Utilities Fund SCHEDULE of INVESTMENTS (Unaudited) March 31, 2021

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Utilities Fund SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021 Shares Value COMMON STOCKS† - 99.4% Electric - 82.9% NextEra Energy, Inc. 8,706 $ 658,261 Duke Energy Corp. 4,786 461,993 Southern Co. 6,937 431,204 Dominion Energy, Inc. 5,491 417,096 Exelon Corp. 7,919 346,377 American Electric Power Company, Inc. 4,060 343,882 Sempra Energy 2,479 328,666 Xcel Energy, Inc. 4,872 324,037 Eversource Energy 3,409 295,185 WEC Energy Group, Inc. 3,142 294,060 Public Service Enterprise Group, Inc. 4,878 293,704 Consolidated Edison, Inc. 3,609 269,953 DTE Energy Co. 2,026 269,742 PG&E Corp.* 21,990 257,503 Edison International 4,221 247,351 PPL Corp. 8,444 243,525 Ameren Corp. 2,939 239,117 Entergy Corp. 2,377 236,440 FirstEnergy Corp. 6,571 227,948 AES Corp. 8,477 227,268 CMS Energy Corp. 3,704 226,759 Avangrid, Inc. 4,229 210,646 Alliant Energy Corp. 3,647 197,522 Evergy, Inc. 3,259 194,008 CenterPoint Energy, Inc. 8,323 188,516 NRG Energy, Inc. 4,299 162,201 Pinnacle West Capital Corp. 1,975 160,666 Vistra Corp. 8,904 157,423 OGE Energy Corp. 4,120 133,323 IDACORP, Inc. 1,175 117,465 Ormat Technologies, Inc. 1,420 111,513 Portland General Electric Co. 2,289 108,659 Black Hills Corp. 1,625 108,501 PNM Resources, Inc. 2,202 108,008 NorthWestern Corp. 1,486 96,887 Total Electric 8,695,409 Gas - 9.7% Atmos Energy Corp. 1,939 191,670 NiSource, Inc. 6,769 163,201 UGI Corp. 3,757 154,075 National Fuel Gas Co. 2,262 113,077 ONE Gas, Inc. 1,399 107,597 Southwest Gas Holdings, Inc. 1,524 104,714 Spire, Inc. 1,390 102,707 South Jersey Industries, Inc. 3,600 81,288 Total Gas 1,018,329 Water - 4.4% American Water Works Company, Inc. 1,898 284,548 Essential Utilities, Inc. 3,988 178,463 Total Water 463,011 Building Materials - 1.3% MDU Resources Group, Inc. 4,228 133,647 Energy-Alternate Sources - 1.1% Sunnova Energy International, Inc.* 2,960 120,827 Total Common Stocks (Cost $4,452,586) 10,431,223 Face Amount REPURCHASE AGREEMENTS††,1 - 0.6% J.P. Morgan Securities LLC issued 03/31/21 at 0.01% due 04/01/21 $ 33,072 33,072 Barclays Capital, Inc. issued 03/31/21 at 0.01% due 04/01/21 15,036 15,036 BofA Securities, Inc. issued 03/31/21 at 0.01% due 04/01/21 13,723 13,723 Total Repurchase Agreements (Cost $61,831) 61,831 Total Investments - 100.0% (Cost $4,514,417) $ 10,493,054 Other Assets & Liabilities, net - 0.0% (3,743) Total Net Assets - 100.0% $ 10,489,311 * Non-income producing security. † Value determined based on Level 1 inputs. †† Value determined based on Level 2 inputs. 1 Repurchase Agreements. .

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E-Mail: [email protected] State Bar No. 12293 October
500 LEE STREET EAST SUITE I600 * t?O. BOX 553 * CHARLESTON, WEST VIRGINIA 25322 TELEPHONE: 304-340- IO00 * TELECOPIER: 304-340-1 I30 ~.jac~son~e~~~coi~ DIRECT TELEPHONE: (304) 340-1008 DIRECT TELECOPIER: (304) 340-1 080 E-Mail: [email protected] State Bar No. 12293 October 12,2018 VIA HAND DELIVERY Confidential Materials Enclosed Ingrid Ferrell, Executive Secretary Public Service Commission of WV 201 Brooks Street Charleston, West Virginia 25323 Re: West Virginia-American Water Company 201 8 Consolidated Water and Wastewater Rate Filings Case Nos. 18-0573-W-42T and 18-0576-8-42T Dear Ms. Ferrell: Enclosed are an original and twelve copies of the rebuttal testimony of the following witnesses on behalf of the Company: Brian K. Bruce, Rod P. Nevirauskas, Christina Chard, Jamie D. Hawn, Gregory P. Roach, Carolyn Mount, John R. Cox, John R. Wilde, Ann E. Bulkley, and Patrick L. Baryenbruch. Ms. Hawn’s testimony contains two confidential exhibits (Exhibits JDH-2 and JDH-5), which have been provided under seal. We have also included public redacted versions of these exhibits. Please file this testimony and circulate the additional copies to the appropriate parties at the Commission. Please also date stamp the extra copies provided and return them with our messenger. As always, we appreciate your assistance. Sincerely yours, Nicklaus A. Presley NAP/mrv Enclosures Rob Passrnore Ralph Clark John Auville Andrew Gunnoe Chris Howard Mandi Kay Carter Jackie Roberts Ann E. Bulkley Torn White Patrick L. Baryenbruch 4850-800 1-9576.vI BridgepotxWV Charlescon,W 8 Marunrburg WV * Morgantown WV *Wheeltng.WV Denver.
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Missouri Public Service Commission Case No. Wr-2017
Exhibit No.: Issues: Return on Equity and Capital Structure Witness: Ann E. Bulkley Exhibit Type: Direct Sponsoring Party: Missouri-American Water Company Case No.: WR-2017-0285 SR-2017-0286 Date: June 30, 2017 MISSOURI PUBLIC SERVICE COMMISSION CASE NO. WR-2017-0285 CASE NO. SR-2017-0286 DIRECT TESTIMONY OF ANN E. BULKLEY ON BEHALF OF MISSOURI-AMERICAN WATER COMPANY DIRECT TESTIMONY ANN E. BULKLEY MISSOURI-AMERICAN WATER COMPANY CASE NO. WR-2017-0285 CASE NO. SR-2017-0286 TABLE OF CONTENTS I. WITNESS IDENTIFICATION AND QUALIFICATIONS ..............................3 II. PURPOSE AND OVERVIEW OF TESTIMONY..............................................5 III. REGULATORY GUIDELINES .........................................................................10 IV. CAPITAL MARKET CONDITIONS ................................................................13 V. PROXY GROUP SELECTION .........................................................................24 VI. COST OF EQUITY ESTIMATION ..................................................................28 A. CONSTANT GROWTH DCF MODEL ................................................30 B. CAPM ANALYSIS ..................................................................................38 VII. BUSINESS RISKS ...............................................................................................42 A. RISKS ASSOCIATED WITH CAPITAL EXPENDITURE PROGAM .................................................................................................43 B. RISKS ASSOCIATED WITH ENVIRONMENTAL AND WATER QUALITY
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We Keep Life Flowing
WE KEEP LIFE FLOWING amwater.com 1025 Laurel Oak Road | Voorhees, NJ 08043 “American Water” and the star logo are the registered trademarks of American Water Works Company, Inc. All rights reserved. 2018 PROXY STATEMENT AMERICAN WATER WORKS COMPANY, INC. March 27, 2018 Dear American Water Stockholder: I am pleased to invite you to attend American Water’s Annual Meeting of Stockholders on May 11, 2018. This year’s proxy statement provides you with information on three important subject matters: namely, the annual meeting, our executive compensation program and our commitment to sound corporate governance. We have expanded our corporate governance disclosures compared to previous years to include our commitment and actions in environmental, social and governance, which we consider to be both a strength and differentiator for American Water. We continue to simplify and improve the readability of our proxy statement. As we did last year, we have included an executive summary highlighting our operating results for 2017, as well as important operational and financial information that is included elsewhere in the proxy statement. We have also continued to present information more clearly by using bulleted lists, tables and graphics, shorter sentences and a “plain English” writing style throughout. We have also reduced or eliminated duplicative or unnecessary information where possible. The Board and I believe that these efforts reflect our ongoing commitment to making the proxy statement’s information easier to read and understand. As part of our strong commitment to our investors, our Board along with management have continued constructive and open dialogue with our investors. To this end, in 2017, in addition to over 260 visits with investors by senior management, we received increased input from our stockholders on key corporate governance and executive compensation topics important to them.
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Indiana-American Water Company, Inc. Iurc Cause No
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WE KEEP LIFE FLOWING 2017 Annual Repo Rt
WE KEEP LIFE FLOWING 2017 Annual Repo rt 2017 ANNUAL REPORT DEAR FELLOW STOCKHOLDER, Creating value for customers, communities, employees and stockholders is a driving force at American Water. This is reflected in the positive results that the company delivered in 2017. American Water’s 2017 financial performance, detailed in this report, gives the Board confidence that the company is well-positioned to achieve its stated target of a 7 to 10% long-term diluted earnings per share (EPS) compound annual growth rate. Additionally, in recognition of this financial performance, our Board increased the quarterly dividend by 10.7% in the second quarter of 2017, from 37.5 cents to 41.5 cents per share. This is consistent with our goal to achieve our target payout ratio in a range of 50 to 60%. As an owner of American Water, you enjoyed a total shareholder return (TSR) of 29% during 2017—well above the total shareholder return for the S&P 500 Index, which for 2017 was 21.8%. These results are an outcome of the sound execution by American Water employees of our business strategy, which allowed the company to continue to provide safe, clean, reliable and affordable water and wastewater services. By focusing on customers, communities, employee development and environmental leadership, American Water has established a pathway to sustainable and profitable growth. On behalf of American Water and the Board, we want to thank you for your continued support and investment. We look forward to seeing you at our Annual Meeting of Stockholders on May 11. Sincerely, George MacKenzie Chairman of the Board AMERICAN WATER 2017 ANNUAL REPORT 1 DEAR FELLOW STOCKHOLDER, American Water is pleased to provide you another year of strong financial performance.
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Volume 21 Pennsylvania-American Water Company 2020 General Base Rate Case R-2020-3019369 (Water) R-2020-3019371 (Wastewater)
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US 50: the 4 Most Represented Sectors
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THE CYCLE OF SUCCESS 2016 Annual Repo rt 2016 ANNUAL REPORT 2015 ANNUAL REPORT 2016 ANNUAL REPORT • THE CYCLE OF SUCCESS DEAR FELLOW STOCKHOLDER, DEAR FELLOW STOCKHOLDER, American Water and its 6,800 employees delivered another year of strong financial performance, as detailed in this annual report, which gives the board confidence that the company is well positioned to achieve its stated target of 7 to 10 percent compound annual growth rate in diluted earnings per share (EPS) growth, anchored off 2015 EPS. In recognition of this financial performance, during 2016 our board continued its long-standing commitment to the company’s dividend, and increased the quarterly cash dividend payment from 34 cents to 37.5 cents per share, an increase of approximately 10 percent. The company has increased its dividend every year since its initial public offering in April 2008, and this is our fourth consecutive year of dividend increases of about 10 percent. This dividend is also consistent with our stated target payout ratio of 50 to 60 percent. As an owner of American Water, you enjoyed a total shareholder return (TSR) of 23.6 percent during 2016 — well above the total shareholder return for the S&P 500 Index, which for 2016 was 12 percent. These results stem from the successful execution of American Water’s business strategy, which allowed the company to continue to provide safe, clean, reliable and affordable water and wastewater services. Through a concentrated focus on engaged employees, smart investments, safe and efficient operations, and highly satisfied customers, American Water has a pathway to sustainable and profitable growth.
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Market Commentary Third Quarter 2020
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