revenue forecasts to 2027, naic 520000

Finance & Insurance Industry (U.S.)

Analytics, Extensive Financial Benchmarks, Metrics andRevenue Forecasts to 2028, NAIC 520000

Published February 15, 2022

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TABLE OF CONTENTS

I. Introduction

A. Core Benefits to Customer:• Comprehensive overview of an industry's

financial results, ratios, and vital metrics in onepackage (U.S. data)

• Benchmarking of:1. Deep financials of each of the leading

companies in the industry2. Multi-year financial averages for all

companies in the industry3. This industry’s financial ratios compared to

all other industries• Historical revenues, past 8 years• Number of enterprises in this industry• Multi-year employee count and sales per

employee• Current and forecast revenues and CAGR, most

recent year and each of next 7 years• Profiles of the industry's leading firms, with multi-

year financial histories

2

II. Industry Description for this NAIC Code• Types of business activities

3

III. Industry Summary, Current Year (U.S. data)• Revenues and CAGR most recent year• Revenue forecast, 7 years forward, with CAGR• Historical CAGR, past 7 years average• Top U.S. companies, by revenues• Employment within the industry, most recent year and

historic

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IV. Employment and Establishment Count (U.S. data)• Number of firms and establishments, most recent

year and 7 years’ history• Total employees, most recent year and 7 years’

history, with growth rates• Average annual sales per firm and per establishment,

most recent year and 7 years’ history• Annual sales per employee, most recent year and 7

years’ history

7

V. This Industry's Financial Data, U.S., Multi-Year 10

A. Revenues, Historical and Projected• Historical revenues & CAGR growth rates, most

recent year and each of previous 7 years• Projected revenues & CAGR growth rates, most

recent year and each of next 7 years

11

B. Average Annual Operating Ratio Estimates andBenchmarks for Current Year

• Income items, expenses, profits and taxes as apercent of total revenues for this industry

12

C. This Industry Compared to All Industries,Benchmarks for Current Year

• Comparison of revenues for this industry to totalrevenues for all industries

• Comparison of EBITDA, profits and income taxesfor this industry to the same items in total for allindustries

15

D. Table of Companies Used in Creating IndustryAverages

• Detailed, alphabetical listing of companies, withrevenues, location, ticker symbol and exchange

18

E. Industry Results and Benchmarks for Publicly-Held Companies

• Income statement averages, most recent yearand 5 previous years

• All income statement items, including, cost ofsales, SGA, R&D, salaries and wages, andEBITDA, with ratios

• Chart showing key expenses as a percent ofrevenues

• Balance sheet averages, most recent year and 5previous years

• All items, including property plant andequipment, accumulated depreciation,goodwill, and long term debt, including ratios

• Cash flow averages, most recent year and 5previous years

• All cash flow items

60

VI. Top Companies Profiled & Ranked• In-depth profiles, financial reports, ranks & executive

lists for up to 10 top U.S.-based corporations

67

A. Top Companies Ranked for Key Items:• Approximate market capitalization• Employees• Revenues• Net income• 3-Year revenue growth (%)• 3-Year income growth (%)• Return on assets (%)• Return on equity (%)• Return on invested capital (%)

68

B. Benchmarking of the Industry's Top Companies,to Each Other and to their Industry's Averages forAll Metrics

• Income statements, balance sheets and cashflow statements for each of the top companiescompared to the industry’s overall average

69

C. Corporate Profiles (Descriptions of the TopCompanies Within the Industry, IncludingExecutive Listings and Multi-Year FinancialResults)

• Contact information, executive lists• Business descriptions• Key financial data for 6 years• Brands and divisions• Top salaries• Corporate culture• Charts comparing revenues vs. net income

81

VII. Appendix: Assumptions• Tables of assumptions used in revenue projections

111

VIII. Data Description and Sources 112

Copyright, Terms of Use, Limited Warranty 113

Learn more Contact us

© Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com

Data includes estimates and forecasts. See "Data Description and Sources" section for details.

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Introduction

Copyright ©, Plunkett Research, Ltd., All Rights Reserved. www.plunkettresearch.comP. O. Drawer 541737, Houston, Texas, 77254-1737, USAvoice: 713.932.0000, fax: 713.932.7080, email: [email protected]

The purpose of this report is to provide estimates of vital industry-specific data, within the United States.A description of data sources can be found in the back of this report.Video: How to Use Plunkett Analytics

Core Benefits to Customer: 1. Comprehensive overview of an industry's financial results, ratios, vital statistics and metrics in one package 2. Comparisons of a) deep financials of the leading companies within an industry, b) all companies (public and private) to publicly-held companies, and c) one industry’s ratios to all other industries. 3. Historical industry data going back several years for key figures including revenues, enterprises and sales per employee. 4. Current and projected revenues, including forecasts for several years into the future.

The primary sources are as follows:

Plunkett Research database of company fundamentals on 35,000 leading corporationsPlunkett Research database of industry statisticsIndustry associations and professional societiesForecasts, Primary Research and Secondary Research by the Plunkett Research staffU.S. Government Agency databases—multiple sources.

Plunkett Research has unique capabilities for creating industry reports, due to the industry databases and research that Plunkett Researchhas been conducting for more than 20 years. Our access to hundreds of industry tables from our own databases, along with our databases ofpublic and private company information, industry trends analysis and other resources, have been utilized fully in preparing this report.

The following types of data will be found in this report:

Revenues—current, historical and projectedRevenues—CAGR (compound annual growth rate)Employee count—current and historicalLeading companies—profiles, financial results, and operating ratios for up to 10 top corporations per industryTop Companies Ranked—companies ranked in order to list top 10 by revenues, net income, employees, market capitalization, returnon assets, return on equity, return on invested capital, 3-year profit growth and 3-year revenues growthBenchmarks: Comparison of this industry to the total for all industriesEmployment and establishment counts, current and historicalIncome and Balance Sheet Ratios

Similar reports are available from Plunkett Research for nearly all U.S. industries, by subscription or by individual report. See a complete list:https://www.plunkettresearch.com/plunkett-industry-analytics/Also, we offer custom market research, surveys and data sets on a U.S. and global basis, see: https://www.plunkettresearch.com/custom-industry-market-research-and-surveys/



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Industry Description

520000 Finance & Insurance

The Finance & Insurance sector comprises establishments primarily engaged in financial transactions (transactionsinvolving the creation, liquidation or change in ownership of financial assets) and/or in facilitating financialtransactions. Three principal types of activities are identified:

1. Raising funds by taking deposits and/or issuing securities and, in the process, incurring liabilities. Establishmentsengaged in this activity use raised funds to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds withrespect to maturity, scale and risk. This activity is known as financial intermediation.

2. Pooling of risk by underwriting insurance and annuities. Establishments engaged in this activity collect fees,insurance premiums or annuity considerations; build up reserves; invest those reserves; and make contractualpayments. Fees are based on the expected incidence of the insured risk and the expected return on investment.

3. Providing specialized services facilitating or supporting financial intermediation, insurance and employee benefitprograms.

In addition, monetary authorities charged with monetary control are included in this sector.

The industries within the Finance & Insurance sector are defined on the basis of their unique production processes. In addition, the way in which these establishments acquire and allocate financial capital, their source of funds and theuse of those funds provides a third basis for distinguishing characteristics of the production process. For instance,the production process in raising funds through deposit-taking is different from the process of raising funds in bond ormoney markets.

Most of the Finance & Insurance subsectors contain one or more industry groups of (1) intermediaries with similarpatterns of raising and using funds and (2) establishments engaged in activities that facilitate, or are otherwise relatedto, that type of financial or insurance intermediation. Industries within this sector are defined in terms of activities forwhich a production process can be specified, and many of these activities are not exclusive to a particular type offinancial institution. To deal with the varied activities taking place within existing financial institutions, the approach isto split these institutions into components performing specialized services. This requires defining the units engaged inproviding those services and developing procedures that allow for their delineation. These units are the equivalentsfor finance and insurance of the establishments defined for other industries.

The output of many financial services, as well as the inputs and the processes by which they are combined, cannotbe observed at a single location and can only be defined at a higher level of the organizational structure of theenterprise. Additionally, a number of independent activities that represent separate and distinct production processesmay take place at a single location belonging to a multilocation financial firm. Activities are more likely to behomogeneous with respect to production characteristics than are locations, at least in financial services. Theclassification defines activities broadly enough that it can be used both by those classifying by location and by thoseemploying a more top-down approach to the delineation of the establishment.

Establishments engaged in activities that facilitate, or are otherwise related to, the various types of intermediationhave been included in individual subsectors, rather than in a separate subsector dedicated to services alone becausethese services are performed by intermediaries, as well as by specialist establishments, the extent to which theactivity of the intermediaries can be separately identified is not clear.

The Finance & Insurance sector has been defined to encompass establishments primarily engaged in financialtransactions; that is, transactions involving the creation, liquidation, change in ownership of financial assets or infacilitating financial transactions. Financial industries are extensive users of electronic means for facilitating theverification of financial balances, authorizing transactions, transferring funds to and from transactors' accounts,notifying banks (or credit card issuers) of the individual transactions and providing daily summaries. Since thesetransaction processing activities are integral to the production of finance and insurance services, establishments thatprincipally provide a financial transaction processing service are classified to this sector, rather than to the data



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processing industry in the Information sector.

Legal entities that hold portfolios of assets on behalf of others are significant and data on them are required for avariety of purposes. Thus, these funds, trusts and other financial vehicles are the fifth subsector of the Finance &Insurance sector. These entities earn interest, dividends and other property income, but have little or no employmentand no revenue from the sale of services. Separate establishments and employees devoted to the management offunds are classified in 523900 Other Financial Investment Activities.



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Industry Summary

NAIC 520000

Title Finance & Insurance Industry (U.S.)

Revenues (2020) $4,825,153,101,822

Employees (2020) 6,499,600

Annual Revenue Growth Rate (2020) -2.06 %

CAGR*, Estimated (2014 through 2020) 3.22 %

Revenues (2028) $7,330,600,849,359

CAGR*, Estimated (2021 through 2028) 4.74 %

* Compound Annual Growth Rate

Top U.S. Companies Operating Within This Industy Include:

Company Revenues (Whole Numbers) 2020 or latest year available *

Berkshire Hathaway Inc (Holding Co) $286,256,005,120

UnitedHealth Group Inc $255,638,994,944

Cigna Corporation $160,576,995,328

Anthem Inc $121,867,001,856

JPMorgan Chase & Co Inc $119,475,003,392

Centene Corporation $111,115,001,856

Bank of America Corporation $85,528,002,560

State Farm Insurance Companies $78,900,000,000

Humana Inc $77,155,000,320

Citigroup Inc $75,493,998,592

*Note: "Summary" data above includes only activities and employees specific to this NAIC industry code, and only activities and employees within the U.S. “Leading

Companies” data includes top companies headquartered in the U.S. that are designated with this NAIC as a primary industry code. Consequently, the total revenues of theseLeading Companies may be significantly higher than the revenues assigned to the Industry Summary. In many industries, leading U.S.-based firms generate a significantamount of revenues outside the U.S. or outside of their primary industry code. Likewise, a significant number of their employees may be offshore and therefore not countedhere. This will be especially true in manufacturing-based industries, such as electronics and apparel. CAGR and forecasted revenues are computed based on nominal GDPgrowth rate forecasts as published by the International Monetary Fund (IMF), as adjusted by Plunkett Research for this specific industry, based on our overall understanding ofindustry trends.



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Employment and Establishments

(Where Available)

NAIC 520000


Industry Population Analyzed, U.S.

2013 2014 2015 2016 2017 2018 2019 2020

Firms 234,839 236,036 237,408 237,973 247,535 239,280 248,390 260,403

Establishments (all major business units) 472,242 470,951 470,062 476,985 496,150 477,562 495,745 519,719

Employees 5,886,100 5,930,900 6,037,800 6,142,100 6,266,200 6,337,000 6,433,300 6,499,600

Growth Rate, Employees -9.44 % 0.76 % 1.80 % 1.73 % 2.02 % 1.13 % 1.52 % 1.03 %



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Average Annual U.S. Sales (Whole Number)

Year Per Firm Per Establishment (all major business units)

2013 $17,231,933 $8,569,187

2014 $16,901,485 $8,470,858

2015 $18,220,620 $9,202,448

2016 $18,138,747 $9,049,618

2017 $18,404,467 $9,182,189

2018 $19,557,539 $9,799,205

2019 $19,833,821 $9,937,635

2020 $18,529,592 $9,284,158



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Annual Sales Per U.S. Employee (Whole Number)

Year Per Employee

2013 $687,506

2014 $672,640

2015 $716,440

2016 $702,778

2017 $727,035

2018 $738,477

2019 $765,786

2020 $742,377



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Industry Financial Data, U.S. Introduction

This section of this report provides estimates and forecasts of revenues, employees and other vital statistics for anindustry sector, based on NAIC industry codes.

The historical and projected total revenues stated for an industry are for U.S. business operations specific to this NAIC(but not foreign subsidiaries of U.S.-based companies). This report used Plunkett Research algorithms and analysis toestimate and forecast revenues, both historical and for the future. Factors used include GDP growth, growth trends withinthe specific industry, government agency reports, the latest reported results of publicly-held companies, and industryanalysis.

In addition, comparisons are provided between the industry sector for total companies and for publicly-held companiesthat have the same NAIC code as their primary industry code.

Publicly-held company revenues: You may see much higher total revenues for the public companies as a group than forthe primary industry sector itself. This is due to the fact that many companies’ financial results include revenues fromother industries. (That is, their revenues reflect operations in the primary sector, plus operations in other sectors.) Also,public companies’ results may include revenues generated outside of the U.S., in addition to U.S. revenues.

Publicly-held companies’ average operating metrics: This section provides average income statement, balance sheet andcash flow items, for several years, for publicly-held, U.S.-based companies. It includes companies that have recentlyreported at least $200,000 in annual revenues. (We use this criteria to better benchmark data on companies with actualoperations, while eliminating shell companies, SPACs and emerging firms with insignificant revenues but high costs.)

Notes:

1) Publicly-held corporate data: Data availability will vary according to the reporting methods and reporting consistencyof the companies involved. While publicly held companies are required by regulatory authorities to file financial reportson a continual basis, many companies fail to meet their reporting obligations in a timely manner due to variouscircumstances, including financial difficulties or disagreements with their auditors.

2) Industry Codes: NAIC codes (2012 North American Industry Classification codes) are used as a method ofcategorizing and organizing data for this report. For additional information regarding NAIC codes, seehttps://www.census.gov/naics .

3) Scope of Details Provided: Certain data, such as number of establishments within an industry, or line-item details onexpenses for an entire industrial sector, rely heavily on U.S. government agency data. The more the industry is narrowedto a small niche, the less likely it becomes that line-items will be available. Complete details are most often available forhigher level NAIC codes, such as 220000 Utilities, than for niche codes, such as 222232 Electric Bulk PowerTransmission. Where we believe it will best serve the end user, we have used data from the nearest related NAIC. In suchcases, we have noted the NAICs covered.



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https://www.census.gov/naics


Revenues, Historical and Projected

NAIC 520000


Revenues - Historical (Millions of $)

2012 2013 2014 2015 2016 2017 2018 2019 2020

Revenues $3,896,600 $4,046,730 $3,989,359 $4,325,721 $4,316,532 $4,555,746 $4,679,728 $4,926,530 $4,825,153

Growth Rate, Revenues 3.85 % -1.42 % 8.43 % -0.21 % 5.54 % 2.72 % 5.27 % -2.06 %

Revenues - Projected (Millions of $)

2021 2022 2023 2024 2025 2026 2027 2028

Revenues $5,300,158 $5,715,665 $5,978,923 $6,219,157 $6,462,279 $6,708,325 $7,032,740 $7,330,601

Growth Rate, Revenues 9.84 % 7.84 % 4.61 % 4.02 % 3.91 % 3.81 % 4.84 % 4.24 %



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Average Annual Operating Ratio Estimates For the Latest 6 Years Combined(Publicly-Held Companies)

If data is not available for this specific industry sector, then calculations are made using data for the nearestrelated industry code.

NAIC 520000


Revenues (%)

This Industry All Industries

Total Revenues 100 % 100 %

Non-operating Receipts as % of total revenues:

--Interest 25.98 % 7.24 %

--Fees and Other Revenues -29.35 % -8.03 %

Expenses as a % of Total Revenues


Cost of Revenue 17.43 % 57.60 %

Salaries and Wages 28.12 % 19.77 %

Pensions, Profit Sharing and Stock Plans 11.24 % 4.26 %

Income Taxes Paid 2.81 % 1.38 %

Research and Development 9.66 % 11.69 %

Selling and Marketing 4.55 % 9.40 %

SGA Expense 22.94 % 18.38 %

Bad Debts -16.00 % -16.36 %

Interest 9.75 % 3.84 %

Other Expenses 24.44 % 10.88 %

Depreciation 3.02 % 4.69 %

Amortization 0.30 % 2.21 %



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Profits and Income Taxes as a % of Total Revenues


EBIT (Operating Earnings Before Interest and Taxes) 12.53 % 7.13 %

EBITDA (Operating Earnings Before Interest, Taxes, Depreciation & Amortization) 17.94 % 14.62 %

Net Income Before Income Taxes 14.81 % 6.54 %


Net Income After Tax 11.46 % 5.07 %



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Multiple benchmarking data sets are provided in the section of the report that follows this page.

I. The first three pages in this section enable you to:

Compare this industry to the total results of publicly-held, U.S.-based companies with the same primary NAICcode as this industry

1.

Compare this industry’s metrics to all industries, both in dollar amounts and as a percentage2.

II. The second portion of this section contains the table of companies used in creating industry averages

III. The third portion of this section is comprised of a time series containing average operating results and financial datafor publicly-held, U.S.-based firms in this industry. The data includes:

Seven-year time series of Income Statement averages1. Seven-year time series of Balance Sheet averages2. Seven-year time series of Cash Flow statement averages3.



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This Industry Compared to All Industries and GDP

(Latest year available)

NAIC 520000


Revenues (Millions of $)

NAIC 52 AllCompanies

U.S. GDPThis Industry as a

Percent of U.S.GDP

Publicly-Held, U.S.Based Companies

with a PrimaryNAIC Industry

Code of 52(Total ofDomestic andInternationalRevenues)*

All Publicly-HeldU.S. Based

Companies in AllIndustries (Total of

Domestic andInternationalRevenues)

This Industry as aPercent of All

Publicly-Held U.S.based Companies

TotalRevenues

$4,926,530 $20,932,800 23.53 % $2,818,412 $16,788,011 16.79 %



15


Profits and Income Taxes (Millions of $)

Publicly-Held U.S.Based Companies

in NAIC 52


Companies in AllIndustries

This Industry as a Percent of AllPublicly-Held U.S. based Companies

EBITDA (Operating Earnings Before Interest,Taxes, Depreciation & Amortization)

$123,266 $2,445,708 5.04 %

Net Income Before Income Taxes $592,484 $1,725,184 34.34 %

Income Taxes Paid $111,277 $324,571 34.28 %

Net Income After Tax $469,798 $1,376,176 34.14 %



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Profits and Income Taxes as a Percentage of Revenue (%)

Publicly-Held U.S.Based Companies

in NAIC 52


Companies in AllIndustries

EBITDA (Operating Earnings Before Interest, Taxes, Depreciation & Amortization) 4.37 % 14.57 %

Net Income Before Income Taxes 21.02 % 10.28 %


Net Income After Tax 16.67 % 8.20 %

Revenues are estimates. Revenues, profits and income taxes for Publicly-Held companies represent the total for U.S.-based firmsthat Plunkett Research categorizes as having a primary industry code within this sector.



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Companies Used in Creating This Study

NAIC 520000


(Data are in whole numbers)

Company Symbol Employees Revenue 2020 Revenue 2019 City State Country NAICS

1347 Property InsuranceHoldings Inc

NAS:PIH 2 $5,597,000 Baton Rouge LAUnitedStates

524126

180 Degree CapitalCorporation

NAS:TURN 8 $5,103,961 $18,951,032 Montclair NJUnitedStates

523910

1895 Bancorp ofWisconsin Inc

NAS:BCOW 96 $19,232,000 $15,530,000 Greenfield WIUnitedStates

522110

1st Constitution Bancorp NAS:FCCY 211 $73,146,000 $55,573,000 Cranbury NJUnitedStates

522110

1st Source Corporation NAS:SRCE 1,175 $329,708,992 $324,996,000 South Bend INUnitedStates

522110

ACNB Corporation NAS:ACNB 396 $93,002,000 $77,587,000 Gettysburg PAUnitedStates

522110

ACRES CommercialRealty Corp

NYS:ACRpC ($149,551,008) $47,518,000 Westbury NYUnitedStates

525920

Affiliated ManagersGroup Inc

NYS:AMG 4,000 $2,027,500,032 $2,239,600,128West Palm

BeachFL

UnitedStates

523920

Affirm Holdings Inc NAS:AFRM 916 $509,528,000 $264,367,008 San Francisco CAUnitedStates

522291

AFLAC Incorporated NYS:AFL 11,729 $22,115,999,744 $22,222,999,552 Columbus GAUnitedStates

524114

AG Mortgage InvestmentTrust Inc

NYS:MITT 400 ($390,355,008) $113,234,000 New York NYUnitedStates

525990

AGNC Investment Corp NAS:AGNC 50 ($173,000,000) $771,000,000 Bethesda MDUnitedStates

525990

Alignment HealthcareLLC

NAS:ALHC 775 $959,222,016 $756,961,024 Orange CAUnitedStates

524114

Alleghany Corporation NYS:Y 10,786 $8,896,718,848 $9,040,715,776 New York NYUnitedStates

524126

Allegiance Bancshares NAS:ABTX 598 $210,839,008 $192,960,000 Houston TXUnitedStates

522110

AllianceBernstein HoldingLP

NYS:AB 3,929 $308,404,000 $266,292,000 New York NYUnitedStates

523920

Allied Minds Ltd PINX:ALLWF 112 $480,000 $2,692,000 Boston MAUnitedStates

523910

Allstate Corporation(The)

NYS:ALL 46,290 $44,791,001,088 $44,674,998,272 Northbrook ILUnitedStates

524126

Ally Financial Inc NYS:ALLY 8,700 $6,960,999,936 $6,838,000,128 Detroit MIUnitedStates

522220



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Amalgamated Bank NAS:AMAL 370 $213,208,992 $195,838,000 New York NYUnitedStates

522110

A-Mark Precious MetalsInc

NAS:AMRK 220 $5,461,093,888 $4,783,157,248 Santa Monica CAUnitedStates

523130

Ambac Financial GroupInc

NAS:AMBC 93 $546,000,000 New York NYUnitedStates

524126

Amerant Bancorp Inc NAS:AMTB 714 $263,095,008 $271,084,000 Coral Gables FLUnitedStates

522110

America First Tax ExemptInvestors LP

NAS:ATAX 5 $35,728,704 $53,742,516 Omaha NEUnitedStates

523920

American Business Bank PINX:AMBZ 194 $95,915,912 $84,013,904 Los Angeles CAUnitedStates

522110

American ChurchMortgage Company

PINX:ACMC 2 $600,854 $726,244 Minnetonka MNUnitedStates

525990

American EquityInvestment Life HoldingCompany

NYS:AEL 657 $3,713,459,968 $2,012,304,000West Des

MoinesIA

UnitedStates

524113

American ExpressCompany

NYS:AXP 63,700 $36,087,001,088 $43,555,999,744 New York NYUnitedStates

522320

American FinancialGroup Inc

NYS:AFG 6,500 $7,810,999,808 $8,237,000,192 Cincinnati OHUnitedStates

524126

American InternationalGroup Inc (AIG)

NYS:AIG 46,000 $43,839,000,576 $49,792,000,000 New York NYUnitedStates

524126

American NationalBankshares Inc

NAS:AMNB 342 $100,773,000 $92,724,000 Danville VAUnitedStates

522110

American NationalInsurance Company

NAS:ANAT 4,600 $3,792,399,104 $4,070,142,976 Galveston TXUnitedStates

524126

American RiverBankshares

NAS:AMRB 100 $27,844,000 $24,897,000Rancho

CordovaCA

UnitedStates

522110

American Riviera Bank(Santa Barbara, CA)

PINX:ARBV 123 $29,277,000 Santa Barbara CAUnitedStates

522110

Ameriprise Financial Inc NYS:AMP 12,500 $12,024,000,512 $12,988,000,256 Minneapolis MNUnitedStates

523920

Ameris Bancorp NAS:ABCB 2,671 $1,079,147,008 $699,196,992 Moultrie GAUnitedStates

522110

AMERISAFE Inc NAS:AMSF 395 $339,504,000 $370,369,984 DeRidder LAUnitedStates

524126

AmeriServ Financial Inc NAS:ASRV 314 $52,642,000 $50,215,000 Johnstown PAUnitedStates

522110

Ames National Corp NAS:ATLO 280 $65,462,976 $53,877,544 Ames IAUnitedStates

522110

AmTrust FinancialServices Inc

PINX:AFFS 8,000 $6,300,000,000 New York NYUnitedStates

524126

Angel Oak FinancialStrats Income Term

NYS:FINS $15,277,899 Atlanta GAUnitedStates

523920



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Angel Oak Mortgage Inc NYS:AOMR $10,384,000 $11,798,000 Atlanta GAUnitedStates

525920

Anthem Inc NYS:ANTM 70,600 $121,867,001,856 $104,212,996,096 Indianapolis INUnitedStates

524114

Apollo GlobalManagement Inc

NYS:APO 1,421 $2,354,019,072 $2,931,848,960 New York NYUnitedStates

523910

Apollo InvestmentCorporation

NAS:AINV ($95,788,000) $84,031,000 New York NYUnitedStates

522290

Arbor Realty Trust Inc NYS:ABR 532 $434,132,992 $349,385,984 Unioncale NYUnitedStates

525990

Ares Capital Corporation NAS:ARCC 1,450 $725,000,000 $1,018,000,000 New York NYUnitedStates

523920

Ares Commercial RealEstate Corporation

NYS:ACRE 1,200 $78,688,000 $77,259,000 New York NYUnitedStates

525990

Ares Management LP NYS:ARES 1,450 $1,764,045,952 $1,765,437,952 Los Angeles CAUnitedStates

523920

Arlington AssetInvestment Corporation

NYS:AAIC 12 ($55,101,000) $28,757,000 Arlington VAUnitedStates

523920

Arrow FinancialCorporation

NAS:AROW 517 $131,860,000 $116,604,000 Glens Falls NYUnitedStates

522110

Arthur J Gallagher & Co NYS:AJG 32,401 $7,009,399,808 $7,119,699,968Rolling

MeadowsIL

UnitedStates

524210

Artisan Partners AssetManagement Inc

NYS:APAM 440 $899,566,976 $798,952,000 Milwaukee WIUnitedStates

523920

Ashford ASE:AINC 123 $297,428,000 $291,249,984 Dallas TXUnitedStates

523920

Aspiration Partners Inc NYS:ASP $14,714,000 Marina Del

ReyCA

UnitedStates

522110

Associated Banc-Corp NYS:ASB 4,459 $1,256,966,016 $1,207,635,968 Green Bay WIUnitedStates

522110

Associated Capital Group NYS:AC 25 $18,983,000 $31,265,000 Rye NYUnitedStates

523930

Assurant Inc NYS:AIZ 14,200 $10,084,100,096 $10,072,500,224 New York NYUnitedStates

524126

Atlantic AmericanCorporation

NAS:AAME 153 $195,348,000 $198,179,008 Atlanta GAUnitedStates

524113

Atlantic Capital NAS:ACBI 201 $97,258,000 $91,589,000 Atlanta GAUnitedStates

522110

Atlantic UnionBankshares Corp

NAS:AUB 1,879 $677,268,992 $660,643,968 Richmond VAUnitedStates

522110

Atlanticus Holdings Corp NAS:ATLC 327 $340,267,008 $350,134,016 Atlanta GAUnitedStates

522291

Atlas Financial HoldingsInc

PINX:AFHIF 286 $9,546,000 $120,598,000 Chicago ILUnitedStates

524126



20



Auburn NationalBancorporation Inc

NAS:AUBN 152 $29,713,000 $31,558,000 Auburn ALUnitedStates

522110

Axos Financial Inc NYS:AX 1,099 $572,387,968 $488,540,000 Las Vegas NVUnitedStates

522120

B Riley Financial Inc NAS:RILY 996 $902,721,024 $652,112,000 Los Angeles CAUnitedStates

523930

Bain Capital SpecialtyFinance Inc

NYS:BCSF $13,910,000 $94,713,000 Boston MAUnitedStates

523910

Banc of California Inc NYS:BANC 611 $243,112,000 $258,582,000 Santa Ana CAUnitedStates

522110

BancFirst Corporation NAS:BANF 2,036 $443,889,984 $419,150,016 Oklahoma City OKUnitedStates

522110

Bancorp 34 NAS:BCTF 57 $15,146,177 Alamogordo NMUnitedStates

522110

Bancorp Inc (The) NAS:TBBK 635 $279,483,008 $245,415,008 Wilmington DEUnitedStates

522110

Bank First Corp NAS:BFC 284 $103,154,000 $77,645,000 Manitowoc WIUnitedStates

522110

Bank of AmericaCorporation

NYS:BAC 213,000 $85,528,002,560 $91,244,003,328 Charlotte NCUnitedStates

522110

Bank of CommerceHoldings Inc

NAS:BOCH 206 $59,507,000 $57,719,000 Redding CAUnitedStates

522110

Bank of HawaiiCorporation

NYS:BOH 2,022 $676,472,000 $675,334,016 Honolulu HIUnitedStates

522110

Bank of Marin Bancorp NAS:BMRC 301 $105,209,000 $104,764,000 Novato CAUnitedStates

522110

Bank of New York MellonCorporation

NYS:BK 48,400 $15,472,000,000 $16,088,000,512 New York NYUnitedStates

522110

Bank of Princeton NAS:BPRN 176 $53,656,000 $44,836,000 Princeton NJUnitedStates

522110

Bank of San FranciscoNew

PINX:BSFO 45 $19,213,612 $15,273,086 San Francisco CAUnitedStates

522110

Bank of South CarolinaCorporation

NAS:BKSC 76 $20,339,244 $20,295,690 Charleston SCUnitedStates

522110

Bank of the JamesFinancial Group Inc

NAS:BOTJ 146 $35,009,000 $31,087,000 Lynchburg VAUnitedStates

522110

Bank OZK NAS:OZK 2,652 $984,913,984 $984,264,000 Little Rock ARUnitedStates

522110

Bank7 Corp NAS:BSVN 78 $48,826,000 $43,501,000 Oklahoma OKUnitedStates

522110

BankFinancialCorporation

NAS:BFIN 230 $51,253,000 $58,363,000 Burr Ridge ILUnitedStates

522110

BankUnited Inc NYS:BKU 1,495 $884,979,008 $899,988,992 Miami Lakes FLUnitedStates

522110



21



Bankwell Financial GroupInc

NAS:BWFG $57,719,000 $59,005,000 New Cannan CTUnitedStates

522110

Banner Corp NAS:BANR 2,198 $563,822,016 $533,867,008 Walla Walla WAUnitedStates

522110

Bar Harbor BanksharesInc

ASE:BHB 531 $142,136,000 $118,879,000 Bar Harbor MEUnitedStates

522110

Barings BDC Inc NYS:BBDC 26 $17,160,672 $65,712,484 Charlotte NCUnitedStates

522290

Barings CorporateInvestors

NYS:MCI $16,222,934 $39,950,128 Charlotte NCUnitedStates

523991

Barings ParticipationInvestors

NYS:MPV $7,041,320 $18,590,736 Charlotte NCUnitedStates

523930

Bay Banks of Virginia Inc PINX:BAYK 172 $40,291,000 Kilmarnock VAUnitedStates

522110

BayCom Corp NAS:BCML 315 $86,500,000 $76,714,000 Walnut Crekk CAUnitedStates

522110

BBX Capital Inc NYS:BBX 7,185 $946,870,976 Ft. Lauderdale FLUnitedStates

522110

BCB Bancorp Inc NAS:BCBP 302 $88,522,000 $87,995,000 Bayonne NJUnitedStates

522110

Berkshire Hathaway Inc(Holding Co)

NYS:BRK.A 360,000 $286,256,005,120 $327,222,984,704 Omaha NEUnitedStates

524126

Berkshire Hills BancorpInc

NYS:BHLB 1,505 $381,848,992 $447,908,992 Pittsfield MAUnitedStates

522110

BGC Partners Inc NAS:BGCP 5,000 $1,897,543,936 $1,962,172,032 New York NYUnitedStates

523120

Black Knight Inc NYS:BKI 5,700 $1,238,499,968 $1,177,200,000 Jacksonville FLUnitedStates

522390

Blackhawk Bancorp Inc PINX:BHWB 176 $55,949,000 $47,238,000 Beloit WIUnitedStates

522110

BlackRock Inc NYS:BLK 16,500 $16,204,999,680 $14,538,999,808 New York NYUnitedStates

523920

BlackRock Science andTechnology Trust II

NYS:BSTZ $1,486,869,888 $113,719,720 Wilmington DEUnitedStates

525990

Blackstone Inc NYS:BX 3,165 $5,233,167,872 $6,173,923,840 New York NYUnitedStates

523910

Blackstone MortgageTrust Inc

NYS:BXMT 29 $432,176,992 $424,176,000 New York NYUnitedStates

523910

BlueHarbor Bank PINX:BLHK $10,901,072 $9,491,220 Mooresville NCUnitedStates

522110

BNCCORP Inc PINX:BNCC 344 $118,262,000 $57,847,000 Bismarck NDUnitedStates

522110

Bogota Financial Corp NAS:BSBK $14,703,264 $11,712,671 New Jersey NJUnitedStates

522110



22



BOK FinancialCorporation

NAS:BOKF 4,915 $1,888,007,040 $1,747,213,056 Tulsa OKUnitedStates

522110

Bridge Bancorp Inc NAS:BDGE 496 $167,590,000 Bridgehampton NYUnitedStates

522110

Bridge Investment GroupHoldings Inc

NYS:BRDG $231,948,000 $246,276,000 Salt Lake City UTUnitedStates

523920

Bridgewater Bancshares NAS:BWB 185 $93,803,000 $77,958,000 Bloomington MNUnitedStates

522110

Brigham Minerals Inc NYS:MNRL 41 $91,723,000 $101,515,000 Austin TXUnitedStates

523910

Bright Health Group Inc NYS:BHG 2,056 $1,207,320,064 $280,672,992 Minneapolis MNUnitedStates

524114

Brighthouse Financial Inc NAS:BHF 1,330 $8,265,999,872 $6,553,999,872 Charlotte NCUnitedStates

524113

Broadmark Realty CapitalInc

NYS:BRMK $122,358,000 Seattle WAUnitedStates

523991

Broadridge FinancialSolutions Inc

NYS:BR 13,704 $4,528,999,936 $4,362,200,064 Lake Success NYUnitedStates

523991

Broadway Financial Corp NAS:BYFC 64 $13,079,000 $11,350,000 Los Angeles CAUnitedStates

522110

Brookline Bancorp Inc NAS:BRKL 780 $284,807,008 $283,092,992 Brookline MAUnitedStates

522110

Brown & Brown Inc NYS:BRO 10,083 $2,606,107,904 $2,384,737,024Daytona

BeachFL

UnitedStates

524210

BRP Group Inc NAS:BRP $240,919,008 $137,840,992 Tampa FLUnitedStates

524210

BRT Realty Trust NYS:BRT 9 $28,102,000 $27,761,000 Great Neck NYUnitedStates

525990

Bryn Mawr BankCorporation

NAS:BMTC 636 $222,454,000 $229,008,992 Bryn Mawr PAUnitedStates

522110

Business DevelopmentCorp

GREY:BDVC ($21,275,000) $108,548,000 New York NYUnitedStates

523999

Business FirstBancshares

NAS:BFST 590 $149,210,000 $90,906,000 Baton Rouge LAUnitedStates

522110

Byline Bancorp NYS:BY 931 $269,264,000 $263,098,000 Chicago ILUnitedStates

522110

C&F Financial Corp NAS:CFFI 697 $135,714,000 $112,466,000 West Point VAUnitedStates

522110

Cadence Bancorp NYS:CADE 4,596 $1,027,470,976 $930,625,024 Houston TXUnitedStates

522110

Caliber Home Loans Inc NYS:HOMS 5,952 $1,194,777,000 Coppell TXUnitedStates

522292

California First NationalBancorp

PINX:CFNB 24 $4,362,000 $15,340,000 Irvine CAUnitedStates

522220



23



Calvin B TaylorBankshares Inc

PINX:TYCB 106 $21,837,020 $22,184,786 Berlin MDUnitedStates

522110

Cambridge Bancorp NAS:CATC 383 $159,758,000 $115,097,000 Cambridge MAUnitedStates

522110

Camden NationalCorporation

NAS:CAC 609 $183,044,000 $166,130,000 Camden MEUnitedStates

522110

Canandaigua NationalCorporation

PINX:CNND 580 $152,950,358 Canandaigua NYUnitedStates

522110

Cantaloupe Inc NAS:CTLP 118 $163,152,992 $143,799,008 Malvern PAUnitedStates

522320

Capital City Bank GroupInc

NAS:CCBG 773 $206,659,008 $150,616,992 Tallahassee FLUnitedStates

522110

Capital FinancialHoldings Inc

PINX:CPFH 21 $15,824,744 Minot NDUnitedStates

523120

Capital One FinancialCorporation

NYS:COF 52,000 $28,522,999,808 $28,593,000,448 McLean VAUnitedStates

522210

Capital SouthwestCorporation

NAS:CSWC 22 ($4,380,000) $49,051,000 Dallas TXUnitedStates

523910

Capitol Federal FinancialInc

NAS:CFFN 793 $206,044,000 $225,870,000 Topeka KSUnitedStates

522110

CapStar FinancialHoldings Inc

NAS:CSTR 380 $119,571,000 $92,022,000 Nashville TNUnitedStates

522110

Cardiff Lexington PINX:CDIX 37 $3,453,058 $4,541,142Fort

LauderdaleFL

UnitedStates

523999

Cardtronics plc NAS:CATM 2,027 $1,093,998,976 $1,349,405,056 Houston TXUnitedStates

522320

Carlyle Group Inc (The) NAS:CG 1,825 $1,876,700,032 $2,702,500,096 Washington DCUnitedStates

523910

Carter Bankshares Inc NAS:CARE 828 $127,947,000 $121,732,000 Martinsville VAUnitedStates

522110

Carver Bancorp Inc NAS:CARV 107 $19,735,000 $21,331,000 New York NYUnitedStates

522110

Cashmere Valley Bank PINX:CSHX 230 $67,741,000 $62,248,000 Cashmere WAUnitedStates

522110

Cass InformationSystems Inc

NAS:CASS 1,101 $139,920,992 $151,956,000 Bridgeton MOUnitedStates

522320

Cathay General Bancorp NAS:CATY 1,205 $594,929,984 $619,657,024 Los Angeles CAUnitedStates

522110

CB Financial Services Inc NAS:CBFV 260 $49,100,000 $50,897,000 Carmichaels PAUnitedStates

522110

CBM Bancorp Inc NAS:CBMB 42 $8,860,382 $8,227,701 Baltimore MDUnitedStates

522110

CBOE Global Markets Inc BATS:CBOE 823 $3,427,099,904 $2,496,100,096 Chicago ILUnitedStates

523210



24



CBTX NAS:CBTX 511 $143,387,008 $154,348,000 Houston TXUnitedStates

522110

Centene Corporation NYS:CNC 56,600 $111,115,001,856 $74,638,999,552 St. Louis MOUnitedStates

524114

Centerspace NYS:CSR $177,994,000 $185,755,008 Minot NDUnitedStates

525920

CenterState BankCorporation

NAS:CSFL 2,756 $746,776,000 Winter Haven FLUnitedStates

522110

Central Federal Corp NAS:CFBK 177 $87,497,000 $33,188,000 Fairlawn OHUnitedStates

522120

Central Pacific FinancialCorporation

NYS:CPF 854 $242,466,000 $225,618,000 Honolulu HIUnitedStates

522110

Central ValleyCommunity Bancorp

NAS:CVCY 281 $76,693,000 $75,175,000 Fresno CAUnitedStates

522110

Century Bancorp Inc NAS:CNBKA 418 $124,217,000 $112,313,000 Medford MAUnitedStates

522110

Century Next FinancialCorp

PINX:CTUY $24,757,000 $23,598,000 Ruston LAUnitedStates

522110

Change Healthcare Inc NAS:CHNG 15,000 $196,792,000 $0 Nashville TNUnitedStates

524292

Charles SchwabCorporation (The)

NYS:SCHW 19,700 $11,690,999,808 $10,721,000,448 Westlake TXUnitedStates

523120

Chemung FinancialCorporation

NAS:CHMG 341 $82,870,000 $79,897,000 Elmira NYUnitedStates

522110

Chesapeake FinancialShares Inc

PINX:CPKF 231 $52,245,264 $49,029,648 Kilmarnock VAUnitedStates

522110

Chicopee Bancorp Inc NAS:CBNK 247 $145,130,000 $92,030,000 Chicopee MAUnitedStates

522110

Chimera InvestmentCorporation

NYS:CIM 39 $228,835,008 $490,788,992 New York NYUnitedStates

525990

ChoiceOne FinancialServices Inc

NAS:COFS 359 $73,769,000 $36,941,000 Sparta MIUnitedStates

522110

CIB Marine BancsharesInc

PINX:CIBH 183 $43,983,000 $29,457,000 Waukesha WIUnitedStates

522110

Cigna Corporation NYS:CI 73,700 $160,576,995,328 $153,742,999,552 Bloomfield CTUnitedStates

524114

Cincinnati FinancialCorporation

NAS:CINF 5,266 $7,536,000,000 $7,923,999,744 Fairfield OHUnitedStates

524126

CION Invt Corp NYS:CION ($2,204,000) $59,551,000 New York NYUnitedStates

523920

Circle Internet FinancialLimited

NYS:CRCL 125 $15,441,000 $9,423,000 Boston MAUnitedStates

523130

CIT Group Inc NYS:CIT 3,609 $2,324,600,064 $2,266,599,936 New York NYUnitedStates

522110



25



Citba FinancialCorporation

PINX:CBAF 127 $21,044,076 $19,562,616 Mooresville INUnitedStates

522110

Citigroup Inc NYS:C 210,000 $75,493,998,592 $75,066,998,784 New York NYUnitedStates

522110

Citizens and NorthernCorporation

NAS:CZNC 336 $90,847,000 $72,692,000 Wellsboro PAUnitedStates

522110

Citizens CommunityBancorp Inc

NAS:CZWI 288 $68,399,000 $56,318,000 Eau Claire WIUnitedStates

522110

Citizens Financial GroupInc

NYS:CFG 18,000 $6,904,999,936 $6,485,000,192 Providence RIUnitedStates

522110

Citizens FinancialServices Inc

PINX:CZFS 306 $73,613,000 $58,326,000 Mansfield PAUnitedStates

522110

Citizens HoldingCompany

NAS:CIZN 290 $42,746,000 $34,550,000 Philadelphia MSUnitedStates

522110

Citizens Inc NYS:CIA 400 $238,856,000 $250,544,992 Austin TXUnitedStates

524113

City Holding Company NAS:CHCO 918 $231,431,008 $224,296,000 Cross Lanes WVUnitedStates

522110

Civista Bancshares Inc NAS:CIVB 459 $116,041,000 $105,656,000 Sandusky OHUnitedStates

522110

Clipper Realty NYS:CLPR 156 $122,850,000 $116,165,000 Brooklyn NYUnitedStates

523991

Clover HealthInvestments Corp

NAS:CLOV 458 $0 $400,000,000 Franklin TNUnitedStates

524114

CME Group Inc NAS:CME 4,370 $4,883,599,872 $4,867,999,744 Chicago ILUnitedStates

523210

CNA FinancialCorporation

NYS:CNA 5,800 $10,686,999,552 $10,766,999,552 Chicago ILUnitedStates

524126

CNB Bank Shares Inc OTC:CNBN 301 $60,484,880 $55,194,072 Carlinville ILUnitedStates

522110

CNB FinancialCorporation

NAS:CCNE 651 $159,635,008 $139,282,000 Clearfield PAUnitedStates

522120

CNO Financial Group Inc NYS:CNO 3,400 $3,821,100,032 $4,015,800,064 Carmel INUnitedStates

524113

Coastal Carolina PINX:CCNB 85 $21,244,444 $16,212,699 Myrtle Beach SCUnitedStates

522110

Coastal Financial Corp NAS:CCB 250 $65,568,000 $50,269,000 Everett WAUnitedStates

522110

CoastalSouthBancshares

PINX:COSO $37,773,000 $30,776,000Hilton Head

IslandSC

UnitedStates

522110

Codorus Valley BancorpInc

NAS:CVLY 346 $75,035,000 $76,593,000 York PAUnitedStates

522110

Cohen & Co ASE:COHN 87 $130,110,000 $49,666,000 Philadelphia PAUnitedStates

523999



26



Cohen & Steers Inc NYS:CNS 347 $427,536,000 $410,830,016 New York NYUnitedStates

523920

Coinbase Global Inc NAS:COIN 1,249 $1,277,480,960 $533,735,008 Wilmington DEUnitedStates

523130

Colony Bankcorp Inc NAS:CBAN 376 $79,489,000 $62,607,000 Fitzgerald GAUnitedStates

522110

Colony NorthStar Credit NYS:CLNC $424,348,992 $549,326,976 Los Angeles CAUnitedStates

525920

Columbia BankingSystem Inc

NAS:COLB 2,187 $604,611,008 $590,585,984 Tacoma WAUnitedStates

522110

Columbia Financial Inc NAS:CLBK 628 $252,843,008 $204,007,008 Fair Lawn NJUnitedStates

522110

Comerica Incorporated NYS:CMA 7,870 $2,670,000,128 $3,079,000,064 Dallas TXUnitedStates

522110

Commencement PINX:CBWA 62 $16,645,000 $15,532,000 Tacoma WAUnitedStates

522110

Commerce BancsharesInc

NAS:CBSH 4,835 $1,346,745,984 $1,349,622,016 Kansas City MOUnitedStates

522110

CommerceWest Bank NA(Newport Beach, CA)

PINX:CWBK 47 $33,248,000 $24,764,000 Irvine CAUnitedStates

522110

Commercial NationalFinancial Corp (PA)

PINX:CNAF 80 $18,998,000 $17,692,000 Latrobe PAUnitedStates

522110

Communities FirstFinancial Corporation

PINX:CFST 59 $34,515,688 $26,163,668 Fresno CAUnitedStates

522110

Community Bancorp Inc PINX:CMTV 136 $33,784,036 $30,787,094 Derby VTUnitedStates

522110

Community Bank ofSanta Maria (CA)

PINX:CYSM 50 $12,499,000 $12,003,000 Santa Maria CAUnitedStates

522110

Community Bank SystemInc

NYS:CBU 3,047 $596,401,024 $589,793,984 DeWitt NYUnitedStates

522110

Community BankersTrust Corporation

NAS:ESXB 246 $56,733,000 $54,694,000 Glen Allen VAUnitedStates

522110

Community CapitalBancshares Inc

PINX:ALBY 31 $8,643,345 $7,752,485 Albany GAUnitedStates

522110

Community FirstBancshares Inc

NAS:CFBI 81 $14,351,000 Covington GAUnitedStates

522120

Community SavingsBancorp

PINX:CCSB 16 $1,955,000 Caldwell OHUnitedStates

522110

Community TrustBancorp Inc

NAS:CTBI 998 $205,551,008 $195,068,992 Pikeville KYUnitedStates

522110

Community WestBancshares

NAS:CWBC 128 $40,501,000 $37,964,000 Goleta CAUnitedStates

522110

Compass DiversifiedHoldings

NYS:CODI 4,160 $1,560,756,992 $1,450,253,056 Westport CTUnitedStates

523910



27



Conifer Holdings NAS:CNFR 148 $107,325,000 $94,633,000 Birmingham MIUnitedStates

524298

ConnectOne Bancorp Inc NAS:CNOB 413 $252,391,008 $194,354,000 Union NJUnitedStates

522110

Consumer PortfolioServices Inc

NAS:CPSS 787 $169,075,008 $234,032,992 Las Vegas NVUnitedStates

522220

Consumers Bancorp Inc PINX:CBKM 172 $25,282,000 $20,791,000 Minerva OHUnitedStates

522110

Cortland Bancorp NAS:CLDB 151 $30,783,000 $29,111,000 Cortland OHUnitedStates

522120

CorVel Corporation NAS:CRVL 3,681 $592,225,024 $595,740,032 Fort Worth TXUnitedStates

524298A

County Bancorp NAS:ICBK 182 $51,226,000 $54,175,000 Manitowoc WIUnitedStates

522110

Cowen Inc NAS:COWN 1,325 $1,623,303,936 $1,049,443,008 New York NYUnitedStates

523110

Crawford & Company NYS:CRD.A 8,985 $1,016,195,008 $1,047,627,008Peachtree

CornersGA

UnitedStates

524291

Credit AcceptanceCorporation

NAS:CACC 2,033 $1,668,099,968 $1,487,900,032 Southfield MIUnitedStates

522220

Croghan Bancshares Inc PINX:CHBH 199 $44,181,000 $40,508,000 Fremont OHUnitedStates

522110

CSB Bancorp Inc PINX:CBMI 187 $34,467,000 $33,273,000 Millersburg OHUnitedStates

522120

Cullen-Frost Bankers Inc NYS:CFR 4,685 $1,441,454,976 $1,367,906,944 San Antonio TXUnitedStates

522110

CURO Group Holdings NYS:CURO 4,000 $744,035,968 $1,018,956,032 Wichita KSUnitedStates

522291

Currency ExchangeInternational Corp

TSE:CXI 272 $25,013,424 $41,784,044 Orlando FLUnitedStates

522390

Customers Bancorp Inc NYS:CUBI 830 $502,279,008 $356,560,992 West Reading PAUnitedStates

522110

CVB Financial Corp NAS:CVBF 1,052 $464,243,008 $484,352,992 Ontario CAUnitedStates

522110

CyrusOne Inc NAS:CONE 452 $1,033,500,032 $981,299,968 Carrollton TXUnitedStates

523910

Dacotah Banks Inc PINX:DBIN 548 $127,765,000 $115,863,000 Aberdeen SDUnitedStates

522110

Daniels CorporateAdvisory Co Inc

PINX:DCAC $3,769,161 $3,836,820 Forest Hills NYUnitedStates

523910

Delaware InvestmentsNatl Muni Income

ASE:VFL $194,817 $3,488,518 Philadelphia PAUnitedStates

523920

Denmark Bancshares Inc PINX:DMKBB 94 $22,466,660 $21,736,966 Denmark WIUnitedStates

522110



28



Diamond Hill InvestmentGroup Inc

NAS:DHIL 126 $126,387,720 $136,624,384 Columbus OHUnitedStates

523920

Dime CommunityBancshares Inc

NAS:DCOM 502 $180,484,000 $159,588,992 Brooklyn NYUnitedStates

522120

Discover FinancialServices

NYS:DFS 17,200 $11,088,000,000 $11,459,000,320 Riverwoods ILUnitedStates

522210

Donegal Group Inc NAS:DGICA 410 $777,819,904 $812,156,480 Marietta PAUnitedStates

524126

Donnelley FinancialSolutions Inc

NYS:DFIN 2,350 $894,499,968 $874,700,032 Chicago ILUnitedStates

523930

DTFTax-Free Income Inc NYS:DTF $5,052,173 $14,884,299 Chicago ILUnitedStates

523930

Dynex Capital Inc NYS:DX 20 $199,667,008 ($136,647,008) Glen Allen VAUnitedStates

525990

Eagle Bancorp Inc NAS:EGBN 519 $367,257,984 $349,744,000 Bethesda MDUnitedStates

522110

Eagle Bancorp MontanaInc

NAS:EBMT 354 $90,353,000 $61,335,000 Helena MTUnitedStates

522120

Eagle Financial ServicesInc

PINX:EFSI 204 $43,335,000 $37,253,000 Berryville VAUnitedStates

522110

East West Bancorp Inc NAS:EWBC 3,200 $1,599,209,984 $1,662,900,992 Pasadena CAUnitedStates

522110

Eastern Bankshares Inc NAS:EBC $579,624,000 $593,563,008 Boston MAUnitedStates

522110

Eaton Vance Corp Private 1,871 $1,730,000,000 $1,683,251,968 Boston MAUnitedStates

523920

eHealth Inc NAS:EHTH 1,960 $582,774,016 $506,200,992 Santa Clara CAUnitedStates

524210

Elevate Credit NYS:ELVT 437 $465,345,984 $746,961,984 Fort Worth TXUnitedStates

522190

Ellington Financial LLC NYS:EFC 150 $35,151,000 $85,159,000 Old Greenwich CTUnitedStates

523920

Ellington ResidentialMortgage REIT

NYS:EARN 150 $25,938,000 $27,544,000 Old Greenwich CTUnitedStates

525990

Elmira Savings Bank FSB(The)

NAS:ESBK 114 $23,799,000 $21,201,000 Elmira NYUnitedStates

522120

Embassy Bancorp Inc PINX:EMYB 95 $40,060,000 $35,430,000 Bethlehem PAUnitedStates

522110

Emclaire FinancialCorporation

NAS:EMCF 160 $32,346,000 $31,345,000 Emlenton PAUnitedStates

522110

Emergent Capital Inc PINX:EMGCQ 9 $39,264,000 Boca Raton FLUnitedStates

524113

Empire Bancorp Inc (NY) PINX:EMPK 58 $27,073,000 Islandia NYUnitedStates

522110



29



Employers Holdings Inc NYS:EIG 704 $711,400,000 $835,900,032 Reno NVUnitedStates

524126

ENB FinancialCorporation

PINX:ENBP 276 $53,608,000 $47,924,000 Ephrata PAUnitedStates

522110

Encore Capital Group Inc NAS:ECPG 7,300 $1,501,400,064 $1,397,681,024 San Diego CAUnitedStates

522390

Endonovo TherapeuticsInc

PINX:ENDV 1 $165,796 $310,164 Woodland Hills CAUnitedStates

522220

Enova International Inc NYS:ENVA 1,549 $1,083,709,952 $1,174,756,992 Chicago ILUnitedStates

522291

Enterprise Bancorp Inc NAS:EBTC 527 $147,380,992 $132,176,000 Lowell MAUnitedStates

522110

Enterprise FinancialServices Corp

NAS:EFSC 805 $324,504,000 $287,892,992 Clayton MOUnitedStates

522110

Envestnet Inc NYS:ENV 4,250 $998,230,016 $900,126,976 Chicago ILUnitedStates

523930

Equitable Holdings Inc NYS:EQH 12,400 $12,414,999,552 $9,591,000,064 New York NYUnitedStates

525110

Equity Bancshares NAS:EQBK 623 $154,208,000 $148,122,000 Wichita KSUnitedStates

522291

Equus Total Return Inc NYS:EQS 1,100 ($7,136,000) $5,904,000 Houston TXUnitedStates

523910

Erie Indemnity Company NAS:ERIE 5,914 $2,569,356,032 $2,516,604,928 Erie PAUnitedStates

524126

ES Bancshares Inc PINX:ESBS 34 $15,143,000 $12,397,000 Newburgh NYUnitedStates

522110

Esquire Financial Hldgs NAS:ESQ 99 $52,087,000 $45,922,000 Jericho NYUnitedStates

522110

ESSA Bancorp Inc NAS:ESSA 252 $61,531,000 $55,248,000 Stroudsburg PAUnitedStates

522110

Euronet Worldwide Inc NAS:EEFT 7,700 $2,482,700,032 $2,750,108,928 Leawood KSUnitedStates

522320

Evans Bancorp Inc ASE:EVBN 309 $76,162,000 $70,022,000 Angola NYUnitedStates

522110

Evercore Partners Inc NYS:EVR 1,800 $2,250,312,960 $1,995,730,944 New York NYUnitedStates

523110

Everi Holdings Inc NYS:EVRI 1,400 $383,673,984 $533,227,008 Las Vegas NVUnitedStates

522320

EVO Payments Inc NAS:EVOP 2,000 $439,100,992 $485,777,984 Atlanta GAUnitedStates

522320

Exantas Capital Corp NYS:XAN 688 $56,472,000 New York NYUnitedStates

525990

EZcorp Inc NAS:EZPW 6,500 $822,811,008 $847,228,992 Rollingwood TXUnitedStates

522298



30



F & M Bank Corporation PINX:FMBM 151 $43,120,000 $42,151,000 Timberville VAUnitedStates

522110

Fannie Mae (FederalNational MortgageAssociation)

PINX:FNMA 7,700 $23,733,999,616 $21,693,999,104 Washington DCUnitedStates

522294

Farmers & MerchantsBancorp

PINX:FMCB 366 $163,080,000 $155,130,000 Lodi CAUnitedStates

522110

Farmers & MerchantsBancorp Inc

NAS:FMAO 357 $74,866,000 $63,571,000 Archbold OHUnitedStates

522110

Farmers & MerchantsBank of Long Beach (CA)

PINX:FMBL 790 $281,884,000 $266,755,008 Long Beach CAUnitedStates

522110

Farmers Bank ofAppomattox

PINX:FBPA 70 $9,855,000 $9,737,000 Appomattox VAUnitedStates

522110

Farmers National BancCorporation

NAS:FMNB 446 $133,346,000 $110,980,000 Canfield OHUnitedStates

522110

Fauquier Bankshares Inc NAS:FBSS 141 $30,624,000 Warrenton VAUnitedStates

522110

FB Financial NYS:FBK 1,852 $567,513,024 $361,432,992 Nashville TNUnitedStates

522110

Federal AgriculturalMortgage Corporation

NYS:AGM 121 $206,891,008 $194,076,992 Washington DCUnitedStates

522294

Federated Hermes Inc NYS:FHI 1,986 $1,448,268,032 $1,326,893,952 Pittsburgh PAUnitedStates

523920

Federated NationalHolding Co

NAS:FNHC 377 $431,863,008 $414,960,992 Sunrise FLUnitedStates

524126

Fentura Financial Inc PINX:FETM 182 $59,261,000 $42,123,000 Fenton MIUnitedStates

522110

FFBW NAS:FFBW 43 $10,649,000 $9,491,000 Brookfield WIUnitedStates

522110

FG Financial Group Inc NAS:FGF ($17,421,000) $5,496,000Saint

PetersburgFL

UnitedStates

524128

Fidelity D & D BancorpInc

NAS:FDBC 265 $55,392,000 $41,065,000 Dunmore PAUnitedStates

522110

Fidelity National FinancialInc

NYS:FNF 27,058 $10,778,000,384 $8,469,000,192 Jacksonville FLUnitedStates

524127

Fidelity NationalInformation Services Inc

NYS:FIS 55,000 $12,551,999,488 $10,332,999,680 Jacksonville FLUnitedStates

522320

Fidus Investment Corp NAS:FDUS $39,970,000 $55,760,000 Evanston ILUnitedStates

522290

Fifth Third Bancorp NAS:FITB 19,872 $7,232,999,936 $7,253,000,192 Cincinnati OHUnitedStates

522110

Financial Institutions Inc NAS:FISI 613 $182,056,992 $169,940,992 Warsaw NYUnitedStates

522110

FineMark Holdings Inc PINX:FNBT $86,788,000 $68,603,000 Fort Myers FLUnitedStates

522110



31



Finward Bancorp NAS:FNWD $64,029,000 $53,828,000 Munster INUnitedStates

522120

FinWise Bancorp NAS:FINW $42,073,000 $33,809,000 Murray UTUnitedStates

522110

First AcceptanceCorporation

PINX:FACO 1,200 $269,580,000 $292,691,008 Nashville TNUnitedStates

524126

First American FinancialCorporation

NYS:FAF 18,412 $7,080,949,248 $6,199,224,832 Santa Ana CAUnitedStates

524127

First Bancorp Inc NAS:FNLC 255 $77,952,000 $66,682,000 Damariscotta MEUnitedStates

522110

First Bancshares Inc NAS:FBMS 744 $183,240,000 $145,919,008 Hattiesburg MSUnitedStates

522110

First Bancshares Inc(MO)

PINX:FBSI 96 $15,161,331 $14,791,836Mountain

GroveMO

UnitedStates

522120

First Bank WilliamstownNJ

NAS:FRBA 207 $75,905,000 $62,361,000 Hamilton NJUnitedStates

522110

First Bankers TrustsharesInc

PINX:FBTT 144 $33,437,000 $32,983,000 Quincy ILUnitedStates

522110

First Busey Corp NAS:BUSE 1,346 $401,200,000 $403,638,016 Champaign ILUnitedStates

522110

First Business FinancialServices Inc

NAS:FBIZ 301 $101,616,000 $89,185,000 Madison WIUnitedStates

522110

First Capital Inc NAS:FCAP 214 $36,672,000 $36,721,000 Corydon INUnitedStates

522110

First Choice Bancorp NAS:FCBP 186 $92,502,000 $84,207,000 Cerritos CAUnitedStates

522110

First CitizensBancShares Inc

NAS:FCNCA 7,176 $1,864,919,040 $1,727,229,952 Raleigh NCUnitedStates

522110

First CommonwealthFinancial Corporation

NYS:FCF 1,393 $362,747,008 $355,347,008 Indiana PAUnitedStates

522110

First CommunityBancshares Inc

NAS:FCBC 635 $134,430,000 $114,064,000 Bluefield VAUnitedStates

522110

First CommunityCorporation

NAS:FCCO 242 $50,397,000 $45,785,000 Lexington SCUnitedStates

522110

First Farmers FinancialCorp

PINX:FFMR 405 $95,567,000 $85,047,000 Converse INUnitedStates

522110

First Financial Bancorp NAS:FFBC 2,123 $645,633,984 $615,627,008 Cincinnati OHUnitedStates

522110

First FinancialBankshares Inc

NAS:FFIN 1,345 $477,676,992 $386,955,008 Abilene TXUnitedStates

522110

First FinancialCorporation

NAS:THFF 917 $188,822,000 $170,104,000 Terre Haute INUnitedStates

522110

First Financial NorthwestInc

NAS:FFNW 151 $44,911,000 $43,049,000 Renton WAUnitedStates

522110



32



First Foundation Inc NAS:FFWM 502 $243,846,000 $193,872,000 Irvine CAUnitedStates

522110

First GuarantyBancshares Inc

NAS:FGBI 453 $97,115,000 $68,759,000 Hammond LAUnitedStates

522120

First Hawaiian NAS:FHB 2,100 $711,000,000 $735,974,016 Honolulu HIUnitedStates

522110

First Home Bancorp PINX:FHBI 596 $123,815,328 Seminole FLUnitedStates

522120

First Horizon NationalCorporation

NYS:FHN 5,017 $3,097,999,872 $1,818,203,008 Memphis TNUnitedStates

522110

First Internet Bancorp NAS:INBK 257 $98,841,000 $78,614,000 Indianapolis INUnitedStates

522110

First InterstateBancsystem Inc

NAS:FIBK 2,462 $653,699,968 $644,899,968 Billings MTUnitedStates

522110

First KeystoneCorporation

PINX:FKYS 202 $38,313,000 $34,321,000 Berwick PAUnitedStates

522110

First Merchants Corp NAS:FRME 1,907 $492,052,992 $443,348,000 Muncie INUnitedStates

522110

First Mid-IllinoisBancshares Inc

NAS:FMBH 824 $184,642,000 $178,203,008 Mattoon ILUnitedStates

522110

First Midwest BancorpInc

NAS:FMBI 2,074 $720,302,016 $751,361,024 Chicago ILUnitedStates

522110

First National Corp NAS:FXNC 150 $36,713,000 $35,665,000 Strasburg VAUnitedStates

522110

First NorthernCommunity Bancorp

PINX:FNRN 214 $55,189,000 $54,331,000 Dixon CAUnitedStates

522110

First Northwest Bancorp NAS:FNWB 230 $59,804,000 $44,809,000 Port Angeles WAUnitedStates

522120

First of Long Island Corp NAS:FLIC 350 $116,114,000 $110,780,000 Glen Head NYUnitedStates

522110

First Republic Bank (SanFrancisco CA)

NYS:FRC 5,483 $3,853,317,888 $3,253,989,120 San Francisco CAUnitedStates

522110

First Resource Bank(Exton, PA)

PINX:FRSB 54 $13,745,363 $11,978,825 Exton PAUnitedStates

522110

First Savings FinancialGroup Inc

NAS:FSFG 696 $180,520,992 $84,083,000 Clarksville INUnitedStates

522120

First Seacoast Bancorp NAS:FSEA $14,504,000 $12,981,000 Dover NHUnitedStates

522110

First United Corp NAS:FUNC 319 $67,273,000 $63,177,000 Oakland MDUnitedStates

522110

First US Bancshares NAS:FUSB 270 $40,127,000 $41,998,000 Birmingham ALUnitedStates

522110

First Western FinancialInc

NAS:MYFW $95,829,000 $63,909,000 Denver COUnitedStates

522110



33



FirstCash Inc NAS:FCFS 17,000 $1,631,283,968 $1,864,439,040 Fort Worth TXUnitedStates

522298

Fiserv Inc NAS:FISV 44,000 $14,851,999,744 $10,186,999,808 Brookfield WIUnitedStates

522320

Flagstar Bancorp Inc NYS:FBC 5,214 $1,680,000,000 $981,000,000 Troy MIUnitedStates

522110

FleetCor TechnologiesInc

NYS:FLT 8,400 $2,388,855,040 $2,648,847,872 Atlanta GAUnitedStates

522320

Flushing FinancialCorporation

NAS:FFIC 530 $206,206,000 $171,411,008 Uniondale NYUnitedStates

522110

Flywire Corporation NAS:FLYW 473 $131,783,000 $94,918,000 Boston MAUnitedStates

522320

FNB Corporation NYS:FNB 4,197 $1,232,999,936 $1,211,000,064 Pittsburgh PAUnitedStates

522110

FNCB Bancorp NAS:FNCB 214 $49,428,000 $43,880,000 Dunmore PAUnitedStates

522110

Focus Financial PartnersInc

NAS:FOCS 3,600 $1,361,319,040 $1,218,340,992 New York NYUnitedStates

523920

Franklin FinancialServices Corporation

NAS:FRAF 282 $55,957,000 $56,520,000 Chambersburg PAUnitedStates

522110

Franklin Finl Network NYS:FSB 339 $128,935,000 Franklin TNUnitedStates

522110

Franklin Limited DurationIncome Trust

ASE:FTF $11,533,054 $28,239,200 San Mateo CAUnitedStates

523920

Franklin Resources Inc(Franklin Templeton)

NYS:BEN 11,800 $5,566,499,840 $5,774,499,840 San Mateo CAUnitedStates

523920

Freddie Mac (FederalHome Loan MortgageCorporation)

PINX:FMCC 6,912 $15,601,000,448 $13,370,000,384 McLean VAUnitedStates

522294

Freedom Bank of Virginia(Fairfax)

PINX:FDVA 75 $32,961,676 $20,687,700 Vienna VAUnitedStates

522110

frontdoor inc NAS:FTDR 2,300 $1,475,000,064 $1,364,999,936 Memphis TNUnitedStates

524128

FS Bancorp Inc NAS:FSBW 452 $127,411,000 $90,269,000Mountlake

TerraceWA

UnitedStates

522110

FS KKR Capital Corp NYS:FSK ($373,000,000) $273,000,000 Philadelphia PAUnitedStates

523910

Fulton FinancialCorporation

NAS:FULT 3,300 $858,595,008 $864,548,992 Lancaster PAUnitedStates

522110

FVCBankcorp Inc NAS:FVCB 121 $54,994,000 $50,170,000 Fairfax VAUnitedStates

522110

Gain Capital Holdings Inc NYS:GCAP 741 $236,256,992 Bedminster NJUnitedStates

523210

GAMCO Investors Inc NYS:GBL 189 $259,726,000 $312,368,000 Greenwich CTUnitedStates

523920



34



GCM Grosvenor Inc NAS:GCMG $429,980,992 $416,393,984 Chicago ILUnitedStates

523920

General AmericanInvestors Company Inc

NYS:GAM $89,043,696 $309,923,968 New York NYUnitedStates

525910

Genworth Financial Inc NYS:GNW 3,000 $8,545,999,872 $8,066,999,808 Richmond VAUnitedStates

524113

German AmericanBancorp Inc

NAS:GABC 770 $209,716,992 $190,726,000 Jasper INUnitedStates

522110

Glacier Bancorp Inc NAS:GBCI 3,032 $762,764,032 $608,841,984 Kalispell MTUnitedStates

522110

Gladstone Capital Corp NAS:GLAD 60 $8,397,000 $33,443,000 McLean VAUnitedStates

522290

Gladstone InvestmentCorporation

NAS:GAIN 67 $8,006,000 $99,232,000 Maclean VAUnitedStates

522290

GlassBridge EnterprisesInc

PINX:GLAE 10 $500,000 $100,000 New York NYUnitedStates

523930

Glen Burnie Bancorp NAS:GLBZ 90 $12,925,000 $13,647,000 Glen Burnie MDUnitedStates

522110

Global Arena Holding Inc PINX:GAHC 3 $641,629 $477,773 New York NYUnitedStates

523110

Global Healthcare REIT PINX:GBCS 287 $20,928,698 $6,929,988Greenwood

VillageCO

UnitedStates

525920

Global Payments Inc NYS:GPN 24,000 $7,423,558,144 $4,911,891,968 Atlanta GAUnitedStates

522320

Globe Life Inc NYS:GL 3,261 $4,738,554,880 $4,527,532,032 McKinney TXUnitedStates

524113

Goldman Sachs BDC Inc NYS:GSBD $146,588,992 $43,288,000 New York NYUnitedStates

523910

Goldman Sachs GroupInc (The)

NYS:GS 34,400 $44,558,999,552 $33,273,999,360 New York NYUnitedStates

523110

Golub Capital BDC Inc NAS:GBDC $66,834,000 ($12,658,000) Chicago ILUnitedStates

522290

Goosehead InsuranceInc

NAS:GSHD 949 $117,014,000 $77,486,000 Westlake TXUnitedStates

524210

Grand River CommerceInc.

PINX:GNRV 69 $15,540,000 $10,678,000 Grandville MIUnitedStates

522110

Grandsouth Bancorpation PINX:GRRB 200 $44,252,000 $42,278,000 Greenville SCUnitedStates

522110

Great Ajax Corp NYS:AJX $35,210,000 $46,409,000 Beaverton ORUnitedStates

525990

Great Southern BancorpInc

NAS:GSBC 1,156 $212,188,000 $211,348,992 Springfield MOUnitedStates

522110

Great Western Bancorp NYS:GWB 1,700 $419,441,984 $481,440,000 Sioux Falls SDUnitedStates

522110



35



Green Dot Corporation NYS:GDOT 1,200 $1,253,760,000 $1,108,594,944 Pasadena CAUnitedStates

522210

GreenBox POS LLC NAS:GBOX 5 $8,525,015 $10,002,857 San Diego CAUnitedStates

522320

Greene County BancorpInc

NAS:GCBC 186 $53,483,000 $48,361,000 Catskill NYUnitedStates

522110

Greenhill & Co Inc NYS:GHL 358 $311,678,016 $301,012,000 New York NYUnitedStates

523110

GreenSky Inc NAS:GSKY 1,164 $525,648,992 $529,646,016 Atlanta GAUnitedStates

522291

Guaranty Bancshares Inc NAS:GNTY 467 $111,068,000 $94,485,000Mount

PleasantTX

UnitedStates

522110

Guaranty FederalBancshares Inc

NAS:GFED 234 $40,942,396 $38,463,312 Springfield MOUnitedStates

522110

Guild Holdings Co NYS:GHLD $1,629,138,048 $419,356,000 San Diego CAUnitedStates

522292

GWG Holdings Inc NAS:GWGH 130 $95,298,000 $92,276,000 Minneapolis MNUnitedStates

524113

Hallmark FinancialServices Inc

NAS:HALL 424 $478,744,992 $486,371,008 Dallas TXUnitedStates

524126

Hamilton Lane NAS:HLNE 450 $274,048,000 $252,179,008 Bala Cynwyd PAUnitedStates

523930

Hancock WhitneyCorporation

NAS:HWC 3,986 $1,265,969,024 $1,210,530,944 Gulfport MSUnitedStates

522110

Hanmi FinancialCorporation

NAS:HAFC 602 $222,594,000 $203,424,000 Los Angeles CAUnitedStates

522110

Hannon ArmstrongSustainable InfrastructureCapital Inc

NYS:HASI 73 $142,688,000 $141,514,000 Annapolis MDUnitedStates

523110

Hanover InsuranceGroup Inc (The)

NYS:THG 4,300 $4,827,299,840 $4,890,699,776 Worcester MAUnitedStates

524126

Harford Bank PINX:HFBK 81 $17,147,236 $15,131,441 Aberdeen MDUnitedStates

522110

Harleysville FinancialCorp

PINX:HARL 128 $25,468,000 $27,654,000 Harleysville PAUnitedStates

522120

Hartford FinancialServices Group Inc (The)

NYS:HIG 19,500 $20,320,000,000 $20,739,999,744 Hartford CTUnitedStates

524113

Harvest Capital CreditCorporation

NAS:HCAP $3,074,339 $2,699,903 New York NYUnitedStates

523910

Hawthorn BancsharesInc

NAS:HWBK 306 $64,109,000 $53,753,000 Lee's Summit MOUnitedStates

522110

HBT Financial Inc NAS:HBT $150,306,000 $163,918,000 Bloomington ILUnitedStates

523999

HCI Group Inc NYS:HCI 436 $274,079,008 $242,474,000 Tampa FLUnitedStates

524126



36



Heartland BancCorp PINX:HLAN 268 $60,452,000 $48,232,000 Gahanna OHUnitedStates

522110

Heartland Financial USAInc

NAS:HTLF 2,013 $606,918,976 $569,358,976 Dubuque IAUnitedStates

522110

Hennessy Advisors Inc NAS:HNNA 20 $33,389,000 $42,715,000 Novato CAUnitedStates

523920

Hercules Capital Inc NYS:HTGC $297,774,016 $243,604,000 Palo Alto CAUnitedStates

522290

Hercules TechnologyGrowth Capital Inc

NYS:HTGC 77 $297,774,016 $243,604,000 Palo Alto CAUnitedStates

522290

Heritage Commerce Corp NAS:HTBK 331 $151,812,000 $142,056,000 San Jose CAUnitedStates

522110

Heritage FinancialCorporation

NAS:HFWA 856 $238,226,000 $232,144,000 Olympia WAUnitedStates

522292

Heritage Global Inc NAS:HGBL 46 $26,183,000 $26,168,000 San Diego CAUnitedStates

523910

Heritage InsuranceHoldings Inc

NYS:HRTG 641 $593,385,024 $511,304,992 Clearwater FLUnitedStates

524126

Heritage NOLA PINX:HRGG 26 $4,529,000 Covington LAUnitedStates

522110

High Country Bancorp Inc PINX:HCBC 96 $18,458,000 $15,636,000 Salida COUnitedStates

522110

Higher One Holdings Inc NYS:ONE 12,667 $538,418,816 $625,312,768 New Haven CTUnitedStates

522320

Highlands REIT GREY:HHDS 9 $28,942,000 $37,353,000 Chicago ILUnitedStates

525920

Hills Bancorporation PINX:HBIA 529 $129,913,000 $122,251,000 Hills IAUnitedStates

522110

Hilltop Holdings Inc NYS:HTH 4,950 $2,036,568,064 $1,585,213,952 Dallas TXUnitedStates

524126

Hingham Institution forSavings

NAS:HIFS 90 $94,178,000 $75,730,000 Hingham MAUnitedStates

522120

Hippo Holdings Inc NYS:HIPO $50,100,000 Palo Alto CAUnitedStates

524210

HMN Financial Inc NAS:HMNF 172 $44,062,000 $37,006,000 Rochester MNUnitedStates

522110

Home Bancorp Inc NAS:HBCP 143 $106,516,000 $100,411,000 Lafayette LAUnitedStates

522110

Home BancShares Inc NYS:HOMB 2,018 $684,563,008 $654,129,984 Conway ARUnitedStates

522110

Home Federal BancorpInc of Louisiana

NAS:HFBL 64 $18,764,000 $17,409,000 Shreveport LAUnitedStates

522120

HomeStreet Inc NAS:HMST 1,030 $358,025,984 $263,822,000 Seattle WAUnitedStates

522110



37



HomeTrust BancsharesInc

NAS:HTBI 590 $133,900,000 $129,332,000 Asheville NCUnitedStates

522120

HOPE Bancorp Inc NAS:HOPE 1,408 $514,112,992 $511,303,008 Los Angeles CAUnitedStates

522110

Horace Mann EducatorsCorporation

NYS:HMN 1,490 $1,289,577,984 $1,430,484,992 Springfield ILUnitedStates

524126

Horizon TechnologyFinance Corp

NAS:HRZN 19 $10,332,000 $21,301,000 Farmington CTUnitedStates

522290

Houlihan Lokey Inc NYS:HLI 1,574 $1,159,367,936 $1,084,385,024 Los Angeles CAUnitedStates

523110

Howard Bancorp Inc NAS:HBMD 243 $84,826,000 $87,714,000 Ellicott City MDUnitedStates

522110

Humana Inc NYS:HUM 47,200 $77,155,000,320 $64,888,000,512 Louisville KYUnitedStates

524114

Huntington BancsharesIncorporated

NAS:HBAN 15,578 $4,815,000,064 $4,666,999,808 Columbus OHUnitedStates

522110

HV Bancorp NAS:HVBC 126 $27,550,000 $12,419,000Huntingdon

ValleyPA

UnitedStates

522110

i3 Verticals Inc NAS:IIIV 740 $150,134,000 $376,307,008 Nashville TNUnitedStates

522320

Icahn Enterprises LP NAS:IEP 23,833 $7,423,000,064 $10,385,999,872 New York NYUnitedStates

523910

ICC Holdings NAS:ICCH 99 $54,877,976 $59,524,900 Rock Island ILUnitedStates

524298

IF Bancorp Inc NAS:IROQ 110 $23,071,000 $22,033,000 Watseka ILUnitedStates

522110

Impac FundingCorporation

ASE:IMH 326 ($8,092,000) $90,628,000 Irvine CAUnitedStates

525990

Independence HoldingCompany

NYS:IHC 550 $443,864,000 $374,448,000 Stamford CTUnitedStates

524113

Independent Bank Corp NAS:INDB 1,375 $477,451,008 $502,747,008 Rockland MAUnitedStates

522110

Independent Bank Corp(Ionia, MI)

NAS:IBCP 983 $197,914,000 $164,507,008 Ionia MIUnitedStates

522110

Independent Bank Gr NAS:IBTX 1,513 $601,139,008 $580,649,984 McKinney TXUnitedStates

522110

Infinity Bank Santa AnaCalifornia

PINX:INFT $6,048,000 $3,565,000 Santa Ana CAUnitedStates

522110

InsCorp PINX:IBTN 46 $15,683,771 $16,508,587 Nashville TNUnitedStates

522110

Insperity Inc NYS:NSP 3,600 $4,287,003,904 $4,314,804,224 Kingwood TXUnitedStates

524292

Integrated Ventures PINX:INTV 1 $454,170 $279,143Huntingdon

ValleyPA

UnitedStates

523999



38



Interactive Brokers GroupInc

NAS:IBKR 2,033 $1,924,999,936 $1,686,000,000 Greenwich CTUnitedStates

523120

InterContinentalExchange Inc (ICE)

NYS:ICE 8,890 $8,243,999,744 $6,546,999,808 Atlanta GAUnitedStates

523210

International BancsharesCorporation

NAS:IBOC 2,456 $538,467,968 $588,598,016 Laredo TXUnitedStates

522110

International MoneyExpress Inc

NAS:IMXI 769 $357,208,992 $319,600,992 Miami FLUnitedStates

522320

Invesco Ltd NYS:IVZ 8,512 $6,145,600,000 $6,117,400,064 Atlanta GAUnitedStates

523920

Invesco Mortgage CapitalInc

NYS:IVR ($1,648,258,944) $408,051,008 Atlanta GAUnitedStates

525990

Investar Holding Corp NAS:ISTR 326 $85,668,000 $71,045,000 Baton Rouge LAUnitedStates

522110

Investors Bancorp Inc NAS:ISBC 1,793 $816,204,032 $708,486,016 Short Hills NJUnitedStates

522120

Investors Title Company NAS:ITIC 456 $236,408,000 $183,502,000 Chapel Hill NCUnitedStates

524127

Isabella Bank Corp PINX:ISBA 340 $61,927,000 $58,477,000 Mt. Pleasant MIUnitedStates

522110

iStar Inc NYS:STAR 155 $530,948,992 $479,496,000 New York NYUnitedStates

525990

Jeff Davis BancsharesInc

PINX:JDVB 254 $44,572,728 $45,043,372 Jennings LAUnitedStates

522110

Jeffersonville Bancorp PINX:JFBC 127 $21,629,000 $24,046,000 Jeffersonville NYUnitedStates

522110

JMP Group LLC NYS:JMP 180 $108,699,000 $98,271,000 San Francisco CAUnitedStates

523120

John Marshall Bank PINX:JMSB 134 $58,452,000 $50,003,000 Alexandria VAUnitedStates

522110

JPMorgan Chase & CoInc

NYS:JPM 251,196 $119,475,003,392 $115,626,999,808 New York NYUnitedStates

522110

Juniata Valley FinancialCorporation

PINX:JUVF 177 $25,566,000 $25,863,000 Mifflintown PAUnitedStates

522110

Kansas City LifeInsurance Company

PINX:KCLI 436 $509,260,992 $510,104,000 Kansas City MOUnitedStates

524113

Katahdin BanksharesCorp

PINX:KTHN 180 $35,763,000 $32,531,000 Patten MEUnitedStates

522110

Kbridge Energy Corp PINX:BMMCF 1 $282,905 $240,083 Las Vegas NVUnitedStates

523130

Kearny FinancialCorporation

NAS:KRNY 552 $169,072,992 $168,868,000 Fairfield NJUnitedStates

522120

Kemper Corporation NYS:KMPR 9,500 $5,200,799,744 $5,038,199,808 Chicago ILUnitedStates

524126



39



Kentucky Bancshares Inc PINX:KTYB 233 $48,157,000 Paris KYUnitedStates

522110

Kentucky First FederalBancorp

NAS:KFFB 63 $9,723,000 $9,682,000 Hazard KYUnitedStates

522120

KeyCorp NYS:KEY 17,045 $6,686,000,128 $6,366,000,128 Cleveland OHUnitedStates

522110

Kingstone Companies Inc NAS:KINS 87 $131,369,752 $145,563,024 Hewlett NYUnitedStates

524126

Kingsway FinancialServices Inc

NYS:KFS 172 $64,750,000 $63,214,000 Itasca ILUnitedStates

524126

Kinsale Capital Group NAS:KNSL 335 $459,886,016 $315,888,000 Richmond VAUnitedStates

524126

Kish Bancorp Inc PINX:KISB 211 $41,231,040 $36,039,476 Belleville PAUnitedStates

522110

KKR & Co Inc NYS:KKR 1,384 $4,230,891,008 $4,220,900,096 New York NYUnitedStates

523910

Lake Shore Bancorp Inc NAS:LSBK 118 $22,924,000 $21,562,000 Dunkirk NYUnitedStates

522110

Lakeland Bancorp Inc NAS:LBAI 711 $232,466,000 $220,452,992 Oak Ridge NJUnitedStates

522110

Lakeland FinancialCorporation

NAS:LKFN 568 $209,851,008 $200,044,000 Warsaw INUnitedStates

522110

Landmark Bancorp Inc NAS:LARK 292 $63,842,000 $46,163,000 Manhattan KSUnitedStates

522110

Lazard Global TotalReturn & Inc Fd Inc

NYS:LGI $36,960,584 $43,082,576 New York NYUnitedStates

525910

LCNB Corporation NAS:LCNB 332 $69,110,000 $64,309,000 Lebanon OHUnitedStates

522110

Ledyard Financial Group,Inc.

PINX:LFGP 110 $31,830,568 $28,765,520 Hanover NHUnitedStates

522110

Legg Mason Inc NYS:LM 3,059 $2,903,258,880 Baltimore MDUnitedStates

523110

Lemonade Inc NYS:LMND 567 $94,400,000 $67,300,000 New York NYUnitedStates

524126

LendingClub Corporation NYS:LC 1,030 $243,508,992 $655,203,968 San Francisco CAUnitedStates

522291

LendingTree Inc NAS:TREE 1,303 $909,990,016 $1,106,603,008 Charlotte NCUnitedStates

522310

Level One Bancorp NAS:LEVL 282 $95,535,000 $65,266,000Farmington

HillsMI

UnitedStates

522110

Liberty Bancshares Inc PINX:LBSI 74 $17,440,676 $15,003,130 Ada OHUnitedStates

522110

Limestone Bancorp Inc NAS:LMST 226 $45,555,000 $40,044,000 Louisville KYUnitedStates

522110



40



Lincoln NationalCorporation

NYS:LNC 12,732 $17,556,000,768 $17,258,000,384 Radnor PAUnitedStates

524113

Live Oak Bancshares Inc NAS:LOB 647 $284,624,000 $205,976,992 Wilmington NCUnitedStates

522120

LM Funding America NAS:LMFA 8 $1,256,413 $2,889,648 Tampa FLUnitedStates

522390

Loews Corporation NYS:L 12,200 $13,667,000,320 $14,931,000,320 New York NYUnitedStates

524126

LPL Financial HoldingsInc

NAS:LPLA 4,343 $1,997,543,040 $2,042,224,000 Boston MAUnitedStates

523930

Lument Finance Trust Inc NYS:LFT $19,140,080 $16,267,774 New York NYUnitedStates

522292

Luther Burbank NAS:LBC 277 $141,143,008 $133,082,000 Santa Rosa CAUnitedStates

522110

Lyons Bancorp Inc PINX:LYBC 226 $54,509,000 $48,547,000 Lyons NYUnitedStates

522110

M&T Bank Corporation NYS:MTB 16,973 $5,954,761,216 $6,191,943,168 Buffalo NYUnitedStates

522110

Macatawa BankCorporation

NAS:MCBC 325 $84,088,000 $81,825,000 Holland MIUnitedStates

522110

Mackinac FinancialCorporation

NAS:MFNC 315 $63,040,000 $58,314,000 Manistique MIUnitedStates

522110

Magyar Bancorp Inc NAS:MGYR 104 $22,822,000 $22,243,000New

BrunswickNJ

UnitedStates

522110

Main Street CapitalCorporation

NYS:MAIN 76 $58,427,000 $174,471,008 Houston TXUnitedStates

522290

Mainstreet BancsharesInc

NAS:MNSB 126 $53,428,000 $44,298,000 Fairfax VAUnitedStates

522110

Malvern Federal BancorpInc

NAS:MLVF 82 $29,520,000 $31,667,000 Paoli PAUnitedStates

522110

Manhattan Bridge CapitalInc.

NAS:LOAN 5 $5,664,461 $5,712,821 Great Neck NYUnitedStates

522220

Manning & Napier Inc NYS:MN 276 $127,034,000 $136,000,992 Fairport NYUnitedStates

523920

Markel Corporation NYS:MKL 18,600 $9,643,642,880 $9,523,926,016 Glen Allen VAUnitedStates

524126

MarketAxess HoldingsInc

NAS:MKTX 527 $689,124,992 $511,352,000 New York NYUnitedStates

523120

Marlin Business ServicesCorp

NAS:MRLN 254 $102,297,000 $135,222,000 Mount Laurel NJUnitedStates

522220

Marqeta Inc NAS:MQ $290,292,000 $143,267,008 Oakland CAUnitedStates

522320

Marquette NationalCorporation

PINX:MNAT 376 $91,101,000 $74,952,000 Chicago ILUnitedStates

522110



41



Mars Bancorp Inc PINX:MNBP 75 $14,300,432 $13,062,499 Mars PAUnitedStates

522110

Marsh & McLennanCompanies Inc

NYS:MMC 76,000 $17,223,999,488 $16,652,000,256 New York NYUnitedStates

524210

MasterCard Incorporated NYS:MA 21,000 $15,301,000,192 $16,883,000,320 Purchase NYUnitedStates

522320

MBIA Inc NYS:MBI 90 $282,000,000 $281,000,000 Purchase NYUnitedStates

524126

Mechanics Bank ofRichmond (CA)

PINX:MCHB 582 $647,473,408 $429,865,440 Richmond CAUnitedStates

522110

Medallion FinancialCorporation

NAS:MFIN 187 $117,207,000 $106,249,000 New York NYUnitedStates

522220

Medley Management Inc NYS:MDLY 40 $33,252,000 $48,841,000 New York NYUnitedStates

523920

Mentor Capital Inc PINX:MNTR 55 $4,825,956 $4,326,472 Ramona CAUnitedStates

523910

Mercantile BankCorporation

NAS:MBWM 665 $167,418,000 $151,490,000 Grand Rapids MIUnitedStates

522110

Merchants & MarineBancorp Inc

PINX:MNMB 152 $25,245,458 $24,034,070 Pascagoula MSUnitedStates

522110

Merchants Bancorp NAS:MBIN 329 $342,534,016 $164,852,992 Carmel INUnitedStates

522110

Mercury GeneralCorporation

NYS:MCY 4,200 $3,784,510,976 $3,972,517,888 Los Angeles CAUnitedStates

524126

Meridian Bank NAS:MRBK $135,914,000 $66,855,000 Malvern PAUnitedStates

522110

Meridian InterstateBancorp Inc

NAS:EBSB 546 $205,804,000 $186,251,008 East Boston MAUnitedStates

522110

Mesabi Trust NYS:MSB $31,707,860 $47,033,792 New York NYUnitedStates

523990

Meta Financial Group Inc NAS:CASH 1,015 $443,233,984 $452,447,008 Sioux Falls SDUnitedStates

522120

MetLife Inc NYS:MET 49,000 $67,841,998,848 $69,619,998,720 New York NYUnitedStates

524113

Metropolitan BankHolding

NYS:MCB 189 $141,924,000 $108,239,000 New York NYUnitedStates

522110

MFA Financial Inc NYS:MFA 66 ($555,867,008) $430,764,992 New York NYUnitedStates

525990

MGIC InvestmentCorporation

NYS:MTG 724 $1,199,145,984 $1,213,976,960 Milwaukee WIUnitedStates

524126

Mid Penn Bancorp Inc NAS:MPB 466 $103,779,000 $82,784,000 Millersburg PAUnitedStates

522110

Middlefield BancCorporation

NAS:MBCN 184 $49,550,000 $46,226,000 Middlefield OHUnitedStates

522110



42



Midland States Bancorp NAS:MSBI 715 $272,721,984 $262,906,000 Effingham ILUnitedStates

522110

Mid-Southern BancorpInc

NAS:MSVB 47 $7,380,000 $7,878,000 Salem INUnitedStates

522110

Midwest Holding NAS:MDWT 24 $10,581,889 $3,399,788 Lincoln NEUnitedStates

524113

MidwestOne FinancialGroup Inc

NAS:MOFG 780 $191,584,000 $174,896,000 Iowa City IAUnitedStates

522110

Mill City Ventures III Ltd PINX:MCVT $3,237,761 $177,444 Wayzata MNUnitedStates

523910

Mission Valley Bancorp PINX:MVLY 63 $19,134,000 $18,912,000 Sun Valley CAUnitedStates

522110

MMA CapitalManagement LLC

NAS:MMAC 63 ($10,840,000) $22,638,000 Baltimore MDUnitedStates

525990

MNB Holdings Corp PINX:MNBO 45 $8,888,737 $10,510,916 San Francisco CAUnitedStates

522110

Moelis & Company NYS:MC 879 $943,276,032 $746,534,016 New York NYUnitedStates

523110

Molina Healthcare Inc NYS:MOH 10,000 $19,423,000,576 $16,828,999,680 Long Beach CAUnitedStates

524114

MoneyGram InternationalInc

NAS:MGI 2,252 $1,217,200,000 $1,285,100,032 Dallas TXUnitedStates

522320

Monmouth Real EstateInvestment Corp

NYS:MNR 14 $167,816,992 $158,522,000 Freehold NJUnitedStates

525990

Monroe Capital Corp NAS:MRCC $6,512,000 $23,583,000 Chicago ILUnitedStates

523920

Morgan Group HoldingCo

PINX:MGHL 16 $4,435,929 $9,245,483 Rye NYUnitedStates

523910

Morgan Stanley NYS:MS 68,000 $45,269,000,192 $38,926,000,128 New York NYUnitedStates

523110

Mountain CommerceBancorp

PINX:MCBI 83 $37,864,860 $31,401,444 Knoxville TNUnitedStates

522110

Mr. Cooper Group Inc NAS:COOP 9,800 $2,732,999,936 $2,007,000,064 Coppell TXUnitedStates

522292

MSB FinancialCorporation

NAS:MSBF 53 $18,539,000 Millington NJUnitedStates

522110

MSCI Inc NYS:MSCI 3,633 $1,695,389,952 $1,557,795,968 New York NYUnitedStates

523930

MultiPlan Inc NYS:MPLN 2,000 $937,763,008 $982,900,992 New York NYUnitedStates

524298

MVB Financial Corp NAS:MVBF 344 $117,105,000 $120,963,000 Fairmont WVUnitedStates

522110

MVC Capital Inc NYS:MVC 20 $18,591,464 Purchase NYUnitedStates

522290



43



NASB Financial Inc PINX:NASB 602 $222,216,000 $117,638,000 Grandview MOUnitedStates

522120

Nasdaq Inc NAS:NDAQ 4,361 $5,626,999,808 $4,262,000,128 New York NYUnitedStates

523210

National Bank HoldingsCorp

NYS:NBHC 1,056 $328,854,016 $290,995,008Greenwood

VillageCO

UnitedStates

522110

National Bankshares Inc NAS:NKSH 229 $46,115,000 $46,557,000 Blacksburg VAUnitedStates

522110

National Security GroupInc (The)

NAS:NSEC 78 $66,649,000 $67,399,000 Elba ALUnitedStates

524126

National Storage NYS:NSA 924 $432,222,016 $387,896,000Greenwood

VillageCO

UnitedStates

525920

National Western LifeGroup Inc

NAS:NWLI 292 $694,742,016 $819,187,968 Austin TXUnitedStates

524113

Navient Corp NAS:NAVI 7,410 $1,688,000,000 $1,996,000,000 Wilmington DEUnitedStates

522390

NBT Bancorp Inc NAS:NBTB 1,812 $458,659,008 $451,420,000 Norwich NYUnitedStates

522110

Nelnet Inc NYS:NNI 6,199 $1,061,086,016 $978,569,024 Lincoln NEUnitedStates

522291

Net Element InternationalInc

NAS:NETE 62 $65,705,120 $64,999,612 Miami FLUnitedStates

522320

Netstreit Corp NYS:NTST $33,727,000 $19,805,000 Dallas TXUnitedStates

525920

New Mountain FinanceCorporation

NAS:NMFC $56,901,000 $109,123,000 New York NYUnitedStates

522290

New PeoplesBankshares Inc

PINX:NWPP 201 $31,461,000 $31,215,000 Honaker VAUnitedStates

522110

New York CommunityBancorp Inc

NYS:NYCB 2,948 $1,161,222,016 $1,026,328,000 Hicksville NYUnitedStates

522110

New York Mortgage TrustInc

NAS:NYMT 57 ($231,898,000) $201,187,008 New York NYUnitedStates

525990

Newtek BusinessServices Corp

NAS:NEWT 101 $74,959,000 $88,791,000 New York NYUnitedStates

522320

NexPoint Diversified RealEstate Trust

NYS:NXDT ($114,439,216) $72,165,648 Dallas TXUnitedStates

523930

NI Holdings Inc NAS:NODK 205 $306,356,992 $270,779,008 Fargo NDUnitedStates

524126

Nicholas Financial Inc NAS:NICK 261 $53,580,000 $61,796,000 Clearwater FLUnitedStates

522291

Nicolet Bankshares Inc NAS:NCBS 573 $193,234,000 $169,895,008 Green Bay WIUnitedStates

522110

NMI Holdings Inc NAS:NMIH 276 $436,190,016 $370,113,984 Emeryville CAUnitedStates

524126



44



Northeast Bancorp NAS:NBN 182 $76,112,000 $66,524,000 Lewiston MEUnitedStates

522110

Northeast IndianaBancorp Inc

PINX:NIDB 80 $16,926,338 $14,934,540 Huntington INUnitedStates

522110

Northern TrustCorporation

NAS:NTRS 17,100 $5,337,699,840 $5,298,599,936 Chicago ILUnitedStates

522110

Northfield Bancorp Inc NAS:NFBK 385 $141,280,000 $126,593,000 Woodbridge NJUnitedStates

522110

Northrim BanCorp Inc NAS:NRIM 431 $133,993,000 $101,788,000 Anchorage AKUnitedStates

522110

Northway Financial Inc PINX:NWYF 199 $38,193,000 $39,599,000 Berlin NHUnitedStates

522110

Northwest BancsharesInc

NAS:NWBI 2,523 $523,992,992 $459,872,992 Warren PAUnitedStates

522110

Norwood FinancialCorporation

NAS:NWFL 265 $58,256,000 $45,384,000 Honesdale PAUnitedStates

522110

Oak Valley Bancorp NAS:OVLY 191 $49,772,000 $46,081,000 Oakdale CAUnitedStates

522110

Oaktree CapitalManagement LLC

NYS:OAK-PA 978 $1,455,382,925 Los Angeles CAUnitedStates

523910

Oaktree SpecialtyLending

NAS:OCSL $51,544,000 $126,117,000 Los Angeles CAUnitedStates

522390

Oaktree Strategic Income NAS:OCSI $10,763,648 Los Angeles CAUnitedStates

523920

OceanFirst FinancialCorp

NAS:OCFC 1,008 $367,161,984 $292,180,000 Red Bank NJUnitedStates

522110

Oconee FederalFinancial Corp

NAS:OFED 77 $16,614,000 $16,729,000 Seneca SCUnitedStates

522120

Ocwen FinancialCorporation

NYS:OCN 5,300 $960,912,000 $1,123,374,976West Palm

BeachFL

UnitedStates

522390

OFS Capital Corp NAS:OFS 44 $10,333,000 $14,116,000Rolling

MeadowsIL

UnitedStates

522290

Ohio Valley BancCorporation

NAS:OVBC 284 $49,420,000 $50,962,000 Gallipolis OHUnitedStates

522110

Old National Bancorp NAS:ONB 2,445 $835,368,000 $796,337,024 Evansville INUnitedStates

522110

Old Point FinancialCorporation

NAS:OPOF 307 $47,627,000 $47,605,000 Hampton VAUnitedStates

522110

Old RepublicInternational Corporation

NYS:ORI 9,000 $7,165,799,936 $7,213,599,744 Chicago ILUnitedStates

524126

Old Second Bancorp Inc NAS:OSBC 533 $127,043,000 $131,550,000 Aurora ILUnitedStates

522110

OneMain Holdings Inc NYS:OMF 8,300 $3,905,999,872 $3,814,000,128 Evansville INUnitedStates

522291



45



OP NAS:OPBK 173 $56,135,000 $55,698,000 Los Angeles CAUnitedStates

522110

Open Lending Corp NAS:LPRO $108,892,000 $92,847,000 Austin TXUnitedStates

522291

Oportun Financial Corp NAS:OPRT $335,060,000 $442,364,992 San Carlos CAUnitedStates

522291

Oppenheimer HoldingsInc

NYS:OPY 2,908 $1,198,667,008 $1,033,379,008 New York NYUnitedStates

523110

OptimumBank HoldingsInc

NAS:OPHC 27 $5,284,000 $3,310,000Fort

LauderdaleFL

UnitedStates

522110

Opus Bank NAS:OPB 767 $249,656,000 Irvine CAUnitedStates

522110

Oranco Inc PINX:ORNC $12,112,360 $15,140,021 Duluth GAUnitedStates

523910

Orange County BancorpInc

PINX:OCBI 178 $59,707,000 $52,892,000 Middletown NYUnitedStates

522110

Orchid Island Capital Inc NYS:ORC $12,672,000 $34,650,000 Vero Beach FLUnitedStates

522294

Oregon Pacific Bancorp PINX:ORPB 116 $16,597,285 Florence ORUnitedStates

522110

Origin Bancorp Inc NAS:OBNK 749 $246,108,000 $212,580,992 Ruston LAUnitedStates

522110

Oritani Financial Corp NAS:ORIT 250 $103,760,000Township ofWashington

NJUnitedStates

522110

Orrstown FinancialServices Inc

NAS:ORRF 418 $110,859,000 $96,821,000 Shippensburg PAUnitedStates

522110

Osage Bancshares Inc PINX:OSBK $19,071,124 $16,866,964 Pawhuska OKUnitedStates

522110

Oscar Health Inc NYS:OSCR 700 $589,641,024 $553,779,008 New York NYUnitedStates

524114

OTC Markets Group Inc PINX:OTCM 102 $68,419,000 $60,350,000 New York NYUnitedStates

523210

Owl Rock Capital Corp NYS:ORCC $303,156,000 $457,760,000 New York NYUnitedStates

522291

Oxford Square Capital NAS:OXSQ $5,535,364 ($28,743,274) Greenwich CTUnitedStates

523910

P10 Holdings PINX:PIOE 144 $67,368,000 Dallas TXUnitedStates

523110

Pacific Financial Corp PINX:PFLC 234 $57,340,000 $52,537,000 Aberdeen WAUnitedStates

522110

Pacific Health CareOrganization Inc

PINX:PFHO 34 $6,042,718 $7,330,940Newport

BeachCA

UnitedStates

524298A

Pacific MercantileBancorp

NAS:PMBC 147 $57,727,000 $54,505,000 Costa Mesa CAUnitedStates

522110



46



Pacific Premier BancorpInc

NAS:PPBI 1,478 $622,305,024 $463,192,000 Irvine CAUnitedStates

522110

PacWest Bancorp NAS:PACW 1,700 $1,129,632,000 $1,130,420,992 Beverly Hills CAUnitedStates

522110

Palomar Holdings Inc NAS:PLMR 122 $168,463,008 $113,296,000 La Jolla CAUnitedStates

524126

Paragon Real EstateEquity and InvestmentTrust

PINX:PRLE 3 $9,671,000 $14,253,000 Houston OHUnitedStates

525990

Park NationalCorporation

ASE:PRK 1,778 $453,294,016 $394,929,984 Newark OHUnitedStates

522110

Parke Bancorp Inc NAS:PKBK 97 $66,828,000 $60,724,000Washington

TownshipNJ

UnitedStates

522110

Parkway Acquisition PINX:PKKW 230 $33,601,000 $32,848,000 Floyd VAUnitedStates

522110

Pathfinder Bancorp Inc NAS:PBHC 183 $37,385,000 $32,331,000 Oswego NYUnitedStates

522110

Patriot National BancorpInc

NAS:PNBK 122 $25,958,000 $27,754,000 Stamford CTUnitedStates

522110

Payoneer Global Inc NAS:PAYO $345,592,000 $317,750,016 New York NYUnitedStates

522320

PayPal Holdings Inc NAS:PYPL 26,500 $21,454,000,128 $17,771,999,232 San Jose CAUnitedStates

522320

PaySign Inc NAS:PAYS 70 $24,120,434 $34,666,652 Henderson NVUnitedStates

522320

PB Bancorp NAS:PBBI 113 $17,599,000 Putnam CTUnitedStates

522120

PB Bankshares Inc NAS:PBBK $7,133,000 $7,411,000 Coatesville PAUnitedStates

522120

PCB Bancorp NAS:PCB 248 $77,929,000 $80,903,000 Los Angeles CAUnitedStates

522110

PDL Community Bancorp NAS:PDLB 227 $49,593,000 $40,124,000 Bronx NYUnitedStates

522110

Peapack GladstoneFinancial Corporation

NAS:PGC 501 $189,362,000 $174,970,000 Bedminster NJUnitedStates

522110

PennantPark InvestmentCorporation

NAS:PNNT ($9,858,612) $28,956,726 New York NYUnitedStates

522290

Penns Woods BancorpInc

NAS:PWOD 336 $60,391,000 $61,267,000 Williamsport PAUnitedStates

522110

PennyMac FinancialServices Inc

NYS:PFSI 6,000 $3,977,147,904 $1,689,383,040Westlake

VillageCA

UnitedStates

522292

PennyMac MortgageInvestment Trust

NYS:PMT 1 $106,708,000 $220,659,008Westlake

VillageCA

UnitedStates

525990

Peoples Bancorp Inc(Marietta, OH)

NAS:PEBO 894 $193,234,000 $197,926,000 Marietta OHUnitedStates

522110



47



Peoples Bancorp of NorthCarolina Inc

NAS:PEBK 317 $60,750,000 $59,511,000 Newton NCUnitedStates

522110

Peoples FinancialCorporation

PINX:PFBX 141 $23,405,000 $22,984,000 Biloxi MSUnitedStates

522110

Peoples FinancialServices Corporation

NAS:PFIS 384 $96,443,000 $90,633,000 Hallstead PAUnitedStates

522110

People's United FinancialInc

NAS:PBCT 5,987 $1,992,600,064 $1,843,399,936 Bridgeport CTUnitedStates

522110

People's Utah Bancorp NAS:PUB 490 $125,099,000 American Fork UTUnitedStates

522110

Perella WeinbergPartners LP

NAS:PWP 280 $518,986,000 New York NYUnitedStates

523110

PIMCO Corporate &Income Opportunity Fds

NYS:PTY ($101,189,000) $123,336,000 New York NYUnitedStates

525910

PIMCO Energy & TacticalCredit Opportunities

NYS:NRGX ($424,481,984) $22,273,000 New York NYUnitedStates

523999

PIMCO Strategic GlobalGovernment

NYS:RCS ($20,336,000) $26,440,000 New York NYUnitedStates

525910

Pinnacle Bank (Gilroy,CA)

PINX:PBNK 242 $23,950,994 $22,841,168 Gilroy CAUnitedStates

522110

Pinnacle BanksharesCorp

PINX:PPBN 117 $24,247,000 $22,299,000 Altavista VAUnitedStates

522110

Pinnacle FinancialPartners Inc

NAS:PNFP 2,634 $988,860,032 $896,281,024 Nashville TNUnitedStates

522110

Pioneer High IncomeTrust

NYS:PHT ($53,677,720) $5,491,232 Boston MAUnitedStates

523930

Piper Sandler Companies NYS:PIPR 1,511 $1,181,207,040 $798,556,992 Minneapolis MNUnitedStates

523110

PJT Partners NYS:PJT 749 $1,052,300,032 $717,638,976 New York NYUnitedStates

523930

Plumas Bancorp NAS:PLBC 177 $46,638,000 $45,738,000 Quincy CAUnitedStates

522110

PNC Financial ServicesGroup Inc

NYS:PNC 51,257 $16,798,000,128 $17,827,000,320 Pittsburgh PAUnitedStates

522110

Portman Ridge FinanceCorp

NAS:PTMN 25 $37,461,304 $606,929 New York NYUnitedStates

523910

Positive PhysiciansHoldings Inc

OTC:PPHI $27,965,606 Berwyn PAUnitedStates

524126

PRA Group Inc NAS:PRAA 3,820 $1,065,414,016 $993,056,000 Norfolk VAUnitedStates

523910

Preferred Bank (LosAngeles, CA)

NAS:PFBC 279 $180,211,008 $170,883,008 Los Angeles CAUnitedStates

522110

Premier FinancialBancorp Inc

NAS:PFBI 371 $76,104,000 $76,235,000 Huntington WVUnitedStates

522110



48



Premier Financial Corp NAS:PFC 699 $288,139,008 $160,207,008 Defiance OHUnitedStates

522110

Prime Meridian Holding PINX:PMHG 90 $20,562,000 $16,951,000 Tallahassee FLUnitedStates

522110

Primerica Inc NYS:PRI 2,824 $2,275,013,888 $2,100,829,056 Duluth GAUnitedStates

524113

Principal Financial GroupInc

NAS:PFG 17,400 $14,741,699,584 $16,222,100,480 Des Moines IAUnitedStates

524113

Priority TechnologyHoldings Inc

NAS:PRTH 479 $404,342,016 $371,854,016 Alpharetta GAUnitedStates

522320

Private Bancorp AmericaInc

PINX:PBAM 130 $55,390,124 $44,576,192 La Jolla CAUnitedStates

522110

ProAssuranceCorporation

NYS:PRA 827 $886,860,992 $1,009,894,976 Birmingham ALUnitedStates

524126

Professional Holding NAS:PFHD $64,359,000 $30,851,000 Coral Gables FLUnitedStates

522110

Progressive Corporation(The)

NYS:PGR 43,326 $42,638,098,432 $38,997,700,608Mayfield

VillageOH

UnitedStates

524126

Prospect CapitalCorporation

NAS:PSEC 8 $31,224,000 $196,530,000 New York NYUnitedStates

522220

Prosperity BancsharesInc

NYS:PB 3,756 $1,121,938,048 $796,425,984 Houston TXUnitedStates

522110

Protective CapitalStructures Corp.

PINX:PCSO 4 $4,860,994,560 Wilmington DEUnitedStates

522310

Provident Bancorp NAS:PVBC 158 $58,015,000 $47,501,000 Amesbury MAUnitedStates

522110

Provident FinancialHoldings Inc

NAS:PROV 161 $40,921,000 $50,681,000 Riverside CAUnitedStates

522110

Provident FinancialServices Inc

NYS:PFS 1,200 $385,000,992 $361,767,008 Jersey NJUnitedStates

522110

Provident State Bank ofPreston

PINX:PSBP 100 $19,621,070 $17,423,868 Preston MDUnitedStates

522110

Prudential Bancorp Inc NAS:PBIP 93 $30,905,000 $27,845,000 Philadelphia PAUnitedStates

522120

Prudential Financial Inc NYS:PRU 51,511 $57,032,998,912 $64,806,998,016 Newark NJUnitedStates

524113

PSB Holdings Inc(Wausau, WI)

PINX:PSBQ 185 $43,380,000 $38,864,000 Wausau WIUnitedStates

522110

PwrCor Inc PINX:PWCO 4 $189,965 $757,639 Fort Lee NJUnitedStates

522390

Pzena InvestmentManagement Inc

NYS:PZN 121 $138,619,008 $150,746,000 New York NYUnitedStates

523920

QCHI PINX:QCCO 1,244 $104,844,730 Lenexa KSUnitedStates

522390



49



QCR Holdings Inc NAS:QCRH 739 $276,459,008 $218,099,008 Moline ILUnitedStates

522110

QNB Corporation PINX:QNBC 200 $44,850,000 $44,611,000 Quakertown PAUnitedStates

522110

Quaint Oak Bancorp Inc PINX:QNTO 96 $17,490,000 $13,638,000 Southampton PAUnitedStates

522110

Radian Group Inc NYS:RDN 1,600 $1,438,616,960 $1,526,955,008 Philadelphia PAUnitedStates

524126

Rand Capital Corporation NAS:RAND 4 $3,040,220 ($739,397) Buffalo NYUnitedStates

522290

Randolph Bancorp NAS:RNDB 214 $74,278,000 $39,496,000 Stoughton MAUnitedStates

522110

Raymond JamesFinancial Inc

NYS:RJF 14,800 $7,888,999,936 $7,646,000,128 St. Petersburg FLUnitedStates

523110

RBB Bancorp NAS:RBB 371 $118,711,000 $115,035,000 Los Angeles CAUnitedStates

522110

Red River BancsharesInc

NAS:RRBI 336 $91,115,000 $78,461,000 Alexandria LAUnitedStates

522110

Redwood Trust Inc NYS:RWT 247 ($352,480,000) $304,471,008 Mill Valley CAUnitedStates

525990

Regional ManagementCorp

NYS:RM 1,542 $336,054,016 $315,588,000 Greenville SCUnitedStates

522291

Regions FinancialCorporation

NYS:RF 19,406 $6,224,999,936 $5,820,000,256 Birmingham ALUnitedStates

522110

Reinsurance Group ofAmerica Inc

NYS:RGA 3,600 $14,595,999,744 $14,300,000,256 Chesterfield MOUnitedStates

524130

Reliance Global GroupInc

NAS:RELI $7,279,530 $4,450,785 Lakewood NJUnitedStates

524210

Reliant Bancorp NAS:RBNC 428 $129,574,000 $67,769,000 Brentwood TNUnitedStates

522110

Remitly Inc NAS:RELY 1,600 $256,956,000 $126,567,000 Seattle WAUnitedStates

522320

Renasant Corporation NAS:RNST 2,524 $662,329,024 $596,910,976 Tupelo MSUnitedStates

522110

Repay HoldingsCorporation

NAS:RPAY 354 $155,035,936 Great Falls VAUnitedStates

522320

Republic First BancorpInc

NAS:FRBK 499 $122,112,000 $97,249,000 Philadelphia PAUnitedStates

522110

Rhinebeck Bancorp Inc NAS:RBKB 176 $44,666,000 $37,877,000 Poughkeepsie NYUnitedStates

522110

Riot Blockchain NAS:RIOT 8 $12,081,000 $6,837,000 Castle Rock COUnitedStates

523999

River Financial PINX:RVRF 231 $67,080,000 $50,313,000 Prattville ALUnitedStates

522110



50



RiverNorth SpecialtyFinance Corp

NYS:RSF ($4,788,144) $9,565,706 Chicago ILUnitedStates

523930

Riverview Bancorp Inc NAS:RVSB 252 $58,091,000 $58,161,000 Vancouver WAUnitedStates

522110

Riverview Financial Corp NAS:RIVE 276 $48,036,000 $49,461,000 Harrisburg PAUnitedStates

522110

RLI Corp NYS:RLI 905 $987,678,976 $1,006,625,024 Peoria ILUnitedStates

524126

Robinhood Markets Inc NAS:HOOD $958,833,024 $277,532,992 Menlo Park CAUnitedStates

523120

Rocket Cos. (QuickenLoans Inc)

NYS:RKT 20,000 $15,548,880,896 $4,983,046,144 Detroit MIUnitedStates

522310

Root Inc NAS:ROOT 1,007 $346,800,000 $290,200,000 Columbus OHUnitedStates

524126

Royal Financial Inc PINX:RYFL 76 $15,219,809 $15,017,326 Chicago ILUnitedStates

522110

Royal Gold Inc NAS:RGLD 27 $498,819,008 $423,056,000 Denver COUnitedStates

523990

Royalty Pharma PLC NAS:RPRX $2,122,353,024 $1,814,253,952 New York NYUnitedStates

523910

RREEF Property Trust NAS:ZRPTAX $24,694,000 New York NYUnitedStates

523991

Runway Growth FinanceCorp

NAS:RWAY $51,380,112 $31,690,780 Chicago ILUnitedStates

522130

Ryan Specialty GroupHoldings Inc

NYS:RYAN $1,018,273,984 $765,110,976 Chicago ILUnitedStates

524210

S&T Bancorp Inc NAS:STBA 1,174 $339,107,008 $299,348,992 Indiana PAUnitedStates

522110

Safety Insurance GroupInc

NAS:SAFT 586 $840,401,024 $875,816,000 Boston MAUnitedStates

524126

Salisbury Bancorp Inc NAS:SAL 194 $48,469,000 $43,362,000 Lakeville CTUnitedStates

522110

Sandy Spring BancorpInc

NAS:SASR 932 $463,411,008 $336,630,016 Olney MDUnitedStates

522110

Santander ConsumerUSA Holdings Inc

NYS:SC 5,576 $6,743,723,008 $6,311,358,976 Dallas TXUnitedStates

522291

Saratoga InvestmentCorp

NYS:SAR 85 $63,609,048 $24,785,912 New York NYUnitedStates

522290

SB Financial Group Inc NAS:SBFG 244 $66,026,000 $52,842,000 Defiance OHUnitedStates

522110

Seacoast BankingCorporation of Florida

NAS:SBCF 867 $324,312,992 $300,350,016 Stuart FLUnitedStates

522110

Security Federal Corp PINX:SFDL 243 $41,935,768 $37,719,752 Aiken SCUnitedStates

522120



51



Security NationalFinancial Corporation

NAS:SNFCA 1,293 $481,463,328 $283,060,928 Salt Lake City UTUnitedStates

524113

SEI InvestmentsCompany

NAS:SEIC 3,988 $1,684,057,984 $1,649,885,056 Oaks PAUnitedStates

523920

Select Bancorp Inc NAS:SLCT 246 $58,569,000 $52,309,000 Dunn NCUnitedStates

522110

Selective InsuranceGroup Inc

NAS:SIGI 2,400 $2,922,274,048 $2,846,490,880 Branchville NJUnitedStates

524126

SelectQuote Inc NYS:SLQT 1,900 $531,515,008 $337,468,992 Overland Park KSUnitedStates

524210

Seneca Financial Corp PINX:SNNF 41 $7,042,000 New York NYUnitedStates

522110

ServisFirst BancsharesInc

NYS:SFBS 493 $367,798,016 $308,444,000 Birmingham ALUnitedStates

522110

Seven Hills Realty Trust NAS:SEVN ($54,307,652) $72,054,192 Newton MAUnitedStates

525920

Severn Bancorp Inc NAS:SVBI 187 $43,101,000 $40,771,000 Annapolis MDUnitedStates

522120

Shift4 Payments Inc NYS:FOUR $766,899,968 $731,400,000 Allentown PAUnitedStates

522320

Shore Bancshares Inc NAS:SHBI 295 $63,346,000 $59,666,000 Easton MDUnitedStates

522110

Siebert Financial Corp NAS:SIEB 125 $54,872,000 $28,593,000 New York NYUnitedStates

523110

Sierra Bancorp NAS:BSRR 512 $121,623,000 $112,209,000 Porterville CAUnitedStates

522110

Signature Bank Corp NAS:SBNY 1,652 $1,594,339,968 $1,339,540,992 New York NYUnitedStates

522110

Signature GroupHoldings Inc

NAS:RELY 1,600 $256,956,000 $126,567,000 Sherman Oaks CAUnitedStates

522200

Silvercrest AssetManagement Group Inc

NAS:SAMG 146 $107,983,000 $102,152,000 New York NYUnitedStates

523920

Silvergate Capital Corp NYS:SI $88,757,000 $79,599,000 La Jolla CAUnitedStates

521110

Simmons First NationalCorporation

NAS:SFNC 2,923 $869,302,016 $790,620,992 Pine Bluff ARUnitedStates

522110

SLM Corporation (SallieMae)

NAS:SLM 1,600 $1,800,110,976 $1,672,242,048 Newark DEUnitedStates

522294

SmartFinancial Inc NAS:SMBK 475 $114,097,000 $90,600,000 Knoxville TNUnitedStates

522110

SoFi (SoFi TechnologiesInc)

NAS:SOFI 1,977 $565,532,032 $442,659,008 San Francisco CAUnitedStates

522291

Solar Capital Ltd NAS:SLRC $23,602,000 $64,496,000 New York NYUnitedStates

522290



52



Solar Senior Capital Ltd NAS:SUNS $13,234,000 $23,393,000 New York NYUnitedStates

523910

Sorrento TherapeuticsInc

NAS:SRNE 310 $39,986,000 $31,432,000 San Diego FLUnitedStates

523910

Sound Financial BancorpInc

NAS:SFBC 120 $34,931,000 $30,990,000 Seattle WAUnitedStates

522110

South AtlanticBancshares

PINX:SABK 120 $38,009,764 $31,673,964 Myrtle Beach SCUnitedStates

522110

South Plains FinancialInc

NAS:SPFI 682 $219,635,008 $157,862,000 Lubbock TXUnitedStates

522110

South State Corporation NAS:SSB 5,311 $1,130,275,968 $643,422,016 Columbia SCUnitedStates

522110

Southern FirstBancshares Inc

NAS:SFST 254 $107,200,000 $83,748,000 Greenville SCUnitedStates

522110

Southern MissouriBancorp Inc

NAS:SMBC 492 $94,886,000 $85,832,000 Poplar Bluff MOUnitedStates

522110

Southern NationalBancorp of Virginia Inc

NAS:SONA 350 $93,496,000 McLean VAUnitedStates

522110

Southside BancsharesInc

NAS:SBSI 832 $235,979,008 $211,279,008 Tyler TXUnitedStates

522110

Spirit of TexasBancshares Inc

NAS:STXB 383 $124,811,000 $92,457,000 Conroe TXUnitedStates

522110

Square (Block Inc.) NYS:SQ 3,835 $9,497,578,496 $4,713,500,160 San Francisco CAUnitedStates

522320

SSB Bancorp PINX:SSBP 23 $5,208,239 Pittsburgh PAUnitedStates

522120

Standard AVB FinancialCorp

NAS:STND 157 $33,494,000 Monroeville PAUnitedStates

522110

Starwood Property TrustInc

NYS:STWD 282 $822,435,968 $959,424,000 Greenwich CTUnitedStates

525990

State Auto FinancialCorporation

NAS:STFC 1,978 $1,480,300,032 $1,407,600,000 Columbus OHUnitedStates

524126

State Street Corporation NYS:STT 39,439 $10,684,000,256 $10,698,000,384 Boston MAUnitedStates

523920

Stellus CapitalInvestment Corp

NYS:SCM $25,521,380 $31,688,748 Houston TXUnitedStates

522290

Sterling Bancorp NYS:STL 1,460 $989,931,008 $1,032,044,992 Montebello NYUnitedStates

522110

Sterling Bancorp Inc NAS:SBT 294 $110,101,000 $132,431,000 Southfield MIUnitedStates

522110

Stewart InformationServices Corporation

NYS:STC 5,800 $2,288,432,128 $1,940,007,936 Houston TXUnitedStates

524127

Stifel Financial Corp NYS:SF 8,300 $3,696,101,120 $3,293,018,880 St. Louis MOUnitedStates

523110



53



Stock Yards Bancorp Inc NAS:SYBT 641 $185,214,000 $175,011,008 Louisville KYUnitedStates

522110

StoneCastle FinancialCorporation

NAS:BANX 50 $9,850,567 $14,448,027 New York NYUnitedStates

525990

StoneX Group Inc NAS:SNEX 2,012 $54,139,600,896 $32,896,999,424 New York NYUnitedStates

523130

STORE Capital Corp NYS:STOR 106 $694,268,032 $665,713,984 Scottsdale AZUnitedStates

525920

Sturgis Bancorp Inc PINX:STBI 146 $26,746,000 $20,930,000 Sturgis MIUnitedStates

522110

Sugar Creek FinancialCorporation

PINX:SUGR 20 $2,542,726 $2,768,070 Trenton ILUnitedStates

522120

Summit Financial GroupInc

NAS:SMMF 415 $113,340,000 $94,467,000 Moorefield WVUnitedStates

522110

Summit State Bank NAS:SSBI 99 $34,709,000 $25,638,000 Santa Rosa CAUnitedStates

522110

Suncrest Bank PINX:SBKK 125 $43,485,000 $40,105,048 Visalia CAUnitedStates

522110

Sunnyside Bancorp Inc PINX:SNNY 10 $2,179,595 $2,225,450 New York NYUnitedStates

522120

SuRo Capital Corp NAS:SSSS $89,428,160 $35,454,104 San Francisco CAUnitedStates

523920

Sussex Bancorp Inc NAS:SBBX 243 $73,739,000 Franklin NJUnitedStates

522110

SVB Financial Group NAS:SIVB 4,461 $3,919,848,960 $3,259,500,032 Santa Clara CAUnitedStates

522110

SVB&T Corp PINX:SVBT 113 $24,394,000 $19,919,000 Jasper INUnitedStates

522110

Synchrony Financial NYS:SYF 16,500 $15,456,000,000 $17,912,999,936 Stamford CTUnitedStates

522210

Synovus Financial Corp NYS:SNV 5,247 $2,019,261,056 $1,951,703,040 Columbus GAUnitedStates

522110

T Rowe Price Group Inc NAS:TROW 7,678 $6,206,700,032 $5,617,900,032 Baltimore MDUnitedStates

523920

TC Bancshares Inc NAS:TCBC $12,753,412 $10,715,379 Thomasville GAUnitedStates

522110

TCF FinancialCorporation

NAS:TCF 7,123 $2,003,602,944 $1,702,113,024 Detroit MIUnitedStates

522110

TCG BDC NAS:CGBD $17,117,000 $70,188,000 New York NYUnitedStates

523999

TCP Capital Corp NAS:TCPC $84,646,824 $39,321,148 Santa Monica CAUnitedStates

522290

Tekla HealthcareInvestors

NYS:HQH $242,922,432 ($143,631,392) Boston MAUnitedStates

525990



54



Tekla Life SciencesInvestors

NYS:HQL $124,082,976 ($69,342,096) Boston MAUnitedStates

523930

Territorial Bancorp Inc NAS:TBNK 281 $64,370,000 $66,373,000 Honolulu HIUnitedStates

522110

Texas CapitalBancshares Inc

NAS:TCBI 1,619 $989,716,992 $1,049,587,008 Dallas TXUnitedStates

522110

TFS FinancialCorporation

NAS:TFSL 931 $295,519,008 $285,884,992 Cleveland OHUnitedStates

522120

TGR Financial PINX:TGRF 152 $56,616,000 $52,904,000 Naples FLUnitedStates

522110

Thomasville BancsharesInc

PINX:THVB 117 $47,198,428 Thomasville GAUnitedStates

522110

Timberland Bancorp Inc NAS:TSBK 286 $65,101,000 $62,178,000 Hoquiam WAUnitedStates

522120

Tiptree Inc NAS:TIPT 1,372 $814,729,024 $765,129,984 New York NYUnitedStates

524113

Tivity Health Inc NAS:TVTY 350 $437,713,984 $1,131,156,992 Franklin TNUnitedStates

524298A

Toast Inc NYS:TOST 2,200 $823,134,016 $665,028,992 Boston MAUnitedStates

522320

Toga Ltd PINX:TOGL 60 $8,847,927 New York NYUnitedStates

523910

Tompkins FinancialCorporation

ASE:TMP 1,048 $295,944,000 $282,724,992 Ithaca NYUnitedStates

522110

Town Center Bank (IL) PINX:TCNB 23 $5,137,000 $4,112,000 Frankfort ILUnitedStates

522110

Towne Bank Inc NAS:TOWN 2,490 $662,233,024 $563,240,000 Portsmouth VAUnitedStates

522110

TPG Specialty LendingInc

NYS:TSLX $205,504,992 $179,044,000 Fort Worth TXUnitedStates

523920

Tradeweb Markets Inc NAS:TW 961 $892,659,008 $775,566,016 New York NYUnitedStates

523210

Travelers Companies Inc(The)

NYS:TRV 30,600 $31,981,000,704 $31,580,999,680 New York NYUnitedStates

524126

Tremont Mortgage Trust NAS:TRMT $12,439,000 $8,428,000 Newton MAUnitedStates

523991

Tri City BanksharesCorporation

PINX:TRCY 530 $67,991,544 $69,589,656 Oak Creek WIUnitedStates

522110

Tri County Financial Grp PINX:TYFG $74,981,000 $50,221,000 Mendota ILUnitedStates

522110

TriCo Bancshares NAS:TCBK 1,068 $307,723,008 $305,388,000 Chico CAUnitedStates

522110

TriplePoint VentureGrowth BDC Corp

NYS:TPVG $44,770,000 $40,201,000 Menlo Park CAUnitedStates

523999



55



TriState Capital HoldingsInc

NAS:TSC 308 $195,148,992 $179,839,008 Pittsburgh PAUnitedStates

522110

Triumph Bancorp Inc NAS:TBK 1,126 $335,355,008 $287,472,000 Dallas TXUnitedStates

522110

Truist FinancialCorporation

NYS:TFC 22,899 $22,705,000,448 $12,568,000,512 Charlotte NCUnitedStates

522110

Trupanion Inc NAS:TRUP 911 $502,028,000 $383,936,000 Seattle WAUnitedStates

524114

Trustco Bank Corp NY NAS:TRST 778 $170,750,000 $174,398,000 Glenville NYUnitedStates

522110

Trustmark Corporation NAS:TRMK 2,844 $610,080,000 $536,408,992 Jackson MSUnitedStates

522110

Two Harbors InvestmentCorporation

NYS:TWO 109 ($1,563,452,032) $427,222,016 New York NYUnitedStates

525990

Two Rivers FinancialGroup Inc

PINX:TRVR 176 $48,836,000 $43,164,000 Burlington IAUnitedStates

522110

U&I Financial Corp PINX:UNIF 48 $19,309,000 $16,375,000 Lynnwood WAUnitedStates

522110

UMB FinancialCorporation

NAS:UMBF 3,591 $1,218,227,968 $1,027,726,976 Kansas City MOUnitedStates

522110

Umpqua HoldingsCorporation

NAS:UMPQ 3,920 $1,294,528,000 $1,256,594,944 Portland ORUnitedStates

522110

Unico AmericanCorporation

NAS:UNAM 76 $32,560,112 $31,372,814 Woodland Hills CAUnitedStates

524126

Union Bank PINX:UBNC 152 $33,144,344 $30,200,836 Greenville NCUnitedStates

522120

Union BanksharesCorporation

NAS:AUB 1,609 $536,514,317 Richmond VAUnitedStates

522110

Union Bankshares Inc NAS:UNB 193 $47,606,000 $40,709,000 Morrisville VTUnitedStates

522110

United Bancorp Inc NAS:UBCP 132 $29,809,000 $24,794,000 Martins Ferry OHUnitedStates

522110

United Bancorporation ofAlabama Inc

PINX:UBAB 203 $41,034,588 $34,695,608 Atmore ALUnitedStates

522110

United Bancshares Inc NAS:UBOH 222 $57,262,000 $41,825,000Columbus

GroveOH

UnitedStates

522110

United Bankshares Inc NAS:UBSI 3,051 $1,031,123,968 $726,529,024 Charleston WVUnitedStates

522110

United Community BanksInc

NAS:UCBI 2,406 $639,361,984 $557,670,976 Blairsville GAUnitedStates

522110

United Financial BancorpInc

NAS:UBNK 718 $232,561,358 Hartford CTUnitedStates

522110

United Fire & CasualtyCo

NAS:UFCS 1,165 $1,068,627,008 $1,201,165,056 Cedar Rapids IAUnitedStates

524126



56



United InsuranceHoldings Corp

NAS:UIHC 363 $846,656,000 $825,116,032 St. Petersburg FLUnitedStates

524126

United SecurityBancshares

NAS:UBFO 121 $37,270,000 $42,511,000 Fresno CAUnitedStates

522110

United TennesseeBankshares Inc

PINX:UNTN 30 $5,814,957 $6,108,667 Newport TNUnitedStates

522120

UnitedHealth Group Inc NYS:UNH 330,000 $255,638,994,944 $240,269,000,704 Minnetonka MNUnitedStates

524114

Unity Bancorp Inc NAS:UNTY 210 $74,744,000 $66,053,000 Clinton NJUnitedStates

522110

Universal InsuranceHoldings Inc

NYS:UVE 909 $1,072,769,984 $939,350,976Fort

LauderdaleFL

UnitedStates

524126

University Bancorp Inc PINX:UNIB 525 $132,305,904 $65,574,040 Ann Arbor MIUnitedStates

522110

Univest Corporation ofPennsylvania

NAS:UVSP 896 $252,688,992 $234,654,000 Souderton PAUnitedStates

522110

Unum Group NYS:UNM 10,700 $13,162,099,712 $11,998,900,224 Chattanooga TNUnitedStates

524114

Upstart Network Inc NAS:UPST 554 $227,600,992 $163,818,000 San Carlos CAUnitedStates

522310

US Bancorp (US Bank) NYS:USB 69,651 $23,225,999,360 $22,883,000,320 Minneapolis MNUnitedStates

522110

US Global Investors Inc NAS:GROW 23 $4,476,000 $4,917,000 San Antonio TXUnitedStates

523920

Us Metro Bank (GardenGrove, CA)

PINX:USMT $27,185,982 $23,512,172 Garden Grove CAUnitedStates

522110

UTG Inc PINX:UTGN 35 $27,387,740 $44,326,268 Springfield ILUnitedStates

524113

Uwharrie Capital Corp PINX:UWHR 193 $41,719,000 $28,424,000 Albemarle NCUnitedStates

522110

Valley National Bancorp NAS:VLY 3,155 $1,301,300,992 $1,112,568,064 Wayne NJUnitedStates

522110

Valley Republic Bancorp PINX:VLLX 112 $36,327,000 $29,234,000 Bakersfield CAUnitedStates

522120

Vaulted Gold Bullion GREY:VTTBL 45,000 $45,387,888 New York NYUnitedStates

523140

Velocity Financial Inc NYS:VEL $65,965,000 $54,263,000Westlake

VillageCA

UnitedStates

522310

Vericity Inc NAS:VERY $147,831,008 $135,300,000 Chicago ILUnitedStates

524113

Veritex Holdings Inc NAS:VBTX 643 $313,142,016 $315,176,992 Dallas TXUnitedStates

522110

Victory Bancorp PINX:VTYB $12,593,000 $11,131,000 Limerick PAUnitedStates

522110



57



Victory Capital Holdings NAS:VCTR 429 $775,350,976 $612,372,992 Brooklyn OHUnitedStates

523999

Village Bank and TrustFinancial Corporation

NAS:VBFC 152 $33,638,000 $26,065,000 Midlothian VAUnitedStates

522110

Virginia NationalBankshares Corp

NAS:VABK 97 $30,264,000 $27,285,000 Charlottesville VAUnitedStates

522110

Virtu Financial Inc NAS:VIRT 976 $3,239,331,072 $1,530,082,048 New York NYUnitedStates

523120

Virtus Global Multi-SectorInc

NYS:VGI $9,026,000 $16,310,000 Greenfield MAUnitedStates

523930

Virtus InvestmentPartners Inc

NAS:VRTS 581 $603,225,984 $562,259,008 Hartford CTUnitedStates

523920

Visa Inc NYS:V 20,500 $21,845,999,616 $22,976,999,424 San Francisco CAUnitedStates

522320

Voya Financial Inc NYS:VOYA 6,000 $7,648,999,936 $7,475,999,744 New York NYUnitedStates

524113

Voya Prime Rate Trust NYS:BRW $11,216,758 $22,388,472 Scottsdale AZUnitedStates

523991

VSB Bancorp Inc PINX:VSBN 68 $14,861,494 Staten Island NYUnitedStates

522110

W R Berkley Corporation NYS:WRB 7,493 $8,069,075,968 $7,932,911,104 Greenwich CTUnitedStates

524126

Walker & Dunlop Inc NYS:WD 988 $1,083,707,008 $817,219,008 Bethesda MDUnitedStates

522310

Washington Federal Inc NAS:WAFD 2,080 $570,302,976 $544,188,032 Seattle WAUnitedStates

522120

Washington TrustBancorp Inc

NAS:WASH 609 $226,886,000 $200,494,000 Westerly RIUnitedStates

522110

Waterstone Financial Inc NAS:WSBF 812 $292,871,008 $179,659,008 Wauwatosa WIUnitedStates

522110

Wayne SavingsBancshares Inc

PINX:WAYN 104 $20,236,000 $19,022,000 Wooster OHUnitedStates

522120

Webster FinancialCorporation

NYS:WBS 3,345 $1,176,669,952 $1,240,441,984 Waterbury CTUnitedStates

522110

Wellesley Bancorp Inc NAS:WEBK 80 $30,195,000 Wellesley MAUnitedStates

522110

Wells Fargo & Company NYS:WFC 268,531 $72,339,996,672 $85,063,000,064 San Francisco CAUnitedStates

522110

Wesbanco Inc NAS:WSBC 2,612 $599,299,968 $509,688,992 Wheeling WVUnitedStates

522110

West Bancorporation Inc NAS:WTBA 175 $91,973,000 $73,998,000West Des

MoinesIA

UnitedStates

522110

WestamericaBancorporation

NAS:WABC 712 $206,132,992 $204,202,000 San Rafael CAUnitedStates

522110



58



Westbury Bancorp Inc PINX:WBBW 133 $33,500,000 $31,915,000 West Bend WIUnitedStates

522110

Western AllianceBancorporation

NYS:WAL 1,915 $1,198,700,032 $1,051,763,008 Phoenix AZUnitedStates

522110

Western Asset MortgageCapital Corp

NYS:WMC ($289,382,016) $90,496,000 Los Angeles CAUnitedStates

525990

Western CapitalResources Inc

PINX:WCRS 840 $135,066,288 $116,914,544 Omaha NEUnitedStates

522291

Western New EnglandBancorp Inc

NAS:WNEB 358 $73,681,000 $67,684,000 Westfield MAUnitedStates

522110

Western Union Company(The)

NYS:WU 11,500 $4,834,999,808 $5,292,100,096 Englewood COUnitedStates

522320

Westwood HoldingsGroup Inc

NYS:WHG 136 $65,111,000 $84,079,000 Dallas TXUnitedStates

523920

White MountainsInsurance Group Ltd

NYS:WTM 1,366 $1,180,700,032 $893,400,000 Hanover NHUnitedStates

524126

White River BancsharesCompany

PINX:WRIV 150 $29,595,702 $27,674,592 Fayetteville ARUnitedStates

522110

WhiteHorse Finance Inc NAS:WHF $36,019,000 $34,240,000 Miami FLUnitedStates

522290

Wilson Bank HoldingCompany

PINX:WBHC 522 $134,908,000 $120,468,000 Lebanon TNUnitedStates

522110

Wintrust FinancialCorporation

NAS:WTFC 5,364 $1,640,982,016 $1,459,172,992 Lake Forest ILUnitedStates

522110

WisdomTree InvestmentsInc

NAS:WETF 208 $253,699,008 $268,403,008 New York NYUnitedStates

523920

World AcceptanceCorporation

NAS:WRLD 3,744 $564,132,864 $526,608,864 Greenville SCUnitedStates

522291

WR Berkley Corp NYS:WRB $8,069,075,968 $7,932,911,104 Greenwich CTUnitedStates

524126

WSFS FinancialCorporation

NAS:WSFS 1,838 $666,979,968 $633,057,024 Wilmington DEUnitedStates

522110

WVS Financial Corp NAS:WVFC 32 $6,911,000 $7,491,000 Pittsburgh PAUnitedStates

522120

XLR Medical Corporation PINX:XLRM 1 $1,316,304 $0 Blaine WAUnitedStates

523910

Zions Bancorporation NA NAS:ZION 9,678 $2,790,000,128 $2,833,999,872 Salt Lake City UTUnitedStates

522110

Zuora Inc NYS:ZUO 1,190 $276,056,992 $235,196,000 Redwood City CAUnitedStates

522320



59


Industry Results, Publicly-Held Companies (U.S.) Averages

Average of Companies Reporting $200,000 or More in Recent Revenues

NAIC 520000


Income Statement (Whole $) Note: Delays in reporting may affect latest year.

$USD, In wholenumbers,except marked %

2014 Averageof 694

Companies

2015 Averageof 734

Companies

2016 Averageof 776

Companies

2017 Averageof 804

Companies

2018 Averageof 825

Companies

2019 Averageof 846

Companies

2020 Averageof 839

Companies

Total Revenue 2,899,832,941 2,837,838,237 2,788,547,533 2,885,111,920 2,951,659,558 3,310,760,234 3,471,722,516

Cost Of Revenue 2,033,803,936 2,282,803,057 2,515,260,081 2,864,678,209 2,796,762,338 2,889,157,944 3,374,482,378

% 69.73 80.00 89.27 98.43 94.18 87.16 97.08

Gross Profit 987,335,240 1,075,206,154 1,213,961,580 1,320,379,124 1,321,090,215 1,376,358,139 1,537,441,361

% 33.85 37.68 43.09 45.37 44.49 41.52 44.23

Operating Expenses

SGA Expense 673,239,755 608,158,390 594,518,494 594,731,813 629,393,537 651,896,771 696,864,743

% 23.08 21.31 21.10 20.43 21.19 19.67 20.05

R&D Expense 111,232,755 122,633,402 110,798,581 108,883,394 120,093,236 68,735,746 90,418,618

% 3.81 4.30 3.93 3.74 4.04 2.07 2.60

Other OperatingExpenses

(285,099,848) (188,686,721) (136,757,903) (136,518,503) (149,494,157) (144,582,213) (108,787,433)

% -9.77 -6.61 -4.85 -4.69 -5.03 -4.36 -3.13

Restructuring andMerger/AcquisitionCosts

32,416,326 20,353,943 22,081,945 15,281,377 17,017,699 24,221,690 33,555,874

% 1.11 0.71 0.78 0.53 0.57 0.73 0.97

Amortization 22,936,535 21,686,208 20,877,873 17,049,211 21,395,856 32,634,720 34,066,284

% 0.79 0.76 0.74 0.59 0.72 0.98 0.98

Total OperatingExpenses

420,556,233 439,825,612 479,842,537 473,494,687 496,917,079 531,536,248 621,633,184

% 14.42 15.41 17.03 16.27 16.73 16.04 17.88

Operating Income 436,876,703 453,574,694 477,591,538 545,633,125 574,096,430 599,753,165 619,835,651

% 14.98 15.90 16.95 18.75 19.33 18.09 17.83

Misc Other SpecialCharges

- - - - - - -

% - - - - - - -

Interest Expense 390,302,032 348,766,766 334,231,924 379,000,461 461,891,747 516,908,592 343,779,357

% 13.38 12.22 11.86 13.02 15.55 15.59 9.89

Gain On Sale OfSecurity

2,433,774 14,788,483 6,931,894 13,599,478 25,753,762 21,188,626 6,766,751



60


% 0.08 0.52 0.25 0.47 0.87 0.64 0.19

Other Income(expense)

986,362,392 1,002,858,503 1,007,944,299 1,071,540,879 1,045,663,357 1,492,303,071 1,471,897,419

% 33.82 35.15 35.77 36.82 35.21 45.02 42.35

Pre-Tax Income 565,863,443 558,700,598 518,033,041 557,294,558 558,809,914 704,373,214 517,519,812

% 19.40 19.58 18.39 19.15 18.82 21.25 14.89

Income Taxes 174,920,287 173,514,442 163,593,717 185,089,482 116,792,457 142,440,496 105,987,481

% 6.00 6.08 5.81 6.36 3.93 4.30 3.05

Net Income fromContinuousOperations

404,662,450 399,083,022 365,894,833 387,581,523 450,672,938 573,249,456 420,344,055

% 13.87 13.99 12.99 13.32 15.18 17.29 12.09

Net Income forCommonStockholders

335,173,817 345,702,861 318,795,393 332,510,664 407,202,627 516,959,818 364,426,847

% 11.49 12.12 11.31 11.42 13.71 15.60 10.48

Earnings per Share

Basic Earnings perShare

9.93 9.17 -2,902.37 -1,521.35 -118.88 65.08 33.86

Diluted Earningsper Share

9.91 9.14 -2,902.41 -1,521.39 -118.92 65.05 33.82

Weighted AverageShares

Basic AverageShares

137,245,730 131,070,085 124,333,284 122,071,500 141,699,964 140,286,595 125,571,500

Diluted AverageShares

139,161,923 135,066,949 128,365,902 124,827,909 144,113,775 142,150,265 127,144,907

Common Dividend 0.92 1.05 0.96 1.09 1.16 1.15 1.15

Other

Depreciation AndAmortization

103,634,694 101,672,271 106,636,135 107,452,488 113,272,899 129,853,860 146,455,782

Promotion AndAdvertising

- - - - - - -

Research AndDevelopment

111,232,755 122,633,402 110,798,581 108,883,394 120,093,236 68,735,746 90,418,618

Salaries AndWages

538,566,343 502,921,414 476,017,849 489,782,529 503,416,187 517,840,375 555,091,886

EBITDA 587,906,919 582,427,864 572,624,866 707,421,978 714,855,843 784,891,512 836,837,612

% = Percentage of Total Revenues



61




62


Balance Sheet (Whole $)


2014 Average of692 Companies







Assets

Current Assets

Cash 602,291,516 510,747,619 512,611,768 500,121,001 494,091,201 417,544,046 574,833,152

Cash AndCash Equivalents

2,489,764,589 2,194,865,886 2,134,852,714 2,152,519,679 2,129,162,869 2,132,019,102 3,761,073,241

Short-TermInvestments

8,314,394,315 7,696,321,848 6,709,022,559 6,284,601,939 5,909,425,302 6,666,729,740 8,237,594,471

Total Cash 11,406,450,421 10,401,935,353 9,356,487,041 8,937,242,619 8,532,679,372 9,216,292,888 12,573,500,864

Receivables 1,441,575,166 1,352,707,144 1,350,377,175 1,401,426,521 1,458,900,941 1,449,815,763 1,727,778,869

Inventory 171,011,570 178,320,077 211,543,081 223,956,136 139,144,114 123,218,996 132,673,170

Deferred IncomeTaxes

510,837,561 451,435,833 395,933,207 207,637,294 191,188,804 160,872,528 187,511,529

PrepaidExpenses

92,291,765 108,593,110 117,272,751 146,893,821 146,793,588 115,737,214 189,018,440

Other CurrentAssets

219,419,316 242,047,959 264,455,679 310,689,475 252,082,999 727,305,376 820,744,879

Total CurrentAssets

2,627,136,683 2,655,708,042 2,760,633,444 2,925,787,256 3,008,546,330 3,011,506,608 4,147,089,867

% 6.76 7.03 7.43 7.92 8.09 7.81 9.37

Non-CurrentAssets

GrossProperty, Plant &Equipment

492,053,310 490,169,203 446,724,802 462,482,118 474,394,246 553,789,398 585,162,996

AccumulatedDepreciation

(213,249,392) (213,783,982) (192,342,172) (204,423,899) (209,105,266) (219,863,582) (239,806,716)

Net Property,Plant &Equipment

572,639,731 566,613,950 540,927,324 546,537,813 566,335,114 650,455,309 677,621,461

% 1.47 1.50 1.45 1.48 1.52 1.69 1.53

Goodwill 1,484,718,741 1,474,155,316 1,435,050,440 1,451,345,975 1,550,452,494 1,774,732,929 1,859,179,818

Intangible Assets 478,114,255 473,583,435 548,099,094 527,274,077 637,621,442 712,417,136 727,817,550

Other Long TermAssets

2,373,048,051 2,172,330,735 2,598,262,423 2,492,942,081 2,356,959,386 2,479,676,432 2,859,236,318

Total NonCurrent Assets

5,005,674,258 4,878,646,057 4,823,895,546 4,977,412,654 4,871,632,889 6,038,014,221 6,845,386,261

Total Assets 38,876,671,293 37,760,748,043 37,177,509,089 36,934,499,575 37,193,979,139 38,555,920,438 44,260,630,457

Liabilities andstockholders'equity

CurrentLiabilities



63


Short-TermDebt

1,541,496,906 1,731,516,730 1,382,276,364 1,700,639,731 1,348,662,220 1,664,542,559 1,077,068,980

AccountsPayable

1,881,290,787 1,638,664,423 1,553,373,916 1,513,048,651 1,496,079,766 1,504,851,904 1,890,872,102

DeferredRevenues

136,474,804 137,671,498 145,717,899 154,000,367 165,662,465 177,039,439 265,067,160

AccruedLiabilities

2,987,739,914 2,462,737,926 2,343,635,545 2,571,175,389 2,857,375,456 2,497,789,005 3,945,281,017

Total CurrentLiabilities

1,720,871,717 1,850,223,410 2,044,604,581 2,149,607,953 2,265,088,955 2,386,833,113 3,258,257,906

% - - - - - - -

Non-CurrentLiabilities

Long TermDebt

14,469,424,293 13,497,771,187 13,064,018,973 12,982,866,784 12,949,900,260 13,129,145,180 14,477,354,009

Deferred TaxLiability

6,871,778 10,219,833 1,478,000 10,122,000 11,180,000 9,038,500 24,320,000

MinorityInterest

833,601,171 671,853,102 400,111,574 448,642,257 387,582,068 435,488,502 566,819,633

Pensions &Other Benefits

385,103,169 349,316,852 317,688,292 298,438,703 274,206,281 301,020,911 346,350,751

Other NonCurrent Liabilities

3,025,442,522 2,742,657,337 2,559,127,039 2,437,751,742 1,672,985,546 1,714,802,896 1,815,083,261

Total NonCurrent Liabilities

- - - - - - -

% - - - - - - -

Total Liabilities - - - - - - -

Stockholders'Equity

Common Stock 420,998,947 397,820,869 376,620,961 350,957,988 326,784,006 285,632,288 274,028,343

Additional PaidIn Capital

1,911,535,145 1,890,977,237 1,843,516,042 1,861,638,829 2,327,303,476 2,442,635,168 2,160,971,022

RetainedEarnings

1,825,262,753 1,993,953,182 2,113,507,957 2,211,250,066 2,582,693,987 2,872,139,457 3,004,087,382

Preferred Stock 817,916,773 1,208,357,558 904,438,091 996,062,454 853,428,129 837,066,352 907,132,571

Treasury Stock (1,036,305,132) (1,258,067,774) (1,431,437,125) (1,692,118,081) (1,973,785,155) (2,214,402,562) (2,314,227,049)

TotalStockholders'Equity

3,970,071,915 3,932,250,618 3,890,461,281 3,899,715,169 4,358,483,977 4,726,179,020 4,704,518,128

Total Liabilities &Shareholders'Equity

3,970,071,915 3,932,250,618 3,890,461,281 3,899,715,169 4,358,483,977 4,726,179,020 4,704,518,128

% = Percentage of Total Assests or % of Total Liabilities



64


Cash Flow (Whole $)


2014 Averageof 686

Companies

2015 Averageof 726

Companies

2016 Averageof 763

Companies

2017 Averageof 790

Companies

2018 Averageof 810

Companies

2019 Averageof 832

Companies

2020 Averageof 835

Companies

Operating Cash Flow

Net Income - - - - - - -


104,813,372 98,611,889 107,915,486 108,994,853 115,311,877 131,642,407 147,121,950

Investment/AssetImpairment

22,271,799 22,090,778 22,927,209 26,755,261 10,354,999 25,154,473 58,378,803


24,398,874 31,263,161 40,748,368 119,136,670 15,674,160 10,885,664 (25,610,236)

Stock BasedCompensation

- - - - - - -

AccountsReceivable

(10,760,024) 47,260,725 (77,989,676) (146,307,209) (48,783,286) (36,001,493) (124,665,098)

Cash FromDiscontinuedOperatingActivities

(10,877,894) (1,988,818) 16,717,666 30,425,373 75,805,844 17,630,556 (34,467,794)

Change InInventory

7,626,072 (3,201,629) (10,648,436) (14,797,893) (9,444,792) (2,216,094) 4,581,541

Change In AccountPayable

111,322,822 (34,794,051) 38,176,510 (821,462) 12,467,194 85,573,934 139,038,694

Prepaid Expenses (9,338,364) (4,962,555) (8,012,042) (15,746,211) (10,200,263) (15,283,187) (20,781,411)

Accrued Liabilities 174,829,810 (43,022,089) 14,722,161 77,653,042 92,441,464 111,992,622 16,109,198

Income TaxPayable

25,620,066 12,508,820 (11,786,605) (62,418,751) 28,026,519 1,013,531 (14,442,107)

Other WorkingCapital

124,952,643 177,061,122 53,489,011 (149,993,172) 78,922,287 (18,625,591) (328,582,627)

Other NonCashItems

(118,867,189) (162,357,765) (166,984,808) (117,136,960) (132,540,446) (87,056,396) (83,778,179)

Operating CashFlow

574,291,367 602,510,263 496,174,906 389,023,541 640,660,439 577,687,592 266,860,994

% 13.76 15.24 13.13 10.61 17.89 16.51 7.65

Cash Flow fromInvesting

CapitalExpenditure

(108,540,638) (96,932,869) (89,382,017) (89,615,039) (106,736,529) (113,271,060) (98,315,710)

Acquisitions, net (23,051,176) (192,330,538) (186,347,259) (48,046,571) (167,515,679) (136,845,975) (13,346,997)

Purchase OfInvestments

(3,800,121,192) (3,627,401,912) (3,929,669,453) (3,589,765,104) (3,374,240,587) (3,936,555,653) (5,961,534,882)

Sales/Maturities ofInvestments

3,418,845,824 3,483,666,913 3,502,081,806 3,484,061,630 3,040,324,501 3,499,252,044 4,594,035,181

Net OtherInvesting Changes

(749,206) (4,487,658) 8,083,582 22,095,565 (798,954) (38,808,817) (58,698,215)


(458,992,972) (66,636,933) (569,524,206) (376,596,661) (828,550,477) (570,259,025) (1,903,925,785)



65


% -11.00 -1.69 -15.07 -10.27 -23.13 -16.29 -54.59

Financing Cash Flow

Issuance Of Debt 4,737,933,218 5,692,396,519 6,395,966,843 6,034,736,844 5,524,518,624 6,015,224,317 6,706,279,246

Repayment OfDebt

(4,682,576,391) (5,754,090,469) (6,453,318,613) (6,271,216,862) (5,221,466,775) (5,831,372,072) (6,194,208,820)

Common StockRepurchased

(237,262,131) (270,013,157) (242,756,101) (333,847,605) (370,493,515) (419,820,966) (222,657,017)

Common StockIssued

79,666,891 59,584,449 38,566,396 56,679,478 65,752,601 58,673,962 79,865,073

Cash DividendsPaid

(207,329,062) (172,392,257) (164,406,387) (199,843,074) (193,960,315) (197,332,659) (188,496,691)

Other FinancingActivities

(20,629,407) (11,601,600) 68,450,476 48,772,512 36,917,302 96,241,682 143,535,379

Financing CashFlow

(68,130,457) (470,521,287) 73,124,339 (6,333,349) (2,135,689) 13,527,597 2,980,571,428

% -1.63 -11.90 1.93 -0.17 -0.06 0.39 85.46

Other

Effect of Changesin CurrencyExchange Rates

(109,376,025) (53,259,260) (27,603,815) 79,306,721 (61,954,959) (9,941,801) 106,902,678

Net Change inCash

67,650,596 69,541,394 28,621,034 28,759,443 (139,420,433) 57,054,114 1,463,093,178

Beginning CashPosition

1,064,598,151 1,057,239,593 1,086,677,091 1,134,191,065 2,164,879,258 1,976,085,473 2,024,759,403

End Cash Position 1,114,970,615 1,118,406,331 1,110,655,445 1,175,828,868 2,015,111,129 2,031,152,724 3,506,093,348

% = Percentage of Total Revenues



66


Top 10* Companies Profiled & Ranked

This section consists of multiple data sets, designed to:

Help the user understand the financial results of the top firms within a sector.Compare the results of specific top firms to their peers and to industry averages.

The data sets include:

1) A rankings page (ranks for revenues, ROE, ROA, and six additional ranks)

2) A summary listing of all U.S. companies in the Plunkett Research database that have primary NAICs forthis industry sector

3) Financial results comparisons for top companies

a) This data includes an income statement, balance sheet and cash flow statement for specificcompanies, latest year

b) It is separated into two groups of up to 5 companies each. The companies are listed in order ofrevenues.

c) The user may compare companies to each other, and to industry averages.

4) A profiles section (In-depth descriptions, executive listings and summary financial results)

*Note: For some NAIC codes, there are fewer than 10 major companies reporting results that include this NAIC as theirprimary industry codes. In such cases, a smaller number of companies will be shown.



67


Approximate Market Cap

1. Berkshire Hathaway Inc (Holding Co) 662,126,700,0002. Visa Inc 540,676,000,0003. JPMorgan Chase & Co Inc 502,070,100,0004. UnitedHealth Group Inc 433,694,200,0005. Bank of America Corporation 391,035,500,0006. MasterCard Incorporated 380,836,000,0007. PayPal Holdings Inc 342,489,000,0008. Wells Fargo & Company 321,770,600,0009. Citigroup Inc 201,698,800,00010. Morgan Stanley 190,538,900,000

Employee Count

1. Berkshire Hathaway Inc (Holding Co) 360,0002. State Farm Insurance Companies 57,5003. Allstate Corporation (The) 46,2904. American International Group Inc (AIG) 46,0005. Liberty Mutual Group Inc 45,0006. Chartis Insurance 44,0007. Progressive Corporation (The) 43,3268. GEICO Corporation 42,1569. USAA 36,00010. Nationwide Mutual Insurance Company 32,110

Total Revenue

1. Berkshire Hathaway Inc (Holding Co) 286,256,005,1202. UnitedHealth Group Inc 255,638,994,9443. Cigna Corporation 160,576,995,3284. Anthem Inc 121,867,001,8565. JPMorgan Chase & Co Inc 119,475,003,3926. Centene Corporation 111,115,001,8567. Bank of America Corporation 85,528,002,5608. State Farm Insurance Companies 78,900,000,0009. Humana Inc 77,155,000,32010. Citigroup Inc 75,493,998,592

Net Income

1. Berkshire Hathaway Inc (Holding Co) 42,521,000,0002. JPMorgan Chase & Co Inc 29,131,000,0003. Bank of America Corporation 17,894,000,0004. UnitedHealth Group Inc 15,403,000,0005. Visa Inc 12,311,000,0006. Fannie Mae (Federal National Mortgage Association) 11,805,000,0007. Citigroup Inc 11,047,000,0008. Morgan Stanley 10,996,000,0009. Goldman Sachs Group Inc (The) 9,459,000,00010. Cigna Corporation 8,458,000,000

3-Year Revenue Growth (%)

1. Reliance Global Group Inc 294.622. Riot Blockchain 255.173. Medallion Financial Corporation 174.854. Oxford Lane Capital Corp 93.615. Global Healthcare REIT 88.406. Central Federal Corp 83.137. Integrated Ventures 82.148. Pioneer High Income Trust 72.099. BRP Group Inc 71.2010. First Savings Financial Group Inc 67.87

3-Year Income Growth (%)

1. Virtu Financial Inc 504.492. FNCB Bancorp 370.873. StoneX Group Inc 198.144. Central Federal Corp 180.195. B Riley Financial Inc 160.876. CapStar Financial Holdings Inc 154.347. National Storage 154.158. PennyMac Financial Services Inc 153.789. Enova International Inc 134.6610. First Western Financial Inc 129.75523. Berkshire Hathaway Inc (Holding Co) -1.83

Return on Assets (%)

1. Mesabi Trust 1.012. BlackRock Science 0.623. Galaxy Digital 0.594. GlassBridge Enterprises 0.445. Bridge Investment Group 0.426. PIMCO Energy & Tactical 0.427. Oxford Lane Capital 0.408. AMEN Properties 0.349. GAMCO Investors 0.3110. Heritage Global 0.29

Return on Equity (%)

1. The Western Union 10.122. Insperity 5.703. Selectis Health 2.404. Atlanticus Holdings 1.975. Mesabi Trust 1.656. PJT Partners 1.277. Artisan Partners Asset 1.218. Mastercard 1.049. GreenSky 1.0110. OTC Markets Gr 0.96

Return on Invested Capital (%)

1. Mesabi Trust 1.652. Galaxy Digital 0.633. GAMCO Investors 0.604. Bridge Investment Group 0.545. OTC Markets Gr 0.506. Artisan Partners Asset 0.447. Heritage Global 0.438. PJT Partners 0.429. Oranco 0.4110. Mastercard 0.39

Top Companies Ranked, U.S.

(2020 or latest year available data)This list may include private companies in the following categories: Total Revenue, Employee Count and Net Income.

Also, the list may include companies in closely related sectors.

NAIC 520000




68

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Compare Top Publicly-Held Companies to Industry Average,2020*

NAIC 520000


* Note: If 2020 data is not available, we are providing the previous year instead.

Group Number 1Income Statement (Whole $), % = Percent of Total Revenues


Berkshire HathawayInc (Holding Co)

UnitedHealthGroup Inc

CignaCorporation

Anthem IncJPMorgan Chase

& Co IncIndustry Averageof 840 Companies

Total Revenue 286,256,005,120 255,638,994,944 160,576,995,328 121,867,001,856 119,475,003,392 3,473,514,345

Cost Of Revenue - 190,141,005,824 - - - 3,420,115,665

Gross Profit - 65,498,001,408 - - - 1,558,239,104

Operating Expenses

General &Administrative Costs

3,520,000,000 - - - 34,987,999,232 567,466,038

SGA Expense 23,328,999,424 - 14,072,000,512 17,450,000,384 37,463,998,464 694,306,777

R&D Expense - - - - - 94,559,060


(23,328,999,424) 44,594,999,296 (14,072,000,512) (17,450,000,384) (37,463,998,464) (92,336,422)

Restructuring andMerger/AcquisitionCosts

- - - - - 33,732,484

Amortization - - 1,982,000,000 361,000,000 - 34,066,284


- 44,594,999,296 - - - 635,702,838

Operating Income - 20,903,000,064 - - - 639,834,375


- - - - - -

Interest Expense 4,083,000,064 1,663,000,064 1,438,000,000 784,000,000 9,959,999,488 342,917,536

Gain On Sale OfSecurity

- 1,502,000,000 - - 734,000,000 6,787,736

Other Income (expense) 168,542,994,432 1,502,000,000 107,769,004,032 10,384,000,000 - 1,500,039,168

Pre-Tax Income 55,693,000,704 20,742,000,640 10,867,999,744 6,238,000,128 35,406,999,552 522,788,027

Income Taxes 12,440,000,512 4,973,000,192 2,379,000,064 1,666,000,000 6,275,999,744 105,589,746

Net Income fromContinuous Operations

43,252,998,144 15,768,999,936 8,488,999,936 4,572,000,256 29,130,999,808 425,716,861



69


Net Income forCommon Stockholders

42,521,001,984 15,402,999,808 8,457,999,872 4,572,000,256 27,409,999,872 369,864,715

Earnings per Share


26,668.00 16.23 23.17 18.23 8.89 36.77

Diluted Earnings perShare

26,668.00 16.03 22.96 17.98 8.88 36.74


Basic AverageShares

1,594,469 949,000,000 364,979,008 255,500,000 3,082,400,000 141,645,654


1,594,469 961,000,000 364,979,008 260,300,000 3,087,399,936 143,217,939

Common Dividend - 4.83 0.04 3.80 3.60 1.15



70


Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities




CignaCorporation

Anthem IncJPMorgan Chase &

Co IncIndustry Averageof 834 Companies

Assets

Current Assets

Cash - - - - 24,874,000,384 579,101,523

Cash And CashEquivalents

47,990,001,664 16,920,999,936 10,181,999,616 5,741,000,192 527,609,004,032 3,784,098,704


90,299,998,208 2,860,000,000 1,331,000,064 23,433,000,960 355,950,985,216 8,265,283,839

Total Cash 138,289,999,872 19,780,999,936 11,512,999,680 29,174,001,152 908,433,989,632 12,628,484,065

Receivables 35,852,001,280 12,869,999,616 17,390,999,552 10,958,000,128 90,502,995,968 1,738,176,943

Inventory - - - - - 132,673,170


- - - - - 187,511,529

Prepaid Expenses - 4,456,999,936 - - - 191,777,566

Other CurrentAssets

- 16,609,999,872 - - - 838,961,432

Total CurrentAssets

- 53,717,999,616 - - - 4,260,227,387

Non-Current Assets

Gross Property,Plant & Equipment

- 13,856,000,000 - - - 586,099,426


- (5,230,000,128) - - - (240,588,938)

Net Property,Plant & Equipment

187,017,003,008 8,625,999,872 4,204,999,936 3,483,000,064 27,108,999,168 681,458,625

Goodwill 73,733,996,544 71,337,000,960 44,648,001,536 21,691,000,832 49,248,002,048 1,859,419,015

Intangible Assets 30,684,000,256 10,855,999,488 35,178,999,808 9,404,999,680 4,180,000,000 729,277,817


57,627,000,832 - 6,782,000,128 5,497,999,872 315,724,988,416 2,859,236,318

Total Non CurrentAssets

- 143,570,993,152 - - - 7,021,666,449

Total Assets 873,729,032,192 197,289,000,960 155,450,998,784 86,614,999,040 3,386,071,056,384 44,527,353,281

Liabilities andstockholders' equity

Liabilities

Current Liabilities



71


Short-Term Debt 3,348,000,000 4,818,999,808 3,374,000,128 700,000,000 45,207,998,464 1,099,656,095

AccountsPayable

- 44,366,999,552 18,825,000,960 16,851,999,744 140,290,998,272 1,908,553,168

DeferredRevenues

- 2,841,999,872 - 1,259,000,064 - 275,480,545

AccruedLiabilities

- 20,391,999,488 - - - 4,222,027,639


- 72,419,999,744 - - - 3,342,222,799


Long Term Debt 113,547,001,856 38,648,000,512 29,545,000,960 19,335,000,064 381,242,998,784 14,542,602,786


- - - - - 24,320,000

Minority Interest 8,172,000,256 2,836,999,936 7,000,000 - - 573,393,375

Pensions & OtherBenefits

- - - - - 346,350,751


- 12,314,999,808 - - - 1,815,083,261


- - - - - -

Total Liabilities - - - - - -

Stockholders' Equity

Common Stock 8,000,000 10,000,000 4,000,000 3,000,000 4,104,999,936 276,042,959

Additional Paid InCapital

35,626,000,384 0 28,974,999,552 9,244,000,256 88,393,998,336 2,179,022,299

Retained Earnings 444,626,010,112 69,294,997,504 28,575,000,576 23,801,999,360 236,990,005,248 3,023,674,592

Preferred Stock - 0 - 0 30,062,999,552 913,035,817

Treasury Stock (32,853,000,192) 0 (6,371,999,744) 0 (88,183,996,416) (2,320,267,490)

Total Stockholders'Equity

443,164,000,256 65,491,001,344 50,320,998,400 33,198,999,552 279,354,015,744 4,734,195,626

Total Liabilities &Shareholders' Equity

443,164,000,256 65,491,001,344 50,320,998,400 33,198,999,552 279,354,015,744 4,734,195,626



72


Cash Flow (Whole $), % = Percent of Total Assets or Total Liabilities




CignaCorporation

Anthem IncJPMorgan Chase

& Co IncIndustry Averageof 836 Companies

Operating Cash Flow 39,772,999,680 22,173,999,104 10,350,000,128 10,688,000,000 (79,910,002,688) 266,602,064

Net Income - - - - - -


10,595,999,744 2,891,000,064 2,801,999,872 1,154,000,000 8,613,999,616 146,535,680


- - - 198,000,000 - 58,687,755


- (8,000,000) (386,000,000) (540,000,000) (3,980,999,936) (25,352,529)


- - - - - -

Accounts Receivable (1,608,999,936) (688,000,000) (1,266,000,000) (256,000,000) (18,012,000,256) (131,363,249)

Cash FromDiscontinued OperatingActivities

- - - - - (34,467,794)

Change In Inventory - - - - - 4,344,315


- 5,500,000,256 4,236,999,936 - 7,826,999,808 139,052,522

Prepaid Expenses - - - - - (21,121,267)

Accrued Liabilities 3,376,000,000 (2,195,000,064) - - - 29,282,639

Income Tax Payable - - - - - (14,269,449)

Other Working Capital 15,566,000,128 2,895,000,064 3,598,000,128 5,202,999,808 (144,903,995,392) (334,046,088)

Other Non CashItems 11,262,999,552 (52,000,000) 199,000,000 - 13,749,999,616 (83,669,308)



(37,757,001,728) (12,531,999,744) 2,976,000,000 (7,324,000,256) (261,912,002,560) (1,904,250,393)

Purchase of Property,Plants & Equipment

(13,011,999,744) (2,051,000,064) (1,094,000,000) (1,021,000,000) - (89,064,006)

Net InvestmentPurchase & Sale

(18,251,999,232) (2,836,000,000) (1,312,000,000) (3,432,999,936) (180,752,007,168) (1,305,017,412)

Acquisitions, net (2,532,000,000) (7,138,999,808) 5,453,000,192 (1,976,000,000) - (13,410,489)


(238,590,001,152) (16,577,000,448) (6,688,999,936) (19,491,999,744) (409,545,015,296) (5,934,875,695)


220,337,995,776 13,740,999,680 5,376,999,936 16,058,999,808 228,793,008,128 4,573,587,812

Net Other InvestingChanges

(3,582,000,128) (506,000,000) 23,000,000 (894,000,000) (7,341,000,192) (58,299,741)



73



(37,757,001,728) (12,531,999,744) 2,976,000,000 (7,324,000,256) (261,912,002,560) (1,904,250,393)

Financing Cash Flow (18,343,999,488) (3,590,000,128) (8,533,000,192) (2,567,000,064) 596,644,986,880 2,980,851,269

Issuance Of Debt 14,369,999,872 4,864,000,000 4,863,000,064 3,454,000,128 78,686,003,200 6,726,950,665

Repayment Of Debt (6,461,000,192) (3,150,000,128) (9,447,000,064) (3,752,000,000) (105,055,002,624) (6,203,323,622)

Common StockIssued

- 1,440,000,000 376,000,000 0 - 79,163,916

Cash Dividends Paid - (4,584,000,000) - (954,000,000) (12,689,999,872) (188,509,731)


(429,000,000) 1,218,000,000 (343,000,000) 360,000,000 420,000,000 142,670,126

Effect of Changes inCurrency ExchangeRates

92,000,000 (116,000,000) 41,000,000 7,000,000 9,155,000,320 106,903,448

Net Change in Cash (16,327,999,488) 6,051,999,744 4,792,999,936 797,000,000 254,823,006,208 1,461,379,578


64,632,000,512 10,984,999,936 5,410,999,808 4,936,999,936 263,630,995,456 2,022,377,568

End Cash Position 48,396,001,280 16,920,999,936 10,245,000,192 5,741,000,192 527,609,004,032 3,501,976,233

Free Cash Flow


Capital Expenditure (13,011,999,744) (2,051,000,064) (1,094,000,000) (1,021,000,000) - (97,627,021)

Free Cash Flow 26,761,000,960 20,123,000,832 9,255,999,488 9,667,000,320 (79,910,002,688) 184,247,186



74


Group Number 2

Income Statement (Whole $), % = Percent of Total Revenues

$USD, In whole numbers,except marked %

CenteneCorporation


Humana Inc Citigroup IncWells Fargo &

CompanyIndustry Averageof 840 Companies

Total Revenue 111,115,001,856 85,528,002,560 77,155,000,320 75,493,998,592 72,339,996,672 3,473,514,345

Cost Of Revenue 95,899,000,832 - - - - 3,420,115,665

Gross Profit 15,216,000,000 - - - - 1,558,239,104

Operating Expenses

General &Administrative Costs

11,342,999,552 41,244,000,256 - 30,912,999,424 34,810,998,784 567,466,038

SGA Expense 11,342,999,552 46,378,000,384 10,051,999,744 32,130,000,896 35,411,001,344 694,306,777

R&D Expense - - - - - 94,559,060


719,000,576 (46,378,000,384) (10,051,999,744) (32,130,000,896) (36,910,001,408) (92,336,422)

Restructuring andMerger/Acquisition Costs

- - - - 1,499,000,064 33,732,484

Amortization 719,000,000 - - - - 34,066,284


12,062,000,128 - - - - 635,702,838

Operating Income 3,153,999,872 - - - - 639,834,375


- - - - - -

Interest Expense 728,000,000 8,224,999,936 283,000,000 13,338,000,384 7,962,999,808 342,917,536

Gain On Sale Of Security 480,000,000 0 - 1,580,999,936 615,000,000 6,787,736

Other Income (expense) 347,000,000 - - - - 1,500,039,168

Pre-Tax Income 2,772,999,936 18,994,999,296 4,600,000,000 13,632,000,000 581,000,000 522,788,027

Income Taxes 979,000,000 1,100,999,936 1,307,000,064 2,524,999,936 (3,004,999,936) 105,589,746

Net Income fromContinuous Operations

1,794,000,000 17,894,000,640 3,367,000,064 11,107,000,320 3,585,999,872 425,716,861

Net Income for CommonStockholders

1,808,000,000 16,472,999,936 3,367,000,064 9,879,000,064 1,710,000,000 369,864,715

Earnings per Share


3.17 1.88 25.47 4.74 0.42 36.77

Diluted Earnings perShare

3.12 1.87 25.31 4.72 0.41 36.74




75


Basic Average Shares 570,721,984 8,753,200,128 132,199,000 2,085,799,936 4,118,000,128 141,645,654


579,134,976 8,796,900,352 133,012,000 2,099,000,064 4,134,200,064 143,217,939

Common Dividend - 0.72 2.50 2.04 1.22 1.15



76


Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities


CenteneCorporation




Assets

Current Assets

Cash - 36,430,000,128 - 26,349,000,704 28,235,999,232 579,101,523

Cash And CashEquivalents

10,800,000,000 387,008,987,136 4,672,999,936 309,615,001,600 264,612,003,840 3,784,098,704


1,580,000,000 234,491,002,880 12,554,000,384 329,163,014,144 51,443,998,720 8,265,283,839

Total Cash 12,380,000,000 657,929,990,144 17,227,000,320 665,127,016,448 344,292,001,792 12,628,484,065

Receivables 9,696,000,000 81,156,997,120 1,138,000,000 45,544,001,536 58,823,999,488 1,738,176,943

Inventory - - - - - 132,673,170


- - - - - 187,511,529

Prepaid Expenses - - - - - 191,777,566

Other Current Assets 1,316,999,936 - - - - 838,961,432

Total CurrentAssets

23,392,999,424 - - - - 4,260,227,387

Non-Current Assets

Gross Property,Plant & Equipment

5,561,999,872 - - - 33,087,000,576 586,099,426


(1,476,999,936) - - - (12,494,999,552) (240,588,938)

Net Property,Plant & Equipment

4,084,999,936 11,000,000,512 2,371,000,064 - 20,592,001,024 681,458,625

Goodwill 18,652,000,256 68,950,999,040 4,447,000,064 22,161,999,872 26,392,000,512 1,859,419,015

Intangible Assets 8,387,999,744 - 329,000,000 4,746,999,808 7,765,000,192 729,277,817


- 226,712,993,792 7,074,999,808 286,117,986,304 32,148,000,768 2,859,236,318

Total Non CurrentAssets

45,326,000,128 - - - - 7,021,666,449

Total Assets 68,719,001,600 2,819,626,893,312 34,969,001,984 2,260,089,962,496 1,955,163,013,120 44,527,353,281

Liabilities andstockholders' equity

Liabilities

Current Liabilities

Short-Term Debt 97,000,000 19,320,999,936 920,000,000 29,514,000,384 12,636,999,680 1,099,656,095



77


Accounts Payable 6,864,999,936 - 12,156,000,256 11,164,999,680 - 1,908,553,168

DeferredRevenues

523,000,000 - - - - 275,480,545

Accrued Liabilities 12,437,999,616 - - - - 4,222,027,639


21,585,000,448 - - - - 3,342,222,799


Long Term Debt 16,682,000,384 262,934,003,712 6,060,000,256 271,685,992,448 212,922,007,552 14,542,602,786


- - - - - 24,320,000

Minority Interest 112,000,000 - - 758,000,000 1,033,000,000 573,393,375

Pensions & OtherBenefits

- - - - - 346,350,751


1,622,000,000 - - - - 1,815,083,261


- - - - - -

Total Liabilities - - - - - -

Stockholders' Equity

Common Stock 1,000,000 85,982,003,200 33,000,000 31,000,000 9,136,000,000 276,042,959

Additional Paid InCapital

19,459,000,320 - 2,704,999,936 107,846,000,640 60,196,999,168 2,179,022,299

Retained Earnings 6,792,000,000 164,088,004,608 20,516,999,168 168,272,003,072 162,890,006,528 3,023,674,592

Preferred Stock 0 24,509,999,104 0 19,480,000,512 21,135,998,976 913,035,817

Treasury Stock (816,000,000) 0 (9,918,000,128) (64,128,999,424) (67,790,999,552) (2,320,267,490)

Total Stockholders'Equity

25,773,000,704 272,924,000,256 13,728,000,000 199,442,006,016 184,887,001,088 4,734,195,626

Total Liabilities &Shareholders' Equity

25,773,000,704 272,924,000,256 13,728,000,000 199,442,006,016 184,887,001,088 4,734,195,626



78


Cash Flow (Whole $), % = Percent of Total Assets or Total Liabilities

$USD, In whole numbers,except marked %

CenteneCorporation




Operating Cash Flow 5,503,000,064 37,993,000,960 5,639,000,064 (20,621,000,704) 2,051,000,064 266,602,064

Net Income - - - - - -


1,259,000,064 1,843,000,064 616,000,000 3,936,999,936 8,736,000,000 146,535,680


72,000,000 - - - 4,320,999,936 58,687,755

Deferred Income Taxes (51,000,000) (1,736,999,936) 195,000,000 (2,332,999,936) - (25,352,529)


- - - - - -

Accounts Receivable (52,000,000) - (85,000,000) - - (131,363,249)

Cash FromDiscontinued OperatingActivities

- - - - - (34,467,794)

Change In Inventory - - - - - 4,344,315


- - 2,139,000,064 - - 139,052,522

Prepaid Expenses - - - - - (21,121,267)

Accrued Liabilities 2,195,000,064 - 599,000,000 558,000,000 - 29,282,639

Income Tax Payable - - - - - (14,269,449)

Other Working Capital 2,195,000,064 (326,000,000) 2,143,000,064 (53,182,001,152) 23,623,999,488 (334,046,088)

Other Non CashItems - 3,278,000,128 49,000,000 4,112,999,936 (54,110,998,528) (83,669,308)



(6,954,999,808) (177,664,999,424) (3,064,999,936) (95,312,003,072) 122,553,999,360 (1,904,250,393)

Purchase of Property,Plants & Equipment

- - (964,000,000) - - (89,064,006)

Net InvestmentPurchase & Sale

(2,480,999,936) (189,969,006,592) (1,392,000,000) (64,385,998,848) 28,662,999,040 (1,305,017,412)

Acquisitions, net (3,583,000,064) - (709,000,000) 0 - (13,410,489)


(7,401,999,872) (452,412,014,592) (9,125,000,192) (334,900,002,816) (146,976,997,376) (5,934,875,695)


4,920,999,936 262,443,008,000 7,733,000,192 270,513,995,776 175,640,002,560 4,573,587,812

Net Other InvestingChanges

(22,000,000) (3,488,999,936) - 116,000,000 784,000,000 (58,299,741)


(6,954,999,808) (177,664,999,424) (3,064,999,936) (95,312,003,072) 122,553,999,360 (1,904,250,393)



79


Financing Cash Flow 260,000,000 355,818,995,712 (1,955,000,064) 233,594,994,688 (1,243,000,064) 2,980,851,269

Issuance Of Debt 5,106,999,808 57,012,998,144 2,478,000,128 76,458,000,384 38,136,000,512 6,726,950,665

Repayment Of Debt (4,067,000,064) (47,948,001,280) (1,400,000,000) (63,402,000,384) (65,346,998,272) (6,203,323,622)

Common Stock Issued 0 - - - 571,000,000 79,163,916

Cash Dividends Paid - (7,727,000,064) (323,000,000) (5,352,000,000) (6,142,000,128) (188,509,731)


(154,000,000) (601,000,000) (939,000,000) (411,000,000) (802,000,000) 142,670,126

Effect of Changes inCurrency Exchange Rates

18,000,000 2,756,000,000 - (1,966,000,000) - 106,903,448

Net Change in Cash (1,192,000,000) 216,147,001,344 619,000,000 117,661,999,104 123,362,000,896 1,461,379,578


12,131,000,320 161,560,002,560 4,054,000,128 193,918,992,384 141,250,002,944 2,022,377,568

End Cash Position 10,956,999,680 380,462,989,312 4,672,999,936 309,615,001,600 264,612,003,840 3,501,976,233

Free Cash Flow


Capital Expenditure (869,000,000) - (964,000,000) (3,446,000,128) - (97,627,021)

Free Cash Flow 4,633,999,872 37,993,000,960 4,674,999,808 (24,067,000,320) 2,051,000,064 184,247,186



80


Rank Company Ticker ExchangeID Revenues (Whole Numbers) 2020 or latest year available1 Berkshire Hathaway Inc (Holding Co) BRK.A NYS $286,256,005,1202 UnitedHealth Group Inc UNH NYS $255,638,994,9443 Cigna Corporation CI NYS $160,576,995,3284 Anthem Inc ANTM NYS $121,867,001,8565 JPMorgan Chase & Co Inc JPM NYS $119,475,003,3926 Centene Corporation CNC NYS $111,115,001,8567 Bank of America Corporation BAC NYS $85,528,002,5608 State Farm Insurance Companies Mutual Company $78,900,000,0009 Humana Inc HUM NYS $77,155,000,32010 Citigroup Inc C NYS $75,493,998,592

Top Companies, Profiles and Financials

NAIC 520000


Top Companies Include:



81


Company Profile BERKSHIRE HATHAWAY INC (HOLDING CO) (WWW.BERKSHIREHATHAWAY.COM)Ticker: BRK.AExchange: NYSYear Established: 1998Employees: 360,000Fiscal Year Ends in December

Phone: 402 346-1400Fax: 402 346-3375Address: 3555 Farnam StreetOmaha, NE 68131 United States

Types of Business

Industry NAICS code: 524126

Insurance--Property & Casualty, Specialty, SuretyRetail OperationsFoodservice OperationsBuilding Products & ServicesApparel & FootwearTechnology TrainingManufactured Housing & RVsBusiness Jet Flexible Ownership Services

Industry Rank for Total Revenue

1. Berkshire Hathaway Inc (Holding Co) 286,256,005,1202. State Farm Insurance Companies 78,900,000,0003. Nationwide Mutual Insurance Company 46,600,000,0004. Allstate Corporation (The) 44,791,001,0885. American International Group Inc (AIG) 43,839,000,5766. Liberty Mutual Group Inc 43,796,000,0007. Progressive Corporation (The) 42,638,098,4328. USAA 36,296,000,0009. GEICO Corporation 35,093,000,00010. Travelers Companies Inc (The) 31,981,000,704

Contacts

Warren Buffett CEO/Chairman of the Board/DirectorMarc Hamburg CFO/Senior VPDaniel Jaksich Chief Accounting Officer/Vice PresidentMeryl Witmer DirectorCharlotte Guyman DirectorDavid Gottesman DirectorKenneth Chenault DirectorSusan Buffett DirectorChristopher Davis DirectorHoward Buffett DirectorRonald Olson DirectorStephen Burke DirectorThomas Murphy DirectorSusan Decker DirectorWalter Scott DirectorCharles Munger Director/Vice Chairman of the BoardGregory Abel Director/Vice Chairman, DivisionalAjit Jain Director/Vice President, Divisional

Auditor: Deloitte & Touche LLPLegal Advisor: Munger, Tolles & Olson LLP

Description

Berkshire Hathaway is a holding company with a wide array ofsubsidiaries engaged in diverse activities. The firm's core businesssegment is insurance, run primarily through Geico, Berkshire HathawayReinsurance Group, and Berkshire Hathaway Primary Group. Berkshirehas used the excess cash thrown off from these and its other operationsover the years to acquire Burlington Northern Santa Fe (railroad),Berkshire Hathaway Energy (utilities and energy distributors), and thefirms that make up its manufacturing, service, and retailing operations(which include five of Berkshire's largest noninsurance pretax earningsgenerators: Precision Castparts, Lubrizol, Clayton Homes, Marmon, andIMC/ISCAR). The conglomerate is unique in that it is run on acompletely decentralized basis.

Financials

$USD, In whole numbers,except marked * or % 2020 2019 2018 2017 2016 2015

Financials Revenue 286,256,000,000 327,223,000,000 225,382,000,000 242,137,000,000 223,604,000,000 210,821,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 23,329,000,000 23,325,000,000 22,299,000,000 18,181,000,000 18,217,000,000 15,309,000,000 Net Income 42,521,000,000 81,417,000,000 4,021,000,000 44,940,000,000 24,074,000,000 24,083,000,000 Earnings Per Share 26,668.00 49,828.00 2,446.00 27,326.00 14,645.00 14,656.00 Dividends - - - - - - Book Value Per Share - 244,688.80 228,898.40 187,420.60 163,753.90 151,079.50 Operating Cash Flow 39,773,000,000 38,687,000,000 37,400,000,000 45,776,000,000 32,535,000,000 31,491,000,000 Capital Expenditure 13,012,000,000 15,979,000,000 14,537,000,000 11,708,000,000 12,954,000,000 16,082,000,000 Free Cash Flow 26,761,000,000 22,708,000,000 22,863,000,000 34,068,000,000 19,581,000,000 15,409,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands

GEICO Corporation

Top Salaries



82

http://localhost:51445/PAR_reports/WWW.BERKSHIREHATHAWAY.COM































Berkshire Hathaway Reinsurance GroupBerkshire Hathaway Primary GroupBurlington Northern Santa FeBerkshire Hathaway Energy CompanyPrecision Castparts CorpClayton Homes IncMcLane Company Inc

Name Title Salary (US$) Bonus(US$)

Ajit Jain Vice Chairman, Divisional 16,000,000 3,000,000Gregory Abel Vice Chairman, Divisional 16,000,000 3,000,000Marc Hamburg CFO/Senior VP 3,250,000 -Charles Munger Vice Chairman of the

Board100,000 -

Warren Buffett CEO/Chairman of theBoard

100,000 -

Other Thoughts

Apparent Female Officers or Directors:

Corporate Culture



83




84


Company Profile UNITEDHEALTH GROUP INC (WWW.UNITEDHEALTHGROUP.COM)Ticker: UNHExchange: NYSYear Established: 1977Employees: 330,000Fiscal Year Ends in December

Phone: 952 936-1300Fax: 952 936-0044Address: 9900 Bren Road EastUnitedHealth Group CenterMinnetonka, MN 55343 United States

Types of Business


Medical InsuranceWellness PlansDental & Vision InsuranceHealth Information TechnologyPhysician Practice GroupsPharmacy Benefits ManagementPBM


1. UnitedHealth Group Inc 255,638,994,9442. Cigna Corporation 160,576,995,3283. Anthem Inc 121,867,001,8564. Centene Corporation 111,115,001,8565. Humana Inc 77,155,000,3206. aetnaCVSHealth 75,467,000,0007. Health Care Service Corporation (HCSC) 47,300,000,0008. UnitedHealthcare Community & State 46,487,000,0009. WellCare Health Plans Inc 36,644,650,00010. Blue Cross and Blue Shield of Michigan 30,220,000,000

Contacts

Andrew Witty CEO/CEO, Subsidiary/DirectorJohn Rex CFO/Executive VPStephen Hemsley Chairman of the Board/DirectorThomas Roos Chief Accounting Officer/Senior VPDirk McMahon COO/PresidentGail Wilensky DirectorMichele Hooper DirectorPaul Garcia DirectorRichard Burke DirectorJohn Noseworthy DirectorValerie MontgomeryRice

Director

F. McNabb DirectorTimothy Flynn DirectorPatricia Lewis Executive VP/Other Executive Officer

Auditor: Deloitte & Touche LLPLegal Advisor: Hogan & Hartson LLP

Description

UnitedHealth Group, Inc. is a diversified health care company. Throughits family of businesses, the firm offers core competencies in data andhealth information, advanced technology and clinical expertise, whichare deployed into two platforms: health benefits, operating underUnitedHealthcare; and health services, operating under Optum.UnitedHealthcare provides health care benefits to an array of customersand markets. UnitedHealthcare Employer and Individual servesemployers ranging from sole proprietorships to large, multi-site andnational employers, public sector employers and individual customers.UnitedHealthcare Medicare & Retirement delivers health and well-beingbenefits for Medicare beneficiaries and retirees. UnitedHealthcareCommunity & State manages health care benefit programs on behalf ofstate Medicaid and community programs and their participants.UnitedHealthcare Global provides health and dental benefits and hospitaland clinical services to employer groups and individuals in SouthAmerica and other diversified global health businesses. Optum is ahealth services business serving the health care marketplace, includingpayers, care providers, employers, governments, life sciencescompanies and consumers, through its OptumHealth, OptumInsight andOptumRx businesses. These businesses have dedicated units that helpimprove overall health system performance through optimizing carequality, reducing costs and improving consumer experience and careprovider performance, leveraging capabilities in data and analytics,pharmacy care services, population health, health care delivery andhealth care operations.

Financials


Financials Revenue 255,639,000,000 240,269,000,000 224,871,000,000 200,136,000,000 184,012,000,000 156,397,000,000 Cost of Revenue 190,141,000,000 184,557,000,000 172,401,000,000 154,148,000,000 141,454,000,000 120,081,000,000 Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income 20,903,000,000 17,799,000,000 15,968,000,000 14,186,000,000 12,102,000,000 10,311,000,000 Operating Margin % - - - - - - SGA Expense - - - - - - Net Income 15,403,000,000 13,839,000,000 11,986,000,000 10,558,000,000 7,017,000,000 5,813,000,000 Earnings Per Share 16.23 14.55 12.45 10.95 7.37 6.10 Dividends 4.83 4.14 3.45 2.88 2.38 1.88 Book Value Per Share - 58.01 52.09 46.75 39.55 34.75 Operating Cash Flow 22,174,000,000 18,463,000,000 15,713,000,000 13,596,000,000 9,795,000,000 9,740,000,000 Capital Expenditure 2,051,000,000 2,071,000,000 2,063,000,000 2,023,000,000 1,705,000,000 1,556,000,000 Free Cash Flow 20,123,000,000 16,392,000,000 13,650,000,000 11,573,000,000 8,090,000,000 8,184,000,000Profitability EBITDA 25,296,000,000 22,405,000,000 19,772,000,000 17,454,000,000 14,985,000,000 12,714,000,000 Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -



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Brands

UnitedHealthcareOptumUnitedHealthcare EmployerUnitedHealthcare Medicare & RetirementUnitedHealthcare GlobalOptumHealthOptumInsightOptumRx

Top Salaries


Patricia Lewis Executive VP/OtherExecutive Officer

800,000 1,500,000

David Wichmann Former CEO 1,400,000 -Dirk McMahon CEO, Subsidiary/Former

Executive VP1,000,000 -

John Rex CFO/Executive VP 1,000,000 -Andrew Witty Former CEO,

Subsidiary/FormerPresident

418,846 550,000

Other Thoughts


Corporate Culture

UnitedHealth Group offers comprehensive benefits, retirement options,tuition reimbursement and a variety of employee assistance programs.



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Company Profile CIGNA CORPORATION (WWW.CIGNA.COM)Ticker: CIExchange: NYSYear Established: 1981Employees: 73,700Fiscal Year Ends in December

Phone: 860 226-6000Fax: 215 761-3596Address: 900 Cottage Grove RoadBloomfield, CT 06002 United States

Types of Business


Insurance-Medical & Health, HMOs & PPOsIndemnity InsuranceInvestment Management ServicesGroup Life, Accident & Disability



Contacts

Timothy Wentworth CEO, SubsidiaryDavid Cordani CEO/Director/PresidentBrian Evanko CFO/Executive VPIsaiah Harris Chairman of the Board/DirectorMary Agoglia Hoeltzel Chief Accounting Officer/Senior VP,

DivisionalNoelle Eder Chief Information Officer/Executive VPKristen Lauria Chief Marketing Officer/Executive VPEric Palmer COO, Subsidiary/President, SubsidiaryNeesha Hathi DirectorDonna Zarcone DirectorJohn Partridge DirectorWilliam Delaney DirectorEric Foss DirectorKimberly Ross DirectorEric Wiseman DirectorGeorge Kurian DirectorKathleen Mazzarella DirectorMark McClellan DirectorElder Granger DirectorEverett Neville Executive VP, DivisionalJohn Murabito Executive VP, DivisionalNicole Jones Executive VP/General CounselSteven Miller Executive VP/Other Executive OfficerMatthew Manders President, DivisionalJason Sadler President, GeographicalMichael Triplett President, Geographical

Auditor: PricewaterhouseCoopers LLPLegal Advisor: Wilmer Cutler Pickering Hale and Dorr LLP

Description

Cigna Corporation is a global health services organization. The firmoffers a differentiated set of pharmacy, medical, behavioral, dental andsupplemental products and services, primarily through two brands:Cigna and Evernorth. Cigna operates in three main segments:Evernorth, U.S. Medical and International Markets. Evernorth bringstogether coordinated and point solution health services includingpharmacy solutions, benefits management solutions, care solutions andintelligence solutions, and specialized to deliver custom and flexiblesolutions that meet the needs of clients and customers. U.S. Medicalincludes Cigna’s U.S. Commercial and U.S. Government businesses thatprovide comprehensive medical and coordinated solutions. U.S.Commercial products and services include medical, pharmacy,behavioral health, dental, vision, health advocacy programs and otherproducts and services for insured and self-insured customers. U.S.Government solutions include Medicare Advantage, MedicareSupplement, and Medicare Part D plans for seniors, Medicaid plans, andindividual health insurance plans both on and off the public exchanges.Cigna’s International Markets segment has operations in over 30countries or jurisdictions providing a full range of comprehensivemedical and supplemental health, life and accident benefits toindividuals and employers. Products and services include comprehensivehealth coverage, hospitalization, dental, critical illness, personalaccident, term life, medical cost containment and variable universal life.In December 2020, New York Life Insurance Company completed its$6.3 billion acquisition of Cigna’s group life, accident, and disabilityinsurance business. In April 2021, Molina Healthcare, Inc. agreed toacquired Cigna’s Texas Medicaid and Medicare-Medicaid Plan contractsand certain operating assets for approximately $60 million.



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Financials


Financials Revenue 160,577,000,000 153,743,000,000 48,569,000,000 41,616,000,000 39,668,000,000 37,876,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 14,072,000,000 14,053,000,000 11,934,000,000 - - - Net Income 8,458,000,000 5,104,000,000 2,637,000,000 2,237,000,000 1,867,000,000 2,094,000,000 Earnings Per Share 23.17 13.58 10.69 8.92 7.31 8.17 Dividends 0.04 0.04 0.04 0.04 0.04 0.04 Book Value Per Share - 119.98 40.83 57.98 54.40 45.89 Operating Cash Flow 10,350,000,000 9,485,000,000 3,770,000,000 4,086,000,000 4,026,000,000 2,717,000,000 Capital Expenditure 1,094,000,000 1,050,000,000 528,000,000 471,000,000 461,000,000 510,000,000 Free Cash Flow 9,255,999,000 8,435,000,000 3,242,000,000 3,615,000,000 3,565,000,000 2,207,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands

EvernorthCigna

Top Salaries


TimothyWentworth

CEO, Subsidiary 1,557,693 -

David Cordani President/CEO 1,500,000 -Eric Palmer President,

Subsidiary/COO,Subsidiary

850,000 -

MatthewManders

President, Divisional 850,000 -

Nicole Jones Executive VP/GeneralCounsel

750,000 -

Other Thoughts


Corporate Culture



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Company Profile ANTHEM INC (WWW.ANTHEMINC.COM)Ticker: ANTMExchange: NYSYear Established: 2001Employees: 70,600Fiscal Year Ends in December

Phone: 317 488-6000Fax:Address: 220 Virginia AvenueIndianapolis, IN 46204 United States

Types of Business


Health InsuranceHealth Maintenance Organizations (HMOs)Point-of-Service PlansDental and Vision PlansPlan Management (ASO) for Self-Insured OrganizationsPrescription PlansWellness ProgramsMedicare Administrative Services



Contacts

Gail Boudreaux CEO/Director/PresidentJohn Gallina CFO/Executive VPElizabeth Tallett Chairman of the Board/DirectorRonald Penczek Chief Accounting Officer/Senior VPGloria McCarthy Chief Administrative Officer/Executive

VPBlair Todt Chief Legal OfficerSusan DeVore DirectorR. Clark DirectorRamiro Peru DirectorRobert Dixon DirectorBahija Jallal DirectorAntonio Neri DirectorLewis Hay DirectorRyan Schneider DirectorJeffrey Alter Executive VP, SubsidiaryLeah Stark Executive VP/Other Executive OfficerFelicia Norwood Executive VP/President, DivisionalPrakash Patel Executive VP/President, DivisionalPeter Haytaian Executive VP/President, Divisional

Auditor: EYLegal Advisor: Faegre Baker Daniels LLP

Description

Anthem, Inc. is a health benefits company, serving more than 43 million medicalmembers through its affiliated health plans (as of mid-2021). Through itsaffiliated companies, Anthem services more than 116 million people. The firm isan independent licensee of the Blue Cross and Blue Shield Association, anassociation of independent health benefit plans, and also serves customersthroughout the country under the Aim Specialty Health, America’s 1st Choice,Amerigroup, Aspire Health, CareMore, Freedom Health, HealthLink, HealthSun,Optimum HealthCare, Simply Healthcare and UniCare brands. Anthem alsoprovides pharmacy benefits management services through its IngenioRxsubsidiary. Anthem is licensed to conduct insurance operations in all 50 U.S.states and the District of Columbia through its subsidiaries. Anthem offers abroad spectrum of network-based managed care plans to large group, smallgroup, individual, Medicaid and Medicare markets. Managed care plans includepreferred provider organizations (PPOs), health maintenance organizations(HMOs), point-of-service (POS) plans, traditional indemnity plans and otherhybrid plans. The firm also offers hospital only and limited benefit products, aswell as an array of managed care services to self-funded customers, includingclaims processing, stop loss insurance, actuarial services, provider networkaccess, medical cost management, disease management, wellness programs andother administrative services. Anthem provides specialty and other insuranceproducts and services such as dental, vision, life and disability benefits,radiology benefit management and analytics-driven personal healthcare. Thefirm provides services to the federal government in connection with the FederalEmployee Program (FEP). During 2021, Anthem acquired myNEXUS, Inc. ahome-based nursing management company for payors; and acquired MMMHoldings, LLC and its Medicare Advantage plan MMM Healthcare LLC, as well asaffiliated companies and Medicaid plan.



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Financials


Financials Revenue 121,867,000,000 104,213,000,000 92,105,000,000 90,039,400,000 84,863,000,000 79,156,500,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 17,450,000,000 13,364,000,000 14,020,000,000 12,649,600,000 12,557,900,000 12,534,800,000 Net Income 4,572,000,000 4,807,000,000 3,750,000,000 3,842,800,000 2,469,800,000 2,560,000,000 Earnings Per Share 18.23 18.81 14.53 14.70 9.39 9.73 Dividends 3.80 3.20 3.00 2.70 2.60 2.50 Book Value Per Share - 123.88 113.03 101.33 93.82 88.95 Operating Cash Flow 10,688,000,000 6,061,000,000 3,827,000,000 4,184,800,000 3,204,500,000 4,116,000,000 Capital Expenditure 1,021,000,000 1,077,000,000 1,208,000,000 799,500,000 583,600,000 638,200,000 Free Cash Flow 9,667,000,000 4,984,000,000 2,619,000,000 3,385,300,000 2,620,900,000 3,477,800,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands

Blue Cross and Blue Shield AssociationAim Specialty HealthCareMoreFreedom HealthHealthSunOptimum HealthCareIngenioRxmyNEXUS Inc

Top Salaries


Gail Boudreaux CEO/President 1,400,000 -Gloria McCarthy Chief Administrative

Officer/Executive VP845,192 -

John Gallina CFO/Executive VP 845,192 -Peter Haytaian Executive VP/President,

Divisional845,192 -

Felicia Norwood Executive VP/President,Divisional

785,577 -

Other Thoughts


Corporate Culture

Anthem offers comprehensive health benefits, retirement plans and a variety ofemployee assistance programs.



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Company Profile JPMORGAN CHASE & CO INC (WWW.JPMORGANCHASE.COM)Ticker: JPMExchange: NYSYear Established: 1968Employees: 251,196Fiscal Year Ends in December

Phone: 212 270-6000Fax: 212 270-1648Address: 383 Madison AvenueNew York, NY 10179 United States

Types of Business


Commercial Banks (Banking)MortgagesInvestment BankingStock BrokerageCredit CardsBusiness FinanceMutual FundsAnnuities


1. JPMorgan Chase & Co Inc 119,475,003,3922. Bank of America Corporation 85,528,002,5603. Citigroup Inc 75,493,998,5924. Wells Fargo & Company 72,339,996,6725. US Bancorp (US Bank) 23,225,999,3606. Truist Financial Corporation 22,705,000,4487. PNC Financial Services Group Inc 16,798,000,1288. Bank of New York Mellon Corporation 15,472,000,0009. TD Bank NA 8,381,517,27810. Fifth Third Bancorp 7,232,999,936

Contacts

Marianne Lake CEO, DivisionalMary Erdoes CEO, DivisionalDouglas Petno CEO, DivisionalDaniel Pinto CEO, Subsidiary/Co-COO/Co-PresidentJames Dimon CEO/Chairman of the Board/DirectorJennifer Piepszak CFONicole Giles CFO, DivisionalElena Korablina Chief Accounting Officer/ControllerLori Beer Chief Information OfficerAshley Bacon Chief Risk OfficerGordon Smith Co- President/Co-COO/CEO, DivisionalMichael Neal DirectorLinda Bammann DirectorMellody Hobson DirectorStephen Burke DirectorVirginia Rometty DirectorPhebe Novakovic DirectorTimothy Flynn DirectorJames Crown DirectorTodd Combs DirectorStacey Friedman General CounselPeter Scher Other Corporate OfficerRobin Leopold Other Corporate OfficerJeremy Barnum Other Corporate Officer

Auditor: PricewaterhouseCoopers LLP.Legal Advisor:

Description

JPMorgan Chase & Co., Inc. (JPM) is one of the largest bankinginstitutions in the world, with operations in over 100 global markets and$2.6 trillion in assets (as of November 2021). JPM’s principalsubsidiaries include: JPMorgan Chase Bank, NA, a national bankingassociation that is JPM’s principal credit card-issuing bank; and J.P.Morgan Securities LLC, a non-bank subsidiary of the bank, is a broker-dealer investment firm serving the U.S., while J.P. Morgan Securities plcoperates in the U.K. JPM operates its business through four segments:consumer and community banking (CCB), corporate and investmentbanking (CIB), commercial banking, and asset and wealth management(AWM). The CCB segment serves consumers and businesses throughpersonal service at bank branches and through ATMs, online, mobile andtelephone banking. The CIB segment, comprised of banking andmarkets and investor services, offers a broad range of investmentbanking, market-making, prime brokerage, and treasury and securitiesproducts and services to a global client base. The commercial bankingsegment provides local expertise and service to U.S. and U.S.multinational clients, including corporations, municipalities, financialinstitutions and nonprofit entities, with annual revenue generally rangingfrom $20 million to $2 billion. This division also provides financing toreal estate investors and owners. Solutions within the commercialbanking segment include lending, treasury services, investment bankingand more. The AWM segment manages client assets and offersinvestment management across most major asset classes such asequities, fixed income, alternatives and money market funds. Thisdivision also offers multi-asset investment management, retirementproducts and services, brokerage and banking services, including trusts,estates, loans, mortgages and deposits.



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Financials


Financials Revenue 119,475,000,000 115,627,000,000 109,029,000,000 98,979,000,000 95,668,000,000 93,029,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 37,464,000,000 37,734,000,000 36,407,000,000 33,909,000,000 32,876,000,000 32,458,000,000 Net Income 29,131,000,000 36,431,000,000 32,474,000,000 24,441,000,000 24,733,000,000 24,442,000,000 Earnings Per Share 8.89 10.75 9.04 6.35 6.24 6.05 Dividends 3.60 3.40 2.72 2.12 1.88 1.72 Book Value Per Share - 76.52 70.58 67.82 64.10 59.96 Operating Cash Flow (79,910,000,000) 6,046,000,000 14,187,000,000 (2,501,000,000) 20,196,000,000 73,466,000,000 Capital Expenditure - - - - - - Free Cash Flow (79,910,000,000) 6,046,000,000 14,187,000,000 (2,501,000,000) 20,196,000,000 73,466,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands

JPMorgan Chase Bank NAJP Morgan Securities LLCMP Morgan Securities plc

Top Salaries


Gordon Smith Co- President/Co-COO/CEO, Divisional

750,000 8,700,000

Mary Erdoes CEO, Divisional 750,000 8,100,000Daniel Pinto CEO, Divisional/CEO,

Geographical/Co-COO/Co-President

8,240,290 -

James Dimon CEO/Chairman of theBoard/Director

1,500,000 5,000,000

JenniferPiepszak

CFO 750,000 4,500,000

Other Thoughts


Corporate Culture

JPMorgan Chase offers its employees comprehensive benefits,retirement options and assistance programs.



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Company Profile CENTENE CORPORATION (WWW.CENTENE.COM)Ticker: CNCExchange: NYSYear Established: 1993Employees: 56,600Fiscal Year Ends in December

Phone: 314 725-4477Fax: 314 725-5180Address: 7700 Forsyth BoulevardCentene PlazaSt. Louis, MO 63105 United States

Types of Business


Insurance-Medical & Health, HMOs & PPOsMedicaid Managed CareSpecialty ServicesBehavioral HealthDisease ManagementManaged VisionNurse TriagePharmacy Benefit Management



Contacts

Michael Neidorff CEO/Chairman of the Board/DirectorAndrew Asher CFO/Executive VPMark Brooks Chief Information Officer/Executive VPJesse Hunter Chief Strategy Officer/Executive VPKatie Casso Controller/Director/Senior VPBrent Layton COO/PresidentJohn Roberts DirectorRichard Gephardt DirectorRobert Ditmore DirectorTommy Thompson DirectorWilliam Trubeck DirectorFrederick Eppinger DirectorH. Dallas DirectorOrlando Ayala DirectorJessica Blume DirectorLori Robinson DirectorSarah London Director/Vice Chairman of the BoardBrandy Burkhalter Executive VPColin Toney Executive VP, DivisionalDavid Thomas Executive VP, DivisionalChristopher Koster General Counsel/Secretary/Senior VPChristopher Isaak Senior VP/Controller/Chief Accounting

Officer

Auditor: KPMG LLPLegal Advisor: Bryan Cave, LLP

Description

Centene Corporation is a multi-line healthcare plan firm operating in twosegments: managed care and specialty services. In the managed caresegment, the company provides programs and services to peoplereceiving benefits from foster care, Medicaid, the State Children’s HealthInsurance Program (CHIP), Medicare special needs plans, supplementalsecurity income (SSI), dual eligible individuals (Duals), long term care(LTC) and federally-facilitated and state-based Marketplaces. Thissegment accounted for 95% of total annual revenue. Centene’s specialtyservices segment (5%) provides healthcare services to state programs,correctional facilities, healthcare organizations, and to the firm’s ownsubsidiaries. The firm’s locally-based staff assists members in accessingcare, coordinating referrals to related health and social services andaddressing member concerns and questions. Centene’s health plansgenerally provide the following services: primary and specialty physiciancare, in- and out-patient hospital care, prenatal care, laboratory andx-ray services, home-based primary care, transportation assistance,vision care, dental care, telehealth services, immunizations,prescriptions and limited over-the-counter drugs, specialty pharmacy,provision of durable medical equipment, behavioral health andsubstance abuse services, 24-hour nurse advice line, therapies, socialwork services and care coordination. The company also provides acomprehensive set of education and outreach programs to inform andassist members to access healthcare services. During 2021, Centeneagreed to acquire Magellan Health Inc., an American for-profit managedhealth care company. The transaction was expected to close by year’send.



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Financials


Financials Revenue 111,115,000,000 74,639,000,000 60,116,000,000 48,382,000,000 40,607,000,000 22,760,000,000 Cost of Revenue 95,899,000,000 65,796,000,000 51,695,000,000 42,581,000,000 35,063,000,000 20,014,000,000 Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income 3,154,000,000 2,052,000,000 1,458,000,000 1,199,000,000 1,260,000,000 705,000,000 Operating Margin % - - - - - - SGA Expense 11,343,000,000 6,533,000,000 6,752,000,000 4,446,000,000 4,137,000,000 2,041,000,000 Net Income 1,808,000,000 1,321,000,000 900,000,000 828,000,000 562,000,000 355,000,000 Earnings Per Share 3.17 3.19 2.31 2.40 1.76 1.49 Dividends - - - - - - Book Value Per Share - 29.66 25.83 19.14 16.61 8.52 Operating Cash Flow 5,503,000,000 1,483,000,000 1,234,000,000 1,489,000,000 1,851,000,000 658,000,000 Capital Expenditure 869,000,000 730,000,000 675,000,000 422,000,000 306,000,000 150,000,000 Free Cash Flow 4,634,000,000 753,000,000 559,000,000 1,067,000,000 1,545,000,000 508,000,000Profitability EBITDA 4,760,000,000 2,837,000,000 2,206,000,000 1,750,000,000 1,652,000,000 851,000,000 Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands Top Salaries


Michael Neidorff CEO/Chairman of theBoard/President

1,800,000 -

Kenneth Burdick Former Executive VP,Divisional

1,400,000 -

JeffreySchwaneke

CFO/Executive VP 925,000 -

BrandyBurkhalter

COO/Executive VP 825,000 -

Jesse Hunter Chief StrategyOfficer/Executive VP

785,000 -

Other Thoughts


Corporate Culture

Centene offers its employees comprehensive health benefits, retirementoptions, life and disability coverage and a variety of employee assistanceplans and programs.



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Company Profile BANK OF AMERICA CORPORATION (WWW.BANKOFAMERICA.COM)Ticker: BACExchange: NYSYear Established: 1998Employees: 213,000Fiscal Year Ends in December

Phone: 704 386-5681Fax:Address: 100 North Tryon StreetBank of America Corporate CenterCharlotte, NC 28255 United States

Types of Business


BankingAsset ManagementInvestment & Brokerage ServicesMortgagesCredit CardsInsurance Agency



Contacts

Brian Moynihan CEO/Chairman of the Board/Director/President

Paul Donofrio CFORudolf Bless Chief Accounting OfficerAndrea Smith Chief Administrative OfficerGeoffrey Greener Chief Risk OfficerCatherine Bessant Chief Technology Officer/Co-COOThomas Montag Co-COOLionel Nowell DirectorArnold Donald DirectorClayton Rose DirectorFrank Bramble DirectorMichael White DirectorR. Yost DirectorThomas May DirectorMonica Lozano DirectorDenise Ramos DirectorSusan Bies DirectorLinda Hudson DirectorSharon Allen DirectorPierre de Weck DirectorThomas Woods DirectorMaria Zuber DirectorDavid Leitch General CounselRoss Jeffries Other Corporate Officer/SecretarySheri Bronstein Other Executive OfficerDean Athanasia President, DivisionalKathleen Knox President, DivisionalAlastair Borthwick President, DivisionalAndrew Sieg President, SubsidiaryThong Nguyen Vice ChairmanAnne Finucane Vice Chairman

Auditor: PricewaterhouseCoopersLegal Advisor: McGuirewoods LLP

Description

Bank of America Corporation is a bank holding and a financial holdingcompany, through which its subsidiaries provide a diversified range ofrelated services on a global basis. As of late 2021, Bank of America had$1.3 trillion in consumer deposits, 66 million consumer and smallbusiness clients and 40 million active digital banking clients. Thecompany operates through four primary business segments: consumerbanking, global wealth and investment management (GWIM), globalbanking and global markets. Consumer banking provides deposit andlending services, as well as small business client management services,consumer and small business credit card services, debit card services,consumer vehicle lending and home loan options. GWIM offers MerrillLynch branded global wealth management, as well as U.S. trust servicesand private wealth management services. Global banking offersinvestment banking, global corporate banking, global commercialbanking and business banking services. The global markets segmentoffers fixed income and equity market products. Other activities by Bankof America include asset and liability management (ALM), equityinvestments, international consumer cards, merchant services,liquidating services, residual expense allocation services and more.



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Financials


Financials Revenue 85,528,000,000 91,244,000,000 91,247,000,000 87,352,000,000 83,701,000,000 82,246,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 46,378,000,000 46,715,000,000 45,911,000,000 47,154,000,000 46,408,000,000 47,962,000,000 Net Income 17,894,000,000 27,430,000,000 28,147,000,000 18,232,000,000 17,906,000,000 15,888,000,000 Earnings Per Share 1.88 2.77 2.64 1.63 1.58 1.38 Dividends 0.72 0.66 0.54 0.39 0.25 0.20 Book Value Per Share - 27.70 24.80 24.32 24.36 22.51 Operating Cash Flow 37,993,000,000 61,777,000,000 39,520,000,000 10,403,000,000 18,306,000,000 27,730,000,000 Capital Expenditure - - - - - - Free Cash Flow 37,993,000,000 61,777,000,000 39,520,000,000 10,403,000,000 18,306,000,000 27,730,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands Top Salaries


Thomas Montag COO 1,250,000 7,100,000GeoffreyGreener

Chief Risk Officer 1,000,000 4,400,000

Paul Donofrio CFO 1,000,000 4,400,000Dean Athanasia President, Divisional 1,000,000 4,240,000Brian Moynihan CEO/Chairman of the

Board/Director1,500,000 -

Other Thoughts


Corporate Culture

Bank of America offers its employees benefits including tuition andadoption reimbursement; medical, dental and vision insurance plans;employee assistance programs; and health care and dependent careflexible spending accounts.



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Company Profile STATE FARM INSURANCE COMPANIES (HTTP://WWW.STATEFARM.COM)Ticker: Mutual CompanyExchange:Employees: 57,500Fiscal Year Ends in N/A

Phone: 309-766-2311Fax: 309-766-3621Address: 1 State Farm PlazaBloomington, IL 61710 United States

Types of Business


Insurance, Direct Property & CasualtyAccident InsuranceHealth InsuranceLife InsuranceAnnuitiesAutomobile InsuranceBanking/Savings AssociationMutual Funds


1. Berkshire Hathaway Inc (Holding Co) 286,256,005,1202. State Farm Insurance Companies 78,900,000,0003. Nationwide Mutual Insurance Company 46,600,000,0004. Allstate Corporation (The) 44,791,001,0885. American International Group Inc (AIG) 43,839,000,5766. Liberty Mutual Group Inc 43,796,000,0007. Progressive Corporation (The) 42,638,098,4328. USAA 36,296,000,0009. GEICO Corporation 35,093,000,00010. Travelers Companies Inc (The) 31,981,000,704

Contacts

Michael L. Tipsord CEO/Pres.Michael L. Tipsord Chmn.

Description

State Farm Insurance Companies is a mutual company providingpersonal property and casualty insurance, as well as banking andinvestment products through State Farm agents located across the U.S.Insurance products include car, motorcycle, boat, off-road vehicles,motorhomes, home/property, life, health, disability, liability, identityrestoration and small business. Home and property insuranceencompasses home, condominium, renters insurance, rental property,personal articles and far and ranch. Life insurance spans term life, wholelife and universal life. Health insurance includes supplemental health,Medicare supplement, individual medical and more. Disability insuranceincludes both short- and long-term coverage. Liability products includepersonal, business and professional. Banking products include vehicleloans, home loans, checking and savings accounts and credit cards.Investment products span retirement options, mutual funds, educationalsavings, estate planning and annuities. In September 2020, State Farmagreed to acquire GAINSCO, Inc., which focuses on the non-standardpersonal automobile market, specializing in minimum-limits personalauto insurance.

Financials

$USD, In whole numbers 2020 2019 2018 2017 2016 2015Sales 78,900,000,000 79,400,000,000 81,700,000,000 78,300,000,000 76,100,000,000 75,700,000,000Profits 3,700,000,000 5,600,000,000 8,800,000,000 2,200,000,000 400,000,000 6,200,000,000

Brands Top Salaries

Other Thoughts Corporate Culture

Employee benefits include medical, dental and life coverage; a 401(k); acompany retirement plan; and a wellness program.



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http://www.statefarm.com/

http://172.24.16.80//ResearchCenter/Archives/showmap.aspx?com=State+Farm+Insurance+Companies&addr=1%20State%20Farm%20Plaza%20Bloomington+IL+61710+United%20States&Industry=20&dif=1














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Company Profile HUMANA INC (WWW.HUMANA.COM)Ticker: HUMExchange: NYSYear Established: 1964Employees: 47,200Fiscal Year Ends in December

Phone: 502 580-1000Fax: 502 580-1441Address: 500 West Main StreetLouisville, KY 40202 United States

Types of Business


Insurance-Medical & Health, HMOs & PPOsInsurance-DentalEmployee Benefit PlansInsurance-Group LifeWellness ProgramsHealth BenefitsHome HealthHospice Services



Contacts

Bruce Broussard CEO/Director/PresidentSusan Diamond CFOKurt Hilzinger Chairman of the Board/DirectorCynthia Zipperle Chief Accounting Officer/Controller/Senior

VPTimothy Huval Chief Administrative OfficerJoseph Ventura Chief Legal OfficerWilliam Shrank Chief Medical Officer/Other Executive OfficerSamir Deshpande Chief Risk Officer/Chief Technology OfficerVishal Agrawal Chief Strategy Officer/Other Executive

OfficerWayne Frederick DirectorRaquel Bono DirectorJohn Garratt DirectorKaren Katz DirectorDavid Jones DirectorMarissa Peterson DirectorWilliam Mcdonald DirectorFrank D'Amelio DirectorJames O'Brien DirectorJorge Mesquita DirectorMarcy Klevorn DirectorHeather Carroll Cox Other Executive OfficerT. Alan Wheatley President, DivisionalWilliam Fleming President, DivisionalChristopher Hunter President, Divisional

Auditor: PricewaterhouseCoopers LLPLegal Advisor:

Description

Humana, Inc. is a leading health benefits company in the U.S., servingmillions of medical benefit plan and specialty products members in theU.S. and Puerto Rico. The firm operates in three segments: retail, groupand specialty and healthcare services. The retail segment consists ofMedicare and commercial fully-insured medical and specialty healthinsurance benefits, including dental, vision and other supplementalhealth and financial protection products, marketed directly toindividuals. The group and specialty segment consist of employer groupcommercial fully-insured medical and specialty health insurance benefitsmarketed to individuals and employer groups, including dental, vision,and other supplemental health and voluntary insurance benefits, as wellas administrative services only (ASO) products marketed to employergroups. Humana provides health benefits and related services tocompanies ranging from fewer than 10 to over 10,000 employees. Thehealthcare services segment includes services offered to health planmembers as well as to third parties that promote health and wellness,including provider services, pharmacies, integrated wellness and homecare services. Other businesses consist of military services, Medicaidand closed-block long-term care businesses as well as the firm’scontract with the Centers for Medicare and Medicaid Services toadminister the Limited Income Newly Eligible Transition program, knownas LI-NET. Many of its products are offered through HMOs (healthmaintenance organizations), private fee-for-service (PFFS) and preferredprovider organizations (PPOs). During 2021, Humana fully acquiredKindred at Home, a leading home health and hospice provider in theU.S.



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Financials


Financials Revenue 77,155,000,000 64,888,000,000 56,912,000,000 53,767,000,000 54,379,000,000 54,289,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 10,052,000,000 7,381,000,000 7,525,000,000 6,567,000,000 7,277,000,000 7,318,000,000 Net Income 3,367,000,000 2,707,000,000 1,683,000,000 2,448,000,000 614,000,000 1,276,000,000 Earnings Per Share 25.47 20.20 12.24 16.94 4.11 8.54 Dividends 2.50 2.20 2.00 1.89 0.87 1.15 Book Value Per Share - 87.82 78.14 81.43 75.58 69.82 Operating Cash Flow 5,639,000,000 5,284,000,000 2,173,000,000 4,051,000,000 1,936,000,000 868,000,000 Capital Expenditure 964,000,000 736,000,000 612,000,000 526,000,000 527,000,000 523,000,000 Free Cash Flow 4,675,000,000 4,548,000,000 1,561,000,000 3,525,000,000 1,409,000,000 345,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands

Kindred at Home

Top Salaries


Bruce Broussard CEO/President 1,349,465 -Brian Kane CFO 750,000 -Timothy Huval Chief Administrative

Officer650,000 -

T. Alan Wheatley President, Divisional 625,000 -William Fleming President, Divisional 550,000 -

Other Thoughts


Corporate Culture

Humana offers its employees comprehensive health benefits, 401(k), lifeinsurance, tuition assistance, career development and a variety ofemployee assistance plan/programs and company perks.



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Company Profile CITIGROUP INC (WWW.CITIGROUP.COM)Ticker: CExchange: NYSYear Established: 1988Employees: 210,000Fiscal Year Ends in December

Phone: 212 559-1000Fax: 212 816-8913Address: 388 Greenwich StreetNew York, NY 10013 United States

Types of Business


BankingCommercial, Residential & Consumer LendingCredit CardsInvestment BankingInsuranceBrokerage ServicesEquityCash Management



Contacts

Paco Ybarra CEO, DivisionalAnand Selvakesari CEO, DivisionalDavid Livingstone CEO, GeographicalPeter Babej CEO, GeographicalErnesto Torres Cantu CEO, GeographicalJane Fraser CEO/Director/PresidentMark Mason CFOBarbara Desoer Chairman of the Board, Subsidiary/DirectorJohn Dugan Chairman of the Board/DirectorJohnbull Okpara Chief Accounting Officer/ControllerKaren Peetz Chief Administrative OfficerMary McNiff Chief Compliance OfficerZdenek Turek Chief Risk OfficerGrace Dailey DirectorEllen Costello DirectorRenee James DirectorLew Jacobs DirectorPeter Henry DirectorDeborah Wright DirectorDiana Taylor DirectorDuncan Hennes DirectorErnesto Zedillo de Leon DirectorGary Reiner DirectorS. Ireland DirectorJames Turley DirectorRohan Weerasinghe General Counsel/SecretaryMike Whitaker Other Corporate OfficerSara Wechter Other Corporate OfficerEdward Skyler Other Corporate Officer

Auditor: KPMG LLPLegal Advisor:

Description

Citigroup, Inc. is a global diversified financial services holding companyand one of the largest banking organizations in the world, withapproximately 200 million customer accounts. The firm does business inmore than 160 countries and jurisdictions, and operates two primarybusiness segments: global consumer banking and institutional clients.The global consumer banking segment spans North America, LatinAmerica and Asia, offering retail banking, wealth management,debit/credit cards and other retail services. The institutional clientssegment offers products and services in two categories: banking,including investment banking, treasury solutions, trade solutions,corporate lending and private banking; and markets and securitiesservices, including fixed income markets, equity markets and securities.Other services and solutions by Citigroup include technologicalcapabilities and features for group-wide and customer-focused purposes.



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http://localhost:51445/PAR_reports/WWW.CITIGROUP.COM










































Financials


Financials Revenue 75,494,000,000 75,067,000,000 74,036,000,000 72,698,000,000 71,020,000,000 77,472,000,000 Cost of Revenue - - - - - - Gross Margin % - - - - - - R&D Expense - - - - - - Operating Income - - - - - - Operating Margin % - - - - - - SGA Expense 32,130,000,000 30,880,000,000 31,175,000,000 31,038,000,000 30,636,000,000 31,746,000,000 Net Income 11,047,000,000 19,401,000,000 18,045,000,000 (6,798,000,000) 14,912,000,000 17,242,000,000 Earnings Per Share 4.74 8.08 6.69 -2.98 4.72 5.41 Dividends 2.04 1.92 1.54 0.96 0.42 0.16 Book Value Per Share - 83.67 75.14 81.09 76.58 69.63 Operating Cash Flow (20,621,000,000) (12,837,000,000) 36,952,000,000 (8,587,000,000) 53,932,000,000 39,737,000,000 Capital Expenditure 3,446,000,000 5,336,000,000 3,774,000,000 3,361,000,000 2,756,000,000 3,198,000,000 Free Cash Flow (24,067,000,000) (18,173,000,000) 33,178,000,000 (11,948,000,000) 51,176,000,000 36,539,000,000Profitability EBITDA - - - - - - Return on Assets % - - - - - - Return on Equity % - - - - - - Net Margin % - - - - - - Assets Turnover - - - - - - Financial Leverage - - - - - -

Brands Top Salaries


Paco Ybarra CEO, Divisional 8,355,669 -Jane Fraser CEO, Divisional/President 500,000 6,660,000Michael Corbat CEO 1,500,000 5,260,500Mark Mason CFO 500,000 4,220,000Mike Whitaker Other Corporate Officer 3,856,463 -

Other Thoughts


Corporate Culture



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110


Appendix: Assumptions

U.S. GDP Growth Forecasts

(In Bil. Current US$)



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revenue forecasts to 2027, naic 520000

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