UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
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: | 6/30/2016 |
ITEM 1. | REPORT TO STOCKHOLDERS |
June 30, 2016
Semiannual Report
Deutsche Investments VIT Funds
Deutsche Small Cap Index VIP
Contents
3 Performance Summary 3 Portfolio Summary 4 Portfolio Manager 5 Investment Portfolio 41 Statement of Assets and Liabilities 42 Statement of Operations 42 Statement of Changes in Net Assets 44 Financial Highlights 45 Notes to Financial Statements 50 Information About Your Fund's Expenses 51 Proxy Voting 52 Advisory Agreement Board Considerations and Fee Evaluation |
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.
Deutsche AM 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 June 30, 2016 (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, 2016 are 0.54% 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. | |
Yearly periods ended June 30 |
Comparative Results (as of June 30, 2016) | ||||||
Deutsche Small Cap Index VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $10,206 | $9,305 | $12,206 | $14,813 | $17,716 |
Average annual total return | 2.06% | –6.95% | 6.87% | 8.18% | 5.89% | |
Russell 2000 Index | Growth of $10,000 | $10,222 | $9,327 | $12,280 | $14,935 | $18,243 |
Average annual total return | 2.22% | –6.73% | 7.09% | 8.35% | 6.20% | |
Deutsche Small Cap Index VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $10,199 | $9,281 | $12,119 | $14,632 | $17,280 |
Average annual total return | 1.99% | –7.19% | 6.62% | 7.91% | 5.62% | |
Russell 2000 Index | Growth of $10,000 | $10,222 | $9,327 | $12,280 | $14,935 | $18,243 |
Average annual total return | 2.22% | –6.73% | 7.09% | 8.35% | 6.20% |
The growth of $10,000 is cumulative.
‡ Total returns shown for periods less than one year are not annualized.
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/16 | 12/31/15 |
Common Stocks | 99% | 97% |
Cash Equivalents | 1% | 3% |
Government & Agency Obligations | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks and Warrants) | 6/30/16 | 12/31/15 |
Financials | 26% | 26% |
Information Technology | 17% | 18% |
Industrials | 14% | 12% |
Health Care | 14% | 17% |
Consumer Discretionary | 13% | 13% |
Materials | 5% | 4% |
Utilities | 4% | 4% |
Consumer Staples | 3% | 3% |
Energy | 3% | 2% |
Telecommunication Services | 1% | 1% |
100% | 100% |
Ten Largest Equity Holdings (2.3% of Net Assets) | |
1. IDACORP, Inc. Provider of electricity | 0.3% |
2. Olin Corp. Manufactures chlorine and caustic soda | 0.3% |
3. Portland General Electric Co. An electric utility involved in the generation, purchase, transmission, distribution and sale of electricity | 0.3% |
4. Gramercy Property Trust Provides real estate investment services | 0.2% |
5. Southwest Gas Corp. Purchases, transports and distributes natural gas to residential, commercial and industrial customers | 0.2% |
6. Curtiss-Wright Corp. Producer of precision component for aerospace, industrial and marine companies | 0.2% |
7. Microsemi Corp. Manufacturer of semiconductors | 0.2% |
8. Healthcare Realty Trust, Inc. Developer of real estate | 0.2% |
9. Medical Properties Trust, Inc Self-advised real estate investment trust | 0.2% |
10. WGL Holdings, Inc. Sells and delivers natural gas and other energy-related products and services | 0.2% |
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund's investment portfolio, see page 5. |
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.
Portfolio Manager
Brent Reeder
Senior Vice President, Northern Trust Investments, Inc., Subadvisor to the Fund
Portfolio Manager
Investment Portfolio June 30, 2016 (Unaudited)
Shares | Value ($) | |
Common Stocks 98.5% | ||
Consumer Discretionary 13.3% | ||
Auto Components 1.1% | ||
American Axle & Manufacturing Holdings, Inc.* | 14,517 | 210,206 |
Cooper Tire & Rubber Co. | 10,475 | 312,364 |
Cooper-Standard Holding, Inc.* | 2,800 | 221,172 |
Dana Holding Corp. | 28,391 | 299,809 |
Dorman Products, Inc.* (a) | 5,011 | 286,629 |
Drew Industries, Inc. | 4,487 | 380,677 |
Federal-Mogul Holdings Corp.* | 5,444 | 45,240 |
Fox Factory Holding Corp.* | 4,223 | 73,354 |
Gentherm, Inc.* | 6,897 | 236,222 |
Horizon Global Corp.* | 3,657 | 41,507 |
Metaldyne Performance Group, Inc. | 2,829 | 38,899 |
Modine Manufacturing Co.* | 9,224 | 81,171 |
Motorcar Parts of America, Inc.* (a) | 3,426 | 93,119 |
Spartan Motors, Inc. | 6,267 | 39,231 |
Standard Motor Products, Inc. | 4,059 | 161,467 |
Stoneridge, Inc.* | 5,271 | 78,749 |
Strattec Security Corp. | 682 | 27,805 |
Superior Industries International, Inc. | 4,734 | 126,777 |
Tenneco, Inc.* | 10,700 | 498,727 |
Tower International, Inc. | 3,896 | 80,180 |
Unique Fabricating, Inc. | 1,234 | 16,523 |
Workhorse Group, Inc.* (a) | 2,167 | 14,844 |
3,364,672 | ||
Automobiles 0.0% | ||
Winnebago Industries, Inc. (a) | 5,130 | 117,580 |
Distributors 0.1% | ||
Core-Mark Holding Co., Inc. | 8,694 | 407,401 |
Weyco Group, Inc. | 1,254 | 34,836 |
442,237 | ||
Diversified Consumer Services 1.0% | ||
American Public Education, Inc.* | 2,869 | 80,619 |
Apollo Education Group, Inc.* | 16,202 | 147,762 |
Ascent Capital Group, Inc. "A"* | 1,939 | 29,841 |
Bridgepoint Education, Inc.* | 3,215 | 23,277 |
Bright Horizons Family Solutions, Inc.* (a) | 8,350 | 553,688 |
Cambium Learning Group, Inc.* | 2,305 | 10,396 |
Capella Education Co. | 2,166 | 114,018 |
Career Education Corp.* | 12,609 | 75,024 |
Carriage Services, Inc. (a) | 2,890 | 68,435 |
Chegg, Inc.* (a) | 15,391 | 76,955 |
Collectors Universe, Inc. | 1,342 | 26,504 |
DeVry Education Group, Inc. (a) | 11,689 | 208,532 |
Grand Canyon Education, Inc.* | 8,539 | 340,877 |
Houghton Mifflin Harcourt Co.* | 23,555 | 368,165 |
K12, Inc.* | 6,240 | 77,938 |
Liberty Tax, Inc. | 1,055 | 14,053 |
LifeLock, Inc.* | 16,050 | 253,750 |
Regis Corp.* | 7,073 | 88,059 |
Sotheby's (a) | 9,928 | 272,027 |
Strayer Education, Inc.* | 1,981 | 97,326 |
Weight Watchers International, Inc.* (a) | 5,062 | 58,871 |
2,986,117 | ||
Shares | Value ($) | |
Hotels, Restaurants & Leisure 3.2% | ||
Belmond Ltd. "A"* | 15,872 | 157,133 |
Biglari Holdings, Inc.* | 196 | 79,055 |
BJ's Restaurants, Inc.* | 4,430 | 194,167 |
Bloomin' Brands, Inc. | 21,640 | 386,707 |
Bob Evans Farms, Inc. | 3,763 | 142,806 |
Bojangles', Inc.* | 1,870 | 31,696 |
Boyd Gaming Corp.* | 15,633 | 287,647 |
Buffalo Wild Wings, Inc.* | 3,587 | 498,414 |
Caesars Acquisition Co. "A"* | 9,023 | 101,238 |
Caesars Entertainment Corp.* (a) | 10,770 | 82,821 |
Carrols Restaurant Group, Inc.* | 6,649 | 79,123 |
Century Casinos, Inc.* | 4,055 | 25,263 |
Churchill Downs, Inc. | 2,558 | 323,229 |
Chuy's Holdings, Inc.* | 3,033 | 104,972 |
ClubCorp Holdings, Inc. | 12,207 | 158,691 |
Cracker Barrel Old Country Store, Inc. (a) | 3,641 | 624,322 |
Dave & Buster's Entertainment, Inc.* | 7,185 | 336,186 |
Del Frisco's Restaurant Group, Inc.* | 4,618 | 66,130 |
Del Taco Restaurants, Inc.* | 4,391 | 39,958 |
Denny's Corp.* (a) | 14,533 | 155,939 |
Diamond Resorts International, Inc.* (a) | 7,043 | 211,008 |
DineEquity, Inc. | 3,321 | 281,554 |
El Pollo Loco Holdings, Inc.* | 3,848 | 50,024 |
Eldorado Resorts, Inc.* | 5,428 | 82,478 |
Empire Resorts, Inc.* | 587 | 9,275 |
Fiesta Restaurant Group, Inc.* | 4,939 | 107,720 |
Fogo De Chao, Inc.* | 867 | 11,323 |
Golden Entertainment, Inc. | 1,959 | 22,901 |
International Speedway Corp. "A" | 4,947 | 165,477 |
Interval Leisure Group, Inc. | 21,465 | 341,293 |
Intrawest Resorts Holdings, Inc.* | 2,829 | 36,720 |
Isle of Capri Casinos, Inc.* | 4,746 | 86,947 |
J. Alexander's Holdings, Inc.* | 2,340 | 23,236 |
Jack in the Box, Inc. | 6,189 | 531,759 |
Jamba, Inc.* (a) | 2,526 | 25,993 |
Kona Grill, Inc.* | 1,504 | 16,123 |
Krispy Kreme Doughnuts, Inc.* | 10,990 | 230,350 |
La Quinta Holdings, Inc.* | 15,832 | 180,485 |
Lindblad Expeditions Holdings, Inc.* | 2,797 | 26,935 |
Luby's, Inc.* | 3,683 | 18,489 |
Marcus Corp. | 3,441 | 72,605 |
Marriott Vacations Worldwide Corp. | 4,248 | 290,946 |
Monarch Casino & Resort, Inc.* | 2,125 | 46,686 |
Nathan's Famous, Inc.* | 579 | 25,765 |
Noodles & Co.* | 2,106 | 20,597 |
Papa John's International, Inc. (a) | 5,115 | 347,820 |
Penn National Gaming, Inc.* | 14,146 | 197,337 |
Pinnacle Entertainment, Inc.* | 11,215 | 124,262 |
Planet Fitness, Inc. "A"* | 2,982 | 56,300 |
Popeyes Louisiana Kitchen, Inc.* | 4,109 | 224,516 |
Potbelly Corp.* (a) | 4,513 | 56,593 |
Red Lion Hotels Corp.* | 2,685 | 19,493 |
Red Robin Gourmet Burgers, Inc.* (a) | 2,600 | 123,318 |
Red Rock Resorts, Inc. "A"* | 5,702 | 125,330 |
Ruby Tuesday, Inc.* | 11,518 | 41,580 |
Ruth's Hospitality Group, Inc. | 5,945 | 94,823 |
Shares | Value ($) | |
Scientific Games Corp. "A"* | 9,958 | 91,514 |
SeaWorld Entertainment, Inc. (a) | 12,519 | 179,397 |
Shake Shack, Inc. "A"* (a) | 2,978 | 108,489 |
Sonic Corp. | 8,901 | 240,772 |
Speedway Motorsports, Inc. | 2,192 | 38,908 |
Texas Roadhouse, Inc. (a) | 12,559 | 572,690 |
The Cheesecake Factory, Inc. | 8,620 | 414,967 |
The Habit Restaurants, Inc. "A"* | 2,560 | 41,933 |
Wingstop, Inc.* | 2,989 | 81,450 |
Zoe's Kitchen, Inc.* (a) | 3,671 | 133,147 |
10,106,825 | ||
Household Durables 1.3% | ||
Bassett Furniture Industries, Inc. | 1,910 | 45,725 |
Beazer Homes U.S.A., Inc.* | 5,966 | 46,237 |
Cavco Industries, Inc.* | 1,603 | 150,201 |
Century Communities, Inc.* | 2,708 | 46,957 |
CSS Industries, Inc. | 1,699 | 45,550 |
Ethan Allen Interiors, Inc. (a) | 4,661 | 153,999 |
Flexsteel Industries, Inc. | 1,230 | 48,733 |
GoPro, Inc. "A"* (a) | 19,150 | 207,011 |
Green Brick Partners, Inc.* | 4,496 | 32,686 |
Helen of Troy Ltd.* | 5,308 | 545,875 |
Hooker Furniture Corp. | 2,186 | 46,977 |
Hovnanian Enterprises, Inc. "A"* | 22,782 | 38,274 |
Installed Building Products, Inc.* | 3,814 | 138,410 |
iRobot Corp.* (a) | 5,090 | 178,557 |
KB HOME (a) | 15,808 | 240,440 |
La-Z-Boy, Inc. | 9,303 | 258,809 |
LGI Homes, Inc.* (a) | 2,929 | 93,552 |
Libbey, Inc. | 4,266 | 67,787 |
Lifetime Brands, Inc. | 2,058 | 30,026 |
M.D.C. Holdings, Inc. | 7,608 | 185,179 |
M/I Homes, Inc.* | 4,467 | 84,114 |
Meritage Homes Corp.* | 7,245 | 271,977 |
NACCO Industries, Inc. "A" | 709 | 39,704 |
New Home Co., Inc.* | 2,265 | 21,608 |
Taylor Morrison Home Corp. "A"* | 5,811 | 86,235 |
TopBuild Corp.* | 7,297 | 264,151 |
TRI Pointe Group, Inc.* (a) | 28,218 | 333,537 |
UCP, Inc. "A"* | 1,541 | 12,359 |
Universal Electronics, Inc.* | 2,657 | 192,048 |
WCI Communities, Inc.* | 4,103 | 69,341 |
William Lyon Homes "A"* | 4,529 | 73,007 |
ZAGG, Inc.* | 5,246 | 27,542 |
4,076,608 | ||
Internet & Catalog Retail 0.6% | ||
1-800 FLOWERS.COM, Inc. "A"* | 5,129 | 46,264 |
Blue Nile, Inc. | 2,103 | 57,580 |
Duluth Holdings, Inc. "B"* (a) | 1,818 | 44,468 |
Etsy, Inc.* | 19,909 | 190,927 |
FTD Companies, Inc.* (a) | 3,394 | 84,714 |
Gaiam, Inc. "A"* | 2,560 | 19,814 |
HSN, Inc. | 5,934 | 290,351 |
Lands' End, Inc.* (a) | 2,693 | 44,219 |
Liberty TripAdvisor Holdings, Inc. "A"* | 13,621 | 298,027 |
NutriSystem, Inc. | 5,521 | 140,013 |
Overstock.com, Inc.* | 2,597 | 41,838 |
PetMed Express, Inc. (a) | 3,578 | 67,123 |
Shutterfly, Inc.* (a) | 6,557 | 305,622 |
Wayfair, Inc. "A"* (a) | 5,975 | 233,025 |
1,863,985 | ||
Shares | Value ($) | |
Leisure Products 0.3% | ||
Arctic Cat, Inc. (a) | 2,372 | 40,324 |
Callaway Golf Co. | 17,873 | 182,483 |
Escalade, Inc. | 1,919 | 19,651 |
JAKKS Pacific, Inc.* (a) | 2,688 | 21,262 |
Johnson Outdoors, Inc. "A" | 976 | 25,083 |
Malibu Boats, Inc. "A"* | 3,636 | 43,923 |
Marine Products Corp. | 2,196 | 18,578 |
MCBC Holdings, Inc. | 1,200 | 13,260 |
Nautilus, Inc.* | 5,770 | 102,937 |
Performance Sports Group Ltd.* | 6,311 | 18,933 |
Smith & Wesson Holding Corp.* | 10,380 | 282,128 |
Sturm, Ruger & Co., Inc. (a) | 3,565 | 228,196 |
996,758 | ||
Media 1.8% | ||
AMC Entertainment Holdings, Inc. "A" | 4,063 | 112,179 |
Carmike Cinemas, Inc.* | 4,525 | 136,293 |
Central European Media Enterprises Ltd. "A"* (a) | 13,726 | 28,962 |
Daily Journal Corp.* | 200 | 47,398 |
DreamWorks Animation SKG, Inc. "A"* (a) | 14,688 | 600,299 |
Entercom Communications Corp. "A" | 4,736 | 64,268 |
Entravision Communications Corp. "A" | 12,382 | 83,207 |
Eros International PLC* | 5,608 | 91,242 |
Gannett Co., Inc. | 22,293 | 307,866 |
Global Eagle Entertainment, Inc.* | 9,108 | 60,477 |
Gray Television, Inc.* | 11,974 | 129,918 |
Hemisphere Media Group, Inc.* | 1,151 | 13,582 |
IMAX Corp.* (a) | 11,182 | 329,645 |
Liberty Braves Group "A"* | 1,744 | 26,230 |
Liberty Braves Group "C"* | 5,972 | 87,549 |
Liberty Media Group "A"* | 4,348 | 83,221 |
Liberty Media Group "C"* | 8,759 | 166,158 |
Loral Space & Communications, Inc.* | 2,406 | 84,860 |
MDC Partners, Inc. "A" (a) | 9,720 | 177,779 |
Media General, Inc.* | 20,772 | 357,071 |
Meredith Corp. (a) | 7,122 | 369,703 |
MSG Networks, Inc. "A"* | 11,315 | 173,572 |
National CineMedia, Inc. | 11,489 | 177,850 |
New Media Investment Group, Inc. | 7,386 | 133,465 |
New York Times Co. "A" | 23,741 | 287,266 |
Nexstar Broadcasting Group, Inc. "A" (a) | 5,659 | 269,255 |
Radio One, Inc. "D"* | 4,708 | 15,019 |
Reading International, Inc. "A"* | 3,089 | 38,582 |
Saga Communications, Inc. "A" | 704 | 27,836 |
Salem Media Group, Inc. | 2,108 | 15,220 |
Scholastic Corp. | 5,144 | 203,754 |
Sinclair Broadcast Group, Inc. "A" (a) | 12,545 | 374,594 |
The E.W. Scripps Co. "A"* | 11,310 | 179,150 |
Time, Inc. | 19,511 | 321,151 |
Townsquare Media, Inc. "A"* | 1,342 | 10,588 |
tronc, Inc. | 5,120 | 70,656 |
World Wrestling Entertainment, Inc. "A" (a) | 6,872 | 126,513 |
5,782,378 | ||
Shares | Value ($) | |
Multiline Retail 0.3% | ||
Big Lots, Inc. (a) | 9,451 | 473,590 |
Fred's, Inc. "A" (a) | 6,876 | 110,772 |
Ollie's Bargain Outlet Holdings, Inc.* | 3,822 | 95,130 |
Sears Holdings Corp.* (a) | 2,132 | 29,016 |
Tuesday Morning Corp.* | 8,896 | 62,450 |
770,958 | ||
Specialty Retail 2.6% | ||
Aaron's, Inc. | 12,458 | 272,706 |
Abercrombie & Fitch Co. "A" (a) | 12,866 | 229,143 |
America's Car-Mart, Inc.* | 1,543 | 43,574 |
American Eagle Outfitters, Inc. (a) | 31,578 | 503,037 |
Asbury Automotive Group, Inc.* | 3,789 | 199,832 |
Ascena Retail Group, Inc.* (a) | 32,797 | 229,251 |
Barnes & Noble Education, Inc.* | 7,595 | 77,089 |
Barnes & Noble, Inc. | 11,969 | 135,848 |
Big 5 Sporting Goods Corp. | 3,337 | 30,934 |
Boot Barn Holdings, Inc.* | 2,883 | 24,851 |
Build-A-Bear Workshop, Inc.* | 2,399 | 32,195 |
Caleres, Inc. | 8,015 | 194,043 |
Cato Corp. "A" | 4,912 | 185,281 |
Chico's FAS, Inc. | 24,823 | 265,854 |
Citi Trends, Inc. | 2,773 | 43,065 |
Conn's, Inc.* (a) | 3,657 | 27,501 |
Destination XL Group, Inc.* | 6,863 | 31,364 |
DSW, Inc. "A" | 12,763 | 270,320 |
Express, Inc.* | 14,101 | 204,605 |
Five Below, Inc.* | 10,100 | 468,741 |
Francesca's Holdings Corp.* | 7,479 | 82,643 |
Genesco, Inc.* | 3,874 | 249,137 |
GNC Holdings, Inc. "A" | 13,006 | 315,916 |
Group 1 Automotive, Inc. | 3,941 | 194,528 |
Guess?, Inc. (a) | 11,717 | 176,341 |
Haverty Furniture Companies, Inc. | 3,810 | 68,694 |
Hibbett Sports, Inc.* (a) | 4,338 | 150,919 |
Kirkland's, Inc.* | 2,658 | 39,019 |
Lithia Motors, Inc. "A" (a) | 4,501 | 319,886 |
Lumber Liquidators Holdings, Inc.* (a) | 5,159 | 79,552 |
MarineMax, Inc.* | 4,667 | 79,199 |
Mattress Firm Holding Corp.* (a) | 3,193 | 107,125 |
Monro Muffler Brake, Inc. (a) | 5,975 | 379,771 |
Office Depot, Inc.* | 104,877 | 347,143 |
Outerwall, Inc. (a) | 3,166 | 132,972 |
Party City Holdco, Inc.* | 5,105 | 71,010 |
Pier 1 Imports, Inc. | 15,042 | 77,316 |
Rent-A-Center, Inc. (a) | 9,969 | 122,419 |
Restoration Hardware Holdings, Inc.* (a) | 7,335 | 210,368 |
Sears Hometown & Outlet Stores, Inc.* | 2,140 | 14,424 |
Select Comfort Corp.* | 8,650 | 184,937 |
Shoe Carnival, Inc. | 2,744 | 68,765 |
Sonic Automotive, Inc. "A" | 5,401 | 92,411 |
Sportsman's Warehouse Holdings, Inc.* | 4,900 | 39,494 |
Stage Stores, Inc. (a) | 4,531 | 22,111 |
Stein Mart, Inc. | 5,972 | 46,104 |
Tailored Brands, Inc. (a) | 9,088 | 115,054 |
The Buckle, Inc. (a) | 5,539 | 143,959 |
The Children's Place, Inc. (a) | 3,532 | 283,196 |
The Container Store Group, Inc.* | 2,885 | 15,435 |
The Finish Line, Inc. "A" (a) | 7,824 | 157,967 |
Shares | Value ($) | |
Tile Shop Holdings, Inc.* | 6,176 | 122,779 |
Tilly's, Inc. "A"* | 1,996 | 11,557 |
Vitamin Shoppe, Inc.* (a) | 4,497 | 137,473 |
West Marine, Inc.* | 3,410 | 28,610 |
Winmark Corp. | 449 | 44,752 |
Zumiez, Inc.* (a) | 3,286 | 47,023 |
8,249,243 | ||
Textiles, Apparel & Luxury Goods 1.0% | ||
Columbia Sportswear Co. | 5,108 | 293,914 |
Crocs, Inc.* | 13,791 | 155,562 |
Culp, Inc. | 2,036 | 56,255 |
Deckers Outdoor Corp.* (a) | 6,184 | 355,704 |
Delta Apparel, Inc.* | 1,344 | 30,307 |
Fossil Group, Inc.* | 7,950 | 226,814 |
G-III Apparel Group Ltd.* | 8,149 | 372,572 |
Iconix Brand Group, Inc.* (a) | 8,004 | 54,107 |
Movado Group, Inc. | 2,851 | 61,810 |
Oxford Industries, Inc. | 2,876 | 162,839 |
Perry Ellis International, Inc.* | 2,456 | 49,415 |
Sequential Brands Group, Inc.* | 7,443 | 59,395 |
Steven Madden Ltd.* | 11,669 | 398,846 |
Superior Uniform Group, Inc. | 1,638 | 31,269 |
Tumi Holdings, Inc.* | 10,698 | 286,065 |
Unifi, Inc.* | 2,970 | 80,873 |
Vera Bradley, Inc.* (a) | 4,027 | 57,063 |
Vince Holding Corp.* | 3,621 | 19,843 |
Wolverine World Wide, Inc. | 18,376 | 373,400 |
3,126,053 | ||
Consumer Staples 3.1% | ||
Beverages 0.2% | ||
Boston Beer Co., Inc. "A"* (a) | 1,654 | 282,884 |
Coca-Cola Bottling Co. Consolidated | 885 | 130,511 |
Craft Brew Alliance, Inc.* | 2,624 | 30,228 |
MGP Ingredients, Inc. | 2,378 | 90,911 |
National Beverage Corp.* | 2,204 | 138,433 |
Primo Water Corp.* | 3,995 | 47,181 |
720,148 | ||
Food & Staples Retailing 0.6% | ||
Ingles Markets, Inc. "A" (a) | 2,592 | 96,682 |
Natural Grocers by Vitamin Cottage, Inc.* | 1,700 | 22,185 |
Performance Food Group Co.* | 7,097 | 190,980 |
PriceSmart, Inc. (a) | 3,798 | 355,379 |
Smart & Final Stores, Inc.* | 4,309 | 64,161 |
SpartanNash Co. | 6,963 | 212,929 |
SUPERVALU, Inc.* | 50,396 | 237,869 |
The Andersons, Inc. | 5,049 | 179,442 |
The Chefs' Warehouse, Inc.* | 3,784 | 60,544 |
United Natural Foods, Inc.* | 9,420 | 440,856 |
Village Super Market, Inc. "A" | 1,478 | 42,699 |
Weis Markets, Inc. | 1,813 | 91,647 |
1,995,373 | ||
Food Products 1.5% | ||
Alico, Inc. | 689 | 20,842 |
Amplify Snack Brands, Inc.* | 5,541 | 81,730 |
B&G Foods, Inc. (a) | 11,749 | 566,302 |
Cal-Maine Foods, Inc. (a) | 5,849 | 259,228 |
Calavo Growers, Inc. | 2,933 | 196,511 |
Darling Ingredients, Inc.* | 31,121 | 463,703 |
Dean Foods Co. (a) | 17,274 | 312,487 |
Farmer Brothers Co.* | 1,627 | 52,162 |
Shares | Value ($) | |
Fresh Del Monte Produce, Inc. | 6,118 | 333,003 |
Freshpet, Inc.* | 4,347 | 40,557 |
Inventure Foods, Inc.* | 3,259 | 25,453 |
J & J Snack Foods Corp. | 2,845 | 339,323 |
John B. Sanfilippo & Son, Inc. | 1,674 | 71,363 |
Lancaster Colony Corp. | 3,558 | 454,036 |
Landec Corp.* (a) | 4,820 | 51,863 |
Lifeway Foods, Inc.* | 911 | 8,809 |
Limoneira Co. (a) | 2,309 | 40,684 |
Omega Protein Corp.* | 4,212 | 84,198 |
Sanderson Farms, Inc. (a) | 3,788 | 328,192 |
Seaboard Corp.* | 51 | 146,403 |
Seneca Foods Corp. "A"* | 1,199 | 43,416 |
Snyder's-Lance, Inc. | 15,259 | 517,127 |
Tootsie Roll Industries, Inc. (a) | 3,249 | 125,184 |
4,562,576 | ||
Household Products 0.3% | ||
Central Garden & Pet Co.* | 1,917 | 43,765 |
Central Garden & Pet Co. "A"* | 6,335 | 137,533 |
HRG Group, Inc.* | 22,503 | 308,966 |
Oil-Dri Corp. of America | 930 | 32,113 |
Orchids Paper Products Co. | 1,743 | 61,999 |
WD-40 Co. | 2,672 | 313,826 |
898,202 | ||
Personal Products 0.3% | ||
Avon Products, Inc. | 83,489 | 315,589 |
Elizabeth Arden, Inc.* (a) | 4,615 | 63,502 |
Inter Parfums, Inc. | 3,240 | 92,567 |
Lifevantage Corp.* | 2,599 | 35,346 |
Medifast, Inc. | 1,930 | 64,211 |
Natural Health Trends Corp. (a) | 1,400 | 39,466 |
Nature's Sunshine Products, Inc. | 1,450 | 13,819 |
Nutraceutical International Corp.* | 1,508 | 34,910 |
Revlon, Inc. "A"* | 2,276 | 73,242 |
Synutra International, Inc.* | 3,372 | 12,847 |
USANA Health Sciences, Inc.* | 1,012 | 112,767 |
858,266 | ||
Tobacco 0.2% | ||
Alliance One International, Inc.* | 1,581 | 24,347 |
Turning Point Brands, Inc.* | 1,127 | 11,574 |
Universal Corp. | 4,178 | 241,238 |
Vector Group Ltd. (a) | 16,783 | 376,275 |
653,434 | ||
Energy 3.0% | ||
Energy Equipment & Services 1.0% | ||
Archrock, Inc. | 13,209 | 124,429 |
Atwood Oceanics, Inc. (a) | 11,616 | 145,432 |
Bristow Group, Inc. (a) | 6,436 | 73,435 |
CARBO Ceramics, Inc. (a) | 3,904 | 51,142 |
Dawson Geophysical Co.* | 3,836 | 31,263 |
Era Group, Inc.* | 3,545 | 33,323 |
Exterran Corp.* | 5,759 | 74,003 |
Fairmount Santrol Holdings, Inc.* (a) | 12,485 | 96,259 |
Forum Energy Technologies, Inc.* (a) | 11,261 | 194,928 |
Geospace Technologies Corp.* | 2,477 | 40,548 |
Helix Energy Solutions Group, Inc.* | 18,843 | 127,379 |
Hornbeck Offshore Services, Inc.* (a) | 6,291 | 52,467 |
Independence Contract Drilling, Inc.* | 5,722 | 31,070 |
Matrix Service Co.* | 5,242 | 86,441 |
Shares | Value ($) | |
McDermott International, Inc.* (a) | 46,003 | 227,255 |
Natural Gas Services Group* | 2,293 | 52,510 |
Newpark Resources, Inc.* | 15,385 | 89,079 |
Oil States International, Inc.* | 9,652 | 317,358 |
Parker Drilling Co.* | 22,098 | 50,604 |
PHI, Inc. (Non Voting)* | 2,151 | 38,460 |
Pioneer Energy Services Corp.* | 12,246 | 56,332 |
RigNet, Inc.* | 2,305 | 30,864 |
SEACOR Holdings, Inc.* (a) | 3,043 | 176,342 |
Seadrill Ltd.* (a) | 71,681 | 232,246 |
Tesco Corp. | 7,077 | 47,345 |
TETRA Technologies, Inc.* | 15,502 | 98,748 |
Tidewater, Inc. (a) | 8,960 | 39,514 |
U.S. Silica Holdings, Inc. (a) | 12,143 | 418,569 |
Unit Corp.* | 9,623 | 149,734 |
Willbros Group, Inc.* | 8,232 | 20,827 |
3,207,906 | ||
Oil, Gas & Consumable Fuels 2.0% | ||
Abraxas Petroleum Corp.* | 23,549 | 26,610 |
Adams Resources & Energy, Inc. | 426 | 16,401 |
Alon U.S.A. Energy, Inc. | 5,592 | 36,236 |
Ardmore Shipping Corp. | 4,192 | 28,380 |
Bill Barrett Corp.* (a) | 9,623 | 61,491 |
California Resources Corp. | 6,010 | 73,322 |
Callon Petroleum Co.* | 23,016 | 258,470 |
Carrizo Oil & Gas, Inc.* | 10,586 | 379,508 |
Clayton Williams Energy, Inc.* (a) | 1,063 | 29,190 |
Clean Energy Fuels Corp.* | 17,216 | 59,740 |
Cobalt International Energy, Inc.* | 77,446 | 103,778 |
Contango Oil & Gas Co.* | 3,554 | 43,501 |
CVR Energy, Inc. | 3,024 | 46,872 |
Delek U.S. Holdings, Inc. | 11,712 | 154,716 |
Denbury Resources, Inc. (a) | 66,661 | 239,313 |
DHT Holdings, Inc. | 17,005 | 85,535 |
Dorian LPG Ltd.* | 4,452 | 31,387 |
Earthstone Energy, Inc.* | 367 | 3,956 |
Eclipse Resources Corp.* (a) | 8,545 | 28,540 |
EP Energy Corp. "A"* | 7,346 | 38,052 |
Erin Energy Corp.* (a) | 2,469 | 5,950 |
Evolution Petroleum Corp. | 4,661 | 25,496 |
EXCO Resources, Inc.* (a) | 24,978 | 32,471 |
Frontline Ltd. (a) | 12,355 | 97,234 |
GasLog Ltd. | 7,670 | 99,557 |
Gener8 Maritime, Inc.* | 7,478 | 47,859 |
Golar LNG Ltd. | 16,864 | 261,392 |
Green Plains, Inc. | 6,883 | 135,733 |
Isramco, Inc.* (a) | 166 | 13,654 |
Jones Energy, Inc. "A"* | 5,159 | 21,255 |
Matador Resources Co.* (a) | 15,761 | 312,068 |
Navios Maritime Acquisition Corp. | 15,053 | 23,633 |
Nordic American Tankers Ltd. (a) | 16,419 | 228,060 |
Northern Oil & Gas, Inc.* (a) | 8,912 | 41,173 |
Oasis Petroleum, Inc.* | 33,832 | 315,991 |
Overseas Shipholding Group, Inc. "A" | 6,878 | 75,589 |
Pacific Ethanol, Inc.* (a) | 5,209 | 28,389 |
Panhandle Oil & Gas, Inc. "A" | 3,085 | 51,427 |
Par Pacific Holdings, Inc.* | 5,333 | 81,808 |
PDC Energy, Inc.* (a) | 8,748 | 503,972 |
Renewable Energy Group, Inc.* | 8,021 | 70,825 |
REX American Resources Corp.* (a) | 1,048 | 62,702 |
Ring Energy, Inc.* | 6,874 | 60,629 |
Shares | Value ($) | |
RSP Permian, Inc.* | 14,925 | 520,733 |
Sanchez Energy Corp.* (a) | 10,615 | 74,942 |
Scorpio Tankers, Inc. | 31,071 | 130,498 |
SemGroup Corp. "A" | 8,401 | 273,537 |
Ship Finance International Ltd. (a) | 11,183 | 164,837 |
Synergy Resources Corp.* | 35,277 | 234,945 |
Teekay Corp. | 8,354 | 59,564 |
Teekay Tankers Ltd. "A" | 22,175 | 66,082 |
W&T Offshore, Inc.* (a) | 5,618 | 13,034 |
Western Refining, Inc. | 12,861 | 265,322 |
Westmoreland Coal Co.* | 3,189 | 30,359 |
6,175,718 | ||
Financials 25.4% | ||
Banks 9.6% | ||
1st Source Corp. | 2,950 | 95,551 |
Access National Corp. | 1,597 | 31,158 |
ACNB Corp. | 1,136 | 28,525 |
Allegiance Bancshares, Inc.* | 2,080 | 51,750 |
American National Bankshares, Inc. | 1,484 | 37,367 |
Ameris Bancorp. | 6,437 | 191,179 |
Ames National Corp. | 1,604 | 43,019 |
Arrow Financial Corp. | 2,158 | 65,366 |
Atlantic Capital Bancshares, Inc.* | 3,285 | 47,501 |
Avenue Financial Holdings, Inc.* | 1,574 | 30,929 |
Banc of California, Inc. | 9,263 | 167,660 |
BancFirst Corp. | 1,488 | 89,756 |
Banco Latinoamericano de Comercio Exterior SA "E" (a) | 5,742 | 152,163 |
BancorpSouth, Inc. | 16,408 | 372,298 |
Bank of Marin Bancorp. | 1,093 | 52,868 |
Bank of the Ozarks, Inc. (a) | 15,937 | 597,956 |
Bankwell Financial Group, Inc. | 1,086 | 23,957 |
Banner Corp. | 5,690 | 242,053 |
Bar Harbor Bankshares | 1,063 | 37,311 |
BBCN Bancorp., Inc. | 14,599 | 217,817 |
Berkshire Hills Bancorp., Inc. | 5,848 | 157,428 |
Blue Hills Bancorp., Inc. | 4,561 | 67,320 |
BNC Bancorp. | 7,167 | 162,763 |
Boston Private Financial Holdings, Inc. | 15,296 | 180,187 |
Bridge Bancorp., Inc. | 3,171 | 90,056 |
Brookline Bancorp., Inc. | 13,222 | 145,839 |
Bryn Mawr Bank Corp. | 3,166 | 92,447 |
C&F Financial Corp. | 613 | 27,438 |
C1 Financial, Inc.* | 1,407 | 32,825 |
California First National Bancorp. | 451 | 6,661 |
Camden National Corp. | 1,930 | 81,060 |
Capital Bank Financial Corp. "A" | 3,824 | 110,131 |
Capital City Bank Group, Inc. | 2,067 | 28,773 |
Cardinal Financial Corp. | 5,821 | 127,713 |
Carolina Financial Corp. | 1,938 | 36,202 |
Cascade Bancorp.* | 5,898 | 32,675 |
Cathay General Bancorp. | 14,082 | 397,112 |
Centerstate Banks, Inc. | 8,599 | 135,434 |
Central Pacific Financial Corp. | 5,752 | 135,747 |
Central Valley Community Bancorp. | 1,655 | 23,170 |
Century Bancorp., Inc. "A" | 543 | 22,985 |
Chemical Financial Corp. (a) | 7,251 | 270,390 |
Chemung Financial Corp. | 597 | 17,522 |
Citizens & Northern Corp. | 2,084 | 42,139 |
City Holding Co. | 2,734 | 124,315 |
CNB Financial Corp. | 2,436 | 43,361 |
CoBiz Financial, Inc. | 7,096 | 83,023 |
Shares | Value ($) | |
Codorus Valley Bancorp., Inc. | 1,466 | 29,862 |
Columbia Banking System, Inc. | 11,005 | 308,800 |
Community Bank System, Inc. (a) | 8,164 | 335,459 |
Community Trust Bancorp., Inc. | 2,813 | 97,499 |
CommunityOne Bancorp.* | 2,174 | 27,479 |
ConnectOne Bancorp., Inc. | 5,403 | 84,773 |
County Bancorp., Inc. | 914 | 18,847 |
CU Bancorp.* | 2,984 | 67,826 |
Customers Bancorp., Inc.* (a) | 4,611 | 115,874 |
CVB Financial Corp. | 19,177 | 314,311 |
Eagle Bancorp., Inc.* | 5,791 | 278,605 |
Enterprise Bancorp., Inc. | 1,476 | 35,409 |
Enterprise Financial Services Corp. | 3,722 | 103,807 |
Equity Bancshares, Inc. "A"* | 968 | 21,432 |
Farmers Capital Bank Corp. | 1,334 | 36,485 |
Farmers National Banc Corp. | 4,719 | 41,527 |
FCB Financial Holdings, Inc. "A"* | 5,668 | 192,712 |
Fidelity Southern Corp. | 4,100 | 64,247 |
Financial Institutions, Inc. | 2,744 | 71,536 |
First BanCorp.* | 22,522 | 89,412 |
First BanCorp. — North Carolina | 3,815 | 67,068 |
First Bancorp., Inc. | 1,889 | 40,689 |
First Busey Corp. | 5,877 | 125,709 |
First Business Financial Services, Inc. | 1,532 | 35,956 |
First Citizens BancShares, Inc. "A" | 1,428 | 369,724 |
First Commonwealth Financial Corp. | 16,451 | 151,349 |
First Community Bancshares, Inc. | 3,056 | 68,577 |
First Community Financial Partners, Inc.* | 2,567 | 22,590 |
First Connecticut Bancorp, Inc. | 2,586 | 42,824 |
First Financial Bancorp. | 11,700 | 227,565 |
First Financial Bankshares, Inc. (a) | 12,136 | 397,939 |
First Financial Corp. — Indiana | 1,957 | 71,665 |
First Financial Northwest, Inc. | 1,708 | 22,682 |
First Foundation, Inc.* | 2,506 | 53,879 |
First Internet Bancorp. | 985 | 23,463 |
First Interstate BancSystem, Inc. "A" | 3,743 | 105,178 |
First Merchants Corp. | 7,663 | 191,039 |
First Mid-Illinois Bancshares, Inc. | 1,091 | 27,275 |
First Midwest Bancorp., Inc. | 15,258 | 267,931 |
First NBC Bank Holding Co.* | 2,842 | 47,717 |
First Northwest Bancorp.* | 2,109 | 26,869 |
First of Long Island Corp. | 2,731 | 78,298 |
FirstMerit Corp. | 31,367 | 635,809 |
Flushing Financial Corp. | 5,275 | 104,867 |
FNB Corp. | 39,887 | 500,183 |
Franklin Financial Network, Inc.* | 1,773 | 55,601 |
Fulton Financial Corp. | 32,569 | 439,682 |
German American Bancorp., Inc. | 2,709 | 86,607 |
Glacier Bancorp., Inc. (a) | 14,471 | 384,639 |
Great Southern Bancorp., Inc. | 2,035 | 75,234 |
Great Western Bancorp., Inc. | 11,177 | 352,523 |
Green Bancorp., Inc.* | 3,938 | 34,339 |
Guaranty Bancorp. | 2,730 | 45,591 |
Hampton Roads Bankshares, Inc.* | 6,596 | 11,807 |
Hancock Holding Co. | 14,779 | 385,880 |
Hanmi Financial Corp. | 6,070 | 142,584 |
Heartland Financial U.S.A., Inc. | 4,166 | 147,018 |
Heritage Commerce Corp. | 4,931 | 51,923 |
Heritage Financial Corp. | 5,530 | 97,217 |
Heritage Oaks Bancorp. | 4,274 | 33,936 |
Shares | Value ($) | |
Hilltop Holdings, Inc.* | 14,264 | 299,401 |
Home Bancshares, Inc. | 22,933 | 453,844 |
HomeTrust Bancshares, Inc.* | 3,166 | 58,571 |
Horizon Bancorp. | 2,089 | 52,517 |
IBERIABANK Corp. | 7,767 | 463,923 |
Independent Bank Corp. | 3,777 | 54,804 |
Independent Bank Corp. (a) | 4,935 | 225,530 |
Independent Bank Group, Inc. (a) | 2,109 | 90,497 |
International Bancshares Corp. | 10,406 | 271,493 |
Investors Bancorp., Inc. | 56,452 | 625,488 |
Lakeland Bancorp., Inc. | 7,330 | 83,415 |
Lakeland Financial Corp. | 3,019 | 141,923 |
LCNB Corp. | 1,677 | 26,497 |
LegacyTexas Financial Group, Inc. | 8,410 | 226,313 |
Live Oak Bancshares, Inc. | 3,705 | 52,278 |
Macatawa Bank Corp. | 4,982 | 36,966 |
MainSource Financial Group, Inc. | 4,453 | 98,189 |
MB Financial, Inc. | 13,267 | 481,327 |
MBT Financial Corp. | 3,340 | 26,720 |
Mercantile Bank Corp. | 2,998 | 71,532 |
Merchants Bancshares, Inc. | 1,102 | 33,589 |
Middleburg Financial Corp. | 884 | 24,045 |
Midland States Bancorp., Inc.* | 700 | 15,183 |
MidWestOne Financial Group, Inc. | 1,611 | 46,010 |
MutualFirst Financial, Inc. | 1,032 | 28,225 |
National Bank Holdings Corp. "A" | 4,973 | 101,250 |
National Bankshares, Inc. | 1,314 | 45,885 |
National Commerce Corp.* | 1,608 | 37,499 |
NBT Bancorp., Inc. | 8,111 | 232,218 |
Nicolet Bankshares, Inc.* | 1,466 | 55,825 |
Northrim BanCorp., Inc. | 1,276 | 33,546 |
OFG Bancorp. | 8,090 | 67,147 |
Old Line Bancshares, Inc. | 1,592 | 28,656 |
Old National Bancorp. | 25,218 | 315,982 |
Old Second Bancorp., Inc. | 5,261 | 35,933 |
Opus Bank | 3,253 | 109,951 |
Orrstown Financial Services, Inc. | 1,404 | 25,342 |
Pacific Continental Corp. | 3,501 | 55,001 |
Pacific Mercantile Bancorp.* | 2,922 | 20,746 |
Pacific Premier Bancorp., Inc.* | 5,206 | 124,944 |
Park National Corp. (a) | 2,522 | 231,469 |
Park Sterling Corp. | 9,366 | 66,405 |
Peapack-Gladstone Financial Corp. | 2,876 | 53,235 |
Penns Woods Bancorp., Inc. | 859 | 36,069 |
People's Utah Bancorp. | 2,466 | 40,936 |
Peoples Bancorp., Inc. | 2,989 | 65,130 |
Peoples Financial Services Corp. | 1,347 | 52,722 |
Pinnacle Financial Partners, Inc. | 7,606 | 371,553 |
Preferred Bank | 2,204 | 63,641 |
Premier Financial Bancorp., Inc. | 1,608 | 27,095 |
PrivateBancorp., Inc. | 14,876 | 654,990 |
Prosperity Bancshares, Inc. | 12,684 | 646,757 |
QCR Holdings, Inc. | 2,317 | 62,999 |
Renasant Corp. (a) | 7,749 | 250,525 |
Republic Bancorp., Inc. "A" | 1,886 | 52,110 |
Republic First Bancorp., Inc.* | 6,339 | 27,321 |
S&T Bancorp., Inc. | 6,386 | 156,138 |
Sandy Spring Bancorp., Inc. | 4,448 | 129,259 |
Seacoast Banking Corp. of Florida* | 5,606 | 91,041 |
ServisFirst Bancshares, Inc. (a) | 4,359 | 215,291 |
Shore Bancshares, Inc. | 2,371 | 27,859 |
Sierra Bancorp. | 2,278 | 38,020 |
Simmons First National Corp. "A" | 5,616 | 259,375 |
Shares | Value ($) | |
South State Corp. | 4,509 | 306,837 |
Southern First Bancshares, Inc.* | 1,082 | 26,076 |
Southern National Bancorp. of Virginia, Inc. | 2,142 | 26,025 |
Southside Bancshares, Inc. | 4,654 | 143,896 |
Southwest Bancorp., Inc. | 3,401 | 57,579 |
State Bank Financial Corp. (a) | 6,604 | 134,391 |
Sterling Bancorp. | 24,013 | 377,004 |
Stock Yards Bancorp., Inc. | 4,031 | 113,795 |
Stonegate Bank | 2,180 | 70,349 |
Suffolk Bancorp. | 2,130 | 66,690 |
Summit Financial Group, Inc. | 1,567 | 27,423 |
Sun Bancorp, Inc.* | 2,044 | 42,229 |
Talmer Bancorp., Inc. "A" | 11,082 | 212,442 |
Texas Capital Bancshares, Inc.* | 8,754 | 409,337 |
The Bancorp., Inc.* | 7,096 | 42,718 |
Tompkins Financial Corp. | 2,764 | 179,660 |
TowneBank | 10,590 | 229,269 |
TriCo Bancshares | 3,845 | 106,122 |
TriState Capital Holdings, Inc.* | 4,308 | 59,149 |
Triumph Bancorp., Inc.* | 3,020 | 48,320 |
Trustmark Corp. (a) | 12,679 | 315,073 |
UMB Financial Corp. | 8,508 | 452,711 |
Umpqua Holdings Corp. | 41,918 | 648,472 |
Union Bankshares Corp. | 8,252 | 203,907 |
Union Bankshares, Inc. (a) | 740 | 26,906 |
United Bankshares, Inc. (a) | 12,460 | 467,375 |
United Community Banks, Inc. | 13,301 | 243,275 |
Univest Corp. of Pennsylvania | 3,495 | 73,465 |
Valley National Bancorp. (a) | 47,008 | 428,713 |
Veritex Holdings, Inc.* | 1,566 | 25,087 |
Washington Trust Bancorp., Inc. | 2,840 | 107,693 |
WashingtonFirst Bankshares, Inc. | 1,525 | 32,955 |
Webster Financial Corp. (a) | 17,398 | 590,662 |
WesBanco, Inc. | 6,731 | 208,998 |
West Bancorp. | 3,159 | 58,726 |
Westamerica Bancorp. (a) | 4,689 | 230,980 |
Wilshire Bancorp., Inc. | 13,919 | 145,036 |
Wintrust Financial Corp. | 9,179 | 468,129 |
Yadkin Financial Corp. | 9,441 | 236,875 |
Your Community Bankshares, Inc. | 933 | 34,670 |
30,215,392 | ||
Capital Markets 1.3% | ||
Arlington Asset Investment Corp. "A" (a) | 4,146 | 53,939 |
Associated Capital Group, Inc. "A" | 852 | 24,435 |
B. Riley Financial, Inc. | 1,765 | 16,909 |
BGC Partners, Inc. "A" | 41,218 | 359,009 |
Calamos Asset Management, Inc. "A" | 3,223 | 23,560 |
Cohen & Steers, Inc. | 3,956 | 159,981 |
Cowen Group, Inc. "A"* (a) | 19,854 | 58,768 |
Diamond Hill Investment Group | 576 | 108,530 |
Evercore Partners, Inc. "A" | 7,397 | 326,873 |
FBR & Co. | 1,180 | 17,617 |
Fifth Street Asset Management, Inc. | 1,129 | 4,561 |
Financial Engines, Inc. | 10,137 | 262,244 |
GAMCO Investors, Inc. "A" | 830 | 27,199 |
Greenhill & Co., Inc. | 5,339 | 85,958 |
Hennessy Advisors, Inc. | 544 | 18,208 |
Houlihan Lokey, Inc. | 2,287 | 51,160 |
INTL. FCStone, Inc.* | 2,940 | 80,233 |
Investment Technology Group, Inc. | 6,075 | 101,574 |
Shares | Value ($) | |
Janus Capital Group, Inc. (a) | 27,571 | 383,788 |
KCG Holdings, Inc. "A"* | 9,945 | 132,269 |
Ladenburg Thalmann Financial Services, Inc.* | 18,811 | 44,394 |
Manning & Napier, Inc. | 2,817 | 26,762 |
Medley Management, Inc. "A" | 1,036 | 6,092 |
Moelis & Co. "A" | 3,514 | 79,065 |
OM Asset Management PLC | 7,597 | 101,420 |
Oppenheimer Holdings, Inc. "A" | 1,955 | 30,224 |
Piper Jaffray Companies, Inc.* | 2,904 | 109,481 |
PJT Partners, Inc. "A" | 3,359 | 77,257 |
Pzena Investment Management, Inc. "A" | 2,886 | 21,962 |
Safeguard Scientifics, Inc.* | 3,689 | 46,076 |
Silvercrest Asset Management Group, Inc. "A" | 1,334 | 16,328 |
Stifel Financial Corp.* | 12,158 | 382,369 |
Virtu Financial, Inc. "A" | 4,784 | 86,112 |
Virtus Investment Partners, Inc. | 1,186 | 84,419 |
Waddell & Reed Financial, Inc. "A" (a) | 15,045 | 259,075 |
Westwood Holdings Group, Inc. | 1,511 | 78,270 |
WisdomTree Investments, Inc. (a) | 21,963 | 215,018 |
3,961,139 | ||
Consumer Finance 0.5% | ||
Cash America International, Inc. | 4,448 | 189,574 |
Encore Capital Group, Inc.* (a) | 4,511 | 106,144 |
Enova International, Inc.* | 5,385 | 39,634 |
EZCORP, Inc. "A"* | 9,917 | 74,972 |
First Cash Financial Services, Inc. | 5,166 | 265,171 |
Green Dot Corp. "A"* (a) | 8,176 | 187,966 |
LendingClub Corp.* | 62,331 | 268,023 |
Nelnet, Inc. "A" | 3,827 | 132,988 |
PRA Group, Inc.* (a) | 8,733 | 210,815 |
Regional Management Corp.* | 1,955 | 28,660 |
World Acceptance Corp.* | 1,120 | 51,072 |
1,555,019 | ||
Diversified Financial Services 0.1% | ||
BBX Capital Corp. "A"* | 536 | 8,238 |
FNFV Group* | 12,460 | 142,916 |
Gain Capital Holdings, Inc. | 7,086 | 44,784 |
Marlin Business Services Corp. | 1,665 | 27,139 |
NewStar Financial, Inc.* | 4,395 | 37,006 |
On Deck Capital, Inc.* (a) | 9,094 | 46,834 |
PICO Holdings, Inc.* | 4,104 | 38,824 |
Resource America, Inc. "A" | 1,990 | 19,343 |
Tiptree Financial, Inc. "A", (REIT) | 5,323 | 29,170 |
Value Line, Inc. | 416 | 6,802 |
401,056 | ||
Insurance 2.3% | ||
Ambac Financial Group, Inc.* | 8,518 | 140,206 |
American Equity Investment Life Holding Co. | 15,225 | 216,956 |
AMERISAFE, Inc. | 3,594 | 220,025 |
Argo Group International Holdings Ltd. | 5,466 | 283,685 |
Atlas Financial Holdings, Inc.* | 1,891 | 32,563 |
Baldwin & Lyons, Inc. "B" | 1,582 | 39,012 |
Blue Capital Reinsurance Holdings Ltd. | 1,162 | 21,509 |
Citizens, Inc.* (a) | 8,810 | 66,956 |
CNO Financial Group, Inc. | 34,122 | 595,770 |
Crawford & Co. "B" | 4,362 | 37,033 |
Donegal Group, Inc. "A" | 1,585 | 26,137 |
Shares | Value ($) | |
eHealth, Inc.* | 3,363 | 47,149 |
EMC Insurance Group, Inc. | 1,473 | 40,832 |
Employers Holdings, Inc. | 6,182 | 179,402 |
Enstar Group Ltd.* | 2,160 | 349,898 |
FBL Financial Group, Inc. "A" | 1,835 | 111,329 |
Federated National Holding Co. | 2,309 | 43,963 |
Fidelity & Guaranty Life (a) | 2,307 | 53,476 |
Genworth Financial, Inc. "A"* | 95,375 | 246,068 |
Global Indemnity PLC* | 1,546 | 42,561 |
Greenlight Capital Re Ltd. "A"* | 5,520 | 111,283 |
Hallmark Financial Services, Inc.* | 2,633 | 30,517 |
HCI Group, Inc. | 1,554 | 42,393 |
Heritage Insurance Holdings, Inc. | 5,048 | 60,425 |
Horace Mann Educators Corp. | 7,734 | 261,332 |
Independence Holding Co. | 1,493 | 26,829 |
Infinity Property & Casualty Corp. | 2,023 | 163,175 |
Investors Title Co. | 271 | 25,813 |
James River Group Holdings Ltd. | 2,708 | 91,964 |
Kemper Corp. | 7,518 | 232,908 |
Maiden Holdings Ltd. (a) | 11,223 | 137,370 |
MBIA, Inc.* | 24,939 | 170,333 |
National General Holdings Corp. | 9,181 | 196,657 |
National Interstate Corp. | 1,337 | 40,444 |
National Western Life Group, Inc. "A" | 440 | 85,919 |
Navigators Group, Inc. | 2,131 | 195,988 |
OneBeacon Insurance Group Ltd. "A" | 3,529 | 48,700 |
Patriot National, Inc.* (a) | 2,264 | 18,520 |
Primerica, Inc. (a) | 8,936 | 511,497 |
RLI Corp. | 7,213 | 496,110 |
Safety Insurance Group, Inc. | 2,737 | 168,544 |
Selective Insurance Group, Inc. | 10,778 | 411,827 |
State Auto Financial Corp. | 2,960 | 64,854 |
State National Companies, Inc. | 5,563 | 58,578 |
Stewart Information Services Corp. | 4,334 | 179,471 |
Third Point Reinsurance Ltd.* (a) | 12,562 | 147,227 |
Trupanion, Inc.* (a) | 2,904 | 38,478 |
United Fire Group, Inc. | 4,094 | 173,708 |
United Insurance Holdings Corp. | 3,186 | 52,187 |
Universal Insurance Holdings, Inc. (a) | 6,169 | 114,620 |
WMIH Corp.* | 38,548 | 85,577 |
7,237,778 | ||
Real Estate Investment Trusts 9.2% | ||
Acadia Realty Trust (REIT) | 13,399 | 475,932 |
AG Mortgage Investment Trust, Inc. (REIT) | 5,097 | 73,601 |
Agree Realty Corp. (REIT) | 4,243 | 204,682 |
Alexander's, Inc. (REIT) | 404 | 165,329 |
Altisource Residential Corp. (REIT) | 9,914 | 91,110 |
American Assets Trust, Inc. (REIT) | 7,409 | 314,438 |
American Capital Mortgage Investment Corp. (REIT) | 8,632 | 136,299 |
Anworth Mortgage Asset Corp. (REIT) | 18,565 | 87,256 |
Apollo Commercial Real Estate Finance, Inc. (REIT) (a) | 11,136 | 178,956 |
Apollo Residential Mortgage, Inc. (REIT) | 6,210 | 83,214 |
Ares Commercial Real Estate Corp. (REIT) | 5,335 | 65,567 |
Armada Hoffler Properties, Inc. (REIT) | 5,906 | 81,148 |
Shares | Value ($) | |
ARMOUR Residential REIT, Inc. (REIT) (a) | 6,972 | 139,440 |
Ashford Hospitality Prime, Inc. (REIT) | 4,915 | 69,498 |
Ashford Hospitality Trust (REIT) | 14,369 | 77,162 |
Bluerock Residential Growth REIT, Inc. (REIT) | 3,336 | 43,368 |
Capstead Mortgage Corp. (REIT) | 18,178 | 176,327 |
CareTrust REIT, Inc. (REIT) | 10,807 | 148,920 |
CatchMark Timber Trust, Inc. "A", (REIT) | 7,447 | 91,002 |
CBL & Associates Properties, Inc. (REIT) | 31,990 | 297,827 |
Cedar Realty Trust, Inc. (REIT) | 15,560 | 115,611 |
Chatham Lodging Trust (REIT) | 7,253 | 159,421 |
Chesapeake Lodging Trust (REIT) | 11,156 | 259,377 |
City Office REIT, Inc. (REIT) | 3,574 | 46,391 |
Colony Capital, Inc. "A", (REIT) | 21,323 | 327,308 |
Colony Starwood Homes (REIT) (a) | 12,321 | 374,805 |
Community Healthcare Trust, Inc. (REIT) | 2,390 | 50,525 |
CorEnergy Infrastructure Trust, Inc. (REIT) | 2,177 | 62,806 |
CoreSite Realty Corp. (REIT) | 6,350 | 563,182 |
Cousins Properties, Inc. (REIT) | 39,338 | 409,115 |
CYS Investments, Inc. (REIT) | 29,034 | 243,015 |
DiamondRock Hospitality Co. (REIT) | 38,070 | 343,772 |
DuPont Fabros Technology, Inc. (REIT) | 14,134 | 671,930 |
Dynex Capital, Inc. (REIT) | 8,496 | 58,962 |
Easterly Government Properties, Inc. (REIT) | 4,513 | 89,041 |
EastGroup Properties, Inc. (REIT) | 5,994 | 413,106 |
Education Realty Trust, Inc. (REIT) | 12,588 | 580,810 |
Farmland Partners, Inc. (REIT) | 2,220 | 25,130 |
FelCor Lodging Trust, Inc. (REIT) | 26,312 | 163,924 |
First Industrial Realty Trust, Inc. (REIT) | 21,990 | 611,762 |
First Potomac Realty Trust (REIT) | 11,246 | 103,463 |
Four Corners Property Trust, Inc. (REIT) | 11,428 | 235,303 |
Franklin Street Properties Corp. (REIT) | 18,487 | 226,836 |
Getty Realty Corp. (REIT) | 4,947 | 106,113 |
Gladstone Commercial Corp. (REIT) | 4,261 | 71,968 |
Global Net Lease, Inc. (REIT) | 32,322 | 256,960 |
Government Properties Income Trust (REIT) (a) | 13,175 | 303,816 |
Gramercy Property Trust (REIT) | 80,000 | 737,600 |
Great Ajax Corp. (REIT) | 2,447 | 33,940 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) | 6,925 | 149,580 |
Hatteras Financial Corp. (REIT) | 17,722 | 290,641 |
Healthcare Realty Trust, Inc. (REIT) | 19,767 | 691,647 |
Hersha Hospitality Trust (REIT) (a) | 7,850 | 134,628 |
Hudson Pacific Properties, Inc. (REIT) | 14,867 | 433,819 |
Independence Realty Trust, Inc. (REIT) | 7,629 | 62,405 |
InfraREIT, Inc. (REIT)* | 7,551 | 132,445 |
Invesco Mortgage Capital (REIT) | 21,183 | 289,995 |
Investors Real Estate Trust (REIT) (a) | 22,552 | 145,911 |
iStar, Inc. (REIT)* (a) | 13,759 | 131,949 |
Kite Realty Group Trust (REIT) | 15,691 | 439,819 |
Ladder Capital Corp. (REIT) (a) | 7,261 | 88,584 |
Shares | Value ($) | |
LaSalle Hotel Properties (REIT) (a) | 20,227 | 476,953 |
Lexington Realty Trust (REIT) | 43,516 | 439,947 |
LTC Properties, Inc. (REIT) | 7,143 | 369,507 |
Mack-Cali Realty Corp. (REIT) | 16,904 | 456,408 |
Medical Properties Trust, Inc. (REIT) | 44,919 | 683,218 |
Monmouth Real Estate Investment Corp. (REIT) | 11,929 | 158,179 |
Monogram Residential Trust, Inc. (REIT) | 31,890 | 325,597 |
National Health Investors, Inc. (REIT) | 7,057 | 529,910 |
National Storage Affiliates Trust (REIT) | 4,375 | 91,088 |
New Residential Investment Corp. (REIT) | 42,267 | 584,975 |
New Senior Investment Group, Inc. (REIT) | 14,469 | 154,529 |
New York Mortgage Trust, Inc. (REIT) (a) | 20,847 | 127,167 |
New York REIT, Inc. (REIT) | 31,302 | 289,544 |
NexPoint Residential Trust, Inc. (REIT) | 3,367 | 61,279 |
NorthStar Realty Europe Corp. (REIT) | 11,281 | 104,349 |
One Liberty Properties, Inc. (REIT) | 2,600 | 62,010 |
Orchid Island Capital, Inc. (REIT) (a) | 3,815 | 39,256 |
Owens Realty Mortgage, Inc. (REIT) (a) | 1,889 | 31,433 |
Parkway Properties, Inc. (REIT) | 15,103 | 252,673 |
Pebblebrook Hotel Trust (REIT) (a) | 13,596 | 356,895 |
Pennsylvania Real Estate Investment Trust (REIT) | 12,957 | 277,928 |
PennyMac Mortgage Investment Trust (REIT) | 12,833 | 208,280 |
Physicians Realty Trust (REIT) | 25,584 | 537,520 |
Potlatch Corp. (REIT) | 7,664 | 261,342 |
Preferred Apartment Communities, Inc. "A", (REIT) | 4,385 | 64,547 |
PS Business Parks, Inc. (REIT) | 3,727 | 395,360 |
QTS Realty Trust, Inc. "A", (REIT) | 8,865 | 496,263 |
RAIT Financial Trust (REIT) | 18,348 | 57,429 |
Ramco-Gershenson Properties Trust (REIT) | 14,894 | 292,071 |
Redwood Trust, Inc. (REIT) | 14,603 | 201,667 |
Resource Capital Corp. (REIT) | 5,725 | 73,624 |
Retail Opportunity Investments Corp. (REIT) | 18,804 | 407,483 |
Rexford Industrial Realty, Inc. (REIT) | 12,450 | 262,571 |
RLJ Lodging Trust (REIT) | 23,003 | 493,414 |
Rouse Properties, Inc. (REIT) | 7,207 | 131,528 |
Ryman Hospitality Properties, Inc. (REIT) | 8,233 | 417,001 |
Sabra Health Care REIT, Inc. (REIT) | 12,284 | 253,480 |
Saul Centers, Inc. (REIT) | 1,807 | 111,510 |
Select Income REIT (REIT) | 11,992 | 311,672 |
Seritage Growth Properties "A", (REIT) (a) | 4,732 | 235,843 |
Silver Bay Realty Trust Corp. (REIT) | 6,133 | 104,445 |
STAG Industrial, Inc. (REIT) | 13,020 | 310,006 |
Summit Hotel Properties, Inc. (REIT) | 16,509 | 218,579 |
Sunstone Hotel Investors, Inc. (REIT) | 41,193 | 497,200 |
Terreno Realty Corp. (REIT) | 8,158 | 211,047 |
The Geo Group, Inc. (REIT) | 14,068 | 480,844 |
Shares | Value ($) | |
Tier REIT, Inc. (REIT) | 9,054 | 138,798 |
UMH Properties, Inc. (REIT) | 4,827 | 54,304 |
United Development Funding IV (REIT) (a) | 5,470 | 17,504 |
Universal Health Realty Income Trust (REIT) | 2,324 | 132,886 |
Urban Edge Properties (REIT) | 17,002 | 507,680 |
Urstadt Biddle Properties "A", (REIT) | 4,963 | 122,983 |
Washington Real Estate Investment Trust (REIT) | 13,905 | 437,451 |
Western Asset Mortgage Capital Corp. (REIT) (a) | 7,537 | 70,772 |
Whitestone REIT (REIT) | 4,824 | 72,746 |
WP Glimcher, Inc. (REIT) | 35,222 | 394,134 |
Xenia Hotels & Resorts, Inc. (REIT) | 19,603 | 328,938 |
28,824,258 | ||
Real Estate Management & Development 0.5% | ||
Alexander & Baldwin, Inc. | 8,840 | 319,478 |
Altisource Portfolio Solutions SA* | 2,152 | 59,912 |
AV Homes, Inc.* | 2,197 | 26,847 |
Consolidated-Tomoka Land Co. | 799 | 37,928 |
Forestar Group, Inc.* | 6,521 | 77,535 |
FRP Holdings, Inc.* | 1,245 | 42,952 |
Griffin Land & Nurseries, Inc. | 211 | 6,467 |
HFF, Inc. "A" | 6,712 | 193,843 |
Kennedy-Wilson Holdings, Inc. | 15,610 | 295,966 |
Marcus & Millichap, Inc.* | 2,752 | 69,928 |
RE/MAX Holdings, Inc. "A" | 3,361 | 135,314 |
Stratus Properties, Inc.* | 1,172 | 21,952 |
Tejon Ranch Co.* | 2,693 | 63,662 |
The RMR Group, Inc. "A", | 1,261 | 39,053 |
The St. Joe Co.* (a) | 9,564 | 169,474 |
Trinity Place Holdings, Inc.* | 3,657 | 28,122 |
1,588,433 | ||
Thrifts & Mortgage Finance 1.9% | ||
Astoria Financial Corp. | 17,440 | 267,355 |
Bank Mutual Corp. | 7,515 | 57,715 |
BankFinancial Corp. | 2,859 | 34,280 |
Bear State Financial, Inc. | 3,400 | 32,062 |
Beneficial Bancorp., Inc.* | 13,265 | 168,731 |
BofI Holding, Inc.* (a) | 11,254 | 199,308 |
BSB Bancorp., Inc.* | 1,447 | 32,775 |
Capitol Federal Financial, Inc. (a) | 24,152 | 336,920 |
Charter Financial Corp. | 2,568 | 34,103 |
Clifton Bancorp., Inc. | 4,139 | 62,375 |
Dime Community Bancshares | 5,942 | 101,074 |
ESSA Bancorp., Inc. | 1,563 | 20,944 |
Essent Group Ltd.* | 14,155 | 308,721 |
EverBank Financial Corp. | 19,526 | 290,156 |
Federal Agricultural Mortgage Corp. "C" | 1,626 | 56,617 |
First Defiance Financial Corp. | 1,647 | 63,986 |
Flagstar Bancorp., Inc.* | 4,075 | 99,471 |
Fox Chase Bancorp. | 2,318 | 47,148 |
Greene County Bancorp., Inc. | 571 | 9,290 |
Hingham Institution for Savings | 235 | 28,886 |
Home Bancorp., Inc. | 1,083 | 29,750 |
HomeStreet, Inc.* | 4,609 | 91,811 |
Impac Mortgage Holdings, Inc.* | 1,531 | 24,006 |
Kearny Financial Corp. | 17,593 | 221,320 |
Lake Sunapee Bank Group | 1,496 | 25,597 |
LendingTree, Inc.* (a) | 1,245 | 109,971 |
Meridian Bancorp., Inc. | 9,092 | 134,380 |
Shares | Value ($) | |
Meta Financial Group, Inc. | 1,559 | 79,447 |
MGIC Investment Corp.* | 64,676 | 384,822 |
Nationstar Mortgage Holdings, Inc.* | 6,442 | 72,537 |
NMI Holdings, Inc. "A"* | 8,941 | 48,997 |
Northfield Bancorp., Inc. | 7,945 | 117,824 |
Northwest Bancshares, Inc. | 18,186 | 269,698 |
OceanFirst Financial Corp. | 3,829 | 69,573 |
Ocwen Financial Corp.* | 19,223 | 32,871 |
Oritani Financial Corp. | 7,302 | 116,759 |
PennyMac Financial Services, Inc. "A"* | 2,471 | 30,863 |
PHH Corp.* | 10,032 | 133,626 |
Provident Bancorp., Inc.* | 835 | 12,876 |
Provident Financial Holdings, Inc. | 1,251 | 22,893 |
Provident Financial Services, Inc. | 11,535 | 226,547 |
Radian Group, Inc. | 40,809 | 425,230 |
SI Financial Group, Inc. | 2,097 | 27,764 |
Southern Missouri Bancorp., Inc. | 1,091 | 25,671 |
Territorial Bancorp., Inc. | 1,340 | 35,470 |
TrustCo Bank Corp. | 17,304 | 110,919 |
United Community Financial Corp. | 9,151 | 55,638 |
United Financial Bancorp., Inc. | 9,518 | 123,544 |
Walker & Dunlop, Inc.* | 5,212 | 118,729 |
Walter Investment Management Corp.* (a) | 3,540 | 9,770 |
Washington Federal, Inc. | 17,210 | 417,515 |
Waterstone Financial, Inc. | 4,904 | 75,178 |
Westfield Financial, Inc. | 3,008 | 23,162 |
WSFS Financial Corp. (a) | 5,412 | 174,212 |
6,130,887 | ||
Health Care 13.4% | ||
Biotechnology 4.6% | ||
Acceleron Pharma, Inc.* | 5,189 | 176,322 |
Achillion Pharmaceuticals, Inc.* (a) | 22,285 | 173,823 |
Acorda Therapeutics, Inc.* (a) | 8,080 | 206,080 |
Adamas Pharmaceuticals, Inc.* | 3,166 | 47,933 |
Aduro Biotech, Inc.* (a) | 6,721 | 76,015 |
Advaxis, Inc.* (a) | 6,328 | 51,194 |
Adverum Biotechnologies, Inc.* | 3,472 | 10,972 |
Agenus, Inc.* | 14,043 | 56,874 |
Aimmune Therapeutics, Inc.* | 4,978 | 53,862 |
Akebia Therapeutics, Inc.* | 6,796 | 50,834 |
Alder Biopharmaceuticals, Inc.* | 8,877 | 221,659 |
AMAG Pharmaceuticals, Inc.* | 6,492 | 155,289 |
Amicus Therapeutics, Inc.* | 24,097 | 131,570 |
Anavex Life Sciences Corp.* | 6,186 | 37,796 |
Anthera Pharmaceuticals, Inc.* | 7,316 | 22,606 |
Applied Genetic Technologies Corp.* | 2,397 | 33,870 |
Ardelyx, Inc.* | 4,021 | 35,103 |
Arena Pharmaceuticals, Inc.* | 47,040 | 80,438 |
Argos Therapeutics, Inc.* (a) | 2,022 | 12,395 |
ARIAD Pharmaceuticals, Inc.* (a) | 33,512 | 247,654 |
Array BioPharma, Inc.* | 27,675 | 98,523 |
Arrowhead Pharmaceuticals, Inc.* (a) | 10,992 | 58,477 |
Asterias Biotherapeutics, Inc.* | 4,293 | 10,303 |
Atara Biotherapeutics, Inc.* | 4,402 | 99,089 |
Athersys, Inc.* | 14,404 | 31,257 |
Avexis, Inc.* (a) | 987 | 37,526 |
Axovant Sciences Ltd.* | 4,630 | 59,449 |
Bellicum Pharmaceuticals, Inc.* | 3,972 | 51,477 |
BioCryst Pharmaceuticals, Inc.* | 13,132 | 37,295 |
Shares | Value ($) | |
BioSpecifics Technologies Corp.* | 1,041 | 41,578 |
BioTime, Inc.* (a) | 12,665 | 33,056 |
Bluebird Bio, Inc.* (a) | 7,018 | 303,809 |
Blueprint Medicines Corp.* | 3,789 | 76,727 |
Cara Therapeutics, Inc.* | 3,745 | 18,013 |
Celator Pharmaceuticals, Inc.* | 6,187 | 186,724 |
Celldex Therapeutics, Inc.* (a) | 17,942 | 78,765 |
Cellular Biomedicine Group, Inc.* (a) | 2,303 | 27,613 |
Cepheid, Inc.* | 13,777 | 423,643 |
ChemoCentryx, Inc.* | 3,927 | 17,632 |
Chimerix, Inc.* | 8,328 | 32,729 |
Cidara Therapeutics, Inc.* | 2,028 | 20,909 |
Clovis Oncology, Inc.* (a) | 6,021 | 82,608 |
Coherus Biosciences, Inc.* | 5,588 | 94,381 |
Concert Pharmaceuticals, Inc.* | 3,312 | 37,194 |
Corvus Pharmaceuticals, Inc.* | 626 | 8,927 |
Curis, Inc.* | 19,756 | 30,819 |
Cytokinetics, Inc.* (a) | 6,204 | 58,876 |
CytomX Therapeutics, Inc.* | 3,864 | 39,471 |
CytRx Corp.* (a) | 12,477 | 27,824 |
Dimension Therapeutics, Inc.* | 2,312 | 13,872 |
Dynavax Technologies Corp.* | 7,361 | 107,323 |
Eagle Pharmaceuticals, Inc.* (a) | 1,693 | 65,671 |
Edge Therapeutics, Inc.* | 3,076 | 31,098 |
Editas Medicine, Inc.* (a) | 1,230 | 30,012 |
Eiger BioPharmaceuticals, Inc.* | 657 | 13,022 |
Emergent Biosolutions, Inc.* | 6,144 | 172,769 |
Enanta Pharmaceuticals, Inc.* | 2,961 | 65,290 |
Epizyme, Inc.* | 7,859 | 80,476 |
Esperion Therapeutics, Inc.* | 2,714 | 26,814 |
Exact Sciences Corp.* (a) | 18,225 | 223,256 |
Exelixis, Inc.* (a) | 43,080 | 336,455 |
FibroGen, Inc.* (a) | 9,915 | 162,705 |
Five Prime Therapeutics, Inc.* | 5,106 | 211,133 |
Flexion Therapeutics, Inc.* | 3,506 | 52,467 |
Fortress Biotech, Inc.* | 6,467 | 17,396 |
Foundation Medicine, Inc.* | 2,548 | 47,546 |
Galena Biopharma, Inc.* (a) | 33,992 | 15,844 |
Genomic Health, Inc.* (a) | 3,540 | 91,668 |
Geron Corp.* (a) | 28,914 | 77,490 |
Global Blood Therapeutics, Inc.* | 2,662 | 44,163 |
GlycoMimetics, Inc.* | 1,936 | 14,075 |
Halozyme Therapeutics, Inc.* (a) | 20,794 | 179,452 |
Heron Therapeutics, Inc.* (a) | 6,019 | 108,643 |
Idera Pharmaceuticals, Inc.* | 15,074 | 23,063 |
Ignyta, Inc.* | 5,572 | 30,200 |
Immune Design Corp.* | 2,012 | 16,418 |
ImmunoGen, Inc.* | 16,609 | 51,156 |
Immunomedics, Inc.* (a) | 17,145 | 39,776 |
Infinity Pharmaceuticals, Inc.* | 8,997 | 11,966 |
Inotek Pharmaceuticals Corp.* | 3,302 | 24,567 |
Inovio Pharmaceuticals, Inc.* (a) | 12,567 | 116,119 |
Insmed, Inc.* | 11,940 | 117,728 |
Insys Therapeutics, Inc.* (a) | 4,208 | 54,452 |
Intellia Therapeutics, Inc.* | 1,321 | 28,203 |
Invitae Corp.* (a) | 4,313 | 31,873 |
Ironwood Pharmaceuticals, Inc.* (a) | 24,512 | 320,494 |
Karyopharm Therapeutics, Inc.* | 4,102 | 27,524 |
Keryx Biopharmaceuticals, Inc.* (a) | 14,951 | 98,976 |
Kite Pharma, Inc.* (a) | 7,424 | 371,200 |
La Jolla Pharmaceutical Co.* | 2,543 | 40,688 |
Lexicon Pharmaceuticals, Inc.* (a) | 7,958 | 114,197 |
Shares | Value ($) | |
Ligand Pharmaceuticals, Inc.* (a) | 3,606 | 430,088 |
Lion Biotechnologies, Inc.* | 8,797 | 71,256 |
Loxo Oncology, Inc.* | 2,522 | 58,460 |
MacroGenics, Inc.* | 6,041 | 163,047 |
MannKind Corp.* | 61,455 | 71,288 |
Medgenics, Inc.* | 5,122 | 28,427 |
MediciNova, Inc.* (a) | 5,623 | 42,454 |
Merrimack Pharmaceuticals, Inc.* (a) | 23,120 | 124,617 |
MiMedx Group, Inc.* (a) | 19,358 | 154,477 |
Minerva Neurosciences, Inc.* | 3,030 | 30,936 |
Mirati Therapeutics, Inc.* | 2,114 | 11,542 |
Momenta Pharmaceuticals, Inc.* | 12,320 | 133,056 |
Myriad Genetics, Inc.* | 12,888 | 394,373 |
NantKwest, Inc.* | 3,156 | 19,630 |
Natera, Inc.* | 4,942 | 59,625 |
NewLink Genetics Corp.* | 4,301 | 48,429 |
Novavax, Inc.* (a) | 51,182 | 372,093 |
OncoMed Pharmaceuticals, Inc.* | 3,507 | 43,171 |
Ophthotech Corp.* | 5,777 | 294,800 |
Organovo Holdings, Inc.* (a) | 16,581 | 61,681 |
Osiris Therapeutics, Inc. (a) | 3,347 | 17,036 |
Otonomy, Inc.* | 4,554 | 72,318 |
OvaScience, Inc.* | 5,946 | 30,979 |
PDL BioPharma, Inc. | 31,644 | 99,362 |
Pfenex, Inc.* | 3,672 | 30,735 |
PharmAthene, Inc.* | 11,812 | 28,821 |
Portola Pharmaceuticals, Inc.* | 9,385 | 221,486 |
Progenics Pharmaceuticals, Inc.* (a) | 13,661 | 57,649 |
Proteostasis Therapeutics, Inc.* | 1,202 | 14,580 |
Prothena Corp. PLC* | 6,575 | 229,862 |
PTC Therapeutics, Inc.* (a) | 6,057 | 42,520 |
Puma Biotechnology, Inc.* | 4,678 | 139,358 |
Radius Health, Inc.* | 5,980 | 219,765 |
Raptor Pharmaceutical Corp.* | 16,207 | 87,032 |
REGENXBIO, Inc.* | 3,833 | 30,664 |
Regulus Therapeutics, Inc.* | 7,348 | 21,236 |
Repligen Corp.* | 6,433 | 176,007 |
Retrophin, Inc.* | 6,774 | 120,645 |
Rigel Pharmaceuticals, Inc.* | 18,077 | 40,312 |
Sage Therapeutics, Inc.* | 5,018 | 151,192 |
Sangamo BioSciences, Inc.* (a) | 13,640 | 78,976 |
Sarepta Therapeutics, Inc.* (a) | 8,146 | 155,344 |
Seres Therapeutics, Inc.* | 3,376 | 98,073 |
Sorrento Therapeutics, Inc.* (a) | 5,039 | 28,218 |
Spark Therapeutics, Inc.* | 3,250 | 166,173 |
Spectrum Pharmaceuticals, Inc.* (a) | 13,046 | 85,712 |
Stemline Therapeutics, Inc.* | 2,793 | 18,909 |
Syndax Pharmaceuticals, Inc.* | 892 | 8,786 |
Synergy Pharmaceuticals, Inc.* | 34,379 | 130,640 |
Synthetic Biologics, Inc.* | 14,334 | 25,801 |
T2 Biosystems, Inc.* | 3,125 | 24,656 |
TESARO, Inc.* (a) | 4,650 | 390,833 |
TG Therapeutics, Inc.* (a) | 7,408 | 44,892 |
Tobira Therapeutics, Inc.* | 1,687 | 21,189 |
Tokai Pharmaceuticals, Inc.* | 1,692 | 9,323 |
Trevena, Inc.* | 8,476 | 53,399 |
Trovagene, Inc.* (a) | 5,536 | 25,078 |
Ultragenyx Pharmaceutical, Inc.* (a) | 6,824 | 333,762 |
Vanda Pharmaceuticals, Inc.* | 6,915 | 77,379 |
Versartis, Inc.* | 5,178 | 57,269 |
Shares | Value ($) | |
Vitae Pharmaceuticals, Inc.* | 4,984 | 53,777 |
Vital Therapies, Inc.* (a) | 4,919 | 30,498 |
Voyager Therapeutics, Inc.* (a) | 2,225 | 24,453 |
vTv Therapeutics, Inc. "A"* | 1,054 | 6,113 |
XBiotech, Inc.* (a) | 3,315 | 69,350 |
Xencor, Inc.* | 6,101 | 115,858 |
Zafgen, Inc.* | 4,325 | 25,907 |
ZIOPHARM Oncology, Inc.* (a) | 23,023 | 126,396 |
14,445,996 | ||
Health Care Equipment & Supplies 3.2% | ||
Abaxis, Inc. (a) | 4,124 | 194,776 |
Accuray, Inc.* | 15,549 | 80,699 |
Analogic Corp. | 2,365 | 187,876 |
AngioDynamics, Inc.* | 5,204 | 74,781 |
Anika Therapeutics, Inc.* | 2,683 | 143,943 |
AtriCure, Inc.* | 5,966 | 84,300 |
Atrion Corp. | 259 | 110,816 |
Avinger, Inc.* (a) | 2,073 | 24,731 |
AxoGen, Inc.* | 4,601 | 31,655 |
Cantel Medical Corp. | 6,792 | 466,814 |
Cardiovascular Systems, Inc.* | 6,149 | 112,988 |
Cerus Corp.* (a) | 19,212 | 119,883 |
ConforMIS, Inc.* | 6,779 | 47,589 |
CONMED Corp. | 5,243 | 250,248 |
Corindus Vascular Robotics, Inc.* | 10,458 | 14,955 |
CryoLife, Inc. | 5,978 | 70,600 |
Cutera, Inc.* | 2,004 | 22,465 |
Cynosure, Inc. "A"* | 4,491 | 218,465 |
Endologix, Inc.* (a) | 15,359 | 191,373 |
Entellus Medical, Inc.* | 1,426 | 26,053 |
Exactech, Inc.* | 1,915 | 51,207 |
Genmark Diagnostics, Inc.* | 7,401 | 64,389 |
Glaukos Corp.* | 3,171 | 92,466 |
Globus Medical, Inc. "A"* (a) | 13,281 | 316,486 |
Haemonetics Corp.* | 9,625 | 279,029 |
Halyard Health, Inc.* (a) | 8,940 | 290,729 |
HeartWare International, Inc.* | 3,303 | 190,748 |
ICU Medical, Inc.* | 2,789 | 314,460 |
Inogen, Inc.* | 3,122 | 156,443 |
Insulet Corp.* | 10,930 | 330,523 |
Integer Holdings Corp.* | 5,798 | 179,332 |
Integra LifeSciences Holdings* | 5,732 | 457,299 |
Invacare Corp. | 5,966 | 72,368 |
InVivo Therapeutics Holdings Corp.* (a) | 5,989 | 34,616 |
iRadimed Corp.* | 793 | 17,256 |
IRIDEX Corp.* | 1,426 | 21,091 |
K2M Group Holdings, Inc.* | 4,883 | 75,784 |
LDR Holding Corp.* | 5,207 | 192,399 |
LeMaitre Vascular, Inc. | 2,556 | 36,474 |
Masimo Corp.* | 7,745 | 406,729 |
Meridian Bioscience, Inc. | 7,882 | 153,699 |
Merit Medical Systems, Inc.* | 8,020 | 159,037 |
Natus Medical, Inc.* | 6,239 | 235,834 |
Neogen Corp.* (a) | 6,896 | 387,900 |
Nevro Corp.* (a) | 4,551 | 335,682 |
Novocure Ltd.* | 9,602 | 112,055 |
NuVasive, Inc.* | 9,397 | 561,189 |
NxStage Medical, Inc.* | 12,066 | 261,591 |
OraSure Technologies, Inc.* | 10,054 | 59,419 |
Orthofix International NV* | 3,323 | 140,895 |
Oxford Immunotec Global PLC* | 4,283 | 38,547 |
Penumbra, Inc.* (a) | 4,825 | 287,087 |
Shares | Value ($) | |
Quidel Corp.* | 5,151 | 91,997 |
Rockwell Medical, Inc.* (a) | 8,999 | 68,122 |
RTI Surgical, Inc.* | 10,252 | 36,805 |
Second Sight Medical Products, Inc.* (a) | 2,450 | 8,771 |
Senseonics Holdings, Inc.* | 5,285 | 20,770 |
Spectranetics Corp.* (a) | 8,101 | 151,570 |
STAAR Surgical Co.* (a) | 8,087 | 44,559 |
SurModics, Inc.* | 2,464 | 57,855 |
Symmetry Surgical, Inc.* | 1,863 | 24,461 |
Tandem Diabetes Care, Inc.* | 3,151 | 23,758 |
TransEnterix, Inc.* | 13,196 | 16,099 |
Utah Medical Products, Inc. | 603 | 37,989 |
Vascular Solutions, Inc.* | 3,140 | 130,812 |
Veracyte, Inc.* | 2,403 | 12,087 |
ViewRay, Inc.* | 1,322 | 5,407 |
Wright Medical Group NV* | 19,551 | 339,601 |
Zeltiq Aesthetics, Inc.* (a) | 6,720 | 183,658 |
10,042,094 | ||
Health Care Providers & Services 2.4% | ||
AAC Holdings, Inc.* (a) | 1,879 | 42,879 |
Aceto Corp. (a) | 5,536 | 121,183 |
Addus HomeCare Corp.* | 1,258 | 21,927 |
Adeptus Health, Inc. "A"* (a) | 2,343 | 121,039 |
Air Methods Corp.* (a) | 6,744 | 241,638 |
Almost Family, Inc.* | 1,535 | 65,406 |
Amedisys, Inc.* | 5,304 | 267,746 |
American Renal Associates Holdings, Inc.* | 1,653 | 47,887 |
AMN Healthcare Services, Inc.* | 8,893 | 355,453 |
BioScrip, Inc.* | 13,870 | 35,369 |
BioTelemetry, Inc.* | 5,025 | 81,908 |
Capital Senior Living Corp.* | 5,327 | 94,128 |
Chemed Corp. (a) | 3,064 | 417,654 |
Civitas Solutions, Inc.* | 2,856 | 59,491 |
Community Health Systems, Inc.* | 20,912 | 251,990 |
CorVel Corp.* | 1,868 | 80,660 |
Cross Country Healthcare, Inc.* | 6,263 | 87,181 |
Diplomat Pharmacy, Inc.* (a) | 8,665 | 303,275 |
ExamWorks Group, Inc.* | 7,585 | 264,337 |
Genesis Healthcare, Inc.* | 6,503 | 11,510 |
Healthequity, Inc.* | 8,177 | 248,458 |
HealthSouth Corp. (a) | 16,811 | 652,603 |
Healthways, Inc.* | 6,048 | 69,854 |
Kindred Healthcare, Inc. | 15,968 | 180,279 |
Landauer, Inc. | 1,851 | 76,187 |
LHC Group, Inc.* | 2,836 | 122,742 |
Magellan Health, Inc.* | 4,730 | 311,092 |
Molina Healthcare, Inc.* (a) | 8,199 | 409,130 |
National Healthcare Corp. | 2,120 | 137,249 |
National Research Corp. "A" | 1,489 | 20,399 |
Nobilis Health Corp.* (a) | 10,486 | 23,384 |
Owens & Minor, Inc. (a) | 11,872 | 443,775 |
PharMerica Corp.* | 5,587 | 137,775 |
Providence Service Corp.* | 2,447 | 109,821 |
Quorum Health Corp.* | 5,617 | 60,158 |
RadNet, Inc.* | 7,533 | 40,226 |
Select Medical Holdings Corp.* (a) | 20,409 | 221,846 |
Surgery Partners, Inc.* | 3,532 | 63,223 |
Surgical Care Affiliates, Inc.* | 5,085 | 242,402 |
Team Health Holdings, Inc.* (a) | 12,858 | 522,935 |
Teladoc, Inc.* (a) | 3,934 | 63,023 |
The Ensign Group, Inc. | 9,045 | 190,036 |
Shares | Value ($) | |
Triple-S Management Corp. "B"* | 4,446 | 108,616 |
U.S. Physical Therapy, Inc. | 2,273 | 136,857 |
Universal American Corp. | 10,958 | 83,062 |
USMD Holdings, Inc.* | 445 | 8,339 |
7,656,132 | ||
Health Care Technology 0.6% | ||
Castlight Health, Inc. "B"* | 7,643 | 30,266 |
Computer Programs & Systems, Inc. | 2,091 | 83,473 |
Cotiviti Holdings, Inc.* | 2,396 | 50,627 |
Evolent Health, Inc. "A"* (a) | 2,885 | 55,392 |
HealthStream, Inc.* | 4,869 | 129,126 |
HMS Holdings Corp.* | 16,126 | 283,979 |
Imprivata, Inc.* | 3,034 | 42,476 |
Medidata Solutions, Inc.* | 10,417 | 488,245 |
Omnicell, Inc.* | 6,771 | 231,771 |
Press Ganey Holdings, Inc.* | 4,190 | 164,877 |
Quality Systems, Inc. | 9,517 | 113,347 |
Vocera Communications, Inc.* | 4,881 | 62,721 |
1,736,300 | ||
Life Sciences Tools & Services 0.6% | ||
Accelerate Diagnostics, Inc.* (a) | 4,467 | 64,280 |
Albany Molecular Research, Inc.* (a) | 4,940 | 66,394 |
Cambrex Corp.* | 6,039 | 312,398 |
ChromaDex Corp.* | 5,445 | 22,542 |
Enzo Biochem, Inc.* | 7,495 | 44,745 |
Fluidigm Corp.* | 5,197 | 46,929 |
INC Research Holdings, Inc. "A"* | 7,844 | 299,092 |
Luminex Corp.* | 7,535 | 152,433 |
NanoString Technologies, Inc.* | 2,844 | 35,834 |
NeoGenomics, Inc.* | 9,812 | 78,889 |
Pacific Biosciences of California, Inc.* | 14,441 | 101,592 |
PAREXEL International Corp.* | 9,956 | 626,033 |
PRA Health Sciences, Inc.* | 4,581 | 191,303 |
2,042,464 | ||
Pharmaceuticals 2.0% | ||
AcelRx Pharmaceuticals, Inc.* | 6,717 | 18,069 |
Aclaris Therapeutics, Inc.* | 1,710 | 31,584 |
Aerie Pharmaceuticals, Inc.* (a) | 4,569 | 80,414 |
Agile Therapeutics, Inc.* | 2,158 | 16,422 |
Amphastar Pharmaceuticals, Inc.* | 6,754 | 108,874 |
Ampio Pharmaceuticals, Inc.* | 8,304 | 10,712 |
ANI Pharmaceuticals, Inc.* | 1,483 | 82,781 |
Aratana Therapeutics, Inc.* (a) | 6,321 | 39,949 |
Axsome Therapeutics, Inc.* | 2,107 | 15,887 |
Bio-Path Holdings, Inc.* | 15,702 | 31,247 |
Catalent, Inc.* | 18,877 | 433,982 |
Cempra, Inc.* (a) | 7,852 | 129,479 |
Collegium Pharmaceutical, Inc.* | 2,567 | 30,419 |
Corcept Therapeutics, Inc.* | 14,180 | 77,423 |
DepoMed, Inc.* (a) | 11,575 | 227,101 |
Dermira, Inc.* | 3,976 | 116,298 |
Durect Corp.* | 25,179 | 30,718 |
Egalet Corp.* | 4,216 | 20,911 |
Endocyte, Inc.* | 7,143 | 22,929 |
Flex Pharma, Inc.* | 2,021 | 20,634 |
Heska Corp.* | 1,196 | 44,455 |
Horizon Pharma PLC* | 30,572 | 503,521 |
Impax Laboratories, Inc.* | 13,879 | 399,993 |
Innoviva, Inc. (a) | 15,267 | 160,762 |
Intersect ENT, Inc.* | 4,843 | 62,620 |
Shares | Value ($) | |
Intra-Cellular Therapies, Inc.* | 6,504 | 252,485 |
Lannett Co., Inc.* (a) | 5,254 | 124,993 |
Lipocine, Inc.* (a) | 3,145 | 9,561 |
Medicines Co.* (a) | 12,760 | 429,119 |
MyoKardia, Inc.* | 2,135 | 26,474 |
Nektar Therapeutics* | 24,477 | 348,308 |
Neos Therapeutics, Inc.* | 2,607 | 24,193 |
Ocular Therapeutix, Inc.* | 3,855 | 19,082 |
Omeros Corp.* (a) | 7,005 | 73,693 |
Pacira Pharmaceuticals, Inc.* | 6,938 | 234,019 |
Paratek Pharmaceuticals, Inc.* | 2,743 | 38,155 |
Phibro Animal Health Corp. "A" | 3,401 | 63,463 |
Prestige Brands Holdings, Inc.* | 10,087 | 558,820 |
Reata Pharmaceuticals, Inc. "A"* | 1,082 | 21,370 |
Relypsa, Inc.* (a) | 7,155 | 132,368 |
Revance Therapeutics, Inc.* (a) | 3,885 | 52,836 |
Sagent Pharmaceuticals, Inc.* | 4,894 | 73,312 |
Sciclone Pharmaceuticals, Inc.* | 9,526 | 124,410 |
Sucampo Pharmaceuticals, Inc. "A"* | 4,384 | 48,092 |
Supernus Pharmaceuticals, Inc.* (a) | 8,891 | 181,110 |
Teligent, Inc.* | 7,350 | 52,479 |
Tetraphase Pharmaceuticals, Inc.* (a) | 6,769 | 29,107 |
TherapeuticsMD, Inc.* (a) | 28,453 | 241,850 |
Theravance Biopharma, Inc.* (a) | 6,905 | 156,674 |
Titan Pharmaceuticals, Inc.* | 3,560 | 19,473 |
WaVe Life Sciences Ltd.* | 1,404 | 29,049 |
XenoPort, Inc.* | 10,812 | 76,116 |
Zogenix, Inc.* | 4,591 | 36,958 |
6,194,753 | ||
Industrials 13.6% | ||
Aerospace & Defense 1.5% | ||
AAR Corp. | 6,254 | 145,968 |
Aerojet Rocketdyne Holdings, Inc.* | 11,480 | 209,855 |
Aerovironment, Inc.* | 3,786 | 105,251 |
American Science & Engineering, Inc. | 1,330 | 49,755 |
Astronics Corp.* | 3,657 | 121,632 |
Cubic Corp. | 4,770 | 191,563 |
Curtiss-Wright Corp. | 8,388 | 706,689 |
DigitalGlobe, Inc.* | 12,110 | 259,033 |
Ducommun, Inc.* | 2,027 | 40,094 |
Engility Holdings, Inc.* | 3,485 | 73,603 |
Esterline Technologies Corp.* | 5,601 | 347,486 |
KLX, Inc.* | 10,015 | 310,465 |
Kratos Defense & Security Solutions, Inc.* | 8,085 | 33,149 |
Mercury Systems, Inc.* | 7,412 | 184,262 |
Moog, Inc. "A"* | 6,058 | 326,647 |
National Presto Industries, Inc. | 908 | 85,670 |
Sparton Corp.* | 1,627 | 35,420 |
Taser International, Inc.* | 10,006 | 248,949 |
Teledyne Technologies, Inc.* | 6,492 | 643,033 |
The Keyw Holding Corp.* | 6,811 | 67,701 |
Triumph Group, Inc. | 9,346 | 331,783 |
Vectrus, Inc.* | 2,111 | 60,142 |
4,578,150 | ||
Air Freight & Logistics 0.5% | ||
Air Transport Services Group, Inc.* | 9,900 | 128,304 |
Atlas Air Worldwide Holdings, Inc.* | 4,601 | 190,573 |
Echo Global Logistics, Inc.* | 5,324 | 119,364 |
Forward Air Corp. | 5,645 | 251,372 |
Shares | Value ($) | |
Hub Group, Inc. "A"* | 6,346 | 243,496 |
Park-Ohio Holdings Corp. | 1,557 | 44,032 |
Radiant Logistics, Inc.* | 7,884 | 23,652 |
XPO Logistics, Inc.* (a) | 18,558 | 487,333 |
1,488,126 | ||
Airlines 0.4% | ||
Allegiant Travel Co. | 2,484 | 376,326 |
Hawaiian Holdings, Inc.* | 9,992 | 379,297 |
SkyWest, Inc. | 9,485 | 250,973 |
Virgin America, Inc.* | 3,668 | 206,178 |
1,212,774 | ||
Building Products 1.2% | ||
AAON, Inc. | 7,760 | 213,478 |
Advanced Drainage Systems, Inc. (a) | 6,581 | 180,122 |
American Woodmark Corp.* | 2,614 | 173,517 |
Apogee Enterprises, Inc. | 5,358 | 248,343 |
Armstrong Flooring, Inc.* | 4,428 | 75,055 |
Builders FirstSource, Inc.* | 15,869 | 178,526 |
Caesarstone Ltd.* (a) | 4,508 | 156,698 |
Continental Building Products, Inc.* | 6,663 | 148,119 |
CSW Industrials, Inc.* | 2,729 | 88,993 |
Gibraltar Industries, Inc.* | 6,073 | 191,725 |
Griffon Corp. | 5,720 | 96,439 |
Insteel Industries, Inc. | 3,243 | 92,717 |
Masonite International Corp.* | 5,749 | 380,239 |
NCI Building Systems, Inc.* | 5,255 | 84,027 |
Nortek, Inc.* | 1,866 | 110,672 |
Patrick Industries, Inc.* | 2,745 | 165,496 |
PGT, Inc.* | 8,826 | 90,908 |
Ply Gem Holdings, Inc.* | 4,258 | 62,039 |
Quanex Building Products Corp. | 6,480 | 120,463 |
Simpson Manufacturing Co., Inc. | 7,859 | 314,124 |
Trex Co., Inc.* | 5,567 | 250,070 |
Universal Forest Products, Inc. | 3,758 | 348,329 |
3,770,099 | ||
Commercial Services & Supplies 2.3% | ||
ABM Industries, Inc. | 10,576 | 385,812 |
Acco Brands Corp.* | 20,033 | 206,941 |
Aqua Metals, Inc.* | 2,028 | 23,859 |
ARC Document Solutions, Inc.* | 8,528 | 33,174 |
Brady Corp. "A" | 8,747 | 267,308 |
Casella Waste Systems, Inc. "A"* | 7,335 | 57,580 |
CECO Environmental Corp. | 5,717 | 49,967 |
CompX International, Inc. | 545 | 6,267 |
Deluxe Corp. | 9,284 | 616,179 |
Ennis, Inc. | 4,978 | 95,478 |
Essendant, Inc. | 7,024 | 214,653 |
G&K Services, Inc. "A" | 3,671 | 281,088 |
Gerber Scientific, Inc. | 6,939 | 0 |
Healthcare Services Group, Inc. (a) | 13,314 | 550,933 |
Heritage-Crystal Clean, Inc.* | 2,282 | 27,863 |
Herman Miller, Inc. | 11,320 | 338,355 |
HNI Corp. | 8,585 | 399,117 |
Innerworkings, Inc.* | 7,455 | 61,653 |
Interface, Inc. | 12,135 | 185,059 |
Kimball International, Inc. "B" | 6,985 | 79,489 |
Knoll, Inc. | 9,206 | 223,522 |
Matthews International Corp. "A" (a) | 6,012 | 334,508 |
McGrath RentCorp. | 4,535 | 138,726 |
Mobile Mini, Inc. | 8,389 | 290,595 |
MSA Safety, Inc. | 5,882 | 308,981 |
Shares | Value ($) | |
Multi-Color Corp. | 2,572 | 163,065 |
NL Industries, Inc.* | 1,487 | 3,822 |
Quad Graphics, Inc. | 5,395 | 125,650 |
SP Plus Corp.* (a) | 3,274 | 73,927 |
Steelcase, Inc. "A" | 16,292 | 221,082 |
Team, Inc.* | 5,447 | 135,249 |
Tetra Tech, Inc. | 10,939 | 336,320 |
The Brink's Co. | 8,531 | 243,048 |
TRC Companies, Inc.* | 3,984 | 25,179 |
U.S. Ecology, Inc. (a) | 4,139 | 190,187 |
UniFirst Corp. | 2,856 | 330,496 |
Viad Corp. | 3,858 | 119,598 |
VSE Corp. | 831 | 55,511 |
West Corp. | 8,183 | 160,878 |
7,361,119 | ||
Construction & Engineering 0.9% | ||
Aegion Corp.* | 6,596 | 128,688 |
Ameresco, Inc. "A"* | 4,664 | 20,382 |
Argan, Inc. | 2,569 | 107,179 |
Comfort Systems U.S.A., Inc. | 7,026 | 228,837 |
Dycom Industries, Inc.* | 5,807 | 521,236 |
EMCOR Group, Inc. | 11,419 | 562,500 |
Granite Construction, Inc. | 7,479 | 340,668 |
Great Lakes Dredge & Dock Co.* | 11,787 | 51,391 |
HC2 Holdings, Inc.* | 5,638 | 24,243 |
IES Holdings, Inc.* | 1,464 | 18,183 |
Layne Christensen Co.* | 3,399 | 27,532 |
MasTec, Inc.* | 12,525 | 279,558 |
MYR Group, Inc.* | 3,209 | 77,273 |
NV5 Holdings, Inc.* | 1,384 | 39,361 |
Orion Group Holdings, Inc.* | 4,518 | 23,990 |
Primoris Services Corp. | 7,662 | 145,042 |
Tutor Perini Corp.* | 7,165 | 168,736 |
2,764,799 | ||
Electrical Equipment 0.7% | ||
Allied Motion Technologies, Inc. | 1,111 | 25,842 |
American Superconductor Corp.* | 2,217 | 18,711 |
AZZ, Inc. | 4,936 | 296,061 |
Babcock & Wilcox Enterprises, Inc.* | 8,649 | 127,054 |
Encore Wire Corp. | 3,769 | 140,508 |
Energous Corp.* (a) | 2,806 | 36,338 |
EnerSys | 8,216 | 488,606 |
FuelCell Energy, Inc.* (a) | 4,651 | 28,929 |
Generac Holdings, Inc.* (a) | 12,378 | 432,735 |
General Cable Corp. (a) | 9,396 | 119,423 |
LSI Industries, Inc. | 4,485 | 49,649 |
Plug Power, Inc.* (a) | 35,580 | 66,179 |
Powell Industries, Inc. | 1,624 | 63,888 |
Power Solutions International, Inc.* (a) | 777 | 13,869 |
Preformed Line Products Co. | 538 | 21,730 |
Sunrun, Inc.* | 11,977 | 71,024 |
Thermon Group Holdings, Inc.* | 5,949 | 114,280 |
Vicor Corp.* | 3,238 | 32,607 |
2,147,433 | ||
Industrial Conglomerates 0.0% | ||
Raven Industries, Inc. | 6,982 | 132,239 |
Machinery 3.2% | ||
Actuant Corp. "A" | 11,181 | 252,802 |
Alamo Group, Inc. | 1,759 | 116,041 |
Albany International Corp. "A" | 5,413 | 216,141 |
Shares | Value ($) | |
Altra Industrial Motion Corp. (a) | 4,791 | 129,261 |
American Railcar Industries, Inc. | 1,462 | 57,705 |
Astec Industries, Inc. | 3,660 | 205,509 |
Barnes Group, Inc. | 9,512 | 315,037 |
Blue Bird Corp.* | 913 | 10,865 |
Briggs & Stratton Corp. | 8,004 | 169,525 |
Chart Industries, Inc.* | 5,786 | 139,616 |
CIRCOR International, Inc. | 3,121 | 177,866 |
CLARCOR, Inc. | 9,011 | 548,139 |
Columbus McKinnon Corp. | 3,529 | 49,935 |
Douglas Dynamics, Inc. | 4,083 | 105,056 |
Dynamic Materials Corp. | 2,645 | 28,434 |
Energy Recovery, Inc.* | 6,508 | 57,856 |
EnPro Industries, Inc. | 4,058 | 180,135 |
ESCO Technologies, Inc. | 4,857 | 193,989 |
Federal Signal Corp. | 11,478 | 147,837 |
Franklin Electric Co., Inc. (a) | 8,711 | 287,899 |
FreightCar America, Inc. | 2,340 | 32,877 |
Gencor Industries, Inc.* | 948 | 14,713 |
Global Brass & Copper Holdings, Inc. | 4,011 | 109,460 |
Gorman-Rupp Co. | 3,401 | 93,221 |
Graham Corp. | 1,917 | 35,311 |
Greenbrier Companies, Inc. (a) | 5,225 | 152,204 |
Hardinge, Inc. | 2,186 | 21,991 |
Harsco Corp. | 15,500 | 102,920 |
Hillenbrand, Inc. | 11,153 | 335,036 |
Hurco Companies, Inc. | 1,216 | 33,841 |
Hyster-Yale Materials Handling, Inc. | 1,808 | 107,558 |
John Bean Technologies Corp. | 5,566 | 340,751 |
Joy Global, Inc. | 18,681 | 394,916 |
Kadant, Inc. | 2,080 | 107,141 |
Kennametal, Inc. | 14,951 | 330,567 |
Lindsay Corp. (a) | 2,006 | 136,127 |
Lydall, Inc.* | 3,117 | 120,192 |
Manitowoc Co., Inc. | 24,040 | 131,018 |
Meritor, Inc.* | 16,414 | 118,181 |
Milacron Holdings Corp.* | 2,904 | 42,137 |
Miller Industries, Inc. | 2,077 | 42,765 |
Mueller Industries, Inc. | 10,815 | 344,782 |
Mueller Water Products, Inc. "A" | 29,415 | 335,919 |
Navistar International Corp.* | 9,473 | 110,739 |
NN, Inc. | 4,876 | 68,215 |
Omega Flex, Inc. | 496 | 18,868 |
Proto Labs, Inc.* (a) | 4,668 | 268,690 |
RBC Bearings, Inc.* | 4,272 | 309,720 |
Rexnord Corp.* | 15,688 | 307,955 |
SPX Corp. | 7,862 | 116,751 |
SPX FLOW, Inc.* | 6,684 | 174,252 |
Standex International Corp. | 2,418 | 199,799 |
Sun Hydraulics Corp. | 4,400 | 130,636 |
Supreme Industries, Inc. "A" | 2,455 | 33,634 |
Tennant Co. | 3,366 | 181,326 |
The ExOne Co.* | 1,931 | 20,411 |
Titan International, Inc. | 8,353 | 51,789 |
TriMas Corp.* | 8,538 | 153,684 |
Wabash National Corp.* (a) | 12,190 | 154,813 |
Watts Water Technologies, Inc. "A" | 5,271 | 307,089 |
Woodward, Inc. | 10,003 | 576,573 |
10,058,220 | ||
Shares | Value ($) | |
Marine 0.1% | ||
Costamare, Inc. (a) | 4,971 | 38,127 |
Matson, Inc. | 8,271 | 267,071 |
Scorpio Bulkers, Inc.* (a) | 8,102 | 22,605 |
327,803 | ||
Professional Services 1.3% | ||
Acacia Research Corp. | 9,463 | 41,637 |
Barrett Business Services, Inc. | 1,313 | 54,253 |
CBIZ, Inc.* (a) | 9,546 | 99,374 |
CEB, Inc. | 6,073 | 374,583 |
CRA International, Inc.* | 1,670 | 42,117 |
Exponent, Inc. | 4,882 | 285,158 |
Franklin Covey Co.* | 1,857 | 28,468 |
FTI Consulting, Inc.* | 7,792 | 316,979 |
GP Strategies Corp.* | 2,455 | 53,249 |
Heidrick & Struggles International, Inc. | 3,593 | 60,650 |
Hill International, Inc.* | 6,498 | 26,447 |
Huron Consulting Group, Inc.* | 4,038 | 243,976 |
ICF International, Inc.* | 3,414 | 139,633 |
IDI, Inc.* (a) | 2,876 | 13,603 |
Insperity, Inc. | 2,972 | 229,528 |
Kelly Services, Inc. "A" (a) | 5,660 | 107,370 |
Kforce, Inc. | 4,790 | 80,903 |
Korn/Ferry International | 10,856 | 224,719 |
Mistras Group, Inc.* | 3,298 | 78,723 |
Navigant Consulting, Inc.* | 9,180 | 148,257 |
On Assignment, Inc.* | 9,563 | 353,353 |
Resources Connection, Inc. | 6,830 | 100,947 |
RPX Corp.* | 9,149 | 83,896 |
The Advisory Board Co.* | 7,745 | 274,095 |
TriNet Group, Inc.* | 7,974 | 165,779 |
TrueBlue, Inc.* | 7,826 | 148,068 |
WageWorks, Inc.* | 6,912 | 413,407 |
4,189,172 | ||
Road & Rail 0.5% | ||
ArcBest Corp. | 4,658 | 75,692 |
Celadon Group, Inc. | 4,889 | 39,943 |
Covenant Transportation Group, Inc. "A"* | 2,368 | 42,790 |
Heartland Express, Inc. (a) | 8,655 | 150,510 |
Knight Transportation, Inc. (a) | 12,691 | 337,327 |
Marten Transport Ltd. | 4,313 | 85,397 |
P.A.M. Transportation Services, Inc.* | 585 | 9,296 |
Roadrunner Transportation Systems, Inc.* | 5,795 | 43,231 |
Saia, Inc.* | 4,798 | 120,622 |
Swift Transportation Co.* (a) | 14,163 | 218,252 |
Universal Logistics Holdings, Inc. | 1,559 | 20,111 |
USA Truck, Inc.* | 1,751 | 30,660 |
Werner Enterprises, Inc. | 8,470 | 194,556 |
YRC Worldwide, Inc.* | 5,986 | 52,677 |
1,421,064 | ||
Trading Companies & Distributors 1.0% | ||
Aircastle Ltd. | 9,011 | 176,255 |
Applied Industrial Technologies, Inc. | 6,826 | 308,126 |
Beacon Roofing Supply, Inc.* | 11,307 | 514,129 |
BMC Stock Holdings, Inc.* | 10,416 | 185,613 |
CAI International, Inc.* | 3,112 | 23,340 |
DXP Enterprises, Inc.* | 2,642 | 39,445 |
GATX Corp. (a) | 7,736 | 340,152 |
Shares | Value ($) | |
GMS, Inc.* | 1,333 | 29,659 |
H&E Equipment Services, Inc. | 6,037 | 114,884 |
Kaman Corp. | 5,117 | 217,575 |
Lawson Products, Inc.* | 1,323 | 26,275 |
MRC Global, Inc.* | 17,752 | 252,256 |
Neff Corp. "A"* | 2,041 | 22,308 |
NOW, Inc.* | 20,256 | 367,444 |
Rush Enterprises, Inc. "A"* | 5,563 | 119,883 |
Rush Enterprises, Inc. "B"* | 1,226 | 25,488 |
SiteOne Landscape Supply, Inc.* | 2,194 | 74,574 |
TAL International Group, Inc. | 6,470 | 86,763 |
Textainer Group Holdings Ltd. | 4,494 | 50,063 |
Titan Machinery, Inc.* | 3,140 | 35,011 |
Univar, Inc.* | 8,116 | 153,474 |
Veritiv Corp.* | 1,608 | 60,429 |
Willis Lease Finance Corp.* | 789 | 17,539 |
3,240,685 | ||
Transportation Infrastructure 0.0% | ||
Wesco Aircraft Holdings, Inc.* | 10,549 | 141,568 |
Information Technology 17.0% | ||
Communications Equipment 1.7% | ||
ADTRAN, Inc. | 9,258 | 172,662 |
Aerohive Networks, Inc.* | 4,136 | 27,380 |
Applied Optoelectronics, Inc.* (a) | 3,073 | 34,264 |
Bel Fuse, Inc. "B" | 1,920 | 34,138 |
Black Box Corp. | 2,889 | 37,788 |
CalAmp Corp.* | 6,998 | 103,640 |
Calix, Inc.* | 8,087 | 55,881 |
Ciena Corp.* | 26,021 | 487,894 |
Clearfield, Inc.* | 2,150 | 38,463 |
Comtech Telecommunications Corp. | 2,918 | 37,467 |
Digi International, Inc.* | 4,653 | 49,927 |
EMCORE Corp.* | 4,947 | 29,385 |
Extreme Networks, Inc.* | 19,988 | 67,759 |
Finisar Corp.* (a) | 20,375 | 356,766 |
Harmonic, Inc.* | 13,768 | 39,239 |
Infinera Corp.* (a) | 26,608 | 300,138 |
InterDigital, Inc. | 6,555 | 364,982 |
Ixia* | 12,147 | 119,284 |
KVH Industries, Inc.* | 3,080 | 23,716 |
Lumentum Holdings, Inc.* | 9,574 | 231,691 |
NETGEAR, Inc.* | 6,176 | 293,607 |
NetScout Systems, Inc.* | 18,190 | 404,727 |
Oclaro, Inc.* (a) | 18,974 | 92,593 |
Plantronics, Inc. | 6,296 | 277,024 |
Polycom, Inc.* | 25,767 | 289,879 |
ShoreTel, Inc.* | 12,733 | 85,184 |
Silicom Ltd. | 1,062 | 31,754 |
Sonus Networks, Inc.* | 8,861 | 77,002 |
Ubiquiti Networks, Inc.* (a) | 4,909 | 189,782 |
ViaSat, Inc.* (a) | 8,417 | 600,974 |
Viavi Solutions, Inc.* | 44,436 | 294,611 |
5,249,601 | ||
Electronic Equipment, Instruments & Components 2.7% | ||
Agilysys, Inc.* | 2,773 | 29,033 |
Anixter International, Inc.* (a) | 5,490 | 292,507 |
AVX Corp. | 8,814 | 119,694 |
Badger Meter, Inc. | 2,653 | 193,749 |
Belden, Inc. | 7,896 | 476,682 |
Benchmark Electronics, Inc.* | 9,421 | 199,254 |
Coherent, Inc.* | 4,584 | 420,720 |
Shares | Value ($) | |
Control4 Corp.* | 3,702 | 30,208 |
CTS Corp. | 5,912 | 105,943 |
Daktronics, Inc. | 7,095 | 44,344 |
DTS, Inc.* | 3,280 | 86,756 |
Electro Rent Corp. | 3,196 | 49,250 |
Electro Scientific Industries, Inc.* | 5,165 | 30,164 |
ePlus, Inc.* | 1,196 | 97,821 |
Fabrinet* | 6,569 | 243,841 |
FARO Technologies, Inc.* | 3,126 | 105,753 |
II-VI, Inc.* | 11,264 | 211,313 |
Insight Enterprises, Inc.* | 6,876 | 178,776 |
InvenSense, Inc.* | 15,764 | 96,633 |
Itron, Inc.* | 6,324 | 272,564 |
Kimball Electronics, Inc.* | 5,310 | 66,110 |
Knowles Corp.* (a) | 16,727 | 228,825 |
Littelfuse, Inc. | 4,208 | 497,344 |
Maxwell Technologies, Inc.* | 5,955 | 31,442 |
Mesa Laboratories, Inc. | 586 | 72,078 |
Methode Electronics, Inc. | 7,001 | 239,644 |
MTS Systems Corp. | 2,796 | 122,577 |
Multi-Fineline Electronix, Inc.* | 1,663 | 38,582 |
Novanta, Inc.* | 5,971 | 90,461 |
OSI Systems, Inc.* | 3,317 | 192,817 |
Park Electrochemical Corp. | 3,659 | 53,165 |
PC Connection, Inc. | 2,233 | 53,145 |
Plexus Corp.* | 6,312 | 272,678 |
QLogic Corp.* | 16,010 | 235,987 |
Radisys Corp.* | 6,733 | 30,164 |
Rofin-Sinar Technologies, Inc.* | 5,115 | 163,373 |
Rogers Corp.* | 3,423 | 209,145 |
Sanmina Corp.* | 13,915 | 373,061 |
ScanSource, Inc.* | 4,753 | 176,384 |
SYNNEX Corp. (a) | 5,536 | 524,924 |
Systemax, Inc.* | 2,113 | 18,024 |
Tech Data Corp.* | 6,630 | 476,365 |
TTM Technologies, Inc.* | 13,731 | 103,394 |
Universal Display Corp.* (a) | 7,857 | 532,705 |
Vishay Intertechnology, Inc. (a) | 25,812 | 319,811 |
Vishay Precision Group, Inc.* | 2,383 | 31,980 |
8,439,190 | ||
Internet Software & Services 2.6% | ||
2U, Inc.* (a) | 6,948 | 204,341 |
Actua Corp.* | 6,620 | 59,779 |
Alarm.com Holdings, Inc.* | 1,956 | 50,132 |
Amber Road, Inc.* | 3,143 | 24,233 |
Angie's List, Inc.* | 7,319 | 47,647 |
Apigee Corp.* | 2,925 | 35,743 |
Appfolio, Inc. "A"* | 1,444 | 20,880 |
Autobytel, Inc.* | 1,651 | 22,899 |
Bankrate, Inc.* | 8,963 | 67,043 |
Bazaarvoice, Inc.* | 15,611 | 62,600 |
Benefitfocus, Inc.* (a) | 2,442 | 93,089 |
Blucora, Inc.* | 7,603 | 78,767 |
Box, Inc. "A"* (a) | 9,260 | 95,748 |
Brightcove, Inc.* | 5,509 | 48,479 |
Carbonite, Inc.* | 3,452 | 33,588 |
Care.com, Inc.* | 2,705 | 31,594 |
ChannelAdvisor Corp.* | 4,430 | 64,191 |
Cimpress NV* (a) | 4,755 | 439,742 |
comScore, Inc.* | 9,137 | 218,192 |
Cornerstone OnDemand, Inc.* | 9,546 | 363,321 |
Cvent, Inc.* | 5,716 | 204,175 |
Demandware, Inc.* | 7,147 | 535,310 |
Shares | Value ($) | |
DHI Group, Inc.* | 9,532 | 59,384 |
EarthLink Holdings Corp. | 19,970 | 127,808 |
Endurance International Group Holdings, Inc.* (a) | 11,155 | 100,283 |
Envestnet, Inc.* (a) | 7,852 | 261,550 |
Everyday Health, Inc.* | 5,378 | 42,379 |
Five9, Inc.* | 6,259 | 74,482 |
Global Sources Ltd.* | 1,557 | 14,278 |
Gogo, Inc.* (a) | 10,316 | 86,551 |
GrubHub, Inc.* (a) | 15,312 | 475,744 |
GTT Communications, Inc.* | 5,176 | 95,652 |
Hortonworks, Inc.* | 7,643 | 81,704 |
inContact, Inc.* | 11,132 | 154,178 |
Instructure, Inc.* (a) | 1,993 | 37,867 |
Intralinks Holdings, Inc.* | 8,033 | 52,214 |
j2 Global, Inc. (a) | 8,921 | 563,540 |
Limelight Networks, Inc.* | 11,982 | 17,853 |
Liquidity Services, Inc.* | 4,921 | 38,581 |
LivePerson, Inc.* | 9,744 | 61,777 |
LogMeIn, Inc.* | 4,774 | 302,815 |
Marchex, Inc. "B" | 6,255 | 19,891 |
Marketo, Inc.* | 7,875 | 274,207 |
MeetMe, Inc.* | 7,833 | 41,750 |
MINDBODY, Inc. "A"* | 2,735 | 44,143 |
Monster Worldwide, Inc.* (a) | 16,784 | 40,114 |
New Relic, Inc.* | 4,164 | 122,338 |
NIC, Inc. | 11,970 | 262,622 |
Numerex Corp. "A"* | 2,646 | 19,819 |
Q2 Holdings, Inc.* | 4,849 | 135,869 |
QuinStreet, Inc.* | 6,773 | 24,044 |
Quotient Technology, Inc.* (a) | 12,147 | 162,891 |
RealNetworks, Inc.* | 4,458 | 19,214 |
Reis, Inc. | 1,694 | 42,181 |
RetailMeNot, Inc.* | 6,980 | 53,816 |
Rightside Group Ltd.* | 2,204 | 23,451 |
SciQuest, Inc.* | 5,301 | 93,616 |
Shutterstock, Inc.* (a) | 3,571 | 163,552 |
SPS Commerce, Inc.* | 3,141 | 190,345 |
Stamps.com, Inc.* (a) | 3,067 | 268,117 |
TechTarget, Inc.* | 3,806 | 30,829 |
TrueCar, Inc.* (a) | 10,303 | 80,879 |
United Online, Inc.* | 2,605 | 28,655 |
Web.com Group, Inc.* | 8,050 | 146,349 |
WebMD Health Corp.* (a) | 7,093 | 412,174 |
Xactly Corp.* | 4,335 | 55,531 |
XO Group, Inc.* | 4,722 | 82,304 |
8,288,834 | ||
IT Services 2.1% | ||
Acxiom Corp.* | 14,547 | 319,889 |
ALJ Regional Holdings, Inc.* | 3,517 | 17,585 |
Blackhawk Network Holdings, Inc.* | 10,407 | 348,530 |
CACI International, Inc. "A"* | 4,610 | 416,790 |
Cardtronics, Inc.* (a) | 8,540 | 339,977 |
Cass Information Systems, Inc. (a) | 2,093 | 108,208 |
Convergys Corp. (a) | 16,833 | 420,825 |
CSG Systems International, Inc. | 5,999 | 241,820 |
Datalink Corp.* | 3,701 | 27,757 |
EPAM Systems, Inc.* | 9,131 | 587,215 |
EVERTEC, Inc. | 12,062 | 187,443 |
Exlservice Holdings, Inc.* | 6,208 | 325,361 |
Forrester Research, Inc. | 1,806 | 66,569 |
Higher One Holdings, Inc.* | 5,793 | 29,602 |
Information Services Group, Inc.* | 5,870 | 22,013 |
Shares | Value ($) | |
Lionbridge Technologies, Inc.* | 11,340 | 44,793 |
ManTech International Corp. "A" | 4,679 | 176,960 |
MAXIMUS, Inc. | 12,178 | 674,296 |
MoneyGram International, Inc.* | 6,049 | 41,436 |
NCI, Inc. "A" | 1,135 | 15,947 |
NeuStar, Inc. "A"* (a) | 10,169 | 239,073 |
Perficient, Inc.* | 6,735 | 136,788 |
PFSweb, Inc.* | 2,777 | 26,382 |
Planet Payment, Inc.* | 8,000 | 35,920 |
Science Applications International Corp. | 8,018 | 467,850 |
ServiceSource International, Inc.* | 12,018 | 48,433 |
Sykes Enterprises, Inc.* | 7,377 | 213,638 |
Syntel, Inc.* | 6,115 | 276,765 |
TeleTech Holdings, Inc. | 3,169 | 85,975 |
The Hackett Group, Inc. | 4,281 | 59,377 |
Travelport Worldwide Ltd. | 21,885 | 282,098 |
Unisys Corp.* (a) | 9,814 | 71,446 |
Virtusa Corp.* | 5,230 | 151,042 |
6,507,803 | ||
Semiconductors & Semiconductor Equipment 3.2% | ||
Acacia Communications, Inc.* | 992 | 39,620 |
Advanced Energy Industries, Inc.* | 7,478 | 283,865 |
Advanced Micro Devices, Inc.* (a) | 124,224 | 638,511 |
Alpha & Omega Semiconductor Ltd.* | 3,295 | 45,899 |
Ambarella, Inc.* (a) | 6,067 | 308,264 |
Amkor Technology, Inc.* | 19,344 | 111,228 |
Applied Micro Circuits Corp.* (a) | 14,341 | 92,069 |
Axcelis Technologies, Inc.* | 22,534 | 60,616 |
Brooks Automation, Inc. | 12,848 | 144,155 |
Cabot Microelectronics Corp. | 4,457 | 188,709 |
Cavium, Inc.* (a) | 10,659 | 411,437 |
CEVA, Inc.* | 3,725 | 101,208 |
Cirrus Logic, Inc.* | 11,883 | 460,942 |
Cohu, Inc. | 5,260 | 57,071 |
Diodes, Inc.* | 7,076 | 132,958 |
DSP Group, Inc.* | 4,147 | 44,000 |
Entegris, Inc.* | 26,762 | 387,246 |
Exar Corp.* | 8,117 | 65,342 |
Fairchild Semiconductor International, Inc.* | 21,761 | 431,956 |
FormFactor, Inc.* | 13,092 | 117,696 |
GigPeak, Inc.* | 8,736 | 17,123 |
Inphi Corp.* | 7,679 | 245,958 |
Integrated Device Technology, Inc.* | 25,527 | 513,859 |
Intersil Corp. "A" | 25,422 | 344,214 |
IXYS Corp. | 4,649 | 47,652 |
Kopin Corp.* | 12,506 | 27,763 |
Lattice Semiconductor Corp.* | 22,710 | 121,499 |
MACOM Technology Solutions Holdings, Inc.* (a) | 4,370 | 144,123 |
MaxLinear, Inc. "A"* | 10,689 | 192,188 |
Microsemi Corp.* | 21,566 | 704,777 |
MKS Instruments, Inc. | 10,069 | 433,571 |
Monolithic Power Systems, Inc. | 7,365 | 503,177 |
Nanometrics, Inc.* | 4,448 | 92,474 |
NeoPhotonics Corp.* | 6,180 | 58,895 |
NVE Corp. | 923 | 54,134 |
PDF Solutions, Inc.* | 5,232 | 73,196 |
Photronics, Inc.* | 12,567 | 111,972 |
Power Integrations, Inc. | 5,189 | 259,813 |
Rambus, Inc.* | 20,562 | 248,389 |
Shares | Value ($) | |
Rudolph Technologies, Inc.* | 5,643 | 87,636 |
Semtech Corp.* | 12,195 | 290,973 |
Sigma Designs, Inc.* | 7,244 | 46,579 |
Silicon Laboratories, Inc.* | 7,775 | 378,953 |
Synaptics, Inc.* | 7,031 | 377,916 |
Tessera Technologies, Inc. | 9,325 | 285,718 |
Ultra Clean Holdings, Inc.* | 5,730 | 32,604 |
Ultratech, Inc.* | 4,078 | 93,672 |
Veeco Instruments, Inc.* | 7,358 | 121,848 |
Xcerra Corp.* | 9,590 | 55,143 |
10,088,611 | ||
Software 4.1% | ||
A10 Networks, Inc.* | 8,347 | 54,005 |
ACI Worldwide, Inc.* | 21,846 | 426,215 |
American Software, Inc. "A" | 4,582 | 48,019 |
Aspen Technology, Inc.* | 15,694 | 631,527 |
AVG Technologies NV* | 7,976 | 151,464 |
Barracuda Networks, Inc.* | 4,161 | 62,998 |
Blackbaud, Inc. | 8,938 | 606,890 |
Bottomline Technologies de, Inc.* | 7,723 | 166,276 |
BroadSoft, Inc.* | 5,569 | 228,496 |
Callidus Software* | 10,535 | 210,489 |
CommVault Systems, Inc.* | 7,330 | 316,583 |
Digimarc Corp.* (a) | 1,631 | 52,127 |
Ebix, Inc. (a) | 4,810 | 230,399 |
Ellie Mae, Inc.* (a) | 5,581 | 511,499 |
EnerNOC, Inc.* (a) | 4,775 | 30,178 |
EPIQ Systems, Inc. | 4,418 | 64,503 |
Exa Corp.* | 2,626 | 37,946 |
Fair Isaac Corp. | 5,868 | 663,143 |
FleetMatics Group PLC* (a) | 7,429 | 321,899 |
Gigamon, Inc.* | 6,156 | 230,173 |
Globant SA* | 4,864 | 191,398 |
Glu Mobile, Inc.* | 19,020 | 41,844 |
Guidance Software, Inc.* | 4,370 | 27,050 |
HubSpot, Inc.* | 5,468 | 237,421 |
Imperva, Inc.* | 5,433 | 233,673 |
Infoblox, Inc.* | 10,680 | 200,357 |
Interactive Intelligence Group* | 3,405 | 139,571 |
Jive Software, Inc.* | 10,920 | 41,059 |
Majesco* | 1,211 | 6,430 |
Mentor Graphics Corp. | 20,279 | 431,132 |
MicroStrategy, Inc. "A"* | 1,798 | 314,686 |
Mitek Systems, Inc.* | 5,567 | 39,581 |
MobileIron, Inc.* | 8,870 | 27,054 |
Model N, Inc.* | 4,214 | 56,257 |
Monotype Imaging Holdings, Inc. | 7,686 | 189,306 |
Park City Group, Inc.* (a) | 2,531 | 22,703 |
Paycom Software, Inc.* (a) | 8,334 | 360,112 |
Paylocity Holding Corp.* (a) | 4,082 | 176,342 |
Pegasystems, Inc. | 6,728 | 181,320 |
Progress Software Corp.* | 9,568 | 262,737 |
Proofpoint, Inc.* (a) | 7,688 | 485,036 |
PROS Holdings, Inc.* | 4,775 | 83,228 |
QAD, Inc. "A" | 1,815 | 34,975 |
Qlik Technologies, Inc.* | 17,788 | 526,169 |
Qualys, Inc.* | 5,151 | 153,551 |
Rapid7, Inc.* | 3,771 | 47,439 |
RealPage, Inc.* | 10,291 | 229,798 |
RingCentral, Inc. "A"* | 11,102 | 218,931 |
Rosetta Stone, Inc.* | 3,654 | 28,319 |
Rovi Corp.* | 15,404 | 240,919 |
Rubicon Project, Inc.* | 7,044 | 96,151 |
Shares | Value ($) | |
Sapiens International Corp. | 4,445 | 52,051 |
SecureWorks Corp. "A"* | 1,142 | 16,102 |
Silver Spring Networks, Inc.* (a) | 7,206 | 87,553 |
Synchronoss Technologies, Inc.* | 7,821 | 249,177 |
Take-Two Interactive Software, Inc.* | 15,798 | 599,060 |
Tangoe, Inc.* | 5,240 | 40,453 |
TeleNav, Inc.* | 6,674 | 34,037 |
TiVo, Inc.* | 17,737 | 175,596 |
TubeMogul, Inc.* | 4,162 | 49,528 |
Varonis Systems, Inc.* | 2,022 | 48,568 |
VASCO Data Security International, Inc.* (a) | 5,717 | 93,702 |
Verint Systems, Inc.* | 11,773 | 390,040 |
Virnetx Holding Corp.* (a) | 9,773 | 39,092 |
Workiva, Inc.* | 4,162 | 56,853 |
Xura, Inc.* | 4,514 | 110,277 |
Zendesk, Inc.* (a) | 15,380 | 405,724 |
Zix Corp.* | 10,252 | 38,445 |
12,855,636 | ||
Technology Hardware, Storage & Peripherals 0.6% | ||
3D Systems Corp.* (a) | 20,334 | 278,373 |
Avid Technology, Inc.* | 5,742 | 33,361 |
CPI Card Group, Inc. (a) | 4,412 | 22,104 |
Cray, Inc.* (a) | 7,624 | 228,110 |
Diebold, Inc. | 11,315 | 280,951 |
Eastman Kodak Co.* | 3,132 | 50,363 |
Electronics for Imaging, Inc.* | 8,908 | 383,400 |
Immersion Corp.* | 5,905 | 43,343 |
Nimble Storage, Inc.* | 11,930 | 94,963 |
Pure Storage, Inc. "A"* | 11,558 | 125,982 |
Silicon Graphics International Corp.* | 6,646 | 33,429 |
Stratasys Ltd.* (a) | 9,294 | 212,740 |
Super Micro Computer, Inc.* | 7,321 | 181,927 |
U.S.A. Technologies, Inc.* | 6,764 | 28,882 |
1,997,928 | ||
Materials 4.5% | ||
Chemicals 2.4% | ||
A. Schulman, Inc. | 5,399 | 131,844 |
AgroFresh Solutions, Inc.* | 4,179 | 22,190 |
American Vanguard Corp. | 5,194 | 78,481 |
Axiall Corp. | 13,451 | 438,637 |
Balchem Corp. | 5,964 | 355,753 |
Calgon Carbon Corp. | 9,540 | 125,451 |
Chase Corp. | 1,342 | 79,272 |
Chemours Co. | 34,734 | 286,208 |
Chemtura Corp.* | 12,082 | 318,723 |
Codexis, Inc.* | 6,369 | 25,667 |
Ferro Corp.* | 15,770 | 211,003 |
Flotek Industries, Inc.* (a) | 9,707 | 128,132 |
FutureFuel Corp. | 5,026 | 54,683 |
GCP Applied Technologies, Inc.* | 13,446 | 350,134 |
H.B. Fuller Co. | 9,505 | 418,125 |
Hawkins, Inc. | 1,749 | 75,924 |
Ingevity Corp.* | 8,074 | 274,839 |
Innophos Holdings, Inc. | 3,629 | 153,180 |
Innospec, Inc. | 4,465 | 205,345 |
KMG Chemicals, Inc. | 1,821 | 47,328 |
Koppers Holdings, Inc.* | 3,860 | 118,618 |
Kraton Performance Polymers, Inc.* | 5,587 | 156,045 |
Kronos Worldwide, Inc. | 3,931 | 20,638 |
Shares | Value ($) | |
LSB Industries, Inc.* | 3,974 | 48,006 |
Minerals Technologies, Inc. | 6,570 | 373,176 |
Olin Corp. (a) | 31,390 | 779,728 |
Omnova Solutions, Inc.* | 8,410 | 60,972 |
PolyOne Corp. | 15,903 | 560,422 |
Quaker Chemical Corp. | 2,446 | 218,183 |
Rayonier Advanced Materials, Inc. | 7,996 | 108,666 |
Sensient Technologies Corp. | 8,442 | 599,720 |
Stepan Co. | 3,723 | 221,630 |
TerraVia Holdings, Inc.* (a) | 15,124 | 39,625 |
Trecora Resources* | 3,644 | 38,007 |
Tredegar Corp. | 4,853 | 78,230 |
Trinseo SA* | 5,442 | 233,625 |
Tronox Ltd. "A" | 12,203 | 53,815 |
Valhi, Inc. | 3,392 | 5,325 |
7,495,350 | ||
Construction Materials 0.2% | ||
Headwaters, Inc.* | 13,935 | 249,994 |
Summit Materials, Inc. "A"* | 11,944 | 244,374 |
U.S. Concrete, Inc.* | 2,738 | 166,772 |
United States Lime & Minerals, Inc. | 377 | 22,239 |
683,379 | ||
Containers & Packaging 0.1% | ||
AEP Industries, Inc. | 787 | 63,322 |
Greif, Inc. "A" | 4,850 | 180,759 |
Greif, Inc. "B" | 1,083 | 59,294 |
Multi Packaging Solutions International Ltd.* | 4,013 | 53,574 |
Myers Industries, Inc. | 3,912 | 56,333 |
UFP Technologies, Inc.* | 1,205 | 27,161 |
440,443 | ||
Metals & Mining 1.2% | ||
AK Steel Holding Corp.* (a) | 45,397 | 211,550 |
Allegheny Technologies, Inc. (a) | 20,543 | 261,923 |
Ampco-Pittsburgh Corp. | 1,572 | 17,779 |
Carpenter Technology Corp. (a) | 8,711 | 286,853 |
Century Aluminum Co.* | 9,708 | 61,452 |
Cliffs Natural Resources, Inc.* (a) | 33,881 | 192,105 |
Coeur Mining, Inc.* (a) | 28,927 | 308,362 |
Commercial Metals Co. (a) | 21,853 | 369,316 |
Ferroglobe PLC | 12,466 | 107,332 |
Gold Resource Corp. | 9,413 | 33,793 |
Handy & Harman Ltd.* | 541 | 14,169 |
Haynes International, Inc. | 2,287 | 73,367 |
Hecla Mining Co. (a) | 72,231 | 368,378 |
Kaiser Aluminum Corp. | 3,320 | 300,161 |
Materion Corp. | 3,824 | 94,682 |
Olympic Steel, Inc. | 1,750 | 47,793 |
Real Industry, Inc.* | 5,114 | 39,736 |
Ryerson Holding Corp.* | 2,002 | 35,035 |
Schnitzer Steel Industries, Inc. "A" (a) | 5,138 | 90,429 |
Stillwater Mining Co.* (a) | 23,123 | 274,239 |
SunCoke Energy, Inc. | 12,267 | 71,394 |
TimkenSteel Corp. | 7,665 | 73,737 |
Worthington Industries, Inc. | 8,468 | 358,196 |
3,691,781 | ||
Paper & Forest Products 0.6% | ||
Boise Cascade Co.* | 7,525 | 172,699 |
Clearwater Paper Corp.* | 3,221 | 210,557 |
Deltic Timber Corp. | 2,030 | 136,274 |
KapStone Paper & Packaging Corp. | 16,400 | 213,364 |
Louisiana-Pacific Corp.* | 27,274 | 473,204 |
Shares | Value ($) | |
Neenah Paper, Inc. | 3,143 | 227,459 |
P.H. Glatfelter Co. | 8,123 | 158,886 |
Schweitzer-Mauduit International, Inc. | 5,702 | 201,166 |
1,793,609 | ||
Telecommunication Services 0.9% | ||
Diversified Telecommunication Services 0.7% | ||
8x8, Inc.* | 16,547 | 241,752 |
ATN International, Inc. | 1,999 | 155,542 |
Cincinnati Bell, Inc.* | 40,160 | 183,531 |
Cogent Communications Holdings, Inc. (a) | 7,865 | 315,072 |
Consolidated Communications Holdings, Inc. | 9,295 | 253,196 |
FairPoint Communications, Inc.* | 4,125 | 60,555 |
General Communication, Inc. "A"* | 5,492 | 86,773 |
Globalstar, Inc.* (a) | 70,671 | 85,512 |
Hawaiian Telcom Holdco, Inc.* | 1,137 | 24,093 |
IDT Corp. "B" | 3,505 | 49,736 |
Inteliquent, Inc. | 6,091 | 121,150 |
Intelsat SA* | 5,077 | 13,099 |
Iridium Communications, Inc.* (a) | 15,820 | 140,481 |
Lumos Networks Corp.* | 3,576 | 43,270 |
Orbcomm, Inc.* (a) | 12,240 | 121,788 |
pdvWireless, Inc.* (a) | 1,849 | 39,550 |
Straight Path Communications, Inc. "B"* (a) | 1,867 | 51,660 |
Vonage Holdings Corp.* | 36,204 | 220,844 |
Windstream Holdings, Inc. (a) | 18,232 | 169,011 |
2,376,615 | ||
Wireless Telecommunication Services 0.2% | ||
Boingo Wireless, Inc.* | 6,461 | 57,632 |
NII Holdings, Inc.* | 10,807 | 34,366 |
Shenandoah Telecommunications Co. | 8,752 | 341,853 |
Spok Holdings, Inc. | 4,015 | 76,948 |
510,799 | ||
Utilities 4.3% | ||
Electric Utilities 1.3% | ||
ALLETE, Inc. | 9,430 | 609,461 |
El Paso Electric Co. | 7,670 | 362,561 |
Empire District Electric Co. | 8,361 | 284,023 |
Genie Energy Ltd. "B" | 2,225 | 15,063 |
IDACORP, Inc. | 9,591 | 780,228 |
MGE Energy, Inc. | 6,642 | 375,373 |
Otter Tail Corp. | 7,216 | 241,664 |
PNM Resources, Inc. | 15,203 | 538,794 |
Portland General Electric Co. | 16,989 | 749,555 |
Spark Energy, Inc. "A" | 925 | 30,571 |
Unitil Corp. | 2,584 | 110,259 |
4,097,552 | ||
Gas Utilities 1.4% | ||
Chesapeake Utilities Corp. | 2,753 | 182,194 |
Delta Natural Gas Co., Inc. | 1,291 | 34,780 |
New Jersey Resources Corp. | 16,286 | 627,825 |
Northwest Natural Gas Co. | 5,127 | 332,332 |
ONE Gas, Inc. | 9,883 | 658,109 |
South Jersey Industries, Inc. | 15,152 | 479,106 |
Southwest Gas Corp. | 8,986 | 707,288 |
Spire, Inc. | 8,454 | 598,881 |
WGL Holdings, Inc. | 9,585 | 678,522 |
4,299,037 | ||
Shares | Value ($) | |
Independent Power & Renewable Eletricity Producers 0.6% | ||
Atlantic Power Corp. | 22,106 | 54,823 |
Atlantica Yield PLC | 11,165 | 207,445 |
Dynegy, Inc.* | 22,004 | 379,349 |
NRG Yield, Inc. "A" | 6,653 | 101,259 |
NRG Yield, Inc. "C" | 12,073 | 188,218 |
Ormat Technologies, Inc. (a) | 7,380 | 322,949 |
Pattern Energy Group, Inc. (a) | 10,942 | 251,338 |
Talen Energy Corp.* | 16,212 | 219,673 |
TerraForm Global, Inc. "A" | 17,330 | 56,496 |
TerraForm Power, Inc. "A" (a) | 16,581 | 180,733 |
Vivint Solar, Inc.* (a) | 3,705 | 11,374 |
1,973,657 | ||
Multi-Utilities 0.6% | ||
Avista Corp. | 12,021 | 538,541 |
Black Hills Corp. | 9,787 | 616,972 |
NorthWestern Corp. | 9,253 | 583,587 |
1,739,100 | ||
Water Utilities 0.4% | ||
American States Water Co. | 6,922 | 303,322 |
Artesian Resources Corp. "A" | 1,483 | 50,304 |
California Water Service Group | 9,124 | 318,701 |
Connecticut Water Service, Inc. | 2,021 | 113,580 |
Consolidated Water Co., Ltd. | 2,624 | 34,270 |
Global Water Resources, Inc. | 1,555 | 13,684 |
Middlesex Water Co. | 2,964 | 128,578 |
SJW Corp. | 3,174 | 124,992 |
York Water Co. | 2,351 | 75,326 |
1,162,757 | ||
Total Common Stocks (Cost $268,232,409) | 309,511,671 | |
Rights 0.0% | ||
Health Care 0.0% | ||
Dyax Corp.* | 26,416 | 105,664 |
Omthera Pharmaceutical, Inc.* | 1,167 | 700 |
106,364 | ||
Shares | Value ($) | |
Telecommunication Services 0.0% | ||
Leap Wireless International, Inc.* | 10,664 | 26,020 |
Total Rights (Cost $56,195) | 132,384 | |
Warrant 0.0% | ||
Health Care | ||
Asterias Biotherapeutics, Expiration Date 9/30/2016* (Cost $212) | 372 | 75 |
Principal Amount ($) | Value ($) | |
Government & Agency Obligation 0.5% | ||
U.S. Treasury Obligation | ||
U.S. Treasury Bill, 0.3%**, 9/15/2016 (b) (Cost $1,519,037) | 1,520,000 | 1,519,346 |
Shares | Value ($) | |
Securities Lending Collateral 18.8% | ||
Daily Assets Fund "Capital Shares", 0.51% (c) (d) (Cost $58,985,032) | 58,985,032 | 58,985,032 |
Cash Equivalents 0.7% | ||
Deutsche Central Cash Management Government Fund, 0.44% (c) (Cost $2,317,977) | 2,317,977 | 2,317,977 |
% of Net Assets | Value ($) | |
Total Investment Portfolio (Cost $331,110,862)† | 118.5 | 372,466,485 |
Other Assets and Liabilities, Net | (18.5) | (58,037,649) |
Net Assets | 100.0 | 314,428,836 |
* Non-income producing security.
** Annualized yield at time of purchase; not a coupon rate.
† The cost for federal income tax purposes was $334,881,847. At June 30, 2016, net unrealized appreciation for all securities based on tax cost was $37,584,638. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $74,902,640 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $37,318,002.
(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 June 30, 2016 amounted to $57,487,316, which is 18.3% of net assets.
(b) At June 30, 2016, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust
At June 30, 2016, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Value ($) | Unrealized Depreciation ($) |
Russell E Mini 2000 Index | USD | 9/16/2016 | 44 | 5,048,560 | (15,455) |
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 June 30, 2016 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) | $ 309,494,167 | $ — | $ 17,504 | $ 309,511,671 |
Rights (e) | — | — | 132,384 | 132,384 |
Warrants | 75 | — | — | 75 |
Government & Agency Obligation | — | 1,519,346 | — | 1,519,346 |
Short-Term Investments (e) | 61,303,009 | — | — | 61,303,009 |
Total | $ 370,797,251 | $ 1,519,346 | $ 149,888 | $ 372,466,485 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (f) Futures Contracts | $ (15,455) | $ — | $ — | $ (15,455) |
Total | $ (15,455) | $ — | $ — | $ (15,455) |
During the period ended June 30, 2016, the amount of transfers between Level 1 and Level 3 was $60,170. The security was halted on the exchange and is valued in accordance with procedures approved by the Board. A significant difference between the value and the price of the security once it resumes trading on the securities exchange could have a material change in the fair value measurement.
Transfers between price levels are recognized at the beginning of the reporting period.
(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 June 30, 2016 (Unaudited) | |
Assets | |
Investments: Investments in non-affiliated securities, at value (cost $269,807,853) — including $57,487,316 of securities loaned | $ 311,163,476 |
Investment in Daily Assets Fund (cost $58,985,032)* | 58,985,032 |
Investment in Deutsche Central Cash Management Government Fund (cost $2,317,977) | 2,317,977 |
Total investments in securities, at value (cost $331,110,862) | 372,466,485 |
Receivable for investments sold | 853,012 |
Receivable for Fund shares sold | 12,490 |
Dividends receivable | 395,649 |
Interest receivable | 58,361 |
Receivable for variation margin on futures contracts | 81,401 |
Other assets | 2,648 |
Total assets | 373,870,046 |
Liabilities | |
Cash overdraft | 56,023 |
Payable upon return of securities loaned | 58,985,032 |
Payable for investments purchased | 1,680 |
Payable for Fund shares redeemed | 122,408 |
Accrued management fee | 67,050 |
Accrued Trustees' fees | 568 |
Other accrued expenses and payables | 208,449 |
Total liabilities | 59,441,210 |
Net assets, at value | $ 314,428,836 |
Net Assets Consist of | |
Undistributed net investment income | 2,029,141 |
Net unrealized appreciation (depreciation) on: Investments | 41,355,623 |
Futures | (15,455) |
Accumulated net realized gain (loss) | 5,341,808 |
Paid-in capital | 265,717,719 |
Net assets, at value | $ 314,428,836 |
Class A Net Asset Value, offering and redemption price per share ($289,703,429 ÷ 20,467,378 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ 14.15 |
Class B Net Asset Value, offering and redemption price per share ($24,725,407 ÷ 1,745,404 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized) | $ 14.17 |
* Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
Statement of Operations
for the six months ended June 30, 2016 (Unaudited) | |
Investment Income | |
Income: Dividends (net of foreign taxes withheld of $824) | $ 2,260,333 |
Interest | 1,346 |
Income distributions — Deutsche Central Cash Management Government Fund | 9,064 |
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 382,517 |
Total income | 2,653,260 |
Expenses: Management fee | 519,212 |
Administration fee | 148,346 |
Services to shareholders | 2,275 |
Distribution service fee (Class B) | 29,316 |
Record keeping fee (Class B) | 704 |
Custodian fee | 28,486 |
Professional fees | 35,868 |
Reports to shareholders | 31,806 |
Trustees' fees and expenses | 7,892 |
Other | 30,685 |
Total expenses before expense reductions | 834,590 |
Expense reductions | (136,795) |
Total expenses after expense reductions | 697,795 |
Net investment income (loss) | 1,955,465 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: Investments | 8,518,880 |
Futures | 602,401 |
9,121,281 | |
Change in net unrealized appreciation (depreciation) on: Investments | (4,229,697) |
Futures | (24,023) |
(4,253,720) | |
Net gain (loss) | 4,867,561 |
Net increase (decrease) in net assets resulting from operations | $ 6,823,026 |
The accompanying notes are an integral part of the financial statements.
Statement of Changes in Net Assets
Six Months Ended June 30, 2016 (Unaudited) | Year Ended December 31, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations: Net investment income (loss) | $ 1,955,465 | $ 3,635,014 |
Net realized gain (loss) | 9,121,281 | 24,218,386 |
Change in net unrealized appreciation (depreciation) | (4,253,720) | (42,249,963) |
Net increase (decrease) in net assets resulting from operations | 6,823,026 | (14,396,563) |
Distributions to shareholders from: Net investment income: Class A | (3,184,888) | (3,110,512) |
Class B | (208,194) | (207,762) |
Net realized gains: Class A | (22,112,655) | (22,369,227) |
Class B | (1,895,800) | (2,011,536) |
Total distributions | (27,401,537) | (27,699,037) |
Fund share transactions: Class A Proceeds from shares sold | 16,482,352 | 49,290,279 |
Reinvestment of distributions | 25,297,543 | 25,479,739 |
Cost of shares redeemed | (17,354,544) | (64,729,233) |
Net increase (decrease) in net assets from Class A share transactions | 24,425,351 | 10,040,785 |
Class B Proceeds from shares sold | 833,262 | 2,682,315 |
Reinvestment of distributions | 2,103,994 | 2,219,298 |
Payments for shares redeemed | (1,207,965) | (4,121,214) |
Net increase (decrease) in net assets from Class B share transactions | 1,729,291 | 780,399 |
Increase (decrease) in net assets | 5,576,131 | (31,274,416) |
Net assets at beginning of period | 308,852,705 | 340,127,121 |
Net assets at end of period (including undistributed net investment income of $2,029,141 and $3,466,758, respectively) | $ 314,428,836 | $ 308,852,705 |
Other Information | ||
Class A Shares outstanding at beginning of period | 18,731,185 | 18,056,351 |
Shares sold | 1,172,576 | 3,091,413 |
Shares issued to shareholders in reinvestment of distributions | 1,794,152 | 1,534,924 |
Shares redeemed | (1,230,535) | (3,951,503) |
Net increase (decrease) in Class A shares | 1,736,193 | 674,834 |
Shares outstanding at end of period | 20,467,378 | 18,731,185 |
Class B Shares outstanding at beginning of period | 1,622,428 | 1,575,586 |
Shares sold | 59,395 | 161,371 |
Shares issued to shareholders in reinvestment of distributions | 149,008 | 133,532 |
Shares redeemed | (85,427) | (248,061) |
Net increase (decrease) in Class B shares | 122,976 | 46,842 |
Shares outstanding at end of period | 1,745,404 | 1,622,428 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights
Class A | Six Months Ended 6/30/16 (Unaudited) | Years Ended December 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | |||
Selected Per Share Data | |||||||
Net asset value, beginning of period | $ 15.18 | $ 17.33 | $ 17.69 | $ 13.56 | $ 11.77 | $ 12.41 | |
Income (loss) from investment operations: Net investment income (loss)a | .09 | .19 | .17 | .18 | .23 | .12 | |
Net realized and unrealized gain (loss) | .22 | (.87) | .59 | 4.84 | 1.67 | (.65) | |
Total from investment operations | .31 | (.68) | .76 | 5.02 | 1.90 | (.53) | |
Less distributions from: Net investment income | (.17) | (.18) | (.17) | (.26) | (.11) | (.11) | |
Net realized gains | (1.17) | (1.29) | (.95) | (.63) | (.00)*** | — | |
Total distributions | (1.34) | (1.47) | (1.12) | (.89) | (.11) | (.11) | |
Net asset value, end of period | $ 14.15 | $ 15.18 | $ 17.33 | $ 17.69 | $ 13.56 | $ 11.77 | |
Total Return (%)b | 2.06** | (4.60) | 4.74 | 38.64 | 16.25 | (4.41) | |
Ratios to Average Net Assets and Supplemental Data | |||||||
Net assets, end of period ($ millions) | 290 | 284 | 313 | 310 | 280 | 256 | |
Ratio of expenses before expense reductions (%) | .54* | .54 | .53 | .54 | .55 | .52 | |
Ratio of expenses after expense reductions (%) | .45* | .45 | .47 | .46 | .49 | .50 | |
Ratio of net investment income (loss) (%) | 1.34* | 1.14 | 1.04 | 1.14 | 1.81 | .94 | |
Portfolio turnover rate (%) | 14** | 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. * Annualized ** Not annualized *** Amount is less than $.005. | |||||||
Class B | Six Months Ended 6/30/16 (Unaudited) | Years Ended December 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | |||
Selected Per Share Data | |||||||
Net asset value, beginning of period | $ 15.17 | $ 17.31 | $ 17.68 | $ 13.55 | $ 11.77 | $ 12.40 | |
Income (loss) from investment operations: Net investment income (loss)a | .08 | .14 | .13 | .12 | .20 | .08 | |
Net realized and unrealized gain (loss) | .22 | (.86) | .57 | 4.86 | 1.66 | (.64) | |
Total from investment operations | .30 | (.72) | .70 | 4.98 | 1.86 | (.56) | |
Less distributions from: Net investment income | (.13) | (.13) | (.12) | (.22) | (.08) | (.07) | |
Net realized gains | (1.17) | (1.29) | (.95) | (.63) | (.00)*** | — | |
Total distributions | (1.30) | (1.42) | (1.07) | (.85) | (.08) | (.07) | |
Net asset value, end of period | $ 14.17 | $ 15.17 | $ 17.31 | $ 17.68 | $ 13.55 | $ 11.77 | |
Total Return (%)b | 1.99** | (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 | 25 | 27 | 26 | 41 | 41 | |
Ratio of expenses before expense reductions (%) | .80* | .79 | .79 | .79 | .80 | .77 | |
Ratio of expenses after expense reductions (%) | .71* | .71 | .72 | .70 | .74 | .75 | |
Ratio of net investment income (loss) (%) | 1.08* | .88 | .80 | .82 | 1.54 | .69 | |
Portfolio turnover rate (%) | 14** | 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. * Annualized ** Not annualized *** Amount is less than $.005. | |||||||
Notes to Financial Statements (Unaudited)
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. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund. During the six months ended June 30, 2016, 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 June 30, 2016) 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 at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. 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 June 30, 2016, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
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 six months ended June 30, 2016, 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 June 30, 2016 is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2016, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $5,049,000 to $12,760,000.
The following tables summarize the value of the Fund's derivative instruments held as of June 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Liability Derivative | Futures Contracts |
Equity Contracts (a) | $ (15,455) |
The above derivative is located in the following Statement of Assets and Liabilities account: (a) Includes cumulative depreciation 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 six months ended June 30, 2016 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) | $ 602,401 |
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) | $ (24,023) |
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 six months ended June 30, 2016, purchases and sales of investment securities (excluding short-term investments) aggregated $42,540,023 and $40,726,731, 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, 2016 through April 30, 2017, 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 six months ended June 30, 2016, fees waived and/or expenses reimbursed for each class are as follows:
Class A | $ 126,076 |
Class B | 10,719 |
$ 136,795 |
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 six months ended June 30, 2016, the Administration Fee was $148,346, of which $25,895 is unpaid.
Distribution Service Agreement. Deutsche AM 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 six months ended June 30, 2016, the Distribution Service Fee was as follows:
Distribution Service Fee | Total Aggregated | Unpaid at June 30, 2016 |
Class B | $ 29,316 | $ 5,107 |
Service Provider Fees. Deutsche AM 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 six months ended June 30, 2016, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2016 |
Class A | $ 547 | $ 297 |
Class B | 162 | 80 |
$ 709 | $ 377 |
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 six months ended June 30, 2016, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $11,140, all of which 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 Deutsche Central Cash Management Government Fund and Deutsche Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. 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. Deutsche Central Cash Management Government 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. Deutsche Central Cash Management Government 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 six months ended June 30, 2016, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $33,481.
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 June 30, 2016.
F. Ownership of the Fund
At June 30, 2016, two participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, owning 44% and 14%. At June 30, 2016, two participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 49% and 11%, respectively.
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 (January 1, 2016 to June 30, 2016).
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 June 30, 2016 | ||||
Actual Fund Return | Class A | Class B | ||
Beginning Account Value 1/1/16 | $ 1,000.00 | $ 1,000.00 | ||
Ending Account Value 6/30/16 | $ 1,020.60 | $ 1,019.90 | ||
Expenses Paid per $1,000* | $ 2.26 | $ 3.57 | ||
Hypothetical 5% Fund Return | Class A | Class B | ||
Beginning Account Value 1/1/16 | $ 1,000.00 | $ 1,000.00 | ||
Ending Account Value 6/30/16 | $ 1,022.63 | $ 1,021.33 | ||
Expenses Paid per $1,000* | $ 2.26 | $ $3.57 |
* 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 182 (the number of days in the most recent six-month period), then divided by 366.
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.
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.
vit-scif-3 (R-028372-5 8/16)
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
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) | Not applicable | |
(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: | 8/22/2016 |
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: | 8/22/2016 |
By: | /s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | 8/22/2016 |