UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-07507
Deutsche Investments VIT Funds
(Exact Name of Registrant as Specified in Charter)
345 Park Avenue
New York, NY 10154-0004
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 250-3220
Paul Schubert
60 Wall Street
New York, NY 10005
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 12/31/2015 |
ITEM 1. | REPORT TO STOCKHOLDERS |
December 31, 2015
Annual Report
Deutsche Investments VIT Funds
Deutsche Small Cap Index VIP
Contents
3 Performance Summary 4 Management Summary 4 Portfolio Summary 6 Investment Portfolio 42 Statement of Assets and Liabilities 43 Statement of Operations 43 Statement of Changes in Net Assets 45 Financial Highlights 46 Notes to Financial Statements 51 Report of Independent Registered Public Accounting Firm 52 Information About Your Fund's Expenses 53 Tax Information 53 Proxy Voting 54 Advisory Agreement Board Considerations and Fee Evaluation 57 Board Members and Officers |
This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund’s performance to differ from that of the index. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. See the prospectus for details.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
DeAWM Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Performance Summary December 31, 2015 (Unaudited)
Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund's most recent month-end performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2015 are 0.53% and 0.79% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Growth of an Assumed $10,000 Investment | ||
■ Deutsche Small Cap Index VIP — Class A ■ Russell 2000® Index | The Russell 2000® Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000® Index. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index. | |
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Yearly periods ended December 31 |
Comparative Results (as of December 31, 2015) | |||||
Deutsche Small Cap Index VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $9,540 | $13,854 | $15,394 | $18,700 |
Average annual total return | –4.60% | 11.48% | 9.01% | 6.46% | |
Russell 2000 Index | Growth of $10,000 | $9,559 | $13,919 | $15,518 | $19,314 |
Average annual total return | –4.41% | 11.65% | 9.19% | 6.80% | |
Deutsche Small Cap Index VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $9,515 | $13,748 | $15,202 | $18,229 |
Average annual total return | –4.85% | 11.19% | 8.74% | 6.19% | |
Russell 2000 Index | Growth of $10,000 | $9,559 | $13,919 | $15,518 | $19,314 |
Average annual total return | –4.41% | 11.65% | 9.19% | 6.80% |
The growth of $10,000 is cumulative.
Management Summary December 31, 2015 (Unaudited)
For the 12 months ended December 31, 2015, the Fund returned -4.60% (Class A shares, unadjusted for contract charges), compared with the -4.41% return of the Russell 2000® Index.1
At the start of 2015 concerns resurfaced regarding global growth and the rapidly rising U.S. dollar. During the summer, continued uncertainty as to the timing of a possible short-term interest rate increase by the U.S. Federal Reserve Board (the Fed) spurred increased market volatility. The markets then entered "risk-off" mode in late June as drastic declines in China’s stock market and the possibility of a default in Greece took center stage. The bearish mood carried over into the third quarter, which was one of the most volatile market periods in recent years. China’s surprise yuan devaluation in mid-August exacerbated concerns that global growth might slow further. Throughout most of the fourth quarter, uncertainty regarding anticipated Fed moves dominated market sentiment, especially given the mixed economic pace in the United States. In mid-December, the Fed raised short-term rates by 25 basis points, the first U.S. rate hike in nearly 10 years.2 Continued high levels of investor anxiety surrounding weak economic data in the United States and abroad, along with declining oil prices, dampened investor enthusiasm into year end.
To attempt to match the risk and return characteristics of the Russell 2000 Index as closely as possible, the Fund invests in a statistically selected sample of the securities found in the Russell 2000 Index, using a process known as "optimization." This process selects stocks for the Fund so that industry weightings, market capitalizations and fundamental characteristics (price-to-book ratios, price-to-earnings ratios, debt-to-asset ratios and dividend yields) closely match those of the securities in the Russell 2000 Index, without purchasing all of the stocks in the index. Going forward, we will continue to seek returns that approximate those of the index.
Brent Reeder
Senior Vice President, Northern Trust Investments, Inc., Subadvisor to the Fund
Portfolio Manager
The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future fund holdings are subject to risk.
1 The Russell 2000 Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000® Index. Index returns assume reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
2 A basis point is equal to one hundredth of a percentage point and is often used to illustrate changes and differences in fixed-income yields.
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/15 | 12/31/14 |
Common Stocks | 97% | 98% |
Cash Equivalents | 3% | 2% |
Government & Agency Obligations | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks and Warrants) | 12/31/15 | 12/31/14 |
Financials | 26% | 24% |
Information Technology | 18% | 18% |
Health Care | 17% | 14% |
Consumer Discretionary | 13% | 14% |
Industrials | 12% | 14% |
Utilities | 4% | 4% |
Materials | 4% | 4% |
Consumer Staples | 3% | 3% |
Energy | 2% | 4% |
Telecommunication Services | 1% | 1% |
100% | 100% |
Ten Largest Equity Holdings (3.0% of Net Assets) | |
1. STERIS PLC Manufactures surgical appliances | 0.4% |
2. Tyler Technologies, Inc. Provides end-to-end information management solutions and services for local governments | 0.3% |
3. Dyax Corp. Biopharmaceutical company | 0.3% |
4. CubeSmart Owns, operates, acquires and develops self-storage facilities in the United States | 0.3% |
5. Manhattan Associates, Inc. Provider of information technology solutions for goods distributors | 0.3% |
6. Neurocrine Biosciences, Inc. Developer of therapeutics for nervous and immune systems disorders | 0.3% |
7. Casey's General Stores, Inc. Operates convenience stores in the Midwest | 0.3% |
8. Anacor Pharmaceuticals, Inc. Biopharmaceutical company | 0.3% |
9. Vail Resorts, Inc. Operates resorts in Colorado | 0.3% |
10. Piedmont Natural Gas Co., Inc. An energy and services company that primarily transports, distributes and sells natural gas | 0.2% |
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund's investment portfolio, see page 6. |
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the Fund's current prospectus for more information.
Investment Portfolio December 31, 2015
Shares | Value ($) | |
Common Stocks 98.8% | ||
Consumer Discretionary 13.3% | ||
Auto Components 1.1% | ||
American Axle & Manufacturing Holdings, Inc.* | 13,821 | 261,770 |
Cooper Tire & Rubber Co. | 10,438 | 395,078 |
Cooper-Standard Holding, Inc.* | 2,432 | 188,699 |
Dana Holding Corp. | 27,751 | 382,964 |
Dorman Products, Inc.* | 4,895 | 232,366 |
Drew Industries, Inc. | 4,411 | 268,586 |
Federal-Mogul Holdings Corp.* | 5,444 | 37,291 |
Fox Factory Holding Corp.* | 2,961 | 48,945 |
Gentherm, Inc.* | 6,531 | 309,569 |
Horizon Global Corp.* | 3,151 | 32,676 |
Metaldyne Performance Group, Inc. | 2,086 | 38,257 |
Modine Manufacturing Co.* | 8,591 | 77,748 |
Motorcar Parts of America, Inc.* | 3,217 | 108,767 |
Standard Motor Products, Inc. | 3,600 | 136,980 |
Stoneridge, Inc.* | 5,271 | 78,011 |
Strattec Security Corp. | 682 | 38,526 |
Superior Industries International, Inc. | 4,135 | 76,167 |
Tenneco, Inc.* | 10,477 | 480,999 |
Tower International, Inc. | 3,896 | 111,309 |
3,304,708 | ||
Automobiles 0.0% | ||
Winnebago Industries, Inc. (a) | 4,785 | 95,222 |
Distributors 0.3% | ||
Core-Mark Holding Co., Inc. | 4,187 | 343,083 |
Fenix Parts, Inc.* | 2,451 | 16,642 |
Pool Corp. | 7,851 | 634,204 |
VOXX International Corp.* | 4,000 | 21,040 |
Weyco Group, Inc. | 1,254 | 33,557 |
1,048,526 | ||
Diversified Consumer Services 1.1% | ||
2U, Inc.* (a) | 4,703 | 131,590 |
American Public Education, Inc.* | 3,094 | 57,579 |
Apollo Education Group, Inc.* | 17,185 | 131,809 |
Ascent Capital Group, Inc. "A"* | 2,495 | 41,716 |
Bridgepoint Education, Inc.* | 3,215 | 24,466 |
Bright Horizons Family Solutions, Inc.* | 6,749 | 450,833 |
Cambium Learning Group, Inc.* | 2,305 | 11,179 |
Capella Education Co. | 2,176 | 100,575 |
Career Education Corp.* | 12,609 | 45,771 |
Carriage Services, Inc. | 2,890 | 69,649 |
Chegg, Inc.* (a) | 14,141 | 95,169 |
Collectors Universe, Inc. | 1,342 | 20,801 |
DeVry Education Group, Inc. (a) | 11,605 | 293,722 |
Grand Canyon Education, Inc.* | 8,537 | 342,504 |
Houghton Mifflin Harcourt Co.* | 24,771 | 539,512 |
K12, Inc.* | 6,009 | 52,879 |
Liberty Tax, Inc. | 1,055 | 25,141 |
LifeLock, Inc.* (a) | 17,228 | 247,222 |
Regis Corp.* | 6,525 | 92,329 |
Sotheby's (a) | 11,318 | 291,552 |
Strayer Education, Inc.* (a) | 1,958 | 117,715 |
Universal Technical Institute, Inc. | 3,351 | 15,616 |
Shares | Value ($) | |
Weight Watchers International, Inc.* (a) | 5,062 | 115,414 |
3,314,743 | ||
Hotels, Restaurants & Leisure 3.3% | ||
Belmond Ltd. "A"* | 17,310 | 164,445 |
Biglari Holdings, Inc.* | 296 | 96,443 |
BJ's Restaurants, Inc.* | 3,951 | 171,750 |
Bloomin' Brands, Inc. | 22,480 | 379,687 |
Bob Evans Farms, Inc. | 3,782 | 146,931 |
Bojangles', Inc.* | 1,477 | 23,440 |
Boyd Gaming Corp.* | 14,547 | 289,049 |
Bravo Brio Restaurant Group, Inc.* | 2,812 | 25,308 |
Buffalo Wild Wings, Inc.* | 3,431 | 547,759 |
Caesars Acquisition Co. "A"* | 8,403 | 57,224 |
Caesars Entertainment Corp.* (a) | 10,035 | 79,176 |
Carrols Restaurant Group, Inc.* | 6,649 | 78,059 |
Churchill Downs, Inc. | 2,306 | 326,276 |
Chuy's Holdings, Inc.* (a) | 2,964 | 92,892 |
ClubCorp Holdings, Inc. | 7,853 | 143,474 |
Cracker Barrel Old Country Store, Inc. (a) | 3,471 | 440,227 |
Dave & Buster's Entertainment, Inc.* | 4,076 | 170,132 |
Del Frisco's Restaurant Group, Inc.* | 4,204 | 67,348 |
Denny's Corp.* | 15,186 | 149,278 |
Diamond Resorts International, Inc.* (a) | 7,638 | 194,845 |
DineEquity, Inc. | 3,090 | 261,630 |
El Pollo Loco Holdings, Inc.* | 2,580 | 32,585 |
Eldorado Resorts, Inc.* | 5,008 | 55,088 |
Empire Resorts, Inc.* | 587 | 10,566 |
Fiesta Restaurant Group, Inc.* | 4,939 | 165,950 |
Fogo De Chao, Inc.* (a) | 867 | 13,144 |
International Speedway Corp. "A" | 5,130 | 172,984 |
Interval Leisure Group, Inc. | 7,049 | 110,035 |
Intrawest Resorts Holdings, Inc.* | 3,214 | 25,134 |
Isle of Capri Casinos, Inc.* | 4,185 | 58,297 |
J. Alexander's Holdings, Inc.* | 2,340 | 25,553 |
Jack in the Box, Inc. | 6,749 | 517,716 |
Jamba, Inc.* (a) | 2,526 | 34,076 |
Kona Grill, Inc.* | 1,504 | 23,853 |
Krispy Kreme Doughnuts, Inc.* | 11,645 | 175,490 |
La Quinta Holdings, Inc.* | 17,118 | 232,976 |
Marcus Corp. | 3,441 | 65,276 |
Marriott Vacations Worldwide Corp. | 4,709 | 268,178 |
Monarch Casino & Resort, Inc.* | 1,848 | 41,987 |
Morgans Hotel Group Co.* | 4,704 | 15,853 |
Noodles & Co.* | 2,106 | 20,407 |
Papa John's International, Inc. | 5,264 | 294,100 |
Papa Murphy's Holdings, Inc.* (a) | 1,623 | 18,275 |
Penn National Gaming, Inc.* | 14,600 | 233,892 |
Pinnacle Entertainment, Inc.* | 10,985 | 341,853 |
Planet Fitness, Inc. "A"* | 2,982 | 46,609 |
Popeyes Louisiana Kitchen, Inc.* | 4,224 | 247,104 |
Potbelly Corp.* (a) | 3,875 | 45,376 |
Red Robin Gourmet Burgers, Inc.* (a) | 2,600 | 160,524 |
Ruby Tuesday, Inc.* | 11,518 | 63,464 |
Ruth's Hospitality Group, Inc. | 6,320 | 100,614 |
Scientific Games Corp. "A"* (a) | 9,320 | 83,600 |
Shares | Value ($) | |
SeaWorld Entertainment, Inc. (a) | 12,519 | 246,499 |
Shake Shack, Inc. "A"* | 1,027 | 40,669 |
Sonic Corp. | 9,468 | 305,911 |
Speedway Motorsports, Inc. | 2,192 | 45,418 |
Texas Roadhouse, Inc. (a) | 12,662 | 452,920 |
The Cheesecake Factory, Inc. | 8,829 | 407,105 |
The Habit Restaurants, Inc. "A"* (a) | 2,042 | 47,089 |
Vail Resorts, Inc. (a) | 6,539 | 836,927 |
Wingstop, Inc.* | 1,146 | 26,140 |
Zoe's Kitchen, Inc.* (a) | 3,508 | 98,154 |
10,112,764 | ||
Household Durables 1.2% | ||
Bassett Furniture Industries, Inc. | 1,910 | 47,903 |
Beazer Homes U.S.A., Inc.* | 5,966 | 68,549 |
CalAtlantic Group, Inc. (a) | 13,890 | 526,709 |
Cavco Industries, Inc.* | 1,605 | 133,712 |
Century Communities, Inc.* | 2,708 | 47,959 |
CSS Industries, Inc. | 1,699 | 48,218 |
Ethan Allen Interiors, Inc. (a) | 4,661 | 129,669 |
Flexsteel Industries, Inc. | 1,049 | 46,345 |
Green Brick Partners, Inc.* | 3,648 | 26,266 |
Helen of Troy Ltd.* | 5,147 | 485,105 |
Hooker Furniture Corp. | 1,921 | 48,486 |
Hovnanian Enterprises, Inc. "A"* | 22,782 | 41,235 |
Installed Building Products, Inc.* | 3,539 | 87,873 |
iRobot Corp.* (a) | 5,458 | 193,213 |
KB HOME | 15,000 | 184,950 |
La-Z-Boy, Inc. | 9,343 | 228,156 |
LGI Homes, Inc.* | 2,563 | 62,358 |
Libbey, Inc. | 3,905 | 83,254 |
Lifetime Brands, Inc. | 2,058 | 27,289 |
M.D.C. Holdings, Inc. (a) | 7,039 | 179,706 |
M/I Homes, Inc.* | 4,467 | 97,917 |
Meritage Homes Corp.* (a) | 7,235 | 245,918 |
NACCO Industries, Inc. "A" | 688 | 29,034 |
New Home Co., Inc.* | 1,620 | 20,995 |
Skullcandy, Inc.* | 3,924 | 18,560 |
Taylor Morrison Home Corp. "A"* | 5,811 | 92,976 |
TRI Pointe Homes, Inc.* | 29,302 | 371,256 |
Universal Electronics, Inc.* | 2,628 | 134,948 |
WCI Communities, Inc.* | 2,753 | 61,337 |
William Lyon Homes "A"* | 3,502 | 57,783 |
ZAGG, Inc.* | 5,246 | 57,391 |
3,885,070 | ||
Internet & Catalog Retail 0.5% | ||
1-800 FLOWERS.COM, Inc. "A"* | 4,384 | 31,916 |
Blue Nile, Inc.* | 2,103 | 78,084 |
Duluth Holdings, Inc.* | 1,390 | 20,280 |
Etsy, Inc.* | 3,542 | 29,257 |
EVINE Live, Inc.* | 8,424 | 14,995 |
FTD Companies, Inc.* | 3,394 | 88,821 |
HSN, Inc. | 5,924 | 300,169 |
Lands' End, Inc.* (a) | 3,068 | 71,914 |
Liberty TripAdvisor Holdings, Inc. "A"* | 13,554 | 411,228 |
NutriSystem, Inc. | 5,257 | 113,761 |
Overstock.com, Inc.* | 2,227 | 27,348 |
PetMed Express, Inc. (a) | 3,578 | 61,327 |
Shutterfly, Inc.* | 6,393 | 284,872 |
Wayfair, Inc. "A"* (a) | 3,591 | 171,003 |
1,704,975 | ||
Shares | Value ($) | |
Leisure Products 0.3% | ||
Arctic Cat, Inc. (a) | 2,372 | 38,853 |
Black Diamond, Inc.* | 4,445 | 19,647 |
Callaway Golf Co. | 13,978 | 131,673 |
Escalade, Inc. | 1,919 | 25,427 |
JAKKS Pacific, Inc.* (a) | 3,487 | 27,757 |
Johnson Outdoors, Inc. "A" | 976 | 21,365 |
Malibu Boats, Inc. "A"* | 3,157 | 51,680 |
Marine Products Corp. | 2,196 | 13,264 |
MCBC Holdings, Inc.* | 1,200 | 16,440 |
Nautilus, Inc.* | 5,770 | 96,474 |
Performance Sports Group Ltd.* | 8,361 | 80,516 |
Smith & Wesson Holding Corp.* | 9,692 | 213,030 |
Sturm, Ruger & Co., Inc. | 3,348 | 199,574 |
935,700 | ||
Media 1.6% | ||
AMC Entertainment Holdings, Inc. "A" | 3,793 | 91,032 |
Carmike Cinemas, Inc.* | 4,525 | 103,803 |
Central European Media Enterprises Ltd. "A"* (a) | 13,726 | 36,923 |
Crown Media Holdings, Inc. "A"* | 6,394 | 35,870 |
Cumulus Media, Inc. "A"* | 25,264 | 8,340 |
Daily Journal Corp.* (a) | 200 | 40,400 |
DreamWorks Animation SKG, Inc. "A"* (a) | 13,788 | 355,317 |
Entercom Communications Corp. "A"* | 4,736 | 53,185 |
Entravision Communications Corp. "A" | 11,345 | 87,470 |
Eros International PLC* | 4,951 | 45,302 |
Global Eagle Entertainment, Inc.* | 8,215 | 81,082 |
Gray Television, Inc.* | 11,329 | 184,663 |
Harte-Hanks, Inc. | 8,983 | 29,105 |
Hemisphere Media Group, Inc.* | 1,706 | 25,163 |
IMAX Corp.* | 10,938 | 388,737 |
Journal Media Group, Inc. | 4,326 | 51,999 |
Loral Space & Communications, Inc.* | 2,406 | 97,948 |
MDC Partners, Inc. "A" (a) | 7,856 | 170,632 |
Media General, Inc.* (a) | 17,489 | 282,447 |
Meredith Corp. (a) | 6,682 | 288,996 |
National CineMedia, Inc. | 10,975 | 172,417 |
New Media Investment Group, Inc. | 8,246 | 160,467 |
New York Times Co. "A" | 24,941 | 334,708 |
Nexstar Broadcasting Group, Inc. "A" | 5,687 | 333,827 |
Reading International, Inc. "A"* | 3,089 | 40,497 |
Rentrak Corp.* | 2,270 | 107,893 |
Saga Communications, Inc. "A" | 704 | 27,069 |
Scholastic Corp. | 4,884 | 188,327 |
SFX Entertainment, Inc.* | 7,504 | 1,427 |
Sinclair Broadcast Group, Inc. "A" | 12,003 | 390,578 |
Sizmek, Inc.* | 3,370 | 12,301 |
The E.W. Scripps Co. "A" | 10,822 | 205,618 |
Time, Inc. | 19,906 | 311,927 |
Townsquare Media, Inc. "A"* | 1,342 | 16,050 |
Tribune Publishing Co. | 4,673 | 43,085 |
World Wrestling Entertainment, Inc. "A" (a) | 5,346 | 95,373 |
4,899,978 | ||
Multiline Retail 0.4% | ||
Big Lots, Inc. (a) | 8,994 | 346,629 |
Burlington Stores, Inc.* | 13,645 | 585,370 |
Shares | Value ($) | |
Fred's, Inc. "A" (a) | 6,876 | 112,560 |
Ollie's Bargain Outlet Holdings, Inc.* | 1,764 | 30,006 |
Tuesday Morning Corp.* (a) | 7,981 | 51,877 |
1,126,442 | ||
Specialty Retail 2.7% | ||
Abercrombie & Fitch Co. "A" | 12,630 | 341,010 |
America's Car-Mart, Inc.* | 1,543 | 41,183 |
American Eagle Outfitters, Inc. (a) | 35,343 | 547,816 |
Asbury Automotive Group, Inc.* | 4,600 | 310,224 |
Ascena Retail Group, Inc.* | 31,179 | 307,113 |
Barnes & Noble Education, Inc.* | 6,098 | 60,675 |
Barnes & Noble, Inc. | 9,187 | 80,019 |
bebe stores, Inc. | 5,654 | 3,195 |
Big 5 Sporting Goods Corp. | 3,337 | 33,337 |
Boot Barn Holdings, Inc.* (a) | 2,123 | 26,092 |
Build-A-Bear Workshop, Inc.* | 2,399 | 29,364 |
Caleres, Inc. | 7,994 | 214,399 |
Cato Corp. "A" | 4,713 | 173,533 |
Chico's FAS, Inc. | 26,048 | 277,932 |
Christopher & Banks Corp.* | 7,228 | 11,926 |
Citi Trends, Inc. | 2,773 | 58,926 |
Conn's, Inc.* (a) | 4,397 | 103,198 |
Destination XL Group, Inc.* | 6,863 | 37,884 |
Express, Inc.* | 15,402 | 266,147 |
Five Below, Inc.* (a) | 9,914 | 318,239 |
Francesca's Holdings Corp.* | 7,654 | 133,256 |
Genesco, Inc.* | 4,381 | 248,972 |
Group 1 Automotive, Inc. | 4,234 | 320,514 |
Guess?, Inc. (a) | 11,322 | 213,759 |
Haverty Furniture Companies, Inc. | 3,810 | 81,686 |
Hibbett Sports, Inc.* | 4,130 | 124,891 |
Kirkland's, Inc. | 3,072 | 44,544 |
Lithia Motors, Inc. "A" | 4,113 | 438,734 |
Lumber Liquidators Holdings, Inc.* (a) | 4,757 | 82,582 |
MarineMax, Inc.* | 4,667 | 85,966 |
Mattress Firm Holding Corp.* (a) | 3,761 | 167,853 |
Monro Muffler Brake, Inc. | 5,756 | 381,162 |
Outerwall, Inc. (a) | 3,309 | 120,911 |
Party City Holdco, Inc.* | 4,463 | 57,617 |
Pier 1 Imports, Inc. | 16,170 | 82,305 |
Rent-A-Center, Inc. (a) | 9,484 | 141,975 |
Restoration Hardware Holdings, Inc.* (a) | 6,024 | 478,607 |
Select Comfort Corp.* | 9,563 | 204,744 |
Shoe Carnival, Inc. | 2,744 | 63,661 |
Sonic Automotive, Inc. "A" | 5,872 | 133,647 |
Sportsman's Warehouse Holdings, Inc.* | 3,207 | 41,370 |
Stage Stores, Inc. | 5,723 | 52,137 |
Stein Mart, Inc. | 5,150 | 34,659 |
Systemax, Inc.* | 2,113 | 18,172 |
The Buckle, Inc. (a) | 5,081 | 156,393 |
The Children's Place, Inc. | 3,770 | 208,104 |
The Container Store Group, Inc.* | 2,885 | 23,657 |
The Finish Line, Inc. "A" | 8,534 | 154,295 |
The Men's Wearhouse, Inc. | 8,657 | 127,085 |
The Pep Boys — Manny, Moe & Jack* | 9,715 | 178,853 |
Tile Shop Holdings, Inc.* | 4,837 | 79,327 |
Tilly's, Inc. "A"* | 1,996 | 13,233 |
Vitamin Shoppe, Inc.* | 5,349 | 174,912 |
West Marine, Inc.* | 3,410 | 28,951 |
Shares | Value ($) | |
Winmark Corp. | 373 | 34,693 |
Zumiez, Inc.* | 3,700 | 55,944 |
8,231,383 | ||
Textiles, Apparel & Luxury Goods 0.8% | ||
Cherokee, Inc.* | 1,519 | 26,203 |
Columbia Sportswear Co. | 5,243 | 255,649 |
Crocs, Inc.* | 13,791 | 141,220 |
Culp, Inc. | 1,789 | 45,566 |
Deckers Outdoor Corp.* (a) | 5,949 | 280,793 |
G-III Apparel Group Ltd.* | 7,237 | 320,309 |
Iconix Brand Group, Inc.* | 8,849 | 60,439 |
Movado Group, Inc. | 2,851 | 73,299 |
Oxford Industries, Inc. | 2,690 | 171,676 |
Perry Ellis International, Inc.* | 2,157 | 39,732 |
Sequential Brands Group, Inc.* | 6,498 | 51,399 |
Steven Madden Ltd.* (a) | 10,227 | 309,060 |
Superior Uniform Group, Inc. | 1,319 | 22,396 |
Tumi Holdings, Inc.* | 10,323 | 171,671 |
Unifi, Inc.* | 2,715 | 76,427 |
Vera Bradley, Inc.* | 3,649 | 57,508 |
Vince Holding Corp.* | 2,734 | 12,522 |
Wolverine World Wide, Inc. (a) | 18,749 | 313,296 |
2,429,165 | ||
Consumer Staples 3.4% | ||
Beverages 0.2% | ||
Boston Beer Co., Inc. "A"* (a) | 1,650 | 333,151 |
Castle Brands, Inc.* | 11,875 | 14,606 |
Coca-Cola Bottling Co. Consolidated | 839 | 153,126 |
Craft Brewers Alliance, Inc.* | 2,005 | 16,782 |
MGP Ingredients, Inc. | 1,901 | 49,331 |
National Beverage Corp.* | 2,038 | 92,607 |
659,603 | ||
Food & Staples Retailing 0.9% | ||
Casey's General Stores, Inc. | 7,010 | 844,354 |
Fairway Group Holdings Corp.* | 3,607 | 2,381 |
Ingles Markets, Inc. "A" | 2,384 | 105,087 |
Natural Grocers by Vitamin Cottage, Inc.* | 1,700 | 34,629 |
Performance Food Group Co.* | 3,022 | 69,929 |
PriceSmart, Inc. (a) | 3,536 | 293,453 |
Smart & Final Stores, Inc.* | 4,309 | 78,467 |
SpartanNash Co. | 6,963 | 150,679 |
SUPERVALU, Inc.* | 47,601 | 322,735 |
The Andersons, Inc. | 5,229 | 165,393 |
The Chefs' Warehouse, Inc.* | 3,382 | 56,412 |
The Fresh Market, Inc.* | 7,917 | 185,416 |
United Natural Foods, Inc.* | 9,094 | 357,940 |
Village Super Market, Inc. "A" | 1,263 | 33,280 |
Weis Markets, Inc. | 1,955 | 86,606 |
2,786,761 | ||
Food Products 1.7% | ||
Alico, Inc. | 689 | 26,657 |
Amplify Snack Brands, Inc.* | 2,578 | 29,699 |
Arcadia Biosciences, Inc.* | 1,452 | 4,414 |
B&G Foods, Inc. | 10,519 | 368,375 |
Boulder Brands, Inc.* | 9,711 | 106,627 |
Cal-Maine Foods, Inc. (a) | 5,704 | 264,323 |
Calavo Growers, Inc. | 2,637 | 129,213 |
Darling Ingredients, Inc.* | 30,068 | 316,315 |
Dean Foods Co. (a) | 17,190 | 294,809 |
Diamond Foods, Inc.* | 4,717 | 181,840 |
Shares | Value ($) | |
Farmer Brothers Co.* | 1,419 | 45,791 |
Fresh Del Monte Produce, Inc. | 6,086 | 236,624 |
Freshpet, Inc.* (a) | 3,690 | 31,328 |
Inventure Foods, Inc.* | 3,259 | 23,139 |
J & J Snack Foods Corp. | 2,714 | 316,642 |
John B. Sanfilippo & Son, Inc. | 1,537 | 83,044 |
Lancaster Colony Corp. | 3,361 | 388,061 |
Landec Corp.* | 4,820 | 57,021 |
Lifeway Foods, Inc.* | 911 | 10,112 |
Limoneira Co. (a) | 1,959 | 29,268 |
Omega Protein Corp.* | 3,886 | 86,269 |
Post Holdings, Inc.* (a) | 11,157 | 688,387 |
Sanderson Farms, Inc. (a) | 4,081 | 316,359 |
Seaboard Corp.* | 47 | 136,053 |
Seneca Foods Corp. "A"* | 1,371 | 39,732 |
Snyder's-Lance, Inc. (a) | 8,889 | 304,893 |
Tootsie Roll Industries, Inc. (a) | 3,419 | 108,006 |
TreeHouse Foods, Inc.* | 7,745 | 607,673 |
5,230,674 | ||
Household Products 0.2% | ||
Central Garden & Pet Co. "A"* | 7,565 | 102,884 |
HRG Group, Inc.* | 14,080 | 190,925 |
Oil-Dri Corp. of America | 930 | 34,252 |
Orchids Paper Products Co. | 1,743 | 53,893 |
WD-40 Co. | 2,657 | 262,113 |
644,067 | ||
Personal Products 0.2% | ||
Elizabeth Arden, Inc.* (a) | 4,615 | 45,689 |
Inter Parfums, Inc. | 2,993 | 71,293 |
Medifast, Inc. (a) | 1,930 | 58,633 |
Natural Health Trends Corp. | 1,400 | 46,942 |
Nature's Sunshine Products, Inc. | 2,076 | 21,009 |
Nutraceutical International Corp.* | 1,508 | 38,937 |
Revlon, Inc. "A"* | 2,083 | 57,991 |
Synutra International, Inc.* | 3,372 | 15,882 |
USANA Health Sciences, Inc.* (a) | 1,012 | 129,283 |
485,659 | ||
Tobacco 0.2% | ||
Universal Corp. | 4,045 | 226,844 |
Vector Group Ltd. (a) | 15,583 | 367,603 |
594,447 | ||
Energy 2.6% | ||
Energy Equipment & Services 0.8% | ||
Archrock, Inc. | 12,483 | 93,872 |
Atwood Oceanics, Inc. (a) | 11,616 | 118,832 |
Basic Energy Services, Inc.* (a) | 7,622 | 20,427 |
Bristow Group, Inc. | 6,436 | 166,692 |
C&J Energy Services Ltd.* | 10,040 | 47,790 |
CARBO Ceramics, Inc. (a) | 3,460 | 59,512 |
Era Group, Inc.* | 3,545 | 39,527 |
Exterran Corp.* | 6,288 | 100,922 |
Fairmount Santrol Holdings, Inc.* | 11,384 | 26,752 |
Forum Energy Technologies, Inc.* | 10,662 | 132,849 |
Geospace Technologies Corp.* | 2,477 | 34,851 |
GulfMark Offshore, Inc. "A" (a) | 4,402 | 20,557 |
Helix Energy Solutions Group, Inc.* | 19,720 | 103,727 |
Hornbeck Offshore Services, Inc.* | 5,624 | 55,903 |
Independence Contract Drilling, Inc.* | 3,365 | 16,993 |
ION Geophysical Corp.* | 25,155 | 12,656 |
Key Energy Services, Inc.* (a) | 19,173 | 9,243 |
Matrix Service Co.* | 4,853 | 99,681 |
Shares | Value ($) | |
McDermott International, Inc.* | 42,746 | 143,199 |
Natural Gas Services Group* | 2,293 | 51,134 |
Newpark Resources, Inc.* | 15,385 | 81,233 |
Nordic American Offshore Ltd.* (a) | 3,090 | 16,284 |
North Atlantic Drilling Ltd.* | 1,389 | 3,416 |
Oil States International, Inc.* | 9,292 | 253,207 |
Parker Drilling Co.* | 22,098 | 40,218 |
PHI, Inc. (Non Voting)* | 2,151 | 35,298 |
Pioneer Energy Services Corp.* | 12,246 | 26,574 |
RigNet, Inc.* | 2,305 | 47,690 |
SEACOR Holdings, Inc.* (a) | 3,300 | 173,448 |
Seventy Seven Energy, Inc.* | 10,009 | 10,509 |
Tesco Corp. | 7,077 | 51,238 |
TETRA Technologies, Inc.* | 14,267 | 107,288 |
Tidewater, Inc. (a) | 8,960 | 62,362 |
U.S. Silica Holdings, Inc. (a) | 9,826 | 184,041 |
Unit Corp.* | 9,263 | 113,009 |
2,560,934 | ||
Oil, Gas & Consumable Fuels 1.8% | ||
Abraxas Petroleum Corp.* | 15,588 | 16,523 |
Adams Resources & Energy, Inc. | 426 | 16,358 |
Alon U.S.A. Energy, Inc. | 5,592 | 82,985 |
Approach Resources, Inc.* | 5,691 | 10,471 |
Ardmore Shipping Corp. | 3,375 | 42,930 |
Bill Barrett Corp.* | 8,775 | 34,486 |
Bonanza Creek Energy, Inc.* | 8,828 | 46,524 |
Callon Petroleum Co.* | 14,520 | 121,097 |
Carrizo Oil & Gas, Inc.* | 10,591 | 313,282 |
Clayton Williams Energy, Inc.* | 1,063 | 31,433 |
Clean Energy Fuels Corp.* (a) | 12,824 | 46,166 |
Cloud Peak Energy, Inc.* (a) | 10,946 | 22,768 |
Contango Oil & Gas Co.* | 3,102 | 19,884 |
Delek U.S. Holdings, Inc. | 10,461 | 257,341 |
DHT Holdings, Inc. | 17,005 | 137,571 |
Dorian LPG Ltd.* | 4,452 | 52,400 |
Earthstone Energy, Inc.* | 367 | 4,885 |
Eclipse Resources Corp.* (a) | 8,545 | 15,552 |
Energy Fuels, Inc.* | 7,779 | 22,948 |
Energy XXI Ltd. (a) | 17,716 | 17,893 |
Erin Energy Corp.* | 2,469 | 7,901 |
Evolution Petroleum Corp. | 4,661 | 22,419 |
EXCO Resources, Inc.* (a) | 29,546 | 36,637 |
Frontline Ltd. | 43,263 | 129,356 |
GasLog Ltd. (a) | 7,358 | 61,071 |
Gastar Exploration, Inc.* | 16,384 | 21,463 |
Gener8 Maritime, Inc.* | 2,901 | 27,414 |
Green Plains, Inc. | 6,795 | 155,606 |
Halcon Resources Corp.* | 12,259 | 15,446 |
Hallador Energy Co. | 2,017 | 9,198 |
Isramco, Inc.* | 166 | 14,826 |
Jones Energy, Inc. "A"* | 5,159 | 19,862 |
Matador Resources Co.* | 13,330 | 263,534 |
Navios Maritime Acquisition Corp. | 15,053 | 45,310 |
Nordic American Tankers Ltd. (a) | 16,303 | 253,349 |
Northern Oil & Gas, Inc.* (a) | 11,202 | 43,240 |
Oasis Petroleum, Inc.* | 25,493 | 187,883 |
Pacific Ethanol, Inc.* (a) | 6,381 | 30,501 |
Panhandle Oil & Gas, Inc. "A" | 3,085 | 49,854 |
Par Petroleum Corp.* | 2,849 | 67,066 |
Parsley Energy, Inc. "A"* | 16,793 | 309,831 |
PDC Energy, Inc.* | 7,258 | 387,432 |
Peabody Energy Corp. (a) | 3,287 | 25,244 |
Penn Virginia Corp.* | 11,638 | 3,496 |
Shares | Value ($) | |
Renewable Energy Group, Inc.* | 8,021 | 74,515 |
REX American Resources Corp.* | 1,048 | 56,665 |
Rex Energy Corp.* (a) | 9,399 | 9,869 |
Ring Energy, Inc.* | 4,275 | 30,139 |
RSP Permian, Inc.* | 11,944 | 291,314 |
Sanchez Energy Corp.* (a) | 9,398 | 40,505 |
SandRidge Energy, Inc.* | 76,899 | 15,380 |
Scorpio Tankers, Inc. | 32,602 | 261,468 |
SemGroup Corp. "A" | 8,041 | 232,063 |
Ship Finance International Ltd. (a) | 10,622 | 176,007 |
Solazyme, Inc.* (a) | 15,124 | 37,508 |
Stone Energy Corp.* | 10,252 | 43,981 |
Synergy Resources Corp.* (a) | 19,116 | 162,868 |
Teekay Tankers Ltd. "A" | 17,081 | 117,517 |
TransAtlantic Petroleum Ltd.* | 4,402 | 6,119 |
Triangle Petroleum Corp.* | 8,316 | 6,403 |
Ultra Petroleum Corp.* (a) | 27,416 | 68,540 |
Uranium Energy Corp.* (a) | 16,356 | 17,337 |
W&T Offshore, Inc. (a) | 5,618 | 12,978 |
Western Refining, Inc. | 12,849 | 457,681 |
Westmoreland Coal Co.* | 3,189 | 18,751 |
5,639,044 | ||
Financials 25.3% | ||
Banks 9.2% | ||
1st Source Corp. | 2,904 | 89,646 |
Access National Corp. | 1,297 | 26,537 |
Allegiance Bancshares, Inc.* | 542 | 12,818 |
American National Bankshares, Inc. | 1,484 | 38,005 |
Ameris Bancorp. | 5,921 | 201,255 |
Ames National Corp. | 1,604 | 38,961 |
Arrow Financial Corp. | 1,948 | 52,927 |
Banc of California, Inc. | 6,465 | 94,518 |
BancFirst Corp. | 1,307 | 76,616 |
Banco Latinoamericano de Comercio Exterior SA "E" (a) | 5,425 | 140,670 |
BancorpSouth, Inc. | 17,476 | 419,249 |
Bank of Marin Bancorp. | 1,093 | 58,366 |
Bank of the Ozarks, Inc. | 14,129 | 698,820 |
Banner Corp. | 3,849 | 176,515 |
Bar Harbor Bankshares | 1,063 | 36,588 |
BBCN Bancorp., Inc. | 14,501 | 249,707 |
Berkshire Hills Bancorp., Inc. | 5,300 | 154,283 |
Blue Hills Bancorp., Inc. | 4,989 | 76,382 |
BNC Bancorp. | 5,113 | 129,768 |
Boston Private Financial Holdings, Inc. | 15,296 | 173,457 |
Bridge Bancorp., Inc. | 2,652 | 80,700 |
Bryn Mawr Bank Corp. | 3,166 | 90,928 |
C1 Financial, Inc.* | 1,065 | 25,784 |
Camden National Corp. | 1,375 | 60,624 |
Capital Bank Financial Corp. "A" | 3,824 | 122,292 |
Capital City Bank Group, Inc. | 2,067 | 31,728 |
Cardinal Financial Corp. | 5,728 | 130,312 |
Cascade Bancorp.* | 5,898 | 35,801 |
Cathay General Bancorp. | 14,464 | 453,157 |
Centerstate Banks, Inc. | 8,095 | 126,687 |
Central Pacific Financial Corp. | 4,140 | 91,163 |
Century Bancorp., Inc. "A" | 692 | 30,074 |
Chemical Financial Corp. | 6,164 | 211,240 |
Citizens & Northern Corp. | 2,084 | 43,764 |
City Holding Co. | 2,707 | 123,547 |
CNB Financial Corp. | 2,436 | 43,921 |
CoBiz Financial, Inc. | 6,578 | 88,277 |
Shares | Value ($) | |
Columbia Banking System, Inc. | 10,503 | 341,453 |
Community Bank System, Inc. | 7,770 | 310,334 |
Community Trust Bancorp., Inc. | 2,775 | 97,014 |
CommunityOne Bancorp.* | 2,174 | 29,284 |
ConnectOne Bancorp., Inc. | 5,359 | 100,160 |
CU Bancorp.* | 2,984 | 75,674 |
Customers Bancorp., Inc.* | 4,781 | 130,139 |
CVB Financial Corp. | 19,305 | 326,641 |
Eagle Bancorp., Inc.* | 5,465 | 275,819 |
Enterprise Bancorp., Inc. | 1,414 | 32,310 |
Enterprise Financial Services Corp. | 3,722 | 105,519 |
Equity Bancshares, Inc. "A"* | 404 | 9,450 |
Farmers Capital Bank Corp.* | 1,334 | 36,165 |
FCB Financial Holdings, Inc. "A"* | 5,142 | 184,032 |
Fidelity Southern Corp. | 3,250 | 72,507 |
Financial Institutions, Inc. | 2,506 | 70,168 |
First BanCorp.* | 20,755 | 67,454 |
First BanCorp. - North Carolina | 3,488 | 65,365 |
First Bancorp., Inc. | 1,889 | 38,668 |
First Busey Corp. | 4,290 | 88,503 |
First Business Financial Services, Inc. | 1,532 | 38,315 |
First Citizens BancShares, Inc. "A" | 1,398 | 360,922 |
First Commonwealth Financial Corp. | 16,066 | 145,719 |
First Community Bancshares, Inc. | 3,056 | 56,933 |
First Connecticut Bancorp, Inc. | 2,974 | 51,777 |
First Financial Bancorp. | 11,288 | 203,974 |
First Financial Bankshares, Inc. (a) | 11,688 | 352,627 |
First Financial Corp. — Indiana | 1,957 | 66,479 |
First Interstate BancSystem, Inc. "A" | 3,504 | 101,861 |
First Merchants Corp. | 6,799 | 172,831 |
First Midwest Bancorp., Inc. | 14,207 | 261,835 |
First NBC Bank Holding Co.* | 2,842 | 106,262 |
First of Long Island Corp. | 2,221 | 66,630 |
FirstMerit Corp. (a) | 29,930 | 558,194 |
Flushing Financial Corp. | 5,270 | 114,043 |
FNB Corp. | 31,637 | 422,038 |
Franklin Financial Network, Inc.* | 971 | 30,470 |
Fulton Financial Corp. | 32,001 | 416,333 |
German American Bancorp., Inc. | 2,352 | 78,369 |
Glacier Bancorp., Inc. | 13,702 | 363,514 |
Great Southern Bancorp., Inc. | 1,864 | 84,365 |
Great Western Bancorp., Inc. | 7,559 | 219,362 |
Green Bancorp., Inc.* | 2,533 | 26,546 |
Guaranty Bancorp. | 2,730 | 45,154 |
Hampton Roads Bankshares, Inc.* | 6,596 | 12,137 |
Hancock Holding Co. | 14,143 | 355,979 |
Hanmi Financial Corp. | 5,726 | 135,821 |
Heartland Financial U.S.A., Inc. | 3,174 | 99,537 |
Heritage Commerce Corp. | 4,176 | 49,945 |
Heritage Financial Corp. | 5,380 | 101,359 |
Heritage Oaks Bancorp. | 4,274 | 34,235 |
Hilltop Holdings, Inc.* | 13,860 | 266,389 |
Home Bancshares, Inc. | 10,372 | 420,273 |
HomeTrust Bancshares, Inc.* | 3,312 | 67,068 |
Horizon Bancorp. | 2,089 | 58,408 |
IBERIABANK Corp. | 6,925 | 381,360 |
Independent Bank Corp. | 8,998 | 287,200 |
Independent Bank Group, Inc. | 1,792 | 57,344 |
International Bancshares Corp. | 9,870 | 253,659 |
Investors Bancorp., Inc. | 62,908 | 782,576 |
Lakeland Bancorp., Inc. | 6,754 | 79,630 |
Shares | Value ($) | |
Lakeland Financial Corp. | 2,985 | 139,161 |
LegacyTexas Financial Group, Inc. | 8,688 | 217,374 |
Live Oak Bancshares, Inc. | 825 | 11,715 |
MainSource Financial Group, Inc. | 3,956 | 90,513 |
MB Financial, Inc. | 13,585 | 439,746 |
Mercantile Bank Corp. | 2,998 | 73,571 |
Merchants Bancshares, Inc. | 832 | 26,200 |
Metro Bancorp., Inc. | 2,114 | 66,337 |
MidWestOne Financial Group, Inc. | 1,400 | 42,574 |
National Bank Holdings Corp. "A" | 5,440 | 116,253 |
National Bankshares, Inc. (a) | 1,314 | 46,700 |
National Commerce Corp.* | 1,071 | 26,829 |
National Penn Bancshares, Inc. | 25,482 | 314,193 |
NBT Bancorp., Inc. | 8,111 | 226,135 |
NewBridge Bancorp. | 6,410 | 78,074 |
OFG Bancorp. | 8,090 | 59,219 |
Old National Bancorp. | 21,304 | 288,882 |
Old Second Bancorp., Inc.* | 5,261 | 41,246 |
Opus Bank | 1,850 | 68,394 |
Pacific Continental Corp. | 3,501 | 52,095 |
Pacific Premier Bancorp., Inc.* | 3,850 | 81,812 |
Park National Corp. | 2,390 | 216,247 |
Park Sterling Corp. | 7,810 | 57,169 |
Peapack-Gladstone Financial Corp. | 2,759 | 56,891 |
Penns Woods Bancorp., Inc. | 795 | 33,756 |
People's Utah Bancorp. | 502 | 8,639 |
Peoples Bancorp., Inc. | 3,273 | 61,663 |
Peoples Financial Services Corp. | 1,347 | 51,294 |
Pinnacle Financial Partners, Inc. | 6,529 | 335,329 |
Preferred Bank | 2,204 | 72,776 |
PrivateBancorp., Inc. | 14,249 | 584,494 |
Prosperity Bancshares, Inc. | 12,642 | 605,046 |
QCR Holdings, Inc. | 2,086 | 50,669 |
Renasant Corp. | 7,327 | 252,122 |
Republic Bancorp., Inc. "A" | 1,886 | 49,809 |
S&T Bancorp., Inc. | 6,386 | 196,817 |
Sandy Spring Bancorp., Inc. | 4,389 | 118,327 |
Seacoast Banking Corp. of Florida* | 4,255 | 63,740 |
ServisFirst Bancshares, Inc. | 4,094 | 194,588 |
Sierra Bancorp. | 2,278 | 40,207 |
Simmons First National Corp. "A" | 5,447 | 279,758 |
South State Corp. | 4,393 | 316,076 |
Southside Bancshares, Inc. | 4,636 | 111,357 |
Southwest Bancorp., Inc. | 3,401 | 59,449 |
State Bank Financial Corp. (a) | 6,604 | 138,882 |
Sterling Bancorp. | 21,762 | 352,980 |
Stock Yards Bancorp., Inc. | 2,634 | 99,539 |
Stonegate Bank | 1,956 | 64,274 |
Suffolk Bancorp. | 2,130 | 60,386 |
Sun Bancorp, Inc.* | 1,709 | 35,274 |
Talmer Bancorp., Inc. "A" | 9,372 | 169,727 |
Texas Capital Bancshares, Inc.* | 8,289 | 409,642 |
The Bancorp., Inc.* | 6,152 | 39,188 |
Tompkins Financial Corp. | 2,764 | 155,226 |
TowneBank | 8,362 | 174,515 |
TriCo Bancshares | 4,178 | 114,644 |
Tristate Capital Holdings, Inc.* | 3,852 | 53,889 |
Triumph Bancorp., Inc.* | 2,646 | 43,659 |
Trustmark Corp. (a) | 12,350 | 284,544 |
UMB Financial Corp. (a) | 7,150 | 332,832 |
Umpqua Holdings Corp. | 39,808 | 632,947 |
Union Bankshares Corp. | 8,252 | 208,280 |
United Bankshares, Inc. (a) | 12,565 | 464,779 |
Shares | Value ($) | |
United Community Banks, Inc. | 9,788 | 190,768 |
Univest Corp. of Pennsylvania | 3,495 | 72,906 |
Valley National Bancorp. | 42,136 | 415,040 |
Washington Trust Bancorp., Inc. | 2,637 | 104,214 |
Webster Financial Corp. | 16,389 | 609,507 |
WesBanco, Inc. | 7,038 | 211,281 |
West Bancorp. | 2,829 | 55,873 |
Westamerica Bancorp. | 4,672 | 218,416 |
Western Alliance Bancorp.* | 15,567 | 558,233 |
Wilshire Bancorp., Inc. | 12,616 | 145,715 |
Wintrust Financial Corp. | 8,584 | 416,496 |
Yadkin Financial Corp. | 4,692 | 118,098 |
28,254,219 | ||
Capital Markets 1.3% | ||
Arlington Asset Investment Corp. "A" | 4,146 | 54,852 |
Ashford, Inc.* | 156 | 8,307 |
Associated Capital Group, Inc. "A"* | 1,124 | 34,282 |
BGC Partners, Inc. "A" | 33,308 | 326,751 |
Calamos Asset Management, Inc. "A" | 3,223 | 31,199 |
Cohen & Steers, Inc. | 3,746 | 114,178 |
Cowen Group, Inc. "A"* (a) | 19,854 | 76,041 |
Diamond Hill Investment Group | 543 | 102,627 |
Evercore Partners, Inc. "A" | 6,285 | 339,830 |
Fifth Street Asset Management, Inc. | 1,129 | 3,681 |
Financial Engines, Inc. (a) | 9,424 | 317,306 |
GAMCO Investors, Inc. "A" | 1,124 | 34,889 |
Greenhill & Co., Inc. | 5,339 | 152,749 |
HFF, Inc. "A" | 6,916 | 214,880 |
Houlihan Lokey, Inc. | 2,287 | 59,942 |
INTL. FCStone, Inc.* | 2,708 | 90,610 |
Investment Technology Group, Inc. | 6,120 | 104,162 |
Janus Capital Group, Inc. (a) | 26,626 | 375,160 |
KCG Holdings, Inc. "A"* | 6,264 | 77,110 |
Ladenburg Thalmann Financial Services, Inc.* | 18,811 | 51,918 |
Medley Management, Inc. "A" | 1,036 | 5,895 |
Moelis & Co. "A" | 3,142 | 91,684 |
OM Asset Management PLC | 4,390 | 67,299 |
Oppenheimer Holdings, Inc. "A" | 1,955 | 33,978 |
Piper Jaffray Companies, Inc.* | 2,725 | 110,090 |
Pzena Investment Management, Inc. "A" | 2,098 | 18,043 |
RCS Capital Corp. "A"* (a) | 8,750 | 2,664 |
Safeguard Scientifics, Inc.* | 3,689 | 53,527 |
Stifel Financial Corp.* | 12,262 | 519,418 |
Virtu Financial, Inc. "A" | 3,393 | 76,817 |
Virtus Investment Partners, Inc. | 1,224 | 143,771 |
Westwood Holdings Group, Inc. | 1,375 | 71,624 |
WisdomTree Investments, Inc. (a) | 20,681 | 324,278 |
ZAIS Group Holdings, Inc.* | 684 | 6,334 |
4,095,896 | ||
Consumer Finance 0.4% | ||
Cash America International, Inc. | 4,606 | 137,950 |
Encore Capital Group, Inc.* | 4,814 | 139,991 |
Enova International, Inc.* | 4,522 | 29,890 |
EZCORP, Inc. "A"* | 9,055 | 45,185 |
First Cash Financial Services, Inc.* | 5,166 | 193,363 |
Green Dot Corp. "A"* | 8,303 | 136,335 |
JG Wentworth Co. "A"* | 2,289 | 4,120 |
Nelnet, Inc. "A" | 4,263 | 143,109 |
Shares | Value ($) | |
PRA Group, Inc.* (a) | 8,776 | 304,440 |
Regional Management Corp.* | 1,955 | 30,244 |
World Acceptance Corp.* (a) | 1,271 | 47,154 |
1,211,781 | ||
Diversified Financial Services 0.4% | ||
FNFV Group* | 14,498 | 162,812 |
Gain Capital Holdings, Inc. | 5,734 | 46,503 |
MarketAxess Holdings, Inc. | 6,762 | 754,572 |
Marlin Business Services Corp. | 1,665 | 26,740 |
NewStar Financial, Inc.* | 4,395 | 39,467 |
On Deck Capital, Inc.* | 2,133 | 21,970 |
PICO Holdings, Inc.* | 4,104 | 42,353 |
Resource America, Inc. "A" | 2,632 | 16,134 |
Tiptree Financial, Inc. "A", (REIT) | 5,323 | 32,683 |
1,143,234 | ||
Insurance 2.5% | ||
Ambac Financial Group, Inc.* | 8,049 | 113,410 |
American Equity Investment Life Holding Co. | 14,768 | 354,875 |
AMERISAFE, Inc. | 3,478 | 177,030 |
Argo Group International Holdings Ltd. | 5,067 | 303,209 |
Atlas Financial Holdings, Inc.* | 1,891 | 37,631 |
Baldwin & Lyons, Inc. "B" | 1,538 | 36,958 |
Citizens, Inc.* (a) | 8,729 | 64,856 |
CNO Financial Group, Inc. | 33,702 | 643,371 |
Crawford & Co. "B" | 5,591 | 29,688 |
Donegal Group, Inc. "A" | 1,585 | 22,317 |
eHealth, Inc.* | 3,363 | 33,563 |
EMC Insurance Group, Inc. | 1,473 | 37,267 |
Employers Holdings, Inc. | 5,700 | 155,610 |
Enstar Group Ltd.* | 1,654 | 248,166 |
FBL Financial Group, Inc. "A" | 1,709 | 108,761 |
Federated National Holding Co. | 2,619 | 77,418 |
Fidelity & Guaranty Life | 2,039 | 51,729 |
First American Financial Corp. (a) | 19,545 | 701,666 |
Global Indemnity PLC* | 1,546 | 44,865 |
Greenlight Capital Re Ltd. "A"* | 5,168 | 96,693 |
Hallmark Financial Services, Inc.* | 2,633 | 30,780 |
HCI Group, Inc. (a) | 1,554 | 54,157 |
Heritage Insurance Holdings, Inc. | 4,394 | 95,877 |
Horace Mann Educators Corp. | 7,493 | 248,618 |
Independence Holding Co. | 1,493 | 20,678 |
Infinity Property & Casualty Corp. | 2,102 | 172,847 |
James River Group Holdings Ltd. | 1,989 | 66,711 |
Kemper Corp. | 7,899 | 294,238 |
Maiden Holdings Ltd. | 9,247 | 137,873 |
MBIA, Inc.* | 24,346 | 157,762 |
National General Holdings Corp. | 7,165 | 156,627 |
National Interstate Corp. | 1,337 | 35,698 |
National Western Life Group, Inc. "A" | 410 | 103,295 |
Navigators Group, Inc.* | 1,896 | 162,658 |
OneBeacon Insurance Group Ltd. "A" | 3,998 | 49,615 |
Patriot National, Inc.* | 1,542 | 10,347 |
Primerica, Inc. | 8,765 | 413,971 |
RLI Corp. | 7,802 | 481,774 |
Safety Insurance Group, Inc. | 2,705 | 152,508 |
Selective Insurance Group, Inc. | 10,321 | 346,579 |
State Auto Financial Corp. | 2,670 | 54,975 |
State National Companies, Inc. | 5,563 | 54,573 |
Stewart Information Services Corp. | 4,122 | 153,874 |
Shares | Value ($) | |
Symetra Financial Corp. | 13,596 | 431,945 |
Third Point Reinsurance Ltd.* | 15,424 | 206,836 |
United Fire Group, Inc. | 3,617 | 138,567 |
United Insurance Holdings Corp. | 3,186 | 54,481 |
Universal Insurance Holdings, Inc. | 5,732 | 132,868 |
7,759,815 | ||
Real Estate Investment Trusts 9.0% | ||
Acadia Realty Trust (REIT) | 12,449 | 412,684 |
AG Mortgage Investment Trust, Inc. (REIT) | 5,097 | 65,446 |
Agree Realty Corp. (REIT) | 3,736 | 126,987 |
Alexander's, Inc. (REIT) | 387 | 148,651 |
Altisource Residential Corp. (REIT) | 10,241 | 127,091 |
American Assets Trust, Inc. (REIT) | 6,781 | 260,051 |
American Capital Mortgage Investment Corp. (REIT) | 9,416 | 131,447 |
American Residential Properties, Inc. (REIT) | 5,937 | 112,209 |
Anworth Mortgage Asset Corp. (REIT) | 18,565 | 80,758 |
Apollo Commercial Real Estate Finance, Inc. (REIT) | 10,621 | 183,000 |
Apollo Residential Mortgage, Inc. (REIT) | 5,752 | 68,736 |
Ares Commercial Real Estate Corp. (REIT) | 4,829 | 55,244 |
Armada Hoffler Properties, Inc. (REIT) | 5,369 | 56,267 |
ARMOUR Residential REIT, Inc. (REIT) | 7,220 | 157,107 |
Ashford Hospitality Prime, Inc. (REIT) | 4,915 | 71,268 |
Ashford Hospitality Trust (REIT) | 15,488 | 97,729 |
Bluerock Residential Growth REIT, Inc. (REIT) | 3,336 | 39,532 |
Campus Crest Communities, Inc. (REIT) | 11,838 | 80,498 |
Capstead Mortgage Corp. (REIT) | 17,538 | 153,282 |
CareTrust REIT, Inc. (REIT) | 8,740 | 95,703 |
CatchMark Timber Trust, Inc. "A", (REIT) | 7,447 | 84,226 |
Cedar Realty Trust, Inc. (REIT) | 15,560 | 110,165 |
Chatham Lodging Trust (REIT) | 6,848 | 140,247 |
Chesapeake Lodging Trust (REIT) | 10,862 | 273,288 |
Colony Capital, Inc. "A", (REIT) | 20,258 | 394,626 |
CorEnergy Infrastructure Trust, Inc. (REIT) | 2,177 | 32,307 |
CoreSite Realty Corp. (REIT) | 4,441 | 251,894 |
Cousins Properties, Inc. (REIT) | 39,324 | 370,825 |
CubeSmart (REIT) | 29,964 | 917,498 |
CyrusOne, Inc. (REIT) | 12,001 | 449,437 |
CYS Investments, Inc. (REIT) | 29,034 | 207,012 |
DCT Industrial Trust, Inc. (REIT) | 15,917 | 594,818 |
DiamondRock Hospitality Co. (REIT) | 36,395 | 351,212 |
DuPont Fabros Technology, Inc. (REIT) | 11,455 | 364,154 |
Dynex Capital, Inc. (REIT) | 9,751 | 61,919 |
Easterly Government Properties, Inc. (REIT) | 2,489 | 42,761 |
EastGroup Properties, Inc. (REIT) | 5,869 | 326,375 |
Education Realty Trust, Inc. (REIT) | 10,232 | 387,588 |
EPR Properties (REIT) | 10,244 | 598,762 |
Equity One, Inc. (REIT) | 13,342 | 362,235 |
FelCor Lodging Trust, Inc. (REIT) | 26,312 | 192,078 |
Shares | Value ($) | |
First Industrial Realty Trust, Inc. (REIT) | 20,045 | 443,596 |
First Potomac Realty Trust (REIT) | 10,581 | 120,623 |
Franklin Street Properties Corp. (REIT) | 16,606 | 171,872 |
Getty Realty Corp. (REIT) | 4,559 | 78,187 |
Gladstone Commercial Corp. (REIT) | 3,674 | 53,604 |
Government Properties Income Trust (REIT) (a) | 12,610 | 200,121 |
Gramercy Property Trust (REIT) | 76,487 | 590,480 |
Great Ajax Corp. (REIT) | 792 | 9,599 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) | 6,915 | 130,832 |
Hatteras Financial Corp. (REIT) | 17,722 | 233,044 |
Healthcare Realty Trust, Inc. (REIT) (a) | 18,149 | 513,980 |
Hersha Hospitality Trust (REIT) | 8,344 | 181,565 |
Highwoods Properties, Inc. (REIT) | 16,853 | 734,791 |
Hudson Pacific Properties, Inc. (REIT) | 13,504 | 380,003 |
Independence Realty Trust, Inc. (REIT) | 5,835 | 43,821 |
InfraREIT, Inc. (REIT)* | 3,893 | 72,021 |
Inland Real Estate Corp. (REIT) | 15,667 | 166,384 |
Invesco Mortgage Capital (REIT) | 22,447 | 278,118 |
Investors Real Estate Trust (REIT) | 22,552 | 156,736 |
iStar, Inc. (REIT)* | 15,325 | 179,762 |
Kite Realty Group Trust (REIT) | 15,158 | 393,047 |
Ladder Capital Corp. (REIT) | 7,410 | 92,032 |
LaSalle Hotel Properties (REIT) | 20,405 | 513,390 |
Lexington Realty Trust (REIT) | 37,433 | 299,464 |
LTC Properties, Inc. (REIT) | 6,474 | 279,288 |
Mack-Cali Realty Corp. (REIT) | 16,172 | 377,616 |
Medical Properties Trust, Inc. (REIT) | 42,298 | 486,850 |
Monmouth Real Estate Investment Corp. (REIT) (a) | 10,742 | 112,361 |
Monogram Residential Trust, Inc. (REIT) | 30,316 | 295,884 |
National Health Investors, Inc. (REIT) | 6,808 | 414,403 |
National Storage Affiliates Trust (REIT) | 4,073 | 69,771 |
New Residential Investment Corp. (REIT) | 41,677 | 506,792 |
New Senior Investment Group, Inc. (REIT) | 15,711 | 154,910 |
New York Mortgage Trust, Inc. (REIT) | 19,868 | 105,896 |
New York REIT, Inc. (REIT) | 29,502 | 339,273 |
NexPoint Residential Trust, Inc. (REIT) | 3,367 | 44,074 |
One Liberty Properties, Inc. (REIT) | 2,340 | 50,216 |
Orchid Island Capital, Inc. (REIT) | 3,815 | 37,883 |
Parkway Properties, Inc. (REIT) | 15,472 | 241,827 |
Pebblebrook Hotel Trust (REIT) | 13,024 | 364,933 |
Pennsylvania Real Estate Investment Trust (REIT) | 12,614 | 275,868 |
PennyMac Mortgage Investment Trust (REIT) | 13,672 | 208,635 |
Physicians Realty Trust (REIT) | 15,915 | 268,327 |
Potlatch Corp. (REIT) | 7,430 | 224,683 |
Preferred Apartment Communities, Inc. "A" (REIT) | 3,939 | 51,522 |
PS Business Parks, Inc. (REIT) | 3,545 | 309,939 |
QTS Realty Trust, Inc. "A", (REIT) | 5,119 | 230,918 |
RAIT Financial Trust (REIT) | 15,759 | 42,549 |
Shares | Value ($) | |
Ramco-Gershenson Properties Trust (REIT) | 14,479 | 240,496 |
Redwood Trust, Inc. (REIT) | 15,444 | 203,861 |
Resource Capital Corp. (REIT) | 6,223 | 79,406 |
Retail Opportunity Investments Corp. (REIT) | 18,066 | 323,381 |
Rexford Industrial Realty, Inc. (REIT) | 10,209 | 167,019 |
RLJ Lodging Trust (REIT) | 23,873 | 516,373 |
Rouse Properties, Inc. (REIT) (a) | 6,617 | 96,344 |
Ryman Hospitality Properties, Inc. (REIT) | 7,876 | 406,717 |
Sabra Health Care REIT, Inc. (REIT) | 11,909 | 240,919 |
Saul Centers, Inc. (REIT) | 1,741 | 89,261 |
Select Income REIT (REIT) | 11,480 | 227,534 |
Silver Bay Realty Trust Corp. (REIT) | 6,512 | 101,978 |
Sovran Self Storage, Inc. (REIT) | 6,414 | 688,286 |
STAG Industrial, Inc. (REIT) | 11,922 | 219,961 |
Starwood Waypoint Residential Trust (REIT) | 6,834 | 154,722 |
STORE Capital Corp. (REIT) | 7,338 | 170,242 |
Summit Hotel Properties, Inc. (REIT) | 16,020 | 191,439 |
Sun Communities, Inc. (REIT) | 9,178 | 628,968 |
Sunstone Hotel Investors, Inc. (REIT) | 37,707 | 470,960 |
Terreno Realty Corp. (REIT) | 7,911 | 178,947 |
The Geo Group, Inc. (REIT) | 13,541 | 391,470 |
UMH Properties, Inc. (REIT) | 3,746 | 37,910 |
United Development Funding IV (REIT) (a) | 5,470 | 60,170 |
Universal Health Realty Income Trust (REIT) | 2,225 | 111,272 |
Urban Edge Properties (REIT) | 16,106 | 377,686 |
Urstadt Biddle Properties "A", (REIT) | 4,917 | 94,603 |
Washington Real Estate Investment Trust (REIT) (a) | 12,369 | 334,705 |
Western Asset Mortgage Capital Corp. (REIT) (a) | 7,417 | 75,802 |
Whitestone REIT (REIT) | 4,824 | 57,936 |
Xenia Hotels & Resorts, Inc. (REIT) | 20,296 | 311,138 |
27,818,113 | ||
Real Estate Management & Development 0.4% | ||
Alexander & Baldwin, Inc. | 8,866 | 313,059 |
Altisource Asset Management Corp.* | 127 | 2,179 |
Altisource Portfolio Solutions SA* | 2,379 | 66,160 |
AV Homes, Inc.* | 2,197 | 28,144 |
Consolidated-Tomoka Land Co. | 799 | 42,115 |
Forestar Group, Inc.* | 6,008 | 65,728 |
FRP Holdings, Inc.* | 1,245 | 42,255 |
Kennedy-Wilson Holdings, Inc. | 16,805 | 404,664 |
Marcus & Millichap, Inc.* | 2,453 | 71,481 |
RE/MAX Holdings, Inc. "A" | 2,094 | 78,106 |
Tejon Ranch Co.* | 2,428 | 46,496 |
The RMR Group, Inc. "A"* | 1,262 | 18,185 |
The St. Joe Co.* (a) | 10,126 | 187,432 |
1,366,004 | ||
Thrifts & Mortgage Finance 2.1% | ||
Anchor BanCorp. Wisconsin, Inc.* | 1,359 | 59,144 |
Astoria Financial Corp. | 16,435 | 260,495 |
Bank Mutual Corp. | 8,327 | 64,951 |
BankFinancial Corp. | 3,414 | 43,119 |
BBX Capital Corp. "A"* | 536 | 8,388 |
Shares | Value ($) | |
Bear State Financial, Inc.* | 2,356 | 25,515 |
Beneficial Bancorp., Inc.* | 15,124 | 201,452 |
BofI Holding, Inc.* (a) | 11,254 | 236,897 |
Brookline Bancorp., Inc. | 12,528 | 144,072 |
BSB Bancorp., Inc.* | 1,447 | 33,845 |
Capitol Federal Financial, Inc. | 25,602 | 321,561 |
Charter Financial Corp. | 3,087 | 40,779 |
Clifton Bancorp., Inc. | 4,673 | 67,011 |
Dime Community Bancshares | 5,587 | 97,717 |
Essent Group Ltd.* | 10,157 | 222,337 |
EverBank Financial Corp. | 17,622 | 281,600 |
Federal Agricultural Mortgage Corp. "C" | 1,873 | 59,131 |
First Defiance Financial Corp. | 1,647 | 62,224 |
Flagstar Bancorp., Inc.* | 3,809 | 88,026 |
Fox Chase Bancorp. | 1,932 | 39,200 |
Hingham Institution for Savings | 235 | 28,153 |
HomeStreet, Inc.* | 4,069 | 88,338 |
Impac Mortgage Holdings, Inc.* | 1,531 | 27,558 |
Kearny Financial Corp. | 17,115 | 216,847 |
LendingTree, Inc.* | 1,076 | 96,065 |
Meridian Bancorp., Inc. | 9,767 | 137,715 |
Meta Financial Group, Inc. | 1,350 | 62,006 |
MGIC Investment Corp.* | 61,345 | 541,676 |
Nationstar Mortgage Holdings, Inc.* (a) | 6,985 | 93,389 |
NMI Holdings, Inc. "A"* | 8,941 | 60,531 |
Northfield Bancorp., Inc. | 8,357 | 133,043 |
Northwest Bancshares, Inc. | 18,260 | 244,501 |
OceanFirst Financial Corp. | 2,464 | 49,354 |
Ocwen Financial Corp.* (a) | 19,223 | 133,984 |
Oritani Financial Corp. | 7,833 | 129,244 |
PennyMac Financial Services, Inc. "A"* | 2,471 | 37,955 |
PHH Corp.* | 8,884 | 143,921 |
Provident Financial Services, Inc. | 11,991 | 241,619 |
Radian Group, Inc. | 34,624 | 463,615 |
Stonegate Mortgage Corp.* | 2,784 | 15,173 |
Territorial Bancorp., Inc. | 1,579 | 43,801 |
TrustCo Bank Corp. | 16,977 | 104,239 |
United Community Financial Corp. | 9,151 | 53,991 |
United Financial Bancorp., Inc. | 8,989 | 115,778 |
Walker & Dunlop, Inc.* | 4,824 | 138,979 |
Walter Investment Management Corp.* (a) | 6,944 | 98,744 |
Washington Federal, Inc. | 17,186 | 409,542 |
Waterstone Financial, Inc. | 4,904 | 69,146 |
WSFS Financial Corp. | 5,636 | 182,381 |
6,518,752 | ||
Health Care 16.3% | ||
Biotechnology 6.5% | ||
Abeona Therapeutics, Inc.* | 1,841 | 6,186 |
ACADIA Pharmaceuticals, Inc.* | 14,480 | 516,212 |
Acceleron Pharma, Inc.* | 3,960 | 193,090 |
Achillion Pharmaceuticals, Inc.* (a) | 21,547 | 232,492 |
Acorda Therapeutics, Inc.* (a) | 7,792 | 333,342 |
Adamas Pharmaceuticals, Inc.* | 1,850 | 52,392 |
Aduro Biotech, Inc.* (a) | 1,484 | 41,760 |
Advaxis, Inc.* (a) | 5,379 | 54,113 |
Aegerion Pharmaceuticals, Inc.* | 4,462 | 45,066 |
Affimed NV* | 2,720 | 19,366 |
Agenus, Inc.* | 14,043 | 63,755 |
Aimmune Therapeutics, Inc.* | 1,912 | 35,276 |
Akebia Therapeutics, Inc.* | 4,334 | 55,995 |
Shares | Value ($) | |
Alder Biopharmaceuticals, Inc.* | 4,181 | 138,098 |
AMAG Pharmaceuticals, Inc.* (a) | 6,174 | 186,393 |
Amicus Therapeutics, Inc.* | 21,234 | 205,970 |
Anacor Pharmaceuticals, Inc.* | 7,440 | 840,497 |
Anthera Pharmaceuticals, Inc.* | 7,316 | 33,946 |
Applied Genetic Technologies Corp.* | 1,565 | 31,926 |
Ardelyx, Inc.* | 3,101 | 56,190 |
Arena Pharmaceuticals, Inc.* | 43,305 | 82,280 |
ARIAD Pharmaceuticals, Inc.* (a) | 30,769 | 192,306 |
Array BioPharma, Inc.* | 25,820 | 108,960 |
Arrowhead Research Corp.* (a) | 10,992 | 67,601 |
Asterias Biotherapeutics, Inc.* | 1,860 | 7,310 |
Atara Biotherapeutics, Inc.* | 3,033 | 80,102 |
aTyr Pharma, Inc.* | 1,075 | 10,567 |
Avalanche Biotechnologies, Inc.* | 3,472 | 33,053 |
Axovant Sciences Ltd.* | 2,695 | 48,591 |
Bellicum Pharmaceuticals, Inc.* | 1,567 | 31,763 |
BioCryst Pharmaceuticals, Inc.* | 13,132 | 135,522 |
BioSpecifics Technologies Corp.* | 878 | 37,728 |
BioTime, Inc.* (a) | 10,076 | 41,312 |
Blueprint Medicines Corp.* | 1,666 | 43,882 |
Calithera Biosciences, Inc.* (a) | 2,284 | 17,495 |
Cara Therapeutics, Inc.* | 3,745 | 63,141 |
Catabasis Pharmaceuticals, Inc.* | 771 | 6,114 |
Catalyst Pharmaceuticals, Inc.* | 13,383 | 32,788 |
Celldex Therapeutics, Inc.* (a) | 17,942 | 281,331 |
Cellular Biomedicine Group, Inc.* | 1,746 | 37,522 |
Cepheid, Inc.* | 13,036 | 476,205 |
ChemoCentryx, Inc.* | 5,314 | 43,043 |
Chiasma, Inc.* | 1,258 | 24,619 |
Chimerix, Inc.* | 8,328 | 74,536 |
Cidara Therapeutics, Inc.* | 867 | 14,878 |
Clovis Oncology, Inc.* | 5,007 | 175,245 |
Coherus Biosciences, Inc.* | 4,219 | 96,868 |
Concert Pharmaceuticals, Inc.* | 2,736 | 51,902 |
CorMedix, Inc.* | 5,513 | 11,191 |
CTI BioPharma Corp.* (a) | 38,335 | 47,152 |
Curis, Inc.* | 19,756 | 57,490 |
Cytokinetics, Inc.* | 6,204 | 64,894 |
CytomX Therapeutics, Inc.* | 1,389 | 28,988 |
CytRx Corp.* | 12,477 | 33,064 |
Dicerna Pharmaceuticals, Inc.* | 2,685 | 31,871 |
Dimension Therapeutics, Inc.* | 1,016 | 11,460 |
Dyax Corp.* | 26,416 | 993,770 |
Dynavax Technologies Corp.* | 6,559 | 158,465 |
Eagle Pharmaceuticals, Inc.* | 1,535 | 136,108 |
Edge Therapeutics, Inc.* | 1,524 | 19,050 |
Emergent Biosolutions, Inc.* | 5,564 | 222,616 |
Enanta Pharmaceuticals, Inc.* | 2,961 | 97,772 |
Epizyme, Inc.* (a) | 5,125 | 82,103 |
Esperion Therapeutics, Inc.* | 2,329 | 51,844 |
Exact Sciences Corp.* (a) | 17,164 | 158,424 |
Exelixis, Inc.* (a) | 41,323 | 233,062 |
Fibrocell Science, Inc.* | 4,371 | 19,888 |
FibroGen, Inc.* | 8,724 | 265,820 |
Five Prime Therapeutics, Inc.* | 3,944 | 163,676 |
Flexion Therapeutics, Inc.* | 2,472 | 47,635 |
Foundation Medicine, Inc.* | 2,119 | 44,626 |
Galena Biopharma, Inc.* (a) | 28,746 | 42,257 |
Genocea Biosciences, Inc.* | 4,125 | 21,739 |
Genomic Health, Inc.* (a) | 3,292 | 115,878 |
Geron Corp.* (a) | 28,914 | 139,944 |
Shares | Value ($) | |
Global Blood Therapeutics, Inc.* (a) | 1,186 | 38,343 |
Halozyme Therapeutics, Inc.* (a) | 19,331 | 335,006 |
Heron Therapeutics, Inc.* (a) | 5,229 | 139,614 |
Idera Pharmaceuticals, Inc.* | 15,074 | 46,579 |
Ignyta, Inc.* | 3,956 | 53,010 |
Immune Design Corp.* | 2,012 | 40,401 |
ImmunoGen, Inc.* | 15,801 | 214,420 |
Immunomedics, Inc.* (a) | 17,145 | 52,635 |
Infinity Pharmaceuticals, Inc.* | 8,997 | 70,626 |
Inovio Pharmaceuticals, Inc.* (a) | 13,300 | 89,376 |
Insmed, Inc.* | 11,301 | 205,113 |
Insys Therapeutics, Inc.* (a) | 4,208 | 120,475 |
Invitae Corp.* (a) | 1,354 | 11,116 |
Ironwood Pharmaceuticals, Inc.* | 22,967 | 266,188 |
Karyopharm Therapeutics, Inc.* | 4,102 | 54,352 |
Keryx Biopharmaceuticals, Inc.* (a) | 19,024 | 96,071 |
Kite Pharma, Inc.* | 5,237 | 322,704 |
La Jolla Pharmaceutical Co.* | 2,543 | 68,661 |
Lexicon Pharmaceuticals, Inc.* (a) | 7,372 | 98,121 |
Ligand Pharmaceuticals, Inc.* (a) | 3,204 | 347,378 |
Lion Biotechnologies, Inc.* | 7,994 | 61,714 |
Loxo Oncology, Inc.* | 1,384 | 39,375 |
MacroGenics, Inc.* | 5,785 | 179,161 |
MannKind Corp.* (a) | 45,098 | 65,392 |
Medgenics, Inc.* | 3,967 | 23,881 |
Merrimack Pharmaceuticals, Inc.* | 20,284 | 160,244 |
MiMedx Group, Inc.* (a) | 19,430 | 182,059 |
Mirati Therapeutics, Inc.* | 2,114 | 66,802 |
Momenta Pharmaceuticals, Inc.* | 11,230 | 166,653 |
Myriad Genetics, Inc.* (a) | 12,610 | 544,248 |
NantKwest, Inc.* (a) | 1,143 | 19,808 |
Natera, Inc.* | 1,719 | 18,565 |
Navidea Biopharmaceuticals, Inc.* (a) | 28,442 | 37,828 |
Neurocrine Biosciences, Inc.* | 15,516 | 877,740 |
NewLink Genetics Corp.* (a) | 3,721 | 135,407 |
Nivalis Therapeutics, Inc.* | 864 | 6,687 |
Northwest Biotherapeutics, Inc.* (a) | 8,327 | 26,646 |
Novavax, Inc.* (a) | 48,684 | 408,459 |
Ocata Therapeutics, Inc.* | 7,720 | 65,002 |
OncoMed Pharmaceuticals, Inc.* | 3,010 | 67,845 |
Oncothyreon, Inc.* | 17,389 | 38,604 |
Ophthotech Corp.* | 4,313 | 338,700 |
Orexigen Therapeutics, Inc.* | 18,175 | 31,261 |
Organovo Holdings, Inc.* (a) | 16,581 | 41,287 |
Osiris Therapeutics, Inc. (a) | 3,347 | 34,742 |
Otonomy, Inc.* | 2,623 | 72,788 |
OvaScience, Inc.* (a) | 4,166 | 40,702 |
PDL BioPharma, Inc. (a) | 29,382 | 104,012 |
Peregrine Pharmaceuticals, Inc.* (a) | 34,539 | 40,411 |
Pfenex, Inc.* | 2,897 | 35,865 |
Portola Pharmaceuticals, Inc.* | 9,047 | 465,468 |
Progenics Pharmaceuticals, Inc.* | 12,334 | 75,607 |
Proteon Therapeutics, Inc.* | 1,372 | 21,280 |
Prothena Corp. PLC* | 5,695 | 387,886 |
PTC Therapeutics, Inc.* (a) | 6,057 | 196,247 |
Radius Health, Inc.* | 6,001 | 369,302 |
Raptor Pharmaceutical Corp.* | 14,394 | 74,849 |
REGENXBIO, Inc.* | 1,313 | 21,796 |
Regulus Therapeutics, Inc.* (a) | 5,026 | 43,827 |
Repligen Corp.* | 5,878 | 166,289 |
Retrophin, Inc.* | 6,254 | 120,640 |
Shares | Value ($) | |
Rigel Pharmaceuticals, Inc.* | 15,433 | 46,762 |
Sage Therapeutics, Inc.* | 2,467 | 143,826 |
Sangamo BioSciences, Inc.* (a) | 12,450 | 113,669 |
Sarepta Therapeutics, Inc.* (a) | 8,146 | 314,273 |
Seres Therapeutics, Inc.* (a) | 1,609 | 56,460 |
Sorrento Therapeutics, Inc.* | 5,039 | 43,890 |
Spark Therapeutics, Inc.* (a) | 1,474 | 66,787 |
Spectrum Pharmaceuticals, Inc.* | 12,122 | 73,096 |
Stemline Therapeutics, Inc.* | 2,793 | 17,624 |
Synergy Pharmaceuticals, Inc.* (a) | 18,208 | 103,239 |
Synta Pharmaceuticals Corp.* | 16,200 | 5,702 |
T2 Biosystems, Inc.* | 1,622 | 17,745 |
TESARO, Inc.* | 4,259 | 222,831 |
TG Therapeutics, Inc.* | 6,586 | 78,571 |
Threshold Pharmaceuticals, Inc.* | 11,801 | 5,663 |
Tobira Therapeutics, Inc.* | 334 | 3,357 |
Tokai Pharmaceuticals, Inc.* | 1,692 | 14,754 |
Trevena, Inc.* | 5,873 | 61,667 |
Trovagene, Inc.* (a) | 5,536 | 29,894 |
Ultragenyx Pharmaceutical, Inc.* | 6,982 | 783,241 |
Vanda Pharmaceuticals, Inc.* (a) | 7,479 | 69,629 |
Verastem, Inc.* | 5,492 | 10,215 |
Versartis, Inc.* | 4,002 | 49,585 |
Vitae Pharmaceuticals, Inc.* | 2,357 | 42,662 |
Vital Therapies, Inc.* | 2,982 | 34,353 |
Voyager Therapeutics, Inc.* | 1,042 | 22,820 |
vTv Therapeutics, Inc. "A"* | 1,054 | 7,178 |
XBiotech, Inc.* | 720 | 7,826 |
Xencor, Inc.* | 5,068 | 74,094 |
XOMA Corp.* | 16,323 | 21,710 |
Zafgen, Inc.* | 3,074 | 19,335 |
ZIOPHARM Oncology, Inc.* (a) | 21,011 | 174,601 |
20,041,843 | ||
Health Care Equipment & Supplies 3.9% | ||
Abaxis, Inc. | 4,124 | 229,624 |
ABIOMED, Inc.* (a) | 7,569 | 683,329 |
Accuray, Inc.* (a) | 14,254 | 96,215 |
Analogic Corp. | 2,281 | 188,411 |
AngioDynamics, Inc.* | 4,751 | 57,677 |
Anika Therapeutics, Inc.* (a) | 2,683 | 102,383 |
Antares Pharma, Inc.* | 27,595 | 33,390 |
AtriCure, Inc.* | 5,076 | 113,905 |
Atrion Corp. | 254 | 96,825 |
Cantel Medical Corp. | 6,235 | 387,443 |
Cardiovascular Systems, Inc.* | 5,795 | 87,620 |
Cerus Corp.* (a) | 17,361 | 109,722 |
ConforMIS, Inc.* | 1,779 | 30,759 |
CONMED Corp. | 5,058 | 222,805 |
Corindus Vascular Robotics, Inc.* | 4,042 | 12,975 |
CryoLife, Inc. | 4,545 | 48,995 |
Cutera, Inc.* | 2,581 | 33,011 |
Cynosure, Inc. "A"* | 3,974 | 177,519 |
EndoChoice Holdings, Inc.* | 1,129 | 9,427 |
Endologix, Inc.* | 12,308 | 121,849 |
Entellus Medical, Inc.* | 982 | 16,557 |
Exactech, Inc.* | 1,915 | 34,757 |
Genmark Diagnostics, Inc.* | 7,401 | 57,432 |
Glaukos Corp.* | 1,186 | 29,282 |
Globus Medical, Inc. "A"* | 12,473 | 346,999 |
Greatbatch, Inc.* | 4,653 | 244,283 |
Haemonetics Corp.* | 9,410 | 303,378 |
Halyard Health, Inc.* (a) | 8,481 | 283,350 |
HeartWare International, Inc.* | 3,104 | 156,442 |
Shares | Value ($) | |
ICU Medical, Inc.* | 2,574 | 290,296 |
Inogen, Inc.* | 2,818 | 112,974 |
Insulet Corp.* | 10,292 | 389,141 |
Integra LifeSciences Holdings* | 5,153 | 349,270 |
Invacare Corp. | 5,966 | 103,749 |
InVivo Therapeutics Holdings Corp.* (a) | 4,725 | 34,020 |
Invuity, Inc.* | 790 | 6,968 |
iRadimed Corp.* | 504 | 14,127 |
K2M Group Holdings, Inc.* | 3,132 | 61,826 |
Lantheus Holdings, Inc.* | 2,106 | 7,118 |
LDR Holding Corp.* (a) | 4,548 | 114,200 |
LeMaitre Vascular, Inc. | 2,129 | 36,725 |
LivaNova PLC* | 8,039 | 477,275 |
Masimo Corp.* | 7,949 | 329,963 |
Meridian Bioscience, Inc. | 7,524 | 154,392 |
Merit Medical Systems, Inc.* | 7,942 | 147,642 |
Natus Medical, Inc.* | 6,003 | 288,444 |
Neogen Corp.* | 6,714 | 379,475 |
Nevro Corp.* (a) | 2,982 | 201,315 |
Novocure Ltd.* | 1,530 | 34,211 |
NuVasive, Inc.* | 8,755 | 473,733 |
NxStage Medical, Inc.* | 11,570 | 253,499 |
OraSure Technologies, Inc.* | 9,901 | 63,762 |
Orthofix International NV* | 3,359 | 131,706 |
Oxford Immunotec Global PLC* | 3,585 | 41,228 |
Penumbra, Inc.* | 834 | 44,878 |
Quidel Corp.* | 5,151 | 109,201 |
Rockwell Medical, Inc.* (a) | 8,999 | 92,150 |
RTI Surgical, Inc.* | 10,252 | 40,700 |
SeaSpine Holdings Corp.* | 1,475 | 25,341 |
Second Sight Medical Products, Inc.* (a) | 2,102 | 12,381 |
Sientra, Inc.* | 1,289 | 7,631 |
Spectranetics Corp.* | 7,708 | 116,082 |
STAAR Surgical Co.* | 6,939 | 49,544 |
STERIS PLC (a) | 15,410 | 1,160,989 |
SurModics, Inc.* | 2,464 | 49,945 |
Tandem Diabetes Care, Inc.* | 3,151 | 37,213 |
TransEnterix, Inc.* | 8,351 | 20,710 |
Unilife Corp.* | 19,186 | 9,499 |
Utah Medical Products, Inc. | 701 | 41,037 |
Vascular Solutions, Inc.* | 3,140 | 107,985 |
Veracyte, Inc.* | 2,403 | 17,302 |
West Pharmaceutical Services, Inc. | 12,974 | 781,294 |
Wright Medical Group NV* | 16,184 | 391,329 |
Zeltiq Aesthetics, Inc.* (a) | 5,930 | 169,183 |
12,097,817 | ||
Health Care Providers & Services 2.7% | ||
AAC Holdings, Inc.* (a) | 1,413 | 26,932 |
Aceto Corp. | 5,210 | 140,566 |
Addus HomeCare Corp.* | 1,258 | 29,286 |
Adeptus Health, Inc. "A"* (a) | 1,102 | 60,081 |
Air Methods Corp.* (a) | 7,143 | 299,506 |
Alliance HealthCare Services, Inc.* | 990 | 9,088 |
Almost Family, Inc.* | 1,293 | 49,431 |
Amedisys, Inc.* | 5,178 | 203,599 |
AMN Healthcare Services, Inc.* | 8,675 | 269,359 |
AmSurg Corp.* | 9,778 | 743,128 |
BioScrip, Inc.* (a) | 11,643 | 20,375 |
BioTelemetry, Inc.* | 5,025 | 58,692 |
Capital Senior Living Corp.* | 5,278 | 110,099 |
Chemed Corp. (a) | 3,090 | 462,882 |
Shares | Value ($) | |
Civitas Solutions, Inc.* | 2,144 | 61,726 |
CorVel Corp.* | 1,546 | 67,900 |
Cross Country Healthcare, Inc.* | 5,817 | 95,341 |
Diplomat Pharmacy, Inc.* (a) | 6,621 | 226,571 |
ExamWorks Group, Inc.* | 7,585 | 201,761 |
Five Star Quality Care, Inc.* | 8,102 | 25,764 |
Genesis Healthcare, Inc.* | 6,503 | 22,565 |
Hanger, Inc.* | 6,481 | 106,612 |
Healthequity, Inc.* | 6,652 | 166,766 |
HealthSouth Corp. (a) | 16,519 | 575,026 |
Healthways, Inc.* | 5,542 | 71,326 |
Kindred Healthcare, Inc. | 15,321 | 182,473 |
Landauer, Inc. | 1,696 | 55,832 |
LHC Group, Inc.* | 2,366 | 107,156 |
Magellan Health, Inc.* | 4,523 | 278,888 |
Molina Healthcare, Inc.* (a) | 7,113 | 427,705 |
National Healthcare Corp. | 1,829 | 112,849 |
National Research Corp. "A" | 1,954 | 31,342 |
Nobilis Health Corp.* (a) | 5,671 | 15,992 |
Owens & Minor, Inc. (a) | 11,436 | 411,467 |
PharMerica Corp.* | 5,587 | 195,545 |
Providence Service Corp.* | 2,447 | 114,813 |
RadNet, Inc.* | 6,359 | 39,299 |
Select Medical Holdings Corp. (a) | 19,215 | 228,851 |
Surgery Partners, Inc.* | 2,869 | 58,786 |
Surgical Care Affiliates, Inc.* | 3,847 | 153,149 |
Team Health Holdings, Inc.* | 13,040 | 572,326 |
Teladoc, Inc.* (a) | 1,631 | 29,293 |
The Ensign Group, Inc. | 9,306 | 210,595 |
Triple-S Management Corp. "B"* | 4,446 | 106,304 |
Trupanion, Inc.* (a) | 2,904 | 28,343 |
U.S. Physical Therapy, Inc. | 2,273 | 122,015 |
Universal American Corp. | 9,059 | 63,413 |
WellCare Health Plans, Inc.* | 7,973 | 623,568 |
8,274,386 | ||
Health Care Technology 0.6% | ||
Castlight Health, Inc. "B"* | 5,996 | 25,603 |
Computer Programs & Systems, Inc. | 2,091 | 104,027 |
Connecture, Inc.* | 1,230 | 4,440 |
Evolent Health, Inc. "A"* | 2,273 | 27,526 |
HealthStream, Inc.* | 4,529 | 99,638 |
HMS Holdings Corp.* | 16,240 | 200,402 |
Imprivata, Inc.* | 1,453 | 16,419 |
MedAssets, Inc.* | 10,971 | 339,443 |
Medidata Solutions, Inc.* | 10,015 | 493,640 |
Omnicell, Inc.* | 6,503 | 202,113 |
Press Ganey Holdings, Inc.* (a) | 1,817 | 57,326 |
Quality Systems, Inc. | 9,013 | 145,290 |
Vocera Communications, Inc.* | 4,881 | 59,548 |
1,775,415 | ||
Life Sciences Tools & Services 0.6% | ||
Accelerate Diagnostics, Inc.* (a) | 3,848 | 82,693 |
Affymetrix, Inc.* | 14,162 | 142,895 |
Albany Molecular Research, Inc.* (a) | 4,471 | 88,749 |
Cambrex Corp.* | 5,703 | 268,554 |
Fluidigm Corp.* | 5,197 | 56,180 |
Harvard Bioscience, Inc.* | 5,940 | 20,612 |
INC Research Holdings, Inc. "A"* | 2,368 | 114,872 |
Luminex Corp.* | 7,698 | 164,660 |
NanoString Technologies, Inc.* | 2,383 | 35,054 |
NeoGenomics, Inc.* | 9,491 | 74,694 |
Shares | Value ($) | |
Pacific Biosciences of California, Inc.* (a) | 10,903 | 143,156 |
PAREXEL International Corp.* | 9,968 | 679,020 |
PRA Health Sciences, Inc.* | 3,625 | 164,104 |
Sequenom, Inc.* (a) | 22,054 | 36,169 |
2,071,412 | ||
Pharmaceuticals 2.0% | ||
Aclaris Therapeutics, Inc.* | 1,042 | 28,071 |
Aerie Pharmaceuticals, Inc.* | 3,642 | 88,683 |
Agile Therapeutics, Inc.* | 1,853 | 18,085 |
Alimera Sciences, Inc.* | 5,299 | 12,824 |
Amphastar Pharmaceuticals, Inc.* | 5,723 | 81,438 |
ANI Pharmaceuticals, Inc.* | 1,483 | 66,920 |
Aratana Therapeutics, Inc.* | 5,044 | 28,146 |
Assembly Biosciences, Inc.* | 2,549 | 19,143 |
BioDelivery Sciences International, Inc.* | 8,239 | 39,465 |
Carbylan Therapeutics, Inc.* | 2,208 | 7,993 |
Catalent, Inc.* | 15,165 | 379,580 |
Cempra, Inc.* (a) | 5,693 | 177,223 |
Collegium Pharmaceutical, Inc.* | 1,191 | 32,752 |
Corcept Therapeutics, Inc.* | 11,313 | 56,339 |
Corium International, Inc.* | 2,209 | 17,937 |
DepoMed, Inc.* (a) | 10,999 | 199,412 |
Dermira, Inc.* | 2,848 | 98,569 |
Durect Corp.* | 19,958 | 44,107 |
Endocyte, Inc.* | 7,143 | 28,643 |
Flex Pharma, Inc.* | 1,001 | 12,462 |
Foamix Pharmaceuticals Ltd.* | 4,017 | 32,578 |
Heska Corp.* | 1,013 | 39,183 |
Impax Laboratories, Inc.* | 13,018 | 556,650 |
Intersect ENT, Inc.* | 3,071 | 69,097 |
Intra-Cellular Therapies, Inc.* | 4,863 | 261,581 |
Lannett Co., Inc.* (a) | 4,748 | 190,490 |
Medicines Co.* (a) | 12,014 | 448,603 |
MyoKardia, Inc.* | 1,133 | 16,610 |
Nektar Therapeutics* (a) | 23,921 | 403,069 |
Neos Therapeutics, Inc.* | 949 | 13,590 |
Ocular Therapeutix, Inc.* | 2,700 | 25,299 |
Omeros Corp.* (a) | 7,005 | 110,189 |
Pacira Pharmaceuticals, Inc.* | 6,616 | 508,043 |
Paratek Pharmaceuticals, Inc.* | 2,166 | 41,089 |
Pernix Therapeutics Holdings, Inc.* | 7,755 | 22,877 |
Phibro Animal Health Corp. "A" | 3,126 | 94,186 |
POZEN, Inc.* (a) | 5,177 | 35,359 |
Prestige Brands Holdings, Inc.* | 9,515 | 489,832 |
Relypsa, Inc.* (a) | 5,832 | 165,279 |
Revance Therapeutics, Inc.* | 3,323 | 113,514 |
Sagent Pharmaceuticals, Inc.* | 3,892 | 61,922 |
Sciclone Pharmaceuticals, Inc.* | 8,877 | 81,668 |
Sucampo Pharmaceuticals, Inc. "A"* | 4,384 | 75,799 |
Supernus Pharmaceuticals, Inc.* (a) | 6,095 | 81,917 |
Teligent, Inc.* (a) | 7,350 | 65,415 |
Tetraphase Pharmaceuticals, Inc.* | 6,769 | 67,893 |
TherapeuticsMD, Inc.* (a) | 22,924 | 237,722 |
Theravance Biopharma, Inc.* | 5,174 | 84,802 |
Theravance, Inc. (a) | 15,238 | 160,609 |
VIVUS, Inc.* (a) | 17,499 | 17,849 |
XenoPort, Inc.* | 10,279 | 56,432 |
Zogenix, Inc.* | 4,591 | 67,671 |
Zynerba Pharmaceuticals, Inc.* | 593 | 5,971 |
6,140,580 | ||
Shares | Value ($) | |
Industrials 12.0% | ||
Aerospace & Defense 1.4% | ||
AAR Corp. | 6,446 | 169,465 |
Aerojet Rocketdyne Holdings, Inc.* | 11,480 | 179,777 |
Aerovironment, Inc.* | 3,512 | 103,499 |
American Science & Engineering, Inc. | 1,330 | 55,035 |
Astronics Corp.* | 3,940 | 160,397 |
Cubic Corp. | 3,899 | 184,228 |
Curtiss-Wright Corp. | 8,569 | 586,976 |
DigitalGlobe, Inc.* | 13,290 | 208,121 |
Ducommun, Inc.* | 2,027 | 32,878 |
Engility Holdings, Inc. | 3,205 | 104,098 |
Esterline Technologies Corp.* | 5,340 | 432,540 |
HEICO Corp. | 3,470 | 188,629 |
HEICO Corp. "A" | 7,240 | 356,208 |
KLX, Inc.* | 9,590 | 295,276 |
Kratos Defense & Security Solutions, Inc.* | 8,085 | 33,149 |
Moog, Inc. "A"* | 6,651 | 403,051 |
National Presto Industries, Inc. | 908 | 75,237 |
Sparton Corp.* | 1,931 | 38,601 |
Taser International, Inc.* (a) | 9,603 | 166,036 |
Teledyne Technologies, Inc.* | 6,375 | 565,463 |
The Keyw Holding Corp.* (a) | 6,163 | 37,101 |
Vectrus, Inc.* | 1,876 | 39,190 |
4,414,955 | ||
Air Freight & Logistics 0.5% | ||
Air Transport Services Group, Inc.* | 9,400 | 94,752 |
Atlas Air Worldwide Holdings, Inc.* | 4,601 | 190,205 |
Echo Global Logistics, Inc.* (a) | 5,317 | 108,414 |
Forward Air Corp. | 5,638 | 242,490 |
Hub Group, Inc. "A"* | 6,591 | 217,173 |
Park-Ohio Holdings Corp. | 1,557 | 57,267 |
Radiant Logistics, Inc.* | 6,018 | 20,642 |
UTi Worldwide, Inc.* | 16,503 | 116,016 |
XPO Logistics, Inc.* (a) | 12,981 | 353,732 |
1,400,691 | ||
Airlines 0.4% | ||
Allegiant Travel Co. | 2,428 | 407,491 |
Hawaiian Holdings, Inc.* | 8,665 | 306,134 |
Republic Airways Holdings, Inc.* | 8,990 | 35,331 |
SkyWest, Inc. | 9,485 | 180,405 |
Virgin America, Inc.* | 4,503 | 162,153 |
1,091,514 | ||
Building Products 0.9% | ||
AAON, Inc. | 7,521 | 174,638 |
Advanced Drainage Systems, Inc. | 6,017 | 144,588 |
American Woodmark Corp.* | 2,352 | 188,113 |
Apogee Enterprises, Inc. | 5,328 | 231,821 |
Builders FirstSource, Inc.* | 9,080 | 100,606 |
Continental Building Products, Inc.* | 5,662 | 98,859 |
Gibraltar Industries, Inc.* | 5,599 | 142,439 |
Griffon Corp. | 6,106 | 108,687 |
Insteel Industries, Inc. | 3,465 | 72,488 |
Masonite International Corp.* | 5,475 | 335,234 |
NCI Building Systems, Inc.* | 4,866 | 60,387 |
Nortek, Inc.* | 1,727 | 75,332 |
Patrick Industries, Inc.* | 2,316 | 100,746 |
PGT, Inc.* | 8,826 | 100,528 |
Ply Gem Holdings, Inc.* | 3,833 | 48,066 |
Quanex Building Products Corp. | 6,145 | 128,123 |
Simpson Manufacturing Co., Inc. | 7,659 | 261,555 |
Shares | Value ($) | |
Trex Co., Inc.* (a) | 5,855 | 222,724 |
Universal Forest Products, Inc. | 3,670 | 250,918 |
2,845,852 | ||
Commercial Services & Supplies 2.0% | ||
ABM Industries, Inc. | 10,170 | 289,540 |
Acco Brands Corp.* | 19,775 | 140,996 |
ARC Document Solutions, Inc.* | 6,959 | 30,759 |
Brady Corp. "A" | 8,747 | 201,006 |
Casella Waste Systems, Inc. "A"* | 7,335 | 43,863 |
CECO Environmental Corp. | 4,995 | 38,362 |
Civeo Corp. | 19,107 | 27,132 |
Deluxe Corp. | 9,017 | 491,787 |
Ennis, Inc. | 4,602 | 88,588 |
Essendant, Inc. | 6,993 | 227,342 |
G&K Services, Inc. "A" | 3,651 | 229,648 |
Gerber Scientific, Inc. | 6,939 | 0 |
Healthcare Services Group, Inc. (a) | 12,920 | 450,520 |
Heritage-Crystal Clean, Inc.* | 2,282 | 24,189 |
Herman Miller, Inc. | 10,831 | 310,850 |
HNI Corp. | 8,072 | 291,076 |
Innerworkings, Inc.* | 6,711 | 50,333 |
Interface, Inc. | 12,077 | 231,154 |
Kimball International, Inc. "B" | 6,127 | 59,861 |
Knoll, Inc. | 8,952 | 168,298 |
Matthews International Corp. "A" | 5,979 | 319,578 |
McGrath RentCorp. | 4,329 | 109,048 |
Mobile Mini, Inc. | 8,358 | 260,185 |
MSA Safety, Inc. | 5,347 | 232,434 |
Multi-Color Corp. | 2,274 | 136,008 |
NL Industries, Inc.* | 1,487 | 4,520 |
Quad Graphics, Inc. | 5,093 | 47,365 |
SP Plus Corp.* (a) | 2,972 | 71,031 |
Steelcase, Inc. "A" | 15,135 | 225,511 |
Team, Inc.* | 3,718 | 118,827 |
Tetra Tech, Inc. | 10,955 | 285,049 |
The Brink's Co. | 8,863 | 255,786 |
TRC Companies, Inc.* | 3,034 | 28,065 |
U.S. Ecology, Inc. (a) | 4,004 | 145,906 |
UniFirst Corp. | 2,701 | 281,444 |
Viad Corp. | 3,658 | 103,265 |
West Corp. | 9,534 | 205,648 |
6,224,974 | ||
Construction & Engineering 0.8% | ||
Aegion Corp.* | 6,572 | 126,905 |
Ameresco, Inc. "A"* | 3,334 | 20,838 |
Argan, Inc. | 2,421 | 78,440 |
Comfort Systems U.S.A., Inc. | 6,831 | 194,137 |
Dycom Industries, Inc.* (a) | 6,162 | 431,094 |
EMCOR Group, Inc. | 11,348 | 545,158 |
Furmanite Corp.* | 6,882 | 45,834 |
Granite Construction, Inc. | 7,175 | 307,879 |
Great Lakes Dredge & Dock Co.* | 10,493 | 41,552 |
HC2 Holdings, Inc.* | 3,493 | 18,478 |
MasTec, Inc.* | 12,224 | 212,453 |
MYR Group, Inc.* | 3,919 | 80,771 |
Northwest Pipe Co.* | 1,848 | 20,679 |
NV5 Holdings, Inc.* | 908 | 19,958 |
Orion Marine Group, Inc.* | 5,697 | 23,756 |
Primoris Services Corp. | 7,026 | 154,783 |
Tutor Perini Corp.* | 6,901 | 115,523 |
2,438,238 | ||
Shares | Value ($) | |
Electrical Equipment 0.7% | ||
Allied Motion Technologies, Inc. | 1,111 | 29,086 |
AZZ, Inc. | 4,696 | 260,957 |
Encore Wire Corp. | 3,769 | 139,792 |
EnerSys | 8,042 | 449,789 |
Enphase Energy, Inc.* (a) | 4,901 | 17,202 |
Franklin Electric Co., Inc. | 8,688 | 234,837 |
FuelCell Energy, Inc.* (a) | 3,509 | 17,405 |
Generac Holdings, Inc.* (a) | 12,538 | 373,256 |
General Cable Corp. | 8,746 | 117,459 |
LSI Industries, Inc. | 3,887 | 47,382 |
Plug Power, Inc.* (a) | 32,070 | 67,668 |
Powell Industries, Inc. | 1,624 | 42,273 |
Power Solutions International, Inc.* (a) | 777 | 14,180 |
PowerSecure International, Inc.* | 4,147 | 62,412 |
Preformed Line Products Co. | 538 | 22,650 |
Sunrun, Inc.* | 3,076 | 36,204 |
Thermon Group Holdings, Inc.* | 5,949 | 100,657 |
Vicor Corp.* | 3,238 | 29,531 |
2,062,740 | ||
Industrial Conglomerates 0.0% | ||
Raven Industries, Inc. | 6,982 | 108,919 |
Machinery 2.6% | ||
Accuride Corp.* | 7,320 | 12,151 |
Actuant Corp. "A" | 10,874 | 260,541 |
Alamo Group, Inc. | 1,719 | 89,560 |
Albany International Corp. "A" | 5,198 | 189,987 |
Altra Industrial Motion Corp. (a) | 4,791 | 120,158 |
American Railcar Industries, Inc. (a) | 1,760 | 81,453 |
Astec Industries, Inc. | 3,385 | 137,770 |
Barnes Group, Inc. | 9,936 | 351,635 |
Blount International, Inc.* | 8,369 | 82,100 |
Blue Bird Corp.* | 913 | 9,258 |
Briggs & Stratton Corp. | 7,981 | 138,071 |
Chart Industries, Inc.* | 5,533 | 99,373 |
CIRCOR International, Inc. (a) | 3,099 | 130,623 |
CLARCOR, Inc. | 9,079 | 451,045 |
Columbus McKinnon Corp. | 3,529 | 66,698 |
Commercial Vehicle Group, Inc.* | 5,156 | 14,231 |
Douglas Dynamics, Inc. | 4,083 | 86,029 |
EnPro Industries, Inc. | 4,189 | 183,646 |
ESCO Technologies, Inc. | 4,662 | 168,485 |
Federal Signal Corp. | 11,478 | 181,926 |
FreightCar America, Inc. | 2,340 | 45,466 |
Global Brass & Copper Holdings, Inc. | 4,011 | 85,434 |
Gorman-Rupp Co. | 3,401 | 90,909 |
Graham Corp. | 1,917 | 32,244 |
Greenbrier Companies, Inc. (a) | 4,725 | 154,129 |
Harsco Corp. | 14,588 | 114,953 |
Hillenbrand, Inc. | 11,429 | 338,641 |
Hurco Companies, Inc. | 1,216 | 32,297 |
Hyster-Yale Materials Handling, Inc. | 1,695 | 88,903 |
John Bean Technologies Corp. | 5,330 | 265,594 |
Kadant, Inc. | 1,957 | 79,474 |
L.B. Foster Co. "A" | 1,832 | 25,025 |
Lindsay Corp. (a) | 2,110 | 152,764 |
Lydall, Inc.* | 3,117 | 110,591 |
Meritor, Inc.* | 18,044 | 150,667 |
Milacron Holdings Corp.* | 2,527 | 31,613 |
Miller Industries, Inc. | 2,077 | 45,237 |
Mueller Industries, Inc. | 10,361 | 280,783 |
Shares | Value ($) | |
Mueller Water Products, Inc. "A" | 29,328 | 252,221 |
Navistar International Corp.* (a) | 9,473 | 83,741 |
NN, Inc. | 4,876 | 77,723 |
Omega Flex, Inc. | 496 | 16,373 |
Proto Labs, Inc.* (a) | 4,243 | 270,237 |
RBC Bearings, Inc.* | 4,255 | 274,830 |
Rexnord Corp.* | 18,483 | 334,912 |
Standex International Corp. | 2,345 | 194,987 |
Sun Hydraulics Corp. | 4,163 | 132,092 |
Tennant Co. | 3,366 | 189,371 |
The ExOne Co.* (a) | 1,931 | 19,387 |
Titan International, Inc. | 8,353 | 32,911 |
TriMas Corp.* | 8,112 | 151,289 |
Twin Disc, Inc. | 1,624 | 17,084 |
Wabash National Corp.* | 12,289 | 145,379 |
Watts Water Technologies, Inc. "A" | 5,134 | 255,006 |
Woodward, Inc. | 11,789 | 585,442 |
Xerium Technologies, Inc.* | 2,086 | 24,719 |
8,037,168 | ||
Marine 0.1% | ||
Eagle Bulk Shipping, Inc.* | 3,956 | 13,925 |
Golden Ocean Group Ltd. (a) | 11,152 | 11,933 |
Matson, Inc. | 7,889 | 336,308 |
Navios Maritime Holdings, Inc. | 14,843 | 25,975 |
Safe Bulkers, Inc. (a) | 7,578 | 6,138 |
Scorpio Bulkers, Inc.* | 4,822 | 47,690 |
Ultrapetrol Bahamas Ltd.* | 2,116 | 222 |
442,191 | ||
Professional Services 1.4% | ||
Acacia Research Corp. | 9,463 | 40,596 |
Barrett Business Services, Inc. | 1,313 | 57,168 |
CBIZ, Inc.* (a) | 8,815 | 86,916 |
CDI Corp. | 2,751 | 18,597 |
CEB, Inc. | 6,054 | 371,655 |
CRA International, Inc.* | 1,670 | 31,146 |
Exponent, Inc. | 4,732 | 236,363 |
Franklin Covey Co.* | 2,246 | 37,598 |
FTI Consulting, Inc.* | 7,581 | 262,758 |
GP Strategies Corp.* | 2,455 | 61,645 |
Heidrick & Struggles International, Inc. | 3,273 | 89,091 |
Hill International, Inc.* | 6,498 | 25,212 |
Huron Consulting Group, Inc.* | 4,237 | 251,678 |
ICF International, Inc.* | 3,482 | 123,820 |
Insperity, Inc. | 3,490 | 168,044 |
Kelly Services, Inc. "A" | 5,269 | 85,094 |
Kforce, Inc. | 4,437 | 112,167 |
Korn/Ferry International | 9,138 | 303,199 |
Mistras Group, Inc.* | 3,048 | 58,186 |
Navigant Consulting, Inc.* | 8,795 | 141,248 |
On Assignment, Inc.* | 9,355 | 420,507 |
Pendrell Corp.* | 30,847 | 15,457 |
Resources Connection, Inc. | 6,830 | 111,602 |
RPX Corp.* | 9,811 | 107,921 |
The Advisory Board Co.* | 7,691 | 381,551 |
TriNet Group, Inc.* | 7,529 | 145,686 |
TrueBlue, Inc.* | 7,537 | 194,153 |
Volt Information Sciences, Inc.* | 1,697 | 13,814 |
VSE Corp. | 743 | 46,200 |
WageWorks, Inc.* | 6,506 | 295,177 |
4,294,249 | ||
Shares | Value ($) | |
Road & Rail 0.5% | ||
ArcBest Corp. | 4,675 | 99,998 |
Celadon Group, Inc. | 4,774 | 47,215 |
Covenant Transportation Group, Inc. "A"* | 2,085 | 39,386 |
Heartland Express, Inc. (a) | 9,273 | 157,826 |
Knight Transportation, Inc. | 11,380 | 275,737 |
Marten Transport Ltd. | 4,221 | 74,712 |
P.A.M. Transportation Services, Inc.* | 585 | 16,140 |
Roadrunner Transportation Systems, Inc.* | 4,971 | 46,877 |
Saia, Inc.* | 4,555 | 101,349 |
Swift Transportation Co.* (a) | 16,109 | 222,626 |
Universal Truckload Services, Inc. | 1,559 | 21,888 |
USA Truck, Inc.* | 1,751 | 30,555 |
Werner Enterprises, Inc. | 8,110 | 189,693 |
YRC Worldwide, Inc.* | 5,986 | 84,882 |
1,408,884 | ||
Trading Companies & Distributors 0.7% | ||
Aircastle Ltd. | 11,423 | 238,626 |
Applied Industrial Technologies, Inc. | 7,304 | 295,739 |
Beacon Roofing Supply, Inc.* | 8,994 | 370,373 |
BMC Stock Holdings, Inc.* (a) | 6,796 | 113,833 |
CAI International, Inc.* | 3,112 | 31,369 |
DXP Enterprises, Inc.* | 2,233 | 50,912 |
H&E Equipment Services, Inc. | 5,719 | 99,968 |
Kaman Corp. | 4,971 | 202,867 |
Lawson Products, Inc.* | 1,030 | 24,051 |
MRC Global, Inc.* | 18,810 | 242,649 |
Neff Corp. "A"* | 2,041 | 15,634 |
Rush Enterprises, Inc. "A"* | 6,332 | 138,608 |
TAL International Group, Inc. | 6,007 | 95,511 |
Textainer Group Holdings Ltd. (a) | 3,931 | 55,466 |
Titan Machinery, Inc.* | 3,140 | 34,320 |
Univar, Inc.* | 7,197 | 122,421 |
Veritiv Corp.* (a) | 1,449 | 52,483 |
2,184,830 | ||
Transportation Infrastructure 0.0% | ||
Wesco Aircraft Holdings, Inc.* | 11,126 | 133,178 |
Information Technology 17.8% | ||
Communications Equipment 1.6% | ||
ADTRAN, Inc. | 8,888 | 153,051 |
Aerohive Networks, Inc.* | 4,136 | 21,135 |
Alliance Fiber Optic Products, Inc. | 2,781 | 42,160 |
Applied Optoelectronics, Inc.* | 3,073 | 52,733 |
Bel Fuse, Inc. "B" | 1,920 | 33,197 |
Black Box Corp. | 2,889 | 27,532 |
CalAmp Corp.* | 6,565 | 130,840 |
Calix, Inc.* | 8,087 | 63,645 |
Ciena Corp.* (a) | 22,283 | 461,035 |
Clearfield, Inc.* | 2,150 | 28,831 |
Comtech Telecommunications Corp. | 2,918 | 58,623 |
Digi International, Inc.* | 4,653 | 52,951 |
EMCORE Corp.* | 3,545 | 21,731 |
Extreme Networks, Inc.* | 18,233 | 74,391 |
Finisar Corp.* (a) | 18,998 | 276,231 |
Harmonic, Inc.* | 15,867 | 64,579 |
Infinera Corp.* (a) | 24,091 | 436,529 |
InterDigital, Inc. | 6,544 | 320,918 |
Ixia* | 10,891 | 135,375 |
Shares | Value ($) | |
KVH Industries, Inc.* | 3,080 | 29,014 |
NETGEAR, Inc.* | 5,860 | 245,592 |
NetScout Systems, Inc.* | 16,617 | 510,142 |
Novatel Wireless, Inc.* | 6,681 | 11,157 |
Oclaro, Inc.* (a) | 17,698 | 61,589 |
Plantronics, Inc. | 6,372 | 302,160 |
Polycom, Inc.* | 24,532 | 308,858 |
Ruckus Wireless, Inc.* (a) | 13,476 | 144,328 |
ShoreTel, Inc.* | 11,773 | 104,191 |
Sonus Networks, Inc.* | 8,861 | 63,179 |
Ubiquiti Networks, Inc.* (a) | 5,512 | 174,675 |
ViaSat, Inc.* (a) | 7,719 | 470,936 |
4,881,308 | ||
Electronic Equipment, Instruments & Components 2.6% | ||
Agilysys, Inc.* | 2,773 | 27,702 |
Anixter International, Inc.* (a) | 5,181 | 312,881 |
AVX Corp. | 8,198 | 99,524 |
Badger Meter, Inc. | 2,627 | 153,916 |
Belden, Inc. | 7,723 | 368,233 |
Benchmark Electronics, Inc.* | 9,587 | 198,163 |
Checkpoint Systems, Inc. | 7,456 | 46,749 |
Coherent, Inc.* | 4,332 | 282,056 |
Control4 Corp.* (a) | 3,702 | 26,914 |
CTS Corp. | 5,897 | 104,023 |
Daktronics, Inc. | 7,095 | 61,868 |
DTS, Inc.* | 3,280 | 74,062 |
Electro Rent Corp. | 3,196 | 29,403 |
ePlus, Inc.* | 1,006 | 93,820 |
Fabrinet* | 6,327 | 150,709 |
FARO Technologies, Inc.* | 3,126 | 92,280 |
FEI Co. | 7,507 | 598,984 |
GSI Group, Inc.* | 6,109 | 83,205 |
II-VI, Inc.* | 9,624 | 178,621 |
Insight Enterprises, Inc.* | 7,105 | 178,478 |
InvenSense, Inc.* (a) | 13,880 | 141,992 |
Itron, Inc.* (a) | 7,017 | 253,875 |
Kimball Electronics, Inc.* | 5,141 | 56,500 |
Knowles Corp.* (a) | 15,937 | 212,440 |
Littelfuse, Inc. | 4,081 | 436,708 |
Mercury Systems, Inc.* | 6,120 | 112,363 |
Mesa Laboratories, Inc. | 535 | 53,232 |
Methode Electronics, Inc. | 7,001 | 222,842 |
MTS Systems Corp. | 2,672 | 169,432 |
Multi-Fineline Electronix, Inc.* | 1,663 | 34,391 |
Newport Corp.* | 7,120 | 112,994 |
OSI Systems, Inc.* | 3,593 | 318,555 |
Park Electrochemical Corp. | 3,659 | 55,105 |
PC Connection, Inc. | 1,972 | 44,646 |
Plexus Corp.* | 6,142 | 214,479 |
RealD, Inc.* | 7,244 | 76,424 |
Rofin-Sinar Technologies, Inc.* | 5,078 | 135,989 |
Rogers Corp.* | 3,423 | 176,524 |
Sanmina Corp.* | 14,210 | 292,442 |
ScanSource, Inc.* | 4,851 | 156,299 |
SYNNEX Corp. (a) | 5,195 | 467,186 |
Tech Data Corp.* | 6,629 | 440,033 |
TTM Technologies, Inc.* | 10,535 | 68,583 |
Universal Display Corp.* | 7,294 | 397,085 |
Vishay Intertechnology, Inc. (a) | 24,626 | 296,743 |
Vishay Precision Group, Inc.* | 2,383 | 26,976 |
8,135,429 | ||
Shares | Value ($) | |
Internet Software & Services 2.4% | ||
Actua Corp.* | 7,305 | 83,642 |
Alarm.com Holdings, Inc.* (a) | 1,384 | 23,085 |
Amber Road, Inc.* | 3,143 | 15,998 |
Angie's List, Inc.* | 8,140 | 76,109 |
Apigee Corp.* | 910 | 7,307 |
Appfolio, Inc. "A"* | 967 | 14,118 |
Bankrate, Inc.* | 11,979 | 159,321 |
Bazaarvoice, Inc.* | 11,136 | 48,776 |
Benefitfocus, Inc.* | 1,400 | 50,946 |
Blucora, Inc.* | 7,603 | 74,509 |
Box, Inc. "A"* (a) | 2,318 | 32,359 |
Brightcove, Inc.* | 6,270 | 38,874 |
Carbonite, Inc.* | 3,452 | 33,830 |
Care.com, Inc.* (a) | 3,405 | 24,380 |
ChannelAdvisor Corp.* | 4,006 | 55,483 |
Cimpress NV* (a) | 5,935 | 481,566 |
comScore, Inc.* | 6,277 | 258,299 |
Constant Contact, Inc.* | 5,755 | 168,276 |
Cornerstone OnDemand, Inc.* | 9,790 | 338,049 |
Cvent, Inc.* | 4,182 | 145,994 |
Demandware, Inc.* (a) | 6,073 | 327,760 |
DHI Group, Inc.* | 8,208 | 75,267 |
EarthLink Holdings Corp. | 18,664 | 138,673 |
Endurance International Group Holdings, Inc.* (a) | 10,488 | 114,634 |
Envestnet, Inc.* (a) | 7,088 | 211,577 |
Everyday Health, Inc.* | 3,835 | 23,087 |
Five9, Inc.* | 4,224 | 36,749 |
Gogo, Inc.* (a) | 10,316 | 183,625 |
GrubHub, Inc.* (a) | 13,662 | 330,620 |
GTT Communications, Inc.* | 4,370 | 74,552 |
Hortonworks, Inc.* | 1,333 | 29,193 |
Instructure, Inc.* | 917 | 19,092 |
Internap Corp.* | 10,174 | 65,114 |
Intralinks Holdings, Inc.* | 7,180 | 65,123 |
j2 Global, Inc. | 8,692 | 715,525 |
Limelight Networks, Inc.* | 11,982 | 17,494 |
Liquidity Services, Inc.* | 4,070 | 26,455 |
LivePerson, Inc.* | 10,640 | 71,820 |
LogMeIn, Inc.* | 4,476 | 300,340 |
Marchex, Inc. "B" | 6,255 | 24,332 |
Marin Software, Inc.* | 5,130 | 18,365 |
Marketo, Inc.* | 6,400 | 183,744 |
MaxPoint Interactive, Inc.* | 1,219 | 2,084 |
MINDBODY, Inc. "A"* (a) | 1,229 | 18,595 |
Monster Worldwide, Inc.* (a) | 16,784 | 96,172 |
New Relic, Inc.* | 1,066 | 38,834 |
NIC, Inc. | 11,970 | 235,570 |
OPOWER, Inc.* (a) | 4,637 | 48,967 |
Q2 Holdings, Inc.* | 3,464 | 91,346 |
QuinStreet, Inc.* | 6,773 | 29,056 |
Quotient Technology, Inc.* (a) | 10,950 | 74,679 |
RealNetworks, Inc.* | 4,458 | 18,946 |
Reis, Inc. | 1,434 | 34,029 |
RetailMeNot, Inc.* | 6,980 | 69,242 |
Rocket Fuel, Inc.* | 4,686 | 16,354 |
SciQuest, Inc.* | 4,950 | 64,201 |
Shutterstock, Inc.* (a) | 3,513 | 113,610 |
SPS Commerce, Inc.* | 3,028 | 212,596 |
Stamps.com, Inc.* | 2,601 | 285,096 |
TechTarget, Inc.* | 3,806 | 30,562 |
Textura Corp.* | 3,543 | 76,458 |
Shares | Value ($) | |
Travelzoo, Inc.* | 1,394 | 11,668 |
TrueCar, Inc.* (a) | 8,686 | 82,864 |
United Online, Inc.* | 2,605 | 30,713 |
Web.com Group, Inc.* | 8,050 | 161,080 |
WebMD Health Corp.* | 6,869 | 331,773 |
Wix.com Ltd.* | 3,347 | 76,144 |
Xactly Corp.* | 1,326 | 11,311 |
XO Group, Inc.* | 4,722 | 75,835 |
7,521,847 | ||
IT Services 2.6% | ||
6D Global Technologies, Inc.* | 3,513 | 10,223 |
Acxiom Corp.* | 14,204 | 297,148 |
Blackhawk Network Holdings, Inc.* | 9,820 | 434,142 |
CACI International, Inc. "A"* | 4,375 | 405,912 |
Cardtronics, Inc.* | 8,162 | 274,651 |
Cass Information Systems, Inc. | 2,093 | 107,706 |
CIBER, Inc.* | 13,919 | 48,856 |
Convergys Corp. | 17,885 | 445,158 |
CSG Systems International, Inc. | 5,999 | 215,844 |
Datalink Corp.* | 3,701 | 25,167 |
EPAM Systems, Inc.* | 8,847 | 695,551 |
Euronet Worldwide, Inc.* | 9,350 | 677,220 |
Everi Holdings, Inc.* | 12,802 | 56,201 |
EVERTEC, Inc. | 12,062 | 201,918 |
Exlservice Holdings, Inc.* | 6,063 | 272,411 |
Forrester Research, Inc. | 1,806 | 51,435 |
Heartland Payment Systems, Inc. | 6,610 | 626,760 |
Lionbridge Technologies, Inc.* | 11,340 | 55,679 |
Luxoft Holding, Inc.* | 3,345 | 258,000 |
ManTech International Corp. "A" | 4,474 | 135,294 |
MAXIMUS, Inc. | 11,924 | 670,725 |
Moduslink Global Solutions, Inc.* | 7,578 | 18,793 |
MoneyGram International, Inc.* | 5,165 | 32,385 |
NeuStar, Inc. "A"* (a) | 10,116 | 242,481 |
Perficient, Inc.* | 6,437 | 110,201 |
PFSweb, Inc.* | 2,143 | 27,580 |
Science Applications International Corp. | 8,339 | 381,759 |
ServiceSource International, Inc.* | 10,517 | 48,483 |
Sykes Enterprises, Inc.* | 7,125 | 219,308 |
Syntel, Inc.* | 5,714 | 258,558 |
TeleTech Holdings, Inc. | 2,899 | 80,911 |
The Hackett Group, Inc. | 4,281 | 68,796 |
Travelport Worldwide Ltd. | 19,294 | 248,893 |
Unisys Corp.* | 8,986 | 99,295 |
Virtusa Corp.* | 5,409 | 223,608 |
8,027,052 | ||
Semiconductors & Semiconductor Equipment 3.4% | ||
Advanced Energy Industries, Inc.* | 7,478 | 211,104 |
Advanced Micro Devices, Inc.* (a) | 115,892 | 332,610 |
Alpha & Omega Semiconductor Ltd.* | 3,295 | 30,281 |
Ambarella, Inc.* (a) | 5,694 | 317,384 |
Amkor Technology, Inc.* | 18,317 | 111,367 |
Applied Micro Circuits Corp.* (a) | 14,479 | 92,231 |
Axcelis Technologies, Inc.* | 20,267 | 52,492 |
Brooks Automation, Inc. | 12,189 | 130,179 |
Cabot Microelectronics Corp.* | 4,455 | 195,040 |
Cascade Microtech, Inc.* | 2,486 | 40,397 |
Cavium, Inc.* | 10,002 | 657,231 |
CEVA, Inc.* | 3,685 | 86,082 |
Cirrus Logic, Inc.* | 11,489 | 339,270 |
Cohu, Inc. | 4,724 | 57,019 |
Shares | Value ($) | |
Diodes, Inc.* | 6,702 | 154,012 |
DSP Group, Inc.* | 4,147 | 39,148 |
Entegris, Inc.* | 25,456 | 337,801 |
Exar Corp.* | 7,341 | 45,000 |
Fairchild Semiconductor International, Inc.* | 21,073 | 436,422 |
FormFactor, Inc.* | 10,237 | 92,133 |
Inphi Corp.* | 7,021 | 189,707 |
Integrated Device Technology, Inc.* | 26,812 | 706,496 |
Intersil Corp. "A" | 23,926 | 305,296 |
IXYS Corp. | 4,649 | 58,717 |
Kopin Corp.* | 12,506 | 34,016 |
Lattice Semiconductor Corp.* | 21,230 | 137,358 |
MA-COM Technology Solutions Holdings, Inc.* | 4,197 | 171,615 |
Mattson Technology, Inc.* | 13,294 | 46,928 |
MaxLinear, Inc. "A"* | 9,420 | 138,757 |
Microsemi Corp.* | 17,176 | 559,766 |
MKS Instruments, Inc. | 9,678 | 348,408 |
Monolithic Power Systems, Inc. | 7,145 | 455,208 |
Nanometrics, Inc.* | 4,448 | 67,343 |
NeoPhotonics Corp.* | 4,959 | 53,855 |
NVE Corp. | 923 | 51,854 |
OmniVision Technologies, Inc.* | 10,569 | 306,712 |
PDF Solutions, Inc.* | 4,796 | 51,989 |
Photronics, Inc.* | 11,852 | 147,557 |
PMC-Sierra, Inc.* | 31,637 | 367,622 |
Power Integrations, Inc. | 5,361 | 260,705 |
Rambus, Inc.* | 21,079 | 244,306 |
Rudolph Technologies, Inc.* | 5,643 | 80,243 |
Semtech Corp.* | 12,118 | 229,273 |
Sigma Designs, Inc.* | 6,287 | 39,734 |
Silicon Laboratories, Inc.* | 7,732 | 375,311 |
Synaptics, Inc.* (a) | 6,668 | 535,707 |
Tessera Technologies, Inc. | 9,564 | 287,016 |
Ultra Clean Holdings, Inc.* | 5,730 | 29,338 |
Ultratech, Inc.* | 4,922 | 97,554 |
Veeco Instruments, Inc.* | 7,324 | 150,581 |
Xcerra Corp.* | 9,590 | 58,019 |
10,344,194 | ||
Software 4.6% | ||
A10 Networks, Inc.* | 6,025 | 39,524 |
ACI Worldwide, Inc.* | 21,111 | 451,775 |
American Software, Inc. "A" | 4,582 | 46,645 |
Aspen Technology, Inc.* | 15,396 | 581,353 |
AVG Technologies NV* | 7,437 | 149,112 |
Barracuda Networks, Inc.* | 1,539 | 28,748 |
Blackbaud, Inc. | 8,479 | 558,427 |
Bottomline Technologies de, Inc.* | 7,481 | 222,410 |
BroadSoft, Inc.* | 5,342 | 188,893 |
Callidus Software* | 10,122 | 187,966 |
Code Rebel Corp.* | 227 | 608 |
CommVault Systems, Inc.* | 8,213 | 323,182 |
Digimarc Corp.* (a) | 1,376 | 50,238 |
Digital Turbine, Inc.* | 8,641 | 11,492 |
Ebix, Inc. | 4,827 | 158,277 |
Ellie Mae, Inc.* (a) | 5,339 | 321,568 |
EnerNOC, Inc.* | 4,775 | 18,384 |
EPIQ Systems, Inc. | 5,709 | 74,617 |
Fair Isaac Corp. | 5,610 | 528,350 |
FleetMatics Group PLC* (a) | 6,921 | 351,518 |
Gigamon, Inc.* | 5,042 | 133,966 |
Shares | Value ($) | |
Globant SA* | 2,733 | 102,515 |
Glu Mobile, Inc.* | 21,698 | 52,726 |
Guidance Software, Inc.* | 3,374 | 20,311 |
Guidewire Software, Inc.* (a) | 12,676 | 762,588 |
HubSpot, Inc.* | 3,378 | 190,215 |
Imperva, Inc.* | 4,818 | 305,028 |
Infoblox, Inc.* | 10,846 | 199,458 |
Interactive Intelligence Group* | 3,170 | 99,601 |
Jive Software, Inc.* | 8,429 | 34,390 |
Manhattan Associates, Inc.* | 13,343 | 882,906 |
Mentor Graphics Corp. | 18,176 | 334,802 |
MicroStrategy, Inc. "A"* | 1,690 | 303,000 |
MobileIron, Inc.* | 6,904 | 24,923 |
Model N, Inc.* | 3,754 | 41,895 |
Monotype Imaging Holdings, Inc. | 7,359 | 173,967 |
Park City Group, Inc.* (a) | 1,860 | 22,153 |
Paycom Software, Inc.* (a) | 5,774 | 217,276 |
Paylocity Holding Corp.* | 2,768 | 112,242 |
Pegasystems, Inc. | 6,430 | 176,825 |
Progress Software Corp.* | 9,267 | 222,408 |
Proofpoint, Inc.* (a) | 7,140 | 464,171 |
PROS Holdings, Inc.* | 4,400 | 101,376 |
QAD, Inc. "A" | 1,815 | 37,244 |
Qlik Technologies, Inc.* | 16,538 | 523,593 |
Qualys, Inc.* | 4,480 | 148,243 |
Rapid7, Inc.* | 1,376 | 20,819 |
RealPage, Inc.* | 9,650 | 216,642 |
RingCentral, Inc. "A"* (a) | 9,789 | 230,825 |
Rovi Corp.* | 14,978 | 249,533 |
Rubicon Project, Inc.* | 4,556 | 74,946 |
Sapiens International Corp. | 4,445 | 45,339 |
Seachange International, Inc.* | 6,212 | 41,869 |
Silver Spring Networks, Inc.* | 6,673 | 96,158 |
Synchronoss Technologies, Inc.* | 7,064 | 248,865 |
Take-Two Interactive Software, Inc.* | 15,283 | 532,460 |
Tangoe, Inc.* (a) | 6,819 | 57,211 |
TeleCommunication Systems, Inc. "A"* | 9,403 | 46,733 |
TeleNav, Inc.* | 5,465 | 31,096 |
TiVo, Inc.* | 17,512 | 151,129 |
TubeMogul, Inc.* | 2,911 | 39,590 |
Tyler Technologies, Inc.* | 6,091 | 1,061,783 |
Varonis Systems, Inc.* | 1,592 | 29,930 |
VASCO Data Security International, Inc.* (a) | 5,249 | 87,816 |
Verint Systems, Inc.* | 11,102 | 450,297 |
Virnetx Holding Corp.* (a) | 8,276 | 21,269 |
Workiva, Inc.* | 1,335 | 23,456 |
Xura, Inc.* | 4,223 | 103,801 |
Zendesk, Inc.* | 9,797 | 259,033 |
Zix Corp.* | 10,252 | 52,080 |
14,153,589 | ||
Technology Hardware, Storage & Peripherals 0.6% | ||
Avid Technology, Inc.* | 5,742 | 41,859 |
CPI Card Group, Inc.* | 3,126 | 33,323 |
Cray, Inc.* | 7,445 | 241,590 |
Diebold, Inc. | 11,752 | 353,618 |
Eastman Kodak Co.* | 3,132 | 39,275 |
Electronics for Imaging, Inc.* | 8,476 | 396,168 |
Imation Corp.* | 6,231 | 8,537 |
Immersion Corp.* | 5,045 | 58,825 |
Nimble Storage, Inc.* | 9,311 | 85,661 |
Pure Storage, Inc. "A"* (a) | 5,210 | 81,120 |
Shares | Value ($) | |
QLogic Corp.* | 15,993 | 195,115 |
Quantum Corp.* | 35,468 | 32,985 |
Silicon Graphics International Corp.* | 6,646 | 39,211 |
Stratasys Ltd.* (a) | 9,309 | 218,575 |
Super Micro Computer, Inc.* | 6,650 | 162,992 |
Violin Memory, Inc.* | 16,156 | 14,542 |
2,003,396 | ||
Materials 3.6% | ||
Chemicals 1.7% | ||
A. Schulman, Inc. | 5,399 | 165,425 |
American Vanguard Corp. | 5,194 | 72,768 |
Axiall Corp. | 12,862 | 198,075 |
Balchem Corp. | 5,638 | 342,790 |
Calgon Carbon Corp. | 9,436 | 162,771 |
Chase Corp. | 1,245 | 50,709 |
Chemtura Corp.* | 12,196 | 332,585 |
Core Molding Technologies, Inc.* | 1,367 | 17,539 |
Ferro Corp.* | 13,062 | 145,250 |
Flotek Industries, Inc.* (a) | 9,707 | 111,048 |
FutureFuel Corp. | 4,428 | 59,778 |
H.B. Fuller Co. (a) | 9,149 | 333,664 |
Hawkins, Inc. | 1,895 | 67,784 |
Innophos Holdings, Inc. | 3,544 | 102,705 |
Innospec, Inc. | 4,422 | 240,159 |
Intrepid Potash, Inc.* | 10,074 | 29,718 |
KMG Chemicals, Inc. | 1,821 | 41,919 |
Koppers Holdings, Inc. | 3,860 | 70,445 |
Kraton Performance Polymers, Inc.* | 5,816 | 96,604 |
Kronos Worldwide, Inc. | 3,931 | 22,171 |
LSB Industries, Inc.* | 3,467 | 25,136 |
Minerals Technologies, Inc. | 6,307 | 289,239 |
Olin Corp. | 29,762 | 513,692 |
Omnova Solutions, Inc.* | 8,410 | 51,553 |
PolyOne Corp. | 16,110 | 511,654 |
Quaker Chemical Corp. | 2,446 | 188,978 |
Rayonier Advanced Materials, Inc. | 7,224 | 70,723 |
Rentech, Inc.* | 3,832 | 13,489 |
Senomyx, Inc.* | 8,590 | 32,384 |
Sensient Technologies Corp. | 8,433 | 529,761 |
Stepan Co. | 3,484 | 173,120 |
Trecora Resources* | 3,644 | 45,149 |
Tredegar Corp. | 4,473 | 60,922 |
Trinseo SA* | 2,043 | 57,613 |
Tronox Ltd. "A" | 11,102 | 43,409 |
Valhi, Inc. | 3,392 | 4,545 |
5,275,274 | ||
Construction Materials 0.2% | ||
Headwaters, Inc.* | 13,201 | 222,701 |
Summit Materials, Inc. "A"* | 5,753 | 115,290 |
U.S. Concrete, Inc.* | 2,618 | 137,864 |
United States Lime & Minerals, Inc. | 377 | 20,720 |
496,575 | ||
Containers & Packaging 0.4% | ||
AEP Industries, Inc.* | 712 | 54,931 |
Berry Plastics Group, Inc.* | 21,580 | 780,764 |
Greif, Inc. "A" | 5,666 | 174,569 |
Multi Packaging Solutions International Ltd.* | 3,439 | 59,667 |
Myers Industries, Inc. | 4,338 | 57,782 |
1,127,713 | ||
Shares | Value ($) | |
Metals & Mining 0.7% | ||
AK Steel Holding Corp.* (a) | 32,619 | 73,067 |
Carpenter Technology Corp. | 9,156 | 277,152 |
Century Aluminum Co.* | 8,751 | 38,679 |
Cliffs Natural Resources, Inc. (a) | 27,214 | 42,998 |
Coeur Mining, Inc.* | 25,228 | 62,565 |
Commercial Metals Co. | 21,035 | 287,969 |
Ferroglobe PLC | 11,596 | 124,657 |
Handy & Harman Ltd.* | 541 | 11,096 |
Haynes International, Inc. | 2,287 | 83,910 |
Hecla Mining Co. (a) | 66,172 | 125,065 |
Horsehead Holding Corp.* (a) | 10,062 | 20,627 |
Kaiser Aluminum Corp. | 3,117 | 260,768 |
Materion Corp. | 3,582 | 100,296 |
Olympic Steel, Inc. | 1,750 | 20,265 |
Real Industry, Inc.* | 4,354 | 34,963 |
Ryerson Holding Corp.* | 2,379 | 11,110 |
Schnitzer Steel Industries, Inc. "A" | 4,767 | 68,502 |
Stillwater Mining Co.* (a) | 22,149 | 189,817 |
SunCoke Energy, Inc. | 12,267 | 42,566 |
TimkenSteel Corp. | 7,073 | 59,272 |
Worthington Industries, Inc. | 8,755 | 263,876 |
2,199,220 | ||
Paper & Forest Products 0.6% | ||
Boise Cascade Co.* | 7,249 | 185,067 |
Clearwater Paper Corp.* | 3,221 | 146,652 |
Deltic Timber Corp. | 2,030 | 119,506 |
KapStone Paper & Packaging Corp. | 15,440 | 348,789 |
Louisiana-Pacific Corp.* | 25,764 | 464,010 |
Neenah Paper, Inc. | 3,024 | 188,788 |
P.H. Glatfelter Co. | 7,756 | 143,021 |
Schweitzer-Mauduit International, Inc. | 5,461 | 229,307 |
Wausau Paper Corp. | 7,320 | 74,884 |
1,900,024 | ||
Telecommunication Services 0.8% | ||
Diversified Telecommunication Services 0.7% | ||
8x8, Inc.* | 15,837 | 181,334 |
Atlantic Tele-Network, Inc. | 1,889 | 147,777 |
Cincinnati Bell, Inc.* | 38,789 | 139,640 |
Cogent Communications Holdings, Inc. (a) | 8,377 | 290,598 |
Consolidated Communications Holdings, Inc. (a) | 9,234 | 193,452 |
FairPoint Communications, Inc.* | 3,713 | 59,668 |
General Communication, Inc. "A"* | 6,427 | 127,126 |
Globalstar, Inc.* (a) | 85,753 | 123,484 |
Hawaiian Telcom Holdco, Inc.* | 2,028 | 50,416 |
IDT Corp. "B" | 3,044 | 35,493 |
inContact, Inc.* (a) | 11,114 | 106,028 |
Inteliquent, Inc. | 6,091 | 108,237 |
Intelsat SA* | 5,077 | 21,120 |
Iridium Communications, Inc.* (a) | 15,093 | 126,932 |
Lumos Networks Corp. | 4,214 | 47,197 |
Orbcomm, Inc.* (a) | 10,748 | 77,816 |
pdvWireless, Inc.* | 2,309 | 63,498 |
Straight Path Communications, Inc. "B"* (a) | 1,660 | 28,452 |
Vonage Holdings Corp.* | 33,993 | 195,120 |
Windstream Holdings, Inc. (a) | 18,026 | 116,087 |
2,239,475 | ||
Shares | Value ($) | |
Wireless Telecommunication Services 0.1% | ||
Boingo Wireless, Inc.* | 6,461 | 42,772 |
NTELOS Holdings Corp.* | 3,232 | 29,540 |
Shenandoah Telecommunications Co. | 4,329 | 186,363 |
Spok Holdings, Inc. | 4,015 | 73,555 |
332,230 | ||
Utilities 3.7% | ||
Electric Utilities 1.2% | ||
ALLETE, Inc. | 8,822 | 448,422 |
Cleco Corp. | 10,924 | 570,342 |
El Paso Electric Co. | 7,359 | 283,322 |
Empire District Electric Co. | 8,012 | 224,897 |
Genie Energy Ltd. "B" | 2,225 | 24,809 |
IDACORP, Inc. | 9,085 | 617,780 |
MGE Energy, Inc. | 6,302 | 292,413 |
Otter Tail Corp. | 6,906 | 183,907 |
PNM Resources, Inc. | 14,434 | 441,247 |
Portland General Electric Co. | 16,044 | 583,520 |
Spark Energy, Inc. "A" | 420 | 8,702 |
Unitil Corp. | 2,464 | 88,408 |
3,767,769 | ||
Gas Utilities 1.3% | ||
Chesapeake Utilities Corp. | 2,722 | 154,474 |
New Jersey Resources Corp. | 15,467 | 509,792 |
Northwest Natural Gas Co. (a) | 4,985 | 252,291 |
ONE Gas, Inc. (a) | 9,515 | 477,368 |
Piedmont Natural Gas Co., Inc. | 14,247 | 812,364 |
South Jersey Industries, Inc. | 12,479 | 293,506 |
Southwest Gas Corp. | 8,477 | 467,591 |
The Laclede Group, Inc. (a) | 7,851 | 466,428 |
WGL Holdings, Inc. | 8,981 | 565,713 |
3,999,527 | ||
Independent Power & Renewable Eletricity Producers 0.5% | ||
Abengoa Yield PLC | 8,828 | 170,292 |
Atlantic Power Corp. | 22,106 | 43,549 |
Dynegy, Inc.* | 21,849 | 292,777 |
NRG Yield, Inc. "A" | 6,090 | 84,712 |
NRG Yield, Inc. "C" | 11,645 | 171,880 |
Ormat Technologies, Inc. (a) | 6,801 | 248,032 |
Pattern Energy Group, Inc. (a) | 10,265 | 214,641 |
Talen Energy Corp.* | 14,957 | 93,182 |
TerraForm Global, Inc. "A" | 7,390 | 41,310 |
Vivint Solar, Inc.* (a) | 3,705 | 35,420 |
1,395,795 | ||
Multi-Utilities 0.4% | ||
Avista Corp. | 11,293 | 399,433 |
Black Hills Corp. | 9,276 | 430,685 |
NorthWestern Corp. | 8,516 | 461,993 |
1,292,111 | ||
Water Utilities 0.3% | ||
American States Water Co. | 6,862 | 287,861 |
Artesian Resources Corp. "A" | 1,483 | 41,079 |
California Water Service Group | 8,780 | 204,311 |
Connecticut Water Service, Inc. | 2,021 | 76,818 |
Consolidated Water Co., Ltd. | 2,624 | 32,118 |
Middlesex Water Co. | 2,840 | 75,374 |
SJW Corp. | 2,782 | 82,486 |
York Water Co. | 2,351 | 58,634 |
858,681 | ||
Total Common Stocks (Cost $259,712,792) | 305,298,724 | |
Shares | Value ($) | |
Rights 0.0% | ||
Health Care 0.0% | ||
Omthera Pharmaceutical, Inc.* | 1,167 | 700 |
Telecommunication Services 0.0% | ||
Leap Wireless International, Inc.* | 10,664 | 26,020 |
Total Right (Cost $26,873) | 26,720 | |
Warrants 0.0% | ||
Energy | ||
Magnum Hunter Resources Corp., Expiration Date 4/15/2016* (a) (Cost $0) | 3,420 | 2 |
Principal Amount ($) | Value ($) | |
Government & Agency Obligation 0.5% | ||
U.S. Treasury Obligation | ||
U.S. Treasury Bill, 0.048%**, 3/31/2016 (b) (Cost $1,519,820) | 1,520,000 | 1,519,359 |
Shares | Value ($) | |
Securities Lending Collateral 14.4% | ||
Daily Assets Fund, 0.36% (c) (d) (Cost $44,434,890) | 44,434,890 | 44,434,890 |
Cash Equivalents 2.7% | ||
Central Cash Management Fund, 0.25% (c) (Cost $8,354,573) | 8,354,573 | 8,354,573 |
% of Net Assets | Value ($) | |
Total Investment Portfolio (Cost $314,048,948)† | 116.4 | 359,634,268 |
Other Assets and Liabilities, Net | (16.4) | (50,781,563) |
Net Assets | 100.0 | 308,852,705 |
* Non-income producing security.
** Annualized yield at time of purchase; not a coupon rate.
† The cost for federal income tax purposes was $317,819,933. At December 31, 2015, net unrealized appreciation for all securities based on tax cost was $41,814,335. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $83,902,512 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $42,088,177.
(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2015 amounted to $42,647,729, which is 13.8% of net assets.
(b) At December 31, 2015, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust
At December 31, 2015, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Value ($) | Unrealized Appreciation ($) |
Russell E Mini 2000 Index | USD | 3/18/2016 | 90 | 10,183,500 | 8,568 |
Currency Abbreviation |
USD United States Dollar |
For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of December 31, 2015 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (e) | $ 305,288,501 | $ — | $ 10,223 | $ 305,298,724 |
Rights | — | — | 26,720 | 26,720 |
Warrants | — | — | 2 | 2 |
Government & Agency Obligation | — | 1,519,359 | — | 1,519,359 |
Short-Term Investments (e) | 52,789,463 | — | — | 52,789,463 |
Derivatives (f) Futures Contracts | 8,568 | — | — | 8,568 |
Total | $ 358,086,532 | $ 1,519,359 | $ 36,945 | $ 359,642,836 |
There have been no transfers between fair value measurement levels during the year ended December 31, 2015.
(e) See Investment Portfolio for additional detailed categorizations.
(f) Derivatives include unrealized appreciation (depreciation) on futures contracts.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities
as of December 31, 2015 | |
Assets | |
Investments: Investments in non-affiliated securities, at value (cost $261,259,485) — including $42,647,729 of securities loaned | $ 306,844,805 |
Investment in Daily Assets Fund (cost $44,434,890)* | 44,434,890 |
Investment in Central Cash Management Fund (cost $8,354,573) | 8,354,573 |
Total investments in securities, at value (cost $314,048,948) | 359,634,268 |
Cash | 22,149 |
Receivable for investments sold | 32,471 |
Receivable for Fund shares sold | 50,830 |
Dividends receivable | 459,581 |
Interest receivable | 59,560 |
Other assets | 6,400 |
Total assets | 360,265,259 |
Liabilities | |
Payable upon return of securities loaned | 44,434,890 |
Payable for Fund shares redeemed | 6,602,502 |
Payable for variation margin on futures contracts | 103,467 |
Accrued management fee | 64,648 |
Accrued Trustees' fees | 3,621 |
Other accrued expenses and payables | 203,426 |
Total liabilities | 51,412,554 |
Net assets, at value | $ 308,852,705 |
Net Assets Consist of | |
Undistributed net investment income | 3,466,758 |
Net unrealized appreciation (depreciation) on: Investments | 45,585,320 |
Futures | 8,568 |
Accumulated net realized gain (loss) | 20,228,982 |
Paid-in capital | 239,563,077 |
Net assets, at value | $ 308,852,705 |
Class A Net Asset Value, offering and redemption price per share ($284,247,138 ÷ 18,731,185 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ 15.18 |
Class B Net Asset Value, offering and redemption price per share ($24,605,567 ÷ 1,622,428 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ 15.17 |
* Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
Statement of Operations
for the year ended December 31, 2015 | |
Investment Income | |
Income: Dividends (net of foreign taxes withheld of $1,965) | $ 4,343,364 |
Interest | 564 |
Income distributions — Central Cash Management Fund | 4,241 |
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 818,604 |
Total income | 5,166,773 |
Expenses: Management fee | 1,137,684 |
Administration fee | 325,052 |
Services to shareholders | 4,643 |
Distribution service fee (Class B) | 66,554 |
Record keeping fee (Class B) | 1,476 |
Custodian fee | 71,895 |
Professional fees | 72,983 |
Reports to shareholders | 50,485 |
Trustees' fees and expenses | 14,454 |
Other | 62,633 |
Total expenses before expense reductions | 1,807,859 |
Expense reductions | (276,100) |
Total expenses after expense reductions | 1,531,759 |
Net investment income (loss) | 3,635,014 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: Investments | 24,196,398 |
Futures | 22,036 |
Foreign currency | (48) |
24,218,386 | |
Change in net unrealized appreciation (depreciation) on: Investments | (42,048,082) |
Futures | (201,897) |
Foreign currency | 16 |
(42,249,963) | |
Net gain (loss) | (18,031,577) |
Net increase (decrease) in net assets resulting from operations | $ (14,396,563) |
The accompanying notes are an integral part of the financial statements.
Statement of Changes in Net Assets
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2015 | 2014 |
Operations: Net investment income (loss) | $ 3,635,014 | $ 3,466,516 |
Net realized gain (loss) | 24,218,386 | 24,266,892 |
Change in net unrealized appreciation (depreciation) | (42,249,963) | (11,608,526) |
Net increase (decrease) in net assets resulting from operations | (14,396,563) | 16,124,882 |
Distributions to shareholders from: Net investment income: Class A | (3,110,512) | (3,011,298) |
Class B | (207,762) | (190,757) |
Net realized gains: Class A | (22,369,227) | (17,149,421) |
Class B | (2,011,536) | (1,452,843) |
Total distributions | (27,699,037) | (21,804,319) |
Fund share transactions: Class A Proceeds from shares sold | 49,290,279 | 59,272,631 |
Reinvestment of distributions | 25,479,739 | 20,160,719 |
Cost of shares redeemed | (64,729,233) | (71,351,187) |
Net increase (decrease) in net assets from Class A share transactions | 10,040,785 | 8,082,163 |
Class B Proceeds from shares sold | 2,682,315 | 3,758,474 |
Reinvestment of distributions | 2,219,298 | 1,643,600 |
Payments for shares redeemed | (4,121,214) | (3,648,158) |
Net increase (decrease) in net assets from Class B share transactions | 780,399 | 1,753,916 |
Increase (decrease) in net assets | (31,274,416) | 4,156,642 |
Net assets at beginning of period | 340,127,121 | 335,970,479 |
Net assets at end of period (including undistributed net investment income of $3,466,758 and $3,220,741, respectively) | $ 308,852,705 | $ 340,127,121 |
Other Information | ||
Class A Shares outstanding at beginning of period | 18,056,351 | 17,517,574 |
Shares sold | 3,091,413 | 3,534,081 |
Shares issued to shareholders in reinvestment of distributions | 1,534,924 | 1,259,258 |
Shares redeemed | (3,951,503) | (4,254,562) |
Net increase (decrease) in Class A shares | 674,834 | 538,777 |
Shares outstanding at end of period | 18,731,185 | 18,056,351 |
Class B Shares outstanding at beginning of period | 1,575,586 | 1,470,660 |
Shares sold | 161,371 | 218,853 |
Shares issued to shareholders in reinvestment of distributions | 133,532 | 102,533 |
Shares redeemed | (248,061) | (216,460) |
Net increase (decrease) in Class B shares | 46,842 | 104,926 |
Shares outstanding at end of period | 1,622,428 | 1,575,586 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights
Class A | Years Ended December 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 17.33 | $ 17.69 | $ 13.56 | $ 11.77 | $ 12.41 | |
Income (loss) from investment operations: Net investment income (loss)a | .19 | .17 | .18 | .23 | .12 | |
Net realized and unrealized gain (loss) | (.87) | .59 | 4.84 | 1.67 | (.65) | |
Total from investment operations | (.68) | .76 | 5.02 | 1.90 | (.53) | |
Less distributions from: Net investment income | (.18) | (.17) | (.26) | (.11) | (.11) | |
Net realized gains | (1.29) | (.95) | (.63) | (.00)* | — | |
Total distributions | (1.47) | (1.12) | (.89) | (.11) | (.11) | |
Net asset value, end of period | $ 15.18 | $ 17.33 | $ 17.69 | $ 13.56 | $ 11.77 | |
Total Return (%)b | (4.60) | 4.74 | 38.64 | 16.25 | (4.41) | |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 284 | 313 | 310 | 280 | 256 | |
Ratio of expenses before expense reductions (%) | .54 | .53 | .54 | .55 | .52 | |
Ratio of expenses after expense reductions (%) | .45 | .47 | .46 | .49 | .50 | |
Ratio of net investment income (loss) (%) | 1.14 | 1.04 | 1.14 | 1.81 | .94 | |
Portfolio turnover rate (%) | 21 | 21 | 13c | 20 | 15 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Amount is less than $.005. |
Class B | Years Ended December 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 17.31 | $ 17.68 | $ 13.55 | $ 11.77 | $ 12.40 | |
Income (loss) from investment operations: Net investment income (loss)a | .14 | .13 | .12 | .20 | .08 | |
Net realized and unrealized gain (loss) | (.86) | .57 | 4.86 | 1.66 | (.64) | |
Total from investment operations | (.72) | .70 | 4.98 | 1.86 | (.56) | |
Less distributions from: Net investment income | (.13) | (.12) | (.22) | (.08) | (.07) | |
Net realized gains | (1.29) | (.95) | (.63) | (.00)* | — | |
Total distributions | (1.42) | (1.07) | (.85) | (.08) | (.07) | |
Net asset value, end of period | $ 15.17 | $ 17.31 | $ 17.68 | $ 13.55 | $ 11.77 | |
Total Return (%)b | (4.85) | 4.47 | 38.31 | 15.88 | (4.58) | |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 25 | 27 | 26 | 41 | 41 | |
Ratio of expenses before expense reductions (%) | .79 | .79 | .79 | .80 | .77 | |
Ratio of expenses after expense reductions (%) | .71 | .72 | .70 | .74 | .75 | |
Ratio of net investment income (loss) (%) | .88 | .80 | .82 | 1.54 | .69 | |
Portfolio turnover rate (%) | 21 | 21 | 13c | 20 | 15 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Amount is less than $.005. |
Notes to Financial Statements
A. Organization and Significant Accounting Policies
Deutsche Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. Deutsche Small Cap Index VIP (the "Fund") is a diversified series of the Trust offered to investors. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").
Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares to investors: Class A shares and Class B shares. Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and record keeping fees equal to an annual rate of 0.25% and up to 0.15%, respectively, of the Class B shares average daily net assets. Class A shares are not subject to such fees.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Debt securities are valued at prices supplied by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.
Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the year ended December 31, 2015, the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.08% annualized effective rate as of December 31, 2015) on the cash collateral invested in Daily Assets Fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of December 31, 2015, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2015 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Net investment income of the Fund, if any, is distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in futures contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At December 31, 2015, the Fund's components of distributable earnings (accumulated gains) on a tax basis were as follows:
Undistributed ordinary income | $ 4,625,223 |
Undistributed long-term capital gains | $ 22,735,852 |
Unrealized appreciation (depreciation) on investments | $ 41,814,335 |
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
Years Ended December 31, | ||
2015 | 2014 | |
Distributions from ordinary income* | $ 4,476,294 | $ 5,035,861 |
Distributions from long-term capital gains | $ 23,222,743 | $ 16,768,458 |
* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Real Estate Investment Trusts. The Fund periodically recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial statement purposes and a recharacterization will be made within the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Derivative Instruments
A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2015, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.
Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.
A summary of the open futures contracts as of December 31, 2015 is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2015, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $4,384,000 to $10,184,000.
The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivative | Futures Contracts |
Equity Contracts (a) | $ 8,568 |
The above derivative is located in the following Statement of Assets and Liabilities account: (a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2015 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Realized Gain (Loss) | Futures Contracts |
Equity Contracts (a) | $ 22,036 |
The above derivative is located in the following Statement of Operations account: (a) Net realized gain (loss) from futures |
Change in Net Unrealized Appreciation (Depreciation) | Futures Contracts |
Equity Contracts (a) | $ (201,897) |
The above derivative is located in the following Statement of Operations account: (a) Change in net unrealized appreciation (depreciation) on futures |
C. Purchases and Sales of Securities
During the year ended December 31, 2015, purchases and sales of investment securities (excluding short-term investments) aggregated $66,511,228 and $74,974,161, respectively.
D. Related Parties
Investment Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold, or entered into by the Fund or delegates such responsibility to the Fund's subadvisor. Northern Trust Investments, Inc. ("NTI") serves as subadvisor. As a subadvisor to the Fund, NTI makes investment decisions and buys and sells securities for the Fund. NTI is paid by the Advisor for the services NTI provides to the Fund.
Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.35%.
For the period from January 1, 2015 through September 30, 2016, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class A | .45% |
Class B | .71% |
For the year ended December 31, 2015, fees waived and/or expenses reimbursed for each class are as follows:
Class A | $ 253,579 |
Class B | 22,521 |
$ 276,100 |
Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2015, the Administration Fee was $325,052, of which $26,896 is unpaid.
Distribution Service Agreement. DeAWM Distributors, Inc. ("DDI"), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2015, the Distribution Service Fee was as follows:
Distribution Service Fee | Total Aggregated | Unpaid at December 31, 2015 |
Class B | $ 66,554 | $ 5,302 |
Service Provider Fees. DeAWM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement among DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee they receive from the Fund. For the year ended December 31, 2015, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2015 |
Class A | $ 1,110 | $ 193 |
Class B | 325 | 54 |
$ 1,435 | $ 247 |
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2015, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $22,580, of which $11,661 is unpaid.
Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and Deutsche Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Central Cash Management Fund seeks to maintain a stable net asset value, and Deutsche Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Central Cash Management Fund does not pay the Advisor an investment management fee. To the extent that Deutsche Variable NAV Money Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in Deutsche Variable NAV Money Fund.
Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended December 31, 2015, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $71,183.
E. Line of Credit
The Fund and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2015.
F. Ownership of the Fund
At December 31, 2015, three participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, owning 44%, 14% and 11%. At December 31, 2015, two participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 52% and 19%, respectively.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Deutsche Investments VIT Funds and the Shareholders of Deutsche Small Cap Index VIP:
In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Deutsche Small Cap Index VIP (the "Fund") at December 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.
Boston, Massachusetts February 12, 2016 | PricewaterhouseCoopers LLP |
Information About Your Fund's Expenses (Unaudited)
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2015 to December 31, 2015).
The tables illustrate your Fund's expenses in two ways:
— Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
— Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended December 31, 2015 | |||||
Actual Fund Return | Class A | Class B | |||
Beginning Account Value 7/1/15 | $ 1,000.00 | $ 1,000.00 | |||
Ending Account Value 12/31/15 | $ 911.70 | $ 910.00 | |||
Expenses Paid per $1,000* | $ 2.17 | $ 3.42 | |||
Hypothetical 5% Fund Return | Class A | Class B | |||
Beginning Account Value 7/1/15 | $ 1,000.00 | $ 1,000.00 | |||
Ending Account Value 12/31/15 | $ 1,022.94 | $ 1,021.63 | |||
Expenses Paid per $1,000* | $ 2.29 | $ 3.62 |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios | Class A | Class B | |||
Deutsche Small Cap Index VIP | .45% | .71% |
For more information, please refer to the Fund's prospectus.
These tables do not reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
For an analysis of the fees associated with an investment in the fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at deutschefunds.com/EN/resources/calculators.jsp.
Tax Information (Unaudited)
The Fund paid distributions of $1.23 per share from net long-term capital gains during its year ended December 31, 2015.
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $25,017,000 as capital gain dividends for its year ended December 31, 2015.
For corporate shareholders, 50% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2015 qualified for the dividends received deduction.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, contact your insurance provider.
Proxy Voting
The Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting" at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees approved the renewal of Deutsche Small Cap Index VIP’s investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Agreement, the "Agreements") between DIMA and Northern Trust Investments, Inc. ("NTI") in September 2015.
In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:
— In September 2015, all of the Fund’s Trustees were independent of DIMA and its affiliates.
— The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.
— The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
— In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset and Wealth Management ("Deutsche AWM") division. Deutsche AWM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Independent Trustees that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to make significant investments in Deutsche AWM, including ongoing enhancements to Deutsche AWM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AWM division.
As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and NTI’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board also requested and received information regarding DIMA’s oversight of Fund sub-advisers, including NTI. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2014, the Fund’s performance (Class A shares) was in the 3rd quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2014). With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2014, and analyzing Lipper expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class’s total (net) operating expenses to the applicable Lipper Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AWM. The Board noted that DIMA indicated that Deutsche AWM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and NTI.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Fund. The Board noted that DIMA pays NTI’s fee out of its management fee, and its understanding that the Fund’s sub-advisory fee schedule was the product of an arm’s length negotiation with DIMA.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and NTI and Their Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA and NTI related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA and NTI related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of the individual serving as DIMA’s and the Fund’s chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor’s compliance program and compliance with the applicable fund policies and procedures.
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.
Board Members and Officers
The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Kenneth C. Froewiss, Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.
Independent Board Members | |||
Name, Year of Birth, Position with the Fund and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in Deutsche Fund Complex Overseen | Other Directorships Held by Board Member |
Kenneth C. Froewiss (1945) Chairperson since 2013, and Board Member since 2001 | Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); Member, Finance Committee, Association for Asian Studies (2002–present); Director, Mitsui Sumitomo Insurance Group (US) (2004–present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996) | 106 | — |
William McClayton (1944) Vice Chairperson since 2013, and Board Member since 2004 | Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival | 106 | — |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003–2014); Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
| 106 | Portland General Electric2 (utility company) (2003– present) |
Henry P. Becton, Jr. (1943) Board Member since 1990 | Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston) | 106 | Director, Becton Dickinson and Company2 (medical technology company) |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 106 | — |
Keith R. Fox, CFA (1954) Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012) | 106 | — |
Paul K. Freeman (1950) Board Member since 1993 | Consultant, World Bank/Inter-American Development Bank; Chair, Independent Directors Council; Investment Company Institute (executive and nominating committees); formerly, Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International | 106 | — |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006) | 106 | Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010) |
Rebecca W. Rimel (1951) Board Member since 1995 | President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012) | 106 | Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present) |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 106 | — |
Jean Gleason Stromberg (1943) Board Member since 1997 | Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996). Directorships: The William and Flora Hewlett Foundation (charitable organization); former Directorships: Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996) | 106 | — |
Officers4 | |
Name, Year of Birth, Position with the Fund and Length of Time Served5 | Business Experience and Directorships During the Past Five Years |
Brian E. Binder8 (1972) President and Chief Executive Officer, 2013–present | Managing Director3 and Head of Fund Administration, Deutsche Asset Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012) |
John Millette7 (1962) Vice President and Secretary, 1999–present | Director,3 Deutsche Asset Management; Chief Legal Officer and Secretary, Deutsche Investment Management Americas Inc. (since 2015); and Director and Vice President, DeAWM Trust Company (since 2016) |
Melinda Morrow6 (1970) Vice President, 2012–present | Director,3 Deutsche Asset Management |
Paul H. Schubert6 (1963) Chief Financial Officer, 2004–present Treasurer, 2005–present | Managing Director,3 Deutsche Asset Management; and Chairman, Director and President, DeAWM Trust Company (since 2013); formerly, Director, DeAWM Trust Company (2004–2013) |
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present | Managing Director,3 Deutsche Asset Management; Secretary, DeAWM Distributors, Inc; and Secretary, DeAWM Service Company |
Robert Kloby6 (1962) Chief Compliance Officer, 2006–present | Managing Director,3 Deutsche Asset Management |
Wayne Salit6 (1967) Anti-Money Laundering Compliance Officer, 2014–present | Director,3 Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011) |
Hepsen Uzcan6 (1974) Assistant Secretary, 2013–present | Director,3 Deutsche Asset Management |
Paul Antosca7 (1957) Assistant Treasurer, 2007–present | Director,3 Deutsche Asset Management |
Jack Clark7 (1967) Assistant Treasurer, 2007–present | Director,3 Deutsche Asset Management |
Diane Kenneally7 (1966) Assistant Treasurer, 2007–present | Director,3 Deutsche Asset Management |
1 The length of time served represents the year in which the Board Member joined the board of one or more Deutsche funds currently overseen by the Board.
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
3 Executive title, not a board directorship.
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more Deutsche funds.
6 Address: 60 Wall Street, New York, NY 10005.
7 Address: One Beacon Street, Boston, MA 02108.
8 Address: 222 South Riverside Plaza, Chicago, IL 60606.
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.
vit-scif-2 (R-025818-5 2/16)
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. Paul K. Freeman, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
deutsche small cap index VIP
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2015 | $50,726 | $0 | $0 | $0 |
2014 | $49,386 | $0 | $0 | $0 |
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended December 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2015 | $0 | $30,661 | $0 |
2014 | $0 | $63,439 | $0 |
The “Tax Fees Billed to the Advisor” were billed for services associated with foreign tax filings.
Non-Audit Services
The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.
Fiscal Year Ended December 31, | Total (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2015 | $0 | $30,661 | $0 | $30,661 |
2014 | $0 | $63,439 | $0 | $63,439 |
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2014 and 2015 financial statements, the Fund entered into an engagement letter with PwC. The terms of the 2015 engagement letter required by PwC, and agreed to by the Fund’s Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the services provided there-under.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes 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 controls over financial reporting. | |
ITEM 12. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche Small Cap Index VIP, a series of Deutsche Investments VIT Funds |
By: | /s/Brian E. Binder Brian E. Binder President |
Date: | February 22, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Brian E. Binder Brian E. Binder President |
Date: | February 22, 2016 |
By: | /s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | February 22, 2016 |