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SCHEDULE OF INVESTMENTS |
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Global Growth (in thousands) |
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MARCH 31, 2020 (UNAUDITED) |
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COMMON STOCKS |
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Shares |
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Value |
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Brazil |
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Consumer Discretionary 0.3% |
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Magazine Luiza S.A. |
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41 |
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$312 |
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Financials 0.4% |
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Banco do Brasil S.A. |
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62 |
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328 |
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XP, Inc., Class A(A) |
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5 |
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97 |
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425 |
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Total Brazil - 0.7% |
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$737 |
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Canada |
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Consumer Staples 2.5% |
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Alimentation Couche-Tard, Inc., Class B |
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120 |
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2,822 |
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Energy 0.8% |
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Canadian Natural Resources Ltd. |
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71 |
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959 |
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Total Canada - 3.3% |
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$3,781 |
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China |
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Communication Services 3.4% |
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Baidu.com, Inc. ADR(A) |
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22 |
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2,205 |
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Tencent Holdings Ltd. |
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34 |
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1,676 |
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3,881 |
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Consumer Discretionary 2.0% |
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Alibaba Group Holding Ltd. ADR(A) |
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12 |
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2,258 |
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Financials 2.8% |
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Ping An Insurance (Group) Co. of China Ltd., H Shares |
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320 |
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3,125 |
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Total China - 8.2% |
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$9,264 |
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France |
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Communication Services 1.7% |
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Ubisoft Entertainment S.A.(A) |
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27 |
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1,958 |
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Consumer Discretionary 0.6% |
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LVMH Moet Hennessy - Louis Vuitton |
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2 |
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715 |
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Energy 0.6% |
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Total S.A. ADR |
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19 |
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712 |
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Industrials 4.7% |
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Airbus SE |
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50 |
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3,210 |
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Schneider Electric S.A. |
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26 |
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2,205 |
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5,415 |
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Total France - 7.6% |
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$8,800 |
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Germany |
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Financials 1.4% |
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Deutsche Boerse AG |
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12 |
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1,616 |
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Information Technology 2.1% |
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Infineon Technologies AG |
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164 |
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2,373 |
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Total Germany - 3.5% |
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$3,989 |
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Hong Kong |
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Consumer Discretionary 0.9% |
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Galaxy Entertainment Group |
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190 |
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1,001 |
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Financials 1.4% |
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AIA Group Ltd. |
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179 |
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1,601 |
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Total Hong Kong - 2.3% |
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$2,602 |
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India |
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Energy 1.5% |
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Reliance Industries Ltd. |
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118 |
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1,722 |
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Financials 1.0% |
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HDFC Bank Ltd. |
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97 |
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1,108 |
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Total India - 2.5% |
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$2,830 |
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Italy |
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Consumer Discretionary 3.0% |
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Ferrari N.V. |
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23 |
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3,469 |
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Total Italy - 3.0% |
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$3,469 |
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Japan |
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Industrials 2.6% |
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Daikin Industries Ltd. |
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7 |
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881 |
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Recruit Holdings Co. Ltd. |
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79 |
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2,051 |
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2,932 |
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Total Japan - 2.6% |
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$2,932 |
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Netherlands |
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Health Care 1.9% |
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Koninklijke Philips Electronics N.V., Ordinary Shares |
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53 |
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2,170 |
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Total Netherlands - 1.9% |
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$2,170 |
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Switzerland |
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Consumer Staples 1.2% |
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Nestle S.A., Registered Shares |
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14 |
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1,405 |
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Health Care 1.0% |
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Alcon, Inc.(A) |
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23 |
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1,203 |
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Industrials 1.1% |
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Ferguson plc |
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20 |
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1,242 |
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Total Switzerland - 3.3% |
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$3,850 |
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Taiwan |
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Information Technology 1.5% |
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Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
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36 |
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1,723 |
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Total Taiwan - 1.5% |
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$1,723 |
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United Kingdom |
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Consumer Staples 1.0% |
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Diageo plc |
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38 |
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1,197 |
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Financials 1.8% |
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Prudential plc |
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166 |
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2,077 |
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Health Care 1.9% |
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AstraZeneca plc |
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16 |
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1,451 |
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AstraZeneca plc ADR |
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16 |
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701 |
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2,152 |
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Total United Kingdom - 4.7% |
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$5,426 |
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United States |
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Communication Services 2.1% |
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Facebook, Inc., Class A(A) |
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14 |
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2,357 |
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Consumer Discretionary 7.8% |
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Amazon.com, Inc.(A) |
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4 |
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6,943 |
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Dollar General Corp. |
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5 |
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740 |
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Home Depot, Inc. (The) |
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6 |
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1,191 |
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8,874 |
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Energy 0.3% |
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ConocoPhillips |
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10 |
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293 |
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Financials 3.0% |
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Citigroup, Inc. |
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13 |
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555 |
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CME Group, Inc. |
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6 |
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1,047 |
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Goldman Sachs Group, Inc. (The) |
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7 |
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1,080 |
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Morgan Stanley |
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24 |
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804 |
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3,486 |
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Health Care 9.7% |
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Abbott Laboratories |
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35 |
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2,724 |
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HCA Holdings, Inc. |
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13 |
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1,150 |
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Johnson & Johnson |
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26 |
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3,346 |
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Thermo Fisher Scientific, Inc. |
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13 |
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3,828 |
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11,048 |
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Industrials 3.5% |
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Eaton Corp. |
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22 |
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1,671 |
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Northrop Grumman Corp. |
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8 |
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2,276 |
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3,947 |
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Information Technology 24.7% |
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Adobe, Inc.(A) |
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9 |
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3,007 |
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Ambarella, Inc.(A) |
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36 |
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1,724 |
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Apple, Inc. |
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4 |
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1,137 |
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Autodesk, Inc.(A) |
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9 |
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1,418 |
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Cisco Systems, Inc. |
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45 |
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1,774 |
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Fidelity National Information Services, Inc. |
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19 |
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2,343 |
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Garter, Inc., Class A(A) |
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10 |
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1,033 |
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MasterCard, Inc., Class A |
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9 |
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2,220 |
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Microsoft Corp. |
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40 |
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6,288 |
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PayPal, Inc.(A) |
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24 |
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2,302 |
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VeriSign, Inc.(A) |
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7 |
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1,330 |
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Visa, Inc., Class A |
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22 |
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3,583 |
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28,159 |
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Total United States - 51.1% |
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$58,164 |
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TOTAL COMMON STOCKS 96.2% |
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$109,737 |
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(Cost: $100,391) |
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SHORT-TERM
SECURITIES |
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Money Market Funds(B) 3.4% |
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State Street Institutional U.S. Government Money Market Fund - Premier Class 0.310% |
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3,900 |
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3,900 |
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TOTAL SHORT-TERM SECURITIES 3.4% |
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$3,900 |
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(Cost: $3,900) |
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TOTAL INVESTMENT SECURITIES 99.6% |
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$113,637 |
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(Cost: $104,291) |
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CASH AND OTHER ASSETS, NET OF LIABILITIES 0.4% |
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433 |
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NET ASSETS 100.0% |
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$114,070 |
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Notes to Schedule of Investments
(A) No dividends were paid during the preceding 12 months.
(B) Rate shown is the
annualized 7-day yield at March 31, 2020.
Each Portfolios investments are reported at fair value. Fair value is
defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the
valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants
would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entitys own assumptions about the factors that market participants would use
in pricing the asset or liability developed based on the best information available in the circumstances.
Reoccurring fair value measurements of Level 3
securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each
respective Portfolio.
An individual investments fair value measurement is assigned a level based upon the observability of the inputs which are significant to
the overall valuation. The three-tier hierarchy of inputs is summarized as follows:
Level 1 - Observable inputs such as quoted prices, available in
active markets, for identical assets or liabilities.
Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted
prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.
Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available,
which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.
The
following table is a summary of the valuation of the Portfolios investments by the fair value hierarchy levels as of March 31, 2020:
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Level 1 |
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Level 2 |
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Level 3 |
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Assets |
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Investments in Securities |
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Common Stocks |
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Communication Services |
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$ |
4,562 |
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$ |
3,634 |
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$ |
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Consumer Discretionary |
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11,444 |
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5,185 |
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Consumer Staples |
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2,822 |
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2,602 |
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Energy |
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1,964 |
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1,722 |
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Financials |
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3,911 |
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9,527 |
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Health Care |
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11,749 |
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4,824 |
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Industrials |
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3,947 |
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9,589 |
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Information Technology |
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29,882 |
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2,373 |
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Total Common Stocks |
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$ |
70,281 |
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$ |
39,456 |
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$ |
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Short-Term Securities |
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3,900 |
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Total |
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$ |
74,181 |
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$ |
39,456 |
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$ |
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The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
For Federal income tax purposes, cost of investments owned at March 31, 2020 and the related unrealized appreciation
(depreciation) were as follows:
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Cost |
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$104,291 |
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Gross unrealized appreciation |
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19,792 |
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Gross unrealized depreciation |
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(10,446) |
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Net unrealized appreciation |
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$9,346 |
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