—
|
492,750
|
38 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(c) | Fair Value Measurements and Disclosures (Continued) |
Assets |
Level 1
|
Level 2
|
Level 3
|
Level 4
|
||||||||||||
Common Stock (Continued)
|
||||||||||||||||
Liberia
|
$
|
259,828
|
$
|
—
|
$
|
—
|
$
|
259,828
|
||||||||
Luxembourg
|
113,908
|
—
|
—
|
113,908
|
||||||||||||
Malaysia
|
—
|
4,591,140
|
—
|
4,591,140
|
||||||||||||
Malta
|
—
|
80,151
|
—
|
80,151
|
||||||||||||
Mexico
|
1,820,450
|
—
|
—
|
1,820,450
|
||||||||||||
Netherlands
|
936,419
|
1,993,532
|
—
|
2,929,951
|
||||||||||||
Norway
|
—
|
194,349
|
—
|
194,349
|
||||||||||||
Philippines
|
286,114
|
—
|
—
|
286,114
|
||||||||||||
Poland
|
—
|
1,260,622
|
—
|
1,260,622
|
||||||||||||
Puerto Rico
|
120,785
|
—
|
—
|
120,785
|
||||||||||||
Singapore
|
1,245,258
|
1,050,716
|
—
|
2,295,974
|
||||||||||||
South Africa
|
390,835
|
4,650,567
|
—
|
5,041,402
|
||||||||||||
South Korea
|
254,922
|
3,828,569
|
—
|
4,083,491
|
||||||||||||
Spain
|
—
|
1,925,839
|
—
|
1,925,839
|
||||||||||||
Sweden
|
—
|
2,294,420
|
—
|
2,294,420
|
||||||||||||
Switzerland
|
3,904,735
|
5,843,061
|
—
|
9,747,796
|
||||||||||||
Taiwan
|
1,637,074
|
3,441,953
|
—
|
5,079,027
|
||||||||||||
Thailand
|
—
|
1,265,607
|
—
|
1,265,607
|
||||||||||||
Turkey
|
—
|
646,034
|
—
|
646,034
|
||||||||||||
United Kingdom
|
1,153,881
|
13,971,827
|
—
|
15,125,708
|
||||||||||||
United States
|
83,200,383
|
—
|
—
|
83,200,383
|
||||||||||||
Mutual Fund
|
61,974,253
|
—
|
—
|
61,974,253
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
|
59,528
|
—
|
—
|
59,528
|
||||||||||||
Germany
|
—
|
1,614,327
|
—
|
1,614,327
|
||||||||||||
Italy
|
—
|
11,602
|
—
|
11,602
|
||||||||||||
Purchased Call Options
|
5,320
|
180
|
—
|
5,500
|
||||||||||||
Purchased Put Options
|
116,435
|
125,233
|
—
|
241,668
|
||||||||||||
Rights
|
5,923
|
—
|
—
|
5,923
|
||||||||||||
Short-Term Investments
|
11,198,648
|
8,656,595
|
—
|
19,855,243
|
||||||||||||
Warrants
|
—
|
24
|
—
|
24
|
||||||||||||
Total Assets
|
$
|
197,551,946
|
$
|
110,240,755
|
$
|
—
|
$
|
307,792,701
|
39 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(c) | Fair Value Measurements and Disclosures (Continued) |
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Written Call Options
|
$
|
(1,226,266
|
)
|
$
|
(640,119
|
)
|
$
|
—
|
$
|
(1,866,385
|
)
|
|||||
Written Put Options
|
(79,635
|
)
|
(121,940
|
)
|
—
|
(201,575
|
)
|
|||||||||
Total Liabilities
|
$
|
(1,305,901
|
)
|
$
|
(762,059
|
)
|
$
|
—
|
$
|
(2,067,960
|
)
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Futures Contracts
|
$
|
127,008
|
$
|
—
|
$
|
—
|
$
|
127,008
|
(d) | Security Transactions and Related Investment Income |
(e) | Foreign Currency and Risk |
i. | Assets and liabilities — at the closing rate of exchange as of 4:00 p.m. Eastern time on February 28, 2015. |
ii. | Purchases and sales of investment securities, income and expenses are recorded at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred). |
40 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(f) | Securities Lending |
Description
|
Value
|
|||
Repurchase Agreement with Barclays Capital, 0.05%
|
$
|
5,787,083
|
||
Fidelity Institutional Money Market Fund, 0.11%*
|
500,000
|
|||
Repurchase Agreement with Morgan Stanley, 0.07%
|
1,000,000
|
|||
Repurchase Agreement with Natixis, New York, 0.13%
|
1,000,000
|
|||
$
|
8,287,083
|
* | The rate shown is the annualized 7-day yield as of February 28, 2015. |
(g) | Distributions to Shareholders |
41 |
2. | SIGNIFICANT ACCOUNTING POLICIES (Continued) |
(h) | Use of Estimates |
(i) | Guarantees and Indemnifications |
(j) | Federal Income Taxes |
42 |
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICES PROVIDERS |
(a) | Investment Advisory Fees |
(b) | Sub-Advisory Fees |
(c) | Custodian Fees |
(d) | Fund Accounting Fees |
43 |
3. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICES PROVIDERS (Continued) |
(e) | Administration Fees |
(f) | Transfer Agent Fees |
(g) | Trustees’ Fees |
4. | INVESTMENT TRANSACTIONS |
5. | FEDERAL TAX INFORMATION |
Cost of investments
|
$
|
280,996,140
|
||
Gross unrealized appreciation
|
$
|
32,356,026
|
||
Gross unrealized depreciation
|
(5,559,465
|
)
|
||
Net unrealized appreciation on investments
|
$
|
26,796,561
|
44 |
5. | FEDERAL TAX INFORMATION (Continued) |
Increase (Decrease)
|
||
Paid in Capital
|
Accumulated Net Investment Income (Loss)
|
Accumulated Net Realized Gain (Loss)
|
$—
|
$(125,367)
|
$125,367
|
Undistributed ordinary income
|
$
|
9,610
|
||
Undistributed long-term capital gains
|
2,152,340
|
|||
Accumulated earnings
|
2,161,950
|
|||
Accumulated capital and other losses
|
(288,525
|
)
|
||
Unrealized appreciation on investments
|
26,796,561
|
|||
Unrealized depreciation on futures contracts, foreign currency translations and written options
|
(53,005
|
)
|
||
Total accumulated earnings/(deficit)
|
$
|
28,616,981
|
2015
|
2014
|
|||||||
Distributions paid from:
|
||||||||
Ordinary Income
|
$
|
721,294
|
$
|
420,776
|
||||
Net long term capital gains
|
—
|
—
|
||||||
Total taxable distributions
|
721,294
|
420,776
|
||||||
Total distributions paid
|
$
|
721,294
|
$
|
420,776
|
45 |
6. | OTHER DERIVATIVE INFORMATION |
(a) | Derivative Investment Holdings Categorized by Risk Exposure |
Asset derivatives
|
Liability derivatives
|
|||||||||
Risk exposure category
|
Statement of Assets and Liabilities location
|
Fair value
|
Statement of Assets and
Liabilities location
|
Fair Value
|
||||||
Equity price risk*
|
Purchased options outstanding, at value
|
$
|
247,168
|
Written options outstanding, at value
|
$
|
2,067,960
|
||||
Variation margin
|
127,008
|
* | Includes cumulative appreciation (depreciation) of options contracts shown in the Schedule of Investments. |
Statement of Operations
|
|||||||||
Risk exposure category
|
Derivative Instrument
|
Realized gain (loss) on derivatives recognized in income
|
Change in unrealized appreciation (depreciation) on derivatives recognized in income
|
||||||
Equity price risk
|
Purchased Options
|
$
|
(1,020,775
|
)
|
$
|
(60,967
|
)
|
||
Equity price risk
|
Written Options
|
(3,854,672
|
)
|
1,501,500
|
|||||
Equity price risk
|
Futures Contracts
|
1,496,389
|
448,212
|
(b) | Disclosures about Offsetting Assets and Liabilities |
7. | SUBSEQUENT EVENTS |
46 |
47 |
48 |
49 |
50 |
51 |
Beginning
Account Value September 1, 2014 |
Ending
Account Value February 28, 2015 |
Annualized
Expense Ratio |
Expense Paid
During the
Period from September 1, 2014 to February 28, 2015 |
|
Actual
|
$1,000.00
|
$978.10
|
1.67%
|
$8.19
|
Hypothetical
|
$1,000.00
|
$1,016.72
|
1.67%
|
$8.35
|
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 184/365 (to reflect the half-year period) |
52 |
Independent Trustees
|
|||||
Name and Age
|
Position(s) Held With the Trust
|
Term of Office and Length of Time Served
|
Principal Occupations
During Past Five Years
|
Number of Portfolios in Fund Complex Overseen by Trustee
|
Other Directorships Held by Trustee During Past Five Years
|
Michael D. Le Roy
Age 67
|
Trustee
|
Indefinite; since 2012
|
Principal, Crown Capital Advisors LLC (2000-present)
|
1
|
Advisors Series Trust (12/08-11/10); BB Funds (12/08-5/09); Bjurman, Barry Funds (1/04-10/08)
|
Robert D. Taylor
Age 53
|
Trustee
|
Indefinite; since 2012
|
Partner, Centinela Capital Partners, LLC (2006-present)
|
1
|
None
|
Karyn Williams
Age 49
|
Trustee
|
Indefinite; since 2012
|
Head of Insurance Investments, Farmers Insurance Group (2013-present); Institutional Investment Consultant, Wilshire Associates Incorporated (2001-2013)
|
1
|
None
|
53 |
Interested Trustees and Officers
|
|||||
Name and Age
|
Position(s) Held With the Trust
|
Term of Office and Length of Time Served
|
Principal Occupations
During Past Five Years
|
Number of Portfolios in Fund Complex Overseen by Trustee
|
Other Directorships Held by Trustee During Past Five Years
|
Robert J. Francais*
Age 48
|
Trustee/President
|
Indefinite; since 2012
|
Chief Executive Officer, Aspiriant, LLC (2010-present); Chief Operating Officer, Aspiriant, LLC (2008-2009)
|
1
|
None
|
Robert M. Wagman*
Age 63
|
Trustee/Chairman
|
Indefinite; since 2013
|
Managing Director of Investment Management Services, Aspiriant, LLC (2013-present)
|
1
|
None
|
John Allen
Age 44
|
Vice President
|
Indefinite; since 2014
|
Chief Investment Officer, Aspiriant, LLC (2014-present); Client Relationship Manager, Grantham, Mayo, Van Otterloo (2009-2014)
|
n/a
|
n/a
|
Michael H. Kossman
Age 50
|
Vice President
|
Indefinite; since 2012
|
Chief Operating Officer (2012 -present), Chief Compliance Officer (2008-present), Chief Financial Officer (2008-2012), Aspiriant, LLC
|
n/a
|
n/a
|
Bret Magpiong
Age 51
|
Treasurer, Principal Financial Officer, Secretary
|
Indefinite; since 2015
|
Chief Financial Officer (2012-present), Aspiriant, LLC; Chief Personal Financial Officer (2009-2011), SASCO
|
n/a
|
n/a
|
Jay Haas
Age 44
|
Chief Compliance Officer, Anti-Money Laundering Officer
|
Indefinite; since 2014
|
Director, Cipperman Compliance Services (2014-present); Manager, The Vanguard Group, Inc (2006-2014)
|
n/a
|
n/a
|
* | Mr. Francais and Mr. Wagman are “interested persons” of the Trust as defined in the 1940 Act because they are employees of the Adviser. |
Fiscal year ended February 28, 2014
|
$44,000
|
Fiscal year ended February 28, 2015
|
$45,300
|
Fiscal year ended February 28, 2014
|
None
|
Fiscal year ended February 28, 2015
|
None
|
Fiscal year ended February 28, 2014
|
$8,000
|
Fiscal year ended February 28, 2015
|
$8,200
|
Fiscal year ended February 28, 2014
|
None
|
Fiscal year ended February 28, 2015
|
None
|
Fiscal year ended February 28, 2014
|
None
|
Fiscal year ended February 28, 2015
|
None
|
(a) | The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a) | (1) | Code of Ethics as required by Item 2. Filed herewith. |
(2) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. |
(b) | Certification of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) of 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
Registrant
|
Aspiriant Trust
|
|
By
|
/s/ Robert J. Francais | |
Title
|
Robert J. Francais, President
|
|
Date
|
April 30, 2015 |
By
|
/s/ Robert J. Francais | |
Title
|
Robert J. Francais, President
|
|
Date
|
April 30, 2015 | |
By
|
/s/ Brad Magpiong | |
Title
|
Brad Magpiong, Treasurer and Principal Financial Officer
|
|
Date
|
April 30, 2015 |
• | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
• | Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the Trust; |
• | Compliance with applicable laws and governmental rules and regulations; |
• | The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
• | Accountability for adherence to the Code. |
• | Act with honesty and integrity |
• | Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships |
• | Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable |
• | Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the |
• | Comply with the federal securities laws and other applicable laws and rules, such as the |
• | Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end |
• | Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated |
• | Record (or participate in the recording of) entries in the Trust’s books and records that are accurate |
• | Refrain from using confidential information for personal advantage |
1. | I have reviewed this report on Form N-CSR of the Aspiriant Risk-Managed Global Equity Fund, a series of Aspiriant Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
|
April 30, 2015 | |
By
|
/s/ Robert J. Francais | |
Title
|
Robert J. Francais, President
|
1. | I have reviewed this report on Form N-CSR of the Aspiriant Risk-Managed Global Equity Fund, a series of Aspiriant Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
|
April 30, 2015 | |
By
|
/s/ Brad Magpiong | |
Title
|
Brad Magpiong, Treasurer and Principal Financial Officer
|
1. | The N-CSR of the registrant for the period ended February 28, 2015 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
Date:
|
April 30, 2015 | |
By
|
/s/ Robert J. Francais | |
Title
|
Robert J. Francais, President
|
1. | The N-CSR of the registrant for the period ended February 28, 2015 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
Date:
|
April 30, 2015 | |
By
|
/s/ Brad Magpiong | |
Title
|
Brad Magpiong, Treasurer and Principal Financial Officer
|
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