REYNOLDS
|
BLUE CHIP |
GROWTH FUND |
Seeking Long-Term Capital Appreciation |
(1)
|
The Standard & Poor’s 500 Index consists of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Standard & Poor’s Ratings Group designates the stocks to be included in the Index on a statistical basis. A particular stock’s weighting in the Index is based on its relative total market value (i.e. its market price per share times the number of shares outstanding.) Stocks may be added or deleted from the Index from time to time.
|
(2)
|
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
(1)
|
Long-term borrowing costs of corporations are lower resulting in higher business confidence and profits.
|
(2)
|
Long-term borrowing costs of individuals are lower which increases consumer confidence and spending.
|
(3)
|
A company’s stock is usually valued by placing a present value on that company’s future stream of earnings and dividends. The present value is higher when interest and inflation rates are low.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 4/01/13
|
Value 9/30/13
|
Period* 4/01/13-9/30/13
|
|
Reynolds Blue Chip Growth Fund Actual
|
$1,000.00
|
$1,125.00
|
$8.36
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.20
|
$7.94
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.57% multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period between April 1, 2013 and September 30, 2013).
|
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN |
REYNOLDS BLUE CHIP GROWTH FUND AND S&P 500 INDEX(1) |
Past performance does not predict future performance. The graph and the table do not reflect the deduction of taxes that
|
a shareholder would pay on Fund distributions or the redemption of Fund shares. |
AVERAGE ANNUAL TOTAL RETURN
|
||
1-YEAR
|
5-YEAR
|
10-YEAR
|
22.50%
|
17.80%
|
10.03%
|
(1)
|
The S&P 500 is the Standard & Poor’s Composite Index of 500 stocks, a widely recognized unmanaged index of common stock prices and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.
|
ASSETS:
|
||||
Investments in securities, at value (cost $153,280,063)
|
$ | 204,760,309 | ||
Cash
|
1,343,371 | |||
Receivable from investments sold
|
789,384 | |||
Receivable from shareholders for purchases
|
339,817 | |||
Dividends receivable
|
110,235 | |||
Prepaid expenses
|
42,148 | |||
Total assets
|
$ | 207,385,264 | ||
LIABILITIES:
|
||||
Payable for investments purchased
|
$ | 834,762 | ||
Payable to shareholders for redemptions
|
406,814 | |||
Payable to adviser for management fees
|
166,501 | |||
Payable for distribution expenses
|
20,533 | |||
Other liabilities
|
77,978 | |||
Total liabilities
|
1,506,588 | |||
NET ASSETS:
|
||||
Capital Stock, $0.01 par value; 40,000,000 shares authorized; 2,881,305 shares outstanding
|
148,365,953 | |||
Net unrealized appreciation on investments
|
51,480,246 | |||
Accumulated undistributed net realized gain on investments
|
6,093,741 | |||
Accumulated net investment loss
|
(61,264 | ) | ||
Net assets
|
205,878,676 | |||
Total liabilities and net assets
|
$ | 207,385,264 | ||
CALCULATION OF NET ASSET VALUE PER SHARE:
|
||||
Net asset value, offering and redemption price per share ($205,878,676 ÷ 2,881,305 shares outstanding)
|
$ | 71.45 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a)
|
|||||||
COMMON STOCKS — 98.6% (a)
|
|||||||
Aerospace & Defense — 2.2%
|
|||||||
10,400 |
AAR CORP.
|
$ | 284,232 | ||||
3,600 |
BE Aerospace, Inc.*
|
265,752 | |||||
4,000 |
The Boeing Co.
|
470,000 | |||||
600 |
Curtiss-Wright Corporation
|
28,176 | |||||
900 |
Elbit Systems Ltd.
|
48,123 | |||||
1,100 |
Engility Holdings Inc.*
|
34,903 | |||||
300 |
Esterline Technologies Corporation*
|
23,967 | |||||
1,400 |
Exelis Inc.
|
21,994 | |||||
13,300 |
GenCorp Inc.*
|
213,199 | |||||
1,800 |
General Dynamics Corporation
|
157,536 | |||||
2,500 |
HEICO Corporation
|
169,350 | |||||
10,100 |
Hexcel Corp.*
|
391,880 | |||||
3,700 |
Honeywell International Inc.
|
307,248 | |||||
3,100 |
L-3 Communications Holdings, Inc.
|
292,950 | |||||
1,700 |
Lockheed Martin Corp.
|
216,835 | |||||
5,900 |
Northrop Grumman Corporation
|
562,034 | |||||
500 |
Precision Castparts Corp.
|
113,620 | |||||
2,200 |
Raytheon Co.
|
169,554 | |||||
3,300 |
Rockwell Collins, Inc.
|
223,938 | |||||
1,200 |
Teledyne Technologies Inc.*
|
101,916 | |||||
5,200 |
Textron Inc.
|
143,572 | |||||
2,900 |
Triumph Group, Inc.
|
203,638 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Aerospace & Defense — 2.2% (Continued)
|
|||||||
1,300 |
United Technologies Corp.
|
$ | 140,166 | ||||
4,584,583 | |||||||
Air Freight & Logistics — 0.2%
|
|||||||
2,300 |
C. H. Robinson Worldwide, Inc.
|
136,988 | |||||
1,800 |
Expeditors International
|
||||||
of Washington, Inc.
|
79,308 | ||||||
1,500 |
FedEx Corp.
|
171,165 | |||||
400 |
United Parcel Service, Inc. Cl B
|
36,548 | |||||
424,009 | |||||||
Airlines — 1.8%
|
|||||||
7,600 |
Alaska Air Group, Inc.
|
475,912 | |||||
6,200 |
Allegiant Travel Company
|
653,232 | |||||
300 |
Copa Holdings S.A.
|
41,601 | |||||
21,000 |
Delta Air Lines, Inc.
|
495,390 | |||||
17,400 |
Hawaiian Holdings, Inc.*
|
129,456 | |||||
6,500 |
JetBlue Airways Corp.*
|
43,290 | |||||
15,400 |
Republic Airways Holdings Inc.*
|
183,260 | |||||
7,000 |
Ryanair Holdings PLC - SP-ADR
|
348,180 | |||||
3,400 |
SkyWest, Inc.
|
49,368 | |||||
30,200 |
Southwest Airlines Co.
|
439,712 | |||||
6,500 |
Spirit Airlines Inc.*
|
222,755 | |||||
5,100 |
United Continental Holdings Inc.*
|
156,621 | |||||
23,900 |
US Airways Group, Inc.*
|
453,144 | |||||
3,691,921 | |||||||
Auto Components — 0.8%
|
|||||||
1,300 |
American Axle &
|
||||||
Manufacturing Holdings, Inc.*
|
25,636 | ||||||
1,600 |
BorgWarner, Inc.
|
162,224 | |||||
3,100 |
China Automotive Systems, Inc.*
|
23,157 | |||||
2,500 |
Drew Industries Incorporated
|
113,850 | |||||
5,600 |
The Goodyear Tire & Rubber Company*
|
125,720 | |||||
3,000 |
Johnson Controls, Inc.
|
124,500 | |||||
1,300 |
Lear Corporation
|
93,041 | |||||
3,700 |
Magna International Inc.
|
305,472 | |||||
6,400 |
Modine Manufacturing Company*
|
93,632 | |||||
2,000 |
Standard Motor Products, Inc.
|
64,320 | |||||
3,700 |
Tenneco Inc.*
|
186,850 | |||||
5,800 |
TRW Automotive Holdings Corp.*
|
413,598 | |||||
1,732,000 | |||||||
Automobiles — 0.9%
|
|||||||
12,200 |
Ford Motor Company
|
205,814 | |||||
7,500 |
General Motors Co.*
|
269,775 | |||||
2,000 |
Harley-Davidson, Inc.
|
128,480 | |||||
2,800 |
HONDA MOTOR CO., LTD. - SP-ADR
|
106,792 | |||||
1,400 |
Tata Motors Ltd. - SP-ADR
|
37,268 | |||||
4,100 |
Tesla Motors, Inc.*
|
793,022 | |||||
2,100 |
Thor Industries, Inc.
|
121,884 | |||||
1,400 |
TOYOTA MOTOR
|
||||||
CORPORATION - SP-ADR
|
179,242 | ||||||
1,000 |
Winnebago Industries, Inc.*
|
25,960 | |||||
1,868,237 | |||||||
Beverages — 0.9%
|
|||||||
1,200 |
Anheuser-Busch InBev N.V. - SP-ADR
|
119,040 | |||||
2,100 |
The Boston Beer Company, Inc.*
|
512,841 | |||||
4,800 |
Coca-Cola Enterprises Inc.
|
193,008 | |||||
10,900 |
Constellation Brands, Inc.*
|
625,660 | |||||
3,300 |
Cott Corp.
|
25,377 | |||||
500 |
Diageo plc - SP-ADR
|
63,540 | |||||
6,000 |
Dr Pepper Snapple Group, Inc.
|
268,920 | |||||
500 |
Molson Coors Brewing Company Cl B
|
25,065 | |||||
200 |
Monster Beverage Corporation*
|
10,450 | |||||
1,000 |
PepsiCo, Inc.
|
79,500 | |||||
1,923,401 | |||||||
Biotechnology — 4.6%
|
|||||||
6,300 |
ACADIA Pharmaceuticals Inc.*
|
173,061 | |||||
1,600 |
Aegerion Pharmaceuticals, Inc.*
|
137,136 | |||||
3,800 |
Alexion Pharmaceuticals, Inc.*
|
441,408 | |||||
11,200 |
Alkermes PLC*^
|
376,544 | |||||
2,900 |
Amgen Inc.
|
324,626 | |||||
1,700 |
Arena Pharmaceuticals, Inc.*
|
8,959 | |||||
3,900 |
ARIAD Pharmaceuticals, Inc.*
|
71,760 | |||||
2,200 |
Array BioPharma Inc.*
|
13,684 | |||||
6,600 |
BioCryst Pharmaceuticals, Inc.*
|
48,048 | |||||
2,300 |
Biogen Idec Inc.*
|
553,748 | |||||
5,100 |
BioMarin Pharmaceutical Inc.*
|
368,322 | |||||
6,700 |
Celgene Corp.*
|
1,031,331 | |||||
1,800 |
Cubist Pharmaceuticals, Inc.*
|
114,390 | |||||
2,600 |
Dendreon Corporation*
|
7,618 | |||||
8,900 |
Elan Corporation plc - SP-ADR*
|
138,662 | |||||
7,500 |
Geron Corporation*
|
25,125 | |||||
18,700 |
Gilead Sciences, Inc.*
|
1,175,108 | |||||
1,400 |
ImmunoGen, Inc.*
|
23,828 | |||||
2,100 |
Immunomedics, Inc.*
|
12,999 | |||||
10,100 |
Incyte Corp.*
|
385,315 | |||||
2,200 |
Infinity Pharmaceuticals, Inc.*
|
38,390 | |||||
9,900 |
Isis Pharmaceuticals, Inc.*
|
371,646 | |||||
1,800 |
Ligand Pharmaceuticals,
|
||||||
Incorporated Cl B*
|
77,904 | ||||||
10,400 |
MannKind Corporation*
|
59,280 | |||||
2,600 |
Medivation Inc.*
|
155,844 | |||||
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Biotechnology — 4.6% (Continued)
|
|||||||
500 |
Momenta Pharmaceuticals, Inc.*
|
$ | 7,195 | ||||
1,600 |
Myriad Genetics, Inc.*
|
37,600 | |||||
5,000 |
NPS Pharmaceuticals, Inc.*
|
159,050 | |||||
18,800 |
Orexigen Therapeutics Inc.*
|
115,432 | |||||
11,300 |
Peregrine Pharmaceuticals, Inc.*
|
15,933 | |||||
9,100 |
Pharmacyclics, Inc.*
|
1,259,622 | |||||
1,100 |
Puma Biotechnology, Inc.*
|
59,026 | |||||
4,600 |
Raptor Pharmaceuticals Corporation*
|
68,724 | |||||
1,400 |
Regeneron Pharmaceuticals, Inc.*
|
438,018 | |||||
4,500 |
Sarepta Therapeutics, Inc.*
|
212,535 | |||||
6,500 |
Savient Pharmaceuticals Inc.*
|
4,058 | |||||
11,300 |
Seattle Genetics, Inc.*
|
495,279 | |||||
3,000 |
Sinovac Biotech Ltd.*
|
17,940 | |||||
900 |
Theravance Inc.*
|
36,801 | |||||
4,200 |
United Therapeutics Corporation*
|
331,170 | |||||
200 |
Vertex Pharmaceuticals Incorporated*
|
15,164 | |||||
500 |
XOMA Corporation*
|
2,240 | |||||
9,410,523 | |||||||
Building Products — 0.9%
|
|||||||
600 |
Armstrong World Industries, Inc.*
|
32,976 | |||||
13,700 |
Fortune Brands Home & Security Inc.
|
570,331 | |||||
4,500 |
Lennox International Inc.
|
338,670 | |||||
10,100 |
Masco Corp.
|
214,928 | |||||
6,100 |
PGT, Inc.*
|
60,451 | |||||
10,500 |
A.O. Smith Corporation
|
474,600 | |||||
5,500 |
USG Corporation*
|
157,190 | |||||
1,849,146 | |||||||
Capital Markets — 3.6%
|
|||||||
1,900 |
Affiliated Managers Group, Inc.*
|
347,016 | |||||
6,300 |
Ameriprise Financial, Inc.
|
573,804 | |||||
1,100 |
Artisan Partners Asset Management, Inc.
|
57,596 | |||||
1,900 |
The Bank of New York
|
||||||
Mellon Corporation
|
57,361 | ||||||
1,100 |
BlackRock, Inc.
|
297,682 | |||||
900 |
Cohen & Steers, Inc.
|
31,779 | |||||
21,900 |
E*Trade Financial Corp.*
|
361,350 | |||||
2,900 |
Eaton Vance Corp.
|
112,607 | |||||
1,100 |
Evercore Partners, Inc.
|
54,153 | |||||
3,200 |
Federated Investors, Inc., Cl B
|
86,912 | |||||
12,000 |
Financial Engines, Inc.
|
713,280 | |||||
3,600 |
Franklin Resources, Inc.
|
181,980 | |||||
2,200 |
GFI Group Inc.
|
8,690 | |||||
4,800 |
The Goldman Sachs Group, Inc.
|
759,408 | |||||
4,800 |
Invesco Limited
|
153,120 | |||||
2,800 |
Janus Capital Group Inc.
|
23,828 |
3,100 |
Legg Mason, Inc.
|
103,664 | |||||
2,300 |
Manning & Napier Inc.
|
38,364 | |||||
17,100 |
Morgan Stanley
|
460,845 | |||||
10,900 |
Nomura Holdings, Inc. - ADR
|
85,129 | |||||
1,500 |
Northern Trust Corporation
|
81,585 | |||||
8,500 |
Piper Jaffray Companies, Inc.*
|
291,465 | |||||
4,400 |
T. Rowe Price Group Inc.
|
316,492 | |||||
4,500 |
Raymond James Financial, Inc.
|
187,515 | |||||
17,600 |
The Charles Schwab Corporation
|
372,064 | |||||
9,900 |
SEI Investments Co.
|
306,009 | |||||
1,500 |
State Street Corporation
|
98,625 | |||||
13,700 |
TD Ameritrade Holding Corp.
|
358,666 | |||||
4,100 |
Triangle Capital Corporation
|
120,41 | |||||
1,000 |
UBS AG
|
20,520 | |||||
2,700 |
Virtus Investment Partners Inc.*
|
439,128 | |||||
5,600 |
Waddell & Reed Financial, Inc.
|
288,288 | |||||
3,200 |
WisdomTree Investments, Inc.*
|
37,152 | |||||
7,426,494 | |||||||
Chemicals — 2.8%
|
|||||||
1,000 |
Agrium Inc.
|
84,030 | |||||
600 |
Air Products and Chemicals, Inc.
|
63,942 | |||||
500 |
Airgas, Inc.
|
53,025 | |||||
1,200 |
Albemarle Corporation
|
75,528 | |||||
900 |
Balchem Corporation
|
46,575 | |||||
3,300 |
Chemtura Corporation*
|
75,867 | |||||
2,000 |
The Dow Chemical Company
|
76,800 | |||||
2,400 |
E.I. du Pont de Nemours and Company
|
140,544 | |||||
2,700 |
Eastman Chemical Co.
|
210,330 | |||||
4,600 |
Ecolab Inc.
|
454,296 | |||||
2,100 |
Ferro Corporation*
|
19,131 | |||||
7,400 |
FMC Corporation
|
530,728 | |||||
700 |
H.B. Fuller Company
|
31,633 | |||||
3,400 |
W.R. Grace & Co.*
|
297,160 | |||||
1,100 |
Huntsman Corporation
|
22,671 | |||||
2,200 |
International Flavors & Fragrances Inc.
|
181,060 | |||||
2,500 |
Intrepid Potash, Inc.
|
39,200 | |||||
2,500 |
Koppers Holdings, Inc.
|
106,625 | |||||
3,100 |
LyondellBasell Industries N.V.
|
227,013 | |||||
2,200 |
Monsanto Company
|
229,614 | |||||
500 |
The Mosaic Company
|
21,510 | |||||
500 |
NewMarket Corporation
|
143,955 | |||||
7,700 |
Olin Corp.
|
177,639 | |||||
3,800 |
PolyOne Corporation
|
116,698 | |||||
1,700 |
PPG Industries, Inc.
|
284,002 | |||||
8,400 |
RPM International, Inc.
|
304,080 | |||||
3,400 |
The Scotts Miracle-Gro Company
|
187,102 | |||||
3,400 |
The Sherwin-Williams Company
|
619,412 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Chemicals — 2.8% (Continued)
|
|||||||
6,200 |
Sigma-Aldrich Corp.
|
$ | 528,860 | ||||
7,300 |
The Valspar Corp.
|
463,039 | |||||
5,812,069 | |||||||
Commercial Banks — 1.7%
|
|||||||
900 |
Bank of Hawaii Corporation
|
49,005 | |||||
2,900 |
Bank of Ireland - SP-ADR*
|
32,683 | |||||
4,300 |
Bank of the Ozarks, Inc.
|
206,357 | |||||
2,600 |
Barclays PLC - SP-ADR
|
44,304 | |||||
2,400 |
CapitalSource Inc.
|
28,512 | |||||
1,900 |
CIT Group Inc.*
|
92,663 | |||||
2,400 |
Columbia Banking System, Inc.
|
59,280 | |||||
1,100 |
Eagle Bancorp, Inc.*
|
31,119 | |||||
6,300 |
East West Bancorp, Inc.
|
201,285 | |||||
2,600 |
Enterprise Financial Services Corp.
|
43,628 | |||||
1,600 |
Fidelity Southern Corporation
|
24,544 | |||||
17,400 |
Fifth Third Bancorp
|
313,896 | |||||
900 |
First Financial Bankshares, Inc.
|
52,938 | |||||
600 |
First Republic Bank
|
27,978 | |||||
10,646 |
FirstMerit Corporation
|
231,125 | |||||
2,800 |
Fulton Financial Corporation
|
32,704 | |||||
3,400 |
Glacier Bancorp, Inc.
|
84,014 | |||||
16,100 |
Huntington Bancshares Inc.
|
132,986 | |||||
10,000 |
KeyCorp
|
114,000 | |||||
8,500 |
Lloyds Banking Group plc - ADR*
|
40,885 | |||||
300 |
M&T Bank Corporation
|
33,576 | |||||
500 |
Mercantile Bank Corporation
|
10,890 | |||||
5,100 |
Mitsubishi UFJ Financial Group, Inc. - ADR
|
32,691 | |||||
2,100 |
Mizuho Financial Group, Inc. - ADR
|
9,072 | |||||
1,000 |
PNC Financial Services Group, Inc.
|
72,450 | |||||
1,800 |
Prosperity Bancshares, Inc.
|
111,312 | |||||
36,700 |
Regions Financial Corp.
|
339,842 | |||||
4,100 |
SunTrust Banks, Inc.
|
132,922 | |||||
14,800 |
Synovus Financial Corp.
|
48,840 | |||||
3,900 |
Texas Capital Bancshares, Inc.*
|
179,283 | |||||
300 |
The Toronto-Dominion Bank
|
26,994 | |||||
2,200 |
U.S. Bancorp
|
80,476 | |||||
9,300 |
Umpqua Holdings Corporation
|
150,846 | |||||
3,400 |
Webster Financial Corporation
|
86,802 | |||||
4,400 |
Wells Fargo & Co.
|
181,808 | |||||
1,400 |
Western Alliance Bancorp*
|
26,502 | |||||
6,000 |
Zions Bancorporation
|
164,520 | |||||
3,532,732 | |||||||
Commercial Services & Supplies — 1.0%
|
|||||||
500 |
The ADT Corporation
|
20,330 | |||||
7,200 |
Cintas Corp.
|
368,640 | |||||
2,200 |
Consolidated Graphics, Inc.*
|
123,332 | |||||
1,200 |
Copart, Inc.*
|
38,148 | |||||
4,300 |
Costa Inc.*
|
81,786 | |||||
10,600 |
R.R. Donnelley & Sons Company
|
167,480 | |||||
900 |
EnerNOC, Inc.*
|
13,491 | |||||
2,000 |
Iron Mountain Incorporated
|
54,040 | |||||
7,400 |
KAR Auction Services Inc.
|
208,754 | |||||
4,000 |
Herman Miller, Inc.
|
116,720 | |||||
2,800 |
Mobile Mini, Inc.*
|
95,368 | |||||
900 |
Pitney Bowes Inc.
|
16,371 | |||||
2,000 |
Republic Services, Inc.
|
66,720 | |||||
4,500 |
Steelcase Inc.
|
74,790 | |||||
1,100 |
Stericycle, Inc.*
|
126,940 | |||||
1,100 |
Tetra Tech, Inc.*
|
28,479 | |||||
5,000 |
Tyco International Ltd.
|
174,900 | |||||
4,600 |
Waste Connections, Inc.
|
208,886 | |||||
3,900 |
Waste Management, Inc.
|
160,836 | |||||
2,146,011 | |||||||
Communications Equipment — 1.7%
|
|||||||
1,200 |
ADTRAN, Inc.
|
31,968 | |||||
14,900 |
Alcatel-Lucent - SP-ADR*
|
52,597 | |||||
5,900 |
Alliance Fiber Optic Products, Inc.
|
120,773 | |||||
4,700 |
Aruba Networks Inc.*
|
78,208 | |||||
7,100 |
BlackBerry Limited*
|
56,445 | |||||
15,100 |
Brocade Communications Systems, Inc.*
|
121,555 | |||||
7,400 |
CalAmp Corporation*
|
130,462 | |||||
14,600 |
Ciena Corporation*
|
364,708 | |||||
6,100 |
Cisco Systems, Inc.
|
142,862 | |||||
2,900 |
F5 Networks, Inc.*
|
248,704 | |||||
14,100 |
Finisar Corp.*
|
319,083 | |||||
2,800 |
Harris Corp.
|
166,040 | |||||
12,100 |
Infinera Corporation*
|
136,851 | |||||
7,400 |
Ituran Location and Control Ltd.
|
136,530 | |||||
9,700 |
JDS Uniphase Corp.*
|
142,687 | |||||
3,900 |
Juniper Networks, Inc.*
|
77,454 | |||||
1,000 |
Motorola Solutions, Inc.
|
59,380 | |||||
2,100 |
NETGEAR, Inc.*
|
64,806 | |||||
10,500 |
Nokia Oyj - SP-ADR*
|
68,355 | |||||
400 |
Palo Alto Networks, Inc.*
|
18,328 | |||||
900 |
Plantronics, Inc.
|
41,445 | |||||
2,700 |
Procera Networks, Inc.*
|
41,823 | |||||
4,400 |
QUALCOMM, Inc.
|
296,384 | |||||
4,400 |
RADWARE Ltd.*
|
61,380 | |||||
7,100 |
Riverbed Technology, Inc.*
|
103,589 | |||||
1,200 |
Ruckus Wireless Inc.*
|
20,196 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Communications Equipment — 1.7% (Continued)
|
|||||||
4,200 |
Sierra Wireless Inc.*
|
$ | 68,754 | ||||
7,500 |
Sonus Networks, Inc.*
|
25,350 | |||||
5,800 |
Ubiquiti Networks Inc.
|
194,822 | |||||
2,900 |
Zhone Technologies, Inc.*
|
9,135 | |||||
3,400,674 | |||||||
Computers & Peripherals — 1.4%
|
|||||||
4,300 |
3D Systems Corporation*
|
232,157 | |||||
2,000 |
Apple Inc.
|
953,500 | |||||
2,300 |
Cray, Inc.*
|
55,361 | |||||
4,900 |
Electronics for Imaging, Inc.*
|
155,232 | |||||
1,500 |
EMC Corporation
|
38,340 | |||||
1,200 |
Fusion-io Inc.*
|
16,068 | |||||
300 |
International Business Machines Corp.
|
55,554 | |||||
4,600 |
NCR Corporation*
|
182,206 | |||||
4,900 |
NetApp, Inc.
|
208,838 | |||||
2,000 |
QLogic Corp.*
|
21,880 | |||||
3,500 |
SanDisk Corp.
|
208,285 | |||||
7,300 |
Seagate Technology PLC
|
319,302 | |||||
1,200 |
Silicon Graphics International Corporation*
|
19,500 | |||||
500 |
Stratasys Ltd.*
|
50,630 | |||||
1,000 |
Teradata Corp.*
|
55,440 | |||||
4,900 |
Western Digital Corp.
|
310,660 | |||||
2,882,953 | |||||||
Construction & Engineering — 0.5%
|
|||||||
3,900 |
Chicago Bridge & Iron
|
||||||
Company N. V. NYS
|
264,303 | ||||||
2,600 |
EMCOR Group, Inc.
|
101,738 | |||||
2,800 |
Fluor Corp.
|
198,688 | |||||
7,100 |
Jacobs Engineering Group Inc.*
|
413,078 | |||||
977,807 | |||||||
Construction Materials — 0.1%
|
|||||||
2,100 |
Texas Industries, Inc.*
|
139,251 | |||||
Consumer Finance — 0.6%
|
|||||||
4,400 |
American Express Co.
|
332,288 | |||||
1,100 |
Capital One Financial Corp.
|
75,614 | |||||
13,200 |
Discover Financial Services
|
667,128 | |||||
500 |
Encore Capital Group, Inc.*
|
22,930 | |||||
1,200 |
SLM Corporation
|
29,880 | |||||
500 |
World Acceptance Corporation*
|
44,960 | |||||
1,172,800 | |||||||
Consumer Services – Diversified — 0.2%
|
|||||||
6,800 |
H&R Block, Inc.
|
181,288 | |||||
3,600 |
Sotheby’s
|
176,868 | |||||
1,900 |
TAL Education Group - ADR
|
27,550 | |||||
1,000 |
Weight Watchers International, Inc.
|
37,370 | |||||
423,076 | |||||||
Containers & Packaging — 0.6%
|
|||||||
2,000 |
AEP Industries Inc.*
|
148,620 | |||||
2,600 |
Avery Dennison Corporation
|
113,152 | |||||
1,200 |
Ball Corp.
|
53,856 | |||||
3,300 |
Bemis Company, Inc.
|
128,733 | |||||
5,000 |
Boise, Inc.
|
63,000 | |||||
4,300 |
Crown Holdings, Inc.*
|
181,804 | |||||
2,200 |
MeadWestvaco Corporation
|
84,436 | |||||
2,100 |
Owens-Illinois, Inc.*
|
63,042 | |||||
3,800 |
Packaging Corp of America
|
216,942 | |||||
300 |
Rock-Tenn Company
|
30,381 | |||||
1,400 |
Sealed Air Corporation
|
38,066 | |||||
2,100 |
Sonoco Products Company
|
81,774 | |||||
1,203,806 | |||||||
Distributors — 0.1%
|
|||||||
1,300 |
Genuine Parts Co.
|
105,157 | |||||
Electric Utilities — 0.0%
|
|||||||
1,000 |
Westar Energy, Inc.
|
30,650 | |||||
1,000 |
Xcel Energy, Inc.
|
27,610 | |||||
58,260 | |||||||
Electrical Equipment — 1.1%
|
|||||||
3,100 |
The Babcock & Wilcox Co.
|
104,532 | |||||
4,200 |
Eaton Corp. PLC
|
289,128 | |||||
2,100 |
Emerson Electric Co.
|
135,870 | |||||
1,400 |
Encore Wire Corporation
|
55,216 | |||||
2,600 |
Franklin Electric Co., Inc.
|
102,440 | |||||
2,600 |
Generac Holdings, Inc.
|
110,864 | |||||
4,200 |
Hubbell Incorporated Cl B
|
439,908 | |||||
2,100 |
Rockwell Automation, Inc.
|
224,574 | |||||
2,400 |
Roper Industries, Inc.
|
318,888 | |||||
3,510 |
Sensata Technologies Holding N.V.*
|
134,328 | |||||
8,200 |
Solarcity Corporation*
|
283,720 | |||||
2,199,468 | |||||||
Electronic Equipment,
|
|||||||
Instruments & Components — 1.1%
|
|||||||
1,400 |
Amphenol Corporation
|
108,332 | |||||
300 |
Anixter International Inc.*
|
26,298 | |||||
700 |
Arrow Electronics, Inc.*
|
33,971 | |||||
1,300 |
Belden Inc.
|
83,265 | |||||
6,200 |
Benchmark Electronics, Inc.*
|
141,918 | |||||
1,600 |
CDW Corporation of Delaware*
|
36,528 | |||||
700 |
Checkpoint Systems, Inc.*
|
11,690 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Electronic Equipment, Instruments
|
|||||||
& Components — 1.1% (Continued)
|
|||||||
3,000 |
Cognex Corporation
|
$ | 94,080 | ||||
1,100 |
Coherent, Inc.
|
67,595 | |||||
1,700 |
Corning Incorporated
|
24,803 | |||||
200 |
Edgetech International, Inc.*
|
0 | |||||
22,100 |
Flextronics International Ltd.*
|
200,889 | |||||
2,100 |
InvenSense Inc.*
|
37,002 | |||||
4,200 |
Jabil Circuit, Inc.
|
91,056 | |||||
3,200 |
Measurement Specialties, Inc.*
|
173,568 | |||||
7,000 |
Methode Electronics, Inc.
|
196,000 | |||||
17,600 |
Nam Tai Electronics, Inc.^
|
136,752 | |||||
500 |
OSI Systems, Inc.*
|
37,235 | |||||
2,000 |
Rogers Corporation*
|
118,960 | |||||
8,900 |
Sanmina-SCI Corp.*
|
155,661 | |||||
6,900 |
TE Connectivity Limited
|
357,282 | |||||
1,700 |
Tech Data Corp.*
|
84,847 | |||||
2,700 |
Trimble Navigation Ltd.*
|
80,217 | |||||
500 |
Universal Display Corporation*
|
16,015 | |||||
2,313,964 | |||||||
Energy Equipment & Services — 1.3%
|
|||||||
400 |
Atwood Oceanics, Inc.*
|
22,016 | |||||
1,600 |
Baker Hughes Incorporated
|
78,560 | |||||
500 |
Cameron International Corp.*
|
29,185 | |||||
200 |
Core Laboratories N.V.
|
33,842 | |||||
500 |
Diamond Offshore Drilling, Inc.
|
31,160 | |||||
1,300 |
Dril-Quip, Inc.*
|
149,175 | |||||
1,900 |
Ensco PLC
|
102,125 | |||||
4,500 |
FMC Technologies, Inc.*
|
249,390 | |||||
5,100 |
Halliburton Co.
|
245,565 | |||||
1,600 |
Helmerich & Payne, Inc.
|
110,320 | |||||
8,500 |
Hercules Offshore, Inc.*
|
62,645 | |||||
4,300 |
McDermott International, Inc.*
|
31,949 | |||||
800 |
National-Oilwell Varco Inc.
|
62,488 | |||||
10,200 |
Newpark Resources, Inc.*
|
129,132 | |||||
3,300 |
Noble Corporation
|
124,641 | |||||
3,400 |
Oceaneering International, Inc.
|
276,216 | |||||
1,000 |
Oil States International, Inc.*
|
103,460 | |||||
5,100 |
Parker Drilling Co.*
|
29,070 | |||||
6,100 |
Patterson-UTI Energy, Inc.
|
130,418 | |||||
500 |
Rowan Companies plc*
|
18,360 | |||||
8,500 |
RPC, Inc.
|
131,495 | |||||
2,900 |
Schlumberger Ltd.
|
256,244 | |||||
3,100 |
Seadrill Ltd.
|
139,748 | |||||
1,600 |
Tenaris S.A. - ADR
|
74,848 | |||||
3,100 |
Weatherford International Ltd.*
|
47,523 | |||||
2,669,575 | |||||||
Financial Services – Diversified — 1.4%
|
|||||||
34,400 |
Bank of America Corp.
|
474,720 | |||||
6,400 |
Berkshire Hathaway Inc. Cl B*
|
726,464 | |||||
4,000 |
CBOE Holdings Inc.
|
180,920 | |||||
8,400 |
Citigroup Inc.
|
407,484 | |||||
500 |
CME Group Inc.
|
36,940 | |||||
1,800 |
JPMorgan Chase & Co.
|
93,042 | |||||
10,000 |
Leucadia National Corporation
|
272,400 | |||||
1,600 |
MCGraw Hill Financial Inc.
|
104,944 | |||||
900 |
Moody’s Corporation
|
63,297 | |||||
1,100 |
MSCI Inc.*
|
44,286 | |||||
2,700 |
The NASDAQ OMX Group, Inc.
|
86,643 | |||||
7,700 |
NewStar Financial, Inc.*
|
140,679 | |||||
5,100 |
NYSE Euronext
|
214,098 | |||||
2,845,917 | |||||||
Food & Staples Retailing — 1.3%
|
|||||||
9,300 |
Costco Wholesale Corp.
|
1,070,616 | |||||
1,100 |
CVS Caremark Corporation
|
62,425 | |||||
2,000 |
Fairway Group Holdings Corp.*
|
51,120 | |||||
600 |
The Fresh Market, Inc.*
|
28,386 | |||||
2,400 |
The Kroger Co.
|
96,816 | |||||
3,300 |
PriceSmart, Inc.
|
314,292 | |||||
23,500 |
Rite Aid Corporation*
|
111,860 | |||||
800 |
Safeway Inc.
|
25,592 | |||||
500 |
Sprouts Farmers Market, Inc.*
|
22,195 | |||||
6,600 |
SUPERVALU Inc.*
|
54,318 | |||||
1,600 |
Walgreen Company
|
86,080 | |||||
1,800 |
Wal-Mart Stores, Inc.
|
133,128 | |||||
9,500 |
Whole Foods Market, Inc.
|
555,750 | |||||
2,612,578 | |||||||
Food Products — 1.5%
|
|||||||
600 |
Annie’s, Inc.*
|
29,460 | |||||
1,300 |
Archer-Daniels-Midland Company
|
47,892 | |||||
7,000 |
B & G Foods Inc.
|
241,850 | |||||
800 |
Bunge Limited
|
60,728 | |||||
11,900 |
Chiquita Brands International, Inc.*
|
150,654 | |||||
7,900 |
Green Mountain Coffee Roasters, Inc.*
|
595,107 | |||||
1,000 |
The Hain Celestial Group, Inc.*
|
77,120 | |||||
1,400 |
The Hershey Company
|
129,500 | |||||
5,500 |
Hormel Foods Corporation
|
231,660 | |||||
11,700 |
Inventure Foods, Inc.*
|
122,850 | |||||
1,400 |
J & J Snack Foods Corp.
|
113,008 | |||||
1,400 |
Kraft Foods Group, Inc.
|
73,416 | |||||
600 |
Lifeway Foods, Inc.
|
8,106 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Food Products — 1.5% (Continued)
|
|||||||
4,500 |
McCormick & Company, Inc.
|
$ | 291,150 | ||||
1,100 |
Mead Johnson Nutrition Company
|
81,686 | |||||
1,500 |
Sanderson Farms, Inc.
|
97,860 | |||||
2,000 |
The J.M. Smucker Co.
|
210,080 | |||||
10,700 |
SunOpta Inc.*
|
104,004 | |||||
2,500 |
TreeHouse Foods, Inc.*
|
167,075 | |||||
3,100 |
Tyson Foods, Inc.
|
87,668 | |||||
4,100 |
Unilever N.V. NYS
|
154,652 | |||||
3,809 |
WhiteWave Foods Company*
|
76,066 | |||||
3,151,592 | |||||||
Gas Utilities — 0.1%
|
|||||||
800 |
ONEOK, Inc.
|
42,656 | |||||
4,400 |
Questar Corporation
|
98,956 | |||||
900 |
Southwest Gas Corporation
|
45,000 | |||||
186,612 | |||||||
Health Care Equipment & Supplies — 1.8%
|
|||||||
1,700 |
Abbott Laboratories
|
56,423 | |||||
4,400 |
Align Technology, Inc.*
|
211,728 | |||||
1,000 |
ArthroCare Corporation*
|
35,580 | |||||
600 |
C.R. Bard, Inc.
|
69,120 | |||||
2,800 |
Baxter International Inc.
|
183,932 | |||||
2,000 |
Becton, Dickinson and Company
|
200,040 | |||||
23,300 |
Boston Scientific Corporation*
|
273,542 | |||||
2,600 |
BSD Medical Corporation*
|
3,562 | |||||
4,700 |
CareFusion Corporation*
|
173,430 | |||||
3,500 |
Covidien PLC
|
213,290 | |||||
1,300 |
Cyberonics, Inc.*
|
65,962 | |||||
1,000 |
DENTSPLY International Inc.
|
43,410 | |||||
600 |
Edwards Lifesciences Corp.*
|
41,778 | |||||
5,300 |
Endologix, Inc.*
|
85,489 | |||||
200 |
Intuitive Surgical, Inc.*
|
75,254 | |||||
2,800 |
Medtronic, Inc.
|
149,100 | |||||
2,200 |
Quidel Corporation*
|
62,480 | |||||
2,200 |
ResMed Inc.
|
116,204 | |||||
14,800 |
The Spectranetics Corporation*
|
248,344 | |||||
4,800 |
St. Jude Medical, Inc.
|
257,472 | |||||
7,300 |
Stryker Corp.
|
493,407 | |||||
2,000 |
Symmetry Medical Inc.*
|
16,320 | |||||
7,000 |
Varian Medical Systems, Inc.*
|
523,110 | |||||
2,300 |
Zimmer Holdings, Inc.
|
188,922 | |||||
3,787,899 | |||||||
Health Care Providers & Services — 2.5%
|
|||||||
4,800 |
Acadia Healthcare Company, Inc.*
|
189,264 | |||||
1,700 |
Addus HomeCare Corp.*
|
49,249 | |||||
3,000 |
Aetna Inc.
|
192,060 | |||||
3,800 |
Air Methods Corporation
|
161,880 | |||||
1,900 |
AmerisourceBergen Corporation
|
116,090 | |||||
15,000 |
AMN Healthcare Services, Inc.*
|
206,400 | |||||
9,500 |
BioScrip, Inc.*
|
83,410 | |||||
4,000 |
Cardinal Health, Inc.
|
208,600 | |||||
1,100 |
Catamaran Corporation*
|
50,545 | |||||
3,800 |
CIGNA Corp.
|
292,068 | |||||
7,300 |
CorVel Corporation*
|
269,881 | |||||
600 |
DaVita, Inc.*
|
34,140 | |||||
1,400 |
The Ensign Group, Inc.
|
57,554 | |||||
1,300 |
Express Scripts Holding Company*
|
80,314 | |||||
1,100 |
HCA Holdings, Inc.
|
47,025 | |||||
3,300 |
Health Net Inc.*
|
104,610 | |||||
2,900 |
HEALTHSOUTH Corp.
|
99,992 | |||||
4,400 |
Humana Inc.
|
410,652 | |||||
300 |
Laboratory Corporation of
|
||||||
America Holdings*
|
29,742 | ||||||
400 |
LifePoint Hospitals, Inc.*
|
18,652 | |||||
4,200 |
McKesson Corp.
|
538,860 | |||||
6,800 |
Molina Healthcare Inc.*
|
242,080 | |||||
600 |
Omnicare, Inc.
|
33,300 | |||||
5,900 |
Patterson Companies Inc.
|
237,180 | |||||
6,100 |
Henry Schein, Inc.*
|
632,570 | |||||
400 |
Tenet Healthcare Corp.*
|
16,476 | |||||
1,100 |
UnitedHealth Group Incorporated
|
78,771 | |||||
5,100 |
Universal Health Services, Inc. Cl B
|
382,449 | |||||
1,000 |
VCA Antech, Inc.*
|
27,460 | |||||
500 |
WellCare Health Plans Inc.*
|
34,870 | |||||
2,800 |
WellPoint, Inc.
|
234,108 | |||||
5,160,252 | |||||||
Health Care Technology — 0.5%
|
|||||||
5,200 |
Allscripts Healthcare Solutions, Inc.*
|
77,324 | |||||
900 |
athenahealth Inc.*
|
97,704 | |||||
6,800 |
Cerner Corp.*
|
357,340 | |||||
2,000 |
HealthStream, Inc.*
|
75,760 | |||||
5,600 |
MedAssets, Inc.*
|
142,352 | |||||
4,300 |
Omnicell, Inc.*
|
101,824 | |||||
3,800 |
Quality Systems, Inc.
|
82,574 | |||||
934,878 | |||||||
Hotels, Restaurants & Leisure — 5.9%
|
|||||||
2,000 |
AFC Enterprises, Inc.*
|
87,180 | |||||
1,800 |
Bob Evans Farms, Inc.
|
103,086 | |||||
7,400 |
Boyd Gaming Corp.*
|
104,710 | |||||
7,800 |
Brinker International, Inc.
|
316,134 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Hotels, Restaurants & Leisure — 5.9% (Continued)
|
|||||||
1,300 |
Buffalo Wild Wings Inc.*
|
$ | 144,586 | ||||
5,300 |
Caesars Entertainment Corp.*
|
104,463 | |||||
5,900 |
The Cheesecake Factory Inc.
|
259,305 | |||||
700 |
Chipotle Mexican Grill, Inc.*
|
300,090 | |||||
3,600 |
Cracker Barrel Old Country Store, Inc.
|
371,664 | |||||
1,400 |
Darden Restaurants, Inc.
|
64,806 | |||||
2,100 |
DineEquity, Inc.
|
144,900 | |||||
12,500 |
Domino’s Pizza, Inc.
|
849,375 | |||||
1,600 |
Dover Motorsports, Inc.
|
3,856 | |||||
3,800 |
Dunkin’ Brands Group Inc.
|
171,988 | |||||
2,000 |
Home Inns & Hotels
|
||||||
Management, Inc. - ADR*
|
66,400 | ||||||
1,400 |
Hyatt Hotels Corp.*
|
60,144 | |||||
2,000 |
InterContinental Hotels Group PLC - ADR
|
58,420 | |||||
4,500 |
International Game Technology
|
85,185 | |||||
2,900 |
Jack in the Box Inc.*
|
116,000 | |||||
14,760 |
Jamba, Inc.*
|
197,489 | |||||
25,800 |
Krispy Kreme Doughnuts, Inc.*
|
498,972 | |||||
6,200 |
Las Vegas Sands Corp.
|
411,804 | |||||
800 |
LIFE TIME FITNESS, Inc.*
|
41,176 | |||||
7,400 |
Luby’s, Inc.*
|
53,132 | |||||
6,900 |
Marriott International Inc.
|
290,214 | |||||
2,500 |
Marriott Vacations
|
||||||
Worldwide Corporation*
|
110,000 | ||||||
1,200 |
McDonald’s Corp.
|
115,452 | |||||
32,700 |
Melco Crown Entertainment Ltd. - ADR*
|
1,040,841 | |||||
31,200 |
MGM Resorts International*
|
637,728 | |||||
3,200 |
Monarch Casino & Resort, Inc.*
|
60,736 | |||||
2,500 |
Multimedia Games Holding Company Inc.*
|
86,375 | |||||
2,700 |
Panera Bread Co.*
|
428,031 | |||||
8,600 |
Papa John’s International, Inc.
|
600,968 | |||||
800 |
Penn National Gaming, Inc.*
|
44,288 | |||||
1,200 |
Red Robin Gourmet Burgers Inc.*
|
85,320 | |||||
1,400 |
Rick’s Cabaret International, Inc.*
|
16,506 | |||||
21,500 |
Ruth’s Hospitality Group Inc.
|
254,990 | |||||
17,100 |
Sonic Corp.*
|
303,525 | |||||
24,900 |
Starbucks Corp.
|
1,916,553 | |||||
6,300 |
Starwood Hotels & Resorts Worldwide, Inc.
|
418,635 | |||||
10,900 |
The Wendy’s Company
|
92,432 | |||||
4,100 |
Wyndham Worldwide Corp.
|
249,977 | |||||
4,600 |
Wynn Resorts Ltd.
|
726,846 | |||||
12,094,282 | |||||||
Household Durables — 2.3%
|
|||||||
4,100 |
Beazer Homes USA, Inc.*
|
73,800 | |||||
8,800 |
D.R. Horton, Inc.
|
170,984 | |||||
1,000 |
Ethan Allen Interiors Inc.
|
27,870 | |||||
2,500 |
Harman International Industries, Inc.
|
165,575 | |||||
22,400 |
Hovnanian Enterprises, Inc.*
|
117,152 | |||||
4,500 |
iRobot Corporation*
|
169,515 | |||||
12,200 |
Jarden Corporation*
|
590,480 | |||||
7,400 |
KB Home
|
133,348 | |||||
12,700 |
La-Z-Boy Inc.
|
288,417 | |||||
8,200 |
Leggett & Platt, Incorporated
|
247,230 | |||||
10,200 |
Lennar Corporation
|
361,080 | |||||
5,600 |
Libbey Inc.*
|
133,168 | |||||
2,300 |
Mohawk Industries, Inc.*
|
299,575 | |||||
3,800 |
Newell Rubbermaid Inc.
|
104,500 | |||||
16,500 |
PulteGroup Inc.
|
272,250 | |||||
2,700 |
The Ryland Group, Inc.
|
109,458 | |||||
6,400 |
SodaStream International Ltd.*
|
399,296 | |||||
8,100 |
SONY CORPORATION - SP-ADR
|
174,312 | |||||
5,200 |
Standard Pacific Corp.*
|
41,132 | |||||
3,200 |
Tempur-Pedic International Inc.*
|
140,672 | |||||
6,100 |
Toll Brothers, Inc.*
|
197,823 | |||||
4,800 |
Tupperware Brands Corp.
|
414,576 | |||||
1,200 |
Whirlpool Corporation
|
175,728 | |||||
4,807,941 | |||||||
Household Products — 0.3%
|
|||||||
300 |
The Clorox Company
|
24,516 | |||||
1,400 |
Colgate-Palmolive Co.
|
83,020 | |||||
2,100 |
Energizer Holdings, Inc.
|
191,415 | |||||
1,300 |
The Procter & Gamble Company
|
98,267 | |||||
1,400 |
Spectrum Brands Holdings, Inc.
|
92,176 | |||||
2,100 |
WD-40 Co.
|
136,290 | |||||
625,684 | |||||||
Independent Power Producers &
|
|||||||
Energy Traders — 0.0%
|
|||||||
1,300 |
NRG Energy, Inc.
|
35,529 | |||||
Industrial Conglomerates — 0.3%
|
|||||||
1,100 |
3M Co.
|
131,351 | |||||
900 |
Carlisle Companies Incorporated
|
63,261 | |||||
600 |
Danaher Corporation
|
41,592 | |||||
1,900 |
General Electric Company
|
45,391 | |||||
8,000 |
Koninklijke Philips Electronics N.V. NYS
|
258,000 | |||||
500 |
Siemens AG - SP-ADR
|
60,255 | |||||
599,850 | |||||||
Insurance — 2.9%
|
|||||||
800 |
ACE Limited
|
74,848 | |||||
1,900 |
AEGON N.V. NYS
|
14,060 | |||||
2,700 |
Aflac, Inc.
|
167,373 | |||||
700 |
Allied World Assurance
|
||||||
Company Holdings AG
|
69,573 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Insurance — 2.9% (Continued)
|
|||||||
3,000 |
The Allstate Corporation
|
$ | 151,650 | ||||
2,500 |
American Financial Group, Inc.
|
135,150 | |||||
6,700 |
American International Group, Inc.
|
325,821 | |||||
600 |
Aon PLC
|
44,664 | |||||
3,300 |
Assurant, Inc.
|
178,530 | |||||
2,400 |
Brown & Brown, Inc.
|
77,040 | |||||
400 |
The Chubb Corporation
|
35,704 | |||||
13,000 |
CNO Financial Group, Inc.
|
187,200 | |||||
13,100 |
eHealth, Inc.*
|
422,606 | |||||
900 |
Everest Re Group, Ltd.
|
130,869 | |||||
2,900 |
Fidelity National Financial, Inc.
|
77,140 | |||||
7,800 |
First American Financial Corporation
|
189,930 | |||||
21,900 |
Genworth Financial Inc.*
|
280,101 | |||||
1,500 |
Hanover Insurance Group Inc.
|
82,980 | |||||
8,900 |
The Hartford Financial Services Group, Inc.
|
276,968 | |||||
1,200 |
HCI Group, Inc.
|
49,008 | |||||
5,900 |
Lincoln National Corporation
|
247,741 | |||||
7,900 |
Marsh & McLennan Companies, Inc.
|
344,045 | |||||
15,100 |
MBIA Inc.*
|
154,473 | |||||
3,500 |
MetLife, Inc.
|
164,325 | |||||
2,800 |
Platinum Underwriters Holdings, Ltd.
|
167,244 | |||||
400 |
Principal Financial Group, Inc.
|
17,128 | |||||
800 |
The Progressive Corporation
|
21,784 | |||||
2,500 |
Protective Life Corporation
|
106,375 | |||||
7,300 |
Prudential Financial, Inc.
|
569,254 | |||||
3,700 |
Stewart Information Services Corporation
|
118,363 | |||||
9,800 |
Torchmark Corp.
|
709,030 | |||||
1,300 |
The Travelers Companies, Inc.
|
110,201 | |||||
4,000 |
Unum Group
|
121,760 | |||||
4,100 |
XL Group PLC
|
126,362 | |||||
5,949,300 | |||||||
Internet & Catalog Retail — 3.3%
|
|||||||
4,300 |
Amazon.com, Inc.*
|
1,344,352 | |||||
13,600 |
Ctrip.com International, Ltd. - ADR*
|
794,648 | |||||
7,600 |
Expedia, Inc.
|
393,604 | |||||
39,100 |
Groupon, Inc.*
|
438,311 | |||||
2,600 |
HomeAway Inc.*
|
72,800 | |||||
3,000 |
HSN, Inc.
|
160,860 | |||||
2,100 |
Liberty Interactive Corporation*
|
185,157 | |||||
5,500 |
Liberty Interactive Corporation Cl A*
|
129,085 | |||||
3,400 |
Netflix Inc.*
|
1,051,314 | |||||
6,400 |
Nutrisystem, Inc.
|
92,032 | |||||
14,300 |
Orbitz Worldwide, Inc.*
|
137,709 | |||||
10,800 |
Overstock.com, Inc.*
|
320,436 | |||||
900 |
Priceline.com Inc.*
|
909,855 | |||||
2,000 |
Shutterfly, Inc.*
|
111,760 | |||||
9,300 |
TripAdvisor Inc.*
|
705,312 | |||||
400 |
Vipshop Holdings Ltd.- ADS*
|
22,720 | |||||
6,869,955 | |||||||
Internet Software & Services — 5.4%
|
|||||||
6,000 |
Akamai Technologies, Inc.*
|
310,200 | |||||
4,000 |
Angie’s List Inc.*
|
90,000 | |||||
800 |
AOL Inc.
|
27,664 | |||||
5,600 |
Baidu, Inc. - SP-ADR*
|
869,008 | |||||
10,700 |
BroadVision, Inc.*
|
101,650 | |||||
800 |
CoStar Group Inc.*
|
134,320 | |||||
3,400 |
Demandware Inc.*
|
157,522 | |||||
1,500 |
Digital River, Inc.*
|
26,805 | |||||
6,200 |
eBay Inc.*
|
345,898 | |||||
200 |
Equinix, Inc.*
|
36,730 | |||||
14,700 |
Facebook Inc.*
|
738,528 | |||||
1,300 |
Google Inc.*
|
1,138,683 | |||||
600 |
IAC/InterActiveCorp
|
32,802 | |||||
14,600 |
Internet Initiative Japan Inc. - SP-ADR
|
210,094 | |||||
2,300 |
j2 Global, Inc.
|
113,896 | |||||
1,900 |
LinkedIn Corporation*
|
467,514 | |||||
2,200 |
Liquidity Services Inc.*
|
73,832 | |||||
1,500 |
MercadoLibre Inc.
|
202,365 | |||||
800 |
Monster Worldwide, Inc.*
|
3,536 | |||||
11,200 |
Move, Inc.*
|
189,840 | |||||
3,300 |
NetEase.com Inc. - ADR
|
239,613 | |||||
6,800 |
NIC Inc.
|
157,148 | |||||
3,800 |
OpenTable, Inc.*
|
265,924 | |||||
5,500 |
Pandora Media Inc.*
|
138,215 | |||||
2,400 |
Points International Limited*
|
55,464 | |||||
6,100 |
Qihoo 360 Technology Co. Ltd. - ADR*
|
507,520 | |||||
6,200 |
Rackspace Hosting, Inc.*
|
327,112 | |||||
2,600 |
Responsys, Inc.*
|
42,900 | |||||
600 |
Shutterstock Inc.*
|
43,632 | |||||
2,600 |
SINA Corporation*
|
211,042 | |||||
4,600 |
Sohu.com Inc.*
|
362,618 | |||||
2,500 |
Stamps.com Inc.*
|
114,825 | |||||
12,000 |
Support.com Inc.*
|
65,400 | |||||
6,200 |
Synacor Inc.*
|
15,996 | |||||
3,200 |
Travelzoo Inc.*
|
84,928 | |||||
2,200 |
Trulia, Inc.*
|
103,466 | |||||
10,600 |
United Online, Inc.
|
84,588 | |||||
10,800 |
ValueClick, Inc.*
|
225,180 | |||||
2,300 |
VeriSign, Inc.*
|
117,047 | |||||
3,100 |
VistaPrint N.V.*
|
175,212 | |||||
4,300 |
Web.com Group Inc.*
|
139,062 | |||||
22,800 |
Yahoo! Inc.*
|
756,048 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Internet Software & Services — 5.4% (Continued)
|
|||||||
6,500 |
Yandex N.V.*
|
$ | 236,730 | ||||
3,600 |
Yelp Inc.*
|
238,248 | |||||
2,500 |
Youku Tudou Inc.*
|
68,500 | |||||
6,500 |
YY Inc. - ADR*
|
304,070 | |||||
8,600 |
Zillow, Inc.*
|
725,582 | |||||
11,076,957 | |||||||
IT Services — 3.8%
|
|||||||
4,900 |
Accenture PLC
|
360,836 | |||||
3,600 |
Acxiom Corporation*
|
102,204 | |||||
800 |
Alliance Data Systems Corporation*
|
169,176 | |||||
2,800 |
Automatic Data Processing, Inc.
|
202,664 | |||||
3,800 |
Broadridge Financial Solutions Inc.
|
120,650 | |||||
6,400 |
Cognizant Technology Solutions Corp.*
|
525,568 | |||||
1,000 |
Computer Sciences Corporation
|
51,740 | |||||
1,700 |
CSG Systems International, Inc.
|
42,585 | |||||
5,200 |
DST Systems, Inc.
|
392,132 | |||||
2,800 |
EPAM Systems, Inc.*
|
96,600 | |||||
600 |
Euronet Worldwide, Inc.*
|
23,880 | |||||
13,600 |
Fidelity National Information Services, Inc.
|
631,584 | |||||
3,200 |
Fiserv, Inc.*
|
323,360 | |||||
2,000 |
FleetCor Technologies Inc.*
|
220,320 | |||||
3,500 |
Gartner, Inc.*
|
210,000 | |||||
1,400 |
Genpact Limited*
|
26,432 | |||||
10,600 |
Jack Henry & Associates, Inc.
|
547,066 | |||||
1,100 |
iGATE Corporation*
|
30,536 | |||||
700 |
Infosys Limited - SP-ADR
|
33,677 | |||||
1,500 |
Mastercard, Inc.
|
1,009,170 | |||||
1,200 |
MAXIMUS, Inc.
|
54,048 | |||||
2,400 |
NeuStar, Inc.*
|
118,752 | |||||
5,800 |
Paychex, Inc.
|
235,712 | |||||
14,200 |
Sapient Corp.*
|
221,094 | |||||
4,300 |
Sykes Enterprises, Incorporated*
|
77,013 | |||||
3,800 |
TeleTech Holdings, Inc.*
|
95,342 | |||||
6,700 |
Total System Services, Inc.
|
197,114 | |||||
3,100 |
Vantiv, Inc.*
|
86,614 | |||||
7,100 |
VeriFone Systems, Inc.*
|
162,306 | |||||
7,100 |
Visa Inc.
|
1,356,810 | |||||
7,724,985 | |||||||
Leisure Equipment & Products — 0.2%
|
|||||||
1,100 |
Hasbro, Inc.
|
51,854 | |||||
5,500 |
Nautilus, Inc.*
|
39,710 | |||||
1,300 |
Polaris Industries Inc.
|
167,934 | |||||
11,800 |
Smith & Wesson Holding Corporation*
|
129,682 | |||||
1,300 |
Sturm, Ruger & Company, Inc.
|
81,419 | |||||
470,599 | |||||||
Life Sciences Tools & Services — 1.0%
|
|||||||
9,900 |
Affymetrix, Inc.*
|
61,380 | |||||
4,500 |
Agilent Technologies, Inc.
|
230,625 | |||||
1,000 |
Bruker Corp.*
|
20,650 | |||||
2,200 |
Illumina, Inc.*
|
177,826 | |||||
1,200 |
Mettler-Toledo International Inc.*
|
288,108 | |||||
14,600 |
Parexel International Corp.*
|
733,358 | |||||
3,500 |
PerkinElmer, Inc.
|
132,125 | |||||
2,900 |
Thermo Fisher Scientific, Inc.
|
267,235 | |||||
1,200 |
Waters Corp.*
|
127,452 | |||||
2,038,759 | |||||||
Machinery — 3.4%
|
|||||||
1,300 |
AGCO Corporation
|
78,546 | |||||
7,500 |
Alamo Group Inc.
|
366,825 | |||||
800 |
Albany International Corporation
|
28,696 | |||||
5,500 |
Barnes Group Inc.
|
192,060 | |||||
400 |
Caterpillar Inc.
|
33,348 | |||||
5,359 |
CNH Industrial N.V.*
|
66,990 | |||||
3,900 |
Columbus McKinnon Corporation*
|
93,717 | |||||
4,900 |
Crane Co.
|
302,183 | |||||
1,500 |
Cummins Inc.
|
199,305 | |||||
900 |
Deere & Company
|
73,251 | |||||
2,700 |
Donaldson Company, Inc.
|
102,951 | |||||
2,700 |
Dover Corporation
|
242,541 | |||||
400 |
The ExOne Company*
|
17,040 | |||||
1,100 |
Graco Inc.
|
81,466 | |||||
5,500 |
Hardinge, Inc.
|
84,975 | |||||
7,300 |
IDEX Corporation
|
476,325 | |||||
3,300 |
Illinois Tool Works Inc.
|
251,691 | |||||
3,000 |
Ingersoll-Rand PLC
|
194,820 | |||||
600 |
ITT Corp.
|
21,570 | |||||
2,000 |
Joy Global Inc.
|
102,080 | |||||
2,000 |
Kennametal Inc.
|
91,200 | |||||
2,200 |
Lincoln Electric Holdings, Inc.
|
146,564 | |||||
4,000 |
The Manitowoc Company, Inc.
|
78,320 | |||||
13,500 |
Mueller Water Products, Inc.
|
107,865 | |||||
700 |
Navistar International Corp.*
|
25,536 | |||||
1,900 |
Nordson Corporation
|
139,897 | |||||
2,100 |
PACCAR Inc.
|
116,886 | |||||
5,400 |
Pall Corp.
|
416,016 | |||||
3,600 |
Parker Hannifin Corp.
|
391,392 | |||||
1,900 |
Pentair Ltd.
|
123,386 | |||||
900 |
Proto Labs, Inc.*
|
68,751 | |||||
8,800 |
Snap-On, Inc.
|
875,600 | |||||
2,300 |
Stanley Black & Decker Inc.
|
208,311 | |||||
2,600 |
Tennant Company
|
161,200 | |||||
11,700 |
Terex Corp.*
|
393,120 | |||||
1,900 |
The Timken Company
|
114,760 | |||||
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Machinery — 3.4% (Continued)
|
|||||||
1,300 |
The Toro Co.
|
$ | 70,655 | ||||
2,600 |
TriMas Corporation*
|
96,980 | |||||
1,500 |
Trinity Industries, Inc.
|
68,025 | |||||
4,700 |
Wabtec Corporation
|
295,489 | |||||
400 |
Watts Water Technologies, Inc.
|
22,548 | |||||
7,022,881 | |||||||
Marine — 0.0%
|
|||||||
11,000 |
DryShips Inc.*
|
38,940 | |||||
Media — 4.3%
|
|||||||
4,700 |
CBS Corp. Cl B Non-Voting
|
259,252 | |||||
700 |
Charter Communications, Inc.*
|
94,332 | |||||
2,600 |
Comcast Corp.
|
117,390 | |||||
4,100 |
DIRECTV*
|
244,975 | |||||
9,200 |
Discovery Communications, Inc.*
|
776,664 | |||||
3,400 |
DISH Network Corp.
|
153,034 | |||||
5,900 |
The Walt Disney Co.
|
380,491 | |||||
2,500 |
DreamWorks Animation SKG, Inc.*
|
71,150 | |||||
12,500 |
Emmis Communications Corporation*
|
33,625 | |||||
4,100 |
Entravision Communications Corporation
|
24,190 | |||||
1,000 |
Grupo Televisa S.A.B. - SP-ADR
|
27,950 | |||||
4,000 |
IMAX Corp.*
|
120,960 | |||||
16,600 |
The Interpublic Group of Companies, Inc.
|
285,188 | |||||
700 |
Lamar Advertising Company*
|
32,921 | |||||
1,316 |
Liberty Global plc Cl A*
|
104,425 | |||||
385 |
Liberty Global plc Series C*
|
29,040 | |||||
1,100 |
Liberty Media Corporation*
|
161,865 | |||||
10,600 |
LIN Media LLC*
|
215,074 | |||||
8,400 |
Lions Gate Entertainment Corp.*
|
294,420 | |||||
9,000 |
Live Nation Entertainment, Inc.*
|
166,950 | |||||
19,000 |
Media General, Inc.*
|
270,940 | |||||
3,700 |
Morningstar, Inc.
|
293,262 | |||||
4,400 |
The New York Times Company*
|
55,308 | |||||
5,700 |
Nexstar Broadcasting Group, Inc.
|
253,678 | |||||
5,300 |
Omnicom Group Inc.
|
336,232 | |||||
800 |
Reed Elsevier N.V. - SP-ADR
|
32,080 | |||||
3,700 |
Scripps Networks Interactive
|
289,007 | |||||
4,700 |
Sinclair Broadcast Group, Inc.
|
157,544 | |||||
186,600 |
Sirius XM Radio Inc.
|
722,142 | |||||
14,600 |
Starz-Liberty Capital*
|
410,698 | |||||
2,300 |
Time Warner Cable Inc.
|
256,680 | |||||
14,900 |
Time Warner Inc.
|
980,569 | |||||
18,600 |
Twenty-First Century Fox, Inc. Cl B
|
621,240 | |||||
2,000 |
Valassis Communications, Inc.
|
57,760 | |||||
6,300 |
Viacom Inc. Cl B
|
526,554 | |||||
8,857,590 | |||||||
Metals & Mining — 0.8%
|
|||||||
2,100 |
AK Steel Holding Corporation*
|
7,875 | |||||
600 |
Allegheny Technologies, Inc.
|
18,312 | |||||
1,000 |
AngloGold Ashanti Limited - SP-ADR
|
13,280 | |||||
4,800 |
Barrick Gold Corporation
|
89,376 | |||||
500 |
BHP Billiton Limited - SP-ADR
|
33,250 | |||||
1,800 |
Cliffs Natural Resources Inc.
|
36,900 | |||||
2,000 |
Eldorado Gold Corporation
|
13,420 | |||||
6,800 |
Freeport-McMoRan Copper & Gold Inc.
|
224,944 | |||||
1,000 |
Goldcorp, Inc.
|
26,010 | |||||
4,600 |
Hecla Mining Co.
|
14,444 | |||||
2,300 |
IAMGOLD Corp.
|
10,925 | |||||
3,800 |
Kinross Gold Corp.
|
19,190 | |||||
4,400 |
Mechel - SP-ADR*
|
14,124 | |||||
23,300 |
New Gold Inc.*
|
139,334 | |||||
2,200 |
Newmont Mining Corporation
|
61,820 | |||||
17,600 |
NovaGold Resources Inc.*
|
40,832 | |||||
1,600 |
Nucor Corporation
|
78,432 | |||||
5,000 |
Pan American Silver Corporation
|
52,750 | |||||
1,175 |
Pilot Gold Inc.*^
|
1,255 | |||||
12,500 |
Rare Element Resources Ltd.*^
|
33,375 | |||||
600 |
Reliance Steel & Aluminum Co.
|
43,962 | |||||
600 |
Rio Tinto PLC - SP-ADR
|
29,256 | |||||
2,400 |
Silver Wheaton Corporation
|
59,448 | |||||
1,000 |
Southern Copper Corp.
|
27,240 | |||||
1,700 |
Steel Dynamics, Inc.
|
28,407 | |||||
10,700 |
Stillwater Mining Company*
|
117,807 | |||||
17,100 |
Taseko Mines Ltd.*
|
34,884 | |||||
1,000 |
Teck Resources Ltd. Cl B
|
26,840 | |||||
8,300 |
United States Steel Corporation
|
170,897 | |||||
1,100 |
US Silica Holdings Inc.
|
27,390 | |||||
2,100 |
Vale SA - SP-ADR
|
32,781 | |||||
2,800 |
Walter Energy, Inc.
|
39,284 | |||||
2,800 |
Worthington Industries, Inc.
|
96,404 | |||||
4,900 |
Yamana Gold Inc.
|
50,960 | |||||
1,715,408 | |||||||
Multiline Retail — 0.9%
|
|||||||
1,300 |
Big Lots, Inc.*
|
48,217 | |||||
5,000 |
Dollar General Corp.*
|
282,300 | |||||
6,300 |
Dollar Tree, Inc.*
|
360,108 | |||||
2,100 |
Family Dollar Stores, Inc.
|
151,242 | |||||
1,400 |
Kohl’s Corp.
|
72,450 | |||||
8,300 |
Macy’s, Inc.
|
359,141 | |||||
3,800 |
Nordstrom, Inc.
|
213,560 | |||||
1,156 |
Sears Canada Inc.
|
14,141 | |||||
3,300 |
Target Corp.
|
211,134 | |||||
8,500 |
Tuesday Morning Corporation*
|
129,795 | |||||
1,842,088 | |||||||
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Multi-Utilities — 0.1%
|
|||||||
3,300 |
NiSource Inc.
|
$ | 101,937 | ||||
2,000 |
Vectren Corporation
|
66,700 | |||||
168,637 | |||||||
Office Electronics — 0.0%
|
|||||||
700 |
Zebra Technologies Corporation*
|
31,871 | |||||
Oil, Gas & Consumable Fuels — 2.2%
|
|||||||
2,000 |
Alpha Natural Resources, Inc.*
|
11,920 | |||||
700 |
Anadarko Petroleum Corp.
|
65,093 | |||||
300 |
Apache Corp.
|
25,542 | |||||
8,800 |
Arch Coal, Inc.
|
36,168 | |||||
13,200 |
Cabot Oil & Gas Corporation
|
492,624 | |||||
7,200 |
Carrizo Oil & Gas, Inc.*
|
268,632 | |||||
10,400 |
Cheniere Energy, Inc.*
|
355,056 | |||||
4,800 |
Chesapeake Energy Corporation
|
124,224 | |||||
1,700 |
Clean Energy Fuels Corporation*
|
21,726 | |||||
1,300 |
Concho Resources Inc.*
|
141,453 | |||||
3,100 |
ConocoPhillips
|
215,481 | |||||
400 |
Continental Resources, Inc.*
|
42,904 | |||||
900 |
Crosstex Energy, Inc.
|
18,801 | |||||
700 |
Devon Energy Corporation
|
40,432 | |||||
500 |
Energen Corporation
|
38,195 | |||||
300 |
EOG Resources, Inc.
|
50,784 | |||||
300 |
EQT Corporation
|
26,616 | |||||
400 |
Exxon Mobil Corporation
|
34,416 | |||||
3,600 |
Gulfport Energy Corporation*
|
231,624 | |||||
2,700 |
Hess Corp.
|
208,818 | |||||
10,900 |
Ivanhoe Energy, Inc.*
|
8,829 | |||||
23,100 |
James River Coal Company*
|
45,738 | |||||
21,100 |
Kodiak Oil & Gas Corp.*
|
254,466 | |||||
2,700 |
Marathon Oil Corp.
|
94,176 | |||||
1,000 |
Matador Resources Company*
|
16,330 | |||||
1,400 |
Newfield Exploration Company*
|
38,318 | |||||
2,000 |
Noble Energy, Inc.
|
134,020 | |||||
900 |
Northern Oil & Gas, Inc.*
|
12,987 | |||||
1,500 |
Oasis Petroleum Inc.*
|
73,695 | |||||
1,500 |
Occidental Petroleum Corp.
|
140,310 | |||||
1,800 |
Petroleo Brasileiro S.A. - ADR
|
27,882 | |||||
1,000 |
Pioneer Natural Resources Co.
|
188,800 | |||||
8,500 |
Rentech, Inc.
|
16,830 | |||||
5,200 |
SandRidge Energy Inc.*
|
30,472 | |||||
1,300 |
Spectra Energy Corporation
|
44,499 | |||||
3,000 |
Stone Energy Corporation*
|
97,290 | |||||
2,600 |
Suncor Energy, Inc.
|
93,028 | |||||
16,100 |
TransGlobe Energy Corp.*
|
126,385 | |||||
4,000 |
Western Refining, Inc.
|
120,160 | |||||
4,000 |
Whiting Petroleum Corp.*
|
239,400 | |||||
5,700 |
The Williams Companies, Inc.
|
207,252 | |||||
4,461,376 | |||||||
Paper & Forest Products — 0.4%
|
|||||||
11,900 |
P.H. Glatfelter Co.
|
322,133 | |||||
2,900 |
International Paper Co.
|
129,920 | |||||
1,400 |
KapStone Paper and Packaging
|
||||||
Corporation
|
59,920 | ||||||
6,400 |
Louisiana-Pacific Corp.*
|
112,576 | |||||
3,500 |
Schweitzer-Mauduit International, Inc.
|
211,855 | |||||
836,404 | |||||||
Personal Products — 0.3%
|
|||||||
3,200 |
Herbalife Ltd.
|
223,264 | |||||
1,700 |
The Estee Lauder Companies Inc.
|
118,830 | |||||
1,700 |
Medifast, Inc.*
|
45,713 | |||||
1,300 |
Nu Skin Enterprises, Inc.
|
124,462 | |||||
512,269 | |||||||
Pharmaceuticals — 1.8%
|
|||||||
2,000 |
AbbVie Inc.
|
89,460 | |||||
1,400 |
Actavis Inc.*
|
201,600 | |||||
2,200 |
Allergan, Inc.
|
198,990 | |||||
14,800 |
AVANIR Pharmaceuticals Inc.*
|
62,752 | |||||
1,100 |
Bristol-Myers Squibb Company
|
50,908 | |||||
1,600 |
Endo Health Solutions Inc.*
|
72,704 | |||||
1,600 |
Forest Laboratories, Inc.*
|
68,464 | |||||
600 |
GlaxoSmithKline-PLC - SP-ADR
|
30,102 | |||||
4,500 |
Jazz Pharmaceuticals, Inc.*
|
413,865 | |||||
5,400 |
Johnson & Johnson
|
468,126 | |||||
2,200 |
Eli Lilly and Co.
|
110,726 | |||||
400 |
Mallinckrodt PLC*
|
17,636 | |||||
2,200 |
The Medicines Company*
|
73,744 | |||||
1,700 |
Merck & Co., Inc.
|
80,937 | |||||
1,500 |
Mylan, Inc.*
|
57,255 | |||||
1,200 |
Novartis AG - ADR
|
92,052 | |||||
400 |
Novo Nordisk A/S - SP-ADR
|
67,688 | |||||
1,200 |
Perrigo Co.
|
148,056 | |||||
2,500 |
Pfizer Inc.
|
71,775 | |||||
2,400 |
Questcor Pharmaceuticals, Inc.
|
139,200 | |||||
1,100 |
Repros Therapeutics Inc.*
|
29,480 | |||||
700 |
Salix Pharmaceuticals, Ltd.*
|
46,816 | |||||
3,900 |
Sanofi - ADR
|
197,457 | |||||
1,100 |
Santarus Inc.*
|
24,827 | |||||
5,000 |
SciClone Pharmaceuticals, Inc.*
|
25,350 | |||||
1,400 |
Shire PLC- ADR
|
167,846 | |||||
1,800 |
Valeant Pharmaceuticals International, Inc.*
|
187,794 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Pharmaceuticals — 1.8% (Continued)
|
|||||||
7,800 |
ViroPharma Inc.*
|
$ | 306,540 | ||||
9,500 |
VIVUS Inc.*
|
88,540 | |||||
3,590,690 | |||||||
Professional Services — 1.0%
|
|||||||
1,200 |
51job, Inc. - ADR*
|
86,184 | |||||
1,800 |
The Advisory Board Company*
|
107,064 | |||||
700 |
The Dun & Bradstreet Corporation
|
72,695 | |||||
1,200 |
Franklin Covey Co.*
|
21,540 | |||||
1,000 |
FTI Consulting, Inc.*
|
37,800 | |||||
3,300 |
IHS Inc.*
|
376,794 | |||||
600 |
Kelly Services, Inc.
|
11,682 | |||||
3,500 |
Manpowergroup Inc.
|
254,590 | |||||
12,800 |
On Assignment, Inc.*
|
422,400 | |||||
2,200 |
Robert Half International, Inc.
|
85,866 | |||||
1,400 |
RPX Corporation*
|
24,542 | |||||
2,800 |
Towers Watson & Company
|
299,488 | |||||
4,800 |
TrueBlue, Inc.*
|
115,248 | |||||
1,900 |
Verisk Analytics, Inc.*
|
123,424 | |||||
1,500 |
VSE Corporation
|
70,425 | |||||
2,109,742 | |||||||
Real Estate Management &
|
|||||||
Development — 0.0%
|
|||||||
2,000 |
CBRE Group, Inc.*
|
46,260 | |||||
200 |
The Howard Hughes Corporation*
|
22,474 | |||||
68,734 | |||||||
Road & Rail — 1.3%
|
|||||||
1,500 |
Arkansas Best Corporation
|
38,505 | |||||
13,900 |
Avis Budget Group, Inc.*
|
400,737 | |||||
300 |
Canadian Pacific Railway Limited
|
36,990 | |||||
5,600 |
CSX Corp.
|
144,144 | |||||
22,700 |
Hertz Global Holdings, Inc.*
|
503,032 | |||||
5,100 |
J.B. Hunt Transportation Services, Inc.
|
371,943 | |||||
3,500 |
Kansas City Southern
|
382,760 | |||||
1,600 |
Norfolk Southern Corporation
|
123,760 | |||||
5,400 |
Old Dominion Freight Line, Inc.*
|
248,346 | |||||
500 |
Ryder Systems, Inc.
|
29,850 | |||||
2,200 |
Union Pacific Corp.
|
341,748 | |||||
300 |
YRC Worldwide, Inc.*
|
5,064 | |||||
2,626,879 | |||||||
Semiconductors & Semiconductor
|
|||||||
Equipment — 3.2%
|
|||||||
5,000 |
Advanced Energy Industries, Inc.*
|
87,600 | |||||
23,900 |
Advanced Micro Devices, Inc.*
|
90,820 | |||||
2,100 |
Analog Devices, Inc.
|
98,805 | |||||
9,600 |
Applied Materials, Inc.
|
168,384 | |||||
1,600 |
Applied Micro Circuits Corporation*
|
20,640 | |||||
4,700 |
ARM Holdings plc - SP-ADR
|
226,164 | |||||
1,100 |
ASML Holding N.V. NYS
|
108,636 | |||||
14,500 |
Atmel Corporation*
|
107,880 | |||||
2,000 |
Avago Technologies Ltd.
|
86,240 | |||||
900 |
Broadcom Corporation
|
23,409 | |||||
4,000 |
Canadian Solar Inc.*
|
67,960 | |||||
5,300 |
Cavium Inc.*
|
218,360 | |||||
2,000 |
ChipMOS TECHNOLOGIES (Bermuda) LTD.
|
35,960 | |||||
2,900 |
Cirrus Logic, Inc.*
|
65,772 | |||||
6,100 |
Cree, Inc.*
|
367,159 | |||||
3,300 |
Cypress Semiconductor Corp.*
|
30,822 | |||||
14,100 |
Entegris Inc.*
|
143,115 | |||||
7,500 |
Fairchild Semiconductor International, Inc.*
|
104,175 | |||||
9,000 |
First Solar, Inc.*
|
361,890 | |||||
4,500 |
Himax Technologies, Inc. - ADR
|
45,000 | |||||
13,900 |
Integrated Device Technology, Inc.*
|
130,938 | |||||
1,800 |
Intel Corporation
|
41,256 | |||||
2,500 |
International Rectifier Corporation*
|
61,925 | |||||
10,800 |
JA Solar Holdings Company, Ltd. - ADR*^
|
109,836 | |||||
3,500 |
KLA-Tencor Corp.
|
212,975 | |||||
16,400 |
Kulicke and Soffa Industries, Inc.*
|
189,420 | |||||
2,000 |
Lam Research Corporation*
|
102,380 | |||||
11,100 |
Lattice Semiconductor Corp.*
|
49,506 | |||||
15,000 |
LDK Solar Company Ltd. - ADR*
|
28,950 | |||||
3,100 |
Linear Technology Corporation
|
122,946 | |||||
34,400 |
LSI Corp.
|
269,008 | |||||
1,700 |
LTX-Credence Corporation*
|
11,186 | |||||
10,900 |
Marvell Technology Group Ltd.
|
125,350 | |||||
1,800 |
Microchip Technology Inc.
|
72,522 | |||||
15,200 |
Micron Technology, Inc.*
|
265,544 | |||||
2,200 |
Mindspeed Technologies Inc.*
|
6,688 | |||||
5,100 |
NVIDIA Corp.
|
79,356 | |||||
5,400 |
NXP Semiconductors N.V.*
|
200,934 | |||||
2,900 |
OmniVision Technologies, Inc.*
|
44,399 | |||||
18,400 |
ON Semiconductor Corp.*
|
134,320 | |||||
8,400 |
PDF Solutions, Inc.*
|
178,500 | |||||
700 |
PMC-Sierra, Inc.*
|
4,634 | |||||
14,900 |
Rambus Inc.*
|
140,060 | |||||
3,200 |
ReneSola Ltd. - ADR*
|
15,968 | |||||
13,500 |
RF Micro Devices, Inc.*
|
76,140 | |||||
1,200 |
Rubicon Technology, Inc.*
|
14,532 | |||||
600 |
Sigma Designs, Inc.*
|
3,354 | |||||
9,000 |
Skyworks Solutions, Inc.*
|
223,560 | |||||
7,300 |
SunEdison, Inc.*
|
58,181 | |||||
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Semiconductors & Semiconductor
|
|||||||
Equipment — 3.2% (Continued)
|
|||||||
6,600 |
SunPower Corporation*
|
$ | 172,656 | ||||
8,300 |
Taiwan Semiconductor Manufacturing
|
||||||
Company Ltd. - SP-ADR
|
140,768 | ||||||
10,100 |
Texas Instruments Incorporated
|
406,727 | |||||
1,800 |
Trina Solar Limited - SP-ADR*
|
27,828 | |||||
17,100 |
TriQuint Semiconductor, Inc.*
|
139,023 | |||||
2,300 |
Veeco Instruments Inc.*
|
85,629 | |||||
3,200 |
Xilinx, Inc.
|
149,952 | |||||
15,100 |
Yingli Green Energy
|
||||||
Holding Co. Ltd. - ADR*
|
104,794 | ||||||
6,660,536 | |||||||
Software — 3.4%
|
|||||||
1,100 |
Activision Blizzard, Inc.
|
18,337 | |||||
6,100 |
Adobe Systems Inc.*
|
316,834 | |||||
5,900 |
Advent Software, Inc.
|
187,325 | |||||
2,800 |
Autodesk, Inc.*
|
115,276 | |||||
1,300 |
AVG Technologies N.V.*
|
31,122 | |||||
900 |
BroadSoft Inc.*
|
32,427 | |||||
4,100 |
CA, Inc.
|
121,647 | |||||
4,800 |
Cadence Design Systems, Inc.*
|
64,800 | |||||
3,900 |
Check Point Software Technologies Ltd.*
|
220,584 | |||||
2,300 |
Citrix Systems, Inc.*
|
162,403 | |||||
3,200 |
Compuware Corp.
|
35,840 | |||||
200 |
Concur Technologies, Inc.*
|
22,100 | |||||
1,500 |
Ebix, Inc.
|
14,910 | |||||
5,600 |
Electronic Arts Inc.*
|
143,080 | |||||
300 |
FactSet Research Systems Inc.
|
32,730 | |||||
4,900 |
Fair Isaac Corp.
|
270,872 | |||||
5,500 |
Fortinet Inc.*
|
111,430 | |||||
14,200 |
Giant Interactive Group Inc. - ADR
|
129,504 | |||||
5,200 |
Glu Mobile Inc.*
|
14,508 | |||||
1,200 |
Imperva Inc.*
|
50,424 | |||||
8,500 |
Infoblox, Inc.*
|
355,470 | |||||
6,500 |
Informatica Corp.*
|
253,305 | |||||
800 |
Intuit Inc.
|
53,048 | |||||
12,200 |
Mentor Graphics Corporation
|
285,114 | |||||
4,900 |
NetSuite Inc.*
|
528,906 | |||||
1,000 |
NQ Mobile Inc. - ADR*
|
21,790 | |||||
4,300 |
Oracle Corp.
|
142,631 | |||||
800 |
Pegasystems Inc.
|
31,848 | |||||
6,000 |
Progress Software Corporation*
|
155,280 | |||||
1,100 |
PTC Inc.*
|
31,273 | |||||
4,400 |
QLIK Technologies Inc.*
|
150,656 | |||||
600 |
Red Hat, Inc.*
|
27,684 | |||||
2,400 |
Rosetta Stone, Inc.*
|
38,952 | |||||
700 |
Rovi Corporation*
|
13,419 | |||||
6,300 |
Salesforce.com, Inc.*
|
327,033 | |||||
300 |
SAP AG - SP-ADR
|
22,176 | |||||
2,300 |
Sourcefire Inc.*
|
174,616 | |||||
300 |
Splunk, Inc.*
|
18,012 | |||||
1,900 |
SS&C Technologies Holdings, Inc.*
|
72,390 | |||||
13,400 |
Symantec Corp.
|
331,650 | |||||
1,300 |
Synchronoss Technologies, Inc.*
|
49,478 | |||||
8,000 |
Synopsys, Inc.*
|
301,600 | |||||
3,100 |
Take-Two Interactive Software, Inc.*
|
56,296 | |||||
1,000 |
Tangoe, Inc.*
|
23,860 | |||||
700 |
TIBCO Software Inc.*
|
17,913 | |||||
1,600 |
TiVo Inc.*
|
19,904 | |||||
10,300 |
Tyler Technologies, Inc.*
|
900,941 | |||||
1,100 |
The Ultimate Software Group, Inc.*
|
162,140 | |||||
2,200 |
Virnetx Holding Corporation*
|
44,880 | |||||
3,300 |
VMware Inc.*
|
266,970 | |||||
25,700 |
Zynga Inc.*
|
94,576 | |||||
7,069,964 | |||||||
Specialty Retail — 6.7%
|
|||||||
1,000 |
Aeropostale, Inc.*
|
9,400 | |||||
900 |
ANN INC.*
|
32,598 | |||||
1,800 |
AutoNation, Inc.*
|
93,906 | |||||
900 |
AutoZone, Inc.*
|
380,457 | |||||
5,100 |
Bed Bath & Beyond Inc.*
|
394,536 | |||||
21,600 |
Best Buy Co., Inc.
|
810,000 | |||||
36,000 |
Borders Group, Inc.*(b)
|
— | |||||
2,100 |
Cabela’s Incorporated*
|
132,363 | |||||
12,400 |
CarMax, Inc.*
|
601,028 | |||||
700 |
The Children’s Place Retail Stores, Inc.*
|
40,502 | |||||
4,400 |
Coldwater Creek Inc.*
|
7,568 | |||||
2,800 |
Conn’s, Inc.*
|
140,112 | |||||
11,200 |
Dick’s Sporting Goods, Inc.
|
597,856 | |||||
2,000 |
DSW, Inc.
|
170,640 | |||||
3,600 |
Express, Inc.*
|
84,924 | |||||
2,000 |
Five Below, Inc.*
|
87,500 | |||||
4,200 |
Francesca’s Holdings Corporation*
|
78,288 | |||||
6,500 |
GameStop Corporation
|
322,725 | |||||
8,400 |
The Gap, Inc.
|
338,352 | |||||
1,900 |
GNC Acquisition Holdings Inc.
|
103,797 | |||||
4,400 |
Group 1 Automotive, Inc.
|
341,792 | |||||
10,600 |
hhgregg, Inc.*
|
189,846 | |||||
11,600 |
The Home Depot, Inc.
|
879,860 | |||||
600 |
Jos. A. Bank Clothiers, Inc.*
|
26,376 | |||||
1,700 |
L Brands, Inc.
|
103,870 | |||||
19,700 |
Lithia Motors, Inc.
|
1,437,312 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Specialty Retail — 6.7% (Continued)
|
|||||||
23,000 |
Lowe’s Companies, Inc.
|
$ | 1,095,030 | ||||
11,000 |
Lumber Liquidators Holdings, Inc.*
|
1,173,150 | |||||
45,600 |
Office Depot, Inc.*
|
220,248 | |||||
17,400 |
OfficeMax Inc.
|
222,546 | |||||
5,300 |
O’Reilly Automotive, Inc.*
|
676,227 | |||||
2,000 |
Pacific Sunwear of California, Inc.*
|
6,000 | |||||
3,900 |
PetSmart, Inc.
|
297,414 | |||||
3,200 |
Pier 1 Imports, Inc.
|
62,464 | |||||
3,200 |
Rent-A-Center, Inc.
|
121,920 | |||||
1,000 |
Restoration Hardware Holdings Inc.*
|
63,350 | |||||
5,500 |
Ross Stores, Inc.
|
400,400 | |||||
500 |
Select Comfort Corporation*
|
12,175 | |||||
1,100 |
Signet Jewelers Ltd.
|
78,815 | |||||
8,900 |
Sonic Automotive, Inc.
|
211,820 | |||||
9,800 |
Staples, Inc.
|
143,570 | |||||
1,500 |
Tiffany & Co.
|
114,930 | |||||
2,000 |
The Tile Shop Holdings, Inc.*
|
58,980 | |||||
6,300 |
The TJX Companies, Inc.
|
355,257 | |||||
2,300 |
Tractor Supply Company
|
154,491 | |||||
1,500 |
Ulta Salon, Cosmetics & Fragrance, Inc.*
|
179,190 | |||||
1,900 |
Urban Outfitters, Inc.*
|
69,863 | |||||
1,600 |
Vitamin Shoppe, Inc.*
|
70,000 | |||||
8,100 |
Williams-Sonoma, Inc.
|
455,220 | |||||
11,100 |
Zale Corporation*
|
168,720 | |||||
13,817,388 | |||||||
Telecommunication Services –
|
|||||||
Diversified — 0.5%
|
|||||||
40,000 |
8x8, Inc.*
|
402,800 | |||||
4,000 |
BT Group plc - SP-ADR
|
221,200 | |||||
1,200 |
Level 3 Communications, Inc.*
|
32,028 | |||||
10,700 |
tw telecom inc.*
|
319,555 | |||||
2,000 |
Windstream Holdings, Inc.
|
16,000 | |||||
991,583 | |||||||
Telecommunication Services –
|
|||||||
Wireless — 0.4%
|
|||||||
500 |
Crown Castle International Corp.*
|
36,515 | |||||
11,800 |
Leap Wireless International, Inc.*
|
186,322 | |||||
1,000 |
Mobile TeleSystems - SP-ADR
|
22,260 | |||||
4,400 |
NII Holdings Inc.*
|
26,708 | |||||
2,800 |
SBA Communications Corporation*
|
225,288 | |||||
1,500 |
Telephone and Data Systems, Inc.
|
44,325 | |||||
9,900 |
T-Mobile US, Inc.
|
257,103 | |||||
600 |
Vodafone Group Plc - SP-ADR
|
21,108 | |||||
819,629 | |||||||
Textiles, Apparel & Luxury Goods — 2.4%
|
|||||||
4,600 |
Carter’s, Inc.
|
349,094 | |||||
2,400 |
Crocs, Inc.*
|
32,664 | |||||
2,000 |
Deckers Outdoor Corporation*
|
131,840 | |||||
19,800 |
Fifth & Pacific Companies, Inc.*
|
497,574 | |||||
8,400 |
Gildan Activewear Inc.
|
390,096 | |||||
6,000 |
Hanesbrands, Inc.
|
373,860 | |||||
8,900 |
Iconix Brand Group, Inc.*
|
295,658 | |||||
7,300 |
Joe’s Jeans, Inc.*
|
7,811 | |||||
3,200 |
Lululemon Athletica Inc.*
|
233,888 | |||||
12,100 |
Luxottica Group SpA - ADR
|
636,097 | |||||
4,500 |
Michael Kors Holdings Ltd.*
|
335,340 | |||||
2,300 |
Movado Group, Inc.
|
100,625 | |||||
6,700 |
NIKE, Inc. Cl B
|
486,688 | |||||
1,300 |
PVH Corp.
|
154,297 | |||||
600 |
Ralph Lauren Corporation
|
98,838 | |||||
4,100 |
Skechers U.S.A., Inc.*
|
127,551 | |||||
3,900 |
Under Armour, Inc.*
|
309,855 | |||||
1,400 |
VF Corp.
|
278,670 | |||||
1,500 |
Wolverine World Wide, Inc.
|
87,345 | |||||
4,927,791 | |||||||
Thrifts & Mortgage Finance — 0.4%
|
|||||||
8,100 |
Bank Mutual Corporation
|
50,787 | |||||
500 |
BofI Holding, Inc.*
|
32,430 | |||||
2,700 |
Hudson City Bancorp, Inc.
|
24,435 | |||||
3,900 |
MGIC Investment Corporation*
|
28,392 | |||||
2,200 |
Nationstar Mortgage Holdings, Inc.*
|
123,706 | |||||
2,400 |
Northwest Bancshares, Inc.
|
31,728 | |||||
6,400 |
Ocwen Financial Corporation*
|
356,928 | |||||
8,700 |
Radian Group Inc.
|
121,191 | |||||
769,597 | |||||||
Tobacco — 0.0%
|
|||||||
1,000 |
Altria Group, Inc.
|
34,350 | |||||
400 |
Philip Morris International Inc.
|
34,636 | |||||
68,986 | |||||||
Trading Companies & Distributors — 0.4%
|
|||||||
2,100 |
Fastenal Co.
|
105,525 | |||||
1,900 |
W.W. Grainger, Inc.
|
497,249 | |||||
3,200 |
H&E Equipment Services, Inc.*
|
84,992 | |||||
1,000 |
TAL International Group, Inc.
|
46,730 | |||||
200 |
TransDigm Group, Inc.
|
27,740 | |||||
2,100 |
United Rentals, Inc.*
|
122,409 | |||||
884,645 | |||||||
Transportation Infrastructure — 0.0%
|
|||||||
700 |
Wesco Aircraft Holdings, Inc.*
|
14,651 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 99.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 98.6% (a) (Continued)
|
|||||||
Water Utilities — 0.1%
|
|||||||
1,000 |
American States Water Company
|
$ | 27,560 | ||||
1,125 |
Aqua America Inc.
|
27,821 | |||||
11,300 |
Consolidated Water Co., Ltd.
|
169,161 | |||||
224,542 | |||||||
Total common stocks
|
|||||||
(cost $151,700,546)
|
203,054,307 | ||||||
PUBLICLY TRADED PARTNERSHIPS — 0.3% (a)
|
|||||||
Auto Components — 0.0%
|
|||||||
700 |
Icahn Enterprises L.P.
|
58,289 | |||||
Capital Markets — 0.1%
|
|||||||
2,600 |
The Carlyle Group LP
|
66,872 | |||||
8,800 |
Fortress Investment Group LLC
|
69,872 | |||||
1,700 |
Lazard Ltd.
|
61,234 | |||||
197,978 | |||||||
Chemicals — 0.0%
|
|||||||
900 |
Rentech Nitrogen Partners L.P.
|
22,068 | |||||
Financial Services Diversified — 0.1%
|
|||||||
600 |
KKR Financial Holdings LLC
|
6,198 | |||||
1,900 |
Texas Pacific Land Trust
|
160,607 | |||||
166,805 | |||||||
Oil, Gas & Consumable Fuels — 0.1%
|
|||||||
700 |
Calumet Specialty Products Partners, L.P.
|
19,103 | |||||
1,900 |
Linn Energy LLC
|
49,248 | |||||
600 |
ONEOK Partners, L.P.
|
31,806 | |||||
100,157 | |||||||
Total publicly traded partnerships
|
|||||||
(cost $537,973)
|
545,297 | ||||||
REITS — 0.5% (a)
|
|||||||
Real Estate Investment Trusts — 0.5%
|
|||||||
800 |
American Tower Corp.
|
59,304 | |||||
800 |
CBL & Associates Properties, Inc.
|
15,280 | |||||
4,500 |
Chimera Investment Corporation
|
13,680 | |||||
2,100 |
CubeSmart
|
37,464 | |||||
500 |
Extra Space Storage Inc.
|
22,875 | |||||
400 |
HCP, Inc.
|
16,380 | |||||
2,000 |
Medical Properties Trust Inc.
|
24,340 | |||||
5,500 |
OMEGA Healthcare Investors, Inc.
|
164,285 | |||||
1,800 |
Parkway Properties, Inc.
|
31,986 | |||||
600 |
Prologis, Inc.
|
22,572 | |||||
700 |
Regency Centers Corporation
|
33,845 | |||||
3,500 |
Sovran Self Storage, Inc.
|
264,880 | |||||
4,400 |
STAG Industrial, Inc.
|
88,528 | |||||
300 |
Sunstone Hotel Investors, Inc.
|
3,822 | |||||
3,100 |
Tanger Factory Outlet Centers, Inc.
|
101,215 | |||||
3,600 |
Western Asset Mortgage Capital Corp.
|
57,564 | |||||
800 |
Weyerhaeuser Company
|
22,904 | |||||
Total REITS (cost $907,486)
|
980,924 | ||||||
WARRANTS — 0.0% (a)
|
|||||||
Insurance — 0.0%
|
|||||||
3,150 |
American International Group, Inc.*,
|
||||||
Expiration Date - 01/19/21,
|
|||||||
Exercise Price - $45.00
|
59,693 | ||||||
Total warrants (cost $47,259)
|
59,693 | ||||||
PREFERRED STOCKS — 0.1% (a)
|
|||||||
Beverages — 0.1%
|
|||||||
2,000 |
Companhia de Bebidas das
|
||||||
Americas Preferred - SP-ADR
|
76,700 | ||||||
Commercial Banks — 0.0%
|
|||||||
1,600 |
Banco Bradesco S.A. - ADR
|
22,208 | |||||
1,500 |
Itau Unibanco Holding S.A. - ADR
|
21,180 | |||||
43,388 | |||||||
Total preferred stocks (cost $86,799)
|
120,088 | ||||||
Total investments — 99.5%
|
|||||||
(cost $153,280,063)
|
204,760,309 | ||||||
Cash and receivables,
|
|||||||
less liabilities — 0.5% (a)
|
1,118,367 | ||||||
TOTAL NET ASSETS — 100.0%
|
$ | 205,878,676 |
*
|
Non-income producing security.
|
^
|
Passive Foreign Investment Company (PFIC)
|
(a)
|
Percentages for the various classifications relate to net assets.
|
(b)
|
This security was fair valued as determined by the adviser using procedures approved by the Board of Directors and is classified as level 3. As of September 30, 2013, the value of this security was $0 which represents 0.0% of total net assets.
|
INVESTMENT INCOME:
|
||||
Dividends (net of foreign withholding tax of $27,117)
|
$ | 2,541,933 | ||
Total investment income
|
2,541,933 | |||
EXPENSES:
|
||||
Management fees
|
1,856,826 | |||
Transfer agent fees
|
282,505 | |||
Administrative and accounting services
|
247,422 | |||
Distribution fees
|
178,989 | |||
Custodian fees
|
115,449 | |||
Insurance expense
|
65,829 | |||
Professional fees
|
45,169 | |||
Registration fees
|
44,153 | |||
Printing and postage expense
|
37,325 | |||
Board of Directors fees
|
28,000 | |||
Chief Compliance Officer fees
|
23,000 | |||
Overdraft fees
|
2,334 | |||
Other expenses
|
14,083 | |||
Total expenses
|
2,941,084 | |||
NET INVESTMENT LOSS
|
(399,151 | ) | ||
NET REALIZED GAIN ON INVESTMENTS
|
11,866,899 | |||
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS
|
26,278,715 | |||
NET GAIN ON INVESTMENTS
|
38,145,614 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 37,746,463 |
2013
|
2012
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$ | (399,151 | ) | $ | (705,833 | ) | ||
Net realized gain on investments
|
11,866,899 | 2,601,844 | ||||||
Net increase in unrealized appreciation on investments
|
26,278,715 | 46,128,097 | ||||||
Net increase in net assets resulting from operations
|
37,746,463 | 48,024,108 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Distributions from net capital gains ($0.62743 per share)
|
(1,885,775 | ) | — | |||||
FUND SHARE ACTIVITIES:
|
||||||||
Proceeds from shares issued (827,098 and 914,026 shares, respectively)
|
52,428,676 | 50,025,921 | ||||||
Net asset value of shares issued in distributions reinvested (31,377 shares)
|
1,783,482 | — | ||||||
Cost of shares redeemed (1,132,566 and 2,042,077 shares, respectively)
|
(70,266,908 | ) | (111,159,830 | ) | ||||
Net decrease in net assets derived from Fund share activities
|
(16,054,750 | ) | (61,133,909 | ) | ||||
TOTAL INCREASE (DECREASE)
|
19,805,938 | (13,109,801 | ) | |||||
NET ASSETS AT THE BEGINNING OF THE YEAR
|
186,072,738 | 199,182,539 | ||||||
NET ASSETS AT THE END OF THE YEAR (Includes accumulated net investment
|
||||||||
loss of $(61,264) and $(623,313), respectively)
|
$ | 205,878,676 | $ | 186,072,738 |
Years Ended September 30, | ||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE OPERATING PERFORMANCE:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | $ | 31.85 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment loss (a)
|
(0.14 | ) | (0.19 | ) | (0.27 | ) | (0.25 | ) | (0.42 | ) | ||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gains (loss) on investments
|
13.25 | 12.66 | (1.52 | ) | 6.67 | 10.44 | ||||||||||||||
Total from investment operations
|
13.11 | 12.47 | (1.79 | ) | 6.42 | 10.02 | ||||||||||||||
Less distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
— | — | — | — | — | |||||||||||||||
Distributions from net realized gains
|
(0.63 | ) | — | — | — | — | ||||||||||||||
Total from distributions
|
(0.63 | ) | — | — | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 71.45 | $ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | ||||||||||
TOTAL RETURN
|
22.50 | % | 26.82 | % | (3.71 | %) | 15.33 | % | 31.46 | % | ||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||
Net assets, end of year (in 000’s $)
|
205,879 | 186,073 | 199,183 | 116,043 | 48,553 | |||||||||||||||
Ratio of expenses (after reimbursement) to average net assets*
|
1.58 | % | 1.53 | % | 1.55 | % | 1.80 | % | 2.00 | % | ||||||||||
Ratio of net investment loss to average net assets**
|
(0.21 | %) | (0.34 | %) | (0.49 | %) | (0.55 | %) | (1.24 | %) | ||||||||||
Portfolio turnover rate
|
133 | % | 99 | % | 55 | % | 80 | % | 527 | % |
(a)
|
Amount calculated based on average shares outstanding throughout the year.
|
*
|
Computed after giving effect to adviser’s expense limitation undertaking. If the Fund had paid all of its expenses for the year ended September 30, 2009, the ratio would have been 2.51%.
|
**
|
If the Fund had paid all of its expenses for the year ended September 30, 2009, the ratio would have been (1.75%).
|
(1)
|
Summary of Significant Accounting Policies —
|
(1)
|
Summary of Significant Accounting Policies — (Continued)
|
Level 1—
|
Valuations based on unadjusted quoted prices in active markets for identical assets.
|
|
Level 2—
|
Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
|
|
Level 3—
|
Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
|
Valuation Inputs
|
Investments in Securities
|
||||
Level 1—Common Stocks
|
$ | 203,054,307 | |||
Publicly Traded Partnerships
|
545,297 | ||||
REITS
|
980,924 | ||||
Warrants
|
59,693 | ||||
Preferred Stocks
|
120,088 | ||||
Total Level 1
|
204,760,309 | ||||
Level 2—
|
— | ||||
Level 3—Common Stocks
|
0 | * | |||
Total
|
$ | 204,760,309 | ** |
*
|
The security classified as Level 3 is a result of the company filing for bankruptcy and no additional observable inputs being available as of September 30, 2013. The security was classified as Level 3 as of September 30, 2012, and there was no change in value from September 30, 2012 to September 30, 2013.
|
**
|
Please refer to the Schedule of Investments to view common stocks, publicly traded partnerships, warrants and preferred stocks segregated by industry type.
|
Accumulated Net
|
Accumulated Undistributed Net
|
|
Investment Loss
|
Realized Gain on Investments
|
Capital Stock
|
$964,985
|
$(942,724)
|
$(22,261)
|
(1)
|
Summary of Significant Accounting Policies — (Continued)
|
(2)
|
Investment Adviser and Management Agreement and Transactions With Related Parties —
|
(3)
|
Distributions to Shareholders —
|
(4)
|
Investment Transactions —
|
(5)
|
Income Tax Information —
|
Gross
|
Gross
|
Net Unrealized
|
Distributable
|
Distributable
|
|
Cost of
|
Unrealized
|
Unrealized
|
Appreciation
|
Ordinary
|
Long-Term
|
Investments
|
Appreciation
|
Depreciation
|
on Investments
|
Income
|
Capital Gains
|
$156,817,226
|
$53,237,467
|
$(5,294,384)
|
$47,943,083
|
$1,157,895
|
$8,411,745
|
(5)
|
Income Tax Information — (Continued)
|
September 30, 2013
|
September 30, 2012
|
||
Ordinary
|
Long-Term
|
Ordinary
|
Long-Term
|
Income
|
Capital Gains
|
Income
|
Capital Gains
|
Distributions
|
Distributions
|
Distributions
|
Distributions
|
$ —
|
$1,885,775
|
$ —
|
$ —
|
Other
|
|||||
Term of
|
# of Funds
|
Directorships
|
|||
Position(s)
|
Office and
|
in Complex
|
Held by
|
||
Name, Age
|
Held with
|
Length of
|
Principal Occupation(s)
|
Overseen
|
Director
|
and Address
|
the Fund
|
Time Served
|
During Past Five Years
|
by Director
|
or Officer
|
Non-Interested Directors:
|
|||||
Dennis N. Moser, 71
|
Director
|
Indefinite Term
|
Mr. Moser is a partner in Glenbrook Partner,
|
1
|
None
|
77 Stockbridge
|
Since 2002
|
LLC, a payments consulting firm.
|
|||
Atherton, CA 94027
|
|||||
Robert E. Stauder, 83
|
Director
|
Indefinite Term
|
Mr. Stauder is retired. He was a principal of
|
1
|
None
|
436 Casabonne Lane
|
Since 1988
|
Robinson Mills + Williams, an architectural
|
|||
Sonoma, CA 95476
|
and interior design firm, from 1991 until 1996.
|
||||
Interested Director:
|
|||||
Frederick L. Reynolds,* 71
|
Director,
|
Indefinite Term
|
Mr. Reynolds is the sole owner of
|
1
|
None
|
3565 South Las Vegas
|
Since 1988
|
the Adviser, which business commenced in 1985.
|
|||
Blvd. #403
|
President |
One Year Term
|
|
||
Las Vegas, NV 89109
|
and |
Since 1988
|
|
||
Treasurer |
|
||||
Other Officer:
|
|||||
N. Lynn Bowley, 55
|
Chief
|
At Discretion
|
Mr. Bowley has been a Compliance Officer for
|
N/A
|
None
|
Northern Lights
|
Compliance
|
of Board
|
Northern Lights Compliance Services, LLC,
|
||
Compliance Services, LLC
|
Officer
|
Since 2007
|
(f/k/a) Fund Compliance Services, LLC, since
|
||
17605 Wright Street
|
|
2007. | |||
Omaha, NE 68130
|
*
|
Mr. Reynolds is the only interested director of the Company as that term is defined in the Investment Company Act of 1940. Mr. Reynolds is an interested director of the Company by reason of his being an officer of the Company and the sole owner of the investment adviser.
|
FYE 9/30/2013
|
FYE 9/30/2012
|
|
Audit Fees
|
14,000
|
14,000
|
Audit-Related Fees
|
0
|
0
|
Tax Fees
|
0
|
0
|
All Other Fees
|
0
|
0
|
FYE 9/30/2013
|
FYE 9/30/2012
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 9/30/2013
|
FYE 9/30/2012
|
Registrant
|
0
|
0
|
Registrant’s Investment Adviser
|
0
|
0
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(a)
|
The Registrant’s [President/Chief Executive Officer] and [Treasurer/Chief 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 Rules 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)
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There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.
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(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
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(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
A.
|
Act in an honest and ethical manner, including in connection with the handling and avoidance of actual or apparent conflicts of interest between personal and professional relationships;
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B.
|
Comply with all applicable laws, rules and regulations of federal, state and local governments
|
C.
|
Proactively promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications the Fund makes; and
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D.
|
Proactively promote ethical and honest behavior within the Fund, including, without limitation, the prompt reporting of violations of, and being accountable for adherence to, this Sarbanes-Oxley Code of Ethics.
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1.
|
Each Senior Financial Officer shall handle all conflicts of interest between his or her personal and professional relationships in an ethical and honest manner, and shall disclose in advance to the Audit Committee of the Fund’s Board of Directors (“Audit Committee”) the relevant details of any transaction or relationship that reasonably could be expected to give rise to an actual or apparent conflict of interest between the Fund and such Senior Financial Officer. The Audit Committee shall thereafter take such action with respect to the conflict of interest as it shall deem appropriate. It is the general policy of the Fund that conflicts of interest should be avoided whenever practicable. For purposes of this Sarbanes-Oxley Code of Ethics, a “conflict of interest” will be deemed to be present when an individual’s private interest interferes in any way, or even appears to interfere, with the interests of the Fund as a whole.
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2.
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Each Senior Financial Officer will use his or her best efforts to ensure the timely and understandable disclosure of information that, in all material respects, is accurate, complete, objective and relevant in all reports and documents the Fund files with, or submits to, the SEC or in other public communications that the Fund makes. As part of this undertaking, each Senior Financial Officer will periodically consider the adequacy and effectiveness of the Fund’s “internal controls” and “disclosure controls and procedures” (as such terms are defined or used in rules proposed or adopted by the SEC).
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3.
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Each Senior Financial Officer will use his or her best efforts to ensure compliance in all material respects by such Senior Financial Officer and the Fund with all applicable Laws.
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4.
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Each Senior Financial Officer shall respect the confidentiality of information acquired in the course of his or her work and shall not disclose such information, except when the Senior Financial Officer believes he or she is authorized or legally obligated to disclose the information. No Senior Financial Officer may use confidential information acquired in the course of his or her work for his or her personal advantage.
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5.
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No Senior Financial Officer may take or direct or allow any other person to take or direct any action to fraudulently influence, coerce, manipulate or mislead the Fund’s independent auditing firm.
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6.
|
No Senior Financial Officer may engage the Fund’s auditing firm to perform audit or non-audit services without the Audit Committee’s (or its designee’s) preapproval in accordance with the Audit Committee’s charter.
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1.
|
I have reviewed this report on Form N-CSR of the Reynolds Funds, Inc.;
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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;
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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;
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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: December 5, 2013
|
/s/ Frederick L. Reynolds
Frederick L. Reynolds
President, Principal Executive Officer & Principal Financial Officer
|
/s/ Frederick L. Reynolds
Frederick L. Reynolds
Chief Executive Officer and Chief Financial Officer
Reynolds Funds, Inc.
|
|
Dated: December 5, 2013
|
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