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 10/01/13
|
Value 3/31/14
|
Period* 10/01/13-3/31/14
|
|
Reynolds Blue Chip Growth Fund Actual
|
$1,000.00
|
$1,089.00
|
$8.07
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.20
|
$7.80
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.55% multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period between October 1, 2013 and March 31, 2014).
|
ASSETS:
|
||||
Investments in securities, at value (cost $138,048,269)
|
$ | 196,419,653 | ||
Cash
|
453,626 | |||
Receivable from investments sold
|
4,591,427 | |||
Receivable from shareholders for purchases
|
183,446 | |||
Dividends receivable
|
103,643 | |||
Prepaid expenses
|
103,326 | |||
Total assets
|
201,855,121 | |||
LIABILITIES:
|
||||
Payable for investments purchased
|
1,547,005 | |||
Payable to shareholders for redemptions
|
610,938 | |||
Payable to adviser for management fees
|
168,996 | |||
Payable for distribution expenses
|
6,980 | |||
Other liabilities
|
120,194 | |||
Total liabilities
|
2,454,113 | |||
NET ASSETS
|
$ | 199,401,008 | ||
NET ASSETS CONSISTS OF:
|
||||
Capital Stock, $0.01 par value; 40,000,000 shares authorized; 2,679,638 shares outstanding
|
$ | 133,567,381 | ||
Net unrealized appreciation on investments
|
58,371,384 | |||
Accumulated undistributed net realized gain on investments
|
8,112,066 | |||
Accumulated undistributed net investment loss
|
(649,823 | ) | ||
Net assets
|
$ | 199,401,008 | ||
CALCULATION OF NET ASSET VALUE PER SHARE:
|
||||
Net asset value, offering and redemption price per share ($199,401,008 / 2,679,638 shares outstanding)
|
$ | 74.41 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a)
|
|||||||
COMMON STOCKS — 97.9% (a)
|
|||||||
Aerospace & Defense — 2.8%
|
|||||||
1,200 |
AAR Corporation
|
$ | 31,140 | ||||
4,600 |
B/E Aerospace, Inc.*
|
399,234 | |||||
4,400 |
The Boeing Company
|
552,156 | |||||
3,800 |
Curtiss-Wright Corporation
|
241,452 | |||||
1,300 |
Esterline Technologies Corporation*
|
138,502 | |||||
8,200 |
Exelis, Inc.
|
155,882 | |||||
14,300 |
GenCorp, Inc.*
|
261,261 | |||||
2,800 |
General Dynamics Corporation
|
304,976 | |||||
400 |
HEICO Corporation
|
24,064 | |||||
11,600 |
Hexcel Corporation*
|
505,064 | |||||
3,400 |
Honeywell International, Inc.
|
315,384 | |||||
2,400 |
Huntington Ingalls Industries, Inc.
|
245,424 | |||||
3,000 |
L-3 Communications Holdings, Inc.
|
354,450 | |||||
1,000 |
Lockheed Martin Corporation
|
163,240 | |||||
5,300 |
Northrop Grumman Corporation
|
653,914 | |||||
500 |
Precision Castparts Corporation
|
126,380 | |||||
1,000 |
Raytheon Company
|
98,790 | |||||
3,500 |
Rockwell Collins, Inc.
|
278,845 | |||||
1,200 |
Spirit AeroSystems Holdings, Inc.*
|
33,828 | |||||
2,200 |
Teledyne Technologies, Inc.*
|
214,126 | |||||
6,100 |
Textron, Inc.
|
239,669 | |||||
400 |
TransDigm Group, Inc.
|
74,080 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Aerospace & Defense — 2.8% (Continued)
|
|||||||
1,900 |
United Technologies Corporation
|
$ | 221,996 | ||||
5,633,857 | |||||||
Air Freight & Logistics — 0.3%
|
|||||||
900 |
Expeditors International
|
||||||
of Washington, Inc.
|
35,667 | ||||||
2,600 |
FedEx Corporation
|
344,656 | |||||
1,900 |
United Parcel Service, Inc., Class B
|
185,022 | |||||
565,345 | |||||||
Airlines — 2.9%
|
|||||||
7,200 |
Alaska Air Group, Inc.
|
671,832 | |||||
5,400 |
Allegiant Travel Company
|
604,422 | |||||
23,200 |
American Airlines Group, Inc.*
|
849,120 | |||||
200 |
Copa Holdings S.A., Class A
|
29,038 | |||||
26,400 |
Delta Air Lines, Inc.
|
914,760 | |||||
29,500 |
Hawaiian Holdings, Inc.*
|
411,820 | |||||
4,500 |
JetBlue Airways Corporation*
|
39,105 | |||||
4,800 |
Ryanair Holdings plc - SP-ADR*
|
282,288 | |||||
2,900 |
SkyWest, Inc.
|
37,004 | |||||
42,700 |
Southwest Airlines Company
|
1,008,147 | |||||
10,100 |
Spirit Airlines, Inc.*
|
599,940 | |||||
7,200 |
United Continental Holdings, Inc.*
|
321,336 | |||||
5,768,812 | |||||||
Auto Components — 1.0%
|
|||||||
1,200 |
Allison Transmission Holdings, Inc.
|
35,928 | |||||
3,600 |
BorgWarner, Inc.
|
221,292 | |||||
1,500 |
Delphi Automotive plc
|
101,790 | |||||
600 |
Dorman Products, Inc.*
|
35,436 | |||||
1,500 |
Drew Industries, Inc.
|
81,300 | |||||
3,100 |
Gentherm, Inc.*
|
107,632 | |||||
5,900 |
The Goodyear Tire & Rubber Company
|
154,167 | |||||
4,200 |
Johnson Controls, Inc.
|
198,744 | |||||
1,200 |
Lear Corporation
|
100,464 | |||||
1,000 |
Magna International, Inc.
|
96,310 | |||||
400 |
Strattec Security Corporation
|
28,892 | |||||
4,800 |
Tenneco, Inc.*
|
278,736 | |||||
5,800 |
TRW Automotive Holdings Corporation*
|
473,396 | |||||
1,914,087 | |||||||
Automobiles — 0.5%
|
|||||||
2,600 |
Harley-Davidson, Inc.
|
173,186 | |||||
3,200 |
Tata Motors, Ltd. - SP-ADR
|
113,312 | |||||
3,650 |
Tesla Motors, Inc.*
|
760,842 | |||||
1,047,340 | |||||||
Beverages — 1.1%
|
|||||||
1,700 |
The Boston Beer Company, Inc., Class A*
|
416,041 | |||||
7,600 |
Coca-Cola Enterprises, Inc.
|
362,976 | |||||
300 |
Coca-Cola Femsa,
|
||||||
S.A.B. de C.V. - SP-ADR
|
31,656 | ||||||
6,800 |
Constellation Brands, Inc., Class A*
|
577,796 | |||||
7,600 |
Dr Pepper Snapple Group, Inc.
|
413,896 | |||||
3,600 |
Monster Beverage Corporation*
|
250,020 | |||||
2,200 |
PepsiCo, Inc.
|
183,700 | |||||
2,236,085 | |||||||
Biotechnology — 4.3%
|
|||||||
3,500 |
ACADIA Pharmaceuticals, Inc.*
|
85,155 | |||||
200 |
Acceleron Pharma, Inc.*
|
6,900 | |||||
2,300 |
Alexion Pharmaceuticals, Inc.*
|
349,899 | |||||
11,600 |
Alkermes plc*^
|
511,444 | |||||
3,800 |
Amgen, Inc.
|
468,692 | |||||
6,900 |
ARIAD Pharmaceuticals, Inc.*
|
55,614 | |||||
600 |
Array BioPharma, Inc.*
|
2,820 | |||||
4,100 |
BioCryst Pharmaceuticals, Inc.*
|
43,378 | |||||
2,500 |
Biogen Idec, Inc.*
|
764,675 | |||||
2,400 |
BioMarin Pharmaceutical, Inc.*
|
163,704 | |||||
5,800 |
Celgene Corporation*
|
809,680 | |||||
600 |
Clovis Oncology, Inc.*
|
41,562 | |||||
400 |
Cubist Pharmaceuticals, Inc.*
|
29,260 | |||||
2,200 |
Dendreon Corporation*
|
6,578 | |||||
1,100 |
Exact Sciences Corporation*
|
15,587 | |||||
1,100 |
Exelixis, Inc.*
|
3,894 | |||||
6,100 |
Geron Corporation*
|
12,688 | |||||
17,800 |
Gilead Sciences, Inc.*
|
1,261,308 | |||||
2,000 |
Grifols S.A. - ADR
|
82,600 | |||||
3,300 |
Halozyme Therapeutics, Inc.*
|
41,910 | |||||
500 |
ImmunoGen, Inc.*
|
7,465 | |||||
13,500 |
Incyte Corporation*
|
722,520 | |||||
100 |
Intercept Pharmaceuticals, Inc.*
|
32,979 | |||||
8,100 |
Isis Pharmaceuticals, Inc.*
|
350,001 | |||||
3,200 |
Keryx Biopharmaceuticals, Inc.*
|
54,528 | |||||
3,100 |
Ligand Pharmaceuticals, Inc.*
|
208,506 | |||||
2,000 |
Medivation, Inc.*
|
128,740 | |||||
7,000 |
NPS Pharmaceuticals, Inc.*
|
209,510 | |||||
13,600 |
Orexigen Therapeutics, Inc.*
|
88,400 | |||||
11,300 |
Peregrine Pharmaceuticals, Inc.*
|
21,470 | |||||
5,800 |
Pharmacyclics, Inc.*
|
581,276 | |||||
1,100 |
Puma Biotechnology, Inc.*
|
114,554 | |||||
2,600 |
Raptor Pharmaceuticals Corporation*
|
26,000 | |||||
1,200 |
Regeneron Pharmaceuticals, Inc.*
|
360,336 | |||||
5,800 |
Repligen Corporation*
|
74,588 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Biotechnology — 4.3% (Continued)
|
|||||||
6,500 |
Sarepta Therapeutics, Inc.*
|
$ | 156,195 | ||||
3,800 |
Seattle Genetics, Inc.*
|
173,128 | |||||
1,300 |
Synageva BioPharma Corporation*
|
107,861 | |||||
1,700 |
Theravance, Inc.*
|
52,598 | |||||
2,300 |
United Therapeutics Corporation*
|
216,269 | |||||
1,100 |
Vertex Pharmaceuticals, Inc.*
|
77,792 | |||||
1,700 |
XOMA Corporation*
|
8,857 | |||||
8,530,921 | |||||||
Building Products — 0.7%
|
|||||||
7,700 |
A.O. Smith Corporation
|
354,354 | |||||
1,200 |
AAON, Inc.
|
33,444 | |||||
1,400 |
Armstrong World Industries, Inc.*
|
74,550 | |||||
10,900 |
Fortune Brands Home & Security, Inc.
|
458,672 | |||||
2,300 |
Lennox International, Inc.
|
209,093 | |||||
5,600 |
Masco Corporation
|
124,376 | |||||
2,400 |
USG Corporation*
|
78,528 | |||||
1,333,017 | |||||||
Capital Markets — 5.0%
|
|||||||
1,700 |
Affiliated Managers Group, Inc.*
|
340,085 | |||||
6,900 |
Ameriprise Financial, Inc.
|
759,483 | |||||
2,100 |
Artisan Partners Asset
|
||||||
Management, Inc., Class A
|
134,925 | ||||||
6,000 |
The Bank of New York
|
||||||
Mellon Corporation
|
211,740 | ||||||
1,100 |
BlackRock, Inc.
|
345,928 | |||||
25,200 |
The Charles Schwab Corporation
|
688,716 | |||||
4,900 |
Cowen Group, Inc., Class A*
|
21,609 | |||||
29,000 |
E*TRADE Financial Corporation*
|
667,580 | |||||
1,800 |
Eaton Vance Corporation
|
68,688 | |||||
3,700 |
Evercore Partners, Inc., Class A
|
204,425 | |||||
3,900 |
Federated Investors, Inc., Class B
|
119,106 | |||||
11,100 |
Financial Engines, Inc.
|
563,658 | |||||
4,600 |
Franklin Resources, Inc.
|
249,228 | |||||
4,800 |
The Goldman Sachs Group, Inc.
|
786,480 | |||||
700 |
HFF, Inc., Class A
|
23,527 | |||||
8,700 |
Invesco, Ltd.
|
321,900 | |||||
11,600 |
Janus Capital Group, Inc.
|
126,092 | |||||
5,900 |
Legg Mason, Inc.
|
289,336 | |||||
1,300 |
LPL Financial Holdings, Inc.
|
68,302 | |||||
12,600 |
Morgan Stanley
|
392,742 | |||||
1,500 |
Northern Trust Corporation
|
98,340 | |||||
6,100 |
Piper Jaffray Companies, Inc.*
|
279,380 | |||||
4,700 |
T. Rowe Price Group, Inc.
|
387,045 | |||||
6,500 |
Raymond James Financial, Inc.
|
363,545 | |||||
3,500 |
Safeguard Scientifics, Inc.*
|
77,630 | |||||
9,900 |
SEI Investments Company
|
332,739 | |||||
1,100 |
State Street Corporation
|
76,505 | |||||
500 |
Stifel Financial Corporation*
|
24,880 | |||||
21,300 |
TD Ameritrade Holding Corporation
|
723,135 | |||||
1,400 |
Triangle Capital Corporation
|
36,246 | |||||
1,000 |
UBS AG*
|
20,720 | |||||
2,700 |
Virtus Investment Partners, Inc.*
|
467,559 | |||||
9,100 |
Waddell & Reed Financial, Inc., Class A
|
669,942 | |||||
3,000 |
WisdomTree Investments, Inc.*
|
39,360 | |||||
9,980,576 | |||||||
Chemicals — 3.2%
|
|||||||
300 |
Agrium, Inc.
|
29,256 | |||||
800 |
Air Products & Chemicals, Inc.
|
95,232 | |||||
2,700 |
Cabot Corporation
|
159,462 | |||||
3,300 |
Chemtura Corporation*
|
83,457 | |||||
4,300 |
The Dow Chemical Company
|
208,937 | |||||
2,000 |
E.I. du Pont de Nemours & Company
|
134,200 | |||||
3,500 |
Eastman Chemical Company
|
301,735 | |||||
4,300 |
Ecolab, Inc.
|
464,357 | |||||
3,000 |
Ferro Corporation*
|
40,980 | |||||
8,600 |
FMC Corporation
|
658,416 | |||||
6,400 |
Huntsman Corporation
|
156,288 | |||||
4,100 |
International Flavors & Fragrances, Inc.
|
392,247 | |||||
3,200 |
LyondellBasell Industries N.V., Class A
|
284,608 | |||||
2,700 |
Monsanto Company
|
307,179 | |||||
800 |
NewMarket Corporation
|
312,624 | |||||
8,100 |
Olin Corporation
|
223,641 | |||||
3,200 |
PolyOne Corporation
|
117,312 | |||||
7,100 |
RPM International, Inc.
|
297,064 | |||||
5,500 |
The Scotts Miracle-Gro
|
||||||
Company, Class A
|
337,040 | ||||||
1,600 |
The Sherwin-Williams Company
|
315,408 | |||||
7,400 |
Sigma-Aldrich Corporation
|
691,012 | |||||
6,600 |
The Valspar Corporation
|
475,992 | |||||
2,700 |
W.R. Grace & Company*
|
267,759 | |||||
6,354,206 | |||||||
Commercial Banks — 2.0%
|
|||||||
13,500 |
Bank of America Corporation
|
232,200 | |||||
1,200 |
Bank of Hawaii Corporation
|
72,732 | |||||
4,900 |
Bank of the Ozarks, Inc.
|
333,494 | |||||
700 |
BB&T Corporation
|
28,119 | |||||
9,200 |
CapitalSource, Inc.
|
134,228 | |||||
400 |
CIT Group, Inc.
|
19,608 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Commercial Banks — 2.0% (Continued)
|
|||||||
4,600 |
Citigroup, Inc.
|
$ | 218,960 | ||||
700 |
Columbia Banking System, Inc.
|
19,964 | |||||
2,400 |
Comerica, Inc.
|
124,320 | |||||
2,800 |
Eagle Bancorp, Inc.*
|
101,080 | |||||
7,200 |
East West Bancorp, Inc.
|
262,800 | |||||
4,900 |
Enterprise Financial Services Corporation
|
98,343 | |||||
10,500 |
Fifth Third Bancorp
|
240,975 | |||||
600 |
First Republic Bank
|
32,394 | |||||
8,900 |
FirstMerit Corporation
|
185,387 | |||||
1,800 |
Glacier Bancorp, Inc.
|
52,326 | |||||
17,300 |
Huntington Bancshares, Inc.
|
172,481 | |||||
1,700 |
JPMorgan Chase & Company
|
103,207 | |||||
18,300 |
KeyCorp
|
260,592 | |||||
500 |
Mercantile Bank Corporation
|
10,310 | |||||
900 |
PNC Financial Services Group, Inc.
|
78,300 | |||||
600 |
Prosperity Bancshares, Inc.
|
39,690 | |||||
21,300 |
Regions Financial Corporation
|
236,643 | |||||
2,900 |
SunTrust Banks, Inc.
|
115,391 | |||||
20,200 |
Synovus Financial Corporation
|
68,478 | |||||
4,500 |
Texas Capital Bancshares, Inc.*
|
292,230 | |||||
600 |
The Toronto-Dominion Bank
|
28,170 | |||||
3,400 |
U.S. Bancorp
|
145,724 | |||||
4,400 |
Umpqua Holdings Corporation
|
82,016 | |||||
1,500 |
Webster Financial Corporation
|
46,590 | |||||
3,300 |
Wells Fargo & Company
|
164,142 | |||||
4,000,894 | |||||||
Commercial Services & Supplies — 1.0%
|
|||||||
7,700 |
Cintas Corporation
|
458,997 | |||||
1,200 |
Copart, Inc.*
|
43,668 | |||||
18,432 |
R.R. Donnelley & Sons Company
|
329,933 | |||||
5,500 |
EnerNOC, Inc.*
|
122,540 | |||||
6,900 |
KAR Auction Services, Inc.
|
209,415 | |||||
5,100 |
Herman Miller, Inc.
|
163,863 | |||||
2,800 |
Mobile Mini, Inc.
|
121,408 | |||||
1,500 |
Pitney Bowes, Inc.
|
38,985 | |||||
4,500 |
Tyco International, Ltd.
|
190,800 | |||||
4,600 |
Waste Connections, Inc.
|
201,756 | |||||
1,800 |
Waste Management, Inc.
|
75,726 | |||||
1,957,091 | |||||||
Communications Equipment — 1.9%
|
|||||||
1,500 |
ADTRAN, Inc.
|
36,615 | |||||
7,500 |
Alcatel-Lucent - SP-ADR
|
29,250 | |||||
1,200 |
ARRIS Group, Inc.*
|
33,816 | |||||
23,400 |
Brocade Communications Systems, Inc.*
|
248,274 | |||||
6,400 |
CalAmp Corporation*
|
178,368 | |||||
3,400 |
F5 Networks, Inc.*
|
362,542 | |||||
8,800 |
Finisar Corporation*
|
233,288 | |||||
900 |
Harmonic, Inc.*
|
6,426 | |||||
3,500 |
Harris Corporation
|
256,060 | |||||
5,900 |
Infinera Corporation*
|
53,572 | |||||
700 |
InterDigital, Inc.
|
23,177 | |||||
9,600 |
Ituran Location and Control, Ltd.
|
239,520 | |||||
1,600 |
JDS Uniphase Corporation*
|
22,400 | |||||
7,000 |
Juniper Networks, Inc.*
|
180,320 | |||||
1,400 |
Motorola Solutions, Inc.
|
90,006 | |||||
1,700 |
NETGEAR, Inc.*
|
57,341 | |||||
1,400 |
Plantronics, Inc.
|
62,230 | |||||
6,100 |
Polycom, Inc.*
|
83,692 | |||||
8,800 |
QUALCOMM, Inc.
|
693,968 | |||||
8,600 |
RADWARE, Ltd.*
|
152,048 | |||||
4,600 |
Riverbed Technology, Inc.*
|
90,666 | |||||
1,200 |
Ruckus Wireless, Inc.*
|
14,592 | |||||
1,500 |
Sierra Wireless, Inc.*
|
32,745 | |||||
7,500 |
Sonus Networks, Inc.*
|
25,275 | |||||
10,100 |
Ubiquiti Networks, Inc.*
|
459,247 | |||||
400 |
ViaSat, Inc.*
|
27,616 | |||||
3,693,054 | |||||||
Computers & Peripherals — 1.8%
|
|||||||
4,300 |
3D Systems Corporation*
|
254,345 | |||||
2,500 |
Apple, Inc.
|
1,341,850 | |||||
1,400 |
BlackBerry, Ltd.*
|
11,312 | |||||
1,300 |
Diebold, Inc.
|
51,857 | |||||
6,800 |
Electronics for Imaging, Inc.*
|
294,508 | |||||
900 |
EMC Corporation
|
24,669 | |||||
3,200 |
Hewlett-Packard Company
|
103,552 | |||||
600 |
Lexmark International, Inc., Class A
|
27,774 | |||||
6,500 |
Nokia Oyj - SP-ADR*
|
47,710 | |||||
5,600 |
SanDisk Corporation
|
454,664 | |||||
6,000 |
Seagate Technology plc
|
336,960 | |||||
1,300 |
Stratasys, Ltd.*
|
137,917 | |||||
4,500 |
Western Digital Corporation
|
413,190 | |||||
3,500,308 | |||||||
Construction & Engineering — 0.5%
|
|||||||
3,200 |
Chicago Bridge & Iron
|
||||||
Company N.V. NYS
|
278,880 | ||||||
2,600 |
EMCOR Group, Inc.
|
121,654 | |||||
1,300 |
Fluor Corporation
|
101,049 | |||||
7,800 |
Jacobs Engineering Group, Inc.*
|
495,300 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Construction & Engineering — 0.5% (Continued)
|
|||||||
700 |
Quanta Services, Inc.*
|
$ | 25,830 | ||||
1,022,713 | |||||||
Construction Materials — 0.2%
|
|||||||
1,500 |
CaesarStone Sdot-Yam, Ltd.
|
81,570 | |||||
300 |
Eagle Materials, Inc.
|
26,598 | |||||
1,000 |
Martin Marietta Materials, Inc.
|
128,350 | |||||
2,900 |
Texas Industries, Inc.*
|
259,898 | |||||
496,416 | |||||||
Consumer Finance — 0.8%
|
|||||||
6,500 |
American Express Company
|
585,195 | |||||
2,000 |
Capital One Financial Corporation
|
154,320 | |||||
12,800 |
Discover Financial Services
|
744,832 | |||||
500 |
Encore Capital Group, Inc.*
|
22,850 | |||||
500 |
World Acceptance Corporation*
|
37,540 | |||||
1,544,737 | |||||||
Consumer Services - Diversified — 0.1%
|
|||||||
1,200 |
New Oriental Education & Technology
|
||||||
Group, Inc. - SP-ADR
|
35,220 | ||||||
4,100 |
Sotheby’s
|
178,555 | |||||
1,900 |
TAL Education Group - ADR*
|
42,788 | |||||
256,563 | |||||||
Containers & Packaging — 0.4%
|
|||||||
200 |
Avery Dennison Corporation
|
10,134 | |||||
3,700 |
Ball Corporation
|
202,797 | |||||
3,300 |
Bemis Company, Inc.
|
129,492 | |||||
1,800 |
Owens-Illinois, Inc.*
|
60,894 | |||||
3,800 |
Packaging Corporation of America
|
267,406 | |||||
3,500 |
Sealed Air Corporation
|
115,045 | |||||
2,100 |
Sonoco Products Company
|
86,142 | |||||
871,910 | |||||||
Distributors — 0.1%
|
|||||||
1,300 |
Genuine Parts Company
|
112,905 | |||||
Electric Utilities — 0.0% | |||||||
1,000 |
Xcel Energy, Inc.
|
30,360 | |||||
Electrical Equipment — 1.1%
|
|||||||
1,800 |
AMETEK, Inc.
|
92,682 | |||||
3,800 |
Capstone Turbine Corporation*
|
8,094 | |||||
2,600 |
Eaton Corporation plc
|
195,312 | |||||
2,300 |
Emerson Electric Company
|
153,640 | |||||
3,100 |
Franklin Electric Company, Inc.
|
131,812 | |||||
3,400 |
FuelCell Energy, Inc.*
|
8,432 | |||||
1,800 |
GrafTech International, Ltd.*
|
19,656 | |||||
2,800 |
Hubbell, Inc., Class B
|
335,636 | |||||
500 |
PowerSecure International, Inc.*
|
11,720 | |||||
2,400 |
Rockwell Automation, Inc.
|
298,920 | |||||
2,600 |
Roper Industries, Inc.
|
347,126 | |||||
4,500 |
Sensata Technologies Holding N.V.*
|
191,880 | |||||
7,800 |
Solarcity Corporation*
|
488,436 | |||||
2,283,346 | |||||||
Electronic Equipment,
|
|||||||
Instruments & Components — 1.1%
|
|||||||
2,200 |
Amphenol Corporation
|
201,630 | |||||
500 |
Arrow Electronics, Inc.*
|
29,680 | |||||
1,200 |
Avnet, Inc.
|
55,836 | |||||
300 |
Belden, Inc.
|
20,880 | |||||
4,300 |
Benchmark Electronics, Inc.*
|
97,395 | |||||
2,500 |
CDW Corporation of Delaware
|
68,600 | |||||
700 |
Checkpoint Systems, Inc.*
|
9,394 | |||||
1,500 |
Cognex Corporation*
|
50,790 | |||||
1,200 |
Coherent, Inc.*
|
78,420 | |||||
2,500 |
Corning, Inc.
|
52,050 | |||||
14,100 |
Flextronics International, Ltd.*
|
130,284 | |||||
1,600 |
FLIR Systems, Inc.
|
57,600 | |||||
6,000 |
InvenSense, Inc.*
|
142,020 | |||||
1,900 |
Jabil Circuit, Inc.
|
34,200 | |||||
400 |
Littelfuse, Inc.
|
37,456 | |||||
2,800 |
Measurement Specialties, Inc.*
|
189,980 | |||||
3,200 |
Methode Electronics, Inc.
|
98,112 | |||||
800 |
Newport Corporation*
|
16,544 | |||||
1,400 |
OSI Systems, Inc.*
|
83,804 | |||||
500 |
Rogers Corporation*
|
31,210 | |||||
8,900 |
Sanmina Corporation*
|
155,305 | |||||
6,900 |
TE Connectivity, Ltd.
|
415,449 | |||||
2,100 |
Trimble Navigation, Ltd.*
|
81,627 | |||||
2,000 |
Zebra Technologies
|
||||||
Corporation, Class A*
|
138,820 | ||||||
2,277,086 | |||||||
Energy Equipment & Services — 0.8%
|
|||||||
2,100 |
Baker Hughes, Inc.
|
136,542 | |||||
600 |
Exterran Holdings, Inc.
|
26,328 | |||||
1,600 |
FMC Technologies, Inc.*
|
83,664 | |||||
2,300 |
Halliburton Company
|
135,447 | |||||
3,000 |
Helmerich & Payne, Inc.
|
322,680 | |||||
4,900 |
Nabors Industries, Ltd.
|
120,785 | |||||
1,400 |
Noble Corporation plc
|
45,836 | |||||
3,500 |
Parker Drilling Company*
|
24,815 | |||||
7,000 |
Patterson-UTI Energy, Inc.
|
221,760 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Energy Equipment & Services — 0.8% (Continued)
|
|||||||
800 |
Rowan Companies plc, Class A*
|
$ | 26,944 | ||||
5,100 |
RPC, Inc.
|
104,142 | |||||
1,800 |
Schlumberger, Ltd.
|
175,500 | |||||
5,400 |
Weatherford International, Ltd.*
|
93,744 | |||||
1,518,187 | |||||||
Financial Services - Diversified — 0.6%
|
|||||||
4,500 |
Berkshire Hathaway, Inc., Class B*
|
562,365 | |||||
1,700 |
CBOE Holdings, Inc.
|
96,220 | |||||
1,500 |
CME Group, Inc.
|
111,015 | |||||
700 |
Interactive Brokers Group, Inc., Class A
|
15,169 | |||||
600 |
IntercontinentalExchange Group, Inc.
|
118,698 | |||||
1,700 |
Leucadia National Corporation
|
47,600 | |||||
1,600 |
McGraw Hill Financial, Inc.
|
122,080 | |||||
500 |
MSCI, Inc.*
|
21,510 | |||||
3,400 |
The NASDAQ OMX Group, Inc.
|
125,596 | |||||
300 |
Texas Pacific Land Trust
|
38,850 | |||||
1,259,103 | |||||||
Food & Staples Retailing — 1.0%
|
|||||||
5,500 |
Costco Wholesale Corporation
|
614,240 | |||||
4,800 |
CVS Caremark Corporation
|
359,328 | |||||
300 |
PriceSmart, Inc.
|
30,279 | |||||
29,900 |
Rite Aid Corporation*
|
187,473 | |||||
700 |
Safeway, Inc.
|
25,858 | |||||
1,200 |
United Natural Foods, Inc.*
|
85,104 | |||||
4,600 |
Walgreen Company
|
303,738 | |||||
1,400 |
Wal-Mart Stores, Inc.
|
107,002 | |||||
5,900 |
Whole Foods Market, Inc.
|
299,189 | |||||
2,012,211 | |||||||
Food Products — 0.9%
|
|||||||
400 |
Diamond Foods, Inc.*
|
13,972 | |||||
500 |
The Hain Celestial Group, Inc.*
|
45,735 | |||||
300 |
The Hershey Company
|
31,320 | |||||
3,100 |
Hormel Foods Corporation
|
152,737 | |||||
11,400 |
Inventure Foods, Inc.*
|
159,372 | |||||
1,200 |
The J.M. Smucker Company
|
116,688 | |||||
3,400 |
Keurig Green Mountain, Inc.
|
359,006 | |||||
600 |
Lifeway Foods, Inc.
|
8,820 | |||||
500 |
McCormick & Company, Inc.
|
35,870 | |||||
1,100 |
Mead Johnson Nutrition Company
|
91,454 | |||||
1,500 |
Mondelez International, Inc., Class A
|
51,825 | |||||
4,300 |
Pilgrim’s Pride Corporation*
|
89,956 | |||||
5,800 |
SunOpta, Inc.*
|
68,498 | |||||
2,500 |
TreeHouse Foods, Inc.*
|
179,975 | |||||
2,800 |
Tyson Foods, Inc., Class A
|
123,228 | |||||
6,800 |
WhiteWave Foods Company, Class A*
|
194,072 | |||||
1,722,528 | |||||||
Gas Utilities — 0.0%
|
|||||||
750 |
ONE Gas, Inc.*
|
26,947 | |||||
1,300 |
UGI Corporation
|
59,293 | |||||
86,240 | |||||||
Health Care Equipment & Supplies — 2.4%
|
|||||||
1,600 |
Abbott Laboratories
|
61,616 | |||||
2,600 |
Accuray, Inc.*
|
24,960 | |||||
1,600 |
Align Technology, Inc.*
|
82,864 | |||||
4,800 |
AtriCure, Inc.*
|
90,288 | |||||
800 |
C.R. Bard, Inc.
|
118,384 | |||||
1,000 |
Baxter International, Inc.
|
73,580 | |||||
2,900 |
Becton, Dickinson and Company
|
339,532 | |||||
27,000 |
Boston Scientific Corporation*
|
365,040 | |||||
4,500 |
CareFusion Corporation*
|
180,990 | |||||
3,500 |
Covidien plc
|
257,810 | |||||
1,200 |
DENTSPLY International, Inc.
|
55,248 | |||||
400 |
Edwards Lifesciences Corporation*
|
29,668 | |||||
5,300 |
Endologix, Inc.*
|
68,211 | |||||
400 |
Greatbatch, Inc.*
|
18,368 | |||||
700 |
IDEXX Laboratories, Inc.*
|
84,980 | |||||
4,400 |
Medtronic, Inc.
|
270,776 | |||||
1,000 |
Natus Medical, Inc.*
|
25,800 | |||||
800 |
Quidel Corporation*
|
21,840 | |||||
1,700 |
ResMed, Inc.
|
75,973 | |||||
1,800 |
Smith & Nephew plc - SP-ADR
|
137,664 | |||||
19,800 |
The Spectranetics Corporation*
|
600,138 | |||||
5,700 |
St. Jude Medical, Inc.
|
372,723 | |||||
4,700 |
Stryker Corporation
|
382,909 | |||||
2,000 |
Symmetry Medical, Inc.*
|
20,120 | |||||
8,000 |
Varian Medical Systems, Inc.*
|
671,920 | |||||
4,100 |
Zimmer Holdings, Inc.
|
387,778 | |||||
4,819,180 | |||||||
Health Care Providers & Services — 2.8%
|
|||||||
4,200 |
Acadia Healthcare Company, Inc.*
|
189,504 | |||||
1,700 |
Addus HomeCare Corporation*
|
39,185 | |||||
3,500 |
Aetna, Inc.
|
262,395 | |||||
700 |
Air Methods Corporation*
|
37,401 | |||||
1,100 |
AmerisourceBergen Corporation
|
72,149 | |||||
4,800 |
AMN Healthcare Services, Inc.*
|
65,952 | |||||
6,000 |
Cardinal Health, Inc.
|
419,880 | |||||
700 |
Catamaran Corporation*
|
31,332 | |||||
400 |
Cigna Corporation
|
33,492 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Health Care Providers &
|
|||||||
Services — 2.8% (Continued)
|
|||||||
12,400 |
CorVel Corporation*
|
$ | 617,024 | ||||
1,600 |
DaVita HealthCare Partners, Inc.*
|
110,160 | |||||
800 |
The Ensign Group, Inc.
|
34,912 | |||||
5,200 |
Express Scripts Holding Company*
|
390,468 | |||||
1,200 |
HCA Holdings, Inc.*
|
63,000 | |||||
3,000 |
Humana, Inc.
|
338,160 | |||||
300 |
Laboratory Corporation
|
||||||
of America Holdings*
|
29,463 | ||||||
1,900 |
LifePoint Hospitals, Inc.*
|
103,645 | |||||
4,600 |
McKesson Corporation
|
812,222 | |||||
500 |
MEDNAX, Inc.*
|
30,990 | |||||
600 |
Omnicare, Inc.
|
35,802 | |||||
2,200 |
Patterson Companies, Inc.
|
91,872 | |||||
6,400 |
Henry Schein, Inc.*
|
763,968 | |||||
1,700 |
Tenet Healthcare Corporation*
|
72,777 | |||||
1,800 |
UnitedHealth Group, Inc.
|
147,582 | |||||
4,700 |
Universal Health Services, Inc., Class B
|
385,729 | |||||
3,300 |
VCA Antech, Inc.*
|
106,359 | |||||
2,500 |
WellPoint, Inc.
|
248,875 | |||||
5,534,298 | |||||||
Health Care Technology — 0.5%
|
|||||||
1,800 |
athenahealth, Inc.*
|
288,432 | |||||
6,900 |
Cerner Corporation*
|
388,125 | |||||
1,000 |
Computer Programs & Systems, Inc.
|
64,600 | |||||
6,600 |
MedAssets, Inc.*
|
163,086 | |||||
1,700 |
Medidata Solutions, Inc.*
|
92,378 | |||||
|
996,621 | ||||||
Hotels, Restaurants & Leisure — 6.3%
|
|||||||
600 |
500.com, Ltd. - ADR, Class A*
|
22,140 | |||||
600 |
Bob Evans Farms, Inc.
|
30,018 | |||||
2,400 |
Boyd Gaming Corporation*
|
31,680 | |||||
7,800 |
Brinker International, Inc.
|
409,110 | |||||
1,500 |
Buffalo Wild Wings, Inc.*
|
223,350 | |||||
4,600 |
Burger King Worldwide, Inc.
|
122,130 | |||||
1,900 |
Caesars Entertainment Corporation*
|
36,119 | |||||
3,400 |
The Cheesecake Factory, Inc.
|
161,942 | |||||
900 |
Chipotle Mexican Grill, Inc.*
|
511,245 | |||||
800 |
Cracker Barrel Old Country Store, Inc.
|
77,792 | |||||
700 |
Del Frisco’s Restaurant Group, Inc.*
|
19,530 | |||||
1,200 |
DineEquity, Inc.
|
93,684 | |||||
13,800 |
Domino’s Pizza, Inc.
|
1,062,186 | |||||
6,700 |
Dunkin’ Brands Group, Inc.
|
336,206 | |||||
3,500 |
Home Inns & Hotels
|
||||||
Management, Inc. - ADR*
|
113,015 | ||||||
2,300 |
Hyatt Hotels Corporation, Class A*
|
123,763 | |||||
3,800 |
InterContinental Hotels Group plc - ADR
|
123,120 | |||||
6,800 |
Jack in the Box, Inc.*
|
400,792 | |||||
9,600 |
Jamba, Inc.*
|
115,152 | |||||
7,400 |
Las Vegas Sands Corporation
|
597,772 | |||||
12,100 |
Marriott International, Inc., Class A
|
677,842 | |||||
4,600 |
Marriott Vacations
|
||||||
Worldwide Corporation*
|
257,186 | ||||||
31,500 |
Melco Crown Entertainment, Ltd. - ADR*
|
1,217,475 | |||||
32,400 |
MGM Resorts International*
|
837,864 | |||||
1,100 |
Monarch Casino & Resort, Inc.*
|
20,383 | |||||
2,900 |
Panera Bread Company, Class A*
|
511,763 | |||||
22,900 |
Papa John’s International, Inc.
|
1,193,319 | |||||
1,600 |
Red Robin Gourmet Burgers, Inc.*
|
114,688 | |||||
800 |
Royal Caribbean Cruises, Ltd.
|
43,648 | |||||
19,500 |
Sonic Corporation*
|
444,405 | |||||
7,700 |
Starbucks Corporation
|
565,026 | |||||
7,600 |
Starwood Hotels &
|
||||||
Resorts Worldwide, Inc.
|
604,960 | ||||||
12,100 |
The Wendy’s Company
|
110,352 | |||||
3,500 |
Wyndham Worldwide Corporation
|
256,305 | |||||
4,600 |
Wynn Resorts, Ltd.
|
1,021,890 | |||||
600 |
Yum! Brands, Inc.
|
45,234 | |||||
12,533,086 | |||||||
Household Durables — 1.5%
|
|||||||
7,700 |
D.R. Horton, Inc.
|
166,705 | |||||
500 |
Garmin, Ltd.
|
27,630 | |||||
1,000 |
Harman International Industries, Inc.
|
106,400 | |||||
10,300 |
Hovnanian Enterprises, Inc.*
|
48,719 | |||||
1,900 |
iRobot Corporation*
|
77,995 | |||||
13,200 |
Jarden Corporation*
|
789,756 | |||||
2,300 |
La-Z-Boy, Inc.
|
62,330 | |||||
8,200 |
Leggett & Platt, Inc.
|
267,648 | |||||
3,600 |
Lennar Corporation
|
142,632 | |||||
1,700 |
Mohawk Industries, Inc.*
|
231,166 | |||||
3,400 |
Newell Rubbermaid, Inc.
|
101,660 | |||||
3,000 |
PulteGroup, Inc.
|
57,570 | |||||
1,000 |
The Ryland Group, Inc.
|
39,930 | |||||
1,700 |
SodaStream International, Ltd.*
|
74,970 | |||||
2,000 |
Tempur Sealy International, Inc.*
|
101,340 | |||||
2,900 |
Toll Brothers, Inc.*
|
104,110 | |||||
4,800 |
Tupperware Brands Corporation
|
402,048 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Household Durables — 1.5% (Continued)
|
|||||||
1,200 |
Whirlpool Corporation
|
$ | 179,352 | ||||
2,981,961 | |||||||
Household Products — 0.4%
|
|||||||
2,000 |
Church & Dwight Company, Inc.
|
138,140 | |||||
400 |
The Clorox Company
|
35,204 | |||||
2,600 |
Energizer Holdings, Inc.
|
261,924 | |||||
400 |
Kimberly-Clark Corporation
|
44,100 | |||||
1,800 |
Spectrum Brands Holdings, Inc.
|
143,460 | |||||
1,600 |
WD-40 Company
|
124,112 | |||||
746,940 | |||||||
Independent Power Producers &
|
|||||||
Energy Traders — 0.0%
|
|||||||
700 |
Pattern Energy Group, Inc.
|
18,991 | |||||
Industrial Conglomerates — 0.5%
|
|||||||
1,100 |
3M Company
|
149,226 | |||||
2,100 |
Carlisle Companies, Inc.
|
166,614 | |||||
1,900 |
Danaher Corporation
|
142,500 | |||||
2,000 |
General Electric Company
|
51,780 | |||||
6,200 |
Koninklijke Philips N.V. NYS
|
217,992 | |||||
1,600 |
Siemens AG - SP-ADR
|
216,240 | |||||
944,352 | |||||||
Insurance — 3.4%
|
|||||||
1,000 |
ACE, Ltd.
|
99,060 | |||||
11,000 |
AEGON N.V. NYS
|
101,200 | |||||
3,200 |
Aflac, Inc.
|
201,728 | |||||
1,000 |
Allied World Assurance
|
||||||
Company Holdings AG
|
103,190 | ||||||
2,900 |
American Financial Group, Inc.
|
167,359 | |||||
2,800 |
American International Group, Inc.
|
140,028 | |||||
1,600 |
Aon plc
|
134,848 | |||||
1,200 |
Aspen Insurance Holdings, Ltd.
|
47,640 | |||||
3,000 |
Assurant, Inc.
|
194,880 | |||||
800 |
The Chubb Corporation
|
71,440 | |||||
20,100 |
CNO Financial Group, Inc.
|
363,810 | |||||
11,800 |
eHealth, Inc.*
|
599,440 | |||||
900 |
Everest Re Group, Ltd.
|
137,745 | |||||
1,800 |
Fidelity National Financial, Inc.
|
56,592 | |||||
2,800 |
First American Financial Corporation
|
74,340 | |||||
24,400 |
Genworth Financial, Inc.*
|
432,612 | |||||
6,600 |
The Hartford Financial
|
||||||
Services Group, Inc.
|
232,782 | ||||||
3,100 |
HCI Group, Inc.
|
112,840 | |||||
1,100 |
Kemper Corporation
|
43,087 | |||||
7,300 |
Lincoln National Corporation
|
369,891 | |||||
8,900 |
Marsh & McLennan Companies, Inc.
|
438,770 | |||||
4,900 |
MBIA, Inc.*
|
68,551 | |||||
3,900 |
MetLife, Inc.
|
205,920 | |||||
3,400 |
Platinum Underwriters Holdings, Ltd.
|
204,340 | |||||
300 |
Primerica, Inc.
|
14,133 | |||||
1,800 |
Principal Financial Group, Inc.
|
82,782 | |||||
800 |
The Progressive Corporation
|
19,376 | |||||
5,200 |
Protective Life Corporation
|
273,468 | |||||
5,300 |
Prudential Financial, Inc.
|
448,645 | |||||
1,700 |
Stewart Information
|
||||||
Services Corporation
|
59,721 | ||||||
9,300 |
Torchmark Corporation
|
731,910 | |||||
2,200 |
The Travelers Companies, Inc.
|
187,220 | |||||
5,400 |
Unum Group
|
190,674 | |||||
4,100 |
XL Group plc
|
128,125 | |||||
6,738,147 | |||||||
Internet & Catalog Retail — 3.7%
|
|||||||
5,000 |
Amazon.com, Inc.*
|
1,682,600 | |||||
14,100 |
Ctrip.com International, Ltd. - ADR*
|
710,922 | |||||
1,800 |
E-Commerce China Dangdang, Inc. -
|
||||||
SP-ADR, Class A*
|
25,848 | ||||||
4,500 |
Expedia, Inc.
|
326,250 | |||||
1,300 |
FTD Companies, Inc.*
|
41,353 | |||||
39,600 |
Groupon, Inc.*
|
310,464 | |||||
3,400 |
HomeAway, Inc.*
|
128,078 | |||||
300 |
HSN, Inc.
|
17,919 | |||||
8,000 |
Liberty Interactive Corporation, Class A*
|
230,960 | |||||
2,600 |
Liberty Ventures, Series A*
|
338,858 | |||||
3,500 |
Netflix, Inc.*
|
1,232,105 | |||||
3,800 |
Nutrisystem, Inc.
|
57,266 | |||||
11,600 |
Orbitz Worldwide, Inc.*
|
90,944 | |||||
2,300 |
Overstock.com, Inc.*
|
45,310 | |||||
900 |
The Priceline Group, Inc.*
|
1,072,701 | |||||
1,100 |
RetailMeNot, Inc.*
|
35,200 | |||||
9,500 |
TripAdvisor, Inc.*
|
860,605 | |||||
700 |
Vipshop Holdings, Ltd. - ADS*
|
104,510 | |||||
7,311,893 | |||||||
Internet Software & Services — 5.4%
|
|||||||
8,700 |
Akamai Technologies, Inc.*
|
506,427 | |||||
7,700 |
Autobytel, Inc.*
|
95,711 | |||||
5,200 |
Baidu, Inc. - SP-ADR*
|
792,376 | |||||
1,300 |
Bitauto Holdings, Ltd.*
|
46,592 | |||||
15,300 |
BroadVision, Inc.*
|
169,218 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Internet Software & Services — 5.4% (Continued)
|
|||||||
6,200 |
Conversant, Inc.*
|
$ | 174,530 | ||||
3,200 |
Demandware, Inc.*
|
204,992 | |||||
1,500 |
Digital River, Inc.*
|
26,145 | |||||
2,900 |
eBay, Inc.*
|
160,196 | |||||
200 |
Equinix, Inc.*
|
36,968 | |||||
10,800 |
Facebook, Inc., Class A*
|
650,592 | |||||
2,100 |
Google, Inc., Class A*
|
2,340,471 | |||||
1,600 |
IAC/InterActiveCorp
|
114,224 | |||||
2,700 |
j2 Global, Inc.
|
135,135 | |||||
1,900 |
LinkedIn Corporation, Class A*
|
351,386 | |||||
700 |
LogMeIn, Inc.*
|
31,423 | |||||
4,700 |
Monster Worldwide, Inc.*
|
35,156 | |||||
1,200 |
Move, Inc.*
|
13,872 | |||||
3,600 |
NetEase, Inc. - ADR
|
242,280 | |||||
1,500 |
NIC, Inc.
|
28,965 | |||||
1,300 |
OpenTable, Inc.*
|
100,009 | |||||
5,300 |
Pandora Media, Inc.*
|
160,696 | |||||
2,400 |
Qihoo 360 Technology
|
||||||
Company, Ltd. - ADR*
|
238,992 | ||||||
800 |
Rackspace Hosting, Inc.*
|
26,256 | |||||
2,800 |
Renren, Inc. - ADR*
|
9,156 | |||||
3,200 |
SINA Corporation*
|
193,312 | |||||
4,300 |
Sohu.com, Inc.*
|
279,887 | |||||
700 |
SouFun Holdings, Ltd. - ADR
|
47,894 | |||||
1,400 |
Trulia, Inc.*
|
46,480 | |||||
3,200 |
Twitter, Inc.*
|
149,344 | |||||
4,600 |
VeriSign, Inc.*
|
247,986 | |||||
600 |
Vistaprint N.V.*
|
29,532 | |||||
2,400 |
Web.com Group, Inc.*
|
81,672 | |||||
2,200 |
WebMD Health Corporation*
|
91,080 | |||||
17,300 |
Yahoo!, Inc.*
|
621,070 | |||||
7,800 |
Yandex N.V.*
|
235,482 | |||||
3,800 |
Yelp, Inc.*
|
292,334 | |||||
5,400 |
Youku Tudou, Inc.*
|
151,416 | |||||
11,200 |
YY, Inc. - ADR*
|
855,232 | |||||
8,600 |
Zillow, Inc.*
|
757,660 | |||||
10,772,149 | |||||||
IT Services — 4.5%
|
|||||||
1,500 |
Accenture plc, Class A
|
119,580 | |||||
5,100 |
Acxiom Corporation*
|
175,415 | |||||
700 |
Alliance Data Systems Corporation*
|
190,715 | |||||
600 |
Automatic Data Processing, Inc.
|
46,356 | |||||
5,200 |
Broadridge Financial Solutions, Inc.
|
193,128 | |||||
16,200 |
Cognizant Technology Solutions
|
||||||
Corporation, Class A*
|
819,882 | ||||||
2,300 |
Computer Sciences Corporation
|
139,886 | |||||
3,800 |
CSG Systems International, Inc.
|
98,952 | |||||
6,600 |
DST Systems, Inc.
|
625,614 | |||||
1,700 |
Euronet Worldwide, Inc.*
|
70,703 | |||||
15,400 |
Fidelity National Information
|
||||||
Services, Inc.
|
823,130 | ||||||
8,100 |
Fiserv, Inc.*
|
459,189 | |||||
300 |
FleetCor Technologies, Inc.*
|
34,530 | |||||
4,900 |
Gartner, Inc.*
|
340,256 | |||||
2,200 |
Global Payments, Inc.
|
156,442 | |||||
9,500 |
Jack Henry & Associates, Inc.
|
529,720 | |||||
4,600 |
iGATE Corporation*
|
145,084 | |||||
2,100 |
Infosys, Ltd. - SP-ADR
|
113,778 | |||||
200 |
International Business
|
||||||
Machines Corporation
|
38,498 | ||||||
15,700 |
MasterCard, Inc., Class A
|
1,172,790 | |||||
6,100 |
Paychex, Inc.
|
259,860 | |||||
500 |
QIWI plc - SP-ADR
|
17,325 | |||||
13,800 |
Sapient Corporation*
|
235,428 | |||||
300 |
Syntel, Inc.*
|
26,970 | |||||
2,700 |
TeleTech Holdings, Inc.*
|
66,177 | |||||
1,000 |
Teradata Corporation*
|
49,190 | |||||
5,600 |
Total System Services, Inc.
|
170,296 | |||||
3,100 |
Vantiv, Inc., Class A*
|
93,682 | |||||
6,600 |
VeriFone Systems, Inc.*
|
223,212 | |||||
7,100 |
Visa, Inc.
|
1,532,606 | |||||
8,968,394 | |||||||
Leisure Equipment & Products — 0.3%
|
|||||||
1,300 |
Brunswick Corporation
|
58,877 | |||||
2,300 |
Hasbro, Inc.
|
127,926 | |||||
1,500 |
Nautilus, Inc.*
|
14,445 | |||||
1,100 |
Polaris Industries, Inc.
|
153,681 | |||||
3,600 |
Smith & Wesson Holding Corporation*
|
52,632 | |||||
1,800 |
Sturm, Ruger & Company, Inc.
|
107,640 | |||||
515,201 | |||||||
Life Sciences Tools & Services — 1.3%
|
|||||||
19,600 |
Affymetrix, Inc.*
|
139,748 | |||||
6,500 |
Agilent Technologies, Inc.
|
363,480 | |||||
2,300 |
Albany Molecular Research, Inc.*
|
42,757 | |||||
400 |
Charles River Laboratories
|
||||||
International, Inc.*
|
24,136 | ||||||
300 |
Covance, Inc.*
|
31,170 | |||||
5,000 |
Illumina, Inc.*
|
743,300 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Life Sciences Tools & Services — 1.3% (Continued)
|
|||||||
1,500 |
Mettler-Toledo International, Inc.*
|
$ | 353,520 | ||||
2,300 |
Parexel International Corporation*
|
124,407 | |||||
3,600 |
PerkinElmer, Inc.
|
162,216 | |||||
4,900 |
Thermo Fisher Scientific, Inc.
|
589,176 | |||||
300 |
Waters Corporation*
|
32,523 | |||||
2,606,433 | |||||||
Machinery — 3.4%
|
|||||||
3,900 |
Alamo Group, Inc.
|
211,887 | |||||
4,600 |
Barnes Group, Inc.
|
176,962 | |||||
2,100 |
Caterpillar, Inc.
|
208,677 | |||||
800 |
Colfax Corporation*
|
57,064 | |||||
2,800 |
Columbus McKinnon Corporation*
|
75,012 | |||||
5,000 |
Crane Company
|
355,750 | |||||
1,500 |
Cummins, Inc.
|
223,485 | |||||
1,300 |
Deere & Company
|
118,040 | |||||
3,700 |
Donaldson Company, Inc.
|
156,880 | |||||
400 |
Flowserve Corporation
|
31,336 | |||||
900 |
Graco, Inc.
|
67,266 | |||||
1,300 |
The Greenbrier Companies, Inc.*
|
59,280 | |||||
2,300 |
Hardinge, Inc.
|
33,120 | |||||
8,600 |
IDEX Corporation
|
626,854 | |||||
1,200 |
Illinois Tool Works, Inc.
|
97,596 | |||||
600 |
Ingersoll-Rand plc
|
34,344 | |||||
3,200 |
ITT Corporation
|
136,832 | |||||
1,400 |
Kennametal, Inc.
|
62,020 | |||||
1,000 |
The Manitowoc Company, Inc.
|
31,450 | |||||
16,200 |
Mueller Water Products, Inc., Class A
|
153,900 | |||||
600 |
Nordson Corporation
|
42,294 | |||||
3,800 |
PACCAR, Inc.
|
256,272 | |||||
7,500 |
Pall Corporation
|
671,025 | |||||
2,400 |
Parker Hannifin Corporation
|
287,304 | |||||
4,000 |
Pentair, Ltd.
|
317,360 | |||||
900 |
Rexnord Corporation*
|
26,082 | |||||
5,200 |
Snap-On, Inc.
|
590,096 | |||||
1,800 |
Stanley Black & Decker, Inc.
|
146,232 | |||||
2,600 |
Tennant Company
|
170,612 | |||||
9,400 |
Terex Corporation
|
416,420 | |||||
1,400 |
The Timken Company
|
82,292 | |||||
4,800 |
The Toro Company
|
303,312 | |||||
1,900 |
Trinity Industries, Inc.
|
136,933 | |||||
1,100 |
WABCO Holdings, Inc.*
|
116,116 | |||||
4,700 |
Wabtec Corporation
|
364,250 | |||||
800 |
Xylem, Inc.
|
29,136 | |||||
6,873,491 | |||||||
Marine — 0.0%
|
|||||||
3,300 |
DryShips, Inc.*
|
10,659 | |||||
Media — 3.3%
|
|||||||
2,200 |
Carmike Cinemas, Inc.*
|
65,692 | |||||
5,800 |
CBS Corporation, Class B Non-Voting
|
358,440 | |||||
1,500 |
ChinaNet Online Holdings, Inc.*
|
2,610 | |||||
3,400 |
Comcast Corporation, Class A
|
170,068 | |||||
6,600 |
DIRECTV*
|
504,372 | |||||
7,200 |
Discovery Communications, Inc., Class A*
|
595,440 | |||||
6,000 |
DISH Network Corporation, Class A*
|
373,260 | |||||
9,900 |
The Walt Disney Company
|
792,693 | |||||
2,700 |
Emmis Communications
|
||||||
Corporation, Class A*
|
8,640 | ||||||
1,200 |
Gannett Company, Inc.
|
33,120 | |||||
9,800 |
The Interpublic Group of Companies, Inc.
|
167,972 | |||||
1,316 |
Liberty Global plc, Class A*
|
54,746 | |||||
2,086 |
Liberty Global plc, Series C*
|
84,921 | |||||
200 |
Lions Gate Entertainment Corporation
|
5,346 | |||||
16,200 |
Live Nation Entertainment, Inc.*
|
352,350 | |||||
300 |
Loral Space & Communications, Inc.*
|
21,219 | |||||
17,400 |
Media General, Inc.*
|
319,638 | |||||
1,800 |
Morningstar, Inc.
|
142,236 | |||||
8,400 |
The New York Times Company, Class A
|
143,808 | |||||
6,200 |
Omnicom Group, Inc.
|
450,120 | |||||
3,000 |
Scripps Networks Interactive, Inc., Class A
|
227,730 | |||||
4,200 |
Sinclair Broadcast Group, Inc., Class A
|
113,778 | |||||
54,000 |
Sirius XM Holdings, Inc.*
|
172,800 | |||||
12,300 |
Starz, Class A*
|
397,044 | |||||
1,700 |
Time Warner Cable, Inc.
|
233,206 | |||||
1,600 |
Time Warner, Inc.
|
104,528 | |||||
3,600 |
Twenty-First Century Fox, Inc., Class B
|
112,032 | |||||
7,300 |
Viacom, Inc. Class B
|
620,427 | |||||
6,628,236 | |||||||
Metals & Mining — 0.4%
|
|||||||
2,600 |
Allegheny Technologies, Inc.
|
97,968 | |||||
1,500 |
Barrick Gold Corporation
|
26,745 | |||||
500 |
BHP Billiton, Ltd. - SP-ADR
|
33,885 | |||||
1,000 |
Commercial Metals Company
|
18,880 | |||||
1,400 |
Freeport-McMoRan Copper & Gold, Inc.
|
46,298 | |||||
1,600 |
Molycorp, Inc.*
|
7,504 | |||||
17,400 |
NovaGold Resources, Inc.*
|
62,814 | |||||
500 |
Rio Tinto plc - SP-ADR
|
27,915 | |||||
1,200 |
Silver Wheaton Corporation
|
27,240 | |||||
1,700 |
Steel Dynamics, Inc.
|
30,243 | |||||
6,800 |
Stillwater Mining Company*
|
100,708 | |||||
900 |
SunCoke Energy, Inc.*
|
20,556 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Metals & Mining — 0.4% (Continued)
|
|||||||
7,100 |
Taseko Mines, Ltd.*
|
$ | 13,987 | ||||
1,200 |
Ternium S.A. - SP-ADR
|
35,496 | |||||
5,200 |
U.S. Silica Holdings, Inc.
|
198,484 | |||||
3,800 |
Worthington Industries, Inc.
|
145,350 | |||||
894,073 | |||||||
Multiline Retail — 0.4%
|
|||||||
1,800 |
Dollar General Corporation*
|
99,864 | |||||
2,100 |
Family Dollar Stores, Inc.
|
121,821 | |||||
6,800 |
Macy’s, Inc.
|
403,172 | |||||
2,100 |
Nordstrom, Inc.
|
131,145 | |||||
700 |
J.C. Penney Company, Inc.*
|
6,034 | |||||
1,400 |
Tuesday Morning Corporation*
|
19,810 | |||||
781,846 | |||||||
Multi-Utilities — 0.3%
|
|||||||
500 |
Dominion Resources, Inc.
|
35,495 | |||||
5,900 |
MDU Resources Group, Inc.
|
202,429 | |||||
2,200 |
NiSource, Inc.
|
78,166 | |||||
400 |
Sempra Energy
|
38,704 | |||||
3,500 |
Vectren Corporation
|
137,865 | |||||
1,500 |
Wisconsin Energy Corporation
|
69,825 | |||||
562,484 | |||||||
Oil, Gas & Consumable Fuels — 1.9%
|
|||||||
700 |
Athlon Energy, Inc.*
|
24,815 | |||||
2,900 |
BPZ Resources, Inc.*
|
9,222 | |||||
8,100 |
Carrizo Oil & Gas, Inc.*
|
433,026 | |||||
11,200 |
Cheniere Energy, Inc.*
|
619,920 | |||||
400 |
Clayton Williams Energy, Inc.*
|
45,204 | |||||
2,000 |
Concho Resources, Inc.*
|
245,000 | |||||
400 |
Devon Energy Corporation
|
26,772 | |||||
2,100 |
Encana Corporation
|
44,898 | |||||
1,200 |
Energen Corporation
|
96,972 | |||||
700 |
EOG Resources, Inc.
|
137,319 | |||||
1,000 |
EQT Corporation
|
96,970 | |||||
2,000 |
GasLog, Ltd
|
46,580 | |||||
3,900 |
Gulfport Energy Corporation*
|
277,602 | |||||
400 |
Hess Corporation
|
33,152 | |||||
14,800 |
James River Coal Company*
|
11,099 | |||||
14,900 |
Kodiak Oil & Gas Corporation*
|
180,886 | |||||
400 |
Murphy Oil Corporation
|
25,144 | |||||
2,200 |
Newfield Exploration Company*
|
68,992 | |||||
900 |
Noble Energy, Inc.
|
63,936 | |||||
2,400 |
Oasis Petroleum, Inc.*
|
100,152 | |||||
400 |
Occidental Petroleum Corporation
|
38,116 | |||||
4,200 |
ONEOK, Inc.
|
248,850 | |||||
1,800 |
Peabody Energy Corporation
|
29,412 | |||||
1,600 |
Phillips 66
|
123,296 | |||||
1,900 |
Pioneer Natural Resources Company
|
355,566 | |||||
2,900 |
Rentech, Inc.*
|
5,510 | |||||
800 |
Statoil ASA - SP-ADR
|
22,576 | |||||
5,200 |
Stone Energy Corporation*
|
218,244 | |||||
9,900 |
TransGlobe Energy Corporation*
|
75,042 | |||||
600 |
Valero Energy Corporation
|
31,860 | |||||
800 |
Whiting Petroleum Corporation*
|
55,512 | |||||
3,791,645 | |||||||
Paper & Forest Products — 0.2%
|
|||||||
3,000 |
P.H. Glatfelter Company
|
81,660 | |||||
4,400 |
KapStone Paper and
|
||||||
Packaging Corporation*
|
126,896 | ||||||
2,800 |
Schweitzer-Mauduit International, Inc.
|
119,252 | |||||
327,808 | |||||||
Personal Products — 0.0%
|
|||||||
1,700 |
Herbalife, Ltd.
|
97,359 | |||||
Pharmaceuticals — 2.4%
|
|||||||
3,700 |
AbbVie, Inc.
|
190,180 | |||||
400 |
Actavis plc*
|
82,340 | |||||
2,600 |
Allergan, Inc.
|
322,660 | |||||
4,800 |
AstraZeneca plc - SP-ADR
|
311,424 | |||||
12,600 |
AVANIR Pharmaceuticals, Inc., Class A*
|
46,242 | |||||
3,500 |
Bristol-Myers Squibb Company
|
181,825 | |||||
1,400 |
Dr. Reddy’s Laboratories, Ltd. - ADR
|
||||||
61,460 | |||||||
1,900 |
Endo International plc*
|
130,435 | |||||
2,200 |
Forest Laboratories, Inc.*
|
202,994 | |||||
600 |
GlaxoSmithKline plc - SP-ADR
|
32,058 | |||||
4,900 |
Horizon Pharma, Inc.*
|
74,088 | |||||
4,600 |
Jazz Pharmaceuticals plc*
|
637,928 | |||||
3,300 |
Johnson & Johnson
|
324,159 | |||||
2,600 |
The Medicines Company*
|
73,892 | |||||
2,500 |
Merck & Company, Inc.
|
141,925 | |||||
4,400 |
Mylan, Inc.*
|
214,852 | |||||
1,600 |
Novartis AG - ADR
|
136,032 | |||||
2,100 |
Novo Nordisk A/S - SP-ADR
|
95,865 | |||||
8,500 |
Pfizer, Inc.
|
273,020 | |||||
2,400 |
Questcor Pharmaceuticals, Inc.
|
155,832 | |||||
1,600 |
Salix Pharmaceuticals, Ltd.*
|
165,776 | |||||
3,900 |
Sanofi - ADR
|
203,892 | |||||
2,000 |
SciClone Pharmaceuticals, Inc.*
|
9,100 | |||||
2,100 |
Shire plc - ADR
|
311,913 |
Shares
|
|
Value | |||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Pharmaceuticals — 2.4% (Continued)
|
|||||||
1,200 |
Teva Pharmaceutical
|
||||||
Industries, Ltd. - SP-ADR
|
$ | 63,408 | |||||
2,500 |
Valeant Pharmaceuticals
|
||||||
International, Inc.*
|
329,575 | ||||||
6,100 |
VIVUS, Inc.*
|
36,234 | |||||
4,809,109 | |||||||
Professional Services — 1.0%
|
|||||||
2,700 |
51job, Inc. - ADR*
|
192,375 | |||||
1,800 |
The Advisory Board Company*
|
115,650 | |||||
1,700 |
FTI Consulting, Inc.*
|
56,678 | |||||
5,000 |
Kelly Services, Inc., Class A
|
118,650 | |||||
4,300 |
Manpowergroup, Inc.
|
338,969 | |||||
11,700 |
On Assignment, Inc.*
|
451,503 | |||||
2,200 |
Robert Half International, Inc.
|
92,290 | |||||
2,700 |
Towers Watson & Company, Class A
|
307,935 | |||||
4,800 |
TrueBlue, Inc.*
|
140,448 | |||||
1,200 |
Verisk Analytics, Inc., Class A*
|
71,952 | |||||
300 |
VSE Corporation
|
15,810 | |||||
1,902,260 | |||||||
Real Estate Management &
|
|||||||
Development — 0.2%
|
|||||||
2,800 |
CBRE Group, Inc., Class A*
|
76,804 | |||||
1,200 |
The Howard Hughes Corporation*
|
171,252 | |||||
400 |
Jones Lang LaSalle, Inc.
|
47,400 | |||||
2,200 |
Kennedy-Wilson Holdings, Inc.
|
49,522 | |||||
344,978 | |||||||
Road & Rail — 1.2%
|
|||||||
2,000 |
Arkansas Best Corporation
|
73,900 | |||||
12,300 |
Avis Budget Group, Inc.*
|
599,010 | |||||
3,300 |
CSX Corporation
|
95,601 | |||||
7,900 |
Hertz Global Holdings, Inc.*
|
210,456 | |||||
1,600 |
J.B. Hunt Transportation Services, Inc.
|
115,072 | |||||
2,700 |
Kansas City Southern
|
275,562 | |||||
2,000 |
Norfolk Southern Corporation
|
194,340 | |||||
2,000 |
Old Dominion Freight Line, Inc.*
|
113,480 | |||||
2,800 |
Ryder System, Inc.
|
223,776 | |||||
2,400 |
Union Pacific Corporation
|
450,384 | |||||
2,351,581 | |||||||
Semiconductors &
|
|||||||
Semiconductor Equipment — 4.2%
|
|||||||
3,800 |
Advanced Energy Industries, Inc.*
|
93,100 | |||||
8,400 |
Advanced Micro Devices, Inc.*
|
33,684 | |||||
4,100 |
Analog Devices, Inc.
|
217,874 | |||||
8,000 |
Applied Materials, Inc.
|
163,360 | |||||
5,600 |
ARM Holdings plc - SP-ADR
|
285,432 | |||||
300 |
ASML Holding N.V. NYS
|
28,008 | |||||
14,900 |
Atmel Corporation*
|
124,564 | |||||
6,100 |
Avago Technologies, Ltd.
|
392,901 | |||||
900 |
Broadcom Corporation, Class A
|
28,332 | |||||
6,100 |
Canadian Solar, Inc.*
|
195,444 | |||||
2,800 |
Cavium, Inc.*
|
122,444 | |||||
3,400 |
Cree, Inc.*
|
192,304 | |||||
1,200 |
Cypress Semiconductor Corporation*
|
12,324 | |||||
18,300 |
Entegris, Inc.*
|
221,613 | |||||
10,700 |
First Solar, Inc.*
|
746,753 | |||||
4,400 |
Freescale Semiconductor, Ltd.*
|
107,404 | |||||
3,200 |
GT Advanced Technologies, Inc.*
|
54,560 | |||||
8,100 |
Himax Technologies, Inc. - ADR
|
93,312 | |||||
9,700 |
Integrated Device Technology, Inc.*
|
118,631 | |||||
1,500 |
Intel Corporation
|
38,715 | |||||
1,100 |
International Rectifier Corporation*
|
30,140 | |||||
1,000 |
Intersil Corporation, Class A
|
12,920 | |||||
9,100 |
JA Solar Holdings Company, Ltd. - ADR*^
|
92,547 | |||||
4,500 |
KLA-Tencor Corporation
|
311,130 | |||||
15,000 |
Kulicke & Soffa Industries, Inc.*
|
189,150 | |||||
3,100 |
Lam Research Corporation*
|
170,500 | |||||
18,600 |
Lattice Semiconductor Corporation*
|
145,824 | |||||
21,100 |
LDK Solar Company, Ltd. - ADR*
|
5,275 | |||||
3,100 |
Linear Technology Corporation
|
150,939 | |||||
15,000 |
LTX-Credence Corporation*
|
133,650 | |||||
14,700 |
Marvell Technology Group, Ltd.
|
231,525 | |||||
1,000 |
Maxim Integrated Products, Inc.
|
33,120 | |||||
1,300 |
Microchip Technology, Inc.
|
62,088 | |||||
9,600 |
Micron Technology, Inc.*
|
227,136 | |||||
600 |
Monolithic Power Systems, Inc.*
|
23,262 | |||||
6,900 |
NVIDIA Corporation
|
123,579 | |||||
10,900 |
NXP Semiconductors N.V.*
|
641,029 | |||||
1,400 |
OmniVision Technologies, Inc.*
|
24,780 | |||||
13,200 |
ON Semiconductor Corporation*
|
124,080 | |||||
7,500 |
PDF Solutions, Inc.*
|
136,275 | |||||
1,900 |
PLX Technology, Inc.*
|
11,495 | |||||
2,400 |
PMC-Sierra, Inc.*
|
18,264 | |||||
19,400 |
RF Micro Devices, Inc.*
|
152,872 | |||||
1,200 |
Rubicon Technology, Inc.*
|
13,548 | |||||
600 |
Sigma Designs, Inc.*
|
2,856 | |||||
12,200 |
Skyworks Solutions, Inc.*
|
457,744 | |||||
12,500 |
SunEdison, Inc.*
|
235,500 |
Shares
|
Values | ||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued) | |||||||
COMMON STOCKS — 97.9% (a) (Continued) | |||||||
Semiconductors &
|
|||||||
Semiconductor Equipment — 4.2% (Continued)
|
|||||||
11,200 |
SunPower Corporation*
|
$ | 361,312 | ||||
2,700 |
Synaptics, Inc.*
|
162,054 | |||||
1,200 |
Teradyne, Inc.*
|
23,868 | |||||
5,100 |
Texas Instruments, Inc.
|
240,465 | |||||
4,200 |
Trina Solar, Ltd. - SP-ADR*
|
56,490 | |||||
7,400 |
TriQuint Semiconductor, Inc.*
|
99,086 | |||||
3,700 |
Ultra Clean Holdings, Inc.*
|
48,655 | |||||
800 |
Veeco Instruments, Inc.*
|
33,544 | |||||
4,700 |
Xilinx, Inc.
|
255,069 | |||||
19,100 |
Yingli Green Energy
|
||||||
Holding Company, Ltd. - ADR*
|
83,085 | ||||||
8,395,615 | |||||||
Software — 3.3%
|
|||||||
1,500 |
Activision Blizzard, Inc.
|
30,660 | |||||
8,500 |
Adobe Systems, Inc.*
|
558,790 | |||||
1,100 |
Advent Software, Inc.
|
32,296 | |||||
600 |
Aspen Technology, Inc.*
|
25,416 | |||||
7,700 |
Autodesk, Inc.*
|
378,686 | |||||
900 |
BroadSoft, Inc.*
|
24,057 | |||||
3,400 |
CA, Inc.
|
105,298 | |||||
4,600 |
Check Point Software Technologies, Ltd.*
|
311,098 | |||||
1,100 |
Citrix Systems, Inc.*
|
63,173 | |||||
500 |
Concur Technologies, Inc.*
|
49,535 | |||||
1,500 |
Ebix, Inc.
|
25,605 | |||||
2,600 |
Electronic Arts, Inc.*
|
75,426 | |||||
800 |
FactSet Research Systems, Inc.
|
86,248 | |||||
4,800 |
Fair Isaac Corporation
|
265,536 | |||||
900 |
FireEye, Inc.*
|
55,413 | |||||
7,700 |
Fortinet, Inc.*
|
169,631 | |||||
14,200 |
Giant Interactive Group, Inc. - ADR
|
164,294 | |||||
17,800 |
Glu Mobile, Inc.*
|
84,372 | |||||
8,000 |
Informatica Corporation*
|
302,240 | |||||
3,500 |
Intuit, Inc.
|
272,055 | |||||
2,500 |
Manhattan Associates, Inc.*
|
87,575 | |||||
7,900 |
Mentor Graphics Corporation
|
173,958 | |||||
1,600 |
MICROS Systems, Inc.*
|
84,688 | |||||
2,800 |
Microsoft Corporation
|
114,772 | |||||
2,700 |
NetSuite, Inc.*
|
256,041 | |||||
4,500 |
Oracle Corporation
|
184,095 | |||||
3,700 |
Progress Software Corporation*
|
80,660 | |||||
1,900 |
PTC, Inc.*
|
67,317 | |||||
1,500 |
Qlik Technologies, Inc.*
|
39,885 | |||||
1,800 |
Red Hat, Inc.*
|
95,364 | |||||
8,800 |
Salesforce.com, Inc.*
|
502,392 | |||||
1,200 |
SAP AG - SP-ADR
|
97,572 | |||||
1,000 |
Splunk, Inc.*
|
71,490 | |||||
1,000 |
SS&C Technologies Holdings, Inc.*
|
40,020 | |||||
6,400 |
Symantec Corporation
|
127,808 | |||||
800 |
Synchronoss Technologies, Inc.*
|
27,432 | |||||
8,000 |
Synopsys, Inc.*
|
307,280 | |||||
2,000 |
Take-Two Interactive Software, Inc.*
|
43,860 | |||||
900 |
TIBCO Software, Inc.*
|
18,288 | |||||
1,200 |
TiVo, Inc.*
|
15,876 | |||||
4,700 |
Tyler Technologies, Inc.*
|
393,296 | |||||
700 |
The Ultimate Software Group, Inc.*
|
95,900 | |||||
500 |
Verint Systems, Inc.*
|
23,465 | |||||
2,200 |
Virnetx Holding Corporation*
|
31,196 | |||||
3,800 |
VMware, Inc., Class A*
|
410,476 | |||||
34,500 |
Zynga, Inc., Class A*
|
148,350 | |||||
6,618,885 | |||||||
Specialty Retail — 3.0%
|
|||||||
1,300 |
Advance Auto Parts, Inc.
|
164,450 | |||||
700 |
AutoNation, Inc.*
|
37,261 | |||||
900 |
AutoZone, Inc.*
|
483,390 | |||||
5,000 |
Bed Bath & Beyond, Inc.*
|
344,000 | |||||
16,200 |
Best Buy Company, Inc.
|
427,842 | |||||
36,000 |
Borders Group, Inc.* (b)
|
— | |||||
2,100 |
Cabela’s, Inc.*
|
137,571 | |||||
300 |
CarMax, Inc.*
|
14,040 | |||||
600 |
The Children’s Place Retail Stores, Inc.
|
29,886 | |||||
6,000 |
Dick’s Sporting Goods, Inc.
|
327,660 | |||||
2,400 |
DSW, Inc., Class A
|
86,064 | |||||
4,300 |
Five Below, Inc.*
|
182,664 | |||||
1,600 |
Foot Locker, Inc.
|
75,168 | |||||
700 |
Francesca’s Holdings Corporation*
|
12,698 | |||||
600 |
GameStop Corporation, Class A
|
24,660 | |||||
5,300 |
The Home Depot, Inc.
|
419,389 | |||||
2,200 |
L Brands, Inc.
|
124,894 | |||||
5,500 |
Lithia Motors, Inc., Class A
|
365,530 | |||||
10,800 |
Lowe’s Companies, Inc.
|
528,120 | |||||
4,200 |
Lumber Liquidators Holdings, Inc.*
|
393,960 | |||||
9,500 |
Office Depot, Inc.*
|
39,235 | |||||
500 |
Outerwall, Inc.*
|
36,250 | |||||
1,200 |
PetSmart, Inc.
|
82,668 | |||||
1,200 |
Ross Stores, Inc.
|
85,860 | |||||
400 |
Signet Jewelers, Ltd.
|
42,344 | |||||
3,800 |
Sonic Automotive, Inc., Class A
|
85,424 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
COMMON STOCKS — 97.9% (a) (Continued)
|
|||||||
Specialty Retail — 3.0% (Continued)
|
|||||||
2,100 |
Tiffany & Company
|
$ | 180,915 | ||||
7,200 |
The TJX Companies, Inc.
|
436,680 | |||||
2,300 |
Tractor Supply Company
|
162,449 | |||||
400 |
Ulta Salon, Cosmetics & Fragrance, Inc.*
|
38,992 | |||||
5,900 |
Williams-Sonoma, Inc.
|
393,176 | |||||
12,700 |
Zale Corporation*
|
265,557 | |||||
6,028,797 | |||||||
Telecommunication Services –
|
|||||||
Diversified — 0.5%
|
|||||||
33,100 |
8x8, Inc.*
|
357,811 | |||||
600 |
Atlantic Tele-Network, Inc.
|
39,552 | |||||
4,800 |
BT Group plc - SP-ADR
|
306,480 | |||||
1,200 |
Level 3 Communications, Inc.*
|
46,968 | |||||
2,600 |
magicJack VocalTec, Ltd.*
|
55,198 | |||||
9,200 |
tw telecom, Inc.*
|
287,592 | |||||
1,093,601 | |||||||
Telecommunication Services –
|
|||||||
Wireless — 0.2%
|
|||||||
3,600 |
SBA Communications Corporation, Class A*
|
327,456 | |||||
2,000 |
T-Mobile US, Inc.*
|
66,060 | |||||
393,516 | |||||||
Textiles, Apparel & Luxury Goods — 2.1%
|
|||||||
300 |
Columbia Sportswear Company
|
24,795 | |||||
2,000 |
Deckers Outdoor Corporation*
|
159,460 | |||||
200 |
Fossil Group, Inc.*
|
23,322 | |||||
9,100 |
Gildan Activewear, Inc.
|
458,458 | |||||
6,900 |
Hanesbrands, Inc.
|
527,712 | |||||
3,600 |
Iconix Brand Group, Inc.*
|
141,372 | |||||
11,700 |
Kate Spade & Company*
|
433,953 | |||||
4,000 |
Lululemon Athletica, Inc.*
|
210,360 | |||||
5,800 |
Luxottica Group SpA - ADR
|
334,428 | |||||
5,700 |
Michael Kors Holdings, Ltd.*
|
531,639 | |||||
1,100 |
Movado Group, Inc.
|
50,105 | |||||
3,600 |
NIKE, Inc. Class B
|
265,896 | |||||
1,800 |
PVH Corporation
|
224,586 | |||||
300 |
Ralph Lauren Corporation
|
48,279 | |||||
500 |
Skechers U.S.A., Inc., Class A*
|
18,270 | |||||
2,900 |
Under Armour, Inc., Class A*
|
332,456 | |||||
6,100 |
VF Corporation
|
377,468 | |||||
4,162,559 | |||||||
Thrifts & Mortgage Finance — 0.1%
|
|||||||
4,900 |
Bank Mutual Corporation
|
31,066 | |||||
300 |
BBX Capital Corporation, Class A*
|
5,835 | |||||
1,300 |
BofI Holding, Inc.*
|
111,475 | |||||
2,700 |
Hudson City Bancorp, Inc.
|
26,541 | |||||
1,500 |
MGIC Investment Corporation*
|
12,780 | |||||
5,100 |
Radian Group, Inc.
|
76,653 | |||||
264,350 | |||||||
Tobacco — 0.0%
|
|||||||
2,800 |
Vector Group, Ltd.
|
60,312 | |||||
Trading Companies & Distributors — 0.6%
|
|||||||
2,100 |
Fastenal Company
|
103,572 | |||||
2,600 |
GATX Corporation
|
176,488 | |||||
1,600 |
W.W. Grainger, Inc.
|
404,256 | |||||
1,600 |
Titan Machinery, Inc.*
|
25,072 | |||||
5,900 |
United Rentals, Inc.*
|
560,146 | |||||
1,269,534 | |||||||
Water Utilities — 0.1%
|
|||||||
1,000 |
American States Water Company
|
32,290 | |||||
1,400 |
California Water Service Group
|
33,516 | |||||
3,200 |
Consolidated Water Company, Ltd.
|
42,176 | |||||
107,982 | |||||||
TOTAL COMMON STOCKS
|
|||||||
(cost $137,047,172)
|
195,268,224 |
Shares
|
Value
|
||||||
LONG-TERM INVESTMENTS — 98.5% (a) (Continued)
|
|||||||
PUBLICLY TRADED PARTNERSHIPS — 0.3% (a)
|
|||||||
Auto Components — 0.1%
|
|||||||
1,711 |
Icahn Enterprises L.P.
|
$ | 175,771 | ||||
Capital Markets — 0.1%
|
|||||||
600 |
The Blackstone Group L.P.
|
19,950 | |||||
400 |
The Carlyle Group L.P.
|
14,056 | |||||
7,000 |
Fortress Investment Group LLC, Class A
|
51,800 | |||||
1,700 |
Lazard, Ltd., Class A
|
80,053 | |||||
165,859 | |||||||
Hotels, Restaurants & Leisure — 0.0%
|
|||||||
600 |
Cedar Fair L.P.
|
30,558 | |||||
Metals & Mining — 0.0%
|
|||||||
2,500 |
Hi-Crush Partners L.P.
|
100,800 | |||||
Oil, Gas & Consumable Fuels — 0.1%
|
|||||||
700 |
Enterprise Products Partners L.P.
|
48,552 | |||||
1,300 |
Summit Midstream Partners L.P.
|
55,939 | |||||
400 |
Sunoco Logistics Partners L.P.
|
36,352 | |||||
140,843 | |||||||
TOTAL PUBLICLY TRADED PARTNERSHIPS
|
|||||||
(cost $573,027)
|
613,831 | ||||||
REITS — 0.3% (a)
|
|||||||
Real Estate Investment Trusts — 0.3%
|
|||||||
500 |
CubeSmart
|
8,580 | |||||
600 |
Extra Space Storage, Inc.
|
29,106 | |||||
5,500 |
OMEGA Healthcare Investors, Inc.
|
184,360 | |||||
1,800 |
Parkway Properties, Inc.
|
32,850 | |||||
1,500 |
Pebblebrook Hotel Trust
|
50,655 | |||||
600 |
Prologis, Inc.
|
24,498 | |||||
200 |
Simon Property Group, Inc.
|
32,800 | |||||
1,100 |
Sovran Self Storage, Inc.
|
80,795 | |||||
300 |
Vornado Realty Trust
|
29,568 | |||||
473,212 | |||||||
TOTAL REITS
|
|||||||
(cost $380,811)
|
473,212 | ||||||
WARRANTS — 0.0% (a)
|
|||||||
Insurance — 0.0%
|
|||||||
3,150 |
American International Group, Inc.,
|
||||||
Expiration Date - 01/19/21,
|
|||||||
Exercise Price - $45.00*
|
$ | 64,386 | |||||
TOTAL WARRANTS
|
|||||||
(cost $47,259)
|
64,386 | ||||||
TOTAL INVESTMENTS — 98.5%
|
|||||||
(cost $138,048,269)
|
196,419,653 | ||||||
Cash and receivables,
|
|||||||
less liabilities — 1.5% (a)
|
2,981,355 | ||||||
TOTAL NET ASSETS — 100.0%
|
$ | 199,401,008 |
*
|
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 are classified as level 3. As of March 31, 2014, the aggregate value of this security was $0 which represents 0.0% of total net assets.
|
ADR
|
– Unsponsored American Depositary Receipt
|
ADS
|
– American Depositary Share
|
AG
|
– German Corporation
|
A/S
|
–Danish Company
|
ASA
|
– Norwegian Public Limited Company
|
L.P.
|
– Limited Partnership
|
N.V.
|
– Dutch Public Limited Liability Company
|
NYS
|
– New York Registered Shares
|
Oyj
|
– Finnish Public Limited Company
|
plc
|
– Public Limited Company
|
S.A.
|
– Sociedad Anonima
|
SP
|
- ADR – Sponsored American Depositary Receipt
|
SpA
|
– Italian Corporation
|
INVESTMENT INCOME:
|
||||
Dividends (net of foreign withholding tax of $5,110)
|
$ | 1,049,222 | ||
Total investment income
|
1,049,222 | |||
EXPENSES:
|
||||
Management fees
|
1,053,269 | |||
Transfer agent fees
|
164,389 | |||
Administrative and accounting services
|
141,089 | |||
Distribution fees
|
107,231 | |||
Custodian fees
|
47,516 | |||
Insurance expense
|
33,580 | |||
Professional fees
|
22,848 | |||
Registration fees
|
19,207 | |||
Printing and postage expense
|
19,040 | |||
Board of Directors fees
|
13,961 | |||
Chief Compliance Officer fees
|
12,500 | |||
Overdraft fees
|
562 | |||
Other expenses
|
2,589 | |||
Total expenses
|
1,637,781 | |||
NET INVESTMENT LOSS
|
(588,559 | ) | ||
NET REALIZED GAIN ON INVESTMENTS
|
11,587,991 | |||
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS
|
6,891,138 | |||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
18,479,129 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 17,890,570 |
2014
|
2013
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$ | (588,559 | ) | $ | (399,151 | ) | ||
Net realized gain on investments and foreign currency transactions
|
11,587,991 | 11,866,899 | ||||||
Net increase in unrealized appreciation on investments
|
6,891,138 | 26,278,715 | ||||||
Net increase in net assets resulting from operations
|
17,890,570 | 37,746,463 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Distributions from net capital gains ($3.37552 per share and $0.62743 per share, respectively)
|
(9,569,666 | ) | (1,885,775 | ) | ||||
FUND SHARE ACTIVITIES:
|
||||||||
Proceeds from shares issued (239,614 and 827,098 shares, respectively)
|
17,822,628 | 52,428,676 | ||||||
Net asset value of shares issued in distributions reinvested (122,033 and 31,377 shares, respectively)
|
9,048,740 | 1,783,482 | ||||||
Cost of shares redeemed (563,314 and 1,132,566 shares, respectively)
|
(41,669,940 | ) | (70,266,908 | ) | ||||
Net decrease in net assets derived from Fund share activities
|
(14,798,572 | ) | (16,054,750 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(6,477,668 | ) | 19,805,938 | |||||
NET ASSETS AT THE BEGINNING OF THE PERIOD
|
205,878,676 | 186,072,738 | ||||||
NET ASSETS AT THE END OF THE PERIOD (Includes undistributed net investment
|
||||||||
income of $(649,823) and $(61,264), respectively)
|
$ | 199,401,008 | $ | 205,878,676 |
(Unaudited)
|
||||||||||||||||||||||||
For the Six
|
||||||||||||||||||||||||
Months Ending
|
Years Ended September 30,
|
|||||||||||||||||||||||
March 31, 2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||||
PER SHARE OPERATING PERFORMANCE:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 71.45 | $ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | $ | 31.85 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment loss(a)
|
(0.21 | ) | (0.14 | ) | (0.19 | ) | (0.27 | ) | (0.25 | ) | (0.42 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments
|
6.55 | 13.25 | 12.66 | (1.52 | ) | 6.67 | 10.44 | |||||||||||||||||
Total from investment operations
|
6.34 | 13.11 | 12.47 | (1.79 | ) | 6.42 | 10.02 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Distributions from net investment income
|
— | — | — | — | — | — | ||||||||||||||||||
Distributions from net realized gains
|
(3.38 | ) | (0.63 | ) | — | — | — | — | ||||||||||||||||
Total from distributions
|
(3.38 | ) | (0.63 | ) | — | — | — | — | ||||||||||||||||
Net asset value, end of period
|
$ | 74.41 | $ | 71.45 | $ | 58.97 | $ | 46.50 | $ | 48.29 | $ | 41.87 | ||||||||||||
TOTAL RETURN
|
8.90 | %(1) | 22.50 | % | 26.82 | % | (3.71 | %) | 15.33 | % | 31.46 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (in 000’s)
|
$ | 199,401 | $ | 205,879 | $ | 186,073 | $ | 199,183 | $ | 116,043 | $ | 48,553 | ||||||||||||
Ratio of expenses (after reimbursement)
|
||||||||||||||||||||||||
to average net assets*
|
1.55 | %(2) | 1.58 | % | 1.53 | % | 1.55 | % | 1.80 | % | 2.00 | % | ||||||||||||
Ratio of net investment loss to average net assets**
|
(0.56 | %)(2) | (0.21 | %) | (0.34 | %) | (0.49 | %) | (0.55 | %) | (1.24 | %) | ||||||||||||
Portfolio turnover rate
|
46 | %(1) | 133 | % | 99 | % | 55 | % | 80 | % | 527 | % |
(a)
|
Amount calculated based on average shares outstanding throughout the period.
|
(1)
|
Not annualized.
|
(2)
|
Annualized.
|
*
|
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
|
$ | 195,268,224 | |||
Publicly Traded Partnerships
|
613,831 | |||||
REITS
|
473,212 | |||||
Warrants
|
64,386 | |||||
Total Level 1
|
196,419,653 | |||||
Level 2—
|
None
|
— | ||||
Level 3—
|
Common Stocks
|
0 | * | |||
Total
|
$ | 196,419,653 | ** |
*
|
The security classified as Level 3 is a result of the company filing for bankruptcy and no additional observable inputs being available as of March 31, 2014. The security was classified as Level 3 as of September 30, 2013, and there was no change in value from September 30, 2013 to March 31, 2014.
|
**
|
Please refer to the Schedule of Investments to view common stocks, publicly traded partnerships, REITS and warrants by industry type.
|
(b)
|
Investment transactions are accounted for on a trade date basis for financial reporting purposes. Net realized gains and losses on sales of securities are computed on the highest amortized cost basis.
|
(c)
|
The Fund records dividend income on the ex-dividend date and interest income on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations.
|
(d)
|
GAAP requires that permanent differences between income for financial reporting and tax purposes be reclassified in the capital accounts. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2013, the following table shows the reclassifications made:
|
Accumulated Net
|
Accumulated Undistributed Net
|
|
Investment Loss
|
Realized Gain on Investments
|
Capital Stock
|
$964,985
|
$(942,724)
|
$(22,261)
|
(e)
|
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
|
(1)
|
Summary of Significant Accounting Policies — (Continued)
|
(f)
|
No provision has been made for Federal income taxes since the Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all net investment company taxable income and net capital gains to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies.
|
(g)
|
The Fund has reviewed all open tax years and major jurisdictions, which include Federal and the state of Maryland, and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of and for the year ended September 30, 2013. Open tax years are those that are open for exam by taxing authorities and, as of March 31, 2014, open Federal tax years include the tax years ended September 30, 2010 through 2013. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Fund’s Statement of Operations. During the six months ending March 31, 2014, the Fund did not incur any interest or penalties. The Fund has no examinations in progress and is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next six months.
|
(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)
|
Six Months Ended
|
Year Ended
|
||
March 31, 2014
|
September 30, 2013
|
||
Ordinary
|
Long-Term
|
Ordinary
|
Long-Term
|
Income
|
Capital Gains
|
Income
|
Capital Gains
|
Distributions
|
Distributions
|
Distributions
|
Distributions
|
$1,157,907
|
$8,411,759
|
$ —
|
$1,885,775
|
(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)
|
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.
|
(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. Not applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
1.
|
I have reviewed this report on Form N-CSR of the Reynolds Funds, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer 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 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: 6/2/14
|
/s/ Frederick L. Reynolds
Frederick L. Reynolds,
President and Treasurer
|
/s/ Frederick L. Reynolds
Frederick L. Reynolds
President and Treasurer
Reynolds Funds, Inc.
|
|
Dated: 6/2/14
|