Form NPORT-P Innovator ETFs Trust For: Jul 31

September 28, 2021 5:30 PM EDT

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      Innovator ETFs Trust
      811-22135
      0001415726
      549300MFJRNH6TF8OL20
      109 North Hale Street
      Wheaton
      
      60187
      800-208-5212
      Innovator IBD(R) 50 ETF
      S000047761
      549300QQTQDDIU5RFC17
      2021-10-31
      2021-07-31
      N
    
    
      317855289.130000000000
      62676902.780000000000
      255178386.350000000000
      0.000000000000
      0.000000000000
      0.000000000000
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      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
          
        
        464.000000000000
        NS
        USD
        1250261.920000000000
        0.4899560413
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Asana Inc
        N/A
        Asana Inc
        04342Y104
        
          
          
        
        119363.000000000000
        NS
        USD
        8481934.780000000000
        3.3239236682
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Atkore Inc
        52990002TI38AM4RPV48
        Atkore Inc
        047649108
        
          
          
        
        115710.000000000000
        NS
        USD
        8690978.100000000000
        3.4058441329
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        AutoNation Inc
        N/A
        AutoNation Inc
        05329W102
        
          
          
        
        40406.000000000000
        NS
        USD
        4902459.980000000000
        1.9211893492
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Avantor Inc
        N/A
        Avantor Inc
        05352A100
        
          
          
        
        64514.000000000000
        NS
        USD
        2424436.120000000000
        0.9500946200
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Bill.com Holdings Inc
        549300IBF9VZZIGOZW63
        Bill.com Holdings Inc
        090043100
        
          
          
        
        35574.000000000000
        NS
        USD
        7357414.680000000000
        2.8832436733
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Blackstone Group Inc/The
        5299004LW4QWGZUB8Y96
        Blackstone Group Inc/The
        09260D107
        
          
          
        
        22467.000000000000
        NS
        USD
        2589771.090000000000
        1.0148865376
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        CareDx Inc
        549300NQOFKL9NON0U06
        CareDx Inc
        14167L103
        
          
          
        
        84328.000000000000
        NS
        USD
        7086925.120000000000
        2.7772434889
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Cerence Inc
        5493002WL2W5WMS89568
        Cerence Inc
        156727109
        
          
          
        
        21802.000000000000
        NS
        USD
        2343933.020000000000
        0.9185468462
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Charles River Laboratories Int
        549300BSQ0R4UZ5KX287
        Charles River Laboratories International Inc
        159864107
        
          
          
        
        3079.000000000000
        NS
        USD
        1252906.680000000000
        0.4909924770
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
          
        
        336644.000000000000
        NS
        USD
        8416100.000000000000
        3.2981241556
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Cloudflare Inc
        5493007DY18BGNLDWU14
        Cloudflare Inc
        18915M107
        
          
          
        
        75953.000000000000
        NS
        USD
        9010304.390000000000
        3.5309825879
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Copart Inc
        549300KVYX3JWMYEHU61
        Copart Inc
        217204106
        
          
          
        
        8230.000000000000
        NS
        USD
        1209810.000000000000
        0.4741036329
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Cricut Inc
        N/A
        Cricut Inc
        22658D100
        
          
          
        
        218905.000000000000
        NS
        USD
        7471227.650000000000
        2.9278450095
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Crowdstrike Holdings Inc
        549300YBY08K9KM4HX32
        Crowdstrike Holdings Inc
        22788C105
        
          
          
        
        28120.000000000000
        NS
        USD
        7131513.200000000000
        2.7947167870
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        Deckers Outdoor Corp
        243537107
        
          
          
        
        6138.000000000000
        NS
        USD
        2521797.300000000000
        0.9882487839
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        Deere & Co
        244199105
        
          
          
        
        3366.000000000000
        NS
        USD
        1217111.940000000000
        0.4769651370
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        DocuSign Inc
        549300Q7PVDWRZ39JG09
        DocuSign Inc
        256163106
        
          
          
        
        7846.000000000000
        NS
        USD
        2338421.840000000000
        0.9163871100
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Dropbox Inc
        549300JCDF7UAR6TJR51
        Dropbox Inc
        26210C104
        
          
          
        
        38936.000000000000
        NS
        USD
        1226094.640000000000
        0.4804853019
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        Enphase Energy Inc
        29355A107
        
          
          
        
        26436.000000000000
        NS
        USD
        5012265.600000000000
        1.9642202742
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        Evercore Inc
        29977A105
        
          
          
        
        17771.000000000000
        NS
        USD
        2349326.200000000000
        0.9206603402
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Figs Inc
        N/A
        Figs Inc
        30260D103
        
          
          
        
        28864.000000000000
        NS
        USD
        1050649.600000000000
        0.4117314225
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Freedom Holding Corp/NV
        254900RKI81EPUJ3RW71
        Freedom Holding Corp/NV
        356390104
        
          
          
        
        128568.000000000000
        NS
        USD
        8108783.760000000000
        3.1776922317
        Long
        EC
        CORP
        KZ
        N
        1
        
          N
          N
          
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        Generac Holdings Inc
        368736104
        
          
          
        
        18594.000000000000
        NS
        USD
        7797579.840000000000
        3.0557367932
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        HubSpot Inc
        529900BLNVEW0MVKJB37
        HubSpot Inc
        443573100
        
          
          
        
        12196.000000000000
        NS
        USD
        7269059.920000000000
        2.8486189696
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Innovative Industrial Properti
        5493008BQ0545EZXRR30
        Innovative Industrial Properties Inc
        45781V101
        
          
          
        
        33362.000000000000
        NS
        USD
        7172496.380000000000
        2.8107773870
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Jefferies Financial Group Inc
        549300HOF34RGOJ5YL07
        Jefferies Financial Group Inc
        47233W109
        
          
          
        
        35443.000000000000
        NS
        USD
        1176353.170000000000
        0.4609924793
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        J2 Global Inc
        5493008OJYGLHD7MXA18
        J2 Global Inc
        48123V102
        
          
          
        
        16624.000000000000
        NS
        USD
        2348472.480000000000
        0.9203257821
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        MarineMax Inc
        254900TIXTN8WY3FNN63
        MarineMax Inc
        567908108
        
          
          
        
        92838.000000000000
        NS
        USD
        4993756.020000000000
        1.9569666896
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Moderna Inc
        549300EI6OKH5K5Q2G38
        Moderna Inc
        60770K107
        
          
          
        
        22202.000000000000
        NS
        USD
        7850627.200000000000
        3.0765251369
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Mr Cooper Group Inc
        549300KD8C6DPXYC2M26
        Mr Cooper Group Inc
        62482R107
        
          
          
        
        34039.000000000000
        NS
        USD
        1265570.020000000000
        0.4959550212
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        NVIDIA Corp
        549300S4KLFTLO7GSQ80
        NVIDIA Corp
        67066G104
        
          
          
        
        12244.000000000000
        NS
        USD
        2387457.560000000000
        0.9356033613
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Perficient Inc
        549300HTBXKL2755T650
        Perficient Inc
        71375U101
        
          
          
        
        56595.000000000000
        NS
        USD
        5336342.550000000000
        2.0912204307
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Pinterest Inc
        N/A
        Pinterest Inc
        72352L106
        
          
          
        
        65809.000000000000
        NS
        USD
        3876150.100000000000
        1.5189962424
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Roku Inc
        549300KR6ITU0YIR1T71
        Roku Inc
        77543R102
        
          
          
        
        19704.000000000000
        NS
        USD
        8439420.240000000000
        3.3072629546
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Sea Ltd
        529900OM6JLLW44YKI15
        Sea Ltd
        81141R100
        
          
          
        
        24256.000000000000
        NS
        USD
        6698536.960000000000
        2.6250408805
        Long
        EC
        CORP
        SG
        
        N
        1
        
          N
          N
          
        
      
      
        Shopify Inc
        549300HGQ43STJLLP808
        Shopify Inc
        82509L107
        
          
          
        
        3028.000000000000
        NS
        USD
        4541788.040000000000
        1.7798482485
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Skyline Champion Corp
        N/A
        Skyline Champion Corp
        830830105
        
          
          
        
        129615.000000000000
        NS
        USD
        7310286.000000000000
        2.8647747580
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Snap Inc
        549300JNC0L6VP8A2Q35
        Snap Inc
        83304A106
        
          
          
        
        112479.000000000000
        NS
        USD
        8370687.180000000000
        3.2803276562
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Sprout Social Inc
        N/A
        Sprout Social Inc
        85209W109
        
          
          
        
        52650.000000000000
        NS
        USD
        4677426.000000000000
        1.8330024211
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Square Inc
        549300OHIIUWSTIZME52
        Square Inc
        852234103
        
          
          
        
        4617.000000000000
        NS
        USD
        1141599.420000000000
        0.4473730853
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Translate Bio Inc
        N/A
        Translate Bio Inc
        89374L104
        
          
          
        
        161352.000000000000
        NS
        USD
        4459769.280000000000
        1.7477065138
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        U.S. Bank Money Market Deposit Account
        N/A
        U.S. Bank Money Market Deposit Account
        8AMMF0A84
        
          
        
        1321012.990000000000
        NS
        USD
        1321012.990000000000
        0.5176821630
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
          
        
        90591.000000000000
        NS
        USD
        4892819.910000000000
        1.9174115723
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Weibo Corp
        549300Q9ID4640FE0422
        Weibo Corp
        948596101
        
          
          
        
        19234.000000000000
        NS
        USD
        1084797.600000000000
        0.4251134336
        Long
        EC
        CORP
        CN
        N
        1
        
          N
          N
          N
        
      
      
        Western Alliance Bancorp
        5493003VJXZ5JXT9S762
        Western Alliance Bancorp
        957638109
        
          
          
        
        86469.000000000000
        NS
        USD
        8026052.580000000000
        3.1452713119
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Zscaler Inc
        529900MZ0RTK1BWRNF46
        Zscaler Inc
        98980G102
        
          
          
        
        20570.000000000000
        NS
        USD
        4852668.700000000000
        1.9016770070
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          
        
      
      
        Mount Vernon Liquid Assets Portfolio, LLC
        N/A
        Mount Vernon Liquid Assets Portfolio, LLC
        N/A
        
          
        
        62476764.250000000000
        NS
        USD
        62476764.250000000000
        24.4835642797
        Long
        STIV
        PF
        US
        N
        2
        
          
          N
          N
        
      
      
        Dlocal Ltd/Uruguay
        N/A
        Dlocal Ltd/Uruguay
        G29018101
        
          
          
        
        51486.000000000000
        NS
        USD
        2324078.040000000000
        0.9107660226
        Long
        EC
        CORP
        UY
        N
        1
        
          N
          N
          N
        
      
      
        Global-e Online Ltd
        N/A
        Global-e Online Ltd
        M5216V106
        
          
          
        
        140943.000000000000
        NS
        USD
        9815270.520000000000
        3.8464349040
        Long
        EC
        CORP
        IL
        N
        1
        
          N
          N
          N
        
      
      
        Inmode Ltd
        N/A
        Inmode Ltd
        M5425M103
        
          
          
        
        74125.000000000000
        NS
        USD
        8425788.750000000000
        3.3019210093
        Long
        EC
        CORP
        IL
        
        N
        1
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N07059210
        
          
          
        
        3295.000000000000
        NS
        USD
        2526408.300000000000
        0.9900557552
        Long
        EC
        CORP
        NL
        N
        1
        
          N
          N
          N
        
      
    
    
      2021-09-21
      Innovator ETFs Trust
      /s/ John Southard
      Innovator ETFs Trust
      Principal Financial Officer
    
  
  XXXX





Innovator IBD® 50 ETF
 
Schedule of Investments
 
July 31, 2021 (Unaudited)
 
             
   
Shares
   
Value
 
COMMON STOCKS - 96.78%
           
Advertising - 0.48%
           
The Trade Desk, Inc. - Class A (a)
   
14,031
   
$
1,149,279
 
                 
Apparel - 3.10%
               
Crocs, Inc. (a)
   
36,585
     
4,968,608
 
Deckers Outdoor Corp. (a)
   
5,936
     
2,438,806
 
             
7,407,414
 
Banks - 2.96%
               
Western Alliance Bancorp
   
76,389
     
7,090,427
 
                 
Biotechnology - 5.35%
               
Moderna, Inc. (a)(b)
   
20,619
     
7,290,878
 
Translate Bio, Inc. (a)(b)
   
199,575
     
5,516,253
 
             
12,807,131
 
Commercial Services- 2.85%
               
DLocal Limited of Uruguay  (a)
   
100,392
     
4,531,695
 
Square, Inc. - Class A (a)(b)
   
9,285
     
2,295,809
 
             
6,827,504
 
Computers - 3.89%
               
Crowdstrike Holdings, Inc. - Class A (a)
   
27,327
     
6,930,400
 
Zscaler, Inc. (a)(b)
   
10,138
     
2,391,656
 
             
9,322,056
 
Diversified Financial Services - 6.03%
               
Evercore, Inc.
   
9,098
     
1,202,756
 
Freedom Holding Corp/NV (a)(b)
   
132,981
     
8,387,112
 
Jefferies Financial Group, Inc.
   
36,434
     
1,209,244
 
Mr. Cooper Group, Inc. (a)
   
33,179
     
1,233,595
 
Stifel Financial Corp.
   
36,041
     
2,398,168
 
             
14,430,875
 
Electronic Components & Equipment - 3.42%
               
Generac Holdings, Inc. (a)
   
19,496
     
8,175,843
 
                 
Electronics - 4.64%
               
Atkore, Inc. (a)
   
115,080
     
8,643,659
 
Jabil, Inc.
   
41,511
     
2,471,565
 
             
11,115,224
 
Energy-Alternate Sources - 3.15%
               
Enphase Energy, Inc. (a)
   
39,702
     
7,527,499
 
                 
Healthcare-Products - 7.54%
               
Avantor, Inc. (a)
   
64,058
     
2,407,300
 
CareDx, Inc. (a)(b)
   
83,529
     
7,019,777
 
Inmode Ltd.  (a)
   
75,882
     
8,625,507
 
             
18,052,584
 
Home Builders - 3.15%
               
Skyline Champion Corp. (a)
   
133,506
     
7,529,738
 
                 
Internet - 15.82%
               
Alphabet, Inc. - Class A(a)
   
882
     
2,376,575
 
Facebook, Inc. - Class A (a)
   
3,217
     
1,146,217
 
Fiverr International Ltd. (a)
   
27,853
     
6,932,890
 
Pinterest, Inc. - Class A (a)
   
93,968
     
5,534,715
 
Roku, Inc. (a)
   
17,942
     
7,684,739
 
Sea Ltd. - ADR (a)(b)
   
17,427
     
4,812,640
 
Shopify, Inc. - Class A(a)
   
781
     
1,171,445
 
Snap, Inc. - Class A (a)(b)
   
110,408
     
8,216,563
 
             
37,875,784
 
Iron/Steel - 3.73%
               
Cleveland-Cliffs, Inc. (a)(b)
   
356,666
     
8,916,650
 
                 
Private Equity - 2.53%
               
KKR & Co., Inc.
   
19,224
     
1,225,722
 
The Blackstone Group, Inc. (b)
   
41,988
     
4,839,957
 
             
6,065,679
 
Retail - 1.55%
               
AutoNation, Inc. (a)(b)
   
20,604
     
2,499,883
 
Floor & Decor Holdings, Inc. - Class A (a)
   
9,962
     
1,215,464
 
             
3,715,347
 
Semiconductors - 6.12%
               
ASML Holding NV - ADR
   
6,320
     
4,845,797
 
NVIDIA Corp.
   
24,621
     
4,800,849
 
Ultra Clean Holdings, Inc. (a)
   
92,680
     
5,005,647
 
             
14,652,293
 
Software - 20.47%
               
Asana, Inc. - Class A (a)(b)
   
119,873
     
8,518,176
 
Bill.Com Holdings, Inc. (a)(b)
   
34,653
     
7,166,933
 
Cerence, Inc. (a)(b)
   
11,205
     
1,204,650
 
Cloudflare, Inc. - Class A (a)(b)
   
70,173
     
8,324,623
 
DocuSign, Inc. (a)
   
7,877
     
2,347,661
 
Dropbox, Inc. - Class A (a)(b)
   
37,918
     
1,194,038
 
Global-e Online Ltd. (a)
   
120,872
     
8,417,527
 
HubSpot, Inc. (a)
   
8,153
     
4,859,351
 
j2 Global, Inc. (a)(b)
   
16,371
     
2,312,731
 
Sprout Social, Inc. - Class A (a)
   
52,468
     
4,661,257
 
             
49,006,947
 
TOTAL COMMON STOCKS (Cost $212,645,746)
           
231,668,274
 
                 
REAL ESTATE INVESTMENT TRUSTS - 2.02%
               
Warehouse/Industrial - 2.02%
               
Innovative Industrial Properties, Inc. (b)
   
22,456
     
4,827,815
 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,670,242)
           
4,827,815
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.18%
 
Units
         
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c)
   
50,690,567
     
50,690,567
 
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $50,690,567)
           
50,690,567
 
                 
SHORT TERM INVESTMENTS - 0.55%
               
Money Market Deposit Account - 0.55%
 
Principal
Amount
         
U.S. Bank Money Market Deposit Account, 0.003% (d)
 
$
1,319,712
     
1,319,712
 
TOTAL SHORT TERM INVESTMENTS (Cost $1,319,712)
           
1,319,712
 
                 
Total Investments (Cost $269,326,267) - 120.53%
           
288,506,368
 
Liabilities in Excess of Other Assets - (20.53)%
           
(49,140,705
)
TOTAL NET ASSETS - 100.00%
         
$
239,365,663
 
                 
Asset Type
 
% of Net
Assets
         
Common Stocks
   
96.78
%
       
Real Estate Investment Trusts
   
2.02
         
Investments Purchased with Proceeds From Securities Lending
   
21.18
         
Short Term Investments
   
0.55
         
Total Investments
   
120.53
         
Liabilities in Excess of Other Assets
   
(20.53
)
       
Net Assets
   
100.00
%
       
                 
Percentages are stated as a percent of net assets.
         
                 
ADR - American Depositary Receipt
               
(a) Non-income producing security.
               
(b) All or a portion of this security is on loan as of July 31, 2021. The total value of securities on loan is $49,357,917, or 20.62% of net assets. See Note 3.
 
(c) Represents annualized seven-day yield as of the end of the reporting period.
               
(d) The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of July 31, 2021.
 



1)  SIGNIFICANT ACCOUNTING POLICIES
       
         
The following is a summary of significant accounting policies consistently followed by the Innovator ETFs Trust  (the “Trust”) in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
         
Valuation:
       
         
Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Trust’s Pricing Committee (“Pricing Committee”) is responsible for establishing valuation of portfolio securities and other instruments held by the Fund in  accordance with the Trust’s valuation procedures.
         
Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market (“NASDAQ”) and the London Stock Exchange Alternative Investment Market (“AIM”)) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Pricing Committee.
         
If no quotation can be obtained from a pricing service, then the Pricing Committee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Pricing Committee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Fund for which reliable market quotations are not readily available will be determined by the Pricing Committee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.
         
Fair Valuation Measurement:
       
         
FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC, Fair Value Measurement (“ASC 820”), various inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
         
• Level 1 –Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 –Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
• Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
         
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.
         
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
         
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of July 31, 2021:

   
Level 1
   
Level 2
   
Level 3
   
Total
Assets
                     
Common Stocks
 
$
231,668,274
   
$
-
   
$
-
   
$
231,668,274
Real Estate Investment Trusts
   
4,827,815
     
-
     
-
     
4,827,815
Investments Purchased with Proceeds From Securities Lending
   
-
     
50,690,567
     
-
     
50,690,567
Short Term Investments
   
1,319,712
     
-
     
-
     
1,319,712
Total Assets
 
$
237,815,801
   
$
50,690,567
   
$
-
   
$
288,506,368
                               
See the Schedule of Investments for the investments detailed by industry classification.
                               
There were no Level 3 investments held by the Fund during the reporting period.

2) SECURITIES LENDING
       
         
The Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agent. The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank, N.A., the fund’s custodian (the “Agent”). Under the terms of the SLA, the Fund may lend securities to certain broker–dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non–U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non–cash collateral. Non–cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in the Fund’s Schedule of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund continues to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. Cash and cash equivalent collateral on securities lending transactions are on an overnight and continuous basis.
         
As of July 31, 2021, the values of the securities on loan and cash collateral received were as follows:
         
 
Value of Securities on Loan
Cash Collateral Received
 
$49,357,917
$50,690,567

 


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